Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Entity File Number | 1-16247 | |
Entity Registrant Name | Coronado Global Resources Inc. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 83-1780608 | |
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 | |
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 | |
Entity Common Stock, Shares Outstanding | 167,645,373 | |
Entity Central Index Key | 0001770561 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and restricted cash | $ 434,330 | $ 334,629 |
Trade receivables, net | 298,207 | 409,979 |
Income tax receivable | 2,728 | 0 |
Inventories | 259,896 | 158,018 |
Other current assets | 91,292 | 60,188 |
Assets held for sale | 0 | 26,214 |
Total current assets | 1,086,453 | 989,028 |
Non-current assets: | ||
Property, plant and equipment, net | 1,413,493 | 1,389,548 |
Right of use asset - operating leases, net | 51,648 | 17,385 |
Goodwill | 28,008 | 28,008 |
Intangible assets, net | 3,210 | 3,311 |
Restricted deposits | 89,482 | 89,062 |
Other non-current assets | 14,665 | 33,585 |
Total assets | 2,686,959 | 2,549,927 |
Current liabilities: | ||
Accounts payable | 83,432 | 61,780 |
Accrued expenses and other current liabilities | 335,011 | 343,691 |
Income tax payable | 15,834 | 119,981 |
Asset retirement obligations | 15,676 | 10,646 |
Contract obligations | 39,498 | 40,343 |
Lease liabilities | 17,004 | 7,720 |
Other current financial liabilities | 3,883 | 4,458 |
Liabilities held for sale | 0 | 12,241 |
Total current liabilities | 510,338 | 600,860 |
Non-current liabilities: | ||
Asset retirement obligations | 135,845 | 127,844 |
Contract obligations | 77,609 | 94,525 |
Deferred consideration liability | 252,855 | 243,191 |
Interest bearing liabilities | 234,112 | 232,953 |
Other financial liabilities | 7,031 | 8,268 |
Lease liabilities | 38,329 | 15,573 |
Deferred income tax liabilities | 115,194 | 95,671 |
Other non-current liabilities | 33,086 | 27,952 |
Total liabilities | 1,404,399 | 1,446,837 |
Common stock $0.01 par value; 1,000,000,000 shares authorized,167,645,373 shares issued and outstanding as of June 30, 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 June 30, 2023 and December 31, 2022 | ||
Additional paid-in capital | 1,093,263 | 1,092,282 |
Accumulated other comprehensive losses | (103,723) | (91,423) |
Retained earnings | 291,343 | 100,554 |
Total stockholders' equity | 1,282,560 | 1,103,090 |
Total liabilities and stockholders' equity | $ 2,686,959 | $ 2,549,927 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Other revenues | $ 10,081 | $ 11,707 | $ 37,450 | $ 22,204 |
Total revenues | 727,526 | 1,032,704 | 1,493,240 | 1,979,829 |
Costs and expenses: | ||||
Cost of coal revenues (exclusive of items shown separately below) | 380,962 | 397,463 | 761,436 | 754,963 |
Depreciation, depletion and amortization | 38,880 | 51,384 | 78,303 | 89,393 |
Freight expenses | 57,443 | 67,026 | 120,796 | 126,290 |
Stanwell rebate | 29,049 | 40,532 | 68,257 | 69,585 |
Other royalties | 89,949 | 79,348 | 175,906 | 162,380 |
Selling, general, and administrative expenses | 9,981 | 10,376 | 17,755 | 18,252 |
Total costs and expenses | 606,264 | 646,129 | 1,222,453 | 1,220,863 |
Other (expense) income: | ||||
Interest expense, net | (14,180) | (17,482) | (28,845) | (34,814) |
(Increase) decrease in provision for discounting and credit losses | (269) | (156) | 3,719 | (584) |
Other, net | 6,473 | 25,083 | 9,515 | 22,293 |
Total other (expense) income, net | (7,976) | 7,445 | (15,611) | (13,105) |
Income before tax | 113,286 | 394,020 | 255,176 | 745,861 |
Income tax expense | (21,975) | (102,025) | (56,005) | (183,968) |
Net income attributable to Coronado Global Resources Inc. | 91,311 | 291,995 | 199,171 | 561,893 |
Other comprehensive income, net of income taxes: | ||||
Foreign currency translation adjustments | (7,797) | (50,168) | (12,300) | (33,910) |
Total net current-period other comprehensive loss | (7,797) | (50,168) | (12,300) | (33,910) |
Total comprehensive income attributable to Coronado Global Resources Inc. | $ 83,514 | $ 241,827 | $ 186,871 | $ 527,983 |
Earnings per share of common stock | ||||
Basic | $ 0.54 | $ 1.74 | $ 1.19 | $ 3.35 |
Diluted | $ 0.54 | $ 1.74 | $ 1.18 | $ 3.35 |
Coal Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 717,445 | $ 1,020,997 | $ 1,455,790 | $ 1,957,625 |
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, 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 | 561,893 | |||||
Other comprehensive income | (33,910) | |||||
Balance, end of period, shares at Jun. 30, 2022 | 167,645,373 | 1 | ||||
Balance, end of period at Jun. 30, 2022 | 1,256,379 | $ 1,677 | $ 0 | 1,091,362 | (78,138) | 241,478 |
Balance, beginning of period at Mar. 31, 2022 | 1,212,861 | $ 1,677 | $ 0 | 1,089,631 | (27,970) | 149,523 |
Balance, beginning of period, shares at Mar. 31, 2022 | 167,645,373 | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 291,995 | $ 0 | $ 0 | 0 | 0 | 291,995 |
Other comprehensive income | (50,168) | 0 | 0 | 0 | (50,168) | 0 |
Total comprehensive income (loss) | 241,827 | 0 | 0 | 0 | (50,168) | 291,995 |
Share-based compensation for equity classified awards | 1,731 | 0 | 0 | 1,731 | 0 | 0 |
Dividends | (200,040) | $ 0 | $ 0 | 0 | 0 | (200,040) |
Balance, end of period, shares at Jun. 30, 2022 | 167,645,373 | 1 | ||||
Balance, end of period at Jun. 30, 2022 | 1,256,379 | $ 1,677 | $ 0 | 1,091,362 | (78,138) | 241,478 |
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) | 0 | 0 | (308) | 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 |
