Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38735 | |
Entity Registrant Name | ALPHA METALLURGICAL RESOURCES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-3015061 | |
Entity Address, Address Line One | 340 Martin Luther King Jr. Blvd. | |
Entity Address, City or Town | Bristol | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37620 | |
City Area Code | 423 | |
Local Phone Number | 573-0300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AMR | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 13,283,594 | |
Entity Central Index Key | 0001704715 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Coal revenues | $ 738,998 | $ 867,849 | $ 2,499,503 | $ 3,271,845 |
Other revenues | 2,822 | 1,919 | 11,923 | 6,299 |
Total revenues | 741,820 | 869,768 | 2,511,426 | 3,278,144 |
Costs and expenses: | ||||
Cost of coal sales (exclusive of items shown separately below) | 564,608 | 554,055 | 1,687,259 | 1,736,826 |
Depreciation, depletion and amortization | 32,582 | 27,925 | 94,231 | 83,690 |
Accretion on asset retirement obligations | 6,376 | 5,921 | 19,129 | 17,822 |
Amortization of acquired intangibles, net | 2,069 | 4,543 | 6,458 | 16,038 |
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 18,053 | 15,095 | 56,251 | 48,339 |
Total other operating loss (income): | ||||
Mark-to-market adjustment for acquisition-related obligations | 0 | (2,954) | 0 | 10,615 |
Other expense (income) | 973 | 2,713 | (1,665) | 569 |
Total costs and expenses | 624,661 | 607,298 | 1,861,663 | 1,913,899 |
Income from operations | 117,159 | 262,470 | 649,763 | 1,364,245 |
Other (expense) income: | ||||
Interest expense | (1,746) | (1,754) | (5,322) | (20,055) |
Interest income | 4,639 | 1,058 | 8,911 | 1,412 |
Equity loss in affiliates | (6,660) | (4,821) | (11,582) | (8,318) |
Miscellaneous (expense) income, net | (614) | 1,594 | (857) | 4,534 |
Total other expense, net | (4,381) | (3,923) | (8,850) | (22,427) |
Income before income taxes | 112,778 | 258,547 | 640,913 | 1,341,818 |
Income tax expense | (18,964) | (5,730) | (94,973) | (113,953) |
Net income | $ 93,814 | $ 252,817 | $ 545,940 | $ 1,227,865 |
Basic income per common share (in dollars per share) | $ 6.88 | $ 14.77 | $ 37.87 | $ 68.14 |
Diluted income per common share (in dollars per share) | $ 6.65 | $ 14.27 | $ 36.46 | $ 65.31 |
Weighted average shares - basic (in shares) | 13,633,640 | 17,119,328 | 14,416,289 | 18,019,161 |
Weighted average shares - diluted (in shares) | 14,110,488 | 17,718,517 | 14,973,168 | 18,800,674 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $ 93,814 | $ 252,817 | $ 545,940 | $ 1,227,865 |
Employee benefit plans: | ||||
Amortization of and adjustments to employee benefit costs | (581) | 818 | (5,373) | (2,383) |
Income tax benefit | 129 | 0 | 1,192 | 0 |
Total other comprehensive (loss) income, net of tax | (452) | 818 | (4,181) | (2,383) |
Total comprehensive income | $ 93,362 | $ 253,635 | $ 541,759 | $ 1,225,482 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 296,059 | $ 301,906 |
Short-term investments | 0 | 46,052 |
Trade accounts receivable, net of allowance for credit losses of $250 and $239 as of September 30, 2023 and December 31, 2022, respectively | 432,401 | 407,210 |
Inventories, net | 271,805 | 200,574 |
Short-term deposits | 6,736 | 84,748 |
Short-term restricted cash | 0 | 24,547 |
Prepaid expenses and other current assets | 41,945 | 49,384 |
Total current assets | 1,048,946 | 1,114,421 |
Property, plant, and equipment, net of accumulated depreciation and amortization of $547,451 and $491,186 as of September 30, 2023 and December 31, 2022, respectively | 539,904 | 442,645 |
Owned and leased mineral rights, net of accumulated depletion and amortization of $95,541 and $77,333 as of September 30, 2023 and December 31, 2022, respectively | 446,364 | 451,062 |
Other acquired intangibles, net of accumulated amortization of $47,498 and $53,719 as of September 30, 2023 and December 31, 2022, respectively | 48,644 | 55,102 |
Long-term restricted investments | 71,269 | 105,735 |
Long-term restricted cash | 83,004 | 28,941 |
Deferred income taxes | 9,080 | 11,378 |
Other non-current assets | 105,749 | 103,195 |
Total assets | 2,352,960 | 2,312,479 |
Current liabilities: | ||
Current portion of long-term debt | 3,438 | 3,078 |
Trade accounts payable | 121,472 | 106,037 |
Acquisition-related obligations – current | 181 | 28,254 |
Accrued expenses and other current liabilities | 190,119 | 265,256 |
Total current liabilities | 315,210 | 402,625 |
Long-term debt | 7,064 | 7,897 |
Workers’ compensation and black lung obligations | 180,072 | 188,247 |
Pension obligations | 90,938 | 110,836 |
Asset retirement obligations | 148,100 | 142,048 |
Deferred income taxes | 35,282 | 10,874 |
Other non-current liabilities | 18,221 | 20,197 |
Total liabilities | 794,887 | 882,724 |
Commitments and Contingencies (Note 15) | ||
Stockholders’ Equity | ||
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued | 0 | 0 |
Common stock - par value $0.01, 50.0 million shares authorized, 22.0 million issued and 13.4 million outstanding at September 30, 2023 and 21.7 million issued and 15.5 million outstanding at December 31, 2022 | 220 | 217 |
Additional paid-in capital | 825,143 | 815,442 |
Accumulated other comprehensive loss | (16,343) | (12,162) |
Treasury stock, at cost: 8.6 million shares at September 30, 2023 and 6.2 million shares at December 31, 2022 | (1,051,185) | (649,061) |
Retained earnings | 1,800,238 | 1,275,319 |
Total stockholders’ equity | 1,558,073 | 1,429,755 |
Total liabilities and stockholders’ equity | $ 2,352,960 | $ 2,312,479 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 250 | $ 239 |
Property, plant and equipment, accumulated amortization, depreciation and amortization | 547,451 | 491,186 |
Owned and lease mineral rights, accumulated depletion and amortization | 95,541 | 77,333 |
Other acquired intangibles, accumulated amortization | $ 47,498 | $ 53,719 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 22,000,000 | 21,700,000 |
Common stock, shares outstanding (in shares) | 13,400,000 | 15,500,000 |
Treasury stock, shares at cost (in shares) | 8,600,000 | 6,200,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||||
Net income | $ 93,814 | $ 252,817 | $ 545,940 | $ 1,227,865 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 94,231 | 83,690 | ||
Amortization of acquired intangibles, net | 2,069 | 4,543 | 6,458 | 16,038 |
Amortization of debt issuance costs and accretion of debt discount | 1,585 | 7,757 | ||
Mark-to-market adjustment for acquisition-related obligations | 0 | (2,954) | 0 | 10,615 |
Gain on disposal of assets | (6,089) | (2,607) | ||
Accretion on asset retirement obligations | 6,376 | 5,921 | 19,129 | 17,822 |
Employee benefit plans, net | 9,989 | 1,312 | ||
Deferred income taxes | 27,898 | 11,406 | ||
Stock-based compensation | 9,678 | 4,103 | ||
Equity loss in affiliates | 6,660 | 4,821 | 11,582 | 8,318 |
Other, net | (123) | 432 | ||
Changes in operating assets and liabilities | (68,472) | (87,714) | ||
Net cash provided by operating activities | 651,806 | 1,299,037 | ||
Investing activities: | ||||
Capital expenditures | (54,725) | (33,339) | (183,836) | (103,351) |
Proceeds from disposal of assets | 7,855 | 3,010 | ||
Cash paid for business acquired | (11,919) | 0 | ||
Purchases of investment securities | (166,515) | (181,539) | ||
Sales and maturities of investment securities | 249,598 | 117,380 | ||
Capital contributions to equity affiliates | (21,844) | (13,832) | ||
Other, net | 24 | (4,232) | ||
Net cash used in investing activities | (126,637) | (182,564) | ||
Financing activities: | ||||
Principal repayments of long-term debt | (1,686) | (450,484) | ||
Dividend and dividend equivalents paid | (99,731) | (6,807) | ||
Common stock repurchases and related expenses | (403,385) | (391,166) | ||
Proceeds from exercise of warrants | 4,322 | 4,771 | ||
Other, net | (1,020) | (447) | ||
Net cash used in financing activities | (501,500) | (844,133) | ||
Net increase in cash and cash equivalents and restricted cash | 23,669 | 272,340 | ||
Cash and cash equivalents and restricted cash at beginning of period | 355,394 | 182,614 | ||
Cash and cash equivalents and restricted cash at end of period | 379,063 | 454,954 | 379,063 | 454,954 |
Supplemental disclosure of noncash investing and financing activities: | ||||
Financing leases and capital financing - equipment | 2,059 | 2,083 | ||
Accrued capital expenditures | 11,618 | 10,527 | ||
Accrued common stock repurchases | 6,275 | 5,864 | ||
Accrued dividend payable | 9,418 | 6,898 | 9,418 | 6,898 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | 296,059 | 404,430 | 296,059 | 404,430 |
Short-term restricted cash | 0 | 18,800 | 0 | 18,800 |
Long-term restricted cash | 83,004 | 31,724 | 83,004 | 31,724 |
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 379,063 | $ 454,954 | $ 379,063 | $ 454,954 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Treasury Stock at Cost | (Accumulated Deficit) Retained Earnings |
Beginning balance at Dec. 31, 2021 | $ 546,909 | $ 208 | $ 784,743 | $ (58,503) | $ (107,800) | $ (71,739) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 400,891 | 400,891 | ||||
Other comprehensive income (loss), net | 775 | 775 | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 1,182 | 1 | (391) | 1,572 | ||
Exercise of stock options | 891 | 891 | ||||
Common stock repurchases and related expenses | (23,840) | (23,840) | ||||
Warrants exercises | 3,039 | 1 | 3,038 | |||
Ending balance at Mar. 31, 2022 | 929,847 | 210 | 788,281 | (57,728) | (130,068) | 329,152 |
Beginning balance at Dec. 31, 2021 | 546,909 | 208 | 784,743 | (58,503) | (107,800) | (71,739) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,227,865 | |||||
Other comprehensive income (loss), net | (2,383) | |||||
Ending balance at Sep. 30, 2022 | 1,371,669 | 217 | 811,012 | (60,886) | (521,094) | 1,142,420 |
Beginning balance at Mar. 31, 2022 | 929,847 | 210 | 788,281 | (57,728) | (130,068) | 329,152 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 574,157 | 574,157 | ||||
Other comprehensive income (loss), net | (3,976) | (3,976) | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 1,401 | 1,249 | 152 | |||
Exercise of stock options | 11 | 11 | ||||
Common stock repurchases and related expenses | (192,958) | (192,958) | ||||
Warrants exercises | 18,068 | 6 | 18,062 | |||
Cash dividend and dividend equivalents declared | (6,977) | (6,977) | ||||
Ending balance at Jun. 30, 2022 | 1,319,573 | 216 | 807,603 | (61,704) | (322,874) | 896,332 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 252,817 | 252,817 | ||||
Other comprehensive income (loss), net | 818 | 818 | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 1,520 | 1,176 | 344 | |||
Exercise of stock options | 270 | 270 | ||||
Common stock repurchases and related expenses | (198,564) | (198,564) | ||||
