Discontinued Operations
Discontinued operations include former Australian Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested operations.
Summarized Results of Discontinued Operations
Results from discontinued operations were as follows during the years ended December 31, 2013, 2012 and 2011:
|
| | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 |
| | (Dollars in millions) |
Total revenues | | $ | 136.5 |
| | $ | 229.1 |
| | $ | 200.1 |
|
| | | | | | |
Loss from discontinued operations before income taxes | | $ | (329.7 | ) | | $ | (163.9 | ) | | $ | (88.8 | ) |
Income tax benefit | | 103.1 |
| | 59.7 |
| | 22.3 |
|
Loss from discontinued operations, net of income taxes | | $ | (226.6 | ) | | $ | (104.2 | ) | | $ | (66.5 | ) |
Loss from discontinued operations for the year ended December 31, 2013 included before- and after-tax charges of $98.0 million and $61.8 million, respectively, associated with the settlement of claims and litigation related to the bankruptcy reorganization of Patriot Coal Corporation (Patriot). Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" for additional information surrounding those matters.
Asset Impairment and Mine Closure Costs Related to Discontinued Operations
Wilkie Creek Mine. Reflected in the results from discontinued operations for the year ended December 31, 2013 are total before- and after-tax charges of $167.4 million and $117.2 million, respectively, including before- and after-tax impairment charges of $107.0 million and $74.9 million, respectively, recognized in connection with the Company's previous efforts to sell the Wilkie Creek Mine in Queensland, Australia and the ultimate shutdown of that site. Mine closure-related charges related to Wilkie Creek that are expected to result in future cash expenditures included $34.5 million for potential port and rail take-or-pay contractual liabilities, $21.1 million for the acceleration in the timing of asset retirement obligations and $4.8 million for other charges. The Company expects the majority of those expenditures to occur in 2014, except for those related to asset retirement obligations, for which the Company expects reclamation procedures to continue through 2020.
Air Quality Mine. Reflected in the results from discontinued operations for the year ended December 31, 2012 are total before- and after-tax charges of $116.7 million and $75.0 million, respectively, including before- and after-tax impairment charges of $108.9 million and $68.8 million, respectively, recognized in connection with the shutdown of the Air Quality Mine in Indiana.
Refer to Note 2. "Asset Impairment and Mine Closure Costs" for additional details surrounding these mine closures.
Assets and Liabilities of Discontinued Operations
Assets and liabilities classified as discontinued operations included in the Company's consolidated balance sheets were as follows:
|
| | | | | | | | |
| | December 31, |
| | 2013 | | 2012 |
| | (Dollars in millions) |
Assets: | | | | |
Other current assets | | $ | 38.6 |
| | $ | 37.5 |
|
Investments and other assets | | 47.4 |
| | 140.8 |
|
Total assets classified as discontinued operations | | $ | 86.0 |
| | $ | 178.3 |
|
| | | | |
Liabilities: | | | | |
Accounts payable and accrued expenses | | $ | 127.8 |
| | $ | 33.3 |
|
Other noncurrent liabilities | | 90.2 |
| | 27.1 |
|
Total liabilities classified as discontinued operations | | $ | 218.0 |
| | $ | 60.4 |
|