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 | 199,171 | |||||
Other comprehensive income | (12,300) | |||||
Balance, end of period, shares at Jun. 30, 2023 | 167,645,373 | 1 | ||||
Balance, end of period at Jun. 30, 2023 | 1,282,560 | $ 1,677 | $ 0 | 1,093,263 | (103,723) | 291,343 |
Balance, beginning of period at Mar. 31, 2023 | 1,197,757 | $ 1,677 | $ 0 | 1,091,974 | (95,926) | 200,032 |
Balance, beginning of period, shares at Mar. 31, 2023 | 167,645,373 | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 91,311 | $ 0 | $ 0 | 0 | 0 | 91,311 |
Other comprehensive income | (7,797) | 0 | 0 | 0 | (7,797) | 0 |
Total comprehensive income (loss) | 83,514 | 0 | 0 | 0 | (7,797) | 91,311 |
Share-based compensation for equity classified awards | 1,289 | 0 | 0 | 1,289 | 0 | 0 |
Dividends | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Balance, end of period, shares at Jun. 30, 2023 | 167,645,373 | 1 | ||||
Balance, end of period at Jun. 30, 2023 | $ 1,282,560 | $ 1,677 | $ 0 | $ 1,093,263 | $ (103,723) | $ 291,343 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 199,171 | $ 561,893 |
Adjustments to reconcile net income to cash and restricted cash provided by operating activities: | ||
Depreciation, depletion and amortization | 78,303 | 89,393 |
Amortization of right of use asset - operating leases | 2,861 | 4,501 |
Amortization of deferred financing costs | 966 | 968 |
Non-cash interest expense | 16,324 | 15,622 |
Amortization of contract obligations | (15,594) | (21,947) |
Loss on disposal of property, plant and equipment | 359 | 257 |
Equity-based compensation expense | 981 | 1,815 |
Deferred income taxes | 19,912 | 42,061 |
Reclamation of asset retirement obligations | (2,035) | (3,601) |
(Decrease) increase in provision for discounting and credit losses | (3,719) | 584 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 117,875 | (304,707) |
Inventories | (104,742) | 9,700 |
Other assets | (2,313) | (18,460) |
Accounts payable | 23,335 | (5,160) |
Accrued expenses and other current liabilities | (2,393) | 71,595 |
Operating lease liabilities | (5,001) | (4,163) |
Income tax payable | (105,575) | 73,114 |
Change in other liabilities | 5,159 | 4,827 |
Net cash provided by operating activities | 223,874 | 518,292 |
Cash flows from investing activities: | ||
Capital expenditures | (104,853) | (87,875) |
Purchase of restricted deposits | (5,001) | (6,251) |
Redemption of restricted deposits | 4,780 | 606 |
Net cash used in investing activities | (105,074) | (93,520) |
Cash flows from financing activities: | ||
Principal payments on interest bearing liabilities and other financial liabilities | (1,498) | (7,085) |
Principal payments on finance lease obligations | (64) | (61) |
Premiums paid on early redemption of debt | 0 | (22) |
Dividends paid | (8,371) | (348,423) |
Net cash used in financing activities | (9,933) | (355,591) |
Net increase in cash and restricted cash | 108,867 | 69,181 |
Effect of exchange rate changes on cash and restricted cash | (9,166) | (21,228) |
Cash and restricted cash at beginning of period | 334,629 | 437,931 |
Cash and restricted cash at end of period | 434,330 | 485,884 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 14,087 | 18,338 |
Cash paid for taxes | 138,525 | 69,388 |
Restricted cash | $ 251 | $ 251 |
Description of Business, Basis
Description of Business, Basis of Presentation | 6 Months Ended |
Jun. 30, 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 indicative of the results that may be expected for the year |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 and allocates resources to the various 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 of and below: (in US$ thousands) Australia United States Other and Corporate Total Three months ended June 30, 2023 Total $ 431,806 $ 295,720 $ — $ 727,526 Adjusted EBITDA 54,700 116,487 (9,661) 161,526 Total 1,149,614 1,018,177 519,168 2,686,959 Capital expenditures 16,493 31,044 26 47,563 Three months ended June 30, 2022 Total $ 578,388 $ 454,316 $ — $ 1,032,704 Adjusted EBITDA 196,315 252,394 (10,349) 438,360 Total 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 30,755 20,673 236 51,664 Six months ended June 30, 2023 Total $ 830,467 $ 662,773 $ — $ 1,493,240 Adjusted EBITDA 67,933 301,529 (17,186) 352,276 Total 1,149,614 1,018,177 519,168 2,686,959 Capital expenditures 23,728 65,208 81 89,017 Six months ended June 30, 2022 Total $ 1,183,686 $ 796,143 $ — $ 1,979,829 Adjusted EBITDA 435,284 432,294 (18,231) 849,347 Total 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 46,716 44,422 329 91,467 The reconciliations ended June 30, 2023 and 2022 are as follows: Three months ended Six months ended June 30, June 30, (in US$ thousands) 2023 2022 2023 2022 Net income $ 91,311 $ 291,995 $ 199,171 $ 561,893 Depreciation, depletion and amortization 38,880 51,384 78,303 89,393 Interest expense (net of interest income) 14,180 17,482 28,845 34,814 Income tax expense 21,975 102,025 56,005 183,968 Other foreign exchange gains (1) (6,414) (25,138) (9,405) (23,147) Losses on idled assets (2) 1,325 456 3,076 1,842 Increase (decrease) in provision for discounting and credit losses 269 156 (3,719) 584 Consolidated Adjusted EBITDA $ 161,526 $ 438,360 $ 352,276 $ 849,347 (1) certain entities within the group that are included in “Other, net” on the unaudited Consolidated Statement (2) assets that were classified as held for sale. Refer The disclosed on the unaudited 30, 2023 and 2022 are as follows: Six months ended