10-Q 1 btu-20240930.htm 10-Q btu-20240930
000106472812/312024Q3FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesiso4217:AUDiso4217:USDiso4217:AUDxbrli:pure00010647282024-01-012024-09-3000010647282024-11-0400010647282024-07-012024-09-3000010647282023-07-012023-09-3000010647282023-01-012023-09-3000010647282024-09-3000010647282023-12-310001064728us-gaap:PreferredStockMember2023-12-310001064728us-gaap:PreferredStockMember2024-09-300001064728btu:SeriesCommonStockMember2024-09-300001064728btu:SeriesCommonStockMember2023-12-310001064728us-gaap:CommonStockMember2023-12-310001064728us-gaap:CommonStockMember2024-09-3000010647282022-12-3100010647282023-09-300001064728us-gaap:CommonStockMember2024-06-300001064728us-gaap:CommonStockMember2023-06-300001064728us-gaap:CommonStockMember2023-12-310001064728us-gaap:CommonStockMember2022-12-310001064728us-gaap:CommonStockMember2024-09-300001064728us-gaap:CommonStockMember2023-09-300001064728us-gaap:AdditionalPaidInCapitalMember2024-06-300001064728us-gaap:AdditionalPaidInCapitalMember2023-06-300001064728us-gaap:AdditionalPaidInCapitalMember2023-12-310001064728us-gaap:AdditionalPaidInCapitalMember2022-12-310001064728us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001064728us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001064728us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001064728us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001064728us-gaap:AdditionalPaidInCapitalMember2024-09-300001064728us-gaap:AdditionalPaidInCapitalMember2023-09-300001064728us-gaap:TreasuryStockCommonMember2024-06-300001064728us-gaap:TreasuryStockCommonMember2023-06-300001064728us-gaap:TreasuryStockCommonMember2023-12-310001064728us-gaap:TreasuryStockCommonMember2022-12-310001064728us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001064728us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001064728us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001064728us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001064728us-gaap:TreasuryStockCommonMember2024-09-300001064728us-gaap:TreasuryStockCommonMember2023-09-300001064728us-gaap:RetainedEarningsMember2024-06-300001064728us-gaap:RetainedEarningsMember2023-06-300001064728us-gaap:RetainedEarningsMember2023-12-310001064728us-gaap:RetainedEarningsMember2022-12-310001064728us-gaap:RetainedEarningsMember2024-07-012024-09-300001064728us-gaap:RetainedEarningsMember2023-07-012023-09-300001064728us-gaap:RetainedEarningsMember2024-01-012024-09-300001064728us-gaap:RetainedEarningsMember2023-01-012023-09-300001064728us-gaap:RetainedEarningsMember2024-09-300001064728us-gaap:RetainedEarningsMember2023-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001064728us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001064728us-gaap:NoncontrollingInterestMember2024-06-300001064728us-gaap:NoncontrollingInterestMember2023-06-300001064728us-gaap:NoncontrollingInterestMember2023-12-310001064728us-gaap:NoncontrollingInterestMember2022-12-310001064728us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001064728us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001064728us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001064728us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001064728us-gaap:NoncontrollingInterestMember2024-09-300001064728us-gaap:NoncontrollingInterestMember2023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMember2024-07-012024-09-300001064728btu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728btu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728btu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728btu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728btu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728btu:ThermalCoalMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728btu:MetallurgicalCoalMember2024-07-012024-09-300001064728us-gaap:ProductMemberbtu:SeaborneThermalMiningMember2024-07-012024-09-300001064728us-gaap:ProductMemberbtu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728us-gaap:ProductMemberbtu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728us-gaap:ProductMemberbtu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728us-gaap:ProductMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728us-gaap:ProductMember2024-07-012024-09-300001064728btu:SeaborneThermalMiningMember2024-07-012024-09-300001064728btu:SeaborneMetallurgicalMiningMember2024-07-012024-09-300001064728btu:PowderRiverBasinMiningMember2024-07-012024-09-300001064728btu:OtherU.S.ThermalMiningMember2024-07-012024-09-300001064728us-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMember2023-07-012023-09-300001064728btu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728btu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728btu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728btu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728btu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728btu:ThermalCoalMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728btu:MetallurgicalCoalMember2023-07-012023-09-300001064728us-gaap:ProductMemberbtu:SeaborneThermalMiningMember2023-07-012023-09-300001064728us-gaap:ProductMemberbtu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728us-gaap:ProductMemberbtu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728us-gaap:ProductMemberbtu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728us-gaap:ProductMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728us-gaap:ProductMember2023-07-012023-09-300001064728btu:SeaborneThermalMiningMember2023-07-012023-09-300001064728btu:SeaborneMetallurgicalMiningMember2023-07-012023-09-300001064728btu:PowderRiverBasinMiningMember2023-07-012023-09-300001064728btu:OtherU.S.ThermalMiningMember2023-07-012023-09-300001064728us-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMember2024-01-012024-09-300001064728btu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728btu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728btu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728btu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728btu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728btu:ThermalCoalMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728btu:MetallurgicalCoalMember2024-01-012024-09-300001064728us-gaap:ProductMemberbtu:SeaborneThermalMiningMember2024-01-012024-09-300001064728us-gaap:ProductMemberbtu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728us-gaap:ProductMemberbtu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728us-gaap:ProductMemberbtu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728us-gaap:ProductMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728us-gaap:ProductMember2024-01-012024-09-300001064728btu:SeaborneThermalMiningMember2024-01-012024-09-300001064728btu:SeaborneMetallurgicalMiningMember2024-01-012024-09-300001064728btu:PowderRiverBasinMiningMember2024-01-012024-09-300001064728btu:OtherU.S.ThermalMiningMember2024-01-012024-09-300001064728us-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728us-gaap:DomesticDestinationMemberbtu:ThermalCoalMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:ThermalCoalMember2023-01-012023-09-300001064728btu:ThermalCoalMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728btu:ThermalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728btu:ThermalCoalMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728btu:ThermalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728btu:ThermalCoalMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728btu:ThermalCoalMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728us-gaap:GeographicDistributionForeignMemberbtu:MetallurgicalCoalMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728btu:MetallurgicalCoalMember2023-01-012023-09-300001064728us-gaap:ProductMemberbtu:SeaborneThermalMiningMember2023-01-012023-09-300001064728us-gaap:ProductMemberbtu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728us-gaap:ProductMemberbtu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728us-gaap:ProductMemberbtu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728us-gaap:ProductMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728us-gaap:ProductMember2023-01-012023-09-300001064728btu:SeaborneThermalMiningMember2023-01-012023-09-300001064728btu:SeaborneMetallurgicalMiningMember2023-01-012023-09-300001064728btu:PowderRiverBasinMiningMember2023-01-012023-09-300001064728btu:OtherU.S.ThermalMiningMember2023-01-012023-09-300001064728us-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728btu:CoalContractAndPhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001064728btu:CoalContractAndPhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001064728btu:CoalContractAndPhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001064728btu:CoalContractAndPhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001064728btu:PhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001064728btu:PhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001064728btu:PhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001064728btu:PhysicalCommodityPurchaseSaleContractsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001064728btu:TradingAndBrokerageCoalDeliveriesMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728btu:TradingAndBrokerageCoalDeliveriesMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