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Pension and Savings Plans | 12 Months Ended
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Dec. 31, 2025
Pension and Savings Plans [Abstract] |
Pension and Savings Plans | Pension and Savings Plans The Company sponsors a defined benefit pension plan covering eligible employees who are represented by the United Mine Workers of America (UMWA) under the Kayenta Reclamation Agreement of 2024 (the Western Plan or the qualified plan). The Western Plan is actuarially evaluated, incorporating various assumptions such as the discount rate and the expected rate of return on plan assets. The funded status of the Western Plan, which is recorded in “Other noncurrent liabilities” on the consolidated balance sheets, is measured as the difference between the fair value of plan assets and the projected benefit obligation. As of December 31, 2025 and 2024, the fair value of plan assets was $106.5 million and $104.8 million, respectively, the projected benefit obligation and accumulated benefit obligation was $114.5 million and $117.6 million, respectively, and the under-funded status was $8.0 million and $12.8 million, respectively. Previously, the Company sponsored a defined benefit pension plan covering certain U.S. salaried employees and eligible hourly employees at certain subsidiaries (the Peabody Plan). During the year ended December 31, 2023, the Company settled $443.2 million of its pension obligations for active and deferred participants in the Peabody Plan with an equal amount paid from plan assets. As a result of the Peabody Plan’s over-funded status, $11.1 million was transferred to a Company sponsored employee retirement account (the Qualified Replacement Plan) during December 2023 as part of the distribution of the Peabody Plan assets resulting from the Peabody Plan termination. The Company has used the funds in the Qualified Replacement Plan as of December 31, 2025. Plan Assets Assets of the PIC Master Trust (the Master Trust) are invested in accordance with investment guidelines established by the Peabody Western Plan Retirement Committee after consultation with outside investment advisors and actuaries. The asset allocation targets have been set with the expectation that the assets of the Master Trust will be managed with an appropriate level of risk to fund the qualified plan’s expected liabilities. As a result of discretionary contributions made in recent years, the Western Plan has become nearly fully funded and therefore, as of December 31, 2025 and 2024 the Master Trust investment portfolio reflected the Company’s target asset mix of 100% fixed income investments. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. Corporate bonds. The Master Trust invests in corporate bonds for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly investment-grade corporate bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. Corporate bonds are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. U.S. government securities. The Master Trust invests in U.S. government securities for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly U.S. government bonds, agency securities and municipal bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. If fair value is based on quoted prices in active markets and traded on a national securities exchange, U.S. government securities are classified within the Level 1 valuation hierarchy; otherwise, U.S. government securities are classified within the Level 2 valuation hierarchy. Other. The Master Trust invests in international government securities and asset-backed securities for diversification and to provide a hedge to interest rate movements affecting liabilities. These investments are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and are not traded on a national securities exchange. The Master Trust also invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees, where investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature, various exchange-traded derivative instruments consisting of futures and interest rate swap agreements used to manage the duration of certain liability-hedging investments. These cash funds are classified within the Level 1 valuation hierarchy. Private mutual funds. The Master Trust invests in mutual funds for growth and diversification. Investment vehicles include an institutional fund that holds a diversified portfolio of long-duration corporate fixed income investments (Corporate Bond Fund). The Corporate Bond Fund is not traded on a national securities exchange and is valued at net asset value (NAV), the practical expedient to estimate fair value. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy:
| December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Corporate bonds | $ | — |  |  | $ | 60.3 |  |  | $ | — |  |  | $ | 60.3 |
U.S. government securities | 16.1 |  |  | 3.2 |  |  | — |  |  | 19.3 |
Other | 6.1 |  |  | 2.4 |  |  | — |  |  | 8.5 |
Total assets at fair value | $ | 22.2 |  |  | $ | 65.9 |  |  | $ | — |  |  | 88.1 |
Assets measured at net asset value practical expedient (1) |  |  |  |  |  |  |
Private mutual funds |  |  |  |  |  |  | 18.4 |
Total plan assets |  |  |  |  |  |  | $ | 106.5 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (Dollars in millions)
Corporate bonds | $ | — |  |  | $ | 65.3 |  |  | $ | — |  |  | $ | 65.3 |
U.S. government securities | 13.7 |  |  | 3.4 |  |  | — |  |  | 17.1 |
Other | 4.3 |  |  | 1.9 |  |  | — |  |  | 6.2 |
Total assets at fair value | $ | 18.0 |  |  | $ | 70.6 |  |  | $ | — |  |  | 88.6 |
Assets measured at net asset value practical expedient (1) |  |  |  |  |  |  |
Private mutual funds |  |  |  |  |  |  | 16.2 |
Total plan assets |  |  |  |  |  |  | $ | 104.8 |
(1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans. Contributions Annual contributions to the qualified plan are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation (PBGC). Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006. As of December 31, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds. The Company was not required to make any cash contributions to the qualified plan in 2025 based on minimum funding requirements. During the year ended December 31, 2025, the Company made a discretionary cash contribution of $5.0 million to the qualified plan which allowed for the termination of the Company’s agreement with the PBGC and resulted in the release of a $37.0 million letter of credit that had been maintained in favor of the PBGC. The Company expects to contribute $2.1 million in 2026 to meet the minimum funding requirements. Estimated Future Benefit Payments Estimated future benefit payments of the Company's benefit obligation, which reflect expected future service, as appropriate, are expected to be $10.7 million in 2026, $10.6 million in 2027, $10.4 million in 2028, $10.2 million in 2029, $10.0 million in 2030 and $45.6 million in years 2031-2035. Defined Contribution Plans The Company sponsors employee retirement accounts under three 401(k) plans for eligible U.S. employees. The Company matches voluntary contributions to each plan up to specified levels. For one plan, the Company has sole discretion in making any matching contributions. The expense for these plans was $22.4 million, $21.7 million and $21.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Discretionary contribution features in the plans allow for additional contributions from the Company. The Company granted discretionary contributions of $7.8 million, $7.8 million and $7.3 million during the years ended December 31, 2025, 2024 and 2023, respectively. Discretionary contributions paid during the years ended December 31, 2025, 2024 and 2023 were $7.7 million, $7.7 million and $4.6 million, respectively. Superannuation The Company makes superannuation contributions for eligible Australia employees in accordance with the employer contribution rate set by the government of Australia. The employer contribution rates were 12.0% for July 1, 2025 through December 31, 2025; 11.5% for July 1, 2024 through June 30, 2025; 11.0% for July 1, 2023 through June 30, 2024; and 10.5% for January 1, 2023 through June 30, 2023. The expense related to these contributions was $27.0 million, $25.7 million and $21.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. A performance contribution feature allows for additional discretionary contributions from the Company. The Company granted discretionary performance contributions of $1.6 million, $2.2 million and $1.6 million during the years ended December 31, 2025, 2024, and 2023, respectively. Discretionary contributions paid during the years ended December 31, 2025, 2024, and 2023 were $2.0 million, $1.9 million and $1.3 million, respectively.

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