Other Events

6 Months Ended

Jun. 30, 2023

Other Events [Abstract]

Other Events

Other Events

Share Repurchases

During the three months ended June 30, 2023, the Company repurchased approximately 8.9 million shares of its common stock for $184.2 million, including commission fees. Of this amount, $11.2 million related to repurchases which settled subsequent to June 30, 2023. The Company recognized excise taxes of $1.6 million related to the repurchases, which were unpaid at June 30, 2023. The Company includes commission fees and excise taxes, as incurred, with the cost of treasury stock. Subsequent to June 30, 2023, the Company repurchased an additional 3.1 million shares for $67.0 million.

North Antelope Rochelle Mine Tornado

On June 23, 2023, the Company’s North Antelope Rochelle Mine sustained damage from a tornado which led to a temporary suspension of operations. The mine resumed operations on June 25, 2023. During the three and six months ended June 30, 2023, the Company recorded a provision for loss of $5.0 million related to the tornado damage. The provision includes $4.0 million for materials and supplies inventories and $1.0 million for buildings and equipment. This provision represents the best estimate of potential loss based on the assessments made to date. The Company continues to assess the loss and anticipates that incremental repair costs will be recorded in future periods.

Shoal Creek Incident

On March 29, 2023, the Company’s Shoal Creek Mine experienced a fire involving void fill material utilized to stabilize the roof structure of the mine. On June 20, 2023, the Company announced that the Shoal Creek Mine, in coordination with the Mine Safety and Health Administration, had safely completed localized sealing of the affected area of the mine. Development coal production has been resumed in a new area of the mine.

During the three and six months ended June 30, 2023, the Company recorded a provision for loss of $28.7 million related to the fire. The provision includes $17.8 million related to longwall development and other costs and $10.9 million for equipment deemed inoperable within the affected area of the mine.

Port and Rail Capacity Assignment

During the six months ended June 30, 2023, the Company entered into an agreement to assign the right to its excess port and rail capacity related to its North Goonyella Mine to an unrelated party in exchange for $30.0 million Australian dollars. Half of such amount was received by the Company upon entry into the agreement, and half is payable in June 2024, subject to certain conditions. In connection with the transaction, the Company recorded revenue of $19.2 million during the six months ended June 30, 2023 and had a discounted receivable of $9.3 million included in “Accounts receivable, net” as of June 30, 2023.