NACCO Industries (NC) 10-Q7 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Entity Information [Line Items]
Entity Registrant Name	NACCO INDUSTRIES INC
Entity Central Index Key	0000789933
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Shares Outstanding Class A
Entity Information [Line Items]
Shares Outstanding (in shares)		5,452,834
Shares Outstanding Class B
Entity Information [Line Items]
Shares Outstanding (in shares)		1,568,550

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 93,726	$ 122,892
Trade accounts receivable, net	21,122	15,444
Accounts receivable from affiliates	6,377	6,411
Inventories	35,996	40,465
Refundable federal income taxes	14,638	8,928
Prepaid expenses and other	17,068	6,528
Total current assets	188,927	200,668
Property, plant and equipment, net	139,609	138,061
Intangibles, net	37,125	37,902
Investments in unconsolidated subsidiaries	27,384	24,611
Operating lease right-of-use assets	11,081	11,398
Other non-current assets	31,794	32,133
Total assets	435,920	444,773
LIABILITIES AND EQUITY
Accounts payable	8,383	9,374
Accounts payable to affiliates	157	577
Revolving credit agreements	11,000	7,000
Current maturities of long-term debt	933	795
Asset retirement obligations	2,285	2,285
Accrued payroll	6,519	19,583
Deferred compensation	0	13,465
Deferred revenue	2,203	1,908
Other current liabilities	6,627	6,979
Total current liabilities	38,107	61,966
Long-term debt	22,649	17,148
Operating lease liabilities	12,117	12,448
Asset retirement obligations	34,633	34,574
Pension and other postretirement obligations	8,322	8,807
Deferred income taxes	18,573	12,338
Other long-term liabilities	7,682	8,100
Total liabilities	142,083	155,381
Common stock:
Capital in excess of par value	8,318	8,911
Retained earnings	289,679	284,852
Accumulated other comprehensive loss	(11,182)	(11,337)
Total stockholders' equity	293,837	289,392
Total liabilities and equity	435,920	444,773
Class A Common Stock
Common stock:
Common stock	5,453	5,397
Class B Common Stock
Common stock:
Common stock	$ 1,569	$ 1,569

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class A Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 1	$ 1
Common stock, shares outstanding (in shares) \| shares	5,452,830	5,397,458
Class B Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 1	$ 1
Common stock, convertible conversion ratio	1	1
Common stock, shares outstanding (in shares) \| shares	1,568,554	1,568,670

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 37,644	$ 40,097
Cost of sales	32,563	26,712
Gross profit	5,081	13,385
Earnings of unconsolidated operations	16,003	16,270
Operating expenses
Selling, general and administrative expenses	12,727	12,653
Amortization of intangible assets	777	647
Gain on sale of assets	0	(18)
Operating expenses	13,504	13,282
Operating profit	7,580	16,373
Other expense (income)
Interest expense	403	231
Interest income	(401)	(553)
Income from other unconsolidated affiliates	(133)	(322)
Closed mine obligations	434	366
Loss (gain) on equity securities	1,196	(698)
Other, net	(15)	11
Other (income) expense	1,484	(965)
Income before income tax (benefit) provision	6,096	17,338
Income tax (benefit) provision	(70)	2,320
Net income	$ 6,166	$ 15,018
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.88	$ 2.16
Diluted earnings per share (in dollars per share)	$ 0.88	$ 2.15
Basic weighted average shares outstanding (in shares)	7,000	6,949
Diluted weighted average shares outstanding (in shares)	7,040	6,998

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 6,166	$ 15,018
Reclassification of pension and postretirement adjustments into earnings, net of $45 and $24 tax benefit in the three months ended March 31, 2020 and March 31, 2019, respectively.	155	101
Total other comprehensive income	155	101
Comprehensive income	$ 6,321	$ 15,119

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Reclassification of pension and postretirement adjustments into earnings, tax expense (benefit)	$ (45)	$ (24)

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net cash used for operating activities	$ (31,122)	$ (544)
Investing activities
Expenditures for property, plant and equipment	(5,358)	(4,252)
Proceeds from the sale of property, plant and equipment	0	18
Other	16	(13)
Net cash used for investing activities	(5,342)	(4,247)
Financing activities
Additions to long-term debt	6,232	1,206
Reductions of long-term debt	(593)	(161)
Net additions to revolving credit agreements	4,000	0
Cash dividends paid	(1,339)	(1,153)
Purchase of treasury shares	(1,002)	(1,300)
Net cash provided by (used for) financing activities	7,298	(1,408)
Cash and cash equivalents
Total decrease for the period	(29,166)	(6,199)
Balance at the beginning of the period	122,892	85,257
Balance at the end of the period	$ 93,726	$ 79,058

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Capital in Excess of Par Value	Retained Earnings	Pension and Postretirement Plan Adjustment
Balance, beginning of period at Dec. 31, 2018	$ 250,704	$ 5,352	$ 1,569	$ 7,042	$ 250,352	$ (13,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	897	102		795
Purchase of treasury shares	(1,300)	(36)		(1,264)
Net income	15,018				15,018
Cash dividends on Class A and Class B common stock	(1,153)				(1,153)
Reclassification adjustment to net income, net of tax	101					101
Balance, end of period at Mar. 31, 2019	264,267	5,418	1,569	6,573	264,217	(13,510)
Balance, beginning of period at Dec. 31, 2019	289,392	5,397	1,569	8,911	284,852	(11,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	465	88		377
Purchase of treasury shares	(1,002)	(32)		(970)
Net income	6,166				6,166
Cash dividends on Class A and Class B common stock	(1,339)				(1,339)
Reclassification adjustment to net income, net of tax	155					155
Balance, end of period at Mar. 31, 2020	$ 293,837	$ 5,453	$ 1,569	$ 8,318	$ 289,679	$ (11,182)

