What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-20 compared with 2025-02-21 · 421 added, 193 removed, 897 unchanged (41% of the section changed)

2 unchanged sentences

Report of Independent Registered Public Accounting Firm

Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 2022

Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022

Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2025, 2024 and 2023

Consolidated Balance Sheets at December 31, 2025 and 2024

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We have audited the accompanying consolidated balance sheets of SunCoke Energy, Inc.

and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements).

and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive (loss) income, equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

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Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The Company acquired Flame Aggregator, LLC during 2025, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, Flame Aggregator, LLC’s internal control over financial reporting associated with approximately 21 percent (of which 4 percent represented intangible assets and goodwill included within the scope of the Company’s assessment) of the Company’s consolidated total assets and approximately 7 percent of consolidated revenues as of and for the year ended December 31, 2025 included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Flame Aggregator, LLC.

Basis for Opinions

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A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

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SunCoke Energy, Inc.

Consolidated Statements of Income

Consolidated Statements of Operations

Years Ended December 31,

6 unchanged sentences

Depreciation and amortization expense 153.6 118.9 142.8

Long-lived asset impairment 90.3 — —

Total costs and operating expenses 1,881.7 1,783.5 1,938.1

Operating income 151.9 125.1 153.7

Operating (loss) income ( 44.4 ) 151.9 125.1

Interest expense, net 28.4 23.4 27.3

Income before income tax expense 128.5 97.8 121.7

Income tax expense 25.0 34.3 16.8

Net income 103.5 63.5 104.9

(Loss) income before income tax (benefit) expense ( 72.8 ) 128.5 97.8

Income tax (benefit) expense ( 34.0 ) 25.0 34.3

Net (loss) income ( 38.8 ) 103.5 63.5

Net income attributable to noncontrolling interests 5.4 7.6 6.0

Net income attributable to SunCoke Energy, Inc.

Net (loss) income attributable to SunCoke Energy, Inc.

$ ( 44.2 ) $ 95.9 $ 57.5

Earnings attributable to SunCoke Energy, Inc.

(Loss) earnings attributable to SunCoke Energy, Inc.

per common share:

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SunCoke Energy, Inc.

Consolidated Statements of Comprehensive Income

Consolidated Statements of Comprehensive (Loss) Income

Years Ended December 31,

1 unchanged sentence

(Dollars in millions)

Net income $ 103.5 $ 63.5 $ 104.9

Other comprehensive income (loss):

Reclassifications of actuarial loss amortization and prior service benefit to earnings (net of related tax benefit of $ 0.1 million for all years)

Retirement benefit plans funded status adjustment (net of related tax (expense) benefit of $( 1.9 ) million, $ 0.2 million and $( 0.9 ) million, respectively)

Net (loss) income $ ( 38.8 ) $ 103.5 $ 63.5

Other comprehensive (loss) income:

Reclassifications of actuarial loss amortization and prior service benefit to earnings (net of related tax (expense) benefit of $( 0.1 ) million, $ 0.1 million and $ 0.1 million, respectively)

( 0.3 ) 0.2 0.1

Retirement benefit plans funded status adjustment (net of related tax (expense) benefit of zero , $( 1.9 ) million and $ 0.2 million, respectively)

( 0.1 ) 6.4 ( 0.4 )

Currency translation adjustment 3.9 ( 1.5 ) 0.5

Comprehensive income 108.6 63.7 108.6

Comprehensive (loss) income ( 35.3 ) 108.6 63.7

Comprehensive income attributable to noncontrolling interests 5.4 7.6 6.0

Comprehensive income attributable to SunCoke Energy, Inc.

Comprehensive (loss) income attributable to SunCoke Energy, Inc.

$ ( 40.7 ) $ 101.0 $ 57.7

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$ 88.7 $ 189.6

Receivables, net

Receivables (net of allowances of $ 11.1 million and $ 0.6 million at December 31, 2025, and December 31, 2024, respectively)

Income tax receivable

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Total current assets

Properties, plants and equipment (net of accumulated depreciation of $ 1,497.6 and $ 1,383.6 at December 31, 2024 and 2023, respectively)

Properties, plants and equipment (net of accumulated depreciation of $ 1,497.4 million and $ 1,497.6 million at December 31, 2025 and 2024, respectively)

1,202.7 1,143.6

Goodwill 55.6 3.4

Intangible assets, net 44.0 25.8

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Accrued liabilities

Interest payable

Total current liabilities

4 unchanged sentences

Asset retirement obligations

Long-term finance lease liability 2.6 0.2

Other deferred credits and liabilities

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Cash Flows from Operating Activities:

Net income $ 103.5 $ 63.5 $ 104.9

Adjustments to reconcile net income to net cash provided by operating activities:

Net (loss) income $ ( 38.8 ) $ 103.5 $ 63.5

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization expense 153.6 118.9 142.8

Deferred income tax expense 4.5 18.6 2.3

Long-lived asset impairment 90.3 — —

Deferred income tax (benefit) expense ( 23.1 ) 4.5 18.6

Share-based compensation expense 2.4 4.0 5.1

5 unchanged sentences

Accrued liabilities ( 21.2 ) ( 31.9 ) ( 10.2 )

Interest payable 1.4 — —

Income taxes ( 25.2 ) 1.4 ( 1.4 )

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Capital expenditures ( 66.8 ) ( 72.9 ) ( 109.2 )

Acquisition of Phoenix Global, net of cash acquired ( 271.5 ) — —

Other investing activities ( 0.9 ) 0.6 —

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Repayment of financing obligation — — ( 8.8 )

Debt issuance costs ( 2.1 ) — —

Dividends paid ( 41.4 ) ( 37.6 ) ( 30.7 )

Cash distributions to noncontrolling interests ( 7.4 ) ( 8.1 ) ( 11.8 )

Repayment of finance lease liabilities ( 10.3 ) ( 0.2 ) —

Other financing activities ( 3.0 ) ( 1.1 ) ( 3.4 )

Net cash used in financing activities ( 47.0 ) ( 89.7 ) ( 112.5 )

Net increase in cash and cash equivalents 49.5 50.1 26.2

Net cash provided by (used in) financing activities 128.8 ( 47.0 ) ( 89.7 )

Effect of translation changes on cash 0.4 — —

Net (decrease) increase in cash and cash equivalents ( 100.9 ) 49.5 50.1

Cash and cash equivalents at beginning of year 189.6 140.1 90.0

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Interest paid $ 28.5 $ 24.4 $ 25.7

Income taxes paid, net of refunds of $ 0.3 million , zero and $ 0.5 million, respectively

Income taxes paid, net of refunds of $ 5.2 million, $ 0.3 million and zero , respectively

$ 12.8 $ 18.0 $ 17.7

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— — — — — 0.1 — 0.1 — 0.1

Retirement benefit plans funded status adjustment (net of related tax expense of $ 0.9 million)

Retirement benefit plans funded status adjustment (net of related tax benefit of $ 0.2 million)

— — — — — ( 0.4 ) — ( 0.4 ) — ( 0.4 )

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— — — — — 0.2 — 0.2 — 0.2

Retirement benefit plans funded status adjustment (net of related tax benefit of $ 0.2 million)

Retirement benefit plans funded status adjustment (net of related tax expense of $ 1.9 million)

— — — — — 6.4 — 6.4 — 6.4

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At December 31, 2024 99,756,420 $ 1.0 15,404,482 $ ( 184.0 ) $ 732.8 $ ( 7.7 ) $ 138.1 $ 680.2 $ 30.8 $ 711.0

Net income — — — — — — 95.9 95.9 7.6 103.5

Reclassification of prior service benefit and actuarial loss amortization to earnings (net of related tax benefit of $ 0.1 million)

Net (loss) income — — — — — — ( 44.2 ) ( 44.2 ) 5.4 ( 38.8 )

Reclassification of prior service benefit and actuarial loss amortization to earnings (net of related tax expense of $ 0.1 million)

— — — — — ( 0.3 ) — ( 0.3 ) — ( 0.3 )

Retirement benefit plans funded status adjustment (net of related tax expense of $ 1.9 million)

Retirement benefit plans funded status adjustment (net of related tax benefit of zero )

— — — — — ( 0.1 ) — ( 0.1 ) — ( 0.1 )

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(“ArcelorMittal Brazil”), which has approximately 1.7 million tons of annual cokemaking capacity.

We also own and operate a logistics business that provides export and domestic material handling and/or mixing services to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers.

Our logistics terminals, which are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports, have the collective capacity to mix and/or transload more than 40 million tons of coal and other aggregates annually and have storage capacity of approximately 3 million tons.

We also own and operate an industrial services business that provides export and domestic material handling and/or mixing services to coke, coal, steel, power and other bulk customers, as well as mission-critical mill services to leading steel producers globally.

Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of coal and other products annually and have storage capacity of approximately 3 million tons.

These terminals are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports.

Industrial services also include the removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products.

