XML 41 R26.htm IDEA: XBRL DOCUMENT v3.24.3
Commitments and Contingent Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Benefit Liabilities
The following table summarizes the discount rate utilized, active claims and the total black lung liability as of September 30, 2024 and December 31, 2023. The black lung liability as of September 30, 2024 has been adjusted to remove the liability for claims assumed by the DCMWC when the Company received the regulatory exemption noted above. The black lung liability as of September 30, 2024 represents the population of existing claims the Company remains responsible for valued utilizing the actuarial assumptions as of December 31, 2023, including the discount rate, as we do not believe there are facts and circumstances that could materially alter the retained amount of black lung liabilities. Our independent actuarial consultants will calculate the present value of the current claims population during the fourth quarter of 2024.
September 30, 2024December 31, 2023
(Dollars in millions)
Discount rate(1)
4.5 %4.5 %
Active claims53 311 
Total black lung liability, discounted(2)
$14.4 $58.2 
Total black lung liability, undiscounted$27.1 $96.0 
(1)The discount rate is determined based on a portfolio of high-quality corporate bonds with maturities that are consistent with the estimated duration of our black lung obligations. A decrease of 25 basis points in the discount rate would have increased black lung expense by $0.4 million at September 30, 2024 and $1.4 million at December 31, 2023.
(2)The current portion of the black lung liability was $1.2 million at September 30, 2024 and $5.9 million at December 31, 2023, and is included in accrued liabilities on the Consolidated Balance Sheets.
The following table reconciles the expected aggregate undiscounted amount to amounts recognized in the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
(Dollars in millions)
Black lung liability, undiscounted$27.1 $96.0 
Impact of discounting(12.7)(37.8)
Black lung liability, discounted$14.4 $58.2 
The following table summarizes the annual black lung payments and (benefit) expense:
September 30, 2024December 31, 2023
(Dollars in millions)
Payments(1)
$39.7 $5.4 
(Benefit) expense(2)
(4.1)5.5 
(1)Payments for the nine months ended September 30, 2024 represent $3.7 million of black lung benefit payments made by the Company and the $36.0 million payment made to the DCMWC related to the regulatory exemption detailed above.
(2)The benefit for the nine months ended September 30, 2024 includes $5.4 million of accretion expense of the black lung liability and a $9.5 million gain related to the regulatory exemption detailed above. The $9.5 million gain is included in selling, general and administrative expense on the Consolidated Statement of Income.
Schedule of Other Commitments
The following table represents expected payments for each of the five succeeding years and the aggregate amount thereafter as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
(Dollars in millions)
2024$0.5 $5.0 
20251.2 3.9 
20261.4 4.4 
20270.7 4.0 
20280.6 3.8 
2029-Thereafter22.7 74.9 
Total$27.1 $96.0