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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic 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 business of the Company’s seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of its thermal and metallurgical coal sold within Australia. Generally, revenue from individual countries vary year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. The Company classifies its seaborne mines within the Seaborne Thermal or Seaborne Metallurgical segments based on the primary customer base and coal reserve type of each mining operation. A small portion of the coal mined by the Seaborne Thermal segment is of a metallurgical grade. Similarly, a small portion of the coal mined by the Seaborne Metallurgical segment is of a thermal grade. Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions. The Company’s Seaborne Thermal operations consist of mines in New South Wales, Australia. The mines in that segment utilize both surface and underground extraction processes to mine low-sulfur, high Btu thermal coal. The Company’s Seaborne Metallurgical operations consist of mines in Queensland, Australia, one in New South Wales, Australia and one in Alabama, USA. The mines in that segment utilize both surface and underground extraction processes to mine various qualities of metallurgical coal. The metallurgical coal qualities include hard coking coal, semi-hard coking coal, semi-soft coking coal and pulverized coal injection coal. The principal business of the Company’s thermal operating segments in the U.S. is the mining, preparation and sale of thermal coal, sold primarily to electric utilities in the U.S. under long-term contracts, with a relatively small portion sold as international exports as conditions warrant. The Company’s Powder River Basin operations consist of its mines in Wyoming. The mines in that segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances). The Company’s Other U.S. Thermal operations reflect the aggregation of its Illinois, Indiana, New Mexico and Colorado mining operations. The mines in that segment are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances). Geologically, the Company’s Powder River Basin operations mine sub-bituminous coal deposits and its Other U.S. Thermal operations mine both bituminous and sub-bituminous coal deposits. The Company’s Corporate and Other segment includes selling and administrative expenses, results from equity affiliates, corporate hedging activities, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites and certain commercial matters. The Company’s CODM, 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 non-GAAP performance measures are 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. Segment results for the year ended December 31, 2023 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 1,329.7 |  |  | $ | 1,301.9 |  |  | $ | 1,198.1 |  |  | $ | 888.2 |  |  | $ | 228.8 |  |  | $ | 4,946.7 |
Adjusted EBITDA | 576.8 |  |  | 438.1 |  |  | 153.7 |  |  | 207.5 |  |  | (12.2) |  |  | 1,363.9 |
Additions to property, plant, equipment and mine development | 62.0 |  |  | 186.4 |  |  | 40.9 |  |  | 47.6 |  |  | 11.4 |  |  | 348.3 |
Income from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (6.9) |  |  | (6.9) |
Segment results for the year ended December 31, 2022 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 1,345.6 |  |  | $ | 1,616.9 |  |  | $ | 1,065.5 |  |  | $ | 952.2 |  |  | $ | 1.7 |  |  | $ | 4,981.9 |
Adjusted EBITDA | 647.6 |  |  | 781.7 |  |  | 68.2 |  |  | 242.4 |  |  | 104.8 |  |  | 1,844.7 |
Additions to property, plant, equipment and mine development | 38.8 |  |  | 84.8 |  |  | 59.1 |  |  | 35.3 |  |  | 3.5 |  |  | 221.5 |
Income from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (131.2) |  |  | (131.2) |
Segment results for the year ended December 31, 2021 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 934.0 |  |  | $ | 727.7 |  |  | $ | 971.2 |  |  | $ | 689.1 |  |  | $ | (3.7) |  |  | $ | 3,318.3 |
Adjusted EBITDA | 353.1 |  |  | 178.2 |  |  | 134.9 |  |  | 164.2 |  |  | 86.3 |  |  | 916.7 |
Additions to property, plant, equipment and mine development | 88.6 |  |  | 25.1 |  |  | 41.4 |  |  | 24.2 |  |  | 3.8 |  |  | 183.1 |
Income from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (82.1) |  |  | (82.1) |