Acquisition of Flame Aggregator, LLC

On August 1, 2025, pursuant to the terms of the Agreement and Plan of Merger (the “Merger Agreement”) entered into on May 27, 2025, we completed the acquisition of Flame Aggregator, LLC (“Phoenix Global”), a privately held provider of mission-critical mill services to major steel producing companies, for purchase consideration of $ 295.8 million.

The Company funded the transaction with cash on-hand and borrowings on our revolving credit facility, due 2030 (“Revolving Facility”).

See Note 3 – Acquisitions for further detail.

Consolidation and Basis of Presentation

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Net income attributable to noncontrolling interest represents a 14.8 percent third-party interest in our Indiana Harbor cokemaking facility.

Update to Reportable Segments

Prior to the acquisition of Phoenix Global, the Company consisted of three reportable segments, Domestic Coke, Brazil Coke and Logistics.

Following the acquisition, the Company now consists of two reportable segments, Domestic Coke and Industrial Services.

Accordingly, the Company has recast all segment information for all prior periods presented herein to reflect this change.

See Note 20 – Business Segment Information for further detail.

Summary of Significant Accounting Policies

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Actual amounts could differ from these estimates.

Business Combinations and Acquisition Accounting

The Company accounts for acquisitions by applying the acquisition method of accounting under Accounting Standards Codification (“ASC”) 805, Business Combinations, when the transaction or event is considered a business combination, which requires that the assets acquired and liabilities assumed constitute a business.

A defined business is generally an acquired group of assets with inputs and processes that make it capable of generating a return or economic benefit for the acquirer.

The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition.

The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and disclosure of assets and liabilities arising from contingencies in business combinations.

Other estimates include step-ups for fixed assets and inventory, fair values of intangible assets and income tax assets and liabilities assumed from the acquiree.

While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement.

As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.

Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined.

See Note 3 – Acquisitions for further detail.

Revenue Recognition

The Company sells coke as well as steam and electricity and also provides mixing and/or handling services of coal and other aggregates.

The Company sells coke as well as steam and electricity and provides material handling and/or mixing services to coke, coal, steel, power and other bulk customers as well as mission-critical mill services to leading steel producers globally.

The Company's services also include the removal, handling and processing of molten slag at customer sites, as well as the preparation and transportation of metal scraps, raw materials and finished products.

The Company also receives fees for operating the cokemaking plant in Brazil and for the licensing of its proprietary technology for use at this facility as well as reimbursement of substantially all of its operating costs.

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Plants and equipment are depreciated on a straight-line basis over their estimated useful lives.

Coke and energy plant, machinery and equipment are generally depreciated over 20 to 30 years.

Logistics plant, machinery and equipment are generally depreciated over 15 to 30 years.

Depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Income.

Coke and energy plants, machinery and equipment are generally depreciated over 20 to 30 years.

Industrial services plant, machinery and equipment are generally depreciated over 5 to 30 years.

Depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Operations.

Gains and losses on the disposal or retirement of fixed assets are reflected in earnings when the assets are sold or retired.

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Intangible Assets

Intangible assets are primarily comprised of permits.

Intangible assets are primarily comprised of permits, customer relationships and trade names.

Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the intangible asset is consumed.

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Long-lived assets, which includes intangible assets and properties, plants and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

The Company did not identify any triggering events for a review for impairment during the years ended December 31, 2024 and 2023.

In connection with Alogma Steel's breach of contract, the Company identified a triggering event for one of its asset groups requiring a review for impairment during the year ended December 31, 2025.

See Note 7 for further detail.

The Company did not identify any triggering events for a review for impairment during the year ended December 31, 2024.

A long-lived asset, or group of assets, is considered to be impaired when the undiscounted net cash flows expected to be generated by the asset, which are largely driven by our contractual arrangements, are less than its carrying amount.

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See Note 7 and Note 8.

Income tax expense (benefit) is determined by applying the provisions of federal and state tax laws to taxable income (loss) during the period.

Income tax expense (benefit) is determined by applying the provisions of federal, foreign and state tax laws to taxable income (loss) during the period.

The Company does business in a number of states with differing laws concerning how income subject to each state's tax structure is measured.

These laws, as well as changes in tax legislation, impact what effective tax rate is applied to income generated in each state, and the Company makes estimates of how income will be apportioned among various states based on these factors.

Similarly, the Company does business in a number of foreign tax jurisdictions with differing tax laws.

Deferred tax asset and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled.

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The Company adjusts the liability each year based upon actuarial calculations of the Company's expected future payments for these benefits, including a provision for incurred but not reported losses.

Adjustments are recognized in the period the adjustment occurs as a component of selling, general and administrative expense on the Consolidated Statements of Income.

Adjustments are recognized in the period the adjustment occurs as a component of selling, general and administrative expense on the Consolidated Statements of Operations.

Postretirement Benefit Plan Liabilities

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Actuarial gains (losses) and prior service costs (benefits) which have not yet been recognized in net income are recognized as a credit (charge) to accumulated other comprehensive income (loss).

The credit (charge) to accumulated other comprehensive income (loss), which is reflected net of related tax effects, is subsequently recognized in net income when amortized as a component of postretirement benefit plans expense included in interest expense, net on the Consolidated Statements of Income.

Asset Retirement Obligations

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Shipping and Handling Costs

Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Income and are generally passed through to the Company's customers.

Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Operations and are generally passed through to the Company's customers.

The Company has elected the practical expedient under Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” to account for shipping and handling activities as a promise to fulfill the transfer of coke.

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The costs of equity awards and cash awards are recorded to additional paid-in capital and accrued liabilities, respectively, on the Consolidated Balance Sheets.

Fair Value Measurements

Fair Value of Financial Instruments

The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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The functional currency of the Company’s Brazilian operations is the Brazilian real.

The Company’s Brazil operations translate its assets and liabilities into U.S.

The functional currency of the Company's operations in Spain and Slovakia is the euro.

The Company’s foreign operations translate its assets and liabilities into U.S.

dollars at the current exchange rates in effect at the end of the fiscal period.

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Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires disclosure of incremental segment information on an interim and annual basis.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-09, “Income Taxes (Topic 740):

Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures.

The Company adopted this standard for the fiscal year ending December 31, 2025 with a retrospective application to all prior periods presented in the financial statements.

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Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvement to Income Tax Disclosures.” ASU 2023-09 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income tax disclosures.

This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis.

The Company does not expect this ASU to have a material impact on the Company's disclosures.

The Company plans to adopt the guidance for the fiscal year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income (Topic 220):

Disaggregation of Income Statement Expenses.” ASU 2024-03 requires additional disclosures aimed at enhancing the transparency and decision usefulness of income statement expenses.

This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires retrospective application to all prior periods presented in the financial statements.

This ASU is effective for fiscal years beginning after December 15, 2026 as well as interim periods beginning after December 15, 2027 and requires either prospective application or retrospective application to all prior periods presented in the financial statements.

The Company is currently evaluating the impact of the guidance on the related disclosures.

The Company plans to adopt the guidance for the fiscal year ending December 31, 2027.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326):

Measurements of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”).

The amendments in this update provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification 606.

Under ASU 2025-05,

an entity is required to disclose whether it has elected to use the practical expedient.

ASU 2025-05 is effective for annual periods, including interim reporting periods within annual reporting periods, beginning after December 15, 2025 with early adoption permitted.

The Company plans to adopt the guidance for the interim reporting period ending March 31, 2026 and the impact is not expected to be material to the consolidated financial statements.

Labor Concentrations

As of December 31, 2025, the Company has 1,527 employees in the U.S.

Approximately 40 percent of the Company's domestic employees, principally at the Company's cokemaking operations, are represented by the United Steelworkers union under various contracts.

Additionally, approximately 3 percent of the Company's domestic employees are represented by the International Union of Operating Engineers.

Labor agreements at Kanawha River Terminal (“KRT”), SunCoke Lake Terminal (“Lake Terminal”), and Indiana Harbor were renewed in 2022 and will expire on April 30, 2025, June 30, 2025, and September 1, 2026, respectively.

As of December 31, 2024,the Company has 300 employees at the cokemaking facility in Vitória, Brazil, all of whom are represented by Sindimetal-ES - Union of Metallurgists under a labor agreement.

During 2024, the labor agreement at the Company's Vitória, Brazil facility was renewed for an additional year, and it expires on October 31, 2025.

Additionally, we had approximately 950 international employees in 5 countries.

Of these employees, 53 percent of these employees are represented by labor unions, through approximately 10 collective bargaining agreements.

On August 1, 2025 (“Acquisition Date”), the Company acquired all the equity of Flame Aggregator, LLC, by causing Phoenix Global to merge with and into one of its indirect wholly owned subsidiaries with Phoenix Global surviving, pursuant to the Merger Agreement, dated as of May 27, 2025.

This acquisition has been accounted for as a business combination.

The acquisition of Phoenix Global expands our industrial services offerings including adding servicing of electric arc furnace operations and international markets to the Company’s portfolio.

The acquisition is included as part of the Company's Industrial Services segment.

The acquisition purchase consideration, in accordance with ASC 805, totaled $ 295.8 million in cash payments.

