Revenue Recognition

6 Months Ended

Jun. 30, 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 June 30, 2023
North America revenues	$	93,715	$	247,092	$	—	$	340,807
Seaborne revenues		358,037		58,450		—		416,487
Total revenues	$	451,752	$	305,542	$	—	$	757,294
Three Months Ended June 30, 2022
North America revenues	$	51,764	$	293,205	$	—	$	344,969
Seaborne revenues		672,728		115,661		—		788,389
Total revenues	$	724,492	$	408,866	$	—	$	1,133,358
Six Months Ended June 30, 2023
North America revenues	$	165,122	$	534,352	$	—	$	699,474
Seaborne revenues		822,801		104,950		—		927,751
Total revenues	$	987,923	$	639,302	$	—	$	1,627,225
Six Months Ended June 30, 2022
North America revenues	$	55,415	$	598,768	$	—	$	654,183
Seaborne revenues		1,141,249		205,862		—		1,347,111
Total revenues	$	1,196,664	$	804,630	$	—	$	2,001,294

As of June 30, 2023, the Company has outstanding performance obligations for the remainder of 2023 of 39.6 million tons of fixed price contracts and 4.3 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2023 of approximately 88.7 million tons of fixed price contracts and 3.4 million tons of variable price contracts.