Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 27, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | NACCO INDUSTRIES INC | ||
Entity Central Index Key | 789933 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $255,895,939 | ||
Shares Outstanding Class A | |||
Entity Information [Line Items] | |||
Shares Outstanding | 5,610,926 | ||
Shares Outstanding Class B | |||
Entity Information [Line Items] | |||
Shares Outstanding | 1,572,847 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenues | $896,782 | $932,666 | $873,364 |
Cost of sales | 711,710 | 711,375 | 647,422 |
Gross profit | 185,072 | 221,291 | 225,942 |
Earnings of unconsolidated mines | 48,396 | 46,429 | 45,244 |
Operating expenses | |||
Selling, general and administrative expenses | 198,697 | 199,331 | 207,553 |
Reed Minerals long-lived asset impairment charge | 105,119 | 0 | 0 |
Reed Minerals goodwill impairment charge | 0 | 3,973 | 0 |
Amortization of intangible assets | 3,300 | 3,668 | 2,802 |
Gain on sale of assets | -7,339 | -588 | -6,811 |
Operating Expenses | 299,777 | 206,384 | 203,544 |
Operating profit (loss) | -66,309 | 61,336 | 67,642 |
Other expense (income) | |||
Interest expense | 7,566 | 4,775 | 6,088 |
Income from other unconsolidated affiliates | -161 | -1,432 | -1,552 |
Closed mine obligations | 2,582 | 1,817 | 4,595 |
Other, net, including interest income | 277 | 456 | 483 |
Other (income) expense | 10,264 | 5,616 | 9,614 |
Income (loss) from continuing operations before income tax (benefit) provision | -76,573 | 55,720 | 58,028 |
Income tax provision (benefit) | -38,455 | 11,270 | 15,865 |
Income (loss) from continuing operations, net of tax | -38,118 | 44,450 | 42,163 |
Income from discontinued operations, net of tax expense of $7,599 in 2012 | 0 | 0 | 66,535 |
Net income (loss) | ($38,118) | $44,450 | $108,698 |
Basic earnings (loss) per share: | |||
Continuing operations | ($5.02) | $5.48 | $5.04 |
Discontinued operations | $0 | $0 | $7.93 |
Basic earnings (loss) per share | ($5.02) | $5.48 | $12.97 |
Diluted earnings (loss) per share: | |||
Continuing operations (in dollars per share) | ($5.02) | $5.47 | $5.02 |
Discontinued operations (in dollars per share) | $0 | $0 | $7.90 |
Diluted earnings (loss) per share (in dollars per share) | ($5.02) | $5.47 | $12.92 |
Basic weighted average shares outstanding | 7,590 | 8,105 | 8,384 |
Diluted weighted average shares outstanding | 7,590 | 8,124 | 8,414 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | |||
Tax effect of discontinued operations | $0 | $0 | $7,599,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | ($38,118) | $44,450 | $108,698 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | -1,896 | -229 | 145 |
Deferred gain on available for sale securities | 442 | 729 | 265 |
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012 | -1,518 | 810 | 7,658 |
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012 | 898 | 152 | -2,757 |
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012 | -6,483 | 8,022 | -1,716 |
Curtailment gain into earnings, net of $718 tax expense in 2013 | 0 | -983 | 0 |
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012 | 627 | 1,101 | 5,885 |
Total other comprehensive income (loss) | -7,930 | 9,602 | 9,480 |
Comprehensive income (loss) | ($46,048) | $54,052 | $118,178 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Derivatives qualifying as hedges tax expense (benefit) | ($838) | $477 | $2,471 |
Reclassification adjustment from AOCI on derivatives tax expense (benefit) | -489 | -95 | 2,630 |
Pension and other postretirement benefit plans tax expense (benefit) | -3,292 | 5,531 | -1,553 |
Finalization of pension and non pension postretirement plan valuation tax expense | 0 | 718 | 0 |
Amortization adjustment from AOCI pension and other post retirement plans, tax expense (benefit) | ($313) | ($740) | ($2,056) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $61,135 | $95,390 |
Accounts receivable, net of allowances of $17,327 in 2014 and $13,705 in 2013 | 123,466 | 120,789 |
Accounts receivable from affiliates | 57,421 | 32,636 |
Inventories, net | 190,382 | 184,445 |
Deferred income taxes | 18,566 | 14,452 |
Prepaid expenses and other | 14,743 | 13,578 |
Total current assets | 465,713 | 461,290 |
Property, plant and equipment, net | 159,644 | 219,256 |
Goodwill | 6,253 | 0 |
Other intangibles, net | 60,821 | 59,685 |
Deferred income taxes | 15,806 | 595 |
Other non-current assets | 62,283 | 69,130 |
Total assets | 770,520 | 809,956 |
Current liabilities | ||
Accounts payable | 133,668 | 133,016 |
Revolving credit agreements of subsidiaries — not guaranteed by the parent company | 55,000 | 23,460 |
Current maturities of long-term debt of subsidiaries — not guaranteed by the parent company | 1,467 | 7,859 |
Accrued income taxes | 4,015 | 8,877 |
Accrued payroll | 23,567 | 29,030 |
Other current liabilities | 36,964 | 35,877 |
Total current liabilities | 254,681 | 238,119 |
Long-term debt of subsidiaries — not guaranteed by the parent company | 191,431 | 152,431 |
Mine closing reserves | 37,399 | 29,764 |
Pension and other postretirement obligations | 10,616 | 7,648 |
Deferred income taxes | 0 | 24,786 |
Other long-term liabilities | 64,919 | 59,428 |
Total liabilities | 559,046 | 512,176 |
Common stock: | ||
Capital in excess of par value | 0 | 0 |
Retained earnings | 224,428 | 302,168 |
Accumulated other comprehensive income (loss) | -20,189 | -12,259 |
Total stockholders’ equity | 211,474 | 297,780 |
Total liabilities and equity | 770,520 | 809,956 |
Shares Outstanding Class A | ||
Common stock: | ||
Common stock | 5,662 | 6,290 |
Shares Outstanding Class B | ||
Common stock: | ||
Common stock | $1,573 | $1,581 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowances of $17,327 in 2014 and $13,705 in 2013 | $17,327 | $13,705 |
Shares Outstanding Class A | ||
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 5,662,214 | 6,290,414 |
Shares Outstanding Class B | ||
Common stock, par value | $1 | $1 |
Common stock, shares outstanding | 1,573,292 | 1,581,106 |
Common stock, convertible conversion ratio | 1 | 1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income (loss) | ($38,118) | $44,450 | $108,698 |
Income from discontinued operations | 0 | 0 | 66,535 |
Income (loss) from continuing operations | -38,118 | 44,450 | 42,163 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 28,070 | 24,572 | 17,992 |
Amortization of deferred financing fees | 229 | 614 | 1,118 |
Deferred income taxes | -41,347 | -7,646 | 14,646 |
Reed Minerals long-lived asset impairment charge | 105,119 | 0 | 0 |
Reed Minerals goodwill impairment charge | 0 | 3,973 | 0 |
Gain on sale of assets | -7,339 | -588 | -6,811 |
Other | 14,667 | -14,572 | 13,117 |
Working capital changes, excluding the effect of business acquisitions: | |||
Accounts receivable | -22,506 | -2,779 | -19,154 |
Inventories | -879 | -14,871 | -2,776 |
Other current assets | 201 | -802 | -1,077 |
Accounts payable | -2,963 | 4,851 | 23,870 |
Other current liabilities | -15,335 | 15,863 | -8,753 |
Net cash provided by operating activities of continuing operations | 19,799 | 53,065 | 74,335 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 68,679 |
Investing Activities | |||
Expenditures for property, plant and equipment | -57,500 | -57,449 | -44,682 |
Acquisition of business | -25,000 | 0 | -69,287 |
Proceeds from the sale of assets | 8,134 | 2,504 | 35,974 |
Proceeds from note receivable | 0 | 0 | 14,434 |
Cash payment for cost method investment | 0 | -5,000 | 0 |
Other | -568 | -789 | -207 |
Net cash used for investing activities of continuing operations | -74,934 | -60,734 | -63,768 |
Net cash used for investing activities of discontinued operations | 0 | 0 | -10,469 |
Financing Activities | |||
Reductions of long-term debt | -9,399 | -15,803 | -62,446 |
Net additions to revolving credit agreements | 73,546 | 19,654 | 82,655 |
Cash dividends paid | -7,755 | -8,104 | -45,130 |
Cash dividends received from Hyster-Yale | 0 | 0 | 5,000 |
Purchase of treasury shares | -35,075 | -31,306 | -3,178 |
Financing fees paid | -333 | -1,209 | -1,433 |
Other | -5 | -8 | 12 |
Net cash provided by (used for) financing activities of continuing operations | 20,979 | -36,776 | -24,520 |
Net cash used for financing activities of discontinued operations | 0 | 0 | -98,913 |
Effect of exchange rate changes on cash of continuing operations | -99 | -20 | 24 |
Effect of exchange rate changes on cash of discontinued operations | 0 | 0 | 838 |
Decrease for the year | -34,255 | -44,465 | -53,794 |
Net increase related to discontinued operations | 0 | 0 | 39,865 |
Balance at the beginning of the year | 95,390 | 139,855 | 153,784 |
Balance at the end of the year | $61,135 | $95,390 | $139,855 |
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 | Shares Outstanding Class A | Shares Outstanding Class B | |||||||||
Balance, beginning 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 |
Stockholders’ equity | |||||||||||
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 | 0 | 14 | -14 | |||||||
Net income (loss) | 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 | ||||
Current period other comprehensive income (loss) | 6,352 | 6,352 | 145 | 265 | 7,658 | -1,716 | 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 |
Stockholders’ equity | |||||||||||
Stock-based compensation | 1,807 | 1,807 | 83 | 1,724 | |||||||
Purchase of treasury shares | -31,306 | -31,306 | -565 | -26,336 | -4,405 | ||||||
Conversion of Class B to Class A shares | 0 | 0 | 1 | -1 | |||||||
Net income (loss) | 44,450 | 44,450 | 44,450 | ||||||||
Cash dividends | -8,104 | -8,104 | -8,104 | ||||||||
Current period other comprehensive income (loss) | 9,332 | 9,332 | 0 | -229 | 729 | 810 | 8,022 | 0 | |||
Current period curtailment gain | -983 | -983 | 0 | 0 | 0 | -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 | 0 | 302,168 | -803 | 1,021 | 676 | -13,153 | 0 |
Stockholders’ equity | |||||||||||
Stock-based compensation | 2,572 | 2,572 | 28 | 2,544 | |||||||
Purchase of treasury shares | -35,075 | -35,075 | -664 | -2,544 | -31,867 | ||||||
Conversion of Class B to Class A shares | 0 | 0 | 8 | -8 | |||||||
Net income (loss) | -38,118 | -38,118 | -38,118 | ||||||||
Cash dividends | -7,755 | -7,755 | -7,755 | ||||||||
Current period other comprehensive income (loss) | -9,455 | -9,455 | -1,896 | 442 | -1,518 | -6,483 | |||||
Reclassification adjustment to net income | 1,525 | 1,525 | 898 | 627 | |||||||
Balance, end of period at Dec. 31, 2014 | $211,474 | $211,474 | $5,662 | $1,573 | $0 | $224,428 | ($2,699) | $1,463 | $56 | ($19,009) | $0 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends on Class A and Class B common stock | $1.02 | $1 | $5.38 |
Principles_of_Consolidation_an
Principles of Consolidation and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
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 and specialty housewares appliances as well as commercial products for restaurants, bars and hotels. The Kitchen Collection, LLC (“KC”) is a national specialty retailer of kitchenware 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 the following 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") | |
The unconsolidated subsidiaries, with the exception of NoDak (collectively the "Unconsolidated Mines"), were formed to develop, construct and operate surface coal mines under long-term contracts and are capitalized primarily with debt financing provided by or supported by their respective customers, and without recourse to NACCO and NACoal. Coteau, Falkirk, Sabine, Liberty and Coyote supply lignite coal for power generation. Demery and Caddo Creek supply lignite coal for the production of activated carbon. Camino Real supplies sub-bituminous coal for power generation. NoDak operates and maintains a coal processing facility. | |
Coteau, Falkirk and Sabine were developed between 1974 and 1981. Demery commenced delivering coal to its customer in 2012 and full production levels are expected to be reached in 2016. Liberty commenced production in 2013 but did not deliver any coal in 2014. Production levels are expected to increase gradually beginning in 2015 to full production of approximately 4.3 million tons of coal annually beginning in 2020. Construction of the Kemper County Energy Facility adjacent to Liberty is still ongoing, which may affect the pace of the increase in deliveries. Caddo Creek commenced delivering coal in late 2014. Camino Real expects initial deliveries in the second half of 2015, and expects to mine approximately 2.5 million to 3.0 million tons of coal annually when at full production. Coyote Creek received its mining permit in October 2014 and is developing a mine in Mercer County, North Dakota, from which it expects to deliver approximately 2.5 million tons of coal annually beginning in mid-2016. | |
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, excluding NoDak, 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, 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 Statements of Operations, with the related income taxes included in the provision for income taxes. The Unconsolidated Mines are accounted for under the equity method. See Note 20 for further discussion. | |
North American Coal Corporation India Private Limited ("NACC India") was formed to provide technical business advisory services to the third-party owner of a coal mine in India. During 2014, NACC India's customer defaulted on its contractual payment obligations and as a result of this default, NACC India has terminated its contract with the customer and is pursuing contractual remedies. As a result of this default, NACoal recognized a $1.1 million after-tax charge to establish an allowance against the receivable from NACC India's customer. Prior to contract termination, NACC India met the definition of a variable interest entity of which NACoal was not the primary beneficiary and was accounted for using the equity method with net income or loss reported on the line "(Income) loss from other unconsolidated affiliates" in the "Other expense (income)" section of the Consolidated Statements of Operations. Subsequent to contract termination, NACC India is no longer a variable interest entity and its financial position and results of operations are consolidated by NACoal as of the contract termination date. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
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 initially 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 is 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. | |
Coal Supply Agreement: The coal supply agreement represents a long-term supply agreement with NACoal's customer and was recorded based on the fair value at the date of acquisition. The coal supply agreement is amortized based on units of production over the term of the agreement, which is estimated to be 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 $20.4 million, $20.1 million and $16.5 million in 2014, 2013 and 2012, 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, 2014 or 2013. | |
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 $9.6 million, $8.1 million and $7.5 million in 2014, 2013 and 2012, 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 32,591 and 16,123 shares related to the years ended December 31, 2014 and 2013, respectively. After the issuance of these shares, there were 201,168 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $1.8 million ($1.2 million net of tax), $0.9 million ($0.6 million net of tax) and $4.4 million ($2.8 million net of tax) for the years ended December 31, 2014, 2013 and 2012, 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, 2014, 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. 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 10,446, 9,472 and 8,944 shares related to the years ended December 31, 2014, 2013 and 2012, 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 1,335 in 2014, 1,300 in 2013, and 1,991 in 2012. After the issuance of these shares, there were 61,261 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), $0.6 million ($0.4 million net of tax) and $0.8 million ($0.5 million net of tax) for the years ended December 31, 2014, 2013 and 2012, 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 2014: In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The Company adopted this guidance during the first quarter of 2014. The adoption did not have an effect on the Company’s financial position, results of operations, cash flows or related disclosures. | |
Accounting Standards Not Yet Adopted: In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of implementing this guidance on the Company's financial position, results of operations, cash flows and related disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Preparation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, the amendments (1) provide a definition of the term “substantial doubt,” (2) require an evaluation every reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that financial statements are issued. ASU 2014-15 is effective for fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company does not expect the adoption of this guidance to have an effect on the Company's financial position, results of operations, cash flows or related disclosures. |
Other_Transactions
Other Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Other Events and Transactions [Abstract] | |
Other Transactions | Other Transactions |
NACoal: During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash, asset impairment charge of $105.1 million on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. | |
During 2014, NACoal recognized a gain of $3.5 million from the sale of assets to Mississippi Power Company. These assets were previously classified as held for sale. Also during 2014, NACoal recognized an unrelated gain of $2.2 million from the sale of land. | |
During 2013, NACoal acquired the equipment of National Coal of Alabama, Inc. ("NCOA") in exchange for the assumption of outstanding debt. The outstanding debt was repaid concurrently with the acquisition of the equipment utilizing borrowings under NACoal's existing unsecured revolving line of credit. During 2014, NACoal acquired coal reserves and prepaid royalties and assumed certain reclamation obligations of NCOA. See Note 21 for further discussion of the NCOA acquisition. | |
During 2013, NACoal recorded a cash outflow for investing activities for $5.0 million for a cost method investment, which is included in "Other non-current assets" on the Consolidated Balance Sheet at December 31, 2014 and 2013. | |
On August 31, 2012, NACoal acquired Reed Minerals, which is based in Jasper, Alabama and is involved in the mining of steam and metallurgical coal. The results of Reed Minerals operations have been included in the Company's consolidated financial statements since the date of 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 $53.2 million and $27.9 million as of December 31, 2014 and December 31, 2013, respectively, due from Coyote Creek, an unconsolidated mine, primarily for the purchase of a dragline from NACoal. | |
HBB: During 2014, HBB completed the acquisition of Weston Products, LLC, which HBB refers to as Weston Brands, in exchange for cash consideration of $25.4 million, of which $25.0 million was paid at closing. The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. The net working capital and EBITDA adjustment is estimated to be $0.4 million and will be paid in 2015. As a result of the 2014 Weston Brands acquisition, HBB now markets a range of game and garden food processing equipment including, but not limited to, meat grinders, bag sealers, dehydrators and meat slicers under the Weston® brand as well as several private label brands. The results of Weston Brands operations have been included in the Company's Consolidated Financial Statements since December 16, 2014. See Note 21 for further discussion of the Weston acquisition. | |
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 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, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories are summarized as follows: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Coal - NACoal | $ | 29,576 | $ | 24,710 | ||||
Mining supplies - NACoal | 19,774 | 17,406 | ||||||
Total inventories at weighted average cost | 49,350 | 42,116 | ||||||
Sourced inventories - HBB | 104,746 | 90,713 | ||||||
Retail inventories - KC | 36,286 | 51,616 | ||||||
Total inventories at FIFO | 141,032 | 142,329 | ||||||
$ | 190,382 | $ | 184,445 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 | ||||||||
2014 | 2013 | |||||||
Coal lands and real estate: | ||||||||
NACoal | $ | 54,228 | $ | 83,736 | ||||
HBB | 226 | 226 | ||||||
NACCO and Other | 469 | — | ||||||
54,923 | 83,962 | |||||||
Plant and equipment: | ||||||||
NACoal | 146,994 | 180,418 | ||||||
HBB | 49,579 | 45,141 | ||||||
KC | 26,152 | 28,615 | ||||||
NACCO and Other | 4,655 | 4,552 | ||||||
227,380 | 258,726 | |||||||
Property, plant and equipment, at cost | 282,303 | 342,688 | ||||||
Less allowances for depreciation, depletion and amortization | 122,659 | 123,432 | ||||||
$ | 159,644 | $ | 219,256 | |||||
Total depreciation, depletion and amortization expense on property, plant and equipment was $24.8 million, $20.9 million and $15.2 million during 2014, 2013, and 2012, respectively. | ||||||||
NACoal's long-lived asset evaluation during 2014 resulted in the Company recording a non-cash, impairment charge with respect to its Reed Minerals mining operations asset group of $105.1 million recorded on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations, of which $99.4 million was for Reed Minerals' Property, Plant and Equipment. The fair value of the asset group was calculated using the combination of a market and income approach and reduced the carrying value of coal land and real estate to $7.2 million and other property, plant and equipment to $37.1 million. See Note 10 for further discussion of this nonrecurring fair value measurement. | ||||||||
KC's long-lived asset evaluations during 2014, 2013 and 2012 resulted in the Company recording an impairment charge of $0.9 million, $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. | ||||||||
Proven and probable coal reserves, excluding the Unconsolidated Mines, approximated 1.0 billion tons (unaudited) at December 31, 2014 and 1.2 billion tons (unaudited) at December 31, 2013. 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, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Intangible Assets | Intangible Assets | |||||||||||
During 2014, HBB acquired Weston Brands for a preliminary purchase price of $25.4 million. Of the preliminary purchase price, $10.1 million was allocated to identifiable intangible assets, including customer relationships of $5.8 million, trademarks of $3.1 million and other intangibles of $1.2 million. Preliminary goodwill is $6.3 million. See Note 21 for further discussion of the Weston Brands acquisition. | ||||||||||||
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, 2014 | ||||||||||||
NACoal: | ||||||||||||
Coal supply agreements | $ | 84,200 | $ | (33,421 | ) | $ | 50,779 | |||||
Other intangibles | — | — | — | |||||||||
$ | 84,200 | $ | (33,421 | ) | $ | 50,779 | ||||||
HBB: | ||||||||||||
Customer relationships | $ | 5,760 | $ | (40 | ) | $ | 5,720 | |||||
Trademarks | 3,100 | (8 | ) | 3,092 | ||||||||
Other intangibles | 1,240 | (10 | ) | 1,230 | ||||||||
$ | 10,100 | $ | (58 | ) | $ | 10,042 | ||||||
Balance at December 31, 2013 | ||||||||||||
NACoal: | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (32,492 | ) | $ | 58,988 | |||||
Other intangibles | 950 | (253 | ) | 697 | ||||||||
$ | 92,430 | $ | (32,745 | ) | $ | 59,685 | ||||||
Amortization expense for intangible assets was $3.3 million, $3.7 million and $2.8 million in 2014, 2013 and 2012, respectively. | ||||||||||||
NACoal's long-lived asset evaluation during 2014 resulted in the Company recording a non-cash, impairment charge with respect to its Reed Minerals mining operations asset group of $105.1 million recorded on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations, of which $5.7 million was for intangible assets. The fair value of the intangible assets was calculated using an income approach and reduced the carrying value of the Reed Minerals' intangible assets to zero. See Note 10 for further discussion of this nonrecurring fair value measurement. | ||||||||||||
Expected annual amortization expense of NACoal's coal supply agreement for the next five years is as follows: $2.7 million in 2015 and 2016, $2.8 million in 2017, 2018 and 2019, respectively. The coal supply agreement is amortized based on units of production over the term of the agreement, which is estimated to be 30 years. | ||||||||||||
Expected annual amortization expense of HBB's intangible assets for the next five years is $1.4 million in 2015, 2016, 2017, 2018 and 2019. The weighted average amortization period for HBB's intangible assets is approximately 9 years. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 the amounts 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 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 funded the Mine Water Treatment Trust with $5.0 million. The fair value of the Mine Water Treatment assets are $7.2 million at December 31, 2014 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, 2013 | $ | 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 | ||||||
Liabilities acquired during the period | 7,297 | — | 7,297 | |||||||||