June 30, (in US$ thousands) 2023 2022 Capital expenditures per unaudited Condensed Consolidated Cash Flows $ 104,853 $ 87,875 Accruals for capital expenditures 6,755 11,067 Payment for capital acquired in prior periods (11,241) (7,475) Advance payment to acquire long lead capital items (11,350) — Capital expenditures per segment detail $ 89,017 $ 91,467 Disaggregation of Revenue The Company disaggregates the revenue Company’s uncertainty of revenues and cash flows. Three months ended June 30, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 403,861 $ 257,292 $ 661,153 Thermal coal 19,260 37,032 56,292 Total 423,121 294,324 717,445 Other (1) 8,685 1,396 10,081 Total $ 431,806 $ 295,720 $ 727,526 Three months ended June 30, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 543,345 $ 450,858 $ 994,203 Thermal coal 25,001 1,793 26,794 Total 568,346 452,651 1,020,997 Other (1) 10,042 1,665 11,707 Total $ 578,388 $ 454,316 $ 1,032,704 Six months ended June 30, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 776,380 $ 540,314 $ 1,316,694 Thermal coal 37,545 101,551 139,096 Total 813,925 641,865 1,455,790 Other (1) 16,542 20,908 37,450 Total $ 830,467 $ 662,773 $ 1,493,240 Six months ended June 30, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 1,097,353 $ 788,579 $ 1,885,932 Thermal coal 67,291 4,402 71,693 Total 1,164,644 792,981 1,957,625 Other (1) 19,042 3,162 22,204 Total $ 1,183,686 $ 796,143 $ 1,979,829 (1) Other revenue for the Australian segment includes |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Jun. 30, 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 concluded that the timing of asset classification as held for sale. The Greenbrier mine. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Inventories | 5. (in US$ thousands) June 30, 2023 December 31, 2022 Raw coal $ 106,057 $ 50,604 Saleable coal 89,355 45,913 Total 195,412 96,517 Supplies inventory 64,484 61,501 To tal inventories $ 259,896 $ 158,018 Coal inventories measured at its net realizable value 3.5 million and $ 5.0 December 31, coal supply agreement. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. (in US$ thousands) June 30, 2023 December 31, 2022 Land $ 27,896 $ 27,711 Buildings and improvements 89,989 91,336 Plant, machinery, mining 1,076,809 1,012,844 Mineral rights and reserves 390,394 373,309 Office and computer equipment 9,752 9,488 Mine development 559,010 565,106 Asset retirement obligation asset 75,338 87,877 Construction in process 119,425 82,713 To tal cost of property, 2,348,613 2,250,384 Less accumulated depreciation, depletion and amortization 935,120 860,836 Property, plant and $ 1,413,493 $ 1,389,548 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 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) June 30, 2023 December 31, 2022 Wages and employee benefits $ 38,976 $ 38,687 Taxes 7,901 5,988 Accrued royalties 104,631 117,131 Accrued freight costs 50,667 44,496 Accrued mining fees 96,185 103,492 Acquisition related accruals 11,470 11,669 Other liabilities 25,181 22,228 Total $ 335,011 $ 343,691 Acquisition acquisition of $ 11.5 17.0 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 8. From time to mining equipment Company’s finance or operating. During the lease mining equipment. and operating lease liabilities of $ 37.6 Information related to the Company’s right-of (US$ thousands) June 30, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 51,648 $ 17,385 Finance leases: Property and equipment 360 371 Accumulated depreciation (239) (186) Property and equipment, net 121 185 Current operating lease obligations 16,874 7,593 Operating lease liabilities, less current portion 38,329 15,505 Total 55,203 23,098 Current finance lease obligations 130 127 Finance lease liabilities, less current portion — 68 Total 130 195 Current lease obligation 17,004 7,720 Non-current lease obligation 38,329 15,573 Total $ 55,333 $ 23,293 June 30, 2023 December 31, 2022 Weighted Average Remaining Weighted average remaining lease term – finance 1.01 1.52 Weighted average remaining lease term – operating 3.39 4.11 Weighted Average Discount Weighted discount rate – finance lease 7.60% 7.60% Weighted discount rate – operating lease 9.00% 8.94% The Company’s operating leases have remaining lease 1 5 to extend the terms of lease liabilities as at June 30, 2023, are as follows: (US$ thousands) Operating Lease Finance Lease Year ending 2023 $ 10,899 $ 79 2024 19,295 68 2025 18,508 — 2026 11,597 — 2027 2,924 — Thereafter 892 — Total 64,115 147 Less imputed interest (8,912) (17) Total $ 55,203 $ 130 |
Interest Bearing Liabilities
Interest Bearing Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Interest Bearing Liabilities [Abstract] | |
