Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Coronado Global Resources Inc. | |
Entity Central Index Key | 0001770561 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Document Period End Date | Mar. 31, 2023 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 167,645,373 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-16247 | |
Entity Tax Identification Number | 83-1780608 | |
Entity Incorporation State Country Code | DE | |
Entity Address Line1 | Level 33, Central Plaza One | |
Entity Address Line 2 | 345 Queen Street | |
Entity Address City Or Town | Brisbane, Queensland | |
Entity Address Country | AU | |
Entity Address Postal Zip Code | 4000 | |
Country Region | 61 | |
City Area Code | 7 | |
Local Phone Number | 3031 7777 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and restricted cash | $ 498,300 | $ 334,629 |
Trade receivables, net | 311,980 | 409,979 |
Inventories | 185,014 | 158,018 |
Other current assets | 75,636 | 60,188 |
Assets held for sale | 0 | 26,214 |
Total current assets | 1,070,930 | 989,028 |
Non-current assets: | ||
Property, plant and equipment, net | 1,411,284 | 1,389,548 |
Right of use asset - operating leases, net | 16,292 | 17,385 |
Goodwill | 28,008 | 28,008 |
Intangible assets, net | 3,260 | 3,311 |
Restricted deposits | 86,453 | 89,062 |
Other non-current assets | 21,240 | 33,585 |
Total assets | 2,637,467 | 2,549,927 |
Current liabilities: | ||
Accounts payable | 69,224 | 61,780 |
Accrued expenses and other current liabilities | 324,655 | 343,691 |
Dividends payable | 8,311 | 0 |
Income tax payable | 110,541 | 119,981 |
Asset retirement obligations | 15,737 | 10,646 |
Contract obligations | 39,976 | 40,343 |
Lease liabilities | 7,452 | 7,720 |
Other current financial liabilities | 4,175 | 4,458 |
Liabilities held for sale | 0 | 12,241 |
Total current liabilities | 580,071 | 600,860 |
Non-current liabilities: | ||
Asset retirement obligations | 135,241 | 127,844 |
Contract obligations | 86,756 | 94,525 |
Deferred consideration liability | 248,300 | 243,191 |
Interest bearing liabilities | 233,523 | 232,953 |
Other financial liabilities | 7,498 | 8,268 |
Lease liabilities | 13,710 | 15,573 |
Deferred income tax liabilities | 103,726 | 95,671 |
Other non-current liabilities | 30,885 | 27,952 |
Total liabilities | 1,439,710 | 1,446,837 |
Common stock $0.01 par value; 1,000,000,000 shares authorized,167,645,373 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 1,677 | 1,677 |
Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of March 31, 2023 and December 31, 2022 | ||
Additional paid-in capital | 1,091,974 | 1,092,282 |
Accumulated other comprehensive losses | (95,926) | (91,423) |
Retained earnings | 200,032 | 100,554 |
Total stockholders' equity | 1,197,757 | 1,103,090 |
Total liabilities and stockholders' equity | $ 2,637,467 | $ 2,549,927 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 167,645,373 | 167,645,373 |
Common stock, shares outstanding (in shares) | 167,645,373 | 167,645,373 |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 1 | 1 |
Preferred stock, shares outstanding (in shares) | 1 | 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Other revenues | $ 27,369 | $ 10,497 |
Total revenues | 765,714 | 947,125 |
Costs and expenses: | ||
Cost of coal revenues (exclusive of items shown separately below) | 380,474 | 357,500 |
Depreciation, depletion and amortization | 39,423 | 38,009 |
Freight expenses | 63,353 | 59,264 |
Stanwell rebate | 39,208 | 29,053 |
Other royalties | 85,957 | 83,032 |
Selling, general, and administrative expenses | 7,774 | 7,876 |
Total costs and expenses | 616,189 | 574,734 |
Other (expense) income: | ||
Interest expense, net | (14,665) | (17,332) |
Decrease (increase) in provision for discounting and credit losses | 3,988 | (428) |
Other, net | 3,042 | (2,790) |
Total other income, net | (7,635) | (20,550) |
Income before tax | 141,890 | 351,841 |
Income tax expense | (34,030) | (81,943) |
Net income attributable to Coronado Global Resources Inc. | 107,860 | 269,898 |
Other comprehensive income, net of income taxes: | ||
Foreign Currency Translation Adjustment | (4,503) | 16,258 |
Total other comprehensive (loss) income | (4,503) | 16,258 |
Total comprehensive income attributable to Coronado Global Resources Inc. | $ 103,357 | $ 286,156 |
Earnings per share of common stock | ||
Basic | $ 0.64 | $ 1.61 |
Diluted | $ 0.64 | $ 1.61 |
Coal Revenues [Member] | ||
Revenues: | ||
Revenues | $ 738,345 | $ 936,628 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Losses [Member] | (Accumulated losses) Retained earnings |
Balance, beginning of period at Dec. 31, 2021 | $ 1,077,502 | $ 1,677 | $ 0 | $ 1,089,547 | $ (44,228) | $ 30,506 |
Balance, beginning of period, shares at Dec. 31, 2021 | 167,645,373 | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 269,898 | $ 0 | $ 0 | 0 | 0 | 269,898 |
Other comprehensive income | 16,258 | 0 | 0 | 0 | 16,258 | 0 |
Total comprehensive income (loss) | 286,156 | 0 | 0 | 0 | 16,258 | 269,898 |
Share-based compensation for equity classified awards | 84 | 0 | 0 | 84 | 0 | 0 |
Dividends | (150,881) | $ 0 | $ 0 | 0 | 0 | (150,881) |
Balance, end of period, shares at Mar. 31, 2022 | 167,645,373 | 1 | ||||
