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(Mark One)
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R
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2010
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Delaware
(State or other jurisdiction of incorporation or organization)
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34-1505819
(I.R.S. Employer Identification No.)
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5875 Landerbrook Drive, Cleveland, Ohio
(Address of principal executive offices)
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44124-4069
(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Class A Common Stock, Par Value $1.00 Per Share
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New York Stock Exchange
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Large accelerated filer
£
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Accelerated filer
R
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Non-accelerated filer
£
(Do not check if a smaller reporting company)
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Smaller reporting company
£
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PAGE
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Distribution
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Electric Utilities/Independent Power Provider
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Synfuels Plant
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2010
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82
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%
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18
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%
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2009
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82
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%
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18
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%
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2008
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82
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%
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18
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%
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2007
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82
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%
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18
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%
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2006
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82
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%
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18
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%
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2010
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2009
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2008
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||||||
Unconsolidated Mines
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Freedom
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14.6
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15.0
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14.6
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Falkirk
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7.6
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8.1
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7.5
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South Hallsville No. 1
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4.6
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3.8
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4.1
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Consolidated Mining Operations
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Red Hills
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4.0
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3.4
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2.8
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San Miguel
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3.3
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3.2
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3.1
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Total tons produced
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34.1
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33.5
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32.1
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Oxbow (discontinued operations)
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—
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0.7
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0.6
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Price per ton delivered
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$
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17.52
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$
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16.42
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$
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15.22
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2010
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2009
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Proven and Probable Reserves (a)(b)
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Committed
Under
Contract
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Uncommitted
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Total
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Tons
Delivered
(Millions)
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Owned
Reserves
(%)
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Leased
Reserves
(%)
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Total
Committed
and
Uncommitted
(Millions of
Tons)
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Tons
Delivered
(Millions)
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Contract
Expires
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Mine/Reserve
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Type of Mine
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(Millions of Tons)
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Unconsolidated Mining Operations
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Freedom Mine (c)
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Surface Lignite
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561.2
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—
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561.2
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14.6
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2
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%
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98
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%
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573.6
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15.1
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2017
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(d)
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Falkirk Mine (c)
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Surface Lignite
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461.5
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—
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461.5
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7.6
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1
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%
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99
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%
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469.9
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8.1
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2045
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South Hallsville No. 1 Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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4.4
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(e)
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(e)
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(e)
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3.3
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2035
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Five Forks Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(g)
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(e)
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(e)
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(e)
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(g)
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2030
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Marshall Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(g)
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(e)
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(e)
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(e)
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(g)
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2043
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Eagle Pass Mine (c)
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Surface
Sub-bituminous
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(e)
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(e)
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(e)
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(g)
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(e)
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(e)
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(e)
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(g)
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2012
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(h)
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Liberty Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(g)
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(e)
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(e)
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(e)
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(g)
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2054
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(i)
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Consolidated Mining Operations (j)
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Red Hills Mine
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Surface Lignite
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128.4
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99.4
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227.8
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3.6
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27
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%
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73
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%
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231.7
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3.7
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2032
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Total Developed
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1,151.1
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99.4
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1,250.5
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30.2
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1,275.2
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30.2
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Undeveloped Mining Operations
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||||||||||
North Dakota
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—
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—
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596.1
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596.1
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—
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—
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%
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100
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%
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595.7
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—
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—
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Texas
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—
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—
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165.1
