Company: NC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000789933-25-000102
Chunk: 58

Company: NACCO INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 58
---
 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 September 30, 2025, the remaining $9.6 million asset is recorded on the line Prepaid profit sharing and will continue to be reduced as profit sharing contributions are made to employees. During the first nine months of 2025, the Company and Falkirk’s former customer agreed to settle the corresponding liability for $10.9 million, resulting in a gain of $3.6 million on the Unaudited Condensed Consolidated Statement of Operations. In accordance with the agreement reached with the former customer, $5.5 million was paid to the former customer during 2025. The remaining $5.4 million, recorded on the line Excess funding liability on the Unaudited Condensed Consolidated Balance Sheet at September 30, 2025, will be paid to the former customer in 2026.  

9

At September 30, 2025 and December 31, 2024, we had $15.4 million and $14.2 million, respectively, classified as Assets held for sale. The assets held for sale consist of draglines not in use and an office building in North Dakota.During the first nine months of 2024, we sold land for $7.0 million and recognized a $4.5 million gain in the Minerals and Royalties segment on the Unaudited Condensed Consolidated Statements of Operations. 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.In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03), which requires entities to disclose disaggregated information about certain income statement expense line items in the notes to their financial statements on an annual and