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v3.25.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Reconciliation of Assets from Segment to Consolidated | The following table presents total assets at the division level:
| June 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Seaborne | $ | 2,455.2 |  |  | $ | 2,465.3 |
U.S. Thermal | 1,309.3 |  |  | 1,346.9 |
Corporate and Other | 1,998.9 |  |  | 2,141.5 |
Total assets | $ | 5,763.4 |  |  | $ | 5,953.7 |
Reportable Segment Results | Segment results were as follows:
| Three Months Ended June 30, 2025
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 195.1 |  |  | $ | 252.2 |  |  | $ | 275.7 |  |  | $ | 155.1 |  |  | $ | 12.0 |  |  | $ | 890.1 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 37.7 |  |  | 61.3 |  |  | 52.9 |  |  | 48.9 |  |  |  |  |
Repair costs | 29.0 |  |  | 41.4 |  |  | 32.6 |  |  | 39.6 |  |  |  |  |
Outside services | 26.9 |  |  | 85.8 |  |  | 28.8 |  |  | 37.6 |  |  |  |  |
Commodities expense | 19.9 |  |  | 12.6 |  |  | 35.8 |  |  | 17.7 |  |  |  |  |
Sales related costs | 44.8 |  |  | 58.7 |  |  | 73.9 |  |  | 9.4 |  |  |  |  |
Other expenses (1) | 3.3 |  |  | 1.6 |  |  | 8.7 |  |  | (11.6) |  |  |  |  |
Adjusted EBITDA | 33.5 |  |  | (9.2) |  |  | 43.0 |  |  | 13.5 |  |  | 12.5 |  |  | 93.3 |
Additions to property, plant, equipment and mine development | 9.6 |  |  | 72.9 |  |  | 5.5 |  |  | 5.4 |  |  | 0.8 |  |  | 94.2 |
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 0.9 |  |  | 0.9 |
| Three Months Ended June 30, 2024
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 307.5 |  |  | $ | 294.3 |  |  | $ | 221.9 |  |  | $ | 202.0 |  |  | $ | 16.3 |  |  | $ | 1,042.0 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 41.4 |  |  | 52.4 |  |  | 49.5 |  |  | 55.1 |  |  |  |  |
Repair costs | 36.0 |  |  | 43.5 |  |  | 26.1 |  |  | 35.8 |  |  |  |  |
Outside services | 31.3 |  |  | 54.7 |  |  | 26.0 |  |  | 36.4 |  |  |  |  |
Commodities expense | 22.5 |  |  | 15.9 |  |  | 34.4 |  |  | 19.8 |  |  |  |  |
Sales related costs | 52.6 |  |  | 62.0 |  |  | 60.3 |  |  | 12.1 |  |  |  |  |
Other expenses (1) | 19.3 |  |  | (77.8) |  |  | 7.8 |  |  | 7.4 |  |  |  |  |
Adjusted EBITDA | 104.4 |  |  | 143.6 |  |  | 17.8 |  |  | 35.4 |  |  | 8.5 |  |  | 309.7 |
Additions to property, plant, equipment and mine development | 18.2 |  |  | 75.8 |  |  | 7.5 |  |  | 2.8 |  |  | 1.3 |  |  | 105.6
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
| Six Months Ended June 30, 2025
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 460.2 |  |  | $ | 472.3 |  |  | $ | 551.3 |  |  | $ | 323.8 |  |  | $ | 19.5 |  |  | $ | 1,827.1 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 72.8 |  |  | 116.3 |  |  | 102.7 |  |  | 99.1 |  |  |  |  |
Repair costs | 53.8 |  |  | 88.4 |  |  | 64.1 |  |  | 73.7 |  |  |  |  |
Outside services | 53.7 |  |  | 157.9 |  |  | 59.9 |  |  | 73.4 |  |  |  |  |
Commodities expense | 39.0 |  |  | 26.0 |  |  | 74.5 |  |  | 37.2 |  |  |  |  |
Sales related costs | 99.4 |  |  | 112.7 |  |  | 149.2 |  |  | 19.4 |  |  |  |  |
Other expenses (1) | 23.8 |  |  | (33.0) |  |  | 21.6 |  |  | (25.4) |  |  |  |  |
