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Coal Trading (Tables)
 6 Months Ended
Jun. 30, 2018
Coal Trading [Abstract]  
Trading revenues by type of instrument
Trading revenues (losses) recognized during the periods presented below were as follows:
 
 
Successor
 
Successor
Predecessor
Trading Revenues by Type of Instrument
 
Three Months Ended June 30, 2018
 
April 2 through June 30, 2017
 
Six Months Ended June 30, 2018
 
April 2 through June 30, 2017
January 1 through April 1, 2017
 
 
(Dollars in millions)
Futures, swaps and options
 
$
(15.3
)
 
$
(7.3
)
 
$
(32.2
)
 
$
(7.3
)
$
(10.2
)
Physical purchase/sale contracts
 
25.3

 
12.5

 
62.3

 
12.5

25.2

Total trading revenues
 
$
10.0

 
$
5.2

 
$
30.1

 
$
5.2

$
15.0
Fair value of assets and liabilities from coal trading activities and related balance sheet offsetting disclosures
The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of June 30, 2018 and December 31, 2017 is set forth below:
Affected Line Item in the Condensed Consolidated Balance Sheets
 
Gross Amounts of Recognized Assets (Liabilities) (1)
 
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
 
Variation Margin Posted
 
Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets
 
 
(Dollars in millions)
 
 
Fair Value as of June 30, 2018
Other current assets
 
$
81.8

 
$
(74.6
)
 
$
—

 
$
7.2

Accounts payable and accrued expenses
 
(137.1
)
 
74.6

 
47.5

 
(15.0
)
Total, net
 
$
(55.3
)
 
$
—

 
$
47.5

 
$
(7.8
)
 
 
 
 
 
 
 
 
 
 
 
Fair Value as of December 31, 2017
Other current assets
 
$
77.1

 
$
(74.5
)
 
$
—

 
$
2.6

Accounts payable and accrued expenses
 
(122.0
)
 
74.5

 
35.8

 
(11.7
)
Total, net
 
$
(44.9
)
 
$
—

 
$
35.8

 
$
(9.1
)
(1) 
Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017, respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.”
Fair value coal trading net assets (liabilities) measured on recurring basis
The following tables set forth the hierarchy of the Company’s net financial liability coal trading positions for which fair value is measured on a recurring basis as of June 30, 2018 and December 31, 2017:
 
June 30, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Futures, swaps and options
$
—

 
$
(0.3
)
 
$
—

 
$
(0.3
)
Physical purchase/sale contracts
—

 
(7.5
)
 
—

 
(7.5
)
Total net financial liabilities
$
—

 
$
(7.8
)
 
$
—

 
$
(7.8
)
 
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Futures, swaps and options
$
(3.0
)
 
$
(4.2
)
 
$
—

 
$
(7.2
)
Physical purchase/sale contracts
—

 
(1.9
)
 
—

 
(1.9
)
Total net financial liabilities
$
(3.0
)
 
$
(6.1
)
 
$
—

 
$
(9.1
)