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Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2024
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 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 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
Revenue: |  |  |  |  |  |  |
Seaborne Thermal | $ | 313.2 |  |  | $ | 297.4 |  |  | $ | 904.6 |  |  | $ | 1,043.4 |
Seaborne Metallurgical | 242.5 |  |  | 247.0 |  |  | 783.8 |  |  | 907.9 |
Powder River Basin | 305.3 |  |  | 313.0 |  |  | 781.3 |  |  | 878.0 |
Other U.S. Thermal | 216.7 |  |  | 228.2 |  |  | 610.3 |  |  | 677.5 |
Corporate and Other | 10.3 |  |  | (6.7) |  |  | 33.6 |  |  | 204.9 |
Total | $ | 1,088.0 |  |  | $ | 1,078.9 |  |  | $ | 3,113.6 |  |  | $ | 3,711.7 |
Adjusted EBITDA: |  |  |  |  |  |  |
Seaborne Thermal | $ | 120.0 |  |  | $ | 115.5 |  |  | $ | 318.2 |  |  | $ | 477.0 |
Seaborne Metallurgical | 27.8 |  |  | 78.6 |  |  | 219.7 |  |  | 271.9 |
Powder River Basin | 51.7 |  |  | 54.1 |  |  | 85.9 |  |  | 116.1 |
Other U.S. Thermal | 28.4 |  |  | 49.1 |  |  | 110.3 |  |  | 165.2 |
Corporate and Other | (3.1) |  |  | (27.3) |  |  | (39.1) |  |  | (11.4) |
Total | $ | 224.8 |  |  | $ | 270.0 |  |  | $ | 695.0 |  |  | $ | 1,018.8 |
A reconciliation of consolidated income from continuing operations, net of income taxes to Adjusted EBITDA follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (Dollars in millions)
Income from continuing operations, net of income taxes | $ | 112.5 |  |  | $ | 128.8 |  |  | $ | 369.0 |  |  | $ | 617.0 |
Depreciation, depletion and amortization | 84.7 |  |  | 82.3 |  |  | 247.4 |  |  | 239.2 |
Asset retirement obligation expenses | 12.9 |  |  | 15.4 |  |  | 38.7 |  |  | 46.3 |
Restructuring charges | 1.9 |  |  | 0.9 |  |  | 2.1 |  |  | 3.0 |
Asset impairment | — |  |  | — |  |  | — |  |  | 2.0 |
Provision for NARM and Shoal Creek losses | — |  |  | 3.3 |  |  | 3.7 |  |  | 37.0 |
Shoal Creek insurance recovery - property damage | — |  |  | — |  |  | (28.7) |  |  | — |
Changes in amortization of basis difference related to equity affiliates | (0.4) |  |  | (0.5) |  |  | (1.1) |  |  | (1.2) |
Interest expense, net of capitalized interest | 9.7 |  |  | 13.8 |  |  | 35.1 |  |  | 45.5 |
Net loss on early debt extinguishment | — |  |  | — |  |  | — |  |  | 8.8 |
Interest income | (17.7) |  |  | (20.3) |  |  | (53.7) |  |  | (56.5) |
Unrealized gains on derivative contracts related to forecasted sales | — |  |  | — |  |  | — |  |  | (159.0) |
Unrealized (gains) losses on foreign currency option contracts | (3.7) |  |  | 0.5 |  |  | (0.4) |  |  | (0.1) |
Take-or-pay contract-based intangible recognition | (0.8) |  |  | (0.7) |  |  | (2.3) |  |  | (1.9) |
Income tax provision | 25.7 |  |  | 46.5 |  |  | 85.2 |  |  | 238.7 |
Adjusted EBITDA | $ | 224.8 |  |  | $ | 270.0 |  |  | $ | 695.0 |  |  | $ | 1,018.8 |

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