Warrants exercises | 1,964 | 1 | 1,963 | |||
Cash dividend and dividend equivalents declared | (6,729) | (6,729) | ||||
Ending balance at Sep. 30, 2022 | 1,371,669 | 217 | 811,012 | (60,886) | (521,094) | 1,142,420 |
Beginning balance at Dec. 31, 2022 | 1,429,755 | 217 | 815,442 | (12,162) | (649,061) | 1,275,319 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 270,771 | 270,771 | ||||
Other comprehensive income (loss), net | (488) | (488) | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 3,034 | 1 | (3,444) | 6,477 | ||
Common stock repurchases and related expenses | (148,973) | (148,973) | ||||
Warrants exercises | 1,301 | 1,301 | ||||
Cash dividend and dividend equivalents declared | (6,825) | (6,825) | ||||
Ending balance at Mar. 31, 2023 | 1,548,575 | 218 | 813,299 | (12,650) | (791,557) | 1,539,265 |
Beginning balance at Dec. 31, 2022 | 1,429,755 | 217 | 815,442 | (12,162) | (649,061) | 1,275,319 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 545,940 | |||||
Other comprehensive income (loss), net | (4,181) | |||||
Ending balance at Sep. 30, 2023 | 1,558,073 | 220 | 825,143 | (16,343) | (1,051,185) | 1,800,238 |
Beginning balance at Mar. 31, 2023 | 1,548,575 | 218 | 813,299 | (12,650) | (791,557) | 1,539,265 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 181,355 | 181,355 | ||||
Other comprehensive income (loss), net | (3,241) | (3,241) | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 3,645 | 1 | 3,644 | |||
Common stock repurchases and related expenses | (157,645) | (157,645) | ||||
Warrants exercises | 1,278 | 1,278 | ||||
Cash dividend and dividend equivalents declared | (7,233) | (7,233) | ||||
Ending balance at Jun. 30, 2023 | 1,566,734 | 219 | 818,221 | (15,891) | (949,202) | 1,713,387 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 93,814 | 93,814 | ||||
Other comprehensive income (loss), net | (452) | (452) | ||||
Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances | 2,999 | 1 | 2,587 | 411 | ||
Exercise of stock options | 225 | 225 | ||||
Common stock repurchases and related expenses | (102,394) | (102,394) | ||||
Warrants exercises | 4,110 | 4,110 | ||||
Cash dividend and dividend equivalents declared | (6,963) | (6,963) | ||||
Ending balance at Sep. 30, 2023 | $ 1,558,073 | $ 220 | $ 825,143 | $ (16,343) | $ (1,051,185) | $ 1,800,238 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||||
Aug. 02, 2023 | May 03, 2023 | Feb. 21, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Cash dividend and dividend equivalents declared per share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.392 | $ 0.375 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Business Alpha is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha is a leading U.S. supplier of metallurgical coal products for the steel industry. Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive income, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Statements of Operations,” “Condensed Consolidated Statements of Comprehensive Income,” “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Cash Flows,” and “Condensed Consolidated Statements of Stockholders’ Equity.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2023 and 2022. All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Reclassifications Certain immaterial amounts for the three and nine months ended September 30, 2022 in the Condensed Consolidated Financials Statements and notes to the Condensed Consolidated Financials Statements have been recast to reclassify discontinued operations and present the related amounts within continuing operations as part of the All Other category. Recent Accounting Guidance 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. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue from Contracts with Customers The Company earns revenues primarily through the sale of coal produced by Company operations and coal purchased from third parties. The Company extracts, processes and markets met and thermal coal from deep and surface mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company has disaggregated revenue between met coal and thermal coal and export and domestic revenues which depicts the pricing and contract differences between the two. Export revenue generally is derived by spot or short-term contracts with pricing determined at the time of shipment or based on a market index, whereas domestic revenue is characterized by contracts that typically have a term of one year or longer and with fixed pricing terms. The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Export met coal revenues $ 485,955 $ 602,314 $ 1,714,215 $ 2,626,077 Export thermal coal revenues 28,642 39,031 95,085 55,796 Total export coal revenues $ 514,597 $ 641,345 $ 1,809,300 $ 2,681,873 Domestic met coal revenues $ 213,389 $ 192,301 $ 649,094 $ 514,771 Domestic thermal coal revenues 11,012 34,203 41,109 75,201 Total domestic coal revenues $ 224,401 $ 226,504 $ 690,203 $ 589,972 Total met coal revenues $ 699,344 $ 794,615 $ 2,363,309 $ 3,140,848 Total thermal coal revenues 39,654 73,234 136,194 130,997 Total coal revenues $ 738,998 $ 867,849 $ 2,499,503 $ 3,271,845 Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2023: Remainder of 2023 2024 2025 2026 2027 Total Estimated coal revenues $ 71,365 $ 85,187 $ — $ — $ — $ 156,552 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following tables summarize the changes to accumulated other comprehensive loss during the nine months ended September 30, 2023 and 2022: Balance January 1, 2023 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance September 30, 2023 Employee benefit costs $ (12,162) $ (2,825) $ (1,356) $ (16,343) Balance January 1, 2022 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance September 30, 2022 Employee benefit costs $ (58,503) $ (4,837) $ 2,454 $ (60,886) The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2023 and 2022: Details about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee benefit costs: Amortization of net actuarial (gain) loss (1) $ (581) $ 828 $ (1,743) $ 2,483 Miscellaneous (expense) income, net Settlement (1) — (10) — (29) Miscellaneous (expense) income, net Total before income tax $ (581) $ 818 $ (1,743) $ 2,454 Income tax 129 — 387 — Income tax expense Total, net of income tax $ (452) $ 818 $ (1,356) $ 2,454 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit costs for certain employee benefit plans. Refer to Note 13. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The number of shares used to calculate basic net income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period. The number of shares used to calculate diluted net income per common share is based on the number of common shares used to calculate basic net income per common share plus the dilutive effect of stock options and other stock-based instruments held by the Company’s employees and directors during the period, and the Company’s outstanding warrants. The dilutive effect of outstanding stock-based instruments is determined by application of the treasury stock method. The stock options and warrants become dilutive for diluted net income per common share calculations when the market price of the Company’s common stock exceeds the exercise price. Anti-dilution also occurs in periods of a net loss, and the dilutive impact of all warrants and share-based compensation awards are excluded. For the three and nine months ended September 30, 2023, 0 and 1,240 stock-based instruments, respectively, were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive. For the three and nine months ended September 30, 2022, no warrants, stock options, or other stock-based instruments were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive. When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share are higher than the Company’s average stock price during an applicable period. The following table presents the net income per common share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Net income $ 93,814 $ 252,817 $ 545,940 $ 1,227,865 Weighted average common shares outstanding - basic 13,633,640 17,119,328 14,416,289 18,019,161 Net income per common share - basic $ 6.88 $ 14.77 $ 37.87 $ 68.14 Diluted Weighted average common shares outstanding - basic 13,633,640 17,119,328 14,416,289 18,019,161 Dilutive effect of warrants 31,667 170,827 108,469 312,395 Dilutive effect of stock options 1,666 2,043 1,866 4,902 Dilutive effect of other stock-based instruments 443,515 426,319 446,544 464,216 Weighted average common shares outstanding - diluted 14,110,488 17,718,517 14,973,168 18,800,674 Net income per common share - diluted $ 6.65 $ 14.27 $ 36.46 $ 65.31 |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net Inventories, net consisted of the following: September 30, 2023 December 31, 2022 Raw coal $ 53,762 $ 57,382 Saleable coal 156,715 91,474 Materials, supplies and other, net 61,328 51,718 Total inventories, net $ 271,805 $ 200,574 |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Share Repurchase Program On February 21, 2023, the Company’s Board of Directors (the “Board”) approved a $200,000 increase to the existing common share repurchase program that the Board adopted on March 4, 2022, bringing the total authorization to repurchase the Company’s stock to $1,200,000. As of September 30, 2023, the Company had repurchased an aggregate of 5,976,397 shares under the plan for an aggregate purchase price of approximately $910,281 (comprised of $910,101 of share repurchases and $180 of related fees). The Company has also accrued a stock repurchase excise tax of $3,482 related to the share repurchase program as of September 30, 2023, which is recorded in treasury stock at cost. On October 31, 2023, the Board approved an additional $300,000 increase to the share repurchase program, bringing the total authorization to repurchase the Company’s stock to $1,500,000. Dividend Program Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared the following quarterly cash dividends on the Company’s common stock during the nine months ended September 30, 2023: Dividend per share Dividend Paid (1) Declaration Date Holders of Record Date Payable Date $ 0.44 $ 6,602 February 21, 2023 March 15, 2023 April 3, 2023 $ 0.50 $ 7,001 May 3, 2023 June 15, 2023 July 5, 2023 $ 0.50 $ 6,736 August 2, 2023 September 15, 2023 October 3, 2023 (1) Excludes dividend equivalents paid or accrued of $682 as of September 30, 2023. As of September 30, 2023, a related $6,736 balance was held on deposit to facilitate the dividend payment on October 3, 2023. On August 2, 2023, the Board determined to end the Company’s fixed dividend program following the quarterly dividend declared and to be paid in the fourth quarter of 2023 and to focus instead on the Company’s share repurchase program. On October 31, 2023, the Board declared a quarterly cash dividend of $0.50 per share which will be