Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

Discontinued operations include certain non-strategic Midwestern U.S. and Australian Mining segment assets held for sale which the Company has committed to divest, Midwestern U.S. Mining segment assets that have ceased production and other previously divested operations.

In September 2012, the Company announced it had permanently ceased production at its Air Quality Mine in Indiana due to uneconomic market conditions for the type of coal product previously produced at the site. The results of the mine, which were previously included within the Midwestern U.S. Mining reportable segment, have been reported as a discontinued operation for all periods presented because the operations and cash flows of the mine and related coal product have been eliminated from the ongoing operations of the Company as a result of the mine closure. Loss from discontinued operations for the three and nine months ended September 30, 2012 includes before- and after-tax charges of $116.7 million and $75.0 million, respectively, including a before- and after-tax impairment charge of $108.9 million and $68.8 million, respectively, recognized in connection with the shutdown of this mine.

Results from discontinued operations were as follows during the three and nine months ended September 30, 2012 and 2011:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
	(Dollars in millions)
Total revenues	$	41.5	$	55.3	$	171.5	$	122.7
Loss from discontinued operations before income taxes	$	127.6	$	12.1	$	146.6	$	53.9
Income tax benefit	46.3		2.4		53.9		15.0
Loss from discontinued operations, net of income taxes	$	81.3	$	9.7	$	92.7	$	38.9

Assets and liabilities classified as discontinued operations included in our condensed consolidated balance sheets were as follows:

	(Unaudited)
	September 30, 2012		December 31, 2011
	(Dollars in millions)
Assets:
Other current assets	$	48.4	$	24.6
Investments and other assets	135.2		232.2
Total assets classified as discontinued operations	$	183.6	$	256.8
Liabilities:
Accounts payable and accrued expenses	$	33.4	$	63.9
Other noncurrent liabilities	59.8		59.6
Total liabilities classified as discontinued operations	$	93.2	$	123.5