nacco-20220630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 10-Q


(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	June 30, 2022


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the transition period from to

Commission file number 1-9172

NACCO INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

34-1505819

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

5875 Landerbrook Drive

Suite 220

Cleveland,

Ohio

44124-4069

(Address of principal executive offices)

(Zip code)

(440)

229-5151

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $1 par value per share

New York Stock Exchange

Class B Common Stock is not publicly listed for trade on any exchange or market system; however, Class B Common Stock is convertible into Class A Common Stock on a share-for-share basis.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act

Large accelerated filer

☐

Accelerated Filer

☑

Non-accelerated filer

☐

Smaller reporting company

☑

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No þ

Number of shares of Class A Common Stock outstanding at July 29, 2022: 5,768,580

Number of shares of Class B Common Stock outstanding at July 29, 2022: 1,566,373

NACCO INDUSTRIES, INC.

TABLE OF CONTENTS

Page Number

Part I.

FINANCIAL INFORMATION

Item 1

Financial Statements

Unaudited Condensed Consolidated Balance Sheets

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Statements of Comprehensive Income

Unaudited Condensed Consolidated Statements of Cash Flows

Unaudited Condensed Consolidated Statements of Changes in Equity

Notes to Unaudited Condensed Consolidated Financial Statements

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Item 4

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4

Mine Safety Disclosures

Part I

FINANCIAL INFORMATION

Item 1. Financial Statements

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


	JUNE 30 2022		DECEMBER 31 2021
	(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	97,113	$	86,005
Trade accounts receivable	32,143		25,667
Accounts receivable from affiliates	6,427		5,605
Inventories	56,956		54,085

Refundable federal income taxes	3,919		15,054
Prepaid insurance	7,766		2,016
Other current assets	14,252		14,621
Total current assets	218,576		203,053
Property, plant and equipment, net	210,470		193,167

Intangibles, net	29,868		31,774

Investments in unconsolidated subsidiaries	15,379		19,090
Operating lease right-of-use assets	8,250		8,911
Investment in private company equity units	17,782		5,000
Other non-current assets	47,019		46,225
Total assets	$	547,344	$	507,220
LIABILITIES AND EQUITY
Accounts payable	$	16,490	$	12,208
Accounts payable to affiliates	885		741

Current maturities of long-term debt	2,929		2,527
Asset retirement obligations	1,820		1,820
Accrued payroll	11,281		16,339

Deferred revenue	1,803		4,082
Other current liabilities	8,430		8,299
Total current liabilities	43,638		46,016
Long-term debt	15,498		18,183
Operating lease liabilities	9,214		9,733
Asset retirement obligations	42,873		42,131
Pension and other postretirement obligations	5,422		6,605
Deferred income taxes	10,808		14,792
Liability for uncertain tax positions	10,113		10,113
Other long-term liabilities	7,175		7,531
Total liabilities	144,741		155,104
Stockholders' equity
Common stock:
Class A, par value $1 per share, 5,768,580 shares outstanding (December 31, 2021 - 5,616,568 shares outstanding)	5,769		5,616
Class B, par value $1 per share, convertible into Class A on a one-for-one basis, 1,566,373 shares outstanding (December 31, 2021 - 1,566,613 shares outstanding)	1,566		1,567
Capital in excess of par value	19,634		16,331
Retained earnings	383,574		336,778
Accumulated other comprehensive loss	(7,940)		(8,176)
Total stockholders' equity	402,603		352,116
Total liabilities and equity	$

SEC Form 10-Q filed by NACCO Industries Inc.