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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NACCO Industries Inc | NYSE:NC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.54 | 0 | 12:00:01 |
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(Mark One)
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2018
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
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NACCO INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
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DELAWARE
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34-1505819
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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5875 LANDERBROOK DRIVE, SUITE 220, CLEVELAND, OHIO
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44124-4069
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(Address of principal executive offices)
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(Zip code)
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(440) 229-5151
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(Registrant's telephone number, including area code)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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(Do not check if a smaller reporting company)
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Page Number
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MARCH 31
2018 |
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DECEMBER 31
2017 |
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(In thousands, except share data)
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ASSETS
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Cash and cash equivalents
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$
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83,403
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$
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101,600
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Accounts receivable, net
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14,004
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14,611
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Accounts receivable from affiliates
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21,693
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19,919
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Inventories, net
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30,115
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30,015
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Prepaid expenses and other
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13,074
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10,843
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Total current assets
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162,289
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176,988
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Property, plant and equipment, net
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119,811
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120,068
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Intangibles, net
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42,870
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43,554
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Deferred income taxes
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4,465
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5,962
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Investments in unconsolidated subsidiaries
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18,679
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16,335
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Deferred costs
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3,555
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3,582
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Other non-current assets
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22,507
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23,063
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Total assets
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$
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374,176
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$
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389,552
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LIABILITIES AND EQUITY
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Accounts payable
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$
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8,174
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$
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7,575
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Accounts payable to affiliates
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237
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1,925
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Revolving credit agreements
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15,000
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15,000
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Current maturities of long-term debt
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1,081
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1,125
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Accrued payroll
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6,010
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17,204
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Asset retirement obligations
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3,092
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3,092
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Other current liabilities
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7,245
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8,055
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Total current liabilities
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40,839
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53,976
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Long-term debt
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34,687
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42,021
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Asset retirement obligations
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35,907
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37,005
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Pension and other postretirement obligations
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11,293
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11,827
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Deferred compensation
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12,939
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12,939
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Other long-term liabilities
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13,629
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12,336
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Total liabilities
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149,294
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170,104
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Stockholders' equity
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Common stock:
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Class A, par value $1 per share, 5,369,326 shares outstanding (December 31, 2017 - 5,282,106 shares outstanding)
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5,369
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5,282
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Class B, par value $1 per share, convertible into Class A on a one-for-one basis, 1,569,746 shares outstanding (December 31, 2017 - 1,570,146 shares outstanding)
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1,570
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1,570
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Capital in excess of par value
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4,537