Interest Bearing Liabilities | 9. The following is a summary of interest-bearing liabilities June 30, 2023 December 31, 2022 Weighted Average Interest Rate at June 30, 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) (8,214) (9,373) Total $ 234,112 $ 232,953 (1) Debt issuance costs incurred on the establishment unaudited Condensed Consolidated Balance Sheet. (2) Senior Secured Notes As 10.750 % 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. Indenture. The carrying were $ 8.2 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 June no no As at June 30, 2023, the Company was in compliance The carrying value of debt Balance Sheets, were $ 1.5 million and $ 2.5 Subsequent to June 30, 2023, the Company satisfied time the New ABL Facility details. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 10. For applied this effective tax rate to its effects of unusual or in judgment about the The Company’s 2023 estimated 21.9 %, which has been favorably depletion deductions in The Company had 56.0 an income before tax of $ 255.2 Income 184.0 estimated annual effective tax rate of 24.7 % for the period. The Company utilizes the For the six months ended no or penalties is required, it is the Company’s policy 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, (in US$ thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income attributable to Company stockholders $ 91,311 $ 291,995 $ 199,171 $ 561,893 Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 167,645 167,645 167,645 Effects of dilutive shares 524 168 458 192 Weighted average diluted shares of common stock outstanding 168,169 167,813 168,103 167,837 Earnings Per Share (US$): Basic 0.54 1.74 1.19 3.35 Dilutive 0.54 1.74 1.18 3.35 The Company’s common stock is publicly traded on the holders into shares of the Company’s common stock 10-for-1 basis . |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 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 no basis. Other Financial Instruments The following methods June 30, 2023 and December 31, 2022: ● and Consolidated Balance Sheets approximate fair value due to the ● values Sheets. ● cost. As of June 30, 2023, no fair value of the Notes as of June 30, 2023 was approximately $ 251.7 prices in a market that is not considered active (Level 2). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Losses | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Accumulated Other Comprehensive losses | 13. The Company’s Accumulated Other Comprehensive of subsidiaries for which the functional currency is different 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 (3,806) Loss on long-term intra-entity foreign currency transactions (8,494) Total (12,300) Balance at June 30, 2023 $ (103,723) |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Commitments [Abstract] | |
Commitments | 14. (a) The rates. The future minimum royalties under these leases (in US$ thousands) Amount Year ending 2023 $ 3,646 2024 5,346 2025 5,241 2026 5,113 2027 5,087 Thereafter 25,834 Total $ 50,267 Mineral leases are not in scope of Accounting Standards Codification, accounted for under the guidance in ASC 932, Extractive (b) As of June 30, 2023, purchase commitments for capital expenditures were $ 32.5 within the next twelve months. In Australia, the terminal contracts that are primarily funded 13 years . In the U.S., 30, 2023, these Australian and U.S. 0.9 approximately $ 95.0 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 $ 89.5 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 June 30, 2023, no no For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety bonds obligations. As of June 30, 40.8 of 16.8 compensation insurance and to secure other obligations For the Australian Operations, the Company had bank guarantees outstanding of 24.2 primarily in respect of certain rail and port arrangements As at 41.0 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 54.5 82.2 8.0 (A$ 12.1 awaiting the outcome of this objection. The outcome of The Company continues to 28.5 43.0 duty payable partial payment following 11.5 17.3 which Consolidated Balance sheet, From time to time, the 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 |
Material Transactions
Material Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Material Transactions [Abstract] | |
Material Transactions | 16. Material Transactions New asset-based revolving credit facility On May of the Company, of the Company, wholly Borrower, the Borrowers, and, together agreement in 150.0 Services Australia Ltd, as the Lender, and DBS Bank On August which time the New ABL Facility became effective The New 150.0 $ 100.0 70.0 Availability under the New advance rates to eligible accounts receivable and inventory. 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’ Subject events of default. Curragh Housing Transaction On May 8, 2023, the Company entered into an services equipment. Revenues Customers underlying property, proceeds 22.9 34.6 Liabilities” on the ten years 12.8 %. In connection with this transaction, the 26.8 40.4 which will ten years with an effective interest rate of 12.8 %. The Curragh Housing Agreement is subject to conditions In line addition, the accommodation the level of service for our employees at our Curragh mine. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Ordinary dividends On August 7, 2023, the Company’s of $ 8.4 0.5 dividend connection with special dividends declared on October 30, The dividend will have a record date of August 29, 2023 , Australia time, and be payable on September 19, 2023 , Australia time. CDIs will be will be funded from available cash. |
Description of Business, Basi_2
Description of Business, Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 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 indicative of the results that may be expected for the year |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Reportable Segment Results | (in US$ thousands) Australia United States Other and Corporate Total Three months ended June 30, 2023 Total $ 431,806 $ 295,720 $ — $ 727,526 Adjusted EBITDA 54,700 116,487 (9,661) 161,526 Total 1,149,614 1,018,177 519,168 2,686,959 Capital expenditures 16,493 31,044 26 47,563 Three months ended June 30, 2022 Total $ 578,388 $ 454,316 $ — $ 1,032,704 Adjusted EBITDA 196,315 252,394 (10,349) 438,360 Total 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 30,755 20,673 236 51,664 Six months ended June 30, 2023 Total $ 830,467 $ 662,773 $ — $ 1,493,240 Adjusted EBITDA 67,933 301,529 (17,186) 352,276 Total 1,149,614 1,018,177 519,168 2,686,959 Capital expenditures 23,728 65,208 81 89,017 Six months ended June 30, 2022 Total $ 1,183,686 $ 796,143 $ — $ 1,979,829 Adjusted EBITDA 435,284 432,294 (18,231) 849,347 Total 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 46,716 44,422 329 91,467 |