Liabilities settled during the period | (381 | ) | (1,128 | ) | (1,509 | ) | ||||||
Accretion expense | 379 | 1,183 | 1,562 | |||||||||
Revision of estimated cash flows | 1,448 | 606 | 2,054 | |||||||||
Balance at December 31, 2014 | $ | 24,232 | $ | 17,587 | $ | 41,819 | ||||||
The revision of estimated cash flows for the year ended December 31, 2014 is due to reclamation of Reed mines. |
Current_and_LongTerm_Financing
Current and Long-Term Financing | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 | ||||||||
2014 | 2013 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements: | ||||||||
NACoal | $ | 180,000 | $ | 140,000 | ||||
HBB | 52,845 | 18,447 | ||||||
KC | — | 1,460 | ||||||
$ | 232,845 | $ | 159,907 | |||||
Capital lease obligations and other term loans — NACoal | $ | 14,445 | $ | 17,414 | ||||
Private Placement Notes — NACoal | — | 6,429 | ||||||
Other debt — HBB | 608 | — | ||||||
Total debt outstanding | $ | 247,898 | $ | 183,750 | ||||
Current portion of borrowings outstanding: | ||||||||
NACoal | $ | 56,467 | $ | 29,859 | ||||
KC | — | 1,460 | ||||||
$ | 56,467 | $ | 31,319 | |||||
Long-term portion of borrowings outstanding: | ||||||||
NACoal | $ | 137,978 | $ | 133,984 | ||||
HBB | 53,453 | 18,447 | ||||||
$ | 191,431 | $ | 152,431 | |||||
Total available borrowings, net of limitations, under revolving credit agreements: | ||||||||
NACoal | $ | 223,995 | $ | 223,936 | ||||
HBB | 112,105 | 111,584 | ||||||
KC | 22,596 | 27,000 | ||||||
$ | 358,696 | $ | 362,520 | |||||
Unused revolving credit agreements: | ||||||||
NACoal | $ | 43,995 | $ | 83,936 | ||||
HBB | 59,260 | 93,137 | ||||||
KC | 22,596 | 25,540 | ||||||
$ | 125,851 | $ | 202,613 | |||||
Weighted average stated interest rate on total borrowings: | ||||||||
NACoal | 2.5 | % | 2.3 | % | ||||
HBB | 2 | % | 3.2 | % | ||||
KC | N/A | 4.3 | % | |||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | ||||||||
NACoal | 3.1 | % | 3 | % | ||||
HBB | 2.5 | % | 3.2 | % | ||||
KC | N/A | N/A | ||||||
Annual maturities of total debt, excluding capital leases, are as follows: | ||||||||
2015 | $ | 55,000 | ||||||
2016 | 608 | |||||||
2017 | — | |||||||
2018 | 125,000 | |||||||
2019 | 55,652 | |||||||
Thereafter | — | |||||||
$ | 236,260 | |||||||
Interest paid on total debt was $7.4 million, $5.3 million and $5.5 million during 2014, 2013 and 2012, respectively. Interest capitalized was $0.3 million and $0.5 million in 2014 and 2013 and respectively. | ||||||||
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 $180.0 million at December 31, 2014. At December 31, 2014, the excess availability under the NACoal Facility was $44.0 million, which reflects a reduction for outstanding letters of credit of $1.0 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, 2014, for base rate and LIBOR loans were 1.25% and 2.25%, respectively. The NACoal Facility has a commitment fee which is based upon achieving various levels of debt to EBITDA ratios. The commitment fee was 0.40% on the unused commitment at December 31, 2014. The weighted average interest rate applicable to the NACoal Facility at December 31, 2014 was 2.53% including the floating rate margin and excluding the effect of the interest rate swap agreements. | ||||||||
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, 2014, NACoal was in compliance with all financial covenants in the NACoal Facility. | ||||||||
NACoal has a demand note payable to Coteau, one of the unconsolidated subsidiaries, 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, 2014, the balance of the note was $2.8 million and the interest rate was 0.38%. | ||||||||
NACoal incurred fees and expenses of $1.2 million in the year ended December 31, 2013 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 2014 and 2012. | ||||||||
HBB: HBB has a $115.0 million senior secured floating-rate revolving credit facility (the “HBB Facility”) that expires in July 2019. 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 $269.7 million as of December 31, 2014. At December 31, 2014, the borrowing base under the HBB Facility was $112.1 million and borrowings outstanding were $52.8 million. At December 31, 2014, the excess availability under the HBB Facility was $59.3 million. | ||||||||
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 or LIBOR, as defined in the HBB Facility, plus an applicable margin. The applicable margins, effective December 31, 2014, 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, 2014, 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 0.25% per annum on the unused commitment. The margins under the HBB Facility are subject to quarterly adjustment based on average excess availability. The weighted average interest rate applicable to the HBB Facility at December 31, 2014 was 2.50% including the floating rate margin and the effect of the interest rate swap agreement. | ||||||||
The HBB Facility includes restrictive covenants, which, among other things, limit the payment of dividends to NACCO, subject to achieving availability thresholds. Dividends are discretionary to the extent that for the thirty days prior to the dividend payment date, and after giving effect to the dividend payment, HBB maintains Excess Availability 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, 2014, HBB was in compliance with all financial covenants in the HBB Facility. | ||||||||
HBB incurred fees and expenses of $0.2 million and $1.2 million in the years ended December 31, 2014 and December 31, 2012, respectively, 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. | ||||||||
KC: KC has a $30.0 million secured revolving line of credit that expires in September 2019 (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 $50.4 million as of December 31, 2014. At December 31, 2014, the borrowing base and excess availability under the KC Facility were $22.6 million. KC had no borrowings outstanding under the KC Facility as of December 31, 2014. | ||||||||
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, 2014. The KC Facility also requires a fee of 0.32% per annum on the unused commitment. | ||||||||
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, 2014, KC was in compliance with all financial covenants in the KC Facility. | ||||||||
KC incurred fees and expenses of $0.1 million and $0.2 million in the years ended December 31, 2014 and December 31, 2012, respectively, 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. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 $7.2 million and $5.0 million at December 31, 2014 and December 31, 2013, respectively, denominated primarily in Canadian dollars. The fair value of these contracts approximated a net receivable of $0.3 million and $0.1 million at December 31, 2014 and 2013, 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, 2014, $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 hedged 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 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||
HBB | $ | 20 | $ | 20 | 1.4 | % | 1.4 | % | extending to January 2020 | ||||||||||||||||||||||||||||||||
The fair value of HBB's interest rate swap agreements was a net receivable of $0.2 million and $0.8 million at December 31, 2014 and 2013, 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, 2014, 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 cash flow payments are made in accordance with the interest rate swap agreements. The interest rate swap agreements held by HBB on December 31, 2014 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 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||
NACoal | $ | 100 | $ | 100 | 1.4 | % | 1.4 | % | extending to May 2018 | ||||||||||||||||||||||||||||||||
The fair value of NACoal's interest rate swap agreement was a net payable of $0.4 million at December 31, 2014. 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, 2014, $0.8 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, 2014 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 | 2014 | 2013 | Balance sheet location | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | 39 | $ | 128 | Other current liabilities | $ | 121 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 142 | 809 | Other long-term liabilities | 291 | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 292 | 83 | Other current liabilities | — | — | |||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | — | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 473 | $ | 1,020 | $ | 412 | $ | — | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | — | $ | — | Prepaid expenses and other | $ | — | $ | 14 | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | — | $ | 14 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 473 | $ | 1,020 | $ | 412 | $ | 14 | |||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | (2,664 | ) | $ | 933 | $ | (138 | ) | Interest expense | $ | (1,495 | ) | $ | (460 | ) | $ | (1,207 | ) | N/A | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign currency exchange contracts | 308 | 354 | (282 | ) | Cost of sales | 108 | 213 | 87 | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (2,356 | ) | $ | 1,287 | $ | (420 | ) | $ | (1,387 | ) | $ | (247 | ) | $ | (1,120 | ) | $ | — | $ | — | $ | — | ||||||||||||||||||
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 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales or Other | $ | 25 | $ | (14 | ) | $ | (162 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 25 | $ | (14 | ) | $ | (162 | ) | |||||||||||||||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 7,220 | $ | 7,220 | $ | — | $ | — | |||||||||
Interest rate swap agreements | 181 | — | 181 | — | |||||||||||||
Foreign currency exchange contracts | 292 | — | 292 | — | |||||||||||||
$ | 7,693 | $ | 7,220 | $ | 473 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap agreements | $ | 412 | $ | — | $ | 412 | $ | — | |||||||||
$ | 412 | $ | — | $ | 412 | $ | — | ||||||||||
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-13 | (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 | ||||||||||
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, 2014. | |||||||||||||||||
The following table summarizes changes in Level 3 liabilities measured at fair value on a recurring basis: | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
Balance at | December 31, 2013 | $ | 1,581 | ||||||||||||||
Change in estimate | (1,614 | ) | |||||||||||||||
Accretion expense | 33 | ||||||||||||||||
Balance at | December 31, 2014 | $ | — | ||||||||||||||
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. During 2014, the estimate of the contingent consideration liability decreased by $1.6 million and is recorded as a reduction of Selling, general and administrative expenses in the Consolidated Statements of Operations. 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 $1.6 million liability for contingent consideration at December 31, 2013 was included in other long-term liabilities in the Consolidated Balance Sheet. Earn-out payments, if payable, are paid quarterly. No earn-out payments were paid during the year ended December 31, 2014. At December 31, 2014, the estimated fair value of the earn-out liability is zero. | |||||||||||||||||
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 determined that indicators of potential impairment were present during the fourth quarter of 2014 with respect to its Reed Minerals mining operations asset group. The 2015 operating plan and long-range outlook were updated to reflect new information about compliance with the U.S. Environmental Protection Agency’s new Mercury and Air Toxics Standards ("MATS"), continued weakness in the Alabama coal markets, decreased demand and market prices associated with the metallurgical coal market and the lack of any reliable indicators of a recovery in coal demand or price. Reed Minerals obtained new information from its largest thermal coal customer on more stringent coal quality requirements its customer planned to adopt to comply with MATS, beginning in the fourth quarter of 2015 instead of 2016, when MATS compliance becomes mandatory. In contemplation of satisfying the more stringent MATS coal quality requirements, Reed Minerals’ coal processing costs are expected to increase, beginning in 2015, beyond what was previously assumed in the Reed Minerals' 2015 operating plan and long-range outlook, without any increase in selling price. | |||||||||||||||||
After considering these factors, the Company assessed the recoverability of Reed Minerals assets and determined that the assets were not fully recoverable when compared to the remaining future undiscounted cash flows from these assets. As a result, the Company estimated the fair value of the asset group and the long-lived assets were written down to their estimated fair value which resulted in a non-cash asset impairment charge of $105.1 million. The asset impairment charge was recorded as Reed Minerals long-lived asset impairment charge in the Consolidated Statement of Operations for the year ended December 31, 2014 and relates exclusively to the NACoal segment. The fair value of the asset group was calculated using the combination of a market and income approach and reduced the carrying value of coal land and real estate to $7.2 million, other property, plant and equipment to $37.1 million and intangible assets to zero. | |||||||||||||||||
The fair value estimate for the coal land and real estate and other property, plant and equipment was calculated using market data for similar assets, which are classified as Level 2 inputs. The fair value of the coal supply agreement and non-compete intangible assets were estimated to be zero given current market conditions. Key inputs in this model are based on significant unobservable inputs and include the forecast of tons sold and coal pricing and are classified as Level 3 inputs. | |||||||||||||||||
The Company assessed the goodwill of the Reed Minerals reporting unit as of October 1, 2013. 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 unit's 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 assumptions regarding future metallurgical coal price trends and 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. | |||||||||||||||||
In 2014, 2013 and 2012, KC considered its operating loss to be an indicator of impairment. For KC’s asset impairment analysis, the primary input is projected future store level 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 year-end review of long-lived store-related assets, the Company recorded impairment charges of $0.9 million, $1.1 million and $0.7 million in 2014, 2013 and 2012, respectively, included in depreciation expense within Selling, general and administrative expenses in the Consolidated Statements of Operations. 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 2014 were largely the result of decreased expected future operating results. | |||||||||||||||||
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, 2014, both the fair value and the book value of revolving credit agreements and long-term debt, excluding capital leases, was $236.3 million. 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. | |||||||||||||||||
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, 2014 and 2013, receivables from HBB's five largest customers represented 53.3% and 53.5%, 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, 2014 | ||||||||
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, 2014 are: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 1,732 | $ | 34,316 | ||||
2016 | 1,732 | 27,196 | ||||||
2017 | 1,732 | 19,635 | ||||||
2018 | 2,022 | 15,630 | ||||||
2019 | 1,521 | 11,595 | ||||||
Subsequent to 2019 | 3,997 | 25,193 | ||||||
Total minimum lease payments | 12,736 | $ | 133,565 | |||||
Amounts representing interest | 1,098 | |||||||
Present value of net minimum lease payments | 11,638 | |||||||
Current maturities | 1,467 | |||||||
Long-term capital lease obligation | $ | 10,171 | ||||||
Rental expense for all operating leases was $39.8 million, $45.0 million and $42.9 million in 2014, 2013 and 2012, respectively. The Company also recognized $0.7 million, $0.6 million and $0.6 million in 2014, 2013 and 2012, respectively, for rental income on subleases of equipment and buildings under operating leases in which it was the lessee. | ||||||||
KC accrued $1.2 million in early lease termination penalties within Selling, general, and administrative expenses for the year ended December 2014. These penalties arose as a result of early exit provisions in certain operating lease contracts permitting the company to exit these sites in the first half of 2015 rather than upon lease expiration in outlying years. | ||||||||
Assets recorded under capital leases are included in property, plant and equipment and consist of the following: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Plant and equipment | $ | 4,807 | $ | 14,509 | ||||
Less accumulated depreciation | 1,927 | 1,650 | ||||||
$ | 2,880 | $ | 12,859 | |||||
Depreciation of plant and equipment under capital leases is included in depreciation expense in each of the years ended December 31, 2014, 2013 and 2012. | ||||||||
Capital lease obligations of $2.2 million and $9.3 million were incurred in connection with lease agreements to acquire plant and equipment during 2013 and 2012, respectively. No capital lease obligations were incurred in 2014. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 and December 31, 2013, HBB had accrued undiscounted obligations of $9.7 million and $6.9 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 $3.9 million related to the environmental investigation and remediation at these sites. | |
The increase in the liability from December 31, 2013 is primarily due to an additional $3.3 million charge for environmental investigation and remediation activities at HBB's Picton, Ontario facility as a result of an environmental study performed in 2014. During 2013, HBB recorded a $2.3 million charge to establish the liability for environmental investigation and remediation activities at the Picton, Ontario facility. | |
Also during 2014 and 2013, HBB recorded an $0.8 million and $1.6 million reduction, respectively, in Selling, general and administrative expenses as a result of a third party's commitment to share in anticipated remediation costs at HBB's Southern Pines and Mt. Airy locations. The undiscounted receivable is recorded in "Other non-current assets" on the Consolidated Balance Sheets. |
Product_Warranties
Product Warranties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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: | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 5,343 | $ | 4,269 | ||||
Warranties issued | 8,640 | 8,855 | ||||||
Settlements made | (8,127 | ) | (7,781 | ) | ||||
Balance at December 31 | $ | 5,856 | $ | 5,343 | ||||
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2014 was 25,000,000 shares and 6,756,176 shares, respectively. Treasury shares of Class A common stock totaling 2,548,336 and 1,912,322 at December 31, 2014 and 2013, respectively, have been deducted from shares outstanding. | ||||||||||||
Stock Repurchase Programs: 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, 2014, the Company repurchased 680,013 shares of Class A Common Stock for an aggregate purchase price of $36.0 million under the 2013 Stock Repurchase Program (the "2013 Program"). During 2014, the Company repurchased $35.1 million under the 2013 Program. During 2014, the average purchase price per share and number of shares repurchased under 2013 Program were $52.83 per share and 663,918 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, 2014, 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, 2014 and no options remain outstanding at the end of any of the years ended December 31, 2014, 2013 or 2012. 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 | 2014 | 2013 | Location of loss (gain) reclassified from AOCI into income | |||||||||
(In thousands) | ||||||||||||
Loss (gain) on cash flow hedging | ||||||||||||
Foreign exchange contracts | $ | (108 | ) | $ | (213 | ) | Cost of sales | |||||
Interest rate contracts | 1,495 | 460 | Interest expense | |||||||||
1,387 | 247 | Total before income tax expense | ||||||||||
(489 | ) | (95 | ) | Income tax expense (benefit) | ||||||||
$ | 898 | $ | 152 | Net of tax | ||||||||
Pension and postretirement plan | ||||||||||||
Actuarial loss | $ | 1,015 | $ | 1,995 | (a) | |||||||
Prior-service credit | (75 | ) | (154 | ) | (a) | |||||||
940 | 1,841 | Total before income tax expense | ||||||||||
(313 | ) | (740 | ) | Income tax expense (benefit) | ||||||||
$ | 627 | $ | 1,101 | Net of tax | ||||||||
Total reclassifications for the period | $ | 1,525 | $ | 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic weighted average shares outstanding | 7,590 | 8,105 | 8,384 | |||||||||
Dilutive effect of restricted stock awards | N/A | 19 | 30 | |||||||||
Diluted weighted average shares outstanding | 7,590 | 8,124 | 8,414 | |||||||||
Continuing operations | $ | (5.02 | ) | $ | 5.48 | $ | 5.04 | |||||
Discontinued operations | — | — | 7.93 | |||||||||
Basic earnings (loss) per share | $ | (5.02 | ) | $ | 5.48 | $ | 12.97 | |||||
Continuing operations | $ | (5.02 | ) | $ | 5.47 | $ | 5.02 | |||||
Discontinued operations | — | — | 7.9 | |||||||||
Diluted earnings (loss) per share | $ | (5.02 | ) | $ | 5.47 | $ | 12.92 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of income (loss) from continuing operations before income tax provision (benefit) and the income tax provision (benefit) for the years ended December 31 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | ||||||||||||
Domestic | $ | (74,402 | ) | $ | 54,630 | $ | 53,167 | |||||
Foreign | (2,171 | ) | 1,090 | 4,861 | ||||||||
$ | (76,573 | ) | $ | 55,720 | $ | 58,028 | ||||||
Income tax provision (benefit) | ||||||||||||
Current income tax provision (benefit): | ||||||||||||
Federal | $ | 2,778 | $ | 15,392 | $ | (1,811 | ) | |||||
State | (472 | ) | 1,965 | 1,474 | ||||||||
Foreign | 586 | 1,559 | 1,556 | |||||||||
Total current | 2,892 | 18,916 | 1,219 | |||||||||
Deferred income tax provision (benefit): | ||||||||||||
Federal | (38,829 | ) | (5,490 | ) | 14,107 | |||||||
State | (1,817 | ) | (1,141 | ) | 668 | |||||||
Foreign | (701 | ) | (1,015 | ) | (129 | ) | ||||||
Total deferred | (41,347 | ) | (7,646 | ) | 14,646 | |||||||
$ | (38,455 | ) | $ | 11,270 | $ | 15,865 | ||||||
The Company made income tax payments of $10.2 million, $10.8 million and $20.3 million during 2014, 2013 and 2012, respectively. During the same periods, income tax refunds totaled $0.9 million, $1.2 million and $0.8 million, respectively. | ||||||||||||
A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | $ | (76,573 | ) | $ | 55,720 | $ | 58,028 | |||||
Statutory taxes (benefit) at 35.0% | $ | (26,801 | ) | $ | 19,502 | $ | 20,310 | |||||
State and local income taxes | (7,112 | ) | 136 | 1,568 | ||||||||
NACoal valuation allowance | 5,742 | (12 | ) | — | ||||||||
Non-deductible expenses | 632 | 1,081 | 1,112 | |||||||||
Percentage depletion | (8,572 | ) | (8,057 | ) | (4,963 | ) | ||||||
R&D and other federal credits | (1,397 | ) | (1,173 | ) | (132 | ) | ||||||
Other, net | 322 | 520 | (1,629 | ) | ||||||||
Tax settlements | (1,269 | ) | (727 | ) | (401 | ) | ||||||
Income tax provision | $ | (38,455 | ) | $ | 11,270 | $ | 15,865 | |||||
Effective income tax rate | 50.2 | % | 20.2 | % | 27.3 | % | ||||||
As of December 31, 2014, the cumulative unremitted earnings of the Company's foreign subsidiaries are approximately $8.0 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, 2014 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 | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Tax carryforwards | $ | 8,531 | $ | 5,029 | ||||||||
Inventories | 7,027 | 4,709 | ||||||||||
Accrued expenses and reserves | 28,842 | 26,019 | ||||||||||
Other employee benefits | 13,264 | 11,432 | ||||||||||
Asset impairment(1) | 39,757 | 841 | ||||||||||
Other | 9,199 | 6,534 | ||||||||||
Total deferred tax assets | 106,620 | 54,564 | ||||||||||
Less: Valuation allowance | 8,521 | 2,280 | ||||||||||
98,099 | 52,284 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and depletion | 43,111 | 39,906 | ||||||||||
Partnership investment - development costs | 19,535 | 20,215 | ||||||||||
Accrued pension benefits | 858 | 1,037 | ||||||||||
Unremitted foreign earnings | 223 | 168 | ||||||||||
Total deferred tax liabilities | 63,727 | 61,326 | ||||||||||
Net deferred asset (liability) | $ | 34,372 | $ | (9,042 | ) | |||||||
(1)During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash asset impairment charge of $105.1 million for the Reed Minerals' long-lived asset group. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. | ||||||||||||
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, 2014 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 772 | $ | 772 | 2020 - Indefinite | |||||||
State losses | 9,791 | 5,687 | 2015 - 2033 | |||||||||
Alternative minimum tax credit | 1,396 | — | Indefinite | |||||||||
Total | $ | 11,959 | $ | 6,459 | ||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 430 | $ | 351 | 2020 - Indefinite | |||||||
State losses | 6,967 | 2,845 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 70 | — | Indefinite | |||||||||
Total | $ | 7,467 | $ | 3,196 | ||||||||
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, 2014 and 2013. Approximately $3.0 million and $4.2 million of these gross amounts as of December 31, 2014 and 2013, 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. | ||||||||||||
2014 | 2013 | |||||||||||
