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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Operating segment results | Segment results for the year ended December 31, 2024 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 1,213.9 |  |  | $ | 1,055.6 |  |  | $ | 1,098.8 |  |  | $ | 822.6 |  |  | $ | 45.8 |  |  | $ | 4,236.7 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 157.2 |  |  | 212.7 |  |  | 206.8 |  |  | 218.6 |  |  |  |  |
Repair costs | 152.8 |  |  | 190.8 |  |  | 131.7 |  |  | 141.0 |  |  |  |  |
Outside services | 128.7 |  |  | 258.9 |  |  | 123.2 |  |  | 146.8 |  |  |  |  |
Commodities expense | 88.6 |  |  | 59.6 |  |  | 158.5 |  |  | 77.0 |  |  |  |  |
Sales related costs | 224.3 |  |  | 231.6 |  |  | 297.5 |  |  | 53.0 |  |  |  |  |
Other expenses (1) | 32.3 |  |  | (140.5) |  |  | 42.5 |  |  | 35.4 |  |  |  |  |
Adjusted EBITDA | 430.0 |  |  | 242.5 |  |  | 138.6 |  |  | 150.8 |  |  | (90.2) |  |  | 871.7 |
Additions to property, plant, equipment and mine development | 73.2 |  |  | 266.6 |  |  | 35.0 |  |  | 18.6 |  |  | 7.9 |  |  | 401.3 |
Income from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | (11.5) |  |  | (11.5) |
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 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 148.8 |  |  | 187.2 |  |  | 201.1 |  |  | 218.8 |  |  |  |  |
Repair costs | 154.4 |  |  | 151.3 |  |  | 154.9 |  |  | 153.4 |  |  |  |  |
Outside services | 122.7 |  |  | 205.1 |  |  | 138.0 |  |  | 176.2 |  |  |  |  |
Commodities expense | 97.0 |  |  | 61.5 |  |  | 180.2 |  |  | 102.7 |  |  |  |  |
Sales related costs | 207.4 |  |  | 259.0 |  |  | 341.9 |  |  | 58.7 |  |  |  |  |
Other expenses (1) | 22.6 |  |  | (0.3) |  |  | 28.3 |  |  | (29.1) |  |  |  |  |
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 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 143.2 |  |  | 183.8 |  |  | 192.1 |  |  | 200.7 |  |  |  |  |
Repair costs | 109.3 |  |  | 134.1 |  |  | 148.0 |  |  | 149.0 |  |  |  |  |
Outside services | 116.5 |  |  | 167.3 |  |  | 147.6 |  |  | 170.8 |  |  |  |  |
Commodities expense | 97.7 |  |  | 72.2 |  |  | 214.1 |  |  | 137.1 |  |  |  |  |
Sales related costs | 206.0 |  |  | 286.0 |  |  | 286.0 |  |  | 55.2 |  |  |  |  |
Other expenses (1) | 25.3 |  |  | (8.2) |  |  | 9.5 |  |  | (3.0) |  |  |  |  |
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) |
(1) Other expenses for the mining operations primarily include lease expense; non-sales related taxes; insurance expense; joint facility charges; and credits related to the capitalization of costs to the balance sheet. For the year ended December 31, 2024, the Seaborne Metallurgical segment includes $80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.
