Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
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 | Jun. 30, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | 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 Address Line1 | Level 33, Central Plaza One | |
Entity Address 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and restricted cash | $ 485,884 | $ 437,931 |
Trade receivables, net | 558,643 | 271,923 |
Inventories | 107,439 | 118,922 |
Other current assets | 57,643 | 47,647 |
Assets held for sale | 26,709 | 27,023 |
Total current assets | 1,236,318 | 903,446 |
Non-current assets: | ||
Property, plant and equipment, net | 1,363,372 | 1,397,363 |
Right of use asset - operating leases, net | 9,070 | 13,656 |
Goodwill | 28,008 | 28,008 |
Intangible assets, net | 3,412 | 3,514 |
Restricted deposits | 86,019 | 80,981 |
Deferred income tax assets | 0 | 14,716 |
Other non-current assets | 33,292 | 19,728 |
Total assets | 2,759,491 | 2,461,412 |
Current liabilities: | ||
Accounts payable | 83,313 | 97,514 |
Accrued expenses and other current liabilities | 341,801 | 270,942 |
Income tax payable | 96,566 | 25,612 |
Asset retirement obligations | 9,117 | 9,414 |
Contract obligations | 41,008 | 39,961 |
Lease liabilities | 8,658 | 8,452 |
Other current financial liabilities | 3,918 | 8,508 |
Liabilities held for sale | 11,435 | 12,113 |
Total current liabilities | 595,816 | 472,516 |
Non-current liabilities: | ||
Asset retirement obligations | 109,689 | 110,863 |
Contract obligations | 114,553 | 141,188 |
Deferred consideration liability | 232,507 | 230,492 |
Interest bearing liabilities | 300,948 | 300,169 |
Other financial liabilities | 11,133 | 13,822 |
Lease liabilities | 8,296 | 12,894 |
Deferred income tax liabilities | 99,162 | 75,750 |
Other non-current liabilities | 31,008 | 26,216 |
Total liabilities | 1,503,112 | 1,383,910 |
Common stock $0.01 par value; 1,000,000,000 shares authorized,167,645,373 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 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, 2022 and December 31, 2021 | ||
Additional paid-in capital | 1,091,362 | 1,089,547 |
Accumulated other comprehensive losses | (78,138) | (44,228) |
Retained earnings | 241,478 | 30,506 |
Total stockholders' equity | 1,256,379 | 1,077,502 |
Total liabilities and stockholders' equity | $ 2,759,491 | $ 2,461,412 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Revenues | $ 1,032,704 | $ 424,256 | $ 1,979,829 | $ 800,367 |
Costs and expenses: | ||||
Cost of coal revenues (exclusive of items shown separately below) | 397,463 | 306,155 | 754,963 | 580,258 |
Depreciation, depletion and amortization | 51,384 | 41,212 | 89,393 | 94,293 |
Freight expenses | 67,026 | 55,906 | 126,290 | 108,047 |
Stanwell rebate | 40,532 | 15,076 | 69,585 | 30,895 |
Other royalties | 79,348 | 23,173 | 162,380 | 44,120 |
Selling, general, and administrative expenses | 10,376 | 7,431 | 18,252 | 13,206 |
Restructuring costs | 0 | 2,300 | 0 | 2,300 |
Total costs and expenses | 646,129 | 451,253 | 1,220,863 | 873,119 |
Other (expense) income: | ||||
Interest expense, net | (17,482) | (16,596) | (34,814) | (31,731) |
Loss on debt extinguishment | 0 | (5,744) | 0 | (5,744) |
(Increase) decrease in provision for discounting and credit losses | (156) | 1,866 | (584) | 5,644 |
Other, net | 25,083 | 570 | 22,293 | (2,358) |
Total other income (expense,), net | 7,445 | (19,904) | (13,105) | (34,189) |
Income (loss) before tax | 394,020 | (46,901) | 745,861 | (106,941) |
Income tax (expense) benefit | (102,025) | (8,184) | (183,968) | 10,884 |
Net income (loss) | 291,995 | (55,085) | 561,893 | (96,057) |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | 0 | (2) |
Net income (loss) attributable to Coronado Global Resources Inc. | 291,995 | (55,085) | 561,893 | (96,055) |
Other comprehensive income, net of income taxes: | ||||
Foreign currency translation adjustment | (50,168) | (4,221) | (33,910) | (8,830) |
Net gain on cash flow hedges, net of tax | 0 | 1,323 | 0 | 6,249 |
Total other comprehensive loss | (50,168) | (2,898) | (33,910) | (2,581) |
Total comprehensive income (loss) | 241,827 | (57,983) | 527,983 | (98,638) |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | 0 | (2) |
Total comprehensive income (loss) attributable to Coronado Global Resources Inc. | $ 241,827 | $ (57,983) | $ 527,983 | $ (98,636) |
Earnings (loss) per share of common stock | ||||
Basic | $ 1.74 | $ (0.36) | $ 3.35 | $ (0.66) |
Diluted | $ 1.74 | $ (0.36) | $ 3.35 | $ (0.66) |
Coal Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 1,020,997 | $ 384,470 | $ 1,957,625 | $ 683,631 |
Coal Revenues From Related Parties [Member] | ||||
Revenues: | ||||
Revenues | 0 | 29,294 | 0 | 97,335 |
Other Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 11,707 | $ 10,492 | $ 22,204 | $ 19,401 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Losses [Member] | (Accumulated losses) Retained earnings | Noncontrolling Interest [Member] |
Balance, beginning of period at Dec. 31, 2020 | $ 806,863,000 | $ 1,384,000 | $ 0 | $ 993,052,000 | $ (28,806,000) | $ (158,919,000) | $ 152,000 |
Balance, beginning of period, shares at Dec. 31, 2020 | 138,387,890 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (40,972,000) | $ 0 | $ 0 | 0 | 0 | (40,970,000) | (2,000) |
Other comprehensive income (loss) | 317,000 | 0 | 0 | 0 | 317,000 | 0 | 0 |
Total comprehensive income (loss) | (40,655,000) | 0 | 0 | 0 | 317,000 | (40,970,000) | (2,000) |
Share-based compensation for equity classified awards | (538,000) | 0 | 0 | (538,000) | 0 | 0 | 0 |
Acquisition of noncontrolling interest | (853,000) | $ 0 | $ 0 | (703,000) | 0 | 0 | (150,000) |
Balance, end of period, shares at Mar. 31, 2021 | 138,387,890 | 1 | |||||
Balance, end of period at Mar. 31, 2021 | 764,817,000 | $ 1,384,000 | $ 0 | 991,811,000 | (28,489,000) | (199,889,000) | 0 |
Balance, beginning of period at Dec. 31, 2020 | 806,863,000 | $ 1,384,000 | $ 0 | 993,052,000 | (28,806,000) | (158,919,000) | 152,000 |
Balance, beginning of period, shares at Dec. 31, 2020 | 138,387,890 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (96,057,000) | ||||||
Other comprehensive income (loss) | (2,581,000) | ||||||
Total comprehensive income (loss) | (98,638,000) | ||||||
Balance, end of period, shares at Jun. 30, 2021 | 167,645,373 | 1 | |||||
Balance, end of period at Jun. 30, 2021 | 805,312,000 | $ 1,677,000 | $ 0 | 1,089,996,000 | (31,387,000) | (254,974,000) | 0 |
Balance, beginning of period at Mar. 31, 2021 | 764,817,000 | $ 1,384,000 | $ 0 | 991,811,000 | (28,489,000) | (199,889,000) | 0 |
Balance, beginning of period, shares at Mar. 31, 2021 | 138,387,890 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (55,085,000) | $ 0 | $ 0 | 0 | 0 | (55,085,000) | 0 |
Other comprehensive income (loss) | (2,898,000) | 0 | 0 | 0 | (2,898,000) | 0 | 0 |
Total comprehensive income (loss) | (57,983,000) | $ 0 | 0 | 0 | (2,898,000) | (55,085,000) | 0 |
Issuance of common stock, net, shares | 29,257,483 | ||||||
Issuance of common stock, net | 97,741,000 | $ 293,000 | 0 | 97,448,000 | 0 | 0 | 0 |
Share-based compensation for equity classified awards | 737,000 | $ 0 | $ 0 | 737,000 | 0 | 0 | 0 |
Balance, end of period, shares at Jun. 30, 2021 | 167,645,373 | 1 | |||||
Balance, end of period at Jun. 30, 2021 | 805,312,000 | $ 1,677,000 | $ 0 | 1,089,996,000 | (31,387,000) | (254,974,000) | 0 |
Balance, beginning of period at Dec. 31, 2021 | 1,077,502,000 | $ 1,677,000 | $ 0 | 1,089,547,000 | (44,228,000) | 30,506,000 | 0 |
