Company: NC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000789933-25-000102
Chunk: 76

Company: NACCO INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 activities(32,810) (31,055) (1,755)Cash flow before financing activities$6,692  $(33,934) $40,626 

The $42.4 million change in net cash provided by (used for) operating activities was primarily due to a favorable change in the adjustments to reconcile net income to net cash provided by operating activities. The Company’s adjustments primarily include the business interruption insurance recoveries at MLMC in 2024, Gain on sale of assets, deferred income taxes, depreciation, depletion and amortization and stock-based compensation.

A change in operating assets and liabilities also contributed to the increase in net cash provided by (used for) operating activities. Accounts receivable decreased during the current-year period due to the timing of collections, whereas accounts receivable was comparable in the prior periods. Inventory levels at September 30, 2025 are relatively consistent with year-end balances, whereas inventories increased during 2024. These favorable items were partially offset by an unfavorable change in accrued expenses, mainly attributable to a decrease in accrued payroll during the 2025 period, whereas accrued payroll was comparable in prior periods.

 2025 2024 ChangeFinancing activities:     Net (reductions) additions to long-term debt and revolving credit agreements$(20,721) $26,417  $(47,138)Cash dividends paid (5,452)(4,964)(488)Purchase of treasury shares(695)(9,576)8,881 Net cash (used for) provided by financing activities$(26,868) $11,877  $(38,745)

The change in net cash (used for) provided by financing activities was primarily due to reductions in debt borrowings during the first nine months of 2025 compared with additions during the first nine months of 2024, partially offset by a decrease in share repurchases during the first nine months of 2025. 

20

Financing Activities

In September 2024, NACCO Natural Resources amended its secured revolving line of credit (Facility) to increase the revolving credit commitments to $200.0 million and extend the maturity to September 2028. Borrowings outstanding under the Facility were $50.0 million at September 30, 2025. At September 30, 2025, the excess availability under the Facility was $99.3 million, which reflects a reduction for outstanding letters of credit of $50.7