0001558370-24-014411 | 10-Q | XBRL Viewer

Investments in Available-for-Sale Securities

9 Months Ended

Sep. 30, 2024

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

7. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:


	September 30, 2024

			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value

	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	14,834	$	78	$	—	$	—	$	14,912
Corporate notes and bonds		21,303		134		(2)		—		21,435
Total Investments	$	36,137	$	212	$	(2)	$	—	$	36,347


	December 31, 2023

			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value

	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	28,764	$	14	$	(5)	$	—	$	28,773
Corporate notes and bonds		3,951		1		(1)		—		3,951
Total Investments	$	32,715	$	15	$	(6)	$	—	$	32,724

The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $0.0 million and $2.2 million at September 30, 2024 and December 31, 2023, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $1.2 million and $2.3 million at September 30, 2024 and December 31, 2023, respectively. The unrealized losses in the Company’s portfolio at September 30, 2024 are the result of normal market fluctuations. The Company does not intend to sell these investments before recovery of their amortized cost base.

The debt securities outstanding at September 30, 2024 have maturity dates ranging from the fourth quarter of 2024 through the third quarter of 2029. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations, if needed.

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

16. Segment Information

The Company’s reportable business segments are based on two distinct lines of business, metallurgical and thermal, and may include a number of mine complexes. The Company manages its coal sales by market and coal quality, not by individual mining complex. Geology, coal transportation routes to customers, and regulatory environments also have a significant impact on the Company’s marketing and operations management. Mining operations are evaluated based on Adjusted EBITDA, per-ton cash operating costs (defined as including all mining costs except depreciation, depletion, amortization, accretion on asset retirement obligations, and pass-through transportation expenses, divided by segment tons sold), and on other non-financial measures, such as safety and environmental performance. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in understanding and assessing the Company’s financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income (loss), income (loss) from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles. The Company uses Adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments. Furthermore, analogous measures are used by industry analysts and investors to evaluate the Company’s operating performance. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The Company reports its results of operations primarily through the following reportable segments: Metallurgical (MET) segment, containing the Company’s metallurgical operations in West Virginia, and the Thermal segment containing the Company’s thermal operations in Wyoming and Colorado.

Reporting segment results for the three and nine months ended September 30, 2024 and 2023 are presented below. The Corporate, Other, and Eliminations grouping includes these charges: idle operations; equity investments; change in fair value of coal derivatives, net; corporate overhead; land management activities; certain miscellaneous revenue; and the elimination of intercompany transactions.


					Corporate,
					Other and
(In thousands)	MET		Thermal		Eliminations		Consolidated
Three Months Ended September 30, 2024
Revenues	$	361,916	$	255,983	$	—	$	617,899
Adjusted EBITDA		54,167		12,847		(22,853)		44,161
Depreciation, depletion and amortization		32,702		7,864		324		40,890
Accretion on asset retirement obligation		647		4,810		412		5,869
Capital expenditures		23,438		10,818		266		34,522

Three Months Ended September 30, 2023
Revenues	$	432,835	$	311,766	$	—	$	744,601
Adjusted EBITDA		128,322		23,373		(25,404)		126,291
Depreciation, depletion and amortization		29,494		7,001		222		36,717
Accretion on asset retirement obligation		651		4,314		327		5,292
Capital expenditures		33,806		10,369		249		44,424

Nine Months Ended September 30, 2024
Revenues	$	1,154,938	$	751,902	$	—	$	1,906,840
Adjusted EBITDA		270,978		14,846		(78,841)		206,983
Depreciation, depletion and amortization		95,181		22,130		838		118,149
Accretion on asset retirement obligation		1,942		14,430		1,236		17,608
Capital expenditures		94,603		29,315		2,970		126,888

Nine Months Ended September 30, 2023
Revenues	$	1,420,758	$	951,068	$	—	$	2,371,826
Adjusted EBITDA		524,218		98,807		(89,007)		534,018
Depreciation, depletion and amortization		85,575		22,057		641		108,273
Accretion on asset retirement obligation		1,880		12,941		1,056		15,877
Capital expenditures		94,205		25,904		921		121,030

A reconciliation of net income (loss) to Adjusted EBITDA and segment Adjusted EBITDA from coal operations follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net income (loss)	$	(6,221)	$	73,691	$	64,565	$	349,152
(Benefit from) provision for income taxes		(6,608)		16,781		(887)		66,839
Interest expense, net		(1,753)		(1,683)		(5,007)		(1,557)
Depreciation, depletion and amortization		40,890		36,717		118,149		108,273
Accretion on asset retirement obligations		5,869		5,292		17,608		15,877
Merger related costs		7,002		—		7,002		—
Severance costs related to voluntary separation plan		6,649		—		6,649		—
Non-service related pension and postretirement benefit credits		(1,667)		(4,507)		(1,096)		(5,692)
Net loss resulting from early retirement of debt		—		—		—		1,126
Adjusted EBITDA	$	44,161	$	126,291	$	206,983	$	534,018
EBITDA from idled or otherwise disposed operations		4,101		30		11,493		8,726
Selling, general and administrative expenses		20,603		24,279		68,708		73,092
Other		(1,851)		1,095		(1,360)		7,189
Segment Adjusted EBITDA from coal operations	$	67,014	$	151,695	$	285,824	$	623,025

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements - Financial assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Investments in marketable securities	$ 36,347	$ 32,724
Fund for asset retirement obligations	147,932	142,266
Total assets	184,279	174,990
Level 1
Assets:
Investments in marketable securities	14,912	28,773
Fund for asset retirement obligations	147,932	142,266
Total assets	162,844	171,039
Level 2
Assets:
Investments in marketable securities	21,435	3,951
Fund for asset retirement obligations	0
Total assets	21,435	$ 3,951
Level 3
Assets:
Investments in marketable securities	0
Fund for asset retirement obligations	0
Total assets	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Surety Bonds Outstanding	$ 488,500
Cash collateral for surety bond	5,600
Contribution to fund asset retirement obligations	5,667	$ 4,421
Fund for asset retirement obligations	147,932		$ 142,266
Securitization and Inventory Facilities
Loss Contingencies [Line Items]
Letters of credit outstanding	76,700
Asset retirement obligations
Loss Contingencies [Line Items]
Surety Bonds Outstanding	402,200
Cash collateral for surety bond	600
Reclamation-related obligations	273,400
Contribution to fund asset retirement obligations	5,600
Fund for asset retirement obligations	$ 147,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 64,565	$ 349,152
Adjustments to reconcile to cash from operating activities:
Depreciation, depletion and amortization	118,149	108,273
Accretion on asset retirement obligations	17,608	15,877
Deferred income taxes	(1,345)	66,561
Employee stock-based compensation expense	15,819	19,699
Amortization relating to financing activities	2,168	1,317
Gain on disposals and divestitures, net	(213)	(714)
Reclamation work completed	(6,038)	(17,642)
Contribution to fund for asset retirement obligations	(5,667)	(4,421)
Changes in:
Receivables	39,936	(49,950)
Inventories	9,169	(10,199)
Accounts payable, accrued expenses and other current liabilities	(62,824)	(31,241)
Income taxes, net	258	(999)
Other	20,774	8,105
Cash provided by operating activities	212,359	453,818
Investing activities
Capital expenditures	(126,888)	(121,030)
Minimum royalty payments	(988)	(1,113)
Proceeds from disposals and divestitures	219	1,363
Purchases of short-term investments	(41,397)	(23,386)
Proceeds from sales of short-term investments	38,244	30,417
Investments in and advances to affiliates, net	(10,330)	(12,210)
Cash used in investing activities	(141,140)	(125,959)
Financing activities
Payments on convertible debt		(58,430)
Net payments on other debt	(23,717)	(30,568)
Debt financing costs	(1,516)
Purchases of treasury stock	(30,747)	(122,502)
Dividends paid	(68,944)	(183,790)
Payments for taxes related to net share settlement of equity awards	(24,339)	(27,230)
Proceeds from warrants exercised		43,949
Cash used in financing activities	(139,431)	(380,821)
Decrease in cash and cash equivalents, including restricted cash	(68,212)	(52,962)
Cash and cash equivalents, including restricted cash, beginning of period	288,907	237,159
Cash and cash equivalents, including restricted cash, end of period	220,695	184,197
SUPPLEMENTAL CASH FLOW INFORMATION
Cash and cash equivalents	219,595	183,097
Restricted Cash	1,100	1,100
Cash and cash equivalents, including restricted cash, end of period	220,695	184,197
Term loan due 2025
Financing activities
Proceeds from issuance of term loan due 2025	20,000
Payments on term loan	(6,666)
Term loan due 2024
Financing activities
Payments on term loan	$ (3,502)	$ (2,250)

Workers Compensation Expense

9 Months Ended

Sep. 30, 2024

Workers Compensation Expense

Workers' Compensation Expense

13. Workers’ Compensation Expense

The Company is liable under the Federal Mine Safety and Health Act of 1969, as subsequently amended, to provide pneumoconiosis (occupational disease) benefits to eligible employees, former employees and dependents. The Company currently provides for federal claims principally through a self-insurance program. The Company is also liable under various state workers’ compensation statutes for occupational disease benefits. The occupational disease benefit obligation represents the present value of the actuarially computed present and future liabilities for such benefits over the employees’ applicable years of service.

In October 2019, the Company filed an application with the Office of Workers’ Compensation Programs (“OWCP”) within the Department of Labor for reauthorization to self-insure federal black lung benefits. In February 2020, the Company received a reply from the OWCP confirming its status to remain self-insured contingent upon posting additional collateral of $71.1 million within 30 days of receipt of the letter. The Company is currently appealing the ruling from the OWCP and has received an extension to self-insure during the appeal process.

On January 18, 2023, the OWCP proposed revisions to regulations under the Black Lung Benefits Act governing authorization of self-insurers. The revisions seek to codify the practice of basing a self-insured operator’s security requirement on an actuarial assessment of its total present and future black lung liability. A material change to the regulations is the requirement that all self-insured operators must post security equal to 120% of their projected black lung liabilities.

