Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 24, 2023 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-13105 | |
Entity Registrant Name | Arch Resources, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-0921172 | |
Entity Address, Address Line One | One CityPlace Drive | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63141 | |
City Area Code | 314 | |
Local Phone Number | 994-2700 | |
Title of 12(b) Security | Common stock, $.01 par value | |
Trading Symbol | ARCH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 18,674,130 | |
Amendment Flag | false | |
Entity Central Index Key | 0001037676 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Income Statements | ||
Revenues | $ 869,931 | $ 867,936 |
Costs, expenses and other operating | ||
Cost of sales (exclusive of items shown separately below) | 571,737 | 508,225 |
Depreciation, depletion and amortization | 35,479 | 32,210 |
Accretion on asset retirement obligations | 5,292 | 4,430 |
Change in fair value of coal derivatives, net | (1,462) | 15,519 |
Selling, general and administrative expenses | 26,022 | 26,648 |
Other operating income, net | (3,707) | (3,439) |
Costs, expenses and other operating | 633,361 | 583,593 |
Income from operations | 236,570 | 284,343 |
Interest expense, net | ||
Interest expense | (4,126) | (7,047) |
Interest and investment income | 3,336 | 24 |
Interest expense, net | (790) | (7,023) |
Income before nonoperating expenses | 235,780 | 277,320 |
Nonoperating expense | ||
Non-service related pension and postretirement benefit credits (costs) | 592 | (873) |
Net loss resulting from early retirement of debt | (1,126) | (4,120) |
Nonoperating expenses | (534) | (4,993) |
Income before income taxes | 235,246 | 272,327 |
Provision for income taxes | 37,138 | 455 |
Net income | $ 198,108 | $ 271,872 |
Net income per common share | ||
Basic earnings per share (in dollars per share) | $ 11.05 | $ 17.60 |
Diluted earnings per share (in dollars per share) | $ 10.02 | $ 12.89 |
Weighted average shares outstanding | ||
Basic weighted average shares outstanding (in shares) | 17,924 | 15,448 |
Diluted weighted average shares outstanding (in shares) | 19,784 | 21,271 |
Dividends declared per common share (in dollars per share) | $ 3.11 | $ 0.25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Net income | $ 198,108 | $ 271,872 |
Derivative instruments | ||
Comprehensive income before tax | 1,763 | |
Other comprehensive income, derivative instruments, net of tax | 1,763 | |
Pension, postretirement and other post-employment benefits | ||
Comprehensive loss before tax | (2,895) | (522) |
Provision for income taxes | 636 | |
Other comprehensive loss, pension, postretirement and other post-employment benefits, net of tax | (2,259) | (522) |
Available-for-sale securities | ||
Comprehensive (loss) income before tax | (15) | 182 |
Provision for income taxes | 3 | |
Other comprehensive (loss) income, available-for-sale securities, net of tax | (12) | 182 |
Total other comprehensive (loss) income | (2,271) | 1,423 |
Total comprehensive income | $ 195,837 | $ 273,295 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 189,739 | $ 236,059 |
Short-term investments | 32,116 | 36,993 |
Restricted cash | 1,100 | 1,100 |
Trade accounts receivable (net of $0 allowance at March 31, 2023 and December 31, 2022) | 295,157 | 236,999 |
Other receivables | 18,560 | 18,301 |
Inventories | 271,155 | 223,015 |
Other current assets | 55,089 | 71,384 |
Total current assets | 862,916 | 823,851 |
Property, plant and equipment, net | 1,182,351 | 1,187,028 |
Other assets | ||
Deferred income taxes | 174,561 | 209,470 |
Equity investments | 19,142 | 17,267 |
Fund for asset retirement obligations | 137,134 | 135,993 |
Other noncurrent assets | 56,555 | 59,499 |
Total other assets | 387,392 | 422,229 |
Total assets | 2,432,659 | 2,433,108 |
Current Liabilities | ||
Accounts payable | 176,953 | 211,848 |
Accrued expenses and other current liabilities | 120,180 | 157,043 |
Current maturities of debt | 37,405 | 57,988 |
Total current liabilities | 334,538 | 426,879 |
Long-term debt | 110,899 | 116,288 |
Asset retirement obligations | 237,142 | 235,736 |
Accrued pension benefits | 1,089 | 1,101 |
Accrued postretirement benefits other than pension | 51,770 | 49,674 |
Accrued workers' compensation | 153,870 | 155,756 |
Other noncurrent liabilities | 79,357 | 82,094 |
Total liabilities | 968,665 | 1,067,528 |
Stockholders' equity | ||
Common stock, $0.01 par value, authorized 300,000 shares, issued 30,074 and 28,761 shares at March 31, 2023 and December 31, 2022, respectively | 301 | 288 |
Paid-in capital | 703,712 | 724,660 |
Retained earnings | 1,705,988 | 1,565,374 |
Treasury stock, 11,338 and 11,207 shares at March 31, 2023 and December 31, 2022, respectively, at cost | (1,005,165) | (986,171) |
Accumulated other comprehensive income | 59,158 | 61,429 |
Total stockholders' equity | 1,463,994 | 1,365,580 |
Total liabilities and stockholders' equity | $ 2,432,659 | $ 2,433,108 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets | ||
Trade accounts receivable, allowance | $ 0 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, shares issued (in shares) | 30,074 | 28,761 |
Treasury stock, shares (in shares) | 11,338 | 11,207 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 198,108 | $ 271,872 |
Adjustments to reconcile to cash from operating activities: | ||
Depreciation, depletion and amortization | 35,479 | 32,210 |
Accretion on asset retirement obligations | 5,292 | 4,430 |
Deferred income taxes | 35,548 | |
Employee stock-based compensation expense | 6,767 | 8,203 |
Amortization relating to financing activities | 450 | 770 |
Gain on disposals and divestitures, net | (279) | (352) |
Reclamation work completed | (3,887) | (4,278) |
Contribution to fund for asset retirement obligations | (1,141) | (20,000) |
Changes in: | ||
Receivables | (57,968) | (399) |
Inventories | (48,140) | (47,263) |
Accounts payable, accrued expenses and other current liabilities | (63,508) | 14,115 |
Income taxes, net | 1,491 | 442 |
Coal derivative assets and liabilities, including margin account | (1,462) | 15,833 |
Other | 19,371 | 17,356 |
Cash provided by operating activities | 126,121 | 292,939 |
Investing activities | ||
Capital expenditures | (30,541) | (22,288) |
Minimum royalty payments | (113) | |
Proceeds from disposals and divestitures | 343 | 360 |
Purchases of short-term investments | (2,930) | |
Proceeds from sales of short-term investments | 8,000 | 14,450 |
Investments in and advances to affiliates, net | (4,329) | (2,088) |
Cash used in investing activities | (29,570) | (9,566) |
Financing activities | ||
Payments on term loan due 2024 | (750) | (271,537) |
Payments on convertible debt | (58,430) | |
Net payments on other debt | (12,647) | (10,134) |
Dividends paid | (66,902) | (3,851) |
Purchases of treasury stock | (20,806) | |
Payments for taxes related to net share settlement of equity awards | (27,055) | (4,827) |
Proceeds from warrants exercised | 43,719 | 506 |
Cash used in financing activities | (142,871) | (289,843) |
Decrease in cash and cash equivalents, including restricted cash | (46,320) | (6,470) |
Cash and cash equivalents, including restricted cash, beginning of period | 237,159 | 326,295 |
Cash and cash equivalents, including restricted cash, end of period | 190,839 | 319,825 |
Cash and cash equivalents, including restricted cash, end of period | ||
Cash and cash equivalents | 189,739 | 318,725 |
Restricted Cash | 1,100 | 1,100 |
Cash and cash equivalents, including restricted cash | $ 190,839 | $ 319,825 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income | Total |
Beginning Balance at Dec. 31, 2021 | $ 255 | $ 784,356 | $ 712,478 | $ (827,381) | $ 14,158 | $ 683,866 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of accounting change on convertible debt | (39,239) | 6,718 | (32,521) | |||
Dividends on common shares | (4,271) | (4,271) | ||||
Employee stock-based compensation | 8,203 | 8,203 | ||||
Issuance of shares of common stock under long-term incentive plan | 1 | 1 | ||||
Common stock withheld related to net share settlement of equity awards | (4,827) | (4,827) | ||||
Issuance of shares of common stock for warrants exercised | 506 | 506 | ||||
Total comprehensive income | 271,872 | 1,423 | 273,295 | |||
Ending Balance at Mar. 31, 2022 | 256 | 748,999 | 986,797 | (827,381) | 15,581 | 924,252 |
Beginning Balance at Dec. 31, 2022 | 288 | 724,660 | 1,565,374 | (986,171) | 61,429 | 1,365,580 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends on common shares | (55,140) | (55,140) | ||||
Dividend Equivalents earned on RSU grants | 120 | (2,354) | (2,234) | |||
Purchase of common stock under share repurchase program | (13) | (18,994) | (19,007) | |||
Employee stock-based compensation | 6,767 | 6,767 | ||||
Cash paid for convertible debt repurchased | (44,486) | (44,486) | ||||
Issuance of shares of common stock under long-term incentive plan | 3 | 3 | ||||
Common stock withheld related to net share settlement of equity awards | (27,055) | (27,055) | ||||
Issuance of shares of common stock for warrants exercised | 10 | 43,719 | 43,729 | |||
Total comprehensive income | 198,108 | (2,271) | 195,837 | |||
Ending Balance at Mar. 31, 2023 | $ 301 | $ 703,712 | $ 1,705,988 | $ (1,005,165) | $ 59,158 | $ 1,463,994 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements of Stockholders' Equity | ||
Dividends (in dollars per share) | $ 0.25 | |
Purchase of shares of common stock under share repurchase program | 131,156 | |
Issuance of shares of common stock under long-term incentive plan (in shares) | 275,053 | 71,338 |
Issuance of shares of common stock for warrants exercised (in shares) | 1,037,679 | 13,239 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation | |
Basis of Presentation | 1. The accompanying unaudited condensed consolidated financial statements include the accounts of Arch Resources, Inc. (“Arch Resources”) and its subsidiaries and controlled entities (“Arch” or the “Company”). Unless the context indicates otherwise, the terms “Arch” and the “Company” are used interchangeably in this Quarterly Report on Form 10-Q. The Company’s primary business is the production of metallurgical and thermal coal from underground and surface mines located throughout the United States, for sale to steel producers, utility companies, and industrial accounts both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Wyoming and Colorado. All subsidiaries are wholly owned. Intercompany transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies | |
Accounting Policies | 2. Recently Adopted Accounting Guidance There is no recently adopted accounting guidance effective expected to have a material impact on the Company’s financial position, results of operations, or liquidity. Recent Accounting Guidance Issued Not Yet Effective There are no new pronouncements issued but not yet effective expected to have a material impact on the Company’s financial position, results of operations, or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss). | |
Accumulated Other Comprehensive Income (Loss) | 3. The following items are included in accumulated other comprehensive income (loss) (“AOCI”), net of tax: Pension, Postretirement Accumulated and Other Post- Other Derivative Employment Available-for- Comprehensive Instruments Benefits Sale Securities Income (loss) (In thousands) Balances at December 31, 2022 $ — $ 61,485 $ (56) $ 61,429 Unrealized (losses) — — (37) (37) Amounts reclassified from accumulated other comprehensive income (loss) — (2,895) 22 (2,873) Tax effect — 636 3 639 Balances at March 31, 2023 $ — $ 59,226 $ (68) $ 59,158 The following amounts were reclassified out of AOCI: Three Months Ended March 31, Line Item in the Consolidated Details About AOCI Components 2023 2022 Income Statements (In thousands) Interest rate hedges — (112) Interest expense Interest rate hedges (ineffective portion) — (1,428) Net loss resulting from early retirement of debt — — Provision for income taxes $ — $ (1,540) Net of tax Pension, postretirement and other post-employment benefits Amortization of actuarial gains, net 1 $ 2,858 $ 627 Non-service related pension and postretirement benefit credits Amortization of prior service credits (costs) 37 (105) Non-service related pension and postretirement benefit credits (costs) 2,895 522 Total before tax (636) — Provision for income taxes $ 2,259 $ 522 Net of tax Available-for-sale securities 2 $ (22) $ (182) Interest and investment income 5 — Provision for income taxes $ (17) $ (182) Net of tax 1 2 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventories | |
Inventories | 4. Inventories consist of the following: March 31, December 31, 2023 2022 (In thousands) Coal $ 128,919 $ 96,954 Repair parts and supplies 142,236 126,061 $ 271,155 $ 223,015 The repair parts and supplies are stated net of an allowance for slow-moving and obsolete inventories of $2.6 million at March 31, 2023 and $2.4 million at December 31, 2022. |
Investments in Available-for-Sa
Investments in Available-for-Sale Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments in Available-for-Sale Securities | |
Investments in Available-for-Sale Securities | 5. The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income. The Company’s investments in available-for-sale marketable securities are as follows: March 31, 2023 Gross Allowance Unrealized for - Credit Fair Cost Basis Gains Losses Losses Value (In thousands) Available-for-sale: U.S. government and agency securities $ 25,408 $ — $ (20) $ — $ 25,388 Corporate notes and bonds 6,745 13 (30) — 6,728 Total Investments $ 32,153 $ 13 $ (50) $ — $ 32,116 December 31, 2022 Gross Allowance Unrealized for - Credit Fair Cost Basis Gains Losses Losses Value (In thousands) Available-for-sale: U.S. government and agency securities $ 28,325 $ 1 $ (25) $ — $ 28,301 Corporate notes and bonds 8,689 20 (17) — 8,692 Total Investments $ 37,014 $ 21 $ (42) $ — $ 36,993 The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $16.6 million and $22.6 million at March 31, 2023 and December 31, 2022, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was million at March 31, 2023 and December 31, 2022, respectively. The unrealized losses in the Company’s portfolio at March 31, 2023 are the result of normal market fluctuations. The Company does not intend to sell these investments before recovery of their amortized cost base. The debt securities outstanding at March 31, 2023 have maturity dates ranging from the second quarter of 2023 through the first quarter of 2024.The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations if needed. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivatives | |
Derivatives | 6. Diesel fuel price risk management The Company is exposed to price risk with respect to diesel fuel purchased for use in its operations. The Company anticipates purchasing approximately 30 to 35 million gallons of diesel fuel for use in its operations during 2023. To protect the Company’s cash flows from increases in the price of diesel fuel for its operations, the Company has purchased heating oil call options. At March 31, 2023, the Company had protected the price of expected diesel fuel purchases for the remainder of 2023 with approximately per gallon. These positions are not designated as hedges for accounting purposes, and therefore, changes in the fair value are recorded immediately to earnings. Coal price risk management positions The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market or on an exchange in order to manage its exposure to coal prices. The Company has exposure to the risk of fluctuating coal prices related to forecasted, index-priced sales or purchases of coal or to the risk of changes in the fair value of a fixed price physical sales contract. Certain derivative contracts may be designated as hedges of these risks. At March 31, 2023, the Company held derivatives for risk management purposes that are expected to settle in the following years: (Tons in thousands) 2023 Coal sales 26 Coal purchases — Tabular derivatives disclosures The Company has master netting agreements with all of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company’s credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the Condensed Consolidated Balance Sheets. The amounts shown in the table below represent the fair value position of individual contracts, and not the net position presented in the accompanying Condensed Consolidated Balance Sheets. The fair value and location of derivatives reflected in the accompanying Condensed Consolidated Balance Sheets are as follows: March 31, 2023 December 31, 2022 Fair Value of Derivatives Asset Liability Asset Liability (In thousands) Derivative Derivative Derivative Derivative Derivatives Not Designated as Hedging Instruments Heating oil -- diesel purchases 1,101 — 1,300 — Coal -- risk management 2,869 — 1,407 — Total $ 3,970 $ — $ 2,707 $ — Total derivatives $ 3,970 $ — $ 2,707 $ — Effect of counterparty netting — — — — Net derivatives as classified in the balance sheets $ 3,970 $ — $ 3,970 $ 2,707 $ — $ 2,707 Fair Value of Derivatives March 31, December 31, (In thousands) 2023 2022 Net derivatives as reflected on the balance sheets (in thousands) Heating Oil and coal Other current assets $ 3,970 $ 2,707 Coal Accrued expenses and other current liabilities — — $ 3,970 $ 2,707 At March 31, 2023, the current open derivative positions are non-margined. The effects of derivatives on measures of financial performance are as follows: Derivatives Not Designated as Hedging Instruments (in thousands) Three Months Ended March 31, Gain (Loss) Recognized Gain (Loss) Recognized 2023 2022 Coal risk management — unrealized (1) $ 1,462 $ (15,519) Coal risk management— realized (2) $ 2,667 $ (9,074) Heating oil — diesel purchases (2) $ (1,282) $ 6,801 Location in Condensed Consolidated Income Statements: (1) — Change in fair value of coal derivatives, net (2) — Other operating expense (income), net At March 31, 2023 and December 31, 2022, the Company did not have any derivative contracts designated as hedging instruments. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Accrued Expenses and Other Current Liabilities | 7. Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2023 2022 (In thousands) Payroll and employee benefits $ 31,014 $ 61,836 Taxes other than income taxes 44,357 53,105 Interest 1,247 2,511 Workers’ compensation 19,187 17,584 Asset retirement obligations 8,632 8,632 Other 15,743 13,375 $ 120,180 $ 157,043 |
Debt and Financing Arrangements
Debt and Financing Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Debt and Financing Arrangements | |
Debt and Financing Arrangements | 8. March 31, December 31, 2023 2022 (In thousands) Term loan due 2024 ($5.8 million face value) $ 5,752 $ 6,502 Tax Exempt Bonds ($98.1 million face value) 98,075 98,075 Convertible Debt — 13,156 Other 46,825 59,472 Debt issuance costs (2,348) (2,929) 148,304 174,276 Less: current maturities of debt 37,405 57,988 Long-term debt $ 110,899 $ 116,288 Term Loan Facility In 2017, the Company entered into a senior secured term loan credit agreement in an aggregate principal amount of $300 million (the “Term Loan Debt Facility”) with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and the other financial institutions from time to time party thereto. The Term Loan Debt Facility was issued at 99.50% of the face amount and will mature on March 7, 2024. The term loan provided under the Term Loan Debt Facility (the “Term Loan”) are subject to quarterly principal amortization payments in an amount equal to $750,000 . The interest rate on the Term Loan Debt Facility is, at the option of Arch Resources, either (i) LIBOR plus an applicable margin of The Term Loan Debt Facility is guaranteed by all existing and future wholly owned domestic subsidiaries of the Company (collectively, the “Subsidiary Guarantors” and, together with Arch Resources, the “Loan Parties”), subject to customary exceptions, and is secured by first priority security interests on substantially all assets of the Loan Parties, including 100% of the voting equity interests of directly owned domestic subsidiaries and 65% of the voting equity interests of directly owned foreign subsidiaries, subject to customary exceptions. During the year ended December 31, 2022, the Company repaid $273.8 million of the Term Loan. The remaining balance of $5.8 million, as of March 31, 2023, was left as certain terms and conditions governing the Term Loan are incorporated into the Company’s outstanding indebtedness. Accounts Receivable Securitization Facility On August 3, 2022, the Company amended and extended its existing trade accounts receivable securitization facility provided to Arch Receivable Company, LLC, a special-purpose entity that is a wholly owned subsidiary of Arch Resources (“Arch Receivable”) (the “Securitization Facility”), which supports the issuance of letters of credit and requests for cash advances. The amendment to the