728btu:TradingAndBrokerageCoalDeliveriesMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728btu:TradingAndBrokerageCoalDeliveriesMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728us-gaap:CoalContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001064728us-gaap:CoalContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001064728us-gaap:CoalContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001064728us-gaap:CoalContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001064728btu:OtherRevenueMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300001064728btu:OtherRevenueMemberus-gaap:CorporateAndOtherMember2023-07-012023-09-300001064728btu:OtherRevenueMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300001064728btu:OtherRevenueMemberus-gaap:CorporateAndOtherMember2023-01-012023-09-300001064728btu:MaterialAndSuppliesMember2024-09-300001064728btu:MaterialAndSuppliesMember2023-12-310001064728btu:MiddlemountMineMember2024-09-300001064728btu:MiddlemountMineMember2023-12-310001064728btu:MiddlemountMineMember2024-07-012024-09-300001064728btu:MiddlemountMineMember2023-07-012023-09-300001064728btu:MiddlemountMineMember2024-01-012024-09-300001064728btu:MiddlemountMineMember2023-01-012023-09-300001064728btu:R3RenewablesMember2024-09-300001064728btu:R3RenewablesMember2023-12-310001064728btu:R3RenewablesMember2024-07-012024-09-300001064728btu:R3RenewablesMember2023-07-012023-09-300001064728btu:R3RenewablesMember2024-01-012024-09-300001064728btu:R3RenewablesMember2023-01-012023-09-300001064728btu:R3RenewablesMember2023-09-300001064728us-gaap:ForeignExchangeContractMember2024-09-300001064728us-gaap:ForeignExchangeContractMembersrt:MinimumMember2024-09-300001064728us-gaap:ForeignExchangeContractMembersrt:MaximumMember2024-09-300001064728us-gaap:ForeignExchangeOptionMember2024-09-300001064728btu:CoalDerivativeContractsRelatedToForecastedSalesMember2024-09-300001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001064728us-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001064728us-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001064728us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001064728us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001064728us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001064728us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2024-09-300001064728us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001064728us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueMeasurementsRecurringMember2024-09-300001064728us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-12-310001064728us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001064728us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:FairValueMeasurementsRecurringMember2023-12-310001064728us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001064728us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001064728us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001064728us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001064728us-gaap:FairValueInputsLevel12And3Member2023-07-012023-09-300001064728us-gaap:FairValueInputsLevel12And3Member2023-01-012023-09-300001064728us-gaap:FairValueInputsLevel12And3Member2024-07-012024-09-300001064728us-gaap:FairValueInputsLevel12And3Member2024-01-012024-09-300001064728btu:LandAndCoalMember2024-09-300001064728btu:LandAndCoalMember2023-12-310001064728us-gaap:BuildingAndBuildingImprovementsMember2024-09-300001064728us-gaap:BuildingAndBuildingImprovementsMember2023-12-310001064728us-gaap:MachineryAndEquipmentMember2024-09-300001064728us-gaap:MachineryAndEquipmentMember2023-12-310001064728us-gaap:ForeignCountryMember2024-07-012024-09-300001064728us-gaap:ForeignCountryMember2023-07-012023-09-300001064728us-gaap:ForeignCountryMember2024-01-012024-09-300001064728us-gaap:ForeignCountryMember2023-01-012023-09-300001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2024-09-300001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2023-12-310001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2022-03-010001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2022-09-300001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2022-03-012022-03-010001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2024-07-012024-09-300001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2024-02-212024-02-210001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2024-02-210001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Memberus-gaap:SeniorNotesMember2024-06-052024-06-050001064728btu:A3250ConvertibleSeniorNotesDueMarch2028Member2024-01-012024-09-300001064728us-gaap:RevolvingCreditFacilityMember2024-01-180001064728srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2024-01-182024-01-180001064728srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2024-01-182024-01-180001064728srt:MinimumMember2024-01-182024-01-180001064728srt:MaximumMember2024-01-182024-01-180001064728srt:MinimumMemberus-gaap:LetterOfCreditMember2024-01-182024-01-180001064728srt:MaximumMemberus-gaap:LetterOfCreditMember2024-01-182024-01-180001064728us-gaap:LetterOfCreditMember2024-01-182024-01-180001064728us-gaap:LetterOfCreditMember2024-09-300001064728btu:IndebtednessMember2024-07-012024-09-300001064728btu:IndebtednessMember2023-07-012023-09-300001064728btu:IndebtednessMember2024-01-012024-09-300001064728btu:IndebtednessMember2023-01-012023-09-300001064728us-gaap:CapitalLeaseObligationsMember2024-07-012024-09-300001064728us-gaap:CapitalLeaseObligationsMember2023-07-012023-09-300001064728us-gaap:CapitalLeaseObligationsMember2024-01-012024-09-300001064728us-gaap:CapitalLeaseObligationsMember2023-01-012023-09-300001064728btu:FinancialAssuranceInstrumentsMember2024-07-012024-09-300001064728btu:FinancialAssuranceInstrumentsMember2023-07-012023-09-300001064728btu:FinancialAssuranceInstrumentsMember2024-01-012024-09-300001064728btu:FinancialAssuranceInstrumentsMember2023-01-012023-09-300001064728btu:AmortizationOfDebtIssuanceCostsMember2024-07-012024-09-300001064728btu:AmortizationOfDebtIssuanceCostsMember2023-07-012023-09-300001064728btu:AmortizationOfDebtIssuanceCostsMember2024-01-012024-09-300001064728btu:AmortizationOfDebtIssuanceCostsMember2023-01-012023-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2024-07-012024-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2023-07-012023-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2024-01-012024-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2023-01-012023-09-300001064728btu:OtherMember2024-07-012024-09-300001064728btu:OtherMember2023-07-012023-09-300001064728btu:OtherMember2024-01-012024-09-300001064728btu:OtherMember2023-01-012023-09-300001064728us-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300001064728us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001064728us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300001064728us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001064728us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300001064728us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300001064728us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300001064728us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300001064728btu:AssetRetirementObligationsMember2024-09-300001064728btu:OtherObligationsMember2024-09-300001064728btu:AssetRetirementAndOtherObligationsMember2024-09-300001064728srt:MaximumMember2023-04-140001064728us-gaap:SuretyBondMember2024-09-300001064728srt:MaximumMemberus-gaap:SuretyBondMember2024-09-300001064728srt:MinimumMemberus-gaap:SuretyBondMember2024-09-300001064728btu:SuretyTrustAccountMember2023-03-310001064728us-gaap:SuretyBondMember2023-03-3100010647282023-04-140001064728us-gaap:LetterOfCreditMember2023-02-032023-02-030001064728btu:AccountsReceivableSecuritizationProgramMember2023-02-130001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2024-01-012024-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2024-09-300001064728btu:AccountsReceivableSecuritizationProgramMemberus-gaap:SecuredDebtMember2024-09-300001064728btu:CollateralizedLetterOfCreditAgreementMember2024-09-300001064728srt:MaximumMemberbtu:CollateralizedLetterOfCreditAgreementMember2024-09-300001064728btu:SuretyTrustAccountMember2024-09-300001064728btu:SuretyTrustAccountMember2023-12-310001064728btu:CashBackedBankGuaranteesMember2024-09-300001064728btu:CashBackedBankGuaranteesMember2023-12-310001064728btu:DepositsWithRegulatoryAuthoritiesMember2024-09-300001064728btu:DepositsWithRegulatoryAuthoritiesMember2023-12-310001064728us-gaap:CapitalAdditionsMember2024-09-300001064728btu:MidwesternUSMiningMember2024-07-012024-09-300001064728btu:MidwesternUSMiningMember2023-07-012023-09-300001064728btu:MidwesternUSMiningMember2024-01-012024-09-300001064728btu:MidwesternUSMiningMember2023-01-012023-09-300001064728btu:WardsWellCoalDepositMember2024-04-162024-04-160001064728btu:NorthAntelopeRochelleMineMemberbtu:MaterialAndSuppliesMember2023-01-012023-09-300001064728btu:NorthAntelopeRochelleMineMemberbtu:BuildingsAndEquipmentMember2023-01-012023-09-300001064728btu:NorthAntelopeRochelleMineMemberbtu:IncrementalRepairCostsMember2023-01-012023-09-300001064728btu:NorthAntelopeRochelleMineMemberbtu:IncrementalRepairCostsMember2024-01-012024-09-300001064728btu:ShoalCreekMember2023-10-012023-10-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2024