payable on December 15, 2023 for stockholders of record as of December 1, 2023. Warrants On July 26, 2016, the Company issued 810,811 warrants, which are classified as equity instruments. Pursuant to the underlying warrants agreement, the warrants were exercisable for cash or on a cashless basis at any time until their expiration, and no fractional shares were to be issued upon warrant exercises. Pursuant to the underlying warrants agreement, the exercise price was adjusted from $45.086 per share to $44.972 per share as of the March 15, 2023 dividend record date and to $44.820 per share as of the June 15, 2023 dividend record date, while the warrant share number remained unchanged at 1.20. At 5:00 pm Eastern Time on July 26, 2023 the Company’s Series A Warrants expired pursuant to their terms. As of September 30, 2023, no warrants remained outstanding as the warrants expired during the current quarter. For the three and nine months ended September 30, 2023, the Company issued 96,556 and 169,028 shares of common stock, respectively, resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 4,978 and 20,139 of the issued shares, respectively, in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock in the amount of $577 and $2,368, respectively. As of September 30, 2022, 211,477 warrants were outstanding, with a total of 245,313 shares underlying the un-exercised warrants. For the three and nine months ended September 30, 2022, the Company issued 60,084 and 678,241 shares of common stock, respectively, resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 18,151 and 186,397 of the issued shares, respectively, in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock in the amounts of $1,680 and $18,331, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, 2023 December 31, 2022 Wages and benefits $ 66,048 $ 69,458 Workers’ compensation 11,651 11,651 Black lung 9,664 9,664 Taxes other than income taxes 25,731 24,959 Asset retirement obligations 35,745 36,963 Dividend payable 8,701 86,118 Income taxes payable 8,589 — Freight accrual 12,378 7,181 Other 11,612 19,262 Total accrued expenses and other current liabilities $ 190,119 $ 265,256 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: September 30, 2023 December 31, 2022 Notes payable and other $ 5,726 $ 6,179 Financing leases 4,776 4,796 Total long-term debt $ 10,502 $ 10,975 Less current portion (3,438) (3,078) Long-term debt, net of current portion $ 7,064 $ 7,897 Credit Agreement At September 30, 2023, the Company’s Second Amended and Restated Asset-Based Revolving Credit Agreement (the “ABL Agreement”) included a senior secured asset-based revolving credit facility (the “ABL Facility”). Under the ABL Facility, the Company could borrow cash or obtain letters of credit, on a revolving basis, in an aggregate amount of up to $155,000, of which no more than $150,000 could represent outstanding letters of credit ($125,000 on a committed basis and another $25,000 on an uncommitted cash collateralized basis). The facility’s maturity date was December 6, 2024. As of September 30, 2023 and December 31, 2022, there were no outstanding borrowings under the ABL Facility. As of September 30, 2023 and December 31, 2022, the Company had $60,927 and $61,877 letters of credit outstanding under the ABL Facility, respectively. The ABL Agreement, as amended, and related documents contained negative and affirmative covenants including certain financial covenants. The Company was in compliance with all covenants under these agreements as of September 30, 2023. On October 27, 2023, the Company terminated its existing ABL Agreement and along with certain of its directly and indirectly owned subsidiaries (the “Borrowers”) entered into a new Credit Agreement (the “New ABL Agreement”) with Regions Bank, as lender, swingline lender, LC issuer, administrative agent, collateral agent, and lead arranger, along with ServisFirst Bank and Texas Capital Bank, as joint lead arrangers and the other lenders party thereto. The New ABL Agreement continues to include an asset-based revolving credit facility (the “New ABL Facility”) which allows the Company to borrow cash or obtain letters of credit (“LCs”), on a revolving basis, in an aggregate amount of up to $155,000. The Company may request an increase to the capacity of the facility of up to $75,000 provided that $25,000 may be solely for the purpose of providing additional availability to obtain cash collateralized LCs. Availability under the New ABL Facility is calculated monthly and fluctuates based on qualifying amounts of coal inventory, trade accounts receivable and in certain circumstances specified amounts of cash. The Company must maintain minimum liquidity, as defined in the New ABL Agreement, of $75,000. The New ABL Facility matures on October 27, 2027. As part of the transition from the previous ABL Facility to the New ABL Facility, the Company temporarily collateralized outstanding LCs with approximately $62,754 in cash. The Company expects to replace the cash collateral with new LCs under the New ABL Facility prior to year-end 2023. Under the terms of the New ABL Facility, letter of credit fees will be calculated at 3.25% (including a fronting fee of 0.25%) while future borrowings will bear interest based on the character of the loan (defined as either a “Term Secured Overnight Financing Rate Loan” (or “Term SOFR Loan”) or a “Base Rate Loan”) plus an applicable rate of 3.10% for a Term SOFR Loan and 2.00% for a Base Rate Loan. The Company may elect the character and interest period for each loan. All amounts borrowed may be repaid prior to maturity without penalty. A commitment fee of 0.375% will be charged on any unused capacity. |
Acquisition-Related Obligations
Acquisition-Related Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Acquisition-Related Obligations | Acquisition-Related Obligations Acquisition-related obligations consisted of the following: September 30, 2023 December 31, 2022 Contingent Revenue Obligation $ — $ 27,719 Environmental Settlement Obligation 181 535 Total acquisition-related obligations - current $ 181 $ 28,254 Contingent Revenue Obligation |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2023: Total asset retirement obligations at December 31, 2022 $ 179,011 Accretion for the period 19,129 Revisions in estimated cash flows (43) Expenditures for the period (14,252) Total asset retirement obligations at September 30, 2023 183,845 Less current portion (1) (35,745) Long-term portion $ 148,100 (1) Included within Accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 7. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements The estimated fair values of financial instruments are determined based on relevant market information. These estimates involve uncertainty and cannot be determined with precision. The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, restricted cash, deposits, trade accounts payable, accrued expenses and other current liabilities, and environmental settlement obligations approximate fair value as of September 30, 2023 and December 31, 2022 due to the short maturity of these instruments. The following tables set forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels. September 30, 2023 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Trading securities (1) $ 71,269 $ — $ 71,269 $ — (1) Classified as Long-term restricted investments on the Company’s Condensed Consolidated Balance Sheets. December 31, 2022 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 27,719 $ — $ — $ 27,719 Trading securities (1) $ 151,787 $ — $ 151,787 $ — (1) Includes $46,052 classified as Short-term investments and $105,735 classified as Long-term restricted investments on the Company’s Condensed Consolidated Balance Sheets. The following tables are reconciliations of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy: December 31, 2022 Payments Loss (Gain) Recognized in Earnings Transfer In (Out) of Level 3 Fair Value Hierarchy September 30, 2023 Contingent Revenue Obligation $ 27,719 $ (27,719) $ — $ — $ — December 31, 2021 Payments Loss (Gain) Recognized in Earnings (1) Transfer In (Out) of Level 3 Fair Value Hierarchy September 30, 2022 Contingent Revenue Obligation $ 35,005 $ (16,166) $ 10,615 $ — $ 29,454 (1) The loss recognized in earnings resulted primarily from an increase in forecasted future revenue as of September 30, 2022. The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the tables above: Level 2 Fair Value Measurements Trading Securities - Typically includes certificates of deposit, corporate fixed income, and U.S. government securities. The fair values are obtained from a third-party pricing service provider. The fair values provided by the pricing service provider are based on observable market inputs including credit spreads and broker-dealer quotes, among other inputs. The Company classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets. However, the pricing models used entail a certain amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value. Level 3 Fair Value Measurements Contingent Revenue Obligation - The fair value of the Contingent Revenue Obligation was estimated using a Black-Scholes pricing model. The inputs included in the Black-Scholes pricing model are the Company’s forecasted future revenue, the stated royalty rate, the remaining periods in the obligation, annual risk-free interest rate based on the U.S. Constant Maturity Treasury Curve and annualized volatility. The annualized volatility was calculated by observing volatilities for comparable companies with adjustments for the Company's size and leverage. As the royalty period ended on December 31, 2022, the fair value of the remaining obligation as of that date represents the actual final calculated payment made during the first quarter of 2023. Refer to Note 9 for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the nine months ended September 30, 2023, the Company recorded income tax expense of $94,973 on income before income taxes of $640,913. The income tax expense differs from the expected statutory amount primarily due to the permanent impact of percentage depletion and foreign-derived intangible income deductions, partially offset by the impact of state income taxes, net of federal impact. For the nine months ended September 30, 2022, the Company recorded income tax expense of $113,953 on income before income taxes of $1,341,818. The income tax expense differs from the expected statutory amount primarily due to the decrease in the valuation allowance and the permanent impact of percentage depletion and foreign-derived intangible income deductions, partially offset by the impact of state income taxes, net of federal impact. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost (credit) other than the service cost component for black lung are included in the line item miscellaneous (expense) income, net in the Condensed Consolidated Statements of Operations. Pension The following table details the components of the net periodic benefit cost (credit) for pension obligations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 5,993 $ 3,995 $ 17,979 $ 11,985 Expected return on plan assets (5,499) (7,183) (16,497) (21,549) Amortization of net actuarial loss 183 528 548 1,583 Net periodic benefit cost (credit) $ 677 $ (2,660) $ 2,030 $ (7,981) During the three months ended June 30, 2023, an annual census data actuarial revaluation of pension obligations was performed, which resulted in an increase in the liability for pension obligations of approximately $3,630 with the offset to accumulated other comprehensive loss and a slight increase in net periodic benefit cost to be recognized subsequent to the revaluation date. An annual census data actuarial revaluation of pension obligations was also performed during the three months ended June 30, 2022, which resulted in an increase in the liability for pension obligations of approximately $4,837 with the offset to accumulated other comprehensive loss and a slight decrease in net periodic benefit credit to be recognized subsequent to the revaluation date. Black Lung The following table details the components of the net periodic benefit cost for black lung obligations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 512 $ 661 $ 1,538 $ 1,982 Interest cost 1,165 681 3,495 2,041 Expected return on plan assets (12) (13) (38) (39) Amortization of net actuarial (gain) loss (708) 314 (2,124) 943 Net periodic benefit cost $ 957 $ 1,643 $ 2,871 $ 4,927 Self-insured Medical Plan |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions There were no material related party transactions for the nine months ended September 30, 2023 or 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) General Estimated losses from loss contingencies are accrued by a charge to income when available information indicates that it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the Condensed Consolidated Financial Statements when it is at least reasonably possible that a loss may be incurred and that the loss could be material. (b) Commitments and Contingencies Commitments The Company leases coal mining and other equipment under long-term financing and operating leases with varying terms. In addition, the Company leases mineral interests and surface rights from landowners under various terms and royalty rates. Coal royalty expense was $39,284 and $44,340 for the three months ended September 30, 2023 and 2022, respectively. Coal royalty expense was $136,308 and $174,310 for the nine months ended September 30, 2023 and 2022, respectively. Contingencies Extensive regulation of the impacts of mining on the environment and of maintaining workplace safety has had, and is expected to continue to have, a significant effect on the Company’s costs of production and results of operations. Further regulations, legislation or litigation in these areas may also cause the Company’s sales or profitability to decline by increasing costs or by hindering the Company’s ability to continue mining at existing operations or to permit new operations. During the normal course of business, contract-related matters arise between the Company and its customers. When a loss related to such matters is considered probable and can reasonably be estimated, the Company records a liability. During the first half of 2023, the Company purchased and sold 399 tons, totaling $15,170, under the Cumberland Back-to-Back Coal Supply Agreements. For the three and nine months ended September 30, 2022, the Company purchased and sold 443 and 1,120 tons, respectively, totaling $16,979 and $43,100, respectively, under the Cumberland Back-to-Back Coal Supply Agreements. As of June 30, 2023, the Cumberland Back-to-Back Coal Supply Agreements had been fully performed. (c) Guarantees and Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company is a party to certain guarantees and 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 royalty obligations, are reflected in the Company’s Condensed Consolidated Balance Sheets. The Company is required to provide financial assurance in order to perform the post-mining reclamation required by its mining permits, pay workers’ compensation claims under workers’ compensation laws in various states, pay federal black lung benefits, and perform certain other obligations. In order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation and workers’ compensation obligations. The Company can also use bank letters of credit to collateralize certain obligations. As of September 30, 2023, the Company had $60,927 letters of credit outstanding under the ABL Agreement. As of September 30, 2023, the Company had outstanding surety bonds with a total face amount of $175,339 to secure various obligations and commitments. To secure the Company’s reclamation-related obligations, the Company has $33,372 of collateral in the form of restricted cash and restricted investments supporting these obligations as of September 30, 2023. The Company meets frequently with its surety providers and has discussions with certain providers regarding the extent of and the terms of their participation in the program. These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in our program. To the extent that surety bonds become unavailable or the Company’s surety bond providers require additional collateral, the Company would seek to secure its obligations with letters of credit, cash deposits or other suitable forms of collateral. The Company’s failure to maintain, or inability to acquire, surety bonds or to provide a suitable alternative would have a material adverse effect on its liquidity. These failures could result from a variety of factors, including the lack of availability, higher cost or unfavorable market terms of new surety bonds, and the exercise by third-party surety bond issuers of their right to refuse to renew the surety. Amounts included in restricted cash provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Workers’ compensation and black lung obligations $ 71,988 $ 15,334 Reclamation-related obligations 840 3,220 Financial payments and other performance obligations 10,176 10,387 Contingent Revenue Obligation escrow — 24,547 Total restricted cash 83,004 53,488 Less current portion — (24,547) Restricted cash, net of current portion $ 83,004 $ 28,941 Amounts included in restricted investments provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Workers’ compensation and black lung obligations $ 33,866 $ 72,136 Reclamation-related obligations 32,532 31,718 Financial payments and other performance obligations 4,871 1,881 Total restricted investments (1) $ 71,269 $ 105,735 (1) Classified as long-term trading securities as of September 30, 2023 and December 31, 2022. Amounts included in deposits provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Reclamation-related obligations $ — $ 102 Financial payments and other performance obligations — 391 Other operating agreements (1) 7,605 85,618 Total deposits 7,605 86,111 Less current portion (6,736) (84,748) Total deposits, net of current portion (2) $ 869 $ 1,363 (1) Included $6,736 and $84,748 related to the Company’s dividend payable as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 6 for additional information. (2) Included within Other non-current assets on the Company’s Condensed Consolidated Balance Sheets. DCMWC Reauthorization Process In July 2019, the U.S. Department of Labor (Division of Coal Mine Workers’ Compensation or “DCMWC”) began implementing a new authorization process for all self-insured coal mine operators. As requested by the DCMWC, the Company filed an application and supporting documentation for reauthorization to self-insure certain of its black lung obligations in October 2019. As a result of this application, the DCMWC notified the Company in a letter dated February 21, 2020 that the Company was reauthorized to self-insure certain of its black lung obligations for a period of one-year from February 21, 2020. The DCMWC reauthorization is contingent, however, upon the Company’s providing collateral of $65,700 to secure certain of its black lung obligations. This proposed collateral requirement is an increase from the approximate $2,600 in collateral that the Company currently provides to secure these self-insured black lung obligations. The reauthorization process provided the Company with the right to appeal the security determination in writing within 30 days of the date of the notification, which appeal period the DCMWC agreed to extend to May 22, 2020. The Company exercised this right of appeal in connection with the substantial increase in the amount of required collateral. In February 2021, the U.S. Department of Labor (“DOL”) withdrew its Federal Register notice seeking comments on its bulletin describing its new method of calculating collateral requirements. The DOL removed the bulletin from its website in May 2021. On February 10, 2022, a telephone conference was held with DCMWC and DOL decision makers wherein the Company presented facts and arguments in support of its appeal. No ruling has been made on the appeal, but during the call the Company indicated that it would be willing to allocate an additional $10,000 in collateral. If the Company’s appeal is unsuccessful, the Company may be required to provide additional letters of credit to receive the self-insurance reauthorization from the DCMWC or alternatively insure these black lung obligations through a third-party provider that would likely also require the Company to provide additional collateral. In January 2023, the DOL proposed for public comment new regulations which, if adopted, would substantially increase the collateral required to secure self-insured federal black lung obligations. Under the proposed 120% minimum collateral requirement, the Company estimates it could be required to provide approximately $80,000 to $100,000 of collateral to secure certain of its black lung obligations. The DOL has indicated that it expects that some form of these new regulations could go into effect in the fourth quarter of 2023. A significant increase in these collateral obligations could have a materially adverse effect on the Company’s liquidity. (d) Legal Proceedings The Company is party to legal proceedings from time to time. These proceedings, as well as governmental examinations, could involve various business units and a variety of claims including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, trucking and flooding), environmental and safety issues, securities-related matters and employment matters. While some legal matters may specify the damages claimed by the plaintiffs, many seek an unquantified amount of damages. Even when the amount of damages claimed against the Company or its subsidiaries is stated, (i) the claimed amount may be exaggerated or unsupported; (ii) the claim may be based on a novel legal theory or involve a large number of parties; (iii) there may be uncertainty as to the likelihood of a class being certified or the ultimate size of the class; (iv) there may be uncertainty as to the outcome of pending appeals or motions; and/or (v) there may be significant factual issues to be resolved. As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and the development of important factual information and legal issues. The Company records accruals based on an estimate of the ultimate outcome of these matters, but these estimates can be difficult to determine and involve significant judgment. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company extracts, processes and markets met and thermal coal from deep and surface mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central Appalachia (“CAPP”). The Company has one reportable segment: Met, which consists of five active mines and two preparation plants in Virginia, sixteen active mines and five preparation plants in West Virginia, as well as expenses associated with certain idled/closed mines. In addition to the one reportable segment, the All Other category includes general corporate overhead and corporate assets and liabilities, the former CAPP - Thermal operations consisting of one preparation plant in West Virginia, and the elimination of certain intercompany activity, as well as expenses associated with certain idled/closed mines. Certain immaterial amounts as of and for the three and nine months ended September 30, 2022 in the Condensed Consolidated Financials Statements and notes to the Condensed Consolidated Financials Statements have been recast to reclassify discontinued operations and present the related amounts within continuing operations as part of the All Other category. Reportable segment operating results are regularly reviewed by the Chief Operating Decision Maker (the “CODM”), who is the Chief Executive Officer of the Company. Segment operating results and capital expenditures for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 Met All Other Consolidated Total revenues $ 733,536 $ 8,284 $ 741,820 Depreciation, depletion, and amortization $ 31,893 $ 689 $ 32,582 Amortization of acquired intangibles, net $ 2,069 $ — $ 2,069 Adjusted EBITDA $ 172,414 $ (18,503) $ 153,911 Capital expenditures $ 54,237 $ 488 $ 54,725 Three Months Ended September 30, 2022 Met All Other Consolidated Total revenues $ 841,958 $ 27,810 $ 869,768 Depreciation, depletion, and amortization $ 26,747 $ 1,178 $ 27,925 Amortization of acquired intangibles, net $ 3,591 $ 952 $ 4,543 Adjusted EBITDA $ 301,556 $ (5,358) $ 296,198 Capital expenditures $ 32,623 $ 716 $ 33,339 Nine Months Ended September 30, 2023 Met All Other Consolidated Total revenues $ 2,461,274 $ 50,152 $ 2,511,426 Depreciation, depletion, and amortization $ 92,421 $ 1,810 $ 94,231 Amortization of acquired intangibles, net $ 6,458 $ — $ 6,458 Adjusted EBITDA $ 803,517 $ (36,697) $ 766,820 Capital expenditures $ 177,813 $ 6,023 $ 183,836 Nine Months Ended September 30, 2022 Met All Other Consolidated Total revenues $ 3,217,588 $ 60,556 $ 3,278,144 Depreciation, depletion, and amortization $ 81,010 $ 2,680 $ 83,690 Amortization of acquired intangibles, net $ 13,182 $ 2,856 $ 16,038 Adjusted EBITDA $ 1,521,089 $ (28,360) $ 1,492,729 Capital expenditures $ 99,979 $ 3,372 $ 103,351 The following tables present a reconciliation of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Met All Other Consolidated Net income (loss) $ 134,886 $ (41,072) $ 93,814 Interest expense 190 1,556 1,746 Interest income (369) (4,270) (4,639) Income tax expense — 18,964 18,964 Depreciation, depletion and amortization 31,893 689 32,582 Non-cash stock compensation expense 23 2,976 2,999 Accretion on asset retirement obligations 3,722 2,654 6,376 Amortization of acquired intangibles, net 2,069 — 2,069 Adjusted EBITDA $ 172,414 $ (18,503) $ 153,911 Three Months Ended September 30, 2022 Met All Other Consolidated Net income (loss) $ 268,157 $ (15,340) $ 252,817 Interest expense 40 1,714 1,754 Interest income (369) (689) (1,058) Income tax expense — 5,730 5,730 Depreciation, depletion and amortization 26,747 1,178 27,925 Non-cash stock compensation expense — 1,520 1,520 Mark-to-market adjustment - acquisition-related obligations — (2,954) (2,954) Accretion on asset retirement obligations 3,390 2,531 5,921 Amortization of acquired intangibles, net 3,591 952 4,543 Adjusted EBITDA $ 301,556 $ (5,358) $ 296,198 Nine Months Ended September 30, 2023 Met All Other Consolidated Net income (loss) $ 693,494 $ (147,554) $ 545,940 Interest expense 553 4,769 5,322 Interest income (643) (8,268) (8,911) Income tax expense — 94,973 94,973 Depreciation, depletion and amortization 92,421 1,810 94,231 Non-cash stock compensation expense 69 9,609 9,678 Accretion on asset retirement obligations 11,165 7,964 19,129 Amortization of acquired intangibles, net 6,458 — 6,458 Adjusted EBITDA $ 803,517 $ (36,697) $ 766,820 Nine Months Ended September 30, 2022 Met All Other Consolidated Net income (loss) $ 1,417,125 $ (189,260) $ 1,227,865 Interest expense 132 19,923 20,055 Interest income (541) (871) (1,412) Income tax expense — 113,953 113,953 Depreciation, depletion and amortization 81,010 2,680 83,690 Non-cash stock compensation expense 3 4,100 4,103 Mark-to-market adjustment - acquisition-related obligations — 10,615 10,615 Accretion on asset retirement obligations 10,178 7,644 17,822 Amortization of acquired intangibles, net 13,182 2,856 16,038 Adjusted EBITDA $ 1,521,089 $ (28,360) $ 1,492,729 No asset information has been disclosed as the CODM does not regularly review asset information by reportable segment. The Company markets produced, processed and purchased coal to customers in the United States and in international markets. Revenue is tracked within the Company’s accounting records based on the product destination. The following tables present additional information on our revenues and top customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total coal revenues $ 738,998 $ 867,849 $ 2,499,503 $ 3,271,845 Total revenues $ 741,820 $ 869,768 $ 2,511,426 $ 3,278,144 Export coal revenues $ 514,597 $ 641,345 $ 1,809,300 $ 2,681,873 Export coal revenues as % of total coal revenues 70 % 74 % 72 % 82 % Countries with export coal revenue exceeding 10% of total revenues India India India India Top customer as % of total revenues 13 % 18 % 12 % 28 % Top 10 customers as % of total revenues 83 % 65 % 74 % 70 % Number of customers exceeding 10% of total revenues 4 1 3 1 As of September 30, 2023 2022 Number of customers exceeding 10% of total trade accounts receivable, net 4 2 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Refer to Note 6 for subsequent event disclosures regarding the Company’s dividend program and share repurchase program. Refer to Note 8 for subsequent event disclosures related to the refinancing of the ABL Facility. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income | $ 93,814 | $ 181,355 | $ 270,771 | $ 252,817 | $ 574,157 | $ 400,891 | $ 545,940 | $ 1,227,865 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive income, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Statements of Operations,” “Condensed Consolidated Statements of Comprehensive Income,” “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Cash Flows,” and “Condensed Consolidated Statements of Stockholders’ Equity.” The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2023 and 2022. All significant intercompany transactions have been eliminated in consolidation. |
Reclassifications | ReclassificationsCertain immaterial amounts for the three and nine months ended September 30, 2022 in the Condensed Consolidated Financials Statements and notes to the Condensed Consolidated Financials Statements have been recast to reclassify discontinued operations and present the related amounts within continuing operations as part of the All Other category. |
Recent Accounting Guidance | Recent Accounting Guidance 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. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Export met coal revenues $ 485,955 $ 602,314 $ 1,714,215 $ 2,626,077 Export thermal coal revenues 28,642 39,031 95,085 55,796 Total export coal revenues $ 514,597 $ 641,345 $ 1,809,300 $ 2,681,873 Domestic met coal revenues $ 213,389 $ 192,301 $ 649,094 $ 514,771 Domestic thermal coal revenues 11,012 34,203 41,109 75,201 Total domestic coal revenues $ 224,401 $ 226,504 $ 690,203 $ 589,972 Total met coal revenues $ 699,344 $ 794,615 $ 2,363,309 $ 3,140,848 Total thermal coal revenues 39,654 73,234 136,194 130,997 Total coal revenues $ 738,998 $ 867,849 $ 2,499,503 $ 3,271,845 |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2023: Remainder of 2023 2024 2025 2026 2027 Total Estimated coal revenues $ 71,365 $ 85,187 $ — $ — $ — $ 156,552 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following tables summarize the changes to accumulated other comprehensive loss during the nine months ended September 30, 2023 and 2022: Balance January 1, 2023 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance September 30, 2023 Employee benefit costs $ (12,162) $ (2,825) $ (1,356) $ (16,343) Balance January 1, 2022 Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance September 30, 2022 Employee benefit costs $ (58,503) $ (4,837) $ 2,454 $ (60,886) The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the Condensed Consolidated Statements of Operations line items affected by the reclassification during the three and nine months ended September 30, 2023 and 2022: Details about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Employee benefit costs: Amortization of net actuarial (gain) loss (1) $ (581) $ 828 $ (1,743) $ 2,483 Miscellaneous (expense) income, net Settlement (1) — (10) — (29) Miscellaneous (expense) income, net Total before income tax $ (581) $ 818 $ (1,743) $ 2,454 Income tax 129 — 387 — Income tax expense Total, net of income tax $ (452) $ 818 $ (1,356) $ 2,454 (1) These accumulated other comprehensive loss components are included in the computation of net periodic benefit costs for certain employee benefit plans. Refer to Note 13. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Common Share, Basic and Diluted | The following table presents the net income per common share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Net income $ 93,814 $ 252,817 $ 545,940 $ 1,227,865 Weighted average common shares outstanding - basic 13,633,640 17,119,328 14,416,289 18,019,161 Net income per common share - basic $ 6.88 $ 14.77 $ 37.87 $ 68.14 Diluted Weighted average common shares outstanding - basic 13,633,640 17,119,328 14,416,289 18,019,161 Dilutive effect of warrants 31,667 170,827 108,469 312,395 Dilutive effect of stock options 1,666 2,043 1,866 4,902 Dilutive effect of other stock-based instruments 443,515 426,319 446,544 464,216 Weighted average common shares outstanding - diluted 14,110,488 17,718,517 14,973,168 18,800,674 Net income per common share - diluted $ 6.65 $ 14.27 $ 36.46 $ 65.31 |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, net | Inventories, net consisted of the following: September 30, 2023 December 31, 2022 Raw coal $ 53,762 $ 57,382 Saleable coal 156,715 91,474 Materials, supplies and other, net 61,328 51,718 Total inventories, net $ 271,805 $ 200,574 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Declared | Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared the following quarterly cash dividends on the Company’s common stock during the nine months ended September 30, 2023: Dividend per share Dividend Paid (1) Declaration Date Holders of Record Date Payable Date $ 0.44 $ 6,602 February 21, 2023 March 15, 2023 April 3, 2023 $ 0.50 $ 7,001 May 3, 2023 June 15, 2023 July 5, 2023 $ 0.50 $ 6,736 August 2, 2023 September 15, 2023 October 3, 2023 (1) Excludes dividend equivalents paid or accrued of $682 as of September 30, 2023. As of September 30, 2023, a related $6,736 balance was held on deposit to facilitate the dividend payment on October 3, 2023. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: September 30, 2023 December 31, 2022 Wages and benefits $ 66,048 $ 69,458 Workers’ compensation 11,651 11,651 Black lung 9,664 9,664 Taxes other than income taxes 25,731 24,959 Asset retirement obligations 35,745 36,963 Dividend payable 8,701 86,118 Income taxes payable 8,589 — Freight accrual 12,378 7,181 Other 11,612 19,262 Total accrued expenses and other current liabilities $ 190,119 $ 265,256 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following: September 30, 2023 December 31, 2022 Notes payable and other $ 5,726 $ 6,179 Financing leases 4,776 4,796 Total long-term debt $ 10,502 $ 10,975 Less current portion (3,438) (3,078) Long-term debt, net of current portion $ 7,064 $ 7,897 |
Acquisition-Related Obligatio_2
Acquisition-Related Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Acquisition-Related Obligations | Acquisition-related obligations consisted of the following: September 30, 2023 December 31, 2022 Contingent Revenue Obligation $ — $ 27,719 Environmental Settlement Obligation 181 535 Total acquisition-related obligations - current $ 181 $ 28,254 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes in Asset Retirement Obligations | The following table summarizes the changes in asset retirement obligations for the nine months ended September 30, 2023: Total asset retirement obligations at December 31, 2022 $ 179,011 Accretion for the period 19,129 Revisions in estimated cash flows (43) Expenditures for the period (14,252) Total asset retirement obligations at September 30, 2023 183,845 Less current portion (1) (35,745) Long-term portion $ 148,100 (1) Included within Accrued expenses and other current liabilities on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 7. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2023 and December 31, 2022. Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels. September 30, 2023 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Trading securities (1) $ 71,269 $ — $ 71,269 $ — (1) Classified as Long-term restricted investments on the Company’s Condensed Consolidated Balance Sheets. December 31, 2022 Total Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Contingent Revenue Obligation $ 27,719 $ — $ — $ 27,719 Trading securities (1) $ 151,787 $ — $ 151,787 $ — (1) Includes $46,052 classified as Short-term investments and $105,735 classified as Long-term restricted investments on the Company’s Condensed Consolidated Balance Sheets. The following tables are reconciliations of the financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis and that were categorized within Level 3 of the fair value hierarchy: December 31, 2022 Payments Loss (Gain) Recognized in Earnings Transfer In (Out) of Level 3 Fair Value Hierarchy September 30, 2023 Contingent Revenue Obligation $ 27,719 $ (27,719) $ — $ — $ — December 31, 2021 Payments Loss (Gain) Recognized in Earnings (1) Transfer In (Out) of Level 3 Fair Value Hierarchy September 30, 2022 Contingent Revenue Obligation $ 35,005 $ (16,166) $ 10,615 $ — $ 29,454 (1) The loss recognized in earnings resulted primarily from an increase in forecasted future revenue as of September 30, 2022. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Periodic Benefit Cost | The following table details the components of the net periodic benefit cost (credit) for pension obligations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 5,993 $ 3,995 $ 17,979 $ 11,985 Expected return on plan assets (5,499) (7,183) (16,497) (21,549) Amortization of net actuarial loss 183 528 548 1,583 Net periodic benefit cost (credit) $ 677 $ (2,660) $ 2,030 $ (7,981) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 512 $ 661 $ 1,538 $ 1,982 Interest cost 1,165 681 3,495 2,041 Expected return on plan assets (12) (13) (38) (39) Amortization of net actuarial (gain) loss (708) 314 (2,124) 943 Net periodic benefit cost $ 957 $ 1,643 $ 2,871 $ 4,927 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Cash Deposits | Amounts included in restricted cash provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Workers’ compensation and black lung obligations $ 71,988 $ 15,334 Reclamation-related obligations 840 3,220 Financial payments and other performance obligations 10,176 10,387 Contingent Revenue Obligation escrow — 24,547 Total restricted cash 83,004 53,488 Less current portion — (24,547) Restricted cash, net of current portion $ 83,004 $ 28,941 |
Schedule of Restricted Investments and Deposit Assets | Amounts included in restricted investments provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Workers’ compensation and black lung obligations $ 33,866 $ 72,136 Reclamation-related obligations 32,532 31,718 Financial payments and other performance obligations 4,871 1,881 Total restricted investments (1) $ 71,269 $ 105,735 (1) Classified as long-term trading securities as of September 30, 2023 and December 31, 2022. Amounts included in deposits provide collateral to secure the following obligations: September 30, 2023 December 31, 2022 Reclamation-related obligations $ — $ 102 Financial payments and other performance obligations — 391 Other operating agreements (1) 7,605 85,618 Total deposits 7,605 86,111 Less current portion (6,736) (84,748) Total deposits, net of current portion (2) $ 869 $ 1,363 (1) Included $6,736 and $84,748 related to the Company’s dividend payable as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 6 for additional information. (2) Included within Other non-current assets on the Company’s Condensed Consolidated Balance Sheets. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Operating Results and Capital Expenditures | Segment operating results and capital expenditures for the three and nine months ended September 30, 2023 and 2022 were as follows: Three Months Ended September 30, 2023 Met All Other Consolidated Total revenues $ 733,536 $ 8,284 $ 741,820 Depreciation, depletion, and amortization $ 31,893 $ 689 $ 32,582 Amortization of acquired intangibles, net $ 2,069 $ — $ 2,069 Adjusted EBITDA $ 172,414 $ (18,503) $ 153,911 Capital expenditures $ 54,237 $ 488 $ 54,725 Three Months Ended September 30, 2022 Met All Other Consolidated Total revenues $ 841,958 $ 27,810 $ 869,768 Depreciation, depletion, and amortization $ 26,747 $ 1,178 $ 27,925 Amortization of acquired intangibles, net $ 3,591 $ 952 $ 4,543 Adjusted EBITDA $ 301,556 $ (5,358) $ 296,198 Capital expenditures $ 32,623 $ 716 $ 33,339 Nine Months Ended September 30, 2023 Met All Other Consolidated Total revenues $ 2,461,274 $ 50,152 $ 2,511,426 Depreciation, depletion, and amortization $ 92,421 $ 1,810 $ 94,231 Amortization of acquired intangibles, net $ 6,458 $ — $ 6,458 Adjusted EBITDA $ 803,517 $ (36,697) $ 766,820 Capital expenditures $ 177,813 $ 6,023 $ 183,836 Nine Months Ended September 30, 2022 Met All Other Consolidated Total revenues $ 3,217,588 $ 60,556 $ 3,278,144 Depreciation, depletion, and amortization $ 81,010 $ 2,680 $ 83,690 Amortization of acquired intangibles, net $ 13,182 $ 2,856 $ 16,038 Adjusted EBITDA $ 1,521,089 $ (28,360) $ 1,492,729 Capital expenditures $ 99,979 $ 3,372 $ 103,351 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total coal revenues $ 738,998 $ 867,849 $ 2,499,503 $ 3,271,845 Total revenues $ 741,820 $ 869,768 $ 2,511,426 $ 3,278,144 Export coal revenues $ 514,597 $ 641,345 $ 1,809,300 $ 2,681,873 Export coal revenues as % of total coal revenues 70 % 74 % 72 % 82 % Countries with export coal revenue exceeding 10% of total revenues India India India India Top customer as % of total revenues 13 % 18 % 12 % 28 % Top 10 customers as % of total revenues 83 % 65 % 74 % 70 % Number of customers exceeding 10% of total revenues 4 1 3 1 As of September 30, 2023 2022 Number of customers exceeding 10% of total trade accounts receivable, net 4 2 |
Schedule of Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following tables present a reconciliation of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Met All Other Consolidated Net income (loss) $ 134,886 $ (41,072) $ 93,814 Interest expense 190 1,556 1,746 Interest income (369) (4,270) (4,639) Income tax expense — 18,964 18,964 Depreciation, depletion and amortization 31,893 689 32,582 Non-cash stock compensation expense 23 2,976 2,999 Accretion on asset retirement obligations 3,722 2,654 6,376 Amortization of acquired intangibles, net 2,069 — 2,069 Adjusted EBITDA $ 172,414 $ (18,503) $ 153,911 Three Months Ended September 30, 2022 Met All Other Consolidated Net income (loss) $ 268,157 $ (15,340) $ 252,817 Interest expense 40 1,714 1,754 Interest income (369) (689) (1,058) Income tax expense — 5,730 5,730 Depreciation, depletion and amortization 26,747 1,178 27,925 Non-cash stock compensation expense — 1,520 1,520 Mark-to-market adjustment - acquisition-related obligations — (2,954) (2,954) Accretion on asset retirement obligations 3,390 2,531 5,921 Amortization of acquired intangibles, net 3,591 952 4,543 Adjusted EBITDA $ 301,556 $ (5,358) $ 296,198 Nine Months Ended September 30, 2023 Met All Other Consolidated Net income (loss) $ 693,494 $ (147,554) $ 545,940 Interest expense 553 4,769 5,322 Interest income (643) (8,268) (8,911) Income tax expense — 94,973 94,973 Depreciation, depletion and amortization 92,421 1,810 94,231 Non-cash stock compensation expense 69 9,609 9,678 Accretion on asset retirement obligations 11,165 7,964 19,129 Amortization of acquired intangibles, net 6,458 — 6,458 Adjusted EBITDA $ 803,517 $ (36,697) $ 766,820 Nine Months Ended September 30, 2022 Met All Other Consolidated Net income (loss) $ 1,417,125 $ (189,260) $ 1,227,865 Interest expense 132 19,923 20,055 Interest income (541) (871) (1,412) Income tax expense — 113,953 113,953 Depreciation, depletion and amortization 81,010 2,680 83,690 Non-cash stock compensation expense 3 4,100 4,103 Mark-to-market adjustment - acquisition-related obligations — 10,615 10,615 Accretion on asset retirement obligations 10,178 7,644 17,822 Amortization of acquired intangibles, net 13,182 2,856 16,038 Adjusted EBITDA $ 1,521,089 $ (28,360) $ 1,492,729 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 738,998 | $ 867,849 | $ 2,499,503 | $ 3,271,845 |
