Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | |
Common Class A | Common Class B | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'NACCO INDUSTRIES INC | ' | ' | ' |
Entity Central Index Key | '0000789933 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Shares Outstanding | ' | ' | 6,276,027 | 1,581,006 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $313,269,819 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $932,666 | $873,364 | $790,455 |
Cost of sales | 711,375 | 647,422 | 580,815 |
Gross profit | 221,291 | 225,942 | 209,640 |
Earnings of unconsolidated mines | 46,429 | 45,244 | 45,485 |
Operating expenses | ' | ' | ' |
Selling, general and administrative expenses | 199,331 | 207,553 | 190,036 |
Goodwill impairment charge | 3,973 | 0 | 0 |
Amortization of intangible assets | 3,668 | 2,802 | 2,065 |
Gain on sale of assets | -588 | -6,811 | -1,050 |
Operating Expenses | 206,384 | 203,544 | 191,051 |
Operating profit | 61,336 | 67,642 | 64,074 |
Other (income) expense | ' | ' | ' |
Interest expense | 4,775 | 6,088 | 8,789 |
Income from other unconsolidated affiliates | -1,432 | -1,552 | -1,420 |
Applica settlement and litigation costs | 0 | 0 | -57,146 |
Closed mine obligations | 1,817 | 4,595 | 989 |
Other, net, including interest income | 456 | 483 | 641 |
Other (income) expense | 5,616 | 9,614 | -48,147 |
Income from continuing operations before income tax provision | 55,720 | 58,028 | 112,221 |
Income tax provision | 11,270 | 15,865 | 32,751 |
Income from continuing operations, net of tax | 44,450 | 42,163 | 79,470 |
Income from discontinued operations, net of tax expense of $7,599 and $18,893 in 2012 and 2011, respectively | 0 | 66,535 | 82,601 |
Net income | $44,450 | $108,698 | $162,071 |
Basic earnings per share: | ' | ' | ' |
Continuing operations (in dollars per share) | $5.48 | $5.04 | $9.49 |
Discontinued operations (in dollars per share) | $0 | $7.93 | $9.85 |
Basic Earnings per Share (in dollars per share) | $5.48 | $12.97 | $19.34 |
Diluted earnings per share: | ' | ' | ' |
Continuing operations (in dollars per share) | $5.47 | $5.02 | $9.46 |
Discontinued operations (in dollars per share) | $0 | $7.90 | $9.82 |
Diluted Earnings per Share (in dollars per share) | $5.47 | $12.92 | $19.28 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' |
Basic weighted average shares outstanding | 8,105 | 8,384 | 8,383 |
Diluted weighted average shares outstanding | 8,124 | 8,414 | 8,408 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' |
Tax expense on discontinued operations | $0 | $7,599,000 | $18,893,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net income | $23,632 | $38,104 | $21,712 | $25,250 | $44,450 | $108,698 | $162,071 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | -229 | 145 | -14,942 |
Deferred gain on available for sale securities | ' | ' | ' | ' | 729 | 265 | 27 |
Current period cash flow hedging activity, net of $477 tax expense in 2013, $2,471 tax expense in 2012 and $266 tax expense in 2011 | ' | ' | ' | ' | 810 | 7,658 | 2,395 |
Reclassification of hedging activities into earnings, net of $95 tax benefit in 2013, $2,630 tax expense in 2012 and $2,668 tax benefit in 2011 | ' | ' | ' | ' | 152 | -2,757 | 9,155 |
Current period pension and postretirement plan adjustment, net of $5,531 tax expense in 2013, $1,553 tax benefit in 2012, and $7,391 tax benefit in 2011 | ' | ' | ' | ' | 8,022 | -1,716 | -18,977 |
Current period curtailment gain into earnings, net of $718 tax expense in 2013 | ' | ' | ' | ' | -983 | 0 | 0 |
Reclassification of pension and postretirement adjustments into earnings, net of $740 tax benefit in 2013, $2,056 tax benefit in 2012 and $1,900 tax benefit in 2011 | ' | ' | ' | ' | 1,101 | 5,885 | 6,704 |
Comprehensive income | ' | ' | ' | ' | $54,052 | $118,178 | $146,433 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Tax expense on current period cash flow hedging activity | $477 | $2,471 | $266 |
Tax expense (benefit) on reclassification of hedging activities into earnings | -95 | 2,630 | -2,668 |
Tax expense (benefit) on current period pension and postretirement plan adjustment | 5,531 | -1,553 | -7,391 |
Tax expense on current curtailment gain | 718 | ' | ' |
Tax expense (benefit) on reclassification of pension and postretirement into earnings | ($740) | ($2,056) | ($1,900) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $95,390 | $139,855 |
Accounts receivable, net of allowances of $13,705 in 2013 and $16,149 in 2012 | 120,789 | 121,147 |
Accounts receivable from affiliates | 32,636 | 28,144 |
Inventories, net | 184,445 | 169,440 |
Deferred income taxes | 14,452 | 15,335 |
Prepaid expenses and other | 13,578 | 12,921 |
Total current assets | 461,290 | 486,842 |
Property, plant and equipment, net | 219,256 | 182,985 |
Goodwill | 0 | 6,399 |
Coal supply agreements and other intangibles, net | 59,685 | 63,353 |
Other non-current assets | 69,725 | 36,727 |
Total assets | 809,956 | 776,306 |
Current liabilities | ' | ' |
Accounts payable | 133,016 | 127,469 |
Revolving credit agreements of subsidiaries b not guaranteed by the parent company | 23,460 | 35,288 |
Current maturities of long-term debt of subsidiaries b not guaranteed by the parent company | 7,859 | 6,961 |
Accrued income taxes | 8,877 | 2,088 |
Accrued payroll | 29,030 | 24,288 |
Other current liabilities | 35,877 | 31,075 |
Total current liabilities | 238,119 | 227,169 |
Long-term debt of subsidiaries b not guaranteed by the parent company | 152,431 | 135,448 |
Mine closing reserves | 29,764 | 29,032 |
Pension and other postretirement obligations | 7,648 | 15,801 |
Long-term deferred income taxes | 24,786 | 27,313 |
Other long-term liabilities | 59,428 | 60,212 |
Total liabilities | 512,176 | 494,975 |
Common stock: | ' | ' |
Capital in excess of par value | 941 | 24,612 |
Retained earnings | 301,227 | 270,227 |
Accumulated other comprehensive income (loss) | -12,259 | -21,861 |
Total stockholdersb equity | 297,780 | 281,331 |
Total liabilities and equity | 809,956 | 776,306 |
Common Class A | ' | ' |
Common stock: | ' | ' |
Common stock | 6,290 | 6,771 |
Common Class B | ' | ' |
Common stock: | ' | ' |
Common stock | $1,581 | $1,582 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | $13,705 | $16,149 |
Common Class A | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 6,290,414 | 6,770,689 |
Common Class B | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, convertible conversion ratio | 1 | 1 |
Common stock, shares outstanding | 1,581,106 | 1,582,310 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $44,450 | $108,698 | $162,071 |
Income from discontinued operations | 0 | 66,535 | 82,601 |
Income from continuing operations | 44,450 | 42,163 | 79,470 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 24,572 | 17,992 | 16,301 |
Amortization of deferred financing fees | 614 | 1,118 | 1,129 |
Deferred income taxes | -7,646 | 14,646 | -68 |
Goodwill impairment charge | 3,973 | 0 | 0 |
Gain on sale of assets | -588 | -6,811 | -1,050 |
Other | -14,572 | 13,117 | 6,410 |
Working capital changes, excluding the effect of business acquisitions: | ' | ' | ' |
Accounts receivable | -2,779 | -19,154 | 10,153 |
Inventories | -14,871 | -2,776 | 4,436 |
Other current assets | -802 | -1,077 | -1,991 |
Accounts payable | 4,851 | 23,870 | -11,339 |
Other current liabilities | 15,863 | -8,753 | -2,854 |
Net cash provided by operating activities of continuing operations | 53,065 | 74,335 | 100,597 |
Net cash provided by operating activities of discontinued operations | 0 | 68,679 | 54,582 |
Investing Activities | ' | ' | ' |
Expenditures for property, plant and equipment | -57,449 | -44,682 | -20,218 |
Acquisition of business | 0 | -69,287 | 0 |
Proceeds from the sale of assets | 2,504 | 35,974 | 3,353 |
Proceeds from note receivable | 0 | 14,434 | 0 |
Cash in escrow from investment | -5,000 | 0 | 0 |
Other | -789 | -207 | 80 |
Net cash used for investing activities of continuing operations | -60,734 | -63,768 | -16,785 |
Net cash used for investing activities of discontinued operations | 0 | -10,469 | -15,916 |
Financing Activities | ' | ' | ' |
Reductions of long-term debt | -15,803 | -62,446 | -69,115 |
Net additions to revolving credit agreements | 19,654 | 82,655 | 57,507 |
Cash dividends paid | -8,104 | -45,130 | -17,795 |
Cash dividends received from Hyster-Yale | 0 | 5,000 | 10,000 |
Purchase of treasury shares | -31,306 | -3,178 | -2,063 |
Financing fees paid | -1,209 | -1,433 | -786 |
Other | -8 | 12 | -194 |
Net cash used for financing activities of continuing operations | -36,776 | -24,520 | -22,446 |
Net cash used for financing activities of discontinued operations | 0 | -98,913 | -19,425 |
Effect of exchange rate changes on cash of continuing operations | -20 | 24 | -4 |
Effect of exchange rate changes on cash of discontinued operations | 0 | 838 | -3,832 |
Increase (decrease) for the year | -44,465 | -53,794 | 76,771 |
Net (increase) decrease related to discontinued operations | 0 | 39,865 | -15,409 |
Balance at the beginning of the year | 139,855 | 153,784 | 92,422 |
Balance at the end of the year | $95,390 | $139,855 | $153,784 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Total Stockholders' Equity | Common Stock | Common Stock | Capital in Excess of Par Value | Retained Earnings | Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Available for Sale Securities | Deferred Gain (Loss) on Cash Flow Hedging | Pension and Postretirement Plan Adjustment | Noncontrolling Interest |
In Thousands, unless otherwise specified | Common Class A | Common Class B | |||||||||
Balance, beginning of period at Dec. 31, 2010 | $448,215 | $447,413 | $6,737 | $1,596 | $22,668 | $475,338 | $28,152 | $0 | ($8,953) | ($78,125) | $802 |
Capital in Excess of Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 2,222 | 2,222 | 65 | ' | 2,157 | ' | ' | ' | ' | ' | ' |
Purchase of treasury shares | -2,063 | -2,063 | -24 | ' | -2,039 | ' | ' | ' | ' | ' | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to stockholders | 162,071 | 162,071 | ' | ' | ' | 162,071 | ' | ' | ' | ' | ' |
Cash dividends | -17,795 | -17,795 | ' | ' | ' | -17,795 | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income (loss) | -31,497 | -31,497 | ' | ' | ' | ' | -14,942 | 27 | 2,395 | -18,977 | ' |
Current period curtailment gain | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustment to net income | -15,859 | -15,859 | ' | ' | ' | ' | ' | ' | -9,155 | -6,704 | ' |
Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to noncontrolling interest | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 |
Balance, end of period at Dec. 31, 2011 | 577,092 | 576,210 | 6,778 | 1,596 | 22,786 | 619,614 | 13,210 | 27 | 2,597 | -90,398 | 882 |
Capital in Excess of Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 4,983 | 4,983 | 30 | ' | 4,953 | ' | ' | ' | ' | ' | ' |
Purchase of treasury shares | -3,178 | -3,178 | -51 | ' | -3,127 | ' | ' | ' | ' | ' | ' |
Conversion of Class B to Class A shares | 0 | ' | 14 | -14 | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to stockholders | 108,698 | 108,698 | ' | ' | ' | 108,698 | ' | ' | ' | ' | ' |
Cash dividends | -45,130 | -45,130 | ' | ' | ' | -45,130 | ' | ' | ' | ' | ' |
Stock dividend | -370,614 | -369,732 | ' | ' | ' | -412,955 | -13,929 | ' | -7,784 | 64,936 | -882 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income (loss) | 6,352 | 6,352 | ' | ' | ' | ' | 145 | 265 | 7,658 | -1,716 | ' |
Current period curtailment gain | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustment to net income | -3,128 | -3,128 | ' | ' | ' | ' | ' | ' | 2,757 | -5,885 | ' |
Balance, end of period at Dec. 31, 2012 | 281,331 | 281,331 | 6,771 | 1,582 | 24,612 | 270,227 | -574 | 292 | -286 | -21,293 | 0 |
Capital in Excess of Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 1,807 | 1,807 | 83 | ' | 1,724 | ' | ' | ' | ' | ' | ' |
Purchase of treasury shares | -31,306 | -31,306 | -565 | ' | -25,395 | -5,346 | ' | ' | ' | ' | ' |
Conversion of Class B to Class A shares | 0 | 0 | 1 | -1 | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to stockholders | 44,450 | 44,450 | ' | ' | ' | 44,450 | ' | ' | ' | ' | ' |
Cash dividends | -8,104 | -8,104 | ' | ' | ' | -8,104 | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current period other comprehensive income (loss) | 9,332 | 9,332 | ' | ' | ' | ' | -229 | 729 | 810 | 8,022 | ' |
Current period curtailment gain | -983 | -983 | ' | ' | ' | ' | ' | ' | ' | -983 | ' |
Reclassification adjustment to net income | -1,253 | -1,253 | ' | ' | ' | ' | ' | ' | -152 | -1,101 | ' |
Balance, end of period at Dec. 31, 2013 | $297,780 | $297,780 | $6,290 | $1,581 | $941 | $301,227 | ($803) | $1,021 | $676 | ($13,153) | $0 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends on Class A and Class B common stock | $1 | $5.38 | $2.12 |
Principles_of_Consolidation_an
Principles of Consolidation and Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of Consolidation and Nature of Operations | ' |
Principles of Consolidation and Nature of Operations | |
The Consolidated Financial Statements include the accounts of NACCO Industries, Inc. (the parent company or “NACCO”) and its wholly owned subsidiaries (“NACCO Industries, Inc. and Subsidiaries” or the “Company”). Intercompany accounts and transactions are eliminated in consolidation. The Company's subsidiaries operate in the following principal industries: mining, small appliances and specialty retail. The Company manages its subsidiaries primarily by industry. | |
The North American Coal Corporation and its affiliated companies (collectively, “NACoal”) mine and market steam and metallurgical coal for use in power generation and steel production and provide selected value-added mining services for other natural resources companies. Hamilton Beach Brands, Inc. (“HBB”) is a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for restaurants, bars and hotels. The Kitchen Collection, LLC (“KC”) is a national specialty retailer of kitchenware and gourmet foods operating under the Kitchen Collection® and Le Gourmet Chef® store names in outlet and traditional malls throughout the United States. On September 28, 2012, the Company spun-off Hyster-Yale Materials Handling, Inc. ("Hyster-Yale"), a former subsidiary. The financial position, results of operations and cash flows of Hyster-Yale are reflected as discontinued operations for all periods presented through the date of the spin-off. See Note 3 for further details regarding the spin-off. | |
NACoal has two consolidated mining operations: Mississippi Lignite Mining Company (“MLMC”) and Reed Minerals, Inc. ("Reed Minerals"). NACoal also provides dragline mining services for independently owned limerock quarries in Florida. NACoal has ten wholly owned unconsolidated subsidiaries that each meet the definition of a variable interest entity and are accounted for using the equity method: | |
The Coteau Properties Company (“Coteau”) | |
The Falkirk Mining Company (“Falkirk”) | |
The Sabine Mining Company (“Sabine”) | |
Demery Resources Company, LLC (“Demery”) | |
Caddo Creek Resources Company, LLC (“Caddo Creek”) | |
Coyote Creek Mining Company, LLC (“Coyote Creek”) | |
Camino Real Fuels, LLC (“Camino Real”) | |
Liberty Fuels Company, LLC (“Liberty”) | |
NoDak Energy Services, LLC ("NoDak") | |
North American Coal Corporation India Private Limited (“NACC India”) | |
Coteau, Falkirk and Sabine were developed between 1974 and 1981 and operate lignite coal mines under long-term contracts with various utility customers. Coteau, Falkirk and Sabine are capitalized primarily with debt financing, which the utility customers have arranged and guaranteed. Demery, Caddo Creek, Coyote Creek, Camino Real and Liberty (collectively with Coteau, Falkirk and Sabine, the "Unconsolidated Mines") were formed to develop, construct and operate surface mines under long-term contracts. Demery commenced delivering coal to its customer in 2012 and is expected to reach full production levels in late 2015. Liberty commenced production in 2013 and is expected to increase production levels gradually from 0.5 to 1.0 million tons in 2014 to full production of approximately 4.7 million tons annually in 2019. Caddo Creek, Coyote Creek and Camino Real are still in development and are not expected to be in full production for several years. NoDak was formed to operate and maintain a coal processing facility. NACC India was formed to provide technical advisory services to the third-party owners of a coal mine in India. | |
The contracts with the customers of the Unconsolidated Mines provide for reimbursement at a price based on actual costs plus an agreed pre-tax profit per ton of coal sold or actual costs plus a management fee. Although NACoal owns 100% of the equity and manages the daily operations of these entities, the Company has determined that the equity capital provided by NACoal is not sufficient to adequately finance the ongoing activities or absorb any expected losses without additional support from the customers. The customers have a controlling financial interest and have the power to direct the activities that most significantly affect the economic performance of the entities. As a result, NACoal is not the primary beneficiary and therefore does not consolidate these entities' financial position or results of operations. The income taxes resulting from operations of the Unconsolidated Mines are solely the responsibility of the Company. The pre-tax income from the unconsolidated mines is reported on the line “Earnings of unconsolidated mines” in the Consolidated Statements of Operations, with related taxes included in the provision for income taxes. The Company has included the pre-tax earnings of the Unconsolidated Mines, excluding NoDak and NACC India, above operating profit as they are an integral component of the Company's business and operating results. The pre-tax income from NoDak is reported on the line "Income from other unconsolidated affiliates" in the "Other (income) expense" section of the Consolidated Statement of Operations, with the related income taxes included in the provision for income taxes. The net income from NACC India is reported on the line "Income from other unconsolidated affiliates" in the "Other (income) expense" section of the Consolidated Statements of Operations. The unconsolidated mines are accounted for under the equity method. See Note 20 for further discussion. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. | |
Accounts Receivable, Net of Allowances: Allowances for doubtful accounts are maintained against accounts receivable for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. | |
Inventories: Inventories are stated at the lower of cost or market. The weighted average method is used for coal inventory. KC retail inventories are stated at the lower of cost or market using the retail inventory method. The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. | |
Property, Plant and Equipment, Net: Property, plant and equipment are recorded at cost. Depreciation, depletion and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings and building improvements are depreciated using a 40 year life or, at NACoal, over the life of the mine, which at inception was 30 years. Estimated lives for machinery and equipment range from three to 15 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The units-of-production method is used to amortize certain tooling for sourced products and certain coal-related assets based on estimated recoverable tonnages. Repairs and maintenance costs are generally expensed when incurred. Asset retirement costs associated with asset retirement obligations are capitalized with the carrying amount of the related long-lived asset and depreciated over the asset's estimated useful life. | |
Long-Lived Assets: The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset's net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |
Goodwill: Goodwill represents the excess purchase price paid over the fair value of the net assets acquired. The Company evaluates the carrying value of goodwill for impairment annually and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount. Impairment exists when the carrying amount of the goodwill exceeds its implied fair value. | |
Coal Supply Agreements and Other Intangibles, Net: The coal supply agreements represent long-term supply agreements with NACoal's customers and are recorded based on the fair value at the date of acquisition. The coal supply agreements are amortized based on units of production or straight line over the original term of the agreements, which range from 8 to 30 years. The Company reviews identified intangible assets for impairment when changes in circumstances or the occurrence of certain events indicate potential impairment. | |
Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability, medical claims, certain workers’ compensation claims and certain closed mine liabilities. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management's judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, inflation rates, medical costs and actual experience could cause estimates to change in the near term. | |
Revenue Recognition: Revenues are generally recognized when title transfers and risk of loss passes to the customer. Under its mining contracts, the Company recognizes revenue as the coal or limerock is delivered or services are performed. Revenues at HBB are recognized when customer orders are completed and shipped. Revenues at KC are recognized at the point of sale when payment is made and customers take possession of the merchandise in stores. | |
The Company's products generally are not sold with the right of return. Based on the Company's historical experience, a portion of KC and HBB products sold are estimated to be returned due to reasons such as buyer remorse, duplicate gifts received, product failure and excess inventory stocked by the customer, which, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company's customers. | |
The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. At HBB, net sales represent gross sales less cooperative advertising, other volume-based incentives, estimated returns and allowances for defective products. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized. At KC, retail markdowns are incorporated into KC's retail method of accounting for cost of sales. | |
Advertising Costs: Advertising costs, except for direct response advertising, are expensed as incurred. Total advertising expense was $20.1 million, $16.5 million and $13.5 million in 2013, 2012 and 2011, respectively. Included in these advertising costs are amounts related to cooperative advertising programs at HBB that are recorded as a reduction of sales in the Consolidated Statements of Operations as related revenues are recognized. Direct response advertising, which consists primarily of costs to produce television commercials for HBB products, is capitalized and amortized over the expected period of future benefits. No assets related to direct response advertising were capitalized at December 31, 2013 or 2012. | |
Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $8.1 million, $7.5 million and $7.4 million in 2013, 2012 and 2011, respectively. | |
Shipping and Handling Costs: Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included in cost of sales. | |
Taxes Collected from Customers and Remitted to Governmental Authorities: The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as a liability until remitted to the respective taxing authority. | |
Stock Compensation: The Company maintains long-term incentive programs at all of its subsidiaries. The parent company has stock compensation plans that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding selected employees for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 16,123 and 72,566 shares related to the years ended December 31, 2013 and 2012, respectively. After the issuance of these shares, there were 233,759 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $0.9 million ($0.6 million net of tax), $4.4 million ($2.8 million net of tax) and $1.7 million ($1.1 million net of tax) for the years ended December 31, 2013, 2012 and 2011, respectively. Compensation expense represents fair value based on the market price of the shares of Class A common stock at the grant date. | |
The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the years ended December 31, 2013 and December 31, 2012, $69,000 of the non-employee directors’ annual retainer of $125,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2011, $49,500 of the non-employee directors’ annual retainer of $90,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date of the participant's retirement from the Board of Directors and the director has reached 70 years of age. Pursuant to this plan, the Company issued 9,472, 8,944 and 4,938 shares related to the years ended December 31, 2013, 2012 and 2011, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,300 in 2013, 1,991 in 2012, and 1,356 in 2011. After the issuance of these shares, there were 73,042 shares of Class A common stock available for issuance under this plan. Compensation expense related to these awards was $0.6 million ($0.4 million net of tax), $0.8 million ($0.5 million net of tax) and $0.5 million ($0.3 million net of tax) for the years ended December 31, 2013, 2012 and 2011, respectively. Compensation expense represents fair value based on the market price of the shares of Class A common stock at the grant date. | |
Foreign Currency: Assets and liabilities of foreign operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of stockholders’ equity. Revenues and expenses of all foreign operations are translated using average monthly exchange rates prevailing during the year. | |
Financial Instruments and Derivative Financial Instruments: Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. | |
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in currencies other than the subsidiaries’ functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”). Deferred gains or losses are reclassified from AOCI to the Consolidated Statement of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and generally recognized in cost of sales. | |
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the three-month LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in AOCI. Deferred gains or losses are reclassified from AOCI to the Consolidated Statement of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line “Other” in the “Other income (expense)” section of the Consolidated Statements of Operations. | |
Interest rate swap agreements and forward foreign currency exchange contracts held by the Company have been designated as hedges of forecasted cash flows. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. | |
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are included on the line “Other” in the “Other income (expense)” section of the Consolidated Statements of Operations. | |
Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. | |
See Note 9 for further discussion of derivative financial instruments. | |
Fair Value Measurements: The Company accounts for the fair value measurement of its financial assets and liabilities in accordance with U.S. generally accepted accounting principles, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |
A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. | |
Described below are the three levels of inputs that may be used to measure fair value: | |
Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. | |
Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | |
Level 3 - Unobservable inputs are used when little or no market data is available. | |
The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | |
See Note 10 for further discussion of fair value measurements. | |
Recently Issued Accounting Standards | |
Accounting Standards Adopted in 2013: | |
In February 2013, the FASB issued authoritative guidance on the presentation of comprehensive income, which was effective for the Company on January 1, 2013. The guidance requires an entity to (i) present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and (ii) cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. The Company adopted this guidance during the first quarter of 2013. Because this guidance is related to presentation only, the adoption did not have any effect on the Company's financial position, results of operations or cash flows. | |
Reclassifications: Certain amounts in the prior periods’ Consolidated Financial Statements have been reclassified to conform to the current period's presentation. |
Other_Transactions
Other Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Other Events and Transactions [Abstract] | ' |
Other Transactions | ' |
Other Transactions | |
NACoal: During 2013, NACoal recorded a cash outflow for investing activities for $5.0 million placed in escrow for a future investment. The $5.0 million is included in "Other non-current assets" on the Consolidated Balance Sheet at December 31, 2013. | |
On August 31, 2012, NACoal acquired, through a wholly owned subsidiary, four related companies - Reed Minerals, Inc., Reed Hauling Inc., C&H Mining Company, Inc. and Reed Management, LLC (collectively known as "Reed Minerals") - from members of and entities controlled by the Reed family. Reed Minerals is based in Jasper, Alabama and is involved in the mining of steam and metallurgical coal. The results of Reed Minerals have been included in the Company's consolidated financial statements since the date of acquisition. See Note 21 for further discussion of the Reed Minerals acquisition. | |
During 2012, NACoal sold two draglines for $31.2 million and recognized a gain on the sale of one dragline of $3.3 million. These assets were previously reported as held for sale on the Consolidated Balance Sheet. Also during 2012, NACoal recognized a gain of $3.5 million from the sale of land. | |
Included in "Accounts receivable from affiliates" on the Consolidated Balance Sheet is $27.9 million and $24.8 million as of December 31, 2013 and December 31, 2012, respectively, due from Coyote Creek, an unconsolidated mine, primarily for the purchase of a dragline from NACoal. | |
NACCO and Other: In 2006, the Company initiated litigation in the Delaware Chancery Court against Applica Incorporated ("Applica") and individuals and entities affiliated with Applica's shareholder, Harbinger Capital Partners Master Fund, Ltd. The litigation alleged a number of contract and tort claims against the defendants related to the Company's failed transaction with Applica, which had been previously announced. On February 14, 2011, the parties to this litigation entered into a settlement agreement. The settlement agreement provided for, among other things, the payment of $60.0 million to the Company and dismissal of the lawsuit with prejudice. The payment was received in February 2011. Litigation costs related to this matter were approximately $2.8 million in 2011. | |
Hyster-Yale Spin-Off: On September 28, 2012, the Company spun-off Hyster-Yale, a former subsidiary. To complete the spin-off, the Company distributed one share of Hyster-Yale Class A common stock and one share of Hyster-Yale Class B common stock to NACCO stockholders for each share of NACCO Class A common stock or Class B common stock owned. In accordance with the applicable authoritative accounting guidance, the Company accounted for the spin-off based on the carrying value of Hyster-Yale. | |
As a result of the spin-off, the financial position, results of operations and cash flows of Hyster-Yale are reflected as discontinued operations through the date of the spin-off in the Consolidated Financial Statements. | |
In connection with the spin-off of Hyster-Yale, NACCO and Other recognized expenses of $3.4 million, $3.0 million after-tax, for the year ended December 31, 2012, which is reflected as discontinued operations in the Consolidated Statements of Operations. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are summarized as follows: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Coal - NACoal | $ | 24,710 | $ | 17,311 | ||||
Mining supplies - NACoal | 17,406 | 13,587 | ||||||
Total inventories at weighted average | 42,116 | 30,898 | ||||||
Sourced inventories - HBB | 90,713 | 84,814 | ||||||
Retail inventories - KC | 51,616 | 53,728 | ||||||
Total inventories at FIFO | 142,329 | 138,542 | ||||||
$ | 184,445 | $ | 169,440 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, Plant and Equipment, Net | ||||||||
Property, plant and equipment, net includes the following: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Coal lands and real estate: | ||||||||
NACoal | $ | 83,736 | $ | 67,621 | ||||
HBB | 226 | 226 | ||||||
83,962 | 67,847 | |||||||
Plant and equipment: | ||||||||
NACoal | 180,418 | 149,908 | ||||||
HBB | 45,141 | 42,850 | ||||||
KC | 28,615 | 29,519 | ||||||
NACCO and Other | 4,552 | 4,339 | ||||||
258,726 | 226,616 | |||||||
Property, plant and equipment, at cost | 342,688 | 294,463 | ||||||