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number: 1-16463
____________________________________________
peabodylogoa36.jpg
PEABODY ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware13-4004153
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
701 Market Street,St. Louis,Missouri63101-1826
(Address of principal executive offices)(Zip Code)
(314) 342-3400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBTUNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer ☑                          Accelerated filer ☐
Non-accelerated filer ☐                         Smaller reporting company ☐
                                 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
There were 121.5 million shares of the registrant’s common stock (par value of $0.01 per share) outstanding at November 4, 2024.


TABLE OF CONTENTS
 Page
 
 

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Dollars in millions, except per share data)
Revenue$1,088.0 $1,078.9 $3,113.6 $3,711.7 
Costs and expenses
Operating costs and expenses (exclusive of items shown separately below)845.8 803.7 2,463.9 2,512.3 
Depreciation, depletion and amortization84.7 82.3 247.4 239.2 
Asset retirement obligation expenses12.9 15.4 38.7 46.3 
Selling and administrative expenses20.6 21.5 64.7 66.0 
Restructuring charges1.9 0.9 2.1 3.0 
Other operating (income) loss:
Net gain on disposals(0.1)(1.4)(9.7)(8.5)
Asset impairment— — — 2.0 
Provision for NARM and Shoal Creek losses— 3.3 3.7 37.0 
Shoal Creek insurance recovery— — (109.5)— 
Loss (income) from equity affiliates2.1 (5.6)7.1 (9.7)
Operating profit120.1 158.8 405.2 824.1 
Interest expense, net of capitalized interest9.7 13.8 35.1 45.5 
Net loss on early debt extinguishment— — — 8.8 
Interest income(17.7)(20.3)(53.7)(56.5)
Net periodic benefit credit, excluding service cost(10.1)(10.0)(30.4)(29.4)
Income from continuing operations before income taxes138.2 175.3 454.2 855.7 
Income tax provision25.7 46.5 85.2 238.7 
Income from continuing operations, net of income taxes112.5 128.8 369.0 617.0 
(Loss) income from discontinued operations, net of income taxes(1.0)2.5 (3.3)(0.1)
Net income111.5 131.3 365.7 616.9 
Less: Net income attributable to noncontrolling interests10.2 11.4 25.4 49.3 
Net income attributable to common stockholders$101.3 $119.9 $340.3 $567.6 
Income from continuing operations:
Basic income per share$0.82 $0.88 $2.72 $4.06 
Diluted income per share$0.74 $0.80 $2.47 $3.68 
Net income attributable to common stockholders:  
Basic income per share$0.81 $0.90 $2.69 $4.05 
Diluted income per share$0.74 $0.82 $2.44 $3.68 
See accompanying notes to unaudited condensed consolidated financial statements.

