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Derivatives and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The fair value of derivatives reflected in the accompanying consolidated balance sheets are set forth in the table below.
| December 31, 2021 |  | December 31, 2020 (1)
| Asset Derivative |  | Liability Derivative |  | Asset Derivative |  | Liability Derivative
| (Dollars in millions)
Foreign currency option contracts | $ | 1.4 |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | — |
Derivative contracts related to forecasted sales | 59.5 |  |  | (184.2) |  |  | 16.7 |  |  | (24.7) |
Financial trading contracts | 3.4 |  |  | — |  |  | 0.4 |  |  | — |
Total derivatives | 64.3 |  |  | (184.2) |  |  | 27.4 |  |  | (24.7) |
Effect of counterparty netting | (59.5) |  |  | 59.5 |  |  | (16.2) |  |  | 16.2 |
Variation margin (received) posted | (3.4) |  |  | 95.2 |  |  | (0.3) |  |  | 6.8 |
Net derivatives and variation margin as classified in the balance sheets | $ | 1.4 |  |  | $ | (29.5) |  |  | $ | 10.9 |  |  | $ | (1.7) |
(1) Certain comparative amounts have been reclassified to conform with the 2021 presentation. The reclassifications do not impact the prior year presentation of the accompanying consolidated balance sheets.
Derivative Instruments, Gain (Loss) | The tables below show the amounts of pre-tax gains and losses related to the Company’s derivatives and their classification within the accompanying consolidated statements of operations.
|  | Year Ended December 31, 2021
|  | Total (loss) gain recognized in income |  |  |  | Gain (loss) realized in income on derivatives |  | Unrealized (loss) gain recognized in income on derivatives
Derivative Instrument | Classification |  |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (5.7) |  |  |  |  | $ | 1.8 |  |  | $ | (7.5) |
Derivative contracts related to forecasted sales | Revenues | (160.7) |  |  |  |  | (45.6) |  |  | (115.1) |
Financial trading contracts | Revenues | 6.1 |  |  |  |  | 4.6 |  |  | 1.5 |
Total |  | $ | (160.3) |  |  |  |  | $ | (39.2) |  |  | $ | (121.1) |
|  | Year Ended December 31, 2020 (1)
|  | Total gain (loss) recognized in income |  |  |  | Gain realized in income on derivatives |  | Unrealized gain (loss) recognized in income on derivatives
Derivative Instrument | Classification |  |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | 12.9 |  |  |  |  | $ | 5.8 |  |  | $ | 7.1 |
Derivative contracts related to forecasted sales | Revenues | 4.7 |  |  |  |  | 34.3 |  |  | (29.6) |
Financial trading contracts | Revenues | (0.7) |  |  |  |  | 4.2 |  |  | (4.9) |
Total |  | $ | 16.9 |  |  |  |  | $ | 44.3 |  |  | $ | (27.4) |
|  | Year Ended December 31, 2019 (1)
|  | Total (loss) gain recognized in income |  |  |  | (Loss) gain realized in income on derivatives |  | Unrealized gain recognized in income on derivatives
Derivative Instrument | Classification |  |  |
|  | (Dollars in millions)
Foreign currency option contracts | Operating costs and expenses | $ | (3.7) |  |  |  |  | $ | (4.9) |  |  | $ | 1.2 |
Derivative contracts related to forecasted sales | Revenues | 86.6 |  |  |  |  | 44.4 |  |  | 42.2 |
Financial trading contracts | Revenues | (0.3) |  |  |  |  | (8.7) |  |  | 8.4 |
Total |  | $ | 82.6 |  |  |  |  | $ | 30.8 |  |  | $ | 51.8 |
(1) ‘Results realized in income on derivatives’ have been revised to exclude revenues arising from coal deliveries earned by the Company’s trading and brokerage function of ($28.5) million and ($18.8) million for the years ended December 31, 2020 and 2019, respectively, to be comparable to the presentation of the 2021 amounts.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the hierarchy of the Company’s net (liability) asset positions for which fair value is measured on a recurring basis. As noted below, variation margin cash associated with the derivative balances is excluded from this table.
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Foreign currency option contracts | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |
Derivative contracts related to forecasted sales | — |  |  | (124.7) |  |  | — |  |  | (124.7) |
Financial trading contracts | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Equity securities | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Total net (liabilities) assets | $ | — |  |  | $ | (119.9) |  |  | $ | 4.0 |  |  | $ | (115.9) |
| December 31, 2020 (1)
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Foreign currency option contracts | $ | — |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | 10.3 |
Derivative contracts related to forecasted sales | — |  |  | (7.9) |  |  | — |  |  | (7.9) |
Financial trading contracts | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Equity securities | — |  |  | — |  |  | 4.0 |  |  | 4.0 |
Total net assets | $ | — |  |  | $ | 2.8 |  |  | $ | 4.0 |  |  | $ | 6.8 |
(1) December 31, 2020 ‘total net assets’ has been revised to exclude $6.5 million variation margin cash for comparability to 2021 presentation. Variation margin cash was $91.8 million as of December 31, 2021.
Carrying Amounts And Estimated Fair Values Of Company's Debt | The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.
| December 31,
| 2021 |  | 2020
| (Dollars in millions)
Total debt at par value | $ | 1,173.2 |  |  | $ | 1,591.3 |
Less: Unamortized debt issuance costs and original issue discount | (35.4) |  |  | (43.5) |
Net carrying amount | $ | 1,137.8 |  |  | $ | 1,547.8 |
Estimated fair value | $ | 1,136.5 |  |  | $ | 987.6 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in the Company’s recurring Level 3 net financial assets:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (Dollars in millions)
Beginning of period |  | $ | 4.0 |  |  | $ | 4.0 |  |  | $ | 10.0 |
Included in earnings |  | — |  |  | — |  |  | (9.0) |
Purchases |  | — |  |  | — |  |  | 3.0 |
End of period |  | $ | 4.0 |  |  | $ | 4.0 |  |  | $ | 4.0 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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