Reconciliation of EBITDA to Net Income | Three months ended Six months ended June 30, June 30, (in US$ thousands) 2023 2022 2023 2022 Net income $ 91,311 $ 291,995 $ 199,171 $ 561,893 Depreciation, depletion and amortization 38,880 51,384 78,303 89,393 Interest expense (net of interest income) 14,180 17,482 28,845 34,814 Income tax expense 21,975 102,025 56,005 183,968 Other foreign exchange gains (1) (6,414) (25,138) (9,405) (23,147) Losses on idled assets (2) 1,325 456 3,076 1,842 Increase (decrease) in provision for discounting and credit losses 269 156 (3,719) 584 Consolidated Adjusted EBITDA $ 161,526 $ 438,360 $ 352,276 $ 849,347 (1) certain entities within the group that are included in “Other, net” on the unaudited Consolidated Statement (2) assets that were classified as held for sale. Refer |
Reconciliation of Capital Expenditures | Six months ended June 30, (in US$ thousands) 2023 2022 Capital expenditures per unaudited Condensed Consolidated Cash Flows $ 104,853 $ 87,875 Accruals for capital expenditures 6,755 11,067 Payment for capital acquired in prior periods (11,241) (7,475) Advance payment to acquire long lead capital items (11,350) — Capital expenditures per segment detail $ 89,017 $ 91,467 |
Disaggregation of Revenue | Three months ended June 30, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 403,861 $ 257,292 $ 661,153 Thermal coal 19,260 37,032 56,292 Total 423,121 294,324 717,445 Other (1) 8,685 1,396 10,081 Total $ 431,806 $ 295,720 $ 727,526 Three months ended June 30, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 543,345 $ 450,858 $ 994,203 Thermal coal 25,001 1,793 26,794 Total 568,346 452,651 1,020,997 Other (1) 10,042 1,665 11,707 Total $ 578,388 $ 454,316 $ 1,032,704 Six months ended June 30, 2023 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 776,380 $ 540,314 $ 1,316,694 Thermal coal 37,545 101,551 139,096 Total 813,925 641,865 1,455,790 Other (1) 16,542 20,908 37,450 Total $ 830,467 $ 662,773 $ 1,493,240 Six months ended June 30, 2022 (in US$ thousands) Australia United States Total Product Groups: Metallurgical coal $ 1,097,353 $ 788,579 $ 1,885,932 Thermal coal 67,291 4,402 71,693 Total 1,164,644 792,981 1,957,625 Other (1) 19,042 3,162 22,204 Total $ 1,183,686 $ 796,143 $ 1,979,829 (1) Other revenue for the Australian segment includes |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | (in US$ thousands) June 30, 2023 December 31, 2022 Raw coal $ 106,057 $ 50,604 Saleable coal 89,355 45,913 Total 195,412 96,517 Supplies inventory 64,484 61,501 To tal inventories $ 259,896 $ 158,018 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in US$ thousands) June 30, 2023 December 31, 2022 Land $ 27,896 $ 27,711 Buildings and improvements 89,989 91,336 Plant, machinery, mining 1,076,809 1,012,844 Mineral rights and reserves 390,394 373,309 Office and computer equipment 9,752 9,488 Mine development 559,010 565,106 Asset retirement obligation asset 75,338 87,877 Construction in process 119,425 82,713 To tal cost of property, 2,348,613 2,250,384 Less accumulated depreciation, depletion and amortization 935,120 860,836 Property, plant and $ 1,413,493 $ 1,389,548 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | (in US$ thousands) June 30, 2023 December 31, 2022 Wages and employee benefits $ 38,976 $ 38,687 Taxes 7,901 5,988 Accrued royalties 104,631 117,131 Accrued freight costs 50,667 44,496 Accrued mining fees 96,185 103,492 Acquisition related accruals 11,470 11,669 Other liabilities 25,181 22,228 Total $ 335,011 $ 343,691 |
Leases (Table)
Leases (Table) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Information Related To Right-Of Use Assets And Related Lease Liabilities | (US$ thousands) June 30, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 51,648 $ 17,385 Finance leases: Property and equipment 360 371 Accumulated depreciation (239) (186) Property and equipment, net 121 185 Current operating lease obligations 16,874 7,593 Operating lease liabilities, less current portion 38,329 15,505 Total 55,203 23,098 Current finance lease obligations 130 127 Finance lease liabilities, less current portion — 68 Total 130 195 Current lease obligation 17,004 7,720 Non-current lease obligation 38,329 15,573 Total $ 55,333 $ 23,293 June 30, 2023 December 31, 2022 Weighted Average Remaining Weighted average remaining lease term – finance 1.01 1.52 Weighted average remaining lease term – operating 3.39 4.11 Weighted Average Discount Weighted discount rate – finance lease 7.60% 7.60% Weighted discount rate – operating lease 9.00% 8.94% |
Maturities Of Lease Liabilities, Operating Lease | (US$ thousands) Operating Lease Finance Lease Year ending 2023 $ 10,899 $ 79 2024 19,295 68 2025 18,508 — 2026 11,597 — 2027 2,924 — Thereafter 892 — Total 64,115 147 Less imputed interest (8,912) (17) Total $ 55,203 $ 130 |
Maturities Of Lease Liabilities, Finance Lease | (US$ thousands) Operating Lease Finance Lease Year ending 2023 $ 10,899 $ 79 2024 19,295 68 2025 18,508 — 2026 11,597 — 2027 2,924 — Thereafter 892 — Total 64,115 147 Less imputed interest (8,912) (17) Total $ 55,203 $ 130 |
