Revenue Recognition

9 Months Ended

Sep. 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 September 30, 2023
North America revenues	$	108,895	$	251,759	$	—	$	360,654
Seaborne revenues		323,940		60,007		—		383,947
Total revenues	$	432,835	$	311,766	$	—	$	744,601
Three Months Ended September 30, 2022
North America revenues	$	70,491	$	307,060	$	—	$	377,551
Seaborne revenues		373,815		112,469		—		486,284
Total revenues	$	444,306	$	419,529	$	—	$	863,835
Nine Months Ended September 30, 2023
North America revenues	$	274,017	$	786,111	$	—	$	1,060,128
Seaborne revenues		1,146,741		164,957		—		1,311,698
Total revenues	$	1,420,758	$	951,068	$	—	$	2,371,826
Nine Months Ended September 30, 2022
North America revenues	$	125,906	$	905,829	$	—	$	1,031,735
Seaborne revenues		1,515,064		318,330		—		1,833,394
Total revenues	$	1,640,970	$	1,224,159	$	—	$	2,865,129

As of September 30, 2023, the Company has outstanding performance obligations for the remainder of 2023 of 18.5 million tons of fixed price contracts and 2.2 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2023 of approximately 95.2 million tons of fixed price contracts and 3.7 million tons of variable price contracts.