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v3.25.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2025
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 (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. 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 reconciliations below. Management believes this non-GAAP measure is 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 three months ended March 31, 2025 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 265.1 |  |  | $ | 220.1 |  |  | $ | 275.6 |  |  | $ | 168.7 |  |  | $ | 7.5 |  |  | $ | 937.0 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 35.1 |  |  | 55.0 |  |  | 49.8 |  |  | 50.2 |  |  |  |  |
Repair costs | 24.8 |  |  | 47.0 |  |  | 31.5 |  |  | 34.1 |  |  |  |  |
Outside services | 26.8 |  |  | 72.1 |  |  | 31.1 |  |  | 35.8 |  |  |  |  |
Commodities expense | 19.1 |  |  | 13.4 |  |  | 38.7 |  |  | 19.5 |  |  |  |  |
Sales related costs | 54.6 |  |  | 54.0 |  |  | 75.3 |  |  | 10.0 |  |  |  |  |
Other expenses (1) | 20.5 |  |  | (34.6) |  |  | 12.9 |  |  | (13.8) |  |  |  |  |
Adjusted EBITDA | 84.2 |  |  | 13.2 |  |  | 36.3 |  |  | 32.9 |  |  | (22.6) |  |  | 144.0 |
Additions to property, plant, equipment and mine development | 8.5 |  |  | 53.2 |  |  | 3.9 |  |  | 4.6 |  |  | 0.2 |  |  | 70.4 |
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 6.7 |  |  | 6.7 |
Segment results for the three months ended March 31, 2024 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 283.9 |  |  | $ | 247.0 |  |  | $ | 254.1 |  |  | $ | 191.6 |  |  | $ | 7.0 |  |  | $ | 983.6 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 37.7 |  |  | 49.3 |  |  | 51.8 |  |  | 52.9 |  |  |  |  |
Repair costs | 37.9 |  |  | 32.7 |  |  | 34.9 |  |  | 32.4 |  |  |  |  |
Outside services | 31.0 |  |  | 54.6 |  |  | 31.9 |  |  | 36.6 |  |  |  |  |
Commodities expense | 23.9 |  |  | 15.7 |  |  | 41.1 |  |  | 19.3 |  |  |  |  |
Sales related costs | 52.1 |  |  | 52.0 |  |  | 69.8 |  |  | 13.6 |  |  |  |  |
Other expenses (1) | 7.5 |  |  | (5.6) |  |  | 8.2 |  |  | (9.7) |  |  |  |  |
Adjusted EBITDA | 93.8 |  |  | 48.3 |  |  | 16.4 |  |  | 46.5 |  |  | (44.5) |  |  | 160.5 |
Additions to property, plant, equipment and mine development | 14.5 |  | 39.4 |  | 5.0 |  | 2.3 |  | 0.2 |  | 61.4
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 3.7 |  | 3.7 |
(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. Total assets 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. The following table presents total assets at the division level:
| March 31, 2025 |  | December 31, 2024
| (Dollars in millions)
Seaborne | $ | 2,434.6 |  |  | $ | 2,465.3 |
U.S. Thermal | 1,315.0 |  |  | 1,346.9 |
Corporate and Other | 2,034.1 |  |  | 2,141.5 |
Total assets | $ | 5,783.7 |  |  | $ | 5,953.7 |
A reconciliation of consolidated income from continuing operations before income taxes to Adjusted EBITDA follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (Dollars in millions)
Income from continuing operations before incomes taxes |  |  |  |  | $ | 43.2 |  |  | $ | 65.8 |
Depreciation, depletion and amortization |  |  |  |  | 92.1 |  |  | 79.8 |
Asset retirement obligation expenses |  |  |  |  | 13.6 |  |  | 12.9 |
Restructuring charges |  |  |  |  | 1.7 |  |  | 0.1 |
Transaction costs related to business combinations |  |  |  |  | 2.4 |  |  | — |
Provision for NARM loss |  |  |  |  | — |  |  | 1.8 |
Changes in amortization of basis difference related to equity affiliates |  |  |  |  | (0.6) |  |  | (0.4) |
Interest expense, net of capitalized interest |  |  |  |  | 11.5 |  |  | 14.7 |
Interest income |  |  |  |  | (15.4) |  |  | (19.2) |
Unrealized (gains) losses on foreign currency option contracts |  |  |  |  | (4.3) |  |  | 5.7 |
Take-or-pay contract-based intangible recognition |  |  |  |  | (0.2) |  |  | (0.7) |
Total Adjusted EBITDA |  |  |  |  | $ | 144.0 |  |  | $ | 160.5 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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