Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 181

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 181
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 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NACCO INDUSTRIES, INC. AND SUBSIDIARIES (Tabular Amounts in Thousands, Except Per Share, Percentage Data and Oil and Gas Disclosures) F-34

The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care plans at December 31: 2024 2023 Change in benefit obligation Benefit obligation at beginning of year $ 1,579 $ 1,551 Service cost 8 7 Interest cost 75 77 Actuarial (gain) loss (49) 173 Benefits paid (195) (229) Benefit obligation at end of year $ 1,418 $ 1,579 Funded status at end of year $ (1,418) $ (1,579) Amounts recognized in the balance sheets consist of: Current liabilities $ (169) $ (183) Noncurrent liabilities (1,249) (1,396) $ (1,418) $ (1,579) Components of accumulated other comprehensive loss consist of: Actuarial loss $ 416 $ 542 Prior service credit — (6) Deferred taxes (95) (123) $ 321 $ 413 Future postretirement health care benefit payments expected to be paid are: 2025 173 2026 182 2027 185 2028 174 2029 166 2030 - 2034 582 $ 1,462 Defined Contribution Plans: We maintain a defined contribution (401(k)) plan for substantially all employees and provide employer matching contributions based on plan provisions. The plan also provides for a minimum employer contribution. Our matching contributions for these plans were $3.6 million and $3.6 million in 2024 and 2023, respectively. NOTE 15—Business Segments Our operating segments are: (i) Coal Mining, (ii) NAMining and (iii) Minerals Management. We determine our reportable segments by first identifying our operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. Our President and Chief Executive Officer, who is the CODM, utilizes Operating profit (loss) to evaluate segment performance and allocate resources. Our CODM considers actual, budgeted and forecasted Operating profit (loss) from operations on a monthly basis for evaluating the performance of each segment and making