Guarantees (Tables)

3 Months Ended

Mar. 31, 2023

Guarantees and Product Warranties [Abstract]

Financial Instruments and Guarantees with Off Balance Sheet Risk

The following table summarizes the Company’s financial instruments that carry off-balance-sheet risk.

	March 31, 2023						December 31, 2022
	Reclamation Support		Other Support (1)		Total		Reclamation Support		Other Support (1)		Total
	(Dollars in millions)
Surety bonds	$	1,236.4	$	152.1	$	1,388.5	$	1,250.1	$	126.7	$	1,376.8
Letters of credit (2)	22.4		67.0		89.4		437.8		131.8		569.6
	1,258.8		219.1		1,477.9		1,687.9		258.5		1,946.4
Less: Letters of credit in support of surety bonds (3)	(22.4)		(5.4)		(27.8)		(431.7)		(37.2)		(468.9)
Obligations supported, net	$	1,236.4	$	213.7	$	1,450.1	$	1,256.2	$	221.3	$	1,477.5

(1)    Instruments support obligations related to pension and health care plans, workers’ compensation, property and casualty insurance, customer and vendor contracts, and certain restoration ancillary to prior mining activities.

(2)    March 31, 2023 balances exclude $223.8 million of letters of credit outstanding under the LC Facility and $101.3 million of letters of credit outstanding under the Company’s accounts receivable securitization program that were cancelled by April 14, 2023. The collateral obligations related to such letters of credit were met by the March 31, 2023 funding of collateral trust accounts in connection with the surety agreement amendment described below. Amounts do not include cash collateralized letters of credit.

(3)    Certain letters of credit serve as collateral for surety bonds at the request of surety bond providers.

Restricted Cash and Collateral

The Company’s other collateral generally includes deposits held by regulatory authorities or financial institutions over which the Company has no control or ability to access.

	March 31, 2023		December 31, 2022
	(Dollars in millions)
Restricted cash (1)
Surety trust accounts (2)	$	566.3	$	—
Collateralized letters of credit funding (2)	247.9		110.3
	814.2		110.3
Other collateral (1)
Deposits with regulatory authorities for reclamation and other obligations	78.4		33.6
LC Facility (3)	29.1		28.5
Deposit held on behalf of surety	15.0		15.0
	122.5		77.1
Restricted cash and collateral	$	936.7	$	187.4

(1)    Restricted cash balances are combined with unrestricted cash and cash equivalents in the accompanying unaudited condensed consolidated statements of cash flows; changes in restricted cash balances are thus not reflected in the operating, investing or financing activities therein. Changes in other collateral balances are reflected as operating activities therein.

(2)    Surety trust accounts and the funding for collateralized letters of credit are comprised of highly liquid investments with original maturities of three months or less; interest and other earnings on such funds accrue to the Company.

(3)    Balance relates to the Company’s mandatory repurchase of $30.0 million priority lien obligations under the LC Facility during 2022 at approximately 95%. The Company received $30.0 million upon termination of the LC Facility on April 14, 2023