Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Business Segment Information

The following table includes Adjusted EBITDA reportable segments, as defined below, which is a measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(Dollars in millions)
Sales and other operating revenue:
Domestic Coke	$	495.7	$	487.7	$	1,460.4	$	1,371.8
Brazil Coke	9.1		8.9		25.8		27.9
Logistics	15.6		20.2		56.4		58.8
Logistics intersegment sales	5.6		7.4		16.9		22.2
Elimination of intersegment sales	(5.6)		(7.4)		(16.9)		(22.2)
Total sales and other operating revenues	$	520.4	$	516.8	$	1,542.6	$	1,458.5

Adjusted EBITDA reportable segments:
Domestic Coke	$	64.0	$	76.6	$	192.6	$	216.9
Brazil Coke	2.2		3.3		6.9		11.4
Logistics	8.4		12.9		33.6		38.0
Total Adjusted EBITDA reportable segments	$	74.6	$	92.8	$	233.1	$	266.3

Depreciation and amortization expense:
Domestic Coke	$	32.1	$	31.7	$	97.1	$	94.9
Brazil Coke	0.1		—		0.2		0.1
Logistics	3.2		3.7		9.7		10.9
Total reportable segments	$	35.4	$	35.4	$	107.0	$	105.9
Corporate and Other	0.1		0.3		0.2		0.8
Total depreciation and amortization expense	$	35.5	$	35.7	$	107.2	$	106.7

Capital expenditures:
Domestic Coke	$	32.6	$	20.6	$	80.8	$	51.8
Brazil Coke	—		—		0.2		0.1
Logistics	1.4		0.5		3.3		3.2
Total reportable segments	$	34.0	$	21.1	$	84.3	$	55.1
Corporate and Other	0.1		0.6		0.2		0.6
Total capital expenditures	$	34.1	$	21.7	$	84.5	$	55.7

The following table sets forth the Company's segment assets:


	September 30, 2023		December 31, 2022

	(Dollars in millions)
Segment assets:
Domestic Coke	$	1,443.0	$	1,422.6
Brazil Coke	10.6		15.7
Logistics(1)	160.7		193.5
Total reportable segments	$	1,614.3	$	1,631.8
Corporate and Other	64.9		22.8
Total assets	$	1,679.2	$	1,654.6

(1)Logistics segment assets included $21.7 million of DRT assets as of December 31, 2022, which are included in the Domestic Coke segment in 2023.

Schedule of Reconciliation of Adjusted EBITDA (Unaudited) to Net Income

Below is a reconciliation of Adjusted EBITDA reportable segments to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in millions)


Net income	$	8.5	$	42.5	$	48.2	$	92.1
Add:
Depreciation and amortization expense	35.5		35.7		107.2		106.7
Interest expense, net	6.6		8.0		21.0		24.3
Income tax expense (benefit)	14.6		(2.9)		29.7		14.3
Transaction costs(1)	0.2		0.4		0.4		1.4
Corporate and Other expenses	9.2		9.1		26.6		27.5
Adjusted EBITDA reportable segments	$	74.6	$	92.8	$	233.1	$	266.3

(1)Costs incurred as part of the granulated pig iron project with U.S. Steel.