XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Disclosure
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosure Fair Value Disclosure
Recurring Fair Value Measurements: The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis:
Fair Value Measurements at Reporting Date Using
Quoted Prices inSignificant
Active Markets forSignificant OtherUnobservable
Identical AssetsObservable InputsInputs
DescriptionDate(Level 1)(Level 2)(Level 3)
September 30, 2024
Assets:
Equity securities$17,987 $17,987 $— $— 
$17,987 $17,987 $— $— 
December 31, 2023
Assets:
Equity securities$17,208 $17,208 $— $— 
$17,208 $17,208 $— $— 
Bellaire Corporation (“Bellaire”) is a non-operating subsidiary of the Company with legacy liabilities relating to closed mining operations, primarily former Eastern U.S. underground coal mining operations. Prior to 2023, Bellaire contributed $5.0 million to establish a mine water treatment trust (the "Mine Water Treatment Trust") to assure the long-term treatment of post-mining discharge. Bellaire's Mine Water Treatment Trust invests in equity securities that are reported at fair value based upon quoted market prices in active markets for identical assets; therefore, they are classified as Level 1 within the fair value hierarchy. The fair value of the Mine Water Treatment Trust was $12.3 million and $11.2 million at September 30, 2024 and December 31, 2023, respectively, and is included in Other non-current assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The Company recognized a gain of $0.6 million and $1.5 million during the three and nine months ended September 30, 2024, respectively, and a loss of $0.4 million and a gain of $0.7 million during the three and nine months ended September 30, 2023, respectively, related to the Mine Water Treatment Trust.

Prior to 2023, the Company invested $2.0 million in equity securities of a public company with a diversified portfolio of royalty producing mineral interests. The investment is reported at fair value based upon quoted market prices in active markets for identical assets; therefore, it is classified as Level 1 within the fair value hierarchy. The fair value of this investment was $5.7 million and $6.0 million at September 30, 2024 and December 31, 2023, respectively, and is included in Other non-current assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The Company recognized a loss of $0.1 million and $0.3 million during the three and nine months ended September 30, 2024, respectively, and a loss of $0.2 million during both the three and nine months ended September 30, 2023 related to the investment in these equity securities.

The change in fair value of equity securities is reported on the line (Gain) loss 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 nine months ended September 30, 2024 and 2023.