1

PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Dollars in millions)
Net income$111.5 $131.3 $365.7 $616.9 
Postretirement plans (net of $0.0 tax provisions in each period)
(13.3)(13.5)(39.8)(40.3)
Foreign currency translation adjustment2.3 (1.0)0.9 (1.6)
Other comprehensive loss, net of income taxes(11.0)(14.5)(38.9)(41.9)
Comprehensive income100.5 116.8 326.8 575.0 
Less: Net income attributable to noncontrolling interests10.2 11.4 25.4 49.3 
Comprehensive income attributable to common stockholders$90.3 $105.4 $301.4 $525.7 
See accompanying notes to unaudited condensed consolidated financial statements.

2

PEABODY ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2024December 31, 2023
(Amounts in millions, except per share data)
ASSETS  
Current assets  
Cash and cash equivalents$772.9 $969.3 
Accounts receivable, net of allowance for credit losses of $0.0 at September 30, 2024 and December 31, 2023
304.2 389.7 
Inventories, net444.3 351.8 
Other current assets286.6 308.9 
Total current assets1,808.0 2,019.7 
Property, plant, equipment and mine development, net3,013.5 2,844.1 
Operating lease right-of-use assets121.1 61.9 
Restricted cash and collateral839.0 957.6 
Investments and other assets85.3 78.8 
Total assets$5,866.9 $5,962.1 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities  
Current portion of long-term debt$14.8 $13.5 
Accounts payable and accrued expenses763.8 965.5 
Total current liabilities778.6 979.0 
Long-term debt, less current portion323.7 320.7 
Deferred income taxes17.8 28.6 
Asset retirement obligations, less current portion647.4 648.6 
Accrued postretirement benefit costs143.1 148.4 
Operating lease liabilities, less current portion94.6 47.7 
Other noncurrent liabilities171.3 181.6 
Total liabilities2,176.5 2,354.6 
Stockholders’ equity  
Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of September 30, 2024 and December 31, 2023
— — 
Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of September 30, 2024 and December 31, 2023
— — 
Common Stock — $0.01 per share par value; 450.0 shares authorized, 189.1 shares issued and 121.4 shares outstanding as of September 30, 2024 and 188.6 shares issued and 128.7 shares outstanding as of December 31, 2023
1.9 1.9 
Additional paid-in capital3,988.9 3,983.0 
Treasury stock, at cost — 67.7 and 59.9 common shares as of September 30, 2024 and December 31, 2023
(1,926.5)(1,740.2)
Retained earnings1,424.3 1,112.7 
Accumulated other comprehensive income150.7 189.6 
Peabody Energy Corporation stockholders’ equity3,639.3 3,547.0 
Noncontrolling interests51.1 60.5 
Total stockholders’ equity3,690.4 3,607.5 
Total liabilities and stockholders’ equity$5,866.9 $5,962.1 
See accompanying notes to unaudited condensed consolidated financial statements.

3

PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20242023
 (Dollars in millions)
Cash Flows From Operating Activities 
Net income$365.7 $616.9 
Loss from discontinued operations, net of income taxes3.3 0.1 
Income from continuing operations, net of income taxes369.0 617.0 
Adjustments to reconcile income from continuing operations, net of income taxes to net cash provided by operating activities: 
Depreciation, depletion and amortization247.4 239.2 
Noncash interest expense, net4.0 4.0 
Deferred income taxes(10.9)71.8 
Noncash share-based compensation5.7 5.1 
Asset impairment— 2.0 
Noncash provision for NARM and Shoal Creek losses— 33.7 
Net gain on disposals(9.7)(8.5)
Noncash income from port and rail capacity assignment(0.3)(9.4)
Net loss on early debt extinguishment— 8.8 
Loss (income) from equity affiliates7.1 (9.7)
Shoal Creek insurance recovery (16.6)— 
Foreign currency option contracts(0.4)(0.1)
Changes in current assets and liabilities: 
Accounts receivable82.0 126.6 
Inventories(92.6)(59.9)
Other current assets15.6 30.1 
Accounts payable and accrued expenses(198.3)(29.2)
Collateral arrangements143.3 (145.9)
Asset retirement obligations(1.2)3.9 
Workers’ compensation obligations(2.0)(1.3)
Postretirement benefit obligations(45.0)(46.3)
Pension obligations— 0.9 
Other, net(5.7)(0.1)
Net cash provided by continuing operations491.4 832.7 
Net cash used in discontinued operations(4.7)(79.6)
Net cash provided by operating activities486.7 753.1 



4

PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
Nine Months Ended September 30,
20242023
(Dollars in millions)
Cash Flows From Investing Activities
Additions to property, plant, equipment and mine development(265.7)(190.4)
Changes in accrued expenses related to capital expenditures(6.5)(5.1)
Wards Well acquisition(143.8)— 
Insurance proceeds attributable to Shoal Creek equipment losses10.9 — 
Proceeds from disposal of assets, net of receivables16.1 13.9 
Contributions to joint ventures(550.1)(573.4)
Distributions from joint ventures549.8 579.4 
Other, net(0.3)1.0 
Net cash used in investing activities(389.6)(174.6)
Cash Flows From Financing Activities
Repayments of long-term debt(7.2)(6.9)
Payment of debt issuance and other deferred financing costs(11.1)(0.3)
Common stock repurchases(183.1)(264.0)
Repurchase of employee common stock relinquished for tax withholding(4.1)(13.7)
Dividends paid(28.5)(20.7)
Distributions to noncontrolling interests(34.8)(58.9)
Net cash used in financing activities(268.8)(364.5)
Net change in cash, cash equivalents and restricted cash(171.7)214.0 
Cash, cash equivalents and restricted cash at beginning of period (1)
1,650.2 1,417.6 
Cash, cash equivalents and restricted cash at end of period (2)
$1,478.5 $1,631.6 
(1) The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at beginning of period”:
Cash and cash equivalents$969.3 
Restricted cash included in “Restricted cash and collateral”680.9 
Cash, cash equivalents and restricted cash at beginning of period$1,650.2 
(2) The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at end of period”:
Cash and cash equivalents$772.9 
Restricted cash included in “Restricted cash and collateral”705.6 
Cash, cash equivalents and restricted cash at end of period$1,478.5 
See accompanying notes to unaudited condensed consolidated financial statements.

