NACCO Industries (NC) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-9172
Entity Registrant Name	NACCO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1505819
Entity Address, Address Line One	22901 Millcreek Blvd.
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44122
City Area Code	(440)
Local Phone Number	229-5151
Title of 12(b) Security	Class A Common Stock, $1 par value per share
Trading Symbol	NC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000789933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Former Address
Entity Information [Line Items]
Entity Address, Address Line One	5875 Landerbrook Drive
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124
Shares Outstanding Class A
Entity Information [Line Items]
Shares Outstanding (in shares)		5,787,521
Shares Outstanding Class B
Entity Information [Line Items]
Shares Outstanding (in shares)		1,565,685

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 62,361	$ 85,109
Cash held by 1031 exchange facilitator	6,721	0
Inventories	83,399	77,000
Assets held for sale	4,739	6,466
Prepaid insurance	7,192	1,790
Other current assets	23,612	16,344
Total current assets	231,036	231,998
Property, plant and equipment, net	241,153	223,902
Intangibles, net	5,764	6,006
Deferred income taxes	15,018	15,081
Investments in unconsolidated subsidiaries	15,371	12,371
Operating lease right-of-use assets	8,080	8,667
Other non-current assets	43,636	41,683
Total assets	560,058	539,708
LIABILITIES AND EQUITY
Revolving credit agreements	27,500	10,000
Current maturities of long-term debt	4,369	3,953
Asset retirement obligations	13,095	13,114
Accrued payroll	12,927	17,317
Deferred revenue	843	878
Other current liabilities	7,475	7,118
Total current liabilities	81,826	69,986
Long-term debt	29,027	22,003
Operating lease liabilities	8,039	8,782
Asset retirement obligations	38,779	39,499
Pension and other postretirement obligations	4,904	5,183
Liability for uncertain tax positions	5,795	5,795
Other long-term liabilities	7,598	6,120
Total liabilities	175,968	157,368
Common stock:
Capital in excess of par value	30,451	28,672
Retained earnings	355,786	355,873
Accumulated other comprehensive loss	(9,501)	(9,654)
Total stockholders' equity	384,090	382,340
Total liabilities and equity	560,058	539,708
Nonrelated Party
ASSETS
Trade accounts receivable and accounts receivable from affiliates	36,635	37,429
LIABILITIES AND EQUITY
Accounts payable and accounts payable to affiliates	14,226	16,702
Affiliated Entity
ASSETS
Trade accounts receivable and accounts receivable from affiliates	6,377	7,860
LIABILITIES AND EQUITY
Accounts payable and accounts payable to affiliates	1,391	904
Class A Common Stock
Common stock:
Common stock	5,788	5,883
Class B Common Stock
Common stock:
Common stock	$ 1,566	$ 1,566

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Class A Common Stock
Common stock, par value (in dollars per share) | $ / shares	$ 1	$ 1
Common stock, shares outstanding (in shares) | shares	5,787,521	5,882,845
Class B Common Stock
Common stock, par value (in dollars per share) | $ / shares	$ 1	$ 1
Common stock, shares outstanding (in shares) | shares	1,565,685	1,565,819
Common stock, convertible conversion ratio	1	1

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 52,345	$ 61,350	$ 105,634	$ 111,491
Cost of sales	45,327	54,943	91,598	101,727
Gross profit	7,018	6,407	14,036	9,764
Earnings of unconsolidated operations	13,592	11,084	26,899	24,908
Operating expenses
Selling, general and administrative expenses	17,720	14,746	33,173	29,622
Amortization of intangible assets	116	927	242	1,654
(Gain) loss on sale of assets	(4,592)	68	(4,603)	(168)
Operating expenses	13,244	15,741	28,812	31,108
Operating profit	7,366	1,750	12,123	3,564
Other expense (income)
Interest expense	1,311	572	2,422	1,117
Interest income	(1,038)	(1,714)	(2,165)	(2,869)
Closed mine obligations	471	433	926	842
Loss (gain) on equity securities	264	(421)	(777)	(1,049)
Other, net	130	(377)	(84)	(2,102)
Other (income) expense	1,138	(1,507)	322	(4,061)
Income before income tax provision (benefit)	6,228	3,257	11,801	7,625
Income tax provision (benefit)	256	737	1,259	(587)
Net income	$ 5,972	$ 2,520	$ 10,542	$ 8,212
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.81	$ 0.34	$ 1.42	$ 1.10
Diluted earnings per share (in dollars per share)	$ 0.81	$ 0.34	$ 1.42	$ 1.09
Basic weighted average shares outstanding (in shares)	7,394	7,513	7,419	7,465
Diluted weighted average shares outstanding (in shares)	7,394	7,513	7,437	7,515

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 5,972	$ 2,520	$ 10,542	$ 8,212
Reclassification of pension and postretirement adjustments into earnings, net of $25 and $48 tax benefit in the three and six months ended June 30, 2024, respectively, and net of $6 and $12 tax benefit in the three and six months ended June 30, 2023, respectively.	77	18	153	39
Total other comprehensive income	77	18	153	39
Comprehensive income	$ 6,049	$ 2,538	$ 10,695	$ 8,251

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Reclassification of pension and postretirement adjustments into earnings, tax benefit	$ (25)	$ (6)	$ (48)	$ (12)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net cash (used for) provided by operating activities	$ (5,698)	$ 23,287
Investing activities
Expenditures for property, plant and equipment and acquisition of mineral interests	(22,401)	(14,135)
Proceeds from the sale of property, plant and equipment	91	298
Proceeds from the sale of private company equity units	0	1,153
Other	(965)	(15)
Net cash used for investing activities	(23,275)	(12,699)
Financing activities
Additions to long-term debt	2,237	1,121
Reductions of long-term debt	(2,647)	(2,251)
Net additions to revolving credit agreements	17,500	0
Cash dividends paid	(3,306)	(3,190)
Purchase of treasury shares	(7,559)	0
Net cash provided by (used for) financing activities	6,225	(4,320)
Cash and cash equivalents
Total (decrease) increase for the period	(22,748)	6,268
Balance at the beginning of the period	85,109	110,748
Balance at the end of the period	$ 62,361	$ 117,016