Securitization Facility increased the size of the facility from $110 million to $150 million of borrowing capacity and extended the maturity date to August 1, 2025. Under the Securitization Facility, Arch Receivable, Arch Resources and certain of Arch Resources’ subsidiaries party to the Securitization Facility have granted to the administrator of the Securitization Facility a first priority security interest in eligible trade accounts receivable generated by such parties from the sale of coal and all proceeds thereof. As of March 31, 2023, letters of credit totaling Inventory-Based Revolving Credit Facility On August 3, 2022, Arch Resources amended the senior secured inventory-based revolving credit facility in an aggregate principal amount of $50 million (the “Inventory Facility”). Availability under the Inventory Facility is subject to a borrowing base consisting of (i) 85% of the net orderly liquidation value of eligible coal inventory, plus (ii) the lesser of (x) 85% of the net orderly liquidation value of eligible parts and supplies inventory and (y) 35% of the amount determined pursuant to clause (i), plus (iii) 100% of Arch Resources’ Eligible Cash (defined in the Inventory Facility), subject to reduction for reserves imposed by Regions. The amendment of the Inventory Facility extended the maturity of the facility to August 3, 2025; maintained the minimum Liquidity requirement of $100 million and included provisions that reduce the advance rates for coal inventory and parts and supplies, depending on “liquidity.” The Inventory Facility contains certain customary affirmative and negative covenants; events of default, subject to customary thresholds and exceptions; and representations, including certain cash management and reporting requirements that are customary for asset-based credit facilities. The Inventory Facility also includes a requirement to maintain liquidity equal to or exceeding $100 million at all times. As of March 31, 2023, letters of credit totaling $26.2 million were outstanding under the facility with $23.8 million available for borrowings. Equipment Financing On March 4, 2020, the Company entered into an equipment financing arrangement accounted for as debt. The Company received million in exchange for conveying an interest in certain equipment in operation at its Leer mine and entered into a master lease arrangement for that equipment. The financing arrangement contains customary terms and events of default and provides for maturing on March 4, 2024. Upon maturity, all interests in the subject equipment will revert back to the Company. On July 29, 2021, the Company entered into an additional equipment financing arrangement accounted for as debt. The Company received maturing on February 1, 2025. Upon maturity, the Company will have the option to purchase the equipment. Tax Exempt Bonds On July 2, 2020, the West Virginia Economic Development Authority (the “Issuer”) issued $53.1 million aggregate principal amount of Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2020 (the “Tax Exempt Bonds”) pursuant to an Indenture of Trust dated as of June 1, 2020 (the “Indenture of Trust”) between the Issuer and Citibank, N.A., as trustee (the “Trustee”). On March 4, 2021, the Issuer issued an additional million of Series 2021 Tax Exempt Bonds. The proceeds of the Tax Exempt Bonds were loaned to the Company pursuant to a Loan Agreement dated as of June 1, as supplemented by a First Amendment to Loan Agreement dated as of March 1, 2021 (collectively, the “Loan Agreement”), each between the Issuer and the Company. The Tax Exempt Bonds are payable solely from payments to be made by the Company under the Loan Agreement as evidenced by a Note from the Company to the Trustee. The proceeds of the Tax Exempt Bonds have been used to finance certain costs of the acquisition, construction, reconstruction, and equipping of solid waste disposal facilities at the Company’s Leer South development, and for capitalized interest and certain costs related to issuance of the Tax Exempt Bonds. The Tax Exempt Bonds bear interest payable each January 1 and July 1, commencing January 1, 2021 for the Series 2020 and July 1, 2021 for the Series 2021, and have a final maturity of July 1, 2045; however, the Tax Exempt Bonds are subject to mandatory tender on July 1, 2025 at a purchase price equal to 100% of the principal amount of the Tax Exempt Bonds, plus accrued interest to July 1, 2025. The Series 2020 and Series 2021 Tax Exempt Bonds bear interest of Convertible Debt On November 3, 2020, the Company issued $155.3 million in aggregate principal amount of 5.25% convertible senior notes due 2025 (“Convertible Notes ” or “Convertible Debt”). The net proceeds from the issuance of the Convertible Notes, after deducting offering related costs of $5.1 million and cost of a “Capped Call Transaction” as defined below of $17.5 million, were approximately $132.7 million. The Convertible Notes bear interest at the annual rate of 5.25%, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021, and will mature on November 15, 2025, unless earlier converted, redeemed or repurchased by the Company. During the three months ended March 31, 2023, the Company repurchased the remaining Convertible Notes for the principal amount of $13.2 million with aggregate consideration consisting of $58.4 million in cash. In connection with the repurchase for the three months ended March 31, 2023, the Company recognized a total loss of $1.1 million. This amount is included as “Net loss resulting from early retirement of debt” in the accompanying Condensed Consolidated Income Statements. Total interest expense related to the Convertible Debt for the three months ended March 31, 2023 was less than $0.1 million. Total interest expense related to the Convertible Debt for the three months ended March 31, 2022 was million related to the amortization of deferred financing fees. Capped Call Transactions In connection with the offering of the Convertible Notes, the Company entered into privately negotiated convertible note hedge transactions (collectively, the “Capped Call Transactions”). The Capped Call Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially underlie the Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution and/or offset any cash payments the Company is required to make in excess of the principal amount due upon conversion of the Convertible Notes in the event that the market price of the Company’s common stock is greater than the strike price of the Capped Call Transactions, which was initially $37.325 per share and the initial cap price was $52.255 per share. The initial call and cap prices are subject to adjustments under the terms of the underlying capped call agreements, including for various transactions such as the payment of dividends. The initial number of shares underlying the Capped Call Transactions is As of March 31, 2023, the Capped Call Transactions remain outstanding and have an intrinsic value of $62.1 million. The Capped Call Transactions are separate transactions, in each case entered into between the Company and the respective Option Counterparty, and are not part of the terms of the Convertible Notes and will not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions. Additionally, the cost of the Capped Call Transactions is not expected to be tax deductible as the Company did not elect to integrate the Capped Call Transactions into the notes for tax purposes. As the Capped Call Transactions meet certain accounting criteria, they were classified as equity and are not accounted for as derivatives. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes | |
Taxes | 9. The Company's effective tax rate for three months ended March 31, 2023 is based on its estimated full year effective tax rate, adjusted for discrete items. The effective tax rate for the three months ended March 31, 2023 was 15.8%. The effective tax rate for the three months ended March 31, 2023 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion and discrete tax benefits related to equity compensation. For the three months ended March 31, 2022, the Company's effective tax rate was 0.2%. The effective tax rate for the three months ended March 31, 2022 was impacted by the valuation allowance the Company maintained against its deferred tax assets until the fourth quarter of 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 10. The hierarchy of fair value measurements assigns a level to fair value measurements based on the inputs used in the respective valuation techniques. The levels of the hierarchy, as defined below, give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. ● Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets. Level 1 assets include U.S. Treasury securities, and coal swaps and futures that are submitted for clearing on the New York Mercantile Exchange. ● Level 2 is defined as observable inputs other than Level 1 prices. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include U.S. government agency securities, coal commodity contracts, and interest rate swaps with fair values derived from quoted prices in over-the-counter markets or from prices received from direct broker quotes. ● Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. These include the Company’s commodity option contracts (heating oil) valued using modeling techniques, such as Black-Scholes, that require the use of inputs, particularly volatility, that are rarely observable. The table below sets forth, by level, the Company’s financial assets and liabilities that are recorded at fair value in the accompanying Condensed Consolidated Balance Sheet: March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investments in marketable securities $ 32,116 $ 25,388 $ 6,728 $ — Derivatives 4,628 — 3,527 1,101 Fund for asset retirement obligations 137,134 137,134 — — Total assets $ 173,878 $ 162,522 $ 10,255 $ 1,101 Liabilities: Derivatives $ — $ — $ — $ — The Company’s contracts with its counterparties allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. For classification purposes, the Company records the net fair value of all the positions with these counterparties as a net asset or liability. Each level in the table above displays the underlying contracts according to their classification in the accompanying Condensed Consolidated Balance Sheet, based on this counterparty netting. The Company has contributed $137.1 million to a fund that will serve to defease the long-term asset retirement obligation for its thermal asset base; this amount is recorded as “Fund for asset retirement obligations” on the Consolidated Balance Sheets. The funds are invested in highly rated securities, such as U.S. Treasuries, which fall within Level 1 of the fair value hierarchy. The funds will only be utilized for final mine closure reclamation activities. The following table summarizes the change in fair values of financial instruments categorized as Level 3. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (In thousands) Balance, beginning of period $ 1,300 $ 1,219 Realized and unrealized gains (losses) recognized in earnings, net (1,282) 6,490 Purchases 1,575 998 Settlements (492) (160) Ending balance $ 1,101 $ 8,547 Fair Value of Long-Term Debt At March 31, 2023 and December 31, 2022, the fair value of the Company’s debt, including amounts classified as current, was $150.6 million and $223.0 million, respectively. Fair values are based upon observed prices in an active market, when available, or from valuation models using market information, which fall into Level 2 in the fair value hierarchy. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings per Common Share | |