Less allowances for depreciation, depletion and amortization | 123,432 | 111,478 | ||||||
$ | 219,256 | $ | 182,985 | |||||
Total depreciation, depletion and amortization expense on property, plant and equipment was $20.9 million, $15.2 million and $14.3 million during 2013, 2012, and 2011, respectively. | ||||||||
KC's long-lived asset evaluations during 2013 and 2012 resulted in the Company recording an impairment charge of $1.1 million and $0.7 million, respectively, in depreciation expense for leasehold improvements and furniture and fixtures as projected future cash flows were not sufficient to recover the net carrying value of these assets. See Note 10 for further discussion of these nonrecurring fair value measurements. | ||||||||
Depreciation expense for 2011 includes a charge of $1.3 million for a capital lease asset no longer being leased at HBB. | ||||||||
Proven and probable coal reserves, excluding the unconsolidated mines, approximated 1.2 billion tons (unaudited) at December 31, 2013 and 1.2 billion tons (unaudited) at December 31, 2012. These tons are reported on an as received by the customer basis and are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets | ||||||||||||
During 2013, the estimated amount of goodwill decreased by $2.4 million as the Company finalized purchase accounting for the Reed Minerals acquisition. See Note 21 for further discussion of the Reed Minerals acquisition. | ||||||||||||
The Company performs its annual assessment for impairment of goodwill as of October 1 and more frequently if indicators of impairment are present. The Company concluded during the annual assessment for 2013 that the goodwill within the Reed Minerals reporting unit was fully impaired and recorded a $4.0 million non-cash, goodwill impairment charge during the fourth quarter. See Note 10 for further discussion of this nonrecurring fair value measurement. | ||||||||||||
The change in the carrying amount of goodwill is as follows: | ||||||||||||
2013 | ||||||||||||
Balance at December 31, 2012 | $ | 6,399 | ||||||||||
Change in estimate | (2,426 | ) | ||||||||||
Goodwill impairment charge | (3,973 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Intangible assets other than goodwill, which are subject to amortization, consist of the following: | ||||||||||||
Gross Carrying | Accumulated | Net | ||||||||||
Amount | Amortization | Balance | ||||||||||
Balance at December 31, 2013 | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (32,492 | ) | $ | 58,988 | |||||
Other intangibles | 950 | (253 | ) | 697 | ||||||||
$ | 92,430 | $ | (32,745 | ) | $ | 59,685 | ||||||
Balance at December 31, 2012 | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (29,015 | ) | $ | 62,465 | |||||
Other intangibles | 950 | (62 | ) | 888 | ||||||||
$ | 92,430 | $ | (29,077 | ) | $ | 63,353 | ||||||
Amortization expense for intangible assets was $3.7 million, $2.8 million and $2.1 million in 2013, 2012 and 2011, respectively. | ||||||||||||
Expected annual amortization expense of intangible assets for the next five years is as follows: $3.5 million in 2014, $3.8 million in 2015, 2016, and 2017 and $3.7 million in 2018, respectively. The weighted average amortization period for intangible assets is approximately 27 years. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
Asset Retirement Obligations | ' | |||||||||||
Asset Retirement Obligations | ||||||||||||
NACoal's asset retirement obligations are principally for costs to dismantle certain mining equipment at the end of the life of the mine as well as for costs to close its surface mines and reclaim the land it has disturbed as a result of its normal mining activities. The Company determined the amounts of these obligations based on estimates adjusted for inflation, projected to the estimated closure dates, and then discounted using a credit-adjusted risk-free interest rate. The accretion of the liability is being recognized over the estimated life of each individual asset retirement obligation and is recorded in the line “Cost of sales” in the accompanying Consolidated Statements of Operations. The associated asset is recorded in “Property, Plant and Equipment, net” in the accompanying Consolidated Balance Sheets. | ||||||||||||
Bellaire Corporation (“Bellaire”) is a non-operating subsidiary of the Company with legacy liabilities relating to closed mining operations, primarily former Eastern U.S. underground coal mining operations. These legacy liabilities include obligations for water treatment and other environmental remediation that arose as part of the normal course of closing these underground mining operations. The Company determined the amounts of these obligations based on estimates adjusted for inflation and then discounted using a credit-adjusted risk-free interest rate. The accretion of the liability is recognized over the estimated life of the asset retirement obligation and is recorded in the line “Closed mine obligations” in the accompanying Consolidated Statements of Operations. Since Bellaire's properties are no longer active operations, no associated asset has been capitalized. | ||||||||||||
In connection with Bellaire's normal permit renewal with the Pennsylvania Department of Environmental Protection ("DEP"), Bellaire was notified during 2004 that in order to obtain renewal of the permit Bellaire would be required to establish a mine water treatment trust (the "Mine Water Treatment Trust"). On October 1, 2010, Bellaire executed a Post-Mining Treatment Trust Consent Order and Agreement (“Consent”) with the DEP which established the Mine Water Treatment Trust to provide a financial assurance mechanism in order to assure the long-term treatment of post-mining discharges. Bellaire agreed to initially fund the Mine Water Treatment Trust with $5.0 million. Bellaire funded $2.5 million during 2010 upon execution of the Consent and the remaining $2.5 million in 2011. The fair value of the Mine Water Treatment assets are $6.5 million at December 31, 2013 and are legally restricted for purposes of settling the Bellaire asset retirement obligation. See Note 10 for further fair value disclosure. | ||||||||||||
A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations are as follows: | ||||||||||||
NACoal | Bellaire | NACCO | ||||||||||
Consolidated | ||||||||||||
Balance at January 1, 2012 | $ | 5,480 | $ | 13,652 | $ | 19,132 | ||||||
Liabilities acquired with the Reed Minerals acquisition | 9,039 | — | 9,039 | |||||||||
Liabilities settled during the period | (14 | ) | (1,539 | ) | (1,553 | ) | ||||||
Accretion expense | 565 | 1,649 | 2,214 | |||||||||
Revision of estimated cash flows | — | 2,654 | 2,654 | |||||||||
Balance at December 31, 2012 | $ | 15,070 | $ | 16,416 | $ | 31,486 | ||||||
Liabilities settled during the period | (316 | ) | (1,243 | ) | (1,559 | ) | ||||||
Accretion expense | 735 | 1,161 | 1,896 | |||||||||
Revision of estimated cash flows | — | 592 | 592 | |||||||||
Balance at December 31, 2013 | $ | 15,489 | $ | 16,926 | $ | 32,415 | ||||||
The revision of estimated cash flows for the year ended December 31, 2012 is due to increases in future estimated operating costs, including changes in state regulations related to water treatment. |
Current_and_LongTerm_Financing
Current and Long-Term Financing | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Current and Long-Term Financing | ' | |||||||
Current and Long-Term Financing | ||||||||
Financing arrangements are obtained and maintained at the subsidiary level. NACCO has not guaranteed any borrowings of its subsidiaries. | ||||||||
The following table summarizes the Company's available and outstanding borrowings: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements: | ||||||||
HBB | $ | 18,447 | $ | 39,676 | ||||
KC | 1,460 | — | ||||||
NACoal | 140,000 | 110,000 | ||||||
$ | 159,907 | $ | 149,676 | |||||
Capital lease obligations and other term loans — NACoal | $ | 17,414 | $ | 15,163 | ||||
Private Placement Notes — NACoal | 6,429 | 12,858 | ||||||
Total debt outstanding | $ | 183,750 | $ | 177,697 | ||||
Current portion of borrowings outstanding: | ||||||||
HBB | $ | — | $ | 12,676 | ||||
KC | 1,460 | — | ||||||
NACoal | 29,859 | 29,573 | ||||||
$ | 31,319 | $ | 42,249 | |||||
Long-term portion of borrowings outstanding: | ||||||||
HBB | $ | 18,447 | $ | 27,000 | ||||
NACoal | 133,984 | 108,448 | ||||||
$ | 152,431 | $ | 135,448 | |||||
Total available borrowings, net of limitations, under revolving credit agreements: | ||||||||
HBB | $ | 111,584 | $ | 112,020 | ||||
KC | 27,000 | 27,000 | ||||||
NACoal | 223,936 | 148,828 | ||||||
$ | 362,520 | $ | 287,848 | |||||
Unused revolving credit agreements: | ||||||||
HBB | $ | 93,137 | $ | 72,344 | ||||
KC | 25,540 | 27,000 | ||||||
NACoal | 83,936 | 38,828 | ||||||
$ | 202,613 | $ | 138,172 | |||||
Weighted average stated interest rate on total borrowings: | ||||||||
HBB | 3.2 | % | 1.9 | % | ||||
KC | 4.3 | % | N/A | |||||
NACoal | 2.3 | % | 2.4 | % | ||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | ||||||||
HBB | 3.2 | % | 4.3 | % | ||||
KC | N/A | N/A | ||||||
NACoal | 3 | % | 2.4 | % | ||||
Annual maturities of total debt, excluding capital leases, are as follows: | ||||||||
2014 | $ | 29,889 | ||||||
2015 | — | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | 136,447 | |||||||
Thereafter | 4,347 | |||||||
$ | 170,683 | |||||||
Interest paid on total debt was $5.3 million, $5.5 million and $8.5 million during 2013, 2012 and 2011, respectively. Interest capitalized was $0.5 million and $0.3 million in 2013 and 2012, respectively. No interest was capitalized in 2011. | ||||||||
HBB: HBB has a $115.0 million senior secured floating-rate revolving credit facility (the “HBB Facility”) that expires in July 2017. The obligations under the HBB Facility are secured by substantially all of HBB's assets. The approximate book value of HBB's assets held as collateral under the HBB Facility was $228.9 million as of December 31, 2013. | ||||||||
The maximum availability under the HBB Facility is governed by a borrowing base derived from advance rates against eligible accounts receivable, inventory and trademarks of the borrowers, as defined in the HBB Facility. Adjustments to reserves booked against these assets, including inventory reserves, will change the eligible borrowing base and thereby impact the liquidity provided by the HBB Facility. A portion of the availability is denominated in Canadian dollars to provide funding to HBB's Canadian subsidiary. Borrowings bear interest at a floating rate, which can be a base rate, LIBOR or bankers acceptance rate, as defined in the HBB Facility, plus an applicable margin. The applicable margins, effective December 31, 2013, for base rate loans and LIBOR loans denominated in U.S. dollars were 0.00% and 1.50%, respectively. The applicable margins, effective December 31, 2013, for base rate loans and bankers' acceptance loans denominated in Canadian dollars were 0.00% and 1.50%, respectively. The HBB Facility also requires a fee of 0.375% per annum on the unused commitment. The margins and unused commitment fee under the HBB Facility are subject to quarterly adjustment based on average excess availability and average usage, respectively. The floating rate of interest applicable to the HBB Facility at December 31, 2013 was 3.18% including the floating rate margin. | ||||||||
At December 31, 2013, the borrowing base under the HBB Facility was $111.6 million and borrowings outstanding were $18.4 million. At December 31, 2013, the excess availability under the HBB Facility was $93.1 million. | ||||||||
The HBB Facility includes restrictive covenants, which, among other things, limit the payment of dividends to NACCO, subject to achieving availability thresholds. Dividends are limited to the greater of $20.0 million and excess cash flow from the most recently ended fiscal year in each of the two twelve-month periods following the closing date of the HBB Facility, so long as HBB has excess availability under the HBB Facility of not less than $25.0 million and maintains a minimum fixed charge coverage ratio of at least 1.0 to 1.0, as defined in the HBB Facility; and in such amounts as determined by HBB subsequent to the second anniversary of the closing date of the HBB Facility, so long as HBB has excess availability under the HBB Facility of not less than $25.0 million. The HBB Facility also requires HBB to achieve a minimum fixed charge coverage ratio in certain circumstances, as defined in the HBB Facility. At December 31, 2013, HBB was in compliance with all covenants in the HBB Facility. | ||||||||
HBB incurred fees and expenses of $1.2 million in the year ended December 31, 2012 related to the HBB Facility. These fees were deferred and are being amortized as interest expense in the Consolidated Statements of Operations over the term of the HBB Facility. No similar fees were incurred in 2013 and 2011. | ||||||||
KC: KC has a $30.0 million secured revolving line of credit that expires in August 2017 (the “KC Facility”). The obligations under the KC Facility are secured by substantially all assets of KC. The approximate book value of KC's assets held as collateral under the KC Facility was $63.4 million as of December 31, 2013. | ||||||||
The maximum availability under the KC Facility is derived from a borrowing base formula using KC's eligible inventory and eligible credit card accounts receivable, as defined in the KC Facility. Borrowings bear interest at a floating rate plus a margin based on the excess availability under the agreement, as defined in the KC Facility, which can be either a base rate plus a margin of 1.00% or LIBOR plus a margin of 2.00% as of December 31, 2013. The KC Facility also requires a fee of 0.375% per annum on the unused commitment. The floating rate of interest applicable to the KC Facility at December 31, 2013 was 4.25% including the floating margin rate. | ||||||||
At December 31, 2013, the borrowing base under the KC Facility was $27.0 million and borrowings outstanding were $1.5 million. At December 31, 2013, the excess availability under the KC Facility was $25.5 million. | ||||||||
The KC Facility allows for the payment of dividends to NACCO, subject to certain restrictions based on availability and meeting a fixed charge coverage ratio as described in the KC Facility. Dividends are limited to (i) $6.0 million in any twelve-month period, so long as KC has excess availability, as defined in the KC Facility, of at least $7.5 million after giving effect to such payment and maintaining a minimum fixed charge coverage ratio of 1.1 to 1.0, as defined in the KC Facility; (ii) $2.0 million in any twelve-month period, so long as KC has excess availability, as defined in the KC Facility, of at least $7.5 million after giving effect to such payment and (iii) in such amounts as determined by KC, so long as KC has excess availability under the KC Facility of $15.0 million after giving effect to such payment. At December 31, 2013, KC was in compliance with all covenants in the KC Facility. | ||||||||
KC incurred fees and expenses of approximately $0.2 million in the year ended December 31, 2012 related to the KC Facility. These fees were deferred and are being amortized as interest expense in the Consolidated Statements of Operations over the term of the KC Facility. No similar fees were incurred in 2013 and 2011. | ||||||||
NACoal: NACoal has an unsecured revolving line of credit of up to $225.0 million (the “NACoal Facility”) that expires in November 2018. Borrowings outstanding under the NACoal Facility were $140.0 million at December 31, 2013. At December 31, 2013, the excess availability under the NACoal Facility was $83.9 million, which reflects a reduction for outstanding letters of credit of $1.1 million. | ||||||||
The NACoal Facility has performance-based pricing, which sets interest rates based upon NACoal achieving various levels of debt to EBITDA ratios, as defined in the NACoal Facility. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved. The applicable margins, effective December 31, 2013, for base rate and LIBOR loans were 1.00% and 2.00%, respectively. The NACoal Facility has a commitment fee which is based upon achieving various levels of debt to EBITDA ratios. The commitment fee was 0.35% on the unused commitment at December 31, 2013. The floating rate of interest applicable to the NACoal Facility at December 31, 2013 was 2.16% including the floating rate margin. | ||||||||
The NACoal Facility contains restrictive covenants, which require, among other things, NACoal to maintain a maximum debt to EBITDA ratio of 3.50 to 1.00 and an interest coverage ratio of not less than 4.00 to 1.00. The NACoal Facility provides the ability to make loans, dividends and advances to NACCO, with some restrictions based on maintaining a maximum debt to EBITDA ratio of 3.00 to 1.00 in conjunction with maintaining unused availability thresholds of borrowing capacity, as defined in the NACoal Facility, of $15.0 million. At December 31, 2013, NACoal was in compliance with all covenants in the NACoal Facility. | ||||||||
During 2004 and 2005, NACoal issued unsecured notes totaling $45.0 million in a private placement (the “NACoal Notes”), which require annual principal payments of approximately $6.4 million which began in October 2008 and will mature on October 4, 2014. These unsecured notes bear interest at a weighted-average fixed rate of 6.08%, payable semi-annually on April 4 and October 4. The NACoal Notes are redeemable at any time at the option of NACoal, in whole or in part, at an amount equal to par plus accrued and unpaid interest plus a “make-whole premium,” if applicable. NACoal had $6.4 million of the private placement notes outstanding at December 31, 2013. The NACoal Notes contain certain covenants and restrictions that require, among other things, NACoal to maintain certain net worth, leverage and interest coverage ratios, and limit dividends to NACCO based upon maintaining a maximum debt to EBITDA ratio of 3.25 to 1.00. At December 31, 2013, NACoal was in compliance with all covenants in the NACoal Notes. | ||||||||
NACoal has a demand note payable to Coteau which bears interest based on the applicable quarterly federal short-term interest rate as announced from time to time by the Internal Revenue Service. At December 31, 2013, the balance of the note was $4.3 million and the interest rate was 0.32%. | ||||||||
NACoal incurred fees and expenses of $1.2 million and $0.8 million in the years ended December 31, 2013 and December 31, 2011, respectively, related to the NACoal Facility. These fees were deferred and are being amortized as interest expense in the Consolidated Statements of Operations over the term of the NACoal Facility. No similar fees were incurred in 2012. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
The Company measures its derivatives at fair value on a recurring basis using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the LIBOR swap curve, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its subsidiary and counterparty credit risk into the valuation. | |||||||||||||||||||||||||||||||||||||||||
Foreign Currency Derivatives: HBB held forward foreign currency exchange contracts with total notional amounts of $5.0 million and $10.5 million at December 31, 2013 and December 31, 2012, respectively, denominated in Canadian dollars. The fair value of these contracts approximated a net receivable of less than $0.1 million and net liability of less than $0.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts that qualify for hedge accounting are used to hedge transactions expected to occur within the next twelve months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in AOCI. Based on market valuations at December 31, 2013, less than $0.1 million of the amount included in AOCI is expected to be reclassified as income into the Consolidated Statement of Operations over the next twelve months, as the transactions occur. | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives: HBB has interest rate swaps that hedge interest payments on its one-month LIBOR borrowings. The following table summarizes the notional amounts, related rates and remaining terms of interest rate swap agreements active at December 31 in millions: | |||||||||||||||||||||||||||||||||||||||||
Notional Amount | Average Fixed Rate | Remaining Term at | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||
HBB | $ | 20 | $ | 25 | 1.4 | % | 4 | % | delayed contracts extending to January 2020 | ||||||||||||||||||||||||||||||||
The fair value of HBB's interest rate swap agreements was a net receivable of $0.8 million and a net liability of $0.5 million at December 31, 2013 and 2012, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in AOCI. Based on market valuations at December 31, 2013, $0.1 million of the amount included in AOCI is expected to be reclassified as income into the Consolidated Statement of Operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements. The interest rate swap agreements held by HBB on December 31, 2013 are expected to continue to be effective as hedges. | |||||||||||||||||||||||||||||||||||||||||
NACoal has interest rate swaps that hedge interest payments on its one-month LIBOR borrowings. The following table summarizes the notional amounts, related rates and remaining terms of the interest rate swap agreement active at December 31 in millions: | |||||||||||||||||||||||||||||||||||||||||
Notional Amount | Average Fixed Rate | Remaining Term at | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||
NACoal | $ | 100 | $ | — | 1.4 | % | — | % | extending to May 2018 | ||||||||||||||||||||||||||||||||
The fair value of NACoal's interest rate swap agreement was a net receivable of $0.1 million at December 31, 2013. NACoal did not hold any derivative financial instruments at December 31, 2012. The mark-to-market effect of the interest rate swap agreement that is considered effective as a hedge has been included in AOCI. Based on market valuations at December 31, 2013, $0.1 million of the amount included in AOCI is expected to be reclassified as income into the Consolidated Statement of Operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreement. The interest rate swap agreement held by NACoal on December 31, 2013 is expected to continue to be effective as a hedge. | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
Balance sheet location | 2013 | 2012 | Balance sheet location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | 128 | $ | — | Other current liabilities | $ | — | $ | 456 | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 809 | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 83 | — | Other current liabilities | — | 4 | |||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | — | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,020 | $ | — | $ | — | $ | 460 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | — | $ | — | Prepaid expenses and other | $ | 14 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other current liabilities | — | — | Other current liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | 14 | $ | — | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,020 | $ | — | $ | 14 | $ | 460 | |||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Recognized | ||||||||||||||||||||||||||||||||||||
Recognized in AOCI on | (Loss) Reclassified | Reclassified from AOCI | (Loss) Recognized | in Income on Derivative | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | from AOCI into | into Income (Effective Portion) | in Income on | (Ineffective Portion and Amount Excluded from | |||||||||||||||||||||||||||||||||||||
Income (Effective | Derivative | Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||
Portion) | (Ineffective | ||||||||||||||||||||||||||||||||||||||||
Portion and Amount | |||||||||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||||||||
Testing) | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 933 | $ | (138 | ) | $ | (398 | ) | Interest expense | $ | (460 | ) | $ | (1,207 | ) | $ | (1,984 | ) | N/A | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign currency exchange contracts | 354 | (282 | ) | 1,721 | Cost of sales | 213 | 87 | 855 | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,287 | $ | (420 | ) | $ | 1,323 | $ | (247 | ) | $ | (1,120 | ) | $ | (1,129 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales or Other | $ | (14 | ) | $ | (162 | ) | $ | (65 | ) | |||||||||||||||||||||||||||||||
Total | $ | (14 | ) | $ | (162 | ) | $ | (65 | ) |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Fair Value Disclosure | |||||||||||||||||
Recurring Fair Value Measurements: The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||||
Description | December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 6,540 | $ | 6,540 | $ | — | $ | — | |||||||||
Interest rate swap agreements | 937 | — | 937 | — | |||||||||||||
Foreign currency exchange contracts | 83 | — | 83 | — | |||||||||||||
$ | 7,560 | $ | 6,540 | $ | 1,020 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Contingent consideration | 1,581 | — | — | 1,581 | |||||||||||||
$ | 1,595 | $ | — | $ | 14 | $ | 1,581 | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 5,419 | $ | 5,419 | $ | — | $ | — | |||||||||
$ | 5,419 | $ | 5,419 | $ | — | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap agreements | $ | 456 | $ | — | $ | 456 | $ | — | |||||||||
Foreign currency exchange contracts | 4 | — | 4 | — | |||||||||||||
Contingent consideration | 4,000 | — | — | 4,000 | |||||||||||||
$ | 4,460 | $ | — | $ | 460 | $ | 4,000 | ||||||||||
Bellaire's Mine Water Treatment Trust invests in available for sale securities that are reported at fair value based upon quoted market prices in active markets for identical assets; therefore, they are classified as Level 1 within the fair value hierarchy. See Note 7 for further discussion of Bellaire's Mine Water Treatment Trust. | |||||||||||||||||
The Company uses significant other observable inputs to value derivative instruments used to hedge foreign currency and interest rate risk; therefore, they are classified within Level 2 of the valuation hierarchy. The fair value for these contracts is determined based on exchange rates and interest rates, respectively. See Note 9 for further discussion of the Company's derivative financial instruments. | |||||||||||||||||
The valuation techniques and Level 3 inputs used to estimate the fair value of contingent consideration payable in connection with the Company's acquisition of Reed Minerals are described below. There were no transfers into or out of Levels 1, 2 or 3 during the year ended December 31, 2013. | |||||||||||||||||
The following table summarizes changes in Level 3 liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
Balance at | December 31, 2012 | $ | 4,000 | ||||||||||||||
Change in estimate | (2,426 | ) | |||||||||||||||
Accretion expense | 44 | ||||||||||||||||
Payments | (37 | ) | |||||||||||||||
Balance at | December 31, 2013 | $ | 1,581 | ||||||||||||||
NACoal acquired Reed Minerals on August 31, 2012 for a purchase price of approximately $70.9 million, which included contingent consideration initially estimated to be $4.0 million. During 2013, the estimate of the contingent consideration liability decreased by $2.4 million as the Company finalized purchase accounting for the Reed Minerals acquisition. The contingent consideration is structured as an earn-out payment to the sellers of Reed Minerals. The earn-out is calculated as a percentage by which the monthly average coal selling price exceeds an established threshold multiplied by the number of tons sold during the month. The earn-out period covers the first 15.0 million tons of coal sold from the Reed Minerals coal reserves. There is no monetary cap on the amount payable under this contingent payment arrangement. The liability for contingent consideration is included in other long-term liabilities in the Consolidated Balance Sheet. Earn-out payments, if payable, are paid quarterly. Earn-out payments of less than $0.1 million were paid during the year ended December 31, 2013. | |||||||||||||||||
The estimated fair value of the contingent consideration was determined based on the income approach with key assumptions that include future projected metallurgical coal prices, forecasted coal deliveries and the estimated discount rate used to determine the present value of the projected contingent consideration payments. Future projected coal prices were estimated using a stochastic modeling methodology based on Geometric Brownian Motion with a risk neutral Monte Carlo simulation. Significant assumptions used in the model include coal price volatility and the risk-free interest rate based on U.S. Treasury yield curves with maturities consistent with the expected life of the contingent consideration. Volatility is considered a significant assumption and is based on historical coal prices. A significant increase or decrease in any of the aforementioned key assumptions related to the fair value measurement of the contingent consideration would result in a significantly higher or lower reported fair value for the contingent consideration liability. | |||||||||||||||||
The future anticipated cash flow for the contingent consideration was discounted using an interest rate that appropriately captures a market participant's view of the risk associated with the liability. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. | |||||||||||||||||
Nonrecurring Fair Value Measurements: The Company performs its annual assessment for impairment of goodwill as of October 1 and more frequently if indicators of impairment are present. In performing the test of goodwill, the Company utilized the two-step approach. The first step requires a comparison of the carrying value of the reporting unit to the estimated fair value of the reporting unit. If the carrying value of the reporting unit exceeds its estimated fair value, the Company performs the second step of the goodwill impairment test to calculate the implied fair value of the reporting unit's goodwill and compares that to its carrying value to measure the amount of the impairment, if any. | |||||||||||||||||
In step one, the Company used a combination of an income approach and a market approach to estimate the fair value of the Reed Minerals reporting unit. The income approach utilized a discounted cash flow valuation technique ("DCF model") which incorporates the Company's historical results and projected, future estimates of after-tax cash flows attributable to the reporting units future growth rates, terminal value amounts and the weighted average cost of capital. The market approach utilized the guideline public company method and the guideline merged and acquired company method to determine the fair value of the reporting unit. The valuation result from the market approach was dependent upon the selection of the comparable guideline companies and transactions and the revenue multiple applied to the Reed Minerals reporting unit's historical and projected financial information. Significant management judgment was applied in determining the weight, 25% and 75%, assigned to the outcome of the market approach and the income approach, respectively, which resulted in one single estimate of fair value of the reporting unit. The Company determined that the carrying value of the Reed Minerals reporting unit exceeded its estimated fair value. | |||||||||||||||||
In performing Step 2 of the goodwill impairment test, the Company estimated the implied fair value of the Reed Minerals reporting units goodwill and concluded goodwill was fully impaired resulting in a non-cash charge of $4.0 million recognized during the year ended December 31, 2013. This charge had no impact on the Company's cash flows or compliance with debt covenants. The primary factors contributing to the goodwill impairment charge were changes to the mine plan in 2014 and beyond as a result of decreased demand for high-quality metallurgical coal, assumptions regarding future metallurgical coal price trends, higher mining costs and the associated impact on future cash flows from these changes. | |||||||||||||||||
The fair value measurement of the reporting unit under the step-one analysis and the step-two analysis in their entirety are classified as Level 3 inputs. The estimates and assumptions underlying the fair value calculations used in the Company's annual impairment tests are uncertain by their nature and can vary significantly from actual results. Factors that management must estimate include, but are not limited to, industry and market conditions, sales volume and pricing, mining costs, capital expenditures, working capital changes, cost of capital, debt-equity mix and tax rates. The estimates and assumptions that most significantly affect the fair value calculation are metallurgical coal prices and sales volume and the associated cash flow assumptions, weighted average cost of capital, and revenue multiples from the selected comparable companies. The estimates and assumptions used in the estimate of fair value are consistent with those the Company uses in its internal planning. | |||||||||||||||||
