Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal Mining, Seaborne Metallurgical Mining, Powder River Basin Mining, Other U.S. Thermal Mining 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-GAAP financial measure defined as loss from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. 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-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,
	2021		2020
	(Dollars in millions)
Revenues:
Seaborne Thermal Mining	$	176.4	$	201.1
Seaborne Metallurgical Mining	87.5		193.2
Powder River Basin Mining	228.4		266.6
Other U.S. Thermal Mining	149.3		192.3
Corporate and Other	9.7		(7.0)
Total	$	651.3	$	846.2
Adjusted EBITDA:
Seaborne Thermal Mining	$	28.5	$	55.1
Seaborne Metallurgical Mining	(22.4)		(32.7)
Powder River Basin Mining	30.1		25.4
Other U.S. Thermal Mining	36.2		38.5
Corporate and Other	(11.3)		(49.5)
Total	$	61.1	$	36.8

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

	Three Months Ended March 31,
	2021		2020
	(Dollars in millions)
Loss from continuing operations, net of income taxes	$	(77.7)	$	(129.3)
Depreciation, depletion and amortization	68.3		106.0
Asset retirement obligation expenses	15.9		17.6
Restructuring charges	2.1		6.5
Transaction costs related to joint ventures	—		4.2
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates	(1.5)		(0.7)
Interest expense	52.4		33.1
Gain on early debt extinguishment	(3.5)		—
Interest income	(1.5)		(3.1)
Unrealized losses on economic hedges	1.9		2.2
Unrealized losses (gains) on non-coal trading derivative contracts	7.6		(0.1)
Take-or-pay contract-based intangible recognition	(1.1)		(2.6)
Income tax (benefit) provision	(1.8)		3.0
Adjusted EBITDA	$	61.1	$	36.8