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Current and Long-Term Financing
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Current and Long-Term Financing Current and Long-Term Financing
Financing arrangements are obtained and maintained at the subsidiary level. NACCO has not guaranteed any borrowings of its subsidiaries.
The following table summarizes the Company's available and outstanding borrowings:
 December 31
 20212020
Total outstanding borrowings of NACoal:  
Revolving credit agreement$4,000 $30,000 
Other debt16,710 16,465 
Total debt outstanding$20,710 $46,465 
Current portion of borrowings outstanding
$2,527 $22,112 
Long-term portion of borrowings outstanding18,183 24,353 
 $20,710 $46,465 
  
Total available borrowings, net of limitations, under revolving credit agreement$120,231 $146,951 
  
Unused revolving credit agreement$116,231 $116,951 
Weighted average stated interest rate on total borrowings3.7 %2.3 %
Annual maturities of total debt, excluding leases, are as follows:
20222,377 
20232,460 
20242,068 
20255,175 
20265,492 
Thereafter2,798 
 $20,370 
Interest paid on total debt was $1.6 million and $1.4 million during 2021 and 2020, respectively. Deferred financing fees of $1.8 million were capitalized during 2021.
NACoal has a secured revolving line of credit of up to $150.0 million (the “NACoal Facility”) that was refinanced during 2021 and expires in November 2025. Borrowings outstanding under the NACoal Facility were $4.0 million at December 31, 2021. At December 31, 2021, the excess availability under the NACoal Facility was $116.2 million, which reflects a reduction for outstanding letters of credit of $29.8 million.

The NACoal Facility has performance-based pricing, which sets interest rates based upon NACoal achieving various levels of debt to EBITDA ratios, as defined in the NACoal Facility. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved. The applicable margins, effective December 31, 2021, for base rate and LIBOR loans were 1.25% and 2.25%, respectively. The NACoal Facility has a commitment fee which is based upon achieving various levels
of debt to EBITDA ratios. The commitment fee was 0.35% on the unused commitment at December 31, 2021. The weighted average interest rate applicable to the NACoal Facility at December 31, 2021 was 4.50% including the floating rate margin.

The NACoal Facility contains restrictive covenants, which require, among other things, NACoal to maintain a maximum net debt to EBITDA ratio of 2.75 to 1.00 and an interest coverage ratio of not less than 4.00 to 1.00. The NACoal Facility provides the ability to make loans, dividends and advances to NACCO, with some restrictions based on maintaining a maximum debt to EBITDA ratio of 1.50 to 1.00, or if greater than 1.50 to 1.00, a Fixed Charge Coverage Ratio of 1.10 to 1.00, in conjunction with maintaining unused availability thresholds of borrowing capacity, as defined in the NACoal Facility, of $15.0 million. At December 31, 2021, NACoal was in compliance with all financial covenants in the NACoal Facility.

The obligations under the NACoal Facility are guaranteed by certain of NACoal's direct and indirect, existing and future
domestic subsidiaries, and is secured by certain assets of NACoal and the guarantors, subject to customary exceptions and
limitations.

NACoal has a demand note payable to Coteau, one of the unconsolidated subsidiaries, which bears interest based on the applicable quarterly federal short-term interest rate as announced from time to time by the Internal Revenue Service. At December 31, 2021 and 2020, the balance of the note was $2.6 million and $4.4 million and the interest rate was 0.18% and 0.14%, respectively.

NACoal has six notes payable that are secured by eleven specified units of equipment, bear interest at a weighted average rate of 4.03%, and expire at various dates through 2027. One note includes a principal payment of $4.4 million at the end of the term on December 15, 2026. At December 31, 2021 and 2020, the outstanding balances of the notes were $13.8 million and $10.6 million, respectively.