Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

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

Discontinued Operations

Discontinued operations include former Australian Thermal Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested legacy operations, including Patriot Coal Corporation and certain of its wholly-owned subsidiaries (Patriot).

Summarized Results of Discontinued Operations

Results from discontinued operations were as follows during the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015			2014			2013
	(Dollars in millions)
Loss from discontinued operations before income taxes	$	(182.2	)	$	(23.8	)	$	(329.7	)
Income tax (provision) benefit	7.2			(4.4		)	103.1
Loss from discontinued operations, net of income taxes	$	(175.0	)	$	(28.2	)	$	(226.6	)

There were no significant revenues from discontinued operations during the years ended December 31, 2015 and 2014. Total revenues associated with discontinued operations amounted to $136.5 million during the year ended December 31, 2013.

Assets and Liabilities of Discontinued Operations

Assets and liabilities classified as discontinued operations included in the Company's consolidated balance sheets were as follows:

	December 31,
	2015		2014
	(Dollars in millions)
Assets:
Other current assets	$	3.1	$	0.3
Investments and other assets	13.2		16.3
Total assets classified as discontinued operations	$	16.3	$	16.6
Liabilities:
Accounts payable and accrued expenses	$	60.0	$	12.5
Other noncurrent liabilities	203.7		109.8
Total liabilities classified as discontinued operations	$	263.7	$	122.3

Patriot-Related Matters. Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" for information surrounding charges recorded during the year ended December 31, 2015 associated with the bankruptcy of Patriot.

Wilkie Creek Mine. In December 2013, the Company ceased production and started reclamation of the Wilkie Creek Mine in Queensland, Australia. On June 30, 2014, Queensland Bulk Handling Pty Ltd (QBH) commenced litigation against Peabody (Wilkie Creek) Pty Limited, the indirect wholly-owned subsidiary of the Company that owns the Wilkie Creek Mine, alleging breach of a Coal Port Services Agreement (CPSA) between the parties. Included in "(Loss) income from discontinued operations, net of income taxes" for the year ended December 31, 2015 is a $9.7 million charge related to that litigation. Refer to Note 24. "Commitments and Contingencies" for additional information surrounding the QBH matter.

In June 2015, the Company entered into an agreement to sell the Wilkie Creek Mine in exchange for potential cash proceeds of up to $20 million and the assumption of certain liabilities. That agreement was subsequently terminated in October 2015 in conjunction with entering into a new agreement with similar terms. The closing of the sale remains subject to certain material conditions, including without limitation the purchaser’s ability to obtain financing for the transaction and negotiation of satisfactory port access arrangements.