NACCO Industries (NC) 10-Q3 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	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	44124-4069
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Shares Outstanding Class A
Entity Information [Line Items]
Shares Outstanding (in shares)		5,944,585
Shares Outstanding Class B
Entity Information [Line Items]
Shares Outstanding (in shares)		1,565,929

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 109,637	$ 110,748
Trade accounts receivable	31,039	37,940
Accounts receivable from affiliates	4,476	6,638
Inventories	71,246	71,488
Federal income tax receivable	15,098	15,687
Prepaid insurance	11,840	1,999
Other current assets	12,918	15,907
Total current assets	256,254	260,407
Property, plant and equipment, net	219,772	217,952
Intangibles, net	27,328	28,055
Investments in unconsolidated subsidiaries	13,945	14,927
Operating lease right-of-use assets	6,221	6,419
Other non-current assets	38,604	40,312
Total assets	562,124	568,072
LIABILITIES AND EQUITY
Accounts payable	10,610	11,952
Accounts payable to affiliates	868	1,362
Current maturities of long-term debt	2,943	3,649
Asset retirement obligations	2,497	1,746
Accrued payroll	7,922	18,105
Deferred revenue	2,044	833
Other current liabilities	7,128	6,623
Total current liabilities	34,012	44,270
Long-term debt	17,434	16,019
Operating lease liabilities	7,278	7,528
Asset retirement obligations	46,418	44,256
Pension and other postretirement obligations	4,778	5,082
Deferred income taxes	3,701	6,122
Liability for uncertain tax positions	9,004	9,329
Other long-term liabilities	7,813	8,500
Total liabilities	130,438	141,106
Common stock:
Capital in excess of par value	24,109	23,706
Retained earnings	409,059	404,924
Accumulated other comprehensive loss	(8,992)	(9,013)
Total stockholders' equity	431,686	426,966
Total liabilities and equity	562,124	568,072
Class A Common Stock
Common stock:
Common stock	5,944	5,783
Class B Common Stock
Common stock:
Common stock	$ 1,566	$ 1,566

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Mar. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class A Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 1	$ 1
Common stock, shares outstanding (in shares) \| shares	5,944,585	5,782,944
Class B Common Stock
Common stock, par value (in dollars per share) \| $ / shares	$ 1	$ 1
Common stock, shares outstanding (in shares) \| shares	1,565,929	1,566,129
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
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 50,141	$ 55,023
Cost of sales	46,784	39,176
Gross profit	3,357	15,847
Earnings of unconsolidated operations	13,824	14,592
Operating expenses
Selling, general and administrative expenses	14,876	14,784
Amortization of intangible assets	727	847
Gain on sale of assets	(236)	(136)
Operating expenses	15,367	15,495
Operating profit	1,814	14,944
Other (income) expense
Interest expense	545	513
Interest income	(1,155)	(145)
Closed mine obligations	409	380
Gain on equity securities	(628)	(518)
Other, net	(1,725)	(230)
Other (income) expense	(2,554)	0
Income before income tax (benefit) provision	4,368	14,944
Income tax (benefit) provision	(1,324)	2,362
Net income	$ 5,692	$ 12,582
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.77	$ 1.73
Diluted earnings per share (in dollars per share)	$ 0.76	$ 1.72
Basic weighted average shares outstanding (in shares)	7,428	7,253
Diluted weighted average shares outstanding (in shares)	7,515	7,321

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 5,692	$ 12,582
Reclassification of pension and postretirement adjustments into earnings, net of $6 and $35 tax benefit in the three months ended March 31, 2023 and March 31, 2022, respectively.	21	118
Total other comprehensive income	21	118
Comprehensive income	$ 5,713	$ 12,700

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Reclassification of pension and postretirement adjustments into earnings, tax benefit	$ (6)	$ (35)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net cash provided by (used for) operating activities	$ 6,254	$ (1,070)
Investing activities
Expenditures for property, plant and equipment and acquisition of mineral interests	(7,879)	(4,649)
Proceeds from the sale of property, plant and equipment	272	135
Proceeds from the sale of private company equity units	1,153	0
Other	(10)	(15)
Net cash used for investing activities	(6,464)	(4,529)
Financing activities
Additions to long-term debt	2,112	3,348
Reductions of long-term debt	(1,456)	(2,689)
Net additions to revolving credit agreements	0	2,000
Cash dividends paid	(1,557)	(1,445)
Net cash (used for) provided by financing activities	(901)	1,214
Cash and cash equivalents
Total decrease for the period	(1,111)	(4,385)
Balance at the beginning of the period	110,748	86,005
Balance at the end of the period	$ 109,637	$ 81,620

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, 2021	$ 352,116	$ 5,616	$ 1,567	$ 16,331	$ 336,778	$ (8,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,123	145		978
Conversion of Class B to Class A shares	0	1	(1)
Net income	12,582				12,582
Cash dividends on Class A and Class B common stock	(1,445)				(1,445)
Reclassification adjustment to net income, net of tax	118					118
Balance, end of period at Mar. 31, 2022	364,494	5,762	1,566	17,309	347,915	(8,058)
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)

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in dollars per share)	$ 0.2075	$ 0.1975

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Mar. 31, 2023
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, the “Company”). NACCO brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through its robust portfolio of NACCO Natural Resources businesses. 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. The Company also has items not directly attributable to a reportable segment. Intercompany accounts and transactions are eliminated in consolidation. The Company’s operating segments are further described below: Coal Mining Segment The Coal Mining segment, operating as The North American Coal Corporation ® ("NACoal"), 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, Texas and Mississippi. Each mine is fully integrated with its customer's operations. During the three months ended March 31, 2023, 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”), Mississippi Lignite Mining Company (“MLMC”) and The Sabine Mining Company (“Sabine”). Sabine operates the Sabine Mine in Texas. All production from Sabine is 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 in March 2023 and final reclamation began on April 1, 2023. Funding for mine reclamation is the responsibility of SWEPCO, and Sabine will receive compensation for providing mine reclamation services. The United States Environmental Protection Agency (the “EPA”) has a comprehensive regulatory program to manage the disposal of coal combustion residuals (“CCR”) from coal-fired power plants as non-hazardous material under the Resource Conservation and Recovery Act (“RCRA”). Individual states administer some or all of the provisions of RCRA. The North Dakota Department of Environmental Quality approved Falkirk’s customer's plan for an alternate disposal liner to store coal ash at the Coal Creek Station power plant. In the first quarter of 2023, the EPA proposed to deny the application. If denied, a new liner or new waste management unit(s) may need to be installed which could result in the temporary suspension of operations at Coal Creek Station. Falkirk is the sole supplier of lignite to Coal Creek Station. Any suspension of operations at Coal Creek Station would eliminate the need for lignite coal during the suspension period. Any such suspension of operations at Coal Creek Station or any of the power plants supplied by the Company's mines could have a material adverse effect on the Company’s business, financial condition and results of operations. See page 18 for further information on the Resource Conservation and Recovery Act. MLMC is the exclusive supplier of lignite to the Red Hills Power Plant in Ackerman, Mississippi. Choctaw Generation Limited Partnership ("CGLP") leases the Red Hills Power Plant from a Southern Company subsidiary pursuant to a leveraged lease arrangement. CGLP's ability to make required payments to the Southern Company subsidiary is dependent on the operational performance of the Red Hills Power Plant. During 2022, Southern Company disclosed that it provided notice to the lessee, CGLP, to terminate the related operating and maintenance agreement effective June 30, 2023. Subsequently, CGLP failed to make the semi-annual lease payment due in December 2022 and as a result, the Southern Company subsidiary was unable to make its corresponding payment to the debtholders. The parties to the lease have entered into a forbearance agreement which suspends the related contractual rights of the parties while they continue restructuring negotiations, which could result in rescission of the termination notice. The ultimate outcome of this matter cannot be determined at this time but could have a material impact on the Company's financial statements if the operating and maintenance agreement is terminated. 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 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 6 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 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 (benefit) provision 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. 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. 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. 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 March 31, 2023, NAMining operates mines in Florida, Texas, Arkansas, Indiana, Virginia and Nebraska and will serve as exclusive contract miner for the Thacker Pass lithium project in northern Nevada. 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 has 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 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, LLC 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 Consolidated Statements of Operations. The HLCP acquisition agreement includes two contingent earn-out arrangements under which additional payments are possible. The first earn-out is based on the achievement of EBITDA targets through December 31, 2024. The second earn-out is based on the development of a carbon dioxide pipeline that will support a carbon dioxide sequestration project over a four-year period commencing on the transaction closing date. Additional payments to NACCO could range from $0 to approximately $12.9 million based on achievement of the two earn-outs as well as payment of amounts held in escrow to address potential indemnity claims during the 12-month period following the transaction date. Any future payments associated with the earn-outs or amounts held in escrow will be recognized when realized, consistent with the accounting for gain contingencies. During the first quarter of 2023, the Company’s wholly-owned subsidiary, Caddo Creek Resources Company (“Caddo Creek”), acquired 100% of the membership interests in the Marshall Mine located outside of Marshall, Texas from Advanced Emissions Solutions (“ADES”). Prior to the acquisition, Caddo Creek was performing mine reclamation under a fixed price contract with ADES. The Company received $2.2 million of cash, assumed the asset retirement obligation estimated to be approximately $1.9 million and recognized a gain of approximately $0.3 million. 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, 2023, the results of its operations, comprehensive income, cash flows and changes in equity for the three months ended March 31, 2023 and 2022 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, 2022. The balance sheet at December 31, 2022 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	3 Months Ended
Revenue Recognition	Mar. 31, 2023
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 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 is primarily 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. The Minerals Management segment enters into contracts which grant third-party lessees 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 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 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 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. 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. Prior Period Performance Obligations The Company records royalty income in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into when new wells start producing and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser of the product and the price that will be received for the sale of the product. 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 months ended March 31, 2023, royalty income recognized in the reporting period related to performance obligations satisfied in prior reporting periods was immaterial. For the three months ended March 31, 2022, royalty income of $2.1 million was recognized for a settlement related to the Company’s ownership interest in certain mineral rights. 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. THREE MONTHS ENDED MARCH 31 2023 2022 Timing of Revenue Recognition Goods transferred at a point in time $ 20,146 $ 20,373 Services transferred over time 29,995 34,650 Total revenues $ 50,141 $ 55,023 Contract Balances The opening and closing balances of the Company’s current and long-term accounts receivable, contract assets and contract liabilities are as follows: Contract balances Trade accounts receivable Contract asset (current) Contract asset Contract liability (current) Contract liability (long-term) Balance, January 1, 2023 $ 37,940 $ 409 $ 5,985 $ 833 $ 1,709 Balance, March 31, 2023 31,039 — 3,555 2,044 827 Increase (decrease) $ (6,901) $ (409) $ (2,430) $ 1,211 $ (882) 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 $1.9 million in the remainder of 2023, $0.6 million in 2024, $0.3 million in 2025 and $0.1 million in 2026 and 2027 related to the contract liability remaining at March 31, 2023. 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	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are summarized as follows: MARCH 31 DECEMBER 31 Coal $ 26,229 $ 27,927 Mining supplies 45,017 43,561 Total inventories $ 71,246 $ 71,488 During the first quarter of 2023, the Company recorded a $2.4 million inventory impairment charge in the line “Cost of sales” in the accompanying Unaudited Consolidated Statements of Operations as mining costs exceeded net realizable value at MLMC.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Repurchase Program: On November 10, 2021, the Company's Board of Directors approved a stock repurchase program ("2021 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, 2023. The timing and amount of any repurchases under the 2021 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 2021 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 2021 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. The Company has not repurchased any shares of common stock under the 2021 Stock Repurchase Program through March 31, 2023.

Fair Value Disclosure

Fair Value Disclosure	3 Months Ended
Fair Value Disclosure	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosure	NOTE 5—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, 2023 Assets: Equity securities $ 16,172 $ 16,172 $ — $ — $ 16,172 $ 16,172 $ — $ — December 31, 2022 Assets: Equity securities $ 15,534 $ 15,534 $ — $ — $ 15,534 $ 15,534 $ — $ — 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 2022, 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 Company recognized a gain of $0.6 million and a loss of $0.7 million during the three months ended March 31, 2023 and 2022, respectively, related to the Mine Water Treatment Trust. Prior to 2022, 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 Company recognized a gain of $0.1 million and $1.2 million during the three months ended March 31, 2023 and 2022, respectively, related to the investment in these equity securities. The change in fair value of equity securities is reported on the line 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 three months ended March 31, 2023 and 2022.

Unconsolidated Subsidiaries

Unconsolidated Subsidiaries	3 Months Ended
Unconsolidated Subsidiaries	Mar. 31, 2023
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 NACCO and NACoal. 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 $13.9 million and $14.9 million at March 31, 2023 and December 31, 2022, respectively. The Company's maximum risk of loss relating to these entities is limited to its invested capital, which was $4.5 million and $7.1 million at March 31, 2023 and December 31, 2022, respectively. Earnings of unconsolidated operations were $13.8 million and $14.6 million during the three months ended March 31, 2023 and 2022, 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.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
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, 2023
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, which include primarily 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 for income taxes and net income) are presented and discussed within this Form 10-Q on a consolidated basis. The following tables present revenue, operating profit, capital expenditures and depreciation expense: THREE MONTHS ENDED MARCH 31 2023 2022 Revenues Coal Mining $ 20,653 $ 20,962 NAMining 20,633 21,404 Minerals Management 8,285 12,754 Unallocated Items 1,191 192 Eliminations (621) (289) Total $ 50,141 $ 55,023 Operating profit (loss) Coal Mining $ 313 $ 7,352 NAMining 830 1,271 Minerals Management 6,044 11,628 Unallocated Items (5,353) (5,439) Eliminations (20) 132 Total $ 1,814 $ 14,944 Expenditures for property, plant and equipment and acquisition of mineral interests Coal Mining $ 2,686 $ 1,720 NAMining 4,423 1,820 Minerals Management 344 833 Unallocated Items 426 276 Total $ 7,879 $ 4,649 Depreciation, depletion and amortization Coal Mining $ 4,240 $ 4,038 NAMining 1,886 1,467 Minerals Management 811 578 Unallocated Items 82 44 Total $ 7,019 $ 6,127

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, 2023
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 March 31, 2023, the results of its operations, comprehensive income, cash flows and changes in equity for the three months ended March 31, 2023 and 2022 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, 2022. The balance sheet at December 31, 2022 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)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	THREE MONTHS ENDED MARCH 31 2023 2022 Timing of Revenue Recognition Goods transferred at a point in time $ 20,146 $ 20,373 Services transferred over time 29,995 34,650 Total revenues $ 50,141 $ 55,023
Contract Balances	The opening and closing balances of the Company’s current and long-term accounts receivable, contract assets and contract liabilities are as follows: Contract balances Trade accounts receivable Contract asset (current) Contract asset Contract liability (current) Contract liability (long-term) Balance, January 1, 2023 $ 37,940 $ 409 $ 5,985 $ 833 $ 1,709 Balance, March 31, 2023 31,039 — 3,555 2,044 827 Increase (decrease) $ (6,901) $ (409) $ (2,430) $ 1,211 $ (882)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized as follows: MARCH 31 DECEMBER 31 Coal $ 26,229 $ 27,927 Mining supplies 45,017 43,561 Total inventories $ 71,246 $ 71,488

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	3 Months Ended
Fair Value Disclosure (Tables)	Mar. 31, 2023
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, 2023 Assets: Equity securities $ 16,172 $ 16,172 $ — $ — $ 16,172 $ 16,172 $ — $ — December 31, 2022 Assets: Equity securities $ 15,534 $ 15,534 $ — $ — $ 15,534 $ 15,534 $ — $ —

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
Business Segments (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting Information	The following tables present revenue, operating profit, capital expenditures and depreciation expense: THREE MONTHS ENDED MARCH 31 2023 2022 Revenues Coal Mining $ 20,653 $ 20,962 NAMining 20,633 21,404 Minerals Management 8,285 12,754 Unallocated Items 1,191 192 Eliminations (621) (289) Total $ 50,141 $ 55,023 Operating profit (loss) Coal Mining $ 313 $ 7,352 NAMining 830 1,271 Minerals Management 6,044 11,628 Unallocated Items (5,353) (5,439) Eliminations (20) 132 Total $ 1,814 $ 14,944 Expenditures for property, plant and equipment and acquisition of mineral interests Coal Mining $ 2,686 $ 1,720 NAMining 4,423 1,820 Minerals Management 344 833 Unallocated Items 426 276 Total $ 7,879 $ 4,649 Depreciation, depletion and amortization Coal Mining $ 4,240 $ 4,038 NAMining 1,886 1,467 Minerals Management 811 578 Unallocated Items 82 44 Total $ 7,019 $ 6,127

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment
Long-term Purchase Commitment [Line Items]
Number of operating segments \| segment	3
Cash received	$ 2.2
Estimated asset retirement obligation	1.9
Gain on the assumption of third-party asset retirement obligation	$ 0.3
Caddo Creek
Long-term Purchase Commitment [Line Items]
Membership interest	100%
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	$ 1.2
Number of contingent earn-out arrangements \| segment	2
Earn-out, project term	4 years
Minimum \| HLCP Ethanol Holdco, LLC
Long-term Purchase Commitment [Line Items]
Earn-out payments	$ 0
Maximum \| HLCP Ethanol Holdco, LLC
Long-term Purchase Commitment [Line Items]
Earn-out payments	$ 12.9

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Performance obligations satisfied in prior period, amount recognized	$ 0	$ 2.1
Revenue recognized in contract liability	0.2	$ 0.2
Contract assets recognized	$ 0
Minimum
Disaggregation of Revenue [Line Items]
Primary term of contract	3 years
Maximum
Disaggregation of Revenue [Line Items]
Primary term of contract	5 years

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 50,141	$ 55,023
Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues	20,146	20,373
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenues	$ 29,995	$ 34,650

Revenue Recognition (Contract B

Revenue Recognition (Contract Balances) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Trade accounts receivable
Balance, January 1, 2023	$ 409
Balance, March 31, 2023	0
Increase (decrease) in trade accounts receivable	(409)
Contract asset (current)
Increase (decrease) in contract asset (current)	(409)
Contract asset (long-term)
Balance, January 1, 2023	5,985
Balance, March 31, 2023	3,555
Increase (decrease) in contract asset (long-term)	(2,430)
Contract liability (current)
Balance, January 1, 2023	833
Balance, March 31, 2023	2,044
Increase (decrease) in contract liability (current)	1,211
Contract liability (long-term)
Balance, January 1, 2023	1,709
Balance, March 31, 2023	827
Increase (decrease) in contract liability (long-term)	(882)
Trade Accounts Receivable
Trade accounts receivable
Balance, January 1, 2023	37,940
Balance, March 31, 2023	31,039
Increase (decrease) in trade accounts receivable	(6,901)
Contract asset (current)
Increase (decrease) in contract asset (current)	$ (6,901)

Revenue Recognition (Remaining

Revenue Recognition (Remaining Performance Obligations) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 1.9
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 0.6
Expected timing of satisfaction	1 year
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	$ 0.3
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

Inventories (Summary of Invento

Inventories (Summary of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Coal	$ 26,229	$ 27,927
Mining supplies	45,017	43,561
Total inventories	$ 71,246	$ 71,488

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) $ in Millions	3 Months Ended
Inventories (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Inventory Disclosure [Abstract]
Inventory impairment charge	$ 2.4

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - 2021 Stock Repurchase Program - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Nov. 10, 2021
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 20
Treasury stock, shares acquired (in shares)	0

Fair Value Disclosure (Schedule

Fair Value Disclosure (Schedule of Assets and Liabilities) (Details) - Fair value measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Equity securities	$ 16,172	$ 15,534
Total assets accounted for at fair value on a recurring basis	16,172	15,534
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	16,172	15,534
Total assets accounted for at fair value on a recurring basis	$ 16,172	$ 15,534

Fair Value Disclosure (Narrativ

Fair Value Disclosure (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on equity securities	$ 628	$ 518
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]
Unrealized gain (loss) on equity securities	100	1,200
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]
Unrealized gain (loss) on equity securities	$ 600	$ (700)
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 \| Bellaire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities cost			$ 5,000

Unconsolidated Subsidiaries (Na

Unconsolidated Subsidiaries (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Income from equity method investee	$ 13,945		$ 14,927
Variable interest entity, reporting entity involvement, maximum risk of loss	4,500		7,100
Earnings of unconsolidated operations	13,824	$ 14,592
Other noncurrent assets
Variable Interest Entity [Line Items]
Income from equity method investee	$ 13,900		$ 14,900

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 50,141	$ 55,023
Operating profit (loss)	1,814	14,944
Expenditures for property, plant and equipment and acquisition of mineral interests	7,879	4,649
Depreciation, depletion and amortization	7,019	6,127
Operating segments \| Coal Mining
Segment Reporting Information [Line Items]
Revenues	20,653	20,962
Operating profit (loss)	313	7,352
Expenditures for property, plant and equipment and acquisition of mineral interests	2,686	1,720
Depreciation, depletion and amortization	4,240	4,038
Operating segments \| NAMining
Segment Reporting Information [Line Items]
Revenues	20,633	21,404
Operating profit (loss)	830	1,271
Expenditures for property, plant and equipment and acquisition of mineral interests	4,423	1,820
Depreciation, depletion and amortization	1,886	1,467
Operating segments \| Minerals Management
Segment Reporting Information [Line Items]
Revenues	8,285	12,754
Operating profit (loss)	6,044	11,628
Expenditures for property, plant and equipment and acquisition of mineral interests	344	833
Depreciation, depletion and amortization	811	578
Unallocated Items
Segment Reporting Information [Line Items]
Revenues	1,191	192
Operating profit (loss)	(5,353)	(5,439)
Expenditures for property, plant and equipment and acquisition of mineral interests	426	276
Depreciation, depletion and amortization	82	44
Eliminations
Segment Reporting Information [Line Items]
Revenues	(621)	(289)
Operating profit (loss)	$ (20)	$ 132