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Revenue Recognition
3 Months Ended
Mar. 31, 2021
Revenue Recognition  
Revenue Recognition

19. 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 and

MET

Thermal

 Eliminations

Consolidated

 

(in thousands)

Three Months Ended March 31, 2021

 

 

 

 

North America revenues

$

24,835

$

164,213

$

1,222

$

190,270

Seaborne revenues

 

153,946

 

13,327

 

 

167,273

Total revenues

$

178,781

$

177,540

$

1,222

$

357,543

Three Months Ended March 31, 2020

 

 

 

 

North America revenues

$

29,723

$

206,863

$

12,382

$

248,968

Seaborne revenues

 

152,931

 

3,333

 

 

156,264

Total revenues

$

182,654

$

210,196

$

12,382

$

405,232

As of March 31, 2021, the Company has outstanding performance obligations for the remainder of 2021 of 36.4 million tons of fixed price contracts and 6.7 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2021 of approximately 40.4 million tons of fixed price contracts and 1.6 million tons of variable price contracts.