XML 51 R38.htm IDEA: XBRL DOCUMENT v3.19.2
Derivatives and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The fair value of derivatives reflected in the accompanying condensed consolidated balance sheets are set forth in the table below.
 
June 30, 2019
 
December 31, 2018
 
Asset Derivative
 
Liability Derivative
 
Asset Derivative
 
Liability Derivative
 
(Dollars in millions)
Foreign currency option contracts
$
1.2

 
$
—

 
$
1.2

 
$
—

Coal contracts related to forecasted sales
34.7

 
(3.7
)
 
6.6

 
(23.1
)
Coal trading contracts
187.2

 
(168.1
)
 
59.7

 
(64.4
)
Total derivatives
223.1

 
(171.8
)
 
67.5

 
(87.5
)
Effect of counterparty netting
(171.8
)
 
171.8

 
(64.5
)
 
64.5

Variation margin (held) posted
(46.1
)
 
—

 
—

 
21.8

Net derivatives and margin as classified in the balance sheets
$
5.2

 
$
—

 
$
3.0

 
$
(1.2
)
Derivative Instruments, Gain (Loss) [Table Text Block]
The tables below show the amounts of pre-tax gains and losses related to the Company’s derivatives.
 
Three Months Ended June 30, 2019
 
Total (loss) gain recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized (loss) gain recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(1.4
)
 
$
(1.1
)
 
$
(0.3
)
Coal contracts related to forecasted sales
49.4

 
27.0

 
22.4

Coal trading contracts
(0.3
)
 
(6.0
)
 
5.7

Total
$
47.7

 
$
19.9

 
$
27.8

 
Three Months Ended June 30, 2018
 
Total loss recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized gain (loss) recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(2.2
)
 
$
(2.3
)
 
$
0.1

Coal contracts related to forecasted sales
(36.4
)
 
11.7

 
(48.1
)
Coal trading contracts
(1.7
)
 
1.1

 
(2.8
)
Total
$
(40.3
)
 
$
10.5

 
$
(50.8
)
 
Six Months Ended June 30, 2019
 
Total (loss) gain recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized (loss) gain recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(2.5
)
 
$
(2.4
)
 
$
(0.1
)
Coal contracts related to forecasted sales
100.2

 
38.0

 
62.2

Coal trading contracts
(1.3
)
 
(10.8
)
 
9.5

Total
$
96.4

 
$
24.8

 
$
71.6

 
Six Months Ended June 30, 2018
 
Total (loss) gain recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized loss recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(6.4
)
 
$
(4.7
)
 
$
(1.7
)
Coal contracts related to forecasted sales
23.3

 
32.8

 
(9.5
)
Coal trading contracts
(2.7
)
 
(1.7
)
 
(1.0
)
Total
$
14.2

 
$
26.4

 
$
(12.2
)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth the hierarchy of the Company’s net financial asset positions for which fair value is measured on a recurring basis:
 
June 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Foreign currency option contracts
$
—

 
$
1.2

 
$
—

 
$
1.2

Coal contracts related to forecasted sales
—

 
41.3

 
—

 
41.3

Coal trading contracts
—

 
(37.3
)
 
—

 
(37.3
)
Equity securities
—

 
—

 
10.0

 
10.0

Total net financial assets
$
—

 
$
5.2

 
$
10.0

 
$
15.2

 
 
 
 
 
 
 
 
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Foreign currency option contracts
$
—

 
$
1.2

 
$
—

 
$
1.2

Coal contracts related to forecasted sales
—

 
(21.2
)
 
—

 
(21.2
)
Coal trading contracts
—

 
21.8

 
—

 
21.8

Equity securities
—

 
—

 
10.0

 
10.0

Total net financial assets
$
—

 
$
1.8

 
$
10.0

 
$
11.8
Carrying Amounts And Estimated Fair Values Of Companys Debt [Table Text Block]
The carrying amount and estimated fair values of the Company’s current and long-term debt as of June 30, 2019 and December 31, 2018 are summarized as follows:
 
June 30, 2019
 
December 31, 2018
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
(Dollars in millions)
Current and Long-term debt
$
1,355.6

 
$
1,431.0

 
$
1,367.0

 
$
1,366.2