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Business Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment Information
12. Business Segment Information
The Company reports its business through three reportable segments: Domestic Coke, Brazil Coke and Logistics. The Domestic Coke segment includes the Jewell, Indiana Harbor, Haverhill, Granite City and Middletown cokemaking facilities. Each of these facilities produces coke, and all facilities except Jewell recover waste heat, which is converted to steam or electricity.
The Brazil Coke segment includes the licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil, under which we operate a cokemaking facility located in Vitória, Brazil through January 2028.
Logistics operations are comprised of Convent Marine Terminal (“CMT”), Kanawha River Terminal (“KRT”), and Lake Terminal, which provides services to our Indiana Harbor cokemaking facility. Handling and mixing results are presented in the Logistics segment.
Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, which is not a reportable segment, but which also includes activity from our legacy coal mining business.
Segment assets are those assets utilized within a specific segment.
The following table includes Adjusted EBITDA reportable segments, as defined below, which is a measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance:
 
Three Months Ended September 30,Nine Months Ended September 30,
 
2024202320242023
 (Dollars in millions)
Sales and other operating revenue:
Domestic Coke$459.9 $495.7 $1,361.0 $1,460.4 
Brazil Coke8.8 9.1 26.2 25.8 
Logistics21.4 15.6 62.2 56.4 
Logistics intersegment sales6.0 5.6 17.8 16.9 
Elimination of intersegment sales(6.0)(5.6)(17.8)(16.9)
Total sales and other operating revenues$490.1 $520.4 $1,449.4 $1,542.6 
Adjusted EBITDA reportable segments:
Domestic Coke$58.1 $64.0 $177.4 $192.6 
Brazil Coke2.5 2.2 7.4 6.9 
Logistics13.7 8.4 38.9 33.6 
Total Adjusted EBITDA reportable segments$74.3 $74.6 $223.7 $233.1 
Depreciation and amortization expense:
Domestic Coke$24.6 $32.1 $79.9 $97.1 
Brazil Coke0.1 0.1 0.2 0.2 
Logistics3.3 3.2 9.6 9.7 
Total reportable segments$28.0 $35.4 $89.7 $107.0 
Corporate and Other0.1 0.1 0.4 0.2 
Total depreciation and amortization expense$28.1 $35.5 $90.1 $107.2 
Capital expenditures:
Domestic Coke$12.3 $32.6 $43.3 $80.8 
Brazil Coke0.1 — 0.1 0.2 
Logistics2.6 1.4 4.2 3.3 
Total reportable segments$15.0 $34.0 $47.6 $84.3 
Corporate and Other0.1 0.1 0.5 0.2 
Total capital expenditures$15.1 $34.1 $48.1 $84.5 
The following table sets forth the Company's segment assets:
September 30, 2024December 31, 2023
(Dollars in millions)
Segment assets:
Domestic Coke$1,366.1 $1,405.5 
Brazil Coke9.6 11.9 
Logistics156.8 158.4 
Total reportable segments$1,532.5 $1,575.8 
Corporate and Other116.7 83.2 
Total assets, excluding tax assets$1,649.2 $1,659.0 
Tax assets5.6 1.4 
Total assets$1,654.8 $1,660.4 
The Company evaluates the performance of its segments based on Adjusted EBITDA reportable segments, which is defined as earnings before interest, taxes, depreciation and amortization, adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, transaction costs, and/or corporate/other expenses (“Adjusted EBITDA reportable
segments”). Management believes Adjusted EBITDA reportable segments is an important measure in assessing operating performance. Additionally, other companies may calculate Adjusted EBITDA reportable segments differently than we do, limiting its usefulness as a comparative measure.
Reconciliation of Adjusted EBITDA Reportable Segments to Net Income
Below is a reconciliation of Adjusted EBITDA reportable segments to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (Dollars in millions)
Net income$33.3 $8.5 $77.7 $48.2 
Add:
Depreciation and amortization expense28.1 35.5 90.1 107.2 
Interest expense, net5.7 6.6 17.8 21.0 
Income tax expense8.2 14.6 20.9 29.7 
Transaction costs(1)
— 0.2 0.2 0.4 
Corporate and Other(1.0)9.2 17.0 26.6 
Adjusted EBITDA reportable segments$74.3 $74.6 $223.7 $233.1 
(1)Costs incurred as part of the granulated pig iron project with U.S. Steel.