Revenue Recognition

3 Months Ended

Mar. 31, 2022

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, 2021, for the Company’s policies regarding “Revenue” and “Accounts receivable, net.”

Disaggregation of Revenue

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 March 31, 2022
	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	$	40.4	$	—	$	251.5	$	199.9	$	—	$	491.8
Export	210.5		—		—		—		—		210.5
Total thermal	250.9		—		251.5		199.9		—		702.3
Metallurgical coal

Export	—		318.0		—		—		—		318.0
Total metallurgical	—		318.0		—		—		—		318.0
Other (2)	0.3		3.3		(0.3)		3.2		(335.4)		(328.9)
Revenue	$	251.2	$	321.3	$	251.2	$	203.1	$	(335.4)	$	691.4


	Three Months Ended March 31, 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	$	44.1	$	—	$	228.4	$	146.8	$	—	$	419.3
Export	131.9		—		—		—		—		131.9
Total thermal	176.0		—		228.4		146.8		—		551.2
Metallurgical coal

Export	—		86.6		—		—		—		86.6
Total metallurgical	—		86.6		—		—		—		86.6
Other (2)	0.4		0.9		—		2.5		9.7		13.5
Revenue	$	176.4	$	87.5	$	228.4	$	149.3	$	9.7	$	651.3

(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 $290.2 million and $4.9 million during the three months ended March 31, 2022 and 2021, respectively. Refer to Note 7. “Derivatives and Fair Value Measurements” for additional information. Also included in Corporate and Other revenue is revenue with customers of $19.0 million and $17.9 million during the three months ended March 31, 2022 and 2021, respectively.

(2) Other includes revenue 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 $1,039 million and $656 million during the three months ended March 31, 2022 and 2021, respectively. Such amounts exclude unrealized and realized gains and losses on derivative contracts related to forecasted sales and certain other revenue unrelated to delivered coal.

Committed Revenue from Contracts with Customers

The Company expects to recognize revenue subsequent to March 31, 2022 of approximately $5.1 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at March 31, 2022. Approximately 48% 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 March 31, 2022 and December 31, 2021 consisted of the following:


	March 31, 2022		December 31, 2021
	(Dollars in millions)
Trade receivables, net	$	323.4	$	307.0
Miscellaneous receivables, net	34.0		43.5
Accounts receivable, net	$	357.4	$	350.5

None of the above receivables included allowances for credit losses at March 31, 2022 or December 31, 2021. No charges for credit losses were recognized during the three months ended March 31, 2022 or 2021.