Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The Company has determined that its two underground mining operations are its operating segments. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: i) nature of products and services; ii) nature of production processes; iii) type or class of customer for their products and services; iv) methods used to distribute the products or provide services; and v) if applicable, the nature of the regulatory environment.

The Company has determined that the two operating segments are similar in both quantitative and qualitative characteristics and thus the two operating segments have been aggregated into one reportable segment. The Company has determined that its natural gas and royalty businesses and other unallocated activities did not meet the criteria in ASC 280 to be considered as operating or reportable segments. Therefore, the Company has included their results in an “all other” category as a reconciling item to consolidated amounts.

The Company does not allocate all of its assets, or its depreciation and depletion expense, selling, general and administrative expenses, other post-retirement benefits, transactions costs, restructuring costs, interest expense, reorganization items, net and income tax expense by segment.

The following tables include reconciliations of segment information to consolidated amounts (in thousands):

 

	For the years ended December 31,
	2021		2020		2019
Revenues
Mining	$	1,028,283	$	761,871	$	1,235,998
All other	30,933		20,867		32,311
Total revenues	$	1,059,216	$	782,738	$	1,268,309

 

	For the years ended December 31,
	2021		2020		2019
Capital Expenditures
Mining	$	55,344	$	78,015	$	100,768
All other	2,549		9,473		6,510
Total capital expenditures	$	57,893	$	87,488	$	107,278

 The Company evaluates the performance of its segment based on Segment Adjusted EBITDA, which is defined as net income (loss) adjusted for other revenues, cost of other revenues, depreciation and depletion, selling, general and administrative, other postretirement benefits, and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA does not represent and should not be considered as an alternative to cost of sales under GAAP and may not be comparable to other similarly titled measures used by other companies. Below is a reconciliation of Segment Adjusted EBITDA to net income (loss), which is its most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands): 

	For the years ended December 31,
	2021		2020		2019
Segment Adjusted EBITDA	$	474,001	$	136,701	$	515,253
Other revenues	30,933		20,867		32,311
Cost of other revenues	(28,899)		(33,736)		(29,828)
Depreciation and depletion	(141,418)		(118,092)		(97,330)
Selling, general and administrative	(35,593)		(32,879)		(37,014)
Business interruption	(21,372)		—		—
Idle mine	(33,899)		—		—
Loss on early extinguishment of debt	(9,678)		—		(9,756)
Other income	1,291		3,544		22,815
Interest expense, net	(35,389)		(32,310)		(29,335)
Income tax (expense) benefit	(49,096)		20,144		(65,417)
Net income (loss)	$	150,881	$	(35,761)	$	301,699