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165.1
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—
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52
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%
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48
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%
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165.1
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—
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—
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Eastern (f)
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—
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—
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28.8
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28.8
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—
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100
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%
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—
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%
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28.6
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—
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—
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Mississippi
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—
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—
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142.2
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142.2
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—
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—
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%
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100
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%
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142.2
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—
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—
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Total Undeveloped
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—
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932.2
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932.2
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931.6
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||||||
Total Developed/Undeveloped
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1,151.1
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1,031.6
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2,182.7
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2,206.8
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Coal Formation or
Coal Seam(s)
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Average Seam
Thickness (feet)
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Average
Depth (feet)
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Average Coal Quality (As received)
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|||||||||||||
Mine/Reserve
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Type of Mine
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BTUs/lb
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Sulfur (%)
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Ash (%)
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Moisture (%)
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||||||||||
Unconsolidated Mining Operations
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|||||||
Freedom Mine (c)
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Surface Lignite
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Beulah-Zap Seams
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18
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130
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6,700
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0.9
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%
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9
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%
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36
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%
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Falkirk Mine (c)
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Surface Lignite
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Hagel A&B, Tavis
Creek Seams
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8
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60
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6,200
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0.6
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%
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11
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%
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38
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%
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South Hallsville No. 1 Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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Five Forks Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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Marshall Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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Eagle Pass Mine (c)
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Surface
Sub-bituminous
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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(e)
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Liberty Mine (c)
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Surface Lignite
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(e)
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(e)
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(e)
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(e)
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|
(e)
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(e)
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(e)
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Consolidated Mining Operations (j)
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|||||||
Red Hills Mine
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Surface Lignite
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C, D, E, F, G, H Seams
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3.6
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150
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5,200
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0.6
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%
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14
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%
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|
43
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%
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|
Undeveloped Mining Operations
|
|
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|||||||
North Dakota
|
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—
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|
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Fort Union Formation
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13
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130
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|
6,500
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0.8
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%
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8
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%
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38
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%
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Texas
|
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—
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Wilcox Formation
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8
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|
120
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6,800
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|
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1.0
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%
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|
16
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%
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|
30
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%
|
Eastern (f)
|
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—
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Freeport & Kittanning
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4
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400
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12,070
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3.3
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%
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|
12
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%
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|
3
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%
|
Mississippi
|
|
—
|
|
|
Wilcox Formation
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|
12
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|
130
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5,200
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0.6
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%
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13
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%
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44
|
%
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(a)
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Committed and uncommitted tons represent in-place estimates. The projected extraction loss is approximately 10% of the proven and probable reserves, except with respect to the Eastern Undeveloped Mining Operations, in which case the extraction loss is approximately 30% of the proven and probable reserves.
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(b)
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NACoal’s reserve estimates are generally based on the entire drill hole database, which was used to develop a geologic computer model using a 200 foot grid and inverse distance to the second power as an interpolator. None of NACoal’s coal reserves have been reviewed by independent experts. As such, all reserves are considered proven (measured) within NACoal’s reserve estimate.
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(c)
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The contracts for these mines require the customer to cover the cost of the ongoing replacement and upkeep of the plant and equipment of the mine.
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(d)
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Although the term of the existing coal sales agreement terminates in 2017, the term may be extended for four additional periods of five years, or until 2037, at the option of The Coteau Properties Company.
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(e)
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The reserves are owned and controlled by the customer and, therefore, have not been listed in the table.
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(f)
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The proven and probable reserves included in the table do not include coal that is leased to others. NACoal had 80.1 million tons and 80.7 million tons in
2010
and
2009
, respectively, of Eastern Undeveloped Mining Operations with leased coal committed under contract.
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(g)
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These mines are in the development stage and no coal was delivered during 2010 or 2009.
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(h)
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Although the term of the existing contract mining agreement expires in 2012, it extends automatically if NACoal’s customer’s third-party coal supply agreement is extended, and can be terminated in certain circumstances by either party.
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(i)
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The contract term is for 40 years commencing the year commercial deliveries begin which is anticipated to be 2014.
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(j)
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The San Miguel Lignite Mine was operated by NACoal during 2010, but is not included in the table above or in the disclosures that follow because at the end of 2010, NACoal's contract at the San Miguel Lignite Mine expired and its mining operations were transitioned to another company.