Earnings per Common Share | 11. The Company computes basic net income per share using the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities may consist of warrants, restricted stock units, and convertible debt. The dilutive effect of outstanding warrants and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method whereas the Convertible Debt uses the if converted method. The following table provides the basic and diluted earnings per share by reconciling the numerators and denominators of the computations: Three Months Ended March 31, 2023 2022 (In Thousands) Net income attributable to common shares $ 198,108 $ 271,872 Adjustment of interest expense attributable to Convertible Notes 108 2,309 Diluted net income attributable to common stockholders 198,216 274,181 Basic weighted average shares outstanding 17,924 15,448 Effect of dilutive securities 1,524 1,651 Convertible Notes (a) 336 4,172 Diluted weighted average shares outstanding 19,784 21,271 (a) Diluted weighted average common shares outstanding includes the dilutive effect had the Company's Convertible Notes been converted at the beginning of the year ended December 31, 2023. If converted by the holder, the Company may settle in cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Capped Call Transaction is anti-dilutive and is excluded from the calculation of diluted earnings per share. |
Workers Compensation Expense
Workers Compensation Expense | 3 Months Ended |
Mar. 31, 2023 | |
Workers Compensation Expense | |
Workers' Compensation Expense | 12. The Company is liable under the Federal Mine Safety and Health Act of 1969, as subsequently amended, to provide for pneumoconiosis (occupational disease) benefits to eligible employees, former employees and dependents. The Company currently provides for federal claims principally through a self-insurance program. The Company is also liable under various state workers’ compensation statutes for occupational disease benefits. The occupational disease benefit obligation represents the present value of the actuarially computed present and future liabilities for such benefits over the employees’ applicable years of service. In October 2019, the Company filed an application with the Office of Workers’ Compensation Programs (“OWCP”) within the Department of Labor for reauthorization to self-insure federal black lung benefits. In February 2020, the Company received a reply from the OWCP confirming its status to remain self-insured contingent upon posting additional collateral of of receipt of the letter. The Company is currently appealing the ruling from the OWCP and has received an extension to self-insure during the appeal process. On January 18, 2023, the OWCP proposed revisions to regulations under the Black Lung Benefits Act (BLBA) governing authorization of self-insurers. The revisions seek to codify the practice of basing a self-insured operator’s security requirement on an actuarial assessment of its total present and future black lung liability. A material change to the regulations is the requirements that all self-insured operators must post security equal to The proposed regulations were posted to the Federal Register on January 19, 2023 with written comments to be accepted within 60 days of this date. Subsequently, the comment period was extended an additional 30 days. The revisions proposed by the OWCP were a material deviation from their bulletin issued in December 2020 that would have required the majority of coal operators to post security equal to 70% of their projected black lung liabilities, which equated to the Company posting additional collateral of $71.1 million as mentioned previously. If the above regulation is codified into law, the Company will be required to post additional collateral to maintain its self-insured status. The Company is evaluating alternatives to self-insurance, including the purchase of commercial insurance to cover these claims. Additionally, the Company is assessing the availability of surety bond capacity within the markets, additional sources of liquidity, and other items to satisfy the proposed regulations. In addition, the Company is liable for workers’ compensation benefits for traumatic injuries which are calculated using actuarially-based loss rates, loss development factors and discounted based on a risk free rate. Traumatic workers’ compensation claims are insured with varying retentions/deductibles, or through state-sponsored workers’ compensation programs. Workers’ compensation expense consists of the following components: Three Months Ended March 31, 2023 2022 (In thousands) Self-insured occupational disease benefits: Service cost $ 993 $ 1,498 Interest cost (1) 1,511 1,152 Net amortization (1) (241) 157 Total occupational disease $ 2,263 $ 2,807 Traumatic injury claims and assessments 1,690 2,056 Total workers’ compensation expense $ 3,953 $ 4,863 (1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.” |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Employee Benefit Plans | |
Employee Benefit Plans | 13. Employee Benefit Plans The following table details the components of pension benefit credit: Three Months Ended March 31, 2023 2022 (In thousands) Interest cost (1) $ 1,534 $ 1,093 Expected return on plan assets (1) (1,518) (1,432) Pension settlement (1) — — Amortization of prior service credits (1) (37) (53) Amortization of other actuarial losses (gains) (1) (195) — Net benefit credit $ (216) $ (392) The following table details the components of other postretirement benefit credit: Three Months Ended March 31, 2023 2022 (In thousands) Service cost $ 58 $ 71 Interest cost (1) 674 501 Amortization of other actuarial gains (1) (2,422) (627) Net benefit credit $ (1,690) $ (55) (1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.” In February 2022, the Board of Directors approved the termination of the Company’s Cash Balance Pension Plan. The Company has executed plan amendments regarding the termination and filed an Application for Determination for Terminating Pension Plan with the Internal Revenue Service ("IRS"), which was approved by the IRS during the first quarter of 2023. The Company also prepared and filed appropriate notices and documents related to the Pension Plan's termination and wind-down with the Pension Benefit Guaranty Corporation ("PBGC"). Anticipated distributions to participants are anticipated during the second half of 2023. In order to complete the termination of the plan, the Company anticipates making a final contribution to the plan of approximately $7.5 million. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 14. Commitments and Contingencies The Company accrues for costs related to contingencies when a loss is probable and the amount is reasonably determinable. Disclosure of contingencies is included in the financial statements when it is at least reasonably possible that a material loss or an additional material loss in excess of amounts already accrued may be incurred. The Company is a party to numerous claims and lawsuits with respect to various matters. The ultimate resolution of any such legal matter could result in outcomes that may be materially different from amounts the Company has accrued for such matters. The Company believes it has recorded adequate reserves for these matters. In the normal course of business, the Company is a party to certain financial instruments with off-balance sheet risk, such as bank letters of credit, performance or surety bonds, and other guarantees and indemnities related to the obligations of affiliated entities which are not reflected in the Company’s Condensed Consolidated Balance Sheets. However, the underlying liabilities that they secure, such as asset retirement obligations, workers’ compensation liabilities, and other obligations, are reflected in the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2023, the Company had outstanding surety bonds with a face amount of $544.2 million to secure various obligations and commitments and $68.0 million of letters of credit under its Securitization and Inventory Facilities used to collateralize certain obligations. The Company had posted million in cash collateral related to various obligations; this amount is recorded within “Other noncurrent assets” on the Condensed Consolidated Balance Sheets. As of March 31, 2023, the Company’s reclamation-related obligations of $245.8 million were supported by surety bonds of $456.1 million. The Company has posted million in cash collateral related to reclamation surety bonds. This amount is recorded within “Other noncurrent assets” on the Condensed Consolidated Balance Sheets. Additionally, in the first quarter of 2023, the Company contributed an additional million as of March 31, 2023. This amount is recorded as “Fund for asset retirement obligations” on the Condensed Consolidated Balance Sheets. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Segment Information | 15. The Company’s reportable business segments are based on two distinct lines of business, metallurgical and thermal, and may include a number of mine complexes. The Company manages its coal sales by market and coal quality, not by individual mining complex. Geology, coal transportation routes to customers, and regulatory environments also have a significant impact on the Company’s marketing and operations management. Mining operations are evaluated based on Adjusted EBITDA, per-ton cash operating costs (defined as including all mining costs except depreciation, depletion, amortization, accretion on asset retirement obligations, and pass-through transportation expenses, divided by segment tons sold), and on other non-financial measures, such as safety and environmental performance. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in understanding and assessing the Company’s financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles. The Company uses Adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments. Furthermore, analogous measures are used by industry analysts and investors to evaluate the Company’s operating performance. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The Company reports its results of operations primarily through the following reportable segments: Metallurgical (MET) segment, containing the Company’s metallurgical operations in West Virginia, and the Thermal segment containing the Company’s thermal operations in Wyoming and Colorado. Reporting segment results for the three months ended March 31, 2023 and 2022 are presented below. The Corporate, Other, and Eliminations grouping includes these charges: idle operations; change in fair value of coal derivatives, net; corporate overhead; land management activities; other support functions; and the elimination of intercompany transactions. Corporate, Other and (In thousands) MET Thermal Eliminations Consolidated Three Months Ended March 31, 2023 Revenues $ 536,172 $ 333,759 $ — $ 869,931 Adjusted EBITDA 263,057 46,255 (31,971) 277,341 Depreciation, depletion and amortization 27,853 7,408 218 35,479 Accretion on asset retirement obligation 615 4,314 363 5,292 Total assets 1,077,846 395,624 959,189 2,432,659 Capital expenditures 24,761 5,493 287 30,541 Three Months Ended March 31, 2022 Revenues $ 472,171 $ 395,765 $ — $ 867,936 Adjusted EBITDA 259,003 100,500 (38,520) 320,983 Depreciation, depletion and amortization 26,952 5,032 226 32,210 Accretion on asset retirement obligation 553 3,444 433 4,430 Total assets 1,001,734 227,009 922,142 2,150,885 Capital expenditures 17,580 4,002 706 22,288 A reconciliation of net income to adjusted EBITDA and segment Adjusted EBITDA from coal operations follows: Three Months Ended March 31, (In thousands) 2023 2022 Net income $ 198,108 $ 271,872 Provision for income taxes 37,138 455 Interest expense, net 790 7,023 Depreciation, depletion and amortization 35,479 32,210 Accretion on asset retirement obligations 5,292 4,430 Non-service related pension and postretirement benefit (credits) costs (592) 873 Net loss resulting from early retirement of debt 1,126 4,120 Adjusted EBITDA $ 277,341 $ 320,983 EBITDA from idled or otherwise disposed operations 4,032 2,390 Selling, general and administrative expenses 26,022 26,648 Other 1,917 9,482 Segment Adjusted EBITDA from coal operations $ 309,312 $ 359,503 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition | |
Revenue Recognition | 16. ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of goods or services, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its coal and customer relationships and provides meaningful disaggregation of each segment’s results. The Company has further disaggregated revenue between North America and Seaborne revenues which depicts the pricing and contract differences between the two. North America revenue is characterized by contracts with a term of one year or longer and typically the pricing is fixed; whereas Seaborne revenue generally is derived by spot or short term contracts with an index-based pricing mechanism. Corporate, Other and MET Thermal Eliminations Consolidated (in thousands) Three Months Ended March 31, 2023 North America revenues $ 71,407 $ 287,259 $ — $ 358,666 Seaborne revenues 464,765 46,500 — 511,265 Total revenues $ 536,172 $ 333,759 $ — $ 869,931 Three Months Ended March 31, 2022 North America revenues $ 3,651 $ 305,563 $ — $ 309,214 Seaborne revenues 468,520 90,202 — 558,722 Total revenues $ 472,171 $ 395,765 $ — $ 867,936 As of March 31, 2023, the Company has outstanding performance obligations for the remainder of 2023 of 53.4 million tons of fixed price contracts and 5.4 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2023 of approximately 73.5 million tons of fixed price contracts and 4.0 million tons of variable price contracts. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Leases | 17. The Company has operating and financing leases for mining equipment, office equipment, office space and transloading terminals with remaining lease terms ranging from less than one year to approximately four years. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, the Company calculated the “right-of-use” (“ROU”) assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date. As of March 31, 2023 and December 31, 2022, the Company had the following ROU assets and lease liabilities within the Company’s Condensed Consolidated Balance Sheets: March 31, December 31, 2023 2022 Assets Balance Sheet Classification Operating lease right-of-use assets Other noncurrent assets $ 11,448 $ 12,106 Financing lease right-of-use assets Other noncurrent assets 2,594 2,918 Total Lease Assets $ 14,042 $ 15,024 Liabilities Balance Sheet Classification Financing lease liabilities - current Accrued expenses and other current liabilities $ 993 $ 977 Operating lease liabilities - current Accrued expenses and other current liabilities 2,730 2,722 Financing lease liabilities - long-term Other noncurrent liabilities 2,866 3,121 Operating lease liabilities - long-term Other noncurrent liabilities 9,280 9,993 $ 15,869 $ 16,813 Weighted average remaining lease term in years Operating leases 3.89 4.14 Finance leases 2.00 2.25 Weighted average discount rate Operating leases 5.5% 5.5% Finance leases 6.4% 6.4% Information related to leases was as follows: Three Months Ended March 31, 2023 2022 Operating lease information: Operating lease cost $ 831 $ 831 Operating cash flows from operating leases 876 866 Financing lease information: Financing lease cost $ 393 $ 393 Operating cash flows from financing leases 303 303 Future minimum lease payments under non-cancellable leases as of March 31, 2023 were as follows: Operating Finance Year Leases Leases (In thousands) 2023 $ 2,480 $ 908 2024 3,200 1,210 2025 3,185 2,111 2026 3,080 — 2027 1,533 — Thereafter — — Total minimum lease payments $ 13,478 $ 4,229 Less imputed interest (1,468) (370) Total lease liabilities $ 12,010 $ 3,859 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Event. | |
Subsequent Event | 18. Subsequent Event On April 24, 2023, the Company announced the board approval of a quarterly dividend of $2.45 per share for stockholders of record on May 31, 2023, with a payment date of June 15, 2023. The dividend consists of a fixed component of |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and U.S. Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance There is no recently adopted accounting guidance effective expected to have a material impact on the Company’s financial position, results of operations, or liquidity. Recent Accounting Guidance Issued Not Yet Effective There are no new pronouncements issued but not yet effective expected to have a material impact on the Company’s financial position, results of operations, or liquidity. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss). | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Pension, Postretirement Accumulated and Other Post- Other Derivative Employment Available-for- Comprehensive Instruments Benefits Sale Securities Income (loss) (In thousands) Balances at December 31, 2022 $ — $ 61,485 $ (56) $ 61,429 Unrealized (losses) — — (37) (37) Amounts reclassified from accumulated other comprehensive income (loss) — (2,895) 22 (2,873) Tax effect — 636 3 639 Balances at March 31, 2023 $ — $ 59,226 $ (68) $ 59,158 |
Schedule of Comprehensive Income Reclassifications | Three Months Ended March 31, Line Item in the Consolidated Details About AOCI Components 2023 2022 Income Statements (In thousands) Interest rate hedges — (112) Interest expense Interest rate hedges (ineffective portion) — (1,428) Net loss resulting from early retirement of debt — — Provision for income taxes $ — $ (1,540) Net of tax Pension, postretirement and other post-employment benefits Amortization of actuarial gains, net 1 $ 2,858 $ 627 Non-service related pension and postretirement benefit credits Amortization of prior service credits (costs) 37 (105) Non-service related pension and postretirement benefit credits (costs) 2,895 522 Total before tax (636) — Provision for income taxes $ 2,259 $ 522 Net of tax Available-for-sale securities 2 $ (22) $ (182) Interest and investment income 5 — Provision for income taxes $ (17) $ (182) Net of tax 1 2 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventories | |
Inventories | March 31, December 31, 2023 2022 (In thousands) Coal $ 128,919 $ 96,954 Repair parts and supplies 142,236 126,061 $ 271,155 $ 223,015 |
Investments in Available-for-_2
Investments in Available-for-Sale Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments in Available-for-Sale Securities | |
Available-for-sale Securities | March 31, 2023 Gross Allowance Unrealized for - Credit Fair Cost Basis Gains Losses Losses Value (In thousands) Available-for-sale: U.S. government and agency securities $ 25,408 $ — $ (20) $ — $ 25,388 Corporate notes and bonds 6,745 13 (30) — 6,728 Total Investments $ 32,153 $ 13 $ (50) $ — $ 32,116 December 31, 2022 Gross Allowance Unrealized for - Credit Fair Cost Basis Gains Losses Losses Value (In thousands) Available-for-sale: U.S. government and agency securities $ 28,325 $ 1 $ (25) $ — $ 28,301 Corporate notes and bonds 8,689 20 (17) — 8,692 Total Investments $ 37,014 $ 21 $ (42) $ — $ 36,993 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivatives | |
Schedule of Price Risk Derivatives | (Tons in thousands) 2023 Coal sales 26 Coal purchases — |
Disclosure of Fair Value of Derivatives | March 31, 2023 December 31, 2022 Fair Value of Derivatives Asset Liability Asset Liability (In thousands) Derivative Derivative Derivative Derivative Derivatives Not Designated as Hedging Instruments Heating oil -- diesel purchases 1,101 — 1,300 — Coal -- risk management 2,869 — 1,407 — Total $ 3,970 $ — $ 2,707 $ — Total derivatives $ 3,970 $ — $ 2,707 $ — Effect of counterparty netting — — — — Net derivatives as classified in the balance sheets $ 3,970 $ — $ 3,970 $ 2,707 $ — $ 2,707 Fair Value of Derivatives March 31, December 31, (In thousands) 2023 2022 Net derivatives as reflected on the balance sheets (in thousands) Heating Oil and coal Other current assets $ 3,970 $ 2,707 Coal Accrued expenses and other current liabilities — — $ 3,970 $ 2,707 |
