-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VBbbuctqkUepsqTF5JikEir6NV1fQx7K58/rb3+rsZkuE2R7wtk7+lDYFEt2oL3X 6lF7yigDg2/O6ngba+PFkw== 0000950137-07-009169.txt : 20071105 0000950137-07-009169.hdr.sgml : 20071105 20070626140251 ACCESSION NUMBER: 0000950137-07-009169 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEABODY ENERGY CORP CENTRAL INDEX KEY: 0001064728 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE SURFACE MINING [1221] IRS NUMBER: 134004153 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 701 MARKET ST CITY: ST LOUIS STATE: MO ZIP: 63101-1826 BUSINESS PHONE: 3143423400 MAIL ADDRESS: STREET 1: 701 MARKET ST CITY: ST LOUIS STATE: MO ZIP: 63101-1826 FORMER COMPANY: FORMER CONFORMED NAME: P&L COAL HOLDINGS CORP DATE OF NAME CHANGE: 19980623 CORRESP 1 filename1.htm corresp
 

(PEABODY LETTERHEAD GRAPHIC)
L. Brent Stottlemyre
Senior Vice President, Controller and
Chief Accounting Officer
June 25, 2007
Ms. Jill Davis
Branch Chief
Securities and Exchange Commission
Division of Corporation Finance
Mail Stop 7010
Washington, DC 20549-7010
     
Re:
  SEC Comment Letter Dated June 12, 2007
 
  Peabody Energy Corporation Form 10-K
 
  For the Fiscal Year Ended December 31, 2006
 
  Filed February 28, 2007
 
  Response Letter Dated May 17, 2007
 
  File No. 001-16463
Dear Ms. Davis:
     In response to staff comments, we offer the following:
Form 10-K for the Year Ended December 31, 2006
Note 1 Summary of Significant Accounting Policies, page F-6
Inventory, page F-8
1.   We note your response to our prior comment number three of our letter dated May 3, 2007 that indicates advance stripping costs related to post-production are “primarily” expensed as incurred. Please clarify your response to explain instances where you don’t expense such costs as incurred. Please refer to the guidance of paragraph 6 of EITF 04-6.
Response
     Based on discussions with the staff June 15, 2007, the use of “primarily” in our disclosure was simply intended to reflect the fact that the cost basis of produced coal inventory will include an element of advance stripping costs at any balance sheet date. We would propose to modify our disclosure as follows:
F-8 — As a result of the adoption of EITF Issue No. 04-6 on January 1, 2006, advance stripping costs are expensed as incurred except to the extent such costs are included as a component of inventory costs.

 

 

Ms. Jill Davis
Securities and Exchange Commission
June 25, 2007
Page 2
2.   We note your response to our prior comments numbers four and five of our letter dated May 3, 2007. Please explain why you believe it is appropriate to capitalize initial box cuts or overburden removal associated with new pits within an existing mine that is in the production stage. Please note that the guidance of paragraph 6 of EITF 04-6 states that stripping costs incurred during the production phase of a “mine” are variable production costs.
Response
     We believe the cost of the initial box cut to remove overburden represents a development cost to bring an additional asset (the developed pit) into production. As noted in our May 17, 2007 response, the costs to remove overburden to develop additional pits that operate in a separate and distinct area of the mine (in many cases miles apart) would be capitalized as development costs and amortized over the life of the specific pit. Further, the development of a new pit would require us to recognize an asset retirement obligation that, consistent with existing accounting literature, dictates “Upon initial recognition of a liability for an asset retirement obligation, an entity shall capitalize an asset retirement cost by increasing the carrying amount of the related long-lived asset by the same amount as the liability.” Existing accounting literature would suggest “the related long-lived asset” is the newly developed pit.
     As a member of the Mining Industry Working Group, Peabody participated in the deliberations and discussions concerning EITF 04-6. We, and others in that working group, do not believe the guidance of paragraph 6 of EITF 04-6 was intended to limit the initial capitalization of additional assets (pits) that may be developed at a mine. As you may already be aware, mining companies have previously requested clarification concerning terms included in EITF 04-6, and it would appear that additional clarification should be sought from the FASB staff and the Mining Industry Working Group with respect to this issue.
Property, Plant, Equipment and Mine Development, page F-9
3.   We note your response to prior comment six of our letter dated May 3, 2007. Included in the book value of coal reserves are mineral rights for leased coal interests including advance royalties and the net book value of these mineral rights was $3.5 billion at December 31, 2006. Please clarify which costs comprise the remaining net book value of coal reserves.
Response
     As discussed with the staff on June 15, 2007, the disclosure noted above stems from prior staff comments concerning mineral rights and the need to differentiate the carrying values associated the types of mineral rights and to comply with disclosures under EITF 04-2 which provides:
The Task Force reached a consensus on Issue 1 that mineral rights, as defined in this Issue, are tangible assets, and, accordingly, an entity should account for mineral rights as tangible assets. The Task Force also concluded that an entity should report the aggregate carrying amount of mineral rights as a separate component of property, plant, and equipment either on the face of the financial statements or in the notes to the financial statements.