5

PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (Dollars in millions, except per share data)
Common Stock
Balance, beginning of period$1.9 $1.9 $1.9 $1.9 
Balance, end of period1.9 1.9 1.9 1.9 
Additional paid-in capital
Balance, beginning of period3,987.2 3,979.4 3,983.0 3,975.9 
Dividend equivalent units on dividends declared0.1 0.1 0.2 0.2 
Share-based compensation for equity-classified awards1.6 1.7 5.7 5.1 
Balance, end of period3,988.9 3,981.2 3,988.9 3,981.2 
Treasury stock
Balance, beginning of period(1,825.5)(1,572.4)(1,740.2)(1,372.9)
Common stock repurchases(100.0)(91.0)(183.1)(264.0)
Net change in unsettled common stock repurchases— 8.6 2.6 (2.6)
Excise tax accrued on common stock repurchases(1.0)(0.9)(1.7)(2.5)
Repurchase of employee common stock relinquished for tax withholding— — (4.1)(13.7)
Balance, end of period(1,926.5)(1,655.7)(1,926.5)(1,655.7)
Retained earnings
Balance, beginning of period1,332.5 820.7 1,112.7 383.9 
Net income attributable to common stockholders101.3 119.9 340.3 567.6 
Dividends declared ($0.075, $0.075, $0.225 and $0.150 per share, respectively)
(9.5)(10.0)(28.7)(20.9)
Balance, end of period1,424.3 930.6 1,424.3 930.6 
Accumulated other comprehensive income
Balance, beginning of period161.7 215.1 189.6 242.5 
Postretirement plans (net of $0.0 tax provisions in each period)
(13.3)(13.5)(39.8)(40.3)
Foreign currency translation adjustment2.3 (1.0)0.9 (1.6)
Balance, end of period150.7 200.6 150.7 200.6 
Noncontrolling interests
Balance, beginning of period57.2 78.6 60.5 63.5 
Net income attributable to noncontrolling interests10.2 11.4 25.4 49.3 
Distributions to noncontrolling interests(16.3)(36.1)(34.8)(58.9)
Balance, end of period51.1 53.9 51.1 53.9 
Total stockholders’ equity$3,690.4 $3,512.5 $3,690.4 $3,512.5 
See accompanying notes to unaudited condensed consolidated financial statements.

6

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1)    Basis of Presentation
The unaudited condensed consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its consolidated subsidiaries and affiliates (along with PEC, the Company or Peabody). Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in a joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenue and expenses of the jointly controlled entities within each applicable line item of the unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation. Balance sheet information presented herein as of December 31, 2023 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2024.
(2)    Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented
Newly Adopted Accounting Standards
The Company did not adopt any new accounting standards that had a material impact on its unaudited condensed consolidated financial statements or disclosures.
Accounting Standards Not Yet Implemented
Segments. In November 2023, ASU 2023-07 was issued, which requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss that are currently required annually; disclose significant expense categories and amounts that are easily computable from the management reports that are regularly provided to the chief operating decision maker (CODM); disclose how the CODM uses each reported measure to allocate resources; and disclose the name and title of the position of the individual identified as the CODM. The Company is required to adopt the amendments for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.
Income Taxes. In December 2023, ASU 2023-09 was issued, which requires public entities to disclose more information primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company is required to adopt the amendments for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively, with a retrospective option. Early adoption is permitted. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated results of operations, cash flows and financial condition.
(3)    Revenue Recognition
Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for the Company’s policies regarding “Revenue” and “Accounts receivable, net.”

7

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Disaggregation of Revenue
Revenue by product type and market is set forth in the following tables. With respect to its seaborne reporting segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.
Three Months Ended September 30, 2024
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. Thermal
Corporate and Other (1)
Consolidated
(Dollars in millions)
Thermal coal
Domestic$38.8 $— $304.2 $214.0 $— $557.0 
Export272.4 — — — — 272.4 
Total thermal311.2 — 304.2 214.0 — 829.4 
Metallurgical coal
Export— 240.4 — — — 240.4 
Total metallurgical— 240.4 — — — 240.4 
Other (2)
2.0 2.1 1.1 2.7 10.3 18.2 
Revenue$313.2 $242.5 $305.3 $216.7 $10.3 $1,088.0 
Three Months Ended September 30, 2023
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. Thermal
Corporate and Other (1)
Consolidated
(Dollars in millions)
Thermal coal
Domestic$31.3 $— $313.3 $227.1 $— $571.7 
Export265.9 — — — — 265.9 
Total thermal297.2 — 313.3 227.1 — 837.6 
Metallurgical coal
Export— 246.0 — — — 246.0 
Total metallurgical— 246.0 — — — 246.0 
Other (2)
0.2 1.0 (0.3)1.1 (6.7)(4.7)
Revenue$297.4 $247.0 $313.0 $228.2 $(6.7)$1,078.9 
Nine Months Ended September 30, 2024
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. Thermal
Corporate and Other (1)
Consolidated
(Dollars in millions)
Thermal coal
Domestic$116.3 $— $779.7 $592.3 $— $1,488.3 
Export786.1 — — — — 786.1 
Total thermal902.4 — 779.7 592.3 — 2,274.4 
Metallurgical coal
Export— 778.4 — — — 778.4 
Total metallurgical— 778.4 — — — 778.4 
Other (2)
2.2 5.4 1.6 18.0 33.6 60.8 
Revenue$904.6 $783.8 $781.3 $610.3 $33.6 $3,113.6 