KC evaluates long-lived assets for impairment whenever changes in circumstances or the occurrence of certain events indicate the carrying amount may not be recoverable. The carrying amount is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. KC considered the poor results from the fall holiday-selling season and related 2013 operating loss to be an indicator of impairment. For KC’s asset impairment analysis, the primary input is projected future cash flows utilizing assumptions consistent with those the Company uses in its internal planning, which are classified as Level 3 inputs. As a result of the fiscal year-end review of long-lived store-related assets, the Company recorded impairment charges of $1.1 million and $0.7 million in 2013 and 2012, respectively, included in depreciation expense within cost of goods sold in the Consolidated Statements of Operations. The 2013 charges were related to underperforming stores ($0.5 million), LGC and KC stores scheduled to close in 2014 ($0.4 million) and test concept stores ($0.2 million). Long-lived assets at the stores consist mainly of leasehold improvements and furniture and fixtures. The fair value for leasehold improvements was determined to be zero as such assets were deemed to have no future use or economic benefit based on the Company's analysis using market participant assumptions, and therefore no expected future cash flows. The fair value for store fixtures is based on the market exit price based on historical experience. The impairment charges in 2013 were largely the result of decreased expected future operating results and the decision to close certain stores in 2014. | |||||||||||||||||
See Note 5 and Note 6 for further discussion of Property, Plant and Equipment and Intangible Assets, respectively. | |||||||||||||||||
Other Fair Value Measurement Disclosures: The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding capital leases, were determined using current rates offered for similar obligations taking into account subsidiary credit risk, which is Level 2 as defined in the fair value hierarchy. At December 31, 2013, both the fair value and the book value of revolving credit agreements and long-term debt, excluding capital leases, was $170.7 million. At December 31, 2012, the fair value of revolving credit agreements and long-term debt, excluding capital leases, was $166.8 million compared with the book value of $166.0 million. | |||||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. HBB maintains significant accounts receivable balances with several large retail customers. At December 31, 2013 and 2012, receivables from HBB's five largest customers represented 53.5% and 48.9%, respectively, of the Company's consolidated, net accounts receivable. In addition, under its mining contracts, NACoal recognizes revenue and a related receivable as coal or limerock is delivered or predevelopment services are provided. These mining contracts provide for monthly settlements. HBB and NACoal's significant credit concentration is uncollateralized; however, historically minimal credit losses have been incurred. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, but does not generally require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. See Note 9 for further discussion of the Company's derivative financial instruments. |
Leasing_Arrangements
Leasing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Leasing Arrangements | ' | |||||||
Leasing Arrangements | ||||||||
The Company leases certain office and warehouse facilities, retail stores and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2026. Many leases include renewal and/or fair value purchase options. | ||||||||
Future minimum capital and operating lease payments at December 31, 2013 are: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1,732 | $ | 35,577 | ||||
2015 | 1,732 | 28,780 | ||||||
2016 | 1,732 | 23,035 | ||||||
2017 | 1,732 | 15,915 | ||||||
2018 | 2,022 | 12,118 | ||||||
Subsequent to 2018 | 5,517 | 28,659 | ||||||
Total minimum lease payments | 14,467 | $ | 144,084 | |||||
Amounts representing interest | 1,400 | |||||||
Present value of net minimum lease payments | 13,067 | |||||||
Current maturities | 1,430 | |||||||
Long-term capital lease obligation | $ | 11,637 | ||||||
Rental expense for all operating leases was $45.0 million, $42.9 million and $40.9 million for 2013, 2012 and 2011, respectively. The Company also recognized $0.6 million, $0.6 million and $0.8 million for 2013, 2012 and 2011, respectively, in rental income on subleases of equipment under operating leases in which it was the lessee. | ||||||||
Assets recorded under capital leases are included in property, plant and equipment and consist of the following: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Plant and equipment | $ | 14,509 | $ | 12,307 | ||||
Less accumulated depreciation | 1,650 | 726 | ||||||
$ | 12,859 | $ | 11,581 | |||||
Depreciation of plant and equipment under capital leases is included in depreciation expense in each of the years ended December 31, 2013, 2012 and 2011. | ||||||||
Capital lease obligations of $2.2 million, $9.3 million and $3.0 million were incurred in connection with lease agreements to acquire plant and equipment during 2013, 2012 and 2011, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Various legal and regulatory proceedings and claims have been or may be asserted against NACCO and certain subsidiaries relating to the conduct of their businesses, including product liability, patent infringement, asbestos related claims, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business of the Company. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that material costs will be incurred in excess of accruals already recognized. | |
HBB is investigating or remediating historical environmental contamination at some current and former sites operated by HBB or by businesses it acquired. Based on the current stage of the investigation or remediation at each known site, HBB estimates the total investigation and remediation costs and the period of assessment and remediation activity required for each site. The estimate of future investigation and remediation costs is primarily based on variables associated with site clean-up, including, but not limited to, physical characteristics of the site, the nature and extent of the contamination and applicable regulatory programs and remediation standards. No assessment can fully characterize all subsurface conditions at a site. There is no assurance that additional assessment and remediation efforts will not result in adjustments to estimated remediation costs or the time frame for remediation at these sites. | |
HBB's estimates of investigation and remediation costs may change if it discovers contamination at additional sites or additional contamination at known sites, if the effectiveness of its current remediation efforts change, if applicable federal or state regulations change or if HBB's estimate of the time required to remediate the sites changes. HBB's revised estimates may differ materially from original estimates. At December 31, 2013 and December 31, 2012, HBB had accrued undiscounted obligations of $6.9 million and $4.7 million, respectively, for environmental investigation and remediation activities at these sites. In addition, HBB estimates that it is reasonably possible that it may incur additional expenses in the range of zero to $4.6 million related to the environmental investigation and remediation at these sites. The increase in the liability from December 31, 2012 is primarily due to a $2.3 million charge to establish a liability for environmental investigation and remediation activities at HBB's Picton, Ontario facility as a result of an environmental study performed in 2013. Also during 2013, HBB recorded a $1.6 million receivable recorded in "Other non-current assets" on the Consolidated Balance Sheet, related to a third party's commitment to share in environmental liabilities at HBB's Southern Pines and Mt. Airy locations. The recognition of the receivable reduced selling, general and administrative expenses in 2013. Both the obligations and the receivable are undiscounted. |
Product_Warranties
Product Warranties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Product Warranties | ' | |||||||
Product Warranties | ||||||||
HBB provides a standard warranty to consumers for all of its products. The specific terms and conditions of those warranties vary depending upon the product brand. In general, if a product is returned under warranty, a refund is provided to the consumer by HBB's customer, the retailer. Generally, the retailer returns those products to HBB for a credit. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. | ||||||||
The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the Company's warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. | ||||||||
Changes in the Company's current and long-term warranty obligations are as follows: | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 4,269 | $ | 4,230 | ||||
Warranties issued | 8,855 | 6,398 | ||||||
Settlements made | (7,781 | ) | (6,359 | ) | ||||
Balance at December 31 | $ | 5,343 | $ | 4,269 | ||||
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Stockholders' Equity and Earnings Per Share | ' | |||||||||||
Stockholders' Equity and Earnings Per Share | ||||||||||||
NACCO Industries, Inc. Class A common stock is traded on the New York Stock Exchange under the ticker symbol “NC.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2013 was 25,000,000 shares and 6,756,176 shares, respectively. Treasury shares of Class A common stock totaling 1,912,322 and 1,430,843 at December 31, 2013 and 2012, respectively, have been deducted from shares outstanding. | ||||||||||||
Share Repurchase Program: On November 8, 2011, the Company announced that the Company's Board of Directors approved the repurchase of up to $50 million of the Company's outstanding Class A common stock (the "2011 Stock Repurchase Program"). The original authorization for the 2011 Stock Repurchase Program expired on December 31, 2012; however, in November 2012 the Company's Board of Directors approved an extension of the 2011 Stock Repurchase Program through December 31, 2013. In total, the Company repurchased $35.6 million of Class A common stock under the 2011 Stock Repurchase Program. | ||||||||||||
On November 12, 2013, the Company's Board of Directors terminated the 2011 Stock Repurchase Program and approved a new stock repurchase program (the "2013 Stock Repurchase Program") providing for the purchase of up to $60 million of the Company's outstanding Class A Common Stock through December 31, 2015. The timing and amount of any repurchases under the 2013 Stock Repurchase Program will be determined at the discretion of the Company's management based on a number of factors, including the availability of capital, other capital allocation alternatives and market conditions for the Company's Class A common stock. The 2013 Stock Repurchase Program does not require the Company to acquire any specific number of shares. It may be modified, suspended, extended or terminated by the Company at any time without prior notice and may be executed through open market purchases, privately negotiated transactions or otherwise. All or part of the repurchases under the 2013 Stock Repurchase Program may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so. As of December 31, 2013, the Company repurchased $0.9 million of Class A common stock under the 2013 Stock Repurchase Program. | ||||||||||||
As of December 31, 2013, the Company had repurchased 639,891 shares of Class A common stock for an aggregate purchase price of $36.5 million under both the 2011 Stock Repurchase Program and the 2013 Stock Repurchase Program (the "2011 and 2013 Programs"). During 2013, the Company repurchased $31.3 million under the 2011 and 2013 Programs. During 2013 the average purchase price per share and number of shares repurchased under the 2011 and 2013 Programs were $55.42 per share and 564,817 shares, respectively. | ||||||||||||
Stock Options: The 1975 and 1981 stock option plans, as amended, provide for the granting to officers and other key employees of options to purchase Class A common stock and Class B common stock of the Company at a price not less than the market value of such stock at the date of grant. Options become exercisable over a four-year period and expire ten years from the date of the grant. During the three-year period ending December 31, 2013, there were 80,701 shares of Class A common stock and 80,100 shares of Class B common stock available for grant. However, no options were granted during the three-year period ended December 31, 2013 and no options remain outstanding at the end of any of the years ended December 31, 2013, 2012 and 2011. At present, the Company does not intend to issue additional stock options. | ||||||||||||
Stock Compensation: See Note 2 for a discussion of the Company's restricted stock awards. | ||||||||||||
Amounts Reclassified out of Accumulated Other Comprehensive Income: The following table summarizes the amounts reclassified out of AOCI and recognized in the Consolidated Statement of Operations: | ||||||||||||
Amount reclassified from AOCI | ||||||||||||
Details about AOCI components | 2013 | Location of loss (gain) reclassified from AOCI into income | ||||||||||
(In thousands) | ||||||||||||
Loss (gain) on cash flow hedging | ||||||||||||
Foreign exchange contracts | $ | (213 | ) | Cost of sales | ||||||||
Interest rate contracts | 460 | Interest expense | ||||||||||
247 | Total before income tax expense | |||||||||||
(95 | ) | Income tax expense (benefit) | ||||||||||
$ | 152 | Net of tax | ||||||||||
Pension and postretirement plan | ||||||||||||
Actuarial loss | $ | 1,995 | (a) | |||||||||
Prior-service credit | (154 | ) | (a) | |||||||||
1,841 | Total before income tax expense | |||||||||||
(740 | ) | Income tax expense (benefit) | ||||||||||
$ | 1,101 | Net of tax | ||||||||||
Total reclassifications for the period | $ | 1,253 | Net of tax | |||||||||
(a) These AOCI components are included in the computation of pension expense. See Note 16 for a discussion of the Company's pension expense. | ||||||||||||
Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income. | ||||||||||||
The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic weighted average shares outstanding | 8,105 | 8,384 | 8,383 | |||||||||
Dilutive effect of restricted stock awards | 19 | 30 | 25 | |||||||||
Diluted weighted average shares outstanding | 8,124 | 8,414 | 8,408 | |||||||||
Continuing operations | $ | 5.48 | $ | 5.04 | $ | 9.49 | ||||||
Discontinued operations | — | 7.93 | 9.85 | |||||||||
Basic earnings per share | $ | 5.48 | $ | 12.97 | $ | 19.34 | ||||||
Continuing operations | $ | 5.47 | $ | 5.02 | $ | 9.46 | ||||||
Discontinued operations | — | 7.9 | 9.82 | |||||||||
Diluted earnings per share | $ | 5.47 | $ | 12.92 | $ | 19.28 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The components of income from continuing operations before income tax provision and the income tax provision for the years ended December 31 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations before income tax provision | ||||||||||||
Domestic | $ | 54,630 | $ | 53,167 | $ | 106,944 | ||||||
Foreign | 1,090 | 4,861 | 5,277 | |||||||||
$ | 55,720 | $ | 58,028 | $ | 112,221 | |||||||
Income tax provision | ||||||||||||
Current income tax provision (benefit): | ||||||||||||
Federal | $ | 15,392 | $ | (1,811 | ) | $ | 28,714 | |||||
State | 1,965 | 1,474 | 2,472 | |||||||||
Foreign | 1,559 | 1,556 | 1,633 | |||||||||
Total current | 18,916 | 1,219 | 32,819 | |||||||||
Deferred income tax provision (benefit): | ||||||||||||
Federal | (5,490 | ) | 14,107 | (205 | ) | |||||||
State | (1,141 | ) | 668 | 310 | ||||||||
Foreign | (1,015 | ) | (129 | ) | (173 | ) | ||||||
Total deferred | (7,646 | ) | 14,646 | (68 | ) | |||||||
$ | 11,270 | $ | 15,865 | $ | 32,751 | |||||||
The Company made income tax payments of $10.8 million, $20.3 million and $24.9 million during 2013, 2012 and 2011, respectively. During the same periods, income tax refunds totaled $1.2 million, $0.8 million and $0.5 million, respectively. | ||||||||||||
A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations before income tax provision | $ | 55,720 | $ | 58,028 | $ | 112,221 | ||||||
Statutory taxes at 35.0% | $ | 19,502 | $ | 20,310 | $ | 39,277 | ||||||
State and local income taxes | 136 | 1,568 | 1,925 | |||||||||
Non-deductible expenses | 1,081 | 1,112 | 1,336 | |||||||||
Percentage depletion | (8,057 | ) | (4,963 | ) | (6,895 | ) | ||||||
R&D and other federal credits | (1,173 | ) | (132 | ) | (206 | ) | ||||||
Other, net | (219 | ) | (2,030 | ) | (2,686 | ) | ||||||
Income tax provision | $ | 11,270 | $ | 15,865 | $ | 32,751 | ||||||
Effective income tax rate | 20.2 | % | 27.3 | % | 29.2 | % | ||||||
As of December 31, 2013, the cumulative unremitted earnings of the Company's foreign subsidiaries are approximately $8.8 million. The Company has provided a cumulative deferred tax liability in the amount of $0.2 million with respect to the cumulative unremitted earnings of the Company as of December 31, 2013 which are expected to be repatriated. The Company has continued to conclude predominately all remaining foreign earnings in excess of this amount will be indefinitely reinvested in its foreign operations and, therefore, the recording of deferred tax liabilities for such unremitted earnings is not required. It is impracticable to determine the amount of unrecognized deferred taxes with respect to these permanently reinvested earnings; however, foreign tax credits would be available to reduce, in part, U.S. income taxes in the event of a distribution. | ||||||||||||
A detailed summary of the total deferred tax assets and liabilities in the Company's Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows: | ||||||||||||
December 31 | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Tax carryforwards | $ | 5,029 | $ | 6,995 | ||||||||
Inventories | 4,709 | 3,139 | ||||||||||
Accrued expenses and reserves | 26,019 | 24,041 | ||||||||||
Accrued pension benefits | — | 7,357 | ||||||||||
Other employee benefits | 11,432 | 7,971 | ||||||||||
Other | 7,375 | 7,201 | ||||||||||
Total deferred tax assets | 54,564 | 56,704 | ||||||||||
Less: Valuation allowance | 2,280 | 3,082 | ||||||||||
52,284 | 53,622 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and depletion | 39,906 | 45,023 | ||||||||||
Partnership investment - development costs | 20,215 | 19,852 | ||||||||||
Accrued pension benefits | 1,037 | — | ||||||||||
Unremitted foreign earnings | 168 | 101 | ||||||||||
Total deferred tax liabilities | 61,326 | 64,976 | ||||||||||
Net deferred liability | $ | (9,042 | ) | $ | (11,354 | ) | ||||||
The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain: | ||||||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 430 | $ | 351 | 2020 - Indefinite | |||||||
State losses | 4,529 | 1,849 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 70 | — | Indefinite | |||||||||
Total | $ | 5,029 | $ | 2,200 | ||||||||
December 31, 2012 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 367 | $ | 366 | 2020 - Indefinite | |||||||
State losses | 4,761 | 2,650 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 1,867 | — | Indefinite | |||||||||
Total | $ | 6,995 | $ | 3,016 | ||||||||
The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the “more likely than not” standard. The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. | ||||||||||||
Based upon the review of historical earnings and the relevant expiration of carryforwards, including utilization limitations in the various state taxing jurisdictions, the Company believes the valuation allowances are appropriate and does not expect to release valuation allowances within the next twelve months that would have a significant effect on the Company's financial position or results of operations. | ||||||||||||
The tax returns of the Company and certain of its subsidiaries are under routine examination by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. | ||||||||||||
The following is a reconciliation of the Company's total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the financial statements for the years ended December 31, 2013 and 2012. Approximately $4.2 million and $1.7 million of these gross amounts as of December 31, 2013 and 2012, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from the gross unrecognized tax benefits presented in the table below due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein. | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 2,691 | $ | 2,965 | ||||||||
Additions based on tax positions related to prior years | 5,615 | — | ||||||||||
Additions based on tax positions related to the current year | 78 | 264 | ||||||||||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (536 | ) | (538 | ) | ||||||||
Balance at December 31 | $ | 7,848 | $ | 2,691 | ||||||||
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recognized net expense of $0.4 million and $0.2 million in interest and penalties related to uncertain tax positions during 2013 and 2012, respectively. The total amount of interest and penalties accrued was $1.4 million and $1.0 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
The Company expects the amount of unrecognized tax benefits will change significantly within the next twelve months. The change in unrecognized tax benefits, which is reasonably possible within the next twelve months, is $5.7 million. The expected change includes $3.5 million of items already provided to and agreed by the Internal Revenue Service during the course of the examination of the 2011 and 2012 U.S. federal tax returns. These items will be removed from the schedule of unrecognized tax benefits upon close of the exam, expected in the first half of 2014. | ||||||||||||
In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the 2009 and 2010 U.S. federal tax returns concluded in the third quarter of 2013. The 2011 and 2012 U.S. federal tax returns are currently under exam and are expected to be settled during 2014. The Company does not have any additional material taxing jurisdictions in which the statute of limitations has been extended beyond the applicable time frame allowed by law. |
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
Retirement Benefit Plans | ' | |||||||||||||||
Retirement Benefit Plans | ||||||||||||||||
Defined Benefit Plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. During 2013, the Company amended the Combined Defined Benefit Plan for NACCO Industries, Inc. and its subsidiaries (the “Combined Plan”) to freeze pension benefits for all employees, including those for certain unconsolidated mines' employees and cost of living adjustments ("COLA's") for other employees, effective as of the close of business on December 31, 2013. As a result of this amendment, the Company remeasured the Combined Plan and recorded a $1.7 million pre-tax curtailment gain during the third quarter of 2013. | ||||||||||||||||
The Company also amended the Supplemental Retirement Benefit Plan (the “SERP”) to freeze all remaining pension benefits. In years prior to 2013, benefits other than COLA’s were frozen for all SERP participants. Effective as of the close of business on December 31, 2013, all COLA benefits under the SERP were eliminated for all plan participants. | ||||||||||||||||
Certain executive officers also maintain accounts under various deferred compensation plans that were frozen effective December 31, 2007. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. | ||||||||||||||||
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 4.00% - 4.75% | 3.50% - 3.90% | 4.30% - 4.55% | |||||||||||||
Weighted average discount rates for net periodic benefit cost | 3.50% - 4.70% | 4.30% - 4.55% | 5.10% - 5.30% | |||||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 7.75 | % | 7.75 | % | 8.25 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 7.75 | % | 8.25 | % | 8.5 | % | ||||||||||
Non-U.S. Plan | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 4.5 | % | 4 | % | 4.25 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 4 | % | 4.25 | % | 5.25 | % | ||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 6 | % | 6 | % | 6.25 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 6 | % | 6.25 | % | 6.5 | % | ||||||||||
Set forth below is a detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Interest cost | $ | 2,766 | $ | 3,056 | $ | 3,374 | ||||||||||
Expected return on plan assets | (4,513 | ) | (4,344 | ) | (4,430 | ) | ||||||||||
Amortization of actuarial loss | 1,822 | 2,772 | 2,326 | |||||||||||||
Amortization of prior service credit | (47 | ) | (100 | ) | (99 | ) | ||||||||||
Curtailment gain | (1,701 | ) | — | — | ||||||||||||
Net periodic pension expense (income) | $ | (1,673 | ) | $ | 1,384 | $ | 1,171 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Interest cost | $ | 197 | $ | 208 | $ | 229 | ||||||||||
Expected return on plan assets | (282 | ) | (287 | ) | (336 | ) | ||||||||||
Amortization of actuarial loss | 121 | 131 | 53 | |||||||||||||
Net periodic pension expense (income) | $ | 36 | $ | 52 | $ | (54 | ) | |||||||||
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | (11,503 | ) | $ | 3,131 | $ | 6,972 | |||||||||
Amortization of actuarial loss | (1,822 | ) | (2,772 | ) | (2,326 | ) | ||||||||||
Current year prior service credit | (1,331 | ) | — | — | ||||||||||||
Amortization of prior service credit | 47 | 100 | 99 | |||||||||||||
Curtailment gain | 1,701 | — | — | |||||||||||||
Total recognized in other comprehensive (income) loss | $ | (12,908 | ) | $ | 459 | $ | 4,745 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Current year actuarial (gain) loss | $ | (735 | ) | $ | 45 | $ | 1,218 | |||||||||
Amortization of actuarial loss | (121 | ) | (131 | ) | (53 | ) | ||||||||||
Total recognized in other comprehensive (income) loss | $ | (856 | ) | $ | (86 | ) | $ | 1,165 | ||||||||
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
U.S. | Non-U.S. | U.S. Plans | Non-U.S. | |||||||||||||
Plans | Plan | Plan | ||||||||||||||
Change in benefit obligation | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 72,977 | $ | 5,212 | $ | 69,796 | $ | 4,877 | ||||||||
Interest cost | 2,766 | 197 | 3,056 | 208 | ||||||||||||
Actuarial (gain) loss | (4,488 | ) | (317 | ) | 5,302 | 167 | ||||||||||
Benefits paid | (4,715 | ) | (160 | ) | (5,177 | ) | (148 | ) | ||||||||
Plan amendments | (1,441 | ) | — | — | — | |||||||||||
Foreign currency exchange rate changes | — | (329 | ) | — | 108 | |||||||||||
Projected benefit obligation at end of year | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Accumulated benefit obligation at end of year | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 60,012 | $ | 4,961 | $ | 51,620 | $ | 4,597 | ||||||||
Actual return on plan assets | 11,383 | 719 | 6,513 | 410 | ||||||||||||
Employer contributions | 490 | — | 7,056 | — | ||||||||||||
Benefits paid | (4,715 | ) | (160 | ) | (5,177 | ) | (148 | ) | ||||||||
Foreign currency exchange rate changes | — | (334 | ) | — | 102 | |||||||||||
Fair value of plan assets at end of year | $ | 67,170 | $ | 5,186 | $ | 60,012 | $ | 4,961 | ||||||||
Funded status at end of year | $ | 2,071 | $ | 583 | $ | (12,965 | ) | $ | (251 | ) | ||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | 8,005 | $ | 583 | $ | 20 | $ | — | ||||||||
Current liabilities | (1,138 | ) | — | (477 | ) | — | ||||||||||
Non-current liabilities | (4,796 | ) | — | (12,508 | ) | (251 | ) | |||||||||
$ | 2,071 | $ | 583 | $ | (12,965 | ) | $ | (251 | ) | |||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 18,861 | $ | 1,380 | $ | 32,187 | $ | 2,385 | ||||||||
Prior service cost | 626 | — | 210 | — | ||||||||||||
Deferred taxes | (7,854 | ) | (576 | ) | (13,216 | ) | (945 | ) | ||||||||
$ | 11,633 | $ | 804 | $ | 19,181 | $ | 1,440 | |||||||||
The actuarial loss and prior service cost included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014 are $0.9 million ($0.6 million net of tax) and less than $0.1 million, respectively. | ||||||||||||||||
The Company's policy is to make contributions to fund its pension plans within the range allowed by applicable regulations. The Company does not expect to contribute to its U.S. or non-U.S. pension plans in 2014. | ||||||||||||||||
The Company maintains one supplemental defined benefit plan that pays monthly benefits to participants directly out of corporate funds. All other pension benefit payments are made from assets of the pension plans. | ||||||||||||||||
Future pension benefit payments expected to be paid from assets of the pension plans are: | ||||||||||||||||
U.S. Plans | Non-U.S. Plan | |||||||||||||||
2014 | $ | 5,247 | $ | 151 | ||||||||||||
2015 | 4,530 | 162 | ||||||||||||||
2016 | 4,726 | 170 | ||||||||||||||
2017 | 4,512 | 185 | ||||||||||||||
2018 | 4,527 | 183 | ||||||||||||||
2019 - 2023 | 23,185 | 1,232 | ||||||||||||||
$ | 46,727 | $ | 2,083 | |||||||||||||
The expected long-term rate of return on defined benefit plan assets reflects management's expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. In establishing the expected long-term rate of return assumption for plan assets, the Company considers the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes. | ||||||||||||||||
Expected returns for pension plans are based on a calculated market-related value for U.S. pension plan assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company's expected returns are recognized in the market-related value of assets ratably over three years. Expected returns for pension plans are based on fair market value for Non-U.S. pension plan assets. | ||||||||||||||||
The pension plans maintain investment policies that, among other things, establish a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policies provide that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands. | ||||||||||||||||
The following is the actual allocation percentage and target allocation percentage for the U.S. pension plan assets at December 31: | ||||||||||||||||
2013 | 2012 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 53.6 | % | 52 | % | 41.0% - 62.0% | |||||||||||
Non-U.S. equity securities | 13 | % | 12.5 | % | 10.0% - 16.0% | |||||||||||
Fixed income securities | 32.9 | % | 34.5 | % | 30.0% - 40.0% | |||||||||||
Money market | 0.5 | % | 1 | % | 0.0% - 10.0% | |||||||||||
The following is the actual allocation percentage and target allocation percentage for the Non-U.S. pension plan assets at December 31: | ||||||||||||||||
2013 | 2012 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
Canadian equity securities | 31 | % | 34 | % | 25.0% - 35.0% | |||||||||||
Non-Canadian equity securities | 32 | % | 37 | % | 25.0% - 35.0% | |||||||||||
Fixed income securities | 37 | % | 29 | % | 30.0% - 50.0% | |||||||||||
Cash and cash equivalents | — | % | — | % | 0.0% - 5.0% | |||||||||||
The defined benefit pension plans do not have any direct ownership of NACCO common stock. | ||||||||||||||||
The fair value of each major category of U.S. plan assets for the Company's pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company's pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. Following are the values as of December 31: | ||||||||||||||||
Level 1 | Level 2 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. equity securities | $ | 35,980 | $ | 31,357 | $ | — | $ | — | ||||||||
Non-U.S. equity securities | 8,701 | 7,440 | 3,288 | 3,496 | ||||||||||||
Fixed income securities | 22,125 | 20,605 | 1,898 | 1,465 | ||||||||||||
Money market | 364 | 610 | — | — | ||||||||||||
Total | $ | 67,170 | $ | 60,012 | $ | 5,186 | $ | 4,961 | ||||||||
Postretirement Health Care: The Company also maintains health care plans which provide benefits to eligible retired employees. All health care plans of the Company have a cap on the Company's share of the costs. These plans have no assets. Under the Company's current policy, plan benefits are funded at the time they are due to participants. | ||||||||||||||||
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Weighted average discount rates for benefit obligation | 3.85 | % | 3.05 | % | 3.9 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 3.05 | % | 3.9 | % | 4.7 | % | ||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | 7.5 | % | ||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | 5 | % | ||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | 2018 | |||||||||||||
Assumed health care cost trend rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in the assumed health care cost trend rates would have the following effects at December 31, 2013: | ||||||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||||||
Increase | Decrease | |||||||||||||||
