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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2025 numberOfReportableSegments
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal. The Company’s seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of its thermal and metallurgical coal sold within Australia. Generally, revenue from individual countries varies year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. The Company classifies its seaborne mines within the Seaborne Thermal or Seaborne Metallurgical reportable segments based on the primary customer base and coal reserve type of each mining operation. A small portion of the coal mined by the Seaborne Thermal reportable segment is of a metallurgical grade. Similarly, a small portion of the coal mined by the Seaborne Metallurgical reportable segment is of a thermal grade. Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions. The Company’s Seaborne Thermal operations consist of mines in New South Wales, Australia. The mines in that reportable segment utilize surface extraction processes to mine low-sulfur, high Btu thermal coal. Prior to September 2025, when the Wambo Underground Mine ceased production, the reportable segment also used underground extraction processes. The Company’s Seaborne Metallurgical operations consist of mines in Queensland, Australia, one in New South Wales, Australia and one in Alabama, USA. The mines in that reportable segment utilize both surface and underground extraction processes to mine various qualities of metallurgical coal. The metallurgical coal qualities include hard coking coal, semi-hard coking coal, semi-soft coking coal and pulverized coal injection coal. The Company’s thermal operations in the U.S. are focused on the mining, preparation and sale of thermal coal, sold primarily to electric utilities in the U.S. under long-term contracts, with a relatively small portion sold as international exports as conditions warrant. The Company’s Powder River Basin operations consist of its mines in Wyoming. The mines in that reportable segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances). The Company’s Other U.S. Thermal operations reflect the aggregation of its Illinois, Indiana, New Mexico and Colorado mining operations. The mines in that reportable segment are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances). Geologically, the Company’s Powder River Basin operations mine sub-bituminous coal deposits and its Other U.S. Thermal operations mine both bituminous and sub-bituminous coal deposits. 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 (loss) 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 reportable 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. Reportable segment results for the year ended December 31, 2025 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Reportable Segment Totals
| (Dollars in millions)
Revenue | $ | 908.5 |  |  | $ | 1,036.6 |  |  | $ | 1,153.0 |  |  | $ | 707.3 |  |  | $ | 3,805.4 |
Less Significant Segment Expenses: |  |  |  |  |  |  |  |  |
Labor costs | 140.3 |  |  | 246.1 |  |  | 212.7 |  |  | 205.3 |  |  |
Repair costs | 113.0 |  |  | 195.6 |  |  | 145.4 |  |  | 150.0 |  |  |
Outside services | 111.5 |  |  | 355.0 |  |  | 130.3 |  |  | 147.7 |  |  |
Commodities expense | 80.6 |  |  | 58.7 |  |  | 160.8 |  |  | 76.3 |  |  |
Sales related costs | 196.3 |  |  | 238.2 |  |  | 281.1 |  |  | 43.1 |  |  |
Other expenses (1) | 44.6 |  |  | (113.4) |  |  | 46.9 |  |  | 13.5 |  |  |
Adjusted EBITDA | 222.2 |  |  | 56.4 |  |  | 175.8 |  |  | 71.4 |  |  | 525.8 |
Additions to property, plant, equipment and mine development | 39.8 |  |  | 309.4 |  |  | 33.1 |  |  | 24.0 |  |  | 406.3 |
Reportable segment results for the year ended December 31, 2024 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Reportable Segment Totals
| (Dollars in millions)
Revenue | $ | 1,213.9 |  |  | $ | 1,055.6 |  |  | $ | 1,098.8 |  |  | $ | 822.6 |  |  | $ | 4,190.9 |
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 |  |  | 961.9 |
Additions to property, plant, equipment and mine development | 73.2 |  |  | 266.6 |  |  | 35.0 |  |  | 18.6 |  |  | 393.4 |
Reportable segment results for the year ended December 31, 2023 were as follows:
| Seaborne Thermal |  | Seaborne Metallurgical |  | Powder River Basin |  | Other U.S. Thermal |  | Reportable Segment Totals
| (Dollars in millions)
Revenue | $ | 1,329.7 |  |  | $ | 1,301.9 |  |  | $ | 1,198.1 |  |  | $ | 888.2 |  |  | $ | 4,717.9 |
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 |  |  | 1,376.1 |
Additions to property, plant, equipment and mine development | 62.0 |  |  | 186.4 |  |  | 40.9 |  |  | 47.6 |  |  | 336.9 |
