Revenue Recognition

6 Months Ended

Jun. 30, 2025

Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, for the Company’s policies regarding “Revenue” and “Accounts receivable, net.”

Disaggregation of Revenue

Revenue by product type and market is set forth in the following tables. With respect to its seaborne reportable segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.


	Three Months Ended June 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	35.8	$	—	$	275.7	$	155.0	$	—	$	466.5
Export	159.3		—		—		—		—		159.3
Total thermal	195.1		—		275.7		155.0		—		625.8
Metallurgical coal

Export	—		251.9		—		—		—		251.9
Total metallurgical	—		251.9		—		—		—		251.9
Other	—		0.3		—		0.1		12.0		12.4
Revenue	$	195.1	$	252.2	$	275.7	$	155.1	$	12.0	$	890.1


	Three Months Ended June 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	36.9	$	—	$	221.4	$	200.3	$	—	$	458.6
Export	270.6		—		—		—		—		270.6
Total thermal	307.5		—		221.4		200.3		—		729.2
Metallurgical coal

Export	—		294.0		—		—		—		294.0
Total metallurgical	—		294.0		—		—		—		294.0
Other	—		0.3		0.5		1.7		16.3		18.8
Revenue	$	307.5	$	294.3	$	221.9	$	202.0	$	16.3	$	1,042.0


	Six Months Ended June 30, 2025
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	73.5	$	—	$	551.2	$	323.7	$	—	$	948.4
Export	386.6		—		—		—		—		386.6
Total thermal	460.1		—		551.2		323.7		—		1,335.0
Metallurgical coal

Export	—		471.6		—		—		—		471.6
Total metallurgical	—		471.6		—		—		—		471.6
Other	0.1		0.7		0.1		0.1		19.5		20.5
Revenue	$	460.2	$	472.3	$	551.3	$	323.8	$	19.5	$	1,827.1


	Six Months Ended June 30, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	77.5	$	—	$	475.5	$	378.3	$	—	$	931.3
Export	513.7		—		—		—		—		513.7
Total thermal	591.2		—		475.5		378.3		—		1,445.0
Metallurgical coal

Export	—		538.0		—		—		—		538.0
Total metallurgical	—		538.0		—		—		—		538.0
Other	0.2		3.3		0.5		15.3		23.3		42.6
Revenue	$	591.4	$	541.3	$	476.0	$	393.6	$	23.3	$	2,025.6

(1) Corporate and Other includes the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in millions)


Revenue from physical sale of coal (2)	$	7.8	$	12.1	$	11.8	$	14.2

Other	4.2		4.2		7.7		9.1
Total Corporate and Other	$	12.0	$	16.3	$	19.5	$	23.3

(2) Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.

Accounts Receivable

“Accounts receivable, net” at June 30, 2025 and December 31, 2024 consisted of the following:


	June 30, 2025		December 31, 2024
	(Dollars in millions)
Trade receivables, net	$	264.3	$	294.9
Miscellaneous receivables, net	58.4		64.4
Accounts receivable, net	$	322.7	$	359.3

None of the above receivables included allowances for credit losses at June 30, 2025 or December 31, 2024. No charges for credit losses were recognized during the three and six months ended June 30, 2025 or 2024.