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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We recognize 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 2036. The majority of our leases are operating leases. NACCO does not recognize leases with a term of 12 months or less on the balance sheet. Instead, we recognize the related lease expense on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component. Our 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 at December 31:
Description | Location | 2024 | 2023 |  |  |
Assets |  |  |  |  |  |
Operating | Operating lease right-of-use assets | $ | 9,661 |  | $ | 8,667 |  |  |  |
Finance | Property, plant and equipment, net (a) | 79 |  | 107 |  |  |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating | Other current liabilities | $ | 1,973 |  | $ | 1,485 |  |  |  |
Finance | Current maturities of long-term debt | 27 |  | 28 |  |  |  |
Non-current |  |  |  |  |  |
Operating | Operating lease liabilities | $ | 9,042 |  | $ | 8,782 |  |  |  |
Finance | Long-term debt | 57 |  | 84 |  |  |  |
(a) Finance leased assets are recorded net of accumulated amortization of less than $0.1 million as of December 31, 2024 and December 31, 2023. The components of lease expense for the years ended December 31 are as follows:
Description | Location | 2024 | 2023
Lease expense |  |  |
Operating lease cost | Selling, general and administrative expenses | $ | 2,191 |  | $ | 1,712 |
Finance lease cost: |  |  |
Amortization of leased assets | Cost of sales | 28 |  | 61 |
Interest on lease liabilities | Interest expense | 8 |  | 7 |
Variable lease expense | Selling, general and administrative expenses | 955 |  | 572 |
Short-term lease expense | Selling, general and administrative expenses | 5,808 |  | 3,214 |
Total lease expense |  | $ | 8,990 |  | $ | 5,566 |
Future minimum finance and operating lease payments were as follows at December 31, 2024:
| Finance Leases |  | Operating Leases |  | Total
2025 | $ | 33 |  |  | $ | 2,769 |  |  | $ | 2,802 |
2026 | 33 |  |  | 2,441 |  |  | 2,474 |
2027 | 21 |  |  | 1,801 |  |  | 1,822 |
2028 | 9 |  |  | 1,822 |  |  | 1,831 |
2029 | — |  |  | 1,536 |  |  | 1,536 |
Subsequent to 2029 | — |  |  | 3,940 |  |  | 3,940 |
Total minimum lease payments | 96 |  |  | 14,309 |  |  | $ | 14,405 |
Amounts representing interest | 12 |  |  | 3,294 |  |  |
Present value of net minimum lease payments | $ | 84 |  |  | $ | 11,015 |  |  |
As most of our leases do not provide an implicit rate, we determine the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We consider our credit rating and the current economic environment in determining this collateralized rate. The assumptions used in accounting for ASC 842 for the years ended December 31 are as follows:
| 2024 | 2023
Weighted average remaining lease term (years) |  |
Operating | 6.70 | 6.81
Finance | 3.01 | 3.97
Weighted average discount rate |  |
Operating | 8.26 | % | 8.13 | %
Finance | 8.80 | % | 8.69 | %
The following table details cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:
| 2024 | 2023
Operating cash flows from operating leases | $ | 2,509 |  | $ | 1,823 |
Operating cash flows from finance leases | 8 |  | 7 |
Financing cash flows from finance leases | 25 |  | 786 |
Leases | Leases We recognize 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 2036. The majority of our leases are operating leases. NACCO does not recognize leases with a term of 12 months or less on the balance sheet. Instead, we recognize the related lease expense on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component. Our 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 at December 31:
Description | Location | 2024 | 2023 |  |  |
Assets |  |  |  |  |  |
Operating | Operating lease right-of-use assets | $ | 9,661 |  | $ | 8,667 |  |  |  |
Finance | Property, plant and equipment, net (a) | 79 |  | 107 |  |  |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating | Other current liabilities | $ | 1,973 |  | $ | 1,485 |  |  |  |
Finance | Current maturities of long-term debt | 27 |  | 28 |  |  |  |
Non-current |  |  |  |  |  |
Operating | Operating lease liabilities | $ | 9,042 |  | $ | 8,782 |  |  |  |
Finance | Long-term debt | 57 |  | 84 |  |  |  |
(a) Finance leased assets are recorded net of accumulated amortization of less than $0.1 million as of December 31, 2024 and December 31, 2023. The components of lease expense for the years ended December 31 are as follows:
Description | Location | 2024 | 2023
Lease expense |  |  |
Operating lease cost | Selling, general and administrative expenses | $ | 2,191 |  | $ | 1,712 |
Finance lease cost: |  |  |
Amortization of leased assets | Cost of sales | 28 |  | 61 |
Interest on lease liabilities | Interest expense | 8 |  | 7 |
Variable lease expense | Selling, general and administrative expenses | 955 |  | 572 |
Short-term lease expense | Selling, general and administrative expenses | 5,808 |  | 3,214 |
Total lease expense |  | $ | 8,990 |  | $ | 5,566 |
Future minimum finance and operating lease payments were as follows at December 31, 2024:
| Finance Leases |  | Operating Leases |  | Total
2025 | $ | 33 |  |  | $ | 2,769 |  |  | $ | 2,802 |
2026 | 33 |  |  | 2,441 |  |  | 2,474 |
2027 | 21 |  |  | 1,801 |  |  | 1,822 |
2028 | 9 |  |  | 1,822 |  |  | 1,831 |
2029 | — |  |  | 1,536 |  |  | 1,536 |
Subsequent to 2029 | — |  |  | 3,940 |  |  | 3,940 |
Total minimum lease payments | 96 |  |  | 14,309 |  |  | $ | 14,405 |
Amounts representing interest | 12 |  |  | 3,294 |  |  |
Present value of net minimum lease payments | $ | 84 |  |  | $ | 11,015 |  |  |
As most of our leases do not provide an implicit rate, we determine the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We consider our credit rating and the current economic environment in determining this collateralized rate. The assumptions used in accounting for ASC 842 for the years ended December 31 are as follows:
| 2024 | 2023
Weighted average remaining lease term (years) |  |
Operating | 6.70 | 6.81
Finance | 3.01 | 3.97
Weighted average discount rate |  |
Operating | 8.26 | % | 8.13 | %
Finance | 8.80 | % | 8.69 | %
The following table details cash paid for amounts included in the measurement of lease liabilities for the years ended December 31:
| 2024 | 2023
Operating cash flows from operating leases | $ | 2,509 |  | $ | 1,823 |
Operating cash flows from finance leases | 8 |  | 7 |
Financing cash flows from finance leases | 25 |  | 786 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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