v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal.
The Company’s chief operating decision maker (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. Adjusted EBITDA is a non-GAAP financial measure defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments’ operating performance, as displayed in the reconciliations below. Management believes this non-GAAP measure is used by investors to measure the Company’s operating performance. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Reportable segment results were as follows:
Three Months Ended March 31, 2026
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. ThermalReportable Segment Totals
 (Dollars in millions)
Revenue$197.5 $283.0 $289.5 $184.5 $954.5 
Less Significant Segment Expenses:
Labor costs35.7 71.2 60.1 51.3 
Repair costs29.4 64.5 36.6 32.4 
Outside services23.2 101.6 38.3 32.7 
Commodities expense21.1 13.2 50.9 22.9 
Sales related costs39.5 69.0 63.8 11.9 
Other expenses (1)
0.1 (29.5)16.1 (4.5)
Adjusted EBITDA48.5 (7.0)23.7 37.8 103.0 
Additions to property, plant, equipment and mine development8.6 55.0 15.4 5.2 84.2 
Three Months Ended March 31, 2025
Seaborne ThermalSeaborne MetallurgicalPowder River BasinOther U.S. ThermalReportable Segment Totals
 (Dollars in millions)
Revenue$265.1 $220.1 $275.6 $168.7 $929.5 
Less Significant Segment Expenses:
Labor costs35.1 55.0 49.8 50.2 
Repair costs24.8 47.0 31.5 34.1 
Outside services26.8 72.1 31.1 35.8 
Commodities expense19.1 13.4 38.7 19.5 
Sales related costs54.6 54.0 75.3 10.0 
Other expenses (1)
20.5 (34.6)12.9 (13.8)
Adjusted EBITDA84.2 13.2 36.3 32.9 166.6 
Additions to property, plant, equipment and mine development8.5 53.2 3.9 4.6 70.2 
(1)    Other expenses primarily include lease expense, non-sales related taxes, insurance expense and joint facility charges; offset by credits related to the capitalization of costs to the condensed consolidated balance sheet.
Total assets are reflected at the division level only for the Company’s reportable segments and are not allocated between each individual reportable segment as such information is not regularly reviewed by the Company’s CODM. Further, some assets service more than one reportable segment within the division and an allocation of such assets would not be meaningful or representative on a reportable segment by reportable segment basis. Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category.
The following table presents total assets at the division level:
March 31, 2026December 31, 2025
(Dollars in millions)
Seaborne$2,537.4 $2,543.4 
U.S. Thermal1,318.1 1,301.7 
Corporate and Other1,854.5 1,962.1 
Total assets$5,710.0 $5,807.2 
A reconciliation of reportable segment totals follows:
Three Months Ended March 31,
20262025
 (Dollars in millions)
Revenue from reportable segments$954.5 $929.5 
Reconciling items
Corporate and Other18.87.5
Revenue$973.3 $937.0 
Adjusted EBITDA from reportable segments$103.0 $166.6 
Reconciling items
Corporate and Other (1)
(20.5)(22.6)
Depreciation, depletion and amortization(109.5)(92.1)
Asset retirement obligation expenses(13.6)(13.6)
Restructuring charges(1.1)(1.7)
Costs related to terminated acquisition(3.0)(2.4)
Changes in amortization of basis difference related to equity affiliates0.6 0.6 
Interest expense, net of capitalized interest(10.7)(11.5)
Interest income13.1 15.4 
Unrealized gains on foreign currency option contracts0.3 4.3 
Take-or-pay contract-based intangible recognition— 0.2 
(Loss) income from continuing operations before incomes taxes$(41.4)$43.2 
Additions to property, plant, equipment and mine development from reportable segments$84.2 $70.2 
Reconciling items
Corporate and Other1.20.2
Additions to property, plant, equipment and mine development$85.4 $70.4 
(1)    Corporate and Other includes selling and administrative expenses, results from equity method investments, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites, the impact of foreign currency remeasurement and certain commercial matters.