Company: NC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000789933-25-000023
Chunk: 65

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 million in growth businesses included in Unallocated Items. Expenditures are expected to be funded from internally generated funds and/or bank borrowings.

Capital Structure

NACCO's consolidated capital structure is presented below:

 MARCH 312025 DECEMBER 312024 ChangeCash and cash equivalents$61,884  $72,833  $(10,949)Other net tangible assets463,558  451,962  11,596 Intangible assets, net5,313  5,475  (162)Net assets530,755  530,270  485 Total debt(95,827) (99,514) 3,687 Bellaire closed mine obligations(25,811) (25,809) (2)Total equity$409,117  $404,947  $4,170 Debt to total capitalization19% 20% (1)%

20

The increase in other net tangible assets at March 31, 2025 compared with December 31, 2024 was mainly the result of:

•A decrease in Accrued payroll for payments made during the first quarter of 2025 related to our incentive compensation plans;

•An increase in Deposits with vendors for equipment; and 

•An increase in Property, plant and equipment during the first quarter of 2025.

These changes were partially offset by a decrease in Trade accounts receivable during the first quarter of 2025 due to the timing of payments, as well as lower revenue in the first quarter of 2025 compared with the fourth quarter of 2024. 

Contractual Obligations, Contingent Liabilities and Commitments

Since December 31, 2024, other than the changes identified above, there have been no significant changes in the total amount of NACCO's contractual obligations, contingent liabilities or commercial commitments, or the timing of cash flows in accordance with those obligations as reported on pages 56 and 57 in our Annual Report on Form 10-K for the year ended December 31, 2024. See Note 6 to the Unaudited Condensed Consolidated Financial Statements for a discussion of certain guarantees related to Coyote Creek.

SEGMENT RESULTS

COAL MINING SEGMENT

FINANCIAL REVIEW

Tons of coal delivered by the Coal Mining segment were as follows for the three months ended March 31:

THREE MONTHS 2025