Revenue Recognition

9 Months Ended

Sep. 30, 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 September 30, 2021
North America revenues	$	52,654	$	247,955	$	25	$	300,634
Seaborne revenues		242,637		51,141		—		293,778
Total revenues	$	295,291	$	299,096	$	25	$	594,412
Three Months Ended September 30, 2020
North America revenues	$	47,197	$	208,273	$	908	$	256,378
Seaborne revenues		120,857		5,026		—		125,883
Total revenues	$	168,054	$	213,299	$	908	$	382,261
Nine Months Ended September 30, 2021
North America revenues	$	124,782	$	612,406	$	1,429	$	738,617
Seaborne revenues		568,740		94,988		—		663,728
Total revenues	$	693,522	$	707,394	$	1,429	$	1,402,345
Nine Months Ended September 30, 2020
North America revenues	$	117,058	$	579,380	$	19,467	$	715,905
Seaborne revenues		372,602		18,507		—		391,109
Total revenues	$	489,660	$	597,887	$	19,467	$	1,107,014

As of September 30, 2021, the Company has outstanding performance obligations for the remainder of 2021 of 20 million tons of fixed price contracts and 2.2 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2021 of approximately 91.2 million tons of fixed price contracts and 4.2 million tons of variable price contracts.