Interest Bearing Liabilities (T
Interest Bearing Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interest Bearing Liabilities [Abstract] | |
Summary of Interest Bearing Liabilities | The following is a summary of interest-bearing liabilities June 30, 2023 December 31, 2022 Weighted Average Interest Rate at June 30, 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) (8,214) (9,373) Total $ 234,112 $ 232,953 (1) Debt issuance costs incurred on the establishment unaudited Condensed Consolidated Balance Sheet. (2) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share was calculated as Three months ended June 30, Six months ended June 30, (in US$ thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income attributable to Company stockholders $ 91,311 $ 291,995 $ 199,171 $ 561,893 Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 167,645 167,645 167,645 Effects of dilutive shares 524 168 458 192 Weighted average diluted shares of common stock outstanding 168,169 167,813 168,103 167,837 Earnings Per Share (US$): Basic 0.54 1.74 1.19 3.35 Dilutive 0.54 1.74 1.18 3.35 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Schedule of Accumulated Other Comprehensive Losses | (in US$ 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 (3,806) Loss on long-term intra-entity foreign currency transactions (8,494) Total (12,300) Balance at June 30, 2023 $ (103,723) |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments [Abstract] | |
Future Minimum Royalties | (in US$ thousands) Amount Year ending 2023 $ 3,646 2024 5,346 2025 5,241 2026 5,113 2027 5,087 Thereafter 25,834 Total $ 50,267 Mineral leases are not in scope of Accounting Standards Codification, accounted for under the guidance in ASC 932, Extractive |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 Properties segment | |
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 | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Reportable segment results | |||||||
Total revenues | $ 727,526 | $ 1,032,704 | $ 1,493,240 | $ 1,979,829 | |||
Adjusted EBITDA | 161,526 | 438,360 | 352,276 | 849,347 | |||
Net income (loss) | 91,311 | $ 107,860 | 291,995 | $ 269,898 | 199,171 | 561,893 | |
Total assets | 2,686,959 | 2,759,491 | 2,686,959 | 2,759,491 | $ 2,549,927 | ||
Capital expenditures | 47,563 | 51,664 | 89,017 | 91,467 | |||
Other and Corporate [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 0 | 0 | 0 | 0 | |||
Adjusted EBITDA | (9,661) | (10,349) | (17,186) | (18,231) | |||
Total assets | 519,168 | 240,943 | 519,168 | 240,943 | |||
Capital expenditures | 26 | 236 | 81 | 329 | |||
Australia Segment [Member] | Operating Segments [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 431,806 | 578,388 | 830,467 | 1,183,686 | |||
Adjusted EBITDA | 54,700 | 196,315 | 67,933 | 435,284 | |||
Total assets | 1,149,614 | 1,473,795 | 1,149,614 | 1,473,795 | |||
Capital expenditures | 16,493 | 30,755 | 23,728 | 46,716 | |||
United States Segment [Member] | Operating Segments [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 295,720 | 454,316 | 662,773 | 796,143 | |||
Adjusted EBITDA | 116,487 | 252,394 | 301,529 | 432,294 | |||
Total assets | 1,018,177 | 1,044,753 | 1,018,177 | 1,044,753 | |||
Capital expenditures | $ 31,044 | $ 20,673 | $ 65,208 | $ 44,422 |
Segment Information (Reconcilia
Segment Information (Reconciliation of EBITDA to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Information [Abstract] | ||||||
Net income | $ 91,311 | $ 107,860 | $ 291,995 | $ 269,898 | $ 199,171 | $ 561,893 |
Depreciation, depletion and amortization | 38,880 | 51,384 | 78,303 | 89,393 | ||
Interest expense (net of interest income) | 14,180 | 17,482 | 28,845 | 34,814 | ||
Income tax expense (benefit) | 21,975 | 102,025 | 56,005 | 183,968 | ||
Other foreign exchange (gains) losses | (6,414) | (25,138) | (9,405) | (23,147) | ||
Losses on idled assets | 1,325 | 456 | 3,076 | 1,842 | ||
(Decrease) increase in provision for discounting and credit losses | 269 | 156 | (3,719) | 584 | ||
Consolidated Adjusted EBITDA | $ 161,526 | $ 438,360 | $ 352,276 | $ 849,347 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | $ 104,853 | $ 87,875 |
Operating Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | 104,853 | 87,875 |
Accruals For Capital Expenditures | 6,755 | 11,067 |
Payment for capital acquired in prior periods | (11,241) | (7,475) |
Advance payment to acquire long lead capital items | (11,350) | 0 |
Capital expenditures per segment detail | $ 89,017 | $ 91,467 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Other revenues | $ 10,081 | $ 11,707 | $ 37,450 | $ 22,204 |
Total | 727,526 | 1,032,704 | 1,493,240 | 1,979,829 |
Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | 0 | 0 |
Metallurgical Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 661,153 | 994,203 | 1,316,694 | 1,885,932 |
Thermal Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 56,292 | 26,794 | 139,096 | 71,693 |
Total Coal Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 717,445 | 1,020,997 | 1,455,790 | 1,957,625 |
Australia Segment [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 8,685 | 10,042 | 16,542 | 19,042 |
Total | 431,806 | 578,388 | 830,467 | 1,183,686 |
Australia Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 403,861 | 543,345 | 776,380 | 1,097,353 |
Australia Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19,260 | 25,001 | 37,545 | 67,291 |
Australia Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 423,121 | 568,346 | 813,925 | 1,164,644 |
