Revenue Recognition

9 Months Ended

Sep. 30, 2023

Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, for the Company’s policies regarding “Revenue” and “Accounts receivable, net.”

Disaggregation of Revenue

Revenue by product type and market is set forth in the following tables. With respect to its seaborne reporting segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.


	Three Months Ended September 30, 2023
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	31.3	$	—	$	313.3	$	227.1	$	—	$	571.7
Export	265.9		—		—		—		—		265.9
Total thermal	297.2		—		313.3		227.1		—		837.6
Metallurgical coal

Export	—		246.0		—		—		—		246.0
Total metallurgical	—		246.0		—		—		—		246.0
Other (2)	0.2		1.0		(0.3)		1.1		(6.7)		(4.7)
Revenue	$	297.4	$	247.0	$	313.0	$	228.2	$	(6.7)	$	1,078.9


	Three Months Ended September 30, 2022
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	44.8	$	—	$	290.2	$	259.8	$	—	$	594.8
Export	308.3		—		—		—		—		308.3
Total thermal	353.1		—		290.2		259.8		—		903.1
Metallurgical coal

Export	—		309.9		—		—		—		309.9
Total metallurgical	—		309.9		—		—		—		309.9
Other (2)	0.1		0.8		0.3		1.6		126.7		129.5
Revenue	$	353.2	$	310.7	$	290.5	$	261.4	$	126.7	$	1,342.5


	Nine Months Ended September 30, 2023
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	100.7	$	—	$	878.1	$	673.2	$	—	$	1,652.0
Export	942.2		—		—		—		—		942.2
Total thermal	1,042.9		—		878.1		673.2		—		2,594.2
Metallurgical coal

Export	—		904.8		—		—		—		904.8
Total metallurgical	—		904.8		—		—		—		904.8
Other (2)	0.5		3.1		(0.1)		4.3		204.9		212.7
Revenue	$	1,043.4	$	907.9	$	878.0	$	677.5	$	204.9	$	3,711.7


	Nine Months Ended September 30, 2022
	Seaborne Thermal		Seaborne Metallurgical		Powder River Basin		Other U.S. Thermal		Corporate and Other (1)		Consolidated
	(Dollars in millions)
Thermal coal
Domestic	$	125.0	$	—	$	771.6	$	682.5	$	—	$	1,579.1
Export	833.7		—		—		1.0		—		834.7
Total thermal	958.7		—		771.6		683.5		—		2,413.8
Metallurgical coal

Export	—		1,161.2		—		—		—		1,161.2
Total metallurgical	—		1,161.2		—		—		—		1,161.2
Other (2)	0.6		4.6		(0.2)		5.9		(230.1)		(219.2)
Revenue	$	959.3	$	1,165.8	$	771.4	$	689.4	$	(230.1)	$	3,355.8

(1) Corporate and Other includes the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in millions)
Unrealized gains (losses) on derivative contracts related to forecasted sales	$	—	$	90.4	$	159.0	$	(235.1)
Realized losses on derivative contracts related to forecasted sales	—		(117.4)		(80.9)		(308.0)
Revenue from physical sale of coal (3)	(10.4)		150.7		97.4		294.0
Trading revenue	(0.1)		0.3		—		10.7
Other (2)	3.8		2.7		29.4		8.3
Total Corporate and Other	$	(6.7)	$	126.7	$	204.9	$	(230.1)

(2) Includes revenue from arrangements such as customer contract-related payments associated with volume shortfalls; royalties related to coal lease agreements; sales agency commissions; farm income; property and facility rentals; and revenue related to the Company’s assignment of rights to its excess port and rail capacity.

(3) Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business as part of settling certain derivative contracts. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.

Accounts Receivable

“Accounts receivable, net” at September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023		December 31, 2022
	(Dollars in millions)
Trade receivables, net	$	294.1	$	416.3
Miscellaneous receivables, net	54.3		49.2
Accounts receivable, net	$	348.4	$	465.5

None of the above receivables included allowances for credit losses at September 30, 2023 or December 31, 2022. No charges for credit losses were recognized during the three and nine months ended September 30, 2023 or 2022.