Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue Recognition

Revenue Recognition

15. 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 from 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, 2024
North America revenues	$	35,584	$	205,663	$	—	$	241,247
Seaborne revenues		381,481		57,462		—		438,943
Total revenues	$	417,065	$	263,125	$	—	$	680,190
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

As of March 31, 2024, the Company has outstanding performance obligations for the remainder of 2024 of 40.9 million tons of fixed price contracts and 5.2 million tons of variable price contracts. Additionally, the Company has

outstanding performance obligations beyond 2024 of approximately 66.5 million tons of fixed price contracts and 1.7 million tons of variable price contracts.