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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal Mining, Seaborne Metallurgical Mining, Powder River Basin Mining, Other U.S. Thermal Mining 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 financial measure defined as loss from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in millions)
Revenues: |  |  |  |  |  |  |
Seaborne Thermal Mining | $ | 260.7 |  |  | $ | 163.0 |  |  | $ | 631.2 |  |  | $ | 526.1 |
Seaborne Metallurgical Mining | 179.5 |  |  | 78.8 |  |  | 388.0 |  |  | 363.6 |
Powder River Basin Mining | 247.1 |  |  | 264.8 |  |  | 724.1 |  |  | 737.2 |
Other U.S. Thermal Mining | 184.6 |  |  | 179.8 |  |  | 496.0 |  |  | 524.1 |
Corporate and Other | (192.9) |  |  | (15.4) |  |  | (185.6) |  |  | (7.1) |
Total | $ | 679.0 |  |  | $ | 671.0 |  |  | $ | 2,053.7 |  |  | $ | 2,143.9 |
Adjusted EBITDA: |  |  |  |  |  |  |
Seaborne Thermal Mining | $ | 104.4 |  |  | $ | 35.3 |  |  | $ | 204.3 |  |  | $ | 118.1 |
Seaborne Metallurgical Mining | 57.4 |  |  | (27.3) |  |  | 8.6 |  |  | (96.1) |
Powder River Basin Mining | 37.0 |  |  | 78.3 |  |  | 112.6 |  |  | 143.0 |
Other U.S. Thermal Mining | 45.1 |  |  | 51.6 |  |  | 125.6 |  |  | 123.0 |
Corporate and Other | 45.2 |  |  | (42.5) |  |  | 21.2 |  |  | (132.4) |
Total | $ | 289.1 |  |  | $ | 95.4 |  |  | $ | 472.3 |  |  | $ | 155.6 |
A reconciliation of consolidated loss from continuing operations, net of income taxes to Adjusted EBITDA follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in millions)
Loss from continuing operations, net of income taxes | $ | (59.6) |  |  | $ | (64.8) |  |  | $ | (160.3) |  |  | $ | (1,739.4) |
Depreciation, depletion and amortization | 77.9 |  |  | 72.2 |  |  | 223.3 |  |  | 266.5 |
Asset retirement obligation expenses | 14.3 |  |  | 14.3 |  |  | 45.3 |  |  | 46.0 |
Restructuring charges | 1.7 |  |  | 8.1 |  |  | 5.9 |  |  | 31.1 |
Transaction costs related to joint ventures | — |  |  | 6.0 |  |  | — |  |  | 23.1 |
Asset impairment | — |  |  | — |  |  | — |  |  | 1,418.1 |
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (6.4) |  |  | (0.5) |  |  | (8.4) |  |  | (1.6) |
Interest expense | 45.5 |  |  | 34.9 |  |  | 143.3 |  |  | 102.3 |
Net gain on early debt extinguishment | (16.0) |  |  | — |  |  | (31.3) |  |  | — |
Interest income | (1.4) |  |  | (1.6) |  |  | (4.2) |  |  | (7.1) |
Net mark-to-market adjustment on actuarially determined liabilities | — |  |  | 13.0 |  |  | — |  |  | 13.0 |
Unrealized losses on derivative contracts related to forecasted sales | 238.4 |  |  | 16.1 |  |  | 264.0 |  |  | 11.3 |
Unrealized (gains) losses on foreign currency option contracts | (0.6) |  |  | (0.7) |  |  | 8.2 |  |  | (3.6) |
Take-or-pay contract-based intangible recognition | (1.0) |  |  | (1.5) |  |  | (3.2) |  |  | (6.8) |
Income tax (benefit) provision | (3.7) |  |  | (0.1) |  |  | (10.3) |  |  | 2.7 |
Adjusted EBITDA | $ | 289.1 |  |  | $ | 95.4 |  |  | $ | 472.3 |  |  | $ | 155.6 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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