Coal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 738,998 | 867,849 | 2,499,503 | 3,271,845 |
Coal | Export | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 514,597 | 641,345 | 1,809,300 | 2,681,873 |
Coal | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 224,401 | 226,504 | 690,203 | 589,972 |
Coal, Met | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 699,344 | 794,615 | 2,363,309 | 3,140,848 |
Coal, Met | Export | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 485,955 | 602,314 | 1,714,215 | 2,626,077 |
Coal, Met | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 213,389 | 192,301 | 649,094 | 514,771 |
Coal, Thermal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39,654 | 73,234 | 136,194 | 130,997 |
Coal, Thermal | Export | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28,642 | 39,031 | 95,085 | 55,796 |
Coal, Thermal | Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 11,012 | $ 34,203 | $ 41,109 | $ 75,201 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 156,552 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 71,365 |
Revenue, remaining performance obligation, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 85,187 |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 0 |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 0 |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Disaggregation of Revenue [Line Items] | |
Estimated coal revenues | $ 0 |
Revenue, remaining performance obligation, period | 1 year |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes to Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,429,755 | $ 546,909 |
Ending balance | 1,558,073 | 1,371,669 |
Employee benefit costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (12,162) | (58,503) |
Other comprehensive loss before reclassifications | (2,825) | (4,837) |
Amounts reclassified from accumulated other comprehensive loss | (1,356) | 2,454 |
Ending balance | $ (16,343) | $ (60,886) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of Amounts Reclassified (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee benefit costs: | ||||||||
Miscellaneous (expense) income, net | $ (614) | $ 1,594 | $ (857) | $ 4,534 | ||||
Total before income tax | 112,778 | 258,547 | 640,913 | 1,341,818 | ||||
Income tax | (18,964) | (5,730) | (94,973) | (113,953) | ||||
Net income | 93,814 | $ 181,355 | $ 270,771 | 252,817 | $ 574,157 | $ 400,891 | 545,940 | 1,227,865 |
Amounts reclassified from accumulated other comprehensive loss | Amortization of net actuarial (gain) loss | ||||||||
Employee benefit costs: | ||||||||
Miscellaneous (expense) income, net | (581) | 828 | (1,743) | 2,483 | ||||
Amounts reclassified from accumulated other comprehensive loss | Settlement | ||||||||
Employee benefit costs: | ||||||||
Miscellaneous (expense) income, net | 0 | (10) | 0 | (29) | ||||
Amounts reclassified from accumulated other comprehensive loss | Employee benefit costs | ||||||||
Employee benefit costs: | ||||||||
Total before income tax | (581) | 818 | (1,743) | 2,454 | ||||
Income tax | 129 | 0 | 387 | 0 | ||||
Net income | $ (452) | $ 818 | $ (1,356) | $ 2,454 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 1,240 | 0 |
Net Income Per Share - Net Inco
Net Income Per Share - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic | ||||||||
Net income | $ 93,814 | $ 181,355 | $ 270,771 | $ 252,817 | $ 574,157 | $ 400,891 | $ 545,940 | $ 1,227,865 |
Weighted average common shares outstanding - basic (in shares) | 13,633,640 | 17,119,328 | 14,416,289 | 18,019,161 | ||||
Net income per common share - basic (in dollars per share) | $ 6.88 | $ 14.77 | $ 37.87 | $ 68.14 | ||||
Diluted | ||||||||
Weighted average common shares outstanding - basic (in shares) | 13,633,640 | 17,119,328 | 14,416,289 | 18,019,161 | ||||
Dilutive effect of warrants (in shares) | 31,667 | 170,827 | 108,469 | 312,395 | ||||
Weighted average common shares outstanding - diluted (in shares) | 14,110,488 | 17,718,517 | 14,973,168 | 18,800,674 | ||||
Net income per common share - diluted (in dollars per share) | $ 6.65 | $ 14.27 | $ 36.46 | $ 65.31 | ||||
Stock Options | ||||||||
Diluted | ||||||||
Dilutive effect of share-based payment awards (in shares) | 1,666 | 2,043 | 1,866 | 4,902 | ||||
Other Stock-Based Instruments | ||||||||
Diluted | ||||||||
Dilutive effect of share-based payment awards (in shares) | 443,515 | 426,319 | 446,544 | 464,216 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw coal | $ 53,762 | $ 57,382 |
Saleable coal | 156,715 | 91,474 |
Materials, supplies and other, net | 61,328 | 51,718 |
Total inventories, net | $ 271,805 | $ 200,574 |
Capital Stock - Share Repurchas
Capital Stock - Share Repurchase Program (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 31, 2023 | Feb. 21, 2023 | |
Increase in authorized repurchase amount | $ 200,000,000 | ||
Authorized share repurchases | $ 1,200,000,000 | ||
Number of shares repurchased | 5,976,397 | ||
Total share repurchase price | $ 910,281,000 | ||
Value of shares repurchased | 910,101,000 | ||
Shares repurchased, fees | 180,000 | ||
Stock repurchase program exercise tax | $ 3,482,000 | ||
Subsequent Event | |||
Authorized share repurchases | $ 1,500,000,000 | ||
Additional authorized amount | $ 300,000,000 |
Capital Stock - Dividend Declar
Capital Stock - Dividend Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||||
Oct. 31, 2023 | Oct. 03, 2023 | Aug. 02, 2023 | Jul. 05, 2023 | May 03, 2023 | Apr. 03, 2023 | Feb. 21, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Dividends Payable [Line Items] | |||||||||||||||
Dividend per share | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.392 | $ 0.375 | |||||||
Dividends Paid | $ 7,001 | $ 6,602 | $ 99,731 | $ 6,807 | |||||||||||
Dividend equivalent | 682 | ||||||||||||||
Deposit for dividend payment | $ 6,736 | $ 6,736 | $ 84,748 | ||||||||||||
Subsequent Event | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Dividend per share | $ 0.50 | ||||||||||||||
Dividends Paid | $ 6,736 |
Capital Stock - Warrants (Detai
Capital Stock - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 15, 2023 | Mar. 15, 2023 | Dec. 15, 2022 | Jul. 26, 2016 | |
Equity [Abstract] | ||||||||
Number of warrants outstanding (in shares) | 0 | 211,477 | 0 | 211,477 | 810,811 | |||
Exercise price of warrants (in dollars per share) | $ 44.820 | $ 44.972 | $ 45.086 | |||||
Number of securities called by each warrant (in shares) | 1.20 | |||||||
Number of securities called by outstanding warrants (in shares) | 245,313 | 245,313 | ||||||
Shares issued upon exercise of warrants (in shares) | 96,556 | 60,084 | 169,028 | 678,241 | ||||
Shares withheld upon exercise of warrants (in shares) | 4,978 | 18,151 | 20,139 | 186,397 | ||||
Amount reclassified as treasury stock | $ 577 | $ 1,680 | $ 2,368 | $ 18,331 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Wages and benefits | $ 66,048 | $ 69,458 |
Workers’ compensation | 11,651 | 11,651 |
Black lung | 9,664 | 9,664 |
Taxes other than income taxes | 25,731 | 24,959 |
Asset retirement obligations | 35,745 | 36,963 |
Dividend payable | 8,701 | 86,118 |
Income taxes payable | 8,589 | 0 |
Freight accrual | 12,378 | 7,181 |
Other | 11,612 | 19,262 |
Total accrued expenses and other current liabilities | $ 190,119 | $ 265,256 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Notes payable and other | $ 5,726 | $ 6,179 |
Financing leases | 4,776 | 4,796 |
Total long-term debt | 10,502 | 10,975 |
Less current portion | (3,438) | (3,078) |
Long-term debt, net of current portion | $ 7,064 | $ 7,897 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - USD ($) | Oct. 27, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 06, 2021 |
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 5,726,000 | $ 6,179,000 | ||
New ABL Facility | Subsequent Event | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 3.10% | |||
New ABL Facility | Subsequent Event | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 2% | |||
Line of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | 60,927,000 | 61,877,000 | ||
Revolving Credit Facility | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Amount of credit facility | $ 155,000,000 | |||
Revolving Credit Facility | New ABL Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Amount of credit facility | $ 155,000,000 | |||
Additional borrowing capacity | 75,000,000 | |||
Minimum liquidity threshold | $ 75,000,000 | |||
Commitment fee, unused capacity (percentage) | 0.375% | |||
Revolving Credit Facility | Line of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | 0 | $ 0 | ||
Revolving Credit Facility | Line of Credit | New ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 60,927,000 | |||
Letter of Credit | ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Amount of credit facility | 150,000,000 | |||
Amount of credit facility on committed basis | 125,000,000 | |||
Amount of credit facility on uncommitted basis | $ 25,000,000 | |||
Letter of Credit | New ABL Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Additional borrowing capacity | $ 25,000,000 | |||
Collateral amount | $ 62,754,000 | |||
Stated interest rate | 3.25% | |||
Fronting fee (percentage) | 0.0025 |
Acquisition-Related Obligatio_3
Acquisition-Related Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Acquisition-related obligations – current | $ 181 | $ 28,254 |
Contingent Revenue Obligation | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Acquisition-related obligations – current | 0 | 27,719 |
Environmental Settlement Obligation | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Acquisition-related obligations – current | $ 181 | $ 535 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Total asset retirement obligations at December 31, 2022 | $ 179,011 | ||||
Accretion for the period | $ 6,376 | $ 5,921 | 19,129 | $ 17,822 | |
Revisions in estimated cash flows | (43) | ||||
Expenditures for the period | (14,252) | ||||
Total asset retirement obligations at September 30, 2023 | 183,845 | 183,845 | $ 179,011 | ||
Less current portion | (35,745) | (35,745) | (36,963) | ||
Long-term portion | $ 148,100 | $ 148,100 | $ 142,048 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements - Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Short-term investments | $ 0 | $ 46,052 |