Balance, end of period at Mar. 31, 2022 | 1,212,861 | $ 1,677 | $ 0 | 1,089,631 | (27,970) | 149,523 |
Balance, beginning of period at Dec. 31, 2022 | 1,103,090 | $ 1,677 | $ 0 | 1,092,282 | (91,423) | 100,554 |
Balance, beginning of period, shares at Dec. 31, 2022 | 167,645,373 | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 107,860 | $ 0 | $ 0 | 0 | 0 | 107,860 |
Other comprehensive income | (4,503) | 0 | 0 | 0 | (4,503) | 0 |
Total comprehensive income (loss) | 103,357 | 0 | 0 | 0 | (4,503) | 107,860 |
Share-based compensation for equity classified awards | (308,000) | 0 | 0 | (308,000) | 0 | 0 |
Dividends | (8,382) | $ 0 | $ 0 | 0 | 0 | (8,382) |
Balance, end of period, shares at Mar. 31, 2023 | 167,645,373 | 1 | ||||
Balance, end of period at Mar. 31, 2023 | $ 1,197,757 | $ 1,677 | $ 0 | $ 1,091,974 | $ (95,926) | $ 200,032 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 107,860 | $ 269,898 |
Adjustments to reconcile net income to cash and restricted cash provided by operating activities: | ||
Depreciation, depletion and amortization | 39,423 | 38,009 |
Amortization of right of use asset - operating leases | 1,083 | 3,401 |
Amortization of deferred financing costs | 483 | 484 |
Non-cash interest expense | 8,086 | 7,689 |
Amortization of contract obligations | (7,201) | (8,670) |
Loss on disposal of property, plant and equipment | 121 | 228 |
Equity-based compensation expense | (308) | 84 |
Deferred income taxes | 8,141 | 19,027 |
Reclamation of asset retirement obligations | (737) | (1,156) |
(Decrease) increase in provision for discounting and credit losses | (3,988) | 428 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 105,270 | (226,983) |
Inventories | (28,039) | (10,574) |
Other assets | 5,362 | 3,160 |
Accounts payable | 7,601 | (34,488) |
Accrued expenses and other current liabilities | (11,883) | 54,967 |
Operating lease liabilities | (2,080) | 0 |
Income tax payable | (8,510) | (2,086) |
Change in other liabilities | 2,942 | 58,431 |
Net cash provided by operating activities | 223,626 | 171,849 |
Cash flows from investing activities: | ||
Capital expenditures | (54,839) | (37,768) |
Purchase of restricted deposits | (2,403) | (3,548) |
Redemption of restricted deposits | 3,095 | 140 |
Net cash used in investing activities | (54,147) | (41,176) |
Cash flows from financing activities: | ||
Principal payments on interest bearing liabilities and other financial liabilities | (920) | (4,773) |
Principal payments on finance lease obligations | (31) | (21) |
Premiums paid on early redemption of debt | 0 | (22) |
Net cash used in investing activities | (951) | (4,816) |
Net increase in cash and restricted cash | 168,528 | 125,857 |
Effect of exchange rate changes on cash and restricted cash | (4,857) | 7,679 |
Cash and restricted cash at beginning of period | 334,629 | 437,931 |
Cash and restricted cash at end of period | 498,300 | 571,467 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 575 | 677 |
Cash paid for taxes | 34,000 | 0 |
Restricted cash | $ 251 | $ 251 |
Description of Business, Basis
Description of Business, Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of Business, Basis of Presentation | 1. (a) Description of the Business Coronado coals, development projects in the United States, or U.S. (b) Basis of Presentation The interim unaudited condensed consolidated financial statements requirements of U.S. generally accepted 10-Q and Article Commission, or the GAAP for complete statements and notes thereto included in the Australian Securities Exchange, or the ASX, on February The otherwise subsidiaries. references “Coronado” collectively, or to Coronado Global Resources Inc., as transactions have been eliminated upon consolidation. In necessary income, cash flows and changes in as of December 31, The Company’s results of the results that may be expected for the year ending |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Please see Note 2 “Summary statements for the year ended December 31, 2022 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February (a) Newly Adopted Accounting Standards During Standards Board that had a material impact on the Company’s |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Segment Information | 3. The Company has a portfolio of operating states Operations, comprise or U.S. Operations, two one owned idled mine complex (Greenbrier) and two The two organization two CODM, manages The CODM Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP. aware that measures used by other companies. Adjusted EBITDA is foreign exchange losses. Adjusted EBITDA is in analyzing each financial information for and tax. for purposes of reconciliation to the Company’s Reportable segment results as (in US$ thousands) Australia United States Other and Corporate Total Three months ended March 31, 2023 Total $ 398,661 $ 367,053 $ — $ 765,714 Adjusted EBITDA 13,233 185,042 (7,526) 190,749 Total 1,146,508 951,237 539,722 2,637,467 Capital expenditures 7,235 34,163 55 41,453 Three months ended March 31, 2022 Total $ 605,298 $ 341,827 $ — $ 947,125 Adjusted EBITDA 238,968 179,899 (7,880) 410,987 Total 1,371,294 976,326 504,735 2,852,355 Capital expenditures 15,962 23,749 92 39,803 The reconciliations March 31, 2023 and 2022 are as follows: Three months ended March 31, (in US$ thousands) 