Adjusted EBITDA | 117.7 |  |  | 4.0 |  |  | 79.3 |  |  | 46.4 |  |  | (10.1) |  |  | 237.3 |
Additions to property, plant, equipment and mine development | 18.1 |  |  | 126.1 |  |  | 9.4 |  |  | 10.0 |  |  | 1.0 |  |  | 164.6 |
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 7.6 |  |  | 7.6 |
| Six Months Ended June 30, 2024
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Corporate and Other |  | Consolidated
| (Dollars in millions)
Revenue | $ | 591.4 |  |  | $ | 541.3 |  |  | $ | 476.0 |  |  | $ | 393.6 |  |  | $ | 23.3 |  |  | $ | 2,025.6 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |  |  |
Labor costs | 79.1 |  |  | 101.7 |  |  | 101.3 |  |  | 108.0 |  |  |  |  |
Repair costs | 73.9 |  |  | 76.2 |  |  | 61.0 |  |  | 68.2 |  |  |  |  |
Outside services | 62.3 |  |  | 109.3 |  |  | 57.9 |  |  | 73.0 |  |  |  |  |
Commodities expense | 46.4 |  |  | 31.6 |  |  | 75.5 |  |  | 39.1 |  |  |  |  |
Sales related costs | 104.7 |  |  | 114.0 |  |  | 130.1 |  |  | 25.7 |  |  |  |  |
Other expenses (1) | 26.8 |  |  | (83.4) |  |  | 16.0 |  |  | (2.3) |  |  |  |  |
Adjusted EBITDA | 198.2 |  |  | 191.9 |  |  | 34.2 |  |  | 81.9 |  |  | (36.0) |  |  | 470.2 |
Additions to property, plant, equipment and mine development | 32.7 |  |  | 115.2 |  |  | 12.5 |  |  | 5.1 |  |  | 1.5 |  |  | 167.0
Loss from equity affiliates | — |  |  | — |  |  | — |  |  | — |  |  | 5.0 |  |  | 5.0 |
(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 three and six months ended June 30, 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 Consolidated (Loss) Income from Continuing Operations, Net of Income Taxes to Adjusted EBITDA | A reconciliation of consolidated (loss) income from continuing operations before income taxes to Adjusted EBITDA follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
(Loss) income from continuing operations before incomes taxes | $ | (28.3) |  |  | $ | 250.2 |  |  | $ | 14.9 |  |  | $ | 316.0 |
Depreciation, depletion and amortization | 93.4 |  |  | 82.9 |  |  | 185.5 |  |  | 162.7 |
Asset retirement obligation expenses | 13.8 |  |  | 12.9 |  |  | 27.4 |  |  | 25.8 |
Restructuring charges | 3.5 |  |  | 0.1 |  |  | 5.2 |  |  | 0.2 |
Transaction costs related to business combinations | 18.8 |  |  | — |  |  | 21.2 |  |  | — |
Provision for NARM loss | — |  |  | 1.9 |  |  | — |  |  | 3.7 |
Shoal Creek insurance recovery - property damage | — |  |  | (28.7) |  |  | — |  |  | (28.7) |
Changes in amortization of basis difference related to equity affiliates | (0.8) |  |  | (0.3) |  |  | (1.4) |  |  | (0.7) |
Interest expense, net of capitalized interest | 11.1 |  |  | 10.7 |  |  | 22.6 |  |  | 25.4 |
Interest income | (13.8) |  |  | (16.8) |  |  | (29.2) |  |  | (36.0) |
Unrealized (gains) losses on foreign currency option contracts | (4.1) |  |  | (2.4) |  |  | (8.4) |  |  | 3.3 |
Take-or-pay contract-based intangible recognition | (0.3) |  |  | (0.8) |  |  | (0.5) |  |  | (1.5) |
Total Adjusted EBITDA | $ | 93.3 |  |  | $ | 309.7 |  |  | $ | 237.3 |  |  | $ | 470.2 |

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