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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Reportable segment results | Reportable segment results were as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Dollars in millions) |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Seaborne Thermal Mining | $ | 162.0 |  |  | $ | 220.2 |  |  | $ | 363.1 |  |  | $ | 471.2 |
Seaborne Metallurgical Mining | 91.6 |  |  | 290.9 |  |  | 284.8 |  |  | 615.4 |
Powder River Basin Mining | 205.8 |  |  | 282.6 |  |  | 472.4 |  |  | 569.9 |
Other U.S. Thermal Mining | 152.0 |  |  | 309.6 |  |  | 344.3 |  |  | 644.4 |
Corporate and Other | 15.3 |  |  | 45.7 |  |  | 8.3 |  |  | 98.7 |
Total | $ | 626.7 |  |  | $ | 1,149.0 |  |  | $ | 1,472.9 |  |  | $ | 2,399.6 |
Adjusted EBITDA: |  |  |  |  |  |  |
Seaborne Thermal Mining | $ | 27.7 |  |  | $ | 74.4 |  |  | $ | 82.8 |  |  | $ | 169.1 |
Seaborne Metallurgical Mining | (36.1) |  |  | 57.4 |  |  | (68.8) |  |  | 143.2 |
Powder River Basin Mining | 39.3 |  |  | 40.2 |  |  | 64.7 |  |  | 76.6 |
Other U.S. Thermal Mining | 32.9 |  |  | 83.1 |  |  | 71.4 |  |  | 159.0 |
Corporate and Other | (40.4) |  |  | (25.1) |  |  | (89.9) |  |  | (63.8) |
Total | $ | 23.4 |  |  | $ | 230.0 |  |  | $ | 60.2 |  |  | $ | 484.1 |
Reconciliation of consolidated (loss) income from continuing operations, net of income taxes to Adjusted EBITDA | A reconciliation of consolidated (loss) income from continuing operations, net of income taxes to Adjusted EBITDA follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Dollars in millions) |  |  |  |  |  |
(Loss) income from continuing operations, net of income taxes | $ | (1,545.3) |  |  | $ | 42.9 |  |  | $ | (1,674.6) |  |  | $ | 176.2 |
Depreciation, depletion and amortization | 88.3 |  |  | 165.4 |  |  | 194.3 |  |  | 337.9 |
Asset retirement obligation expenses | 14.1 |  |  | 15.3 |  |  | 31.7 |  |  | 29.1 |
Restructuring charges | 16.5 |  |  | 0.4 |  |  | 23.0 |  |  | 0.6 |
Transaction costs related to joint ventures | 12.9 |  |  | 1.6 |  |  | 17.1 |  |  | 1.6 |
Asset impairment | 1,418.1 |  |  | — |  |  | 1,418.1 |  |  | — |
Provision for North Goonyella equipment loss | — |  |  | — |  |  | — |  |  | 24.7 |
North Goonyella insurance recovery - equipment (1) | — |  |  | — |  |  | — |  |  | (91.1) |
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (0.4) |  |  | 0.3 |  |  | (1.1) |  |  | 0.3 |
Interest expense | 34.3 |  |  | 36.0 |  |  | 67.4 |  |  | 71.8 |
Interest income | (2.4) |  |  | (7.2) |  |  | (5.5) |  |  | (15.5) |
Unrealized gains on economic hedges | (7.0) |  |  | (22.4) |  |  | (4.8) |  |  | (62.2) |
Unrealized (gains) losses on non-coal trading derivative contracts | (2.8) |  |  | 0.3 |  |  | (2.9) |  |  | 0.1 |
Take-or-pay contract-based intangible recognition | (2.7) |  |  | (5.6) |  |  | (5.3) |  |  | (11.2) |
Income tax (benefit) provision | (0.2) |  |  | 3.0 |  |  | 2.8 |  |  | 21.8 |
Adjusted EBITDA | $ | 23.4 |  |  | $ | 230.0 |  |  | $ | 60.2 |  |  | $ | 484.1 |
(1) As described in Note 15. “Other Events,” the Company recorded a $125.0 million insurance recovery during the six months ended June 30, 2019 related to losses incurred at its North Goonyella Mine. Of this amount, Adjusted EBITDA excludes an allocated amount applicable to total equipment losses recognized at the time of the insurance recovery settlement, which consisted of $24.7 million and $66.4 million recognized during the six months ended June 30, 2019 and the year ended December 31, 2018, respectively. The remaining $33.9 million, applicable to incremental costs and business interruption losses, is included in Adjusted EBITDA for the six months ended June 30, 2019.
Reconciliation of Assets from Segment to Consolidated | Assets as of June 30, 2020 were as follows:
| Seaborne Mining |  | U.S. Thermal Mining |  |  |  | Corporate and Other |  | Consolidated
| (Dollars in millions) |  |  |  |  |  |  |  |
Total assets | $ | 1,748.4 |  |  | $ | 1,470.9 |  |  |  |  | $ | 1,729.5 |  |  | $ | 4,948.8 |
Property, plant, equipment and mine development, net | 1,347.9 |  |  | 1,297.9 |  |  |  |  | 532.6 |  |  | 3,178.4 |
Operating lease right-of-use assets | 27.0 |  |  | 5.5 |  |  |  |  | 18.2 |  |  | 50.7 |
Assets as of December 31, 2019 were as follows:
| Seaborne Mining |  | U.S. Thermal Mining |  |  |  | Corporate and Other |  | Consolidated
| (Dollars in millions) |  |  |  |  |  |  |  |
Total assets | $ | 2,001.3 |  |  | $ | 3,044.8 |  |  |  |  | $ | 1,496.7 |  |  | $ | 6,542.8 |
Property, plant, equipment and mine development, net | 1,610.9 |  |  | 2,776.9 |  |  |  |  | 291.3 |  |  | 4,679.1 |
Operating lease right-of-use assets | 32.1 |  |  | 30.3 |  |  |  |  | 20.0 |  |  | 82.4 |

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