Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 178

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 178
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 December 31: 2024 2023 Change in benefit obligation Projected benefit obligation at beginning of year $ 28,357 $ 31,722 Interest cost 1,360 1,639 Actuarial (gain) loss (427) 2,261 Benefits paid (2,610) (2,614) Settlements — (4,651) Projected benefit obligation at end of year $ 26,680 $ 28,357 Accumulated benefit obligation at end of year $ 26,680 $ 28,357 Change in plan assets Fair value of plan assets at beginning of year $ 30,128 $ 34,485 Actual return on plan assets 258 2,452 Employer contributions 475 456 Benefits paid (2,610) (2,614) Settlements — (4,651) Fair value of plan assets at end of year $ 28,251 $ 30,128 Funded status at end of year $ 1,571 $ 1,771 Amounts recognized in the balance sheets consist of: Non-current assets $ 5,624 $ 6,068 Current liabilities (515) (510) Non-current liabilities (3,538) (3,787) $ 1,571 $ 1,771 Components of accumulated other comprehensive loss consist of: Actuarial loss $ 12,072 $ 11,379 Prior service cost 528 586 Deferred taxes (2,869) (2,724) $ 9,731 $ 9,241 We recognize as a component of benefit (income) cost, as of the measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the corridor. Amounts outside the corridor are amortized over the average expected remaining service of active participants expected to benefit under the retiree medical plans or over the average expected remaining lifetime of inactive participants for the pension plans. The (gain) loss amounts recognized in AOCI are not expected to be fully recognized until the plan is terminated or as settlements occur, which would trigger accelerated recognition. Prior service costs resulting from plan changes are also in AOCI. Our policy is to make contributions to fund our pension plans within the range allowed by applicable regulations. We maintain one supplemental defined benefit plan that pays monthly benefits to participants directly out of corporate funds. All other pension benefit payments are made from assets of the pension plans. NOTES TO CONSOLIDATED FINANCIAL STATE