2023 2022 Net income $ 107,860 $ 269,898 Depreciation, depletion and amortization 39,423 38,009 Interest expense (net of income) 14,665 17,332 Income tax expense 34,030 81,943 Other foreign exchange (gains) losses (1) (2,992) 1,991 Losses on idled assets held for sale (2) 1,751 1,386 (Decrease) increase in provision for discounting and credit (3,988) 428 Consolidated Adjusted EBITDA $ 190,749 $ 410,987 (1) certain entities within the group that are included in “Other, net” on the unaudited Consolidated Statement (2) The disclosed March 31, 2023 and 2022 are as follows: Three months ended March 31, (in US$ thousands) 2023 2022 Capital expenditures per unaudited Condensed Consolidated Cash Flows $ 54,839 $ 37,768 Accruals for capital expenditures 4,098 9,510 Payment for capital acquired in prior periods (11,242) (7,475) Advance payment to acquire long lead capital items (6,242) — Capital expenditures per segment detail $ 41,453 $ 39,803 Disaggregation of Revenue The Company disaggregates the revenue Company’s uncertainty of revenues and cash flows. Three months ended March 31, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 372,519 $ 283,023 $ 655,542 Thermal coal 18,285 64,518 82,803 Total 390,804 347,541 738,345 Other (1) 7,857 19,512 27,369 Total $ 398,661 $ 367,053 $ 765,714 Three months ended March 31, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 554,009 $ 337,720 $ 891,729 Thermal coal 42,289 2,610 44,899 Total 596,298 340,330 936,628 Other (1) 9,000 1,497 10,497 Total $ 605,298 $ 341,827 $ 947,125 (1) Other revenue for the Australian segment includes |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Assets Held for Sale [Abstract] | |
Assets Held for Sale | 4. During determined that all our U.S. segment, located of the Company’s core business strategy and The Company remains within classification as held for sale and has idle. The assets and therefore the Condensed Consolidated Balance Sheet continues to reflect these assets and liabilities as held for sale as of that date. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 5. (in US$ thousands) March 31, 2023 December 31, 2022 Raw coal $ 65,571 $ 50,604 Saleable coal 62,375 45,913 To tal coal inventories 127,946 96,517 Supplies inventory 57,068 61,501 To tal inventories $ 185,014 $ 158,018 Coal inventories measured at its net 2.1 million and $ 5.0 December 31, coal supply agreement. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. (in US$ thousands) March 31, 2023 December 31, 2022 Land $ 27,686 $ 27,711 Buildings and improvements 90,770 91,336 Plant, machinery, mining 1,055,106 1,012,844 Mineral rights and reserves 392,846 373,309 Office and computer equipment 9,493 9,488 Mine development 563,755 565,106 Asset retirement obligation asset 76,017 87,877 Construction in process 99,613 82,713 To tal cost of property, 2,315,286 2,250,384 Less accumulated depreciation, depletion and amortization 904,002 860,836 Property, plant and $ 1,411,284 $ 1,389,548 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued expenses and other current liabilities consist of the (in US$ thousands) March 31, 2023 December 31, 2022 Wages and employee benefits $ 42,149 $ 38,687 Taxes 6,991 5,988 Accrued royalties 102,383 117,131 Accrued freight costs 50,515 44,496 Accrued mining fees 89,520 103,492 Acquisition related accruals 11,612 11,669 Other liabilities 21,485 22,228 Total $ 324,655 $ 343,691 Acquisition acquisition of $ 11.6 17.0 |
Dividends payable
Dividends payable | 3 Months Ended |
Mar. 31, 2023 | |
Dividends [Abstract] | |
Dividends payable | 8. Dividends payable On dividend of $ 8.4 0.5 8.3 0.1 foreign exchange |
Interest Bearing Liabilities
Interest Bearing Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Interest Bearing Liabilities [Abstract] | |
Interest Bearing Liabilities | 9. The following is a summary of interest-bearing liabilities March 31, 2023 December 31, 2022 Weighted Average Interest Rate at March 31, 2023 Final Maturity 10.75 % Senior Secured Notes $ 242,326 $ 242,326 12.14 % (2) 2026 ABL Facility — — 2024 Discount and debt issuance costs (1) (8,803) (9,373) Total $ 233,523 $ 232,953 (1) Debt issuance costs incurred on the establishment unaudited Condensed Consolidated Balance Sheet. (2) Senior Secured Notes As of 10.750 % Senior 2026, or the Notes, outstanding was $ 242.3 May 15, 2026 obligations of the Company. The Coronado Finance other guarantors customary indebtedness, asset on capital stock. As of March 31, 2023, the Company was in compliance Indenture. The carrying were $ 8.8 9.4 ABL Facility On May 12, 2021, the Company entered into a senior secured asset-based revolving credit agreement providing for 100.0 including a $ 30.0 5.0 time outstanding, subject to borrowing base availability. May 12, 2024 . Borrowings under applicable Company is also under outstanding letters of credit and certain administrative As at March 31, 2023, no no As at March 31, 2023, the Company was in compliance with all The carrying value of debt Balance Sheets, were $ 2.0 million and $ 2.5 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 10. For the three months ended March 31, 2023 applied this effective tax rate to its effects of unusual or in judgment about the The Company’s 2023 estimated 24.0 %, which has been favorably depletion deductions in The Company had 34.0 an income before tax of $ 141.9 Income tax 81.9 estimated annual effective tax rate of 23.3 % for the period. The Company utilizes the For no interest expense. The Company is In the companies are state level. assessment. The Company assessed the need for valuation allowances by evaluating future taxable income, available for tax strategies and the reversal of temporary tax differences. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings per Share [Abstract] | |