Unaudited Condensed Consolida_8

Unaudited Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in dollars per share)	$ 0.1900	$ 0.1650

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Mar. 31, 2020
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 subsidiaries (collectively, “NACCO Industries, Inc. and Subsidiaries” or the “Company”). Intercompany accounts and transactions are eliminated in consolidation. NACCO is the public holding company for The North American Coal Corporation ® ("NACoal"). The Company has three operating segments: Coal Mining, North American Mining (“NAMining”) and Minerals Management. The Company also has unallocated items not directly attributable to a reportable segment. See Note 9 to the Unaudited Condensed Consolidated Financial Statements for further discussion of segment reporting. The Company’s operating segments are further described below: Coal Mining Segment The operating coal mines are: Bisti Fuels LLC (“Bisti”), Caddo Creek Resources Company, LLC (“Caddo Creek”), Camino Real Fuels, LLC (“Camino Real”), The Coteau Properties Company (“Coteau”), Coyote Creek Mining Company, LLC (“Coyote Creek”), Demery Resources Company, LLC (“Demery”), The Falkirk Mining Company (“Falkirk”), Mississippi Lignite Mining Company (“MLMC”) and The Sabine Mining Company (“Sabine”). As of March 31, 2020 , all of the Liberty Fuels Company, LLC mine areas have been reclaimed and final mine reclamation activities, primarily monitoring, will continue until final bond release. At all operating coal mines other than MLMC, 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 provide all of the capital required to build and operate the mine. This contract structure eliminates exposure to spot coal market price fluctuations while providing steady 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 NACCO and NACoal. See Note 7 for further discussion of Coyote Creek's guarantees. All operating coal mines other than MLMC 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 income before income taxes associated with these VIE's is reported as Earnings of unconsolidated operations on the Consolidated Statements of Operations and the Company’s investment is reported on the line Investments in Unconsolidated Subsidiaries in the 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 expense line on the Consolidated Statements of Operations includes income taxes related to these entities. All of the Unconsolidated Subsidiaries are accounted for under the equity method. See Note 7 for further discussion. The MLMC contract is the only operating coal 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 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. Centennial Natural Resources (“Centennial”), located in Alabama, ceased coal production at the end of 2015. Since 2015, the Company has sold or transferred certain Centennial equipment and mineral reserves. The Company continues to evaluate strategies for the remaining mineral reserves and a dragline, which have no remaining book value. Cash expenditures related to mine reclamation at Centennial will continue until mine reclamation is complete, or ownership of, or responsibility for, the remaining mines is transferred. Centennial is a consolidated entity within the Coal Mining segment as the Company is responsible for carrying costs and final mine reclamation. NAMining Segment The NAMining segment provides value-added contract mining and other services for producers of aggregates, lithium and other minerals. The segment is a primary platform for the Company’s growth and diversification outside of the 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. NAMining operates primarily at limestone quarries in Florida, but is focused on expanding outside of Florida and into mining materials other than limestone. During 2019, the Company entered into a mining agreement to serve as exclusive contract miner for the Thacker Pass lithium project in northern Nevada. NAMining utilizes both fixed price and cost plus a management fee contract structures. Certain of the entities within NAMining segment are VIEs and are accounted for under the equity method as Unconsolidated Subsidiaries. See Note 7 for further discussion. Minerals Management Segment The Minerals Management segment promotes the development of the Company’s gas, oil and coal reserves, generating income primarily from royalty-based lease payments from third parties. The Company’s gas, oil and undeveloped coal reserves are located in Ohio (Utica and Marcellus shale natural gas), Louisiana (Haynesville shale and Cotton Valley formation natural gas), Mississippi (coal), Pennsylvania (coal, coalbed methane and Marcellus shale natural gas), Alabama (coal and coalbed methane and natural gas) and North Dakota (coal). The majority of the Company’s existing reserves were acquired as part of its historical coal mining operations. The Minerals Management segment derives income primarily by entering into contracts with third-party operators, granting them the rights to explore, produce and sell natural resources in exchange for royalty payments based on the lessees' sales of natural gas and, to a lesser extent, oil and coal. Specialized employees in the Minerals Management segment also provide surface and mineral acquisition and lease maintenance services related to Company operations. 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 March 31, 2020 , the results of its operations, comprehensive income, cash flows and changes in equity for the three months ended March 31, 2020 and 2019 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, 2019 . The balance sheet at December 31, 2019 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. Certain amounts in prior period Unaudited Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2020
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 entities, the management service to oversee the operation of the equipment and delivery of limestone 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 and the general and administrative fee (as applicable). Fluctuations in revenue from period to period result from changes in customer demand and variances in reimbursable costs primarily due to increases and decreases in activity levels on individual contracts. The Company enters into royalty 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 royalty 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 fixed portion of the transaction price will be recognized over the primary term of the contract, which is generally five years . Significant Judgments The Company’s contracts with its customers contain different types of variable consideration including, but not limited to, management fees that adjust based on coal volumes or MMBtu delivered or limestone yards, 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. Certain contracts include reimbursement of actual costs incurred. 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 9 to the Unaudited Condensed Consolidated Financial Statements for further discussion of segment reporting. The following table disaggregates revenue by major sources: THREE MONTHS ENDED MARCH 31 Major Goods/Service Lines 2020 2019 Coal Mining $ 20,928 $ 16,750 NAMining 11,624 10,775 Minerals Management 5,241 12,686 Unallocated Items 26 543 Eliminations (175 ) (657 ) Total revenues $ 37,644 $ 40,097 Timing of Revenue Recognition Goods transferred at a point in time $ 20,284 $ 16,086 Services transferred over time 17,360 24,011 Total revenues $ 37,644 $ 40,097 Contract Balances The opening and closing balances of the Company’s current and long-term contract liabilities and receivables are as follows: Contract balances Trade accounts receivable, net Contract liability (current) Contract liability (long-term) Balance, January 1, 2020 $ 15,444 $ 944 $ 2,153 Balance, March 31, 2020 21,122 942 1,918 Increase (decrease) $ 5,678 $ (2 ) $ (235 ) 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 five years . Therefore, at the time any such up-front payment is received, a contract liability is recorded which represents deferred revenue. The difference between the opening and closing balance of this contract liability, which is shown above, primarily results from the difference between new lease bonus payments received and amortization of up-front lease bonus payments received in previous periods. The amount of revenue recognized in both the three months ended March 31, 2020 and March 31, 2019 that was included in the opening contract liability was $0.2 million . This revenue consists of up-front lease bonus payments received under royalty contracts that are recognized over the primary term of the royalty contracts, which are generally five years . The Company expects to recognize an additional $0.7 million in the remainder of 2020, $0.9 million in 2021, $0.7 million in 2022, $0.3 million in 2023, and $0.1 million in 2024 related to the contract liability remaining at March 31, 2020 . The difference between the opening and closing balances of the Company’s accounts receivable and contract liabilities results from the timing difference between the Company’s performance and the customer’s payment. Contracts with payments in arrears are recognized as receivables. The Company has no contract assets recognized from the costs to obtain or fulfill a contract with a customer.