The proposed regulations were posted to the Federal Register on January 19, 2023 with written comments to be accepted within 60 days of this date. A subsequent extended comment period expired on April 19, 2023. On May 10, 2024, the OWCP forwarded its final rule establishing requirements for Black Lung Benefits Act self-insurance to the Office of Management and Budget (“OMB”) for review. OMB is charged by various executive orders to review significant regulations. OMB reviews are limited to 90 days and may be extended by an additional 30 days; however, OMB reviews often take longer. At this stage in the rulemaking process, no rule text is publicly available, and the final regulations have not yet been published.

If the above regulation is codified into law, the Company will be required to post additional collateral to maintain its self-insured status. The Company is evaluating alternatives to self-insurance, including the purchase of commercial insurance to cover these claims. Additionally, the Company is assessing additional sources of liquidity, and other items to satisfy the proposed regulations.

In addition, the Company is liable for workers’ compensation benefits for traumatic injuries which are calculated using actuarially-based loss rates, loss development factors and discounted based on a risk free rate. Traumatic workers’ compensation claims are insured with varying retentions/deductibles, or through state-sponsored workers’ compensation programs.

Workers’ compensation (credit) expense consists of the following components:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Self-insured occupational disease benefits:
Service cost	$	1,278	$	993	$	3,833	$	2,980
Interest cost⁽¹⁾		1,565		1,511		4,696		4,531
Net amortization⁽¹⁾		(3)		(241)		(8)		(723)
Total occupational disease	$	2,840	$	2,263	$	8,521	$	6,788
Traumatic injury claims and assessments		2,940		(6,834)		8,016		(2,403)
Total workers’ compensation (credit) expense	$	5,780	$	(4,571)	$	16,537	$	4,385

(1)

In accordance with the adoption of ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” these costs are recorded within Nonoperating expenses in the Condensed Consolidated Statements of Operations on the line item “Non-service related pension and postretirement benefit credits.”

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Fair value of debt, including amounts classified as current	$ 128.2	$ 142.1

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities.

Schedule of Accrued Expenses and Other Current Liabilities


	September 30,		December 31,
	2024		2023

	(In thousands)
Payroll and employee benefits	$	38,481	$	37,259
Taxes other than income taxes		36,028		51,155
Interest		1,393		2,395
Workers’ compensation		16,980		18,724
Asset retirement obligations		5,913		6,089
Other		13,972		11,995
	$	112,767	$	127,617

Leases - Other information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease information:
Operating lease cost	$ 777	$ 801	$ 2,366	$ 2,462
Operating cash flows from operating leases	845	851	2,499	2,555
Financing lease cost	393	393	1,179	1,179
Operating cash flows from financing leases	$ 303	$ 303	$ 908	$ 908

Revenue Recognition (Details) T in Millions	Sep. 30, 2024 T
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in tons)	13.4
Remaining performance obligation, variable price contracts (in tons)	1.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, fixed price contracts (in tons)	97.2
Remaining performance obligation, variable price contracts (in tons)	2.2

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes

Income Taxes

10. Income Taxes

The Company's effective tax rate for nine months ended September 30, 2024 is based on its estimated full year effective tax rate, adjusted for discrete items. Due to the pretax loss incurred during the quarter and the related impact to the Company’s estimated full year tax rate, the effective tax rate for the three and nine months ended September 30, 2024 was 50.8% and (1.4)%, respectively. The effective tax rates for the three and nine months ended September 30, 2024 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion. The effective tax rate for nine months ended September 30, 2024 also includes the impact of discrete tax benefits related to equity compensation.

For the three and nine months ended September 30, 2023, the Company's effective tax rate was 18.6% and 16.1%, respectively. The effective tax rates for the three and nine months ended September 30, 2023 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion and discrete tax benefits related to equity compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue Recognition

Schedule of effects of revenue recognition


					Corporate,
					Other and
	MET		Thermal		Eliminations		Consolidated

	(in thousands)
Three Months Ended September 30, 2024
North America revenues	$	76,254	$	221,048	$	—	$	297,302
Seaborne revenues		285,662		34,935		—		320,597

Total revenues	$	361,916	$	255,983	$	—	$	617,899

Three Months Ended September 30, 2023
North America revenues	$	108,895	$	251,759	$	—	$	360,654
Seaborne revenues		323,940		60,007		—		383,947

Total revenues	$	432,835	$	311,766	$	—	$	744,601

Nine Months Ended September 30, 2024
North America revenues	$	179,051	$	610,794	$	—	$	789,845
Seaborne revenues		975,887		141,108		—		1,116,995

Total revenues	$	1,154,938	$	751,902	$	—	$	1,906,840

Nine Months Ended September 30, 2023
North America revenues	$	274,017	$	786,111	$	—	$	1,060,128
Seaborne revenues		1,146,741		164,957		—		1,311,698

Total revenues	$	1,420,758	$	951,068	$	—	$	2,371,826

Leases (Narrative) (Details)	Sep. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease terms	3 years

Inventories

9 Months Ended

Sep. 30, 2024

Inventories

Inventories

6. Inventories

Inventories consist of the following:


	September 30,		December 31,
	2024		2023

	(In thousands)
Coal	$	83,654	$	99,174
Repair parts and supplies		151,437		145,087
	$	235,091	$	244,261

The repair parts and supplies are stated net of an allowance for slow-moving and obsolete inventories of $1.5 million at September 30, 2024 and $1.6 million at December 31, 2023, respectively.

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Effective income tax rate (as a percent)	50.80%	18.60%	(1.40%)	16.10%
U.S. federal statutory rate (as percent)	21.00%	21.00%	21.00%	21.00%

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Arch Resources, Inc. (“Arch Resources”) and its subsidiaries and controlled entities (“Arch” or the “Company”). Unless the context indicates otherwise, the terms “Arch” and the “Company” are used interchangeably in this Quarterly Report on Form 10-Q. The Company’s primary business is the production of metallurgical and thermal coal from underground and surface mines located throughout the United States, for sale to steel producers, utility companies, and industrial accounts both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Wyoming and Colorado. All subsidiaries are wholly owned. Intercompany transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance There is no recently issued accounting guidance effective that is expected to have a material impact on the Company’s financial position, results of operations, or liquidity. Recent Accounting Guidance Issued Not Yet Effective In November 2023, the FASB issued ASU 2023-07 Segment Reporting – Improving Reportable Segment Disclosures (Topic 280). The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosure to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

Subsequent Event

9 Months Ended

Sep. 30, 2024

Subsequent Event.

Subsequent Event

19. Subsequent Event

On October 14, 2024, the Company announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), in relation to the pending combination of Arch and CONSOL expired on October 11, 2024. The expiration of the waiting period under the HSR Act is one of the conditions to the closing of the pending combination. Completion of the transaction is subject to the satisfaction of the remaining customary closing conditions, including approval by both companies’ stockholders.

On November 5, 2024, the Company announced the board approval of a quarterly dividend of $0.25 per share for stockholders of record on November 15, 2024, with a payment date of November 26, 2024.

Basis of Presentation

9 Months Ended

Sep. 30, 2024

Basis of Presentation

Basis of Presentation

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Arch Resources, Inc. (“Arch Resources”) and its subsidiaries and controlled entities (“Arch” or the “Company”). Unless the context indicates otherwise, the terms “Arch” and the “Company” are used interchangeably in this Quarterly Report on Form 10-Q. The Company’s primary business is the production of metallurgical and thermal coal from underground and surface mines located throughout the United States, for sale to steel producers, utility companies, and industrial accounts both in the United States and around the world. The Company currently operates mining complexes in West Virginia, Wyoming and Colorado. All subsidiaries are wholly owned. Intercompany transactions and accounts have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and Securities and Exchange Commission regulations. In the opinion of management, all adjustments, consisting of normal, recurring accruals considered necessary for a fair presentation, have been included. Results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024. These financial statements should be read in conjunction with the audited financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission.

Severance Costs Related to Voluntary Separation Plan (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) employee	Sep. 30, 2024 USD ($)
Severance Costs Related to Voluntary Separation Plan
Gain (loss) on sale of Lone Mountain Processing, LLC \| $	$ 6,649	$ 6,649
Number of Employees accepted voluntary separation package \| employee	138

Segment Information - Schedule of operating segment results (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of distinct lines of business \| item			2
Revenues	$ 617,899	$ 744,601	$ 1,906,840	$ 2,371,826
Adjusted EBITDA	44,161	126,291	206,983	534,018
Depreciation, depletion and amortization	40,890	36,717	118,149	108,273
Accretion on asset retirement obligation	5,869	5,292	17,608	15,877
Capital expenditures	34,522	44,424	126,888	121,030
Operating Segments \| MET
Segment Reporting Information [Line Items]
Revenues	361,916	432,835	1,154,938	1,420,758
Adjusted EBITDA	54,167	128,322	270,978	524,218
Depreciation, depletion and amortization	32,702	29,494	95,181	85,575
Accretion on asset retirement obligation	647	651	1,942	1,880
Capital expenditures	23,438	33,806	94,603	94,205
Operating Segments \| Thermal
Segment Reporting Information [Line Items]
Revenues	255,983	311,766	751,902	951,068
Adjusted EBITDA	12,847	23,373	14,846	98,807
Depreciation, depletion and amortization	7,864	7,001	22,130	22,057
Accretion on asset retirement obligation	4,810	4,314	14,430	12,941
Capital expenditures	10,818	10,369	29,315	25,904
Corporate, Other and Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Adjusted EBITDA	(22,853)	(25,404)	(78,841)	(89,007)
Depreciation, depletion and amortization	324	222	838	641
Accretion on asset retirement obligation	412	327	1,236	1,056
Capital expenditures	$ 266	$ 249	$ 2,970	$ 921

Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Debt and Financing Arrangements

Schedule of Long-term debt


	September 30,		December 31,
	2024		2023

	(In thousands)
Term loan due 2025 ($13.3 million face value)	$	13,333	$	—
Term loan due 2024		—		3,502
Tax Exempt Bonds ($98.1 million face value)		98,075		98,075
Other		16,812		40,529
Debt issuance costs		(1,323)		(1,511)
		126,897		140,595
Less: current maturities of debt		126,897		35,343
Long-term debt	$	—	$	105,252

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Schedule of right-of-use assets and lease liabilities


		September 30,		December 31,
		2024		2023
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	7,644	$	9,626
Financing lease right-of-use assets	Other noncurrent assets		648		1,621
Total Lease Assets		$	8,292	$	11,247

Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	2,346	$	1,041
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,888		2,789
Financing lease liabilities - long-term	Other noncurrent liabilities		-		2,079
Operating lease liabilities - long-term	Other noncurrent liabilities		5,137		7,351
		$	10,371	$	13,260

Weighted average remaining lease term in years
Operating leases			2.66		3.32
Finance leases			0.50		1.25

Weighted average discount rate
Operating leases			5.5%		5.5%
Finance leases			6.4%		6.4%

Schedule of Information Related to Leases


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023

	(In thousands)				(In thousands)
Operating lease information:
Operating lease cost	$	777	$	801		$	2,366	$	2,462
Operating cash flows from operating leases		845		851			2,499		2,555

Financing lease information:
Financing lease cost	$	393	$	393		$	1,179	$	1,179
Operating cash flows from financing leases		303		303			908		908

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2024 were as follows:


	Operating		Finance
Year	Leases		Leases
	(In thousands)
2024	$	782	$	303
2025		3,266		2,111
2026		3,080		—
2027		1,533		—
2028		—		—
Thereafter		—		—
Total minimum lease payments	$	8,661	$	2,414
Less imputed interest		(636)		(68)

Total lease liabilities	$	8,025	$	2,346

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,221)	$ 73,691	$ 64,565	$ 349,152

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

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-Topic 250
-SubTopic 10
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+ Details

Severance Costs Related to Voluntary Separation Plan

9 Months Ended

Sep. 30, 2024

Severance Costs Related to Voluntary Separation Plan

Severance Costs Related To Voluntary Separation Plan

4. Severance Costs Related to Voluntary Separation Plan

The Company recorded $6.6 million of employee severance expense related to a voluntary separation plan during the three months ended September 30, 2024. This amount is included in “Severance costs related to voluntary separation plan” in the accompanying Condensed Consolidated Statements of Operations. During the three months ended September 30, 2024, 138 employees from the Company’s Thermal Segment accepted the voluntary separation package.

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss).

Schedule of Accumulated Other Comprehensive Income (Loss)


	Pension,
	Postretirement				Accumulated
	and Other Post-				Other
	Employment		Available-for-		Comprehensive
	Benefits		Sale Securities		Income (loss)

Balances at December 31, 2023	$	38,783	$	(1)	$	38,782
Unrealized gains		—		210		210
Amounts reclassified from accumulated other comprehensive income (loss)		(6,018)		(9)		(6,027)
Tax effect		1,281		(43)		1,238
Balances at September 30, 2024	$	34,046	$	157	$	34,203

Schedule of Comprehensive Income Reclassifications


	Three Months Ended September 30,				Nine Months Ended September 30,				Line Item in the Condensed Consolidated
Details About AOCI Components	2024		2023		2024		2023		Statements of Operations

	(In thousands)
Pension, postretirement and other post-employment benefits
Amortization of actuarial gains, net ¹	$	2,006	$	2,792	$	6,018	$	8,509	Non-service related pension and postretirement benefit credits
Amortization of prior service credits		—		25		—		98	Non-service related pension and postretirement benefit credits
Pension Termination		—		6,953		—		6,953	Non-service related pension and postretirement benefit credits
		2,006		9,770		6,018		15,560	Total before tax
		(427)		(2,147)		(1,281)		(3,419)	Provision for income taxes
	$	1,579	$	7,623	$	4,737	$	12,141	Net of tax

Available-for-sale securities ²	$	1	$	(40)	$	9	$	(61)	Interest and investment income
		—		12		(2)		4	(Benefit from) provision for income taxes
	$	1	$	(28)	$	7	$	(57)	Net of tax

¹ Production-related benefits and workers’ compensation costs are included in costs of sales.

² The gains and losses on sales of available-for-sale securities are determined on a specific identification basis.

Investments in Available-for-Sale Securities - Schedule of investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Cost Basis	$ 36,137	$ 32,715
Available-for-sale, Gross Unrealized Gains	212	15
Available-for-sale, Gross Unrealized Losses	(2)	(6)
Available-for-sale, Fair Value	36,347	32,724
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Cost Basis	14,834	28,764
Available-for-sale, Gross Unrealized Gains	78	14
Available-for-sale, Gross Unrealized Losses		(5)
Available-for-sale, Fair Value	14,912	28,773
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, Cost Basis	21,303	3,951
Available-for-sale, Gross Unrealized Gains	134	1
Available-for-sale, Gross Unrealized Losses	(2)	(1)
Available-for-sale, Fair Value	$ 21,435	$ 3,951

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans - Schedule of net benefit credit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 11	$ 1,023	$ 34	$ 4,090
Expected return on plan assets	0	(1,012)		(4,048)
Pension settlement	(2,000)	(3,986)	$ (2,000)	(3,986)
Amortization of prior service credits	$ 0	$ (25)		$ (98)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Pension and Other Postretirement Benefits Cost (Reversal of Cost)	Pension and Other Postretirement Benefits Cost (Reversal of Cost)	Pension and Other Postretirement Benefits Cost (Reversal of Cost)	Pension and Other Postretirement Benefits Cost (Reversal of Cost)
Amortization of other actuarial (gains)	$ (22)	$ (129)	$ (67)	$ (519)
Net benefit credit	(2,011)	(4,129)	(2,033)	(4,561)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	49	58	148	173
Interest cost	605	674	1,815	2,021
Amortization of other actuarial (gains)	(1,981)	(2,422)	$ (5,943)	(7,267)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Pension and Other Postretirement Benefits Cost (Reversal of Cost)
Net benefit credit	$ (1,327)	$ (1,690)	$ (3,980)	$ (5,073)

Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Employee Benefit Plans

Employee Benefit Plans

14. Employee Benefit Plans

The following table details the components of pension benefit credit:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Interest cost⁽¹⁾	$	11	$	1,023	$	34	$	4,090
Expected return on plan assets⁽¹⁾		—		(1,012)		—		(4,048)
Pension settlement⁽¹⁾		(2,000)		(3,986)		(2,000)		(3,986)
Amortization of prior service credits ⁽¹⁾		—		(25)		—		(98)
Amortization of other actuarial (gains) ⁽¹⁾		(22)		(129)		(67)		(519)
Net benefit credit	$	(2,011)	$	(4,129)	$	(2,033)	$	(4,561)

The following table details the components of other postretirement benefit credit:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Service cost	$	49	$	58	$	148	$	173
Interest cost⁽¹⁾		605		674		1,815		2,021
Amortization of other actuarial gains ⁽¹⁾		(1,981)		(2,422)		(5,943)		(7,267)
Net benefit credit	$	(1,327)	$	(1,690)	$	(3,980)	$	(5,073)

(1)

In February 2022, the Company’s Board of Directors approved the termination of the Company’s Cash Balance Pension Plan. The Company has executed plan amendments regarding the termination and filed an Application for Determination for Terminating Pension Plan with the Internal Revenue Service (“IRS”), which was approved by the IRS during the first quarter of 2023. The Company also prepared and filed appropriate notices and documents related to the Pension Plan's termination and wind-down with the Pension Benefit Guaranty Corporation. The Company no longer administers or pays the retirement benefits of the Cash Balance Pension Plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net Income (Loss)	$ (6,221)	$ 73,691	$ 64,565	$ 349,152
Pension, postretirement and other post-employment benefits
Comprehensive loss before tax	(2,006)	(9,770)	(6,018)	(15,560)
Provision for income taxes	427	2,147	1,281	3,419
Other comprehensive loss, pension, postretirement and other post-employment benefits, net of tax	(1,579)	(7,623)	(4,737)	(12,141)
Available-for-sale securities
Comprehensive income before tax	192	54	201	15
Provision for income taxes	(41)	(12)	(43)	(4)
Other comprehensive (loss) income, available-for-sale securities, net of tax	151	42	158	11
Total other comprehensive loss	(1,428)	(7,581)	(4,579)	(12,130)
Total comprehensive income (loss)	$ (7,649)	$ 66,110	$ 59,986	$ 337,022

Debt and Financing Arrangements - Long term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (1,323)	$ (1,511)
Total	126,897	140,595
Less: current maturities of debt	126,897	35,343
Long-term debt		105,252
Term loan due 2025
Debt Instrument [Line Items]
Long-term debt	13,333
Debt instrument, face amount	13,300
Term loan due 2024
Debt Instrument [Line Items]
Long-term debt		3,502
Tax Exempt Bonds
Debt Instrument [Line Items]
Long-term debt	98,075	98,075
Debt instrument, face amount	98,100
Other Debt
Debt Instrument [Line Items]
Long-term debt	$ 16,812	$ 40,529