Balance, beginning of period, shares at Dec. 31, 2021 | 167,645,373 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 269,898,000 | $ 0 | $ 0 | 0 | 0 | 269,898,000 | 0 |
Other comprehensive income (loss) | 16,258,000 | 0 | 0 | 0 | 16,258,000 | 0 | 0 |
Total comprehensive income (loss) | 286,156,000 | 0 | 0 | 0 | 16,258,000 | 269,898,000 | 0 |
Share-based compensation for equity classified awards | (84,000) | 0 | 0 | (84,000) | 0 | 0 | 0 |
Dividends | (150,881,000) | $ 0 | $ 0 | 0 | 0 | (150,881,000) | 0 |
Balance, end of period, shares at Mar. 31, 2022 | 167,645,373 | 1 | |||||
Balance, end of period at Mar. 31, 2022 | 1,212,861,000 | $ 1,677,000 | $ 0 | 1,089,631,000 | (27,970,000) | 149,523,000 | 0 |
Balance, beginning of period at Dec. 31, 2021 | 1,077,502,000 | $ 1,677,000 | $ 0 | 1,089,547,000 | (44,228,000) | 30,506,000 | 0 |
Balance, beginning of period, shares at Dec. 31, 2021 | 167,645,373 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 561,893,000 | ||||||
Other comprehensive income (loss) | (33,910,000) | ||||||
Total comprehensive income (loss) | 527,983,000 | ||||||
Balance, end of period, shares at Jun. 30, 2022 | 167,645,373 | 1 | |||||
Balance, end of period at Jun. 30, 2022 | 1,256,379,000 | $ 1,677,000 | $ 0 | 1,091,362,000 | (78,138,000) | 241,478,000 | 0 |
Balance, beginning of period at Mar. 31, 2022 | 1,212,861,000 | $ 1,677,000 | $ 0 | 1,089,631,000 | (27,970,000) | 149,523,000 | 0 |
Balance, beginning of period, shares at Mar. 31, 2022 | 167,645,373 | 1 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 291,995,000 | $ 0 | $ 0 | 0 | 0 | 291,995,000 | 0 |
Other comprehensive income (loss) | (50,168,000) | 0 | 0 | 0 | (50,168,000) | 0 | 0 |
Total comprehensive income (loss) | $ 241,827,000 | $ 0 | $ 0 | $ 0 | $ (50,168,000) | $ 291,995,000 | $ 0 |
Issuance of common stock, net, shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share-based compensation for equity classified awards | $ 1,731,000 | $ 0 | $ 0 | $ 1,731,000 | $ 0 | $ 0 | $ 0 |
Dividends | (200,040,000) | $ 0 | $ 0 | 0 | 0 | (200,040,000) | 0 |
Balance, end of period, shares at Jun. 30, 2022 | 167,645,373 | 1 | |||||
Balance, end of period at Jun. 30, 2022 | $ 1,256,379,000 | $ 1,677,000 | $ 0 | $ 1,091,362,000 | $ (78,138,000) | $ 241,478,000 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Condensed Consolidated Statements of Stockholders' Equity [Abstract] | ||
Other comprehensive income loss tax | $ 24 | $ 2,111 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 561,893 | $ (96,057) |
Adjustments to reconcile net income to cash and restricted cash provided by operating activities: | ||
Depreciation, depletion and amortization | 89,393 | 94,293 |
Amortization of right of use asset - operating leases | 4,501 | 4,478 |
Amortization of deferred financing costs | 968 | 2,491 |
Loss on debt extinguishment | 0 | 5,744 |
Non-cash interest expense | 15,622 | 13,544 |
Amortization of contract obligations | (21,947) | (16,747) |
Loss on disposal of property, plant and equipment | 257 | 529 |
Equity-based compensation expense | 1,815 | 199 |
Deferred income taxes | 42,061 | (7,031) |
Reclamation of asset retirement obligations | (3,601) | (1,562) |
Increase (decrease) in provision for discounting and credit losses | 584 | (5,644) |
Changes in operating assets and liabilities: | ||
Accounts receivable - including related party receivables | (304,707) | 45,205 |
Inventories | 9,700 | (10,630) |
Other current assets | (18,460) | (3,601) |
Accounts payable | (5,160) | 32,979 |
Accrued expenses and other current liabilities | 71,595 | 611 |
Operating lease liabilities | (4,163) | (5,509) |
Income tax payable | 73,114 | 0 |
Change in other liabilities | 4,827 | 3,632 |
Net cash provided by operating activities | 518,292 | 56,924 |
Cash flows from investing activities: | ||
Capital expenditures | (87,875) | (58,307) |
Purchase of restricted deposits | (6,251) | (84,342) |
Redemption of restricted deposits | 606 | 19,726 |
Net cash used in investing activities | (93,520) | (122,923) |
Cash flows from financing activities: | ||
Proceeds from interest bearing liabilities and other financial liabilities | 0 | 411,524 |
Debt issuance costs and other financing costs | 0 | (15,143) |
Principal payments on interest bearing liabilities and other financial liabilities | (7,085) | (365,413) |
Principal payments on finance lease obligations | (61) | 0 |
Premiums paid on early redemption of debt | (22) | 0 |
Dividends paid | (348,423) | 0 |
Proceeds from stock issuance, net | 0 | 97,741 |
Net cash (used in) provided by financing activities | (355,591) | 128,709 |
Net increase in cash and restricted cash | 69,181 | 62,710 |
Effect of exchange rate changes on cash and restricted cash | (21,228) | 5,215 |
Cash and restricted cash at beginning of period | 437,931 | 45,736 |
Cash and restricted cash at end of period | 485,884 | 113,661 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 18,338 | 13,006 |
Cash paid (refund) for taxes | 69,388 | (4,433) |
Restricted cash | $ 251 | $ 251 |
Description of Business, Basis
Description of Business, Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of Business, Basis of Presentation | 1. Description of Business, Basis of Presentation (a) Description of the Business Coronado Global Resources Inc. is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the United States, or U.S. (b) Basis of Presentation The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February 22, 2022. The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc., its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and “Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, collectively, or to Coronado Global Resources Inc., as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, 2021 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial statements for the year ended December 31, 2021 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February 22, 2022. (a) Newly Adopted Accounting Standards During the period there has been no new Accounting Standards Update issued by the Financial Accounting Standards Board that had a material impact on the Company’s consolidated financial statements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information [Abstract] | |
Segment Information | 3. Segment Information The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the U.S. The operations in Australia, or Australian Operations, comprise the 100%-owned Curragh producing mine complex. The operations in the United States, or U.S. Operations, comprise two 100%-owned producing mine complexes (Buchanan and Logan), one 100%-owned idled mine complex (Greenbrier) and two development properties (Mon Valley and Russell County). The Company operates its business along two reportable segments: Australia and the United States. The organization of the two reportable segments reflects how the Company’s chief operating decision maker, or CODM, manages and allocates resources to the various components of the Company’s business. The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance. Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled financial measures used by other companies. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion and amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management exclude in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional financial information for the corporate function such as accounting, treasury, legal, human resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment but is discretely disclosed for purposes of reconciliation to the Company’s condensed consolidated financial statements. Reportable segment results as of and for the three and six months ended June 30, 2022 and 2021 are presented below: Australia United States Other and Corporate Total (in US$ thousands) Three months ended June 30, 2022 Total revenues $ 578,388 $ 454,316 $ — $ 1,032,704 Adjusted EBITDA 196,315 252,394 ( 10,349) 438,360 Net income (loss) 127,905 181,146 ( 17,056) 291,995 Total assets 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 30,755 20,673 236 51,664 Three months ended June 30, 2021 Total revenues $ 251,432 $ 172,824 $ — $ 424,256 Adjusted EBITDA ( 13,880) 39,434 ( 7,493) 18,061 Net (loss) income ( 63,507) 18,323 ( 9,901) ( 55,085) Total assets 1,115,815 872,345 168,427 2,156,587 Capital expenditures 13,180 16,087 435 29,702 Six months ended June 30, 2022 Total revenues $ 1,183,686 $ 796,143 $ — $ 1,979,829 Adjusted EBITDA 435,284 432,294 ( 18,231) 849,347 Net income (loss) 278,052 304,113 ( 20,272) 561,893 Total assets 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 46,716 44,422 329 91,467 Six months ended June 30, 2021 Total revenues $ 489,726 $ 310,641 $ — $ 800,367 Adjusted EBITDA ( 36,937) 75,963 ( 13,324) 25,702 Net (loss) income ( 105,838) 28,713 ( 18,932) ( 96,057) Total assets 1,115,815 872,345 168,427 2,156,587 Capital expenditures 20,214 30,625 1,468 52,307 The reconciliations of Adjusted EBITDA to net income attributable to the Company for the three and six months ended June 30, 2022 and 2021 are as follows: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 (in US$ thousands) (in US$ thousands) Net income (loss) $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,057) Depreciation, depletion and amortization 51,384 41,212 89,393 94,293 Interest expense (net of income) 17,482 16,596 34,814 31,731 Other foreign exchange (gains) losses ( 25,138) 140 ( 23,147) 1,889 Loss on extinguishment of debt — 5,744 — 5,744 Income tax expense (benefit) 102,025 8,184 183,968 ( 10,884) Restructuring costs — 2,300 — 2,300 Losses on idled assets held for sale (1) 456 836 1,842 2,330 Increase (decrease) in provision for discounting and credit losses 156 ( 1,866) 584 ( 5,644) Consolidated Adjusted EBITDA $ 438,360 $ 18,061 $ 849,347 $ 25,702 (1) The reconciliations of capital expenditures per the Company’s segment information to capital expenditures disclosed on the unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 are as follows: Six months ended June 30, 2022 2021 (in US$ thousands) Capital expenditures per Condensed Consolidated Statements of Cash Flows $ 87,875 $ 58,307 Accruals for capital expenditures 11,067 — Payment for capital acquired in prior periods ( 7,475) ( 6,000) Capital expenditures per segment detail $ 91,467 $ 52,307 Disaggregation of Revenue The Company disaggregates the revenue from contracts with customers by major product group for each of the Company’s reportable segments, as the Company believes it best depicts the nature, amount, timing and uncertainty of revenues and cash flows. All revenue is recognized at a point in time. Three months ended June 30, 2022 Australia United States Total (in US$ thousands) Product Groups: Metallurgical coal $ 543,345 $ 450,858 $ 994,203 Thermal coal 25,001 1,793 26,794 Total coal revenue 568,346 452,651 1,020,997 Other (1) 10,042 1,665 11,707 Total $ 578,388 $ 454,316 $ 1,032,704 Three months ended June 30, 2021 Australia United States Total (in US$ thousands) Product Groups: Metallurgical coal $ 221,659 $ 168,472 $ 390,131 Thermal coal 21,090 2,543 23,633 Total coal revenue 242,749 171,015 413,764 Other (1) 8,683 1,809 10,492 Total $ 251,432 $ 172,824 $ 424,256 Six months ended June 30, 2022 Australia United States Total (in US$ thousands) Product Groups Metallurgical coal $ 1,097,353 $ 788,579 $ 1,885,932 Thermal coal 67,291 4,402 71,693 Total coal revenue 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 Six months ended June 30, 2021 Australia United States Total (in US$ thousands) Product Groups Metallurgical coal $ 428,110 $ 305,456 $ 733,566 Thermal coal 44,089 3,311 47,400 Total coal revenue 472,199 308,767 780,966 Other (1) 17,527 1,874 19,401 Total $ 489,726 $ 310,641 $ 800,367 (1) Other revenue for the Australian segment includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2022 | |
Dividends [Abstract] | |
Dividends | 4. Dividends On February 24, 2022, the Company’s Board of Directors declared an unfranked ordinary dividend of $ 150.9 million, or 9.0 cents per CDI 0.90 per share of common stock). The dividend had a record date of March 18, 2022 and was paid on April 8, 2022. On May 9, 2022, the Company’s Board of Directors declared a special unfranked dividend of $ 99.5 million, or 5.9 cents per CDI 0.59 per share of common stock), reflecting the unaccepted portion of the offer to purchase the Notes made in connection with the dividend declared on February 24, 2022, and a special unfranked dividend of $ 100.6 million, or 6.0 cents per CDI 0.6 per share of common stock). The dividend had a record date of May 31, 2022 and was paid on June 21, 2022 . The Company paid a total of $ 348.4 million in relation to the above dividends to stockholders and CDI holders on the ASX, net of $ 2.6 million foreign exchange gain on settlement of dividends that were elected by certain CDI holders to be paid in Australian dollars. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventories [Abstract] | |
Inventories | 5. Inventories (in US$ thousands) June 30, 2022 December 31, Raw coal $ 10,234 $ 17,334 Saleable coal 37,971 42,006 Total coal inventories 48,205 59,340 Supplies inventory 59,234 59,582 Total inventories $ 107,439 $ 118,922 Coal inventories measured at its net realizable value were $ 1.9 million and $ 2.2 million at June 30, 2022 and December 31, 2021, respectively, and relates to coal designated for deliveries under the Stanwell non-market coal supply agreement. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, Plant and Equipment (in US$ thousands) June 30, 2022 December 31, Land $ 27,197 $ 27,853 Buildings and improvements 92,604 88,079 Plant, machinery, mining equipment and transportation vehicles 992,728 963,272 Mineral rights and reserves 374,326 374,326 Office and computer equipment 9,274 8,718 Mine development 557,596 566,201 Asset retirement obligation asset 70,584 75,215 Construction in process 49,257 42,055 2,173,566 2,145,719 Less accumulated depreciation, depletion and amortization 810,194 748,356 Net property, plant and equipment $ 1,363,372 $ 1,397,363 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: (in US$ thousands) June 30, 2022 December 31, Wages and employee benefits $ 37,392 $ 41,187 Taxes other than income taxes 8,384 6,246 Accrued royalties 104,952 70,237 Accrued freight costs 42,104 27,754 Accrued mining fees 104,694 65,835 Acquisition related accruals 29,623 31,201 Other liabilities 14,652 28,482 Total accrued expenses and other current liabilities $ 341,801 $ 270,942 Acquisition related accruals is an amount outstanding for stamp duty payable on the Curragh acquisition of $ 29.6 million (A$ 43.0 million). This amount was outstanding as at June 30, 2022 and December 31, 2021 pending assessment by the Queensland Revenue Office in Queensland, Australia. |
Interest Bearing Liabilities
Interest Bearing Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Interest Bearing Liabilities [Abstract] | |
