v3.25.4

Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 9—Asset Retirement Obligations Changes in the asset retirement obligations (“ARO”) were as follows (in thousands):
|  | December 31, 2025 |  |  | December 31, 2024 |
Balance at beginning of period |  | $ | 85,170 |  |  | $ | 84,166 |
Accretion expense |  |  | 5,178 |  |  |  | 5,259 |
Revisions to estimates |  |  | (16,975 | ) |  |  | 1,616 |
Obligations settled |  |  | (3,145 | ) |  |  | (5,871 | )
Balance at end of period |  | $ | 70,228 |  |  | $ | 85,170 |
The portion of costs expected to be paid within a year as of December 31, 2025 is $5.5 million. The portion of costs expected to be incurred beyond one year as of December 31, 2025 is $64.8 million. There were no assets that were legally restricted for purposes of settling asset retirement obligations at December 31, 2025. Alabama's regulatory framework technically allows for self-bonding. However, as a practical matter, due to the onerous regulatory requirements for self-bonding, mining companies in Alabama utilize surety bonds, collateral bonds, or letters of credit to meet their financial assurance requirements. At December 31, 2025, the Company had outstanding surety bonds and letters of credit with parties for post-mining reclamation at all of its mining operations totaling $47.5 million. For the years ended December 31, 2025 and December 31, 2024, the change to the liability was primarily attributable to the net impact of changes in discount rates, changes in the timing of scheduled reclamation and current estimates of the costs and scope of remaining reclamation work. For the years ended December 31, 2025 and December 31, 2024, $3.4 million or $0.06 per share and $0.2 million or $0.01 per share, respectively, of the adjustment to the liability was reflected as expense in the period because there was no asset recorded to offset the adjustment to the respective liability. This portion of the liability relates to operations that were idle at the time of purchase accounting for the acquisition of certain assets in 2016 and no value was attributed to any asset as an offset for the asset retirement obligation.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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