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 219,595	$ 287,807
Short-term investments	36,347	32,724
Restricted cash	1,100	1,100
Trade accounts receivable (net of $0 allowance at September 30, 2024 and December 31, 2023)	239,994	273,522
Other receivables	8,580	13,700
Inventories	235,091	244,261
Other current assets	47,716	64,653
Total current assets	788,423	917,767
Property, plant and equipment, net	1,238,534	1,228,891
Other assets
Deferred income taxes	126,608	124,024
Equity investments	23,088	22,815
Fund for asset retirement obligations	147,932	142,266
Other noncurrent assets	46,293	48,410
Total other assets	343,921	337,515
Total assets	2,370,878	2,484,173
Current Liabilities
Accounts payable	153,189	205,001
Accrued expenses and other current liabilities	112,767	127,617
Current maturities of debt	126,897	35,343
Total current liabilities	392,853	367,961
Long-term debt		105,252
Asset retirement obligations	267,486	255,740
Accrued pension benefits	816	878
Accrued postretirement benefits other than pension	46,530	47,494
Accrued workers' compensation	158,902	154,650
Other noncurrent liabilities	60,337	72,742
Total liabilities	926,924	1,004,717
Stockholders' equity
Common stock, $0.01 par value, authorized 300,000 shares, issued 30,805 and 30,557 shares at September 30, 2024 and December 31, 2023, respectively	308	306
Paid-in capital	764,202	720,029
Retained earnings	1,839,125	1,830,018
Treasury stock, 12,701 and 12,197 shares at September 30, 2024 and December 31, 2023, respectively, at cost	(1,193,884)	(1,109,679)
Accumulated other comprehensive income	34,203	38,782
Total stockholders' equity	1,443,954	1,479,456
Total liabilities and stockholders' equity	$ 2,370,878	$ 2,484,173

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Coal	$ 83,654	$ 99,174
Repair parts and supplies	151,437	145,087
Inventories	235,091	244,261
Allowance for slow-moving and obsolete inventories	$ 1,500	$ 1,600

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventories

Inventories


	September 30,		December 31,
	2024		2023

	(In thousands)
Coal	$	83,654	$	99,174
Repair parts and supplies		151,437		145,087
	$	235,091	$	244,261

Revenue Recognition - Schedule of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 617,899	$ 744,601	$ 1,906,840	$ 2,371,826
North America revenues
Disaggregation of Revenue [Line Items]
Revenues	297,302	360,654	789,845	1,060,128
Seaborne revenues
Disaggregation of Revenue [Line Items]
Revenues	320,597	383,947	1,116,995	1,311,698
Operating Segments \| MET
Disaggregation of Revenue [Line Items]
Revenues	361,916	432,835	1,154,938	1,420,758
Operating Segments \| MET \| North America revenues
Disaggregation of Revenue [Line Items]
Revenues	76,254	108,895	179,051	274,017
Operating Segments \| MET \| Seaborne revenues
Disaggregation of Revenue [Line Items]
Revenues	285,662	323,940	975,887	1,146,741
Operating Segments \| Thermal
Disaggregation of Revenue [Line Items]
Revenues	255,983	311,766	751,902	951,068
Operating Segments \| Thermal \| North America revenues
Disaggregation of Revenue [Line Items]
Revenues	221,048	251,759	610,794	786,111
Operating Segments \| Thermal \| Seaborne revenues
Disaggregation of Revenue [Line Items]
Revenues	34,935	60,007	141,108	164,957
Corporate, Other and Eliminations
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate, Other and Eliminations \| North America revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate, Other and Eliminations \| Seaborne revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings per Common Share

Schedule of Weighted Average Number of Shares



		Three Months Ended September 30,			Nine Months Ended September 30,
		2024		2023	2024		2023

(In Thousands)
Net income (loss) attributable to common shares	$	(6,221)	$	73,691	$	64,565	$	349,152
Adjustment of interest expense attributable to Convertible Notes		—		—		—		108
Diluted net income (loss) attributable to common stockholders		(6,221)		73,691		64,565		349,260

Basic weighted average shares outstanding		18,097		18,187		18,180		18,189
Effect of dilutive securities		—		653		270		969
Convertible Notes (a)		—		—		—		112
Diluted weighted average shares outstanding		18,097		18,840		18,450		19,270

(a)

Diluted weighted average common shares outstanding includes the dilutive effect had the Company's Convertible Notes been converted at the beginning of the year ended December 31, 2023. If converted by the holder, the Company may settle in cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Capped Call Transaction is anti-dilutive and was excluded from the calculation of diluted earnings per share.

Subsequent Event (Details)	Nov. 05, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend	$ 0.25

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities.
Payroll and employee benefits	$ 38,481	$ 37,259
Taxes other than income taxes	36,028	51,155
Interest	1,393	2,395
Workers' compensation	16,980	18,724
Asset retirement obligations	5,913	6,089
Other	13,972	11,995
Accrued expenses and other current liabilities	$ 112,767	$ 127,617

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-13105
Entity Registrant Name	Arch Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-0921172
Entity Address, Address Line One	One CityPlace Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63141
City Area Code	314
Local Phone Number	994-2700
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	ARCH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		18,108,609
Entity Central Index Key	0001037676
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Earnings per Common Share

9 Months Ended

Sep. 30, 2024

Earnings per Common Share

Earnings per Common Share

12. Earnings per Common Share

The Company computes basic net income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities may consist of warrants, restricted stock units, and convertible debt. The dilutive effect of outstanding warrants and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method whereas the Convertible Debt uses the if converted method. The weighted-average share impact of restricted stock units that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the three months ending September 30, 2024 was 197,677 shares.

The following table provides the basic and diluted earnings per share by reconciling the numerators and denominators of the computations:



		Three Months Ended September 30,			Nine Months Ended September 30,
		2024		2023	2024		2023

(In Thousands)
Net income (loss) attributable to common shares	$	(6,221)	$	73,691	$	64,565	$	349,152
Adjustment of interest expense attributable to Convertible Notes		—		—		—		108
Diluted net income (loss) attributable to common stockholders		(6,221)		73,691		64,565		349,260

Basic weighted average shares outstanding		18,097		18,187		18,180		18,189
Effect of dilutive securities		—		653		270		969
Convertible Notes (a)		—		—		—		112
Diluted weighted average shares outstanding		18,097		18,840		18,450		19,270

(a)

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities.

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30,		December 31,
	2024		2023

	(In thousands)
Payroll and employee benefits	$	38,481	$	37,259
Taxes other than income taxes		36,028		51,155
Interest		1,393		2,395
Workers’ compensation		16,980		18,724
Asset retirement obligations		5,913		6,089
Other		13,972		11,995
	$	112,767	$	127,617

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies

Commitments and Contingencies

15. Commitments and Contingencies

The Company accrues for costs related to contingencies when a loss is probable and the amount is reasonably determinable. Disclosure of contingencies is included in the financial statements when it is at least reasonably possible that a material loss or an additional material loss in excess of amounts already accrued may be incurred.

The Company is a party to numerous claims and lawsuits with respect to various matters. The ultimate resolution of any such legal matter could result in outcomes that may be materially different from amounts the Company has accrued for such matters. The Company believes it has recorded adequate reserves for these matters.

In the normal course of business, the Company is a party to certain financial instruments with off-balance sheet risk, such as bank letters of credit, performance or surety bonds, and other guarantees and indemnities related to the obligations of affiliated entities that are not reflected in the Company’s Condensed Consolidated Balance Sheets. However, the underlying liabilities that they secure, such as asset retirement obligations, workers’ compensation liabilities, and other obligations, are reflected in the Company’s Condensed Consolidated Balance Sheets.

As of September 30, 2024, the Company had outstanding surety bonds with a face amount of $488.5 million to secure various obligations and commitments and $76.7 million of letters of credit under its Securitization and Inventory

Facilities used to collateralize certain obligations. The Company posted $5.6 million in cash collateral related to various obligations; this amount is recorded within “Other noncurrent assets” on the Condensed Consolidated Balance Sheets.

As of September 30, 2024, the Company’s reclamation-related obligations of $273.4 million were supported by surety bonds of $402.2 million. The Company has posted $0.6 million in cash collateral related to reclamation surety bonds. Additionally, in the first nine months of 2024, the Company contributed an additional $5.6 million representing interest earned to a fund that will serve to defease the long-term asset retirement obligation for its thermal asset base bringing the total to $147.9 million as of September 30, 2024. This amount is recorded as “Fund for asset retirement obligations” on the Condensed Consolidated Balance Sheets.

Earnings per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to common shares	$ (6,221)	$ 73,691	$ 64,565	$ 349,152
Adjustment of interest expense attributable to Convertible Notes				108
Diluted net income (loss) attributable to common shareholders	$ (6,221)	$ 73,691	$ 64,565	$ 349,260
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	18,097,000	18,187,000	18,180,000	18,189,000
Effect of dilutive securities (in shares)		653,000	270,000	969,000
Convertible Notes (in shares)				112,000
Diluted weighted average shares outstanding (in shares)	18,097,000	18,840,000	18,450,000	19,270,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities excluded			197,677

Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating lease right-of-use assets	$ 7,644	$ 9,626
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Financing lease right-of-use assets	$ 648	$ 1,621
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total Lease Assets	$ 8,292	$ 11,247
Liabilities
Financing lease liabilities - current	$ 2,346	$ 1,041
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities - current	$ 2,888	$ 2,789
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Financing lease liabilities - long-term		$ 2,079
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating lease liabilities - long-term	$ 5,137	$ 7,351
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total Lease Liabilities	$ 10,371	$ 13,260