Effect on total of service and interest cost | $ | 16 | $ | (14 | ) | |||||||||||
Effect on postretirement benefit obligation | $ | 245 | $ | (218 | ) | |||||||||||
Set forth below is a detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 77 | $ | 79 | $ | 98 | ||||||||||
Interest cost | 98 | 120 | 151 | |||||||||||||
Amortization of actuarial loss | 52 | 40 | 27 | |||||||||||||
Amortization of prior service credit | (107 | ) | (156 | ) | (160 | ) | ||||||||||
Net periodic benefit expense | $ | 120 | $ | 83 | $ | 116 | ||||||||||
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current year actuarial loss | $ | 16 | $ | 295 | $ | 15 | ||||||||||
Amortization of actuarial loss | (52 | ) | (40 | ) | (27 | ) | ||||||||||
Amortization of prior service credit | 107 | 156 | 160 | |||||||||||||
Total recognized in other comprehensive income | $ | 71 | $ | 411 | $ | 148 | ||||||||||
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 3,283 | $ | 3,131 | ||||||||||||
Service cost | 77 | 79 | ||||||||||||||
Interest cost | 98 | 120 | ||||||||||||||
Actuarial loss | 16 | 295 | ||||||||||||||
Benefits paid | (365 | ) | (342 | ) | ||||||||||||
Benefit obligation at end of year | $ | 3,109 | $ | 3,283 | ||||||||||||
Funded status at end of year | $ | (3,109 | ) | $ | (3,283 | ) | ||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Current liabilities | $ | (257 | ) | $ | (241 | ) | ||||||||||
Noncurrent liabilities | (2,852 | ) | (3,042 | ) | ||||||||||||
$ | (3,109 | ) | $ | (3,283 | ) | |||||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 457 | $ | 494 | ||||||||||||
Prior service credit | (415 | ) | (522 | ) | ||||||||||||
Deferred taxes | 674 | 700 | ||||||||||||||
$ | 716 | $ | 672 | |||||||||||||
The actuarial loss and prior service credit included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014 is $0.1 million (less than $0.1 million net of tax) and $0.1 million (less than $0.1 million net of tax), respectively. | ||||||||||||||||
Future postretirement health care benefit payments expected to be paid are: | ||||||||||||||||
2014 | $ | 257 | ||||||||||||||
2015 | 263 | |||||||||||||||
2016 | 242 | |||||||||||||||
2017 | 244 | |||||||||||||||
2018 | 254 | |||||||||||||||
2019 - 2023 | 1,352 | |||||||||||||||
$ | 2,612 | |||||||||||||||
Defined Contribution Plans: NACCO and its subsidiaries have defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. For NACCO and those subsidiaries, other than HBB, the applicable company matches employee contributions based on plan provisions. In addition, NACCO and certain other subsidiaries have defined contribution retirement plans that generally provide for a stated minimum employer contribution. These plans also permit additional contributions whereby the applicable company's contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants. Total costs, including Company contributions, for these plans were $8.0 million, $6.7 million and $5.3 million in 2013, 2012 and 2011, respectively. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Business Segments | ' | |||||||||||
Business Segments | ||||||||||||
NACCO is a holding company with the following principal subsidiaries: NACoal, HBB and KC. See Note 1 for a discussion of the Company's industries and product lines. NACCO's non-operating segment, NACCO and Other, includes the accounts of the parent company and Bellaire. | ||||||||||||
Financial information for each of NACCO's reportable segments is presented in the following table. The accounting policies of the reportable segments are described in Note 2. The line “Eliminations” in the revenues section eliminates revenues from HBB sales to KC. The amounts of these revenues are based on current market prices of similar third-party transactions. No other sales transactions occur among reportable segments. | ||||||||||||
The majority of NACoal's revenues is generated from its consolidated mining operations and dragline mining services. MLMC's customer, Choctaw Generation Limited Partnership until February 28, 2013 and KMRC RH, LLC subsequent to February 28, 2013, accounted for approximately 42%, 56% and 77% of NACoal's revenues for the years ended December 31, 2013, 2012 and 2011, respectively. Reed Minerals' largest customer, Alabama Coal Cooperative, accounted for approximately 27% and 15% of NACoal's revenues for the years ended December 31, 2013 and 2012, respectively. The results of Reed Minerals operations have been included in the Company's consolidated financial statements since August 31, 2012. Wal-Mart accounted for approximately 31%, 31% and 30% of HBB’s revenues in 2013, 2012 and 2011, respectively. HBB’s five largest customers accounted for approximately 55%, 53% and 50% of HBB’s revenues for the years ended December 31, 2013, 2012 and 2011, respectively. The loss of or significant reduction in sales to any key customer could result in significant decreases in NACoal's and HBB’s revenue and profitability and an inability to sustain or grow its business. | ||||||||||||
The management fees charged to operating subsidiaries represent an allocation of corporate overhead of the parent company. Management fees are allocated among all subsidiaries based upon the relative size and complexity of each subsidiary. The Company believes the allocation method is consistently applied and reasonable. Management fees included in the selling, general and administrative expenses of the subsidiaries were $6.8 million, $6.9 million and $7.2 million for 2013, 2012 and 2011, respectively. In addition, the parent company received management fees from Hyster-Yale prior to the spin-off of $9.6 million and $9.7 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues from external customers | ||||||||||||
NACoal | $ | 193,651 | $ | 132,367 | $ | 81,766 | ||||||
HBB | 547,790 | 521,567 | 493,047 | |||||||||
KC | 196,033 | 224,695 | 221,173 | |||||||||
Eliminations | (4,808 | ) | (5,265 | ) | (5,531 | ) | ||||||
Total | $ | 932,666 | $ | 873,364 | $ | 790,455 | ||||||
Gross profit | ||||||||||||
NACoal | $ | 25,230 | $ | 27,998 | $ | 15,260 | ||||||
HBB | 115,506 | 102,289 | 97,179 | |||||||||
KC | 80,972 | 95,832 | 97,441 | |||||||||
NACCO and Other | (469 | ) | (278 | ) | (197 | ) | ||||||
Eliminations | 52 | 101 | (43 | ) | ||||||||
Total | $ | 221,291 | $ | 225,942 | $ | 209,640 | ||||||
Selling, general and administrative expenses, including Amortization of intangible assets | ||||||||||||
NACoal | $ | 30,786 | $ | 36,801 | $ | 26,543 | ||||||
HBB | 74,570 | 66,481 | 63,356 | |||||||||
KC | 91,878 | 100,350 | 94,933 | |||||||||
NACCO and Other | 5,765 | 6,723 | 7,269 | |||||||||
Total | $ | 202,999 | $ | 210,355 | $ | 192,101 | ||||||
2013 | 2012 | 2011 | ||||||||||
Operating profit (loss) | ||||||||||||
NACoal | $ | 37,461 | $ | 43,239 | $ | 35,250 | ||||||
HBB | 40,960 | 35,815 | 33,823 | |||||||||
KC | (10,903 | ) | (4,512 | ) | 2,508 | |||||||
NACCO and Other | (6,233 | ) | (7,000 | ) | (7,463 | ) | ||||||
Eliminations | 51 | 100 | (44 | ) | ||||||||
Total | $ | 61,336 | $ | 67,642 | $ | 64,074 | ||||||
Interest expense | ||||||||||||
NACoal | $ | 3,105 | $ | 2,909 | $ | 3,048 | ||||||
HBB | 1,279 | 2,635 | 5,231 | |||||||||
KC | 390 | 479 | 489 | |||||||||
NACCO and Other | 1 | 65 | 21 | |||||||||
Total | $ | 4,775 | $ | 6,088 | $ | 8,789 | ||||||
Interest income | ||||||||||||
NACoal | $ | (19 | ) | $ | (152 | ) | $ | (270 | ) | |||
HBB | (1 | ) | — | (2 | ) | |||||||
KC | — | — | — | |||||||||
NACCO and Other | (205 | ) | (10 | ) | (18 | ) | ||||||
Total | $ | (225 | ) | $ | (162 | ) | $ | (290 | ) | |||
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ||||||||||||
NACoal | $ | (1,013 | ) | $ | (1,325 | ) | $ | (1,420 | ) | |||
HBB | 462 | 344 | 848 | |||||||||
KC | 70 | 86 | 85 | |||||||||
NACCO and Other | 1,547 | 4,583 | (56,159 | ) | ||||||||
Total | $ | 1,066 | $ | 3,688 | $ | (56,646 | ) | |||||
Income tax provision (benefit) | ||||||||||||
NACoal | $ | 3,462 | $ | 9,037 | $ | 4,443 | ||||||
HBB | 14,127 | 11,636 | 9,383 | |||||||||
KC | (4,479 | ) | (1,990 | ) | 829 | |||||||
NACCO and Other | (1,858 | ) | (2,989 | ) | 18,104 | |||||||
Eliminations | 18 | 171 | (8 | ) | ||||||||
Total | $ | 11,270 | $ | 15,865 | $ | 32,751 | ||||||
Income (loss) from continuing operations, net of tax | ||||||||||||
NACoal | $ | 31,926 | $ | 32,770 | $ | 29,449 | ||||||
HBB | 25,093 | 21,200 | 18,363 | |||||||||
KC | (6,884 | ) | (3,087 | ) | 1,105 | |||||||
NACCO and Other | (5,718 | ) | (8,649 | ) | 30,589 | |||||||
Eliminations | 33 | (71 | ) | (36 | ) | |||||||
Total | $ | 44,450 | $ | 42,163 | $ | 79,470 | ||||||
2013 | 2012 | 2011 | ||||||||||
Total assets | ||||||||||||
NACoal | $ | 419,786 | $ | 368,652 | $ | 278,544 | ||||||
HBB | 228,891 | 215,503 | 201,488 | |||||||||
KC | 70,014 | 83,977 | 88,998 | |||||||||
NACCO and Other | 131,085 | 154,605 | 169,360 | |||||||||
Discontinued Operations | — | — | 1,117,027 | |||||||||
Eliminations | (39,820 | ) | (46,431 | ) | (46,584 | ) | ||||||
Total | $ | 809,956 | $ | 776,306 | $ | 1,808,833 | ||||||
Depreciation, depletion and amortization | ||||||||||||
NACoal | $ | 16,601 | $ | 10,849 | $ | 7,884 | ||||||
HBB | 3,475 | 3,113 | 4,920 | |||||||||
KC | 4,162 | 3,611 | 3,045 | |||||||||
NACCO and Other | 334 | 419 | 452 | |||||||||
Total | $ | 24,572 | $ | 17,992 | $ | 16,301 | ||||||
Capital expenditures | ||||||||||||
NACoal | $ | 52,748 | $ | 37,125 | $ | 14,103 | ||||||
HBB | 2,313 | 3,223 | 3,708 | |||||||||
KC | 2,150 | 3,872 | 2,292 | |||||||||
NACCO and Other | 238 | 462 | 115 | |||||||||
Total | $ | 57,449 | $ | 44,682 | $ | 20,218 | ||||||
Data By Geographic Region | ||||||||||||
No single country outside of the United States comprised 10% or more of the Company's revenues from unaffiliated customers. | ||||||||||||
United | Other | Consolidated | ||||||||||
States | ||||||||||||
2013 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 813,609 | $ | 119,057 | $ | 932,666 | ||||||
Long-lived assets | $ | 246,902 | $ | 5,486 | $ | 252,388 | ||||||
2012 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 746,800 | $ | 126,564 | $ | 873,364 | ||||||
Long-lived assets | $ | 197,141 | $ | 6,034 | $ | 203,175 | ||||||
2011 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 662,061 | $ | 128,394 | $ | 790,455 | ||||||
Long-lived assets | $ | 124,236 | $ | 4,998 | $ | 129,234 | ||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||
A summary of the unaudited results of operations for the year ended December 31 is as follows: | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 51,147 | $ | 43,567 | $ | 52,870 | $ | 46,067 | ||||||||
HBB | 106,151 | 114,651 | 134,099 | 192,889 | ||||||||||||
KC | 39,711 | 38,380 | 42,618 | 75,324 | ||||||||||||
Eliminations | (957 | ) | (581 | ) | (973 | ) | (2,297 | ) | ||||||||
$ | 196,052 | $ | 196,017 | $ | 228,614 | $ | 311,983 | |||||||||
Gross profit | $ | 46,261 | $ | 47,630 | $ | 49,219 | $ | 78,181 | ||||||||
Earnings of unconsolidated mines | $ | 12,098 | $ | 10,281 | $ | 11,808 | $ | 12,242 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 11,785 | $ | 11,196 | $ | 9,740 | $ | 4,740 | ||||||||
HBB | 2,668 | 4,005 | 11,788 | 22,499 | ||||||||||||
KC | (4,980 | ) | (5,407 | ) | (3,658 | ) | 3,142 | |||||||||
NACCO and Other | (2,436 | ) | (1,099 | ) | (1,155 | ) | (1,543 | ) | ||||||||
Eliminations | (15 | ) | 108 | (33 | ) | (9 | ) | |||||||||
$ | 7,022 | $ | 8,803 | $ | 16,682 | $ | 28,829 | |||||||||
NACoal | $ | 9,591 | $ | 8,952 | $ | 7,794 | $ | 5,589 | ||||||||
HBB | 1,501 | 1,985 | 7,427 | 14,180 | ||||||||||||
KC | (3,267 | ) | (2,403 | ) | (2,822 | ) | 1,608 | |||||||||
NACCO and Other | (2,003 | ) | (1,048 | ) | (1,137 | ) | (1,530 | ) | ||||||||
Eliminations | (1,400 | ) | (2,339 | ) | 1,063 | 2,709 | ||||||||||
Net income | $ | 4,422 | $ | 5,147 | $ | 12,325 | $ | 22,556 | ||||||||
Basic earnings per share | $ | 0.53 | $ | 0.63 | $ | 1.54 | $ | 2.86 | ||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.63 | $ | 1.54 | $ | 2.85 | ||||||||
The significant increase in operating results in the fourth quarter of 2013 compared with the prior quarters of 2013 is primarily due to the seasonal nature of HBB's and KC's businesses. | ||||||||||||||||
During the third quarter of 2013, the Company recorded a $1.7 million million pre-tax curtailment gain, of which $1.6 million and $0.1 million were recorded by NACoal and NACCO and Other, respectively. See Note 16 for further information. | ||||||||||||||||
During the fourth quarter of 2013, NACoal recorded a $4.0 million non-cash, goodwill impairment charge related to its Reed Minerals reporting unit. See Note 6 and Note 10 for further information. | ||||||||||||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 24,334 | $ | 19,199 | $ | 38,012 | $ | 50,822 | ||||||||
HBB | 104,940 | 110,676 | 124,820 | 181,131 | ||||||||||||
KC | 45,293 | 42,340 | 48,154 | 88,908 | ||||||||||||
Eliminations | (888 | ) | (780 | ) | (919 | ) | (2,678 | ) | ||||||||
$ | 173,679 | $ | 171,435 | $ | 210,067 | $ | 318,183 | |||||||||
Gross profit | $ | 45,519 | $ | 43,297 | $ | 52,227 | $ | 84,899 | ||||||||
Earnings of unconsolidated mines | $ | 12,006 | $ | 10,579 | $ | 11,471 | $ | 11,188 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 11,928 | $ | 9,152 | $ | 8,632 | $ | 13,527 | ||||||||
HBB | 2,151 | 5,048 | 8,663 | 19,953 | ||||||||||||
KC | (4,578 | ) | (5,163 | ) | (1,873 | ) | 7,102 | |||||||||
NACCO and Other | (1,514 | ) | (1,480 | ) | (587 | ) | (3,419 | ) | ||||||||
Eliminations | 81 | 44 | 1 | (26 | ) | |||||||||||
$ | 8,068 | $ | 7,601 | $ | 14,836 | $ | 37,137 | |||||||||
NACoal | $ | 9,207 | $ | 7,130 | $ | 8,143 | $ | 8,290 | ||||||||
HBB | 1,027 | 2,214 | 5,206 | 12,753 | ||||||||||||
KC | (2,817 | ) | (3,189 | ) | (1,208 | ) | 4,127 | |||||||||
NACCO and Other | (1,452 | ) | (1,715 | ) | (997 | ) | (4,485 | ) | ||||||||
Eliminations | (1,253 | ) | (997 | ) | (768 | ) | 2,947 | |||||||||
Income from continuing operations | 4,712 | 3,443 | 10,376 | 23,632 | ||||||||||||
Discontinued operations | 20,538 | 18,269 | 27,728 | — | ||||||||||||
Net income | $ | 25,250 | $ | 21,712 | $ | 38,104 | $ | 23,632 | ||||||||
Basic earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.42 | $ | 1.24 | $ | 2.82 | ||||||||
Discontinued operations | 2.44 | 2.18 | 3.29 | — | ||||||||||||
Basic earnings per share | $ | 3.01 | $ | 2.6 | $ | 4.53 | $ | 2.82 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.42 | $ | 1.23 | $ | 2.8 | ||||||||
Discontinued operations | 2.43 | 2.18 | 3.29 | — | ||||||||||||
Diluted earnings per share | $ | 3 | $ | 2.6 | $ | 4.52 | $ | 2.8 | ||||||||
The significant increase in operating results in the fourth quarter of 2012 compared with the prior quarters of 2012 is primarily due to the seasonal nature of HBB's and KC's businesses. | ||||||||||||||||
During the second quarter of 2012, NACoal recognized a gain of $2.3 million from the sale of land. See Note 3 for further details. | ||||||||||||||||
During the third quarter of 2012, NACoal recognized a gain of $3.3 million on the sale of one dragline. See Note 3 for further details. | ||||||||||||||||
NACoal results include the following related to the Reed Minerals acquisition in 2012: | ||||||||||||||||
Third Quarter | Fourth Quarter | |||||||||||||||
Revenues | $ | 7,715 | $ | 21,557 | ||||||||||||
Operating profit | $ | 35 | $ | 1,499 | ||||||||||||
Parent_Company_Condensed_Balan
Parent Company Condensed Balance Sheets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
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: | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 94,035 | $ | 120,659 | ||||||||
Other current assets | 946 | 4,299 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 52,265 | 43,111 | ||||||||||
KC | 36,772 | 43,656 | ||||||||||
NACoal | 138,355 | 102,255 | ||||||||||
Other | 14,792 | 14,393 | ||||||||||
242,184 | 203,415 | |||||||||||
Property, plant and equipment, net | 1,477 | 1,575 | ||||||||||
Other non-current assets | 5,707 | 4,343 | ||||||||||
Total Assets | $ | 344,349 | $ | 334,291 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 12,750 | $ | 6,628 | ||||||||
Current intercompany accounts payable, net | 304 | 12,940 | ||||||||||
Note payable to Bellaire | 20,450 | 20,450 | ||||||||||
Other non-current liabilities | 13,065 | 12,942 | ||||||||||
Stockholders’ equity | 297,780 | 281,331 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 344,349 | $ | 334,291 | ||||||||
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, 2013 totaled approximately $151.2 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $0.6 million at December 31, 2013. 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 | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 94,035 | $ | 120,659 | ||||||||
Other current assets | 946 | 4,299 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 52,265 | 43,111 | ||||||||||
KC | 36,772 | 43,656 | ||||||||||
NACoal | 138,355 | 102,255 | ||||||||||
Other | 14,792 | 14,393 | ||||||||||
242,184 | 203,415 | |||||||||||
Property, plant and equipment, net | 1,477 | 1,575 | ||||||||||
Other non-current assets | 5,707 | 4,343 | ||||||||||
Total Assets | $ | 344,349 | $ | 334,291 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 12,750 | $ | 6,628 | ||||||||
Current intercompany accounts payable, net | 304 | 12,940 | ||||||||||
Note payable to Bellaire | 20,450 | 20,450 | ||||||||||
Other non-current liabilities | 13,065 | 12,942 | ||||||||||
Stockholders’ equity | 297,780 | 281,331 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 344,349 | $ | 334,291 | ||||||||
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 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
(Income) expense: | ||||||||||||
Intercompany interest expense | $ | 1,431 | $ | 1,501 | $ | 1,691 | ||||||
Other, net | (471 | ) | 3,021 | 2,877 | ||||||||
960 | 4,522 | 4,568 | ||||||||||
Administrative and general expenses | 5,670 | 6,569 | 7,161 | |||||||||
Loss before income taxes | (6,630 | ) | (11,091 | ) | (11,729 | ) | ||||||
Income tax benefit | (1,527 | ) | (1,754 | ) | (3,024 | ) | ||||||
Net loss before equity in earnings of subsidiaries | (5,103 | ) | (9,337 | ) | (8,705 | ) | ||||||
Equity in earnings of subsidiaries | 49,553 | 51,500 | 88,175 | |||||||||
Income from continuing operations, net of tax | 44,450 | 42,163 | 79,470 | |||||||||
Discontinued operations, net of tax | — | 66,535 | 82,601 | |||||||||
Net income | 44,450 | 108,698 | 162,071 | |||||||||
Foreign currency translation adjustment | (229 | ) | 145 | (14,942 | ) | |||||||
Deferred gain on available for sale securities | 729 | 265 | 27 | |||||||||
Current period cash flow hedging activity, net of $477 tax expense in 2013, $2,471 tax expense in 2012 and $266 tax expense in 2011 | 810 | 7,658 | 2,395 | |||||||||
Reclassification of hedging activities into earnings, net of $95 tax benefit in 2013, $2,630 tax expense in 2012 and $2,668 tax benefit in 2011 | 152 | (2,757 | ) | 9,155 | ||||||||
Current period pension and postretirement plan adjustment, net of $5,531 tax expense in 2013, $1,553 tax benefit in 2012, and $7,391 tax benefit in 2011 | 8,022 | (1,716 | ) | (18,977 | ) | |||||||
Current period curtailment gain into earnings, net of $718 tax expense in 2013 | (983 | ) | — | — | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $740 tax benefit in 2013, $2,056 tax benefit in 2012 and $1,900 tax benefit in 2011 | 1,101 | 5,885 | 6,704 | |||||||||
Comprehensive Income | $ | 54,052 | $ | 118,178 | $ | 146,433 | ||||||
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 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Operating Activities | ||||||||||||
Income from continuing operations | $ | 44,450 | $ | 42,163 | $ | 79,470 | ||||||
Equity in earnings of subsidiaries | 49,553 | 51,500 | 88,175 | |||||||||
Parent company only net loss | (5,103 | ) | (9,337 | ) | (8,705 | ) | ||||||
Net changes related to operating activities | (1,858 | ) | 4,428 | 12,104 | ||||||||
Net cash provided by (used for) operating activities | (6,961 | ) | (4,909 | ) | 3,399 | |||||||
Investing Activities | ||||||||||||
Expenditures for property, plant and equipment | (238 | ) | (462 | ) | (115 | ) | ||||||
Net cash used for investing activities | (238 | ) | (462 | ) | (115 | ) | ||||||
Financing Activities | ||||||||||||
Cash dividends received from subsidiaries | 20,000 | 40,623 | 114,368 | |||||||||
Cash dividends received from Hyster-Yale | — | 5,000 | 10,000 | |||||||||
Notes payable to Bellaire | — | (1,980 | ) | (2,763 | ) | |||||||
Capital contributions to subsidiaries | — | — | (4,000 | ) | ||||||||
Purchase of treasury shares | (31,306 | ) | (3,178 | ) | (2,063 | ) | ||||||
Cash dividends paid | (8,104 | ) | (45,130 | ) | (17,795 | ) | ||||||
Other | (15 | ) | 19 | (5 | ) | |||||||
Net cash provided by financing activities | (19,425 | ) | (4,646 | ) | 97,742 | |||||||
Cash and cash equivalents | ||||||||||||
Increase (decrease) for the period | (26,624 | ) | (10,017 | ) | 101,026 | |||||||
Balance at the beginning of the period | 120,659 | 130,676 | 29,650 | |||||||||
Balance at the end of the period | $ | 94,035 | $ | 120,659 | $ | 130,676 | ||||||
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, 2013, 2012 AND 2011 | ||||||||||||
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 $0.6 million at December 31, 2013 and was in addition to the $94.0 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
Related Party Transactions | ||||||||||||
Ten of NACoal's wholly owned subsidiaries each meet the definition of a variable interest entity. See Note 1 for a discussion of these entities. The income taxes resulting from the operations of the Unconsolidated Mines are solely the responsibility of the Company. The pre-tax income from the Unconsolidated Mines, excluding NoDak and NACC India, is reported on the line “Earnings of unconsolidated mines” in the Consolidated Statements of Operations, with related income taxes included in the provision for income taxes. The Company has included the pre-tax earnings of the Unconsolidated Mines, excluding NoDak and NACC India, above operating profit as they are an integral component of the Company's business and operating results. The pre-tax income from NoDak is reported on the line "Income from other unconsolidated affiliates" in the "Other (income) expense" section of the Consolidated Statement of Operations, with the related income taxes included in the provision for income taxes. The net income from NACC India is reported on the line "Income from other unconsolidated affiliates" in the "Other (income) expense" section of the Consolidated Statements of Operations. The investment in the Unconsolidated Mines and related tax positions totaled $33.1 million and $20.2 million at December 31, 2013 and 2012, respectively, and is included on the line “Other Non-current Assets” in the Consolidated Balance Sheets. The Company's maximum risk of loss relating to these entities is limited to its invested capital, which was $5.4 million, $3.2 million and $6.3 million at December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Summarized financial information for the Unconsolidated Mines is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 577,436 | $ | 543,892 | $ | 502,633 | ||||||
Gross profit | $ | 74,870 | $ | 74,542 | $ | 71,736 | ||||||
Income before income taxes | $ | 47,953 | $ | 46,819 | $ | 47,001 | ||||||
Net income | $ | 37,468 | $ | 35,616 | $ | 36,458 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 147,370 | $ | 148,552 | ||||||||
Non-current assets | $ | 737,851 | $ | 836,289 | ||||||||
Current liabilities | $ | 148,264 | $ | 144,284 | ||||||||
Non-current liabilities | $ | 731,525 | $ | 837,392 | ||||||||
NACoal received dividends of $35.2 million and $38.8 million from the Unconsolidated Mines in 2013 and 2012, respectively. | ||||||||||||
Legal services rendered by Jones Day approximated $1.1 million, $3.0 million and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. A director of the Company is also Of Counsel with this law firm. |
Acquisition
Acquisition | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisition | ' | |||
Acquisition | ||||
On August 31, 2012, NACoal acquired, through a wholly owned subsidiary, four related companies - Reed Minerals, Inc., Reed Hauling Inc., C&H Mining Company, Inc. and Reed Management, LLC - from members of and entities controlled by the Reed family. These companies, known as Reed Minerals, are based in Jasper, Alabama and are involved in the mining of steam and metallurgical coal. The results of Reed Minerals have been included in the Company's consolidated financial statements since the date of acquisition. | ||||
Reed Minerals mines and markets steam coal and metallurgical coal for sale primarily into the power generation and steel markets. Steam coal is primarily sold to a cooperative association which provides fuel under a long-term contract with a significant U.S. utility. Metallurgical coal is sold to several customers. Reed Minerals operates three mines on leased reserves in central Alabama. The Reed Minerals acquisition provides the Company a foundation to build a metallurgical coal business. | ||||
The acquisition was funded using borrowings under NACoal's unsecured revolving line of credit. The purchase price included a $69.3 million cash payment and estimated contingent consideration valued as of the acquisition date at an additional $1.6 million. The value of the contingent consideration was based on a Monte Carlo simulation model. The contingent consideration is structured as an earn-out payment to the sellers of Reed Minerals. The earn-out is calculated as a percentage by which the monthly average coal selling price exceeds an established threshold multiplied by the number of tons sold during the month. The earn-out period covers the first 15.0 million tons of coal sold from the Reed Minerals coal reserves. There is no monetary cap on the amount payable under this contingent payment arrangement. The liability for contingent consideration ($1.6 million at December 31, 2013 after accretion and payments) is included in other long-term liabilities in the consolidated balance sheet. Earn-out payments, if payable, are paid quarterly. Earn-out payments of less than $0.1 million were paid during 2013 and no payments were made during 2012. See Note 10 for additional information on the earn-out. | ||||
Acquisition-related expenses of $2.6 million are included in selling, general and administrative expenses on the Consolidated Statement of Operations for the year ended December 31, 2012. | ||||
The goodwill arising from the acquisition is expected to be deductible for tax purposes. | ||||
The following table summarizes the fair values of the assets acquired and liabilities assumed of Reed Minerals as of the acquisition date (in millions): | ||||
Property, plant and equipment (including mineral rights) | $ | 60.2 | ||
Other assets | 21.3 | |||
Other intangible assets | 8.2 | |||
Total assets acquired | 89.7 | |||
Other current liabilities | 8.3 | |||
Other long-term liabilities | 14.5 | |||
Total liabilities assumed | 22.8 | |||
Net assets acquired | 66.9 | |||
Purchase price | 70.9 | |||
Goodwill | $ | 4 | ||
The fair values of the assets acquired and liabilities assumed in the table above includes a $6.3 million liability reflected within other long-term liabilities for tax liabilities associated with pre-acquisition business activities of Reed Minerals and a $6.3 million long-term asset included in other assets, recognizing the sellers' contractual obligation to indemnify the Company for this pre-acquisition liability. The indemnification asset was measured on the same basis as the corresponding liability. | ||||
The results of Reed Minerals included in the Company's Consolidated Statements of Operations from the acquisition date through December 31, 2012 are as follows (in millions): | ||||
Revenues | $ | 29.3 | ||
Operating profit | $ | 1.5 | ||
Net income | $ | 1 | ||
During 2013, the estimated amount of goodwill decreased by $2.4 million as the Company finalized purchase accounting for the Reed Minerals acquisition. Also during the fourth quarter of 2013, the Company concluded during the annual assessment that the goodwill within the Reed Minerals reporting unit was fully impaired and recorded a $4.0 million non-cash, goodwill impairment charge. See Note 6 and See Note 10 for further discussion of goodwill and this nonrecurring fair value measurement. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of the Parent | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule I - Condensed Financial Information of the Parent | ' | |||||||||||
Parent Company Condensed Balance Sheets | ||||||||||||
The condensed balance sheets of NACCO, the parent company, at December 31 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 94,035 | $ | 120,659 | ||||||||
Other current assets | 946 | 4,299 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 52,265 | 43,111 | ||||||||||
KC | 36,772 | 43,656 | ||||||||||
NACoal | 138,355 | 102,255 | ||||||||||
Other | 14,792 | 14,393 | ||||||||||
242,184 | 203,415 | |||||||||||
Property, plant and equipment, net | 1,477 | 1,575 | ||||||||||
Other non-current assets | 5,707 | 4,343 | ||||||||||
Total Assets | $ | 344,349 | $ | 334,291 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 12,750 | $ | 6,628 | ||||||||
Current intercompany accounts payable, net | 304 | 12,940 | ||||||||||
Note payable to Bellaire | 20,450 | 20,450 | ||||||||||
Other non-current liabilities | 13,065 | 12,942 | ||||||||||
Stockholders’ equity | 297,780 | 281,331 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 344,349 | $ | 334,291 | ||||||||
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, 2013 totaled approximately $151.2 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $0.6 million at December 31, 2013. 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 | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 94,035 | $ | 120,659 | ||||||||
Other current assets | 946 | 4,299 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 52,265 | 43,111 | ||||||||||
KC | 36,772 | 43,656 | ||||||||||
NACoal | 138,355 | 102,255 | ||||||||||
Other | 14,792 | 14,393 | ||||||||||
242,184 | 203,415 | |||||||||||
Property, plant and equipment, net | 1,477 | 1,575 | ||||||||||
Other non-current assets | 5,707 | 4,343 | ||||||||||
Total Assets | $ | 344,349 | $ | 334,291 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 12,750 | $ | 6,628 | ||||||||
Current intercompany accounts payable, net | 304 | 12,940 | ||||||||||
Note payable to Bellaire | 20,450 | 20,450 | ||||||||||
Other non-current liabilities | 13,065 | 12,942 | ||||||||||
Stockholders’ equity | 297,780 | 281,331 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 344,349 | $ | 334,291 | ||||||||
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 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
(Income) expense: | ||||||||||||
Intercompany interest expense | $ | 1,431 | $ | 1,501 | $ | 1,691 | ||||||
Other, net | (471 | ) | 3,021 | 2,877 | ||||||||
960 | 4,522 | 4,568 | ||||||||||
Administrative and general expenses | 5,670 | 6,569 | 7,161 | |||||||||
Loss before income taxes | (6,630 | ) | (11,091 | ) | (11,729 | ) | ||||||
Income tax benefit | (1,527 | ) | (1,754 | ) | (3,024 | ) | ||||||
Net loss before equity in earnings of subsidiaries | (5,103 | ) | (9,337 | ) | (8,705 | ) | ||||||
Equity in earnings of subsidiaries | 49,553 | 51,500 | 88,175 | |||||||||
Income from continuing operations, net of tax | 44,450 | 42,163 | 79,470 | |||||||||
Discontinued operations, net of tax | — | 66,535 | 82,601 | |||||||||
Net income | 44,450 | 108,698 | 162,071 | |||||||||
Foreign currency translation adjustment | (229 | ) | 145 | (14,942 | ) | |||||||
Deferred gain on available for sale securities | 729 | 265 | 27 | |||||||||
Current period cash flow hedging activity, net of $477 tax expense in 2013, $2,471 tax expense in 2012 and $266 tax expense in 2011 | 810 | 7,658 | 2,395 | |||||||||
Reclassification of hedging activities into earnings, net of $95 tax benefit in 2013, $2,630 tax expense in 2012 and $2,668 tax benefit in 2011 | 152 | (2,757 | ) | 9,155 | ||||||||
Current period pension and postretirement plan adjustment, net of $5,531 tax expense in 2013, $1,553 tax benefit in 2012, and $7,391 tax benefit in 2011 | 8,022 | (1,716 | ) | (18,977 | ) | |||||||
Current period curtailment gain into earnings, net of $718 tax expense in 2013 | (983 | ) | — | — | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $740 tax benefit in 2013, $2,056 tax benefit in 2012 and $1,900 tax benefit in 2011 | 1,101 | 5,885 | 6,704 | |||||||||
Comprehensive Income | $ | 54,052 | $ | 118,178 | $ | 146,433 | ||||||
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 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Operating Activities | ||||||||||||
Income from continuing operations | $ | 44,450 | $ | 42,163 | $ | 79,470 | ||||||
Equity in earnings of subsidiaries | 49,553 | 51,500 | 88,175 | |||||||||
Parent company only net loss | (5,103 | ) | (9,337 | ) | (8,705 | ) | ||||||