Long-term restricted investments | 71,269 | 105,735 |
Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Trading securities | 71,269 | 151,787 |
Contingent Revenue Obligation | 27,719 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Trading securities | 0 | 0 |
Contingent Revenue Obligation | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Trading securities | 71,269 | 151,787 |
Contingent Revenue Obligation | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Trading securities | $ 0 | 0 |
Contingent Revenue Obligation | $ 27,719 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Fair Value Measurements - Level 3 of the Fair Value Hierarchy (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 27,719 | $ 35,005 |
Payments | (27,719) | (16,166) |
Loss (Gain) Recognized in Earnings | 0 | 10,615 |
Transfer In (Out) of Level 3 Fair Value Hierarchy | 0 | 0 |
Ending balance | $ 0 | $ 29,454 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 18,964 | $ 5,730 | $ 94,973 | $ 113,953 |
Income before income taxes | $ 112,778 | $ 258,547 | $ 640,913 | $ 1,341,818 |
Employee Benefit Plans- Net Per
Employee Benefit Plans- Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 5,993 | $ 3,995 | $ 17,979 | $ 11,985 |
Expected return on plan assets | (5,499) | (7,183) | (16,497) | (21,549) |
Amortization of net actuarial gain (loss) | 183 | 528 | 548 | 1,583 |
Net periodic benefit cost (credit) | 677 | (2,660) | 2,030 | (7,981) |
Black Lung | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 512 | 661 | 1,538 | 1,982 |
Interest cost | 1,165 | 681 | 3,495 | 2,041 |
Expected return on plan assets | (12) | (13) | (38) | (39) |
Amortization of net actuarial gain (loss) | (708) | 314 | (2,124) | 943 |
Net periodic benefit cost (credit) | $ 957 | $ 1,643 | $ 2,871 | $ 4,927 |
Employee Benefit Plans- Narrati
Employee Benefit Plans- Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Medical self insurance period expense | $ 22,040 | $ 18,324 | $ 61,866 | $ 49,334 | ||
Pension | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increase in liability for pension obligations | $ 3,630 | $ 4,837 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) T in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) T | Jun. 30, 2023 USD ($) T | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) T | Jan. 31, 2023 USD ($) | Feb. 10, 2022 USD ($) | Feb. 21, 2020 USD ($) | Feb. 20, 2020 USD ($) | |
Long-term Purchase Commitment [Line Items] | |||||||||
Coal royalty expense | $ 39,284 | $ 44,340 | $ 136,308 | $ 174,310 | |||||
Black Lung | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Collateral for black lung obligations | $ 10,000 | $ 65,700 | $ 2,600 | ||||||
Black Lung | Minimum | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Collateral for black lung obligations | $ 80,000 | ||||||||
Black Lung | Maximum | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Collateral for black lung obligations | $ 100,000 | ||||||||
Surety Bond | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Outstanding surety bonds | 175,339 | 175,339 | |||||||
Reclamation-Related Obligations | Collateral Pledged | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Restricted cash, restricted investments, and deposits | 33,372 | 33,372 | |||||||
Revolving Credit Facility | New ABL Facility | Line of Credit | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Letters of credit outstanding | $ 60,927 | $ 60,927 | |||||||
Cumberland Back-to-Back Coal Supply Agreements | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Purchase and sale contingency, mass purchased and sold (in tons) | T | 443 | 399 | 1,120 | ||||||
Purchase and sale contingency, mass purchased and sold, amount | $ 16,979 | $ 15,170 | $ 43,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Cash Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | $ 83,004 | $ 53,488 | |
Less current portion | 0 | (24,547) | $ (18,800) |
Long-term restricted cash | 83,004 | 28,941 | $ 31,724 |
Workers’ compensation and black lung obligations | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 71,988 | 15,334 | |
Reclamation-related obligations | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 840 | 3,220 | |
Financial payments and other performance obligations | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | 10,176 | 10,387 | |
Contingent Revenue Obligation escrow | |||
Long-term Purchase Commitment [Line Items] | |||
Total restricted cash | $ 0 | $ 24,547 |
Commitments and Contingencies_3
Commitments and Contingencies - Restricted Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | $ 71,269 | $ 105,735 |
Workers’ compensation and black lung obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | 33,866 | 72,136 |
Reclamation-related obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | 32,532 | 31,718 |
Financial payments and other performance obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total restricted investments | $ 4,871 | $ 1,881 |
Commitments and Contingencies_4
Commitments and Contingencies - Cash Deposits Held by Third Parties (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term Purchase Commitment [Line Items] | ||
Total deposits | $ 7,605 | $ 86,111 |
Less current portion | (6,736) | (84,748) |
Total deposits, net of current portion | 869 | 1,363 |
Deposit for dividend payment | 6,736 | 84,748 |
Reclamation-related obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total deposits | 0 | 102 |
Financial payments and other performance obligations | ||
Long-term Purchase Commitment [Line Items] | ||
Total deposits | 0 | 391 |
Other operating agreements | ||
Long-term Purchase Commitment [Line Items] | ||
Total deposits | $ 7,605 | $ 85,618 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 plant segment mine | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 1 |
Operating Segments | Virginia | Met | |
Segment Reporting Information [Line Items] | |
Number of active mines | mine | 5 |
Number of preparation plants | 2 |
Operating Segments | West Virginia | Met | |
Segment Reporting Information [Line Items] | |
Number of active mines | mine | 16 |
Number of preparation plants | 5 |
All Other | West Virginia | |
Segment Reporting Information [Line Items] | |
Number of preparation plants | 1 |
Segment Information - Operating
Segment Information - Operating Results and Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 741,820 | $ 869,768 | $ 2,511,426 | $ 3,278,144 |
Depreciation, depletion and amortization | 32,582 | 27,925 | 94,231 | 83,690 |
Amortization of acquired intangibles, net | 2,069 | 4,543 | 6,458 | 16,038 |
Adjusted EBITDA | 153,911 | 296,198 | 766,820 | 1,492,729 |
Capital expenditures | 54,725 | 33,339 | 183,836 | 103,351 |
Operating Segments | Met | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 733,536 | 841,958 | 2,461,274 | 3,217,588 |
Depreciation, depletion and amortization | 31,893 | 26,747 | 92,421 | 81,010 |
Amortization of acquired intangibles, net | 2,069 | 3,591 | 6,458 | 13,182 |
Adjusted EBITDA | 172,414 | 301,556 | 803,517 | 1,521,089 |
Capital expenditures | 54,237 | 32,623 | 177,813 | 99,979 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 8,284 | 27,810 | 50,152 | 60,556 |
Depreciation, depletion and amortization | 689 | 1,178 | 1,810 | 2,680 |
Amortization of acquired intangibles, net | 0 | 952 | 0 | 2,856 |
Adjusted EBITDA | (18,503) | (5,358) | (36,697) | (28,360) |
Capital expenditures | $ 488 | $ 716 | $ 6,023 | $ 3,372 |
Segment Information - Reconcili
Segment Information - Reconciliation of Net Income (Loss) to Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | $ 93,814 | $ 252,817 | $ 545,940 | $ 1,227,865 |
Interest expense | 1,746 | 1,754 | 5,322 | 20,055 |
Interest income | (4,639) | (1,058) | (8,911) | (1,412) |
Income tax expense | 18,964 | 5,730 | 94,973 | 113,953 |
Depreciation, depletion and amortization | 32,582 | 27,925 | 94,231 | 83,690 |
Non-cash stock compensation expense | 2,999 | 1,520 | 9,678 | 4,103 |
Mark-to-market adjustment for acquisition-related obligations | 0 | (2,954) | 0 | 10,615 |
Accretion on asset retirement obligations | 6,376 | 5,921 | 19,129 | 17,822 |
Amortization of acquired intangibles, net | 2,069 | 4,543 | 6,458 | 16,038 |
Adjusted EBITDA | 153,911 | 296,198 | 766,820 | 1,492,729 |
Operating Segments | Met | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | 134,886 | 268,157 | 693,494 | 1,417,125 |
Interest expense | 190 | 40 | 553 | 132 |
Interest income | (369) | (369) | (643) | (541) |
Income tax expense | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 31,893 | 26,747 | 92,421 | 81,010 |
Non-cash stock compensation expense | 23 | 0 | 69 | 3 |
Mark-to-market adjustment for acquisition-related obligations | 0 | 0 | ||
Accretion on asset retirement obligations | 3,722 | 3,390 | 11,165 | 10,178 |
Amortization of acquired intangibles, net | 2,069 | 3,591 | 6,458 | 13,182 |
Adjusted EBITDA | 172,414 | 301,556 | 803,517 | 1,521,089 |
All Other | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | (41,072) | (15,340) | (147,554) | (189,260) |
Interest expense | 1,556 | 1,714 | 4,769 | 19,923 |
Interest income | (4,270) | (689) | (8,268) | (871) |
Income tax expense | 18,964 | 5,730 | 94,973 | 113,953 |
Depreciation, depletion and amortization | 689 | 1,178 | 1,810 | 2,680 |
Non-cash stock compensation expense | 2,976 | 1,520 | 9,609 | 4,100 |
Mark-to-market adjustment for acquisition-related obligations | (2,954) | 10,615 | ||
Accretion on asset retirement obligations | 2,654 | 2,531 | 7,964 | 7,644 |
Amortization of acquired intangibles, net | 0 | 952 | 0 | 2,856 |
Adjusted EBITDA | $ (18,503) | $ (5,358) | $ (36,697) | $ (28,360) |
Segment Information - Revenue f
Segment Information - Revenue from External Customers (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) customer | Sep. 30, 2022 USD ($) customer | Sep. 30, 2023 USD ($) customer | Sep. 30, 2022 USD ($) customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 738,998 | $ 867,849 | $ 2,499,503 | $ 3,271,845 |
Total revenues | $ 741,820 | $ 869,768 | $ 2,511,426 | $ 3,278,144 |
Revenues | Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of customers exceeding 10% of total | customer | 4 | 1 | 3 | 1 |
Revenues | Customer Concentration Risk | Top Customer | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk (as a percent) | 13% | 18% | 12% | 28% |
Revenues | Customer Concentration Risk | Top 10 Customers | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk (as a percent) | 83% | 65% | 74% | 70% |
Accounts Receivable | Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of customers exceeding 10% of total | customer | 4 | 2 | ||
Export Coal Revenue | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 514,597 | $ 641,345 | $ 1,809,300 | $ 2,681,873 |
Export Coal Revenue | Revenues | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk (as a percent) | 70% | 74% | 72% | 82% |