NACCO Industries Inc-A 2024年度报告

Securities registered pursuant to Section 12(b) of the Act Securities registered pursuant to Section 12(g) of the Act: Class B Common Stock, $1 par value per share. Class B Common Stock is not publicly listed fortrade on any exchange or market system; however, Class B Common Stock is convertible into Class A Common Stock on a share-for-share basis. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes¨Noþ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section 15(d) of the Act.Yes¨Noþ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements forthe past 90days.YesþNo£ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).YesþNo£ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" inRule12b-2 of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act)Yes☐No☑ Aggregate market value of ClassA Common Stock and ClassB Common Stock held by non-affiliates as of June30, 2024 (the last business day of theregistrant's most recently completed second fiscal quarter): $117,744,151 Number of shares of ClassA Common Stock outstanding at February28, 2025:5,866,937Number of shares of ClassB Common Stock outstanding at February28, 2025:1,565,359 DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company's Proxy Statement for its 2025 annual meeting of stockholders are incorporated herein by reference in PartIII of this Form 10-K. NACCO INDUSTRIES, INC.TABLE OF CONTENTS PAGEPART I.Item 1.BUSINESS1Item 1A.RISK FACTORS18Item 1B.UNRESOLVED STAFF COMMENTS27Item 1C.CYBERSECURITY28Item 2.PROPERTIES29Item 3.LEGAL PROCEEDINGS48Item 4.MINE SAFETY DISCLOSURES48PART II.Item 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES49Item 6.[RESERVED]49Item 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS50Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK64Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA64Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE64Item 9A.CONTROLS AND PROCEDURES64Item 9B.OTHER INFORMATION64Item 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS64PART III.Item 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE65Item 11.EXECUTIVE COMPENSATION65Item 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS65Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE65Item 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES65PART IV.Item 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES66Item 16.FORM 10-K SUMMARY71SIGNATURES72FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAF-1 PART I Item1. BUSINESS General NACCO Industries, Inc.(NACCO) and its wholly owned subsidiary, NACCO Natural Resources Corporation(NACCO Natural Resourcesand with NACCO collectively, the Company, we, our or us), bring natural resources to life by delivering aggregates, minerals, reliable fuels andenvironmental solutions through our robust portfolio of businesses. We operate under three business segments: Coal Mining, North AmericanMining(NAMining) and Minerals Management. The Coal Mining segment operates surface coal mines for power generation compani