Note 11 - Revenue

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

REVENUE.

NOTE 11—REVENUES

Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contracts are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either a fixed price or a price derived against index-based pricing mechanisms. Sales completed with

delivery to an export terminal are reported as export revenue. Disaggregated information about our revenue is presented below:

	Year ended December 31,
(In thousands)	2023		2022		2021
Coal Sales
North American revenue	$	227,484	$	328,322	$	143,946
Export revenue, excluding Canada		466,040		237,366		139,448
Total revenue	$	693,524	$	565,688	$	283,394

Fourth quarter 2023 revenue that can be derived from the Company’s periodic filings includes a $1.3 million upward adjustment to revenue related to performance obligations that were satisfied in the previous quarter. Fourth quarter 2022 revenue that can be derived from the Company’s periodic filings includes a $2.8 million downward adjustment to revenue related to performance obligations that were satisfied in the previous quarter. These adjustments were due to true-ups of previous estimates for provisional pricing provisions.

As of December 31, 2023, the Company had outstanding performance obligations of approximately 1.4 million tons for contracts with fixed sales prices averaging $166 per ton and 2.1 million additional tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 88% of the committed tons in 2024 and the remainder in 2025. Variable amounts, including index-based prices, have not been estimated for the purpose of disclosing remaining performance obligations as permitted under the revenue recognition guidance when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.

Sales into individual foreign countries equaling or exceeding 10% of our total revenues included Germany and Canada, each of which represented 14% of 2023 revenues, as well as Brazil, which represented 10% of 2023 revenues. Sales into Canada and South Africa were 12% and 10%, respectively, of 2022 revenues. The Company used the final export destination of the goods as the basis for these disclosures.