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Quarry Name
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Location
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Quarry Owner
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|
Year NACoal Started Dragline Operations
|
White Rock Quarry — North
|
|
Miami
|
|
WRQ
|
|
1995
|
White Rock Quarry — South
|
|
Miami
|
|
WRQ
|
|
2005
|
Krome Quarry
|
|
Miami
|
|
Cemex
|
|
2003
|
Alico Quarry
|
|
Ft. Myers
|
|
Cemex
|
|
2004
|
FEC Quarry
|
|
Miami
|
|
Cemex
|
|
2005
|
Pennsuco Quarry
|
|
Miami
|
|
Tarmac
|
|
2005
|
SCL Quarry
|
|
Miami
|
|
Cemex
|
|
2006
|
Card Sound Quarry
|
|
Miami
|
|
Cemex
|
|
2009
|
Mine
|
|
Total Historical Cost of Mine
Property, Plant and Equipment
(excluding Coal Lands, Real Estate
and Construction in Progress), Net of
Applicable Accumulated
Amortization and Depreciation
|
||
|
|
(
in millions)
|
||
Unconsolidated Mining Operations
|
|
|
||
Freedom Mine — The Coteau Properties Company
|
|
$
|
104.8
|
|
Falkirk Mine — The Falkirk Mining Company
|
|
$
|
119.1
|
|
South Hallsville No. 1 Mine — The Sabine Mining Company
|
|
$
|
144.2
|
|
Five Forks Mine — Demery Resources Company, LLC
|
|
$
|
—
|
|
Marshall Mine — Caddo Creek Resources Company, LLC
|
|
$
|
—
|
|
Eagle Pass Mine — Camino Real Fuels, LLC
|
|
$
|
—
|
|
Liberty Mine — Liberty Fuels, LLC
|
|
$
|
—
|
|
Consolidated Mining Operations
|
|
|
||
Red Hills Mine — Mississippi Lignite Mining Company
|
|
$
|
35.7
|
|
Florida Dragline Operations — The North American Coal Corporation
|
|
$
|
2.7
|
|
•
|
the Surface Mining Control and Reclamation Act of 1977 (“SMCRA”);
|
•
|
the Clean Air Act, including amendments to that act in 1990 (“CAA”);
|
•
|
the Clean Water Act of 1972 (the “Clean Water Act”);
|
•
|
the Resource Conservation and Recovery Act; and
|
•
|
the Comprehensive Environmental Response, Compensation and Liability Act.
|
•
|
potential political, economic and social instability in the foreign countries in which NMHG operates;
|
•
|
currency risks, see the risk factor titled “The pricing and costs of NMHG's products have been and may continue to be impacted by foreign currency fluctuations, which could materially increase the Company's costs, result in material exchange losses and materially reduce operating margins;”
|
•
|
imposition of or increases in currency exchange controls;
|
•
|
potential inflation in the applicable foreign economies;
|
•
|
imposition of or increases in import duties and other tariffs on NMHG's products;
|
•
|
imposition of or increases in foreign taxation of earnings and withholding on payments received by NMHG from its subsidiaries;
|
•
|
regulatory changes affecting international operations; and
|
•
|
stringent labor regulations.
|
Region
|
Facility Location
|
Owned/Leased
|
Function(s)
|
Americas
|
Berea, Kentucky
|
Owned
|
Assembly of lift trucks and manufacture of component parts
|
|
Danville, Illinois
|
Owned
|
Americas parts distribution center
|
|
Greenville,
North Carolina
|
Owned
|
Divisional headquarters and marketing and sales operations for Hyster
®
and Yale
®
in Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts
|
|
Fairview, Oregon
|
Owned
|
Global executive administrative center; counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts
|
|
Ramos Arizpe,
Mexico
|
Owned
|
Manufacture of component parts for lift trucks
|
|
Sao Paulo, Brazil
|
Owned
|
Assembly of lift trucks and marketing operations for Brazil
|
|
Sulligent, Alabama
|
Owned
|
Manufacture of component parts for lift trucks
|
Europe
|
Craigavon,
Northern Ireland
|
Owned
|
Manufacture of lift trucks; cylinder and transmission assembly; mast fabrication and assembly for Europe
|
|
Fleet, England
|
Leased
|
European executive center; marketing and sales operations for Hyster
®
and Yale
®
in Europe
|
|
Irvine, Scotland
|
Leased
|
European administrative center
|
|
Masate, Italy
|
Leased
|
Assembly of lift trucks; European warehouse development center
|
|
Nijmegen,
The Netherlands
|
Owned
|
Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center
|
Asia-Pacific
|
Shanghai, China
|
Owned (1)
|
Assembly of lift trucks by Shanghai Hyster joint venture and marketing operations of China
|
|
Sydney, Australia
|
Leased
|
Divisional headquarters and sales and marketing for Asia-Pacific; Asia-Pacific parts distribution center
|
India
|
Pune, India
|
Leased
|
Engineering design services
|
(1)
|
This facility is owned by Shanghai Hyster Forklift Ltd., NMHG’s Chinese joint venture company.