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are summarized as follows: MARCH 31 DECEMBER 31 Coal $ 10,521 $ 15,700 Mining supplies 25,475 24,765 Total inventories $ 35,996 $ 40,465

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2020
Leases [Abstract]
Leases	Leases NACCO adopted ASU 2016-02, Leases (Topic 842), on January 1, 2019. The most significant effect to the Unaudited Condensed Consolidated Balance Sheets relates to the recognition of new right-of-use assets (“ROU assets”) and lease liabilities for operating leases of real estate, mining and other equipment that expire at various dates through 2031 . The majority of the Company's leases are operating leases. See the table below for further information on the balances included in the Unaudited Condensed Consolidated Balance Sheets. Several leases include renewal or fair value purchase options, which are not recognized on the Unaudited Condensed Consolidated Balance Sheets. The Company's lease agreements do not contain lease payments that depend on an index or a rate, as such, minimum lease payments do not include variable lease payments. Leased assets and liabilities include the following: Description Location MARCH 31 DECEMBER 31 Assets Operating Operating lease right-of-use assets $ 11,081 $ 11,398 Finance Property, plant and equipment, net (a) $ 107 $ 544 Liabilities Current Operating Other current liabilities $ 1,303 $ 1,318 Finance Current maturities of long-term debt $ 33 $ 558 Noncurrent Operating Operating lease liabilities $ 12,117 $ 12,448 Finance Long-term debt $ 76 $ 85 (a) Finance leased assets are recorded net of accumulated amortization of less than $0.1 million and $1.9 million as of March 31, 2020 and December 31, 2019 , respectively. The components of lease expense were as follows: THREE MONTHS ENDED MARCH 31 Description Location 2020 2019 Lease expense Operating lease cost Selling, general and administrative expenses $ 510 $ 625 Finance lease cost: Amortization of leased assets Cost of sales 94 96 Interest on lease liabilities Interest expense 5 3 Variable lease expense Selling, general and administrative expenses 150 101 Short-term lease expense Selling, general and administrative expenses 114 20 Total lease expense $ 873 $ 845 Future minimum finance and operating lease payments were as follows at March 31, 2020 : Finance Leases Operating Leases Total Remainder of 2020 $ 28 $ 1,622 $ 1,650 2021 37 2,149 2,186 2022 37 2,175 2,212 2023 16 1,685 1,701 2024 — 1,661 1,661 Subsequent to 2024 — 9,330 9,330 Total minimum lease payments $ 118 $ 18,622 $ 18,740 Amounts representing interest 9 5,202 Present value of net minimum lease payments $ 109 $ 13,420 As most of the Company's leases do not provide an implicit rate, the Company determines the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company considers its credit rating and the current economic environment in determining this collateralized rate. The assumptions used in accounting for ASC 842 were as follows: THREE MONTHS ENDED MARCH 31 Lease term and discount rate 2020 2019 Weighted average remaining lease term (years) Operating 9.48 10.00 Finance 3.17 0.80 Weighted average discount rate Operating 7.00 % 6.95 % Finance 5.09 % 3.98 % The following table details cash paid for amounts included in the measurement of lease liabilities: THREE MONTHS ENDED MARCH 31 Cash paid for amounts included in the measurement of lease liabilities 2020 2019 Operating cash flows from operating leases $ 571 $ 573 Operating cash flows from finance leases $ 5 $ 3 Financing cash flows from finance leases $ 534 $ 122
Leases	Leases NACCO adopted ASU 2016-02, Leases (Topic 842), on January 1, 2019. The most significant effect to the Unaudited Condensed Consolidated Balance Sheets relates to the recognition of new right-of-use assets (“ROU assets”) and lease liabilities for operating leases of real estate, mining and other equipment that expire at various dates through 2031 . The majority of the Company's leases are operating leases. See the table below for further information on the balances included in the Unaudited Condensed Consolidated Balance Sheets. Several leases include renewal or fair value purchase options, which are not recognized on the Unaudited Condensed Consolidated Balance Sheets. The Company's lease agreements do not contain lease payments that depend on an index or a rate, as such, minimum lease payments do not include variable lease payments. Leased assets and liabilities include the following: Description Location MARCH 31 DECEMBER 31 Assets Operating Operating lease right-of-use assets $ 11,081 $ 11,398 Finance Property, plant and equipment, net (a) $ 107 $ 544 Liabilities Current Operating Other current liabilities $ 1,303 $ 1,318 Finance Current maturities of long-term debt $ 33 $ 558 Noncurrent Operating Operating lease liabilities $ 12,117 $ 12,448 Finance Long-term debt $ 76 $ 85 (a) Finance leased assets are recorded net of accumulated amortization of less than $0.1 million and $1.9 million as of March 31, 2020 and December 31, 2019 , respectively. The components of lease expense were as follows: THREE MONTHS ENDED MARCH 31 Description Location 2020 2019 Lease expense Operating lease cost Selling, general and administrative expenses $ 510 $ 625 Finance lease cost: Amortization of leased assets Cost of sales 94 96 Interest on lease liabilities Interest expense 5 3 Variable lease expense Selling, general and administrative expenses 150 101 Short-term lease expense Selling, general and administrative expenses 114 20 Total lease expense $ 873 $ 845 Future minimum finance and operating lease payments were as follows at March 31, 2020 : Finance Leases Operating Leases Total Remainder of 2020 $ 28 $ 1,622 $ 1,650 2021 37 2,149 2,186 2022 37 2,175 2,212 2023 16 1,685 1,701 2024 — 1,661 1,661 Subsequent to 2024 — 9,330 9,330 Total minimum lease payments $ 118 $ 18,622 $ 18,740 Amounts representing interest 9 5,202 Present value of net minimum lease payments $ 109 $ 13,420 As most of the Company's leases do not provide an implicit rate, the Company determines the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company considers its credit rating and the current economic environment in determining this collateralized rate. The assumptions used in accounting for ASC 842 were as follows: THREE MONTHS ENDED MARCH 31 Lease term and discount rate 2020 2019 Weighted average remaining lease term (years) Operating 9.48 10.00 Finance 3.17 0.80 Weighted average discount rate Operating 7.00 % 6.95 % Finance 5.09 % 3.98 % The following table details cash paid for amounts included in the measurement of lease liabilities: THREE MONTHS ENDED MARCH 31 Cash paid for amounts included in the measurement of lease liabilities 2020 2019 Operating cash flows from operating leases $ 571 $ 573 Operating cash flows from finance leases $ 5 $ 3 Financing cash flows from finance leases $ 534 $ 122