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2022	$ 426,966	$ 5,783	$ 1,566	$ 23,706	$ 404,924	$ (9,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	564	161		403
Net income	5,692				5,692
Cash dividends on Class A and Class B common stock	(1,557)				(1,557)
Reclassification adjustment to net income, net of tax	21					21
Balance, end of period at Mar. 31, 2023	431,686	5,944	1,566	24,109	409,059	(8,992)
Balance, beginning of period at Dec. 31, 2022	426,966	5,783	1,566	23,706	404,924	(9,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,212
Balance, end of period at Jun. 30, 2023	433,398	5,954	1,566	24,906	409,946	(8,974)
Balance, beginning of period at Mar. 31, 2023	431,686	5,944	1,566	24,109	409,059	(8,992)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	807	10		797
Net income	2,520				2,520
Cash dividends on Class A and Class B common stock	(1,633)				(1,633)
Reclassification adjustment to net income, net of tax	18					18
Balance, end of period at Jun. 30, 2023	433,398	5,954	1,566	24,906	409,946	(8,974)
Balance, beginning of period at Dec. 31, 2023	382,340	5,883	1,566	28,672	355,873	(9,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	531	130		401
Purchase of treasury shares	(4,274)	(128)			(4,146)
Net income	4,570				4,570
Cash dividends on Class A and Class B common stock	(1,630)				(1,630)
Reclassification adjustment to net income, net of tax	76					76
Balance, end of period at Mar. 31, 2024	381,613	5,885	1,566	29,073	354,667	(9,578)
Balance, beginning of period at Dec. 31, 2023	382,340	5,883	1,566	28,672	355,873	(9,654)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,542
Balance, end of period at Jun. 30, 2024	384,090	5,788	1,566	30,451	355,786	(9,501)
Balance, beginning of period at Mar. 31, 2024	381,613	5,885	1,566	29,073	354,667	(9,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,389	11		1,378
Purchase of treasury shares	(3,285)	(108)			(3,177)
Net income	5,972				5,972
Cash dividends on Class A and Class B common stock	(1,676)				(1,676)
Reclassification adjustment to net income, net of tax	77					77
Balance, end of period at Jun. 30, 2024	$ 384,090	$ 5,788	$ 1,566	$ 30,451	$ 355,786	$ (9,501)

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in dollars per share)	$ 0.2275	$ 0.2175	$ 0.2175	$ 0.2075

