Revenue Recognition

3 Months Ended

Mar. 31, 2024

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, 2023, 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 reporting 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, 2024
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	40.6	$	—	$	254.1	$	178.0	$	—	$	472.7
Export	243.1		—		—		—		—		243.1
Total thermal	283.7		—		254.1		178.0		—		715.8
Metallurgical coal

Export	—		244.0		—		—		—		244.0
Total metallurgical	—		244.0		—		—		—		244.0
Other (2)	0.2		3.0		—		13.6		7.0		23.8
Revenue	$	283.9	$	247.0	$	254.1	$	191.6	$	7.0	$	983.6


	Three Months Ended March 31, 2023
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	37.5	$	—	$	305.0	$	247.9	$	—	$	590.4
Export	308.8		—		—		—		—		308.8
Total thermal	346.3		—		305.0		247.9		—		899.2
Metallurgical coal

Export	—		287.2		—		—		—		287.2
Total metallurgical	—		287.2		—		—		—		287.2
Other (2)	0.2		1.2		0.3		1.5		174.4		177.6
Revenue	$	346.5	$	288.4	$	305.3	$	249.4	$	174.4	$	1,364.0

(1) Corporate and Other includes the following:


	Three Months Ended March 31,
		2024		2023
		(Dollars in millions)
Unrealized gains on derivative contracts related to forecasted sales		$	—	$	118.7
Realized losses on derivative contracts related to forecasted sales		—		(50.6)
Revenue from physical sale of coal (3)		2.1		84.5

Other (2)		4.9		21.8
Total Corporate and Other		$	7.0	$	174.4

(2) 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; property and facility rentals; and revenue related to the Company’s assignment of rights to its excess port and rail capacity.

(3) Includes revenue 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 March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024		December 31, 2023
	(Dollars in millions)
Trade receivables, net	$	273.6	$	322.3
Miscellaneous receivables, net	69.5		67.4
Accounts receivable, net	$	343.1	$	389.7

None of the above receivables included allowances for credit losses at March 31, 2024 or December 31, 2023. No charges for credit losses were recognized during the three months ended March 31, 2024 or 2023.