The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time between the Acquisition Date and the date that these financial statements are issued.

The Company has performed a preliminary valuation analysis of the fair market value of the assets and liabilities of Phoenix Global.

The final purchase price allocation will be determined when the Company has completed its evaluation of the valuation analysis.

The final allocation could differ from the preliminary allocation.

The final allocation may include changes in allocations to acquired intangible assets as well as goodwill and other changes to assets acquired and liabilities assumed in the transaction.

The estimated useful lives of acquired intangible assets are also preliminary.

Measurement period adjustments, if any, will be recognized in the reporting period in which the adjustment amounts are determined within twelve months from the Acquisition Date.

Subsequent to the preliminary purchase price allocation disclosed as of September 30, 2025, the Company recorded measurement period adjustments primarily related to working capital and refinements to the preliminary valuation of property, plants, and equipment.

Property, plants, and equipment increased by approximately $ 17.5 million and accounts receivable decreased approximately $ 2.3 million.

The following table sets forth the components and the allocation of the purchase price and summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition.

(Dollars in millions)

Purchase consideration

Cash and cash equivalents

Accounts receivable

Other current assets

Property, plants, and equipment

Right-of-use assets

Intangible assets

Accounts payable

Accrued liabilities

Short-term finance lease liability ( 11.0 )

Short-term operating lease liability

Long-term finance lease liability ( 5.8 )

Long-term operating lease liability

Deferred income taxes

Other deferred credits and liabilities ( 19.9 )

Net identifiable assets acquired $ 243.6

Goodwill $ 52.2

The fair value of accounts receivable in the table above reflects a reduction of $ 10.2 million associated with expected credit losses.

The goodwill is attributable primarily to the synergies expected from combining the operations of both entities and intangible assets that do not qualify for separate recognition, including the existing workforce acquired through the acquisition.

No portion of the goodwill is expected to be deductible for income tax purposes.

The Company amortizes its intangible assets over their estimated useful lives.

The preliminary fair values allocated to the identifiable intangible assets and their preliminary estimated useful lives are as follows:

Intangible assets Preliminary fair value Weighted average useful life in years

Customer Relationships 14.4 12

Trade Name 5.8 10

Total identifiable intangible assets 20.2

Acquisition-related costs

Acquisition-related costs consist of miscellaneous professional service fees and expenses for acquisition-related activities and due diligence.

The Company incurred acquisition-related costs of $ 10.1 million during the year ended December 31, 2025, which are included in selling, general and administrative expenses on the Consolidated Statements of Operations.

No such costs were incurred during the year ended December 31, 2024.

Revenue and earnings of Phoenix Global

The results of operations for the acquisition since the Acquisition Date have been included in our consolidated financial statements for the year ended December 31, 2025.

Additionally, during the year ended December 31, 2025, the Company incurred $ 3.3 million of restructuring charges related to employee severance costs, which are included in selling, general and administrative expenses on the Consolidated Statements of Operations.

The following table summarizes Phoenix Global’s revenue and earnings included in the accompanying Consolidated Statements of Operations from the Acquisition Date through December 31, 2025:

Year Ended December 31, 2025

(Dollars in millions)

Total revenue

Supplemental pro forma financial information

The unaudited pro forma financial information included in the table below represents a summary of the consolidated results of operations for the years ended 2024 and 2025, assuming the acquisition had been completed as of January 1, 2024.

The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of that date, or of future results, and includes certain nonrecurring pro forma adjustments.

For the year ended December 31, 2024, there are adjustments related to the elimination of debt and associated interest expense of $ 15.0 million at Phoenix Global, interest expense of $ 14.6 million for borrowings under the Company's Revolving Facility to finance the transaction, additional expenses from the remeasurement of assets and liabilities upon acquisition of $ 7.4 million, and additional tax benefit from the adjustments of $ 1.7 million.

For the year ended December 31, 2025, there are adjustments related to the elimination of debt and associated interest expense of $ 7.9 million at Phoenix Global, interest expense of $ 12.9 million for borrowings under the Company's Revolving Facility to finance the transaction, and increased expenses from the remeasurement of assets and liabilities upon acquisition of $ 0.4 million.

The income tax effects from the adjustments were a net benefit of $ 1.1 million.

Years Ended December 31,

(Dollars in millions)

Total revenue

$ 2,000.8 $ 2,212.4

Net (loss) income $ ( 80.5 ) $ 47.5

Customer Concentrations

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and collectively referred to as “Cliffs Steel,” and United States Steel Corporation (“U.S.

The information below also includes results from our industrial services business, which also provides services to Cliffs Steel and U.S.

The tables below show sales to the Company's significant customers:

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Cliffs Steel $ 1,131.3 61.6 % $ 1,237.0 63.9 % $ 1,349.4 65.4 %

$ 1,237.0 63.9 % $ 1,349.4 65.4 % $ 1,182.8 60.0 %

$ 284.6 14.7 % $ 300.8 14.6 % $ 284.8 14.4 %

(1) Represents revenues included in our Domestic Coke segment.

(2) Represents revenues included in our Domestic Coke segment for the year ended December 31, 2024 and revenues included in our Domestic Coke and Logistics segments for the years ended December 31, 2023 and 2022.

Steel $ 261.0 14.2 % $ 284.6 14.7 % $ 300.8 14.6 %

The Company generally does not require any collateral with respect to its receivables due under long-term, take-or-pay contracts.

1 unchanged sentence

Steel were approximately $ 32.3 million and $ 8.1 million as of December 31, 2025, respectively, and $ 48.4 million and $ 8.5 million as of December 31, 2024, respectively.

These balances comprised approxi mately 59 perce nt and 50 percent of the Company's receivables balance as of December 31, 2024 and

2023, respectively.

These balances comprised approxi mately 36 perce nt and 59 percent of the Company's receivables balance as of December 31, 2025 and 2024, respectively.

As a result, the Company experiences concentrations of credit risk in its receivables with these customers, which may be affected by changes in economic or other conditions affecting the steel industry.

The components of income before income tax expense are as follows:

The components of (loss) income before income tax (benefit) expense are as follows:

Years Ended December 31,

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Total $ ( 72.8 ) $ 128.5 $ 97.8

Income tax expense consisted of the following:

Income tax (benefit) expense consisted of the following:

Years Ended December 31,

1 unchanged sentence

(Dollars in millions)

Current tax expense (benefit):

Current tax (benefit) expense:

federal $ ( 15.8 ) $ 18.4 $ 7.9

State ( 0.7 ) 4.7 5.4

state and local 0.5 ( 0.7 ) 4.7

Foreign 4.4 2.8 3.1

Total current tax expense

20.5 15.7 14.5

Deferred tax expense (benefit):

Total current tax (benefit) expense ( 10.9 ) 20.5 15.7

Deferred tax (benefit) expense:

federal ( 20.9 ) 5.0 19.7

State ( 0.5 ) ( 1.1 ) ( 6.3 )

Total deferred tax expense 4.5 18.6 2.3

state and local ( 2.1 ) ( 0.5 ) ( 1.1 )

Foreign ( 0.1 ) — —

Total deferred tax (benefit) expense ( 23.1 ) 4.5 18.6

Total $ ( 34.0 ) $ 25.0 $ 34.3

The reconciliation of income tax expense at the U.S.

statutory rate to income tax expense is as follows:

Total income tax (benefit) expense

federal ( 36.7 ) 23.4 27.6

state and local ( 1.6 ) ( 1.2 ) 3.6

Foreign 4.3 2.8 3.1

Total income tax (benefit) expense $ ( 34.0 ) $ 25.0 $ 34.3

The reconciliation of income tax (benefit) expense at the U.S.

statutory rate to income tax (benefit) expense is as follows:

Years Ended December 31,

1 unchanged sentence

(Dollars in millions)

Income tax expense at U.S.

