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Segment Information | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company reports its results of operations through the following reportable segments: Powder River Basin Mining, Midwestern U.S. Mining, Western U.S. Mining, Australian Metallurgical Mining, Australian Thermal Mining, Trading and Brokerage and Corporate and Other. The Company’s chief operating decision maker uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance. Adjusted EBITDA is a non-GAAP measure defined as income (loss) from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses, depreciation, depletion and amortization and reorganization items, net. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliation below. Management believes non-GAAP performance measures are used by investors to measure the Company’s operating performance and lenders to measure the Company’s ability to incur and service debt. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Reportable segment results were as follows:
|  | Successor |  | Successor | Predecessor
|  | Three Months Ended September 30, 2018 |  | Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2018 |  | April 2 through September 30, 2017 | January 1 through April 1, 2017
|  | (Dollars in millions)
Revenues: |  |  |  |  |  |  |  |  |
Powder River Basin Mining |  | $ | 373.7 |  |  | $ | 420.9 |  |  | $ | 1,084.5 |  |  | $ | 786.3 |  | $ | 394.3 |
Midwestern U.S. Mining |  | 208.5 |  |  | 207.7 |  |  | 607.7 |  |  | 402.6 |  | 193.2 |
Western U.S. Mining |  | 156.1 |  |  | 155.7 |  |  | 439.4 |  |  | 281.1 |  | 149.7 |
Australian Metallurgical Mining |  | 370.3 |  |  | 415.9 |  |  | 1,254.0 |  |  | 703.7 |  | 328.9 |
Australian Thermal Mining |  | 305.1 |  |  | 265.8 |  |  | 773.9 |  |  | 505.0 |  | 224.8 |
Trading and Brokerage |  | 22.6 |  |  | 19.4 |  |  | 52.7 |  |  | 24.6 |  | 15.0 |
Corporate and Other |  | (23.7 | ) |  | (8.2 | ) |  | (27.5 | ) |  | 32.2 |  | 20.3 |
Total |  | $ | 1,412.6 |  |  | $ | 1,477.2 |  |  | $ | 4,184.7 |  |  | $ | 2,735.5 |  | $ | 1,326.2 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |
Powder River Basin Mining |  | $ | 88.2 |  |  | $ | 112.7 |  |  | $ | 224.7 |  |  | $ | 197.5 |  | $ | 91.7 |
Midwestern U.S. Mining |  | 38.7 |  |  | 49.5 |  |  | 111.9 |  |  | 96.0 |  | 50.0 |
Western U.S. Mining |  | 28.5 |  |  | 34.5 |  |  | 94.4 |  |  | 79.4 |  | 50.0 |
Australian Metallurgical Mining |  | 90.7 |  |  | 143.1 |  |  | 415.6 |  |  | 215.0 |  | 109.6 |
Australian Thermal Mining |  | 145.3 |  |  | 97.8 |  |  | 314.5 |  |  | 203.7 |  | 75.6 |
Trading and Brokerage |  | (2.4 | ) |  | 2.7 |  |  | 1.9 |  |  | (2.4 | ) | 8.8 |
Corporate and Other (1) |  | (16.9 | ) |  | (29.0 | ) |  | (57.4 | ) |  | (60.1 | ) | (44.4 | )
Total |  | $ | 372.1 |  |  | $ | 411.3 |  |  | $ | 1,105.6 |  |  | $ | 729.1 |  | $ | 341.3 |
(1) | As described in Note 15. “Other Events,” included in the three and nine months ended September 30, 2018 is the gain of $20.5 million recognized on the sale of surplus coal resources associated with the Millennium Mine. Also included in the nine months ended September 30, 2018 is the gain of $20.6 million recognized on the sale of certain surplus land assets in Queensland and the gain of $7.1 million recognized on the sale of the Company’s interest in the RMJV. Included in the period January 1 through April 1, 2017 is the gain of $19.7 million recognized on the sale of Dominion Terminal Associates.
A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows:
|  | Successor |  | Successor | Predecessor
|  | Three Months Ended September 30, 2018 |  | Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2018 |  | April 2 through September 30, 2017 | January 1 through April 1, 2017
|  | (Dollars in millions)
Income (loss) from continuing operations, net of income taxes |  | $ | 83.9 |  |  | $ | 233.7 |  |  | $ | 412.2 |  |  | $ | 335.1 |  | $ | (195.5 | )
Depreciation, depletion and amortization |  | 169.6 |  |  | 194.5 |  |  | 503.1 |  |  | 342.8 |  | 119.9 |
Asset retirement obligation expenses |  | 12.4 |  |  | 11.3 |  |  | 37.9 |  |  | 22.3 |  | 14.6 |
Asset impairment |  | — |  |  | — |  |  | — |  |  | — |  | 30.5 |
Provision for North Goonyella equipment loss |  | 49.3 |  |  | — |  |  | 49.3 |  |  | — |  | — |
Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates |  | (6.1 | ) |  | (3.4 | ) |  | (22.1 | ) |  | (7.7 | ) | (5.2 | )
Interest expense |  | 38.2 |  |  | 42.4 |  |  | 112.8 |  |  | 83.8 |  | 32.9 |
Loss on early debt extinguishment |  | — |  |  | 12.9 |  |  | 2.0 |  |  | 12.9 |  | — |
Interest income |  | (10.1 | ) |  | (2.0 | ) |  | (24.3 | ) |  | (3.5 | ) | (2.7 | )
Reorganization items, net |  | — |  |  | — |  |  | (12.8 | ) |  | — |  | 627.2 |
Break fees related to terminated asset sales |  | — |  |  | — |  |  | — |  |  | (28.0 | ) | — |
Unrealized losses (gains) on economic hedges |  | 26.8 |  |  | 10.8 |  |  | 36.3 |  |  | 1.4 |  | (16.6 | )
Unrealized (gains) losses on non-coal trading derivative contracts |  | (0.3 | ) |  | 1.7 |  |  | 1.4 |  |  | (1.5 | ) | — |
Coal inventory revaluation |  | — |  |  | — |  |  | — |  |  | 67.3 |  | — |
Take-or-pay contract-based intangible recognition |  | (5.4 | ) |  | (6.5 | ) |  | (21.5 | ) |  | (16.4 | ) | — |
Income tax provision (benefit) |  | 13.8 |  |  | (84.1 | ) |  | 31.3 |  |  | (79.4 | ) | (263.8 | )
Total Adjusted EBITDA |  | $ | 372.1 |  |  | $ | 411.3 |  |  | $ | 1,105.6 |  |  | $ | 729.1 |  | $ | 341.3 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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