 

 

Ms. Jill Davis
Securities and Exchange Commission
June 25, 2007
Page 3
     Because our mineral interests are generally held either in fee ownership or by lease interest, our disclosure was written to only distinguish the carrying value associated with leased coal interests. Based on the staff comments, we would propose the following disclosure to clarify the respective carrying values of our coal interests:
F-9 — Included in the book value of coal reserves are mineral rights for leased coal interests including advance royalties and the net book value of these mineral rights was $3.5 billion and $2.1 billion at December 31, 2006 and 2005, respectively. The remaining net book value of our coal reserves of $1.7 billion and $1.6 billion, at December 31, 2006 and 2005 respectively, relates to coal reserves held by fee ownership.
4.   Please modify your accounting policy that is included as part of your audited financial statements to address that your reserve estimates include reductions for recoverability factors.
Response
     We would suggest the following disclosure:
F-9 — Depletion of coal reserves and amortization of advance royalties is computed using the units-of-production method utilizing only proven and probable reserves (as adjusted for recoverability factors) in the depletion base.
5.   We note your response to our prior comment numbers seven and eight of our letter dated May 3, 2007. Please clarify your accounting policy associated with drilling and study costs incurred to convert or upgrade mineral resources, including measured, indicated and inferred resources to reserves. Please note, that we believe all drilling and study costs associated with in-fill, step-out, condemnation, geotechnical and confirmation drilling should be expensed as incurred. Please contact us to discuss.
Response
     Based on discussion with the staff June 15, 2007, we confirm that Peabody expenses drilling and study costs incurred to convert or upgrade mineral resources, including measured, indicated and inferred resources to reserves. We would propose the following disclosure:
Costs incurred to maintain current production capacity at a mine and exploration expenditures are charged to operating costs as incurred, including costs related to drilling and study costs incurred to convert or upgrade mineral resources to reserves.
Note 4 Business Combinations, page F-16
6.   We note your response to our prior comment number nine that indicates resulting goodwill will be allocated to your Australian operating segment. We re-issue that portion of our prior comment that requested you to address the goodwill allocation to your reporting units and

 

 

Ms. Jill Davis
Securities and Exchange Commission
June 25, 2007
Page 4
    whether you consider an individual operating mine to constitute a reporting unit. Please refer to paragraph 30 of SFAS 142 and EITF 04-4.
Response
     We understand the provisions noted in paragraph 30 of SFAS 142 and EITF 04-4, and recognize under EITF 04-4 that “goodwill should be allocated to reporting units and an individual operating mine may constitute a reporting unit.” We expect to receive a final valuation report and complete our purchase allocation during Q3 2007 at which time any resulting goodwill will be allocated to reporting units as determined under SFAS 142 and EITF 04-4. We welcome further discussion with the staff related to goodwill allocations in advance of making our final purchase price allocations.
Other Matters
     As discussed with the staff on June 15, 2007, we have noted that certain of our reserve table summary totals on pages 46 and 47 do not correctly foot, and we are submitting changes to those tables.
     We appreciate your consideration of these comments, and should you need additional clarification or assistance please contact Brent Stottlemyre at 314-342-7557.
         
  Sincerely,
 		  
  /s/ L. Brent Stottlemyre    
  L. Brent Stottlemyre   
  Senior Vice President, Controller and
Chief Accounting Officer 		  
 

 

 

      The following chart provides a summary, by mining complex, of production for the years ended December 31, 2006 and 2005 and 2004, tonnage of coal reserves that is assigned to our operating mines, our property interest in those reserves and other characteristics of the facilities.
PRODUCTION AND ASSIGNED RESERVES(1)
(Tons in millions)
                                                                                                         
            Sulfur Content(2)       As of December 31, 2006
    Production                
            <1.2 lbs.   >1.2 to 2.5 lbs.   >2.5 lbs.   As   Assigned    
    Year Ended   Year Ended   Year Ended       sulfur dioxide   sulfur dioxide   sulfur dioxide   Received   Proven and    
Geographic Region/Mining   Dec. 31,   Dec. 31,   Dec. 31,   Type of   per   per   per   Btu per   Probable    
Complex   2006   2005   2004   Coal   Million Btu   Million Btu   Million Btu   pound(3)   Reserves   Owned   Leased   Surface   Underground
                                                     
Appalachia:
                                                                                                    