Income tax (benefit) expense at U.S.

statutory rate $ ( 15.3 ) 21.0 % $ 27.0 21.0 % $ 20.5 21.0 %

Increase (reduction) in income taxes resulting from:

(Reduction) increase in income taxes resulting from:

Nontaxable and nondeductible items

Nondeductible equity compensation 0.4 ( 0.6 ) % 1.3 1.0 % 1.8 1.8 %

Nondeductible transaction costs (1)

1.8 ( 2.5 ) % — — % — — %

Income attributable to noncontrolling interests in partnerships (2)

( 1.1 ) 1.6 % ( 1.6 ) ( 1.2 ) % ( 1.3 ) ( 1.3 ) %

State and other income taxes, net of federal income tax effects (2)

Other 0.6 ( 0.8 ) % 0.4 0.4 % 0.8 0.8 %

Effect of cross-border tax laws

Foreign branch income 1.6 ( 2.2 ) % 1.3 1.0 % 1.5 1.5 %

Foreign tax credit ( 3.0 ) 4.2 % ( 1.9 ) ( 1.5 ) % — — %

Research and development ( 3.4 ) 4.7 % ( 1.3 ) ( 1.0 ) % ( 1.1 ) ( 1.2 ) %

Investment tax credits (3)

( 18.8 ) 25.8 % — — % — — %

Foreign income taxes (3)

Other 0.1 ( 0.2 ) % ( 0.9 ) ( 0.7 ) % — — %

Changes in valuation allowances (4)

0.4 ( 0.6 ) % 0.4 0.3 % 8.4 8.6 %

R&D tax credit (4)

Other — — % — — % ( 0.8 ) ( 0.7 ) %

state and local income taxes, net of federal effect (5)

( 1.2 ) 1.7 % ( 1.3 ) ( 1.0 ) % 2.8 2.9 %

Non-deductible equity compensation 1.7 1.3 % 2.8 2.9 % 3.0 2.5 %

Return to provision adjustments ( 2.9 ) ( 2.3 ) % ( 1.8 ) ( 1.8 ) % ( 0.1 ) ( 0.1 ) %

Change in valuation allowance (3)

Foreign tax effects

Statutory income tax rate differential 1.3 ( 1.8 ) % 0.8 0.6 % 0.9 0.9 %

Withholding tax 0.8 ( 1.1 ) % 0.9 0.7 % 0.9 0.9 %

— — % ( 0.2 ) ( 0.2 ) % ( 0.2 ) ( 0.2 ) %

Changes in valuation allowances 1.0 ( 1.4 ) % — — % — — %

Other 0.4 ( 0.5 ) % — — % — — %

Other foreign jurisdictions 0.6 ( 0.8 ) % — — % — — %

Worldwide changes in unrecognized tax benefits ( 0.2 ) 0.2 % 0.1 0.1 % 0.1 0.1 %

Income tax expense at effective tax rate $ ( 34.0 ) 46.7 % $ 25.0 19.5 % $ 34.3 35.1 %

(1) No income tax expense is reflected in the Consolidated Statements of Income for income attributable to noncontrolling interests in our Indiana Harbor cokemaking facility.

(2) During 2024, higher apportioned state tax rates required the revaluation of certain deferred tax liabilities and resulted in deferred tax expense of $ 1.7 million.

The increase in apportioned state rates was mainly driven by tax planning conducted by the Company.

Lower apportioned state tax rates required the revaluation of certain deferred

tax liabilities and resulted in deferred tax benefits of $ 4.9 million recorded during 2022.

The decrease in apportioned state tax rates in 2022 was partly driven by the dissolution of SunCoke Energy Partners Finance Corp.

(3) During 2024, the Company released a valuation allowance established on the deferred tax assets attributable to existing state net operating losses (“NOLs”) carryforwards, resulting in a deferred tax benefit of $ 3.5 million.

The release of the aforementioned valuation allowance was a result of tax planning conducted by the Company, as the state NOLs carried forward from prior years are now expected to be utilized.

The Company also established a $ 0.6 million valuation allowance, representing a portion of foreign tax credits projected to be unused before expiration.

(1) Nondeductible transaction costs incurred due to the acquisition of Phoenix Global.

(2) No income tax expense is reflected in the Consolidated Statements of Operations for income attributable to noncontrolling interests in our Indiana Harbor cokemaking facility.

(3) During 2025, as part of tax planning, SunCoke conducted an analysis with respect to the Company’s capital investments under Section 48 of the Internal Revenue Code, which resulted in a net tax benefit of $ 18.8 million.

The Company utilizes the flow-through method to account for investment tax credits ("ITCs").

Under this method, ITCs are recognized as a reduction to income tax expense in the year in which they are generated.

$ 22.8 million ITCs were generated in 2025 of which, $ 2.5 million of unused credits are available to offset the Company’s income tax liability in future years.

(4) During 2025, the Company established a valuation allowance of $ 1.4 million on foreign tax credits projected to be unused before expiration.

This tax expense is partially offset by a release of valuation allowance due to utilization of existing foreign tax credit carryforwards.

During 2024, the company established a $ 0.4 million valuation allowance, representing a portion of foreign tax credits projected to be unused before expiration.

During 2023, the Company established an $ 8.4 million valuation allowance, which was a portion of an $ 11.3 million valuation allowance that was released during 2022 on deferred tax assets attributable to existing foreign tax credit carryforwards.

2 unchanged sentences

After tax planning in 2022, the Company expected to be able to utilize its existing foreign tax credits carried forward from prior years.

During 2023, Brazil enacted new legislation that aligned the Brazil transfer pricing law with the 2022 OECD Guidelines.

Additionally, Brazil enacted new legislation that aligned the Brazil transfer pricing law with the 2022 OECD Guidelines.

As a result, the Company has determined that Brazil taxes paid or accrued in 2024 and forward will become creditable under the 2022 final FTC regulations.

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Foreign income taxes paid in 2023 reflected the absence of the generation of foreign tax credits for taxes paid in Brazil due to the Company’s election not to defer the application of the 2022 FTC final regulations allowed under the notices.

(4) SunCoke conducted an analysis with respect to the Company’s research and development activities, which resulted in a current tax benefit of $ 0.7 million during both 2024 and 2023 and a deferred tax benefit of $ 4.0 million during 2022.

(5) In 2025, 2024 and 2023, state and local income taxes in Illinois and Indiana comprise the majority of the domestic state and local income taxes, net of federal effect category.

(6) The Company’s subsidiary in Brazil operates under a tax holiday arrangement that expires on December 31, 2026.

The Superintendence for the Development of the Northeast (“SUDENE”) tax benefit is a Northeast regional development incentive offering companies up to a 75 percent reduction in corporate income tax for up to 10 years.

The eligible projects must be approved by the Brazilian Federal Revenue Service on technical analysis from SUDENE.

For the period ended December 31, 2025, the Company recorded a tax benefit of $ 0.5 million, representing approximately 0.7 percent effective tax rate impact.

The tax effects of temporary differences that comprise the net deferred income tax liability from operations are as follows:

4 unchanged sentences

Share-based compensation — 0.2

Federal tax credit carryforward (1)

Foreign tax credit carryforward (2)

Foreign net operating loss carryforward (3)

Federal net operating loss carryforward (4)

Federal 163(j) interest limitation carryforward (4)

State net operating loss carryforward, net of federal income tax effects (5)

7 unchanged sentences

Investment in partnerships ( 56.5 ) ( 57.2 )

Total deferred tax liabilities ( 220.9 ) ( 223.4 )

Share-based compensation ( 0.2 ) —

Total deferred tax liability (7)

( 225.8 ) ( 220.9 )

Net deferred tax liability $ ( 190.0 ) $ ( 196.8 )

The net deferred income tax asset/(liability) is classified in the consolidated balance sheets as follows:

Noncurrent asset $ 0.3 $ —

Noncurrent liability ( 190.3 ) ( 196.8 )

Net deferred tax asset/(liability) $ ( 190.0 ) $ ( 196.8 )

(1) Federal tax credit carryforward expires in 2044 through 2046.

(2) Foreign tax credit carryforward expires in 2029 through 2036.

(2) State net operating loss carryforward, net of federal income tax effects expires in 2033 through 2047.

(3) Primarily related to state net operating loss carryforwards and valuation allowance attributable to existing foreign tax credit carryforwards.

The Company's consolidated federal income tax returns have been examined by the IRS for all years through the year ended December 31, 2014.

Due to federal tax credit carryforwards generated by the Company for tax years ended going back to 2015, SunCoke is currently open to examination by the IRS for tax years ended December 31, 2015 and forward.

(3) Foreign net operating loss carryforward expires in 2026 through indefinite.

(4) Federal net operating loss and 163(j) limitation carryforwards are indefinite.

(5) State net operating loss carryforward, net of federal income tax effects expires in 2035 through indefinite.

(6) If certain deferred tax assets are not likely recoverable in future years a valuation allowance is recorded.

As of December 31, 2025, a valuation allowance of $ 32.4 million reduced deferred tax assets primarily related to foreign tax credit carryforwards, state net operating loss carryforwards, and foreign net operating loss carryforwards.

As of December 31, 2024, a valuation allowance of $ 15.0 million reduced deferred tax assets related to foreign tax credit carryforwards.

(7) As of December 31, 2025, no foreign withholding taxes, federal and state taxes or foreign currency gains or losses have been provided on distributions of approximately $ 21.1 million of unremitted earnings of our foreign subsidiaries, as such amounts are considered permanently reinvested.

It is not practicable to estimate the additional income taxes including applicable foreign withholding taxes, which would be due upon the repatriation of these earnings.

SunCoke is currently open to examination by the IRS for tax years ended December 31, 2022 and forward.

State and foreign income tax returns are generally subject to examination for a period of three to five years after the filing of the respective returns.

The state impact of any amended federal returns remains subject to examination by various states for a period of up to one year after formal notification of such amendments to the states.

Uncertain Tax Positions

During 2024, 2023 and 2022, the company recorded expense related to uncertain current and prior year tax positions of $ 0.1 million, $ 0.1 million and $ 0.3 million, respectively.

At December 31, 2024, 2023 and 2022, the balances of unrecognized tax benefits at were $ 0.5 million, $ 0.4 million and $ 0.3 million, respectively, that, if recognized, will reduce the effective tax rate on income from continuing operations.