Balance at January 1 | $ | 7,848 | $ | 2,691 | ||||||||
Additions based on tax positions related to prior years | 453 | 5,615 | ||||||||||
Additions based on tax positions related to the current year | 921 | 78 | ||||||||||
Reductions due to settlements with taxing authorities | (4,701 | ) | (191 | ) | ||||||||
Reductions due to lapse of the applicable statute of limitations | (1,055 | ) | (345 | ) | ||||||||
Balance at December 31 | $ | 3,466 | $ | 7,848 | ||||||||
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recognized net (benefit)/expense of $(0.9) million and $0.4 million in interest and penalties related to uncertain tax positions during 2014 and 2013, respectively. The total amount of interest and penalties accrued was $0.5 million and $1.4 million as of December 31, 2014 and 2013, respectively. | ||||||||||||
The Company expects the amount of unrecognized tax benefits will change within the next 12 months; however, the change in unrecognized tax benefits, which is reasonably possible within the next 12 months, is not expected to have a significant effect on the Company's financial position or results of operations. | ||||||||||||
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 2011 and 2012 U.S. federal tax returns concluded in the second quarter of 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, 2014 | ||||||||||||||||
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 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. | ||||||||||||||||
During 2014, the Society of Actuaries released a new mortality table, referred to as RP-2014, which is believed to better reflect mortality improvements and is to be used in calculating defined benefit pension obligations. The Company used RP-2014 to measure its projected benefit obligation as of December 31, 2014 and the Company's projected benefit obligation increased by $5.0 million in total for its U.S. Plans and SERP as of December 31, 2014 as a result of RP-2014. | ||||||||||||||||
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 3.45% - 3.95% | 4.00% - 4.75% | 3.50% - 3.90% | |||||||||||||
Weighted average discount rates for net periodic benefit cost | 4.00% - 4.75% | 3.50% - 4.70% | 4.30% - 4.55% | |||||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 7.75 | % | 7.75 | % | 8.25 | % | ||||||||||
Non-U.S. Plan | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 3.75 | % | 4.5 | % | 4 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 4.5 | % | 4 | % | 4.25 | % | ||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 5.75 | % | 6 | % | 6 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 6 | % | 6 | % | 6.25 | % | ||||||||||
Set forth below is a detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Interest cost | $ | 2,754 | $ | 2,766 | $ | 3,056 | ||||||||||
Expected return on plan assets | (4,689 | ) | (4,513 | ) | (4,344 | ) | ||||||||||
Amortization of actuarial loss | 837 | 1,822 | 2,772 | |||||||||||||
Amortization of prior service cost (credit) | 32 | (47 | ) | (100 | ) | |||||||||||
Curtailment gain | — | (1,701 | ) | — | ||||||||||||
Net periodic pension expense (income) | $ | (1,066 | ) | $ | (1,673 | ) | $ | 1,384 | ||||||||
Non-U.S. Plan | ||||||||||||||||
Interest cost | $ | 196 | $ | 197 | $ | 208 | ||||||||||
Expected return on plan assets | (296 | ) | (282 | ) | (287 | ) | ||||||||||
Amortization of actuarial loss | 112 | 121 | 131 | |||||||||||||
Net periodic pension expense | $ | 12 | $ | 36 | $ | 52 | ||||||||||
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 8,896 | $ | (11,503 | ) | $ | 3,131 | |||||||||
Amortization of actuarial loss | (837 | ) | (1,822 | ) | (2,772 | ) | ||||||||||
Current year prior service cost (credit) | 360 | (1,331 | ) | — | ||||||||||||
Amortization of prior service (cost) credit | (32 | ) | 47 | 100 | ||||||||||||
Curtailment gain | — | 1,701 | — | |||||||||||||
Total recognized in other comprehensive (income) loss | $ | 8,387 | $ | (12,908 | ) | $ | 459 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Current year actuarial (gain) loss | $ | (94 | ) | $ | (735 | ) | $ | 45 | ||||||||
Amortization of actuarial loss | (112 | ) | (121 | ) | (131 | ) | ||||||||||
Total recognized in other comprehensive (income) | $ | (206 | ) | $ | (856 | ) | $ | (86 | ) | |||||||
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: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
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 | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Interest cost | 2,754 | 196 | 2,766 | 197 | ||||||||||||
Actuarial (gain) loss | 8,736 | 301 | (4,488 | ) | (317 | ) | ||||||||||
Benefits paid | (4,262 | ) | (151 | ) | (4,715 | ) | (160 | ) | ||||||||
Plan amendments | — | — | (1,441 | ) | — | |||||||||||
Foreign currency exchange rate changes | — | (400 | ) | — | (329 | ) | ||||||||||
Intercompany transfers | 512 | — | — | — | ||||||||||||
Projected benefit obligation at end of year | $ | 72,839 | $ | 4,549 | $ | 65,099 | $ | 4,603 | ||||||||
Accumulated benefit obligation at end of year | $ | 72,839 | $ | 4,549 | $ | 65,099 | $ | 4,603 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 67,170 | $ | 5,186 | $ | 60,012 | $ | 4,961 | ||||||||
Actual return on plan assets | 5,972 | 690 | 11,383 | 719 | ||||||||||||
Employer contributions | 496 | 20 | 490 | — | ||||||||||||
Benefits paid | (4,262 | ) | (151 | ) | (4,715 | ) | (160 | ) | ||||||||
Foreign currency exchange rate changes | — | (459 | ) | — | (334 | ) | ||||||||||
Intercompany transfers | (701 | ) | — | — | — | |||||||||||
Fair value of plan assets at end of year | $ | 68,675 | $ | 5,286 | $ | 67,170 | $ | 5,186 | ||||||||
Funded status at end of year | $ | (4,164 | ) | $ | 737 | $ | 2,071 | $ | 583 | |||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | 4,304 | $ | 737 | $ | 8,005 | $ | 583 | ||||||||
Current liabilities | (1,110 | ) | — | (1,138 | ) | — | ||||||||||
Non-current liabilities | (7,358 | ) | — | (4,796 | ) | — | ||||||||||
$ | (4,164 | ) | $ | 737 | $ | 2,071 | $ | 583 | ||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 26,925 | $ | 1,110 | $ | 18,861 | $ | 1,380 | ||||||||
Prior service cost | 955 | — | 626 | — | ||||||||||||
Deferred taxes | (10,683 | ) | (426 | ) | (7,854 | ) | (576 | ) | ||||||||
Currency differences | — | (43 | ) | — | — | |||||||||||
$ | 17,197 | $ | 641 | $ | 11,633 | $ | 804 | |||||||||
The actuarial loss and prior service cost included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2015 are $1.1 million ($0.6 million net of tax) and less than $0.1 million, respectively. | ||||||||||||||||
The Company recognizes as a component of benefit cost (income), as of the measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the "corridor." Amounts outside the corridor are amortized over the average expected remaining service of active participants expected to benefit under the retiree medical plans or over the average expected remaining lifetime of inactive participants for the pension plans. The (gain) loss amounts recognized in AOCI are not expected to be fully recognized until the plan is terminated or as settlements occur, which would trigger accelerated recognition. Prior service costs resulting from plan changes are also in AOCI. | ||||||||||||||||
The Company's policy is to make contributions to fund its pension plans within the range allowed by applicable regulations. The Company expects to contribute less than $0.1 million to its non-U.S. pension plans in 2015. | ||||||||||||||||
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 | |||||||||||||||
2015 | $ | 5,068 | $ | 149 | ||||||||||||
2016 | 4,751 | 157 | ||||||||||||||
2017 | 4,581 | 171 | ||||||||||||||
2018 | 4,491 | 169 | ||||||||||||||
2019 | 4,494 | 177 | ||||||||||||||
2020 - 2024 | 23,468 | 1,245 | ||||||||||||||
$ | 46,853 | $ | 2,068 | |||||||||||||
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 U.S. 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 Non-U.S. 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: | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 55.3 | % | 53.6 | % | 41.0% - 62.0% | |||||||||||
Non-U.S. equity securities | 11.3 | % | 13 | % | 10.0% - 16.0% | |||||||||||
Fixed income securities | 32.9 | % | 32.9 | % | 30.0% - 40.0% | |||||||||||
Money market | 0.5 | % | 0.5 | % | 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: | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
Canadian equity securities | 30.2 | % | 31 | % | 25.0% - 35.0% | |||||||||||
Non-Canadian equity securities | 30.1 | % | 32 | % | 25.0% - 35.0% | |||||||||||
Fixed income securities | 39.7 | % | 37 | % | 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 the Company's U.S. pension plan assets 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 the Company's Non-U.S. pension plan assets 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 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
U.S. equity securities | $ | 37,969 | $ | 35,980 | $ | 864 | $ | 833 | ||||||||
Non-U.S. equity securities | 7,764 | 8,701 | 2,326 | 2,455 | ||||||||||||
Fixed income securities | 22,617 | 22,125 | 2,096 | 1,898 | ||||||||||||
Money market | 325 | 364 | — | — | ||||||||||||
Total | $ | 68,675 | $ | 67,170 | $ | 5,286 | $ | 5,186 | ||||||||
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: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rates for benefit obligation | 3.25 | % | 3.85 | % | 3.05 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 3.85 | % | 3.05 | % | 3.9 | % | ||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | 7 | % | ||||||||||
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 | 2022 | |||||||||||||
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, 2014: | ||||||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||||||
Increase | Decrease | |||||||||||||||
Effect on total of service and interest cost | $ | 17 | $ | (15 | ) | |||||||||||
Effect on postretirement benefit obligation | $ | 268 | $ | (244 | ) | |||||||||||
Set forth below is a detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 70 | $ | 77 | $ | 79 | ||||||||||
Interest cost | 118 | 98 | 120 | |||||||||||||
Amortization of actuarial loss | 66 | 52 | 40 | |||||||||||||
Amortization of prior service credit | (107 | ) | (107 | ) | (156 | ) | ||||||||||
Net periodic benefit expense | $ | 147 | $ | 120 | $ | 83 | ||||||||||
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: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Current year actuarial loss | $ | 613 | $ | 16 | $ | 295 | ||||||||||
Amortization of actuarial loss | (66 | ) | (52 | ) | (40 | ) | ||||||||||
Amortization of prior service credit | 107 | 107 | 156 | |||||||||||||
Total recognized in other comprehensive income | $ | 654 | $ | 71 | $ | 411 | ||||||||||
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 3,109 | $ | 3,283 | ||||||||||||
Service cost | 70 | 77 | ||||||||||||||
Interest cost | 118 | 98 | ||||||||||||||
Actuarial loss | 613 | 16 | ||||||||||||||
Benefits paid | (376 | ) | (365 | ) | ||||||||||||
Benefit obligation at end of year | $ | 3,534 | $ | 3,109 | ||||||||||||
Funded status at end of year | $ | (3,534 | ) | $ | (3,109 | ) | ||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Current liabilities | $ | (276 | ) | $ | (257 | ) | ||||||||||
Noncurrent liabilities | (3,258 | ) | (2,852 | ) | ||||||||||||
$ | (3,534 | ) | $ | (3,109 | ) | |||||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 1,005 | $ | 457 | ||||||||||||
Prior service credit | (309 | ) | (415 | ) | ||||||||||||
Deferred taxes | 475 | 674 | ||||||||||||||
$ | 1,171 | $ | 716 | |||||||||||||
The actuarial loss and prior service credit included in accumulated other comprehensive income (loss) expected to be recognized in net periodic benefit cost in 2015 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: | ||||||||||||||||
2015 | $ | 276 | ||||||||||||||
2016 | 264 | |||||||||||||||
2017 | 273 | |||||||||||||||
2018 | 292 | |||||||||||||||
2019 | 301 | |||||||||||||||
2020 - 2024 | 1,515 | |||||||||||||||
$ | 2,921 | |||||||||||||||
Defined Contribution Plans: NACCO and its subsidiaries maintain defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. All companies provide employer matching (or safe harbor) contributions based on plan provisions. The defined contribution retirement plans also provide for an additional minimum employer contribution. Certain 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/or compensation of the participants. Total costs, including Company contributions, for these plans were $7.6 million, $8.0 million and $6.7 million in 2014, 2013 and 2012, respectively. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segments | Business Segments | |||||||||||
NACCO is a holding company with the following reportable segments: 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 39%, 42% and 56% of NACoal's revenues for the years ended December 31, 2014, 2013 and 2012, respectively. Reed Minerals' largest customer, Alabama Coal Cooperative, accounted for approximately 27%, 27% and 15% of NACoal's revenues for the years ended December 31, 2014, 2013 and 2012, respectively. The results of Reed Minerals operations have been included in the Company's consolidated financial statements since August 31, 2012. The results of Weston have been included since December 16, 2014. Wal-Mart accounted for approximately 33%, 31% and 31% of HBB’s revenues in 2014, 2013 and 2012, respectively. HBB’s five largest customers accounted for approximately 56%, 55% and 53% of HBB’s revenues for the years ended December 31, 2014, 2013 and 2012, 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 $8.5 million, $6.8 million and $6.9 million for 2014, 2013 and 2012, respectively. In addition, the parent company received management fees from Hyster-Yale prior to the spin-off of $9.6 million for the year ended December 31, 2012. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues from external customers | ||||||||||||
NACoal | $ | 172,702 | $ | 193,651 | $ | 132,367 | ||||||
HBB | 559,683 | 547,790 | 521,567 | |||||||||
KC | 168,545 | 196,033 | 224,695 | |||||||||
Eliminations | (4,148 | ) | (4,808 | ) | (5,265 | ) | ||||||
Total | $ | 896,782 | $ | 932,666 | $ | 873,364 | ||||||
Gross profit (loss) | ||||||||||||
NACoal | $ | (3,139 | ) | $ | 25,230 | $ | 27,998 | |||||
HBB | 117,570 | 115,506 | 102,289 | |||||||||
KC | 71,621 | 80,972 | 95,832 | |||||||||
NACCO and Other | (461 | ) | (469 | ) | (278 | ) | ||||||
Eliminations | (519 | ) | 52 | 101 | ||||||||
Total | $ | 185,072 | $ | 221,291 | $ | 225,942 | ||||||
Selling, general and administrative expenses, including Amortization of intangible assets | ||||||||||||
NACoal | $ | 36,147 | $ | 30,786 | $ | 36,801 | ||||||
HBB | 81,798 | 74,570 | 66,481 | |||||||||
KC | 79,056 | 91,878 | 100,350 | |||||||||
NACCO and Other | 4,996 | 5,765 | 6,723 | |||||||||
Total | $ | 201,997 | $ | 202,999 | $ | 210,355 | ||||||
2014 | 2013 | 2012 | ||||||||||
Operating profit (loss) | ||||||||||||
NACoal | $ | (89,030 | ) | $ | 37,461 | $ | 43,239 | |||||
HBB | 35,772 | 40,960 | 35,815 | |||||||||
KC | (7,075 | ) | (10,903 | ) | (4,512 | ) | ||||||
NACCO and Other | (5,456 | ) | (6,233 | ) | (7,000 | ) | ||||||
Eliminations | (520 | ) | 51 | 100 | ||||||||
Total | $ | (66,309 | ) | $ | 61,336 | $ | 67,642 | |||||
Interest expense | ||||||||||||
NACoal | $ | 6,034 | $ | 3,105 | $ | 2,909 | ||||||
HBB | 1,137 | 1,279 | 2,635 | |||||||||
KC | 367 | 390 | 479 | |||||||||
NACCO and Other | 28 | 1 | 65 | |||||||||
Total | $ | 7,566 | $ | 4,775 | $ | 6,088 | ||||||
Interest income | ||||||||||||
NACoal | $ | (823 | ) | $ | (19 | ) | $ | (152 | ) | |||
HBB | (4 | ) | (1 | ) | — | |||||||
KC | — | — | — | |||||||||
NACCO and Other | (4 | ) | (205 | ) | (10 | ) | ||||||
Total | $ | (831 | ) | $ | (225 | ) | $ | (162 | ) | |||
Other (income) expense, including closed mine obligations | ||||||||||||
NACoal | $ | 44 | $ | (1,013 | ) | $ | (1,325 | ) | ||||
HBB | 1,136 | 462 | 344 | |||||||||
KC | 65 | 70 | 86 | |||||||||
NACCO and Other | 2,284 | 1,547 | 4,583 | |||||||||
Total | $ | 3,529 | $ | 1,066 | $ | 3,688 | ||||||
Income tax provision (benefit) | ||||||||||||
NACoal | $ | (43,308 | ) | $ | 3,462 | $ | 9,037 | |||||
HBB | 10,359 | 14,127 | 11,636 | |||||||||
KC | (2,904 | ) | (4,479 | ) | (1,990 | ) | ||||||
NACCO and Other | (2,420 | ) | (1,858 | ) | (2,989 | ) | ||||||
Eliminations | (182 | ) | 18 | 171 | ||||||||
Total | $ | (38,455 | ) | $ | 11,270 | $ | 15,865 | |||||
Income (loss) from continuing operations, net of tax | ||||||||||||
NACoal | $ | (50,977 | ) | $ | 31,926 | $ | 32,770 | |||||
HBB | 23,144 | 25,093 | 21,200 | |||||||||
KC | (4,603 | ) | (6,884 | ) | (3,087 | ) | ||||||
NACCO and Other | (5,344 | ) | (5,718 | ) | (8,649 | ) | ||||||
Eliminations | (338 | ) | 33 | (71 | ) | |||||||
Total | $ | (38,118 | ) | $ | 44,450 | $ | 42,163 | |||||
2014 | 2013 | 2012 | ||||||||||
Total assets | ||||||||||||
NACoal | $ | 389,964 | $ | 419,786 | $ | 368,652 | ||||||
HBB | 270,265 | 228,891 | 215,503 | |||||||||
KC | 56,260 | 70,014 | 83,977 | |||||||||
NACCO and Other | 96,918 | 131,085 | 154,605 | |||||||||
Eliminations | (42,887 | ) | (39,820 | ) | (46,431 | ) | ||||||
Total | $ | 770,520 | $ | 809,956 | $ | 776,306 | ||||||
Depreciation, depletion and amortization | ||||||||||||
NACoal | $ | 22,003 | $ | 16,601 | $ | 10,849 | ||||||
HBB | 2,693 | 3,475 | 3,113 | |||||||||
KC | 3,048 | 4,162 | 3,611 | |||||||||
NACCO and Other | 326 | 334 | 419 | |||||||||
Total | $ | 28,070 | $ | 24,572 | $ | 17,992 | ||||||
Capital expenditures, excluding acquisitions of business | ||||||||||||
NACoal | $ | 51,228 | $ | 52,748 | $ | 37,125 | ||||||
HBB | 4,516 | 2,313 | 3,223 | |||||||||
KC | 1,193 | 2,150 | 3,872 | |||||||||
NACCO and Other | 563 | 238 | 462 | |||||||||
Total | $ | 57,500 | $ | 57,449 | $ | 44,682 | ||||||
Data By Geographic Region | ||||||||||||
No single country outside of the U.S. comprised 10% or more of the Company's revenues from unaffiliated customers. | ||||||||||||
United | Other | Consolidated | ||||||||||
States | ||||||||||||
2014 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 779,890 | $ | 116,892 | $ | 896,782 | ||||||
Long-lived assets | $ | 182,116 | $ | 5,780 | $ | 187,896 | ||||||
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 | ||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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: | ||||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 39,872 | $ | 49,780 | $ | 49,840 | $ | 33,210 | ||||||||
HBB | 101,325 | 118,385 | 135,155 | 204,818 | ||||||||||||
KC | 36,876 | 32,804 | 37,551 | 61,314 | ||||||||||||
Eliminations | (660 | ) | (599 | ) | (832 | ) | (2,057 | ) | ||||||||
$ | 177,413 | $ | 200,370 | $ | 221,714 | $ | 297,285 | |||||||||
Gross profit | $ | 36,171 | $ | 36,523 | $ | 46,543 | $ | 65,835 | ||||||||
Earnings of unconsolidated mines | $ | 12,438 | $ | 11,567 | $ | 12,064 | $ | 12,327 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 6,653 | $ | 183 | $ | 4,362 | $ | (100,228 | ) | |||||||
HBB | 937 | 2,251 | 9,531 | 23,053 | ||||||||||||
KC | (6,514 | ) | (4,255 | ) | (1,429 | ) | 5,123 | |||||||||
NACCO and Other | (1,352 | ) | (2,004 | ) | (1,073 | ) | (1,027 | ) | ||||||||
Eliminations | (309 | ) | (66 | ) | (68 | ) | (77 | ) | ||||||||
$ | (585 | ) | $ | (3,891 | ) | $ | 11,323 | $ | (73,156 | ) | ||||||
NACoal | $ | 5,705 | $ | (75 | ) | $ | 3,185 | $ | (59,792 | ) | ||||||
HBB | 350 | 1,359 | 6,008 | 15,427 | ||||||||||||
KC | (4,033 | ) | (2,657 | ) | (966 | ) | 3,053 | |||||||||
NACCO and Other | (1,197 | ) | (1,673 | ) | (906 | ) | (1,568 | ) | ||||||||
Eliminations | (2,349 | ) | (578 | ) | 378 | 2,211 | ||||||||||
Net income (loss) | $ | (1,524 | ) | $ | (3,624 | ) | $ | 7,699 | $ | (40,669 | ) | |||||
Basic earnings (loss) per share | $ | 0.19 | $ | 0.47 | $ | 1.02 | $ | (5.57 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.19 | $ | 0.47 | $ | 1.02 | $ | (5.57 | ) | |||||||
During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash, asset impairment charge of $105.1 million on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. | ||||||||||||||||
The significant increase in gross profit of HBB and KC in the fourth quarter of 2014 compared with the prior quarters of 2014 is primarily due to the seasonal nature of of their businesses. | ||||||||||||||||
During the second quarter of 2014, the Company recorded a $1.1 million charge included in Selling, general and administrative expenses in NACCO and Other to correct a prior period accounting error related to an increase in the estimated liability for certain frozen deferred compensation plans. Management, quantitatively and qualitatively, assessed the materiality of the error and the correction thereof and concluded that the effect of the previous accounting treatment was not material to prior periods, expected 2014 full-year results, or trend of earnings and determined no material misstatements existed in those prior periods and no restatement of those prior period financial statements was necessary. | ||||||||||||||||
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 gross profit 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. |
Parent_Company_Condensed_Balan
Parent Company Condensed Balance Sheets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||
Parent Company Condensed Balance Sheets | Parent Company Condensed Balance Sheets | |||||||||||
The condensed balance sheets of NACCO, the parent company, at December 31 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 53,415 | $ | 94,035 | ||||||||
Other current assets | 1,570 | 946 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 49,613 | 52,265 | ||||||||||
KC | 32,170 | 36,772 | ||||||||||
NACoal | 103,056 | 138,355 | ||||||||||
Other | 13,142 | 14,792 | ||||||||||
197,981 | 242,184 | |||||||||||
Property, plant and equipment, net | 1,253 | 1,477 | ||||||||||
Other non-current assets | 8,078 | 5,707 | ||||||||||
Total Assets | $ | 262,297 | $ | 344,349 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 7,636 | $ | 12,750 | ||||||||
Current intercompany accounts payable, net | 9,756 | 304 | ||||||||||
Note payable to Bellaire | 18,700 | 20,450 | ||||||||||
Other non-current liabilities | 14,732 | 13,065 | ||||||||||
Stockholders’ equity | 211,473 | 297,780 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 262,297 | $ | 344,349 | ||||||||
The credit agreements at NACoal, HBB and KC allow the transfer of assets to NACCO under certain circumstances. The amount of NACCO's investment in NACoal, HBB, KC and NACCO and Other that was restricted at December 31, 2014 totaled approximately $186.8 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $0.5 million at December 31, 2014. Dividends, advances and management fees from its subsidiaries are the primary sources of cash for NACCO. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED BALANCE SHEETS | ||||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 53,415 | $ | 94,035 | ||||||||
Other current assets | 1,570 | 946 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 49,613 | 52,265 | ||||||||||
KC | 32,170 | 36,772 | ||||||||||
NACoal | 103,056 | 138,355 | ||||||||||
Other | 13,142 | 14,792 | ||||||||||
197,981 | 242,184 | |||||||||||
Property, plant and equipment, net | 1,253 | 1,477 | ||||||||||
Other non-current assets | 8,078 | 5,707 | ||||||||||
Total Assets | $ | 262,297 | $ | 344,349 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 7,636 | $ | 12,750 | ||||||||
Current intercompany accounts payable, net | 9,756 | 304 | ||||||||||
Note payable to Bellaire | 18,700 | 20,450 | ||||||||||
Other non-current liabilities | 14,732 | 13,065 | ||||||||||
Stockholders’ equity | 211,473 | 297,780 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 262,297 | $ | 344,349 | ||||||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
(Income) expense: | ||||||||||||
Intercompany interest expense | $ | 1,305 | $ | 1,431 | $ | 1,501 | ||||||
Other, net | (276 | ) | (471 | ) | 3,021 | |||||||
1,029 | 960 | 4,522 | ||||||||||
Administrative and general expenses | 4,862 | 5,670 | 6,569 | |||||||||
Loss before income taxes | (5,891 | ) | (6,630 | ) | (11,091 | ) | ||||||
Income tax benefit | (1,764 | ) | (1,527 | ) | (1,754 | ) | ||||||
Net loss before equity in earnings of subsidiaries | (4,127 | ) | (5,103 | ) | (9,337 | ) | ||||||
Equity in earnings of subsidiaries | (33,991 | ) | 49,553 | 51,500 | ||||||||
Income (loss) from continuing operations, net of tax | (38,118 | ) | 44,450 | 42,163 | ||||||||
Discontinued operations, net of tax | — | — | 66,535 | |||||||||
Net income (loss) | (38,118 | ) | 44,450 | 108,698 | ||||||||
Foreign currency translation adjustment | (1,896 | ) | (229 | ) | 145 | |||||||
Deferred gain on available for sale securities | 442 | 729 | 265 | |||||||||
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012 | (1,518 | ) | 810 | 7,658 | ||||||||
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012 | 898 | 152 | (2,757 | ) | ||||||||
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012 | (6,483 | ) | 8,022 | (1,716 | ) | |||||||
Curtailment gain into earnings, net of $718 tax expense in 2013 | — | (983 | ) | — | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012 | 627 | 1,101 | 5,885 | |||||||||
Comprehensive Income (loss) | $ | (46,048 | ) | $ | 54,052 | $ | 118,178 | |||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Operating Activities | ||||||||||||
Income (loss) from continuing operations | $ | (38,118 | ) | $ | 44,450 | $ | 42,163 | |||||
Equity in earnings of subsidiaries | (33,991 | ) | 49,553 | 51,500 | ||||||||