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Repurchase Program: On November 6, 2019, the Company's Board of Directors approved a stock purchase program ("2019 Stock Repurchase Program") providing for the purchase of up to $25 million of the Company's outstanding Class A Common Stock through December 31, 2021. NACCO's previous repurchase program ("2018 Stock Repurchase Program") would have expired on December 31, 2019 but was terminated and replaced by the 2019 Stock Repurchase Program. As a result of the uncertainty surrounding the COVID-19 pandemic, the Company suspended repurchasing shares under the 2019 Stock Repurchase Program in March 2020. Prior to the decision to cease share repurchases, the Company repurchased 32,286 shares of Class A Common Stock under the 2019 Stock Repurchase Program for an aggregate purchase price of $1.0 million during the three months ended March 31, 2020 . During the three months ended March 31, 2019 , the Company repurchased 36,294 shares of Class A Common Stock under the 2018 Stock Repurchase Program for an aggregate purchase price of $1.3 million . The timing and amount of any repurchases under the 2019 Stock Repurchase Program are determined at the discretion of the Company's management based on a number of factors, including the availability of capital, other capital allocation alternatives, market conditions for the Company's Class A Common Stock and other legal and contractual restrictions. The 2019 Stock Repurchase Program does not require the Company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the Company without prior notice and may be executed through open market purchases, privately negotiated transactions or otherwise. All or part of the repurchases under the 2019 Stock Repurchase Program may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be restricted from doing so under applicable securities laws.

Fair Value Disclosure

Fair Value Disclosure	3 Months Ended
Fair Value Disclosure	Mar. 31, 2020
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) March 31, 2020 Assets: Equity securities $ 8,947 $ 8,947 $ — $ — $ 8,947 $ 8,947 $ — $ — December 31, 2019 Assets: Equity securities $ 10,120 $ 10,120 $ — $ — $ 10,120 $ 10,120 $ — $ — 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 2019, Bellaire established a $5.0 million mine water treatment trust (the "Mine Water Treatment Trust") to provide a financial assurance mechanism to assure the long-term treatment of post-mining discharges. 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 Mine Water Treatment Trust recognized a loss of $1.2 million in the three months ended March 31, 2020 compared with a gain of $0.7 million in the three months ended March 31, 2019 as a result of changes in returns on invested assets. These amounts are reported on the line Loss (gain) on equity securities in the Other expense (income) section of the Unaudited Condensed Consolidated Statements of Operations. There were no transfers into or out of Levels 1, 2 or 3 during the three months ended March 31, 2020 and 2019 .

Unconsolidated SubsidiarieS

Unconsolidated SubsidiarieS	3 Months Ended
Unconsolidated SubsidiarieS	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Subsidiaries	Unconsolidated Subsidiaries Each of NACoal'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 other than at Coyote Creek, without recourse to NACCO and NACoal. Although NACoal owns 100% of the equity and manages the daily operations of the Unconsolidated Subsidiaries, the Company has determined that the equity capital provided by NACoal 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 $27.4 million and $24.6 million at March 31, 2020 and December 31, 2019 , respectively. The Company's maximum risk of loss relating to these entities is limited to its invested capital, which was $5.7 million and $5.0 million at March 31, 2020 and December 31, 2019 , respectively. NACoal 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”), NACoal 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 on or after January 1, 2024 by Coyote Creek’s customers, NACoal 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 NACoal since the inception of these guarantees. The Company believes that the likelihood NACoal would be required to perform under the guarantees is remote, and no amounts related to these guarantees have been recorded. Summarized financial information for the Unconsolidated Subsidiaries is as follows: THREE MONTHS ENDED MARCH 31 2020 2019 Revenues $ 183,077 $ 187,239 Gross profit $ 16,570 $ 19,136 Income before income taxes $ 16,241 $ 16,737

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2020
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	3 Months Ended
Business Segments	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments The Company's operating segments are: (i) Coal Mining, (ii) NAMining and (iii) Minerals Management. While the Company continues to pursue opportunities to add new coal mining operations to the Coal Mining segment, the NAMining segment will serve as the platform for pursuing non-coal mining projects and the Minerals Management segment will work to capitalize on the Company's gas, oil and coal reserves. 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 also has unallocated items not directly attributable to a reportable segment which are not included as part of the measurement of segment operating profit, primarily administrative costs related to public company reporting requirements, the financial results of the Company’s mitigation banking business, Mitigation Resources of North America ® (“MRNA”), and Bellaire. MRNA 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. Transactions between segments are accounted for as third-party arrangements for purposes of presenting segment results of operations and are eliminated in consolidation. As of January 1, 2020, the Company retrospectively changed its computation of segment operating profit to reclassify certain expenses, primarily related to executive and board compensation. These expenses are now included in unallocated items. The change in segment reporting reflected a decision to evaluate the financial performance of the Company’s segments excluding executive and board compensation. All prior period segment information has been reclassified to conform to the new presentation. This segment reporting change has no impact on consolidated operating results. All financial statement line items below operating profit (other income including interest expense and interest income, the provision for income taxes and net income) are presented and discussed within this Form 10-Q on a consolidated basis. Included within other income on the line Income from other unconsolidated affiliates within the Unaudited Condensed Consolidated Statements of Operations is the financial results of NoDak Energy Services, LLC ("NoDak"). NoDak operated and maintained a coal drying system at a customer’s power plant. The NoDak contract expired in the first quarter of 2020. See Note 1 for additional discussion of the Company's reportable segments. The following tables present revenue, operating profit, depreciation expense and capital expenditures: THREE MONTHS ENDED MARCH 31 2020 2019 Revenues Coal Mining $ 20,928 $ 16,750 NAMining 11,624 10,775 Minerals Management 5,241 12,686 Unallocated Items 26 543 Eliminations (175 ) (657 ) Total $ 37,644 $ 40,097 Operating profit (loss) Coal Mining $ 7,185 $ 10,007 NAMining 731 65 Minerals Management 4,267 11,669 Unallocated Items (4,560 ) (5,134 ) Eliminations (43 ) (234 ) Total $ 7,580 $ 16,373 Expenditures for property, plant and equipment Coal Mining $ 823 $ 2,740 NAMining 4,023 1,130 Minerals Management 463 241 Unallocated Items 49 141 Total $ 5,358 $ 4,252 Depreciation, depletion and amortization Coal Mining $ 3,543 $ 2,874 NAMining 646 545 Minerals Management 327 366 Unallocated Items 28 28 Total $ 4,544 $ 3,813