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4,447
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Retained earnings
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226,513
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216,490
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Accumulated other comprehensive loss
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(13,107
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(8,341
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Total stockholders' equity
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224,882
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219,448
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Total liabilities and equity
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$
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374,176
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$
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389,552
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THREE MONTHS ENDED
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MARCH 31
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2018
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2017
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(In thousands, except per share data)
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Revenues
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$
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31,200
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$
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28,300
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Cost of sales
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25,776
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23,742
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Gross profit
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5,424
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4,558
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Earnings of unconsolidated operations
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15,555
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14,955
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Operating expenses
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Selling, general and administrative expenses
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10,627
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9,520
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Amortization of intangible assets
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684
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587
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Gain on sale of assets
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(53
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(400
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11,258
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9,707
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Operating profit
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9,721
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9,806
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Other expense (income)
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Interest expense
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646
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932
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Income from other unconsolidated affiliates
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(315
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(308
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Closed mine obligations
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379
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383
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Other, net, including interest income
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31
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(20
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741
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987
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Income from continuing operations before income tax provision
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8,980
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8,819
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Income tax provision from continuing operations
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804
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599
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Income from continuing operations
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8,176
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8,220
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Discontinued operations,
net of tax expense of $1,071 in the three months ended
March 31, 2017
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—
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(3,242
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)
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Net income
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$
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8,176
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$
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4,978
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Basic earnings (loss) per share:
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Continuing operations
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$
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1.19
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$
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1.21
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Discontinued operations
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—
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(0.48
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)
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Basic earnings per share
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$
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1.19
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$
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0.73
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Diluted earnings (loss) per share:
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Continuing operations
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$
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1.18
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$
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1.20
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Discontinued operations
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—
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(0.47
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)
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Diluted earnings per share
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$
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1.18
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$
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0.73
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Dividends per share
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$
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0.1650
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$
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0.2675
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Basic weighted average shares outstanding
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6,894
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6,806
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Diluted weighted average shares outstanding
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6,939
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6,843
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THREE MONTHS ENDED
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MARCH 31
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2018
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2017
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(In thousands)