 
Federal
     4.6       4.1       4.9       Steam       —       —       31       13,300       31     11     20       —       31  
 
Big Mountain
     2.0       1.9       1.9       Steam       4       30       —       12,300       34     —     34       —       34  
 
Kanawha Eagle(4)
     1.9       —       —       Steam/Met.       31       22       —       13,100       53     —     53       —       53  
 
Harris
     1.6       2.0       3.0       Steam/Met.       5       3       —       13,800       8     —     8       —       8  
 
Rocklick
     2.2       2.6       2.0       Steam/Met.       5       7       1       13,100       13     —     13       3       10  
 
Wells
     2.3       2.6       2.6       Steam/Met.       20       29       —       12,800       49     —     49       —       49  
                                                                                                 
   
Total
     14.6       13.2       14.4               65       91       32               188     11     177       3       185  
Midwest:
                                                                                                    
 
Highland
     3.7       3.8       3.2       Steam       —       —       88       11,400       88     31     57       —       88  
 
Patriot
     3.9       4.2       4.1       Steam       —       —       41       10,800       41     4     37       3       38  
 
Air Quality
     2.2       2.1       1.8       Steam       —       25       33       10,700       58     5     53       —       58  
 
Riola/ Vermilion Grove
     1.7       2.3       2.3       Steam       —       —       19       10,500       19     —     19       —       19  
 
Miller Creek
     1.6       1.0       0.9       Steam       —       2       28       10,000       30     29     1       30       —  
 
Francisco Surface
     2.0       1.8       2.1       Steam       —       —       6       10,500       6     2     4       6       —  
 
Francisco Underground
     1.1       1.2       0.9       Steam       —       —       22       10,600       22     3     18       —       22  
 
Farmersburg
     3.8       3.8       4.2       Steam       1       11       95       10,300       107     93     14       107       —  
 
Somerville Central
     3.5       3.4       3.2       Steam       —       —       4       10,300       4     2     2       4       —  
 
Somerville — North
     2.4       2.4       2.1       Steam       —       —       7       10,500       7     6     1       7       —  
 
Somerville — South
     2.5       2.4       2.0       Steam       —       —       14       10,000       14     8     6       14       —  
 
Viking
     1.5       1.5       1.5       Steam       —       1       7       10,700       8     —     8       8       —  
 
Wildcat Hills Surface/Underground
     2.4       2.6       2.7       Steam       —       —       10       10,300       10     5     5       10       —  
 
Willow Lake
     3.6       3.7       3.4       Steam       —       —       64       11,200       64     48     17       —       64  
 
Gateway
     2.6       0.5       —       Steam       —       —       20       10,300       20     20     —       —       20  
 
Dodge Hill
     1.1       1.2       1.2       Steam       —       —       8       11,100       8     3     5       —       8  
                                                                                                 
   
Total
     39.6       37.9       35.6               1       39       466               506     259     247       189       317  
Powder River Basin:
                                                                                                    
 
North Antelope/ Rochelle
     88.6       82.7       82.5       Steam       1,171       —       —       8,800       1,171     —     1,171       1,171       —  
 
Caballo
     32.8       30.5       26.5       Steam       787       122       22       8,600       931     —     931       931       —  
 
Rawhide
     17.0       12.4       6.9       Steam       290       62       55       8,600       407     —     407       407       —  
                                                                                                 
   
Total
     138.4       125.6       115.9               2,248       184       77               2,509     —     2,509       2,509       —  
Southwest/ Colorado:
                                                                                                    
 
Black Mesa
     —       3.9       4.8       Steam       10       1       —       10,600       11     —     11       11       —  
 
Kayenta
     8.2       8.2       8.2       Steam       185       82       3       11,000       270     —     270       270       —  
 
Lee Ranch
     5.5       5.3       5.8       Steam       20       123       12       10,000       155     88     67       155       —  
 
Twentymile
     8.6       9.4       6.4       Steam       73       —       —       10,800       73     14     59       —       73  
 
Seneca
     —       1.1       1.5       Steam       —       —       —       NA       —     —     —       —       —  
                                                                                                 
   
Total
     22.3       27.9       26.7               288       206       15               509     102     407       436       73  

45

 

                                                                                                         
            Sulfur Content(2)       As of December 31, 2006
    Production                
            <1.2 lbs.   >1.2 to 2.5 lbs.   >2.5 lbs.   As   Assigned    
    Year Ended   Year Ended   Year Ended       sulfur dioxide   sulfur dioxide   sulfur dioxide   Received   Proven and    
Geographic Region/Mining   Dec. 31,   Dec. 31,   Dec. 31,   Type of   per   per   per   Btu per   Probable    
Complex   2006   2005   2004   Coal   Million Btu   Million Btu   Million Btu   pound(3)   Reserves   Owned   Leased   Surface   Underground
                                                     