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Treasury Stock, at cost	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2022	$ 288	$ 724,660	$ (986,171)	$ 1,565,374	$ 61,429	$ 1,365,580
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(55,140)		(55,140)
Dividend Equivalents earned on RSU grants		120		(2,354)		(2,234)
Purchase of common stock under share repurchase program		(13)	(18,994)			(19,007)
Employee stock-based compensation		6,767				6,767
Cash paid for convertible debt repurchased		(44,486)				(44,486)
Issuance of shares of common stock under long-term incentive plan	3					3
Common stock withheld related to net share settlement of equity awards		(27,055)				(27,055)
Issuance of shares of common stock for warrants exercised	10	43,719				43,729
Total comprehensive income (loss)				198,108	(2,271)	195,837
Ending Balance at Mar. 31, 2023	301	703,712	(1,005,165)	1,705,988	59,158	1,463,994
Beginning Balance at Dec. 31, 2022	288	724,660	(986,171)	1,565,374	61,429	1,365,580
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)						337,022
Ending Balance at Sep. 30, 2023	305	716,956	(1,107,878)	1,737,468	49,299	1,396,150
Beginning Balance at Mar. 31, 2023	301	703,712	(1,005,165)	1,705,988	59,158	1,463,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(45,011)		(45,011)
Dividend Equivalents earned on RSU grants		98		(669)		(571)
Purchase of common stock under share repurchase program			(74,231)			(74,231)
Employee stock-based compensation		6,439				6,439
Common stock withheld related to net share settlement of equity awards		(162)				(162)
Issuance of shares of common stock for warrants exercised		31				31
Total comprehensive income (loss)				77,353	(2,278)	75,075
Ending Balance at Jun. 30, 2023	301	710,118	(1,079,396)	1,737,661	56,880	1,425,564
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(71,573)		(71,573)
Dividend Equivalents earned on RSU grants		159		(2,311)		(2,152)
Purchase of common stock under share repurchase program			(28,482)			(28,482)
Employee stock-based compensation		6,493				6,493
Common stock withheld related to net share settlement of equity awards		(13)				(13)
Issuance of shares of common stock for warrants exercised	4	199				203
Total comprehensive income (loss)				73,691	(7,581)	66,110
Ending Balance at Sep. 30, 2023	305	716,956	(1,107,878)	1,737,468	49,299	1,396,150
Beginning Balance at Dec. 31, 2023	306	720,029	(1,109,679)	1,830,018	38,782	1,479,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(30,671)		(30,671)
Dividend Equivalents earned on RSU grants		72		(679)		(607)
Purchase of common stock under share repurchase program			(16,432)			(16,432)
Employee stock-based compensation		5,588				5,588
Receipt of shares from exercise of capped call, value		52,624	(52,624)
Issuance of shares of common stock under long-term incentive plan	2					2
Common stock withheld related to net share settlement of equity awards		(24,259)				(24,259)
Total comprehensive income (loss)				55,953	(1,582)	54,371
Ending Balance at Mar. 31, 2024	308	754,054	(1,178,735)	1,854,621	37,200	1,467,448
Beginning Balance at Dec. 31, 2023	306	720,029	(1,109,679)	1,830,018	38,782	1,479,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)						59,986
Ending Balance at Sep. 30, 2024	308	764,202	(1,193,884)	1,839,125	34,203	1,443,954
Beginning Balance at Mar. 31, 2024	308	754,054	(1,178,735)	1,854,621	37,200	1,467,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(20,072)		(20,072)
Dividend Equivalents earned on RSU grants		49		240		289
Purchase of common stock under share repurchase program			(15,141)			(15,141)
Employee stock-based compensation		4,857				4,857
Common stock withheld related to net share settlement of equity awards		(80)				(80)
Total comprehensive income (loss)				14,833	(1,569)	13,264
Ending Balance at Jun. 30, 2024	308	758,880	(1,193,876)	1,849,622	35,631	1,450,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on common shares				(4,526)		(4,526)
Dividend Equivalents earned on RSU grants		11		250		261
Excise tax on share repurchases			(8)			(8)
Employee stock-based compensation		5,374				5,374
Other		(63)				(63)
Total comprehensive income (loss)				(6,221)	(1,428)	(7,649)
Ending Balance at Sep. 30, 2024	$ 308	$ 764,202	$ (1,193,884)	$ 1,839,125	$ 34,203	$ 1,443,954

Investments in Available-for-Sale securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments in Available-for-Sale Securities
Unrealized losses owned for less than 12 months	$ 0.0	$ 2.2
Unrealized losses owed for over a year	$ 1.2	$ 2.3

Workers Compensation Expense (Details) - USD ($) $ in Millions		1 Months Ended
	Jan. 18, 2023	Feb. 29, 2020
Workers Compensation Expense
Self-insured operators must post security percent	120.00%
Additional collateral amount		$ 71.1
Number of days required to submit additional collateral to retain self-insurance status		30 days

Accumulated Other Comprehensive Income (Loss) - Schedule of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Beginning Balance	$ 1,450,565	$ 1,425,564	$ 1,479,456	$ 1,365,580
Tax effect	(6,608)	16,781	(887)	66,839
Ending Balance	1,443,954	1,396,150	1,443,954	1,396,150
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Beginning Balance	35,631	56,880	38,782	61,429
Unrealized gains			210
Amounts reclassified from accumulated other comprehensive income (loss)			(6,027)
Tax effect			1,238
Ending Balance	34,203	$ 49,299	34,203	$ 49,299
Pension, Postretirement and Other Post-Employment Benefits
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			38,783
Amounts reclassified from accumulated other comprehensive income (loss)			(6,018)
Tax effect			1,281
Ending Balance	34,046		34,046
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning Balance			(1)
Unrealized gains			210
Amounts reclassified from accumulated other comprehensive income (loss)			(9)
Tax effect			(43)
Ending Balance	$ 157		$ 157

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (i)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-Publisher FASB
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Summary of Financial Assets and Liabilities Accounted for at Fair Value


	September 30, 2024
	Total		Level 1		Level 2		Level 3

	(In thousands)
Assets:
Investments in marketable securities	$	36,347	$	14,912	$	21,435	$	—
Fund for asset retirement obligations		147,932		147,932		—		—
Total assets	$	184,279	$	162,844	$	21,435	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3

	(In thousands)
Assets:
Investments in marketable securities	$	32,724	$	28,773	$	3,951	$	—
Fund for asset retirement obligations		142,266		142,266		—		—
Total assets	$	174,990	$	171,039	$	3,951	$	—

Investments in Available-for-Sale Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments in Available-for-Sale Securities

Available-for-sale Securities


	September 30, 2024

			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value

	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	14,834	$	78	$	—	$	—	$	14,912
Corporate notes and bonds		21,303		134		(2)		—		21,435
Total Investments	$	36,137	$	212	$	(2)	$	—	$	36,347


	December 31, 2023

			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value

	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	28,764	$	14	$	(5)	$	—	$	28,773
Corporate notes and bonds		3,951		1		(1)		—		3,951
Total Investments	$	32,715	$	15	$	(6)	$	—	$	32,724

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Paragraph 2
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Operations
Revenues	$ 617,899	$ 744,601	$ 1,906,840	$ 2,371,826
Costs, expenses and other operating
Cost of sales (exclusive of items shown separately below)	558,596	596,889	1,655,003	1,774,753
Depreciation, depletion and amortization	40,890	36,717	118,149	108,273
Accretion on asset retirement obligations	5,869	5,292	17,608	15,877
Selling, general and administrative expenses	20,603	24,279	68,708	73,092
Merger related costs	7,002		7,002
Severance costs related to voluntary separation plan	6,649		6,649
Other operating income, net	(5,461)	(2,858)	(23,854)	(10,037)
Costs, expenses and other operating	634,148	660,319	1,849,265	1,961,958
Income (loss) from operations	(16,249)	84,282	57,575	409,868
Interest expense, net
Interest expense	(3,912)	(3,120)	(12,161)	(10,783)
Interest and investment income	5,665	4,803	17,168	12,340
Interest expense, net	1,753	1,683	5,007	1,557
Income (loss) before nonoperating expenses	(14,496)	85,965	62,582	411,425
Nonoperating expense
Non-service related pension and postretirement benefit credits	1,667	4,507	1,096	5,692
Net loss resulting from early retirement of debt				(1,126)
Nonoperating expenses	1,667	4,507	1,096	4,566
Income (loss) before income taxes	(12,829)	90,472	63,678	415,991
(Benefit from) provision for income taxes	(6,608)	16,781	(887)	66,839
Net income (loss)	$ (6,221)	$ 73,691	$ 64,565	$ 349,152
Net income (loss) per common share
Basic earnings (loss) per share (in dollars per share)	$ (0.34)	$ 4.05	$ 3.55	$ 19.20
Diluted earnings (loss) per share (in dollars per share)	$ (0.34)	$ 3.91	$ 3.50	$ 18.12
Weighted average shares outstanding
Basic weighted average shares outstanding (in shares)	18,097	18,187	18,180	18,189
Diluted weighted average shares outstanding (in shares)	18,097	18,840	18,450	19,270
Dividends declared per common share (in dollars per share)	$ 0.25	$ 3.97	$ 3.01	$ 9.53

Entry into a Material Definitive Agreement with CONSOL (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Aug. 20, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares
Entry into a Material Definitive Agreement with CONSOL
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01	$ 0.01
Merger related costs \| $		$ 7,002	$ 7,002
Arch Resources Inc \| CONSOL Energy Inc
Entry into a Material Definitive Agreement with CONSOL
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Number of shares receivable per share share held in acquiree	1.326
Termination fee \| $	$ 82,000
Transaction expenses reimbursable \| $	$ 23,500
Merger related costs \| $		$ 7,000
Common Class A \| Arch Resources Inc \| CONSOL Energy Inc
Entry into a Material Definitive Agreement with CONSOL
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common Class B \| Arch Resources Inc \| CONSOL Energy Inc
Entry into a Material Definitive Agreement with CONSOL
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01

Workers Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2024

Workers Compensation Expense

Workers' compensation (Credit) expense

Workers’ compensation (credit) expense consists of the following components:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Self-insured occupational disease benefits:
Service cost	$	1,278	$	993	$	3,833	$	2,980
Interest cost⁽¹⁾		1,565		1,511		4,696		4,531
Net amortization⁽¹⁾		(3)		(241)		(8)		(723)
Total occupational disease	$	2,840	$	2,263	$	8,521	$	6,788
Traumatic injury claims and assessments		2,940		(6,834)		8,016		(2,403)
Total workers’ compensation (credit) expense	$	5,780	$	(4,571)	$	16,537	$	4,385

(1)