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of NACCO Industries, Inc. ® (“NACCO”) and its wholly owned subsidiary, NACCO Natural Resources ® (collectively, the “Company”). NACCO Natural Resources brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust business portfolio. The Company operates under three business segments: Coal Mining, North American Mining ® ("NAMining") and Minerals Management. The Coal Mining segment operates surface coal mines for power generation companies. The NAMining segment is a trusted mining partner for producers of aggregates, activated carbon, lithium and other industrial minerals. The Minerals Management segment, which includes the Catapult Mineral Partners ("Catapult") business, acquires and promotes the development of mineral interests. Mitigation Resources of North America ® ("Mitigation Resources") provides stream and wetland mitigation solutions as well as comprehensive reclamation and restoration construction services. The Company has items not directly attributable to a reportable segment that are not included in the reported financial results of the operating segment. These items primarily include administrative costs related to public company reporting requirements, including management and board compensation, and the financial results of Bellaire Corporation ("Bellaire"), Mitigation Resources and other developing businesses. Bellaire manages the Company’s long-term liabilities related to former Eastern U.S. underground mining activities. Intercompany accounts and transactions are eliminated in consolidation. See Note 8 for further discussion of segment reporting. The Company’s operating segments are further described below: Coal Mining Segment The Coal Mining segment operates surface coal mines under long-term contracts with power generation companies pursuant to a service-based business model. Coal is surface mined in North Dakota and Mississippi. Each mine is fully integrated with its customer's operations. During the three and six months ended June 30, 2024, the Coal Mining segment's operating coal mines were: The Coteau Properties Company (“Coteau”), Coyote Creek Mining Company, LLC (“Coyote Creek”), The Falkirk Mining Company (“Falkirk”) and Mississippi Lignite Mining Company (“MLMC”). Each of these mines supply lignite coal for power generation and delivers its coal production to an adjacent power plant or synfuels plant under a long-term supply contract. While MLMC’s coal supply contract contains a take or pay provision, the contract contains a force majeure provision that allows for the temporary suspension of the take or pay provision during the duration of certain specified events beyond the control of either party; all other coal supply contracts are requirements contracts. Certain coal supply contracts can be terminated early, which would result in a reduction to future earnings. The MLMC contract is the only coal supply contract in which the Company is responsible for all operating costs, capital requirements and final mine reclamation; therefore, MLMC is consolidated within NACCO’s financial statements. MLMC sells coal to its customer's Red Hills Power Plant at a contractually agreed-upon price which adjusts monthly, primarily based on changes in the level of established indices which reflect general U.S. inflation rates. Profitability at MLMC is affected by customer demand for coal and changes in the indices that determine sales price and actual costs incurred. As diesel fuel is heavily weighted among the indices used to determine the coal sales price, fluctuations in diesel fuel prices can result in significant fluctuations in earnings at MLMC. The Red Hills Power Plant supplies electricity to the Tennessee Valley Authority (“TVA”) under a long-term power purchase agreement. MLMC’s contract with its customer runs through April 1, 2032. TVA’s power portfolio includes coal, nuclear, hydroelectric, natural gas and renewables. The decision regarding which power plants to dispatch is determined by TVA. Reduction in dispatch of the Red Hills Power Plant will result in reduced earnings at MLMC. On December 18, 2023, MLMC received notice from its customer related to an issue that began on December 15, 2023 and impacted one of two boilers at the Red Hills Power Plant. This issue resulted in a reduction in customer demand which had a significant impact on the Company's results of operations during the first six months of 2024. Based on current expectations, repairs to the boiler will be resolved and the plant will be fully operational by fourth quarter 2024. The Sabine Mining Company (“Sabine”) operates the Sabine Mine in Texas. All production from Sabine was delivered to Southwestern Electric Power Company's (“SWEPCO”) Henry W. Pirkey Plant (the “Pirkey Plant”). SWEPCO is an American Electric Power (“AEP”) company. As a result of the early retirement of the Pirkey Plant, Sabine ceased deliveries and final reclamation began on April 1, 2023. Funding for mine reclamation is the responsibility of SWEPCO, and Sabine receives compensation for providing mine reclamation services. Sabine will provide mine reclamation services through September 30, 2026. On October 1, 2026, SWEPCO is scheduled to acquire all of the capital stock of Sabine and complete the remaining mine reclamation. At Coteau, Coyote Creek and Falkirk, the Company is paid a management fee per ton of coal or heating unit (MMBtu) delivered. Each contract specifies the indices and mechanics by which fees change over time, generally in line with broad measures of U.S. inflation. The customers are responsible for funding all mine operating costs, including final mine reclamation, and directly or indirectly providing all of the capital required to build and operate the mine. This contract structure eliminates exposure to spot coal market price fluctuations while providing income and cash flow with minimal capital investment. Other than at Coyote Creek, debt financing provided by or supported by the customers is without recourse to the Company. See Note 6 for further discussion of Coyote Creek's guarantees. Coteau, Coyote Creek, Falkirk and Sabine each meet the definition of a variable interest entity ("VIE"). In each case, NACCO is not the primary beneficiary of the VIE as it does not exercise financial control; therefore, NACCO does not consolidate the results of these operations within its financial statements. Instead, these contracts are accounted for as equity method investments. The Company regularly evaluates if there are reconsideration events which could change the Company's conclusion as to whether these entities meet the definition of a VIE and the determination of the primary beneficiary. The income before income taxes associated with these VIEs is reported as Earnings of unconsolidated operations on the Unaudited Condensed Consolidated Statements of Operations and the Company’s investment is reported on the line Investments in unconsolidated subsidiaries in the Unaudited Condensed Consolidated Balance Sheets. The mines that meet the definition of a VIE are referred to collectively as the “Unconsolidated Subsidiaries.” For tax purposes, the Unconsolidated Subsidiaries are included within the NACCO consolidated U.S. tax return; therefore, the Income tax provision (benefit) line on the Unaudited Condensed Consolidated Statements of Operations includes income taxes related to these entities. See Note 6 for further information on the Unconsolidated Subsidiaries. The Company performs contemporaneous reclamation activities at each mine in the normal course of operations. Under all of the Unconsolidated Subsidiaries’ contracts, the customer has the obligation to fund final mine reclamation activities. Under certain contracts, the Unconsolidated Subsidiary holds the mine permit and is therefore responsible for final mine reclamation activities. To the extent the Unconsolidated Subsidiary performs such final reclamation, it is compensated for providing those services in addition to receiving reimbursement from customers for costs incurred. NAMining Segment The NAMining segment provides value-added contract mining and other services for producers of industrial minerals. The segment is a platform for the Company’s growth and diversification of mining activities outside of the thermal coal industry. NAMining provides contract mining services for independently owned mines and quarries, creating value for its customers by performing the mining aspects of its customers’ operations. This allows customers to focus on their areas of expertise: materials handling and processing, product sales and distribution. As of June 30, 2024, NAMining operates in Florida, Texas, Arkansas, Virginia and Nebraska. In addition, Sawtooth Mining, LLC ("Sawtooth") has exclusive responsibility for mining and mine closure services for the Thacker Pass lithium project in northern Nevada, including mine design, construction, operation and maintenance. Certain of the entities within the NAMining segment are VIEs and are accounted for under the equity method as Unconsolidated Subsidiaries. See Note 6 for further discussion. Minerals Management Segment The Minerals Management segment derives income primarily by leasing its royalty and mineral interests to third-party exploration and production companies, and, to a lesser extent, other mining companies, granting them the rights to explore, develop, mine, produce, market and sell gas, oil, and coal in exchange for royalty payments based on the lessees' sales of those minerals. The Minerals Management segment owns royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests. • Royalty Interest. Royalty interests generally result when the owner of a mineral interest leases the underlying minerals to an exploration and production company pursuant to an oil and gas lease. Typically, the resulting royalty interest is a cost-free percentage of production revenues for minerals extracted from the acreage. A holder of royalty interests is generally not responsible for capital expenditures or lease operating expenses, but royalty interests may be calculated net of post-production expenses, and typically have no environmental liability. Royalty interests leased to producers expire upon the expiration of the oil and gas lease and revert to the mineral owner. • Mineral Interest. Mineral interests are perpetual rights of the owner to explore, develop, exploit, mine and/or produce any or all of the minerals lying below the surface of the property. The holder of a mineral interest has the right to lease the minerals to an exploration and production company. Upon the execution of an oil and gas lease, the lessee (the exploration and production company) becomes the working interest owner and the lessor (the mineral interest owner) has a royalty interest. • Non-Participating Royalty Interest (“NPRIs”). NPRI is an interest in oil and gas production which is created from the mineral estate. The NPRI is expense-free, bearing no operational costs of production. The term “non-participating” indicates that the interest owner does not share in the bonus, rentals from a lease, nor the right to participate in the execution of oil and gas leases. The NPRI owner does, however, typically receive royalty payments. • Overriding Royalty Interest (“ORRIs”). ORRIs are created by carving out the right to receive royalties from a working interest. Like royalty interests, ORRIs do not confer an obligation to make capital expenditures or pay for lease operating expenses and have limited environmental liability; however, ORRIs may be calculated net of post-production expenses, depending on how the ORRI is structured. ORRIs that are carved out of working interests are linked to the same underlying oil and gas lease that created the working interest, and therefore, such ORRIs are typically subject to expiration upon the expiration or termination of the oil and gas lease. The Company may own more than one type of mineral and royalty interest in the same tract of land. For example, where the Company owns an ORRI in a lease on the same tract of land in which it owns a mineral interest, the ORRI in that tract will relate to the same gross acres as the mineral interest in that tract. The Minerals Management segment will benefit from the continued development of its mineral properties without the need for investment of additional capital once mineral and royalty interests have been acquired. The Minerals Management segment does not currently have any material investments under which it would be required to bear the cost of exploration, production or development. The Company's acquisition criteria for building a blended portfolio of mineral and royalty interests includes (i) new wells anticipated to come online within one to two years of investment, (ii) areas with forecasted future development within five years after acquisition and (iii) existing producing wells further along the decline curve that will generate stable cash flow. In addition, acquisitions should extend the geographic footprint to diversify across multiple basins with a preliminary focus on the more oil-rich Permian basin and a secondary focus on other diversifying basins to increase regional exposure. While the current focus is on the acquisition of mineral and royalty interests, the Company would also consider investments in ORRIs, NPRIs or non-operating working interests under certain circumstances. The current acquisition strategy does not contemplate any near-term working interest investments in which the Company would act as the operator. The Company also manages legacy royalty and mineral interests located in Ohio (Utica and Marcellus shale natural gas), Louisiana (Haynesville shale and Cotton Valley formation natural gas), Texas (Cotton Valley and Austin Chalk formation natural gas), Mississippi (coal), Pennsylvania (coal, coalbed methane and Marcellus shale natural gas), Alabama (coal, coalbed methane and natural gas) and North Dakota (coal, oil and natural gas). The majority of the Company’s legacy reserves were acquired as part of its historical coal mining operations. Other Items: On December 1, 2022, the Company transferred its ownership interest in Midwest AgEnergy Group, LLC (“MAG”), a North Dakota-based ethanol business to HLCP Ethanol Holdco, LLC (“HLCP”). The Company received a payment of $1.2 million in the first quarter of 2023 in connection with a post-closing purchase price adjustment, which is included on the line Other, net within the accompanying Unaudited Condensed Consolidated Statements of Operations. The Company has cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. In May 2024, the Company sold land and recognized a $4.5 million gain in the Minerals Management segment. The Company structured this transaction in a manner that qualified as like-kind exchange pursuant to Section 1031 of the Internal Revenue Code. The net proceeds are being held in escrow until replacement property is purchased. A $0.3 million property related to this like-kind exchange was acquired in June 2024. The Company had $6.7 million and $0.0 million of cash at June 30, 2024 and December 31, 2023, respectively, which is reported on the line Cash held by 1031 exchange facilitator in the Unaudited Condensed Consolidated Balance Sheets. The Company is evaluating other acquisitions which, if executed, could utilize some or all of the remaining cash. Basis of Presentation: These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company at June 30, 2024, the results of its operations, comprehensive income, cash flows and changes in equity for the six months ended June 30, 2024 and 2023 have been included. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. GAAP for complete financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Nature of Performance Obligations At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Each mine or mine area has a contract with its respective customer that represents a contract under ASC 606. For its consolidated entities, the Company’s performance obligations vary by contract and consist of the following: At MLMC, each MMBtu delivered during the production period is considered a separate performance obligation. Revenue is recognized at the point in time that control of each MMBtu of lignite transfers to the customer. Fluctuations in revenue from period to period generally result from changes in customer demand. At NAMining, the management service to oversee the operation of the equipment, and delivery of aggregates or other minerals is the performance obligation accounted for as a series. Performance momentarily creates an asset that the customer simultaneously receives and consumes; therefore, control is transferred to the customer over time. Consistent with the conclusion that the customer simultaneously receives and consumes the benefits provided, an input-based measure of progress is appropriate. As each month of service is completed, revenue is recognized for the amount of actual costs incurred, plus the management fee or fixed fee and the general and administrative fee (as applicable). Fluctuations in revenue from period to period result from changes in customer demand primarily due to increases and decreases in activity levels on individual contracts and variances in reimbursable costs. Revenue from part sales is recognized upon transfer of control of the parts to the customer. The Minerals Management segment enters into contracts which grant the right to explore, develop, produce and sell minerals controlled by the Company. These arrangements result in the transfer of mineral rights for a period of time; however, no rights to the actual land are granted other than access for purposes of exploration, development, production and sales. The mineral rights revert back to the Company at the expiration of the contract. Under these contracts, granting exclusive right, title, and interest in and to minerals, if any, is the performance obligation. The performance obligation under these contracts represents a series of distinct goods or services whereby each day of access that is provided is distinct. The transaction price consists of a variable sales-based royalty and, in certain arrangements, a fixed component in the form of an up-front lease bonus payment. As the amount of consideration the Company will ultimately be entitled to is entirely susceptible to factors outside its control, the entire amount of variable consideration is constrained at contract inception. The Company believes that the pricing provisions of royalty contracts are customary in the industry. Up-front lease bonus payments represent the fixed portion of the transaction price and are recognized over the primary term of the contract, which is generally three Mitigation Resources generates and sells stream and wetland mitigation credits (known as mitigation banking) and provides services to those engaged in permittee-responsible stream and wetland mitigation. Each mitigation credit sale is considered a separate performance obligation. Revenue is recognized at the point in time that control of each mitigation credit transfers to the customer. Fluctuations in revenue from period to period generally result from changes in customer demand. Under the permittee-responsible stream and wetland mitigation model, the contracts are generally structured as a management fee agreement under which Mitigation Resources is reimbursed for all costs incurred in performing the required mitigation plus an agreed profit percentage or a fixed fee. The mitigation services provided is the performance obligation and is accounted for as a series. Performance momentarily creates an asset that the customer simultaneously receives and consumes; therefore, control is transferred to the customer as work is completed. Consistent with the conclusion that the customer simultaneously receives and consumes the benefits provided, an input-based measure of progress is appropriate. As each month of service is completed, revenue is recognized for the amount of actual costs incurred, plus the management fee or fixed fee. Fluctuations in revenue from period to period result from changes in customer demand primarily due to increases and decreases in activity levels of individual contracts and variances in reimbursable costs. Significant Judgments The Company’s contracts with its customers in the Coal Mining and NAMining segments contain different types of variable consideration including, but not limited to, management fees that adjust based on volumes or MMBtu delivered however, the terms of these variable payments relate specifically to the Company's efforts to satisfy one or more, but not all of, the performance obligations (or to a specific outcome from satisfying the performance obligations) in the contract. Therefore, the Company allocates each variable payment (and subsequent changes to that payment) entirely to the specific performance obligation to which it relates. Management fees, as well as general and administrative fees, are also adjusted based on changes in specified indices (e.g., CPI) to compensate for general inflation changes. Index adjustments, if applicable, are effective prospectively. In the Minerals Management segment, the Company has the right to receive revenues from the sale of oil and natural gas through sales of the third-party lessees in which the Company owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred from the operator to the purchaser. Those purchasers remit payment to the operator and the operator, in turn, remits payment to the Company. Receivables from third-party lessees for which the Company did not receive actual production information, either due to timing delays or due to the unavailability of data at the time when revenues are recognized, are estimated using expected sales volumes and estimated prices. The difference between the Company’s estimates and the actual amounts received is recorded in the month that payment is received from the third-party lessee. The Company typically receives payment for oil and natural gas sales within 90 days of the month of delivery. For the three months ended June 30, 2024, differences between the Company’s first quarter pricing estimates and the actual amounts received from operators in the second quarter resulted in a $2.3 million change in estimate. For the six months ended June 30, 2024, change in estimates was immaterial. For the three and six months ended June 30, 2023, change in estimates was immaterial. Cost Reimbursement Certain contracts include reimbursement from customers of actual costs incurred for the purchase of supplies, equipment and services in accordance with contractual terms. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of the Company’s control. Accordingly, reimbursable revenue is fully constrained and not recognized until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. The Company is considered a principal in such transactions and records the associated revenue at the gross amount billed to the customer with the related costs recorded as an expense within cost of sales. At the Thacker Pass lithium project, in addition to management fee income, the customer will reimburse Sawtooth for up to $50 million of capital expenditures. Sawtooth will recognize revenue over the estimated useful life of the asset on a straight-line basis as the performance obligation is satisfied over time. Sawtooth recognized $2.2 million and $1.0 million in revenue for reimbursable costs during the three months ended June 30, 2024 and 2023, respectively. Sawtooth recognized $3.6 million and $1.1 million in revenue for reimbursable costs during the six months ended June 30, 2024 and 2023, respectively. In prior years, the customer received a $3.5 million advance from Sawtooth, which is included in the long-term contract asset. The customer will pay a $4.7 million success fee to Sawtooth upon achieving commercial mining milestones or repay the $3.5 million advance if such commercial mining milestones are not met. Prior Period Performance Obligations As discussed above, the Company records royalty income in the month production is delivered to the purchaser. The expected sales volumes and prices for these properties are estimated and recorded in "Trade accounts receivable" in the accompanying Unaudited Condensed Consolidated Balance Sheets. The difference between the Company’s estimates and the actual amounts received is recorded in the month that payment is received from the third-party lessee. For the three and six months ended June 30, 2024, royalty income recognized in the reporting period related to production satisfied in prior reporting periods was immaterial. For the three and six months ended June 30, 2023, royalty income recognized in the reporting period related to production satisfied in prior reporting periods was $1.4 million. Disaggregation of Revenue In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers into major goods and service lines and timing of transfer of goods and services. The Company determined that disaggregating revenue into these categories achieves the disclosure objective of depicting how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The Company’s business consists of the Coal Mining, NAMining and Minerals Management segments as well as Unallocated Items. See Note 8 to the Unaudited Condensed Consolidated Financial Statements for further discussion of segment reporting. The following table disaggregates revenue by major sources as of June 30: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Timing of Revenue Recognition Goods transferred at a point in time $ 14,498 $ 25,729 $ 29,606 $ 45,875 Services transferred over time 37,847 35,621 76,028 65,616 Total revenues $ 52,345 $ 61,350 $ 105,634 $ 111,491 Contract Balances The opening and closing balances of the Company’s current and long-term contract assets and liabilities and receivables are as follows: Contract balances Trade accounts receivable Contract asset (current) Contract asset Contract liability (current) Contract liability (long-term) Balance, January 1, 2024 $ 37,429 $ — $ 3,712 $ 878 $ 1,470 Balance, June 30, 2024 36,635 2,283 3,500 843 3,100 Increase (decrease) $ (794) $ 2,283 $ (212) $ (35) $ 1,630 As described above, the Company enters into royalty contracts that grant exclusive right, title, and interest in and to minerals. The transaction price consists of a variable sales-based royalty and, in certain arrangements, a fixed component in the form of an up-front lease bonus payment. The timing of the payment of the fixed portion of the transaction price is upfront, however, the performance obligation is satisfied over the primary term of the contract, which is generally three three The Company expects to recognize an additional $0.8 million in the remainder of 2024, $1.1 million in 2025, $0.1 million in 2026 and 2027 and $1.9 million in the years after 2027 related to the contract liability remaining at June 30, 2024. The difference between the opening and closing balances of the Company’s contract balances results from the timing difference between the Company’s performance and the customer’s payment. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are summarized as follows: JUNE 30 DECEMBER 31 Coal and aggregates $ 24,637 $ 23,784 Mining supplies 58,762 53,216 Total inventories $ 83,399 $ 77,000 During the three and six months ended June 30, 2024, the Company recorded a $0.7 million and $3.1 million inventory impairment charge, respectively. During the three and six months ended June 30, 2023, the Company recorded a $1.8 million and $4.2 million inventory impairment charge, respectively. The inventory impairment charges are in the line “Cost of sales” in the accompanying Unaudited Condensed Consolidated Statements of Operations as the cost-basis of coal inventory exceeded its net realizable value at MLMC.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Repurchase Program: On November 7, 2023, the Company's Board of Directors approved a stock repurchase program ("2023 Stock Repurchase Program") providing for the purchase of up to $20.0 million of the Company’s outstanding Class A Common stock through December 31, 2025. NACCO's previous repurchase program would have expired on December 31, 2023 but was terminated and replaced by the 2023 Stock Repurchase Program. During the three and six months ended June 30, 2024, the Company repurchased 108,371 and 236,058 shares, respectively, of Class A Common Stock under the 2023 Stock Repurchase Program for an aggregate purchase price of $3.3 million and $7.6 million, respectively.

