Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue Recognition

Revenue Recognition

22. Revenue Recognition

ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue.

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its coal and customer relationships and provides meaningful disaggregation of each segment’s results. The Company has further disaggregated revenue between North America and Seaborne revenues which depicts the pricing and contract differences between the two. North America revenue is characterized by contracts that typically have a term of one year or longer and typically the pricing is fixed; whereas Seaborne revenue generally is derived by spot or short term contracts with pricing determined at the time of shipment or based on a market index.

							Corporate,
					Other		Other and
	PRB		MET		Thermal		Eliminations		Consolidated
	(in thousands)
Three Months Ended September 30, 2020
North America revenues	$	180,097	$	47,197	$	28,176	$	908	$	256,378
Seaborne revenues		753		120,857		4,273		—		125,883
Total revenues	$	180,850	$	168,054	$	32,449	$	908	$	382,261
Three Months Ended September 30, 2019
North America revenues	$	269,968	$	63,755	$	47,571	$	954	$	382,248
Seaborne revenues		—		190,738		46,481		—		237,219
Total revenues	$	269,968	$	254,493	$	94,052	$	954	$	619,467
Nine Months Ended September 30, 2020
North America revenues	$	491,471	$	117,058	$	87,909	$	19,467	$	715,905
Seaborne revenues		935		372,602		17,572		—		391,109
Total revenues	$	492,406	$	489,660	$	105,481	$	19,467	$	1,107,014
Nine Months Ended September 30, 2019
North America revenues	$	692,845	$	163,317	$	141,985	$	4,792	$	1,002,939
Seaborne revenues		—		605,683		136,250		—		741,933
Total revenues	$	692,845	$	769,000	$	278,235	$	4,792	$	1,744,872

As of September 30, 2020, the Company has outstanding performance obligations for the remainder of 2020 of 16.5 million tons of fixed price contracts and 1.0 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2020 of approximately 83.6 million tons of fixed price contracts and 5.0 million tons of variable price contracts.