Net changes related to operating activities | (1,858 | ) | 4,428 | 12,104 | ||||||||
Net cash provided by (used for) operating activities | (6,961 | ) | (4,909 | ) | 3,399 | |||||||
Investing Activities | ||||||||||||
Expenditures for property, plant and equipment | (238 | ) | (462 | ) | (115 | ) | ||||||
Net cash used for investing activities | (238 | ) | (462 | ) | (115 | ) | ||||||
Financing Activities | ||||||||||||
Cash dividends received from subsidiaries | 20,000 | 40,623 | 114,368 | |||||||||
Cash dividends received from Hyster-Yale | — | 5,000 | 10,000 | |||||||||
Notes payable to Bellaire | — | (1,980 | ) | (2,763 | ) | |||||||
Capital contributions to subsidiaries | — | — | (4,000 | ) | ||||||||
Purchase of treasury shares | (31,306 | ) | (3,178 | ) | (2,063 | ) | ||||||
Cash dividends paid | (8,104 | ) | (45,130 | ) | (17,795 | ) | ||||||
Other | (15 | ) | 19 | (5 | ) | |||||||
Net cash provided by financing activities | (19,425 | ) | (4,646 | ) | 97,742 | |||||||
Cash and cash equivalents | ||||||||||||
Increase (decrease) for the period | (26,624 | ) | (10,017 | ) | 101,026 | |||||||
Balance at the beginning of the period | 120,659 | 130,676 | 29,650 | |||||||||
Balance at the end of the period | $ | 94,035 | $ | 120,659 | $ | 130,676 | ||||||
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, 2013, 2012 AND 2011 | ||||||||||||
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 $0.6 million at December 31, 2013 and was in addition to the $94.0 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2013. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||||
Costs and | Other Accounts | — Describe | End of | ||||||||||||||||||||
Expenses | — Describe | Period (C) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 955 | $ | (5 | ) | $ | — | $ | 104 | (A) | $ | 846 | |||||||||||
Allowance for discounts, adjustments and returns | $ | 15,194 | $ | 20,476 | $ | 60 | $ | 22,871 | (B) | $ | 12,859 | ||||||||||||
2012 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 949 | $ | 46 | $ | 7 | $ | 47 | (A) | $ | 955 | ||||||||||||
Allowance for discounts, adjustments and returns | $ | 13,296 | $ | 19,897 | $ | 379 | $ | 18,378 | (B) | $ | 15,194 | ||||||||||||
2011 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,254 | $ | 1,050 | $ | (20 | ) | $ | 1,335 | (A) | $ | 949 | |||||||||||
Allowance for discounts, adjustments and returns | $ | 11,149 | $ | 15,138 | $ | 847 | $ | 13,838 | (B) | $ | 13,296 | ||||||||||||
(A) | Write-offs, net of recoveries. | ||||||||||||||||||||||
(B) | Payments and customer deductions for product returns, discounts and allowances. | ||||||||||||||||||||||
(C) | Balances which are not required to be presented and those which are immaterial have been omitted. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. | |
Accounts Receivable, Net of Allowances | ' |
Accounts Receivable, Net of Allowances: Allowances for doubtful accounts are maintained against accounts receivable for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. | |
Inventories | ' |
Inventories: Inventories are stated at the lower of cost or market. The weighted average method is used for coal inventory. KC retail inventories are stated at the lower of cost or market using the retail inventory method. The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. | |
Property, Plant and Equipment, Net | ' |
Property, Plant and Equipment, Net: Property, plant and equipment are recorded at cost. Depreciation, depletion and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings and building improvements are depreciated using a 40 year life or, at NACoal, over the life of the mine, which at inception was 30 years. Estimated lives for machinery and equipment range from three to 15 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The units-of-production method is used to amortize certain tooling for sourced products and certain coal-related assets based on estimated recoverable tonnages. Repairs and maintenance costs are generally expensed when incurred. Asset retirement costs associated with asset retirement obligations are capitalized with the carrying amount of the related long-lived asset and depreciated over the asset's estimated useful life. | |
Long-Lived Assets | ' |
Long-Lived Assets: The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset's net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |
Goodwill | ' |
Goodwill: Goodwill represents the excess purchase price paid over the fair value of the net assets acquired. The Company evaluates the carrying value of goodwill for impairment annually and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount. Impairment exists when the carrying amount of the goodwill exceeds its implied fair value. | |
Coal Supply Agreement and Other Intangibles, Net | ' |
Coal Supply Agreements and Other Intangibles, Net: The coal supply agreements represent long-term supply agreements with NACoal's customers and are recorded based on the fair value at the date of acquisition. The coal supply agreements are amortized based on units of production or straight line over the original term of the agreements, which range from 8 to 30 years. The Company reviews identified intangible assets for impairment when changes in circumstances or the occurrence of certain events indicate potential impairment. | |
Self-insurance Liabilities | ' |
Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability, medical claims, certain workers’ compensation claims and certain closed mine liabilities. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management's judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, inflation rates, medical costs and actual experience could cause estimates to change in the near term. | |
Revenue Recognition | ' |
Revenue Recognition: Revenues are generally recognized when title transfers and risk of loss passes to the customer. Under its mining contracts, the Company recognizes revenue as the coal or limerock is delivered or services are performed. Revenues at HBB are recognized when customer orders are completed and shipped. Revenues at KC are recognized at the point of sale when payment is made and customers take possession of the merchandise in stores. | |
The Company's products generally are not sold with the right of return. Based on the Company's historical experience, a portion of KC and HBB products sold are estimated to be returned due to reasons such as buyer remorse, duplicate gifts received, product failure and excess inventory stocked by the customer, which, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company's customers. | |
The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. At HBB, net sales represent gross sales less cooperative advertising, other volume-based incentives, estimated returns and allowances for defective products. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized. At KC, retail markdowns are incorporated into KC's retail method of accounting for cost of sales. | |
Advertising Costs | ' |
Advertising Costs: Advertising costs, except for direct response advertising, are expensed as incurred. Total advertising expense was $20.1 million, $16.5 million and $13.5 million in 2013, 2012 and 2011, respectively. Included in these advertising costs are amounts related to cooperative advertising programs at HBB that are recorded as a reduction of sales in the Consolidated Statements of Operations as related revenues are recognized. Direct response advertising, which consists primarily of costs to produce television commercials for HBB products, is capitalized and amortized over the expected period of future benefits. No assets related to direct response advertising were capitalized at December 31, 2013 or 2012. | |
Product Development Costs | ' |
Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $8.1 million, $7.5 million and $7.4 million in 2013, 2012 and 2011, respectively. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs: Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included in cost of sales. | |
Tax Collected from Customers and Remitted to Governmental Authorities | ' |
Taxes Collected from Customers and Remitted to Governmental Authorities: The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as a liability until remitted to the respective taxing authority. | |
Stock Compensation | ' |
Stock Compensation: The Company maintains long-term incentive programs at all of its subsidiaries. The parent company has stock compensation plans that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding selected employees for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 16,123 and 72,566 shares related to the years ended December 31, 2013 and 2012, respectively. After the issuance of these shares, there were 233,759 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $0.9 million ($0.6 million net of tax), $4.4 million ($2.8 million net of tax) and $1.7 million ($1.1 million net of tax) for the years ended December 31, 2013, 2012 and 2011, respectively. Compensation expense represents fair value based on the market price of the shares of Class A common stock at the grant date. | |
The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the years ended December 31, 2013 and December 31, 2012, $69,000 of the non-employee directors’ annual retainer of $125,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2011, $49,500 of the non-employee directors’ annual retainer of $90,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date of the participant's retirement from the Board of Directors and the director has reached 70 years of age. Pursuant to this plan, the Company issued 9,472, 8,944 and 4,938 shares related to the years ended December 31, 2013, 2012 and 2011, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,300 in 2013, 1,991 in 2012, and 1,356 in 2011. After the issuance of these shares, there were 73,042 shares of Class A common stock available for issuance under this plan. Compensation expense related to these awards was $0.6 million ($0.4 million net of tax), $0.8 million ($0.5 million net of tax) and $0.5 million ($0.3 million net of tax) for the years ended December 31, 2013, 2012 and 2011, respectively. Compensation expense represents fair value based on the market price of the shares of Class A common stock at the grant date. | |
Foreign Currency | ' |
Foreign Currency: Assets and liabilities of foreign operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of stockholders’ equity. Revenues and expenses of all foreign operations are translated using average monthly exchange rates prevailing during the year. | |
Financial Instruments and Derivative Financial Instruments | ' |
Financial Instruments and Derivative Financial Instruments: Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. | |
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in currencies other than the subsidiaries’ functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in Accumulated other comprehensive income (loss) (“AOCI”). Deferred gains or losses are reclassified from AOCI to the Consolidated Statement of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and generally recognized in cost of sales. | |
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the three-month LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in AOCI. Deferred gains or losses are reclassified from AOCI to the Consolidated Statement of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line “Other” in the “Other income (expense)” section of the Consolidated Statements of Operations. | |
Interest rate swap agreements and forward foreign currency exchange contracts held by the Company have been designated as hedges of forecasted cash flows. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. | |
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are included on the line “Other” in the “Other income (expense)” section of the Consolidated Statements of Operations. | |
Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. | |
See Note 9 for further discussion of derivative financial instruments. | |
Fair Value Measurements | ' |
Fair Value Measurements: The Company accounts for the fair value measurement of its financial assets and liabilities in accordance with U.S. generally accepted accounting principles, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |
A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. | |
Described below are the three levels of inputs that may be used to measure fair value: | |
Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. | |
Level 2 - Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. | |
Level 3 - Unobservable inputs are used when little or no market data is available. | |
The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. | |
See Note 10 for further discussion of fair value measurements. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
Accounting Standards Adopted in 2013: | |
In February 2013, the FASB issued authoritative guidance on the presentation of comprehensive income, which was effective for the Company on January 1, 2013. The guidance requires an entity to (i) present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and (ii) cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. The Company adopted this guidance during the first quarter of 2013. Because this guidance is related to presentation only, the adoption did not have any effect on the Company's financial position, results of operations or cash flows. | |
Reclassifications | ' |
Reclassifications: Certain amounts in the prior periods’ Consolidated Financial Statements have been reclassified to conform to the current period's presentation. | |
Standard Product Warranty | ' |
HBB provides a standard warranty to consumers for all of its products. The specific terms and conditions of those warranties vary depending upon the product brand. In general, if a product is returned under warranty, a refund is provided to the consumer by HBB's customer, the retailer. Generally, the retailer returns those products to HBB for a credit. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories are summarized as follows: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Coal - NACoal | $ | 24,710 | $ | 17,311 | ||||
Mining supplies - NACoal | 17,406 | 13,587 | ||||||
Total inventories at weighted average | 42,116 | 30,898 | ||||||
Sourced inventories - HBB | 90,713 | 84,814 | ||||||
Retail inventories - KC | 51,616 | 53,728 | ||||||
Total inventories at FIFO | 142,329 | 138,542 | ||||||
$ | 184,445 | $ | 169,440 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment, net includes the following: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Coal lands and real estate: | ||||||||
NACoal | $ | 83,736 | $ | 67,621 | ||||
HBB | 226 | 226 | ||||||
83,962 | 67,847 | |||||||
Plant and equipment: | ||||||||
NACoal | 180,418 | 149,908 | ||||||
HBB | 45,141 | 42,850 | ||||||
KC | 28,615 | 29,519 | ||||||
NACCO and Other | 4,552 | 4,339 | ||||||
258,726 | 226,616 | |||||||
Property, plant and equipment, at cost | 342,688 | 294,463 | ||||||
Less allowances for depreciation, depletion and amortization | 123,432 | 111,478 | ||||||
$ | 219,256 | $ | 182,985 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill | ' | |||||||||||
The change in the carrying amount of goodwill is as follows: | ||||||||||||
2013 | ||||||||||||
Balance at December 31, 2012 | $ | 6,399 | ||||||||||
Change in estimate | (2,426 | ) | ||||||||||
Goodwill impairment charge | (3,973 | ) | ||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||
Intangible assets other than goodwill, which are subject to amortization, consist of the following: | ||||||||||||
Gross Carrying | Accumulated | Net | ||||||||||
Amount | Amortization | Balance | ||||||||||
Balance at December 31, 2013 | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (32,492 | ) | $ | 58,988 | |||||
Other intangibles | 950 | (253 | ) | 697 | ||||||||
$ | 92,430 | $ | (32,745 | ) | $ | 59,685 | ||||||
Balance at December 31, 2012 | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (29,015 | ) | $ | 62,465 | |||||
Other intangibles | 950 | (62 | ) | 888 | ||||||||
$ | 92,430 | $ | (29,077 | ) | $ | 63,353 | ||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
Schedule of Change in Asset Retirement Obligation | ' | |||||||||||
A reconciliation of the beginning and ending aggregate carrying amount of the asset retirement obligations are as follows: | ||||||||||||
NACoal | Bellaire | NACCO | ||||||||||
Consolidated | ||||||||||||
Balance at January 1, 2012 | $ | 5,480 | $ | 13,652 | $ | 19,132 | ||||||
Liabilities acquired with the Reed Minerals acquisition | 9,039 | — | 9,039 | |||||||||
Liabilities settled during the period | (14 | ) | (1,539 | ) | (1,553 | ) | ||||||
Accretion expense | 565 | 1,649 | 2,214 | |||||||||
Revision of estimated cash flows | — | 2,654 | 2,654 | |||||||||
Balance at December 31, 2012 | $ | 15,070 | $ | 16,416 | $ | 31,486 | ||||||
Liabilities settled during the period | (316 | ) | (1,243 | ) | (1,559 | ) | ||||||
Accretion expense | 735 | 1,161 | 1,896 | |||||||||
Revision of estimated cash flows | — | 592 | 592 | |||||||||
Balance at December 31, 2013 | $ | 15,489 | $ | 16,926 | $ | 32,415 | ||||||
Current_and_LongTerm_Financing1
Current and Long-Term Financing (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
The following table summarizes the Company's available and outstanding borrowings: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements: | ||||||||
HBB | $ | 18,447 | $ | 39,676 | ||||
KC | 1,460 | — | ||||||
NACoal | 140,000 | 110,000 | ||||||
$ | 159,907 | $ | 149,676 | |||||
Capital lease obligations and other term loans — NACoal | $ | 17,414 | $ | 15,163 | ||||
Private Placement Notes — NACoal | 6,429 | 12,858 | ||||||
Total debt outstanding | $ | 183,750 | $ | 177,697 | ||||
Current portion of borrowings outstanding: | ||||||||
HBB | $ | — | $ | 12,676 | ||||
KC | 1,460 | — | ||||||
NACoal | 29,859 | 29,573 | ||||||
$ | 31,319 | $ | 42,249 | |||||
Long-term portion of borrowings outstanding: | ||||||||
HBB | $ | 18,447 | $ | 27,000 | ||||
NACoal | 133,984 | 108,448 | ||||||
$ | 152,431 | $ | 135,448 | |||||
Total available borrowings, net of limitations, under revolving credit agreements: | ||||||||
HBB | $ | 111,584 | $ | 112,020 | ||||
KC | 27,000 | 27,000 | ||||||
NACoal | 223,936 | 148,828 | ||||||
$ | 362,520 | $ | 287,848 | |||||
Unused revolving credit agreements: | ||||||||
HBB | $ | 93,137 | $ | 72,344 | ||||
KC | 25,540 | 27,000 | ||||||
NACoal | 83,936 | 38,828 | ||||||
$ | 202,613 | $ | 138,172 | |||||
Weighted average stated interest rate on total borrowings: | ||||||||
HBB | 3.2 | % | 1.9 | % | ||||
KC | 4.3 | % | N/A | |||||
NACoal | 2.3 | % | 2.4 | % | ||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | ||||||||
HBB | 3.2 | % | 4.3 | % | ||||
KC | N/A | N/A | ||||||
NACoal | 3 | % | 2.4 | % | ||||
Schedule of Maturities of Total Debt, Excluding Capital Leases | ' | |||||||
Annual maturities of total debt, excluding capital leases, are as follows: | ||||||||
2014 | $ | 29,889 | ||||||
2015 | — | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | 136,447 | |||||||
Thereafter | 4,347 | |||||||
$ | 170,683 | |||||||
Financial_Instruments_and_Deri
Financial Instruments and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the notional amounts, related rates and remaining terms of interest rate swap agreements active at December 31 in millions: | |||||||||||||||||||||||||||||||||||||||||
Notional Amount | Average Fixed Rate | Remaining Term at | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||
HBB | $ | 20 | $ | 25 | 1.4 | % | 4 | % | delayed contracts extending to January 2020 | ||||||||||||||||||||||||||||||||
The following table summarizes the notional amounts, related rates and remaining terms of the interest rate swap agreement active at December 31 in millions: | |||||||||||||||||||||||||||||||||||||||||
Notional Amount | Average Fixed Rate | Remaining Term at | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||
NACoal | $ | 100 | $ | — | 1.4 | % | — | % | extending to May 2018 | ||||||||||||||||||||||||||||||||
Schedule of the Fair Value of Derivative Instruments Recorded in the Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
Balance sheet location | 2013 | 2012 | Balance sheet location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | 128 | $ | — | Other current liabilities | $ | — | $ | 456 | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 809 | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 83 | — | Other current liabilities | — | 4 | |||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | — | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,020 | $ | — | $ | — | $ | 460 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | — | $ | — | Prepaid expenses and other | $ | 14 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other current liabilities | — | — | Other current liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | 14 | $ | — | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,020 | $ | — | $ | 14 | $ | 460 | |||||||||||||||||||||||||||||||||
Schedule of the Pre-Tax Impact of Derivative Instruments Recorded in the Consolidated Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Recognized | ||||||||||||||||||||||||||||||||||||
Recognized in AOCI on | (Loss) Reclassified | Reclassified from AOCI | (Loss) Recognized | in Income on Derivative | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | from AOCI into | into Income (Effective Portion) | in Income on | (Ineffective Portion and Amount Excluded from | |||||||||||||||||||||||||||||||||||||
Income (Effective | Derivative | Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||
Portion) | (Ineffective | ||||||||||||||||||||||||||||||||||||||||
Portion and Amount | |||||||||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||||||||
Testing) | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 933 | $ | (138 | ) | $ | (398 | ) | Interest expense | $ | (460 | ) | $ | (1,207 | ) | $ | (1,984 | ) | N/A | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign currency exchange contracts | 354 | (282 | ) | 1,721 | Cost of sales | 213 | 87 | 855 | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,287 | $ | (420 | ) | $ | 1,323 | $ | (247 | ) | $ | (1,120 | ) | $ | (1,129 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||
Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales or Other | $ | (14 | ) | $ | (162 | ) | $ | (65 | ) | |||||||||||||||||||||||||||||||
Total | $ | (14 | ) | $ | (162 | ) | $ | (65 | ) |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Recurring Fair Value Measurements: The following table presents the Company's assets and liabilities accounted for at fair value on a recurring basis: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||||
Description | December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 6,540 | $ | 6,540 | $ | — | $ | — | |||||||||
Interest rate swap agreements | 937 | — | 937 | — | |||||||||||||
Foreign currency exchange contracts | 83 | — | 83 | — | |||||||||||||
$ | 7,560 | $ | 6,540 | $ | 1,020 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Foreign currency exchange contracts | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Contingent consideration | 1,581 | — | — | 1,581 | |||||||||||||
$ | 1,595 | $ | — | $ | 14 | $ | 1,581 | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||||||||
Identical Assets | Observable Inputs | Inputs | |||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 5,419 | $ | 5,419 | $ | — | $ | — | |||||||||
$ | 5,419 | $ | 5,419 | $ | — | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap agreements | $ | 456 | $ | — | $ | 456 | $ | — | |||||||||
Foreign currency exchange contracts | 4 | — | 4 | — | |||||||||||||
Contingent consideration | 4,000 | — | — | 4,000 | |||||||||||||
$ | 4,460 | $ | — | $ | 460 | $ | 4,000 | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
The following table summarizes changes in Level 3 liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
Balance at | December 31, 2012 | $ | 4,000 | ||||||||||||||
Change in estimate | (2,426 | ) | |||||||||||||||
Accretion expense | 44 | ||||||||||||||||
Payments | (37 | ) | |||||||||||||||
Balance at | December 31, 2013 | $ | 1,581 | ||||||||||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leases [Abstract] | ' | |||||||
Future Minimum Capital and Operating Lease Payments | ' | |||||||
Future minimum capital and operating lease payments at December 31, 2013 are: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1,732 | $ | 35,577 | ||||
2015 | 1,732 | 28,780 | ||||||
2016 | 1,732 | 23,035 | ||||||
2017 | 1,732 | 15,915 | ||||||
2018 | 2,022 | 12,118 | ||||||
Subsequent to 2018 | 5,517 | 28,659 | ||||||
Total minimum lease payments | 14,467 | $ | 144,084 | |||||
Amounts representing interest | 1,400 | |||||||
Present value of net minimum lease payments | 13,067 | |||||||
Current maturities | 1,430 | |||||||
Long-term capital lease obligation | $ | 11,637 | ||||||
Assets recorded under capital leases are included in property | ' | |||||||
Assets recorded under capital leases are included in property, plant and equipment and consist of the following: | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Plant and equipment | $ | 14,509 | $ | 12,307 | ||||
Less accumulated depreciation | 1,650 | 726 | ||||||
$ | 12,859 | $ | 11,581 | |||||
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
Schedule of Product Warranty Liability | ' | |||||||
Changes in the Company's current and long-term warranty obligations are as follows: | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | $ | 4,269 | $ | 4,230 | ||||
Warranties issued | 8,855 | 6,398 | ||||||
Settlements made | (7,781 | ) | (6,359 | ) | ||||
Balance at December 31 | $ | 5,343 | $ | 4,269 | ||||
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||
Amounts Reclassified out of Accumulated Other Comprehensive Income: The following table summarizes the amounts reclassified out of AOCI and recognized in the Consolidated Statement of Operations: | ||||||||||||
Amount reclassified from AOCI | ||||||||||||
Details about AOCI components | 2013 | Location of loss (gain) reclassified from AOCI into income | ||||||||||
(In thousands) | ||||||||||||
Loss (gain) on cash flow hedging | ||||||||||||
Foreign exchange contracts | $ | (213 | ) | Cost of sales | ||||||||
Interest rate contracts | 460 | Interest expense | ||||||||||
247 | Total before income tax expense | |||||||||||
(95 | ) | Income tax expense (benefit) | ||||||||||
$ | 152 | Net of tax | ||||||||||
Pension and postretirement plan | ||||||||||||
Actuarial loss | $ | 1,995 | (a) | |||||||||
Prior-service credit | (154 | ) | (a) | |||||||||
1,841 | Total before income tax expense | |||||||||||
(740 | ) | Income tax expense (benefit) | ||||||||||
$ | 1,101 | Net of tax | ||||||||||
Total reclassifications for the period | $ | 1,253 | Net of tax | |||||||||
(a) These AOCI components are included in the computation of pension expense. See Note 16 for a discussion of the Company's pension expense. | ||||||||||||
Schedule of earnings per share | ' | |||||||||||
The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic weighted average shares outstanding | 8,105 | 8,384 | 8,383 | |||||||||
Dilutive effect of restricted stock awards | 19 | 30 | 25 | |||||||||
Diluted weighted average shares outstanding | 8,124 | 8,414 | 8,408 | |||||||||
Continuing operations | $ | 5.48 | $ | 5.04 | $ | 9.49 | ||||||
Discontinued operations | — | 7.93 | 9.85 | |||||||||
Basic earnings per share | $ | 5.48 | $ | 12.97 | $ | 19.34 | ||||||
Continuing operations | $ | 5.47 | $ | 5.02 | $ | 9.46 | ||||||
Discontinued operations | — | 7.9 | 9.82 | |||||||||
Diluted earnings per share | $ | 5.47 | $ | 12.92 | $ | 19.28 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of income tax expense (benefit) | ' | |||||||||||
The components of income from continuing operations before income tax provision and the income tax provision for the years ended December 31 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations before income tax provision | ||||||||||||
Domestic | $ | 54,630 | $ | 53,167 | $ | 106,944 | ||||||
Foreign | 1,090 | 4,861 | 5,277 | |||||||||
$ | 55,720 | $ | 58,028 | $ | 112,221 | |||||||
Income tax provision | ||||||||||||
Current income tax provision (benefit): | ||||||||||||
Federal | $ | 15,392 | $ | (1,811 | ) | $ | 28,714 | |||||
State | 1,965 | 1,474 | 2,472 | |||||||||
Foreign | 1,559 | 1,556 | 1,633 | |||||||||
Total current | 18,916 | 1,219 | 32,819 | |||||||||
Deferred income tax provision (benefit): | ||||||||||||
Federal | (5,490 | ) | 14,107 | (205 | ) | |||||||
State | (1,141 | ) | 668 | 310 | ||||||||
Foreign | (1,015 | ) | (129 | ) | (173 | ) | ||||||
Total deferred | (7,646 | ) | 14,646 | (68 | ) | |||||||
$ | 11,270 | $ | 15,865 | $ | 32,751 | |||||||
Effective income tax rate reconciliation | ' | |||||||||||
A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations before income tax provision | $ | 55,720 | $ | 58,028 | $ | 112,221 | ||||||
Statutory taxes at 35.0% | $ | 19,502 | $ | 20,310 | $ | 39,277 | ||||||
State and local income taxes | 136 | 1,568 | 1,925 | |||||||||
Non-deductible expenses | 1,081 | 1,112 | 1,336 | |||||||||
Percentage depletion | (8,057 | ) | (4,963 | ) | (6,895 | ) | ||||||
R&D and other federal credits | (1,173 | ) | (132 | ) | (206 | ) | ||||||
Other, net | (219 | ) | (2,030 | ) | (2,686 | ) | ||||||
Income tax provision | $ | 11,270 | $ | 15,865 | $ | 32,751 | ||||||
Effective income tax rate | 20.2 | % | 27.3 | % | 29.2 | % | ||||||
Deferred tax assets and liabilities | ' | |||||||||||
A detailed summary of the total deferred tax assets and liabilities in the Company's Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows: | ||||||||||||
December 31 | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Tax carryforwards | $ | 5,029 | $ | 6,995 | ||||||||
Inventories | 4,709 | 3,139 | ||||||||||
Accrued expenses and reserves | 26,019 | 24,041 | ||||||||||
Accrued pension benefits | — | 7,357 | ||||||||||
Other employee benefits | 11,432 | 7,971 | ||||||||||
Other | 7,375 | 7,201 | ||||||||||
Total deferred tax assets | 54,564 | 56,704 | ||||||||||
Less: Valuation allowance | 2,280 | 3,082 | ||||||||||
52,284 | 53,622 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and depletion | 39,906 | 45,023 | ||||||||||
Partnership investment - development costs | 20,215 | 19,852 | ||||||||||
Accrued pension benefits | 1,037 | — | ||||||||||
Unremitted foreign earnings | 168 | 101 | ||||||||||
Total deferred tax liabilities | 61,326 | 64,976 | ||||||||||
Net deferred liability | $ | (9,042 | ) | $ | (11,354 | ) | ||||||
Summary of tax credit carryforwards | ' | |||||||||||
The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain: | ||||||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 430 | $ | 351 | 2020 - Indefinite | |||||||
State losses | 4,529 | 1,849 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 70 | — | Indefinite | |||||||||
Total | $ | 5,029 | $ | 2,200 | ||||||||
December 31, 2012 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 367 | $ | 366 | 2020 - Indefinite | |||||||
State losses | 4,761 | 2,650 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 1,867 | — | Indefinite | |||||||||
Total | $ | 6,995 | $ | 3,016 | ||||||||
Unrecognized tax benefits roll forward | ' | |||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 2,691 | $ | 2,965 | ||||||||
Additions based on tax positions related to prior years | 5,615 | — | ||||||||||
Additions based on tax positions related to the current year | 78 | 264 | ||||||||||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (536 | ) | (538 | ) | ||||||||
Balance at December 31 | $ | 7,848 | $ | 2,691 | ||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Defined Benefit Pension Plans | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Assumptions used in accounting for the defined benefit plan | ' | |||||||||||||||
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 4.00% - 4.75% | 3.50% - 3.90% | 4.30% - 4.55% | |||||||||||||
Weighted average discount rates for net periodic benefit cost | 3.50% - 4.70% | 4.30% - 4.55% | 5.10% - 5.30% | |||||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 7.75 | % | 7.75 | % | 8.25 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 7.75 | % | 8.25 | % | 8.5 | % | ||||||||||
Non-U.S. Plan | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 4.5 | % | 4 | % | 4.25 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 4 | % | 4.25 | % | 5.25 | % | ||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 6 | % | 6 | % | 6.25 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 6 | % | 6.25 | % | 6.5 | % | ||||||||||
Net periodic benefit income and expense for the defined benefit plan | ' | |||||||||||||||
Set forth below is a detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Interest cost | $ | 2,766 | $ | 3,056 | $ | 3,374 | ||||||||||
Expected return on plan assets | (4,513 | ) | (4,344 | ) | (4,430 | ) | ||||||||||
Amortization of actuarial loss | 1,822 | 2,772 | 2,326 | |||||||||||||