(1) Other expenses for the mining operations primarily include lease expense; non-sales related taxes; insurance expense; and joint facility charges; offset by credits related to the capitalization of costs to the consolidated balance sheet. For the year ended December 31, 2024, the Seaborne Metallurgical reportable 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. Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual reportable segment as such information is not regularly reviewed by the Company’s CODM. Further, some assets service more than one reportable segment within the division and an allocation of such assets would not be meaningful or representative on a reportable segment by reportable 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:
| December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Seaborne | $ | 2,543.4 |  |  | $ | 2,465.3 |  |  | $ | 2,088.2 |
U.S. Thermal | 1,301.7 |  |  | 1,346.9 |  |  | 1,373.2 |
Corporate and Other | 1,962.1 |  |  | 2,141.5 |  |  | 2,500.7 |
Total assets | $ | 5,807.2 |  |  | $ | 5,953.7 |  |  | $ | 5,962.1 |
The Company defines its long-lived assets as its property, plant, equipment and mine development, net and operating lease right-of-use assets. The following table presents the geographic location of the Company’s long-lived assets:
| December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
U.S. | $ | 1,334.4 |  |  | $ | 1,432.1 |  |  | $ | 1,523.1 |
Australia | 1,818.9 |  |  | 1,649.4 |  |  | 1,321.0 |
Property, plant, equipment and mine development, net | $ | 3,153.3 |  |  | $ | 3,081.5 |  |  | $ | 2,844.1 |
U.S. | $ | 96.0 |  |  | $ | 85.6 |  |  | $ | 28.7 |
Australia | 25.1 |  |  | 33.7 |  |  | 33.1 |
Other | 0.1 |  |  | — |  |  | 0.1 |
Operating lease right-of-use assets | $ | 121.2 |  |  | $ | 119.3 |  |  | $ | 61.9 |
A reconciliation of reportable segment totals follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
| (Dollars in millions)
Revenue from reportable segments | $ | 3,805.4 |  |  | $ | 4,190.9 |  |  | $ | 4,717.9 |
Reconciling items |  |  |  |  |
Corporate and Other (1) | 56.1 |  |  | 45.8 |  |  | 228.8 |
Revenue | $ | 3,861.5 |  |  | $ | 4,236.7 |  |  | $ | 4,946.7 |
Adjusted EBITDA from reportable segments | $ | 525.8 |  |  | $ | 961.9 |  |  | $ | 1,376.1 |
Reconciling items |  |  |  |  |
Corporate and Other (1) | (70.9) |  |  | (90.2) |  |  | (12.2) |
Depreciation, depletion and amortization | (384.5) |  |  | (343.0) |  |  | (321.4) |
Asset retirement obligation expenses | (36.5) |  |  | (48.9) |  |  | (50.5) |
Restructuring charges | (9.5) |  |  | (4.4) |  |  | (3.3) |
Costs related to terminated acquisition | (78.9) |  |  | (10.3) |  |  | — |
Shoal Creek insurance recovery - property damage | — |  |  | 28.7 |  |  | — |
Changes in amortization of basis difference related to equity affiliates | 2.7 |  |  | 1.8 |  |  | 1.6 |
Other operating loss | (5.6) |  |  | (3.7) |  |  | (42.9) |
Interest expense, net of capitalized interest | (43.9) |  |  | (46.9) |  |  | (59.8) |
Net loss on early debt extinguishment | — |  |  | — |  |  | (8.8) |
Interest income | 55.4 |  |  | 71.0 |  |  | 76.8 |
Net mark-to-market adjustment on actuarially determined liabilities | 5.4 |  |  | 6.1 |  |  | 0.3 |
Unrealized gains on derivative contracts related to forecasted sales | — |  |  | — |  |  | 159.0 |
Unrealized gains (losses) on foreign currency option contracts | 6.0 |  |  | (9.0) |  |  | 7.4 |
Take-or-pay contract-based intangible recognition | 1.0 |  |  | 3.0 |  |  | 2.5 |
(Loss) income from continuing operations before incomes taxes | $ | (33.5) |  |  | $ | 516.1 |  |  | $ | 1,124.8 |
Additions to property, plant, equipment and mine development from reportable segments | $ | 406.3 |  |  | $ | 393.4 |  |  | $ | 336.9 |
Reconciling items |  |  |  |  |
Corporate and Other | 5.1 |  |  | 7.9 |  |  | 11.4 |
Additions to property, plant, equipment and mine development | $ | 411.4 |  |  | $ | 401.3 |  |  | $ | 348.3 |
(1) Corporate and Other includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters. The following table presents revenue as a percent of total revenue from external customers by geographic region:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. | 48.4 | % |  | 45.0 | % |  | 42.4 | %
Japan | 15.9 | % |  | 18.8 | % |  | 14.7 | %
Australia | 7.9 | % |  | 8.8 | % |  | 8.9 | %
China | 7.5 | % |  | 11.3 | % |  | 10.9 | %
India | 5.6 | % |  | 1.2 | % |  | 1.2 | %
Indonesia | 2.2 | % |  | 2.4 | % |  | 2.0 | %
South Korea | 2.2 | % |  | 0.6 | % |  | — | %
Taiwan | 2.0 | % |  | 3.3 | % |  | 6.6 | %
Vietnam | 1.8 | % |  | 0.9 | % |  | 2.4 | %
Brazil | 1.5 | % |  | 2.0 | % |  | 3.6 | %
Belgium | 1.0 | % |  | 1.3 | % |  | 0.6 | %
France | 0.8 | % |  | 1.1 | % |  | 1.6 | %
Malaysia | 0.6 | % |  | 1.5 | % |  | 0.9 | %
Germany | 0.3 | % |  | 0.2 | % |  | 1.0 | %
Other | 2.3 | % |  | 1.6 | % |  | 3.2 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The Company attributes revenue to individual countries based on the location of the physical delivery of the coal.
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- Definition The entire disclosure for reporting segments including data and tables. 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