There were no associated interest or penalties recognized for the years ended December 31, 2024, 2023 or 2022.

The Company expects that nominal unrecognized tax benefits pertaining to income tax matters will be required in the next twelve months.

The income taxes paid, net of refunds are as follows:

Years Ended December 31,

2025 2024 2023

(Dollars in millions)

federal $ 10.3 $ 12.5 $ 9.4

state and local:

Illinois $ 1.0 $ 1.6 $ 2.2

Indiana ( 2.8 ) 0.8 2.5

Other 0.4 0.3 0.5

state and local $ ( 1.4 ) $ 2.7 $ 5.2

Brazil $ 3.7 $ 2.8 $ 3.1

Other 0.2 — —

Total foreign $ 3.9 $ 2.8 $ 3.1

Total income taxes paid (net of refunds of $ 5.2 million, $ 0.3 million and zero )

$ 12.8 $ 18.0 $ 17.7

The uncertain tax positions are as follows:

Years Ended December 31,

2025 2024 2023

(Dollars in millions)

The total amount of unrecognized tax benefits consisted of the following:

Beginning of year $ 0.5 $ 0.4 $ 0.3

Increase related to prior year tax positions 1.1 — —

Increase related to current year tax positions 0.1 0.1 0.1

Effect of the expiration of statutes of limitation ( 0.3 ) — —

End of year $ 1.4 $ 0.5 $ 0.4

At December 31, 2025, 2024 and 2023, the balances of unrecognized tax benefits were $ 1.4 million, $ 0.5 million and $ 0.4 million, respectively, that, if recognized, will reduce the effective tax rate on income from continuing operations.

We classify interest as interest expense and penalties as operating expense in the Consolidated Statements of Operations and their associated liabilities as other liabilities in the Consolidated Balance Sheets.

At December 31, 2025, interest and penalties on unrecognized tax benefits were $ 0.4 million and December 31, 2024 and 2023 were both zero .

The Company’s inventory consists of metallurgical coal, which is the principal raw material for the Company’s cokemaking operations, coke, which is the finished good sold by the Company to its customers, and materials, supplies and other.

These components of inventory, net of lower of cost or net realizable value adjustments of zero and $ 2.0 million at December 31, 2024 and 2023, respectively, were as follows:

These components of inventory, net of lower of cost or net realizable value adjustments of $ 2.9 million and zero at

December 31, 2025 and 2024, respectively, were as follows:

(Dollars in millions)

7 unchanged sentences

Coke and energy plant, machinery and equipment $ 2,047.2 $ 2,251.0

Logistics plant, machinery and equipment 185.4 181.2

Industrial services plant, machinery and equipment 419.8 185.4

Land and land improvements 116.7 112.6

4 unchanged sentences

Total properties, plants and equipment, net $ 1,202.7 $ 1,143.6

Intangible Assets

Intangible assets, net, include goodwill allocated to our Domestic Coke segment of $ 3.4 million at both December 31, 2024 and 2023, and other intangibles detailed in the table below, excluding fully amortized intangible assets.

There were no changes in the carrying amount of goodwill during the fiscal years ended December 31, 2024 and 2023,

respectively.

As discussed in Note 2, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable.

During the fourth quarter of 2025, the Company concluded a triggering event occurred requiring a review for impairment at our Haverhill I cokemaking facility asset group as a result of Algoma Steel's breach of contract which negatively impacted forecasted future cash flows.

The Company performed an impairment test utilizing the income approach which resulted in a $ 90.1 million impairment charge.

The impairment charge is recorded in Long-lived asset impairment on the Consolidated Statements of Operations and impacts our Domestic Coke segment.

Goodwill and Other Intangible Assets

The Company's goodwill at December 31, 2025 and December 31, 2024, by segment, is summarized below:

(Dollars in millions)

Domestic Coke

Industrial Services

Intangible assets, net, includes the intangibles detailed in the table below, excluding fully amortized intangible assets.

December 31, 2025 December 31, 2024

2 unchanged sentences

Customer relationships (1)

12 $ 14.4 $ 0.4 $ 14.0 $ 6.7 $ 6.7 $ —

Trade names (1)

10 5.8 0.2 5.6 — — —

Permits 17 31.7 8.6 23.1 31.7 7.3 24.4

1 unchanged sentence

Total $ 53.5 $ 9.5 $ 44.0 $ 40.0 $ 14.2 $ 25.8

(1) The increase in 2025 reflects new intangible assets related to the Phoenix Global acquisition.

See Note 3 for further detail.

The permits above represent the environmental and operational permits required to operate a coal export terminal in accordance with the U.S.

23 unchanged sentences

$ 18.6 $ 17.3

(1) Included in cost of products sold and operating expenses on the Consolidated Statements of Income.

(1) Included in cost of products sold and operating expenses on the Consolidated Statements of Operations.

(2) Revisions of estimated cash flows in 2024 were primarily due to the timing of projected spending on certain obligations.

(3) The current portion of the asset retirement obligation liability was $ 0.1 million at December 31, 2024 and is classified in accrued liabilities on the Consolidated Balance Sheets.

There was no current portion of the asset retirement obligation liability at December 31, 2023.

(3) The current portion of the asset retirement obligation liability was $ 0.5 million and $ 0.1 million at December 31, 2025, and December 31, 2024, respectively, and is classified in accrued liabilities on the Consolidated Balance Sheets.

Retirement Benefits Plans

16 unchanged sentences

Discount rate 5.40 % 4.95 % 5.25 %

The following amounts were recognized as components of other comprehensive income (loss) before related tax impacts:

The following amounts were recognized as components of other comprehensive (loss) income before related tax impacts:

Years Ended December 31,

4 unchanged sentences

Prior service benefit amortization ( 0.7 ) ( 0.1 ) ( 0.2 )

Retirement benefit plan funded status

Actuarial gain (loss) (1)

Retirement benefit plan funded status adjustments:

Actuarial (loss) gain (1)

( 0.1 ) 8.3 ( 0.6 )

$ ( 0.5 ) $ 8.6 $ ( 0.4 )

(1) The actuarial gain for the year ended December 31, 2024 was primarily due to the remeasurement of the retirement benefit plan obligation associated with a plan amendment during the current year period.

The following table sets forth the components of the changes in benefit obligations:

3 unchanged sentences

Interest cost 0.4 0.8

Actuarial (gain) loss

Actuarial loss (gain) 0.1 ( 8.3 )

Benefits paid ( 0.8 ) ( 2.0 )

Benefit obligation at end of year (1)

(1) The current portion of retirement benefit liabilities, which totaled $ 1.0 million and $ 2.3 million at December 31, 2024 and 2023, respectively, is classified in accrued liabilities on the Consolidated Balance Sheets.

The following table sets forth the cumulative amounts not yet recognized in net income:

(1) The current portion of retirement benefit liabilities, which totaled $ 1.0 million at both December 31, 2025 and 2024, respectively, is classified in accrued liabilities on the Consolidated Balance Sheets.

The following table sets forth the cumulative amounts not yet recognized in net (loss) income:

Years Ended December 31,

(Dollars in millions)

Cumulative amounts not yet recognized in net income:

Cumulative amounts not yet recognized in net (loss) income:

Actuarial losses $ 3.8 $ 4.0

Prior service benefits ( 7.1 ) ( 7.8 )

( 7.8 ) ( 0.7 )

Accumulated other comprehensive (income) loss (before related tax benefit) $ ( 3.8 ) $ 4.7

(1) The increase in prior service benefits not yet recognized in net income in 2024 reflects the impact of the remeasurement of the retirement benefit plan obligation associated with a plan amendment during the current year period.

Accumulated other comprehensive income (before related tax benefit) $ ( 3.3 ) $ ( 3.8 )

The expected benefit payments through 2035 for the postretirement benefit plan are as follows:

4 unchanged sentences

Discount rate 5.00 % 5.40 %

The health care cost trend assumption used at to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was 6.50 percent and 6.75 percent at December 31, 2024 and 2023 , respectively, which are both assumed to decline gradually to 5.00 percent in 2031 and to remain at that level thereafter.

The health care cost trend assumption used at to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was 7.50 percent and 6.50 percent at December 31, 2025 and 2024 , respectively, which are both assumed to decline gradually to 5.00 percent in 2036 and 2031, respectively, and to remain at that level thereafter.

Defined Contribution Plans

8 unchanged sentences

Current portion of black lung liability 0.9 1.0

Lease liabilities 2.7 2.5

Short-term operating lease liabilities 2.8 2.4

Short-term finance lease liabilities 3.8 0.3

Other 10.6 9.0

5 unchanged sentences

$ 500.0 $ 500.0

$ 350.0 revolving credit facility, due 2026 (“Revolving Facility”)

$ 325.0 Revolving Facility, due 2030

Total borrowings $ 693.0 $ 500.0

7 unchanged sentences

Revolving Facility

On July 25, 2025, the Company amended and extended the maturity of its Revolving Facility to July 2030 under substantially similar terms and reduced its capacity by $ 25.0 million to $ 325.0 million, resulting in additional debt issuance costs of $ 2.0 million, which are included in long-term debt on the Consolidated Balance Sheet as of December 31, 2025.

