Parent Company Condensed Balance Sheets

12 Months Ended

Dec. 31, 2014

Statement of Financial Position [Abstract]

Parent Company Condensed Balance Sheets

Parent Company Condensed Balance Sheets

The condensed balance sheets of NACCO, the parent company, at December 31 are as follows:

	2014		2013
ASSETS
Cash and cash equivalents	$	53,415	$	94,035
Other current assets	1,570		946
Investment in subsidiaries
HBB	49,613		52,265
KC	32,170		36,772
NACoal	103,056		138,355
Other	13,142		14,792
	197,981		242,184
Property, plant and equipment, net	1,253		1,477
Other non-current assets	8,078		5,707
Total Assets	$	262,297	$	344,349
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	7,636	$	12,750
Current intercompany accounts payable, net	9,756		304
Note payable to Bellaire	18,700		20,450
Other non-current liabilities	14,732		13,065
Stockholders’ equity	211,473		297,780
Total Liabilities and Stockholders’ Equity	$	262,297	$	344,349

The credit agreements at NACoal, HBB and KC allow the transfer of assets to NACCO under certain circumstances. The amount of NACCO's investment in NACoal, HBB, KC and NACCO and Other that was restricted at December 31, 2014 totaled approximately $186.8 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $0.5 million at December 31, 2014. Dividends, advances and management fees from its subsidiaries are the primary sources of cash for NACCO.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

PARENT COMPANY CONDENSED BALANCE SHEETS

	December 31
	2014		2013
	(In thousands)
ASSETS
Cash and cash equivalents	$	53,415	$	94,035
Other current assets	1,570		946
Investment in subsidiaries
HBB	49,613		52,265
KC	32,170		36,772
NACoal	103,056		138,355
Other	13,142		14,792
	197,981		242,184
Property, plant and equipment, net	1,253		1,477
Other non-current assets	8,078		5,707
Total Assets	$	262,297	$	344,349
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	7,636	$	12,750
Current intercompany accounts payable, net	9,756		304
Note payable to Bellaire	18,700		20,450
Other non-current liabilities	14,732		13,065
Stockholders’ equity	211,473		297,780
Total Liabilities and Stockholders’ Equity	$	262,297	$	344,349

See Notes to Parent Company Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31
	2014			2013			2012
	(In thousands)
(Income) expense:
Intercompany interest expense	$	1,305		$	1,431		$	1,501
Other, net	(276		)	(471		)	3,021
	1,029			960			4,522
Administrative and general expenses	4,862			5,670			6,569
Loss before income taxes	(5,891		)	(6,630		)	(11,091		)
Income tax benefit	(1,764		)	(1,527		)	(1,754		)
Net loss before equity in earnings of subsidiaries	(4,127		)	(5,103		)	(9,337		)
Equity in earnings of subsidiaries	(33,991		)	49,553			51,500
Income (loss) from continuing operations, net of tax	(38,118		)	44,450			42,163
Discontinued operations, net of tax	—			—			66,535
Net income (loss)	(38,118		)	44,450			108,698
Foreign currency translation adjustment	(1,896		)	(229		)	145
Deferred gain on available for sale securities	442			729			265
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012	(1,518		)	810			7,658
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012	898			152			(2,757		)
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012	(6,483		)	8,022			(1,716		)
Curtailment gain into earnings, net of $718 tax expense in 2013	—			(983		)	—
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012	627			1,101			5,885
Comprehensive Income (loss)	$	(46,048	)	$	54,052		$	118,178

See Notes to Parent Company Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31
	2014			2013			2012
	(In thousands)
Operating Activities
Income (loss) from continuing operations	$	(38,118	)	$	44,450		$	42,163
Equity in earnings of subsidiaries	(33,991		)	49,553			51,500
Parent company only net loss	(4,127		)	(5,103		)	(9,337		)
Net changes related to operating activities	5,710			(1,858		)	4,428
Net cash provided by (used for) operating activities	1,583			(6,961		)	(4,909		)
Investing Activities
Expenditures for property, plant and equipment	(103		)	(238		)	(462		)
Net cash used for investing activities	(103		)	(238		)	(462		)
Financing Activities
Cash dividends received from subsidiaries	22,300			20,000			40,623
Cash dividends received from Hyster-Yale	—			—			5,000
Notes payable to Bellaire	(1,750		)	—			(1,980		)
Capital contributions to subsidiaries	(19,800		)	—			—
Purchase of treasury shares	(35,075		)	(31,306		)	(3,178		)
Cash dividends paid	(7,755		)	(8,104		)	(45,130		)
Other	(20		)	(15		)	19
Net cash used for financing activities	(42,100		)	(19,425		)	(4,646		)
Cash and cash equivalents
Decrease for the period	(40,620		)	(26,624		)	(10,017		)
Balance at the beginning of the period	94,035			120,659			130,676
Balance at the end of the period	$	53,415		$	94,035		$	120,659

See Notes to Parent Company Condensed Financial Statements.

SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT

NACCO INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2014, 2013 AND 2012

The notes to Consolidated Financial Statements, incorporated in Item 15 of this Form 10-K, are hereby incorporated by reference into these Notes to Parent Company Condensed Financial Statements.

NOTE A — ACCOUNTING POLICIES

NACCO Industries, Inc. (the parent company or “NACCO”) is a holding company with subsidiaries that operate in three principal industries. In the Parent Company Condensed Financial Statements, NACCO's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. NACCO's share of net income of unconsolidated subsidiaries is included in net income using the equity method. Parent Company financial statements should be read in conjunction with the Company's consolidated financial statements.

NOTE B — LONG-TERM OBLIGATIONS AND GUARANTEES

It is NACCO's policy not to guarantee the debt of its subsidiaries.

NOTE C — UNRESTRICTED CASH

The amount of unrestricted cash available to NACCO, included in “Investment in subsidiaries,” was $0.5 million at December 31, 2014 and was in addition to the $53.4 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2014.