Effects of Derivatives on Measures of Financial Performance | Gain (Loss) Recognized Gain (Loss) Recognized 2023 2022 Coal risk management — unrealized (1) $ 1,462 $ (15,519) Coal risk management— realized (2) $ 2,667 $ (9,074) Heating oil — diesel purchases (2) $ (1,282) $ 6,801 Location in Condensed Consolidated Income Statements: (1) — Change in fair value of coal derivatives, net (2) — Other operating expense (income), net |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Current Liabilities. | |
Schedule of Accrued Expenses and Other Current Liabilities | March 31, December 31, 2023 2022 (In thousands) Payroll and employee benefits $ 31,014 $ 61,836 Taxes other than income taxes 44,357 53,105 Interest 1,247 2,511 Workers’ compensation 19,187 17,584 Asset retirement obligations 8,632 8,632 Other 15,743 13,375 $ 120,180 $ 157,043 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt and Financing Arrangements | |
Schedule of Long-term debt | March 31, December 31, 2023 2022 (In thousands) Term loan due 2024 ($5.8 million face value) $ 5,752 $ 6,502 Tax Exempt Bonds ($98.1 million face value) 98,075 98,075 Convertible Debt — 13,156 Other 46,825 59,472 Debt issuance costs (2,348) (2,929) 148,304 174,276 Less: current maturities of debt 37,405 57,988 Long-term debt $ 110,899 $ 116,288 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements | |
Summary of Financial Assets and Liabilities Accounted for at Fair Value | March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investments in marketable securities $ 32,116 $ 25,388 $ 6,728 $ — Derivatives 4,628 — 3,527 1,101 Fund for asset retirement obligations 137,134 137,134 — — Total assets $ 173,878 $ 162,522 $ 10,255 $ 1,101 Liabilities: Derivatives $ — $ — $ — $ — |
Summary of Change in the Fair Values of Financial Instruments Categorized as Level 3 | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (In thousands) Balance, beginning of period $ 1,300 $ 1,219 Realized and unrealized gains (losses) recognized in earnings, net (1,282) 6,490 Purchases 1,575 998 Settlements (492) (160) Ending balance $ 1,101 $ 8,547 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings per Common Share | |
Schedule of Weighted Average Number of Shares | Three Months Ended March 31, 2023 2022 (In Thousands) Net income attributable to common shares $ 198,108 $ 271,872 Adjustment of interest expense attributable to Convertible Notes 108 2,309 Diluted net income attributable to common stockholders 198,216 274,181 Basic weighted average shares outstanding 17,924 15,448 Effect of dilutive securities 1,524 1,651 Convertible Notes (a) 336 4,172 Diluted weighted average shares outstanding 19,784 21,271 (a) Diluted weighted average common shares outstanding includes the dilutive effect had the Company's Convertible Notes been converted at the beginning of the year ended December 31, 2023. If converted by the holder, the Company may settle in cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Capped Call Transaction is anti-dilutive and is excluded from the calculation of diluted earnings per share. |
Workers Compensation Expense (T
Workers Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Workers Compensation Expense | |
Workers' compensation expense | Workers’ compensation expense consists of the following components: Three Months Ended March 31, 2023 2022 (In thousands) Self-insured occupational disease benefits: Service cost $ 993 $ 1,498 Interest cost (1) 1,511 1,152 Net amortization (1) (241) 157 Total occupational disease $ 2,263 $ 2,807 Traumatic injury claims and assessments 1,690 2,056 Total workers’ compensation expense $ 3,953 $ 4,863 (1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.” |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Employee Benefit Plans | |
Schedule of Pension Benefit Costs (Credits) | The following table details the components of pension benefit credit: Three Months Ended March 31, 2023 2022 (In thousands) Interest cost (1) $ 1,534 $ 1,093 Expected return on plan assets (1) (1,518) (1,432) Pension settlement (1) — — Amortization of prior service credits (1) (37) (53) Amortization of other actuarial losses (gains) (1) (195) — Net benefit credit $ (216) $ (392) The following table details the components of other postretirement benefit credit: Three Months Ended March 31, 2023 2022 (In thousands) Service cost $ 58 $ 71 Interest cost (1) 674 501 Amortization of other actuarial gains (1) (2,422) (627) Net benefit credit $ (1,690) $ (55) (1) In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Income Statements on the line item “Non-service related pension and postretirement benefit costs.” |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Schedule of Operating Segment Results | Corporate, Other and (In thousands) MET Thermal Eliminations Consolidated Three Months Ended March 31, 2023 Revenues $ 536,172 $ 333,759 $ — $ 869,931 Adjusted EBITDA 263,057 46,255 (31,971) 277,341 Depreciation, depletion and amortization 27,853 7,408 218 35,479 Accretion on asset retirement obligation 615 4,314 363 5,292 Total assets 1,077,846 395,624 959,189 2,432,659 Capital expenditures 24,761 5,493 287 30,541 Three Months Ended March 31, 2022 Revenues $ 472,171 $ 395,765 $ — $ 867,936 Adjusted EBITDA 259,003 100,500 (38,520) 320,983 Depreciation, depletion and amortization 26,952 5,032 226 32,210 Accretion on asset retirement obligation 553 3,444 433 4,430 Total assets 1,001,734 227,009 922,142 2,150,885 Capital expenditures 17,580 4,002 706 22,288 |
Schedule of Reconciliation of Net Income to Adjusted EBITDA | Three Months Ended March 31, (In thousands) 2023 2022 Net income $ 198,108 $ 271,872 Provision for income taxes 37,138 455 Interest expense, net 790 7,023 Depreciation, depletion and amortization 35,479 32,210 Accretion on asset retirement obligations 5,292 4,430 Non-service related pension and postretirement benefit (credits) costs (592) 873 Net loss resulting from early retirement of debt 1,126 4,120 Adjusted EBITDA $ 277,341 $ 320,983 EBITDA from idled or otherwise disposed operations 4,032 2,390 Selling, general and administrative expenses 26,022 26,648 Other 1,917 9,482 Segment Adjusted EBITDA from coal operations $ 309,312 $ 359,503 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition | |
Schedule of effects of revenue recognition | Corporate, Other and MET Thermal Eliminations Consolidated (in thousands) Three Months Ended March 31, 2023 North America revenues $ 71,407 $ 287,259 $ — $ 358,666 Seaborne revenues 464,765 46,500 — 511,265 Total revenues $ 536,172 $ 333,759 $ — $ 869,931 Three Months Ended March 31, 2022 North America revenues $ 3,651 $ 305,563 $ — $ 309,214 Seaborne revenues 468,520 90,202 — 558,722 Total revenues $ 472,171 $ 395,765 $ — $ 867,936 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Schedule of right-of-use assets and lease liabilities | March 31, December 31, 2023 2022 Assets Balance Sheet Classification Operating lease right-of-use assets Other noncurrent assets $ 11,448 $ 12,106 Financing lease right-of-use assets Other noncurrent assets 2,594 2,918 Total Lease Assets $ 14,042 $ 15,024 Liabilities Balance Sheet Classification Financing lease liabilities - current Accrued expenses and other current liabilities $ 993 $ 977 Operating lease liabilities - current Accrued expenses and other current liabilities 2,730 2,722 Financing lease liabilities - long-term Other noncurrent liabilities 2,866 3,121 Operating lease liabilities - long-term Other noncurrent liabilities 9,280 9,993 $ 15,869 $ 16,813 Weighted average remaining lease term in years Operating leases 3.89 4.14 Finance leases 2.00 2.25 Weighted average discount rate Operating leases 5.5% 5.5% Finance leases 6.4% 6.4% |
Schedule of Information Related to Leases | Three Months Ended March 31, 2023 2022 Operating lease information: Operating lease cost $ 831 $ 831 Operating cash flows from operating leases 876 866 Financing lease information: Financing lease cost $ 393 $ 393 Operating cash flows from financing leases 303 303 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of March 31, 2023 were as follows: Operating Finance Year Leases Leases (In thousands) 2023 $ 2,480 $ 908 2024 3,200 1,210 2025 3,185 2,111 2026 3,080 — 2027 1,533 — Thereafter — — Total minimum lease payments $ 13,478 $ 4,229 Less imputed interest (1,468) (370) Total lease liabilities $ 12,010 $ 3,859 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of accumulated other comprehensive income (loss) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance | $ 1,365,580 |
Ending Balance | 1,463,994 |
Accumulated Other Comprehensive Income (loss) | |
Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance | 61,429 |
Unrealized (losses) | (37) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,873) |
Tax effect | 639 |
Ending Balance | 59,158 |
Pension, Postretirement and Other Post-Employment Benefits | |
Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance | 61,485 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,895) |
Tax effect | 636 |
Ending Balance | 59,226 |
Available-for-Sale Securities | |
Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance | (56) |
Unrealized (losses) | (37) |
Amounts reclassified from accumulated other comprehensive income (loss) | 22 |
Tax effect | 3 |
Ending Balance | $ (68) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) | ||
Interest expense | $ (4,126) | $ (7,047) |
Net loss resulting from early retirement of debt | 1,126 | 4,120 |
Interest and investment income | 3,336 | 24 |
Total before tax | 235,246 | 272,327 |
Provision for income taxes | 37,138 | 455 |
Net income | 198,108 | 271,872 |
Reclassification out of Accumulated Other Comprehensive Income | Derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) | ||
Interest expense | (112) | |
Net loss resulting from early retirement of debt | (1,428) | |
Provision for income taxes | 0 | 0 |
Net income | (1,540) | |
Reclassification out of Accumulated Other Comprehensive Income | Pension, postretirement and other post-employment benefits | ||
Accumulated Other Comprehensive Income (Loss) | ||
Amortization of actuarial gains (losses), net | 2,858 | 627 |
Amortization of prior service credits | 37 | (105) |
Total before tax | 2,895 | 522 |
