Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue Recognition

Revenue Recognition

24. 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 with 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 an indexed based pricing mechanism.

					Corporate,
					Other and
	MET		Thermal		Eliminations		Consolidated
	(in thousands)
Year Ended December 31, 2022
North America revenues	$	232,831	$	1,180,310	$	—	$	1,413,141
Seaborne revenues		1,924,879		386,573		—		2,311,452
Total revenues	$	2,157,710	$	1,566,883	$	—	$	3,724,593
Year Ended December 31, 2021
North America revenues	$	163,833	$	893,741	$	1,429	$	1,059,003
Seaborne revenues		985,300		163,739		—		1,149,039
Total revenues	$	1,149,133	$	1,057,480	$	1,429	$	2,208,042
Year Ended December 31, 2020
North America revenues	$	173,508	$	772,730	$	24,424	$	970,662
Seaborne revenues		468,028		28,902		—		496,930
Total revenues	$	641,536	$	801,632	$	24,424	$	1,467,592

As of December 31, 2022, the Company has outstanding performance obligations for approximately 75.4 million tons of coal for 2023 representing 68.1 million tons of fixed price contracts and 7.3 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations of approximately 66.3 million tons in periods beyond 2023 comprised of 63.5 million tons of fixed price contracts and 2.8 million tons of variable price contracts.