Earnings per Share | 11. Basic earnings per the period, Diluted earnings per share of common stock is computed the weighted-average number securities. Basic and diluted earnings per share was calculated as Three months ended March 31, (in US$ thousands, except per share data) 2023 2022 Numerator: Net income attributable to Company stockholders $ 107,860 $ 269,898 Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 167,645 Effects of dilutive shares 307 88 Weighted average diluted shares of common stock 167,952 167,733 Earnings Per Share (US$): Basic 0.64 1.61 Dilutive 0.64 1.61 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 12. The fair liability in instruments involve uncertainty and cannot be determined with The Company utilizes valuation unobservable market participants would use in pricing assumptions in fair unobservable inputs, which are categorized in one of the following Level reporting entity at the measurement date. Level 2 Inputs: for substantially the full term of the asset or liability. Level observable inputs for the asset or liability at measurement date. Financial Instruments Measured on a Recurring Basis As of March no basis. Other Financial Instruments The following methods March 31, 2023 and December 31, 2022: ● and Consolidated Balance Sheets approximate fair value due to the ● values Sheets. ● cost. As of March 31, no fair value of 253.3 prices in a market that is not considered active (Level 2). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Losses | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Accumulated Other Comprehensive losses | 13. Accumulated other comprehensive losses consisted of (in US$ thousands) Foreign currency translation adjustments Balance at December 31, 2022 $ (91,423) Net current-period other comprehensive income (loss): Loss in other comprehensive income before reclassifications (807) Loss on long-term intra-entity foreign currency transactions (3,696) Total (4,503) Balance at March 31, 2023 $ (95,926) |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments [Abstract] | |
Commitments | 14. (a) The rates. The future minimum royalties under these leases (in US$ thousands) Amount Year ending 2023 $ 4,043 2024 4,736 2025 4,629 2026 4,500 2027 4,474 Thereafter 23,711 Total $ 46,093 Mineral leases are not in scope of ASC 842 and continue to Extractive Activities – Mining. (b) As of 26.6 within the next twelve months. In Australia, the terminal contracts that are primarily funded 13 years . In the U.S., the Company 31, 2023, these Australian and U.S. 0.9 approximately $ 96.0 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Contingencies [Abstract] | |
Contingencies | 15. In the off-balance sheet No arrangements are reflected does not expect any material losses to result from these As required $ 86.5 89.1 back support agreements and and classified as long-term assets in the unaudited Condensed In accordance Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit. As of March 31, 2023, no no For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety bonds obligations. 37.6 credit of $ 16.8 compensation insurance and to secure other obligations For 25.5 2023, primarily in respect of certain rail and port arrangements As at March 42.3 obligations and obligations, additional costs or additional collateral requirements. Stamp duty on Curragh acquisition On September 27, 2022, the Company received from of the stamp duty duty 55.2 82.2 8.1 (A$ 12.1 awaiting the outcome of this objection. The outcome of this The Company continues 28.9 43.0 duty payable partial payment to date of the stamp duty reducing the estimated 11.6 17.3 is included Balance sheet, From time to time, in Australia, the U.S. and other countries where the Company does business. Company believes that such other pending adverse Company is not currently material effect on the financial condition, results of |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. New asset-based revolving credit facility On May wholly owned subsidiary wholly owned proprietary company and wholly owned subsidiary of the Company, or an Australian Borrower and, together with the Company, asset-based revolving credit agreement in an initial aggregate amount of 150.0 with Global Loan Agency Services Australia Nominees Pty Ltd, as Sydney Branch, other Lender, the Lenders. Upon satisfaction of the stipulated conditions include, satisfactory right Company for precedent under after the Signing Date, or such later date as agreed between the Company Facility. The New ABL three years 150.0 borrowings, including a $ 100.0 70.0 revolving credit facility. Availability under the by applying customary advance rates to eligible accounts The New secured by indebtedness, certain general