Provision for income taxes | 636 | 0 |
Net income | 2,259 | 522 |
Reclassification out of Accumulated Other Comprehensive Income | Available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss) | ||
Interest and investment income | (22) | (182) |
Provision for income taxes | (5) | 0 |
Net income | $ (17) | $ (182) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventories | ||
Coal | $ 128,919 | $ 96,954 |
Repair parts and supplies | 142,236 | 126,061 |
Inventories | 271,155 | 223,015 |
Allowance for slow-moving and obsolete inventories | $ 2,600 | $ 2,400 |
Investments in Available-for-_3
Investments in Available-for-Sale Securities - Schedule of investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | $ 32,153 | $ 37,014 |
Available-for-sale, Gross Unrealized Gains | 13 | 21 |
Available-for-sale, Gross Unrealized Losses | (50) | (42) |
Available-for-sale, Fair Value | 32,116 | 36,993 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | 25,408 | 28,325 |
Available-for-sale, Gross Unrealized Gains | 1 | |
Available-for-sale, Gross Unrealized Losses | (20) | (25) |
Available-for-sale, Fair Value | 25,388 | 28,301 |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Cost Basis | 6,745 | 8,689 |
Available-for-sale, Gross Unrealized Gains | 13 | 20 |
Available-for-sale, Gross Unrealized Losses | (30) | (17) |
Available-for-sale, Fair Value | $ 6,728 | $ 8,692 |
Investments in Available-for-_4
Investments in Available-for-Sale securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments in Available-for-Sale Securities | ||
Unrealized losses owned for less than 12 months | $ 16.6 | $ 22.6 |
Unrealized losses owed for over a year | $ 0 | $ 0 |
Derivatives (Details)
Derivatives (Details) - Not Designated as Hedging Instrument gal in Millions | 3 Months Ended |
Mar. 31, 2023 $ / Option gal | |
Call Option | Heating Oil | |
Derivative [Line Items] | |
Remainder of 2023 (in gallons) | 18 |
2023 (in used per gallon) | $ / Option | 3.35 |
Diesel Purchases | Minimum | |
Derivative [Line Items] | |
Diesel fuel purchased annually (in gallons) | 30 |
Diesel Purchases | Maximum | |
Derivative [Line Items] | |
Diesel fuel purchased annually (in gallons) | 35 |
Derivatives - Schedule of price
Derivatives - Schedule of price risk derivatives (Details) T in Thousands | 3 Months Ended |
Mar. 31, 2023 T | |
2023 | Coal sales | |
Derivative [Line Items] | |
Derivatives held (in tons) | 26 |
Derivatives - Disclosure of fai
Derivatives - Disclosure of fair Value of derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative Assets | $ 3,970 | $ 2,707 |
Derivative Liabilities | 0 | |
Effect of counterparty netting in derivative liabilities | 0 | |
Derivative Asset | $ 3,970 | $ 2,707 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Derivative Liability | $ 0 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Net derivatives as classified in the balance sheets | $ 3,970 | $ 2,707 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 3,970 | 2,707 |
Derivative Liabilities | 0 | |
Coal Contract | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 2,869 | 1,407 |
Derivative Liabilities | 0 | |
Heating oil - diesel purchases | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Assets | $ 1,101 | 1,300 |
Derivative Liabilities | $ 0 |
Derivatives - Net derivatives a
Derivatives - Net derivatives as reflected on the balance sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ 3,970 | $ 2,707 |
Heating oil and coal | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Net derivatives as classified in the balance sheet | $ 3,970 | $ 2,707 |
Derivatives - Effects of deriva
Derivatives - Effects of derivatives on measures of financial performance (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Coal Contract | Change in fair value of coal derivatives and coal trading activities, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized Gain (Loss) on Derivatives | $ 1,462 | $ (15,519) |
Coal Contract | Other operating (income) expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives | 2,667 | (9,074) |
Heating oil - diesel purchases | Other operating (income) expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Heating oil realized and unrealized gains and losses | $ (1,282) | $ 6,801 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities. | ||
Payroll and employee benefits | $ 31,014 | $ 61,836 |
Taxes other than income taxes | 44,357 | 53,105 |
Interest | 1,247 | 2,511 |
Workers' compensation | 19,187 | 17,584 |
Asset retirement obligations | 8,632 | 8,632 |
Other | 15,743 | 13,375 |
Accrued expenses and other current liabilities | $ 120,180 | $ 157,043 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Long term debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (2,348) | $ (2,929) |
Total | 148,304 | 174,276 |
Less: current maturities of debt | 37,405 | 57,988 |
Long-term debt | 110,899 | 116,288 |
Term loan due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 5,752 | 6,502 |
Debt instrument, face amount | 5,800 | |
Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Long-term debt | 98,075 | 98,075 |
Debt instrument, face amount | 98,100 | |
Convertible Debt. | ||
Debt Instrument [Line Items] | ||
Long-term debt | 13,156 | |
Other Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 46,825 | $ 59,472 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements (Details) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 03, 2022 USD ($) | Jul. 29, 2021 USD ($) installment | Nov. 03, 2020 USD ($) $ / shares shares | Oct. 29, 2020 $ / shares | Jul. 02, 2020 USD ($) | Mar. 04, 2020 USD ($) installment | Mar. 31, 2023 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2022 USD ($) | Aug. 02, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 04, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Restricted cash | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |||||||||
Outstanding debt | 148,304,000 | 174,276,000 | ||||||||||
Derivative Assets | 3,970,000 | $ 2,707,000 | ||||||||||
New Term Loan Debt Facility | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 300,000,000 | |||||||||||
Percentage of face amount | 99.50 | |||||||||||
Quarterly principal amortization payments | $ 750,000 | |||||||||||
Term loan repaid | 273,800,000 | |||||||||||
Amount of voting equity interests of domestic subsidiaries guaranteed (percent) | 100 | |||||||||||
Amount of voting equity interests of foreign owned subsidiaries guaranteed (percent) | 65 | |||||||||||
Outstanding debt | 5,800,000 | |||||||||||
New Term Loan Debt Facility | Line of Credit | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin on interest rate | 2.75% | |||||||||||
New Term Loan Debt Facility | Line of Credit | LIBOR | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin on interest rate | 1% | |||||||||||
New Term Loan Debt Facility | Line of Credit | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin on interest rate | 1.75% | |||||||||||
Accounts Receivable Securitization Facility | Line of Credit | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | 101,400,000 | |||||||||||
Letters of credit outstanding | 48,600,000 | |||||||||||
Accounts Receivable Securitization Facility | Regions Bank | Line of Credit | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | $ 150,000,000 | $ 110,000,000 | ||||||||||
Inventory-Based Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Covenant amount | 23,800,000 | |||||||||||
Inventory-Based Revolving Credit Facility | Regions Bank | Line of Credit | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 50,000,000 | |||||||||||
Letters of credit outstanding | 26,200,000 | |||||||||||
Borrowing base percentage, coal inventory | 85 | |||||||||||
Borrowing base percentage, parts and supplies inventory | 85 | |||||||||||
Borrowing base, percentage of clause | 35 | |||||||||||
Percent of eligible cash | 100% | |||||||||||
Covenant amount | $ 100,000,000 | |||||||||||
Equipment financing arrangement | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 23,500,000 | $ 53,600,000 | ||||||||||
Number of monthly payments | installment | 42 | 48 | ||||||||||
Interest rate | 7.35% | 6.34% | ||||||||||
Tax Exempt Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | 98,100,000 | |||||||||||
Series 2020 Tax Exempt Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 53,100,000 | |||||||||||
Interest rate | 5% | |||||||||||
Mandatory tender percentage | 100% | |||||||||||
Series 2021 Tax Exempt Bonds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 45,000,000 | |||||||||||
Interest rate | 4.125% | |||||||||||
Convertible Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loan, face value | $ 155,300,000 | |||||||||||
Interest rate | 5.25% | |||||||||||
Net proceeds of convertible debt | $ 132,700,000 | |||||||||||
Total interest expense | 2,300,000 | |||||||||||
Contractual interest coupon | 2,000,000 | |||||||||||
Amortization of debt discount | 300,000 | |||||||||||
Principal amount of convertible notes | 13,200,000 | |||||||||||
Cash on convertible notes | 58,400,000 | |||||||||||
Deferred Offering Costs | $ 5,100,000 | |||||||||||
Loss on debt conversion | 1,100,000 | |||||||||||
Convertible Notes | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total interest expense | 100,000 | |||||||||||
Capped Call Transactions | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Initial strike price (in dollars per share) | $ / shares | $ 37.325 | |||||||||||
Number of underlying shares | shares | 4.2 | |||||||||||
Cap price | $ / shares | $ 52.255 | |||||||||||
Capped call, transaction cost | $ 17,500,000 | |||||||||||
Debt instrument capped call transaction intrinsic value | $ 62,100,000 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes | ||
Effective income tax rate (as a percent) | 15.80% | 0.20% |
U.S. federal statutory rate (as percent) | 21% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investments in marketable securities | $ 32,116 | $ 36,993 |
Derivatives | 4,628 | |
Fund for asset retirement obligations | 137,134 | |
Total assets | 173,878 | |
Level 1 | ||
Assets: | ||
Investments in marketable securities | 25,388 | |
Derivatives | 0 | |
Fund for asset retirement obligations | 137,134 | |
Total assets | 162,522 | |
Liabilities: | ||
Derivatives | 0 | |
Level 2 | ||
Assets: | ||
Investments in marketable securities | 6,728 | |
Derivatives | 3,527 | |
Total assets | 10,255 | |
Level 3 | ||
Assets: | ||
Investments in marketable securities | 0 | |
Derivatives | 1,101 | |
Fund for asset retirement obligations | 0 | |
