Summary Quarterly Financial Information
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Dec. 31, 2013
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Quarterly Financial Information (Unaudited) | Summary of Quarterly Financial Information (Unaudited) A summary of the unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 is presented below.
Operating profit (loss) for the fourth quarter of 2013 included $30.6 million of charges associated with the settlement of claims and litigation related to the Patriot bankruptcy reorganization. Operating profit (loss) for the second quarter of 2013 included a $20.6 million charge related to the Gulf Power litigation. Operating profit (loss) for the second and fourth quarter of 2013 reflected $21.5 million and $506.8 million, respectively, of asset impairment and mine closure costs. (Loss) income from continuing operations, net of income taxes, for the first, second and third quarters of 2013 included aggregate losses on early debt extinguishment of $0.9 million, $4.5 million and $11.5 million, respectively, related to first and second quarter voluntary debt repayments and repurchases and the third quarter execution of the 2013 Credit Facility refinancing. (Loss) income from continuing operations, net of income taxes, for the second quarter of 2013 included $6.9 million in prejudgment interest attributable to the Gulf Power litigation. (Loss) income from continuing operations, net of income taxes, for the fourth quarter of 2013 included the $11.3 million tax effect of the aforementioned settlement related to Patriot's bankruptcy reorganization. (Loss) income from continuing operations, net of income taxes, for the fourth quarter of 2013 reflected a net tax benefit of $112.8 million related to asset impairment and mine closure costs. (Loss) income from continuing operations, net of income taxes, for all quarters in 2013 included the impact of the remeasurement of non-U.S. income tax accounts, which amounted to additional tax expense of $1.6 million in the first quarter of 2013 and a tax benefit of $37.1 million, $2.6 million and $6.2 million in the second, third and fourth quarters of 2013, respectively. Net (loss) income for the fourth quarter of 2013 included $61.8 million of after-tax charges recorded in loss from discontinued operations related to the settlement agreement reached with Patriot. Net (loss) income for the third and fourth quarter of 2013 reflected $32.4 million and $42.5 million, respectively, of after-tax asset impairment and mine closure costs related to a discontinued operation.
Operating profit (loss) for the third and fourth quarter of 2012 reflected $7.7 million and $921.3 million, respectively, of asset impairment and mine closure costs. Income (loss) from continuing operations, net of income taxes, for the second and fourth quarter of 2012 included aggregate losses on early debt extinguishment of $2.8 million and $0.5 million, respectively, associated with certain voluntary debt pay downs and repurchases. Income (loss) from continuing operations, net of income taxes, for the second and fourth quarter of 2012 included net tax benefits related to the acquisition restructuring of PEA-PCI of $59.7 million and $15.0 million, respectively. Income (loss) from continuing operations, net of income taxes, for the third and fourth quarter of 2012 reflected net tax benefits of $2.9 million and $224.4 million, respectively, related to asset impairment and mine closure costs. Income (loss) from continuing operations, net of income taxes, for all quarters in 2012 included the impact of the remeasurement of non-U.S. income tax accounts, which amounted to additional tax expense of $8.9 million and $13.6 million in the first and third quarter of 2012, respectively, and a tax benefit of $13.8 million and $0.8 million in the second and fourth quarter of 2012, respectively. Income (loss) from continuing operations, net of income taxes, for the fourth quarter of 2012 also included income tax charges related to a net deferred tax liability recognized in connection with the MRRT and an increase in valuation allowance against Australian loss carryforwards of $77.2 million and $332.2 million, respectively. Net income (loss) for the third quarter of 2012 reflected $75.0 million of after-tax asset impairment and mine closure costs related to a discontinued operation. |