Australia:
                                                                                                    
 
North Goonyella/ Eaglefield
     2.2       2.1       1.7       Met.       48       —       —       12,800       48     —     48       2       46  
 
Metropolitan
     0.4       —       —       Met.       40       —       —       12,700       40     —     40       —       40  
 
Wilkie Creek
     2.0       1.9       1.4       Steam       223       —       —       10,800       223     —     223       223       —  
 
Chain Valley (80.0%)(5)
     0.2       —       —       Steam       17       —       —       11,900       17     —     17       —       17  
 
Wambo Open Cut(4)
     1.2       —       —       Steam       106       —       —       12,400       106     —     106       106       —  
 
Burton (95.0%)(5)
     4.3       4.4       3.2       Steam/Met.       38       —       —       12,400       38     —     38       38       —  
 
Baralaba(4)
     0.2       —       —       Steam/Met.       —       2       —       12,200       2     —     2       2       —  
 
Wilpinjong
     0.3       —       —       Steam       —       165       —       9,900       165     —     165       165       —  
 
Millennium(4)
     0.1       —       —       Met.       26       —       —       12,800       26     —     26       26       —  
                                                                                                 
   
Total
     10.9       8.4       6.3               498       167       —               665     —     665       562       103  
                                                                                                 
Total
     225.8       213.0       198.9               3,100       687       590               4,377     372     4,005       3,699       678  
                                                                                                 

46

 

     The following chart provides a summary of the amount of our proven and probable coal reserves in each U.S. state and Australia state, the predominant type of coal mined in the applicable location, our property interest in the reserves and other characteristics of the facilities.
ASSIGNED AND UNASSIGNED PROVEN AND PROBABLE COAL RESERVES
As of December 31, 2006
(Tons in millions)
                                                                                                               
                            Sulfur Content(2)                    
                                                 
                        <1.2 lbs.   >1.2 to 2.5 lbs.   >2.5 lbs.   As        
    Total Tons   Proven and               sulfur dioxide   sulfur dioxide   sulfur dioxide   Received   Reserve Control   Mining Method
        Probable           Type of   per   per   per   Btu per        
Coal Seam Location   Assigned   Unassigned   Reserves(6)   Proven   Probable   Coal   Million Btu   Million Btu   Million Btu   pound(3)   Owned   Leased   Surface   Underground
                                                         
Appalachia:
                                                                                                            
 
Ohio
     —       25       25       19       6     Steam     —       —       25       11,300       25       —       —       25  
 
West Virginia
     188       342       530       310       220     Steam/Met.     141       190       199       13,000       224       306       15       515  
                                                                                                           
 
Appalachia
     188       367       555       329       226           141       190       224               249       306       15       540  
Midwest:
                                                                                                            
 
Illinois
     113       2,292       2,405       1,190       1,215     Steam     5       38       2,362       10,400       2,195       210       78       2,327  
 
Indiana
     255       353       608       410       198     Steam     1       40       567       10,300       402       206       258       350  
 
Kentucky
     138       1,019       1,157       622       535     Steam     —       1       1,156       10,800       673       484       105       1,052  
                                                                                                           
 
Midwest
     506       3,664       4,170       2,222       1,948           6       79       4,085               3,270       900       441       3,729  
Powder River Basin:
                                                                                                            
 
Montana
     —       162       162       158       4     Steam     15       117       30       8,600       67       95       162       —  
 
Wyoming
     2,509       796       3,305       3,226       79     Steam     3,020       183       102       8,700       —       3,305       3,305       —  
                                                                                                           
 
Powder River Basin
     2,509       958       3,467       3,384       83           3,035       300       132               67       3,400       3,467       —  
Southwest/ Colorado:
                                                                                                            
 
Arizona
     281       —       281       281       —     Steam     195       83       3       10,900       —       281       281       —  
 
Colorado
     73       154       227       165       62     Steam     139       —       88       10,600       43       184       —       227  
 
New Mexico
     155       544       699       636       63     Steam     91       344       264       9,200       617       82       699       —  
                                                                                                           
 
Southwest
     509       698       1,207       1,082       125           425       427       355               660       547       980       227  
Australia:
                                                                                                            
 
New South Wales
     328       138       466       253       213     Steam/Met.     466       —       —       12,400       —       466       271       195  
 
Queensland
     337       —       337       104       233     Steam/Met.     335       2       —       11,200       —       337       291       46  
                                                                                                           
 
Australia
     665       138       803       357       446           801       2       —               —       803       562       241  
                                                                                                           
Total Proven and Probable
     4,377       5,825       10,202       7,374       2,828           4,408       998       4,796               4,246       5,956       5,465       4,737  
                                                                                                           

47

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