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Segment Information | Segment Information The Company extracts, processes and markets met and thermal coal from surface and deep mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central and Northern Appalachia. As of March 31, 2020, the Company has three reportable segments: CAPP - Met, CAPP - Thermal, and NAPP. CAPP - Met consists of five active mines and two preparation plants in Virginia, sixteen active mines and five preparation plants in West Virginia, as well as expenses associated with certain idled/closed mines. CAPP - Thermal consists of four active mines and two preparation plants in West Virginia, as well as expenses associated with certain idled/closed mines. NAPP consists of one active mine in Pennsylvania and one preparation plant, as well as expenses associated with one closed mine. Prior to the third quarter of 2019, the Company had four reportable segments: CAPP - Met, CAPP - Thermal, NAPP, and Trading and Logistics. As a result of the changes in key operating personnel during the third quarter of 2019 including changes to the Company’s Chief Operating Decision Maker (“CODM”), the Company was required to re-evaluate its previous conclusions with respect to its segment reporting during the period. To conform to the current period reportable segments presentation, the prior periods have been restated to reflect the change in reportable segments. In addition to the three reportable segments, the All Other category includes general corporate overhead and corporate assets and liabilities and the elimination of certain intercompany activity. The operating results of these reportable segments are regularly reviewed by the CODM, who is the Chief Executive Officer of the Company. Segment operating results and capital expenditures for the three months ended March 31, 2020 were as follows:
Segment operating results and capital expenditures for the three months ended March 31, 2019 were as follows:
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2020:
(1) Asset impairment for the three months ended March 31, 2020 includes a long-lived asset impairment related to asset groups recorded within the CAPP - Met and CAPP - Thermal reporting segments. Refer to Note 8 for further information. (2) Management restructuring costs are related to severance expense associated with senior management changes in the three months ended March 31, 2020. The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2019:
(1) The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019. (2) During the three months ended March 31, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083. No asset information has been provided for these reportable segments as the CODM does not regularly review asset information by reportable segment. The Company markets produced, processed and purchased coal to customers in the United States and in international markets, primarily India, Brazil, Netherlands, France, and Italy. Export coal revenues were the following:
(1) The amounts for the three months ended March 31, 2020 include $55,985 and $50,580 of export coal revenues from external customers in India and Brazil, respectively, recorded within the CAPP - Met, CAPP - Thermal, and NAPP segments. The amounts for the three months ended March 31, 2019 include $125,598 of export coal revenues from external customers in India recorded within the CAPP - Met and CAPP - Thermal segments. Revenue is tracked within the Company’s accounting records based on the product destination. |