securities accounts the New ABL of the Borrower, a featherweight subject to certain customary exceptions Borrowings under the New 2.80 % and BBSY, The New including, among 3.00 covenant regarding maintenance of interest coverage ratio to be more than 3.00 payment of dividends, or purchase or redemption of, with respect to any Equity Interests of Holdings or Subsidiaries, encumbrances, covenants relating to the incurrence or prepayment of certain debt, compliance with laws, use of proceeds, maintenance of properties, maintenance of insurance, payment obligations, financial accommodation, mergers and and limitations on changes in the nature of the Loan Parties’ The nonpayment materially incorrect when made, failure to perform or observe certain covenants within a specified period of time, a cross-default to certain material indebtedness, subsidiaries, Employee Retirement event of a may and, at the direction Facility immediately due and payable, terminate such Facility, remedies and other the commitments will become more of which applies as at the relevant stock 5 business days. Following good faith If at with commitments, payable, terminate such Lenders’ to cash collateralize the New ABL Facility. Curragh Housing Transaction On May 8, 2023, housing and the arrangement. As a result, the Company continued to recognize its 23.2 34.6 transaction will sheet. The term of the financing arrangement is ten years 12.8 %. In connection with this transaction, the 27.1 40.4 which will be recorded in “Interest Bearing Liabilities”. The term of the arrangement ten years interest rate of 12.8 %. In line addition, service for our employees at our Curragh mine. |
Description of Business, Basi_2
Description of Business, Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of the Business | Description of the Business Coronado coals, development projects in the United States, or U.S. |
Basis of Presentation | Basis of Presentation The interim unaudited condensed consolidated financial statements requirements of U.S. generally accepted 10-Q and Article Commission, or the GAAP for complete statements and notes thereto included in the Australian Securities Exchange, or the ASX, on February The otherwise subsidiaries. references “Coronado” collectively, or to Coronado Global Resources Inc., as transactions have been eliminated upon consolidation. In necessary income, cash flows and changes in as of December 31, The Company’s results of the results that may be expected for the year ending |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Newly Adopted Accounting Standards | (a) Newly Adopted Accounting Standards During Standards Board that had a material impact on the Company’s |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information [Abstract] | |
Reportable Segment Results | (in US$ thousands) Australia United States Other and Corporate Total Three months ended March 31, 2023 Total $ 398,661 $ 367,053 $ — $ 765,714 Adjusted EBITDA 13,233 185,042 (7,526) 190,749 Total 1,146,508 951,237 539,722 2,637,467 Capital expenditures 7,235 34,163 55 41,453 Three months ended March 31, 2022 Total $ 605,298 $ 341,827 $ — $ 947,125 Adjusted EBITDA 238,968 179,899 (7,880) 410,987 Total 1,371,294 976,326 504,735 2,852,355 Capital expenditures 15,962 23,749 92 39,803 |
Reconciliation of EBITDA to Net Income | Three months ended March 31, (in US$ thousands) 2023 2022 Net income $ 107,860 $ 269,898 Depreciation, depletion and amortization 39,423 38,009 Interest expense (net of income) 14,665 17,332 Income tax expense 34,030 81,943 Other foreign exchange (gains) losses (1) (2,992) 1,991 Losses on idled assets held for sale (2) 1,751 1,386 (Decrease) increase in provision for discounting and credit (3,988) 428 Consolidated Adjusted EBITDA $ 190,749 $ 410,987 (1) certain entities within the group that are included in “Other, net” on the unaudited Consolidated Statement (2) |
Reconciliation of Capital Expenditures | Three months ended March 31, (in US$ thousands) 2023 2022 Capital expenditures per unaudited Condensed Consolidated Cash Flows $ 54,839 $ 37,768 Accruals for capital expenditures 4,098 9,510 Payment for capital acquired in prior periods (11,242) (7,475) Advance payment to acquire long lead capital items (6,242) — Capital expenditures per segment detail $ 41,453 $ 39,803 |
Disaggregation of Revenue | Three months ended March 31, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 372,519 $ 283,023 $ 655,542 Thermal coal 18,285 64,518 82,803 Total 390,804 347,541 738,345 Other (1) 7,857 19,512 27,369 Total $ 398,661 $ 367,053 $ 765,714 Three months ended March 31, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 554,009 $ 337,720 $ 891,729 Thermal coal 42,289 2,610 44,899 Total 596,298 340,330 936,628 Other (1) 9,000 1,497 10,497 Total $ 605,298 $ 341,827 $ 947,125 (1) Other revenue for the Australian segment includes |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | (in US$ thousands) March 31, 2023 December 31, 2022 Raw coal $ 65,571 $ 50,604 Saleable coal 62,375 45,913 To tal coal inventories 127,946 96,517 Supplies inventory 57,068 61,501 To tal inventories $ 185,014 $ 158,018 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in US$ thousands) March 31, 2023 December 31, 2022 Land $ 27,686 $ 27,711 