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Net income
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$
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8,176
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$
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4,978
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Foreign currency translation adjustment
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—
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1,071
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Deferred gain on equity securities
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—
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226
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Current period cash flow hedging activity, net of $86 tax benefit in the three months ended March 31, 2017
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—
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(239
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)
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Reclassification of hedging activities into earnings, net of $12 tax benefit in the three months ended March 31, 2017
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—
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6
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Reclassification of pension and postretirement adjustments into earnings, net of $35 and $50 tax benefit in the three months ended March 31, 2018 and March 31, 2017, respectively
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140
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176
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Total other comprehensive income
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140
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1,240
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Comprehensive income
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$
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8,316
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$
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6,218
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THREE MONTHS ENDED
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MARCH 31
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2018
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2017
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(In thousands)
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Operating activities
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Net income
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$
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8,176
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$
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4,978
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Loss from discontinued operations
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—
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(3,242
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)
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Income from continuing operations
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8,176
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8,220
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Adjustments to reconcile income from continuing operations to net cash used for operating activities:
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||||
Depreciation, depletion and amortization
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3,397
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3,180
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Amortization of deferred financing fees
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84
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93
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Deferred income taxes
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1,497
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|
987
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Other
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(3,426
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)
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(6,577
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)
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Working capital changes:
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||||
Affiliates receivable/payable
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(96
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)
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2,679
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Accounts receivable
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(321
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)
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(12,852
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)
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Inventories
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(100
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)
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(339
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)
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Other current assets
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(2,119
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)
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(2,561
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)
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Accounts payable
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(1,135
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)
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614
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Income taxes receivable/payable
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(1,124
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)
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232
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Other current liabilities
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(12,862
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)
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(13,719
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)
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Net cash used for operating activities of continuing operations
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(8,029
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)
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(20,043
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)
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Net cash used for operating activities of discontinued operations
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—
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(22,161
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)
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Net cash used for operating activities
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(8,029
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)
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(42,204
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)
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Investing activities
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Expenditures for property, plant and equipment
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(2,452
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)
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(3,425
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)
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Proceeds from the sale of property, plant and equipment
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55
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|
611
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Other
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309
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198
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Net cash used for investing activities of continuing operations
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(2,088
