Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Compensation Related Costs [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The components of net periodic benefit cost other than the service cost component for black lung are included in the line item miscellaneous expense, net in the Condensed Consolidated Statements of Operations.

Pension

The following table details the components of the net periodic benefit cost for pension obligations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest cost	$	6,066	$	6,028	$	11,815	$	11,986
Expected return on plan assets	(4,713)		(5,514)		(10,455)		(10,998)
Amortization of net actuarial loss	566		228		864		365
Net periodic benefit cost	$	1,919	$	742	$	2,224	$	1,353

During the three months ended June 30, 2024, an annual census data actuarial revaluation of pension obligations was performed, which resulted in an increase in the liability for pension obligations of approximately $12,135 with the offset to

accumulated other comprehensive loss and a slight increase in net periodic benefit cost to be recognized subsequent to the revaluation date. An annual census data actuarial revaluation of pension obligations was also performed during the three months ended June 30, 2023, which resulted in an increase in the liability for pension obligations of approximately $3,630 with the offset to accumulated other comprehensive loss and a slight increase in net periodic benefit cost to be recognized subsequent to the revaluation date.

The expected long-term rate of return on assets of the pension plan is utilized for the determination of the net periodic benefit cost. During the three months ended June 30, 2024, the Company updated the expected long-term rate of return on plan assets from 6.20% to 5.70% based on a weighted basis of the beginning and more recently assumed rate as the pension plan’s target allocation was updated to 50% equity securities and 50% fixed income funds in the interim period.

The Company expects to pay $12,320 in minimum required contributions to the pension plan in 2024.

Black Lung

The following table details the components of the net periodic benefit cost for black lung obligations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Service cost	$	601	$	513	$	1,202	$	1,026
Interest cost	1,307		1,165		2,614		2,330
Expected return on plan assets	(13)		(13)		(26)		(26)
Amortization of net actuarial loss (gain)	721		(708)		1,442		(1,416)
Net periodic benefit cost	$	2,616	$	957	$	5,232	$	1,914

Defined Contribution and Profit Sharing Plans

During the three months ended June 30, 2024, the Company’s matching contributions under the Alpha Metallurgical Resources 401(k) Retirement Savings Plan were suspended due to weak market conditions at that time.