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure Recurring Fair Value Measurements : The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Date (Level 1) (Level 2) (Level 3) June 30, 2024 Assets: Equity securities $ 18,039 $ 18,039 $ — $ — $ 18,039 $ 18,039 $ — $ — December 31, 2023 Assets: Equity securities $ 17,208 $ 17,208 $ — $ — $ 17,208 $ 17,208 $ — $ — Bellaire Corporation (“Bellaire”) is a non-operating subsidiary of the Company with legacy liabilities relating to closed mining operations, primarily former Eastern U.S. underground coal mining operations. Prior to 2023, Bellaire contributed $5.0 million to establish a mine water treatment trust (the "Mine Water Treatment Trust") to assure the long-term treatment of post-mining discharge. Bellaire's Mine Water Treatment Trust invests in equity securities that are reported at fair value based upon quoted market prices in active markets for identical assets; therefore, they are classified as Level 1 within the fair value hierarchy. The fair value of the Mine Water Treatment Trust was $12.2 million and $11.2 million at June 30, 2024 and December 31, 2023, respectively, and is included in Other non-current assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The Company recognized a gain of $0.3 million and $1.0 million during the three and six months ended June 30, 2024, respectively, and a gain of $0.5 million and $1.0 million during the three and six months ended June 30, 2023, respectively, related to the Mine Water Treatment Trust. Prior to 2023, the Company invested $2.0 million in equity securities of a public company with a diversified portfolio of royalty producing mineral interests. The investment is reported at fair value based upon quoted market prices in active markets for identical assets; therefore, it is classified as Level 1 within the fair value hierarchy. The fair value of this investment was $5.8 million and $6.0 million at June 30, 2024 and December 31, 2023, respectively, and is included in Other non-current assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The Company recognized a loss of $0.5 million and $0.2 million during the three and six months ended June 30, 2024, respectively, and a loss of $0.1 million and a de minimis gain during the three and six months ended June 30, 2023, respectively, related to the investment in these equity securities. The change in fair value of equity securities is reported on the line Loss (gain) on equity securities in the Other (income) expense section of the Unaudited Condensed Consolidated Statements of Operations. There were no transfers into or out of Levels 1, 2 or 3 during the six months ended June 30, 2024 and 2023.