Parent company only net loss | (4,127 | ) | (5,103 | ) | (9,337 | ) | ||||||
Net changes related to operating activities | 5,710 | (1,858 | ) | 4,428 | ||||||||
Net cash provided by (used for) operating activities | 1,583 | (6,961 | ) | (4,909 | ) | |||||||
Investing Activities | ||||||||||||
Expenditures for property, plant and equipment | (103 | ) | (238 | ) | (462 | ) | ||||||
Net cash used for investing activities | (103 | ) | (238 | ) | (462 | ) | ||||||
Financing Activities | ||||||||||||
Cash dividends received from subsidiaries | 22,300 | 20,000 | 40,623 | |||||||||
Cash dividends received from Hyster-Yale | — | — | 5,000 | |||||||||
Notes payable to Bellaire | (1,750 | ) | — | (1,980 | ) | |||||||
Capital contributions to subsidiaries | (19,800 | ) | — | — | ||||||||
Purchase of treasury shares | (35,075 | ) | (31,306 | ) | (3,178 | ) | ||||||
Cash dividends paid | (7,755 | ) | (8,104 | ) | (45,130 | ) | ||||||
Other | (20 | ) | (15 | ) | 19 | |||||||
Net cash used for financing activities | (42,100 | ) | (19,425 | ) | (4,646 | ) | ||||||
Cash and cash equivalents | ||||||||||||
Decrease for the period | (40,620 | ) | (26,624 | ) | (10,017 | ) | ||||||
Balance at the beginning of the period | 94,035 | 120,659 | 130,676 | |||||||||
Balance at the end of the period | $ | 53,415 | $ | 94,035 | $ | 120,659 | ||||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
NOTES TO PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | ||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||
The notes to Consolidated Financial Statements, incorporated in Item 15 of this Form 10-K, are hereby incorporated by reference into these Notes to Parent Company Condensed Financial Statements. | ||||||||||||
NOTE A — ACCOUNTING POLICIES | ||||||||||||
NACCO Industries, Inc. (the parent company or “NACCO”) is a holding company with subsidiaries that operate in three principal industries. In the Parent Company Condensed Financial Statements, NACCO's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. NACCO's share of net income of unconsolidated subsidiaries is included in net income using the equity method. Parent Company financial statements should be read in conjunction with the Company's consolidated financial statements. | ||||||||||||
NOTE B — LONG-TERM OBLIGATIONS AND GUARANTEES | ||||||||||||
It is NACCO's policy not to guarantee the debt of its subsidiaries. | ||||||||||||
NOTE C — UNRESTRICTED CASH | ||||||||||||
The amount of unrestricted cash available to NACCO, included in “Investment in subsidiaries,” was $0.5 million at December 31, 2014 and was in addition to the $53.4 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2014. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | Related Party Transactions | |||||||||||
NACoal's wholly owned unconsolidated 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, 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, 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 Statements of Operations, with the related income taxes included in the provision for income taxes. See Note 1 for a discussion of NACC India. | ||||||||||||
The investment in the Unconsolidated Mines and related tax positions totaled $28.2 million and $33.1 million at December 31, 2014 and 2013, 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 $4.0 million, $5.4 million and $3.2 million at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Summarized financial information for the Unconsolidated Mines is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 579,031 | $ | 577,436 | $ | 543,892 | ||||||
Gross profit | $ | 74,244 | $ | 74,870 | $ | 74,542 | ||||||
Income before income taxes | $ | 48,592 | $ | 47,953 | $ | 46,819 | ||||||
Net income | $ | 37,067 | $ | 37,468 | $ | 35,616 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 143,105 | $ | 147,370 | ||||||||
Non-current assets | $ | 781,475 | $ | 737,851 | ||||||||
Current liabilities | $ | 177,659 | $ | 148,264 | ||||||||
Non-current liabilities | $ | 742,938 | $ | 731,525 | ||||||||
NACoal received dividends of $38.3 million and $35.2 million from the Unconsolidated Mines in 2014 and 2013, respectively. | ||||||||||||
Legal services rendered by Jones Day approximated $1.9 million, $1.1 million and $3.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. A director of the Company was also Of Counsel with this law firm during 2014, 2013 and 2012. |
Acquisition
Acquisition | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisition | Acquisitions | |||
Weston Brands: On December 16, 2014, HBB completed the asset acquisition of Weston Products, LLC, which HBB refers to as Weston Brands, in exchange for cash consideration of $25.4 million, of which $25.0 million was paid at closing. The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. The net working capital and EBITDA adjustment is estimated to be $0.4 million and will be paid in 2015. | ||||
Weston Brands markets a range of game and garden food processing equipment including, but not limited to, meat grinders, bag sealers, dehydrators and meat slicers under the Weston® brand as well as several private label brands. The results of Weston Brands operations have been included in the Company's Consolidated Financial Statements since the date of acquisition. | ||||
The Weston Brands acquisition allows HBB to expand beyond its small kitchen and commercial appliance businesses into the growing, hunting, wild game processing, specialty food processing and specialty housewares industries. The acquisition is also fully supportive of HBB's strategic initiatives, including enhancing placements in the North American consumer market, enhancing internet sales and participating in the only-the-best market. | ||||
During 2014, the Company incurred $0.4 million in acquisition costs related to Weston Brands, which is included in Selling, general and administrative expenses in the Consolidated Statement of Operations. | ||||
The goodwill arising from the acquisition is expected to be deductible for tax purposes. | ||||
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Weston Brands as of the acquisition date: | ||||
Accounts receivable | $ | 6,100 | ||
Inventory | 5,113 | |||
Other current assets | 658 | |||
Property, plant and equipment | 590 | |||
Intangible assets | 10,100 | |||
Total assets acquired | 22,561 | |||
Current liabilities | 3,367 | |||
Total liabilities assumed | 3,367 | |||
Net assets acquired | 19,194 | |||
Purchase price | 25,447 | |||
Goodwill | $ | 6,253 | ||
The determination of the fair value of assets acquired and liabilities assumed as of the December 16, 2014 acquisition date is preliminary as the Company has not yet finalized its analysis of the Weston Brands acquisition, including the valuation of identified intangibles. The final purchase price is subject to customary post-closing adjustments based on net working capital and EBITDA calculations. The final allocation is expected to be completed as soon as practicable but no later than 12 months after the acquisition date. See Note 6 for further discussion of the intangible assets acquired. | ||||
The results of Weston Brands included in the Company's Consolidated Statement of Operations from the acquisition date through December 31, 2014 are as follows: | ||||
Revenues | $ | 1,102 | ||
Operating loss | $ | (193 | ) | |
NCOA: During 2013, NACoal acquired the equipment of NCOA in exchange for the assumption of outstanding debt of $9.7 million associated with the acquired equipment. The outstanding debt was repaid concurrently with the acquisition of the equipment utilizing borrowings under NACoal's existing unsecured revolving line of credit. In April 2014, NACoal acquired coal reserves and prepaid royalties and assumed certain reclamation obligations of NCOA. The acquisition of NCOA did not include any additional cash consideration. This acquisition, which is being accounted for as a business combination, provides additional coal reserves in Alabama and additional mining equipment with a fair value of $16.6 million as of the acquisition date. The Company also acquired Other non-current assets with a fair value of $3.3 million, assumed reclamation obligations with a fair value of $7.3 million and Other liabilities with a fair value of $12.6 million as of the acquisition date. | ||||
During 2014 and 2013, the Company incurred $0.1 million and $0.3 million, respectively, in acquisition costs related to NCOA, which are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of the Parent | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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: | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 53,415 | $ | 94,035 | ||||||||
Other current assets | 1,570 | 946 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 49,613 | 52,265 | ||||||||||
KC | 32,170 | 36,772 | ||||||||||
NACoal | 103,056 | 138,355 | ||||||||||
Other | 13,142 | 14,792 | ||||||||||
197,981 | 242,184 | |||||||||||
Property, plant and equipment, net | 1,253 | 1,477 | ||||||||||
Other non-current assets | 8,078 | 5,707 | ||||||||||
Total Assets | $ | 262,297 | $ | 344,349 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 7,636 | $ | 12,750 | ||||||||
Current intercompany accounts payable, net | 9,756 | 304 | ||||||||||
Note payable to Bellaire | 18,700 | 20,450 | ||||||||||
Other non-current liabilities | 14,732 | 13,065 | ||||||||||
Stockholders’ equity | 211,473 | 297,780 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 262,297 | $ | 344,349 | ||||||||
The credit agreements at NACoal, HBB and KC allow the transfer of assets to NACCO under certain circumstances. The amount of NACCO's investment in NACoal, HBB, KC and NACCO and Other that was restricted at December 31, 2014 totaled approximately $186.8 million. The amount of unrestricted cash available to NACCO included in “Investment in subsidiaries” was $0.5 million at December 31, 2014. Dividends, advances and management fees from its subsidiaries are the primary sources of cash for NACCO. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED BALANCE SHEETS | ||||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 53,415 | $ | 94,035 | ||||||||
Other current assets | 1,570 | 946 | ||||||||||
Investment in subsidiaries | ||||||||||||
HBB | 49,613 | 52,265 | ||||||||||
KC | 32,170 | 36,772 | ||||||||||
NACoal | 103,056 | 138,355 | ||||||||||
Other | 13,142 | 14,792 | ||||||||||
197,981 | 242,184 | |||||||||||
Property, plant and equipment, net | 1,253 | 1,477 | ||||||||||
Other non-current assets | 8,078 | 5,707 | ||||||||||
Total Assets | $ | 262,297 | $ | 344,349 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | $ | 7,636 | $ | 12,750 | ||||||||
Current intercompany accounts payable, net | 9,756 | 304 | ||||||||||
Note payable to Bellaire | 18,700 | 20,450 | ||||||||||
Other non-current liabilities | 14,732 | 13,065 | ||||||||||
Stockholders’ equity | 211,473 | 297,780 | ||||||||||
Total Liabilities and Stockholders’ Equity | $ | 262,297 | $ | 344,349 | ||||||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
(Income) expense: | ||||||||||||
Intercompany interest expense | $ | 1,305 | $ | 1,431 | $ | 1,501 | ||||||
Other, net | (276 | ) | (471 | ) | 3,021 | |||||||
1,029 | 960 | 4,522 | ||||||||||
Administrative and general expenses | 4,862 | 5,670 | 6,569 | |||||||||
Loss before income taxes | (5,891 | ) | (6,630 | ) | (11,091 | ) | ||||||
Income tax benefit | (1,764 | ) | (1,527 | ) | (1,754 | ) | ||||||
Net loss before equity in earnings of subsidiaries | (4,127 | ) | (5,103 | ) | (9,337 | ) | ||||||
Equity in earnings of subsidiaries | (33,991 | ) | 49,553 | 51,500 | ||||||||
Income (loss) from continuing operations, net of tax | (38,118 | ) | 44,450 | 42,163 | ||||||||
Discontinued operations, net of tax | — | — | 66,535 | |||||||||
Net income (loss) | (38,118 | ) | 44,450 | 108,698 | ||||||||
Foreign currency translation adjustment | (1,896 | ) | (229 | ) | 145 | |||||||
Deferred gain on available for sale securities | 442 | 729 | 265 | |||||||||
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012 | (1,518 | ) | 810 | 7,658 | ||||||||
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012 | 898 | 152 | (2,757 | ) | ||||||||
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012 | (6,483 | ) | 8,022 | (1,716 | ) | |||||||
Curtailment gain into earnings, net of $718 tax expense in 2013 | — | (983 | ) | — | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012 | 627 | 1,101 | 5,885 | |||||||||
Comprehensive Income (loss) | $ | (46,048 | ) | $ | 54,052 | $ | 118,178 | |||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Operating Activities | ||||||||||||
Income (loss) from continuing operations | $ | (38,118 | ) | $ | 44,450 | $ | 42,163 | |||||
Equity in earnings of subsidiaries | (33,991 | ) | 49,553 | 51,500 | ||||||||
Parent company only net loss | (4,127 | ) | (5,103 | ) | (9,337 | ) | ||||||
Net changes related to operating activities | 5,710 | (1,858 | ) | 4,428 | ||||||||
Net cash provided by (used for) operating activities | 1,583 | (6,961 | ) | (4,909 | ) | |||||||
Investing Activities | ||||||||||||
Expenditures for property, plant and equipment | (103 | ) | (238 | ) | (462 | ) | ||||||
Net cash used for investing activities | (103 | ) | (238 | ) | (462 | ) | ||||||
Financing Activities | ||||||||||||
Cash dividends received from subsidiaries | 22,300 | 20,000 | 40,623 | |||||||||
Cash dividends received from Hyster-Yale | — | — | 5,000 | |||||||||
Notes payable to Bellaire | (1,750 | ) | — | (1,980 | ) | |||||||
Capital contributions to subsidiaries | (19,800 | ) | — | — | ||||||||
Purchase of treasury shares | (35,075 | ) | (31,306 | ) | (3,178 | ) | ||||||
Cash dividends paid | (7,755 | ) | (8,104 | ) | (45,130 | ) | ||||||
Other | (20 | ) | (15 | ) | 19 | |||||||
Net cash used for financing activities | (42,100 | ) | (19,425 | ) | (4,646 | ) | ||||||
Cash and cash equivalents | ||||||||||||
Decrease for the period | (40,620 | ) | (26,624 | ) | (10,017 | ) | ||||||
Balance at the beginning of the period | 94,035 | 120,659 | 130,676 | |||||||||
Balance at the end of the period | $ | 53,415 | $ | 94,035 | $ | 120,659 | ||||||
See Notes to Parent Company Condensed Financial Statements. | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE PARENT | ||||||||||||
NACCO INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||
NOTES TO PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | ||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||
The notes to Consolidated Financial Statements, incorporated in Item 15 of this Form 10-K, are hereby incorporated by reference into these Notes to Parent Company Condensed Financial Statements. | ||||||||||||
NOTE A — ACCOUNTING POLICIES | ||||||||||||
NACCO Industries, Inc. (the parent company or “NACCO”) is a holding company with subsidiaries that operate in three principal industries. In the Parent Company Condensed Financial Statements, NACCO's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. NACCO's share of net income of unconsolidated subsidiaries is included in net income using the equity method. Parent Company financial statements should be read in conjunction with the Company's consolidated financial statements. | ||||||||||||
NOTE B — LONG-TERM OBLIGATIONS AND GUARANTEES | ||||||||||||
It is NACCO's policy not to guarantee the debt of its subsidiaries. | ||||||||||||
NOTE C — UNRESTRICTED CASH | ||||||||||||
The amount of unrestricted cash available to NACCO, included in “Investment in subsidiaries,” was $0.5 million at December 31, 2014 and was in addition to the $53.4 million of cash included in the Parent Company Condensed Balance Sheet at December 31, 2014. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
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, 2014, 2013 AND 2012 | |||||||||||||||||||||||
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) | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 846 | $ | 2,035 | $ | — | $ | 150 | (A) | $ | 2,731 | ||||||||||||
Allowance for discounts, adjustments and returns | $ | 12,859 | $ | 23,629 | $ | — | $ | 21,440 | (B) | $ | 15,048 | ||||||||||||
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 | ||||||||||||
(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, 2014 | |
Accounting Policies [Abstract] | |
Standard Product Warranty, Policy [Policy Text Block] | 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. |
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 initially 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 is 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. |
Coal Supply Agreement and Other Intangibles, Net | Coal Supply Agreement: The coal supply agreement represents a long-term supply agreement with NACoal's customer and was recorded based on the fair value at the date of acquisition. The coal supply agreement is amortized based on units of production over the term of the agreement, which is estimated to be 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 $20.4 million, $20.1 million and $16.5 million in 2014, 2013 and 2012, 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, 2014 or 2013. |
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 $9.6 million, $8.1 million and $7.5 million in 2014, 2013 and 2012, 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 32,591 and 16,123 shares related to the years ended December 31, 2014 and 2013, respectively. After the issuance of these shares, there were 201,168 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $1.8 million ($1.2 million net of tax), $0.9 million ($0.6 million net of tax) and $4.4 million ($2.8 million net of tax) for the years ended December 31, 2014, 2013 and 2012, 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, 2014, 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. 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 10,446, 9,472 and 8,944 shares related to the years ended December 31, 2014, 2013 and 2012, 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 1,335 in 2014, 1,300 in 2013, and 1,991 in 2012. After the issuance of these shares, there were 61,261 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), $0.6 million ($0.4 million net of tax) and $0.8 million ($0.5 million net of tax) for the years ended December 31, 2014, 2013 and 2012, 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 2014: In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which includes amendments that change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations - that is, a major effect on the organization's operations and financial results - should be presented as discontinued operations. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. Additionally, the ASU requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The Company adopted this guidance during the first quarter of 2014. The adoption did not have an effect on the Company’s financial position, results of operations, cash flows or related disclosures. | |
Accounting Standards Not Yet Adopted: In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of implementing this guidance on the Company's financial position, results of operations, cash flows and related disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Preparation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, the amendments (1) provide a definition of the term “substantial doubt,” (2) require an evaluation every reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that financial statements are issued. ASU 2014-15 is effective for fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company does not expect the adoption of this guidance to have an effect on the Company's financial position, results of operations, cash flows or related disclosures. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | Inventories are summarized as follows: | |||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Coal - NACoal | $ | 29,576 | $ | 24,710 | ||||
Mining supplies - NACoal | 19,774 | 17,406 | ||||||
Total inventories at weighted average cost | 49,350 | 42,116 | ||||||
Sourced inventories - HBB | 104,746 | 90,713 | ||||||
Retail inventories - KC | 36,286 | 51,616 | ||||||
Total inventories at FIFO | 141,032 | 142,329 | ||||||
$ | 190,382 | $ | 184,445 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Property, Plant and Equipment | Property, plant and equipment, net includes the following: | |||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Coal lands and real estate: | ||||||||
NACoal | $ | 54,228 | $ | 83,736 | ||||
HBB | 226 | 226 | ||||||
NACCO and Other | 469 | — | ||||||
54,923 | 83,962 | |||||||
Plant and equipment: | ||||||||
NACoal | 146,994 | 180,418 | ||||||
HBB | 49,579 | 45,141 | ||||||
KC | 26,152 | 28,615 | ||||||
NACCO and Other | 4,655 | 4,552 | ||||||
227,380 | 258,726 | |||||||
Property, plant and equipment, at cost | 282,303 | 342,688 | ||||||
Less allowances for depreciation, depletion and amortization | 122,659 | 123,432 | ||||||
$ | 159,644 | $ | 219,256 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
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, 2014 | ||||||||||||
NACoal: | ||||||||||||
Coal supply agreements | $ | 84,200 | $ | (33,421 | ) | $ | 50,779 | |||||
Other intangibles | — | — | — | |||||||||
$ | 84,200 | $ | (33,421 | ) | $ | 50,779 | ||||||
HBB: | ||||||||||||
Customer relationships | $ | 5,760 | $ | (40 | ) | $ | 5,720 | |||||
Trademarks | 3,100 | (8 | ) | 3,092 | ||||||||
Other intangibles | 1,240 | (10 | ) | 1,230 | ||||||||
$ | 10,100 | $ | (58 | ) | $ | 10,042 | ||||||
Balance at December 31, 2013 | ||||||||||||
NACoal: | ||||||||||||
Coal supply agreements | $ | 91,480 | $ | (32,492 | ) | $ | 58,988 | |||||
Other intangibles | 950 | (253 | ) | 697 | ||||||||
$ | 92,430 | $ | (32,745 | ) | $ | 59,685 | ||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2013 | $ | 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 | ||||||
Liabilities acquired during the period | 7,297 | — | 7,297 | |||||||||
Liabilities settled during the period | (381 | ) | (1,128 | ) | (1,509 | ) | ||||||
Accretion expense | 379 | 1,183 | 1,562 | |||||||||
Revision of estimated cash flows | 1,448 | 606 | 2,054 | |||||||||
Balance at December 31, 2014 | $ | 24,232 | $ | 17,587 | $ | 41,819 | ||||||
Current_and_LongTerm_Financing1
Current and Long-Term Financing (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt | The following table summarizes the Company's available and outstanding borrowings: | |||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements: | ||||||||
NACoal | $ | 180,000 | $ | 140,000 | ||||
HBB | 52,845 | 18,447 | ||||||
KC | — | 1,460 | ||||||
$ | 232,845 | $ | 159,907 | |||||
Capital lease obligations and other term loans — NACoal | $ | 14,445 | $ | 17,414 | ||||
Private Placement Notes — NACoal | — | 6,429 | ||||||
Other debt — HBB | 608 | — | ||||||
Total debt outstanding | $ | 247,898 | $ | 183,750 | ||||
Current portion of borrowings outstanding: | ||||||||
NACoal | $ | 56,467 | $ | 29,859 | ||||
KC | — | 1,460 | ||||||
$ | 56,467 | $ | 31,319 | |||||
Long-term portion of borrowings outstanding: | ||||||||
NACoal | $ | 137,978 | $ | 133,984 | ||||
HBB | 53,453 | 18,447 | ||||||
$ | 191,431 | $ | 152,431 | |||||
Total available borrowings, net of limitations, under revolving credit agreements: | ||||||||
NACoal | $ | 223,995 | $ | 223,936 | ||||
HBB | 112,105 | 111,584 | ||||||
KC | 22,596 | 27,000 | ||||||
$ | 358,696 | $ | 362,520 | |||||
Unused revolving credit agreements: | ||||||||
NACoal | $ | 43,995 | $ | 83,936 | ||||
HBB | 59,260 | 93,137 | ||||||
KC | 22,596 | 25,540 | ||||||
$ | 125,851 | $ | 202,613 | |||||
Weighted average stated interest rate on total borrowings: | ||||||||
NACoal | 2.5 | % | 2.3 | % | ||||
HBB | 2 | % | 3.2 | % | ||||
KC | N/A | 4.3 | % | |||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements): | ||||||||
NACoal | 3.1 | % | 3 | % | ||||
HBB | 2.5 | % | 3.2 | % | ||||
KC | N/A | N/A | ||||||
Schedule of Maturities of Total Debt, Excluding Capital Leases | Annual maturities of total debt, excluding capital leases, are as follows: | |||||||
2015 | $ | 55,000 | ||||||
2016 | 608 | |||||||
2017 | — | |||||||
2018 | 125,000 | |||||||
2019 | 55,652 | |||||||
Thereafter | — | |||||||
$ | 236,260 | |||||||
Financial_Instruments_and_Deri
Financial Instruments and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 the interest rate swap agreement active at December 31 in millions: | ||||||||||||||||||||||||||||||||||||||||
Notional Amount | Average Fixed Rate | Remaining Term at | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||
NACoal | $ | 100 | $ | 100 | 1.4 | % | 1.4 | % | extending to May 2018 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||
HBB | $ | 20 | $ | 20 | 1.4 | % | 1.4 | % | extending to January 2020 | ||||||||||||||||||||||||||||||||
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 | 2014 | 2013 | Balance sheet location | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | 39 | $ | 128 | Other current liabilities | $ | 121 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 142 | 809 | Other long-term liabilities | 291 | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 292 | 83 | Other current liabilities | — | — | |||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | — | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 473 | $ | 1,020 | $ | 412 | $ | — | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | — | $ | — | Prepaid expenses and other | $ | — | $ | 14 | |||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | — | $ | 14 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 473 | $ | 1,020 | $ | 412 | $ | 14 | |||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | (2,664 | ) | $ | 933 | $ | (138 | ) | Interest expense | $ | (1,495 | ) | $ | (460 | ) | $ | (1,207 | ) | N/A | $ | — | $ | — | $ | — | ||||||||||||||||
Foreign currency exchange contracts | 308 | 354 | (282 | ) | Cost of sales | 108 | 213 | 87 | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (2,356 | ) | $ | 1,287 | $ | (420 | ) | $ | (1,387 | ) | $ | (247 | ) | $ | (1,120 | ) | $ | — | $ | — | $ | — | ||||||||||||||||||
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 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales or Other | $ | 25 | $ | (14 | ) | $ | (162 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 25 | $ | (14 | ) | $ | (162 | ) | |||||||||||||||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | $ | 7,220 | $ | 7,220 | $ | — | $ | — | |||||||||
Interest rate swap agreements | 181 | — | 181 | — | |||||||||||||
Foreign currency exchange contracts | 292 | — | 292 | — | |||||||||||||
$ | 7,693 | $ | 7,220 | $ | 473 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Interest rate swap agreements | $ | 412 | $ | — | $ | 412 | $ | — | |||||||||
$ | 412 | $ | — | $ | 412 | $ | — | ||||||||||
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-13 | (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, 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, 2013 | $ | 1,581 | ||||||||||||||
Change in estimate | (1,614 | ) | |||||||||||||||
Accretion expense | 33 | ||||||||||||||||
Balance at | December 31, 2014 | $ | — | ||||||||||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Future Minimum Capital and Operating Lease Payments | Future minimum capital and operating lease payments at December 31, 2014 are: | |||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 1,732 | $ | 34,316 | ||||
2016 | 1,732 | 27,196 | ||||||
2017 | 1,732 | 19,635 | ||||||
2018 | 2,022 | 15,630 | ||||||
2019 | 1,521 | 11,595 | ||||||
Subsequent to 2019 | 3,997 | 25,193 | ||||||
Total minimum lease payments | 12,736 | $ | 133,565 | |||||
Amounts representing interest | 1,098 | |||||||
Present value of net minimum lease payments | 11,638 | |||||||
Current maturities | 1,467 | |||||||
Long-term capital lease obligation | $ | 10,171 | ||||||
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 | ||||||||
2014 | 2013 | |||||||
Plant and equipment | $ | 4,807 | $ | 14,509 | ||||
Less accumulated depreciation | 1,927 | 1,650 | ||||||
$ | 2,880 | $ | 12,859 | |||||
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Schedule of Product Warranty Liability | Changes in the Company's current and long-term warranty obligations are as follows: | |||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 5,343 | $ | 4,269 | ||||
Warranties issued | 8,640 | 8,855 | ||||||
Settlements made | (8,127 | ) | (7,781 | ) | ||||
Balance at December 31 | $ | 5,856 | $ | 5,343 | ||||
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 | 2014 | 2013 | Location of loss (gain) reclassified from AOCI into income | |||||||||
(In thousands) | ||||||||||||
Loss (gain) on cash flow hedging | ||||||||||||
Foreign exchange contracts | $ | (108 | ) | $ | (213 | ) | Cost of sales | |||||
Interest rate contracts | 1,495 | 460 | Interest expense | |||||||||
1,387 | 247 | Total before income tax expense | ||||||||||
(489 | ) | (95 | ) | Income tax expense (benefit) | ||||||||
$ | 898 | $ | 152 | Net of tax | ||||||||
Pension and postretirement plan | ||||||||||||
Actuarial loss | $ | 1,015 | $ | 1,995 | (a) | |||||||
Prior-service credit | (75 | ) | (154 | ) | (a) | |||||||
940 | 1,841 | Total before income tax expense | ||||||||||
(313 | ) | (740 | ) | Income tax expense (benefit) | ||||||||
$ | 627 | $ | 1,101 | Net of tax | ||||||||
Total reclassifications for the period | $ | 1,525 | $ | 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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic weighted average shares outstanding | 7,590 | 8,105 | 8,384 | |||||||||
Dilutive effect of restricted stock awards | N/A | 19 | 30 | |||||||||
Diluted weighted average shares outstanding | 7,590 | 8,124 | 8,414 | |||||||||
Continuing operations | $ | (5.02 | ) | $ | 5.48 | $ | 5.04 | |||||
Discontinued operations | — | — | 7.93 | |||||||||
Basic earnings (loss) per share | $ | (5.02 | ) | $ | 5.48 | $ | 12.97 | |||||
Continuing operations | $ | (5.02 | ) | $ | 5.47 | $ | 5.02 | |||||
Discontinued operations | — | — | 7.9 | |||||||||
Diluted earnings (loss) per share | $ | (5.02 | ) | $ | 5.47 | $ | 12.92 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income Tax Expense (Benefit) | The components of income (loss) from continuing operations before income tax provision (benefit) and the income tax provision (benefit) for the years ended December 31 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | ||||||||||||
Domestic | $ | (74,402 | ) | $ | 54,630 | $ | 53,167 | |||||
Foreign | (2,171 | ) | 1,090 | 4,861 | ||||||||
$ | (76,573 | ) | $ | 55,720 | $ | 58,028 | ||||||
Income tax provision (benefit) | ||||||||||||
Current income tax provision (benefit): | ||||||||||||
Federal | $ | 2,778 | $ | 15,392 | $ | (1,811 | ) | |||||
State | (472 | ) | 1,965 | 1,474 | ||||||||
Foreign | 586 | 1,559 | 1,556 | |||||||||
Total current | 2,892 | 18,916 | 1,219 | |||||||||
Deferred income tax provision (benefit): | ||||||||||||
Federal | (38,829 | ) | (5,490 | ) | 14,107 | |||||||
State | (1,817 | ) | (1,141 | ) | 668 | |||||||
Foreign | (701 | ) | (1,015 | ) | (129 | ) | ||||||
Total deferred | (41,347 | ) | (7,646 | ) | 14,646 | |||||||
$ | (38,455 | ) | $ | 11,270 | $ | 15,865 | ||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations before income tax provision (benefit) | $ | (76,573 | ) | $ | 55,720 | $ | 58,028 | |||||
Statutory taxes (benefit) at 35.0% | $ | (26,801 | ) | $ | 19,502 | $ | 20,310 | |||||
State and local income taxes | (7,112 | ) | 136 | 1,568 | ||||||||
NACoal valuation allowance | 5,742 | (12 | ) | — | ||||||||
Non-deductible expenses | 632 | 1,081 | 1,112 | |||||||||
Percentage depletion | (8,572 | ) | (8,057 | ) | (4,963 | ) | ||||||
R&D and other federal credits | (1,397 | ) | (1,173 | ) | (132 | ) | ||||||
Other, net | 322 | 520 | (1,629 | ) | ||||||||
Tax settlements | (1,269 | ) | (727 | ) | (401 | ) | ||||||
Income tax provision | $ | (38,455 | ) | $ | 11,270 | $ | 15,865 | |||||
Effective income tax rate | 50.2 | % | 20.2 | % | 27.3 | % | ||||||
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 | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Tax carryforwards | $ | 8,531 | $ | 5,029 | ||||||||
Inventories | 7,027 | 4,709 | ||||||||||
Accrued expenses and reserves | 28,842 | 26,019 | ||||||||||
Other employee benefits | 13,264 | 11,432 | ||||||||||
Asset impairment(1) | 39,757 | 841 | ||||||||||
Other | 9,199 | 6,534 | ||||||||||
Total deferred tax assets | 106,620 | 54,564 | ||||||||||
Less: Valuation allowance | 8,521 | 2,280 | ||||||||||
98,099 | 52,284 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and depletion | 43,111 | 39,906 | ||||||||||
Partnership investment - development costs | 19,535 | 20,215 | ||||||||||
Accrued pension benefits | 858 | 1,037 | ||||||||||
Unremitted foreign earnings | 223 | 168 | ||||||||||
Total deferred tax liabilities | 63,727 | 61,326 | ||||||||||
Net deferred asset (liability) | $ | 34,372 | $ | (9,042 | ) | |||||||
(1)During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash asset impairment charge of $105.1 million for the Reed Minerals' long-lived asset group. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. | ||||||||||||
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, 2014 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 772 | $ | 772 | 2020 - Indefinite | |||||||
State losses | 9,791 | 5,687 | 2015 - 2033 | |||||||||
Alternative minimum tax credit | 1,396 | — | Indefinite | |||||||||
Total | $ | 11,959 | $ | 6,459 | ||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 430 | $ | 351 | 2020 - Indefinite | |||||||
State losses | 6,967 | 2,845 | 2014 - 2033 | |||||||||
Alternative minimum tax credit | 70 | — | Indefinite | |||||||||
Total | $ | 7,467 | $ | 3,196 | ||||||||
Unrecognized Tax Benefits Roll Forward | ||||||||||||
2014 | 2013 | |||||||||||
Balance at January 1 | $ | 7,848 | $ | 2,691 | ||||||||
Additions based on tax positions related to prior years | 453 | 5,615 | ||||||||||
Additions based on tax positions related to the current year | 921 | 78 | ||||||||||
Reductions due to settlements with taxing authorities | (4,701 | ) | (191 | ) | ||||||||
Reductions due to lapse of the applicable statute of limitations | (1,055 | ) | (345 | ) | ||||||||
Balance at December 31 | $ | 3,466 | $ | 7,848 | ||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Changes in plan assets and benefit obligations recognized in comprehensive income (loss) | Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 8,896 | $ | (11,503 | ) | $ | 3,131 | |||||||||
Amortization of actuarial loss | (837 | ) | (1,822 | ) | (2,772 | ) | ||||||||||
Current year prior service cost (credit) | 360 | (1,331 | ) | — | ||||||||||||
Amortization of prior service (cost) credit | (32 | ) | 47 | 100 | ||||||||||||
Curtailment gain | — | 1,701 | — | |||||||||||||
Total recognized in other comprehensive (income) loss | $ | 8,387 | $ | (12,908 | ) | $ | 459 | |||||||||
Non-U.S. Plan | ||||||||||||||||
Current year actuarial (gain) loss | $ | (94 | ) | $ | (735 | ) | $ | 45 | ||||||||
Amortization of actuarial loss | (112 | ) | (121 | ) | (131 | ) | ||||||||||
Total recognized in other comprehensive (income) | $ | (206 | ) | $ | (856 | ) | $ | (86 | ) | |||||||
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: | |||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 55.3 | % | 53.6 | % | 41.0% - 62.0% | |||||||||||
Non-U.S. equity securities | 11.3 | % | 13 | % | 10.0% - 16.0% | |||||||||||
Fixed income securities | 32.9 | % | 32.9 | % | 30.0% - 40.0% | |||||||||||
Money market | 0.5 | % | 0.5 | % | 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: | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
Canadian equity securities | 30.2 | % | 31 | % | 25.0% - 35.0% | |||||||||||
Non-Canadian equity securities | 30.1 | % | 32 | % | 25.0% - 35.0% | |||||||||||
Fixed income securities | 39.7 | % | 37 | % | 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 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
U.S. equity securities | $ | 37,969 | $ | 35,980 | $ | 864 | $ | 833 | ||||||||
Non-U.S. equity securities | 7,764 | 8,701 | 2,326 | 2,455 | ||||||||||||
Fixed income securities | 22,617 | 22,125 | 2,096 | 1,898 | ||||||||||||
Money market | 325 | 364 | — | — | ||||||||||||
Total | $ | 68,675 | $ | 67,170 | $ | 5,286 | $ | 5,186 | ||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 3.45% - 3.95% | 4.00% - 4.75% | 3.50% - 3.90% | |||||||||||||
Weighted average discount rates for net periodic benefit cost | 4.00% - 4.75% | 3.50% - 4.70% | 4.30% - 4.55% | |||||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 7.75 | % | 7.75 | % | 7.75 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 7.75 | % | 7.75 | % | 8.25 | % | ||||||||||
Non-U.S. Plan | ||||||||||||||||
Weighted average discount rates for pension benefit obligation | 3.75 | % | 4.5 | % | 4 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 4.5 | % | 4 | % | 4.25 | % | ||||||||||
Rate of increase in compensation levels | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||
Expected long-term rate of return on assets for pension benefit obligation | 5.75 | % | 6 | % | 6 | % | ||||||||||
Expected long-term rate of return on assets for net periodic benefit cost | 6 | % | 6 | % | 6.25 | % | ||||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
U.S. Plans | ||||||||||||||||
Interest cost | $ | 2,754 | $ | 2,766 | $ | 3,056 | ||||||||||
Expected return on plan assets | (4,689 | ) | (4,513 | ) | (4,344 | ) | ||||||||||
Amortization of actuarial loss | 837 | 1,822 | 2,772 | |||||||||||||
Amortization of prior service cost (credit) | 32 | (47 | ) | (100 | ) | |||||||||||
Curtailment gain | — | (1,701 | ) | — | ||||||||||||
Net periodic pension expense (income) | $ | (1,066 | ) | $ | (1,673 | ) | $ | 1,384 | ||||||||
Non-U.S. Plan | ||||||||||||||||
Interest cost | $ | 196 | $ | 197 | $ | 208 | ||||||||||
Expected return on plan assets | (296 | ) | (282 | ) | (287 | ) | ||||||||||
Amortization of actuarial loss | 112 | 121 | 131 | |||||||||||||
Net periodic pension expense | $ | 12 | $ | 36 | $ | 52 | ||||||||||
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: | |||||||||||||||
2014 | 2013 | |||||||||||||||
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 | $ | 65,099 | $ | 4,603 | $ | 72,977 | $ | 5,212 | ||||||||
Interest cost | 2,754 | 196 | 2,766 | 197 | ||||||||||||
Actuarial (gain) loss | 8,736 | 301 | (4,488 | ) | (317 | ) | ||||||||||
Benefits paid | (4,262 | ) | (151 | ) | (4,715 | ) | (160 | ) | ||||||||
Plan amendments | — | — | (1,441 | ) | — | |||||||||||
Foreign currency exchange rate changes | — | (400 | ) | — | (329 | ) | ||||||||||
Intercompany transfers | 512 | — | — | — | ||||||||||||
Projected benefit obligation at end of year | $ | 72,839 | $ | 4,549 | $ | 65,099 | $ | 4,603 | ||||||||
Accumulated benefit obligation at end of year | $ | 72,839 | $ | 4,549 | $ | 65,099 | $ | 4,603 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 67,170 | $ | 5,186 | $ | 60,012 | $ | 4,961 | ||||||||
Actual return on plan assets | 5,972 | 690 | 11,383 | 719 | ||||||||||||
Employer contributions | 496 | 20 | 490 | — | ||||||||||||
Benefits paid | (4,262 | ) | (151 | ) | (4,715 | ) | (160 | ) | ||||||||
Foreign currency exchange rate changes | — | (459 | ) | — | (334 | ) | ||||||||||
Intercompany transfers | (701 | ) | — | — | — | |||||||||||
Fair value of plan assets at end of year | $ | 68,675 | $ | 5,286 | $ | 67,170 | $ | 5,186 | ||||||||
Funded status at end of year | $ | (4,164 | ) | $ | 737 | $ | 2,071 | $ | 583 | |||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | 4,304 | $ | 737 | $ | 8,005 | $ | 583 | ||||||||
Current liabilities | (1,110 | ) | — | (1,138 | ) | — | ||||||||||
Non-current liabilities | (7,358 | ) | — | (4,796 | ) | — | ||||||||||
$ | (4,164 | ) | $ | 737 | $ | 2,071 | $ | 583 | ||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 26,925 | $ | 1,110 | $ | 18,861 | $ | 1,380 | ||||||||
Prior service cost | 955 | — | 626 | — | ||||||||||||
Deferred taxes | (10,683 | ) | (426 | ) | (7,854 | ) | (576 | ) | ||||||||
Currency differences | — | (43 | ) | — | — | |||||||||||
$ | 17,197 | $ | 641 | $ | 11,633 | $ | 804 | |||||||||
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 | |||||||||||||||
2015 | $ | 5,068 | $ | 149 | ||||||||||||
2016 | 4,751 | 157 | ||||||||||||||
2017 | 4,581 | 171 | ||||||||||||||
2018 | 4,491 | 169 | ||||||||||||||
2019 | 4,494 | 177 | ||||||||||||||
2020 - 2024 | 23,468 | 1,245 | ||||||||||||||
$ | 46,853 | $ | 2,068 | |||||||||||||
Other Postretirement Benefit Plans, Defined Benefit | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Current year actuarial loss | $ | 613 | $ | 16 | $ | 295 | ||||||||||
Amortization of actuarial loss | (66 | ) | (52 | ) | (40 | ) | ||||||||||
Amortization of prior service credit | 107 | 107 | 156 | |||||||||||||
Total recognized in other comprehensive income | $ | 654 | $ | 71 | $ | 411 | ||||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Weighted average discount rates for benefit obligation | 3.25 | % | 3.85 | % | 3.05 | % | ||||||||||
Weighted average discount rates for net periodic benefit cost | 3.85 | % | 3.05 | % | 3.9 | % | ||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | 7 | % | ||||||||||
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 | 2022 | |||||||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 70 | $ | 77 | $ | 79 | ||||||||||
Interest cost | 118 | 98 | 120 | |||||||||||||
Amortization of actuarial loss | 66 | 52 | 40 | |||||||||||||
Amortization of prior service credit | (107 | ) | (107 | ) | (156 | ) | ||||||||||
Net periodic benefit expense | $ | 147 | $ | 120 | $ | 83 | ||||||||||
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: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 3,109 | $ | 3,283 | ||||||||||||
Service cost | 70 | 77 | ||||||||||||||
Interest cost | 118 | 98 | ||||||||||||||
Actuarial loss | 613 | 16 | ||||||||||||||
Benefits paid | (376 | ) | (365 | ) | ||||||||||||
Benefit obligation at end of year | $ | 3,534 | $ | 3,109 | ||||||||||||
Funded status at end of year | $ | (3,534 | ) | $ | (3,109 | ) | ||||||||||
Amounts recognized in the balance sheets consist of: | ||||||||||||||||
Current liabilities | $ | (276 | ) | $ | (257 | ) | ||||||||||
Noncurrent liabilities | (3,258 | ) | (2,852 | ) | ||||||||||||
$ | (3,534 | ) | $ | (3,109 | ) | |||||||||||
Components of accumulated other comprehensive loss (income) consist of: | ||||||||||||||||
Actuarial loss | $ | 1,005 | $ | 457 | ||||||||||||
Prior service credit | (309 | ) | (415 | ) | ||||||||||||
Deferred taxes | 475 | 674 | ||||||||||||||
$ | 1,171 | $ | 716 | |||||||||||||
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, 2014: | |||||||||||||||
1-Percentage-Point | 1-Percentage-Point | |||||||||||||||
Increase | Decrease | |||||||||||||||
Effect on total of service and interest cost | $ | 17 | $ | (15 | ) | |||||||||||
Effect on postretirement benefit obligation | $ | 268 | $ | (244 | ) | |||||||||||
Future benefit payments | Future postretirement health care benefit payments expected to be paid are: | |||||||||||||||
2015 | $ | 276 | ||||||||||||||
2016 | 264 | |||||||||||||||
2017 | 273 | |||||||||||||||
2018 | 292 | |||||||||||||||
2019 | 301 | |||||||||||||||
2020 - 2024 | 1,515 | |||||||||||||||
$ | 2,921 | |||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Reporting Information | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues from external customers | ||||||||||||
NACoal | $ | 172,702 | $ | 193,651 | $ | 132,367 | ||||||
HBB | 559,683 | 547,790 | 521,567 | |||||||||
KC | 168,545 | 196,033 | 224,695 | |||||||||
Eliminations | (4,148 | ) | (4,808 | ) | (5,265 | ) | ||||||
Total | $ | 896,782 | $ | 932,666 | $ | 873,364 | ||||||
Gross profit (loss) | ||||||||||||
NACoal | $ | (3,139 | ) | $ | 25,230 | $ | 27,998 | |||||
HBB | 117,570 | 115,506 | 102,289 | |||||||||
KC | 71,621 | 80,972 | 95,832 | |||||||||
NACCO and Other | (461 | ) | (469 | ) | (278 | ) | ||||||
Eliminations | (519 | ) | 52 | 101 | ||||||||
Total | $ | 185,072 | $ | 221,291 | $ | 225,942 | ||||||
Selling, general and administrative expenses, including Amortization of intangible assets | ||||||||||||
NACoal | $ | 36,147 | $ | 30,786 | $ | 36,801 | ||||||
HBB | 81,798 | 74,570 | 66,481 | |||||||||
KC | 79,056 | 91,878 | 100,350 | |||||||||
NACCO and Other | 4,996 | 5,765 | 6,723 | |||||||||
Total | $ | 201,997 | $ | 202,999 | $ | 210,355 | ||||||
2014 | 2013 | 2012 | ||||||||||
Operating profit (loss) | ||||||||||||
NACoal | $ | (89,030 | ) | $ | 37,461 | $ | 43,239 | |||||
HBB | 35,772 | 40,960 | 35,815 | |||||||||
KC | (7,075 | ) | (10,903 | ) | (4,512 | ) | ||||||
NACCO and Other | (5,456 | ) | (6,233 | ) | (7,000 | ) | ||||||
Eliminations | (520 | ) | 51 | 100 | ||||||||
Total | $ | (66,309 | ) | $ | 61,336 | $ | 67,642 | |||||
Interest expense | ||||||||||||
NACoal | $ | 6,034 | $ | 3,105 | $ | 2,909 | ||||||
HBB | 1,137 | 1,279 | 2,635 | |||||||||
KC | 367 | 390 | 479 | |||||||||
NACCO and Other | 28 | 1 | 65 | |||||||||
Total | $ | 7,566 | $ | 4,775 | $ | 6,088 | ||||||
Interest income | ||||||||||||
NACoal | $ | (823 | ) | $ | (19 | ) | $ | (152 | ) | |||
HBB | (4 | ) | (1 | ) | — | |||||||
KC | — | — | — | |||||||||
NACCO and Other | (4 | ) | (205 | ) | (10 | ) | ||||||
Total | $ | (831 | ) | $ | (225 | ) | $ | (162 | ) | |||
Other (income) expense, including closed mine obligations | ||||||||||||
NACoal | $ | 44 | $ | (1,013 | ) | $ | (1,325 | ) | ||||
HBB | 1,136 | 462 | 344 | |||||||||
KC | 65 | 70 | 86 | |||||||||
NACCO and Other | 2,284 | 1,547 | 4,583 | |||||||||
Total | $ | 3,529 | $ | 1,066 | $ | 3,688 | ||||||
Income tax provision (benefit) | ||||||||||||
NACoal | $ | (43,308 | ) | $ | 3,462 | $ | 9,037 | |||||
HBB | 10,359 | 14,127 | 11,636 | |||||||||
KC | (2,904 | ) | (4,479 | ) | (1,990 | ) | ||||||
NACCO and Other | (2,420 | ) | (1,858 | ) | (2,989 | ) | ||||||
Eliminations | (182 | ) | 18 | 171 | ||||||||
Total | $ | (38,455 | ) | $ | 11,270 | $ | 15,865 | |||||
Income (loss) from continuing operations, net of tax | ||||||||||||
NACoal | $ | (50,977 | ) | $ | 31,926 | $ | 32,770 | |||||
HBB | 23,144 | 25,093 | 21,200 | |||||||||
KC | (4,603 | ) | (6,884 | ) | (3,087 | ) | ||||||
NACCO and Other | (5,344 | ) | (5,718 | ) | (8,649 | ) | ||||||
Eliminations | (338 | ) | 33 | (71 | ) | |||||||
Total | $ | (38,118 | ) | $ | 44,450 | $ | 42,163 | |||||
2014 | 2013 | 2012 | ||||||||||
Total assets | ||||||||||||
NACoal | $ | 389,964 | $ | 419,786 | $ | 368,652 | ||||||
HBB | 270,265 | 228,891 | 215,503 | |||||||||
KC | 56,260 | 70,014 | 83,977 | |||||||||
NACCO and Other | 96,918 | 131,085 | 154,605 | |||||||||
Eliminations | (42,887 | ) | (39,820 | ) | (46,431 | ) | ||||||
Total | $ | 770,520 | $ | 809,956 | $ | 776,306 | ||||||
Depreciation, depletion and amortization | ||||||||||||
NACoal | $ | 22,003 | $ | 16,601 | $ | 10,849 | ||||||
HBB | 2,693 | 3,475 | 3,113 | |||||||||
KC | 3,048 | 4,162 | 3,611 | |||||||||
NACCO and Other | 326 | 334 | 419 | |||||||||
Total | $ | 28,070 | $ | 24,572 | $ | 17,992 | ||||||
Capital expenditures, excluding acquisitions of business | ||||||||||||
NACoal | $ | 51,228 | $ | 52,748 | $ | 37,125 | ||||||
HBB | 4,516 | 2,313 | 3,223 | |||||||||
KC | 1,193 | 2,150 | 3,872 | |||||||||
NACCO and Other | 563 | 238 | 462 | |||||||||
Total | $ | 57,500 | $ | 57,449 | $ | 44,682 | ||||||
Revenue From External Customers and Long-Lived Assets, by Geographical Areas | ||||||||||||
United | Other | Consolidated | ||||||||||
States | ||||||||||||
2014 | ||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 779,890 | $ | 116,892 | $ | 896,782 | ||||||
Long-lived assets | $ | 182,116 | $ | 5,780 | $ | 187,896 | ||||||
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 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | A summary of the unaudited results of operations for the year ended December 31 is as follows: | |||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | ||||||||||||||||
NACoal | $ | 39,872 | $ | 49,780 | $ | 49,840 | $ | 33,210 | ||||||||
HBB | 101,325 | 118,385 | 135,155 | 204,818 | ||||||||||||
KC | 36,876 | 32,804 | 37,551 | 61,314 | ||||||||||||
Eliminations | (660 | ) | (599 | ) | (832 | ) | (2,057 | ) | ||||||||
$ | 177,413 | $ | 200,370 | $ | 221,714 | $ | 297,285 | |||||||||
Gross profit | $ | 36,171 | $ | 36,523 | $ | 46,543 | $ | 65,835 | ||||||||
Earnings of unconsolidated mines | $ | 12,438 | $ | 11,567 | $ | 12,064 | $ | 12,327 | ||||||||
Operating profit (loss) | ||||||||||||||||
NACoal | $ | 6,653 | $ | 183 | $ | 4,362 | $ | (100,228 | ) | |||||||
HBB | 937 | 2,251 | 9,531 | 23,053 | ||||||||||||
KC | (6,514 | ) | (4,255 | ) | (1,429 | ) | 5,123 | |||||||||
NACCO and Other | (1,352 | ) | (2,004 | ) | (1,073 | ) | (1,027 | ) | ||||||||
Eliminations | (309 | ) | (66 | ) | (68 | ) | (77 | ) | ||||||||
$ | (585 | ) | $ | (3,891 | ) | $ | 11,323 | $ | (73,156 | ) | ||||||
NACoal | $ | 5,705 | $ | (75 | ) | $ | 3,185 | $ | (59,792 | ) | ||||||
HBB | 350 | 1,359 | 6,008 | 15,427 | ||||||||||||
KC | (4,033 | ) | (2,657 | ) | (966 | ) | 3,053 | |||||||||
NACCO and Other | (1,197 | ) | (1,673 | ) | (906 | ) | (1,568 | ) | ||||||||
Eliminations | (2,349 | ) | (578 | ) | 378 | 2,211 | ||||||||||
Net income (loss) | $ | (1,524 | ) | $ | (3,624 | ) | $ | 7,699 | $ | (40,669 | ) | |||||
Basic earnings (loss) per share | $ | 0.19 | $ | 0.47 | $ | 1.02 | $ | (5.57 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.19 | $ | 0.47 | $ | 1.02 | $ | (5.57 | ) | |||||||
During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash, asset impairment charge of $105.1 million on the line Reed Minerals long-lived asset impairment charge in the Consolidated Statements of Operations. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. | ||||||||||||||||
The significant increase in gross profit of HBB and KC in the fourth quarter of 2014 compared with the prior quarters of 2014 is primarily due to the seasonal nature of of their businesses. | ||||||||||||||||
During the second quarter of 2014, the Company recorded a $1.1 million charge included in Selling, general and administrative expenses in NACCO and Other to correct a prior period accounting error related to an increase in the estimated liability for certain frozen deferred compensation plans. Management, quantitatively and qualitatively, assessed the materiality of the error and the correction thereof and concluded that the effect of the previous accounting treatment was not material to prior periods, expected 2014 full-year results, or trend of earnings and determined no material misstatements existed in those prior periods and no restatement of those prior period financial statements was necessary. | ||||||||||||||||
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 | ||||||||
Parent_Company_Condensed_Balan1
Parent Company Condensed Balance Sheets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Statement of Financial Position [Abstract] | ||||||||
Condensed Balance Sheet | The condensed balance sheets of NACCO, the parent company, at December 31 are as follows: | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 53,415 | $ | 94,035 | ||||
Other current assets | 1,570 | 946 | ||||||
Investment in subsidiaries | ||||||||
HBB | 49,613 | 52,265 | ||||||