United States Segment [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,396 | 1,665 | 20,908 | 3,162 |
Total | 295,720 | 454,316 | 662,773 | 796,143 |
United States Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 257,292 | 450,858 | 540,314 | 788,579 |
United States Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37,032 | 1,793 | 101,551 | 4,402 |
United States Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 294,324 | $ 452,651 | $ 641,865 | $ 792,981 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Raw coal | $ 106,057 | $ 50,604 |
Saleable coal | 89,355 | 45,913 |
Total coal inventories | 195,412 | 96,517 |
Supplies inventory | 64,484 | 61,501 |
Total inventories | 259,896 | 158,018 |
Net realizable value of inventory | $ 3,500 | $ 5,000 |
Property, Plant and Equipment (
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | $ 2,348,613 | $ 2,250,384 |
Less accumulated depreciation, depletion and amortization | 935,120 | 860,836 |
Property, plant and equipment, net | 1,413,493 | 1,389,548 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 27,896 | 27,711 |
Buildings And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 89,989 | 91,336 |
Plant, Machinery, Mining Equipment And Transportation Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 1,076,809 | 1,012,844 |
Mineral Rights And Reserves [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 390,394 | 373,309 |
Office And Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 9,752 | 9,488 |
Mine Development [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 559,010 | 565,106 |
Asset Retirement Obligation Asset [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | 75,338 | 87,877 |
Construction In Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total cost of property, plant and equipment | $ 119,425 | $ 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 | Jun. 30, 2023 AUD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Accrued Expenses and Other Current Liabilities [Abstract] | |||
Wages and employee benefits | $ 38,976 | $ 38,687 | |
Taxes other than income taxes | 7,901 | 5,988 | |
Accrued royalties | 104,631 | 117,131 | |
Accrued freight costs | 50,667 | 44,496 | |
Accrued mining fees | 96,185 | 103,492 | |
Acquisition related accruals | 11,470 | 11,669 | |
Other liabilities | 25,181 | 22,228 | |
Total accrued expenses and other current liabilities | 335,011 | $ 343,691 | |
Stamp duty payable | $ 17 | $ 11,500 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 51,648 | $ 17,385 |
Operating lease liabilities | 55,203 | $ 23,098 |
Equipment Embedded Within Mining Service Contracts [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 37,600 | |
Operating lease liabilities | $ 37,600 | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases have remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases have remaining lease terms | 5 years |
Leases (Information Related To
Leases (Information Related To Right-Of Use Assets And Related Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Operating leases: | |||
Operating Lease, Right-of-Use Asset | $ 51,648 | $ 17,385 | |
Finance leases: | |||
Property and equipment | 2,348,613 | 2,250,384 | |
Accumulated depreciation | (935,120) | (860,836) | |
Property, plant and equipment, net | 1,413,493 | 1,389,548 | |
Current operating lease obligations | 16,874 | 7,593 | |
Operating lease liabilities, less current portion | 38,329 | 15,505 | |
Total operating lease liabilities | 55,203 | 23,098 | |
Current finance lease obligations | 130 | 127 | |
Finance lease liabilities, less current portion | 0 | 68 | |
Total Finance lease liabilities | 130 | 195 | |
Lease Liability Current | 17,004 | 7,720 | |
Lease Liability Non-Current | 38,329 | 15,573 | |
Total Lease liability | $ 55,333 | $ 23,293 | |
Weighted Average Remaining Lease Term (Years) | |||
Weighted average remaining lease term - finance leases | 1 year 3 days | 1 year 6 months 7 days | |
Weighted average remaining lease term - operating leases | 3 years 4 months 20 days | 4 years 1 month 9 days | |
Weighted Average Discount Rate | |||
Weighted discount rate - finance lease | 7.60% | 7.60% | |
Weighted discount rate - operating lease | 9% | 8.94% | |
Finance Leases [Member] | |||
Finance leases: | |||
Property and equipment | $ 360 | $ 371 | |
Accumulated depreciation | (239) | (186) | |
Property, plant and equipment, net | $ 121 | $ 185 |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Lease | ||
2023 | $ 10,899 | |
2024 | 19,295 | |
2025 | 18,508 | |
2026 | 11,597 | |
2027 | 2,924 | |
Thereafter | 892 | |
Total lease payments | 64,115 | |
Less imputed interest | (8,912) | |
Total operating lease liabilities | 55,203 | $ 23,098 |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2023 | 79 | |
2024 | 68 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total lease payments | 147 | |
Less imputed interest | (17) | |
Total Finance lease liabilities | $ 130 | $ 195 |
Interest Bearing Liabilities (N
Interest Bearing Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 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 | $ 8,214,000 | $ 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 | $ 1,500,000 | $ 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 | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Interest bearing liabilities | $ 234,112 | $ 232,953 |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 242,326 | 242,326 |
Discount and debt issuance costs | $ (8,214) | (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 | $ (1,500) | $ (2,500) |