|
|
|
Owned/
|
|
|
Facility Location
|
|
Leased
|
|
Function(s)
|
Glen Allen, Virginia
|
|
Leased
|
|
Corporate headquarters
|
Geel, Belgium
|
|
(1)
|
|
Distribution center
|
Memphis, Tennessee
|
|
Leased
|
|
Distribution center
|
Mexico City, Mexico
|
|
Leased
|
|
Mexico sales and administrative headquarters
|
Mexico City, Mexico
|
|
(1)
|
|
Distribution center
|
Picton, Ontario, Canada
|
|
Leased
|
|
Distribution center
|
Southern Pines, North Carolina
|
|
Owned
|
|
Service center for customer returns; catalog distribution center; parts distribution center
|
Shenzhen, China
|
|
Leased
|
|
Administrative office
|
Toronto, Ontario, Canada
|
|
Leased
|
|
Canada sales and administration headquarters
|
(1)
|
This facility is not owned or leased by HBB. This facility is managed by a third-party distribution provider.
|
Name
|
|
Age
|
|
Current Position
|
|
Other Positions
|
|
|
|
|
|
|
|
Alfred M. Rankin, Jr.
|
|
69
|
|
Chairman, President and Chief Executive Officer of NACCO (from prior to 2006), Chairman of NMHG (from October 2008), Chairman of HBB (from January 2010), Chairman of KC (from January 2010), Chairman of NACoal (from February 2010)
|
|
|
|
|
|
|
|
|
|
Charles A. Bittenbender
|
|
61
|
|
Vice President, General Counsel and Secretary of NACCO (from prior to 2006), Vice President, General Counsel and Secretary of NMHG (from October 2008)
|
|
|
|
|
|
|
|
|
|
J.C. Butler, Jr.
|
|
50
|
|
Vice President — Corporate Development and Treasurer of NACCO (from prior to 2006), Senior Vice President — Project Development and Administration of NACoal (from January 2010)
|
|
From May 2008 to January 2010, Senior Vice President — Project Development of NACoal.
|
|
|
|
|
|
|
|
Mary D. Maloney
|
|
49
|
|
Assistant General Counsel (from prior to 2006) and Assistant Secretary of NACCO (from May 2007)
|
|
|
|
|
|
|
|
|
|
Lauren E. Miller
|
|
56
|
|
Vice President — Consulting Services of NACCO (from prior to 2006), Senior Vice President, Marketing and Consulting of NMHG (from October 2008)
|
|
|
|
|
|
|
|
|
|
Kenneth C. Schilling
|
|
51
|
|
Vice President and Controller of NACCO (from prior to 2006), Vice President and Chief Financial Officer of NMHG (from October 2008)
|
|
|
|
|
|
|
|
|
|
Suzanne S. Taylor
|
|
48
|
|
Associate General Counsel and Assistant Secretary of NACCO (from December 2008)
|
|
From April 2007 to December 2008, Vice President, General Counsel and Chief Compliance Officer, Keithley Instruments, Inc. (developer, manufacturer and marketer of electronic instruments). From prior to 2006 to April 2007, Assistant General Counsel, Platinum Equity, LLC (a private equity firm).
|
Name
|
|
Age
|
|
Current Position
|
|
Other Positions
|
|
|
|
|
|
|
|
|
|
Michael P. Brogan
|
|
60
|
|
President and Chief Executive Officer of NMHG (from June 2006)
|
|
From prior to 2006 to June 2006, Executive Vice President of NMHG.
|
|
|
|
|
|
|
|
|
|
Daniel P. Gerrone
|
|
61
|
|
Controller of NMHG (from prior to 2006)
|
|
|
|
|
|
|
|
|
|
|
|
Jeffrey C. Mattern
|
|
58
|
|
Treasurer of NMHG (from prior to 2006)
|
|
|
|
|
|
|
|
|
|
|
|
Ralf A. Mock
|
|
55
|
|
Managing Director, Europe, Africa and Middle East of NMHG (from February 2006)
|
|
From prior to 2006 to February 2006, Independent Business Consultant.
|
|
|
|
|
|
|
|
|
|
Kevin S. Oxley
|
|
51
|
|
|
Vice President, Human Resources of NMHG (from December 2010)
|
|
From November 2009 to December 2010, Group Human Resource Director, Invacare Corporation (a manufacturing and distribution company). From prior to 2006 to May 2009, Human Resource Director - Wheel and Transportation Products, Alcoa, Inc (an industrial company).
|
|
|
|
|
|
|
|
|
Rajiv K. Prasad
|
|
47
|
|
Vice President, Global Product Development of NMHG (from July 2007)
|
|
From prior to 2006 to July 2007, Vice President, Global Product Development, International Truck and Engine Corporation (an industrial company).
|
|
|
|
|
|
|
|
|
|
Victoria L. Rickey
|
|
58
|
|
Vice President, Asia-Pacific of NMHG (from October 2008)
|
|
From February 2006 to October 2008, Vice President, Chief Marketing Officer of NMHG. From prior to 2006 to February 2006, Vice President, Marketing of NMHG.
|
|
|
|
|
|
|
|
|
|
Michael E. Rosberg
|
|
61
|
|
Vice President, Global Supply Chain of NMHG (from November 2006)
|
|
From prior to 2006 to February 2006, Vice President of Supply Chain Management, Brunswick Boat Group (an industrial company).
|
|
|
|
|
|
|
|
|
|
Michael K. Smith
|
|
66
|
|
Vice President, Finance and Information Systems of NMHG (from October 2008)
|
|
From prior to 2006 to October 2008, Vice President, Finance and Information Systems and Chief Financial Officer of NMHG.
|
|
|
|
|
|
|
|
|
|
Colin Wilson
|
|
56
|
|
Vice President and Chief Operating Officer of NMHG (from prior to 2006), President, Americas of NMHG (from October 2008)
|
|
|
Name
|
|
Age
|
|
Current Position
|
|
Other Positions
|
|
|
|
|
|
|
|
Gregory H. Trepp
|
|
49
|
|
President and Chief Executive Officer of HBB (from January 2010), Chief Executive Officer of KC (from January 2010)
|
|
From June 2008 to January 2010, Vice President, Global Marketing of HBB. From prior to 2006 to June 2008, Vice President, Marketing of HBB. From April 2009 to January 2010, Interim President and Chief Executive Officer of KC.
|
|
|
|
|
|
|
|
Keith B. Burns
|
|
54
|
|
Vice President — Engineering and Information Technology of HBB (from June 2008)
|
|
From prior to 2006 to June 2008, Vice President — Engineering and New Product Development of HBB.
|
|
|
|
|
|
|
|
Kathleen L. Diller
|
|
59
|
|
Vice President, General Counsel and Secretary of HBB (from May 2007)
|
|
From June 2006 to May 2007, Vice President, General Counsel and Human Resources, and Secretary of HBB. From prior to 2006 to June 2006, Vice President, General Counsel and Human Resources of HBB.
|
|
|
|
|
|
|
|
Richard E. Moss
|
|
47
|
|
Treasurer of HBB (from January 2011)
|
|
From prior to 2006 to February 2009, Director Financial Planning and Analysis of HBB. From March 2009 to December 2010, Senior Director Finance and Credit of HBB.
|
|
|
|
|
|
|
|
Gregory E. Salyers
|
|
50
|
|
Senior Vice President, Global Operations of HBB (from January 2010)
|
|
From May 2007 to January 2010, Vice President, Global Operations of HBB. From prior to 2006 to May 2007, Vice President — Operations and Information Systems of HBB.
|
|
|
|
|
|
|
|
James H. Taylor
|
|
53
|
|
Vice President and Chief Financial Officer of HBB (from January 2011)
|
|
From prior to 2006 to January 2007, Vice President — Finance and Treasurer of HBB. From January 2007 to January 2011, Vice President, Chief Financial Officer and Treasurer of HBB.
|
|
|
|
|
|
|
|
R. Scott Tidey
|
|
46
|
|
Senior Vice President, North American Sales and Marketing of HBB (from January 2010)
|
|
From July 2008 to January 2010, Vice President, North America Sales of HBB. From March 2007 to July 2008, Vice President, U.S. Consumer Sales of HBB. From prior to 2006 to March 2007, Vice President, International and National Account Sales of HBB.
|
Name
|
|
Age
|
|
Current Position
|
|
Other Positions
|
Richard R. Chene, Jr.
|
|
48
|
|
President of KC (from February 2011)
|
|
From July 2008 to January 2011, Vice President, General Merchandising Manager - Dog, PETCO Animal Supplies, Inc. (a pet supply company). From prior to 2006 to April 2008, Divisional Merchandising Manager - Bed, Bath, Window, Rug and Storage, Sears Holdings Corporation (a national retailer).
|
Name
|
|
Age
|
|
Current Position
|
|
Other Positions
|
|
|
|
|
|
|
|
Robert L. Benson
|
|
63
|
|
President and Chief Executive Officer of NACoal (from March 2006)
|
|
From prior to 2006 to March 2006, Executive Vice President and Chief Operating Officer of NACoal.