Reconciliation of Assets from Segment to Consolidated | The following table presents total assets at the division level:
| December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Seaborne | $ | 2,465.3 |  |  | $ | 2,088.2 |  |  | $ | 1,632.6 |
U.S. Thermal | 1,346.9 |  |  | 1,373.2 |  |  | 1,359.4 |
Corporate and Other | 2,141.5 |  |  | 2,500.7 |  |  | 2,618.8 |
Total Assets | $ | 5,953.7 |  |  | $ | 5,962.1 |  |  | $ | 5,610.8 |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations | A reconciliation of consolidated income from continuing operations before income taxes to Adjusted EBITDA follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Income from continuing operations before income taxes | $ | 516.1 |  |  | $ | 1,124.8 |  |  | $ | 1,278.6 |
Depreciation, depletion and amortization | 343.0 |  |  | 321.4 |  |  | 317.6 |
Asset retirement obligation expenses | 48.9 |  |  | 50.5 |  |  | 49.4 |
Restructuring charges | 4.4 |  |  | 3.3 |  |  | 2.9 |
Transaction costs related to business combinations | 10.3 |  |  | — |  |  | — |
Asset impairment | — |  |  | 2.0 |  |  | 11.2 |
Provision for NARM and Shoal Creek losses | 3.7 |  |  | 40.9 |  |  | — |
Shoal Creek insurance recovery - property damage | (28.7) |  |  | — |  |  | — |
Changes in amortization of basis difference related to equity affiliates | (1.8) |  |  | (1.6) |  |  | (2.3) |
Interest expense, net of capitalized interest | 46.9 |  |  | 59.8 |  |  | 140.3 |
Net loss on early debt extinguishment | — |  |  | 8.8 |  |  | 57.9 |
Interest income | (71.0) |  |  | (76.8) |  |  | (18.4) |
Net mark-to-market adjustment on actuarially determined liabilities | (6.1) |  |  | (0.3) |  |  | (27.8) |
Unrealized (gains) losses on derivative contracts related to forecasted sales | — |  |  | (159.0) |  |  | 35.8 |
Unrealized losses (gains) on foreign currency option contracts | 9.0 |  |  | (7.4) |  |  | 2.3 |
Take-or-pay contract-based intangible recognition | (3.0) |  |  | (2.5) |  |  | (2.8) |
Total Adjusted EBITDA | $ | 871.7 |  |  | $ | 1,363.9 |  |  | $ | 1,844.7 |
Revenues as a percent of total revenue from external customers by geographic region | The following table presents revenue as a percent of total revenue from external customers by geographic region:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | 45.0 | % |  | 42.4 | % |  | 36.6 | %
Japan | 18.8 | % |  | 14.7 | % |  | 19.4 | %
China | 11.3 | % |  | 10.9 | % |  | — | %
Australia | 8.8 | % |  | 8.9 | % |  | 8.5 | %
Taiwan | 3.3 | % |  | 6.6 | % |  | 9.3 | %
Indonesia | 2.4 | % |  | 2.0 | % |  | 1.5 | %
Brazil | 2.0 | % |  | 3.6 | % |  | 2.8 | %
Malaysia | 1.5 | % |  | 0.9 | % |  | 0.8 | %
Belgium | 1.3 | % |  | 0.6 | % |  | 1.3 | %
India | 1.2 | % |  | 1.2 | % |  | 2.9 | %
France | 1.1 | % |  | 1.6 | % |  | 1.1 | %
Vietnam | 0.9 | % |  | 2.4 | % |  | 2.8 | %
South Korea | 0.6 | % |  | — | % |  | 2.1 | %
Germany | 0.2 | % |  | 1.0 | % |  | 0.7 | %
Chile | — | % |  | — | % |  | 1.1 | %
Other | 1.6 | % |  | 3.2 | % |  | 9.1 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Long-Lived Assets by Geographic Areas | The following table presents the geographic location of the Company’s long-lived assets:
| December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
U.S. | $ | 1,432.1 |  |  | $ | 1,523.1 |  |  | $ | 1,592.2 |
Australia | 1,649.4 |  |  | 1,321.0 |  |  | 1,272.8 |
Property, plant, equipment and mine development, net | $ | 3,081.5 |  |  | $ | 2,844.1 |  |  | $ | 2,865.0 |
U.S. | $ | 85.6 |  |  | $ | 28.7 |  |  | $ | 6.4 |
Australia | 33.7 |  |  | 33.1 |  |  | 20.5 |
Other | — |  |  | 0.1 |  |  | — |
Operating lease right-of-use assets | $ | 119.3 |  |  | $ | 61.9 |  |  | $ | 26.9 |

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