Financing Receivables

The Company had total financing receivables of $392.9 million and $376.1 million at March 31, 2012 and December 31, 2011, respectively, which consisted of the following:



Balance Sheet Classification	March 31, 2012		December 31, 2011
	(Dollars in millions)
Accounts receivable, net	$	52.2	$	51.3
Other current assets	66.6		65.0
Investments and other assets	274.1		259.8
Total financing receivables	$	392.9	$	376.1

The Company periodically assesses the collectability of accounts and loans receivable by considering factors such as specific evaluation of collectability, historical collection experience, the age of the receivable and other available evidence. Below is a description of the Company's financing receivables at March 31, 2012:

Codrilla Mine Project. In 2011, a wholly-owned subsidiary of Macarthur completed the sale of its 85% interest in the Codrilla Mine Project to participants of the Coppabella Moorvale Joint Venture (CMJV) where Macarthur sold down its interest in the Codrilla project to the CMJV (Codrilla sell down) so that, following completion of the sale, ownership of the Codrilla Mine Project reflected the existing ownership of the Coppabella and Moorvale mines with Macarthur retaining a 73.3% ownership. Prior to the Company's acquisition of Macarthur, consideration of $15.0 million Australian dollars was received by Macarthur upon completion of the Codrilla sell down, representing 20% of the agreed price. Two remaining installments are due on the completion of certain milestones, with 40% due on granting of the related mining lease and the final 40% due upon the mine's first coal shipment. There are currently no indications of impairment and the Company expects to receive full payment of amounts currently due. "Accounts receivable, net" included $35.6 million and $34.2 million at March 31, 2012 and December 31, 2011, respectively, and "Investments and other assets" included $37.0 million and $35.6 million at March 31, 2012 and December 31, 2011, respectively, in the condensed consolidated balance sheets.

Middlemount Mine. The Company periodically makes contributions to the Middlemount Mine joint venture for the purposes of funding capital expenditures and working capital, in line with the related shareholders’ agreement. Middlemount intends to pay down the loans as excess cash is generated as required by the related shareholders' agreement. There are currently no indications of impairment and the Company expects to receive full payment of amounts currently due. "Other current assets" included $66.6 million and $65.0 million at March 31, 2012 and December 31, 2011, respectively, and "Investments and other assets" included $237.1 million and $224.2 million at March 31, 2012 and December 31, 2011, respectively, in the condensed consolidated balance sheets.

Other Financing Receivables. From time to time, the Company may enter into transactions resulting in accounts or notes receivable held by the Company. These notes are generally short term in nature with positive historical collection experience and do not represent a material credit risk to the Company.