Business Segments

In the first quarter of 2019, the Company changed its reportable segments to reflect changes in the business, including growth at NAMining and Minerals Management. As of January 1, 2019, the Company’s operating segments are: (i) Coal Mining, (ii) NAMining and (iii) Minerals Management. While the Company continues to pursue opportunities to add new coal mining operations to the Coal Mining segment, the NAMining segment will serve as the platform for pursuing non-coal mining projects and the Minerals Management segment will work to capitalize on the Company’s oil, gas and coal reserves.

The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company’s Chief Operating Decision Maker utilizes operating profit to evaluate segment performance and allocate resources. Operating profit for each segment includes an allocation of shared costs based on a reasonable measure of utilization.

The Company also has costs not directly attributable to a reportable segment which are not included as part of the measurement of segment operating profit, primarily administrative costs related to public company reporting requirements, the financial results of the Company’s mitigation banking business, Mitigation Resources of North America^® (“MRNA”), and Bellaire. MRNA generates and sells stream and wetland mitigation credits (known as mitigation banking) and provides services to those engaged in permittee-responsible stream and wetland mitigation. Bellaire manages the Company’s long-term liabilities related to former Eastern U.S. underground mining activities. Transactions between segments are accounted for as third-party arrangements for purposes of presenting segment results of operations and are eliminated in consolidation.

All financial statement line items below operating profit (other income including interest expense and interest income, the provision for income taxes and net income) are presented and discussed within this Form 10-K on a consolidated basis. Included within other income on the line Income from other unconsolidated affiliates within the Consolidated Statements of Operations is the financial results of NoDak Energy Services, LLC ("NoDak"). NoDak operates and maintains a coal drying system at a customer’s power plant. The NoDak contract expired in the first quarter of 2020.

See Note 1 for additional discussion of the Company's reportable segments. All current operations reside in the U.S. The accounting policies of the reportable segments are described in Note 2.

In 2019, two customers and an oil and gas lessee individually accounted for more than 10% of consolidated revenue. In 2018, two customers individually accounted for more than 10% of consolidated revenue. The following represents the revenue attributable to each of these entities as a percentage of consolidated revenue for those years:



		Percentage of Consolidated Revenue
Customer	Segment	2019		2018
Choctaw Generation Limited Partnership, LLLP	Coal Mining	48	%	60	%
CEMEX	NAMining	21	%	20	%
Ascent Resources	Minerals Management	12	%	n/a

In addition, for the year ended December 31, 2019, the Coal Mining segment derived approximately 60% of the Earnings of Unconsolidated Operations from two customers, Basin Electric Power Cooperative and Great River Energy.

The following tables present revenue, operating profit, depreciation expense and capital expenditures for the years ended December 31:



	2019			2018
Revenues
Coal Mining	$	68,701		$	81,549
NAMining	42,823			36,950
Minerals Management	30,119			17,352
Unallocated Items	790			665
Eliminations	(1,443		)	(1,141		)
Total	$	140,990		$	135,375

Operating profit (loss)
Coal Mining	$	23,268		$	38,270
NAMining	(696		)	1,918
Minerals Management	25,721			14,331
Unallocated Items	(9,729		)	(10,473		)
Eliminations	256			(422		)
Total	$	38,820		$	43,624



	2019		2018
Expenditures for property, plant and equipment
Coal Mining	$	15,092	$	8,816
NAMining	8,824		9,824
Minerals Management	517		1,406
Unallocated Items	231		884
Total	$	24,664	$	20,930

Depreciation, depletion and amortization
Coal Mining	$	12,409	$	11,874
NAMining	2,223		1,509
Minerals Management	1,362		951
Unallocated Items	246		349
Total	$	16,240	$	14,683

Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.