Amortization of prior service credit | (47 | ) | (100 | ) | (99 | ) | ||||||||||
Curtailment gain | (1,701 | ) | — | — | ||||||||||||
Net periodic pension expense (income) | $ | (1,673 | ) | $ | 1,384 | $ | 1,171 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Interest cost | $ | 197 | $ | 208 | $ | 229 | ||||||||||
Expected return on plan assets | (282 | ) | (287 | ) | (336 | ) | ||||||||||
Amortization of actuarial loss | 121 | 131 | 53 | |||||||||||||
Net periodic pension expense (income) | $ | 36 | $ | 52 | $ | (54 | ) | |||||||||
Changes in plan assets and benefit obligations recognized in comprehensive income (loss) | ' | |||||||||||||||
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
United States Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | (11,503 | ) | $ | 3,131 | $ | 6,972 | |||||||||
Amortization of actuarial loss | (1,822 | ) | (2,772 | ) | (2,326 | ) | ||||||||||
Current year prior service credit | (1,331 | ) | — | — | ||||||||||||
Amortization of prior service credit | 47 | 100 | 99 | |||||||||||||
Curtailment gain | 1,701 | — | — | |||||||||||||
Total recognized in other comprehensive (income) loss | $ | (12,908 | ) | $ | 459 | $ | 4,745 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Current year actuarial (gain) loss | $ | (735 | ) | $ | 45 | $ | 1,218 | |||||||||
Amortization of actuarial loss | (121 | ) | (131 | ) | (53 | ) | ||||||||||
Total recognized in other comprehensive (income) loss | $ | (856 | ) | $ | (86 | ) | $ | 1,165 | ||||||||
Changes in benefit obligations during the year and funded status of defined benefit plan | ' | |||||||||||||||
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
U.S. | Non-U.S. | U.S. Plans | Non-U.S. | |||||||||||||
Plans | Plan | Plan | ||||||||||||||
Change in benefit obligation | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 72,977 | $ | 5,212 | $ | 69,796 | $ | 4,877 | ||||||||
Interest cost | 2,766 | 197 | 3,056 | 208 | ||||||||||||
Actuarial (gain) loss | (4,488 | ) | (317 | ) | 5,302 | 167 | ||||||||||
Benefits paid | (4,715 | ) | (160 | ) | (5,177 | ) | (148 | ) | ||||||||
Plan amendments | (1,441 | ) | — | — | — | |||||||||||
Foreign currency exchange rate changes | — | (329 | ) | — | 108 | |||||||||||
Projected benefit obligation at end of year | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Accumulated benefit obligation at end of year | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 60,012 | $ | 4,961 | $ | 51,620 | $ | 4,597 | ||||||||
Actual return on plan assets | 11,383 | 719 | 6,513 | 410 | ||||||||||||
Employer contributions | 490 | — | 7,056 | — | ||||||||||||
Benefits paid | (4,715 | ) | (160 | ) | (5,177 | ) | (148 | ) | ||||||||
Foreign currency exchange rate changes | — | (334 | ) | — | 102 | |||||||||||
Fair value of plan assets at end of year | $ | 67,170 | $ | 5,186 | $ | 60,012 | $ | 4,961 | ||||||||
Funded status at end of year | $ | 2,071 | $ | 583 | $ | (12,965 | ) | $ | (251 | ) | ||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | 8,005 | $ | 583 | $ | 20 | $ | — | ||||||||
Current liabilities | (1,138 | ) | — | (477 | ) | — | ||||||||||
Non-current liabilities | (4,796 | ) | — | (12,508 | ) | (251 | ) | |||||||||
$ | 2,071 | $ | 583 | $ | (12,965 | ) | $ | (251 | ) | |||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 18,861 | $ | 1,380 | $ | 32,187 | $ | 2,385 | ||||||||
Prior service cost | 626 | — | 210 | — | ||||||||||||
Deferred taxes | (7,854 | ) | (576 | ) | (13,216 | ) | (945 | ) | ||||||||
$ | 11,633 | $ | 804 | $ | 19,181 | $ | 1,440 | |||||||||
Future benefit payments | ' | |||||||||||||||
Future pension benefit payments expected to be paid from assets of the pension plans are: | ||||||||||||||||
U.S. Plans | Non-U.S. Plan | |||||||||||||||
2014 | $ | 5,247 | $ | 151 | ||||||||||||
2015 | 4,530 | 162 | ||||||||||||||
2016 | 4,726 | 170 | ||||||||||||||
2017 | 4,512 | 185 | ||||||||||||||
2018 | 4,527 | 183 | ||||||||||||||
2019 - 2023 | 23,185 | 1,232 | ||||||||||||||
$ | 46,727 | $ | 2,083 | |||||||||||||
Actual allocation percentage and target allocation percentage for pension plan assets | ' | |||||||||||||||
The following is the actual allocation percentage and target allocation percentage for the U.S. pension plan assets at December 31: | ||||||||||||||||
2013 | 2012 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 53.6 | % | 52 | % | 41.0% - 62.0% | |||||||||||
Non-U.S. equity securities | 13 | % | 12.5 | % | 10.0% - 16.0% | |||||||||||
Fixed income securities | 32.9 | % | 34.5 | % | 30.0% - 40.0% | |||||||||||
Money market | 0.5 | % | 1 | % | 0.0% - 10.0% | |||||||||||
The following is the actual allocation percentage and target allocation percentage for the Non-U.S. pension plan assets at December 31: | ||||||||||||||||
2013 | 2012 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
Canadian equity securities | 31 | % | 34 | % | 25.0% - 35.0% | |||||||||||
Non-Canadian equity securities | 32 | % | 37 | % | 25.0% - 35.0% | |||||||||||
Fixed income securities | 37 | % | 29 | % | 30.0% - 50.0% | |||||||||||
Cash and cash equivalents | — | % | — | % | 0.0% - 5.0% | |||||||||||
Fair value of pension plan assets | ' | |||||||||||||||
Following are the values as of December 31: | ||||||||||||||||
Level 1 | Level 2 | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
U.S. equity securities | $ | 35,980 | $ | 31,357 | $ | — | $ | — | ||||||||
Non-U.S. equity securities | 8,701 | 7,440 | 3,288 | 3,496 | ||||||||||||
Fixed income securities | 22,125 | 20,605 | 1,898 | 1,465 | ||||||||||||
Money market | 364 | 610 | — | — | ||||||||||||
Total | $ | 67,170 | $ | 60,012 | $ | 5,186 | $ | 4,961 | ||||||||
Other Postretirement Benefit Plans, Defined Benefit | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Assumptions used in accounting for the defined benefit plan | ' | |||||||||||||||
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Weighted average discount rates for benefit obligation | 3.85 | % | 3.05 | % | 3.9 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 3.05 | % | 3.9 | % | 4.7 | % | ||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | 7.5 | % | ||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | 5 | % | ||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | 2018 | |||||||||||||
Net periodic benefit income and expense for the defined benefit plan | ' | |||||||||||||||
Set forth below is a detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Service cost | $ | 77 | $ | 79 | $ | 98 | ||||||||||
Interest cost | 98 | 120 | 151 | |||||||||||||
Amortization of actuarial loss | 52 | 40 | 27 | |||||||||||||
Amortization of prior service credit | (107 | ) | (156 | ) | (160 | ) | ||||||||||
Net periodic benefit expense | $ | 120 | $ | 83 | $ | 116 | ||||||||||
Changes in plan assets and benefit obligations recognized in comprehensive income (loss) | ' | |||||||||||||||
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current year actuarial loss | $ | 16 | $ | 295 | $ | 15 | ||||||||||
Amortization of actuarial loss | (52 | ) | (40 | ) | (27 | ) | ||||||||||
Amortization of prior service credit | 107 | 156 | 160 | |||||||||||||
Total recognized in other comprehensive income | $ | 71 | $ | 411 | $ | 148 | ||||||||||
Changes in benefit obligations during the year and funded status of defined benefit plan | ' | |||||||||||||||
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 3,283 | $ | 3,131 | ||||||||||||
Service cost | 77 | 79 | ||||||||||||||
Interest cost | 98 | 120 | ||||||||||||||
Actuarial loss | 16 | 295 | ||||||||||||||
Benefits paid | (365 | ) | (342 | ) | ||||||||||||
Benefit obligation at end of year | $ | 3,109 | $ | 3,283 | ||||||||||||
Funded status at end of year | $ | (3,109 | ) | $ | (3,283 | ) | ||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Current liabilities | $ | (257 | ) | $ | (241 | ) | ||||||||||
Noncurrent liabilities | (2,852 | ) | (3,042 | ) | ||||||||||||
$ | (3,109 | ) | $ | (3,283 | ) | |||||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 457 | $ | 494 | ||||||||||||
Prior service credit | (415 | ) | (522 | ) | ||||||||||||
Deferred taxes | 674 | 700 | ||||||||||||||
$ | 716 | $ | 672 | |||||||||||||
Future benefit payments | ' | |||||||||||||||
Future postretirement health care benefit payments expected to be paid are: | ||||||||||||||||
2014 | $ | 257 | ||||||||||||||
2015 | 263 | |||||||||||||||
2016 | 242 | |||||||||||||||
2017 | 244 | |||||||||||||||
2018 | 254 | |||||||||||||||
2019 - 2023 | 1,352 | |||||||||||||||
$ | 2,612 | |||||||||||||||
Effect of one-percentage-point change in assumed health care cost trend rates | ' | |||||||||||||||
A one-percentage-point change in the assumed health care cost trend rates would have the following effects at December 31, 2013: | ||||||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||||||
Increase | Decrease | |||||||||||||||
Effect on total of service and interest cost | $ | 16 | $ | (14 | ) | |||||||||||
Effect on postretirement benefit obligation | $ | 245 | $ | (218 | ) | |||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment reporting information | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues from external customers | ||||||||||||
NACoal | $ | 193,651 | $ | 132,367 | $ | 81,766 | ||||||
HBB | 547,790 | 521,567 | 493,047 | |||||||||
KC | 196,033 | 224,695 | 221,173 | |||||||||
Eliminations | (4,808 | ) | (5,265 | ) | (5,531 | ) | ||||||
Total | $ | 932,666 | $ | 873,364 | $ | 790,455 | ||||||
Gross profit | ||||||||||||
NACoal | $ | 25,230 | $ | 27,998 | $ | 15,260 | ||||||
HBB | 115,506 | 102,289 | 97,179 | |||||||||
KC | 80,972 | 95,832 | 97,441 | |||||||||
NACCO and Other | (469 | ) | (278 | ) | (197 | ) | ||||||
Eliminations | 52 | 101 | (43 | ) | ||||||||
Total | $ | 221,291 | $ | 225,942 | $ | 209,640 | ||||||
Selling, general and administrative expenses, including Amortization of intangible assets | ||||||||||||
NACoal | $ | 30,786 | $ | 36,801 | $ | 26,543 | ||||||
HBB | 74,570 | 66,481 | 63,356 | |||||||||
KC | 91,878 | 100,350 | 94,933 | |||||||||
NACCO and Other | 5,765 | 6,723 | 7,269 | |||||||||
Total | $ | 202,999 | $ | 210,355 | $ | 192,101 | ||||||
2013 | 2012 | 2011 | ||||||||||
Operating profit (loss) | ||||||||||||
NACoal | $ | 37,461 | $ | 43,239 | $ | 35,250 | ||||||
HBB | 40,960 | 35,815 | 33,823 | |||||||||
KC | (10,903 | ) | (4,512 | ) | 2,508 | |||||||
NACCO and Other | (6,233 | ) | (7,000 | ) | (7,463 | ) | ||||||
Eliminations | 51 | 100 | (44 | ) | ||||||||
Total | $ | 61,336 | $ | 67,642 | $ | 64,074 | ||||||
Interest expense | ||||||||||||
NACoal | $ | 3,105 | $ | 2,909 | $ | 3,048 | ||||||
HBB | 1,279 | 2,635 | 5,231 | |||||||||
KC | 390 | 479 | 489 | |||||||||
NACCO and Other | 1 | 65 | 21 | |||||||||
Total | $ | 4,775 | $ | 6,088 | $ | 8,789 | ||||||
Interest income | ||||||||||||
NACoal | $ | (19 | ) | $ | (152 | ) | $ | (270 | ) | |||
HBB | (1 | ) | — | (2 | ) | |||||||
KC | — | — | — | |||||||||
NACCO and Other | (205 | ) | (10 | ) | (18 | ) | ||||||
Total | $ | (225 | ) | $ | (162 | ) | $ | (290 | ) | |||
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ||||||||||||
NACoal | $ | (1,013 | ) | $ | (1,325 | ) | $ | (1,420 | ) | |||
HBB | 462 | 344 | 848 | |||||||||
KC | 70 | 86 | 85 | |||||||||
NACCO and Other | 1,547 | 4,583 | (56,159 | ) | ||||||||
Total | $ | 1,066 | $ | 3,688 | $ | (56,646 | ) | |||||
Income tax provision (benefit) | ||||||||||||
NACoal | $ | 3,462 | $ | 9,037 | $ | 4,443 | ||||||
HBB | 14,127 | 11,636 | 9,383 | |||||||||
KC | (4,479 | ) | (1,990 | ) | 829 | |||||||
NACCO and Other | (1,858 | ) | (2,989 | ) | 18,104 | |||||||
Eliminations | 18 | 171 | (8 | ) | ||||||||
Total | $ | 11,270 | $ | 15,865 | $ | 32,751 | ||||||
Income (loss) from continuing operations, net of tax | ||||||||||||
NACoal | $ | 31,926 | $ | 32,770 | $ | 29,449 | ||||||
HBB | 25,093 | 21,200 | 18,363 | |||||||||
KC | (6,884 | ) | (3,087 | ) | 1,105 | |||||||
NACCO and Other | (5,718 | ) | (8,649 | ) | 30,589 | |||||||
Eliminations | 33 | (71 | ) | (36 | ) | |||||||
Total | $ | 44,450 | $ | 42,163 | $ | 79,470 | ||||||
2013 | 2012 | 2011 | ||||||||||
Total assets | ||||||||||||
NACoal | $ | 419,786 | $ | 368,652 | $ | 278,544 | ||||||
HBB | 228,891 | 215,503 | 201,488 | |||||||||
KC | 70,014 | 83,977 | 88,998 | |||||||||
NACCO and Other | 131,085 | 154,605 | 169,360 | |||||||||
Discontinued Operations | — | — | 1,117,027 | |||||||||
Eliminations | (39,820 | ) | (46,431 | ) | (46,584 | ) | ||||||
Total | $ | 809,956 | $ | 776,306 | $ | 1,808,833 | ||||||
Depreciation, depletion and amortization | ||||||||||||
NACoal | $ | 16,601 | $ | 10,849 | $ | 7,884 | ||||||
HBB | 3,475 | 3,113 | 4,920 | |||||||||
KC | 4,162 | 3,611 | 3,045 | |||||||||
NACCO and Other | 334 | 419 | 452 | |||||||||
Total | $ | 24,572 | $ | 17,992 | $ | 16,301 | ||||||
Capital expenditures | ||||||||||||
NACoal | $ | 52,748 | $ | 37,125 | $ | 14,103 | ||||||
HBB | 2,313 | 3,223 | 3,708 | |||||||||
KC | 2,150 | 3,872 | 2,292 | |||||||||
NACCO and Other | 238 | 462 | 115 | |||||||||
Total | $ | 57,449 | $ | 44,682 | $ | 20,218 | ||||||
Revenue from external customers and long-lived assets, by geographical areas | ' | |||||||||||
United | Other | Consolidated | ||||||||||
States | ||||||||||||
2013 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 813,609 | $ | 119,057 | $ | 932,666 | ||||||
Long-lived assets | $ | 246,902 | $ | 5,486 | $ | 252,388 | ||||||
2012 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 746,800 | $ | 126,564 | $ | 873,364 | ||||||
Long-lived assets | $ | 197,141 | $ | 6,034 | $ | 203,175 | ||||||
2011 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 662,061 | $ | 128,394 | $ | 790,455 | ||||||
Long-lived assets | $ | 124,236 | $ | 4,998 | $ | 129,234 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||||
NACoal results include the following related to the Reed Minerals acquisition in 2012: | ||||||||||||||||
Third Quarter | Fourth Quarter | |||||||||||||||
Revenues | $ | 7,715 | $ | 21,557 | ||||||||||||
Operating profit | $ | 35 | $ | 1,499 | ||||||||||||
A summary of the unaudited results of operations for the year ended December 31 is as follows: | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 51,147 | $ | 43,567 | $ | 52,870 | $ | 46,067 | ||||||||
HBB | 106,151 | 114,651 | 134,099 | 192,889 | ||||||||||||
KC | 39,711 | 38,380 | 42,618 | 75,324 | ||||||||||||
Eliminations | (957 | ) | (581 | ) | (973 | ) | (2,297 | ) | ||||||||
$ | 196,052 | $ | 196,017 | $ | 228,614 | $ | 311,983 | |||||||||
Gross profit | $ | 46,261 | $ | 47,630 | $ | 49,219 | $ | 78,181 | ||||||||
Earnings of unconsolidated mines | $ | 12,098 | $ | 10,281 | $ | 11,808 | $ | 12,242 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 11,785 | $ | 11,196 | $ | 9,740 | $ | 4,740 | ||||||||
HBB | 2,668 | 4,005 | 11,788 | 22,499 | ||||||||||||
KC | (4,980 | ) | (5,407 | ) | (3,658 | ) | 3,142 | |||||||||
NACCO and Other | (2,436 | ) | (1,099 | ) | (1,155 | ) | (1,543 | ) | ||||||||
Eliminations | (15 | ) | 108 | (33 | ) | (9 | ) | |||||||||
$ | 7,022 | $ | 8,803 | $ | 16,682 | $ | 28,829 | |||||||||
NACoal | $ | 9,591 | $ | 8,952 | $ | 7,794 | $ | 5,589 | ||||||||
HBB | 1,501 | 1,985 | 7,427 | 14,180 | ||||||||||||
KC | (3,267 | ) | (2,403 | ) | (2,822 | ) | 1,608 | |||||||||
NACCO and Other | (2,003 | ) | (1,048 | ) | (1,137 | ) | (1,530 | ) | ||||||||
Eliminations | (1,400 | ) | (2,339 | ) | 1,063 | 2,709 | ||||||||||
Net income | $ | 4,422 | $ | 5,147 | $ | 12,325 | $ | 22,556 | ||||||||
Basic earnings per share | $ | 0.53 | $ | 0.63 | $ | 1.54 | $ | 2.86 | ||||||||
Diluted earnings per share | $ | 0.53 | $ | 0.63 | $ | 1.54 | $ | 2.85 | ||||||||
The significant increase in operating results in the fourth quarter of 2013 compared with the prior quarters of 2013 is primarily due to the seasonal nature of HBB's and KC's businesses. | ||||||||||||||||
During the third quarter of 2013, the Company recorded a $1.7 million million pre-tax curtailment gain, of which $1.6 million and $0.1 million were recorded by NACoal and NACCO and Other, respectively. See Note 16 for further information. | ||||||||||||||||
During the fourth quarter of 2013, NACoal recorded a $4.0 million non-cash, goodwill impairment charge related to its Reed Minerals reporting unit. See Note 6 and Note 10 for further information. | ||||||||||||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 24,334 | $ | 19,199 | $ | 38,012 | $ | 50,822 | ||||||||
HBB | 104,940 | 110,676 | 124,820 | 181,131 | ||||||||||||
KC | 45,293 | 42,340 | 48,154 | 88,908 | ||||||||||||
Eliminations | (888 | ) | (780 | ) | (919 | ) | (2,678 | ) | ||||||||
$ | 173,679 | $ | 171,435 | $ | 210,067 | $ | 318,183 | |||||||||
Gross profit | $ | 45,519 | $ | 43,297 | $ | 52,227 | $ | 84,899 | ||||||||
Earnings of unconsolidated mines | $ | 12,006 | $ | 10,579 | $ | 11,471 | $ | 11,188 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 11,928 | $ | 9,152 | $ | 8,632 | $ | 13,527 | ||||||||
HBB | 2,151 | 5,048 | 8,663 | 19,953 | ||||||||||||
KC | (4,578 | ) | (5,163 | ) | (1,873 | ) | 7,102 | |||||||||
NACCO and Other | (1,514 | ) | (1,480 | ) | (587 | ) | (3,419 | ) | ||||||||
Eliminations | 81 | 44 | 1 | (26 | ) | |||||||||||
$ | 8,068 | $ | 7,601 | $ | 14,836 | $ | 37,137 | |||||||||
NACoal | $ | 9,207 | $ | 7,130 | $ | 8,143 | $ | 8,290 | ||||||||
HBB | 1,027 | 2,214 | 5,206 | 12,753 | ||||||||||||
KC | (2,817 | ) | (3,189 | ) | (1,208 | ) | 4,127 | |||||||||
NACCO and Other | (1,452 | ) | (1,715 | ) | (997 | ) | (4,485 | ) | ||||||||
Eliminations | (1,253 | ) | (997 | ) | (768 | ) | 2,947 | |||||||||
Income from continuing operations | 4,712 | 3,443 | 10,376 | 23,632 | ||||||||||||
Discontinued operations | 20,538 | 18,269 | 27,728 | — | ||||||||||||
Net income | $ | 25,250 | $ | 21,712 | $ | 38,104 | $ | 23,632 | ||||||||
Basic earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.42 | $ | 1.24 | $ | 2.82 | ||||||||
Discontinued operations | 2.44 | 2.18 | 3.29 | — | ||||||||||||
Basic earnings per share | $ | 3.01 | $ | 2.6 | $ | 4.53 | $ | 2.82 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Continuing operations | $ | 0.57 | $ | 0.42 | $ | 1.23 | $ | 2.8 | ||||||||
Discontinued operations | 2.43 | 2.18 | 3.29 | — | ||||||||||||
Diluted earnings per share | $ | 3 | $ | 2.6 | $ | 4.52 | $ | 2.8 | ||||||||
Parent_Company_Condensed_Balan1
Parent Company Condensed Balance Sheets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Statement of Financial Position [Abstract] | ' | |||||||
Condensed balance sheet | ' | |||||||
The condensed balance sheets of NACCO, the parent company, at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 94,035 | $ | 120,659 | ||||
Other current assets | 946 | 4,299 | ||||||
Investment in subsidiaries | ||||||||
HBB | 52,265 | 43,111 | ||||||
KC | 36,772 | 43,656 | ||||||
NACoal | 138,355 | 102,255 | ||||||
Other | 14,792 | 14,393 | ||||||
242,184 | 203,415 | |||||||
Property, plant and equipment, net | 1,477 | 1,575 | ||||||
Other non-current assets | 5,707 | 4,343 | ||||||
Total Assets | $ | 344,349 | $ | 334,291 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | $ | 12,750 | $ | 6,628 | ||||
Current intercompany accounts payable, net | 304 | 12,940 | ||||||
Note payable to Bellaire | 20,450 | 20,450 | ||||||
Other non-current liabilities | 13,065 | 12,942 | ||||||
Stockholders’ equity | 297,780 | 281,331 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 344,349 | $ | 334,291 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Condensed financial statements | ' | |||||||||||
Summarized financial information for the Unconsolidated Mines is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 577,436 | $ | 543,892 | $ | 502,633 | ||||||
Gross profit | $ | 74,870 | $ | 74,542 | $ | 71,736 | ||||||
Income before income taxes | $ | 47,953 | $ | 46,819 | $ | 47,001 | ||||||
Net income | $ | 37,468 | $ | 35,616 | $ | 36,458 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 147,370 | $ | 148,552 | ||||||||
Non-current assets | $ | 737,851 | $ | 836,289 | ||||||||
Current liabilities | $ | 148,264 | $ | 144,284 | ||||||||
Non-current liabilities | $ | 731,525 | $ | 837,392 | ||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||
Property, plant and equipment (including mineral rights) | $ | 60.2 | ||
Other assets | 21.3 | |||
Other intangible assets | 8.2 | |||
Total assets acquired | 89.7 | |||
Other current liabilities | 8.3 | |||
Other long-term liabilities | 14.5 | |||
Total liabilities assumed | 22.8 | |||
Net assets acquired | 66.9 | |||
Purchase price | 70.9 | |||
Goodwill | $ | 4 | ||
Results of Reed Minerals included in the company's consolidated statements of operations | ' | |||
The results of Reed Minerals included in the Company's Consolidated Statements of Operations from the acquisition date through December 31, 2012 are as follows (in millions): | ||||
Revenues | $ | 29.3 | ||
Operating profit | $ | 1.5 | ||
Net income | $ | 1 | ||
Principles_of_Consolidation_an1
Principles of Consolidation and Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Subsidiaries | |
Variable Interest Entity [Line Items] | ' |
Number of wholly owned subsidiaries | 2 |
Variable interest entity, ownership percentage by parent | 100.00% |
NACoal | ' |
Variable Interest Entity [Line Items] | ' |
Number of variable interest entities | 10 |
Liberty | ' |
Variable Interest Entity [Line Items] | ' |
Current production capacity | 500,000 |
Production capacity in 2014 | 1,000,000 |
Production capacity in 2019 | 4,700,000 |
Significant_Accounting_Policie2
Significant Accounting Policies (Property Plant and Equipment & Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment useful life | '40 years |
Building and Building Improvements | NACoal | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment useful life | '30 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment useful life | '3 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment useful life | '15 years |
Significant_Accounting_Policie3
Significant Accounting Policies (Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Coal supply agreement amortization period | '30 years |
Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Coal supply agreement amortization period | '8 years |
Significant_Accounting_Policie4
Significant Accounting Policies (Share-based Compensation) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising expense | $20,100,000 | $16,500,000 | $13,500,000 |
Product development costs | 8,100,000 | 7,500,000 | 7,400,000 |
Common Class A | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Class A common stock available for issuance under the plan (shares) | 80,701 | ' | ' |
Stock Compensation Plan [Member] | Common Class A | Executives | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued during the year under the Company's stock compensation plans (shares) | 16,123 | 72,566 | ' |
Class A common stock available for issuance under the plan (shares) | 233,759 | ' | ' |
Compensation expense related to share awards | 900,000 | 4,400,000 | 1,700,000 |
Compensation expense related to share awards, net of tax | 600,000 | 2,800,000 | 1,100,000 |
Stock Compensation Plan [Member] | Common Class A | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Class A common stock available for issuance under the plan (shares) | 73,042 | ' | ' |
Compensation expense related to share awards | 600,000 | 800,000 | 500,000 |
Compensation expense related to share awards, net of tax | 400,000 | 500,000 | 300,000 |
Stock Compensation Plan [Member] | Common Class A | Date of Award | Executives | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Duration of restrictions on stock assignment, pledges or transfers | '5 years | ' | ' |
Stock Compensation Plan [Member] | Common Class A | Date of Award | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Duration of restrictions on stock assignment, pledges or transfers | '10 years | ' | ' |
Stock Compensation Plan [Member] | Common Class A | Participants Death or Permanent Disability | Executives | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Duration of restrictions on stock assignment, pledges or transfers | '10 years | ' | ' |
Stock Compensation Plan [Member] | Common Class A | Participants Retirement from Board of Directors | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Duration of restrictions on stock assignment, pledges or transfers | '5 years | ' | ' |
Stock Compensation Plan [Member] | Common Class A | Minimum Age Of Director Upon Retirement From Board | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Duration of restrictions on stock assignment, pledges or transfers | '70 years | ' | ' |
Restricted stock | Common Class A | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued during the year under the Company's stock compensation plans (shares) | 9,472 | 8,944 | 4,938 |
Amount of directors, annual retainer paid in restricted shares | 69,000 | 69,000 | 49,500 |
Annual non-employee directors retainer amount | $125,000 | $125,000 | $90,000 |
Percentage of annual retainer that may be received in shares of Class A stock (percent) | 100.00% | ' | ' |
Voluntary shares | Common Class A | Non-employee directors | ' | ' | ' |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued during the year under the Company's stock compensation plans (shares) | 1,300 | 1,991 | 1,356 |
Other_Transactions_Details
Other Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 28, 2012 | Sep. 28, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hyster-Yale | Common Class A | Common Class B | Reed Minerals | Other Noncurrent Assets | NACoal | NACoal | NACoal | NACoal | NACoal | NACoal | Coyote Creek | Coyote Creek | |||||
Hyster-Yale | Hyster-Yale | acquisition | dragline | Dragline | Dragline | Land | Land | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash in escrow from investment | ' | $5,000,000 | $0 | $0 | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Escrow assets | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of related companies acquired | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of draglines sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of assets | ' | 2,504,000 | 35,974,000 | 3,353,000 | ' | ' | ' | ' | ' | ' | ' | ' | 31,200,000 | ' | ' | ' | ' |
Number of Draglines Sold for a Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Gain on sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 3,300,000 | 2,300,000 | 3,500,000 | ' | ' |
Accounts receivable from affiliates | ' | 32,636,000 | 28,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,900,000 | 24,800,000 |
Litigation settlement, gross | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation settlement, expense | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed shares | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other recognized expenses of spin-off | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other recognized expenses of spin-off, net of tax | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Coal - NACoal | $24,710 | $17,311 |
Mining supplies - NACoal | 17,406 | 13,587 |
Total inventories at weighted average | 42,116 | 30,898 |
Sourced inventories - HBB | 90,713 | 84,814 |
Retail inventories - KC | 51,616 | 53,728 |
Total inventories at FIFO | 142,329 | 138,542 |
Inventories, net | $184,445 | $169,440 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
T | T | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | $342,688,000 | $294,463,000 | ' |
Less allowances for depreciation, depletion and amortization | 123,432,000 | 111,478,000 | ' |
Property, plant and equipment, net | 219,256,000 | 182,985,000 | ' |
Depreciation, depletion and amortization | 20,900,000 | 15,200,000 | 14,300,000 |
Proved and probable reserves (tons) | 1,200,000,000 | 1,200,000,000 | ' |
Coal lands and real estate | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 83,962,000 | 67,847,000 | ' |
Plant and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 258,726,000 | 226,616,000 | ' |
NACoal | Coal lands and real estate | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 83,736,000 | 67,621,000 | ' |
NACoal | Plant and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 180,418,000 | 149,908,000 | ' |
HBB | Coal lands and real estate | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 226,000 | 226,000 | ' |
HBB | Plant and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 45,141,000 | 42,850,000 | ' |
HBB | Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible asset impairment charges | ' | ' | 1,300,000 |
KC | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible asset impairment charges | 1,100,000 | 700,000 | ' |
KC | Plant and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | 28,615,000 | 29,519,000 | ' |
NACCO and Other | Plant and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, at cost | $4,552,000 | $4,339,000 | ' |
Goodwill_Rollforward_Details
Goodwill Rollforward (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | $6,399 | ' | ' |
Change in estimate | ' | -2,426 | ' | ' |
Goodwill impairment charge | -3,973 | -3,973 | 0 | 0 |
Balance at December 31, 2013 | $0 | $0 | $6,399 | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | $92,430,000 | $92,430,000 | ' |
Accumulated Amortization | -32,745,000 | -29,077,000 | ' |
Net Balance | 59,685,000 | 63,353,000 | ' |
Amortization of intangible assets | 3,668,000 | 2,802,000 | 2,065,000 |
Expected annual amortization expense, 2014 | 3,500,000 | ' | ' |
Expected annual amortization expense, 2015 | 3,800,000 | ' | ' |
Expected annual amortization expense, 2016 | 3,800,000 | ' | ' |
Expected annual amortization expense, 2017 | 3,800,000 | ' | ' |
Expected annual amortization expense, 2018 | 3,700,000 | ' | ' |
Coal supply agreement amortization period | '27 years | ' | ' |
Coal supply agreement | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 91,480,000 | 91,480,000 | ' |
Accumulated Amortization | -32,492,000 | -29,015,000 | ' |
Net Balance | 58,988,000 | 62,465,000 | ' |
Other intangible assets | ' | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross carrying amount | 950,000 | 950,000 | ' |
Accumulated Amortization | -253,000 | -62,000 | ' |
Net Balance | $697,000 | $888,000 | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 01, 2010 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ' | ' |
Balance at beginning of period | $31,486,000 | $19,132,000 | ' | ' | ' |
Liabilities acquired with the Reed Minerals acquisition | ' | 9,039,000 | ' | ' | ' |
Liabilities settled during the period | -1,559,000 | -1,553,000 | ' | ' | ' |
Accretion expense | 1,896,000 | 2,214,000 | ' | ' | ' |
Revision of estimated cash flows | 592,000 | 2,654,000 | ' | ' | ' |
Balance at end of period | 32,415,000 | 31,486,000 | ' | ' | ' |
NACoal | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ' | ' |
Balance at beginning of period | 15,070,000 | 5,480,000 | ' | ' | ' |
Liabilities acquired with the Reed Minerals acquisition | ' | 9,039,000 | ' | ' | ' |
Liabilities settled during the period | -316,000 | -14,000 | ' | ' | ' |
Accretion expense | 735,000 | 565,000 | ' | ' | ' |
Revision of estimated cash flows | 0 | 0 | ' | ' | ' |
Balance at end of period | 15,489,000 | 15,070,000 | ' | ' | ' |
Bellaire | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Fair value of trust assets | 6,500,000 | ' | ' | ' | 5,000,000 |
Reclamation and mine shutdown provision | ' | ' | 2,500,000 | 2,500,000 | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ' | ' |
Balance at beginning of period | 16,416,000 | 13,652,000 | ' | ' | ' |
Liabilities acquired with the Reed Minerals acquisition | ' | 0 | ' | ' | ' |
Liabilities settled during the period | -1,243,000 | -1,539,000 | ' | ' | ' |
Accretion expense | 1,161,000 | 1,649,000 | ' | ' | ' |
Revision of estimated cash flows | 592,000 | 2,654,000 | ' | ' | ' |
Balance at end of period | $16,926,000 | $16,416,000 | $13,652,000 | ' | ' |
Current_and_LongTerm_Financing2
Current and Long-Term Financing (Debt Schedule) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings: | $159,907 | $149,676 |
Private Placement Notes b NACoal | 170,683 | 166,000 |
Total debt outstanding | 183,750 | 177,697 |
Current portion of borrowings outstanding: | 31,319 | 42,249 |
Long-term portion of borrowings outstanding: | 152,431 | 135,448 |
Total available borrowings, net of limitations, under revolving credit agreements: | 362,520 | 287,848 |
Unused revolving credit agreements: | 202,613 | 138,172 |
HBB | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings: | 18,447 | 39,676 |
Current portion of borrowings outstanding: | 0 | 12,676 |
Long-term portion of borrowings outstanding: | 18,447 | 27,000 |
Total available borrowings, net of limitations, under revolving credit agreements: | 111,584 | 112,020 |
Unused revolving credit agreements: | 93,137 | 72,344 |
Weighted average stated interest rate on total borrowings: | 3.20% | 1.90% |
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | 3.20% | 4.30% |
KC | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings: | 1,460 | 0 |
Current portion of borrowings outstanding: | 1,460 | 0 |
Total available borrowings, net of limitations, under revolving credit agreements: | 27,000 | 27,000 |
