Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Reportable segment results were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Revenues:
Seaborne Thermal Mining	$	163.0	$	249.5	$	526.1	$	720.7
Seaborne Metallurgical Mining	78.8		216.3		363.6		831.7
Powder River Basin Mining	264.8		333.6		737.2		903.5
Other U.S. Thermal Mining	179.8		326.4		524.1		970.8
Corporate and Other	(15.4)		(19.4)		(7.1)		79.3
Total	$	671.0	$	1,106.4	$	2,143.9	$	3,506.0

Adjusted EBITDA:
Seaborne Thermal Mining	$	35.3	$	76.8	$	118.1	$	245.9
Seaborne Metallurgical Mining	(27.3)		(16.2)		(96.1)		127.0
Powder River Basin Mining	78.3		70.7		143.0		147.3
Other U.S. Thermal Mining	51.6		82.3		123.0		241.3
Corporate and Other	(42.5)		(54.4)		(132.4)		(118.2)
Total	$	95.4	$	159.2	$	155.6	$	643.3

Reconciliation of Consolidated (Loss) Income from Continuing Operations, Net of Income Taxes to Adjusted EBITDA

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
(Loss) income from continuing operations, net of income taxes	$	(64.8)	$	(74.3)	$	(1,739.4)	$	101.9
Depreciation, depletion and amortization	72.2		141.5		266.5		479.4
Asset retirement obligation expenses	14.3		15.5		46.0		44.6
Restructuring charges	8.1		0.7		31.1		1.3
Transaction costs related to joint ventures	6.0		8.2		23.1		9.8
Asset impairment	—		20.0		1,418.1		20.0
Provision for North Goonyella equipment loss	—		—		—		24.7
North Goonyella insurance recovery - equipment (1)	—		—		—		(91.1)
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates	(0.5)		—		(1.6)		0.3
Interest expense	34.9		35.4		102.3		107.2

Interest income	(1.6)		(7.0)		(7.1)		(22.5)
Net mark-to-market adjustment on actuarially determined liabilities	13.0		—		13.0		—
Unrealized losses (gains) on economic hedges	16.1		18.0		11.3		(44.2)
Unrealized gains on non-coal trading derivative contracts	(0.7)		(0.3)		(3.6)		(0.2)

Take-or-pay contract-based intangible recognition	(1.5)		(2.7)		(6.8)		(13.9)
Income tax (benefit) provision	(0.1)		4.2		2.7		26.0
Adjusted EBITDA	$	95.4	$	159.2	$	155.6	$	643.3

(1) As described in Note 15. “Other Events,” the Company recorded a $125.0 million insurance recovery during the nine months ended September 30, 2019 related to losses incurred at its North Goonyella Mine. Of this amount, Adjusted EBITDA excludes an allocated amount applicable to total equipment losses recognized at the time of the insurance recovery settlement, which consisted of $24.7 million and $66.4 million recognized during the nine months ended September 30, 2019 and the year ended December 31, 2018, respectively. The remaining $33.9 million, applicable to incremental costs and business interruption losses, is included in Adjusted EBITDA for the nine months ended September 30, 2019.

Reconciliation of Assets from Segment to Consolidated

Assets as of September 30, 2020 were as follows:


	Seaborne Mining		U.S. Thermal Mining		Corporate and Other		Consolidated
	(Dollars in millions)
Total assets	$	1,786.1	$	1,430.5	$	1,644.3	$	4,860.9
Property, plant, equipment and mine development, net	1,349.6		1,275.2		527.5		3,152.3
Operating lease right-of-use assets	22.4		5.5		17.0		44.9

Assets as of December 31, 2019 were as follows:


	Seaborne Mining		U.S. Thermal Mining		Corporate and Other		Consolidated
	(Dollars in millions)
Total assets	$	2,001.3	$	3,044.8	$	1,496.7	$	6,542.8
Property, plant, equipment and mine development, net	1,610.9		2,776.9		291.3		4,679.1
Operating lease right-of-use assets	32.1		30.3		20.0		82.4