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)
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(2,616
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)
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Net cash used for investing activities of discontinued operations
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—
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(1,220
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)
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Net cash used for investing activities
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(2,088
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)
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(3,836
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)
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Financing activities
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Additions to long-term debt
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1,269
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3,461
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Reductions of long-term debt
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(8,205
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)
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(432
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)
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Cash dividends paid
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(1,144
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)
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(1,827
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)
|
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Cash dividends received from Hamilton Beach Brands Holding Co. (See Note 10)
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—
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3,000
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Net cash (used for) provided by financing activities of continuing operations
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(8,080
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)
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4,202
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Net cash provided by financing activities of discontinued operations
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—
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17,263
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|
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Net cash (used for) provided by financing activities
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(8,080
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)
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21,465
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Effect of exchange rate changes on cash of discontinued operations
|
—
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353
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Cash and cash equivalents
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Total decrease for the period
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(18,197
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)
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(24,222
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)
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Net change related to discontinued operations
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—
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5,765
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Balance at the beginning of the period
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101,600
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69,308
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Balance at the end of the period
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$
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83,403
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$
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50,851
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Accumulated Other Comprehensive Income (Loss)
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Class A Common Stock
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Class B Common Stock
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Capital in Excess of Par Value
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Retained Earnings
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Deferred Gain (Loss) on Equity Securities
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Pension and Postretirement Plan Adjustment
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Total Stockholders' Equity
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||||||||||||||||
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(In thousands, except per share data)
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|||||||||||||||||||||||
Balance, January 1, 2018
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$
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5,282
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|
$
|
1,570
|
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$
|
4,447
|
|
$
|
216,490
|
|
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$
|
2,727
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$
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(11,068
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)
|
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$
|
219,448
|
|
ASC 606 adoption (See Note 2)
|
—
|
|
—
|
|
—
|
|
(2,075
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)
|
|
—
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|
|
—
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|
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(2,075
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)
|
|||||||
ASU 2016-01 reclassification (See Note 2)
|
—
|
|
—
|
|
—
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2,727
|
|
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(2,727
|
)
|
|
—
|
|
|
—
|
|
|||||||
ASU 2018-02 reclassification (See Note 2)
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—
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|
—
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—
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2,339
|
|
|
—
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(2,179
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)
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|
160
|
|
|||||||
Stock-based compensation
|
87
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|
—
|
|
90
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|
—
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|
—
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|
|
—
|
|
|
177
|
|
|||||||
Net income
|
—
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|
—
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|
—
|
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8,176
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|
|
—
|
|
|
—
|
|
|
8,176
|
|
|||||||
Cash dividends on Class A and Class B common stock: $0.1650 per share
|
—
|
|
—
|
|
—
|
|
(1,144
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)
|
|
—
|
|
|
—
|
|
|
(1,144
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)
|
|||||||
Reclassification adjustment to net income
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
140
|
|
|
140
|
|
|||||||
Balance, March 31, 2018
|
$
|
5,369
|
|
$
|
1,570
|
|
$
|
4,537
|
|
$
|
226,513
|
|
|
$
|
—
|
|
|
$
|
(13,107
|
)
|
|
$
|
224,882
|
|
|
THREE MONTHS ENDED
|
||||||
|
MARCH 31
|
||||||
Major Goods/Service Lines
|
2018
|
|
2017
(1)
|
||||
Consolidated operations - long-term contracts
|
$
|
28,023
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|
|
$
|
25,201
|
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Royalty
|
3,177
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|
|
3,099
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|
||
Total revenues
|
$
|
31,200
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|
|
$
|
28,300
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|
|
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|
||||