8

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Nine Months Ended September 30, 2023
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. Thermal
Corporate and Other (1)
Consolidated
(Dollars in millions)
Thermal coal
Domestic$100.7 $— $878.1 $673.2 $— $1,652.0 
Export942.2 — — — — 942.2 
Total thermal1,042.9 — 878.1 673.2 — 2,594.2 
Metallurgical coal
Export— 904.8 — — — 904.8 
Total metallurgical— 904.8 — — — 904.8 
Other (2)
0.5 3.1 (0.1)4.3 204.9 212.7 
Revenue$1,043.4 $907.9 $878.0 $677.5 $204.9 $3,711.7 
(1)    Corporate and Other includes the following:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Dollars in millions)
Unrealized gains on derivative contracts related to forecasted sales$— $— $— $159.0 
Realized losses on derivative contracts related to forecasted sales— — — (80.9)
Revenue from physical sale of coal (3)
5.9 (10.4)20.1 97.4 
Trading revenue— (0.1)— — 
Other (2)
4.4 3.8 13.5 29.4 
Total Corporate and Other$10.3 $(6.7)$33.6 $204.9 
(2)    Includes revenue from arrangements such as customer contract-related payments associated with volume shortfalls; royalties related to coal lease agreements; sales agency commissions; farm income; property and facility rentals; and revenue related to the Company’s assignment of rights to its excess port and rail capacity.
(3)    Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business, including as part of settling certain derivative contracts. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.
Accounts Receivable
“Accounts receivable, net” at September 30, 2024 and December 31, 2023 consisted of the following:
September 30, 2024December 31, 2023
 (Dollars in millions)
Trade receivables, net$245.9 $322.3 
Miscellaneous receivables, net58.3 67.4 
Accounts receivable, net$304.2 $389.7 
None of the above receivables included allowances for credit losses at September 30, 2024 or December 31, 2023. No charges for credit losses were recognized during the three and nine months ended September 30, 2024 or 2023.

9

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(4)     Inventories
“Inventories, net” as of September 30, 2024 and December 31, 2023 consisted of the following:
September 30, 2024December 31, 2023
 (Dollars in millions)
Materials and supplies, net$171.2 $153.0 
Raw coal116.4 105.6 
Saleable coal156.7 93.2 
Inventories, net$444.3 $351.8 
Materials and supplies inventories, net presented above have been shown net of reserves of $5.1 million and $7.2 million as of September 30, 2024 and December 31, 2023, respectively.
(5) Equity Method Investments
The Company’s equity method investments include its interests in Middlemount Coal Pty Ltd (Middlemount), R3 Renewables LLC (R3) and certain other equity method investments.
The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the condensed consolidated balance sheets, and the related “Loss (income) from equity affiliates”:
Loss (Income) from Equity Affiliates
Book Value atThree Months Ended September 30,Nine Months Ended September 30,
September 30, 2024December 31, 20232024202320242023
(Dollars in millions)
Equity method investment related to Middlemount$47.3 $42.5 $(2.2)$(8.2)$(4.1)$(14.9)
Equity method investment related to R36.6 7.1 4.3 2.6 11.2 5.2 
Total equity method investments$53.9 $49.6 $2.1 $(5.6)$7.1 $(9.7)
R3
The Company contributed $10.8 million and $5.5 million to R3 during the nine months ended September 30, 2024 and 2023, respectively.
(6) Derivatives and Fair Value Measurements
Derivatives
From time to time, the Company may utilize various types of derivative instruments to manage its exposure to risks in the normal course of business, including (1) foreign currency exchange rate risk and the variability of cash flows associated with forecasted Australian dollar expenditures made in its Australian mining platform and (2) price risk of fluctuating coal prices related to forecasted sales or purchases of coal, or changes in the fair value of a fixed price physical sales contract. These risk management activities are actively monitored for compliance with the Company’s risk management policies.
On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts. Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value.

10

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Foreign Currency
The Company utilizes options and collars to hedge currency risk associated with anticipated Australian dollar operating expenditures. As of September 30, 2024, the Company held average rate options with an aggregate notional amount of $531.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending June 30, 2025. The instruments entitle the Company to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S. dollar exchange rate exceed amounts ranging from $0.70 to $0.74 over the nine-month period ending June 30, 2025. As of September 30, 2024, the Company also held purchased collars with an aggregate notional amount of $468.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending June 30, 2025. The purchased collars have a floor and ceiling of approximately $0.60 and $0.73, respectively, whereby the Company will incur a loss on the instruments for rates below the floor and a gain for rates above the ceiling.
Derivative Contracts Related to Forecasted Sales
As of September 30, 2024, the Company had no coal derivative contracts related to its forecasted sales. Historically, such financial contracts have included futures and forwards.
Financial Trading Contracts
On a limited basis, the Company may enter coal or freight derivative contracts for trading purposes. Such financial contracts may include futures, forwards and options. The Company held nominal financial trading contracts as of September 30, 2024.
Tabular Derivatives Disclosures
The Company has master netting agreements with certain of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company’s credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the Company had asset derivatives comprised of foreign currency option contracts with a fair value of $6.4 million and $6.2 million, respectively. The net amount of asset derivatives is included in “Other current assets” in the accompanying condensed consolidated balance sheets.