Unconsolidated Subsidiaries

Unconsolidated Subsidiaries	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Subsidiaries	Unconsolidated Subsidiaries Each of the Company's wholly owned Unconsolidated Subsidiaries, within the Coal Mining and NAMining segments, meet the definition of a VIE. The Unconsolidated Subsidiaries are capitalized primarily with debt financing provided by or supported by their respective customers, and generally without recourse to the Company. Although the Company owns 100% of the equity and manages the daily operations of the Unconsolidated Subsidiaries, the Company has determined that the equity capital provided by the Company is not sufficient to adequately finance the ongoing activities or absorb any expected losses without additional support from the customers. The customers have a controlling financial interest and have the power to direct the activities that most significantly affect the economic performance of the entities. As a result, the Company is not the primary beneficiary and therefore does not consolidate these entities' financial positions or results of operations. See Note 1 for a discussion of these entities. The Investment in the unconsolidated subsidiaries and related tax positions totaled $15.4 million and $12.4 million at June 30, 2024 and December 31, 2023, respectively. The Company's maximum risk of loss relating to these entities is limited to its invested capital, which was $5.1 million and $5.0 million at June 30, 2024 and December 31, 2023, respectively. Earnings of unconsolidated operations were $13.6 million and $26.9 million during the three and six months ended June 30, 2024, respectively, and $11.1 million and $24.9 million during the three and six months ended June 30, 2023, respectively. NACCO Natural Resources Corporation ("NACCO Natural Resources"), a wholly-owned subsidiary of NACCO, is a party to certain guarantees related to Coyote Creek. Under certain circumstances of default or termination of Coyote Creek’s Lignite Sales Agreement (“LSA”), NACCO Natural Resources would be obligated for payment of a "make-whole" amount to Coyote Creek’s third-party lenders. The “make-whole” amount is based on the excess, if any, of the discounted value of the remaining scheduled debt payments over the principal amount. In addition, in the event Coyote Creek’s LSA is terminated by Coyote Creek’s customers, NACCO Natural Resources is obligated to purchase Coyote Creek’s dragline and rolling stock for the then net book value of those assets. To date, no payments have been required from NACCO Natural Resources since the inception of these guarantees. The Company believes that the likelihood NACCO Natural Resources would be required to perform under the guarantees is remote, and no amounts related to these guarantees have been recorded.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against NACCO and certain subsidiaries relating to the conduct of their businesses. These proceedings and claims are incidental to the ordinary course of business of the Company. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. These matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of an adverse impact on the Company’s financial position, results of operations and cash flows of the period in which the ruling occurs, or in future periods.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments The Company’s operating segments are: (i) Coal Mining, (ii) NAMining and (iii) Minerals Management. The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company’s Chief Operating Decision Maker utilizes operating profit to evaluate segment performance and allocate resources. The Company has items not directly attributable to a reportable segment that are not included as part of the measurement of segment operating profit. These items primarily include administrative costs related to public company reporting requirements at the parent company and the financial results of Mitigation Resources and Bellaire. Mitigation Resources generates and sells stream and wetland mitigation credits (known as mitigation banking) and provides services to those engaged in permittee-responsible stream and wetland mitigation. Bellaire manages the Company’s long-term liabilities related to former Eastern U.S. underground mining activities. All financial statement line items below operating profit (other income including interest expense and interest income, the provision (benefit) for income taxes and net income) are presented and discussed within this Form 10-Q on a consolidated basis. The following table presents Revenues, Cost of sales, Earnings of unconsolidated operations, Operating expenses, Operating profit (loss), Expenditures for property, plant and equipment and acquisition of mineral interests and Depreciation, depletion and amortization expense: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Revenues Coal Mining $ 14,996 $ 26,343 $ 30,541 $ 46,996 NAMining 27,920 21,716 52,403 42,349 Minerals Management 5,593 9,171 15,994 17,456 Unallocated Items 4,566 4,628 7,828 5,819 Eliminations (730) (508) (1,132) (1,129) Total $ 52,345 $ 61,350 $ 105,634 $ 111,491 Cost of sales Coal Mining $ 16,138 $ 33,269 $ 37,081 $ 59,147 NAMining 24,254 18,884 45,925 38,125 Minerals Management 1,501 910 2,865 1,962 Unallocated Items 4,167 2,375 6,879 3,589 Eliminations (733) (495) (1,152) (1,096) Total $ 45,327 $ 54,943 $ 91,598 $ 101,727 Earnings of unconsolidated operations Coal Mining $ 12,006 $ 9,962 $ 24,013 $ 22,428 NAMining 1,448 1,122 2,813 2,480 Minerals Management 138 — 73 — Total $ 13,592 $ 11,084 $ 26,899 $ 24,908 Operating expenses (income)* Coal Mining $ 8,097 $ 7,711 $ 15,123 $ 14,639 NAMining 2,029 1,740 3,851 3,660 Minerals Management (3,361) 972 (2,319) 2,161 Unallocated Items 6,479 5,318 12,157 10,648 Total $ 13,244 $ 15,741 $ 28,812 $ 31,108 Operating profit (loss) Coal Mining $ 2,767 $ (4,675) $ 2,350 $ (4,362) NAMining 3,085 2,214 5,440 3,044 Minerals Management 7,591 7,289 15,521 13,333 Unallocated Items (6,080) (3,065) (11,208) (8,418) Eliminations 3 (13) 20 (33) Total $ 7,366 $ 1,750 $ 12,123 $ 3,564 *Operating expenses (income) consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Expenditures for property, plant and equipment and acquisition of mineral interests Coal Mining $ 1,913 $ 1,032 $ 3,707 $ 3,718 NAMining 5,168 4,507 10,986 8,930 Minerals Management 10 638 146 982 Unallocated Items 827 79 7,562 505 Total $ 7,918 $ 6,256 $ 22,401 $ 14,135 Depreciation, depletion and amortization Coal Mining $ 2,896 $ 4,348 $ 5,110 $ 8,588 NAMining 2,434 1,855 4,690 3,741 Minerals Management 1,323 749 2,316 1,560 Unallocated Items 354 138 583 220 Total $ 7,007 $ 7,090 $ 12,699 $ 14,109 Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 5,972	$ 4,570	$ 2,520	$ 5,692	$ 10,542	$ 8,212

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Thomas A. Maxwell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 3, 2024, Thomas A. Maxwell, Senior Vice President - Finance and Treasurer, terminated a written plan for the sale of the Company's Class A Common Stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Trading Plan”). Mr. Maxwell’s Rule 10b5-1 Trading Plan provided for the sale of up to 3,534 shares of the Company's Class A Common Stock during the period that began December 7, 2023 following a mandatory cooling-off period (i.e., commencement of trading under the arrangement must begin the later of 90 days following adoption of the arrangement or two days following the Company’s periodic report on Form 10-Q or Form 10-K for the fiscal quarter in which the trading arrangement was adopted) and ended May 3, 2024. On June 14, 2024, Mr. Maxwell adopted a new Rule 10b5-1 Trading Plan, which provides for the sale of up to 2,500 shares of the Company's Class A Common Stock during the period beginning September 12, 2024 (i.e., commencement of trading under the arrangement must begin the later of 90 days following adoption of the arrangement or two days following the Company’s periodic report on Form 10-Q or Form 10-K for the fiscal quarter in which the trading arrangement was adopted) and ending March 2, 2025.
Thomas A. Maxwell December 2023 Plan [Member] | Thomas A. Maxwell [Member]
Trading Arrangements, by Individual
Name	Thomas A. Maxwell
Title	Senior Vice President - Finance and Treasurer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 3, 2024
Aggregate Available	3,534	3,534
Thomas A. Maxwell September 2024 Plan [Member] | Thomas A. Maxwell [Member]
Trading Arrangements, by Individual
Name	Thomas A. Maxwell
Title	Senior Vice President - Finance and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Arrangement Duration	171 days
Aggregate Available	2,500	2,500