Interest Bearing Liabilities | 8. Interest Bearing Liabilities The following is a summary of interest-bearing liabilities at June 30, 2022: (in US$ thousands) June 30, 2022 December 31, 2021 Weighted Average Interest Rate at June 30, 2022 Final Maturity 10.75% Senior Secured Notes $ 314,453 $ 315,000 12.14% (2) 2026 ABL Facility — — 2024 Discount and debt issuance costs (1) ( 13,505) ( 14,831) Total interest bearing liabilities $ 300,948 $ 300,169 (1) (2) Senior Secured Notes As of June 30, 2022, the Company’s aggregate principal amount of the 10.750% Senior Secured Notes due 2026, or the Notes, outstanding was $ 314.5 million. The Notes mature on May 15, 2026 and are senior secured obligations of the Company. The terms of the Notes are governed by an indenture, dated as of May 12, 2021, or the Indenture, among Coronado Finance Pty Ltd, an Australian proprietary company, as issuer, Coronado, as parent guarantor, the other guarantors party thereto and Wilmington Trust, National Association, as trustee. The Indenture contains customary covenants for high yield bonds, including, but not limited to, limitations on investments, liens, indebtedness, asset sales, transactions with affiliates and restricted payments, including payment of dividends on capital stock. As of June 30, 2022, the Company was in compliance with all applicable covenants under the Indenture. For the three and six months ended June 30, 2022, in connection with the dividends paid in the period, the Company offered to purchase up to a total of $ 200.6 million aggregate principal amount of the Notes pursuant to the terms of the Indenture. For the three and six months ended June 30, 2022, the Company purchased an aggregate principal amount, for accepted offers, of $ 0.5 million at a price equal to 104% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to, but not including, the date of redemption. Debt issuance costs, recorded as a direct deduction from the face amount of the Notes, were $ 13.5 million and $ 14.8 million at June 30, 2022 and December 31, 2021, respectively. ABL Facility On May 12, 2021, the Company entered into a senior secured asset-based revolving credit agreement providing for a multi-currency asset-based-loan facility, or ABL Facility, in an initial principal amount of $ 100.0 million, including a $ 30.0 million sublimit for the issuance of letters of credit and $ 5.0 million for swingline loans, at any time outstanding, subject to borrowing base availability. The ABL Facility matures on May 12, 2024. Borrowings under the ABL Facility bear interest at a rate equal to a BBSY rate plus an applicable margin. In addition to paying interest on the outstanding borrowings under the ABL Facility, the Company is also required to pay a fee in respect of unutilized commitments, on amounts available to be drawn under outstanding letters of credit and certain administrative fees. As at June 30, 2022, no amounts were drawn and no letters of credit were outstanding under the ABL Facility . At June 30, 2022, the Company was in compliance with all applicable covenants under the ABL Facility. Debt issuance costs, recorded as “Other non-current assets” in the unaudited Consolidated Balance Sheets, were $ 3.4 million and $ 4.3 million at June 30, 2022 and December 31, 2021, respectively . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes For the six months ended June 30, 2022 and 2021, the Company estimated its annual effective tax rate and applied this effective tax rate to its year-to-date pretax income at the end of the interim reporting period. The tax effects of unusual or infrequently occurring items, including effects of changes in tax laws or rates and changes in judgment about the realizability of deferred tax assets, are reported in the interim period in which they occur. The Company’s 2022 estimated annual effective tax rate is 24.7%, which has been favorably impacted by mine depletion deductions in the United States. The Company had an income tax expense of $ 184.0 million based on an income before tax of $ 745.9 million for the six months ended June 30, 2022. Income tax benefit of $ 10.9 million for the six months ended June 30, 2021 was calculated based on an estimated annual effective tax rate of 10.2% for the period. The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the six months ended June 30, 2022, the Company had no unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component of income tax expense. The Company is subject to taxation in the U.S. and its various states, as well as Australia and its various localities. In the U.S. and Australia, the first tax return was lodged for the year ended December 31, 2018. In the U.S., companies are subject to open tax audits for a period of seven years at the federal level and five years at the state level. In Australia, companies are subject to open tax audits for a period of four years from the date of 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. At December 31, 2021, the Australian Operations had tax losses carried forward of $ 27.0 million (tax effected), which are indefinite lived and included in deferred tax assets. It is anticipated that these tax losses will be fully utilized in 2022 and both the Australian Operations and U.S. Operations would be in tax payable positions. In addition, a company, which is not part of the Australian tax consolidated group, had tax losses carried forward of $ 8.1 million (tax effected) for which a full valuation allowance has been recognized. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per Share [Abstract] | |
Earnings per Share | 10. Earnings per Share Basic earnings per share of common stock is computed by dividing net income attributable to the Company for the period, by the weighted-average number of shares of common stock outstanding during the same period. Diluted earnings per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Basic and diluted earnings per share was calculated as follows (in thousands, except per share data): Three months ended June 30, Six months ended June 30, (in US$ thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income (loss) $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,057) Less: Net loss attributable to Non-controlling interest — — — ( 2) Net income (loss) attributable to Company stockholders $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,055) Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 152,877 167,645 145,633 Effects of dilutive shares 168 — 192 — Weighted average diluted shares of common stock outstanding 167,813 152,877 167,837 145,633 Earnings (Loss) Per Share (US$): Basic 1.74 ( 0.36) 3.35 ( 0.66) Dilutive 1.74 ( 0.36) 3.35 ( 0.66) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 11. Fair Value Measurement The fair value of a financial instrument is the amount that will be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of financial instruments involve uncertainty and cannot be determined with precision. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Financial Instruments Measured on a Recurring Basis As of June 30, 2022, there were no financial instruments required to be measured at fair value on a recurring basis. Other Financial Instruments The following methods and assumptions are used to estimate the fair value of other financial instruments as of June 30, 2022 and December 31, 2021: Cash and restricted cash, accounts receivable, accounts payable, accrued expenses, lease liabilities and other current financial liabilities: The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets approximate fair value due to the short maturity of these instruments. Restricted deposits, lease liabilities, interest bearing liabilities and other financial liabilities: The fair values approximate the carrying values reported in the unaudited Condensed Consolidated Balance Sheets. Interest bearing liabilities: The Company’s outstanding interest-bearing liabilities are carried at amortized cost. As of June 30, 2022, there were no borrowings outstanding under the ABL Facility. The estimated fair value of the Notes is approximately $ 327.0 million based upon observable market data (Level 2). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Losses | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Accumulated Other Comprehensive Income | 12. Accumulated Other Comprehensive Losses Accumulated other comprehensive losses consisted of the following at June 30, 2022: (in US$ thousands) Foreign currency translation adjustments Balance at December 31, 2021 $ ( 44,228) Net current-period other comprehensive income (loss): Loss in other comprehensive income (loss) before reclassifications ( 12,918) Loss on long-term intra-entity foreign currency transactions ( 20,992) Total net current-period other comprehensive gain ( 33,910) Balance at June 30, 2022 $ ( 78,138) |
Commitments
Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments [Abstract] | |
Commitments | 13. Commitments (a) Mineral Leases The Company leases mineral interests and surface rights from land owners under various terms and royalty rates. The future minimum royalties under these leases are as follows: (in US$ thousands) Amount Year ending December 31, 2022 $ 4,182 2023 4,984 2024 4,891 2025 4,752 2026 4,684 Thereafter 23,666 Total $ 47,159 Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining. (b) Other commitments As of June 30, 2022, purchase commitments for capital expenditures were $ 27.8 million, all of which is obligated within the next twelve months. In Australia, the Company has generally secured the ability to transport coal through rail contracts and coal export terminal contracts that are primarily funded through take-or-pay arrangements with terms ranging up to 9 years. In the U.S., the Company typically negotiates its rail and coal terminal access on an annual basis. As of June 30, 2022, these Australian and U.S. commitments under take-or-pay arrangements totaled $ 1.1 billion, of which approximately $ 91.9 million is obligated within the next twelve months. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Contingencies [Abstract] | |
Contingencies | 14. Contingencies In the normal course of business, the Company is a party to certain guarantees and financial instruments with off-balance sheet risk, such as letters of credit and performance or surety bonds. No liabilities related to these arrangements are reflected in the Company’s unaudited Condensed Consolidated Balance Sheets. Management does not expect any material losses to result from these guarantees or off-balance sheet financial instruments. At June 30, 2022, the Company had outstanding bank guarantees of $ 45.3 million to secure various obligations and commitments. Restricted deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral. The Company had cash collateral in the form of deposits in the amount of $ 86.0 million and $ 81.0 million as of June 30, 2022 and December 31, 2021, respectively, to provide back-to-back support for bank guarantees, financial payments and other performance obligations and various other operating agreements. These deposits are restricted and classified as long-term assets in the unaudited Condensed Consolidated Balance Sheets. In accordance with the terms of the ABL Facility, the Company may be required to cash collateralize the ABL Facility to the extent of outstanding letters of credit after the expiration or termination date of such letter of credit. As of June 30, 2022, no letter of credit was outstanding and no cash collateral was required. For the U.S. Operations in order to provide the required financial assurance, the Company generally uses surety bonds for post-mining reclamation. The Company can also use bank letters of credit to collateralize certain obligations. As of June 30, 2022, the Company had outstanding surety bonds of $ 27.8 million and letters of credit of $ 16.8 million issued from our available bank guarantees, to secure various obligations and commitments. Future regulatory changes relating to these obligations could result in increased obligations, additional costs or additional collateral requirements. From time to time, the Company becomes a party to other legal proceedings in the ordinary course of business in Australia, the U.S. and other countries where the Company does business. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. In management’s opinion, the Company is not currently involved in any legal proceedings, which individually or in the aggregate could have a material effect on the financial condition, results of operations and/or liquidity of the Company. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On August 8, 2022, the Company’s Board of Directors declared a total unfranked ordinary dividend of $ 125.7 million, or 7.5 cents per CDI 100.6 million of the unaccepted portion of the offer to purchase the Notes made in connection with the special dividends declared on May 9, 2022, plus an additional $ 25.2 million. CDIs will be quoted as “ex” dividend on August 29, 2022, Australia time. The dividends will have a record date of August 30, 2022, Australia time, and be payable on September 20, 2022, Australia time. The total ordinary dividends of $ 125.7 million will be funded from available cash. In connection with the declared ordinary dividends, Coronado Finance Pty Ltd, a wholly-owned subsidiary of the Company, offered to purchase up to $ 25.2 million aggregate principal amount of the Notes at a purchase price equal to 104% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the settlement date, pursuant to the terms of the Indenture. The payment of the ordinary dividends is not contingent on acceptance of the offer to purchase the Notes by the Note holders. |
Description of Business, Basi_2
Description of Business, Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2022 | |
Description of Business, Basis of Presentation [Abstract] | |
Description of the Business | (a) Description of the Business Coronado Global Resources Inc. is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the United States, or U.S. |
Basis of Presentation | (b) Basis of Presentation The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February 22, 2022. The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc., its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and “Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, collectively, or to Coronado Global Resources Inc., as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, 2021 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Newly Adopted Accounting Standards | (a) Newly Adopted Accounting Standards During the period there has been no new Accounting Standards Update issued by the Financial Accounting Standards Board that had a material impact on the Company’s consolidated financial statements. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Information [Abstract] | |