Leases - Weighted average lease term and discount rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases
Weighted average remaining lease term in years - Operating leases	2 years 7 months 28 days	3 years 3 months 25 days
Weighted average remaining lease term in years - Finance leases	6 months	1 year 3 months
Weighted average discount rate - Operating leases	5.50%	5.50%
Weighted average discount rate - Finance leases	6.40%	6.40%

Accumulated Other Comprehensive Income (Loss) - Schedule of reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss)
Interest expense	$ (3,912)	$ (3,120)	$ (12,161)	$ (10,783)
Net loss resulting from early retirement of debt				1,126
Interest and investment income	5,665	4,803	17,168	12,340
Total before tax	(12,829)	90,472	63,678	415,991
(Benefit from) provision for income taxes	(6,608)	16,781	(887)	66,839
Net Income (Loss)	(6,221)	73,691	64,565	349,152
Pension, postretirement and other post-employment benefits
Accumulated Other Comprehensive Income (Loss)
(Benefit from) provision for income taxes			1,281
Available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
(Benefit from) provision for income taxes			(43)
Reclassification out of Accumulated Other Comprehensive Income \| Pension, postretirement and other post-employment benefits
Accumulated Other Comprehensive Income (Loss)
Amortization of actuarial gains, net 1	2,006	2,792	6,018	8,509
Amortization of prior service credits		25		98
Pension Termination		6,953		6,953
Total before tax	2,006	9,770	6,018	15,560
(Benefit from) provision for income taxes	427	2,147	1,281	3,419
Net Income (Loss)	1,579	7,623	4,737	12,141
Reclassification out of Accumulated Other Comprehensive Income \| Available-for-sale securities
Accumulated Other Comprehensive Income (Loss)
Interest and investment income	1	(40)	9	(61)
(Benefit from) provision for income taxes	0	(12)	2	(4)
Net Income (Loss)	$ 1	$ (28)	$ 7	$ (57)

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

5. Accumulated Other Comprehensive Income (Loss)

The following items are included in accumulated other comprehensive income (loss) (“AOCI”), net of tax:


	Pension,
	Postretirement				Accumulated
	and Other Post-				Other
	Employment		Available-for-		Comprehensive
	Benefits		Sale Securities		Income (loss)

Balances at December 31, 2023	$	38,783	$	(1)	$	38,782
Unrealized gains		—		210		210
Amounts reclassified from accumulated other comprehensive income (loss)		(6,018)		(9)		(6,027)
Tax effect		1,281		(43)		1,238
Balances at September 30, 2024	$	34,046	$	157	$	34,203

The following amounts were reclassified out of AOCI:


	Three Months Ended September 30,				Nine Months Ended September 30,				Line Item in the Condensed Consolidated
Details About AOCI Components	2024		2023		2024		2023		Statements of Operations

	(In thousands)
Pension, postretirement and other post-employment benefits
Amortization of actuarial gains, net ¹	$	2,006	$	2,792	$	6,018	$	8,509	Non-service related pension and postretirement benefit credits
Amortization of prior service credits		—		25		—		98	Non-service related pension and postretirement benefit credits
Pension Termination		—		6,953		—		6,953	Non-service related pension and postretirement benefit credits
		2,006		9,770		6,018		15,560	Total before tax
		(427)		(2,147)		(1,281)		(3,419)	Provision for income taxes
	$	1,579	$	7,623	$	4,737	$	12,141	Net of tax

Available-for-sale securities ²	$	1	$	(40)	$	9	$	(61)	Interest and investment income
		—		12		(2)		4	(Benefit from) provision for income taxes
	$	1	$	(28)	$	7	$	(57)	Net of tax

¹ Production-related benefits and workers’ compensation costs are included in costs of sales.

² The gains and losses on sales of available-for-sale securities are determined on a specific identification basis.

Debt and Financing Arrangements (Details) $ in Thousands						3 Months Ended	9 Months Ended
Debt and Financing Arrangements (Details) $ in Thousands	Feb. 08, 2024 USD ($)	Aug. 03, 2022 USD ($)	Jul. 29, 2021 USD ($) M	Nov. 03, 2020 USD ($)	Jul. 02, 2020 USD ($)	Mar. 31, 2024 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 02, 2022 USD ($)	Mar. 04, 2021 USD ($)
Debt Instrument [Line Items]
Receipt of shares from the exercise of capped call \| shares						315,721	315,721
Restricted cash							$ 1,100	$ 1,100	$ 1,100
Debt financing costs	$ 1,500						1,516
Outstanding debt							126,897		$ 140,595
New Term Loan Debt Facility \| Secured Debt
Debt Instrument [Line Items]
Term loan, face value	20,000
Amortization payments	$ 3,300
Term loan due 2025
Debt Instrument [Line Items]
Term loan, face value							13,300
Total net leverage	2.00
Term of financial maintenance covenants, maximum total net leverage ratio	12 months
Maximum consolidated EBITDA to consolidated interest expense ratio	3.50
Term of financial maintenance covenants on consolidated EBITDA	12 months
Customary mandatory prepayment events	100.00%
Payments on term loan							6,666
Proceeds from issuance of debt							20,000
Term loan due 2025 \| Minimum
Debt Instrument [Line Items]
Financial maintenance covenant for liquidity	$ 100,000
Term loan due 2025 \| SOFR
Debt Instrument [Line Items]
Applicable margin on interest rate	3.00%
Adjustment to basis spread on variable rate	0.10%
Floor, basis spread on variable rate	0.00%
Term loan due 2025 \| Base Rate
Debt Instrument [Line Items]
Applicable margin on interest rate	2.00%
Term loan due 2024
Debt Instrument [Line Items]
Payments on term loan	$ 3,500						3,502	2,250
Accounts Receivable Securitization Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Current borrowing capacity							79,600
Letters of credit outstanding							50,500
Accounts Receivable Securitization Facility \| Regions Bank \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Current borrowing capacity		$ 150,000								$ 110,000
Inventory-Based Revolving Credit Facility
Debt Instrument [Line Items]
Covenant amount							23,800
Inventory-Based Revolving Credit Facility \| Regions Bank \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Term loan, face value		$ 50,000
Letters of credit outstanding							26,200
Borrowing base percentage, coal inventory		85
Borrowing base percentage, parts and supplies inventory		85
Borrowing base, percentage of clause		35
Percent of eligible cash		100.00%
Covenant amount		$ 100,000
Equipment financing arrangement \| Secured Debt
Debt Instrument [Line Items]
Term loan, face value			$ 23,500
Number of monthly payments \| M			42
Interest rate			7.35%
Tax Exempt Bonds
Debt Instrument [Line Items]
Term loan, face value							$ 98,100
Series 2020 Tax Exempt Bonds
Debt Instrument [Line Items]
Term loan, face value					$ 53,100
Interest rate					5.00%
Mandatory tender percentage					100.00%
Series 2021 Tax Exempt Bonds
Debt Instrument [Line Items]
Term loan, face value											$ 45,000
Interest rate											4.125%
Convertible Notes
Debt Instrument [Line Items]
Term loan, face value				$ 155,300
Interest rate				5.25%
Net proceeds of convertible debt				$ 132,700
Principal amount of convertible notes								13,200
Cash on convertible notes								58,400
Deferred Offering Costs				5,100
Loss on debt conversion								$ 1,100
Capped Call Transactions
Debt Instrument [Line Items]
Capped call, transaction cost				$ 17,500

Workers Compensation Expense - Worker's compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total workers' compensation (credit) expense
Accrued Workers' Compensation [Line Items]
Total workers' compensation (credit) expense	$ 5,780	$ (4,571)	$ 16,537	$ 4,385
Occupational disease
Accrued Workers' Compensation [Line Items]
Service cost	1,278	993	3,833	2,980
Interest cost	1,565	1,511	4,696	4,531
Amortization of other actuarial (gains)	(3)	(241)	(8)	(723)
Net benefit credit	2,840	2,263	8,521	6,788
Traumatic injury claims and assessments
Accrued Workers' Compensation [Line Items]
Traumatic injury claims and assessments	$ 2,940	$ (6,834)	$ 8,016	$ (2,403)

Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

18. Leases

The Company has operating and financing leases for mining equipment, office equipment, office space and transloading terminals with remaining lease terms ranging from less than one year to approximately three years. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, the Company calculated the “right-of-use” (“ROU”) assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date.

As of September 30, 2024 and December 31, 2023, the Company had the following ROU assets and lease liabilities within its Condensed Consolidated Balance Sheets:


		September 30,		December 31,
		2024		2023
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	7,644	$	9,626
Financing lease right-of-use assets	Other noncurrent assets		648		1,621
Total Lease Assets		$	8,292	$	11,247

Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	2,346	$	1,041
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,888		2,789
Financing lease liabilities - long-term	Other noncurrent liabilities		-		2,079
Operating lease liabilities - long-term	Other noncurrent liabilities		5,137		7,351
		$	10,371	$	13,260

Weighted average remaining lease term in years
Operating leases			2.66		3.32
Finance leases			0.50		1.25

Weighted average discount rate
Operating leases			5.5%		5.5%
Finance leases			6.4%		6.4%

Information related to leases was as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023

	(In thousands)				(In thousands)
Operating lease information:
Operating lease cost	$	777	$	801		$	2,366	$	2,462
Operating cash flows from operating leases		845		851			2,499		2,555

Financing lease information:
Financing lease cost	$	393	$	393		$	1,179	$	1,179
Operating cash flows from financing leases		303		303			908		908

Future minimum lease payments under non-cancellable leases as of September 30, 2024 were as follows:


	Operating		Finance
Year	Leases		Leases
	(In thousands)
2024	$	782	$	303
2025		3,266		2,111
2026		3,080		—
2027		1,533		—
2028		—		—
Thereafter		—		—
Total minimum lease payments	$	8,661	$	2,414
Less imputed interest		(636)		(68)

