XML 36 R22.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S. Thermal and Corporate and Other. The Company’s chief operating decision maker, defined as its Chief Executive Officer, uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance and allocate resources. Adjusted EBITDA is a non-GAAP financial measure defined as income 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 this non-GAAP performance measure is also used by investors to measure the Company’s operating performance. 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in millions)
Revenue: |  |  |  |  |  |  |
Seaborne Thermal | $ | 399.5 |  |  | $ | 354.9 |  |  | $ | 746.0 |  |  | $ | 606.1 |
Seaborne Metallurgical | 372.5 |  |  | 533.8 |  |  | 660.9 |  |  | 855.1 |
Powder River Basin | 259.7 |  |  | 229.7 |  |  | 565.0 |  |  | 480.9 |
Other U.S. Thermal | 199.9 |  |  | 224.9 |  |  | 449.3 |  |  | 428.0 |
Corporate and Other | 37.2 |  |  | (21.4) |  |  | 211.6 |  |  | (356.8) |
Total | $ | 1,268.8 |  |  | $ | 1,321.9 |  |  | $ | 2,632.8 |  |  | $ | 2,013.3 |
Adjusted EBITDA: |  |  |  |  |  |  |
Seaborne Thermal | $ | 197.5 |  |  | $ | 176.8 |  |  | $ | 361.5 |  |  | $ | 267.3 |
Seaborne Metallurgical | 102.5 |  |  | 299.7 |  |  | 193.3 |  |  | 480.7 |
Powder River Basin | 26.2 |  |  | (2.0) |  |  | 62.0 |  |  | 5.6 |
Other U.S. Thermal | 51.9 |  |  | 61.9 |  |  | 116.1 |  |  | 111.9 |
Corporate and Other | (19.9) |  |  | 41.4 |  |  | 15.9 |  |  | 39.8 |
Total | $ | 358.2 |  |  | $ | 577.8 |  |  | $ | 748.8 |  |  | $ | 905.3 |
A reconciliation of consolidated income from continuing operations, net of income taxes to Adjusted EBITDA follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in millions)
Income from continuing operations, net of income taxes | $ | 204.1 |  |  | $ | 411.3 |  |  | $ | 488.2 |  |  | $ | 291.5 |
Depreciation, depletion and amortization | 80.6 |  |  | 73.8 |  |  | 156.9 |  |  | 146.7 |
Asset retirement obligation expenses | 15.5 |  |  | 12.7 |  |  | 30.9 |  |  | 27.7 |
Restructuring charges | 2.0 |  |  | 0.2 |  |  | 2.1 |  |  | 1.8 |
Asset impairment | — |  |  | — |  |  | 2.0 |  |  | — |
Provision for NARM and Shoal Creek loss | 33.7 |  |  | — |  |  | 33.7 |  |  | — |
Changes in amortization of basis difference related to equity affiliates | (0.4) |  |  | (0.6) |  |  | (0.7) |  |  | (1.2) |
Interest expense | 13.3 |  |  | 37.6 |  |  | 31.7 |  |  | 77.0 |
Net loss on early debt extinguishment | 2.0 |  |  | 2.3 |  |  | 8.8 |  |  | 25.8 |
Interest income | (23.1) |  |  | (0.9) |  |  | (36.2) |  |  | (1.4) |
Unrealized (gains) losses on derivative contracts related to forecasted sales | (40.3) |  |  | 24.5 |  |  | (159.0) |  |  | 325.5 |
Unrealized (gains) losses on foreign currency option contracts | (2.8) |  |  | 6.3 |  |  | (0.6) |  |  | 3.0 |
Take-or-pay contract-based intangible recognition | (0.6) |  |  | (0.7) |  |  | (1.2) |  |  | (1.4) |
Income tax provision | 74.2 |  |  | 11.3 |  |  | 192.2 |  |  | 10.3 |
Adjusted EBITDA | $ | 358.2 |  |  | $ | 577.8 |  |  | $ | 748.8 |  |  | $ | 905.3 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration