Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES:

The components of income tax expense were as follows:

	For the Years Ended December 31,
	2024		2023		2022
Current:
U.S. Federal	$	34,009	$	100,572	$	45,068
U.S. State	1,413		7,287		7,238
Non-U.S.	—		—		(235)
	35,422		107,859		52,071
Deferred:
U.S. Federal	9,557		12,528		37,154
U.S. State	(737)		1,593		12,233
	8,820		14,121		49,387
Total Income Tax Expense	$	44,242	$	121,980	$	101,458

A reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate of 21% to income from operations before income tax is:

	For the Years Ended December 31,
	2024				2023				2022
	Amount		Percent		Amount		Percent		Amount		Percent
Statutory U.S. federal income tax rate	$	69,436	21.0	%	$	163,353	21.0	%	$	119,372	21.0	%
State income taxes, net of federal tax benefit	3,017		0.9		7,618		1.0		11,110		2.0
Effect of foreign income taxes	—		—		—		—		(241)		—
Excess tax depletion	(22,397)		(6.8)		(26,802)		(3.5)		(32,431)		(5.7)
Foreign derived intangible income	(4,501)		(1.4)		(23,545)		(3.0)		(4,906)		(0.9)
Uncertain tax positions	(1,452)		(0.4)		36		—		(792)		(0.1)
Compensation	1,480		0.5		2,284		0.3		4,178		0.7
Valuation allowance	—		—		—		—		(937)		(0.2)
Tax credits	(1,000)		(0.3)		(700)		(0.1)		(350)		(0.1)
State rate change and prior period adjustments	(644)		(0.2)		(809)		(0.1)		5,397		0.9
Other	303		0.1		545		0.1		1,058		0.2
Income Tax Expense / Effective Rate	$	44,242	13.4	%	$	121,980	15.7	%	$	101,458	17.8	%

Significant components of deferred tax assets and liabilities were as follows:

	December 31,
	2024		2023
Deferred Tax Asset:
Asset retirement obligations	$	40,445	$	41,400
Postretirement benefits other than pensions	40,226		47,730
Pneumoconiosis benefits	31,663		33,867
Other	44,735		28,280
Total Deferred Tax Asset	157,069		151,277
Deferred Tax Liability:
Equity Partnerships	(155,039)		(122,220)
Property, plant and equipment	(39,154)		(52,409)
Other	(12,090)		(12,867)
Total Deferred Tax Liability	(206,283)		(187,496)
Net Deferred Tax Liability	$	(49,214)	$	(36,219)

Certain prior period amounts in the table above were previously disclosed separately, but have been reclassified to Other to conform to the current year presentation.

At December 31, 2024, the Company has net operating loss carryforwards of approximately $1,097 for state income tax purposes, which will, if ultimately utilized, offset future taxable income. These net operating losses, if unused, will expire in 2041.

As required by U.S. GAAP, a valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Management must review all available evidence, both positive and negative, in determining the need for a valuation allowance. As of December 31, 2024 and 2023, no valuation allowance has been recorded.

Unrecognized Tax Benefits

The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the years ended December 31, 2024 and 2023, a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31,
	2024		2023
Balance at January 1	$	1,987	$	1,941
Additions based on tax positions related to the current year	—		22
Additions for tax positions of prior years	—		24
Settlements	(1,987)		—
Balance at December 31	$	—	$	1,987

The Company recorded an unrecognized tax benefit for the tax year ending December 31, 2023 of $1,987, related to a position taken on state taxes. The issue related to the unrecognized tax benefit was settled during 2024.

The Company is subject to taxation in the United States and its various states, as well as Canada and its various provinces. The Company is subject to examination for the tax periods 2020 through 2024 for federal and state returns.