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impairments recorded in 2015 as well as a $284.0 million valuation allowance recorded in 2014 <br />against deferred U.S. income tax assets. <br />Loss from Continuing Operations totaled $1.86 billion compared to $749.1 million in the <br />prior year. Diluted Loss from Continuing Operations totaled $(102.62) per share and Adjusted <br />Diluted EPS totaled $(36.39), which reflects adjustments from the 1 -for -15 reverse stock split <br />enacted in the fourth quarter. Loss from Discontinued Operations totaled $182.2 million. <br />2015 Operating Cash Flows reflect a usage of $14.4 million as cash generated by the <br />operations was not sufficient to cover cash interest and health benefit trust payments. Proceeds <br />from property disposals generated approximately $70 million in cash, while capital spending of <br />$126.8 million was at the lowest level since 2001. <br />Regarding the company's liquidity position: <br />• Liquidity totaled $1.20 billion at the end of December. Peabody also had $709.0 million <br />in letters of credit. <br />• The company accessed the remaining capacity under its $1.65 billion revolving credit <br />facility, which provides Peabody with the maximum amount of control and flexibility with <br />respect to its liquidity position in light of continued challenging market conditions. <br />As of Feb. 9, 2016, liquidity totaled $902.6 million, which consisted of $778.5 million in <br />cash, $123.0 million available under the company's accounts receivable securitization and the <br />remainder under the revolving credit facility. Peabody also had $823.7 million in letters of credit. <br />Peabody has previously disclosed that reported Adjusted EBITDA differs from the credit <br />agreement terms used for calculating compliance. The adjustments may include, in certain <br />instances, cash proceeds from asset monetization activities. <br />Peabody continues to qualify for self -bonding in all relevant states and, in the fourth <br />quarter, the state of Wyoming reaffirmed self -bonding eligibility for the North Antelope Rochelle <br />and Rawhide surface mines. <br />GLOBAL COAL MARKETS <br />Slowing global economic growth drove a wide range of commodity prices lower in 2015, <br />resulting in the largest broad commodity market decline since 1991. Seaborne coal prices <br />continued to fall in 2015 as a reduction in Chinese imports more than offset supply cutbacks, <br />and U.S. coal demand was impacted by lower natural gas prices. <br />Within seaborne metallurgical coal markets, domestic Chinese steel demand declined <br />approximately 5 percent in 2015 due to reduced economic growth and oversupply in the <br />property sector, while steel production declined 2 percent. As a result, China was a net exporter <br />of "refined" metallurgical coal in 2015 as steel exports increased 20 percent to a new record of <br />110 million tonnes, while Chinese metallurgical coal imports decreased more than 20 percent. <br />