Buildings and improvements 90,770 91,336 Plant, machinery, mining 1,055,106 1,012,844 Mineral rights and reserves 392,846 373,309 Office and computer equipment 9,493 9,488 Mine development 563,755 565,106 Asset retirement obligation asset 76,017 87,877 Construction in process 99,613 82,713 To tal cost of property, 2,315,286 2,250,384 Less accumulated depreciation, depletion and amortization 904,002 860,836 Property, plant and $ 1,411,284 $ 1,389,548 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | (in US$ thousands) March 31, 2023 December 31, 2022 Wages and employee benefits $ 42,149 $ 38,687 Taxes 6,991 5,988 Accrued royalties 102,383 117,131 Accrued freight costs 50,515 44,496 Accrued mining fees 89,520 103,492 Acquisition related accruals 11,612 11,669 Other liabilities 21,485 22,228 Total $ 324,655 $ 343,691 |
Interest Bearing Liabilities (T
Interest Bearing Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Interest Bearing Liabilities [Abstract] | |
Summary of Interest Bearing Liabilities | The following is a summary of interest-bearing liabilities March 31, 2023 December 31, 2022 Weighted Average Interest Rate at March 31, 2023 Final Maturity 10.75 % Senior Secured Notes $ 242,326 $ 242,326 12.14 % (2) 2026 ABL Facility — — 2024 Discount and debt issuance costs (1) (8,803) (9,373) Total $ 233,523 $ 232,953 (1) Debt issuance costs incurred on the establishment unaudited Condensed Consolidated Balance Sheet. (2) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share was calculated as Three months ended March 31, (in US$ thousands, except per share data) 2023 2022 Numerator: Net income attributable to Company stockholders $ 107,860 $ 269,898 Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 167,645 Effects of dilutive shares 307 88 Weighted average diluted shares of common stock 167,952 167,733 Earnings Per Share (US$): Basic 0.64 1.61 Dilutive 0.64 1.61 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Schedule of Accumulated Other Comprehensive Losses | (in US$ thousands) Foreign currency translation adjustments Balance at December 31, 2022 $ (91,423) Net current-period other comprehensive income (loss): Loss in other comprehensive income before reclassifications (807) Loss on long-term intra-entity foreign currency transactions (3,696) Total (4,503) Balance at March 31, 2023 $ (95,926) |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments [Abstract] | |
Future Minimum Royalties | (in US$ thousands) Amount Year ending 2023 $ 4,043 2024 4,736 2025 4,629 2026 4,500 2027 4,474 Thereafter 23,711 Total $ 46,093 Mineral leases are not in scope of ASC 842 and continue to Extractive Activities – Mining. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2023 segment Properties | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 2 |
United States Segment [Member] | Producing mine complexes, Buchanan and Logan [Member] | |
Segment Reporting Information [Line Items] | |
Portfolio of operating mines and development projects (number) | 2 |
United States Segment [Member] | Idled mine complex (Greenbrier) [Member] | |
Segment Reporting Information [Line Items] | |
Portfolio of operating mines and development projects (number) | 1 |
United States Segment [Member] | Development properties, Mon Valley and Russell County [Member] | |
Segment Reporting Information [Line Items] | |
Portfolio of operating mines and development projects (number) | 2 |
Segment Information (Reportable
Segment Information (Reportable Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Reportable segment results | |||
Total revenues | $ 765,714 | $ 947,125 | |
Adjusted EBITDA | 190,749 | 410,987 | |
Net income (loss) | 107,860 | 269,898 | |
Total assets | 2,637,467 | 2,852,355 | $ 2,549,927 |
Capital expenditures | 41,453 | 39,803 | |
Other and Corporate [Member] | |||
Reportable segment results | |||
Total revenues | 0 | 0 | |
Adjusted EBITDA | (7,526) | (7,880) | |
Total assets | 539,722 | 504,735 | |
Capital expenditures | 55 | 92 | |
Australia Segment [Member] | Operating Segments [Member] | |||
Reportable segment results | |||
Total revenues | 398,661 | 605,298 | |
Adjusted EBITDA | 13,233 | 238,968 | |
Total assets | 1,146,508 | 1,371,294 | |
Capital expenditures | 7,235 | 15,962 | |
United States Segment [Member] | Operating Segments [Member] | |||
Reportable segment results | |||
Total revenues | 367,053 | 341,827 | |
Adjusted EBITDA | 185,042 | 179,899 | |
Total assets | 951,237 | 976,326 | |
Capital expenditures | $ 34,163 | $ 23,749 |
Segment Information (Reconcilia
Segment Information (Reconciliation of EBITDA to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Information [Abstract] | ||
Net income | $ 107,860 | $ 269,898 |
Depreciation, depletion and amortization | 39,423 | 38,009 |
Interest expense (net of income) | 14,665 | 17,332 |
Other foreign exchange (gains) losses | (2,992) | 1,991 |
Income tax expense (benefit) | 34,030 | 81,943 |
Losses on idled assets held for sale | 1,751 | 1,386 |
(Decrease) increase in provision for discounting and credit losses | (3,988) | 428 |
Consolidated Adjusted EBITDA | $ 190,749 | $ 410,987 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | $ 54,839 | $ 37,768 |
Operating Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | 54,839 | 37,768 |
