Segment Information

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Revenues:
Seaborne Thermal Mining	$	260.7	$	163.0	$	631.2	$	526.1
Seaborne Metallurgical Mining	179.5		78.8		388.0		363.6
Powder River Basin Mining	247.1		264.8		724.1		737.2
Other U.S. Thermal Mining	184.6		179.8		496.0		524.1
Corporate and Other	(192.9)		(15.4)		(185.6)		(7.1)
Total	$	679.0	$	671.0	$	2,053.7	$	2,143.9
Adjusted EBITDA:
Seaborne Thermal Mining	$	104.4	$	35.3	$	204.3	$	118.1
Seaborne Metallurgical Mining	57.4		(27.3)		8.6		(96.1)
Powder River Basin Mining	37.0		78.3		112.6		143.0
Other U.S. Thermal Mining	45.1		51.6		125.6		123.0
Corporate and Other	45.2		(42.5)		21.2		(132.4)
Total	$	289.1	$	95.4	$	472.3	$	155.6

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Loss from continuing operations, net of income taxes	$	(59.6)	$	(64.8)	$	(160.3)	$	(1,739.4)
Depreciation, depletion and amortization	77.9		72.2		223.3		266.5
Asset retirement obligation expenses	14.3		14.3		45.3		46.0
Restructuring charges	1.7		8.1		5.9		31.1
Transaction costs related to joint ventures	—		6.0		—		23.1
Asset impairment	—		—		—		1,418.1
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates	(6.4)		(0.5)		(8.4)		(1.6)
Interest expense	45.5		34.9		143.3		102.3
Net gain on early debt extinguishment	(16.0)		—		(31.3)		—
Interest income	(1.4)		(1.6)		(4.2)		(7.1)
Net mark-to-market adjustment on actuarially determined liabilities	—		13.0		—		13.0
Unrealized losses on derivative contracts related to forecasted sales	238.4		16.1		264.0		11.3
Unrealized (gains) losses on foreign currency option contracts	(0.6)		(0.7)		8.2		(3.6)
Take-or-pay contract-based intangible recognition	(1.0)		(1.5)		(3.2)		(6.8)
Income tax (benefit) provision	(3.7)		(0.1)		(10.3)		2.7
Adjusted EBITDA	$	289.1	$	95.4	$	472.3	$	155.6