Revenue Recognition

6 Months Ended

Jun. 30, 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 June 30, 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	$	39.8	$	—	$	229.9	$	222.8	$	—	$	492.5
Export	314.9		—		—		1.0		—		315.9
Total thermal	354.7		—		229.9		223.8		—		808.4
Metallurgical coal

Export	—		533.3		—		—		—		533.3
Total metallurgical	—		533.3		—		—		—		533.3
Other (2)	0.2		0.5		(0.2)		1.1		(21.4)		(19.8)
Revenue	$	354.9	$	533.8	$	229.7	$	224.9	$	(21.4)	$	1,321.9


	Three Months Ended June 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	$	47.5	$	—	$	248.8	$	160.0	$	—	$	456.3
Export	146.4		—		—		1.2		—		147.6
Total thermal	193.9		—		248.8		161.2		—		603.9
Metallurgical coal

Export	—		120.4		—		—		—		120.4
Total metallurgical	—		120.4		—		—		—		120.4
Other (2)	0.2		0.6		(0.2)		0.9		(2.4)		(0.9)
Revenue	$	194.1	$	121.0	$	248.6	$	162.1	$	(2.4)	$	723.4


	Six Months Ended June 30, 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	$	80.2	$	—	$	481.4	$	422.7	$	—	$	984.3
Export	525.4		—		—		1.0		—		526.4
Total thermal	605.6		—		481.4		423.7		—		1,510.7
Metallurgical coal

Export	—		851.3		—		—		—		851.3
Total metallurgical	—		851.3		—		—		—		851.3
Other (2)	0.5		3.8		(0.5)		4.3		(356.8)		(348.7)
Revenue	$	606.1	$	855.1	$	480.9	$	428.0	$	(356.8)	$	2,013.3


	Six Months Ended June 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	$	91.6	$	—	$	477.2	$	306.8	$	—	$	875.6
Export	278.3		—		—		1.2		—		279.5
Total thermal	369.9		—		477.2		308.0		—		1,155.1
Metallurgical coal


Export	—		207.0		—		—		—		207.0
Total metallurgical	—		207.0		—		—		—		207.0
Other (2)	0.6		1.5		(0.2)		3.4		7.3		12.6
Revenue	$	370.5	$	208.5	$	477.0	$	311.4	$	7.3	$	1,374.7

(1) Corporate and Other includes the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in millions)
Unrealized loss on derivative contracts related to forecasted sales	$	(24.5)	$	(23.7)	$	(325.5)	$	(25.6)
Realized loss on derivative contracts related to forecasted sales	(122.6)		(7.1)		(190.6)		(15.0)
Revenue from physical sale of coal (3)	122.0		23.2		143.3		41.1
Trading revenue	0.3		1.4		10.4		0.7
Other (2)	3.4		3.8		5.6		6.1
Total Corporate and Other	$	(21.4)	$	(2.4)	$	(356.8)	$	7.3

(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.

(3) Includes revenues recognized upon the physical sale of coal purchased from the Company’s operating segments, and sold to customers through the Company’s coal trading business as part of settling certain derivative contracts. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.

Accounts Receivable

“Accounts receivable, net” at June 30, 2022 and December 31, 2021 consisted of the following:


	June 30, 2022		December 31, 2021
	(Dollars in millions)
Trade receivables, net	$	491.0	$	307.0
Miscellaneous receivables, net	39.4		43.5
Accounts receivable, net	$	530.4	$	350.5

None of the above receivables included allowances for credit losses at June 30, 2022 or December 31, 2021. No charges for credit losses were recognized during the three and six months ended June 30, 2022 or 2021.