KC | 32,170 | 36,772 | ||||||
NACoal | 103,056 | 138,355 | ||||||
Other | 13,142 | 14,792 | ||||||
197,981 | 242,184 | |||||||
Property, plant and equipment, net | 1,253 | 1,477 | ||||||
Other non-current assets | 8,078 | 5,707 | ||||||
Total Assets | $ | 262,297 | $ | 344,349 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | $ | 7,636 | $ | 12,750 | ||||
Current intercompany accounts payable, net | 9,756 | 304 | ||||||
Note payable to Bellaire | 18,700 | 20,450 | ||||||
Other non-current liabilities | 14,732 | 13,065 | ||||||
Stockholders’ equity | 211,473 | 297,780 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 262,297 | $ | 344,349 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Condensed Financial Statements | Summarized financial information for the Unconsolidated Mines is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 579,031 | $ | 577,436 | $ | 543,892 | ||||||
Gross profit | $ | 74,244 | $ | 74,870 | $ | 74,542 | ||||||
Income before income taxes | $ | 48,592 | $ | 47,953 | $ | 46,819 | ||||||
Net income | $ | 37,067 | $ | 37,468 | $ | 35,616 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 143,105 | $ | 147,370 | ||||||||
Non-current assets | $ | 781,475 | $ | 737,851 | ||||||||
Current liabilities | $ | 177,659 | $ | 148,264 | ||||||||
Non-current liabilities | $ | 742,938 | $ | 731,525 | ||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of Weston Brands as of the acquisition date: | |||
Accounts receivable | $ | 6,100 | ||
Inventory | 5,113 | |||
Other current assets | 658 | |||
Property, plant and equipment | 590 | |||
Intangible assets | 10,100 | |||
Total assets acquired | 22,561 | |||
Current liabilities | 3,367 | |||
Total liabilities assumed | 3,367 | |||
Net assets acquired | 19,194 | |||
Purchase price | 25,447 | |||
Goodwill | $ | 6,253 | ||
Results of Weston Brands Included in the Company's Consolidated Statements of Operations | The results of Weston Brands included in the Company's Consolidated Statement of Operations from the acquisition date through December 31, 2014 are as follows: | |||
Revenues | $ | 1,102 | ||
Operating loss | $ | (193 | ) |
Principles_of_Consolidation_an1
Principles of Consolidation and Nature of Operations (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Subsidiaries | |
Variable Interest Entity [Line Items] | |
Number of wholly owned subsidiaries | 2 |
Variable interest entity, ownership percentage by parent | 100.00% |
Coyote Creek | |
Variable Interest Entity [Line Items] | |
Production capacity, mid 2016 | 2,500,000 |
NACoal | |
Variable Interest Entity [Line Items] | |
Provision for doubtful accounts | 1.1 |
Minimum | Camino Real | |
Variable Interest Entity [Line Items] | |
Production capacity in 2015 | 2,500,000 |
Maximum | Camino Real | |
Variable Interest Entity [Line Items] | |
Production capacity in 2015 | 3,000,000 |
Significant_Accounting_Policie2
Significant Accounting Policies (Property Plant and Equipment & Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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) (Maximum) | 12 Months Ended |
Dec. 31, 2014 | |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Coal supply agreement amortization period | 30 years |
Significant_Accounting_Policie4
Significant Accounting Policies (Share-based Compensation) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
Advertising expense | $20,400,000 | $20,100,000 | $16,500,000 |
Product development costs | 9,600,000 | 8,100,000 | 7,500,000 |
Shares Outstanding 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] | Shares Outstanding 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) | 32,591 | 16,123 | |
Class A common stock available for issuance under the plan (shares) | 201,168 | ||
Compensation expense related to share awards | 1,800,000 | 900,000 | 4,400,000 |
Compensation expense related to share awards, net of tax | 1,200,000 | 600,000 | 2,800,000 |
Stock Compensation Plan [Member] | Shares Outstanding 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) | 61,261 | ||
Compensation expense related to share awards | 600,000 | 600,000 | 800,000 |
Compensation expense related to share awards, net of tax | 400,000 | 400,000 | 500,000 |
Stock Compensation Plan [Member] | Shares Outstanding Class A | Participant's Retirement Date | 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] | Shares Outstanding 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 | 10 years | ||
Stock Compensation Plan [Member] | Shares Outstanding 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] | Shares Outstanding 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] | Shares Outstanding 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 | Shares Outstanding 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) | 10,446 | 9,472 | 8,944 |
Amount of directors, annual retainer paid in restricted shares | 69,000 | 69,000 | 69,000 |
Annual non-employee directors retainer amount | $125,000 | $125,000 | $125,000 |
Percentage of annual retainer that may be received in shares of Class A stock (percent) | 100.00% | ||
Voluntary shares | Shares Outstanding 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) | 1,335 | 1,300 | 1,991 |
Other_Transactions_Details
Other Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 16, 2014 | Sep. 28, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash in escrow from investment | $0 | $5,000,000 | $0 | ||
Proceeds from the sale of assets | 8,134,000 | 2,504,000 | 35,974,000 | ||
Accounts receivable from affiliates | 57,421,000 | 32,636,000 | |||
Hyster-Yale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other recognized expenses of spin-off | 3,400,000 | ||||
Other recognized expenses of spin-off, net of tax | 3,000,000 | ||||
Shares Outstanding Class A | Hyster-Yale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distributed shares | 1 | ||||
Shares Outstanding Class B | Hyster-Yale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distributed shares | 1 | ||||
Weston Products, LLC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Preliminary purchase price | 25,400,000 | ||||
Cash paid at closing | 25,000,000 | ||||
Net working capital and EBITDA adjustment | 400,000 | ||||
NACoal | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash in escrow from investment | 5,000,000 | ||||
Number of draglines sold | 2 | ||||
Number of draglines sold for a gain | 1 | ||||
NACoal | Dragline | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of property | 3,300,000 | ||||
Proceeds from the sale of assets | 31,200,000 | ||||
NACoal | Land | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of property | 2,200,000 | 3,500,000 | |||
Coyote Creek | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Accounts receivable from affiliates | 53,200,000 | 27,900,000 | |||
Assets Held-for-sale [Member] | NACoal | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of property | $3,500,000 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Coal - NACoal | $29,576 | $24,710 |
Mining supplies - NACoal | 19,774 | 17,406 |
Total inventories at weighted average cost | 49,350 | 42,116 |
Sourced inventories - HBB | 104,746 | 90,713 |
Retail inventories - KC | 36,286 | 51,616 |
Total inventories at FIFO | 141,032 | 142,329 |
Inventories, net | $190,382 | $184,445 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
T | T | |||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | $282,303,000 | $342,688,000 | $282,303,000 | |
Less allowances for depreciation, depletion and amortization | 122,659,000 | 123,432,000 | 122,659,000 | |
Property, plant and equipment, net | 159,644,000 | 219,256,000 | 159,644,000 | |
Depreciation, depletion and amortization | 24,800,000 | 20,900,000 | 15,200,000 | |
Proved and probable reserves (tons) | 1,000,000,000 | 1,200,000,000 | 1,000,000,000 | |
Coal Lands and Real Estate | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 54,923,000 | 83,962,000 | 54,923,000 | |
Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 227,380,000 | 258,726,000 | 227,380,000 | |
NACoal | Coal Lands and Real Estate | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 54,228,000 | 83,736,000 | 54,228,000 | |
NACoal | Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 146,994,000 | 180,418,000 | 146,994,000 | |
HBB | Coal Lands and Real Estate | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 226,000 | 226,000 | 226,000 | |
HBB | Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 49,579,000 | 45,141,000 | 49,579,000 | |
NACCO and Other | Coal Lands and Real Estate | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 469,000 | 0 | 469,000 | |
NACCO and Other | Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 4,655,000 | 4,552,000 | 4,655,000 | |
KC | ||||
Property, Plant and Equipment [Line Items] | ||||
Tangible asset impairment charges | 900,000 | 1,100,000 | 700,000 | |
KC | Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 26,152,000 | 28,615,000 | 26,152,000 | |
Reed Minerals | NACoal | ||||
Property, Plant and Equipment [Line Items] | ||||
Reed Minerals long-lived asset impairment charge | 105,100,000 | |||
Reed Minerals | NACoal | Coal Lands and Real Estate | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 7,200,000 | 7,200,000 | ||
Reed Minerals | NACoal | Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Reed Minerals long-lived asset impairment charge | $99,400,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 16, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Net Balance | $60,821,000 | $59,685,000 | $60,821,000 | ||
Goodwill | 6,253,000 | 0 | 6,253,000 | ||
Amortization of intangible assets | 3,300,000 | 3,668,000 | 2,802,000 | ||
Weston Products, LLC | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Preliminary purchase price | 25,400,000 | ||||
Intangible assets | 10,100,000 | 10,100,000 | |||
Goodwill | 6,253,000 | 6,253,000 | |||
HBB | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 10,100,000 | 10,100,000 | |||
Accumulated Amortization | -58,000 | -58,000 | |||
Net Balance | 10,042,000 | 10,042,000 | |||
Expected annual amortization expense, 2015 | 1,400,000 | 1,400,000 | |||
Expected annual amortization expense, 2016 | 1,400,000 | 1,400,000 | |||
Expected annual amortization expense, 2017 | 1,400,000 | 1,400,000 | |||
Expected annual amortization expense, 2018 | 1,400,000 | 1,400,000 | |||
Expected annual amortization expense, 2019 | 1,400,000 | 1,400,000 | |||
Coal supply agreement amortization period | 9 years | ||||
HBB | Customer Relationships | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 5,760,000 | 5,760,000 | |||
Accumulated Amortization | -40,000 | -40,000 | |||
Net Balance | 5,720,000 | 5,720,000 | |||
HBB | Trademarks | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 3,100,000 | 3,100,000 | |||
Accumulated Amortization | -8,000 | -8,000 | |||
Net Balance | 3,092,000 | 3,092,000 | |||
HBB | Other Intangible Assets | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 1,240,000 | 1,240,000 | |||
Accumulated Amortization | -10,000 | -10,000 | |||
Net Balance | 1,230,000 | 1,230,000 | |||
NACoal | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 84,200,000 | 92,430,000 | 84,200,000 | ||
Accumulated Amortization | -33,421,000 | -32,745,000 | -33,421,000 | ||
Net Balance | 50,779,000 | 59,685,000 | 50,779,000 | ||
Expected annual amortization expense, 2015 | 2,700,000 | 2,700,000 | |||
Expected annual amortization expense, 2016 | 2,700,000 | 2,700,000 | |||
Expected annual amortization expense, 2017 | 2,800,000 | 2,800,000 | |||
Expected annual amortization expense, 2018 | 2,800,000 | 2,800,000 | |||
Expected annual amortization expense, 2019 | 2,800,000 | 2,800,000 | |||
Coal supply agreement amortization period | 30 years | ||||
NACoal | Other Intangible Assets | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 0 | 950,000 | 0 | ||
Accumulated Amortization | 0 | -253,000 | 0 | ||
Net Balance | 0 | 697,000 | 0 | ||
NACoal | Coal Supply Agreement | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Gross Carrying Amount | 84,200,000 | 91,480,000 | 84,200,000 | ||
Accumulated Amortization | -33,421,000 | -32,492,000 | -33,421,000 | ||
Net Balance | 50,779,000 | 58,988,000 | 50,779,000 | ||
Reed Minerals | NACoal | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Reed Minerals long-lived asset impairment charge | 105,100,000 | ||||
Reed Minerals | NACoal | Coal Supply Agreement | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Amount allocated to identifiable intangible assets | 0 | 0 | |||
Reed Minerals | Finite-Lived Intangible Assets | NACoal | |||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Reed Minerals long-lived asset impairment charge | $5,700,000 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2010 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of period | $32,415,000 | $31,486,000 | |
Liabilities acquired during the period | 7,297,000 | ||
Liabilities settled during the period | -1,509,000 | -1,559,000 | |
Accretion expense | 1,562,000 | 1,896,000 | |
Revision of estimated cash flows | 2,054,000 | 592,000 | |
Balance at end of period | 41,819,000 | 32,415,000 | |
NACoal | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of period | 15,489,000 | 15,070,000 | |
Liabilities acquired during the period | 7,297,000 | ||
Liabilities settled during the period | -381,000 | -316,000 | |
Accretion expense | 379,000 | 735,000 | |
Revision of estimated cash flows | 1,448,000 | 0 | |
Balance at end of period | 24,232,000 | 15,489,000 | |
Bellaire | |||
Segment Reporting Information [Line Items] | |||
Fair value of trust assets | 7,200,000 | 5,000,000 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance at beginning of period | 16,926,000 | 16,416,000 | |
Liabilities acquired during the period | 0 | ||
Liabilities settled during the period | -1,128,000 | -1,243,000 | |
Accretion expense | 1,183,000 | 1,161,000 | |
Revision of estimated cash flows | 606,000 | 592,000 | |
Balance at end of period | $17,587,000 | $16,926,000 |
Current_and_LongTerm_Financing2
Current and Long-Term Financing (Debt Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total outstanding borrowings: | $232,845 | $159,907 |
Private Placement Notes — NACoal | 236,260 | |
Total debt outstanding | 247,898 | 183,750 |
Current portion of borrowings outstanding: | 56,467 | 31,319 |
Long-term portion of borrowings outstanding: | 191,431 | 152,431 |
Total available borrowings, net of limitations, under revolving credit agreements: | 358,696 | 362,520 |
Unused revolving credit agreements: | 125,851 | 202,613 |
NACoal | ||
Debt Instrument [Line Items] | ||
Total outstanding borrowings: | 180,000 | 140,000 |
Capital lease obligations and other term loans: | 14,445 | 17,414 |
Current portion of borrowings outstanding: | 56,467 | 29,859 |
Long-term portion of borrowings outstanding: | 137,978 | 133,984 |
Total available borrowings, net of limitations, under revolving credit agreements: | 223,995 | 223,936 |
Unused revolving credit agreements: | 43,995 | 83,936 |
Weighted average stated interest rate on total borrowings: | 2.50% | 2.30% |
Interest rate at period end | 3.10% | 3.00% |
NACoal | Private Placement Notes | ||
Debt Instrument [Line Items] | ||
Private Placement Notes — NACoal | 0 | 6,429 |
HBB | ||
Debt Instrument [Line Items] | ||
Total outstanding borrowings: | 52,845 | 18,447 |
Other borrowings | 608 | 0 |
Long-term portion of borrowings outstanding: | 53,453 | 18,447 |
Total available borrowings, net of limitations, under revolving credit agreements: | 112,105 | 111,584 |
Unused revolving credit agreements: | 59,260 | 93,137 |
Weighted average stated interest rate on total borrowings: | 2.00% | 3.20% |
Interest rate at period end | 2.50% | 3.20% |
KC | ||
Debt Instrument [Line Items] | ||
Total outstanding borrowings: | 0 | 1,460 |
Current portion of borrowings outstanding: | 0 | 1,460 |
Total available borrowings, net of limitations, under revolving credit agreements: | 22,596 | 27,000 |
Unused revolving credit agreements: | $22,596 | $25,540 |
Weighted average stated interest rate on total borrowings: | 4.30% |
Current_and_LongTerm_Financing3
Current and Long-Term Financing (Debt Maturity Schedule) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $55,000 |
2016 | 608 |
2017 | 0 |
2018 | 125,000 |
2019 | 55,652 |
Thereafter | 0 |
Long-term debt | $236,260 |
Current_and_LongTerm_Financing4
Current and Long-Term Financing (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Line of Credit Facility [Line Items] | |||
Interest paid | $7,400,000 | $5,300,000 | $5,500,000 |
Interest capitalized | 300,000 | 500,000 | |
Line of credit facility, current borrowing capacity | 358,696,000 | 362,520,000 | |
Line of credit facility, amount outstanding | 232,845,000 | 159,907,000 | |
Line of credit facility, remaining borrowing capacity | 125,851,000 | 202,613,000 | |
Long-term debt | 236,260,000 | ||
HBB | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 115,000,000 | ||
Assets held as collateral | 269,700,000 | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||
Long-term Debt, Weighted Average Interest Rate | 2.50% | ||
Line of credit facility, current borrowing capacity | 112,105,000 | 111,584,000 | |
Line of credit facility, amount outstanding | 52,845,000 | 18,447,000 | |
Line of credit facility, remaining borrowing capacity | 59,260,000 | 93,137,000 | |
Weighted average interest rate | 2.00% | 3.20% | |
Interest rate at period end | 2.50% | 3.20% | |
Line of credit facility, minimum excess availability | 25,000,000 | ||
Loan processing fee | 200,000 | 1,200,000 | |
KC | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 30,000,000 | ||
Assets held as collateral | 50,400,000 | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.32% | ||
Line of credit facility, current borrowing capacity | 22,596,000 | 27,000,000 | |
Line of credit facility, amount outstanding | 0 | 1,460,000 | |
Line of credit facility, remaining borrowing capacity | 22,596,000 | 25,540,000 | |
Weighted average interest rate | 4.30% | ||
Dividend restriction from closing date | 2,000,000 | ||
Dividend restriction credit facility excess availability requirement | 7,500,000 | ||
Minimum fixed charge coverage ratio | 1.1 | ||
Loan processing fee | 100,000 | 200,000 | |
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 | ||
NACoal | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 225,000,000 | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.40% | ||
Line of credit facility, current borrowing capacity | 223,995,000 | 223,936,000 | |
Line of credit facility, amount outstanding | 180,000,000 | 140,000,000 | |
Line of credit facility, remaining borrowing capacity | 43,995,000 | 83,936,000 | |
Amount of letters of credit outstanding | 1,000,000 | ||
Weighted average interest rate | 2.50% | 2.30% | |
Interest rate at period end | 3.10% | 3.00% | |
Loan processing fee | 1,200,000 | ||
Minimum interest coverage ratio | 4 | ||
Line of credit facility, availability required to pay dividends | 15,000,000 | ||
NACoal | Maximum | |||
Line of Credit Facility [Line Items] | |||
Maximum EBITDA ratio | 3.5 | ||
NACoal | Minimum | |||
Line of Credit Facility [Line Items] | |||
Maximum EBITDA ratio | 3 | ||
Base Rate | HBB | US Dollar | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
Base Rate | HBB | Canadian Dollar | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
Base Rate | KC | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Base Rate | NACoal | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
LIBOR Rate | HBB | US Dollar | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
LIBOR Rate | HBB | Canadian Dollar | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
LIBOR Rate | KC | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
LIBOR Rate | NACoal | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Private Placement Notes | NACoal | |||
Line of Credit Facility [Line Items] | |||
Long-term debt | 0 | 6,429,000 | |
Note Payable to Coteau | NACoal | |||
Line of Credit Facility [Line Items] | |||
Interest rate at period end | 0.38% | ||
Debt instrument, amount outstanding | $2,800,000 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (Interest rate contract, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
HBB | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $20 | $20 |
Average fixed interest rate of interest rate derivatives | 1.40% | 1.40% |
Remaining term | extending to January 2020 | |
NACoal | ||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $100 | $100 |
Average fixed interest rate of interest rate derivatives | 1.40% | 1.40% |
Remaining term | 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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives, asset derivatives | $473 | $1,020 |
Total derivatives, liability derivatives | 412 | 14 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments, asset derivatives | 473 | 1,020 |
Total derivatives designated as hedging instruments, liability derivatives | 412 | 0 |
Designated as hedging instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements, asset derivatives | 39 | 128 |
Foreign currency exchange contracts, asset derivatives | 292 | 83 |
Designated as hedging instrument | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements, liability derivatives | 121 | 0 |
Foreign currency exchange contracts, liability derivatives | 0 | 0 |
Designated as hedging instrument | Other noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements, asset derivatives | 142 | 809 |
Foreign currency exchange contracts, asset derivatives | 0 | 0 |
Designated as hedging instrument | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements, liability derivatives | 291 | 0 |
Foreign currency exchange contracts, liability derivatives | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives no designated as hedging instruments, asset derivatives | 0 | 0 |
Total derivatives no designated as hedging instruments, liability derivatives | 0 | 14 |
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 | $0 | $14 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | ($2,356) | $1,287 | ($420) |
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | -1,387 | -247 | -1,120 |
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 | 25 | -14 | -162 |
Interest rate contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | -2,664 | 933 | -138 |
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) | -1,495 | -460 | -1,207 |
Foreign exchange contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in AOCI on Derivative (Effective Portion) | 308 | 354 | -282 |
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) | 108 | 213 | 87 |
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 | $25 | ($14) | ($162) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
USD ($) | USD ($) | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Interest rate contract | Interest rate contract | Interest rate contract | Interest rate contract | |
USD ($) | CAD | USD ($) | CAD | HBB | HBB | NACoal | NACoal | |||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Derivative [Line Items] | ||||||||||
Interest rate derivative assets, at fair value | $181,000 | $937,000 | $200,000 | $800,000 | ||||||
Interest rate derivative liabilities, at fair value | 412,000 | 400,000 | ||||||||
Notional amount of foreign currency derivatives | 7,200,000 | 5,000,000 | 20,000,000 | 20,000,000 | 100,000,000 | 100,000,000 | ||||
Derivative, fair value, net | 300,000 | -100,000 | ||||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | 100,000 | |||||||||
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months | $100,000 | $800,000 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Available for sale securities | $7,220 | $6,540 |
Interest rate swap agreements | 181 | 937 |
Foreign currency exchange contracts | 292 | 83 |
Assets: | 7,693 | 7,560 |
Liabilities: | ||
Interest rate swap agreements | 412 | |
Foreign currency exchange contracts | 14 | |
Contingent consideration | 1,581 | |
Liabilities: | 412 | 1,595 |
Quoted prices in active markets for identical assets (level 1) | ||
Assets: | ||
Available for sale securities | 7,220 | 6,540 |
Interest rate swap agreements | 0 | 0 |
Foreign currency exchange contracts | 0 | 0 |
Assets: | 7,220 | 6,540 |
Liabilities: | ||
Interest rate swap agreements | 0 | |
Foreign currency exchange contracts | 0 | |
Contingent consideration | 0 | |
Liabilities: | 0 | 0 |
Significant other observable inputs (level 2) | ||
Assets: | ||
Available for sale securities | 0 | 0 |
Interest rate swap agreements | 181 | 937 |
Foreign currency exchange contracts | 292 | 83 |
Assets: | 473 | 1,020 |
Liabilities: | ||
Interest rate swap agreements | 412 | |
Foreign currency exchange contracts | 14 | |
Contingent consideration | 0 | |
Liabilities: | 412 | 14 |
Significant unobservable inputs (level 3) | ||
Assets: | ||
Available for sale securities | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Foreign currency exchange contracts | 0 | 0 |
Assets: | 0 | 0 |
Liabilities: | ||
Interest rate swap agreements | 0 | |
Foreign currency exchange contracts | 0 | |
Contingent consideration | 1,581 | |
Liabilities: | $0 | $1,581 |
Fair_Value_Disclosure_Unobserv
Fair Value Disclosure (Unobservable Input Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $1,581 | $4,000 |
Change in estimate | -1,614 | -2,400 |
Accretion expense | 33 | |
Balance at end of period | $0 | $1,581 |
Fair_Value_Disclosure_Narrativ
Fair Value Disclosure (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Aug. 31, 2012 | |
T | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration | $0 | $1,581,000 | $4,000,000 | $0 | |
Change in estimate, decrease | 1,614,000 | 2,400,000 | |||
