Segment Information

3 Months Ended

Mar. 31, 2022

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, defined as our Chief Executive Officer, uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance and allocate resources.

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,
	2022		2021
	(Dollars in millions)
Revenue:
Seaborne Thermal Mining	$	251.2	$	176.4
Seaborne Metallurgical Mining	321.3		87.5
Powder River Basin Mining	251.2		228.4
Other U.S. Thermal Mining	203.1		149.3
Corporate and Other	(335.4)		9.7
Total	$	691.4	$	651.3
Adjusted EBITDA:
Seaborne Thermal Mining	$	90.5	$	28.5
Seaborne Metallurgical Mining	181.0		(22.4)
Powder River Basin Mining	7.6		30.1
Other U.S. Thermal Mining	50.0		36.2
Corporate and Other	(1.6)		(11.3)
Total	$	327.5	$	61.1

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

	Three Months Ended March 31,
	2022		2021
	(Dollars in millions)
Loss from continuing operations, net of income taxes	$	(119.8)	$	(77.7)
Depreciation, depletion and amortization	72.9		68.3
Asset retirement obligation expenses	15.0		15.9
Restructuring charges	1.6		2.1
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates	(0.6)		(1.5)
Interest expense	39.4		52.4
Net loss (gain) on early debt extinguishment	23.5		(3.5)
Interest income	(0.5)		(1.5)
Unrealized losses on derivative contracts related to forecasted sales	301.0		1.9
Unrealized (gains) losses on foreign currency option contracts	(3.3)		7.6
Take-or-pay contract-based intangible recognition	(0.7)		(1.1)
Income tax benefit	(1.0)		(1.8)
Adjusted EBITDA	$	327.5	$	61.1