Parent Company Condensed Balance Sheets

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

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


	2021		2020
ASSETS
Cash and cash equivalents	$	83,093	$	85,365
Accounts receivable from affiliates	—		495

Other current assets	17,578		20,648
Investment in subsidiaries	268,720		211,468


Property, plant and equipment, net	57		110
Other non-current assets	4,885		5,890
Total Assets	$	374,333	$	323,976
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	3,865	$	3,242
Current intercompany accounts payable, net	637		2,337

Note payable to Bellaire	16,750		16,750
Other non-current liabilities	965		1,023
Stockholders’ equity	352,116		300,624
Total Liabilities and Stockholders’ Equity	$	374,333	$	323,976

The credit agreement at NACoal allows for the transfer of assets to NACCO under certain circumstances. The amount of NACCO's investment that was restricted at December 31, 2021 totaled approximately $1.8 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $1.2 million at December 31, 2021. Dividends 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
	2021		2020
	(In thousands)
ASSETS
Cash and cash equivalents	$	83,093	$	85,365
Accounts receivable from affiliates	—		495

Other current assets	17,578		20,648
Investment in subsidiaries	268,720		211,468
Property, plant and equipment, net	57		110
Other non-current assets	4,885		5,890
Total Assets	$	374,333	$	323,976
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	3,865	$	3,242
Current intercompany accounts payable, net	637		2,337

Note payable to Bellaire	16,750		16,750
Other non-current liabilities	965		1,023
Stockholders’ equity	352,116		300,624
Total Liabilities and Stockholders’ Equity	$	374,333	$	323,976

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
	2021		2020
	(In thousands)
Expense (income):
Intercompany interest expense	$	1,172	$	1,178
Other, net	(336)		(1,003)
	836		175
Administrative and general expenses	4,300		5,658
Loss before income taxes	(5,136)		(5,833)
Income tax (benefit) provision	(463)		2,419
Net loss before equity in earnings of subsidiaries	(4,673)		(8,252)
Equity in earnings of subsidiaries	52,798		23,045
Net income	48,125		14,793
Current period pension and postretirement plan adjustment, net of $864 tax expense and $213 tax benefit in 2021 and 2020, respectively	2,851		(697)
Reclassification of pension and postretirement adjustments into earnings, net of $170 and $129 tax benefit in 2021 and 2020, respectively	572		435
Total other comprehensive income	3,423		(262)
Comprehensive Income	$	51,548	$	14,531

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
	2021		2020
	(In thousands)
Operating Activities
Net income	$	48,125	$	14,793
Equity in earnings of subsidiaries	52,798		23,045
Parent company only net loss	(4,673)		(8,252)
Net changes related to operating activities	8,018		(22,822)
Net cash provided by (used for) operating activities	3,345		(31,074)
Investing Activities


Net cash used for investing activities	—		—
Financing Activities
Dividends received from subsidiaries	—		3,000
Notes payable to Bellaire	—		(200)
Purchase of treasury shares	—		(1,002)
Cash dividends paid	(5,617)		(5,375)

Net cash used for financing activities	(5,617)		(3,577)
Cash and cash equivalents
Decrease for the period	(2,272)		(34,651)
Balance at the beginning of the period	85,365		120,016
Balance at the end of the period	$	83,093	$	85,365

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, 2021 AND 2020

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

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 NACoal.

NOTE C — UNRESTRICTED CASH

The amount of unrestricted cash available to NACCO, included in Investment in subsidiaries, was $1.2 million at December 31, 2021 and was in addition to the $83.1 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2021.