Company: NC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000789933-25-000023
Chunk: 48

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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IE as it does not exercise financial control; therefore, we do not consolidate the results of these operations within our financial statements. Instead, this contract is accounted for as an equity method investment. During the three months ended March 31, 2025 and 2024, we recorded our share of earnings of $0.6 million and our share of losses of $0.1 million, respectively, as Earnings of unconsolidated operations on the Unaudited Condensed Consolidated Statements of Operations. Our investment is reported on the line Equity method investment in Eiger, LLC in the Unaudited Condensed Consolidated Balance Sheets. Due to a lag in Eiger's financial reporting, earnings or losses from this investment are recorded on a one quarter lag. Other Items: During the first quarter of 2025, $14.5 million of excess funds from the terminated Falkirk pension plan were directly transferred to the NACCO 401(k) plan. The NACCO 401(k) plan is a qualified replacement plan; therefore, these funds will be utilized to offset future profit sharing contributions to 401(k) plan participants. As of March 31, 2025, the $14.5 million asset is recorded on the line Prepaid profit sharing and will be reduced as profit sharing contributions are made to employees. The corresponding liability to Falkirk’s former customer is also recognized in Excess funding liability on the Unaudited Condensed Consolidated Balance Sheet at March 31, 2025.  At March 31, 2025 and December 31, 2024, we had $13.2 million and $14.2 million, respectively, classified as Assets held for sale, primarily for draglines at NAMining and a building.Accounting Standards Not Yet Adopted: In December 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires entities to disclose more detailed information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The adoption of this standard only impacts disclosures and is not expected to have a material impact on our Financial Statements.In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive