Company: NC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000789933-25-000023
Chunk: 21

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 Consolidated Financial Statements for further discussion of segment reporting. The following table disaggregates revenue by major sources as of March 31:THREE MONTHS ENDEDMARCH 312025 2024Timing of Revenue RecognitionGoods transferred at a point in time$18,680 $15,108 Services transferred over time46,891 38,181 Total revenues$65,571 $53,289 

11

Contract Balances: The opening and closing balances of our current and long-term contract assets and liabilities and receivables are as follows:Contract balancesTrade accounts receivableContract asset (current)Contract asset(long-term)Contract liability (current)Contract liability (long-term)Balance at January 1, 2025$49,706 $313 $3,500 $484 $5,119 Balance at March 31, 202533,981 375 3,500 1,077 6,070 Increase (decrease)$(15,725)$62 $— $593 $951 We expect to recognize $1.0 million in the remainder of 2025, $0.2 million in 2026, $0.1 million in 2027, $1.0 million in 2028, $2.4 million in 2029 and $2.5 million thereafter related to the contract liability remaining at March 31, 2025. The difference between the opening and closing balances of our contract balances results from the timing difference between our performance and the customer’s payment. We have no contract assets recognized from the costs to obtain or fulfill a contract with a customer.

NOTE 3—Inventories

Inventories are summarized as follows:  MARCH 312025 DECEMBER 312024Coal and aggregates$27,244 $27,076 Mining supplies67,079 67,532  Total inventories$94,323  $94,608 During the three months ended March 31, 2025 and 2024, we recorded a $3.0 million and $2.5 million inventory impairment charge, respectively, in the line Cost of sales in the accompanying Unaudited Condensed Consolidated Statements of Operations as mining costs exceeded net realizable value of coal inventory at MLMC.Mining supplies inventory consists primarily of critical spare parts to support NAMining’s dragline operations and other general supplies used on day-to-day