NACCO INDUSTRIES INCNC

NACCO INDUSTRIES INC Segments Disclosure

10-KFiled Mar 4, 20263 min read
Business Segments
Our operating segments are: (i) Utility Coal Mining, (ii) Contract Mining and (iii) Minerals and Royalties. 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 Chief Operating Decision Maker (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 decisions about allocating capital and other resources to each segment.

All financial statement line items below operating profit (other income including interest expense and interest income, the provision (benefit) for income taxes and net income) are presented and discussed within this Form 10-K on a consolidated basis.

See Note 1 for additional discussion of our reportable segments. All current operations reside in the U.S. The accounting policies of the reportable segments are described in Note 2.

In both 2025 and 2024, three customers accounted for 10% or more of consolidated revenue. The following represents the revenue attributable to each of these entities as a percentage of consolidated revenue for those years:
Percentage of Consolidated Revenue
Segment20252024
Utility Coal Mining customer32 %29 %
Contract Mining customer25 %24 %
Contract Mining customer10 %11 %
The following tables provide segment financial information and a reconciliation of segment results to consolidated results for the years ended December 31:
 20252024
Revenues
Utility Coal Mining$88,188 $68,611 
Contract Mining140,013 119,600 
Minerals and Royalties37,630 34,579 
Unallocated Items15,080 17,707 
Eliminations(3,713)(2,789)
Total$277,198 $237,708 
Cost of sales
Utility Coal Mining$94,155 $79,375 
Contract Mining129,876 110,821 
Minerals and Royalties5,666 5,234 
Unallocated Items12,654 15,323 
Eliminations(3,626)(2,801)
Total$238,725 $207,952 
Earnings of unconsolidated operations
Utility Coal Mining$54,471 $51,821 
Contract Mining4,789 5,010 
Minerals and Royalties2,571 647 
Unallocated Items(8)(2)
Total$61,823 $57,476 
Operating expenses*
Utility Coal Mining$31,349 $30,358 
Contract Mining9,159 8,017 
Minerals and Royalties5,427 1,065 
Unallocated Items32,380 25,699 
Total$78,315 $65,139 
*Operating expenses consist of Selling, general and administrative expenses, Amortization of intangible assets and Gain on sale of assets.
 20252024
Operating profit (loss)
Utility Coal Mining$17,155  $24,311 
Contract Mining5,767  5,772 
Minerals and Royalties29,108  28,927 
Unallocated Items(29,962)(23,317)
Eliminations(87)12 
Total$21,981  $35,705 
Expenditures for property, plant and equipment and acquisition of mineral interests
Utility Coal Mining$8,020 $8,292 
Contract Mining31,968 30,556 
Minerals and Royalties7,710 1,079 
Unallocated Items5,588 15,492 
Total$53,286 $55,419 
Depreciation, depletion and amortization
Utility Coal Mining$8,815 $9,476 
Contract Mining10,854 9,811 
Minerals and Royalties4,579 4,273 
Unallocated Items1,029 1,092 
Total$25,277 $24,652 
 Total assets
Utility Coal Mining$125,715 $125,301 
Contract Mining213,571 204,889 
Minerals and Royalties115,545 99,905 
Unallocated Items**
206,397 201,592 
Total$661,228 $631,687 
**Unallocated Items consist primarily of Cash and cash equivalents, assets of growth businesses, Deferred income taxes and Investments in unconsolidated subsidiaries.

Historical Timeline

Fiscal YearFiled
2025Mar 4, 2026Showing above
2024Mar 5, 2025
2023Mar 6, 2024
2022Mar 15, 2023
2021Mar 2, 2022
2020Mar 3, 2021
2019Mar 4, 2020
2018Mar 6, 2019
2017Mar 7, 2018
2016Mar 1, 2017
2015Mar 2, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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