Reed Minerals goodwill impairment charge | 0 | 3,973,000 | 0 | ||
Property, plant and equipment, at cost | 282,303,000 | 342,688,000 | 282,303,000 | ||
Long-term debt fair value | 236,300,000 | 170,700,000 | 236,300,000 | ||
Reed Minerals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchase price | 70,900,000 | ||||
Tons of coal sold from reserves covered in earn-out period for earn-out calculation | 15,000,000 | ||||
Reed Minerals | Market approach | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Valuation technique weighting | 25.00% | 25.00% | |||
Reed Minerals | Income approach | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Valuation technique weighting | 75.00% | 75.00% | |||
KC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Tangible asset impairment charges | 900,000 | 1,100,000 | 700,000 | ||
Reed Minerals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Reed Minerals goodwill impairment charge | 4,000,000 | ||||
HBB | Accounts receivable | Credit concentration risk | Five Largest Customers | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Revenue from major customer, percentage | 53.30% | 53.50% | |||
Coal Lands and Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, at cost | 54,923,000 | 83,962,000 | 54,923,000 | ||
Coal Lands and Real Estate | NACoal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, at cost | 54,228,000 | 83,736,000 | 54,228,000 | ||
Coal Lands and Real Estate | HBB | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, at cost | 226,000 | 226,000 | 226,000 | ||
Reed Minerals | NACoal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Reed Minerals long-lived asset impairment charge | 105,100,000 | ||||
Reed Minerals | Coal Lands and Real Estate | NACoal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, at cost | 7,200,000 | 7,200,000 | |||
Reed Minerals | Plant and Equipment | NACoal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, at cost | 37,100,000 | 37,100,000 | |||
Reed Minerals | Coal Supply Agreement | NACoal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gross Carrying Amount | $0 | $0 |
Leasing_Arrangements_Details
Leasing Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Future minimum capital lease payments | |||
2015 | $1,732,000 | ||
2016 | 1,732,000 | ||
2017 | 1,732,000 | ||
2018 | 2,022,000 | ||
2019 | 1,521,000 | ||
Subsequent to 2019 | 3,997,000 | ||
Total minimum lease payments | 12,736,000 | ||
Amounts representing interest | 1,098,000 | ||
Present value of net minimum lease payments | 11,638,000 | ||
Current maturities | 1,467,000 | ||
Long-term capital lease obligation | 10,171,000 | ||
Future minimum operating lease payments | |||
2015 | 34,316,000 | ||
2016 | 27,196,000 | ||
2017 | 19,635,000 | ||
2018 | 15,630,000 | ||
2019 | 11,595,000 | ||
Subsequent to 2019 | 25,193,000 | ||
Total minimum lease payments | 133,565,000 | ||
Rental expense for all operating leases | |||
Rental expense for all operating leases | 39,800,000 | 45,000,000 | 42,900,000 |
Rental income on subleases of equipment | 700,000 | 600,000 | 600,000 |
Assets recorded under capital leases | |||
Plant and equipment | 4,807,000 | 14,509,000 | |
Less accumulated depreciation | 1,927,000 | 1,650,000 | |
Assets recorded under capital leases | 2,880,000 | 12,859,000 | |
Capital lease obligations with lease agreements to acquire plant and equipment | 2,200,000 | 9,300,000 | |
Contract Termination | KC | |||
Restructuring Cost and Reserve [Line Items] | |||
Early lease termination penalties | $1,200,000 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Site Contingency [Line Items] | ||
Accrual for environmental loss contingencies | $9,700,000 | $6,900,000 |
Loss contingency, range of possible loss, minimum | 0 | |
Loss contingency, range of possible loss, maximum | 3,900,000 | |
Other noncurrent assets | ||
Site Contingency [Line Items] | ||
Receivable from a third party | 800,000 | 1,600,000 |
Picton, Ontario Facility | ||
Site Contingency [Line Items] | ||
Increase due to charge to establish a liability for environmental investigation and remediation activities | $3,300,000 | $2,300,000 |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $5,343 | $4,269 |
Warranties issued | 8,640 | 8,855 |
Settlements made | -8,127 | -7,781 |
Balance at end of period | $5,856 | $5,343 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings Per Share (Textual) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2013 | Nov. 12, 2013 | |
Class of Stock [Line Items] | |||||
Purchase of shares | $35,075,000 | $31,306,000 | $3,178,000 | ||
Options exercisable, contractual term | 4 years | ||||
Options granted in period, shares | 0 | ||||
Options outstanding, shares | 0 | ||||
Stock option | |||||
Class of Stock [Line Items] | |||||
Options exercisable, expiration date | 10 years | ||||
Shares Outstanding Class A | |||||
Class of Stock [Line Items] | |||||
Votes per share | 1 | ||||
Common stock, shares authorized | 25,000,000 | ||||
Treasury sock, shares | 2,548,336 | 1,912,322 | |||
Common stock available for grant, shares | 80,701 | ||||
Shares Outstanding Class A | 2011 Stock Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program authorized amount | 50,000,000 | ||||
Purchase of shares | 35,600,000 | ||||
Shares Outstanding Class A | 2013 Stock Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program authorized amount | 60,000,000 | ||||
Purchase of shares | $35,100,000 | $36,000,000 | |||
Treasury shares acquired | 680,013 | ||||
Shares Outstanding Class A | 2011 and 2013 Stock Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Treasury shares acquired | 663,918 | ||||
Average cost per share (in dollars per share) | $52.83 | ||||
Shares Outstanding Class B | |||||
Class of Stock [Line Items] | |||||
Votes per share | 10 | ||||
Common stock, shares authorized | 6,756,176 | ||||
Common stock available for grant, shares | 80,100 |
Stockholders_Equity_and_Earnin3
Stockholders' Equity and Earnings Per Share (Reclassification out of AOCI) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cost of sales | ($711,710) | ($711,375) | ($647,422) | ||
Interest expense | -7,566 | -4,775 | -6,088 | ||
Income (loss) from continuing operations before income tax (benefit) provision | -76,573 | 55,720 | 58,028 | ||
Income tax expense (benefit) | 38,455 | -11,270 | -15,865 | ||
Reclassification out of accumulated other comprehensive income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net of tax | 1,525 | 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 (loss) from continuing operations before income tax (benefit) provision | 1,387 | 247 | |||
Income tax expense (benefit) | -489 | -95 | |||
Net of tax | 898 | 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 | -108 | -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 | 1,495 | 460 | |||
Pension and postretirement plan | Reclassification out of accumulated other comprehensive income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income (loss) from continuing operations before income tax (benefit) provision | 940 | 1,841 | |||
Income tax expense (benefit) | -313 | -740 | |||
Net of tax | 627 | 1,101 | |||
Actuarial loss | 1,015 | [1] | 1,995 | [1] | |
Prior-service credit | ($75) | [1] | ($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_Earnin4
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||||||||||
Basic weighted average shares outstanding | 7,590 | 8,105 | 8,384 | ||||||||
Dilutive effect of restricted stock awards | 19 | 30 | |||||||||
Diluted weighted average shares outstanding | 7,590 | 8,124 | 8,414 | ||||||||
Continuing operations | ($5.02) | $5.48 | $5.04 | ||||||||
Discontinued operations | $0 | $0 | $7.93 | ||||||||
Basic earnings (loss) per share | ($5.57) | $1.02 | $0.47 | $0.19 | $2,860,000 | $1.54 | $0.63 | $0.53 | ($5.02) | $5.48 | $12.97 |
Continuing operations (in dollars per share) | ($5.02) | $5.47 | $5.02 | ||||||||
Discontinued operations (in dollars per share) | $0 | $0 | $7.90 | ||||||||
Diluted earnings (loss) per share (in dollars per share) | ($5.57) | $1.02 | $0.47 | $0.19 | $2,850,000 | $1.54 | $0.63 | $0.53 | ($5.02) | $5.47 | $12.92 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) from continuing operations before income tax provision (benefit) | |||
Domestic | ($74,402) | $54,630 | $53,167 |
Foreign | -2,171 | 1,090 | 4,861 |
Total | -76,573 | 55,720 | 58,028 |
Current income tax provision (benefit): | |||
Federal | 2,778 | 15,392 | -1,811 |
State | -472 | 1,965 | 1,474 |
Foreign | 586 | 1,559 | 1,556 |
Total current | 2,892 | 18,916 | 1,219 |
Deferred income tax provision (benefit): | |||
Federal | -38,829 | -5,490 | 14,107 |
State | -1,817 | -1,141 | 668 |
Foreign | -701 | -1,015 | -129 |
Total deferred | -41,347 | -7,646 | 14,646 |
Income tax provision | ($38,455) | $11,270 | $15,865 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Federal Statutory and Effective Income Tax Rate) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing operations before income tax provision (benefit) | ($76,573,000) | $55,720,000 | $58,028,000 |
Statutory taxes (benefit) at 35.0% | -26,801,000 | 19,502,000 | 20,310,000 |
State and local income taxes | -7,112,000 | 136,000 | 1,568,000 |
NACoal valuation allowance | 5,742,000 | -12,000 | 0 |
Non-deductible expenses | 632,000 | 1,081,000 | 1,112,000 |
Percentage depletion | -8,572,000 | -8,057,000 | -4,963,000 |
R&D and other federal credits | -1,397,000 | -1,173,000 | -132,000 |
Other, net | 322,000 | 520,000 | -1,629,000 |
Tax settlements | -1,269,000 | -727,000 | -401,000 |
Income tax provision | -38,455,000 | 11,270,000 | 15,865,000 |
Effective income tax rate | 50.20% | 20.20% | 27.30% |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Cumulative unremitted earnings of foreign subsidiaries | 8,000,000 | ||
Cumulative deferred tax liabilities of unremitted foreign earnings | $223,000 | $168,000 |
Income_Taxes_Summary_of_the_To
Income Taxes (Summary of the Total Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Deferred tax assets | ||||
Tax carryforwards | $8,531 | $5,029 | ||
Inventories | 7,027 | 4,709 | ||
Accrued expenses and reserves | 28,842 | 26,019 | ||
Other employee benefits | 13,264 | 11,432 | ||
Asset impairment | 39,757 | [1] | 841 | [1] |
Other | 9,199 | 6,534 | ||
Total deferred tax assets | 106,620 | 54,564 | ||
Less: Valuation allowance | 8,521 | 2,280 | ||
Deferred tax assets, net of valuation allowance | 98,099 | 52,284 | ||
Deferred tax liabilities | ||||
Depreciation and depletion | 43,111 | 39,906 | ||
Partnership investment - development costs | 19,535 | 20,215 | ||
Accrued pension benefits | 858 | 1,037 | ||
Unremitted foreign earnings | 223 | 168 | ||
Total deferred tax liabilities | 63,727 | 61,326 | ||
Net deferred asset (liability) | $34,372 | ($9,042) | ||
[1] | )During the fourth quarter of 2014, NACoal's long-lived asset evaluation resulted in the Company recording a non-cash asset impairment charge of $105.1 million for the Reed Minerals' long-lived asset group. See Note 5, Note 6 and Note 10 for further discussion of the Company's long-lived asset impairment. |
Income_Taxes_Summary_of_Operat
Income Taxes (Summary of Operating Loss Carryforwards and Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset, net operating loss | $8,531 | $5,029 |
Total net deferred tax asset | 11,959 | 7,467 |
Total valuation allowance | 6,459 | 3,196 |
Foreign tax authority | ||
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset, net operating loss | 772 | 430 |
Valuation allowance, net operating loss | 772 | 351 |
State and local jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset, net operating loss | 9,791 | 6,967 |
Valuation allowance, net operating loss | 5,687 | 2,845 |
Net deferred tax asset, tax credit | 1,396 | 70 |
Valuation allowance, tax credit | $0 | $0 |
Income_Taxes_Gross_Unrecognize
Income Taxes (Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Permanent items | $3,000,000 | $4,200,000 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance at beginning of period | 7,848,000 | 2,691,000 |
Additions based on tax positions related to prior years | 453,000 | 5,615,000 |
Additions based on tax positions related to the current year | 921,000 | 78,000 |
Reductions due to lapse of the applicable statute of limitations | -4,701,000 | -191,000 |
Reductions due to lapse of the applicable statute of limitations | -1,055,000 | -345,000 |
Balance at end of period | $3,466,000 | $7,848,000 |
Income_Taxes_Textual_Details
Income Taxes (Textual) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax payments | $10.20 | $10.80 | $20.30 | |
Income tax refunds | 0.9 | 1.2 | 0.8 | |
Net (benefit) expense in interest and penalties related to uncertain tax positions | -0.9 | 0.4 | ||
Interest and penalties accrued | 0.5 | 1.4 | 0.5 | |
NACoal | Reed Minerals | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reed Minerals long-lived asset impairment charge | $105.10 |
Retirement_Benefit_Plans_Assum
Retirement Benefit Plans (Assumptions Used in Accounting for Defined Benefit Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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% | 7.75% |
Expected long-term rate of return on assets for net periodic benefit cost | 7.75% | 7.75% | 8.25% |
U.S. Pension Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates for pension benefit obligation | 3.45% | 4.00% | 3.50% |
Weighted average discount rates for net periodic benefit cost | 4.00% | 3.50% | 4.30% |
U.S. Pension Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates for pension benefit obligation | 3.95% | 4.75% | 3.90% |
Weighted average discount rates for net periodic benefit cost | 4.75% | 4.70% | 4.55% |
Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates for pension benefit obligation | 3.75% | 4.50% | 4.00% |
Weighted average discount rates for net periodic benefit cost | 4.50% | 4.00% | 4.25% |
Expected long-term rate of return on assets for pension benefit obligation | 5.75% | 6.00% | 6.00% |
Expected long-term rate of return on assets for net periodic benefit cost | 6.00% | 6.00% | 6.25% |
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, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | $2,754 | $2,766 | $3,056 | ||
Expected return on plan assets | -4,689 | -4,513 | -4,344 | ||
Amortization of actuarial loss | 837 | 1,822 | 2,772 | ||
Amortization of prior service credit | 32 | -47 | -100 | ||
Curtailment gain | -1,700 | -1,700 | 0 | -1,701 | 0 |
Net periodic pension benefit expense (income) | -1,066 | -1,673 | 1,384 | ||
Non-U.S. Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 196 | 197 | 208 | ||
Expected return on plan assets | -296 | -282 | -287 | ||
Amortization of actuarial loss | 112 | 121 | 131 | ||
Net periodic pension benefit expense (income) | 12 | 36 | 52 | ||
Other Postretirement Benefit Plans, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 70 | 77 | 79 | ||
Interest cost | 118 | 98 | 120 | ||
Amortization of actuarial loss | 66 | 52 | 40 | ||
Amortization of prior service credit | -107 | -107 | -156 | ||
Net periodic pension benefit expense (income) | $147 | $120 | $83 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss | $8,896 | ($11,503) | $3,131 |
Amortization of actuarial loss | -837 | -1,822 | -2,772 |
Prior-service credit | 360 | -1,331 | 0 |
Amortization of prior service (cost) credit | -32 | 47 | 100 |
Curtailment gain | 0 | 1,701 | 0 |
Total recognized in other comprehensive (income) loss | 8,387 | -12,908 | 459 |
Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss | -94 | -735 | 45 |
Amortization of actuarial loss | -112 | -121 | -131 |
Total recognized in other comprehensive (income) loss | -206 | -856 | -86 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss | 613 | 16 | 295 |
Amortization of actuarial loss | -66 | -52 | -40 |
Amortization of prior service (cost) credit | 107 | 107 | 156 |
Total recognized in other comprehensive (income) loss | $654 | $71 | $411 |
Retirement_Benefit_Plans_Oblig
Retirement Benefit Plans (Obligation and Funded Status) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Change in benefit obligation | |||
Actuarial (gain) loss | ($5,000,000) | ||
Amounts recognized in the balance sheets consist of: | |||
Noncurrent liabilities | -10,616,000 | -7,648,000 | |
U.S. Pension Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 65,099,000 | 72,977,000 | |
Interest cost | 2,754,000 | 2,766,000 | 3,056,000 |
Actuarial (gain) loss | 8,736,000 | -4,488,000 | |
Benefits paid | -4,262,000 | -4,715,000 | |
Plan amendments | 0 | -1,441,000 | |
Foreign currency exchange rate changes | 0 | 0 | |
Intercompany transfers | 512,000 | 0 | |
Benefit obligation at end of year | 72,839,000 | 65,099,000 | 72,977,000 |
Accumulated benefit obligation at end of year | 72,839,000 | 65,099,000 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 67,170,000 | 60,012,000 | |
Actual return on plan assets | 5,972,000 | 11,383,000 | |
Employer contributions | 496,000 | 490,000 | |
Benefits paid | -4,262,000 | -4,715,000 | |
Foreign currency exchange rate changes | 0 | 0 | |
Intercompany transfers | -701,000 | 0 | |
Fair value of plan assets at end of year | 68,675,000 | 67,170,000 | 60,012,000 |
Funded status at end of year | -4,164,000 | 2,071,000 | |
Amounts recognized in the balance sheets consist of: | |||
Noncurrent assets | 4,304,000 | 8,005,000 | |
Current liabilities | -1,110,000 | -1,138,000 | |
Noncurrent liabilities | -7,358,000 | -4,796,000 | |
Amount recognized in the balance sheets | -4,164,000 | 2,071,000 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | |||
Actuarial loss | 26,925,000 | 18,861,000 | |
Prior service credit | 955,000 | 626,000 | |
Deferred taxes | -10,683,000 | -7,854,000 | |
Currency differences and other | 0 | 0 | |
Accumulated other comprehensive income (loss) | 17,197,000 | 11,633,000 | |
Non-U.S. Pension Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 4,603,000 | 5,212,000 | |
Interest cost | 196,000 | 197,000 | 208,000 |
Actuarial (gain) loss | 301,000 | -317,000 | |
Benefits paid | -151,000 | -160,000 | |
Plan amendments | 0 | 0 | |
Foreign currency exchange rate changes | -400,000 | -329,000 | |
Intercompany transfers | 0 | 0 | |
Benefit obligation at end of year | 4,549,000 | 4,603,000 | 5,212,000 |
Accumulated benefit obligation at end of year | 4,549,000 | 4,603,000 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 5,186,000 | 4,961,000 | |
Actual return on plan assets | 690,000 | 719,000 | |
Employer contributions | 20,000 | 0 | |
Benefits paid | -151,000 | -160,000 | |
Foreign currency exchange rate changes | -459,000 | -334,000 | |
Intercompany transfers | 0 | 0 | |
Fair value of plan assets at end of year | 5,286,000 | 5,186,000 | 4,961,000 |
Funded status at end of year | 737,000 | 583,000 | |
Amounts recognized in the balance sheets consist of: | |||
Noncurrent assets | 737,000 | 583,000 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | 0 | 0 | |
Amount recognized in the balance sheets | 737,000 | 583,000 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | |||
Actuarial loss | 1,110,000 | 1,380,000 | |
Prior service credit | 0 | 0 | |
Deferred taxes | -426,000 | -576,000 | |
Currency differences and other | -43,000 | 0 | |
Accumulated other comprehensive income (loss) | 641,000 | 804,000 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 3,109,000 | 3,283,000 | |
Service cost | 70,000 | 77,000 | 79,000 |
Interest cost | 118,000 | 98,000 | 120,000 |
Actuarial (gain) loss | 613,000 | 16,000 | |
Benefits paid | -376,000 | -365,000 | |
Benefit obligation at end of year | 3,534,000 | 3,109,000 | 3,283,000 |
Change in plan assets | |||
Benefits paid | -376,000 | -365,000 | |
Funded status at end of year | -3,534,000 | -3,109,000 | |
Amounts recognized in the balance sheets consist of: | |||
Current liabilities | -276,000 | -257,000 | |
Noncurrent liabilities | -3,258,000 | -2,852,000 | |
Amount recognized in the balance sheets | -3,534,000 | -3,109,000 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | |||
Actuarial loss | 1,005,000 | 457,000 | |
Prior service credit | -309,000 | -415,000 | |
Deferred taxes | 475,000 | 674,000 | |
Accumulated other comprehensive income (loss) | 1,171,000 | 716,000 | |
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 cost (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 cost (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 | 1,100,000 | ||
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) | 600,000 | ||
Prior service cost (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, 2014 |
In Thousands, unless otherwise specified | |
U.S. Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $5,068 |
2016 | 4,751 |
2017 | 4,581 |
2018 | 4,491 |
2019 | 4,494 |
2019 - 2023 | 23,468 |
Total | 46,853 |
Non-U.S. Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 149 |
2016 | 157 |
2017 | 171 |
2018 | 169 |
2019 | 177 |
2019 - 2023 | 1,245 |
Total | 2,068 |
Other Postretirement Benefit Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 276 |
2016 | 264 |
2017 | 273 |
2018 | 292 |
2019 | 301 |
2019 - 2023 | 1,515 |
Total | $2,921 |
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, 2014 | Dec. 31, 2013 | |
U.S. Pension Plan | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 55.30% | 53.60% |
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 | 11.30% | 13.00% |
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% | 32.90% |
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% | 0.50% |
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 | 39.70% | 37.00% |
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 | 30.20% | 31.00% |
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 | 30.10% | 32.00% |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | $68,675 | $67,170 |
Level 1 | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 37,969 | 35,980 |
Level 1 | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 7,764 | 8,701 |
Level 1 | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 22,617 | 22,125 |
Level 1 | Money market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 325 | 364 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 5,286 | 5,186 |
Level 2 | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 864 | 833 |
Level 2 | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 2,326 | 2,455 |
Level 2 | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of each major category of U.S. plan assets | 2,096 | 1,898 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 3.25% | 3.85% | 3.05% |
Weighted average discount rates for net periodic benefit cost | 3.85% | 3.05% | 3.90% |
Health care cost trend rate assumed for next year | 7.00% | 7.00% | 7.00% |
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 | 2022 |
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, 2014 |
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 | $17 |
Effect on total of service and interest cost of 1-percentage point decrease | -15 |
Effect on postretirement benefit obligation of 1-percentage point increase | 268 |
Effect on postretirement benefit obligation of 1-percentage point decrease | ($244) |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plan, total costs | $7,600,000 | $8,000,000 | $6,700,000 |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase projected benefit obligation | 5,000,000 | ||
U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase projected benefit obligation | -8,736,000 | 4,488,000 | |
Non-U.S. Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected pension contributions, next fiscal year | 100,000 | ||
Increase projected benefit obligation | ($301,000) | $317,000 |
Business_Segments_Textual_Deta
Business Segments (Textual) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Management fees expense | $8.50 | $6.80 | $6.90 |
Hyster-Yale | |||
Segment Reporting Information [Line Items] | |||
Management fees expense | $9.60 | ||
Customer concentration risk | Sales revenue, net | Choctaw Generation Limited Partnership | NACoal | |||
Segment Reporting Information [Line Items] | |||
Revenue from major customer, percentage | 39.00% | 42.00% | 56.00% |
Customer concentration risk | Sales revenue, net | Alabama Coal Cooperative | Reed Minerals | |||
Segment Reporting Information [Line Items] | |||
Revenue from major customer, percentage | 27.00% | 27.00% | 15.00% |
Customer concentration risk | Sales revenue, net | Wal-Mart | HBB | |||
Segment Reporting Information [Line Items] | |||
Revenue from major customer, percentage | 33.00% | 31.00% | 31.00% |
Customer concentration risk | Sales revenue, net | Five Largest Customers | HBB | |||
Segment Reporting Information [Line Items] | |||
Revenue from major customer, percentage | 56.00% | 55.00% | 53.00% |
Business_Segments_Statements_o
Business Segments (Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $297,285 | $221,714 | $200,370 | $177,413 | $311,983 | $228,614 | $196,017 | $196,052 | $896,782 | $932,666 | $873,364 |
Gross profit (loss) | 65,835 | 46,543 | 36,523 | 36,171 | 78,181 | 49,219 | 47,630 | 46,261 | 185,072 | 221,291 | 225,942 |
Selling, general and administrative expenses, including Amortization of intangible assets | 201,997 | 202,999 | 210,355 | ||||||||
Operating profit | -73,156 | 11,323 | -3,891 | -585 | 28,829 | 16,682 | 8,803 | 7,022 | -66,309 | 61,336 | 67,642 |
Interest expense | 7,566 | 4,775 | 6,088 | ||||||||
Interest income | -831 | -225 | -162 | ||||||||
Other (income) expense, including closed mine obligations | 3,529 | 1,066 | 3,688 | ||||||||
Income tax provision (benefit) | -38,455 | 11,270 | 15,865 | ||||||||
Income (loss) from continuing operations, net of tax | -40,669 | 7,699 | -3,624 | -1,524 | -38,118 | 44,450 | 42,163 | ||||
