Segment Information

The Company reports its results of operations primarily through the following reportable segments: "Powder River Basin Mining," “Midwestern U.S. Mining," “Western U.S. Mining,” “Australian Metallurgical Mining," "Australian Thermal Mining," “Trading and Brokerage” and “Corporate and Other.” The Company’s chief operating decision maker uses Adjusted EBITDA as the primary metric to measure the segments' operating performance.

Adjusted EBITDA is a non-U.S. GAAP measure defined as income (loss) from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses, depreciation, depletion and amortization and reorganization items, net. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments' operating performance, as displayed in the reconciliation below. Management believes non-U.S. GAAP performance measures are used by investors to measure the Company's operating performance and lenders to measure the Company's ability to incur and service debt. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Reportable segment results were as follows:



	Three Months Ended
	March 31,
	2017			2016
	(Dollars in millions)
Revenues:
Powder River Basin Mining	$	394.3		$	336.0
Midwestern U.S. Mining	193.2			199.6
Western U.S. Mining	149.7			112.5
Australian Metallurgical Mining	328.9			205.1
Australian Thermal Mining	224.8			176.7
Trading and Brokerage	31.6			(8.8		)
Corporate and Other	3.7			6.1
Total	$	1,326.2		$	1,027.2

Adjusted EBITDA:
Powder River Basin Mining	$	91.7		$	73.8
Midwestern U.S. Mining	50.0			60.6
Western U.S. Mining	50.0			20.1
Australian Metallurgical Mining	109.6			(37.3		)
Australian Thermal Mining	75.6			42.9
Trading and Brokerage	25.4			(18.8		)
Corporate and Other ⁽¹⁾	(44.4		)	(111.2		)
Total	$	357.9		$	30.1


⁽¹⁾	Includes a gain of $68.1 million related to the 2016 Settlement Agreement described in Note 20 "Matters related to the Bankruptcy of Patriot Coal Corporation" during the three months ended March 31, 2016 and a gain of $19.7 million related to the sale of Dominion Terminal Associates during the three months ended March 31, 2017.

A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows:



	Three Months Ended
	March 31,
	2017			2016
	(Dollars in millions)
Income (loss) from continuing operations, net of income taxes	$	124.3		$	(167.7	)
Depreciation, depletion and amortization	119.9			111.8
Asset retirement obligation expenses	14.6			13.1
Selling and administrative expenses related to debt restructuring	—			14.3
Asset impairment	30.5			17.2
Change in deferred tax asset valuation allowance related to equity affiliates	(5.2		)	1.4
Interest expense	32.9			126.2
Unrealized gains on non-coal trading derivative contracts realized into income	—			(25.0		)
Interest income	(2.7		)	(1.4		)
Reorganization items, net	41.4			—
Income tax provision (benefit)	2.2			(59.8		)
Total Adjusted EBITDA	$	357.9		$	30.1