Final Maturity | 2024 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||||
Effective tax rate | 21.90% | 24.70% | ||
Income before tax | $ 113,286,000 | $ 394,020,000 | $ 255,176,000 | $ 745,861,000 |
Income Tax Expense (Benefit) | 21,975,000 | $ 102,025,000 | 56,005,000 | $ 183,968,000 |
Unrecognized Tax Benefits | $ 0 | $ 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income attributable to Company stockholders | $ 91,311 | $ 291,995 | $ 199,171 | $ 561,893 |
Denominator: | ||||
Weighted-average shares of common stock outstanding | 167,645 | 167,645 | 167,645 | 167,645 |
Effects of dilutive shares | 524 | 168 | 458 | 192 |
Weighted average diluted shares of common stock outstanding | 168,169 | 167,813 | 168,103 | 167,837 |
Earnings Per Share (US$): | ||||
Basic | $ 0.54 | $ 1.74 | $ 1.19 | $ 3.35 |
Diluted | $ 0.54 | $ 1.74 | $ 1.18 | $ 3.35 |
Common Stock, Conversion Basis | 10-for-1 basis |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) | Jun. 30, 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 | 251,700,000 |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ (91,423) | $ (91,423) | ||||
Net current-period other comprehensive income (loss): | ||||||
Total net current-period other comprehensive loss | $ (7,797) | (4,503) | $ (50,168) | $ 16,258 | (12,300) | $ (33,910) |
Accumulated other comprehensive income, end of period | (103,723) | (103,723) | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ (91,423) | (91,423) | ||||
Net current-period other comprehensive income (loss): | ||||||
Loss in other comprehensive income before reclassifications | (3,806) | |||||
Loss on long-term intra-entity foreign currency transactions | (8,494) | |||||
Total net current-period other comprehensive loss | (12,300) | |||||
Accumulated other comprehensive income, end of period | $ (103,723) | $ (103,723) |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Commitments [Abstract] | |
Purchase commitments for capital expenditures | $ 32.5 |
Take-or-pay arrangement term | 13 years |
Take-or-pay arrangements, total | $ 900 |
Take-or-pay arrangements, due within the next year | $ 95 |
Commitments (Future Minimum Roy
Commitments (Future Minimum Royalties) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Other Commitments [Line Items] | |
2024 | $ 95,000 |
Total | 900,000 |
Royalty Agreements [Member] | |
Other Commitments [Line Items] | |
2023 | 3,646 |
2024 | 5,346 |
2025 | 5,241 |
2026 | 5,113 |
2027 | 5,087 |
Thereafter | 25,834 |
Total | $ 50,267 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Jun. 30, 2023 AUD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 27, 2022 AUD ($) | Sep. 27, 2022 USD ($) |
Loss Contingencies [Line Items] | |||||
Company guarantees | $ 41,000,000 | ||||
Restricted deposits | 89,482,000 | $ 89,062,000 | |||
Letters of Credit Outstanding, Amount | 16,800,000 | ||||
Surety bonds | 40,800,000 | ||||
Acquisition related accruals [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 43 | 28,500,000 | |||
Stamp duty on Curragh acquisition [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 17.3 | 11,500,000 | |||
Loss Contingency, Estimate of Possible Loss | $ 82.2 | $ 54,500,000 | |||
Unpaid tax interest [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 12.1 | $ 8,000,000 | |||
Bank guarantees certain rail and port arrangements [Member] | |||||
Loss Contingencies [Line Items] | |||||
Company guarantees | 24,200,000 | ||||
Bank guarantees [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | 0 | ||||
ABL Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit | 0 | ||||
Cash Collateral | 0 | ||||
Letters of Credit Outstanding, Amount | $ 0 |
Material Transactions (Details)
Material Transactions (Details) - May 08, 2023 $ in Millions, $ in Millions | AUD ($) | USD ($) |
Curragh Housing Transaction First [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt term | 10 years | 10 years |
Applicable rate | 12.80% | 12.80% |
Proceeds from debt | $ 34.6 | $ 22.9 |
Curragh Housing Transaction Second [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt term | 10 years | 10 years |
Applicable rate | 12.80% | 12.80% |
Proceeds from debt | $ 40.4 | $ 26.8 |
New asset-based revolving credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Leverage ratio | 3 | |
Interest coverage ratio | 3 | |
New asset-based revolving credit facility [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 150 | |
New asset-based revolving credit facility [Member] | (SOFR) [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Applicable rate | 2.80% | 2.80% |
New asset-based revolving credit facility [Member] | Revolving Credit Facility [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 100 | |
New asset-based revolving credit facility [Member] | Letter of Credit [Member] | Scenario, Plan [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 70 |
Subsequent Events Narrative (De
Subsequent Events Narrative (Details) - Subsequent Event [Member] - Bi-annual fully franked fixed ordinary dividend [Member] $ / shares in Units, $ in Millions | Aug. 07, 2023 USD ($) $ / shares |
Subsequent Event [Line Items] | |
Dividends declared | $ | $ 8.4 |
Dividends Payable, Amount Per Share | $ / shares | $ 0.005 |
Dividends Payable, Date of Record | Aug. 29, 2023 |
Dividends Payable, Date to be Paid | Sep. 19, 2023 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Insider Trading Arrangements [Line Items] | |
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 |