Asset details are reflected at the division level only for the Company’s operating segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM. Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis. Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category. Assets related to the Company’s Centurion Mine, which is in redevelopment and targeted to commence mining of development coal in the second quarter of 2024, are included in the Seaborne division level as of December 31, 2023. Assets as of December 31, 2023 were as follows:
| Seaborne |  | U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Total assets | $ | 2,088.2 |  |  | $ | 1,373.2 |  |  | $ | 2,500.7 |  |  | $ | 5,962.1 |
Property, plant, equipment and mine development, net | 1,565.1 |  |  | 1,149.2 |  |  | 129.8 |  |  | 2,844.1 |
Operating lease right-of-use assets | 33.1 |  |  | 25.0 |  |  | 3.8 |  |  | 61.9 |
Assets as of December 31, 2022 were as follows:
| Seaborne |  | U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Total assets | $ | 1,632.6 |  |  | $ | 1,359.4 |  |  | $ | 2,618.8 |  |  | $ | 5,610.8 |
Property, plant, equipment and mine development, net | 1,220.7 |  |  | 1,217.5 |  |  | 426.8 |  |  | 2,865.0 |
Operating lease right-of-use assets | 20.5 |  |  | 0.5 |  |  | 5.9 |  |  | 26.9 |
Assets as of December 31, 2021 were as follows:
| Seaborne |  | U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Total assets | $ | 1,669.6 |  |  | $ | 1,318.5 |  |  | $ | 1,961.7 |  |  | $ | 4,949.8 |
Property, plant, equipment and mine development, net | 1,298.8 |  |  | 1,209.5 |  |  | 442.3 |  |  | 2,950.6 |
Operating lease right-of-use assets | 19.2 |  |  | 3.3 |  |  | 13.0 |  |  | 35.5 |
A reconciliation of consolidated income from continuing operations, net of income taxes to Adjusted EBITDA follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Income from continuing operations, net of income taxes | $ | 816.0 |  |  | $ | 1,317.4 |  |  | $ | 347.4 |
Depreciation, depletion and amortization | 321.4 |  |  | 317.6 |  |  | 308.7 |
Asset retirement obligation expenses | 50.5 |  |  | 49.4 |  |  | 44.7 |
Restructuring charges | 3.3 |  |  | 2.9 |  |  | 8.3 |
Asset impairment | 2.0 |  |  | 11.2 |  |  | — |
Provision for NARM and Shoal Creek losses | 40.9 |  |  | — |  |  | — |
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (1.6) |  |  | (2.3) |  |  | (33.8) |
Interest expense | 59.8 |  |  | 140.3 |  |  | 183.4 |
Net loss (gain) on early debt extinguishment | 8.8 |  |  | 57.9 |  |  | (33.2) |
Interest income | (76.8) |  |  | (18.4) |  |  | (6.5) |
Net mark-to-market adjustment on actuarially determined liabilities | (0.3) |  |  | (27.8) |  |  | (43.4) |
Unrealized (gains) losses on derivative contracts related to forecasted sales | (159.0) |  |  | 35.8 |  |  | 115.1 |
Unrealized (gains) losses on foreign currency option contracts | (7.4) |  |  | 2.3 |  |  | 7.5 |
Take-or-pay contract-based intangible recognition | (2.5) |  |  | (2.8) |  |  | (4.3) |
Income tax provision (benefit) | 308.8 |  |  | (38.8) |  |  | 22.8 |
Total Adjusted EBITDA | $ | 1,363.9 |  |  | $ | 1,844.7 |  |  | $ | 916.7 |
The following table presents revenue as a percent of total revenue from external customers by geographic region:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | 42.4 | % |  | 36.6 | % |  | 45.5 | %
Japan | 14.7 | % |  | 19.4 | % |  | 14.2 | %
China | 10.9 | % |  | — | % |  | — | %
Australia | 8.9 | % |  | 8.5 | % |  | 7.7 | %
Taiwan | 6.6 | % |  | 9.3 | % |  | 14.4 | %
Brazil | 3.6 | % |  | 2.8 | % |  | 0.9 | %
Vietnam | 2.4 | % |  | 2.8 | % |  | 2.0 | %
Indonesia | 2.0 | % |  | 1.5 | % |  | 3.0 | %
France | 1.6 | % |  | 1.1 | % |  | — | %
India | 1.2 | % |  | 2.9 | % |  | 5.4 | %
Germany | 1.0 | % |  | 0.7 | % |  | — | %
Belgium | 0.6 | % |  | 1.3 | % |  | — | %
South Korea | — | % |  | 2.1 | % |  | 1.4 | %
Chile | — | % |  | 1.1 | % |  | 0.3 | %
Other | 4.1 | % |  | 9.9 | % |  | 5.2 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The Company attributes revenue to individual countries based on the location of the physical delivery of the coal.

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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 -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
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