Accruals For Capital Expenditures | 4,098 | 9,510 |
Payment for capital acquired in prior periods | (11,242) | (7,475) |
Advance payment to acquire long lead capital items | (6,242) | 0 |
Capital expenditures per segment detail | $ 41,453 | $ 39,803 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Other revenues | $ 27,369 | $ 10,497 |
Total | 765,714 | 947,125 |
Other and Corporate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 0 | 0 |
Metallurgical Coal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 655,542 | 891,729 |
Thermal Coal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 82,803 | 44,899 |
Total Coal Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 738,345 | 936,628 |
Australia Segment [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 7,857 | 9,000 |
Total | 398,661 | 605,298 |
Australia Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 372,519 | 554,009 |
Australia Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,285 | 42,289 |
Australia Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 390,804 | 596,298 |
United States Segment [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Other revenues | 19,512 | 1,497 |
Total | 367,053 | 341,827 |
United States Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 283,023 | 337,720 |
United States Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 64,518 | 2,610 |
United States Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 347,541 | $ 340,330 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Raw coal | $ 65,571 | $ 50,604 |
Saleable coal | 62,375 | 45,913 |
Total coal inventories | 127,946 | 96,517 |
Supplies inventory | 57,068 | 61,501 |
Total inventories | 185,014 | 158,018 |
Net realizable value of inventory | $ 2,100 | $ 5,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | $ 2,315,286 | $ 2,250,384 |
Less accumulated depreciation, depletion and amortization | 904,002 | 860,836 |
Property, plant and equipment, net | 1,411,284 | 1,389,548 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 27,686 | 27,711 |
Buildings And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 90,770 | 91,336 |
Plant, Machinery, Mining Equipment And Transportation Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 1,055,106 | 1,012,844 |
Mineral Rights And Reserves [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 392,846 | 373,309 |
Office And Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 9,493 | 9,488 |
Mine Development [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 563,755 | 565,106 |
Asset Retirement Obligation Asset [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 76,017 | 87,877 |
Construction In Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | $ 99,613 | $ 82,713 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) $ in Thousands, $ in Millions | Mar. 31, 2023 AUD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Accrued Expenses and Other Current Liabilities [Abstract] | |||
Wages and employee benefits | $ 42,149 | $ 38,687 | |
Taxes other than income taxes | 6,991 | 5,988 | |
Accrued royalties | 102,383 | 117,131 | |
Accrued freight costs | 50,515 | 44,496 | |
Accrued mining fees | 89,520 | 103,492 | |
Acquisition related accruals | 11,612 | 11,669 | |
Other liabilities | 21,485 | 22,228 | |
Total accrued expenses and other current liabilities | 324,655 | $ 343,691 | |
Stamp duty payable | $ 17 | $ 11,600 |
Dividends (Narrative) (Details)
Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Apr. 05, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 21, 2023 | Dec. 31, 2022 | |
Dividends Payable [Line Items] | |||||
Foreign Currency Transaction Gain (Loss), Realized | $ 2,992 | $ (1,991) | |||
Dividends payable | $ 8,311 | $ 0 | |||
Subsequent Event [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends paid | $ 8,300 | ||||
Foreign Currency Transaction Gain (Loss), Realized | $ 100 | ||||
Bi-annual fully franked fixed ordinary dividend [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends payable | $ 8,400 | ||||
Bi-annual fully franked fixed ordinary dividend [Member] | CDI [Member] | |||||
Dividends Payable [Line Items] | |||||
Dividends Payable, Amount Per Share | $ 0.005 |
Interest Bearing Liabilities (N
Interest Bearing Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | May 12, 2021 | |
Debt Instrument [Line Items] | |||
Letters of credit outstanding, amount | $ 16,800,000 | ||
Senior Secured Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 242,300,000 | ||
Interest rate | 10.75% | ||
Debt Instrument, Maturity Date | May 15, 2026 | ||
Debt issuance costs | $ 8,803,000 | $ 9,373,000 | |
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 100,000,000 | ||
Debt Instrument, Maturity Date | May 12, 2024 | ||
Debt issuance costs | $ 2,000,000 | $ 2,500,000 | |
Line of credit | 0 | ||
Letters of credit outstanding, amount | $ 0 | ||
ABL Facility [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 30,000,000 | ||
ABL Facility [Member] | Swingline loans [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 5,000,000 |
Interest Bearing Liabilities (S
Interest Bearing Liabilities (Summary of Interest Bearing Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Interest bearing liabilities | $ 233,523 | $ 232,953 |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 242,326 | 242,326 |
