Alpha Metallurgical Resources, Inc.AMR

Alpha Metallurgical Resources, Inc. Segments Disclosure

10-KFiled Feb 27, 20262 min read
Segment Information
The Company currently conducts its mining operations within the Central Appalachia (“CAPP”) coal basin located in the United States. The Company has one reportable operating segment: Met, which consists of six active mining complexes whose primary product is metallurgical quality coal that is extracted, processed, and marketed to domestic and international steel and coke producers. In addition to its primary product, thermal quality coal may also be produced as a by-product and marketed to domestic and international utilities and industrial customers. The segment’s equity method investment in DTA facilitates the export of coal to international customers. For 2023, the Company’s All Other category includes its former CAPP – Thermal operations, which consisted of mining complexes whose primary product was thermal coal. Segment operating results are regularly reviewed by the Company’s Chief Executive Officer, who is considered its Chief Operating Decision Maker (“CODM”). Beginning in 2024, following the cessation of mining within the Company’s former CAPP-Thermal operations, the Company’s CODM began to manage the Company on a consolidated basis. For 2023, income tax expense was allocated among segments by applying the Company’s consolidated annual effective income tax rate to segment earnings.
Met reportable segment results for the years ended December 31, 2025, 2024, and 2023 are as follows:

Year Ended December 31,
202520242023
Coal revenues$2,122,605 $2,946,579 $3,406,643 
Other revenues6,876 10,706 14,787 
Total revenues$2,129,481 $2,957,285 $3,421,430 
Non-GAAP Cost of coal sales$1,562,012 $1,918,427 $1,847,363 
Freight and handling costs333,691 503,306 438,783 
Idled and closed mine costs28,988 29,868 18,579 
Cost of coal sales (exclusive of items shown separately below)$1,924,691 $2,451,601 $2,304,725 
Depreciation, depletion and amortization$174,524 $167,331 $127,721 
Accretion on asset retirement obligations22,126 25,050 15,471 
Amortization of acquired intangibles5,427 6,700 8,523 
Selling, general and administrative expenses60,158 74,000 81,321 
Interest expense3,019 3,811 6,923 
Interest income(15,466)(18,208)(11,933)
Equity loss in affiliates24,867 20,302 18,263 
Other segment items (1)
17,594 15,948 3,284 
Income tax (benefit) expense(25,772)23,171 126,669 
Total other expenses$266,477 $318,105 $376,242 
Net (loss) income$(61,687)$187,579 $740,463 
(1)     Other segments items include Other operating loss (income), Loss on extinguishment of debt, and Miscellaneous expense, net.
No segment level asset information has been disclosed as the CODM does not review asset information by segment. Refer to the Company’s Consolidated Balance Sheets, Statements of Cash Flows, and Note 10 for information on its consolidated assets, capital expenditures, and equity method investments, respectively.

Reconciliations of reportable segment items to consolidated amounts for the year ended December 31, 2023 are as follows:

Year Ended December 31, 2023
MetAll OtherConsolidated
Total revenues$3,421,430 $49,987 $3,471,417 
Depreciation, depletion and amortization$127,721 $9,148 $136,869 
Accretion on asset retirement obligations$15,471 $10,029 $25,500 
Income tax expense (benefit)$126,669 $(3,166)$123,503 
Net income (loss)$740,463 $(18,507)$721,956 

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 26, 2024
2022Feb 23, 2023
2021Mar 7, 2022
2020Mar 15, 2021
2019Mar 18, 2020
2018Apr 1, 2019

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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