Unused revolving credit agreements: | 25,540 | 27,000 |
Weighted average stated interest rate on total borrowings: | 4.30% | ' |
NACoal | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total outstanding borrowings: | 140,000 | 110,000 |
Capital lease obligations and other term loans: | 17,414 | 15,163 |
Current portion of borrowings outstanding: | 29,859 | 29,573 |
Long-term portion of borrowings outstanding: | 133,984 | 108,448 |
Total available borrowings, net of limitations, under revolving credit agreements: | 223,936 | 148,828 |
Unused revolving credit agreements: | 83,936 | 38,828 |
Weighted average stated interest rate on total borrowings: | 2.30% | 2.40% |
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | 3.00% | 2.40% |
NACoal | Private Placement Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Private Placement Notes b NACoal | $6,429 | $12,858 |
Weighted average stated interest rate on total borrowings: | 6.08% | ' |
Current_and_LongTerm_Financing3
Current and Long-Term Financing (Debt Maturity Schedule) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $29,889 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 136,447 | ' |
Thereafter | 4,347 | ' |
Long-term debt | $170,683 | $166,000 |
Current_and_LongTerm_Financing4
Current and Long-Term Financing (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | |
HBB | HBB | HBB | KC | KC | KC | NACoal | NACoal | NACoal | NACoal | NACoal | Base Rate | Base Rate | LIBOR Rate | LIBOR Rate | US Dollar | US Dollar | Canadian Dollar | Canadian Dollar | Private Placement Notes | Private Placement Notes | Private Placement Notes | Private Placement Notes | Note Payable to Coteau | ||||
period | Maximum | Minimum | KC | NACoal | KC | NACoal | Base Rate | LIBOR Rate | Base Rate | LIBOR Rate | NACoal | NACoal | NACoal | NACoal | NACoal | ||||||||||||
HBB | HBB | HBB | HBB | Maximum | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | $5,300,000 | $5,500,000 | $8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest capitalized | 500,000 | 300,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 115,000,000 | ' | ' | 30,000,000 | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held as collateral | ' | ' | ' | 228,900,000 | ' | ' | 63,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 2.00% | 2.00% | 0.00% | 1.50% | 0.00% | 1.50% | ' | ' | ' | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | 0.38% | ' | ' | 0.38% | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | 362,520,000 | 287,848,000 | ' | 111,584,000 | ' | 112,020,000 | 27,000,000 | 27,000,000 | ' | 223,936,000 | 148,828,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | 159,907,000 | 149,676,000 | ' | 18,447,000 | ' | 39,676,000 | 1,460,000 | 0 | ' | 140,000,000 | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | 202,613,000 | 138,172,000 | ' | 93,137,000 | ' | 72,344,000 | 25,540,000 | 27,000,000 | ' | 83,936,000 | 38,828,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | 3.18% | ' | ' | ' | ' | ' | 2.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.32% |
Dividend restriction from closing date | ' | ' | ' | 20,000,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend restriction number of fiscal periods | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend restriction credit facility excess availability requirement | ' | ' | ' | 25,000,000 | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed charge coverage ratio | ' | ' | ' | 1 | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan processing fee | ' | ' | ' | 1,200,000 | 0 | ' | 0 | 200,000 | 0 | 1,200,000 | 0 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend restriction from closing date including minimum fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend restriction period following closing date of credit facility | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend restriction credit facility excess availability requirement as defined within the agreement | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, availability required to pay dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum EBITDA ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' |
Periodic payment, principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | 3.20% | ' | 1.90% | 4.30% | ' | ' | 2.30% | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.08% | ' | ' | ' | ' |
Long-term Debt | 170,683,000 | 166,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,429,000 | 12,858,000 | ' | ' | ' |
Debt instrument, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | CAD | CAD | HBB | HBB | NACoal | NACoal |
USD ($) | USD ($) | USD ($) | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate derivatives | 5 | 10.5 | $20 | $25 | $100 | $0 |
Average fixed interest rate of interest rate derivatives | ' | ' | 1.40% | 4.00% | 1.40% | 0.00% |
Remaining term | ' | ' | 'delayed contracts extending to January 2020 | ' | 'extending to May 2018 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Fair Value of Derivative Instruments as Recorded in Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives not designated as hedging instruments, Assets Derivatives | $0 | $0 |
Total derivatives not designated as hedging instruments, Liabilities Derivatives | 14 | 0 |
Total derivatives, Asset Derivatives | 1,020 | 0 |
Total derivatives, Liability Derivatives | 14 | 460 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives designated as hedging instruments, asset derivatives | 1,020 | 0 |
Total derivatives designated as hedging instruments, liability derivatives | 0 | 460 |
Designated as Hedging Instrument | Prepaid expenses and other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange contracts, asset derivatives | 83 | 0 |
Foreign currency exchange contracts, liability derivatives | 0 | 4 |
Designated as Hedging Instrument | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate swap agreements, asset derivatives | 128 | 0 |
Foreign currency exchange contracts, asset derivatives | 0 | 0 |
Interest rate swap agreements, liability derivatives | 0 | 456 |
Foreign currency exchange contracts, liability derivatives | 0 | 0 |
Designated as Hedging Instrument | Other long-term liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate swap agreements, asset derivatives | 809 | 0 |
Interest rate swap agreements, liability derivatives | 0 | 0 |
Not Designated as Hedging Instrument | Prepaid expenses and other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange contracts, asset derivatives | 0 | 0 |
Foreign currency exchange contracts, liability derivatives | 14 | 0 |
Not Designated as Hedging Instrument | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency exchange contracts, asset derivatives | 0 | 0 |
Foreign currency exchange contracts, liability derivatives | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Pre-tax Impact of Derivative Instruments as Recorded in Consolidated Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | $1,287 | ($420) | $1,323 |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | -247 | -1,120 | -1,129 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative Not Designated as Hedging Instruments | -14 | -162 | -65 |
Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | 933 | -138 | -398 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 |
Interest Rate Contract | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | -460 | -1,207 | -1,984 |
Foreign Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | 354 | -282 | 1,721 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 |
Foreign Exchange Contract | Cost of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | 213 | 87 | 855 |
Foreign Exchange Contract | Costs of Sales or Other | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($14) | ($162) | ($65) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Narrative) (Details) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CAD | USD ($) | CAD | HBB | HBB | NACoal | NACoal | |
USD ($) | USD ($) | USD ($) | USD ($) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency derivatives | ' | 5 | ' | 10.5 | $20 | $25 | $100 | $0 |
Foreign currency derivatives at fair value, net ( net receivable less than $0.1 million at December 31, 2013 and net liability of less than $0.1 million at December 31, 2012 | 0.1 | ' | -0.1 | ' | ' | ' | ' | ' |
Cash flow hedge gain (loss) to be reclassified within twelve months | 0.1 | ' | ' | ' | ' | ' | ' | ' |
Fair value of all interest rate swap agreements, net | ' | ' | ' | ' | 0.8 | -0.5 | 0.1 | ' |
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months | ' | ' | ' | ' | ($0.10) | ' | $0.10 | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Available for sale securities | $6,540,000 | $5,419,000 |
Interest rate swap agreements | 937,000 | ' |
Foreign currency exchange contracts | 83,000 | ' |
Assets: | 7,560,000 | 5,419,000 |
Liabilities: | ' | ' |
Interest rate swap agreements | ' | 456,000 |
Foreign currency exchange contracts | 14,000 | 4,000 |
Contingent consideration | 1,581,000 | 4,000,000 |
Liabilities: | 1,595,000 | 4,460,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 6,540,000 | 5,419,000 |
Interest rate swap agreements | 0 | ' |
Foreign currency exchange contracts | 0 | ' |
Assets: | 6,540,000 | 5,419,000 |
Liabilities: | ' | ' |
Interest rate swap agreements | ' | 0 |
Foreign currency exchange contracts | 0 | 0 |
Contingent consideration | 0 | 0 |
Liabilities: | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 0 | 0 |
Interest rate swap agreements | 937,000 | ' |
Foreign currency exchange contracts | 83,000 | ' |
Assets: | 1,020,000 | 0 |
Liabilities: | ' | ' |
Interest rate swap agreements | ' | 456,000 |
Foreign currency exchange contracts | 14,000 | 4,000 |
Contingent consideration | 0 | 0 |
Liabilities: | 14,000 | 460,000 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 0 | 0 |
Interest rate swap agreements | 0 | ' |
Foreign currency exchange contracts | 0 | ' |
Assets: | 0 | 0 |
Liabilities: | ' | ' |
Interest rate swap agreements | ' | 0 |
Foreign currency exchange contracts | 0 | 0 |
Contingent consideration | 1,581,000 | 4,000,000 |
Liabilities: | $1,581,000 | $4,000,000 |
Fair_Value_Disclosure_Unobserv
Fair Value Disclosure (Unobservable Input Reconciliation) (Details) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance at December 31, 2012 | $4,000 |
Change in estimate | -2,426 |
Accretion expense | 44 |
Payments | -37 |
Balance at December 31, 2013 | $1,581 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosure (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Accounts Receivable | Accounts Receivable | KC | KC | KC | KC | KC | Reed Minerals | Reed Minerals | Reed Minerals | Reed Minerals | Reed Minerals | |||||
Credit Concentration Risk | Credit Concentration Risk | Underperforming Stores | LGC and KC Stores Scheduled to Close in 2014 | Test Concept Stores | T | Market Approach | Income Approach | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70,900,000 | ' | ' |
Contingent consideration | 1,581,000 | 1,581,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in estimate | ' | -2,426,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tons of coal sold from reserves covered in earn-out period for earn-out calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' |
Earn-out payments (less than $0.1 million for the twelve months ended December 31, 2013) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 0 | ' | ' | ' |
Valuation technique weighting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 75.00% |
Goodwill impairment charge | 3,973,000 | 3,973,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible asset impairment charges | ' | ' | ' | ' | ' | ' | 1,100,000 | 700,000 | 500,000 | 400,000 | 200,000 | ' | ' | ' | ' | ' |
Long-term debt fair value | 170,700,000 | 170,700,000 | 166,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $170,683,000 | $170,683,000 | $166,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from major customer, percentage | ' | ' | ' | ' | 53.50% | 48.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasing_Arrangements_Details
Leasing Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Future minimum capital lease payments | ' | ' | ' |
2014 | $1,732,000 | ' | ' |
2015 | 1,732,000 | ' | ' |
2016 | 1,732,000 | ' | ' |
2017 | 1,732,000 | ' | ' |
2018 | 2,022,000 | ' | ' |
Subsequent to 2018 | 5,517,000 | ' | ' |
Total minimum lease payments | 14,467,000 | ' | ' |
Amounts representing interest | 1,400,000 | ' | ' |
Present value of net minimum lease payments | 13,067,000 | ' | ' |
Current maturities | 1,430,000 | ' | ' |
Long-term capital lease obligation | 11,637,000 | ' | ' |
Future minimum operating lease payments | ' | ' | ' |
2014 | 35,577,000 | ' | ' |
2015 | 28,780,000 | ' | ' |
2016 | 23,035,000 | ' | ' |
2017 | 15,915,000 | ' | ' |
2018 | 12,118,000 | ' | ' |
Subsequent to 2018 | 28,659,000 | ' | ' |
Total minimum lease payments | 144,084,000 | ' | ' |
Rental expense for all operating leases | ' | ' | ' |
Rental expense for all operating leases | 45,000,000 | 42,900,000 | 40,900,000 |
Rental income on subleases of equipment | 600,000 | 600,000 | 800,000 |
Assets recorded under capital leases | ' | ' | ' |
Plant and equipment | 14,509,000 | 12,307,000 | ' |
Less accumulated amortization | 1,650,000 | 726,000 | ' |
Assets recorded under capital leases | 12,859,000 | 11,581,000 | ' |
Capital lease obligations with lease agreements to acquire plant and equipment | $2,200,000 | $9,300,000 | $3,000,000 |
Contingencies_Details
Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Other Noncurrent Assets | Picton, Ontario Facility | |||
Site Contingency [Line Items] | ' | ' | ' | ' |
Accrual for environmental loss contingencies | $6,900,000 | $4,700,000 | ' | ' |
Loss contingency, range of possible loss, minimum | 0 | ' | ' | ' |
Loss contingency, range of possible loss, maximum | 4,600,000 | ' | ' | ' |
Increase due to charge to establish a liability for environmental investigation and remediation activities | ' | ' | ' | 2,300,000 |
Receivable from a third party | ' | ' | $1,600,000 | ' |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance at January 1 | $4,269 | $4,230 |
Warranties issued | 8,855 | 6,398 |
Settlements made | -7,781 | -6,359 |
Balance at December 31 | $5,343 | $4,269 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings Per Share (Textual) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 26 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2011 | Dec. 31, 2013 | Nov. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Stock Options [Member] | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class B | ||||
vote | 2011 Stock Repurchase Program | 2011 Stock Repurchase Program | 2013 Stock Repurchase Program | 2013 Stock Repurchase Program | 2011 and 2013 Stock Repurchase Program | 2011 and 2013 Stock Repurchase Program | vote | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Votes per share | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 10 |
Common stock, shares authorized | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,756,176 |
Treasury sock, shares | ' | ' | ' | ' | 1,912,322 | 1,430,843 | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program authorized amount | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | $60,000,000 | ' | ' | ' | ' |
Purchase of shares | $31,306,000 | $3,178,000 | $2,063,000 | ' | ' | ' | ' | $35,600,000 | ' | $900,000 | $31,300,000 | $36,500,000 | ' |
Treasury shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 564,817 | 639,891 | ' |
Average cost per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55.42 | ' | ' |
Options exercisable, contractual term | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, expiration date | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock available for grant, shares | ' | ' | ' | ' | 80,701 | ' | ' | ' | ' | ' | ' | ' | 80,100 |
Options granted in period, shares | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, shares | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification_out_of_Accumu
Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ($78,181) | ($49,219) | ($47,630) | ($46,261) | ($84,899) | ($52,227) | ($43,297) | ($45,519) | ($711,375) | ($647,422) | ($580,815) | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -4,775 | -6,088 | -8,789 | |
Income from continuing operations before income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 55,720 | 58,028 | 112,221 | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -11,270 | -15,865 | -32,751 | |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,253 | ' | ' | |
Loss (gain) on cash flow hedging | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations before income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 247 | ' | ' | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -95 | ' | ' | |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 152 | ' | ' | |
Loss (gain) on cash flow hedging | Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -213 | ' | ' | |
Loss (gain) on cash flow hedging | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 460 | ' | ' | |
Pension and postretirement plan | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from continuing operations before income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,841 | ' | ' | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -740 | ' | ' | |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,101 | ' | ' | |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,995 | [1] | ' | ' |
Prior-service credit | ' | ' | ' | ' | ' | ' | ' | ' | ($154) | [1] | ' | ' |
[1] | These AOCI components are included in the computation of pension expense. See Note 16 for a discussion of the Company's pension expense. |
Stockholders_Equity_and_Earnin3
Stockholders' Equity and Earnings Per Share (Weighted Average Number of Shares Outstanding Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,105 | 8,384 | 8,383 |
Dilutive effect of restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 30 | 25 |
Diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 8,124 | 8,414 | 8,408 |
Continuing operations (in dollars per share) | ' | ' | ' | ' | $2.82 | $1.24 | $0.42 | $0.57 | $5.48 | $5.04 | $9.49 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | $0 | $3.29 | $2.18 | $2.44 | $0 | $7.93 | $9.85 |
Basic Earnings per Share (in dollars per share) | $2.86 | $1.54 | $0.63 | $0.53 | $2.82 | $4.53 | $2.60 | $3.01 | $5.48 | $12.97 | $19.34 |
Continuing operations (in dollars per share) | ' | ' | ' | ' | $2.80 | $1.23 | $0.42 | $0.57 | $5.47 | $5.02 | $9.46 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | $0 | $3.29 | $2.18 | $2.43 | $0 | $7.90 | $9.82 |
Diluted Earnings per Share (in dollars per share) | $2.85 | $1.54 | $0.63 | $0.53 | $2.80 | $4.52 | $2.60 | $3 | $5.47 | $12.92 | $19.28 |
Income_Taxes_Income_Before_Inc
Income Taxes (Income Before Income Taxes and Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations before income tax provision | ' | ' | ' |
Domestic | $54,630 | $53,167 | $106,944 |
Foreign | 1,090 | 4,861 | 5,277 |
Total | 55,720 | 58,028 | 112,221 |
Current income tax provision (benefit): | ' | ' | ' |
Federal | 15,392 | -1,811 | 28,714 |
State | 1,965 | 1,474 | 2,472 |
Foreign | 1,559 | 1,556 | 1,633 |
Total current | 18,916 | 1,219 | 32,819 |
Deferred income tax provision (benefit): | ' | ' | ' |
Federal | -5,490 | 14,107 | -205 |
State | -1,141 | 668 | 310 |
Foreign | -1,015 | -129 | -173 |
Total deferred | -7,646 | 14,646 | -68 |
Income tax provision | $11,270 | $15,865 | $32,751 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Federal Statutory and Effective Income Tax Rate) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income from continuing operations before income tax provision | $55,720,000 | $58,028,000 | $112,221,000 |
Statutory taxes at 35.0% | 19,502,000 | 20,310,000 | 39,277,000 |
State and local income taxes | 136,000 | 1,568,000 | 1,925,000 |
Non-deductible expenses | 1,081,000 | 1,112,000 | 1,336,000 |
Percentage depletion | -8,057,000 | -4,963,000 | -6,895,000 |
R&D and other federal credits | -1,173,000 | -132,000 | -206,000 |
Other, net | -219,000 | -2,030,000 | -2,686,000 |
Income tax provision | 11,270,000 | 15,865,000 | 32,751,000 |
Effective income tax rate | 20.20% | 27.30% | 29.20% |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Cumulative unremitted earnings of foreign subsidiaries | 8,800,000 | ' | ' |
Cumulative deferred tax liabilities of unremitted foreign earnings | $168,000 | $101,000 | ' |
Income_Taxes_Summary_of_the_To
Income Taxes (Summary of the Total Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Tax carryforwards | $5,029 | $6,995 |
Inventories | 4,709 | 3,139 |
Accrued expenses and reserves | 26,019 | 24,041 |
Accrued pension benefits | 0 | 7,357 |
Other employee benefits | 11,432 | 7,971 |
Other | 7,375 | 7,201 |
Total deferred tax assets | 54,564 | 56,704 |
Less: Valuation allowance | 2,280 | 3,082 |
Deferred tax assets, net of valuation allowance | 52,284 | 53,622 |
Deferred tax liabilities | ' | ' |
Depreciation and depletion | 39,906 | 45,023 |
Partnership investment - development costs | 20,215 | 19,852 |
Accrued pension benefits | 1,037 | 0 |
Unremitted foreign earnings | 168 | 101 |
Total deferred tax liabilities | 61,326 | 64,976 |
Net deferred liability | ($9,042) | ($11,354) |
Income_Taxes_Summary_of_Operat
Income Taxes (Summary of Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Net deferred tax asset, net operating loss | $5,029 | $6,995 |
Total net deferred tax asset | 5,029 | 6,995 |
Total valuation allowance | 2,200 | 3,016 |
Foreign tax authority | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net deferred tax asset, net operating loss | 430 | 367 |
Valuation allowance, net operating loss | 351 | 366 |
State and local jurisdiction | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net deferred tax asset, net operating loss | 4,529 | 4,761 |
Valuation allowance, net operating loss | 1,849 | 2,650 |
Net deferred tax asset, tax credit | 70 | 1,867 |
Valuation allowance, tax credit | $0 | $0 |
Income_Taxes_Gross_Unrecognize
Income Taxes (Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Permanent items | $4,200,000 | $1,700,000 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Balance at January 1 | 2,691,000 | 2,965,000 |
Additions based on tax positions related to prior years | 5,615,000 | 0 |
Additions based on tax positions related to the current year | 78,000 | 264,000 |
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | -536,000 | -538,000 |
Balance at December 31 | $7,848,000 | $2,691,000 |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' |
Income tax payments | $10.80 | $20.30 | $24.90 |
Income tax refunds | 1.2 | 0.8 | 0.5 |
Net expense in interest and penalties related to uncertain tax positions | 0.4 | 0.2 | ' |
Interest and penalties accrued | 1.4 | 1 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 5.7 | ' | ' |
Settlement with IRS on examinations of 2011 and 2012 US Federal Tax Returns | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $3.50 | ' | ' |
Retirement_Benefit_Plans_Assum
Retirement Benefit Plans (Assumptions Used in Accounting for Defined Benefit Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.S. Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected long-term rate of return on assets for pension benefit obligation | 7.75% | 7.75% | 8.25% |
Expected long-term rate of return on assets for net periodic benefit cost | 7.75% | 8.25% | 8.50% |
U.S. Pension Plan | Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rates for pension benefit obligation | 4.00% | 3.50% | 4.30% |
Weighted average discount rates for net periodic benefit cost | 3.50% | 4.30% | 5.10% |
U.S. Pension Plan | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rates for pension benefit obligation | 4.75% | 3.90% | 4.55% |
Weighted average discount rates for net periodic benefit cost | 4.70% | 4.55% | 5.30% |
Non-U.S. Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rates for pension benefit obligation | 4.50% | 4.00% | 4.25% |
Weighted average discount rates for net periodic benefit cost | 4.00% | 4.25% | 5.25% |
Expected long-term rate of return on assets for pension benefit obligation | 6.00% | 6.00% | 6.25% |
Expected long-term rate of return on assets for net periodic benefit cost | 6.00% | 6.25% | 6.50% |
Rate of increase in compensation levels | 3.50% | 3.50% | 3.50% |
Retirement_Benefit_Plans_Net_P
Retirement Benefit Plans (Net Periodic Pension Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. Pension Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | ' | $2,766 | $3,056 | $3,374 |
Expected return on plan assets | ' | -4,513 | -4,344 | -4,430 |
Amortization of actuarial loss | ' | 1,822 | 2,772 | 2,326 |
Amortization of prior service credit | ' | -47 | -100 | -99 |
Curtailment gain | -1,700 | -1,701 | 0 | 0 |
Plan amendments | ' | 1,441 | 0 | ' |
Net periodic pension benefit expense (income) | ' | -1,673 | 1,384 | 1,171 |
Non-U.S. Pension Plan | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | ' | 197 | 208 | 229 |
Expected return on plan assets | ' | -282 | -287 | -336 |
Amortization of actuarial loss | ' | 121 | 131 | 53 |
Plan amendments | ' | 0 | 0 | ' |
Net periodic pension benefit expense (income) | ' | 36 | 52 | -54 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | 77 | 79 | 98 |
Interest cost | ' | 98 | 120 | 151 |
Amortization of actuarial loss | ' | 52 | 40 | 27 |
Amortization of prior service credit | ' | -107 | -156 | -160 |
Net periodic pension benefit expense (income) | ' | $120 | $83 | $116 |
Retirement_Benefit_Plans_Other
Retirement Benefit Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial loss | ($11,503) | $3,131 | $6,972 |
Amortization of actuarial loss | -1,822 | -2,772 | -2,326 |
Prior-service credit | -1,331 | 0 | 0 |
Amortization of prior service credit | 47 | 100 | 99 |
Curtailment gain | 1,701 | 0 | 0 |
Total recognized in other comprehensive (income) loss | -12,908 | 459 | 4,745 |
Non-U.S. Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial loss | -735 | 45 | 1,218 |
Amortization of actuarial loss | -121 | -131 | -53 |
Total recognized in other comprehensive (income) loss | -856 | -86 | 1,165 |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actuarial loss | 16 | 295 | 15 |
Amortization of actuarial loss | -52 | -40 | -27 |
Amortization of prior service credit | 107 | 156 | 160 |
Total recognized in other comprehensive (income) loss | $71 | $411 | $148 |
Retirement_Benefit_Plans_Oblig
Retirement Benefit Plans (Obligation and Funded Status) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amounts recognized in the balance sheets consist of: | ' | ' | ' |
Noncurrent liabilities | ($7,648,000) | ($15,801,000) | ' |
U.S. Pension Plan | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 72,977,000 | 69,796,000 | ' |
Interest cost | 2,766,000 | 3,056,000 | 3,374,000 |
Actuarial (gain) loss | -4,488,000 | 5,302,000 | ' |
Benefits paid | -4,715,000 | -5,177,000 | ' |
Plan amendments | -1,441,000 | 0 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Benefit obligation at end of year | 65,099,000 | 72,977,000 | 69,796,000 |
Accumulated benefit obligation at end of year | 65,099,000 | 72,977,000 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 60,012,000 | 51,620,000 | ' |
Actual return on plan assets | 11,383,000 | 6,513,000 | ' |
Employer contributions | 490,000 | 7,056,000 | ' |
Benefits paid | -4,715,000 | -5,177,000 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Fair value of plan assets at end of year | 67,170,000 | 60,012,000 | 51,620,000 |
Funded status at end of year | 2,071,000 | -12,965,000 | ' |
Amounts recognized in the balance sheets consist of: | ' | ' | ' |
Noncurrent assets | 8,005,000 | 20,000 | ' |
Current liabilities | -1,138,000 | -477,000 | ' |
Noncurrent liabilities | -4,796,000 | -12,508,000 | ' |
Amount recognized in the balance sheets | 2,071,000 | -12,965,000 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' | ' |
Actuarial loss | 18,861,000 | 32,187,000 | ' |
Prior service credit | 626,000 | 210,000 | ' |
Deferred taxes | -7,854,000 | -13,216,000 | ' |
Accumulated other comprehensive income (loss) | 11,633,000 | 19,181,000 | ' |
Non-U.S. Pension Plan | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 5,212,000 | 4,877,000 | ' |
Interest cost | 197,000 | 208,000 | 229,000 |
Actuarial (gain) loss | -317,000 | 167,000 | ' |
Benefits paid | -160,000 | -148,000 | ' |
Plan amendments | 0 | 0 | ' |
Foreign currency exchange rate changes | -329,000 | 108,000 | ' |
Benefit obligation at end of year | 4,603,000 | 5,212,000 | 4,877,000 |
Accumulated benefit obligation at end of year | 4,603,000 | 5,212,000 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 4,961,000 | 4,597,000 | ' |
Actual return on plan assets | 719,000 | 410,000 | ' |
Employer contributions | 0 | 0 | ' |
Benefits paid | -160,000 | -148,000 | ' |
Foreign currency exchange rate changes | -334,000 | 102,000 | ' |
Fair value of plan assets at end of year | 5,186,000 | 4,961,000 | 4,597,000 |
Funded status at end of year | 583,000 | -251,000 | ' |
Amounts recognized in the balance sheets consist of: | ' | ' | ' |
Noncurrent assets | 583,000 | 0 | ' |
Current liabilities | 0 | 0 | ' |
Noncurrent liabilities | 0 | -251,000 | ' |
Amount recognized in the balance sheets | 583,000 | -251,000 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' | ' |
Actuarial loss | 1,380,000 | 2,385,000 | ' |
Prior service credit | 0 | 0 | ' |
Deferred taxes | -576,000 | -945,000 | ' |
Accumulated other comprehensive income (loss) | 804,000 | 1,440,000 | ' |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 3,283,000 | 3,131,000 | ' |
Service cost | 77,000 | 79,000 | 98,000 |
Interest cost | 98,000 | 120,000 | 151,000 |
Actuarial (gain) loss | -16,000 | -295,000 | ' |
Benefits paid | -365,000 | -342,000 | ' |
Benefit obligation at end of year | 3,109,000 | 3,283,000 | 3,131,000 |
Change in plan assets | ' | ' | ' |
Benefits paid | -365,000 | -342,000 | ' |
Funded status at end of year | -3,109,000 | -3,283,000 | ' |
Amounts recognized in the balance sheets consist of: | ' | ' | ' |
Current liabilities | -257,000 | -241,000 | ' |
Noncurrent liabilities | -2,852,000 | -3,042,000 | ' |
Amount recognized in the balance sheets | -3,109,000 | -3,283,000 | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ' | ' | ' |
Actuarial loss | 457,000 | 494,000 | ' |
Prior service credit | -415,000 | -522,000 | ' |
Deferred taxes | 674,000 | 700,000 | ' |
Accumulated other comprehensive income (loss) | 716,000 | 672,000 | ' |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | ' | ' | ' |
Actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, before tax | 100,000 | ' | ' |
Actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, net of tax (less than $0.1 million) | 100,000 | ' | ' |
Prior service credit included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, before tax (less than $0.1 million) | -100,000 | ' | ' |
Prior service credit included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, net of tax (less than $0.1 million) | 100,000 | ' | ' |
Defined Benefit Pension Plans | ' | ' | ' |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | ' | ' | ' |
Actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, before tax | 900,000 | ' | ' |
Actuarial loss included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, net of tax (less than $0.1 million) | -600,000 | ' | ' |
Prior service credit included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2014, before tax (less than $0.1 million) | $100,000 | ' | ' |
Retirement_Benefit_Plans_Sched
Retirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
U.S. Pension Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $5,247 |
2015 | 4,530 |
2016 | 4,726 |
2017 | 4,512 |
2018 | 4,527 |
2019 - 2023 | 23,185 |
Total | 46,727 |
Non-U.S. Pension Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 151 |
2015 | 162 |
2016 | 170 |
2017 | 185 |
2018 | 183 |
2019 - 2023 | 1,232 |
Total | 2,083 |
Other Postretirement Benefit Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 257 |
2015 | 263 |
2016 | 242 |
2017 | 244 |
2018 | 254 |
2019 - 2023 | 1,352 |
Total | $2,612 |
Retirement_Benefit_Plans_Actua
Retirement Benefit Plans (Actual Allocation Percentage and Target Allocation Percentage for the U.S. Pension Plan Assets) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Pension Plan | U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 53.60% | 52.00% |
Target Allocations Range, Minimum | 41.00% | ' |
Target Allocations Range, Maximum | 62.00% | ' |
U.S. Pension Plan | Non-U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 13.00% | 12.50% |
Target Allocations Range, Minimum | 10.00% | ' |
Target Allocations Range, Maximum | 16.00% | ' |
U.S. Pension Plan | Fixed income securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 32.90% | 34.50% |
Target Allocations Range, Minimum | 30.00% | ' |
Target Allocations Range, Maximum | 40.00% | ' |
U.S. Pension Plan | Money market | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 0.50% | 1.00% |