Additionally, the Company recorded a loss on extinguishment of debt on the Consolidated Statements of Operations of $ 0.2 million, representing the write-off of unamortized debt issuance costs, during the year ended December 31, 2025.

The proceeds of any borrowings made under the Revolving Facility can be used to finance working capital needs, acquisitions, capital expenditures and for other general corporate purposes.

The obligations under the credit agreement are guaranteed by certain of the Company’s subsidiaries and secured by liens on substantially all of the Company’s and the guarantors’ assets pursuant to a guarantee and collateral agreement.

As of December 31, 2024, the Revolving Facility had no outstanding balance leaving $ 350.0 million available.

As of December 31, 2025, the Revolving Facility had an outstanding balance of $ 193.0 million leaving $ 132.0 million available.

Additionally, the Company has certain letters of credit totaling $ 5.1 million, which do not reduce the Revolving Facility's available balance.

Commitment fees are based on the unused portion of the Revolving Facility at a rate of 0.2 percent.

Borrowings under the Revolving Facility bear interest, at SunCoke's option, at a variable rate per annum equal to either (i) an adjusted term secured overnight financing rate (“SOFR”) rate (defined as SOFR for a specified term plus a credit spread adjustment of 10 basis points, subject to a zero percent floor) plus 1.50 percent or (ii) an alternate base rate plus 0.50 percent.

Borrowings under the Revolving Facility bear interest, at SunCoke's option, at a variable rate per annum equal to either (i) an adjusted term secured overnight financing rate (“SOFR”) rate (defined as SOFR for a specified term, subject to a zero percent floor) plus 2.00 percent or (ii) an alternate base rate plus 1.00 percent.

The applicable margin is subject to change based on SunCoke's consolidated leverage ratio, as defined in the credit agreement.

13 unchanged sentences

Between 2005 and 2012, the EPA and the Ohio Environmental Protection Agency (“OEPA”) issued Notices of Violations (“NOVs”), alleging violations of air emission operating permits for our Haverhill and Granite City cokemaking facilities.

We worked in a cooperative manner with the EPA, the OEPA and the Illinois Environmental Protection Agency to address the allegations and, in November 2014, entered into a consent decree with these parties in federal district court in the Southern District of Illinois.

Southern District of Illinois.

The consent decree included a civil penalty paid in December 2014, and a commitment to undertake capital projects to improve reliability and enhance environmental performance.

Although all projects regarding the consent decree have been completed, the consent decree remains in effect and is being overseen for compliance.

Between 2010 and 2016, SunCoke Energy also received certain NOVs, Findings of Violations (“FOVs”), and information requests from the EPA, alleging violations of air operating permit conditions related to our Indiana Harbor cokemaking facility.

To reach a settlement of these NOVs and FOVs, a consent decree with the EPA and the Indiana Department of Environmental Management was entered by the federal district court in the Northern District of Indiana during the fourth quarter of 2018.

After Indiana Harbor completed all consent decree requirements, the federal district court terminated the consent decree in January 2023.

All projects regarding the consent decree have been completed.

On March 25, 2025, the consent decree was terminated for the Haverhill facility.

The consent decree remains in effect for the Granite City facility and is being overseen for compliance.

The Company is a party to certain pending and threatened claims, including matters related to commercial disputes, employment claims, personal injury claims, common law tort claims, and environmental claims.

1 unchanged sentence

Management of the Company believes that any liability which may arise from these claims would likely not have a material adverse impact on our consolidated financial statements.

SunCoke's threshold for disclosing material environmental legal proceedings involving a government authority where potential monetary sanctions are involved is $ 1 million.

SunCoke's threshold for disclosing material legal proceedings involving a government authority where potential monetary sanctions are involved is $ 1 million.

Black Lung Benefit Liabilities

for black lung benefits in the states of Virginia, Kentucky and West Virginia pursuant to state workers’ compensation legislation.

The Company has obligations to provide certain black lung benefits to legacy coal miners and their dependents under Title IV of the Federal Coal Mine Health and Safety Act of 1969, as amended (“Black Lung Benefits Act”), as well as for black lung benefits in the states of Virginia, Kentucky and West Virginia pursuant to state workers’ compensation legislation.

We adjust our liability each year based upon actuarial calculations of our expected future payments for these benefits.

8 unchanged sentences

In exchange, the DCMWC agreed to permanently assume responsibility for payment of black lung benefits for claims based on employment that ended prior to February 1, 2013, and SunCoke received a certificate of exemption that eliminates the Company’s responsibility for future payments arising from claims based on employment that ended prior to February 1, 2013, excluding limited exceptions estimated to be approximately $ 1.4 million.

This agreement resulted in a reduction of $ 45.5 million of the Company's black lung liability, and a one-time gain of $ 9.5 million within selling, general and administrative expenses on the Consolidated Statements of Income during the year ended December 31, 2024.

The Company no longer maintains any collateral to self-insure its former black lung liabilities incurred prior to February 1, 2013.

20 unchanged sentences

Black lung liability, discounted $ 12.6 $ 13.7

The following table summarizes the annual black lung payments and expense (benefit):

The following table summarizes the annual black lung payments and (benefit) expense:

Years Ended December 31,

6 unchanged sentences

(2) The benefit for the year ended December 31, 2024 includes $ 5.4 million of accretion expense of the black lung liability and a $ 9.5 million gain related to the regulatory exemption detailed above.

The $ 9.5 million gain is included in selling, general and administrative expense on the Consolidated Statement of Income.

The $ 9.5 million gain is included in selling, general and administrative expense on the Consolidated Statements of Operations.

The Company's operating leases consist primarily of leases for land, office space, equipment, railcars and locomotives.

The Company's finance leases consist primarily of equipment.

Certain of our long-term leases include one or more options to renew or to terminate, with renewal terms that can extend the lease term from one month to 50 years.

The Company's finance leases are immaterial to our consolidated financial statements.

The components of lease expense were as follows:

4 unchanged sentences

Selling, general and administrative expenses 0.5 0.5

Operating lease cost $ 2.9 $ 2.9

Finance Leases:

Depreciation of Right of Use ("ROU") assets $ 7.1 0.2

Interest on lease liabilities 0.3 —

Finance lease cost $ 7.4 $ 0.2

Short-term leases:

3 unchanged sentences

(2) Includes variable lease expenses, which are immaterial to the consolidated financial statements.

Supplemental balance sheet information related to leases was as follows:

Supplemental balance sheet information related to leases are as follows:

Years ended December 31,

1 unchanged sentence

(Dollars in millions)

Operating Leases:

Operating ROU assets Deferred charges and other assets $ 12.2 $ 11.5

3 unchanged sentences

Total operating lease liabilities $ 11.7 $ 10.9

Finance Leases:

Finance ROU Assets Properties, plants and equipment $ 10.6 $ 0.6

Finance lease liabilities:

Current finance lease liabilities Accrued liabilities $ 3.8 $ 0.3

Long-term finance lease liabilities Long-term finance lease liability 2.6 0.2

Total finance lease liabilities $ 6.4 $ 0.5

The weighted average remaining lease term and weighted average discount rate were as follows:

Years ended December 31,

Weighted average remaining lease term of operating leases 8.4 years 7.1 years

Weighted average remaining lease term of operating leases 7.6 8.4

Weighted average discount rate of operating leases 5.3 % 5.0 %

Weighted average remaining lease term of finance leases 2.2 1.8

Weighted average discount rate of finance leases 5.6 % 6.4 %

Supplemental cash flow information related to leases was as follows:

3 unchanged sentences

Cash paid for amounts included in the measurement of operating lease liabilities $ 2.9 $ 2.6

Cash paid for amounts included in the measurement of finance lease liabilities (1)

Non-cash activity:

ROU assets obtained in exchange for new operating lease liabilities $ 0.4 $ 2.3

Maturities of operating lease liabilities as of December 31, 2024 are as follows:

(1) The year ended December 31, 2025 includes $ 5.5 million of payments related to finance lease buyouts executed in the current year period.

Maturities of operating and finance lease liabilities as of December 31, 2025 are as follows:

Operating Leases Finance Leases

(Dollars in millions)

2026 $ 3.2 4.0

2031-Thereafter 3.9 —

15 unchanged sentences

At December 31, 2025 $ 2.5 $ ( 6.7 ) $ ( 4.2 )

The Company recorded tax expense of $ 0.9 million and a tax benefit of $ 1.0 million associated with the Company's benefit plans as of December 31, 2024 and 2023, respectively.

The decrease in net income due to reclassification adjustments from accumulated other comprehensive income (loss) were as follows (1) :

The Company recorded tax benefit of $ 0.8 million and a tax expense of $ 0.9 million associated with the Company's benefit plans as of December 31, 2025 and 2024, respectively.

