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Property, Plant, Equipment and Mine Development
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant, Equipment and Mine Development Property, Plant, Equipment and Mine Development
The composition of property, plant, equipment and mine development, net, as of September 30, 2020 and December 31, 2019 is set forth in the table below:
September 30, 2020December 31, 2019
(Dollars in millions)
Land and coal interests$2,578.8 $4,022.4 
Buildings and improvements463.0 547.9 
Machinery and equipment1,363.0 1,518.6 
Less: Accumulated depreciation, depletion and amortization(1,252.5)(1,409.8)
Property, plant, equipment and mine development, net$3,152.3 $4,679.1 
Asset Impairment and Other At-Risk Assets
During the nine months ended September 30, 2020, the Company recognized an asset impairment charge of $1,418.1 million related to its North Antelope Rochelle Mine of the Powder River Basin Mining segment. Of this amount, $1,393.7 million related to the property, plant, equipment and mine development assets, $19.9 million related to operating lease right-of-use assets and $4.5 million related to contract-based intangible assets. The outlook for the North Antelope Rochelle Mine has been negatively impacted by the accelerated decline of coal-fired electricity generation in the U.S., driven by the reduced utilization of plants and plant retirements, sustained low natural gas pricing, and the increased use of renewable energy sources. These factors have led to the expectation of reduced future sales volumes. The impairment charge was based upon the remaining estimated discounted cash flows of the mine. Such cash flows were based upon estimates which generally constitute unobservable Level 3 inputs under the fair value hierarchy, including, but not limited to, future tons sold, coal prices for unpriced coal, production costs (including costs for labor, commodity supplies and contractors), transportation costs, and a risk-adjusted, cost of capital.
No asset impairment charges were recorded during the three months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company recorded $20.0 million of asset impairment charges related to its Wildcat Hills Underground Mine, which shipped its final tons during the second quarter of 2020.
The Company also identified certain assets with an aggregate carrying value of approximately $1.1 billion at September 30, 2020 in its Seaborne Metallurgical Mining, Powder River Basin Mining, Other U.S. Thermal Mining and Corporate and Other segments whose recoverability is most sensitive to coal pricing, cost pressures, customer demand, customer concentration risk and future economic viability. The Company conducted a review of those assets for recoverability as of September 30, 2020 and determined that no further impairment charges were necessary as of that date.