Total lease liabilities	$	8,025	$	2,346

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Employee Benefit Plans

Schedule of Pension Benefit Costs (Credits)

The following table details the components of pension benefit credit:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Interest cost⁽¹⁾	$	11	$	1,023	$	34	$	4,090
Expected return on plan assets⁽¹⁾		—		(1,012)		—		(4,048)
Pension settlement⁽¹⁾		(2,000)		(3,986)		(2,000)		(3,986)
Amortization of prior service credits ⁽¹⁾		—		(25)		—		(98)
Amortization of other actuarial (gains) ⁽¹⁾		(22)		(129)		(67)		(519)
Net benefit credit	$	(2,011)	$	(4,129)	$	(2,033)	$	(4,561)

The following table details the components of other postretirement benefit credit:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(In thousands)
Service cost	$	49	$	58	$	148	$	173
Interest cost⁽¹⁾		605		674		1,815		2,021
Amortization of other actuarial gains ⁽¹⁾		(1,981)		(2,422)		(5,943)		(7,267)
Net benefit credit	$	(1,327)	$	(1,690)	$	(3,980)	$	(5,073)

(1)

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Information

Schedule of Operating Segment Results


					Corporate,
					Other and
(In thousands)	MET		Thermal		Eliminations		Consolidated
Three Months Ended September 30, 2024
Revenues	$	361,916	$	255,983	$	—	$	617,899
Adjusted EBITDA		54,167		12,847		(22,853)		44,161
Depreciation, depletion and amortization		32,702		7,864		324		40,890
Accretion on asset retirement obligation		647		4,810		412		5,869
Capital expenditures		23,438		10,818		266		34,522

Three Months Ended September 30, 2023
Revenues	$	432,835	$	311,766	$	—	$	744,601
Adjusted EBITDA		128,322		23,373		(25,404)		126,291
Depreciation, depletion and amortization		29,494		7,001		222		36,717
Accretion on asset retirement obligation		651		4,314		327		5,292
Capital expenditures		33,806		10,369		249		44,424

Nine Months Ended September 30, 2024
Revenues	$	1,154,938	$	751,902	$	—	$	1,906,840
Adjusted EBITDA		270,978		14,846		(78,841)		206,983
Depreciation, depletion and amortization		95,181		22,130		838		118,149
Accretion on asset retirement obligation		1,942		14,430		1,236		17,608
Capital expenditures		94,603		29,315		2,970		126,888

Nine Months Ended September 30, 2023
Revenues	$	1,420,758	$	951,068	$	—	$	2,371,826
Adjusted EBITDA		524,218		98,807		(89,007)		534,018
Depreciation, depletion and amortization		85,575		22,057		641		108,273
Accretion on asset retirement obligation		1,880		12,941		1,056		15,877
Capital expenditures		94,205		25,904		921		121,030

Schedule of Reconciliation of Net Income (Loss) to Adjusted EBITDA



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net income (loss)	$	(6,221)	$	73,691	$	64,565	$	349,152
(Benefit from) provision for income taxes		(6,608)		16,781		(887)		66,839
Interest expense, net		(1,753)		(1,683)		(5,007)		(1,557)
Depreciation, depletion and amortization		40,890		36,717		118,149		108,273
Accretion on asset retirement obligations		5,869		5,292		17,608		15,877
Merger related costs		7,002		—		7,002		—
Severance costs related to voluntary separation plan		6,649		—		6,649		—
Non-service related pension and postretirement benefit credits		(1,667)		(4,507)		(1,096)		(5,692)
Net loss resulting from early retirement of debt		—		—		—		1,126
Adjusted EBITDA	$	44,161	$	126,291	$	206,983	$	534,018
EBITDA from idled or otherwise disposed operations		4,101		30		11,493		8,726
Selling, general and administrative expenses		20,603		24,279		68,708		73,092
Other		(1,851)		1,095		(1,360)		7,189
Segment Adjusted EBITDA from coal operations	$	67,014	$	151,695	$	285,824	$	623,025

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Condensed Consolidated Statements of Stockholders' Equity
Purchase of shares of common stock under share repurchase program	94,367	94,701	215,551	623,304	131,156
Issuance of shares of common stock under long-term incentive plan					275,053
Issuance of shares of common stock for warrants exercised		227,981	386,782	29,487	1,037,679
Receipt of shares from the exercise of capped call		315,721

Segment Information - Reconciliation segment income to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Information
Net income (loss)	$ (6,221)	$ 73,691	$ 64,565	$ 349,152
(Benefit from) provision for income taxes	(6,608)	16,781	(887)	66,839
Interest expense, net	(1,753)	(1,683)	(5,007)	(1,557)
Depreciation, depletion and amortization	40,890	36,717	118,149	108,273
Accretion on asset retirement obligation	5,869	5,292	17,608	15,877
Merger related costs	7,002		7,002
Severance costs related to voluntary separation plan	6,649		6,649
Non-service related pension and postretirement benefit credits	(1,667)	(4,507)	(1,096)	(5,692)
Net loss resulting from early retirement of debt				1,126
Adjusted EBITDA	44,161	126,291	206,983	534,018
EBITDA from idled or otherwise disposed operations	4,101	30	11,493	8,726
Selling, general and administrative expenses	20,603	24,279	68,708	73,092
Other	(1,851)	1,095	(1,360)	7,189
Segment Adjusted EBITDA from coal operations	$ 67,014	$ 151,695	$ 285,824	$ 623,025

Leases - Future minimum lease payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024	$ 782
2025	3,266
2026	3,080
2027	1,533
Total minimum lease payments	8,661
Less imputed interest	(636)
Total operating lease liabilities	8,025
Finance Leases
2024	303
2025	2,111
Total minimum lease payments	2,414
Less imputed interest	(68)
Total finance lease liabilities	$ 2,346

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue Recognition

Revenue Recognition

17. Revenue Recognition

ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of goods or services, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entity’s revenue is disaggregated depends on the facts and circumstances that pertain to the entity’s contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue.

In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its coal and customer relationships and provides meaningful disaggregation of each segment’s results. The Company has further disaggregated revenue between North America and Seaborne revenues which depicts the pricing and contract differences between the two. North America revenue is characterized by contracts with a term of one year or longer and typically the pricing is fixed; whereas Seaborne revenue generally is derived from spot or short-term contracts with an index-based pricing mechanism.


					Corporate,
					Other and
	MET		Thermal		Eliminations		Consolidated

	(in thousands)
Three Months Ended September 30, 2024
North America revenues	$	76,254	$	221,048	$	—	$	297,302
Seaborne revenues		285,662		34,935		—		320,597

Total revenues	$	361,916	$	255,983	$	—	$	617,899

Three Months Ended September 30, 2023
North America revenues	$	108,895	$	251,759	$	—	$	360,654
Seaborne revenues		323,940		60,007		—		383,947

Total revenues	$	432,835	$	311,766	$	—	$	744,601

Nine Months Ended September 30, 2024
North America revenues	$	179,051	$	610,794	$	—	$	789,845
Seaborne revenues		975,887		141,108		—		1,116,995

Total revenues	$	1,154,938	$	751,902	$	—	$	1,906,840

Nine Months Ended September 30, 2023
North America revenues	$	274,017	$	786,111	$	—	$	1,060,128
Seaborne revenues		1,146,741		164,957		—		1,311,698

Total revenues	$	1,420,758	$	951,068	$	—	$	2,371,826

As of September 30, 2024, the Company has outstanding performance obligations for the remainder of 2024 of 13.4 million tons of fixed price contracts and 1.8 million tons of variable price contracts. Additionally, the Company has outstanding performance obligations beyond 2024 of approximately 97.2 million tons of fixed price contracts and 2.2 million tons of variable price contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value Measurements

11. Fair Value Measurements

The hierarchy of fair value measurements assigns a level to fair value measurements based on the inputs used in the respective valuation techniques. The levels of the hierarchy, as defined below, give the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

●

Level 1 is defined as observable inputs, such as quoted prices in active markets for identical assets. Level 1 assets include U.S. Treasury securities.

●

Level 2 is defined as observable inputs other than Level 1 prices. These include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include U.S. government agency securities, with fair values derived from quoted prices in over-the-counter markets or from prices received from direct broker quotes.

●

Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The table below sets forth, by level, the Company’s financial assets and liabilities that are recorded at fair value in the accompanying Condensed Consolidated Balance Sheet:


	September 30, 2024
	Total		Level 1		Level 2		Level 3

	(In thousands)
Assets:
Investments in marketable securities	$	36,347	$	14,912	$	21,435	$	—
Fund for asset retirement obligations		147,932		147,932		—		—
Total assets	$	184,279	$	162,844	$	21,435	$	—


	December 31, 2023
	Total		Level 1		Level 2		Level 3

	(In thousands)
Assets:
Investments in marketable securities	$	32,724	$	28,773	$	3,951	$	—
Fund for asset retirement obligations		142,266		142,266		—		—
Total assets	$	174,990	$	171,039	$	3,951	$	—

Fair Value of Long-Term Debt

At September 30, 2024 and December 31, 2023, the fair value of the Company’s debt, including amounts classified as current, was $128.2 million and $142.1 million, respectively. Fair values are based upon observed prices in an active market, when available, or from valuation models using market information, which fall into Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Trade accounts receivable, allowance	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	30,805	30,557
Treasury stock, shares (in shares)	12,701	12,197

Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies

Accounting Policies

2. Accounting Policies

Recently Adopted Accounting Guidance

There is no recently issued accounting guidance effective that is expected to have a material impact on the Company’s financial position, results of operations, or liquidity.

Recent Accounting Guidance Issued Not Yet Effective

In November 2023, the FASB issued ASU 2023-07 Segment Reporting – Improving Reportable Segment Disclosures (Topic 280). The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosure to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.

Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2024

Debt and Financing Arrangements

Debt and Financing Arrangements

9. Debt and Financing Arrangements


	September 30,		December 31,
	2024		2023

	(In thousands)
Term loan due 2025 ($13.3 million face value)	$	13,333	$	—
Term loan due 2024		—		3,502
Tax Exempt Bonds ($98.1 million face value)		98,075		98,075
Other		16,812		40,529
Debt issuance costs		(1,323)		(1,511)
		126,897		140,595
Less: current maturities of debt		126,897		35,343
Long-term debt	$	—	$	105,252

Term Loan Facility

On February 8, 2024, the Company entered into a new senior secured term loan credit agreement in the principal amount of $20.0 million (the “Term Loan”) with PNC Bank, National Association, as administrative and collateral agent. The Term Loan requires quarterly principal amortization payments of $3.3 million and matures on June 30, 2025. The interest rate on the facility is, at the option of Arch Resources, either (i) Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% plus an applicable margin of 3.00%, subject to a SOFR floor of 0.00%, or (ii) a base rate plus an applicable margin of 2.00%.

The Term Loan is guaranteed by substantially all of the domestic subsidiaries of the Company. Additionally, the Term Loan is secured by substantially all the assets of the Company and the guarantors, subject to customary exceptions (including an exclusion for owned and leased real property).

The Term Loan contains the following financial maintenance covenants: (i) total net leverage not to exceed 2.00 to 1.00 for the trailing four fiscal quarters; (ii) the ratio of Consolidated EBITDA to Consolidated Interest Expense to be less than 3.50 to 1.00 for the trailing four fiscal quarters; and (iii) liquidity of not less than $100 million at any time.

The Term Loan is subject to certain usual and customary mandatory prepayment events, including 100% of net cash proceeds of debt issuances (other than debt permitted to be incurred under the terms of the Term Loan).

The Term Loan contains customary affirmative and negative covenants and representations; and customary events of default, subject to customary thresholds and exceptions. As of September 30, 2024, the Company was in compliance with the Term Loan debt covenants.

The proceeds from the Term Loan were used to pay off the $3.5 million balance of the term loan debt facility due 2024. Additionally, the Company incurred approximately $1.5 million in debt issuance costs related to the Term Loan.

Accounts Receivable Securitization Facility

On August 3, 2022, the Company amended and extended its existing trade accounts receivable securitization facility provided to Arch Receivable Company, LLC, a special-purpose entity that is a wholly owned subsidiary of Arch Resources (“Arch Receivable”) (the “Securitization Facility”), which supports the issuance of letters of credit and requests for cash advances. The amendment to the Securitization Facility increased the size of the facility from $110 million to $150 million of borrowing capacity and extended the maturity date to August 1, 2025.

Under the Securitization Facility, Arch Receivable, Arch Resources and certain of Arch Resources’ subsidiaries party to the Securitization Facility have granted to the administrator of the Securitization Facility a first priority security interest in eligible trade accounts receivable generated by such parties from the sale of coal and all proceeds thereof. As of September 30, 2024, letters of credit totaling $50.5 million were outstanding under the facility with $79.6 million available for borrowings.

Inventory-Based Revolving Credit Facility

On August 3, 2022, Arch Resources amended the senior secured inventory-based revolving credit facility in an aggregate principal amount of $50 million (the “Inventory Facility”). Availability under the Inventory Facility is subject to a borrowing base consisting of (i) 85% of the net orderly liquidation value of eligible coal inventory, plus (ii) the lesser of (x) 85% of the net orderly liquidation value of eligible parts and supplies inventory and (y) 35% of the amount determined pursuant to clause (i), plus (iii) 100% of Arch Resources’ Eligible Cash (defined in the Inventory Facility), subject to reduction for reserves imposed by Regions.

The amendment of the Inventory Facility extended the maturity of the facility to August 3, 2025; maintained the minimum liquidity requirement of $100 million and included provisions that reduce the advance rates for coal inventory and parts and supplies, depending on liquidity, as defined in the agreement.

The Inventory Facility contains certain customary affirmative and negative covenants; events of default, subject to customary thresholds and exceptions; and representations, including certain cash management and reporting requirements that are customary for asset-based credit facilities. The Inventory Facility also includes a requirement to maintain liquidity equal to or exceeding $100 million at all times. As of September 30, 2024, letters of credit totaling $26.2 million were outstanding under the facility with $23.8 million available for borrowings.

Equipment Financing

On July 29, 2021, the Company entered into an equipment financing arrangement accounted for as debt. The Company received $23.5 million in exchange for conveying an interest in certain equipment in operation at its Powder River Basin operations and entered into a master lease arrangement for that equipment. The financing arrangement contains customary terms and events of default and provides for 42 monthly payments with an average implied interest rate of 7.35% maturing on February 1, 2025. Upon maturity, the Company will have the option to purchase the equipment.

Tax Exempt Bonds

On July 2, 2020, the West Virginia Economic Development Authority (the “Issuer”) issued $53.1 million aggregate principal amount of Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2020 (the “Tax Exempt Bonds”) pursuant to an Indenture of Trust dated as of June 1, 2020 between the Issuer and Citibank, N.A., as trustee (the “Trustee”). On March 4, 2021, the Issuer issued an additional $45.0 million of Series 2021 Tax Exempt Bonds. The proceeds of the Tax Exempt Bonds were loaned to the Company pursuant to a Loan Agreement dated as of June 1, as supplemented by a First Amendment to Loan Agreement dated as of March 1, 2021 (collectively, the “Loan Agreement”), each between the Issuer and the Company. The Tax Exempt Bonds are payable solely from payments to be made by the Company under the Loan Agreement as evidenced by a Note from the Company to the Trustee. The

proceeds of the Tax Exempt Bonds have been used to finance certain costs of the acquisition, construction, reconstruction, and equipping of solid waste disposal facilities at the Company’s Leer South development, and for capitalized interest and certain costs related to issuance of the Tax Exempt Bonds.

The Tax Exempt Bonds bear interest payable each January 1 and July 1, commencing January 1, 2021 for the Series 2020 and July 1, 2021 for the Series 2021, and have a final maturity of July 1, 2045; however, the Tax Exempt Bonds are subject to mandatory tender on July 1, 2025 at a purchase price equal to 100% of the principal amount of the Tax Exempt Bonds, plus accrued interest to July 1, 2025. The Series 2020 and Series 2021 Tax Exempt Bonds bear interest of 5% and 4.125%, respectively.

Convertible Debt

On November 3, 2020, the Company issued $155.3 million in aggregate principal amount of 5.25% convertible senior notes due 2025 (“Convertible Notes ” or “Convertible Debt”). The net proceeds from the issuance of the Convertible Notes, after deducting offering related costs of $5.1 million and cost of a “Capped Call Transaction” as defined below of $17.5 million, were approximately $132.7 million.

During the nine months ended September 30, 2023, the Company repurchased the remaining Convertible Notes with a principal amount of $13.2 million for aggregate consideration consisting of $58.4 million in cash. In connection with the repurchase, the Company recognized a loss of $1.1 million. This amount is included as “Net loss resulting from early retirement of debt” in the accompanying Condensed Consolidated Statements of Operations.

Capped Call Transactions

On February 16, 2024, the Company agreed with each of Bank of Montreal, Goldman Sachs & Co. LLC and Jefferies International Limited (each a “Counterparty” and collectively, the “Counterparties”) to terminate and unwind certain capped call transactions by and between the Company and each Counterparty (such transactions, the “Capped Calls”). The Company entered into the Capped Calls in connection with the offering of its now-retired Convertible Notes, in order to reduce the potential dilution upon conversion of the notes. During the nine months ended September 30, 2024, the Company retired 315,721 of its outstanding shares via the termination and unwinding of the capped calls.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Entry into a Material Definitive Agreement with CONSOL

9 Months Ended

Sep. 30, 2024

Entry into a Material Definitive Agreement with CONSOL

Entry into a Material Definitive Agreement with CONSOL

3. Entry into a Material Definitive Agreement with CONSOL

On August 20, 2024, the Company, CONSOL Energy Inc. (“CONSOL”), and Mountain Range Merger Sub Inc., a wholly owned subsidiary of CONSOL (“Merger Sub”), entered into an agreement and plan of merger (the “Merger Agreement”). Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Arch (the “Merger”), with Arch thereafter being a wholly-owned subsidiary of CONSOL.

Under the terms of the Merger Agreement, each share of Class A common stock, par value $0.01 per share, of Arch (the “Arch Class A common stock”) and Class B common stock, par value $0.01 per share, of Arch (the “Arch Class B common stock” and together with the Arch Class A common stock, the “Arch common stock”), that is issued and outstanding immediately prior to the effective time of the Merger (other than shares of Arch common stock held by Arch as treasury shares or shares of Arch common stock held by CONSOL or Merger Sub immediately prior to the effective time of the Merger and in each case, not held on behalf of third parties and shares of Arch common stock that are owned by any subsidiary of Arch or CONSOL other than Merger Sub) will be converted automatically into the right to receive, without interest, 1.326 fully paid and nonassessable shares of common stock, par value $0.01 per share, of CONSOL (“CONSOL common stock”) (with cash in lieu of fractional shares).

The Merger Agreement imposes certain restrictions on the conduct of the business of the Company until the closing, such as a requirement to operate in the ordinary course of business and limitations on, among other things, dividends, stock repurchases and debt repurchases, subject, in each case, to certain exceptions.

The Merger is expected to close by the end of the first quarter of 2025, subject to the satisfaction or waiver of certain customary closing conditions, including approval by the Company’s and CONSOL’s stockholders.

The Merger Agreement contains certain termination rights for both the Company and CONSOL. In the event of a termination of the Merger Agreement under certain specified circumstances, the Company or CONSOL may be required to pay the other party a termination fee of $82 million or an expense reimbursement of up to $23.5 million.

During the three months ended September 30, 2024, the Company incurred approximately $7.0 million in transaction costs related to the Merger agreement, all of which were expensed, and are included in the line item “Merger related costs” in the accompanying Condensed Consolidated Statements of Operations.