The decrease in net (loss) income due to reclassification adjustments from accumulated other comprehensive income (loss) were as follows (1) :

Years Ended December 31,

1 unchanged sentence

(Dollars in millions)

Amortization of benefit plans to net income:

Amortization of benefit plans to net (loss) income:

Actuarial loss $ ( 0.3 ) $ ( 0.4 ) $ ( 0.4 )

3 unchanged sentences

Total, net of tax $ 0.3 $ ( 0.2 ) $ ( 0.1 )

(1) Amounts in parentheses indicate a decrease to net income.

(2) These accumulated other comprehensive income (loss) components are included in the computation of postretirement benefit plan expense and included in interest expense, net on the Consolidated Statements of Income.

(1) Amounts in parentheses indicate an increase to net loss or a decrease to net income.

Share-Based Compensation

17 unchanged sentences

Outstanding and Exercisable December 31, 2024 592,786 $ 14.45 1.1 $ 0.2

Exercised ( 283,642 ) $ 10.01

Expired ( 448,887 ) 15.96

1 unchanged sentence

Intrinsic value for stock options is defined as the difference between the current market value of our common stock and the exercise price of the stock options.

Total intrinsic value of stock options exercised in 2024, 2023 and 2022 was $ 0.5 million, $ 0.1 million, and $ 0.2 million, respectively.

Total intrinsic value of stock options exercised in 2025, 2024 and 2023 was zero , $ 0.5 million, and $ 0.1 million, respectively.

Restricted Stock Units Settled in Shares

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(1) The service period for the 2025, 2024, and 2023 PSUs ends on December 31, 2027, 2026 and 2025, and the awards will vest during the first quarter of 2028, 2027 and 2026, respectively.

The service period for certain retiree eligible participants is accelerated.

The PSU grants were split 50 /50 between the Company's three-year cumulative Adjusted EBITDA performance measure and the Company's three-year average pre-tax return on capital (“ROIC”) performance measure for its coke and logistics businesses and unallocated corporate expenses.

The service period for certain retirement eligible participants is accelerated.

The PSU grants were split 50 /50 between the Company's three-year cumulative Adjusted EBITDA performance measure and the Company's three-year average pre-tax return on capital (“ROIC”) performance measure for its coke and industrial services businesses and unallocated corporate expenses.

The number of PSUs ultimately awarded will be determined by the Adjusted EBITDA and ROIC performance versus targets and the Company's three-year total shareholder return (“TSR”) as compared to the TSR of the companies making up the NASDAQ U.S.

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The Company issued a grant date fair value award of $ 1.9 million, $ 2.6 million and $ 2.2 million during the years ended December 31, 2025, 2024 and 2023, respectively, for which the service periods end on December 31, 2027, 2026 and 2025, respectively, and the awards will vests during the first quarter of 2028, 2027 and 2026, respectively.

The service period for certain retiree eligible participants is accelerated.

The service period

for certain retiree eligible participants is accelerated.

The 2025, 2024 and 2023 awards are split 50 /50 between the Adjusted EBITDA and ROIC metrics, consistent with the PSU awards, but is not impacted by the TSR modifier.

See above for details.

The cash incentive award liability at December 31, 2024 was adjusted based on the Company's three-year cumulative Adjusted EBITDA and the Company's three-year adjusted average pre-tax return on capital for its coke and logistics businesses and unallocated corporate expenses.

The 2025, 2024 and 2023 awards may vest between 25 percent and 200 percent of the original units granted.

The cash incentive award liability at December 31, 2025 was adjusted based on the Company's three-year cumulative Adjusted EBITDA and the Company's three-year adjusted average pre-tax return on capital for its coke and industrial services businesses and unallocated corporate expenses.

The cash incentive award liability was $ 3.3 million and $ 6.8 million at December 31, 2025 and 2024, respectively.

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Total liability awards $ 1.0 $ 4.0 $ 5.3 $ 0.7 $ 3.0 $ 4.0

(1) Compensation expense is recognized by the Company in selling, general and administrative expenses on the Consolidated Statements of Income.

(1) Compensation expense is recognized by the Company in selling, general and administrative expenses on the Consolidated Statements of Operations.

The Company issued $ 0.1 million, $ 0.1 million, and $ 0.3 million of share-based compensation to the Company's Board of Directors in addition to RSUs included in the table above during the years ended December 31, 2025, 2024 and 2023, respectively.

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Stock options 0.4 0.6 1.2

Restricted share units 0.1 — —

Performance share units 0.1 0.1 —

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Certain Financial Assets and Liabilities not Measured at Fair Value

At December 31, 2024 and 2023, the fair value of the Company’s long-term debt was estimated to be $ 454.9 million and $ 450.2 million, respectively, compared to a carrying amount of $ 500.0 million at both periods.

At December 31, 2025 and 2024, the fair value of the Company’s long-term debt was estimated to be $ 656.7 million and $ 454.9 million, respectively, compared to a carrying amount of $ 693.0 million and $ 500.0 million, respectively.

These fair values were estimated by management based upon estimates of debt pricing provided by financial institutions which are considered Level 2 inputs.

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These agreements require us to produce and deliver the contracted volumes of coke and require our customers to purchase such volumes of coke up to a specified tonnage or pay the contract price for any tonnage they elect not to take.

As of December 31, 2024, our coke sales agreements have approximately 19.1 million tons of unsatisfied or partially unsatisfied performance obligations, which are expected to be delivered over a weighted average remaining contract term of approximately nine years .

As of December 31, 2025, our coke sales agreements have approximately 18.5 million tons of unsatisfied or partially unsatisfied performance obligations which are expected to be delivered over a weighted average remaining contract term of approximately eight years .

Sales prices for coke sold under our long-term, take-or-pay agreements include an operating cost component, a coal cost component and a return of capital component.

Operating costs under four of our coke sales agreements are fixed subject to an annual adjustment based on an inflation index.

Under our other three coke sales agreements, operating costs are passed through to the respective customers subject to an annually negotiated budget, in some cases subject to a cap annually adjusted for inflation, and we share any difference in costs from the budgeted amounts with our customers.

Our coke sales agreements contain pass-through provisions for coal and coal procurement costs, subject to meeting contractual coal-to-coke yields.

To the extent that the actual coal-to-coke yields are less than the contractual standard, we are responsible for the cost of the excess coal used in the cokemaking process.

Operating costs under four of our coke sales agreements were fixed subject to an annual adjustment based on an inflation index.

Under our other coke sales agreements, operating costs were passed through to the respective customers subject to an annually negotiated budget, in some cases subject to a cap annually adjusted for inflation, and we share any difference in costs from the budgeted amounts with our customers.

Some of our coke sales agreements contain pass-through provisions for coal and coal procurement costs, subject to meeting contractual coal-to-coke yields.

To the extent that the actual coal-to-coke yields are less than the contractual standard, we are responsible for the

cost of the excess coal used in the cokemaking process.

Conversely, to the extent our actual coal-to-coke yields are higher than the contractual standard, we realize gains.

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Foundry coke sales are generally made under annual agreements with our customers for an agreed upon price and do not contain take-or-pay volume commitments.

In our logistics business, handling and/or mixing services are provided to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers.

Industrial Services

A portion of our industrial services business consists of providing on-site scrap and slag handling and processing services for steel manufacturing customers.

The transaction price for these contracts include fixed fees as well as other volume based variable charges which are correlated to customer production.

Given the long-term nature of these arrangements, most contracts permit periodic adjustment based on changes in macroeconomic indicators.

These service agreements consist primarily of one performance obligation, providing handling and processing services.

Service revenues are recognized over time as the customer simultaneously receives the benefits provided by the Company's performance.

The Company applies the “as invoiced” practical expedient as the amount of consideration the Company has the right to invoice corresponds directly with the value of the Company's performance to date.

Additionally, handling and/or mixing services are provided to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing-based customers.

Materials are transported in numerous ways, including rail, truck, barge or ship.

We do not take possession of materials handled, but rather act as intermediaries between our customers and end users, deriving our revenues from services provided on a per ton basis.

The handling and mixing services consist primarily of two performance obligations, unloading and loading of materials.

We do not take ownership of materials handled, but rather act as intermediaries between our customers and end users, deriving our revenues from services provided on a per ton basis.

The handling and mixing services generally consist primarily of two performance obligations, unloading and loading of materials.

Revenues are recognized when the customer receives the benefits of the services provided, in an amount that reflects the consideration that we will receive in exchange for those services.

Estimated take-or-pay revenue of approximately $ 64.3 million from all of our multi-year logistics contracts is expected to be recognized over the next three years for unsatisfied or partially unsatisfied performance obligations as of December 31, 2024.

The following table provides estimated fixed fee and take-or-pay revenue from all of our multi-year industrial services contracts is expected to be recognized over the next eleven years for unsatisfied or partially unsatisfied performance obligations as of December 31, 2025.

(Dollars in millions)

2026-2028 $ 350.4

2029-2031 152.4

2032-thereafter 84.3

Total estimated fixed fee and take-or-pay revenue $ 587.1

Our cokemaking ovens utilize efficient, modern heat recovery technology designed to combust the coal’s volatile components liberated during the cokemaking process and use the resulting heat to create steam or electricity for sale.

