Equity Method Investments

6 Months Ended

Jun. 30, 2022

Equity Method Investment, Summarized Financial Information [Abstract]

Equity Method Investments

Equity Method Investments

The Company had total equity method investments and financing receivables of $12.3 million and $62.2 million reflected in “Investments and other assets” in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively, related to Middlemount Coal Pty Ltd (Middlemount). Included in “(Income) loss from equity affiliates” in the unaudited condensed consolidated statements of operations was income related to Middlemount of $49.5 million and $95.2 million during the three and six months ended June 30, 2022, respectively, and losses of $3.5 million and $4.4 million during the three and six months ended June 30, 2021, respectively.

The Company received cash payments from Middlemount of $143.2 million and $2.3 million during the six months ended June 30, 2022 and 2021, respectively.

One of the Company’s Australian subsidiaries is party to an agreement to provide a revolving loan to Middlemount. The Company’s participation in the revolving loan will not, at any time, exceed its 50% equity interest of the revolving loan limit, which was $50 million Australian dollars at June 30, 2022. The revolving loan bears interest at 10% per annum and expires on December 31, 2023. There was no outstanding revolving loan at June 30, 2022 or December 31, 2021.