Reportable Segment Results | Australia United States Other and Corporate Total (in US$ thousands) Three months ended June 30, 2022 Total revenues $ 578,388 $ 454,316 $ — $ 1,032,704 Adjusted EBITDA 196,315 252,394 ( 10,349) 438,360 Net income (loss) 127,905 181,146 ( 17,056) 291,995 Total assets 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 30,755 20,673 236 51,664 Three months ended June 30, 2021 Total revenues $ 251,432 $ 172,824 $ — $ 424,256 Adjusted EBITDA ( 13,880) 39,434 ( 7,493) 18,061 Net (loss) income ( 63,507) 18,323 ( 9,901) ( 55,085) Total assets 1,115,815 872,345 168,427 2,156,587 Capital expenditures 13,180 16,087 435 29,702 Six months ended June 30, 2022 Total revenues $ 1,183,686 $ 796,143 $ — $ 1,979,829 Adjusted EBITDA 435,284 432,294 ( 18,231) 849,347 Net income (loss) 278,052 304,113 ( 20,272) 561,893 Total assets 1,473,795 1,044,753 240,943 2,759,491 Capital expenditures 46,716 44,422 329 91,467 Six months ended June 30, 2021 Total revenues $ 489,726 $ 310,641 $ — $ 800,367 Adjusted EBITDA ( 36,937) 75,963 ( 13,324) 25,702 Net (loss) income ( 105,838) 28,713 ( 18,932) ( 96,057) Total assets 1,115,815 872,345 168,427 2,156,587 Capital expenditures 20,214 30,625 1,468 52,307 |
Reconciliation of EBITDA to Net Income | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 (in US$ thousands) (in US$ thousands) Net income (loss) $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,057) Depreciation, depletion and amortization 51,384 41,212 89,393 94,293 Interest expense (net of income) 17,482 16,596 34,814 31,731 Other foreign exchange (gains) losses ( 25,138) 140 ( 23,147) 1,889 Loss on extinguishment of debt — 5,744 — 5,744 Income tax expense (benefit) 102,025 8,184 183,968 ( 10,884) Restructuring costs — 2,300 — 2,300 Losses on idled assets held for sale (1) 456 836 1,842 2,330 Increase (decrease) in provision for discounting and credit losses 156 ( 1,866) 584 ( 5,644) Consolidated Adjusted EBITDA $ 438,360 $ 18,061 $ 849,347 $ 25,702 (1) |
Reconciliation of Capital Expenditures | Six months ended June 30, 2022 2021 (in US$ thousands) Capital expenditures per Condensed Consolidated Statements of Cash Flows $ 87,875 $ 58,307 Accruals for capital expenditures 11,067 — Payment for capital acquired in prior periods ( 7,475) ( 6,000) Capital expenditures per segment detail $ 91,467 $ 52,307 |
Disaggregation of Revenue | Three months ended June 30, 2022 Australia United States Total (in US$ thousands) Product Groups: Metallurgical coal $ 543,345 $ 450,858 $ 994,203 Thermal coal 25,001 1,793 26,794 Total coal revenue 568,346 452,651 1,020,997 Other (1) 10,042 1,665 11,707 Total $ 578,388 $ 454,316 $ 1,032,704 Three months ended June 30, 2021 Australia United States Total (in US$ thousands) Product Groups: Metallurgical coal $ 221,659 $ 168,472 $ 390,131 Thermal coal 21,090 2,543 23,633 Total coal revenue 242,749 171,015 413,764 Other (1) 8,683 1,809 10,492 Total $ 251,432 $ 172,824 $ 424,256 Six months ended June 30, 2022 Australia United States Total (in US$ thousands) Product Groups Metallurgical coal $ 1,097,353 $ 788,579 $ 1,885,932 Thermal coal 67,291 4,402 71,693 Total coal revenue 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 Six months ended June 30, 2021 Australia United States Total (in US$ thousands) Product Groups Metallurgical coal $ 428,110 $ 305,456 $ 733,566 Thermal coal 44,089 3,311 47,400 Total coal revenue 472,199 308,767 780,966 Other (1) 17,527 1,874 19,401 Total $ 489,726 $ 310,641 $ 800,367 (1) Other revenue for the Australian segment includes the amortization of the Stanwell non-market coal supply contract obligation liability. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | (in US$ thousands) June 30, 2022 December 31, Raw coal $ 10,234 $ 17,334 Saleable coal 37,971 42,006 Total coal inventories 48,205 59,340 Supplies inventory 59,234 59,582 Total inventories $ 107,439 $ 118,922 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in US$ thousands) June 30, 2022 December 31, Land $ 27,197 $ 27,853 Buildings and improvements 92,604 88,079 Plant, machinery, mining equipment and transportation vehicles 992,728 963,272 Mineral rights and reserves 374,326 374,326 Office and computer equipment 9,274 8,718 Mine development 557,596 566,201 Asset retirement obligation asset 70,584 75,215 Construction in process 49,257 42,055 2,173,566 2,145,719 Less accumulated depreciation, depletion and amortization 810,194 748,356 Net property, plant and equipment $ 1,363,372 $ 1,397,363 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | (in US$ thousands) June 30, 2022 December 31, Wages and employee benefits $ 37,392 $ 41,187 Taxes other than income taxes 8,384 6,246 Accrued royalties 104,952 70,237 Accrued freight costs 42,104 27,754 Accrued mining fees 104,694 65,835 Acquisition related accruals 29,623 31,201 Other liabilities 14,652 28,482 Total accrued expenses and other current liabilities $ 341,801 $ 270,942 |
Interest Bearing Liabilities (T
Interest Bearing Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Interest Bearing Liabilities [Abstract] | |
Summary of Interest Bearing Liabilities | The following is a summary of interest-bearing liabilities at June 30, 2022: (in US$ thousands) June 30, 2022 December 31, 2021 Weighted Average Interest Rate at June 30, 2022 Final Maturity 10.75% Senior Secured Notes $ 314,453 $ 315,000 12.14% (2) 2026 ABL Facility — — 2024 Discount and debt issuance costs (1) ( 13,505) ( 14,831) Total interest bearing liabilities $ 300,948 $ 300,169 (1) (2) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per Share [Abstract] | |
Schedule of Earnings Per Share | Basic and diluted earnings per share was calculated as follows (in thousands, except per share data): Three months ended June 30, Six months ended June 30, (in US$ thousands, except per share data) 2022 2021 2022 2021 Numerator: Net income (loss) $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,057) Less: Net loss attributable to Non-controlling interest — — — ( 2) Net income (loss) attributable to Company stockholders $ 291,995 $ ( 55,085) $ 561,893 $ ( 96,055) Denominator (in thousands): Weighted-average shares of common stock outstanding 167,645 152,877 167,645 145,633 Effects of dilutive shares 168 — 192 — Weighted average diluted shares of common stock outstanding 167,813 152,877 167,837 145,633 Earnings (Loss) Per Share (US$): Basic 1.74 ( 0.36) 3.35 ( 0.66) Dilutive 1.74 ( 0.36) 3.35 ( 0.66) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Losses [Abstract] | |
Schedule of Accumulated Other Comprehensive Losses | (in US$ thousands) Foreign currency translation adjustments Balance at December 31, 2021 $ ( 44,228) Net current-period other comprehensive income (loss): Loss in other comprehensive income (loss) before reclassifications ( 12,918) Loss on long-term intra-entity foreign currency transactions ( 20,992) Total net current-period other comprehensive gain ( 33,910) Balance at June 30, 2022 $ ( 78,138) |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments [Abstract] | |
Future Minimum Royalties | (in US$ thousands) Amount Year ending December 31, 2022 $ 4,182 2023 4,984 2024 4,891 2025 4,752 2026 4,684 Thereafter 23,666 Total $ 47,159 Mineral leases are not in scope of ASC 842 and continue to be accounted for under the guidance in ASC 932, Extractive Activities – Mining. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 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 | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Reportable segment results | |||||||