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The energy provided under these arrangements results in transfer of control over time.

Revenues are recognized over time as energy is delivered to our customers, in an amount based on the terms of each arrangement.

Revenues are recognized over time as energy is delivered to our

customers, in an amount based on the terms of each arrangement.

Energy generated at our remaining facilities is either used internally or provided, at minimal cost, to energy suppliers.

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Energy 49.6 47.9 47.3

Logistics 81.3 73.1 76.7

Industrial Services (1)

185.7 81.3 73.1

Operating and licensing fees 35.7 35.1 35.2

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Sales and other operating revenue $ 1,837.3 $ 1,935.4 $ 2,063.2

(1) The increase in 2025 reflects the inclusion of five months of Phoenix Global results .

See Note 4 Customer Concentrations for further detail on operating revenue.

The following tables provide disaggregated sales and other operating revenue by domestic and international:

Years Ended December 31,

2025 2024 2023

(Dollars in millions)

Sales and other operating revenue:

Domestic $ 1,769.4 $ 1,900.3 $ 2,028.0

International 67.9 35.1 35.2

Sales and other operating revenue $ 1,837.3 $ 1,935.4 $ 2,063.2

Business Segment Information

The Company’s reportable segments are strategic business units that offer different products and services.

They are managed separately because each business requires different operational support and management.

The Company reports its business through three reportable segments:

Domestic Coke, Brazil Coke and Logistics.

Prior to the acquisition of Phoenix Global, the Company consisted of three reportable segments, Domestic Coke, Brazil Coke and Logistics.

Following the acquisition, the Company has concluded the Phoenix Global operating segment will be included in a reportable segment, Industrial Services, with the Logistics operating segment.

The decision to aggregate results from the similarities between the two businesses including, providing material handling services to industrial manufacturing customers under long-term contracts or annual purchase orders, similar economic characteristics, similar equipment and labor force as well as similar types and often overlapping customers.

Additionally, the Company historically elected to present the Brazil cokemaking operations as a separate reportable segment without it meeting the quantitative thresholds requiring separate segment reporting.

The Company reassessed this election and will no longer present the Brazil cokemaking operations as a separate reportable segment.

Based on the materiality of the Brazil cokemaking operations, Brazil Coke is included in “Corporate and Other.” Following these changes, the Company now consists of two reportable segments, Domestic Coke and Industrial Services.

Accordingly, the Company has recast all segment information for all prior periods presented herein to reflect this change.

The Domestic Coke segment includes the Jewell, Indiana Harbor, Haverhill, Granite City and Middletown cokemaking facilities.

Each of these facilities produces coke, and all facilities except Jewell recover waste heat which is converted to steam or electricity.

The Brazil Coke segment includes the licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil, under which we operate a cokemaking facility located in Vitória, Brazil through January 2028.

Logistics operations are comprised of CMT, KRT, and Lake Terminal, which provides services to our Indiana Harbor cokemaking facility.

Handling and mixing results are presented in the Logistics segment.

The Company elected to combine Dismal River Terminal (“DRT”) operations into the Jewell cokemaking operations in the Domestic Coke segment beginning January 1, 2023.

The DRT results were included in the Logistics segment in 2022 and are not recast.

The Industrial Services segment includes the Convent Marine Terminal (“CMT”), Kanawha River Terminal (“KRT”), Lake Terminal, which provides services to our Indiana Harbor cokemaking facility, and fifteen molten slag removal, handling and processing operating sites across the United States, Brazil, Slovakia and Spain.

Corporate expenses that can be identified with a segment have been included in determining segment results.

The remainder is included in Corporate and Other, which is not a reporting segment, but which also includes activity from our legacy coal mining business.

The remainder is included in Corporate and Other, which is not a reportable segment, but which also includes licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil as well as the expenses related to those operations and activity from our legacy coal mining business.

Segment assets are those assets utilized within a specific segment.

In considering the financial performance of the business, the chief operating decision maker (“CODM”), who is the Company’s President and Chief Executive Officer, evaluates the performance of its segments based on Adjusted EBITDA reportable segments, which is defined as earnings before interest, taxes, depreciation and amortization, adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, transaction costs, and/or corporate/other expenses (“Adjusted EBITDA reportable segments”).

In considering the financial performance of the business, the CODM, who is the Company’s President and Chief Executive Officer, evaluates the performance of its segments based on Adjusted EBITDA reportable segments, which is defined as earnings before interest, taxes, depreciation and amortization, adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, gains or losses on derivative instruments, site closure costs, transaction costs, and/or corporate/other expenses (“Adjusted EBITDA reportable segments”).

The CODM uses this measure to help determine the allocation of costs and resources to our reportable segments.

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(Dollars in millions)

Domestic Coke Brazil Coke Logistics Total

Domestic Coke Industrial Services Total

Sales and other operating revenue $ 1,613.8 $ 187.8 $ 1,801.6

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Reconciliation of revenue

Corporate and Other 35.7

Elimination of intersegment revenues ( 21.9 )

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Interest expense, net (3)

Long-lived asset impairment (4)

Loss on derivative forward contracts 0.7

Restructuring costs (5)

Site closure costs (6)

Other corporate expenses (7)

Income before income tax expense $ 128.5

(Loss) income before income tax expense $ ( 72.8 )

(1) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

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(3) Interest expense, net of $ 28.4 million reflects (i) consolidated interest expense of $ 32.9 million and (ii) consolidated interest income of $ 4.5 million.

(4) Other corporate expenses represents business expenses not allocated to the Company’s reportable segments and are included in Corporate, which is not a reportable segment.

(4) Primarily reflects the long-lived asset impairment charge associated with our Haverhill I cokemaking facility asset group within the Domestic Coke reportable segment.

See Note 7 to our consolidated financial statements for further detail.

(5) Restructuring costs include severance and other related charges primarily associated with the acquisition of Phoenix Global within the Industrial Services reportable segment.

(6) Primarily reflects costs incurred associated with closing certain Phoenix Global operating sites within the Industrial Services reportable segment.

(7) Other corporate expenses represents business expenses not allocated to the Company’s reportable segments as well as the Company's Brazil cokemaking operations and are included in Corporate, which is not a reportable segment.

Year Ended December 31, 2024

(Dollars in millions)

Domestic Coke Brazil Coke Logistics Total

Domestic Coke Industrial Services Total

Sales and other operating revenue $ 1,817.3 $ 83.0 $ 1,900.3

2 unchanged sentences

Reconciliation of revenue

Corporate and Other 35.1

Elimination of intersegment revenues ( 22.9 )

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(3) Interest expense, net of $ 23.4 million reflects (i) consolidated interest expense of $ 28.7 million and (ii) consolidated interest income of $ 5.3 million.

(4) Other corporate expenses represents business expenses not allocated to the Company’s reportable segments and are included in Corporate, which is not a reportable segment.

(4) Other corporate expenses represents business expenses not allocated to the Company’s reportable segments as well as the Company's Brazil cokemaking operations and are included in Corporate, which is not a reportable segment.

Year Ended December 31, 2023

(Dollars in millions)

Domestic Coke Brazil Coke Logistics Total

Domestic Coke Industrial Services Total

Sales and other operating revenue $ 1,954.0 $ 74.0 $ 2,028.0

2 unchanged sentences

Reconciliation of revenue

Corporate and Other 35.2

Elimination of intersegment revenues ( 22.1 )

11 unchanged sentences

(3) Interest expense, net of $ 27.3 million reflects (i) consolidated interest expense of $ 30.0 million and (ii) consolidated interest income of $ 2.7 million.

(4) Other corporate expenses represents business expenses not allocated to the Company’s reportable segments and are included in Corporate, which is not a reportable segment.

The following table sets forth the Company’s depreciation and amortization expense as well as its capital expenditures:

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Domestic Coke $ 105.5 $ 105.2 $ 129.4

Brazil Coke 0.3 0.3 0.2

Logistics 12.6 12.8 14.5

Industrial Services 45.8 12.6 12.8

Total reportable segments $ 151.3 $ 117.8 $ 142.2

3 unchanged sentences

Domestic Coke $ 26.4 $ 64.2 $ 103.2

Brazil Coke 8.0 0.4 0.1

Logistics 0.2 5.1 4.5

Industrial Services 39.8 8.0 5.1

Total reportable segments $ 66.2 $ 72.2 $ 108.3

5 unchanged sentences

Domestic Coke $ 1,174.5 $ 1,351.1

Brazil Coke 10.2 11.9

Logistics 158.2 158.4

Industrial Services 544.3 158.2

Total reportable segments $ 1,718.8 $ 1,509.3

1 unchanged sentence

Total assets $ 1,789.9 $ 1,668.2

The following table sets forth the Company's assets disaggregated by domestic and international:

(Dollars in millions)

Domestic $ 1,650.9 $ 1,658.0

International 139.0 10.2

Total assets $ 1,789.9 $ 1,668.2

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data