|
|
|
|
|
|
|
|
Bob D. Carlton
|
|
53
|
|
Vice President and Chief Financial Officer of NACoal (from May 2008)
|
|
From prior to 2006 to May 2008, Vice President — Financial Services of NACoal. From prior to 2006 to June 2006, Controller of NACoal.
|
|
|
|
|
|
|
|
Michael J. Gregory
|
|
63
|
|
Vice President, International Operations and Special Projects of NACoal (from August 2010)
|
|
From May 2008 to August 2010, Vice President - Engineering, Human Resources and International Operations of NACoal. From June 2006 to May 2008, Vice President — Southern Operations and Human Resources of NACoal. From prior to 2006 to June 2006, General Manager of San Miguel.
|
|
|
|
|
|
|
|
K. Donald Grischow
|
|
63
|
|
Treasurer of NACoal (from prior to 2006)
|
|
|
|
|
|
|
|
|
|
Thomas A. Koza
|
|
64
|
|
Vice President, Senior Counsel and Assistant Secretary of NACoal (from January 2011)
|
|
From prior to 2006 to December 2010, Vice President — Law and Administration, and Secretary of NACoal.
|
|
|
|
|
|
|
|
John D. Neumann
|
|
35
|
|
Vice President, General Counsel and Secretary of NACoal (from January 2011)
|
|
From March 2009 to December 2010, Assistant General Counsel and Assistant Secretary of NACoal. From prior to 2006 to February 2009, associate, Jones Day (law firm).
|
|
|
|
|
|
|
|
John R. Pokorny
|
|
55
|
|
Controller of NACoal (from October 2009)
|
|
From June 2006 to October 2009, Director of Accounting and Financial Planning of NACoal. From prior to 2006 to June 2006, Accounting Manager of NACoal.
|
|
2010
|
||||||||
|
Sales Price
|
|
Cash
Dividend
|
||||||
|
High
|
|
Low
|
|
|||||
First quarter
|
$
|
86.15
|
|
|
$
|
44.87
|
|
|
51.75¢
|
Second quarter
|
$
|
114.69
|
|
|
$
|
68.01
|
|
|
52.25¢
|
Third quarter
|
$
|
112.45
|
|
|
$
|
75.21
|
|
|
52.25¢
|
Fourth quarter
|
$
|
121.73
|
|
|
$
|
85.93
|
|
|
52.25¢
|
|
2009
|
||||||||
|
Sales Price
|
|
Cash
Dividend
|
||||||
|
High
|
|
Low
|
|
|||||
First quarter
|
$
|
41.71
|
|
|
$
|
13.66
|
|
|
51.50¢
|
Second quarter
|
$
|
44.80
|
|
|
$
|
25.59
|
|
|
51.75¢
|
Third quarter
|
$
|
63.09
|
|
|
$
|
27.09
|
|
|
51.75¢
|
Fourth quarter
|
$
|
73.54
|
|
|
$
|
47.91
|
|
|
51.75¢
|
|
Year Ended December 31
|
||||||||||||||||||
|
2010
(4)
|
|
2009
(4)
|
|
2008
(1)(4)
|
|
2007
|
|
2006
|
||||||||||
|
(In millions, except per share data)
|
||||||||||||||||||
Operating Statement Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
2,687.5
|
|
|
$
|
2,310.6
|
|
|
$
|
3,665.1
|
|
|
$
|
3,590.0
|
|
|
$
|
3,327.6
|
|
Operating profit (loss)
|
$
|
140.3
|
|
|
$
|
59.1
|
|
|
$
|
(389.5
|
)
|
|
$
|
139.2
|
|
|
$
|
171.1
|
|
Income (loss) from continuing operations
|
$
|
79.4
|
|
|
$
|
8.4
|
|
|
$
|
(439.7
|
)
|
|
$
|
89.7
|
|
|
$
|
90.5
|
|
Discontinued operations, net of tax
(2)
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|
0.6
|
|
|
2.8
|
|
|||||
Extraordinary gain, net of tax
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.8
|
|
|||||
Net income (loss)
|
$
|
79.4
|
|
|
$
|
31.0
|
|
|
$
|
(437.4
|
)
|
|
$
|
90.3
|
|
|
$
|
106.1
|
|
Net (income) loss attributable to noncontrolling interest
|
0.1
|
|
|
0.1
|
|
|
(0.2
|
)
|
|
0.1
|
|
|
0.7
|
|
|||||
Net income (loss) attributable to stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
|
$
|
90.4
|
|
|
$
|
106.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amounts Attributable to Stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of tax
|
$
|
79.5
|
|
|
$
|
8.5
|
|
|
$
|
(439.9
|
)
|
|
$
|
89.8
|
|
|
$
|
91.2
|
|
Discontinued operations, net of tax
(2)
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|
0.6
|
|
|