Target Allocations Range, Minimum | 0.00% | ' |
Target Allocations Range, Maximum | 10.00% | ' |
Non-U.S. Pension Plan | Fixed income securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 37.00% | 29.00% |
Target Allocations Range, Minimum | 30.00% | ' |
Target Allocations Range, Maximum | 50.00% | ' |
Non-U.S. Pension Plan | Canadian equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 31.00% | 34.00% |
Target Allocations Range, Minimum | 25.00% | ' |
Target Allocations Range, Maximum | 35.00% | ' |
Non-U.S. Pension Plan | Non-Canadian equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 32.00% | 37.00% |
Target Allocations Range, Minimum | 25.00% | ' |
Target Allocations Range, Maximum | 35.00% | ' |
Non-U.S. Pension Plan | Cash and cash equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Allocation | 0.00% | 0.00% |
Target Allocations Range, Minimum | 0.00% | ' |
Target Allocations Range, Maximum | 5.00% | ' |
Retirement_Benefit_Plans_Fair_
Retirement Benefit Plans (Fair Value Hierarchy) (Details) (Defined Benefit Pension Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | $67,170 | $60,012 |
Level 1 | U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 35,980 | 31,357 |
Level 1 | Non-U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 8,701 | 7,440 |
Level 1 | Fixed income securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 22,125 | 20,605 |
Level 1 | Money market | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 364 | 610 |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 5,186 | 4,961 |
Level 2 | U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 0 | 0 |
Level 2 | Non-U.S. equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 3,288 | 3,496 |
Level 2 | Fixed income securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | 1,898 | 1,465 |
Level 2 | Money market | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of each major category of U.S. plan assets | $0 | $0 |
Retirement_Benefit_Plans_Assum1
Retirement Benefit Plans (Assumptions Used in Accounting for Postretirement Benefit Plans) (Details) (Other Postretirement Benefit Plans, Defined Benefit) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Postretirement Benefit Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Weighted average discount rates for pension benefit obligation | 3.85% | 3.05% | 3.90% |
Weighted average discount rates for net periodic benefit cost | 3.05% | 3.90% | 4.70% |
Health care cost trend rate assumed for next year | 7.00% | 7.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2022 | '2022 | '2018 |
Retirement_Benefit_Plans_OnePe
Retirement Benefit Plans (One-Percentage-Point Change in Assumed Health Care Cost Trend Rate) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Effect of one-percentage point change in assumed health care cost rrend rates | ' |
Effect on total of service and interest cost of 1-percentage point increase | $16 |
Effect on total of service and interest cost of 1-percentage point decrease | -14 |
Effect on postretirement benefit obligation of 1-percentage point increase | 245 |
Effect on postretirement benefit obligation of 1-percentage point decrease | ($218) |
Retirement_Benefit_Plans_Defin
Retirement Benefit Plans (Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined contribution plan, total costs | $8 | $6.70 | $5.30 |
Business_Segments_Textual_Deta
Business Segments (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Management fees expense | $6.80 | $6.90 | $7.20 |
Hyster-Yale | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Management fees expense | ' | $9.60 | $9.70 |
Customer Concentration Risk | Sales Revenue, Net | Choctaw Generation Limited Partnership | NACoal | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from major customer, percentage | 42.00% | 56.00% | 77.00% |
Customer Concentration Risk | Sales Revenue, Net | Alabama Coal Cooperative | Reed Minerals | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from major customer, percentage | 27.00% | 15.00% | ' |
Customer Concentration Risk | Sales Revenue, Net | Wal-Mart | HBB | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from major customer, percentage | 31.00% | 31.00% | 30.00% |
Customer Concentration Risk | Sales Revenue, Net | Five Largest Customers | HBB | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue from major customer, percentage | 55.00% | 53.00% | 50.00% |
Business_Segments_Statements_o
Business Segments (Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $311,983 | $228,614 | $196,017 | $196,052 | $318,183 | $210,067 | $171,435 | $173,679 | $932,666 | $873,364 | $790,455 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 221,291 | 225,942 | 209,640 |
Selling, general and administrative expenses, including Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 202,999 | 210,355 | 192,101 |
Operating profit | 28,829 | 16,682 | 8,803 | 7,022 | 37,137 | 14,836 | 7,601 | 8,068 | 61,336 | 67,642 | 64,074 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,775 | 6,088 | 8,789 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -225 | -162 | -290 |
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,066 | 3,688 | -56,646 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 11,270 | 15,865 | 32,751 |
Income (loss) from continuing operations, net of tax | 22,556 | 12,325 | 5,147 | 4,422 | 23,632 | 10,376 | 3,443 | 4,712 | 44,450 | 42,163 | 79,470 |
NACoal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 46,067 | 52,870 | 43,567 | 51,147 | 50,822 | 38,012 | 19,199 | 24,334 | 193,651 | 132,367 | 81,766 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 25,230 | 27,998 | 15,260 |
Selling, general and administrative expenses, including Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 30,786 | 36,801 | 26,543 |
Operating profit | 4,740 | 9,740 | 11,196 | 11,785 | 13,527 | 8,632 | 9,152 | 11,928 | 37,461 | 43,239 | 35,250 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,105 | 2,909 | 3,048 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -19 | -152 | -270 |
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,013 | -1,325 | -1,420 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 3,462 | 9,037 | 4,443 |
Income (loss) from continuing operations, net of tax | 5,589 | 7,794 | 8,952 | 9,591 | 8,290 | 8,143 | 7,130 | 9,207 | 31,926 | 32,770 | 29,449 |
HBB | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 192,889 | 134,099 | 114,651 | 106,151 | 181,131 | 124,820 | 110,676 | 104,940 | 547,790 | 521,567 | 493,047 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 115,506 | 102,289 | 97,179 |
Selling, general and administrative expenses, including Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 74,570 | 66,481 | 63,356 |
Operating profit | 22,499 | 11,788 | 4,005 | 2,668 | 19,953 | 8,663 | 5,048 | 2,151 | 40,960 | 35,815 | 33,823 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,279 | 2,635 | 5,231 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | -2 |
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ' | ' | ' | ' | ' | ' | ' | ' | 462 | 344 | 848 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 14,127 | 11,636 | 9,383 |
Income (loss) from continuing operations, net of tax | 14,180 | 7,427 | 1,985 | 1,501 | 12,753 | 5,206 | 2,214 | 1,027 | 25,093 | 21,200 | 18,363 |
KC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 75,324 | 42,618 | 38,380 | 39,711 | 88,908 | 48,154 | 42,340 | 45,293 | 196,033 | 224,695 | 221,173 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 80,972 | 95,832 | 97,441 |
Selling, general and administrative expenses, including Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 91,878 | 100,350 | 94,933 |
Operating profit | 3,142 | -3,658 | -5,407 | -4,980 | 7,102 | -1,873 | -5,163 | -4,578 | -10,903 | -4,512 | 2,508 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 390 | 479 | 489 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ' | ' | ' | ' | ' | ' | ' | ' | 70 | 86 | 85 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -4,479 | -1,990 | 829 |
Income (loss) from continuing operations, net of tax | 1,608 | -2,822 | -2,403 | -3,267 | 4,127 | -1,208 | -3,189 | -2,817 | -6,884 | -3,087 | 1,105 |
NACCO and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -469 | -278 | -197 |
Selling, general and administrative expenses, including Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 5,765 | 6,723 | 7,269 |
Operating profit | -1,543 | -1,155 | -1,099 | -2,436 | -3,419 | -587 | -1,480 | -1,514 | -6,233 | -7,000 | -7,463 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 65 | 21 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -205 | -10 | -18 |
Other (income) expense, including closed mine obligations and Applica settlement and litigations costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,547 | 4,583 | -56,159 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -1,858 | -2,989 | 18,104 |
Income (loss) from continuing operations, net of tax | -1,530 | -1,137 | -1,048 | -2,003 | -4,485 | -997 | -1,715 | -1,452 | -5,718 | -8,649 | 30,589 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | -2,297 | -973 | -581 | -957 | -2,678 | -919 | -780 | -888 | -4,808 | -5,265 | -5,531 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 101 | -43 |
Operating profit | -9 | -33 | 108 | -15 | -26 | 1 | 44 | 81 | 51 | 100 | -44 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 171 | -8 |
Income (loss) from continuing operations, net of tax | $2,709 | $1,063 | ($2,339) | ($1,400) | $2,947 | ($768) | ($997) | ($1,253) | $33 | ($71) | ($36) |
Business_Segments_Balance_Shee
Business Segments (Balance Sheets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $809,956 | $776,306 | $1,808,833 |
Depreciation, depletion and amortization | 24,572 | 17,992 | 16,301 |
Capital expenditures | 57,449 | 44,682 | 20,218 |
NACoal | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 419,786 | 368,652 | 278,544 |
Depreciation, depletion and amortization | 16,601 | 10,849 | 7,884 |
Capital expenditures | 52,748 | 37,125 | 14,103 |
HBB | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 228,891 | 215,503 | 201,488 |
Depreciation, depletion and amortization | 3,475 | 3,113 | 4,920 |
Capital expenditures | 2,313 | 3,223 | 3,708 |
KC | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 70,014 | 83,977 | 88,998 |
Depreciation, depletion and amortization | 4,162 | 3,611 | 3,045 |
Capital expenditures | 2,150 | 3,872 | 2,292 |
NACCO and Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 131,085 | 154,605 | 169,360 |
Depreciation, depletion and amortization | 334 | 419 | 452 |
Capital expenditures | 238 | 462 | 115 |
Discontinued Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 0 | 0 | 1,117,027 |
Eliminations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | ($39,820) | ($46,431) | ($46,584) |
Business_Segments_Data_by_Geog
Business Segments (Data by Geographic Region) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $311,983 | $228,614 | $196,017 | $196,052 | $318,183 | $210,067 | $171,435 | $173,679 | $932,666 | $873,364 | $790,455 |
Long-lived assets | 252,388 | ' | ' | ' | 203,175 | ' | ' | ' | 252,388 | 203,175 | 129,234 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 813,609 | 746,800 | 662,061 |
Long-lived assets | 246,902 | ' | ' | ' | 197,141 | ' | ' | ' | 246,902 | 197,141 | 124,236 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 119,057 | 126,564 | 128,394 |
Long-lived assets | 5,486 | ' | ' | ' | 6,034 | ' | ' | ' | 5,486 | 6,034 | 4,998 |
HBB | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 192,889 | 134,099 | 114,651 | 106,151 | 181,131 | 124,820 | 110,676 | 104,940 | 547,790 | 521,567 | 493,047 |
NACoal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $46,067 | $52,870 | $43,567 | $51,147 | $50,822 | $38,012 | $19,199 | $24,334 | $193,651 | $132,367 | $81,766 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $311,983,000 | $228,614,000 | $196,017,000 | $196,052,000 | $318,183,000 | $210,067,000 | $171,435,000 | $173,679,000 | $932,666,000 | $873,364,000 | $790,455,000 |
Gross profit | 78,181,000 | 49,219,000 | 47,630,000 | 46,261,000 | 84,899,000 | 52,227,000 | 43,297,000 | 45,519,000 | 711,375,000 | 647,422,000 | 580,815,000 |
Earnings of unconsolidated mines | 12,242,000 | 11,808,000 | 10,281,000 | 12,098,000 | 11,188,000 | 11,471,000 | 10,579,000 | 12,006,000 | 46,429,000 | 45,244,000 | 45,485,000 |
Operating profit | 28,829,000 | 16,682,000 | 8,803,000 | 7,022,000 | 37,137,000 | 14,836,000 | 7,601,000 | 8,068,000 | 61,336,000 | 67,642,000 | 64,074,000 |
Income from continuing operations | 22,556,000 | 12,325,000 | 5,147,000 | 4,422,000 | 23,632,000 | 10,376,000 | 3,443,000 | 4,712,000 | 44,450,000 | 42,163,000 | 79,470,000 |
Discontinued operations, net of tax | ' | ' | ' | ' | 0 | 27,728,000 | 18,269,000 | 20,538,000 | 0 | 66,535,000 | 82,601,000 |
Net income | ' | ' | ' | ' | 23,632,000 | 38,104,000 | 21,712,000 | 25,250,000 | 44,450,000 | 108,698,000 | 162,071,000 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ' | ' | ' | ' | $2.82 | $1.24 | $0.42 | $0.57 | $5.48 | $5.04 | $9.49 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | $0 | $3.29 | $2.18 | $2.44 | $0 | $7.93 | $9.85 |
Basic Earnings per Share (in dollars per share) | $2.86 | $1.54 | $0.63 | $0.53 | $2.82 | $4.53 | $2.60 | $3.01 | $5.48 | $12.97 | $19.34 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ' | ' | ' | ' | $2.80 | $1.23 | $0.42 | $0.57 | $5.47 | $5.02 | $9.46 |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | $0 | $3.29 | $2.18 | $2.43 | $0 | $7.90 | $9.82 |
Diluted Earnings per Share (in dollars per share) | $2.85 | $1.54 | $0.63 | $0.53 | $2.80 | $4.52 | $2.60 | $3 | $5.47 | $12.92 | $19.28 |
Goodwill impairment charge | 3,973,000 | ' | ' | ' | ' | ' | ' | ' | 3,973,000 | 0 | 0 |
U.S. Pension Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailment gain | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | 1,701,000 | 0 | 0 |
NACoal | Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of property | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | 3,500,000 | ' |
NACoal | Dragline | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of property | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | 3,300,000 | ' |
Reed Minerals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | 21,557,000 | 7,715,000 | ' | ' | ' | ' | ' |
NACoal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 46,067,000 | 52,870,000 | 43,567,000 | 51,147,000 | 50,822,000 | 38,012,000 | 19,199,000 | 24,334,000 | 193,651,000 | 132,367,000 | 81,766,000 |
Operating profit | 4,740,000 | 9,740,000 | 11,196,000 | 11,785,000 | 13,527,000 | 8,632,000 | 9,152,000 | 11,928,000 | 37,461,000 | 43,239,000 | 35,250,000 |
Income from continuing operations | 5,589,000 | 7,794,000 | 8,952,000 | 9,591,000 | 8,290,000 | 8,143,000 | 7,130,000 | 9,207,000 | 31,926,000 | 32,770,000 | 29,449,000 |
NACoal | U.S. Pension Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailment gain | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NACoal | Reed Minerals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating profit | ' | ' | ' | ' | 1,499,000 | 35,000 | ' | ' | ' | ' | ' |
HBB | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 192,889,000 | 134,099,000 | 114,651,000 | 106,151,000 | 181,131,000 | 124,820,000 | 110,676,000 | 104,940,000 | 547,790,000 | 521,567,000 | 493,047,000 |
Operating profit | 22,499,000 | 11,788,000 | 4,005,000 | 2,668,000 | 19,953,000 | 8,663,000 | 5,048,000 | 2,151,000 | 40,960,000 | 35,815,000 | 33,823,000 |
Income from continuing operations | 14,180,000 | 7,427,000 | 1,985,000 | 1,501,000 | 12,753,000 | 5,206,000 | 2,214,000 | 1,027,000 | 25,093,000 | 21,200,000 | 18,363,000 |
KC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 75,324,000 | 42,618,000 | 38,380,000 | 39,711,000 | 88,908,000 | 48,154,000 | 42,340,000 | 45,293,000 | 196,033,000 | 224,695,000 | 221,173,000 |
Operating profit | 3,142,000 | -3,658,000 | -5,407,000 | -4,980,000 | 7,102,000 | -1,873,000 | -5,163,000 | -4,578,000 | -10,903,000 | -4,512,000 | 2,508,000 |
Income from continuing operations | 1,608,000 | -2,822,000 | -2,403,000 | -3,267,000 | 4,127,000 | -1,208,000 | -3,189,000 | -2,817,000 | -6,884,000 | -3,087,000 | 1,105,000 |
NACCO and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating profit | -1,543,000 | -1,155,000 | -1,099,000 | -2,436,000 | -3,419,000 | -587,000 | -1,480,000 | -1,514,000 | -6,233,000 | -7,000,000 | -7,463,000 |
Income from continuing operations | -1,530,000 | -1,137,000 | -1,048,000 | -2,003,000 | -4,485,000 | -997,000 | -1,715,000 | -1,452,000 | -5,718,000 | -8,649,000 | 30,589,000 |
NACCO and Other | U.S. Pension Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailment gain | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | -2,297,000 | -973,000 | -581,000 | -957,000 | -2,678,000 | -919,000 | -780,000 | -888,000 | -4,808,000 | -5,265,000 | -5,531,000 |
Operating profit | -9,000 | -33,000 | 108,000 | -15,000 | -26,000 | 1,000 | 44,000 | 81,000 | 51,000 | 100,000 | -44,000 |
Income from continuing operations | $2,709,000 | $1,063,000 | ($2,339,000) | ($1,400,000) | $2,947,000 | ($768,000) | ($997,000) | ($1,253,000) | $33,000 | ($71,000) | ($36,000) |
Parent_Company_Condensed_Balan2
Parent Company Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $95,390,000 | $139,855,000 | $153,784,000 | $92,422,000 |
Property, plant and equipment, net | 219,256,000 | 182,985,000 | ' | ' |
Other non-current assets | 69,725,000 | 36,727,000 | ' | ' |
Total Assets | 809,956,000 | 776,306,000 | 1,808,833,000 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Current liabilities | 238,119,000 | 227,169,000 | ' | ' |
Other long-term liabilities | 59,428,000 | 60,212,000 | ' | ' |
Stockholdersb equity | 297,780,000 | 281,331,000 | ' | ' |
Total Liabilities and Stockholdersb Equity | 809,956,000 | 776,306,000 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 94,035,000 | 120,659,000 | 130,676,000 | 29,650,000 |
Other current assets | 946,000 | 4,299,000 | ' | ' |
Investment in subsidiaries | 242,184,000 | 203,415,000 | ' | ' |
Property, plant and equipment, net | 1,477,000 | 1,575,000 | ' | ' |
Other non-current assets | 5,707,000 | 4,343,000 | ' | ' |
Total Assets | 344,349,000 | 334,291,000 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Current liabilities | 12,750,000 | 6,628,000 | ' | ' |
Current intercompany accounts payable, net | 304,000 | 12,940,000 | ' | ' |
Other long-term liabilities | 13,065,000 | 12,942,000 | ' | ' |
Stockholdersb equity | 297,780,000 | 281,331,000 | ' | ' |
Total Liabilities and Stockholdersb Equity | 344,349,000 | 334,291,000 | ' | ' |
Restricted investments | 151,200,000 | ' | ' | ' |
Unrestricted investment | 600,000 | ' | ' | ' |
HBB | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 52,265,000 | 43,111,000 | ' | ' |
KC | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 36,772,000 | 43,656,000 | ' | ' |
NACoal | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 138,355,000 | 102,255,000 | ' | ' |
Other | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 14,792,000 | 14,393,000 | ' | ' |
Bellaire | Parent Company | ' | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Note payable to Bellaire | $20,450,000 | $20,450,000 | ' | ' |
Related_Party_Transactions_Fin
Related Party Transactions (Financial Information for the Unconsolidated Mines) (Details) (NACoal, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of variable interest entities | 10 | ' | ' |
Unconsolidated mines | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investments in unconsolidated mines and related tax assets | $33,100,000 | $20,200,000 | ' |
Maximum loss | 5,400,000 | 3,200,000 | 6,300,000 |
Dividends from unconsolidated mines | 35,200,000 | 38,800,000 | ' |
Statement of Operations | ' | ' | ' |
Revenues | 577,436,000 | 543,892,000 | 502,633,000 |
Gross profit | 74,870,000 | 74,542,000 | 71,736,000 |
Income before income taxes | 47,953,000 | 46,819,000 | 47,001,000 |
Net income | 37,468,000 | 35,616,000 | 36,458,000 |
Balance Sheet | ' | ' | ' |
Current assets | 147,370,000 | 148,552,000 | ' |
Non-current assets | 737,851,000 | 836,289,000 | ' |
Current liabilities | 148,264,000 | 144,284,000 | ' |
Non-current liabilities | $731,525,000 | $837,392,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Jones Day, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Jones Day | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Legal services | $1.10 | $3 | $4.70 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reed Minerals | Reed Minerals | Reed Minerals | Reed Minerals | ||||||||||||
acquisition | Mines | ||||||||||||||
T | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of related companies acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' |
Number of mines on leased reserves in central alabama | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Payments to acquire businesses, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69,300,000 | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' |
Tons of coal sold from reserves covered in earn-out period for earn-out calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' |
Contingent consideration | 1,581,000 | ' | ' | ' | 4,000,000 | ' | ' | ' | 1,581,000 | 4,000,000 | ' | ' | ' | ' | ' |
Earn-out payments (less than $0.1 million for the twelve months ended December 31, 2013) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 0 |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' |
Preacquisition business activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' |
Sellers' contractual obligation to indemnify company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' |
Change in estimate | ' | ' | ' | ' | ' | ' | ' | ' | -2,426,000 | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | 3,973,000 | ' | ' | ' | ' | ' | ' | ' | 3,973,000 | 0 | 0 | ' | ' | ' | ' |
Recognized identified assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment (including mineral rights) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,200,000 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,700,000 | ' | ' | ' |
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,800,000 | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,900,000 | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,900,000 | ' | ' | ' |
Goodwill | 0 | ' | ' | ' | 6,399,000 | ' | ' | ' | 0 | 6,399,000 | ' | 4,000,000 | ' | ' | ' |
Results of Reed Minerals included in the Company's Consolidated Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 311,983,000 | 228,614,000 | 196,017,000 | 196,052,000 | 318,183,000 | 210,067,000 | 171,435,000 | 173,679,000 | 932,666,000 | 873,364,000 | 790,455,000 | ' | 29,300,000 | ' | ' |
Operating profit | 28,829,000 | 16,682,000 | 8,803,000 | 7,022,000 | 37,137,000 | 14,836,000 | 7,601,000 | 8,068,000 | 61,336,000 | 67,642,000 | 64,074,000 | ' | 1,500,000 | ' | ' |
Net income | ' | ' | ' | ' | $23,632,000 | $38,104,000 | $21,712,000 | $25,250,000 | $44,450,000 | $108,698,000 | $162,071,000 | ' | $1,000,000 | ' | ' |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of the Parent (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $95,390 | $139,855 | $153,784 | $92,422 |
Property, plant and equipment, net | 219,256 | 182,985 | ' | ' |
Other non-current assets | 69,725 | 36,727 | ' | ' |
Total Assets | 809,956 | 776,306 | 1,808,833 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Current liabilities | 238,119 | 227,169 | ' | ' |
Other long-term liabilities | 59,428 | 60,212 | ' | ' |
Stockholdersb equity | 297,780 | 281,331 | ' | ' |
Liabilities and Equity | 809,956 | 776,306 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 94,035 | 120,659 | 130,676 | 29,650 |
Other current assets | 946 | 4,299 | ' | ' |
Investment in subsidiaries | 242,184 | 203,415 | ' | ' |
Property, plant and equipment, net | 1,477 | 1,575 | ' | ' |
Other non-current assets | 5,707 | 4,343 | ' | ' |
Total Assets | 344,349 | 334,291 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Current liabilities | 12,750 | 6,628 | ' | ' |
Current intercompany accounts payable, net | 304 | 12,940 | ' | ' |
Other long-term liabilities | 13,065 | 12,942 | ' | ' |
Stockholdersb equity | 297,780 | 281,331 | ' | ' |
Liabilities and Equity | 344,349 | 334,291 | ' | ' |
HBB | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 52,265 | 43,111 | ' | ' |
KC | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 36,772 | 43,656 | ' | ' |
NACoal | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 138,355 | 102,255 | ' | ' |
Other | Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Investment in subsidiaries | 14,792 | 14,393 | ' | ' |
Bellaire | Parent Company | ' | ' | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Note payable to Bellaire | $20,450 | $20,450 | ' | ' |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information of the Parent (Condensed Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other, net | ' | ' | ' | ' | $456 | $483 | $641 |
Other (income) expense | ' | ' | ' | ' | 5,616 | 9,614 | -48,147 |
Administrative and general expenses | ' | ' | ' | ' | 199,331 | 207,553 | 190,036 |
Loss before income taxes | ' | ' | ' | ' | 55,720 | 58,028 | 112,221 |
Income tax benefit | ' | ' | ' | ' | 11,270 | 15,865 | 32,751 |
Discontinued operations, net of tax | 0 | 27,728 | 18,269 | 20,538 | 0 | 66,535 | 82,601 |
Net income | 23,632 | 38,104 | 21,712 | 25,250 | 44,450 | 108,698 | 162,071 |
Foreign currency translation adjustment | ' | ' | ' | ' | -229 | 145 | -14,942 |
Deferred gain on available for sale securities | ' | ' | ' | ' | 729 | 265 | 27 |
Current period cash flow hedging activity, net of $477 tax expense in 2013, $2,471 tax expense in 2012 and $266 tax expense in 2011 | ' | ' | ' | ' | 810 | 7,658 | 2,395 |
Reclassification of hedging activities into earnings, net of $95 tax benefit in 2013, $2,630 tax expense in 2012 and $2,668 tax benefit in 2011 | ' | ' | ' | ' | 152 | -2,757 | 9,155 |
Current period pension and postretirement plan adjustment, net of $5,531 tax expense in 2013, $1,553 tax benefit in 2012, and $7,391 tax benefit in 2011 | ' | ' | ' | ' | 8,022 | -1,716 | -18,977 |
Current period curtailment gain into earnings, net of $718 tax expense in 2013 | ' | ' | ' | ' | -983 | 0 | 0 |
Reclassification of pension and postretirement adjustments into earnings, net of $740 tax benefit in 2013, $2,056 tax benefit in 2012 and $1,900 tax benefit in 2011 | ' | ' | ' | ' | 1,101 | 5,885 | 6,704 |
Comprehensive income | ' | ' | ' | ' | 54,052 | 118,178 | 146,433 |
Parent Company | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Intercompany interest expense | ' | ' | ' | ' | 1,431 | 1,501 | 1,691 |
Other, net | ' | ' | ' | ' | -471 | 3,021 | 2,877 |
Other (income) expense | ' | ' | ' | ' | 960 | 4,522 | 4,568 |
Administrative and general expenses | ' | ' | ' | ' | 5,670 | 6,569 | 7,161 |
Loss before income taxes | ' | ' | ' | ' | -6,630 | -11,091 | -11,729 |
Income tax benefit | ' | ' | ' | ' | -1,527 | -1,754 | -3,024 |
Net loss before equity in earnings of subsidiaries | ' | ' | ' | ' | -5,103 | -9,337 | -8,705 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | 49,553 | 51,500 | 88,175 |
Income from continuing operations, net of tax | ' | ' | ' | ' | 44,450 | 42,163 | 79,470 |
Discontinued operations, net of tax | ' | ' | ' | ' | 0 | 66,535 | 82,601 |
Net income | ' | ' | ' | ' | 44,450 | 108,698 | 162,071 |
Foreign currency translation adjustment | ' | ' | ' | ' | -229 | 145 | -14,942 |
Deferred gain on available for sale securities | ' | ' | ' | ' | 729 | 265 | 27 |
Current period cash flow hedging activity, net of $477 tax expense in 2013, $2,471 tax expense in 2012 and $266 tax expense in 2011 | ' | ' | ' | ' | 810 | 7,658 | 2,395 |
Reclassification of hedging activities into earnings, net of $95 tax benefit in 2013, $2,630 tax expense in 2012 and $2,668 tax benefit in 2011 | ' | ' | ' | ' | 152 | -2,757 | 9,155 |
Current period pension and postretirement plan adjustment, net of $5,531 tax expense in 2013, $1,553 tax benefit in 2012, and $7,391 tax benefit in 2011 | ' | ' | ' | ' | 8,022 | -1,716 | -18,977 |
Current period curtailment gain into earnings, net of $718 tax expense in 2013 | ' | ' | ' | ' | -983 | 0 | 0 |
Reclassification of pension and postretirement adjustments into earnings, net of $740 tax benefit in 2013, $2,056 tax benefit in 2012 and $1,900 tax benefit in 2011 | ' | ' | ' | ' | 1,101 | 5,885 | 6,704 |
Comprehensive income | ' | ' | ' | ' | $54,052 | $118,178 | $146,433 |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information of the Parent (Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investing Activities | ' | ' | ' |
Expenditures for property, plant and equipment | ($57,449) | ($44,682) | ($20,218) |
Financing Activities | ' | ' | ' |
Cash dividends received from Hyster-Yale | 0 | 5,000 | 10,000 |
Purchase of treasury shares | -31,306 | -3,178 | -2,063 |
Cash dividends paid | -8,104 | -45,130 | -17,795 |
Other | -8 | 12 | -194 |
Cash and cash equivalents | ' | ' | ' |
Increase (decrease) for the year | -44,465 | -53,794 | 76,771 |
Balance at the beginning of the year | 139,855 | 153,784 | 92,422 |
Balance at the end of the year | 95,390 | 139,855 | 153,784 |
Parent Company | ' | ' | ' |
Operating Activities | ' | ' | ' |
Income from continuing operations | 44,450 | 42,163 | 79,470 |
Equity in earnings of subsidiaries | 49,553 | 51,500 | 88,175 |
Parent company only net loss | 5,103 | 9,337 | 8,705 |
Net changes related to operating activities | -1,858 | 4,428 | 12,104 |
Net cash provided by (used for) operating activities | -6,961 | -4,909 | 3,399 |
Investing Activities | ' | ' | ' |
Expenditures for property, plant and equipment | -238 | -462 | -115 |
Net cash used for investing activities | -238 | -462 | -115 |
Financing Activities | ' | ' | ' |
Cash dividends received from subsidiaries | 20,000 | 40,623 | 114,368 |
Cash dividends received from Hyster-Yale | 0 | 5,000 | 10,000 |
Notes payable to Bellaire | 0 | -1,980 | -2,763 |
Capital contributions to subsidiaries | 0 | 0 | -4,000 |
Purchase of treasury shares | -31,306 | -3,178 | -2,063 |
Cash dividends paid | -8,104 | -45,130 | -17,795 |
Other | -15 | 19 | -5 |
Net cash provided by financing activities | -19,425 | -4,646 | 97,742 |
Cash and cash equivalents | ' | ' | ' |
Increase (decrease) for the year | -26,624 | -10,017 | 101,026 |
Balance at the beginning of the year | 120,659 | 130,676 | 29,650 |
Balance at the end of the year | $94,035 | $120,659 | $130,676 |
Schedule_I_Condensed_Informati
Schedule I - Condensed Information of the Parent (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Tax expense on current period cash flow hedging activity | $477 | $2,471 | $266 |
Tax expense (benefit) on reclassification of hedging activities into earnings | -95 | 2,630 | -2,668 |
Tax expense (benefit) on current period pension and postretirement plan adjustment | 5,531 | -1,553 | -7,391 |
Tax expense on current curtailment gain | 718 | ' | ' |
Tax expense (benefit) on reclassification of pension and postretirement into earnings | -740 | -2,056 | -1,900 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Tax expense on current period cash flow hedging activity | 477 | 2,471 | 266 |
Tax expense (benefit) on reclassification of hedging activities into earnings | -95 | 2,630 | -2,668 |
Tax expense (benefit) on current period pension and postretirement plan adjustment | 5,531 | -1,553 | -7,391 |
Tax expense on current curtailment gain | 718 | ' | ' |
Tax expense (benefit) on reclassification of pension and postretirement into earnings | ($740) | ($2,056) | ($1,900) |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information of the Parent (Textual) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $95,390,000 | $139,855,000 | $153,784,000 | $92,422,000 |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Unrestricted investment | 600,000 | ' | ' | ' |
Cash and cash equivalents | $94,035,000 | $120,659,000 | $130,676,000 | $29,650,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts | ' | ' | ' | |||
Valuation allowances and reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | $955 | [1] | $949 | [1] | $1,254 | |
Charged to Costs and Expenses | -5 | 46 | 1,050 | |||
Charged to Other Accounts b Describe | 0 | 7 | -20 | |||
Deductions b Describe | 104 | [2] | 47 | [2] | 1,335 | [2] |
Balance at End of Period | 846 | [1] | 955 | [1] | 949 | [1] |
Allowance for discounts, adjustments and returns | ' | ' | ' | |||
Valuation allowances and reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 15,194 | [1] | 13,296 | [1] | 11,149 | |
Charged to Costs and Expenses | 20,476 | 19,897 | 15,138 | |||
Charged to Other Accounts b Describe | 60 | 379 | 847 | |||
Deductions b Describe | 22,871 | [3] | 18,378 | [3] | 13,838 | [3] |
Balance at End of Period | $12,859 | [1] | $15,194 | [1] | $13,296 | [1] |
[1] | (C)Balances which are not required to be presented and those which are immaterial have been omitted. | |||||
[2] | (A)Write-offs, net of recoveries. | |||||
[3] | (B)Payments and customer deductions for product returns, discounts and allowances. |