Total revenues | $ 1,032,704 | $ 424,256 | $ 1,979,829 | $ 800,367 | |||
Adjusted EBITDA | 438,360 | 18,061 | 849,347 | 25,702 | |||
Net income (loss) | 291,995 | $ 269,898 | (55,085) | $ (40,972) | 561,893 | (96,057) | |
Total assets | 2,759,491 | 2,156,587 | 2,759,491 | 2,156,587 | $ 2,461,412 | ||
Capital expenditures | 51,664 | 29,702 | 91,467 | 52,307 | |||
Other and Corporate [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 0 | 0 | |||||
Adjusted EBITDA | (10,349) | (7,493) | (18,231) | (13,324) | |||
Net income (loss) | (17,056) | (9,901) | (20,272) | (18,932) | |||
Total assets | 240,943 | 168,427 | 240,943 | 168,427 | |||
Capital expenditures | 236 | 435 | 329 | 1,468 | |||
Australia Segment [Member] | Operating Segments [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 578,388 | 251,432 | 1,183,686 | 489,726 | |||
Adjusted EBITDA | 196,315 | (13,880) | 435,284 | (36,937) | |||
Net income (loss) | 127,905 | (63,507) | 278,052 | (105,838) | |||
Total assets | 1,473,795 | 1,115,815 | 1,473,795 | 1,115,815 | |||
Capital expenditures | 30,755 | 13,180 | 46,716 | 20,214 | |||
United States Segment [Member] | Operating Segments [Member] | |||||||
Reportable segment results | |||||||
Total revenues | 454,316 | 172,824 | 796,143 | 310,641 | |||
Adjusted EBITDA | 252,394 | 39,434 | 432,294 | 75,963 | |||
Net income (loss) | 181,146 | 18,323 | 304,113 | 28,713 | |||
Total assets | 1,044,753 | 872,345 | 1,044,753 | 872,345 | |||
Capital expenditures | $ 20,673 | $ 16,087 | $ 44,422 | $ 30,625 |
Segment Information (Reconcilia
Segment Information (Reconciliation of EBITDA to Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Information [Abstract] | ||||||
Net income (loss) | $ 291,995 | $ 269,898 | $ (55,085) | $ (40,972) | $ 561,893 | $ (96,057) |
Depreciation, depletion and amortization | 51,384 | 41,212 | 89,393 | 94,293 | ||
Interest expense (net of income) | 17,482 | 16,596 | 34,814 | 31,731 | ||
Other foreign exchange (gains) losses | (25,138) | 140 | (23,147) | 1,889 | ||
Loss on debt extinguishment | 0 | 5,744 | 0 | 5,744 | ||
Income tax expense (benefit) | 102,025 | 8,184 | 183,968 | (10,884) | ||
Restructuring costs | 0 | 2,300 | 0 | 2,300 | ||
Losses on idled assets held for sale | 456 | 836 | 1,842 | 2,330 | ||
Increase (decrease) in provision for discounting and credit losses | 156 | (1,866) | 584 | (5,644) | ||
Consolidated Adjusted EBITDA | $ 438,360 | $ 18,061 | $ 849,347 | $ 25,702 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Capital Expenditures) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | $ 87,875 | $ 58,307 |
Operating Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures per Condensed Consolidated Statements of Cash Flows | 87,875 | 58,307 |
Accruals For Capital Expenditures | 11,067 | 0 |
Payment for capital acquired in prior periods | (7,475) | (6,000) |
Capital expenditures per segment detail | $ 91,467 | $ 52,307 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,032,704 | $ 424,256 | $ 1,979,829 | $ 800,367 |
Other revenues | 11,707 | 10,492 | 22,204 | 19,401 |
Total | 1,032,704 | 424,256 | 1,979,829 | 800,367 |
Other and Corporate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 0 | 0 | ||
Product Groups [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 1,032,704 | 424,256 | ||
Metallurgical Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 994,203 | 390,131 | 1,885,932 | 733,566 |
Thermal Coal [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 26,794 | 23,633 | 71,693 | 47,400 |
Total Coal Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,020,997 | 413,764 | 1,957,625 | 780,966 |
Australia Segment [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 10,042 | 8,683 | 19,042 | 17,527 |
Total | 578,388 | 251,432 | 1,183,686 | 489,726 |
Australia Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 543,345 | 221,659 | 1,097,353 | 428,110 |
Australia Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25,001 | 21,090 | 67,291 | 44,089 |
Australia Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 568,346 | 242,749 | 1,164,644 | 472,199 |
United States Segment [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1,665 | 1,809 | 3,162 | 1,874 |
Total | 454,316 | 172,824 | 796,143 | 310,641 |
United States Segment [Member] | Metallurgical Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 450,858 | 168,472 | 788,579 | 305,456 |
United States Segment [Member] | Thermal Coal [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,793 | 2,543 | 4,402 | 3,311 |
United States Segment [Member] | Total Coal Revenue [Member] | Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 452,651 | $ 171,015 | $ 792,981 | $ 308,767 |
Dividends (Narrative) (Details)
Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Aug. 08, 2022 | May 09, 2022 | Apr. 08, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Feb. 24, 2022 | |
Dividends Payable [Line Items] | ||||||||
Dividends paid | $ 348,423 | $ 0 | ||||||
Foreign Currency Transaction Gain (Loss), Realized | $ 25,138 | $ (140) | 23,147 | $ (1,889) | ||||
CDI [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Foreign Currency Transaction Gain (Loss), Realized | $ 2,600 | |||||||
Unfranked ordinary dividend [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.90 | |||||||
Dividends Payable, Date of Record | Mar. 18, 2022 | |||||||
Dividends Payable, Date to be Paid | Apr. 08, 2022 | |||||||
Unfranked ordinary dividend [Member] | Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Date of Record | Aug. 30, 2022 | |||||||
Dividends Payable, Date to be Paid | Sep. 20, 2022 | |||||||
Dividends declared | $ 125,700 | |||||||
Unfranked ordinary dividend [Member] | CDI [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.09 | |||||||
Dividends declared | $ 150,900 | |||||||
Unfranked ordinary dividend [Member] | CDI [Member] | Subsequent Event [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.075 | |||||||
Special unfranked ordinary dividend declared first [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.59 | |||||||
Dividends Payable, Date of Record | May 31, 2022 | |||||||
Dividends Payable, Date to be Paid | Jun. 21, 2022 | |||||||
Special unfranked ordinary dividend declared first [Member] | CDI [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.059 | |||||||
Dividends declared | $ 99,500 | |||||||
Special unfranked ordinary dividend second [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.6 | |||||||
Dividends Payable, Date of Record | May 31, 2022 | |||||||
Dividends Payable, Date to be Paid | Jun. 21, 2022 | |||||||
Special unfranked ordinary dividend second [Member] | CDI [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ 0.06 | |||||||
Dividends declared | $ 100,600 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Raw coal | $ 10,234 | $ 17,334 |
Saleable coal | 37,971 | 42,006 |
Total coal inventories | 48,205 | 59,340 |
Supplies inventory | 59,234 | 59,582 |
Total inventories | 107,439 | 118,922 |
Net realizable value of inventory | $ 1,900 | $ 2,200 |
Property, Plant and Equipment (
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 2,173,566 | $ 2,145,719 |
Less accumulated depreciation, depletion and amortization | 810,194 | 748,356 |
Net property, plant and equipment | 1,363,372 | 1,397,363 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 27,197 | 27,853 |
Buildings And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 92,604 | 88,079 |