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company evaluates and updates its estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of actual earnings compared to projections of earnings between entities that benefit from percentage depletion and those that do not, the effective tax rate may vary quarterly. The quarterly income tax provision is generally comprised of tax expense on income or a benefit on a loss at the most recent estimated annual effective income tax rate, adjusted for the effect of discrete items. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions, including among other items, temporary changes regarding the prior and future utilization of net operating losses. The 2020 estimated annual effective tax rate includes the benefit of utilizing the current year forecasted tax basis net operating loss that would otherwise be deductible at the current 21% statutory rate to offset taxable income in years that were taxed at a 35% rate. The Company expects to generate a net operating loss in 2020 primarily due to the realization of certain deferred tax assets. The Company is currently assessing additional aspects of the CARES Act, including the Company’s ability to utilize the extended carryback period for net operating losses related to 2019 or 2018, as well as utilization of other aspects of the CARES Act.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
Nature of Operations and Basis of Presentation (Policies)	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of NACCO Industries, Inc. ® (“NACCO”) and its wholly owned subsidiaries (collectively, “NACCO Industries, Inc. and Subsidiaries” or the “Company”). Intercompany accounts and transactions are eliminated in consolidation. NACCO is the public holding company for The North American Coal Corporation ® ("NACoal"). The Company has three operating segments: Coal Mining, North American Mining (“NAMining”) and Minerals Management. The Company also has unallocated items not directly attributable to a reportable segment. See Note 9 to the Unaudited Condensed Consolidated Financial Statements for further discussion of segment reporting. The Company’s operating segments are further described below: Coal Mining Segment The operating coal mines are: Bisti Fuels LLC (“Bisti”), Caddo Creek Resources Company, LLC (“Caddo Creek”), Camino Real Fuels, LLC (“Camino Real”), The Coteau Properties Company (“Coteau”), Coyote Creek Mining Company, LLC (“Coyote Creek”), Demery Resources Company, LLC (“Demery”), The Falkirk Mining Company (“Falkirk”), Mississippi Lignite Mining Company (“MLMC”) and The Sabine Mining Company (“Sabine”). As of March 31, 2020 , all of the Liberty Fuels Company, LLC mine areas have been reclaimed and final mine reclamation activities, primarily monitoring, will continue until final bond release. At all operating coal mines other than MLMC, 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 provide all of the capital required to build and operate the mine. This contract structure eliminates exposure to spot coal market price fluctuations while providing steady 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 NACCO and NACoal. See Note 7 for further discussion of Coyote Creek's guarantees. All operating coal mines other than MLMC 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 income before income taxes associated with these VIE's is reported as Earnings of unconsolidated operations on the Consolidated Statements of Operations and the Company’s investment is reported on the line Investments in Unconsolidated Subsidiaries in the 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 expense line on the Consolidated Statements of Operations includes income taxes related to these entities. All of the Unconsolidated Subsidiaries are accounted for under the equity method. See Note 7 for further discussion. The MLMC contract is the only operating coal 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 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. Centennial Natural Resources (“Centennial”), located in Alabama, ceased coal production at the end of 2015. Since 2015, the Company has sold or transferred certain Centennial equipment and mineral reserves. The Company continues to evaluate strategies for the remaining mineral reserves and a dragline, which have no remaining book value. Cash expenditures related to mine reclamation at Centennial will continue until mine reclamation is complete, or ownership of, or responsibility for, the remaining mines is transferred. Centennial is a consolidated entity within the Coal Mining segment as the Company is responsible for carrying costs and final mine reclamation. NAMining Segment The NAMining segment provides value-added contract mining and other services for producers of aggregates, lithium and other minerals. The segment is a primary platform for the Company’s growth and diversification outside of the 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. NAMining operates primarily at limestone quarries in Florida, but is focused on expanding outside of Florida and into mining materials other than limestone. During 2019, the Company entered into a mining agreement to serve as exclusive contract miner for the Thacker Pass lithium project in northern Nevada. NAMining utilizes both fixed price and cost plus a management fee contract structures. Certain of the entities within NAMining segment are VIEs and are accounted for under the equity method as Unconsolidated Subsidiaries. See Note 7 for further discussion. Minerals Management Segment The Minerals Management segment promotes the development of the Company’s gas, oil and coal reserves, generating income primarily from royalty-based lease payments from third parties. The Company’s gas, oil and undeveloped coal reserves are located in Ohio (Utica and Marcellus shale natural gas), Louisiana (Haynesville shale and Cotton Valley formation natural gas), Mississippi (coal), Pennsylvania (coal, coalbed methane and Marcellus shale natural gas), Alabama (coal and coalbed methane and natural gas) and North Dakota (coal). The majority of the Company’s existing reserves were acquired as part of its historical coal mining operations. The Minerals Management segment derives income primarily by entering into contracts with third-party operators, granting them the rights to explore, produce and sell natural resources in exchange for royalty payments based on the lessees' sales of natural gas and, to a lesser extent, oil and coal. Specialized employees in the Minerals Management segment also provide surface and mineral acquisition and lease maintenance services related to Company operations.
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 March 31, 2020 , the results of its operations, comprehensive income, cash flows and changes in equity for the three months ended March 31, 2020 and 2019 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, 2019 . The balance sheet at December 31, 2019 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. Certain amounts in prior period Unaudited Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates revenue by major sources: THREE MONTHS ENDED MARCH 31 Major Goods/Service Lines 2020 2019 Coal Mining $ 20,928 $ 16,750 NAMining 11,624 10,775 Minerals Management 5,241 12,686 Unallocated Items 26 543 Eliminations (175 ) (657 ) Total revenues $ 37,644 $ 40,097 Timing of Revenue Recognition Goods transferred at a point in time $ 20,284 $ 16,086 Services transferred over time 17,360 24,011 Total revenues $ 37,644 $ 40,097
Contract Balances	The opening and closing balances of the Company’s current and long-term contract liabilities and receivables are as follows: Contract balances Trade accounts receivable, net Contract liability (current) Contract liability (long-term) Balance, January 1, 2020 $ 15,444 $ 944 $ 2,153 Balance, March 31, 2020 21,122 942 1,918 Increase (decrease) $ 5,678 $ (2 ) $ (235 )

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized as follows: MARCH 31 DECEMBER 31 Coal $ 10,521 $ 15,700 Mining supplies 25,475 24,765 Total inventories $ 35,996 $ 40,465

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2020
Leases [Abstract]
Schedule of Leased Assets and Liabilities	Leased assets and liabilities include the following: Description Location MARCH 31 DECEMBER 31 Assets Operating Operating lease right-of-use assets $ 11,081 $ 11,398 Finance Property, plant and equipment, net (a) $ 107 $ 544 Liabilities Current Operating Other current liabilities $ 1,303 $ 1,318 Finance Current maturities of long-term debt $ 33 $ 558 Noncurrent Operating Operating lease liabilities $ 12,117 $ 12,448 Finance Long-term debt $ 76 $ 85 (a) Finance leased assets are recorded net of accumulated amortization of less than $0.1 million and $1.9 million as of March 31, 2020 and December 31, 2019 , respectively.
Lease Expense	The components of lease expense were as follows: THREE MONTHS ENDED MARCH 31 Description Location 2020 2019 Lease expense Operating lease cost Selling, general and administrative expenses $ 510 $ 625 Finance lease cost: Amortization of leased assets Cost of sales 94 96 Interest on lease liabilities Interest expense 5 3 Variable lease expense Selling, general and administrative expenses 150 101 Short-term lease expense Selling, general and administrative expenses 114 20 Total lease expense $ 873 $ 845
Finance Leases, Future Minimum Payments	Future minimum finance and operating lease payments were as follows at March 31, 2020 : Finance Leases Operating Leases Total Remainder of 2020 $ 28 $ 1,622 $ 1,650 2021 37 2,149 2,186 2022 37 2,175 2,212 2023 16 1,685 1,701 2024 — 1,661 1,661 Subsequent to 2024 — 9,330 9,330 Total minimum lease payments $ 118 $ 18,622 $ 18,740 Amounts representing interest 9 5,202 Present value of net minimum lease payments $ 109 $ 13,420
Operating Leases, Future Minimum Payments	Future minimum finance and operating lease payments were as follows at March 31, 2020 : Finance Leases Operating Leases Total Remainder of 2020 $ 28 $ 1,622 $ 1,650 2021 37 2,149 2,186 2022 37 2,175 2,212 2023 16 1,685 1,701 2024 — 1,661 1,661 Subsequent to 2024 — 9,330 9,330 Total minimum lease payments $ 118 $ 18,622 $ 18,740 Amounts representing interest 9 5,202 Present value of net minimum lease payments $ 109 $ 13,420
Assumptions Used for Leases	The assumptions used in accounting for ASC 842 were as follows: THREE MONTHS ENDED MARCH 31 Lease term and discount rate 2020 2019 Weighted average remaining lease term (years) Operating 9.48 10.00 Finance 3.17 0.80 Weighted average discount rate Operating 7.00 % 6.95 % Finance 5.09 % 3.98 %
Supplemental Cash Flow Information	The following table details cash paid for amounts included in the measurement of lease liabilities: THREE MONTHS ENDED MARCH 31 Cash paid for amounts included in the measurement of lease liabilities 2020 2019 Operating cash flows from operating leases $ 571 $ 573 Operating cash flows from finance leases $ 5 $ 3 Financing cash flows from finance leases $ 534 $ 122

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	3 Months Ended
Fair Value Disclosure (Tables)	Mar. 31, 2020
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) March 31, 2020 Assets: Equity securities $ 8,947 $ 8,947 $ — $ — $ 8,947 $ 8,947 $ — $ — December 31, 2019 Assets: Equity securities $ 10,120 $ 10,120 $ — $ — $ 10,120 $ 10,120 $ — $ —

Unconsolidated Subsidiaries (Ta

Unconsolidated Subsidiaries (Tables)	3 Months Ended
Unconsolidated Subsidiaries (Tables)	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information for Unconsolidated Subsidiaries	Summarized financial information for the Unconsolidated Subsidiaries is as follows: THREE MONTHS ENDED MARCH 31 2020 2019 Revenues $ 183,077 $ 187,239 Gross profit $ 16,570 $ 19,136 Income before income taxes $ 16,241 $ 16,737

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting Information	The following tables present revenue, operating profit, depreciation expense and capital expenditures: THREE MONTHS ENDED MARCH 31 2020 2019 Revenues Coal Mining $ 20,928 $ 16,750 NAMining 11,624 10,775 Minerals Management 5,241 12,686 Unallocated Items 26 543 Eliminations (175 ) (657 ) Total $ 37,644 $ 40,097 Operating profit (loss) Coal Mining $ 7,185 $ 10,007 NAMining 731 65 Minerals Management 4,267 11,669 Unallocated Items (4,560 ) (5,134 ) Eliminations (43 ) (234 ) Total $ 7,580 $ 16,373 Expenditures for property, plant and equipment Coal Mining $ 823 $ 2,740 NAMining 4,023 1,130 Minerals Management 463 241 Unallocated Items 49 141 Total $ 5,358 $ 4,252 Depreciation, depletion and amortization Coal Mining $ 3,543 $ 2,874 NAMining 646 545 Minerals Management 327 366 Unallocated Items 28 28 Total $ 4,544 $ 3,813

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 37,644	$ 40,097
Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	20,284	16,086
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	17,360	24,011
Operating segments \| Coal Mining
Disaggregation of Revenue [Line Items]
Revenues	20,928	16,750
Operating segments \| NAMining
Disaggregation of Revenue [Line Items]
Revenues	11,624	10,775
Operating segments \| Minerals Management
Disaggregation of Revenue [Line Items]
Revenues	5,241	12,686
Unallocated Items
Disaggregation of Revenue [Line Items]
Revenues	26	543
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	$ (175)	$ (657)

Revenue Recognition (Contract B

Revenue Recognition (Contract Balances) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Trade accounts receivable, net
Balance, January 1, 2020	$ 15,444
Balance, March 31, 2020	21,122
Increase (decrease) in accounts receivable	5,678
Contract liability (current)
Balance, January 1, 2020	944
Balance, March 31, 2020	942
Increase (decrease) in contract liability (current)	(2)
Contract liability (long-term)
Balance, January 1, 2020	2,153
Balance, March 31, 2020	1,918
Increase (decrease) in contract liability (long-term)	$ (235)

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Primary term of contract	5 years
Revenue recognized in contract liability	$ 0.2	$ 0.2

Revenue Recognition (Remaining

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue from Contract with Customer [Abstract]
Revenue expected to be recognized	$ 0.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Revenue expected to be recognized	$ 0.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Revenue expected to be recognized	$ 0.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Revenue expected to be recognized	$ 0.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Revenue expected to be recognized	$ 0.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	1 year

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Coal	$ 10,521	$ 15,700
Mining supplies	25,475	24,765
Total inventories	$ 35,996	$ 40,465

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	3 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Nov. 06, 2019
Class of Stock [Line Items]
Common stock repurchased	$ 1,002,000	$ 1,300,000
2019 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 25,000,000
Class A Common Stock \| 2019 Stock Repurchase Program
Class of Stock [Line Items]
Common stock repurchased (in shares)	32,286
Common stock repurchased	$ 1,000,000
Class A Common Stock \| 2018 Stock Repurchase Program
Class of Stock [Line Items]
Common stock repurchased (in shares)		36,294
Common stock repurchased		$ 1,300,000

Leases (Schedule of Leased Asse

Leases (Schedule of Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Operating lease, assets	$ 11,081	$ 11,398
Finance lease, assets	107	544
Current liabilities
Operating lease liabilities, current	1,303	1,318
Finance lease liabilities, current	33	558
Liabilities, Noncurrent
Operating lease liabilities, noncurrent	12,117	12,448
Finance lease liabilities, noncurrent	76	85
Finance lease, accumulated amortization	$ 100	$ 1,900

Leases (Components of Lease Exp

Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 510	$ 625
Amortization of leased assets	94	96
Interest on lease liabilities	5	3
Variable lease expense	150	101
Short-term lease expense	114	20
Total lease expense	$ 873	$ 845

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Finance Leases
Remainder of 2020	$ 28
2021	37
2022	37
2023	16
2024	0
Subsequent to 2024	0
Total minimum lease payments	118
Amounts representing interest	9
Present value of net minimum lease payments	109
Operating Leases
Remainder of 2020	1,622
2021	2,149
2022	2,175
2023	1,685
2024	1,661
Subsequent to 2024	9,330
Total minimum lease payments	18,622
Amounts representing interest	5,202
Present value of net minimum lease payments	13,420
Total
Remainder of 2020	1,650
2021	2,186
2022	2,212
2023	1,701
2024	1,661
Subsequent to 2024	9,330
Total minimum lease payments	$ 18,740

Leases (Assumptions Used in Acc

Leases (Assumptions Used in Accounting for Leases) (Details)	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term (years)	9 years 5 months 23 days	10 years
Finance lease, weighted average remaining lease term (years)	3 years 2 months 1 day	9 months 18 days
Operating lease, weighted average discount rate	7.00%	6.95%
Finance lease, weighted average discount rate	5.09%	3.98%

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 571	$ 573
Operating cash flows from finance leases	5	3
Financing cash flows from finance leases	$ 534	$ 122

Fair Value Disclosure (On a Rec

Fair Value Disclosure (On a Recurring Basis) (Details) - Fair value measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 1
Assets:
Equity securities	$ 8,947	$ 10,120
Assets at fair value	8,947	10,120
Level 2
Assets:
Equity securities	0	0
Assets at fair value	0	0
Level 3
Assets:
Equity securities	0	0
Assets at fair value	0	0
Total
Assets:
Equity securities	8,947	10,120
Assets at fair value	$ 8,947	$ 10,120

Fair Value Disclosure (Narrativ

Fair Value Disclosure (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gain (loss) on the Mine Water Treatment Trust	$ (1,196)	$ 698
Bellaire Corporation \| Level 1 \| Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mine Water Treatment Trust			$ 5,000
Realized gain (loss) on the Mine Water Treatment Trust	$ (1,200)	$ 700

Unconsolidated Subsidiaries (Na

Unconsolidated Subsidiaries (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in unconsolidated subsidiaries and related tax positions	$ 27,384	$ 24,611
Variable interest entity, reporting entity involvement, maximum risk of loss	5,700	5,000
Other noncurrent assets
Variable Interest Entity [Line Items]
Investments in unconsolidated subsidiaries and related tax positions	$ 27,400	$ 24,600

Unconsolidated Subsidiaries (Sc

Unconsolidated Subsidiaries (Schedule) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Variable Interest Entity [Line Items]
Revenues	$ 37,644	$ 40,097
Gross profit	5,081	13,385
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Revenues	183,077	187,239
Gross profit	16,570	19,136
Income before income taxes	$ 16,241	$ 16,737

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 37,644	$ 40,097
Operating profit (loss)	7,580	16,373
Expenditures for property, plant and equipment	5,358	4,252
Depreciation, depletion and amortization	4,544	3,813
Operating segments \| Coal Mining
Segment Reporting Information [Line Items]
Revenues	20,928	16,750
Operating profit (loss)	7,185	10,007
Expenditures for property, plant and equipment	823	2,740
Depreciation, depletion and amortization	3,543	2,874
Operating segments \| NAMining
Segment Reporting Information [Line Items]
Revenues	11,624	10,775
Operating profit (loss)	731	65
Expenditures for property, plant and equipment	4,023	1,130
Depreciation, depletion and amortization	646	545
Operating segments \| Minerals Management
Segment Reporting Information [Line Items]
Revenues	5,241	12,686
Operating profit (loss)	4,267	11,669
Expenditures for property, plant and equipment	463	241
Depreciation, depletion and amortization	327	366
Unallocated Items
Segment Reporting Information [Line Items]
Revenues	26	543
Operating profit (loss)	(4,560)	(5,134)
Expenditures for property, plant and equipment	49	141
Depreciation, depletion and amortization	28	28
Eliminations
Segment Reporting Information [Line Items]
Revenues	(175)	(657)
Operating profit (loss)	$ (43)	$ (234)