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Derivatives and Fair Value Measurements (Tables)

12 Months Ended

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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