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$620 million in cost improvements mitigated more than $450 million in lower pricing and $387.2 <br />million in hedge losses compared to the prior year. Adjusted EBITDA also includes $23.5 <br />million in charges related to reductions in corporate and regional staff and Australian Mining <br />Operations. <br />In the fourth quarter, Adjusted EBITDA declined 59 percent from the third quarter to <br />$53.0 million as a result of a $32.8 million reduction in Trading and Brokerage results, a $14.3 <br />million charge related to the assignment of excess Australian port capacity, a decline in U.S. <br />shipments and a decrease in Australian pricing. U.S. sales were impacted by lower energy <br />demand, declining natural gas prices and high customer stockpiles that resulted in <br />approximately 4 million tons of deferrals from the fourth quarter, with a significant portion of the <br />deferrals occurring in December. <br />2015 U.S. Mining Adjusted EBITDA declined $145.6 million to $937.2 million, primarily <br />due to a 13.5 million ton volume decrease as a result of lower utility coal demand based on <br />natural gas prices and a planned reduction in volumes associated with export shipments from <br />the Twentymile Mine. U.S. Mining costs per ton improved 5 percent as a result of lower fuel <br />expense and cost savings initiatives. <br />Despite approximately $420 million in impacts from lower pricing, 2015 Australian Mining <br />Adjusted EBITDA increased $62.4 million to $175.4 million on sharply lower costs. Cost <br />improvements included the benefit of a weaker Australian dollar, lower fuel prices, operational <br />improvements and mine plan changes announced previously in the year. These resulted in <br />record low costs for this platform of $51.07 per ton, even with lower volumes. 2015 Australian <br />Metallurgical gross margins were adversely impacted by over $2.50 per ton from the Burton <br />Mine, the company's only contractor -operated mine. Australian volumes decreased to 35.8 <br />million tons and included 15.7 million tons of metallurgical coal sold at $75.04 per ton and 12.6 <br />million tons of export thermal coal at $53.76 per ton, with the remainder delivered under <br />domestic thermal contracts. <br />Trading and Brokerage Adjusted EBITDA for 2015 increased $12.1 million to $27.0 <br />million, primarily due to favorable trading activities and a $7 million litigation settlement benefit <br />recorded in the third quarter. <br />Full -year results include impairment charges of $1.28 billion, including $377.0 million in <br />the fourth quarter. Full -year impairment charges included $969.2 million largely related to <br />certain Australian metallurgical coal assets and $308.6 million primarily from certain non - <br />producing reserve and non -mining assets in the United States. Results also include $67.8 <br />million in debt extinguishment charges from refinancing the company's 2016 Senior Notes in the <br />first half of 2015. Peabody's 2015 tax benefit totaled $135.0 million compared to a tax provision <br />of $201.2 million the prior year. The changes include a $75.3 million benefit related to <br />