Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S. Thermal and Corporate and Other. The Company’s CODM, defined as its 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 income 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 this non-GAAP performance measure is also used by investors to measure the Company’s operating performance. 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,
	2024		2023
	(Dollars in millions)
Revenue:
Seaborne Thermal	$	283.9	$	346.5
Seaborne Metallurgical	247.0		288.4
Powder River Basin	254.1		305.3
Other U.S. Thermal	191.6		249.4
Corporate and Other	7.0		174.4
Total	$	983.6	$	1,364.0
Adjusted EBITDA:
Seaborne Thermal	$	93.8	$	164.0
Seaborne Metallurgical	48.3		90.8
Powder River Basin	16.4		35.8
Other U.S. Thermal	46.5		64.2
Corporate and Other	(44.5)		35.8
Total	$	160.5	$	390.6

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

	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Income from continuing operations, net of income taxes	$	45.7	$	284.1
Depreciation, depletion and amortization	79.8		76.3
Asset retirement obligation expenses	12.9		15.4
Restructuring charges	0.1		0.1
Asset impairment	—		2.0
Provision for NARM loss	1.8		—
Changes in amortization of basis difference related to equity affiliates	(0.4)		(0.3)
Interest expense	14.7		18.4
Net loss on early debt extinguishment	—		6.8
Interest income	(19.2)		(13.1)
Unrealized gains on derivative contracts related to forecasted sales	—		(118.7)
Unrealized losses on foreign currency option contracts	5.7		2.2
Take-or-pay contract-based intangible recognition	(0.7)		(0.6)
Income tax provision	20.1		118.0
Adjusted EBITDA	$	160.5	$	390.6