Discount and debt issuance costs | $ (8,803) | (9,373) |
Weighted Average Interest Rate | 12.14% | |
Final Maturity | 2026 | |
ABL Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 0 |
Discount and debt issuance costs | $ (2,000) | $ (2,500) |
Final Maturity | 2024 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Effective tax rate | 24% | 23.30% |
Income before tax | $ 141,890,000 | $ 351,841,000 |
Income Tax Expense (Benefit) | 34,030,000 | $ 81,943,000 |
Unrecognized Tax Benefits | $ 0 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income (loss) | $ 107,860 | $ 269,898 |
Denominator: | ||
Weighted-average shares of common stock outstanding | 167,645 | 167,645 |
Effects of dilutive shares | 307 | 88 |
Weighted average diluted shares of common stock outstanding | 167,952 | 167,733 |
Earnings Per Share (US$): | ||
Basic | $ 0.64 | $ 1.61 |
Diluted | $ 0.64 | $ 1.61 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) | Mar. 31, 2023 USD ($) |
Fair Value, Measurements, Recurring | |
Derivatives, Fair Value [Line Items] | |
Financial Instruments Owned At Fair Value | $ 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivatives, Fair Value [Line Items] | |
Estimated fair value of the Notes | 253,300,000 |
ABL Facility [Member] | |
Derivatives, Fair Value [Line Items] | |
Available credit | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Losses (Schedule of Accumulated Other Comprehensive Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, beginning of period | $ (91,423) | |
Net current-period other comprehensive income (loss): | ||
Total other comprehensive (loss) income | (4,503) | $ 16,258 |
Accumulated other comprehensive income, end of period | (95,926) | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, beginning of period | (91,423) | |
Net current-period other comprehensive income (loss): | ||
Loss in other comprehensive income before reclassifications | (807) | |
Loss on long-term intra-entity foreign currency transactions | (3,696) | |
Total other comprehensive (loss) income | (4,503) | |
Accumulated other comprehensive income, end of period | $ (95,926) |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commitments [Abstract] | |
Purchase commitments for capital expenditures | $ 26.6 |
Take-or-pay arrangement term | 13 years |
Take-or-pay arrangements, total | $ 900 |
Take-or-pay arrangements, due within the next year | $ 96 |
Commitments (Future Minimum Roy
Commitments (Future Minimum Royalties) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Other Commitments [Line Items] | |
2024 | $ 96,000 |
Total | 900,000 |
Royalty Agreements [Member] | |
Other Commitments [Line Items] | |
2023 | 4,043 |
2024 | 4,736,000 |
2025 | 4,629,000 |
2026 | 4,500,000 |
2027 | 4,474,000 |
Thereafter | 23,711,000 |
Total | $ 46,093,000 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Mar. 31, 2023 AUD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 27, 2022 AUD ($) | Sep. 27, 2022 USD ($) |
Loss Contingencies [Line Items] | |||||
Restricted deposits | $ 86,453,000 | $ 89,062,000 | |||
Letters of Credit Outstanding, Amount | 16,800,000 | ||||
Surety bonds | 37,600,000 | ||||
Acquisition related accruals [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 43 | 28,900,000 | |||
Stamp duty on Curragh acquisition [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 17.3 | 11,600,000 | |||
Loss Contingency, Estimate of Possible Loss | $ 82.2 | $ 55,200,000 | |||
Unpaid tax interest [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 12.1 | $ 8,100,000 | |||
Bank guarantees certain rail and port arrangements [Member] | |||||
Loss Contingencies [Line Items] | |||||
Company guarantees | 25,500,000 | ||||
Bank guarantees [Member] | |||||
Loss Contingencies [Line Items] | |||||
Company guarantees | 42,300,000 | ||||
Loss contingency accrual | 0 | ||||
ABL Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit | 0 | ||||
Cash Collateral | 0 | ||||
Letters of Credit Outstanding, Amount | $ 0 |
Subsequent Events Narrative (De
Subsequent Events Narrative (Details) - May 08, 2023 - Subsequent Event [Member] $ in Millions, $ in Millions | AUD ($) | USD ($) |
Syndicated Facility Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument Term | 3 years | 3 years |
Credit facility, maximum borrowing capacity | $ 150 | |
Syndicated Facility Agreement [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Interest coverage ratio | 3 | |
Syndicated Facility Agreement [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Leverage ratio | 3 | |
Revolving Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 70 | |
Letter of Credit [Member] | ||
Subsequent Event [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 100 | |
SOFR [Member] | Syndicated Facility Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Applicable rate | 2.80% | 2.80% |
Curragh Housing Transaction First [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument Term | 10 years | 10 years |
Proceeds from debt | $ 34.6 | $ 23.2 |
Effective interest rate | 12.80% | |
Curragh Housing Transaction Second [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument Term | 10 years | 10 years |
Proceeds from debt | $ 40.4 | $ 27.1 |
Effective interest rate | 12.80% |