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company at June 30, 2024, the results of its operations, comprehensive income, cash flows and changes in equity for the six months ended June 30, 2024 and 2023 have been included. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. GAAP for complete financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by major sources as of June 30: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Timing of Revenue Recognition Goods transferred at a point in time $ 14,498 $ 25,729 $ 29,606 $ 45,875 Services transferred over time 37,847 35,621 76,028 65,616 Total revenues $ 52,345 $ 61,350 $ 105,634 $ 111,491
Schedule of Contract Balances	The opening and closing balances of the Company’s current and long-term contract assets and liabilities and receivables are as follows: Contract balances Trade accounts receivable Contract asset (current) Contract asset Contract liability (current) Contract liability (long-term) Balance, January 1, 2024 $ 37,429 $ — $ 3,712 $ 878 $ 1,470 Balance, June 30, 2024 36,635 2,283 3,500 843 3,100 Increase (decrease) $ (794) $ 2,283 $ (212) $ (35) $ 1,630

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized as follows: JUNE 30 DECEMBER 31 Coal and aggregates $ 24,637 $ 23,784 Mining supplies 58,762 53,216 Total inventories $ 83,399 $ 77,000

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Description Date (Level 1) (Level 2) (Level 3) June 30, 2024 Assets: Equity securities $ 18,039 $ 18,039 $ — $ — $ 18,039 $ 18,039 $ — $ — December 31, 2023 Assets: Equity securities $ 17,208 $ 17,208 $ — $ — $ 17,208 $ 17,208 $ — $ —

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents Revenues, Cost of sales, Earnings of unconsolidated operations, Operating expenses, Operating profit (loss), Expenditures for property, plant and equipment and acquisition of mineral interests and Depreciation, depletion and amortization expense: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Revenues Coal Mining $ 14,996 $ 26,343 $ 30,541 $ 46,996 NAMining 27,920 21,716 52,403 42,349 Minerals Management 5,593 9,171 15,994 17,456 Unallocated Items 4,566 4,628 7,828 5,819 Eliminations (730) (508) (1,132) (1,129) Total $ 52,345 $ 61,350 $ 105,634 $ 111,491 Cost of sales Coal Mining $ 16,138 $ 33,269 $ 37,081 $ 59,147 NAMining 24,254 18,884 45,925 38,125 Minerals Management 1,501 910 2,865 1,962 Unallocated Items 4,167 2,375 6,879 3,589 Eliminations (733) (495) (1,152) (1,096) Total $ 45,327 $ 54,943 $ 91,598 $ 101,727 Earnings of unconsolidated operations Coal Mining $ 12,006 $ 9,962 $ 24,013 $ 22,428 NAMining 1,448 1,122 2,813 2,480 Minerals Management 138 — 73 — Total $ 13,592 $ 11,084 $ 26,899 $ 24,908 Operating expenses (income)* Coal Mining $ 8,097 $ 7,711 $ 15,123 $ 14,639 NAMining 2,029 1,740 3,851 3,660 Minerals Management (3,361) 972 (2,319) 2,161 Unallocated Items 6,479 5,318 12,157 10,648 Total $ 13,244 $ 15,741 $ 28,812 $ 31,108 Operating profit (loss) Coal Mining $ 2,767 $ (4,675) $ 2,350 $ (4,362) NAMining 3,085 2,214 5,440 3,044 Minerals Management 7,591 7,289 15,521 13,333 Unallocated Items (6,080) (3,065) (11,208) (8,418) Eliminations 3 (13) 20 (33) Total $ 7,366 $ 1,750 $ 12,123 $ 3,564 *Operating expenses (income) consist of Selling, general and administrative expenses, Amortization of intangible assets and (Gain) loss on sale of assets. THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 2024 2023 2024 2023 Expenditures for property, plant and equipment and acquisition of mineral interests Coal Mining $ 1,913 $ 1,032 $ 3,707 $ 3,718 NAMining 5,168 4,507 10,986 8,930 Minerals Management 10 638 146 982 Unallocated Items 827 79 7,562 505 Total $ 7,918 $ 6,256 $ 22,401 $ 14,135 Depreciation, depletion and amortization Coal Mining $ 2,896 $ 4,348 $ 5,110 $ 8,588 NAMining 2,434 1,855 4,690 3,741 Minerals Management 1,323 749 2,316 1,560 Unallocated Items 354 138 583 220 Total $ 7,007 $ 7,090 $ 12,699 $ 14,109

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Number of operating segments | segment			3
Acquisition of property			$ 300
Cash held by 1031 exchange facilitator			$ 6,721	$ 0
Minerals Management
Long-term Purchase Commitment [Line Items]
Gain on sale of land	$ 4,500
HLCP Ethanol Holdco, LLC
Long-term Purchase Commitment [Line Items]
Proceeds and associated gain from the post-closing purchase price adjustment, as a result of the sale of equity method investment		$ 1,200

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Third-party lessee payment lag for oil and natural gas delivery			90 days
Change in prior period estimate	$ 2.3	$ 0	$ 0	$ 0
Reimbursable costs revenue	2.2	1	3.6	1.1
Production performance obligations satisfied in prior period, amount recognized	0	1.4	0	1.4
Revenue recognized in contract liability	0.2	$ 0.2	0.4	$ 0.4
Contract assets recognized	0		0
Thacker Pass
Disaggregation of Revenue [Line Items]
Advance paid	3.5		3.5
Cost reimbursement, commercial mining milestone, fee	$ 4.7		$ 4.7
Minimum
Disaggregation of Revenue [Line Items]
Primary term of contract			3 years
Maximum
Disaggregation of Revenue [Line Items]
Primary term of contract			5 years
Maximum | Thacker Pass
Disaggregation of Revenue [Line Items]
Capital expenditures			$ 50

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 52,345	$ 61,350	$ 105,634	$ 111,491
Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	14,498	25,729	29,606	45,875
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	$ 37,847	$ 35,621	$ 76,028	$ 65,616

Revenue Recognition (Contract B

Revenue Recognition (Contract Balances) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Trade accounts receivable
Balance, January 1, 2024	$ 0
Balance, June 30, 2024	2,283
Increase (decrease) in trade accounts receivable	2,283
Contract asset (current)
Increase (decrease) in contract asset (current)	2,283
Contract asset (long-term)
Balance, January 1, 2024	3,712
Balance, June 30, 2024	3,500
Increase (decrease) in contract asset (long-term)	(212)
Contract liability (current)
Balance, January 1, 2024	878
Balance, June 30, 2024	843
Increase (decrease) in contract liability (current)	(35)
Contract liability (long-term)
Balance, January 1, 2024	1,470
Balance, June 30, 2024	3,100
Increase (decrease) in contract liability (long-term)	1,630
Trade Accounts Receivable
Trade accounts receivable
Balance, January 1, 2024	37,429
Balance, June 30, 2024	36,635
Increase (decrease) in trade accounts receivable	(794)
Contract asset (current)
Increase (decrease) in contract asset (current)	$ (794)

Revenue Recognition (Remaining

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 0.8
Expected timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1.1
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 0.1
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 0.1
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1.9
Expected timing of satisfaction	1 year

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Coal and aggregates	$ 24,637	$ 23,784
Mining supplies	58,762	53,216
Total inventories	$ 83,399	$ 77,000

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory impairment charge	$ 0.7	$ 1.8	$ 3.1	$ 4.2

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Nov. 07, 2023
Class of Stock [Line Items]
Purchase of treasury shares	$ 3,285	$ 4,274
2023 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 20,000
2023 Stock Repurchase Program | Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	108,371		236,058
Purchase of treasury shares	$ 3,300		$ 7,600

Fair Value Disclosure (Schedule

Fair Value Disclosure (Schedule of Assets and Liabilities) (Details) - Fair value measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Equity securities	$ 18,039	$ 17,208
Total assets accounted for at fair value on a recurring basis	18,039	17,208
Significant Other Observable Inputs (Level 2)
Assets:
Equity securities	0	0
Total assets accounted for at fair value on a recurring basis	0	0
Significant Unobservable Inputs (Level 3)
Assets:
Equity securities	0	0
Total assets accounted for at fair value on a recurring basis	0	0
Estimate of Fair Value Measurement
Assets:
Equity securities	18,039	17,208
Total assets accounted for at fair value on a recurring basis	$ 18,039	$ 17,208

Fair Value Disclosure (Narrativ

Fair Value Disclosure (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on equity securities	$ (264)	$ 421	$ 777	$ 1,049
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	18,039		18,039		$ 17,208
Gain (loss) on equity securities	(500)	(100)	(200)	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value measurements, recurring | Bellaire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on equity securities	300	$ 500	1,000	$ 1,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities cost						$ 2,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Fair value measurements, recurring | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	5,800		5,800		6,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Fair value measurements, recurring | Bellaire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities cost						$ 5,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Fair value measurements, recurring | Bellaire | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 12,200		$ 12,200		$ 11,200

Unconsolidated Subsidiaries (Na

Unconsolidated Subsidiaries (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Income from equity method investee	$ 15,371		$ 15,371		$ 12,371
Variable interest entity, reporting entity involvement, maximum risk of loss	5,100		5,100		5,000
Earnings of unconsolidated operations	$ 13,592	$ 11,084	$ 26,899	$ 24,908
Unconsolidated Subsidiaries
Variable Interest Entity [Line Items]
Ownership percentage	100%		100%
Other noncurrent assets
Variable Interest Entity [Line Items]
Income from equity method investee	$ 15,400		$ 15,400		$ 12,400

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 52,345	$ 61,350	$ 105,634	$ 111,491
Cost of sales	45,327	54,943	91,598	101,727
Earnings of unconsolidated operations	13,592	11,084	26,899	24,908
Operating expenses (income)	13,244	15,741	28,812	31,108
Operating profit (loss)	7,366	1,750	12,123	3,564
Expenditures for property, plant and equipment and acquisition of mineral interests	7,918	6,256	22,401	14,135
Depreciation, depletion and amortization	7,007	7,090	12,699	14,109
Operating segments | Coal Mining
Segment Reporting Information [Line Items]
Revenues	14,996	26,343	30,541	46,996
Cost of sales	16,138	33,269	37,081	59,147
Earnings of unconsolidated operations	12,006	9,962	24,013	22,428
Operating expenses (income)	8,097	7,711	15,123	14,639
Operating profit (loss)	2,767	(4,675)	2,350	(4,362)
Expenditures for property, plant and equipment and acquisition of mineral interests	1,913	1,032	3,707	3,718
Depreciation, depletion and amortization	2,896	4,348	5,110	8,588
Operating segments | NAMining
Segment Reporting Information [Line Items]
Revenues	27,920	21,716	52,403	42,349
Cost of sales	24,254	18,884	45,925	38,125
Earnings of unconsolidated operations	1,448	1,122	2,813	2,480
Operating expenses (income)	2,029	1,740	3,851	3,660
Operating profit (loss)	3,085	2,214	5,440	3,044
Expenditures for property, plant and equipment and acquisition of mineral interests	5,168	4,507	10,986	8,930
Depreciation, depletion and amortization	2,434	1,855	4,690	3,741
Operating segments | Minerals Management
Segment Reporting Information [Line Items]
Revenues	5,593	9,171	15,994	17,456
Cost of sales	1,501	910	2,865	1,962
Earnings of unconsolidated operations	138	0	73	0
Operating expenses (income)	(3,361)	972	(2,319)	2,161
Operating profit (loss)	7,591	7,289	15,521	13,333
Expenditures for property, plant and equipment and acquisition of mineral interests	10	638	146	982
Depreciation, depletion and amortization	1,323	749	2,316	1,560
Unallocated Items
Segment Reporting Information [Line Items]
Revenues	4,566	4,628	7,828	5,819
Cost of sales	4,167	2,375	6,879	3,589
Operating expenses (income)	6,479	5,318	12,157	10,648
Operating profit (loss)	(6,080)	(3,065)	(11,208)	(8,418)
Expenditures for property, plant and equipment and acquisition of mineral interests	827	79	7,562	505
Depreciation, depletion and amortization	354	138	583	220
Eliminations
Segment Reporting Information [Line Items]
Revenues	(730)	(508)	(1,132)	(1,129)
Cost of sales	(733)	(495)	(1,152)	(1,096)
Operating profit (loss)	$ 3	$ (13)	$ 20	$ (33)