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Current and Long-Term Financing
 12 Months Ended
Dec. 31, 2023
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
 20232022
Total outstanding borrowings:  
Revolving credit agreement$10,000 $— 
Other debt25,956 19,668 
Total debt outstanding$35,956 $19,668 
Current portion of borrowings outstanding
$13,953 $3,649 
Long-term portion of borrowings outstanding22,003 16,019 
 $35,956 $19,668 
  
Total available borrowings, net of limitations, under revolving credit agreement$115,120 $116,285 
  
Unused revolving credit agreement$105,120 $116,285 
Weighted average stated interest rate on total borrowings6.6 %3.9 %
Annual maturities of total debt, excluding leases, are as follows:
202413,925 
20253,149 
20267,591 
20271,987 
20281,720 
Thereafter7,472 
 $35,844 
Interest paid on total debt was $2.4 million and $2.0 million during 2023 and 2022, respectively.
The Company has a secured revolving line of credit of up to $150.0 million (the “Facility”) that expires in November 2025. Borrowings outstanding under the Facility were $10.0 million at December 31, 2023. At December 31, 2023, the excess availability under the Facility was $105.1 million, which reflects a reduction for outstanding letters of credit of $34.9 million.

The Facility has performance-based pricing, which sets interest rates based upon achieving various levels of debt to EBITDA ratios, as defined in the 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, 2023, for base rate and Secured Overnight Financing Rate loans were 1.23% and 2.23%, respectively. The Facility has a commitment fee which is based upon achieving various levels of debt to EBITDA ratios. The commitment fee was 0.34% on the unused commitment at December 31, 2023. During the year ended December 31, 2023, the average borrowing under the Facility was $6.2 million. The weighted-average annual interest rate, including the floating rate margin, was 6.06% and 2.54% at December 31, 2023 and December 31, 2022, respectively.

The Facility contains restrictive covenants, which require, among other things, maintaining 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 Facility provides subsidiaries 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 Facility, of $15.0 million. At December 31, 2023, the Company was in compliance with all financial covenants in the Facility.
The obligations under the Facility are guaranteed by certain direct and indirect, existing and future domestic subsidiaries, and is secured by certain assets and the guarantors, subject to customary exceptions and limitations.

The Company 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 IRS. At December 31, 2023 and 2022, the balance of the note was $7.0 million and $5.7 million and the interest rate was 5.12% and 3.36%, respectively.

The Company has eleven notes payable that are secured by sixteen specified units of equipment, bear interest at a weighted average rate of 5.42%, and expire at various dates through 2029. One note includes a principal payment of $4.4 million at the end of the term on December 15, 2026. At December 31, 2023 and 2022, the outstanding balances of the notes were $18.8 million and $13.2 million, respectively.