Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue Recognition

Revenue Recognition

16. Revenue Recognition

ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of goods or services, 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 index-based pricing mechanism.

					Corporate,
					Other and
	MET		Thermal		Eliminations		Consolidated
	(in thousands)
Three Months Ended March 31, 2023
North America revenues	$	71,407	$	287,259	$	—	$	358,666
Seaborne revenues		464,765		46,500		—		511,265
Total revenues	$	536,172	$	333,759	$	—	$	869,931
Three Months Ended March 31, 2022
North America revenues	$	3,651	$	305,563	$	—	$	309,214
Seaborne revenues		468,520		90,202		—		558,722
Total revenues	$	472,171	$	395,765	$	—	$	867,936

As of March 31, 2023, the Company has outstanding performance obligations for the remainder of 2023 of 53.4 million tons of fixed price contracts and 5.4 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2023 of approximately 73.5 million tons of fixed price contracts and 4.0 million tons of variable price contracts.