Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue Recognition Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, for the Company’s policies regarding “Revenues” and “Accounts receivable, net.”

Disaggregation of Revenues

Revenue by product type and market is set forth in the following tables. With respect to its seaborne mining segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.


	Three Months Ended September 30, 2021
	Seaborne Thermal Mining		Seaborne Metallurgical Mining		Powder River Basin Mining		Other U.S. Thermal Mining		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	41.1	$	—	$	247.3	$	181.0	$	—	$	469.4
Export	219.4		—		—		2.2		—		221.6
Total thermal	260.5		—		247.3		183.2		—		691.0
Metallurgical coal

Export	—		176.8		—		—		—		176.8
Total metallurgical	—		176.8		—		—		—		176.8
Other (2)	0.2		2.7		(0.2)		1.4		(192.9)		(188.8)
Revenues	$	260.7	$	179.5	$	247.1	$	184.6	$	(192.9)	$	679.0


	Three Months Ended September 30, 2020
	Seaborne Thermal Mining		Seaborne Metallurgical Mining		Powder River Basin Mining		Other U.S. Thermal Mining		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	37.1	$	—	$	264.3	$	172.8	$	—	$	474.2
Export	125.7		—		—		—		—		125.7
Total thermal	162.8		—		264.3		172.8		—		599.9
Metallurgical coal

Export	—		78.4		—		—		—		78.4
Total metallurgical	—		78.4		—		—		—		78.4
Other (2)	0.2		0.4		0.5		7.0		(15.4)		(7.3)
Revenues	$	163.0	$	78.8	$	264.8	$	179.8	$	(15.4)	$	671.0


	Nine Months Ended September 30, 2021
	Seaborne Thermal Mining		Seaborne Metallurgical Mining		Powder River Basin Mining		Other U.S. Thermal Mining		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	132.7	$	—	$	724.5	$	487.8	$	—	$	1,345.0
Export	497.7		—		—		3.4		—		501.1
Total thermal	630.4		—		724.5		491.2		—		1,846.1
Metallurgical coal
Domestic	—		2.7		—		—		—		2.7
Export	—		381.1		—		—		—		381.1
Total metallurgical	—		383.8		—		—		—		383.8
Other (2)	0.8		4.2		(0.4)		4.8		(185.6)		(176.2)
Revenues	$	631.2	$	388.0	$	724.1	$	496.0	$	(185.6)	$	2,053.7


	Nine Months Ended September 30, 2020
	Seaborne Thermal Mining		Seaborne Metallurgical Mining		Powder River Basin Mining		Other U.S. Thermal Mining		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	111.9	$	—	$	736.7	$	501.5	$	—	$	1,350.1
Export	412.9		—		—		—		—		412.9
Total thermal	524.8		—		736.7		501.5		—		1,763.0
Metallurgical coal

Export	—		362.3		—		—		—		362.3
Total metallurgical	—		362.3		—		—		—		362.3
Other (2)	1.3		1.3		0.5		22.6		(7.1)		18.6
Revenues	$	526.1	$	363.6	$	737.2	$	524.1	$	(7.1)	$	2,143.9

(1) Corporate and Other revenue includes net losses related to unrealized mark-to-market adjustments on derivatives related to forecasted sales and other financial trading activity of $238.4 million and $16.1 million during the three months ended September 30, 2021 and 2020, respectively, and $263.2 million and $13.7 million during the nine months ended September 30, 2021 and 2020, respectively. Refer to Note 7. “Derivatives and Fair Value Measurements” for additional information. Also included in Corporate and Other revenue are revenues with customers of $55.5 million and $97.3 million during the three and nine months ended September 30, 2021, respectively, and ($13.0) million and ($32.1) million during the three and nine months ended September 30, 2020, respectively.

(2) Other includes revenues from arrangements such as customer contract-related payments associated with volume shortfalls, royalties related to coal lease agreements, sales agency commissions, farm income and property and facility rentals.

The Company recorded revenue related to delivered coal to customers of approximately $923 million and $665 million during the three months ended September 30, 2021 and 2020, respectively, and approximately $2,327 million and $2,093 million during the nine months ended September 30, 2021 and 2020, respectively. Such amounts exclude unrealized and realized gains and losses on derivative contracts related to forecasted sales and certain other revenues unrelated to delivered coal.

Committed Revenue from Contracts with Customers

The Company expects to recognize revenue subsequent to September 30, 2021 of approximately $4.6 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at September 30, 2021. Approximately 42% of such amount is expected to be recognized over the next twelve months and the remainder thereafter. Actual revenue related to such contracts may differ materially for various reasons, including price adjustment features for coal quality and cost escalations, volume optionality provisions and potential force majeure events. This estimate of future revenue does not include any revenue related to contracts with variable prices per ton that cannot be reasonably estimated, such as the majority of seaborne metallurgical and seaborne thermal coal contracts where pricing is negotiated or settled quarterly or annually.

Accounts Receivable

“Accounts receivable, net” at September 30, 2021 and December 31, 2020 consisted of the following:


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Trade receivables, net	$	237.2	$	180.9
Miscellaneous receivables, net	38.8		63.9
Accounts receivable, net	$	276.0	$	244.8

Trade receivables, net included no allowance for credit losses as of both September 30, 2021 and December 31, 2020. Miscellaneous receivables, net included no allowance for credit losses as of both September 30, 2021 and December 31, 2020. Charges for credit losses of less than $0.1 million were recognized during the nine months ended September 30, 2021. No charges for credit losses were recognized during the three months ended September 30, 2021 and 2020 or during the nine months ended September 30, 2020.