Plant, Machinery, Mining Equipment And Transportation Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 992,728 | 963,272 |
Mineral Rights And Reserves [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 374,326 | 374,326 |
Office And Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 9,274 | 8,718 |
Mine Development [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 557,596 | 566,201 |
Asset Retirement Obligation Asset [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | 70,584 | 75,215 |
Construction In Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant, equipment and equipment, gross | $ 49,257 | $ 42,055 |
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, 2022 AUD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Accrued Expenses and Other Current Liabilities [Abstract] | |||
Wages and employee benefits | $ 37,392 | $ 41,187 | |
Taxes other than income taxes | 8,384 | 6,246 | |
Accrued royalties | 104,952 | 70,237 | |
Accrued freight costs | 42,104 | 27,754 | |
Accrued mining fees | 104,694 | 65,835 | |
Acquisition related accruals | 29,623 | 31,201 | |
Other liabilities | 14,652 | 28,482 | |
Total accrued expenses and other current liabilities | $ 341,801 | 270,942 | |
Stamp duty payable | $ 43 | $ 29,600 |
Interest Bearing Liabilities (N
Interest Bearing Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 12, 2021 | |
Debt Instrument [Line Items] | ||||||
Loss on debt extinguishment | $ 0 | $ (5,744,000) | $ 0 | $ (5,744,000) | ||
Letters of credit outstanding, amount | 16,800,000 | 16,800,000 | ||||
Senior Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long term debt | 500,000 | |||||
Principal amount | $ 200,600,000 | $ 200,600,000 | ||||
Interest rate | 10.75% | 10.75% | ||||
Redemption price, percentage | 104% | |||||
Long-term debt | $ 314,453,000 | $ 314,453,000 | $ 315,000,000 | |||
Debt Instrument, Maturity Date | May 15, 2026 | |||||
Debt issuance costs | 13,505,000 | $ 13,505,000 | 14,831,000 | |||
ABL Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 100,000,000 | |||||
Available credit | 0 | 0 | ||||
Long-term debt | 0 | 0 | 0 | |||
Debt issuance costs | 3,400,000 | 3,400,000 | $ 4,300,000 | |||
Line of credit | 0 | 0 | ||||
Letters of credit outstanding, amount | $ 0 | $ 0 | $ 0 | $ 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 | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Interest bearing liabilities | $ 300,948 | $ 300,169 |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 314,453 | 315,000 |
Discount and debt issuance costs | $ (13,505) | (14,831) |
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 | $ (3,400) | $ (4,300) |
Final Maturity | 2024 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||||
Effective tax rate | 24.70% | 10.20% | |||
Income loss before tax | $ 394,020,000 | $ (46,901,000) | $ 745,861,000 | $ (106,941,000) | |
Income Tax Expense (Benefit) | $ 102,025,000 | 8,184,000 | $ 183,968,000 | (10,884,000) | |
Unrecognized Tax Benefits | $ 0 | $ 0 | |||
Income taxes [Line Items] | |||||
Tax losses carried forward | $ 8,100,000 | ||||
Australia Segment [Member] | |||||
Income taxes [Line Items] | |||||
Tax losses carried forward | $ 27,000,000 |
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, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||||
Net income (loss) | $ 291,995 | $ 269,898 | $ (55,085) | $ (40,972) | $ 561,893 | $ (96,057) |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | 0 | (2) | ||
Net income (loss) attributable to Company stockholders | $ 291,995 | $ (55,085) | $ 561,893 | $ (96,055) | ||
Denominator: | ||||||
Weighted-average shares of common stock outstanding | 167,645 | 152,877 | 167,645 | 145,633 | ||
Effects of dilutive shares | 168 | 0 | 192 | 0 | ||
Weighted average diluted shares of common stock outstanding | 167,813 | 152,877 | 167,837 | 145,633 | ||
Earnings (Loss) Per Share (US$): | ||||||
Basic | $ 1.74 | $ (0.36) | $ 3.35 | $ (0.66) | ||
Diluted | $ 1.74 | $ (0.36) | $ 3.35 | $ (0.66) |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) | Jun. 30, 2022 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] | |
Fair value of notes | 327,000,000 |
ABL Facility [Member] | |
Derivatives, Fair Value [Line Items] | |
Available credit | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Losses (Schedule of Accumulated Comprehensive Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ (44,228) | $ (44,228) | ||||
Net current-period other comprehensive income (loss): | ||||||
Tax effects | $ (24) | $ (2,111) | ||||
Total other comprehensive loss | $ (50,168) | 16,258 | $ (2,898) | $ 317 | (33,910) | $ (2,581) |
Accumulated other comprehensive income, end of period | (78,138) | (78,138) | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income, beginning of period | $ (44,228) | (44,228) | ||||
Net current-period other comprehensive income (loss): | ||||||
Loss in other comprehensive income (loss) before reclassifications | (12,918) | |||||
Loss on long-term intra-entity foreign currency transactions | (20,992) | |||||
Total other comprehensive loss | (33,910) | |||||
Accumulated other comprehensive income, end of period | $ (78,138) | $ (78,138) |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Commitments [Abstract] | |
Purchase commitments for capital expenditures | $ 27.8 |
Take-or-pay arrangement term | 9 years |
Take-or-pay arrangements, total | $ 1,100 |
Take-or-pay arrangements, due within the next year | $ 91.9 |
Commitments (Future Minimum Roy
Commitments (Future Minimum Royalties) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments [Abstract] | |
2022 | $ 4,182 |
2023 | 4,984 |
2024 | 4,891 |
2025 | 4,752 |
2026 | 4,684 |
Thereafter | 23,666 |
Total | $ 47,159 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Loss Contingencies [Line Items] | |||
Company guarantees | $ 45,300,000 | ||
Restricted deposits | 86,019,000 | $ 80,981,000 | |
Letters of Credit Outstanding, Amount | 16,800,000 | ||
Surety bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Company guarantees | 27,800,000 | ||
ABL Facility [Member] | |||
Loss Contingencies [Line Items] | |||
Line of credit | 0 | ||
Cash Collateral | $ 0 | ||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 |
Subsequent Events Narrative (De
Subsequent Events Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 08, 2022 | Apr. 08, 2022 | Feb. 24, 2022 |
Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date of Record | Mar. 18, 2022 | ||
Dividends Payable, Amount Per Share | $ 0.90 | ||
Dividends Payable, Date to be Paid | Apr. 08, 2022 | ||
CHESS Depositary Interests [Member] | Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends payable | $ 150.9 | ||
Dividends Payable, Amount Per Share | $ 0.09 | ||
Subsequent Event [Member] | Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date of Record | Aug. 30, 2022 | ||
Dividends payable | $ 125.7 | ||
Dividends Payable, Date to be Paid | Sep. 20, 2022 | ||
Subsequent Event [Member] | Dividends declared tranche one [Member] | |||
Subsequent Event [Line Items] | |||
Dividends payable | $ 100.6 | ||
Subsequent Event [Member] | Dividends declared tranche two [Member] | |||
Subsequent Event [Line Items] | |||
Dividends payable | 25.2 | ||
Subsequent Event [Member] | Coronado Finance Pty Notes [Member] | |||
Subsequent Event [Line Items] | |||
Principal amount | $ 25.2 | ||
Percentage of principal amount redeemable | 104% | ||
Subsequent Event [Member] | CHESS Depositary Interests [Member] | Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.075 |