11

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings. The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.
Three Months Ended September 30, 2024
Total gain recognized in incomeLoss realized in income on derivativesUnrealized gain recognized in income on derivatives
Derivative InstrumentClassification
(Dollars in millions)
Foreign currency option contractsOperating costs and expenses$3.6 $(0.1)$3.7 
Total$3.6 $(0.1)$3.7 
Three Months Ended September 30, 2023
Total loss recognized in incomeLoss realized in income on derivativesUnrealized (loss) gain recognized in income on derivatives
Derivative InstrumentClassification
(Dollars in millions)
Foreign currency option contractsOperating costs and expenses$(2.7)$(2.2)$(0.5)
Financial trading contractsRevenue(0.1)(19.7)19.6 
Total$(2.8)$(21.9)$19.1 
Nine Months Ended September 30, 2024
Total loss recognized in incomeLoss realized in income on derivativesUnrealized gain recognized in income on derivatives
Derivative InstrumentClassification
(Dollars in millions)
Foreign currency option contractsOperating costs and expenses$(2.1)$(2.5)$0.4 
Total$(2.1)$(2.5)$0.4 
Nine Months Ended September 30, 2023
Total (loss) gain recognized in income(Loss) gain realized in income on derivativesUnrealized gain (loss) recognized in income on derivatives
Derivative InstrumentClassification
(Dollars in millions)
Foreign currency option contractsOperating costs and expenses$(7.8)$(7.9)$0.1 
Derivative contracts related to forecasted salesRevenue78.1 (80.9)159.0 
Financial trading contractsRevenue— 11.5 (11.5)
Total$70.3 $(77.3)$147.6 
The Company classifies the cash effects of its derivatives within the “Cash Flows From Operating Activities” section of the unaudited condensed consolidated statements of cash flows.
Fair Value Measurements
The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants.

12

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following tables set forth the hierarchy of the Company’s net asset positions for which fair value is measured on a recurring basis.
 September 30, 2024
 Level 1Level 2Level 3Total
 (Dollars in millions)
Foreign currency option contracts$— $6.4 $— $6.4 
Equity securities0.8 — — 0.8 
Total net assets$0.8 $6.4 $— $7.2 
 December 31, 2023
 Level 1Level 2Level 3Total
 (Dollars in millions)
Foreign currency option contracts$— $6.2 $— $6.2 
Equity securities0.4 — — 0.4 
Total net assets$0.4 $6.2 $— $6.6 
For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes. In the case of certain debt securities, fair value is provided by a third-party pricing service. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities:
•Foreign currency option contracts are valued utilizing inputs obtained in quoted public markets (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3.
•Derivative contracts related to forecasted sales and financial trading contracts are generally valued based on unadjusted quoted prices in active markets (Level 1) or a valuation that is corroborated by the use of market-based pricing (Level 2) except when credit and non-performance risk is considered to be a significant input (greater than 10% of fair value), then the Company classifies as Level 3.
•Investments in equity securities are based on unadjusted quoted prices in active markets (Level 1).
Other Financial Instruments. The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of September 30, 2024 and December 31, 2023:
•Cash and cash equivalents, restricted cash, accounts receivable, including those within the Company’s accounts receivable securitization program, margining cash, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments.
•Long-term debt fair value estimates are based on observed prices for securities when available (Level 2), and otherwise on estimated borrowing rates to discount the cash flows to their present value (Level 3).
Market risk associated with the Company’s fixed-rate long-term debt relates to the potential reduction in the fair value from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.
 September 30, 2024December 31, 2023
 (Dollars in millions)
Total debt at par value$345.1 $342.3 
Less: Unamortized debt issuance costs(6.6)(8.1)
Net carrying amount$338.5 $334.2 
Estimated fair value$501.3 $483.9 
The Company’s risk management function, which is independent of the Company’s coal trading function, is responsible for valuation policies and procedures, with oversight from executive management. The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk. The Company’s exposure to credit risk is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses.

13

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
During the nine months ended September 30, 2023, the entity in which the Company held a Level 3 investment in equity securities completed a merger transaction and its shares were exchanged for the shares of the newly-combined entity, which are publicly traded. The Company recorded an impairment loss of $2.0 million upon the exchange of shares.
The Company had no transfers between Levels 1, 2 and 3 during the three and nine months ended September 30, 2024 and 2023. The Company’s policy is to value all transfers between levels using the beginning of period valuation.
(7) Property, Plant, Equipment and Mine Development
The composition of property, plant, equipment and mine development, net, as of September 30, 2024 and December 31, 2023 is set forth in the table below:
September 30, 2024December 31, 2023
(Dollars in millions)
Land and coal interests$2,624.4 $2,475.2 
Buildings and improvements658.1 647.6 
Machinery and equipment2,021.4 1,787.6 
Less: Accumulated depreciation, depletion and amortization(2,290.4)(2,066.3)
Property, plant, equipment and mine development, net$3,013.5 $2,844.1 
At-Risk Assets
The Company identified certain assets with an aggregate carrying value of approximately $207 million at September 30, 2024 in its Other U.S. Thermal segment whose recoverability is most sensitive to customer concentration risk.
(8)  Income Taxes
The Company's effective tax rate before remeasurement for the nine months ended September 30, 2024 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance. The Company’s income tax provisions of $25.7 million and $46.5 million for the three months ended September 30, 2024 and 2023, respectively, included a tax provision of $1.0 million and a tax benefit of $3.3 million, respectively, related to the remeasurement of foreign income tax accounts. The Company’s income tax provisions of $85.2 million and $238.7 million for the nine months ended September 30, 2024 and 2023, respectively, included tax benefits of $2.9 million and $2.6 million, respectively, related to the remeasurement of foreign income tax accounts. The Company’s estimated full year pretax income is expected to be generated in Australia and the U.S. Due to existing valuation allowances, the income tax expense will primarily be related to the Australian income.
The Company recognizes interest and penalties related to unrecognized tax benefits in its income tax provision. No penalties or interest were recognized during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company’s net unrecognized tax benefits decreased by $1.3 million and its gross interest and penalties decreased by $6.1 million due to expiration of statutes.
(9)     Long-term Debt 
The Company’s total indebtedness as of September 30, 2024 and December 31, 2023 consisted of the following:
Debt Instrument (defined below, as applicable)September 30, 2024December 31, 2023
(Dollars in millions)
3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes)
$320.0 $320.0 
Finance lease obligations25.1 22.3 
Less: Debt issuance costs(6.6)(8.1)
338.5 334.2 
Less: Current portion of long-term debt14.8 13.5 
Long-term debt$323.7 $320.7 