Timing of Revenue Recognition
|
|
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|
||||
Goods transferred at a point in time
|
$
|
17,021
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|
|
$
|
16,915
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Services transferred over time
|
14,179
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|
|
11,385
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|
||
Total revenues
|
$
|
31,200
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|
$
|
28,300
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|
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Contract balances
|
||||||||||
|
Accounts Receivable
|
|
Contract liability (current)
|
|
Contract liability (long-term)
|
||||||
Beginning balance January 1, 2018
|
$
|
14,611
|
|
|
$
|
860
|
|
|
$
|
1,766
|
|
Ending balance March 31, 2018
|
14,004
|
|
|
860
|
|
|
1,458
|
|
|||
Increase (decrease)
|
$
|
(607
|
)
|
|
$
|
—
|
|
|
$
|
(308
|
)
|
|
MARCH 31
2018 |
|
DECEMBER 31
2017 |
||||
Coal
|
$
|
12,371
|
|
|
$
|
13,416
|
|
Mining supplies
|
17,744
|
|
|
16,599
|
|
||
Total inventories
|
$
|
30,115
|
|
|
$
|
30,015
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
|
|
Quoted Prices in
|
|
|
|
Significant
|
||||||||
|
|
|
|
Active Markets for
|
|
Significant Other
|
|
Unobservable
|
||||||||
|
|
|
|
Identical Assets
|
|
Observable Inputs
|
|
Inputs
|
||||||||
Description
|
|
Date
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
March 31, 2018
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
9,086
|
|
|
$
|
9,086
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swap agreements
|
|
41
|
|
|
—
|
|
|
41
|
|
|
—
|
|
||||
|
|
$
|
9,127
|
|
|
$
|
9,086
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2017
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
9,166
|
|
|
$
|
9,166
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swap agreements
|
|
42
|
|
|
—
|
|
|
42
|
|
|
—
|
|
||||
|
|
$
|
9,208
|
|
|
$
|
9,166
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
|
||||||
|
MARCH 31
|
||||||
|
2018
|
|
2017
|
||||
Revenues
|
$
|
183,046
|
|
|
$
|
194,174
|
|
Gross profit
|
$
|
21,144
|
|
|
$
|
21,997
|
|
Income before income taxes
|
$
|
16,122
|
|
|
$
|
15,710
|
|
|
THREE MONTHS ENDED
|
||||||
|
MARCH 31
|
||||||
|
2018
|
|
2017
|
||||
Revenues
|
|
|
|
||||
NACoal
|
$
|
31,200
|
|
|
$
|
28,300
|
|
Total
|
$
|
31,200
|
|
|
$
|
28,300
|
|
|
|
|
|
||||
Operating profit (loss)
|
|
|
|
|
|
||
NACoal
|
$
|
11,282
|
|
|
$
|
11,326
|
|
NACCO and Other
|
(1,561
|
)
|
|
(1,520
|
)
|
||
Total
|
$
|
9,721
|
|
|
$
|
9,806
|
|
|
THREE MONTHS ENDED
|
||
|
MARCH 31, 2017
|
||
HBBHC Operating Statement Data:
|
|
||
Revenues
|
$
|
140,282
|
|
Cost of goods sold
|
105,705
|
|
|
Gross profit
|
34,577
|
|
|
Operating expenses
|
37,015
|
|
|
Operating loss
|
(2,438
|
)
|
|
Interest expense
|
415
|
|
|
Other income, net
|
(682
|
)
|
|
Loss before income taxes
|
(2,171
|
)
|
|
Income tax benefit
|
(814
|
)
|
|
HBBHC net loss
|
$
|
(1,357
|
)
|
NACCO discontinued operations income tax expense adjustment
|
1,885
|
|
|
NACCO discontinued operations
|
$
|
(3,242
|
)
|
|
THREE MONTHS
|
||||||
|
2018
|
|
2017
|
||||
NACoal operating profit
(a)
|
$
|
11,282
|
|
|
$
|
11,326
|
|
NACCO and Other operating loss
(a)
|
(1,561
|
)
|
|
(1,520
|
)
|
||
Operating profit
(a)
|
9,721
|
|
|
9,806
|
|
||
Interest expense
|
646
|
|
|
932
|
|
||
Income from other unconsolidated affiliates
|
(315
|
)
|
|
(308
|
)
|
||
Closed mine obligations
|
379
|
|
|
383
|
|
||
Other, net, including interest income
|
31
|
|
|
(20
|
)
|
||
Other expense, net
|
741
|
|
|
987
|
|
||
Income before income tax provision
|
8,980
|
|
|
8,819
|
|
||
Income tax provision
|
804
|
|
|
599
|
|
||
Income from continuing operations, net of tax
|
$
|
8,176
|
|
|
$
|
8,220
|
|
Discontinued operations, net of tax
|
—
|
|
|
(3,242
|
)
|
||
Net income
|
$
|
8,176
|
|
|
$
|
4,978
|
|
|
|
|
|
||||
Effective income tax rate from continuing operations
|
9.0
|
%
|
|
6.8
|
%
|
|
MARCH 31
2018 |
|
DECEMBER 31
2017 |
|
Change
|
||||||
Cash and cash equivalents
|
$
|
83,403
|
|
|
$
|
101,600
|
|
|
$
|
(18,197
|
)
|
Other net tangible assets
|
170,264
|
|
|
153,791
|
|
|
16,473
|
|
|||
Intangible assets, net
|
42,870
|
|
|
43,554
|
|
|
(684
|
)
|
|||
Net assets
|
296,537
|
|
|
298,945
|
|
|
(2,408
|
)
|
|||
Total debt
|
(50,768
|
)
|
|
(58,146
|
)
|
|
7,378
|
|
|||
Bellaire closed mine obligations
|
(20,887
|
)
|
|
(21,351
|
)
|
|
464
|
|
|||
Total equity
|
$
|
224,882
|
|
|
$
|
219,448
|
|
|
$
|
5,434
|
|
Debt to total capitalization
|
18%
|
|
21%
|
|
(3)%
|
|
THREE MONTHS
|
||||
|
2018
|
|
2017
|
||
Coteau
|
3.8
|
|
|
3.8
|
|
Falkirk
|
2.1
|
|
|
1.7
|
|
Sabine
|
1.1
|
|
|
1.0
|
|
Bisti
|
0.3
|
|
|
1.3
|
|
Camino Real
|
0.5
|
|
|
0.5
|
|
Coyote Creek
|
0.6
|
|
|
0.5
|
|
Other
|
0.1
|
|
|
0.4
|
|
Unconsolidated operations
|
8.5
|
|
|
9.2
|
|
MLMC
|
0.7
|
|
|
0.7
|
|
Total tons delivered
|
9.2
|
|
|
9.9
|
|
|
THREE MONTHS
|
||||
|
2018
|
|
2017
|
||
Unconsolidated operations
|
1.5
|
|
|
0.2
|
|
Consolidated operations
|
7.8
|
|
|
7.6
|
|
Total yards delivered
|
9.3
|
|
|
7.8
|
|
|
THREE MONTHS
|
||||||
|
2018
|
|
2017
|
||||
Revenue - consolidated operations
|
$
|
28,023
|
|
|
$
|
25,201
|
|
Revenue - royalty
|
3,177
|
|
|
3,099
|
|
||
Total revenues
|
31,200
|
|
|
28,300
|
|
||
Cost of sales - consolidated operations
|
25,360
|
|
|
23,184
|
|
||
Cost of sales - royalty
|
363
|
|
|
524
|
|
||
Total cost of sales
|
25,723
|
|
|
23,708
|
|
||
Gross profit
|
5,477
|
|
|
4,592
|
|
||
Earnings of unconsolidated operations
(a)
|
15,555
|
|
|
14,955
|
|
||
Selling, general and administrative expenses
|
9,118
|
|
|
8,034
|
|
||
Amortization of intangible assets
|
684
|
|
|
587
|
|
||
(Gain) loss on sale of assets
|
(52
|
)
|
|
(400
|
)
|
||
Operating profit
|
11,282
|
|
|
11,326
|
|
||
Interest expense
|
646
|
|
|
932
|
|
||
Other (income) expense, including income from other unconsolidated affiliates
|
(282
|
)
|
|
(243
|
)
|
||
Income before income tax provision
|
$
|
10,918
|
|
|
$
|
10,637
|
|
|
Revenues
|
||
2017
|
$
|
28,300
|
|
Increase (decrease) from:
|
|
||
Consolidated operations
|
2,787
|
|
|
Royalty
|
113
|
|
|
2018
|
$
|
31,200
|
|
|
Operating Profit
|
||
2017
|
$
|
11,326
|
|
Centennial, excluding the net gain on sales of assets
|
1,379
|
|
|
Earnings of unconsolidated operations
|
600
|
|
|
Royalty
|
234
|
|
|
Selling, general and administrative expenses
|
(1,084
|
)
|
|
Consolidated operations, excluding Centennial
|
(826
|
)
|
|
Net gain on sale of assets, primarily Centennial
|
(347
|
)
|
|
2018
|
$
|
11,282
|
|
|
2018
|
|
2017
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net cash provided by (used for) operating activities
|
2,468
|
|
|
(11,361
|
)
|
|
13,829
|
|
|||
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(2,410
|
)
|
|
(3,421
|
)
|
|
1,011
|
|
|||
Other
|
343
|
|
|
789
|
|
|
(446
|
)
|
|||
Net cash used for investing activities
|
(2,067
|
)
|
|
(2,632
|
)
|
|
565
|
|
|||
|
|
|
|
|
|
||||||
Cash flow before financing activities
|
$
|
401
|
|
|
$
|
(13,993
|
)
|
|
$
|
14,394
|
|
|
MARCH 31
2018 |
|
DECEMBER 31
2017 |
|
Change
|
||||||
Cash and cash equivalents
|
$
|
146
|
|
|
$
|
6,681
|
|
|
$
|
(6,535
|
)
|
Other net tangible assets
|
156,706
|
|
|
149,085
|
|
|
7,621
|
|
|||
Coal supply agreements, net
|
42,870
|
|
|
43,554
|
|
|
(684
|
)
|
|||
Net assets
|
199,722
|
|
|
199,320
|
|
|
402
|
|
|||
Total debt
|
(50,768
|
)
|
|
(58,146
|
)
|
|
7,378
|
|
|||
Total equity
|
$
|
148,954
|
|
|
$
|
141,174
|
|
|
$
|
7,780
|
|
Debt to total capitalization
|
25%
|
|
29%
|
|
(4)%
|
|
THREE MONTHS
|
||||||
|
2018
|
|
2017
|
||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
Operating loss
|
$
|
(1,561
|
)
|
|
$
|
(1,520
|
)
|
Other expense
|
$
|
377
|
|
|
$
|
298
|
|
Loss before income tax provision (benefit)
|
$
|
(1,938
|
)
|
|
$
|
(1,818
|
)
|
Exhibit
|
|
|
Number*
|
|
Description of Exhibits
|
|
|
|
31(i)(1)
|
|
|
31(i)(2)
|
|
|
32
|
|
|
95
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
NACCO Industries, Inc.
(Registrant)
|
|
Date:
|
May 2, 2018
|
/s/ Elizabeth I. Loveman
|
|
|
|
Elizabeth I. Loveman
|
|
|
|
Vice President and Controller
(principal financial and accounting officer) |
|
1 Year NACCO Industries Chart |
1 Month NACCO Industries Chart |
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