NACoal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 33,210 | 49,840 | 49,780 | 39,872 | 46,067 | 52,870 | 43,567 | 51,147 | 172,702 | 193,651 | 132,367 |
Gross profit (loss) | -3,139 | 25,230 | 27,998 | ||||||||
Selling, general and administrative expenses, including Amortization of intangible assets | 36,147 | 30,786 | 36,801 | ||||||||
Operating profit | -100,228 | 4,362 | 183 | 6,653 | 4,740 | 9,740 | 11,196 | 11,785 | -89,030 | 37,461 | 43,239 |
Interest expense | 6,034 | 3,105 | 2,909 | ||||||||
Interest income | -823 | -19 | -152 | ||||||||
Other (income) expense, including closed mine obligations | 44 | -1,013 | -1,325 | ||||||||
Income tax provision (benefit) | -43,308 | 3,462 | 9,037 | ||||||||
Income (loss) from continuing operations, net of tax | -59,792 | 3,185 | -75 | 5,705 | 5,589 | 7,794 | 8,952 | 9,591 | -50,977 | 31,926 | 32,770 |
HBB | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 204,818 | 135,155 | 118,385 | 101,325 | 192,889 | 134,099 | 114,651 | 106,151 | 559,683 | 547,790 | 521,567 |
Gross profit (loss) | 117,570 | 115,506 | 102,289 | ||||||||
Selling, general and administrative expenses, including Amortization of intangible assets | 81,798 | 74,570 | 66,481 | ||||||||
Operating profit | 23,053 | 9,531 | 2,251 | 937 | 22,499 | 11,788 | 4,005 | 2,668 | 35,772 | 40,960 | 35,815 |
Interest expense | 1,137 | 1,279 | 2,635 | ||||||||
Interest income | -4 | -1 | 0 | ||||||||
Other (income) expense, including closed mine obligations | 1,136 | 462 | 344 | ||||||||
Income tax provision (benefit) | 10,359 | 14,127 | 11,636 | ||||||||
Income (loss) from continuing operations, net of tax | 15,427 | 6,008 | 1,359 | 350 | 14,180 | 7,427 | 1,985 | 1,501 | 23,144 | 25,093 | 21,200 |
KC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 61,314 | 37,551 | 32,804 | 36,876 | 75,324 | 42,618 | 38,380 | 39,711 | 168,545 | 196,033 | 224,695 |
Gross profit (loss) | 71,621 | 80,972 | 95,832 | ||||||||
Selling, general and administrative expenses, including Amortization of intangible assets | 79,056 | 91,878 | 100,350 | ||||||||
Operating profit | 5,123 | -1,429 | -4,255 | -6,514 | 3,142 | -3,658 | -5,407 | -4,980 | -7,075 | -10,903 | -4,512 |
Interest expense | 367 | 390 | 479 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other (income) expense, including closed mine obligations | 65 | 70 | 86 | ||||||||
Income tax provision (benefit) | -2,904 | -4,479 | -1,990 | ||||||||
Income (loss) from continuing operations, net of tax | 3,053 | -966 | -2,657 | -4,033 | 1,608 | -2,822 | -2,403 | -3,267 | -4,603 | -6,884 | -3,087 |
NACCO and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross profit (loss) | -461 | -469 | -278 | ||||||||
Selling, general and administrative expenses, including Amortization of intangible assets | 4,996 | 5,765 | 6,723 | ||||||||
Operating profit | -1,027 | -1,073 | -2,004 | -1,352 | -1,543 | -1,155 | -1,099 | -2,436 | -5,456 | -6,233 | -7,000 |
Interest expense | 28 | 1 | 65 | ||||||||
Interest income | -4 | -205 | -10 | ||||||||
Other (income) expense, including closed mine obligations | 2,284 | 1,547 | 4,583 | ||||||||
Income tax provision (benefit) | -2,420 | -1,858 | -2,989 | ||||||||
Income (loss) from continuing operations, net of tax | -1,568 | -906 | -1,673 | -1,197 | -1,530 | -1,137 | -1,048 | -2,003 | -5,344 | -5,718 | -8,649 |
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | -2,057 | -832 | -599 | -660 | -2,297 | -973 | -581 | -957 | -4,148 | -4,808 | -5,265 |
Gross profit (loss) | -519 | 52 | 101 | ||||||||
Operating profit | -77 | -68 | -66 | -309 | -9 | -33 | 108 | -15 | -520 | 51 | 100 |
Income tax provision (benefit) | -182 | 18 | 171 | ||||||||
Income (loss) from continuing operations, net of tax | $2,211 | $378 | ($578) | ($2,349) | $2,709 | $1,063 | ($2,339) | ($1,400) | ($338) | $33 | ($71) |
Business_Segments_Balance_Shee
Business Segments (Balance Sheets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total assets | $770,520 | $809,956 | $776,306 |
Depreciation, depletion and amortization | 28,070 | 24,572 | 17,992 |
Capital expenditures, excluding acquisitions of business | 57,500 | 57,449 | 44,682 |
NACoal | |||
Segment Reporting Information [Line Items] | |||
Total assets | 389,964 | 419,786 | 368,652 |
Depreciation, depletion and amortization | 22,003 | 16,601 | 10,849 |
Capital expenditures, excluding acquisitions of business | 51,228 | 52,748 | 37,125 |
HBB | |||
Segment Reporting Information [Line Items] | |||
Total assets | 270,265 | 228,891 | 215,503 |
Depreciation, depletion and amortization | 2,693 | 3,475 | 3,113 |
Capital expenditures, excluding acquisitions of business | 4,516 | 2,313 | 3,223 |
KC | |||
Segment Reporting Information [Line Items] | |||
Total assets | 56,260 | 70,014 | 83,977 |
Depreciation, depletion and amortization | 3,048 | 4,162 | 3,611 |
Capital expenditures, excluding acquisitions of business | 1,193 | 2,150 | 3,872 |
NACCO and Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 96,918 | 131,085 | 154,605 |
Depreciation, depletion and amortization | 326 | 334 | 419 |
Capital expenditures, excluding acquisitions of business | 563 | 238 | 462 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | ($42,887) | ($39,820) | ($46,431) |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $297,285 | $221,714 | $200,370 | $177,413 | $311,983 | $228,614 | $196,017 | $196,052 | $896,782 | $932,666 | $873,364 |
Long-lived assets | 187,896 | 252,388 | 187,896 | 252,388 | 203,175 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 779,890 | 813,609 | 746,800 | ||||||||
Long-lived assets | 182,116 | 246,902 | 182,116 | 246,902 | 197,141 | ||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 116,892 | 119,057 | 126,564 | ||||||||
Long-lived assets | 5,780 | 5,486 | 5,780 | 5,486 | 6,034 | ||||||
HBB | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 204,818 | 135,155 | 118,385 | 101,325 | 192,889 | 134,099 | 114,651 | 106,151 | 559,683 | 547,790 | 521,567 |
NACoal | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $33,210 | $49,840 | $49,780 | $39,872 | $46,067 | $52,870 | $43,567 | $51,147 | $172,702 | $193,651 | $132,367 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $297,285,000 | $221,714,000 | $200,370,000 | $177,413,000 | $311,983,000 | $228,614,000 | $196,017,000 | $196,052,000 | $896,782,000 | $932,666,000 | $873,364,000 |
Gross profit | 65,835,000 | 46,543,000 | 36,523,000 | 36,171,000 | 78,181,000 | 49,219,000 | 47,630,000 | 46,261,000 | 185,072,000 | 221,291,000 | 225,942,000 |
Earnings of unconsolidated mines | 12,327,000 | 12,064,000 | 11,567,000 | 12,438,000 | 12,242,000 | 11,808,000 | 10,281,000 | 12,098,000 | 48,396,000 | 46,429,000 | 45,244,000 |
Operating profit | -73,156,000 | 11,323,000 | -3,891,000 | -585,000 | 28,829,000 | 16,682,000 | 8,803,000 | 7,022,000 | -66,309,000 | 61,336,000 | 67,642,000 |
Income (loss) from continuing operations | -40,669,000 | 7,699,000 | -3,624,000 | -1,524,000 | -38,118,000 | 44,450,000 | 42,163,000 | ||||
Net income (loss) | 22,556,000 | 12,325,000 | 5,147,000 | 4,422,000 | -38,118,000 | 44,450,000 | 108,698,000 | ||||
Basic earnings (loss) per share: | |||||||||||
Basic earnings per share | ($5.57) | $1.02 | $0.47 | $0.19 | $2,860,000 | $1.54 | $0.63 | $0.53 | ($5.02) | $5.48 | $12.97 |
Diluted earnings per share | ($5.57) | $1.02 | $0.47 | $0.19 | $2,850,000 | $1.54 | $0.63 | $0.53 | ($5.02) | $5.47 | $12.92 |
Reed Minerals goodwill impairment charge | 0 | 3,973,000 | 0 | ||||||||
U.S. Pension Plan | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Curtailment gain | 1,700,000 | 1,700,000 | 0 | 1,701,000 | 0 | ||||||
Selling, general and administrative expenses | Increase in estimated liability for certain frozen deferred compensation plans | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Immaterial error correction | 1,100,000 | ||||||||||
NACoal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 33,210,000 | 49,840,000 | 49,780,000 | 39,872,000 | 46,067,000 | 52,870,000 | 43,567,000 | 51,147,000 | 172,702,000 | 193,651,000 | 132,367,000 |
Gross profit | -3,139,000 | 25,230,000 | 27,998,000 | ||||||||
Operating profit | -100,228,000 | 4,362,000 | 183,000 | 6,653,000 | 4,740,000 | 9,740,000 | 11,196,000 | 11,785,000 | -89,030,000 | 37,461,000 | 43,239,000 |
Income (loss) from continuing operations | -59,792,000 | 3,185,000 | -75,000 | 5,705,000 | 5,589,000 | 7,794,000 | 8,952,000 | 9,591,000 | -50,977,000 | 31,926,000 | 32,770,000 |
NACoal | U.S. Pension Plan | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Curtailment gain | 1,600,000 | ||||||||||
HBB | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 204,818,000 | 135,155,000 | 118,385,000 | 101,325,000 | 192,889,000 | 134,099,000 | 114,651,000 | 106,151,000 | 559,683,000 | 547,790,000 | 521,567,000 |
Gross profit | 117,570,000 | 115,506,000 | 102,289,000 | ||||||||
Operating profit | 23,053,000 | 9,531,000 | 2,251,000 | 937,000 | 22,499,000 | 11,788,000 | 4,005,000 | 2,668,000 | 35,772,000 | 40,960,000 | 35,815,000 |
Income (loss) from continuing operations | 15,427,000 | 6,008,000 | 1,359,000 | 350,000 | 14,180,000 | 7,427,000 | 1,985,000 | 1,501,000 | 23,144,000 | 25,093,000 | 21,200,000 |
KC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 61,314,000 | 37,551,000 | 32,804,000 | 36,876,000 | 75,324,000 | 42,618,000 | 38,380,000 | 39,711,000 | 168,545,000 | 196,033,000 | 224,695,000 |
Gross profit | 71,621,000 | 80,972,000 | 95,832,000 | ||||||||
Operating profit | 5,123,000 | -1,429,000 | -4,255,000 | -6,514,000 | 3,142,000 | -3,658,000 | -5,407,000 | -4,980,000 | -7,075,000 | -10,903,000 | -4,512,000 |
Income (loss) from continuing operations | 3,053,000 | -966,000 | -2,657,000 | -4,033,000 | 1,608,000 | -2,822,000 | -2,403,000 | -3,267,000 | -4,603,000 | -6,884,000 | -3,087,000 |
NACCO and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross profit | -461,000 | -469,000 | -278,000 | ||||||||
Operating profit | -1,027,000 | -1,073,000 | -2,004,000 | -1,352,000 | -1,543,000 | -1,155,000 | -1,099,000 | -2,436,000 | -5,456,000 | -6,233,000 | -7,000,000 |
Income (loss) from continuing operations | -1,568,000 | -906,000 | -1,673,000 | -1,197,000 | -1,530,000 | -1,137,000 | -1,048,000 | -2,003,000 | -5,344,000 | -5,718,000 | -8,649,000 |
NACCO and Other | U.S. Pension Plan | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Curtailment gain | 100,000 | ||||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | -2,057,000 | -832,000 | -599,000 | -660,000 | -2,297,000 | -973,000 | -581,000 | -957,000 | -4,148,000 | -4,808,000 | -5,265,000 |
Gross profit | -519,000 | 52,000 | 101,000 | ||||||||
Operating profit | -77,000 | -68,000 | -66,000 | -309,000 | -9,000 | -33,000 | 108,000 | -15,000 | -520,000 | 51,000 | 100,000 |
Income (loss) from continuing operations | 2,211,000 | 378,000 | -578,000 | -2,349,000 | 2,709,000 | 1,063,000 | -2,339,000 | -1,400,000 | -338,000 | 33,000 | -71,000 |
Reed Minerals | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Reed Minerals goodwill impairment charge | 4,000,000 | ||||||||||
Reed Minerals | NACoal | |||||||||||
Basic earnings (loss) per share: | |||||||||||
Reed Minerals long-lived asset impairment charge | $105,100,000 |
Parent_Company_Condensed_Balan2
Parent Company Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ||||
Cash and cash equivalents | $61,135,000 | $95,390,000 | $139,855,000 | $153,784,000 |
Property, plant and equipment, net | 159,644,000 | 219,256,000 | ||
Other non-current assets | 62,283,000 | 69,130,000 | ||
Total Assets | 770,520,000 | 809,956,000 | 776,306,000 | |
LIABILITIES AND EQUITY | ||||
Current liabilities | 254,681,000 | 238,119,000 | ||
Other long-term liabilities | 64,919,000 | 59,428,000 | ||
Stockholders’ equity | 211,474,000 | 297,780,000 | ||
Total Liabilities and Stockholders’ Equity | 770,520,000 | 809,956,000 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 53,415,000 | 94,035,000 | 120,659,000 | 130,676,000 |
Other current assets | 1,570,000 | 946,000 | ||
Investment in subsidiaries | 197,981,000 | 242,184,000 | ||
Property, plant and equipment, net | 1,253,000 | 1,477,000 | ||
Other non-current assets | 8,078,000 | 5,707,000 | ||
Total Assets | 262,297,000 | 344,349,000 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | 7,636,000 | 12,750,000 | ||
Current intercompany accounts payable, net | 9,756,000 | 304,000 | ||
Other long-term liabilities | 14,732,000 | 13,065,000 | ||
Stockholders’ equity | 211,473,000 | 297,780,000 | ||
Total Liabilities and Stockholders’ Equity | 262,297,000 | 344,349,000 | ||
Restricted investments | 186,800,000 | |||
Unrestricted investment | 500,000 | |||
HBB | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 49,613,000 | 52,265,000 | ||
KC | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 32,170,000 | 36,772,000 | ||
NACoal | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 103,056,000 | 138,355,000 | ||
Other | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 13,142,000 | 14,792,000 | ||
Bellaire | Parent Company | ||||
LIABILITIES AND EQUITY | ||||
Note payable to Bellaire | $18,700,000 | $20,450,000 |
Related_Party_Transactions_Fin
Related Party Transactions (Financial Information for the Unconsolidated Mines) (Details) (Unconsolidated mines, NACoal, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unconsolidated mines | NACoal | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated mines and related tax assets | $28,200,000 | $33,100,000 | |
Maximum loss | 4,000,000 | 5,400,000 | 3,200,000 |
Dividends from unconsolidated mines | 38,300,000 | 35,200,000 | |
Statement of Operations | |||
Revenues | 579,031,000 | 577,436,000 | 543,892,000 |
Gross profit | 74,244,000 | 74,870,000 | 74,542,000 |
Income before income taxes | 48,592,000 | 47,953,000 | 46,819,000 |
Net income | 37,067,000 | 37,468,000 | 35,616,000 |
Balance Sheet | |||
Current assets | 143,105,000 | 147,370,000 | |
Non-current assets | 781,475,000 | 737,851,000 | |
Current liabilities | 177,659,000 | 148,264,000 | |
Non-current liabilities | $742,938,000 | $731,525,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Jones Day, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Jones Day | |||
Related Party Transaction [Line Items] | |||
Legal services | $1.90 | $1.10 | $3 |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 16, 2014 | |
Recognized identified assets acquired and liabilities assumed | ||||||||||||
Goodwill | $6,253,000 | $0 | $6,253,000 | $0 | ||||||||
Results of National Coal of Alabama included in the Company's Consolidated Statements of Operations | ||||||||||||
Revenues | 297,285,000 | 221,714,000 | 200,370,000 | 177,413,000 | 311,983,000 | 228,614,000 | 196,017,000 | 196,052,000 | 896,782,000 | 932,666,000 | 873,364,000 | |
Operating profit | -73,156,000 | 11,323,000 | -3,891,000 | -585,000 | 28,829,000 | 16,682,000 | 8,803,000 | 7,022,000 | -66,309,000 | 61,336,000 | 67,642,000 | |
Weston Products, LLC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase consideration | 25,400,000 | |||||||||||
Cash paid at closing | 25,000,000 | |||||||||||
Net working capital and EBITDA adjustment | 400,000 | |||||||||||
Acquisition related costs | 400,000 | |||||||||||
Recognized identified assets acquired and liabilities assumed | ||||||||||||
Accounts receivable | 6,100,000 | 6,100,000 | ||||||||||
Inventory | 5,113,000 | 5,113,000 | ||||||||||
Other current assets | 658,000 | 658,000 | ||||||||||
Property, plant and equipment (including mineral rights) | 590,000 | 590,000 | ||||||||||
Intangible assets | 10,100,000 | 10,100,000 | ||||||||||
Total assets acquired | 22,561,000 | 22,561,000 | ||||||||||
Other current liabilities | 3,367,000 | 3,367,000 | ||||||||||
Total liabilities assumed | 3,367,000 | 3,367,000 | ||||||||||
Net assets acquired | 19,194,000 | 19,194,000 | ||||||||||
Purchase price | 25,447,000 | 25,447,000 | ||||||||||
Goodwill | 6,253,000 | 6,253,000 | ||||||||||
Results of National Coal of Alabama included in the Company's Consolidated Statements of Operations | ||||||||||||
Revenues | 1,102,000 | |||||||||||
Operating profit | -193,000 | |||||||||||
National Coal of Alabama, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Liabilities incurred | 9,700,000 | |||||||||||
Other noncurrent assets | 3,300,000 | 3,300,000 | ||||||||||
Other noncurrent liabilities | 12,600,000 | 12,600,000 | ||||||||||
Reclamation obligations | 7,300,000 | 7,300,000 | ||||||||||
Acquisition cost | 100,000 | 300,000 | ||||||||||
Recognized identified assets acquired and liabilities assumed | ||||||||||||
Inventory | $16,600,000 | $16,600,000 |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of the Parent (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $61,135 | $95,390 | $139,855 | $153,784 |
Property, plant and equipment, net | 159,644 | 219,256 | ||
Other non-current assets | 62,283 | 69,130 | ||
Total Assets | 770,520 | 809,956 | 776,306 | |
LIABILITIES AND EQUITY | ||||
Current liabilities | 254,681 | 238,119 | ||
Other long-term liabilities | 64,919 | 59,428 | ||
Stockholders’ equity | 211,474 | 297,780 | ||
Liabilities and Equity | 770,520 | 809,956 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 53,415 | 94,035 | 120,659 | 130,676 |
Other current assets | 1,570 | 946 | ||
Investment in subsidiaries | 197,981 | 242,184 | ||
Property, plant and equipment, net | 1,253 | 1,477 | ||
Other non-current assets | 8,078 | 5,707 | ||
Total Assets | 262,297 | 344,349 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | 7,636 | 12,750 | ||
Current intercompany accounts payable, net | 9,756 | 304 | ||
Other long-term liabilities | 14,732 | 13,065 | ||
Stockholders’ equity | 211,473 | 297,780 | ||
Liabilities and Equity | 262,297 | 344,349 | ||
HBB | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 49,613 | 52,265 | ||
KC | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 32,170 | 36,772 | ||
NACoal | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 103,056 | 138,355 | ||
Other | Parent Company | ||||
ASSETS | ||||
Investment in subsidiaries | 13,142 | 14,792 | ||
Bellaire | Parent Company | ||||
LIABILITIES AND EQUITY | ||||
Note payable to Bellaire | $18,700 | $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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other, net | $277 | $456 | $483 | ||||||||
Other (income) expense | 10,264 | 5,616 | 9,614 | ||||||||
Administrative and general expenses | 198,697 | 199,331 | 207,553 | ||||||||
Loss before income taxes | -76,573 | 55,720 | 58,028 | ||||||||
Income tax benefit | -38,455 | 11,270 | 15,865 | ||||||||
Income (loss) from continuing operations, net of tax | -40,669 | 7,699 | -3,624 | -1,524 | -38,118 | 44,450 | 42,163 | ||||
Discontinued operations, net of tax | 0 | 0 | 66,535 | ||||||||
Net income (loss) | 22,556 | 12,325 | 5,147 | 4,422 | -38,118 | 44,450 | 108,698 | ||||
Foreign currency translation adjustment | -1,896 | -229 | 145 | ||||||||
Deferred gain on available for sale securities | 442 | 729 | 265 | ||||||||
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012 | -1,518 | 810 | 7,658 | ||||||||
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012 | 898 | 152 | -2,757 | ||||||||
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012 | -6,483 | 8,022 | -1,716 | ||||||||
Curtailment gain into earnings, net of $718 tax expense in 2013 | 0 | -983 | 0 | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012 | 627 | 1,101 | 5,885 | ||||||||
Comprehensive income (loss) | -46,048 | 54,052 | 118,178 | ||||||||
Derivatives qualifying as hedges tax expense (benefit) | -838 | 477 | 2,471 | ||||||||
Reclassification adjustment from AOCI on derivatives tax expense (benefit) | -489 | -95 | 2,630 | ||||||||
Pension and other postretirement benefit plans tax expense (benefit) | -3,292 | 5,531 | -1,553 | ||||||||
Finalization of pension and non pension postretirement plan valuation tax expense | 0 | 718 | 0 | ||||||||
Amortization adjustment from AOCI pension and other post retirement plans, tax expense (benefit) | -313 | -740 | -2,056 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Intercompany interest expense | 1,305 | 1,431 | 1,501 | ||||||||
Other, net | -276 | -471 | 3,021 | ||||||||
Other (income) expense | 1,029 | 960 | 4,522 | ||||||||
Administrative and general expenses | 4,862 | 5,670 | 6,569 | ||||||||
Loss before income taxes | -5,891 | -6,630 | -11,091 | ||||||||
Income tax benefit | -1,764 | -1,527 | -1,754 | ||||||||
Net loss before equity in earnings of subsidiaries | -4,127 | -5,103 | -9,337 | ||||||||
Equity in earnings of subsidiaries | -33,991 | 49,553 | 51,500 | ||||||||
Income (loss) from continuing operations, net of tax | -38,118 | 44,450 | 42,163 | ||||||||
Discontinued operations, net of tax | 0 | 0 | 66,535 | ||||||||
Net income (loss) | -38,118 | 44,450 | 108,698 | ||||||||
Foreign currency translation adjustment | -1,896 | -229 | 145 | ||||||||
Deferred gain on available for sale securities | 442 | 729 | 265 | ||||||||
Current period cash flow hedging activity, net of $838 tax benefit in 2014, $477 tax expense in 2013 and $2,471 tax expense in 2012 | -1,518 | 810 | 7,658 | ||||||||
Reclassification of hedging activities into earnings, net of $489 tax benefit in 2014, $95 tax benefit in 2013 and $2,630 tax expense in 2012 | 898 | 152 | -2,757 | ||||||||
Current period pension and postretirement plan adjustment, net of $3,292 tax benefit in 2014, $5,531 tax expense in 2013 and $1,553 tax benefit in 2012 | -6,483 | 8,022 | -1,716 | ||||||||
Curtailment gain into earnings, net of $718 tax expense in 2013 | 0 | -983 | 0 | ||||||||
Reclassification of pension and postretirement adjustments into earnings, net of $313 tax benefit in 2014, $740 tax benefit in 2013 and $2,056 tax benefit in 2012 | 627 | 1,101 | 5,885 | ||||||||
Comprehensive income (loss) | -46,048 | 54,052 | 118,178 | ||||||||
Derivatives qualifying as hedges tax expense (benefit) | -838 | 477 | 2,471 | ||||||||
Reclassification adjustment from AOCI on derivatives tax expense (benefit) | -489 | -95 | 2,630 | ||||||||
Pension and other postretirement benefit plans tax expense (benefit) | -3,292 | 5,531 | -1,553 | ||||||||
Finalization of pension and non pension postretirement plan valuation tax expense | 0 | 718 | 0 | ||||||||
Amortization adjustment from AOCI pension and other post retirement plans, tax expense (benefit) | ($313) | ($740) | ($2,056) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investing Activities | |||
Expenditures for property, plant and equipment | ($57,500) | ($57,449) | ($44,682) |
Financing Activities | |||
Cash dividends received from Hyster-Yale | 0 | 0 | 5,000 |
Purchase of treasury shares | -35,075 | -31,306 | -3,178 |
Cash dividends paid | -7,755 | -8,104 | -45,130 |
Other | -5 | -8 | 12 |
Cash and cash equivalents | |||
Decrease for the year | -34,255 | -44,465 | -53,794 |
Balance at the beginning of the year | 95,390 | 139,855 | 153,784 |
Balance at the end of the year | 61,135 | 95,390 | 139,855 |
Parent Company | |||
Operating Activities | |||
Income (loss) from continuing operations | -38,118 | 44,450 | 42,163 |
Equity in earnings of subsidiaries | -33,991 | 49,553 | 51,500 |
Parent company only net loss | 4,127 | 5,103 | 9,337 |
Net changes related to operating activities | 5,710 | -1,858 | 4,428 |
Net cash provided by (used for) operating activities | 1,583 | -6,961 | -4,909 |
Investing Activities | |||
Expenditures for property, plant and equipment | -103 | -238 | -462 |
Net cash used for investing activities | -103 | -238 | -462 |
Financing Activities | |||
Cash dividends received from subsidiaries | 22,300 | 20,000 | 40,623 |
Cash dividends received from Hyster-Yale | 0 | 0 | 5,000 |
Notes payable to Bellaire | -1,750 | 0 | -1,980 |
Capital contributions to subsidiaries | -19,800 | 0 | 0 |
Purchase of treasury shares | -35,075 | -31,306 | -3,178 |
Cash dividends paid | -7,755 | -8,104 | -45,130 |
Other | -20 | -15 | 19 |
Net cash provided by financing activities | -42,100 | -19,425 | -4,646 |
Cash and cash equivalents | |||
Decrease for the year | -40,620 | -26,624 | -10,017 |
Balance at the beginning of the year | 94,035 | 120,659 | 130,676 |
Balance at the end of the year | $53,415 | $94,035 | $120,659 |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information of the Parent (Textual) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $61,135,000 | $95,390,000 | $139,855,000 | $153,784,000 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Unrestricted investment | 500,000 | |||
Cash and cash equivalents | $53,415,000 | $94,035,000 | $120,659,000 | $130,676,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for doubtful accounts | ||||||
Valuation allowances and reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $846 | [1] | $955 | [1] | $949 | |
Charged to Costs and Expenses | 2,035 | -5 | 46 | |||
Charged to Other Accounts | 0 | 0 | 7 | |||
Deductions | 150 | [2] | 104 | [2] | 47 | [2] |
Balance at End of Period | 2,731 | [1] | 846 | [1] | 955 | [1] |
Allowance for discounts, adjustments and returns | ||||||
Valuation allowances and reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 12,859 | [1] | 15,194 | [1] | 13,296 | |
Charged to Costs and Expenses | 23,629 | 20,476 | 19,897 | |||
Charged to Other Accounts | 0 | 60 | 379 | |||
Deductions | 21,440 | [3] | 22,871 | [3] | 18,378 | [3] |
Balance at End of Period | $15,048 | [1] | $12,859 | [1] | $15,194 | [1] |
[1] | Balances which are not required to be presented and those which are immaterial have been omitted. | |||||
[2] | Write-offs, net of recoveries. | |||||
[3] | Payments and customer deductions for product returns, discounts and allowances. |