14

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
2028 Convertible Notes
On March 1, 2022, through a private offering, the Company issued the 2028 Convertible Notes in the aggregate principal amount of $320.0 million. The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture.
The Company used the proceeds of the offering of the 2028 Convertible Notes and available cash to redeem its then-existing senior secured notes, and to pay related premiums, fees and expenses relating to the offering and redemptions. The Company capitalized $11.2 million of debt issuance costs related to the offering, which are being amortized over the terms of the notes.
The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2028 Convertible Notes bear interest at a rate of 3.250% per year, payable semi-annually in arrears on March 1 and September 1 of each year.
The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $19.85 per share of the Company’s common stock. The terms of the indenture require conversion rate adjustments upon the payment of dividends to holders of the Company’s common stock once such cumulative dividends impact the conversion rate by at least 1%. Effective February 21, 2024, the conversion rate was increased to 51.0440 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $19.59 per share. Under the applicable conversion rate formula, the cumulative $0.150 per share dividends declared and paid during the six months ended September 30, 2024 yielded a revised conversion rate of 51.3840 shares per $1,000 principal amount of 2028 Convertible Notes, which did not meet the 1% threshold to impact the existing conversion rate of 51.0440. The conversion rate may be impacted prospectively, based upon cumulative dividends paid. The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.
During the first three quarters of 2024, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes. As a result, the 2028 Convertible Notes were not convertible at the option of the holders during the second or third quarters of 2024, and will not be similarly convertible during the fourth quarter of 2024.
As of September 30, 2024, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $116.4 million.
Revolving Credit Facility
The Company established a new revolving credit facility with a maximum aggregate principal amount of $320.0 million in revolving commitments by entering into a credit agreement, dated as of January 18, 2024 (the 2024 Credit Agreement), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, PNC Bank, National Association, as administrative agent, and the lenders party thereto. The Company paid aggregate debt issuance costs of $9.7 million.
The revolving commitments and any related loans, if applicable (any such loans, the Revolving Loans), established by the 2024 Credit Agreement terminate or mature, as applicable, on January 18, 2028, subject to certain conditions relating to the Company’s outstanding 2028 Convertible Notes. The Revolving Loans bear interest at a secured overnight financing rate (SOFR) plus an applicable margin ranging from 3.50% to 4.25%, depending on the Company’s total net leverage ratio (as defined under the 2024 Credit Agreement) or a base rate plus an applicable margin ranging from 2.50% to 3.25%, at the Company’s option. Letters of credit issued under the 2024 Credit Agreement incur a combined fee equal to an applicable margin ranging from 3.50% to 4.25% plus a fronting fee equal to 0.125% per annum. Unused capacity under the 2024 Credit Agreement bears a commitment fee of 0.50% per annum.
As of September 30, 2024, the 2024 Credit Agreement had only been utilized for letters of credit, including $98.6 million outstanding as of September 30, 2024. These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 12. “Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $221.4 million at September 30, 2024.

15

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets. The 2024 Credit Agreement is secured by substantially all assets of the Company and its U.S. subsidiaries, as well as a pledge of two Australian subsidiaries.
Interest Charges
The following table presents the components of the Company’s interest expense related to its indebtedness and financial assurance instruments such as surety bonds and letters of credit. Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (Dollars in millions)
2028 Convertible Notes$2.6 $2.6 $7.8 $7.8 
Finance lease obligations0.4 0.4 1.3 1.4 
Financial assurance instruments5.8 8.9 20.7 28.9 
Amortization of debt issuance costs0.6 0.7 4.0 2.9 
Receivables securitization program0.5 0.9 1.9 2.8 
Capitalized interest(2.7)— (4.4)— 
Other2.5 0.3 3.8 1.7 
Interest expense, net of capitalized interest$9.7 $13.8 $35.1 $45.5 
Cash paid for interest, net of capitalized interest$8.5 $14.8 $32.6 $56.7 
Non-cash interest expense$0.8 $0.7 $4.0 $4.0 
Covenant Compliance
The Company was compliant with all relevant covenants under its debt and other finance agreements at September 30, 2024.
(10) Pension and Postretirement Benefit Costs
The components of net periodic pension and postretirement benefit costs, excluding the service cost for benefits earned, are included in “Net periodic benefit credit, excluding service cost” in the unaudited condensed consolidated statements of operations.
Net periodic pension cost included the following components:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (Dollars in millions)
Service cost for benefits earned$0.1 $0.1 $0.1 $0.1 
Interest cost on projected benefit obligation1.7 3.6 4.9 18.4 
Expected return on plan assets(1.3)(3.1)(3.7)(16.3)
Net periodic pension cost$0.5 $0.6 $1.3 $2.2 
At January 1, 2023, the Company had two qualified pension plans. During the year ended December 31, 2023, the Company settled its pension obligation for one of its qualified plans. Refer to Note 14. “Pension and Savings Plans” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for information regarding the settlement of the plan’s obligation.

16

PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Annual contributions to the remaining qualified plan are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation. Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006. As of September 30, 2024, the Company’s remaining qualified plan was expected to be at or above the Pension Protection Act thresholds. The Company is not required to make any cash contributions to its remaining qualified pension plan in 2024 based on minimum funding requirements and does not expect to make any discretionary cash contributions in 2024.
Net periodic postretirement benefit credit included the following components:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (Dollars in millions)
Service cost for benefits earned$0.1 $0.1 $0.3 $0.4 
Interest cost on accumulated postretirement benefit obligation2.3 2.6 6.9 7.6 
Expected return on plan assets(0.1)(0.1)(0.3)(0.4)
Amortization of prior service credit(13.3)(13.5)(39.8)(40.3)
Net periodic postretirement benefit credit$(11.0)$(10.9)$(32.9)$(32.7)
The Company has established a Voluntary Employees’ Beneficiary Association (VEBA) trust to pre-fund a portion of benefits for non-represented retirees. The Company does not expect to make any discretionary contributions to the VEBA trust in 2024 and plans to utilize a portion of VEBA assets to make certain benefit payments.
(11) Earnings per Share (EPS)
Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding. As such, the Company includes the 2028 Convertible Notes and share-based compensation awards in its potentially dilutive securities. Generally, dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.
For all but performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of