Total assets | 1,101 | |
Liabilities: | ||
Derivatives | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in fair Values of financial instruments categorized as level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 1,300 | $ 1,219 |
Realized and unrealized gains (losses) recognized in earnings, net | $ 1,282 | $ (6,490) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | Other Operating Income (Expense), Net |
Purchases | $ 1,575 | $ 998 |
Settlements | (492) | (160) |
Ending balance | $ 1,101 | $ 8,547 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
Fair value of debt, including amounts classified as current | $ 150.6 | $ 223 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings per Common Share | ||
Net income attributable to common shares | $ 198,108 | $ 271,872 |
Adjustment of interest expense attributable to Convertible Notes | 108 | 2,309 |
Diluted net income attributable to common shareholders | $ 198,216 | $ 274,181 |
Weighted average shares outstanding: | ||
Basic weighted average shares outstanding (in shares) | 17,924 | 15,448 |
Effect of dilutive securities (in shares) | 1,524 | 1,651 |
Convertible Notes (in shares) | 336 | 4,172 |
Diluted weighted average shares outstanding (in shares) | 19,784 | 21,271 |
Workers Compensation Expense (D
Workers Compensation Expense (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jan. 19, 2023 | Jan. 18, 2023 | Feb. 29, 2020 | |
Workers Compensation Expense | |||
Self-insured operators must post security percent | 120% | ||
Coal operators must post security percent | 70% | ||
Additional collateral amount | $ 71.1 | $ 71.1 | |
Number of days required to submit additional collateral to retain self-insurance status | 30 days |
Workers Compensation Expense -
Workers Compensation Expense - Worker's compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total workers' compensation expense | ||
Accrued Workers' Compensation [Line Items] | ||
Total workers' compensation expense | $ 3,953 | $ 4,863 |
Occupational disease | ||
Accrued Workers' Compensation [Line Items] | ||
Service cost | 993 | 1,498 |
Interest cost | 1,511 | 1,152 |
Net amortization | 241 | (157) |
Net benefit credit | 2,263 | 2,807 |
Traumatic injury claims and assessments | ||
Accrued Workers' Compensation [Line Items] | ||
Traumatic injury claims and assessments | $ 1,690 | $ 2,056 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of net benefit credit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected final contribution to the plan | $ 7,500 | |
Defined benefit pension plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 1,534 | $ 1,093 |
Expected return on plan assets | (1,518) | (1,432) |
Pension settlement | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) |
Amortization of prior service credits | $ (37) | $ (53) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) |
Amortization of other actuarial losses (gains) | $ (195) | $ 0 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) |
Net benefit credit | $ (216) | $ (392) |
Other postretirement benefits plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 58 | 71 |
Interest cost | 674 | 501 |
Amortization of other actuarial losses (gains) | $ (2,422) | $ (627) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Pension and Other Postretirement Benefits Cost (Reversal of Cost) | Pension and Other Postretirement Benefits Cost (Reversal of Cost) |
Net benefit credit | $ (1,690) | $ (55) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Surety Bonds Outstanding | $ 544,200 | ||
Cash collateral for surety bond | 5,600 | ||
Contribution to fund asset retirement obligations | 1,141 | $ 20,000 | |
Long-term asset retirement obligation | 137,134 | $ 135,993 | |
Securitization and Inventory Facilities | |||
Loss Contingencies [Line Items] | |||
Letters of credit outstanding | 68,000 | ||
Asset retirement obligations | |||
Loss Contingencies [Line Items] | |||
Surety Bonds Outstanding | 456,100 | ||
Cash collateral for surety bond | 600 | ||
Reclamation-related obligations | 245,800 | ||
Contribution to fund asset retirement obligations | 1,100 | ||
Long-term asset retirement obligation | $ 137,100 |
Segment Information - Schedule
Segment Information - Schedule of operating segment results (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) item | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of distinct lines of business | item | 2 | ||
Revenues | $ 869,931 | $ 867,936 | |
Adjusted EBITDA | 277,341 | 320,983 | |
Depreciation, depletion and amortization | 35,479 | 32,210 | |
Accretion on asset retirement obligation | 5,292 | 4,430 | |
Total assets | 2,432,659 | 2,150,885 | $ 2,433,108 |
Capital expenditures | 30,541 | 22,288 | |
Operating Segments | MET | |||
Segment Reporting Information [Line Items] | |||
Revenues | 536,172 | 472,171 | |
Adjusted EBITDA | 263,057 | 259,003 | |
Depreciation, depletion and amortization | 27,853 | 26,952 | |
Accretion on asset retirement obligation | 615 | 553 | |
Total assets | 1,077,846 | 1,001,734 | |
Capital expenditures | 24,761 | 17,580 | |
Operating Segments | Thermal | |||
Segment Reporting Information [Line Items] | |||
Revenues | 333,759 | 395,765 | |
Adjusted EBITDA | 46,255 | 100,500 | |
Depreciation, depletion and amortization | 7,408 | 5,032 | |
Accretion on asset retirement obligation | 4,314 | 3,444 | |
Total assets | 395,624 | 227,009 | |
Capital expenditures | 5,493 | 4,002 | |
Corporate, Other and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Adjusted EBITDA | (31,971) | (38,520) | |
Depreciation, depletion and amortization | 218 | 226 | |
Accretion on asset retirement obligation | 363 | 433 | |
Total assets | 959,189 | 922,142 | |
Capital expenditures | $ 287 | $ 706 |
Segment Information - Reconcili
Segment Information - Reconciliation segment income to net income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Information | ||
Net income | $ 198,108 | $ 271,872 |
Provision for income taxes | 37,138 | 455 |
Interest expense, net | 790 | 7,023 |
Depreciation, depletion and amortization | 35,479 | 32,210 |
Accretion on asset retirement obligation | 5,292 | 4,430 |
Non-service related pension and postretirement benefit (credits) costs | (592) | 873 |
Net loss resulting from early retirement of debt | 1,126 | 4,120 |
Adjusted EBITDA | 277,341 | 320,983 |
EBITDA from idled or otherwise disposed operations | 4,032 | 2,390 |
Selling, general and administrative expenses | 26,022 | 26,648 |
Other | 1,917 | 9,482 |
Segment Adjusted EBITDA from coal operations | $ 309,312 | $ 359,503 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 869,931 | $ 867,936 |
North America revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 358,666 | 309,214 |
Seaborne revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 511,265 | 558,722 |
Operating Segments | MET | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 536,172 | 472,171 |
Operating Segments | MET | North America revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 71,407 | 3,651 |
Operating Segments | MET | Seaborne revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 464,765 | 468,520 |
Operating Segments | Thermal | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 333,759 | 395,765 |
Operating Segments | Thermal | North America revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 287,259 | 305,563 |
Operating Segments | Thermal | Seaborne revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 46,500 | 90,202 |
Corporate, Other and Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate, Other and Eliminations | North America revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Corporate, Other and Eliminations | Seaborne revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) T in Millions | Mar. 31, 2023 T |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation (in tons) | 53.4 |
Remaining performance obligation, variable price contracts (in tons) | 5.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, fixed price contracts (in tons) | 73.5 |
Remaining performance obligation, variable price contracts (in tons) | 4 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2023 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease terms | 4 years |
Leases - Lease assets and liabi
Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Operating lease right-of-use assets | $ 11,448 | $ 12,106 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Financing lease right-of-use assets | $ 2,594 | $ 2,918 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total Lease Assets | $ 14,042 | $ 15,024 |
Liabilities | ||
Financing lease liabilities - current | $ 993 | $ 977 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Operating lease liabilities - current | $ 2,730 | $ 2,722 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Financing lease liabilities - long-term | $ 2,866 | $ 3,121 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Operating lease liabilities - long-term | $ 9,280 | $ 9,993 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total Lease Liabilities | $ 15,869 | $ 16,813 |
Leases - Weighted average lease
Leases - Weighted average lease term and discount rate (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Weighted average remaining lease term in years | 3 years 10 months 20 days | 4 years 1 month 20 days |
Weighted average remaining lease term in years | 2 years | 2 years 3 months |
Weighted average discount rate | 5.50% | 5.50% |
Weighted average discount rate | 6.40% | 6.40% |
Leases - Other information rela
Leases - Other information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease information: | ||
Operating lease cost | $ 831 | $ 831 |
Operating cash flows from operating leases | 876 | 866 |
Financing lease cost | 393 | 393 |
Operating cash flows from financing leases | $ 303 | $ 303 |
Leases - Future minimum lease p
Leases - Future minimum lease payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Operating Leases | |
2023 | $ 2,480 |
2024 | 3,200 |
2025 | 3,185 |
2026 | 3,080 |
2027 | 1,533 |
Total minimum lease payments | 13,478 |
Less imputed interest | (1,468) |
Total operating lease liability | 12,010 |
Finance Leases | |
2023 | 908 |
2024 | 1,210 |
2025 | 2,111 |
Total minimum lease payments | 4,229 |
Less imputed interest | (370) |
Total finance lease liability | $ 3,859 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event | Apr. 24, 2023 $ / shares |
Subsequent Event [Line Items] | |
Quarterly dividend | $ 2.45 |
Fixed dividend | 0.25 |
Variable dividend | $ 2.20 |