2.8
|
|
|||||
Extraordinary gain, net of tax
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.8
|
|
|||||
Net income (loss) attributable to stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
|
$
|
90.4
|
|
|
$
|
106.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per share attributable to stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
9.55
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
|
$
|
10.87
|
|
|
$
|
11.07
|
|
Discontinued operations
(2)
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|
0.07
|
|
|
0.34
|
|
|||||
Extraordinary gain
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.56
|
|
|||||
Basic earnings (loss) per share
|
$
|
9.55
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
|
$
|
10.94
|
|
|
$
|
12.97
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per share attributable to stockholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
9.53
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
|
$
|
10.86
|
|
|
$
|
11.06
|
|
Discontinued operations
(2)
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|
0.07
|
|
|
0.34
|
|
|||||
Extraordinary gain
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.56
|
|
|||||
Diluted earnings (loss) per share
|
$
|
9.53
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
|
$
|
10.93
|
|
|
$
|
12.96
|
|
|
Year Ended December 31
|
||||||||||||||||||
|
2010
|
|
2009
|
|
2008
(1)
|
|
2007
|
|
2006
|
||||||||||
|
(In millions, except per share and employee data)
|
||||||||||||||||||
Balance Sheet Data at December 31:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
1,658.3
|
|
|
$
|
1,488.7
|
|
|
$
|
1,687.9
|
|
|
$
|
2,427.3
|
|
|
$
|
2,154.5
|
|
Long-term debt
|
$
|
355.3
|
|
|
$
|
377.6
|
|
|
$
|
400.3
|
|
|
$
|
439.3
|
|
|
$
|
359.9
|
|
Stockholders' equity
|
$
|
447.4
|
|
|
$
|
396.6
|
|
|
$
|
356.7
|
|
|
$
|
891.4
|
|
|
$
|
791.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Provided by operating activities
|
$
|
63.1
|
|
|
$
|
157.0
|
|
|
$
|
4.9
|
|
|
$
|
81.4
|
|
|
$
|
173.5
|
|
Provided by (used for) investing activities
|
$
|
(5.8
|
)
|
|
$
|
23.1
|
|
|
$
|
(71.4
|
)
|
|
$
|
(59.9
|
)
|
|
$
|
(35.3
|
)
|
Provided by (used for) financing activities
|
$
|
(43.3
|
)
|
|
$
|
(64.1
|
)
|
|
$
|
(83.2
|
)
|
|
$
|
64.4
|
|
|
$
|
(105.8
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Per share data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends
|
$
|
2.085
|
|
|
$
|
2.068
|
|
|
$
|
2.045
|
|
|
$
|
1.980
|
|
|
$
|
1.905
|
|
Market value at December 31
|
$
|
108.37
|
|
|
$
|
49.80
|
|
|
$
|
37.41
|
|
|
$
|
99.69
|
|
|
$
|
136.60
|
|
Stockholders' equity at December 31
|
$
|
53.69
|
|
|
$
|
47.82
|
|
|
$
|
43.05
|
|
|
$
|
107.80
|
|
|
$
|
96.05
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Actual shares outstanding at December 31
|
8.333
|
|
|
8.294
|
|
|
8.286
|
|
|
8.269
|
|
|
8.238
|
|
|||||
Basic weighted average shares outstanding
|
8.328
|
|
|
8.290
|
|
|
8.281
|
|
|
8.263
|
|
|
8.234
|
|
|||||
Diluted weighted average shares outstanding
|
8.344
|
|
|
8.296
|
|
|
8.281
|
|
|
8.272
|
|
|
8.242
|
|
|||||
Total employees at December 31
(5)
|
8,900
|
|
|
8,600
|
|
|
9,500
|
|
|
10,600
|
|
|
11,300
|
|
(1)
|
During the fourth quarter of 2008, the Company's stock price significantly declined compared with previous periods and the Company's market value of equity was below its book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, the Company recorded a non-cash impairment charge of $435.7 million during the fourth quarter of 2008.
|
(2)
|
During 2009, NACoal completed the sale of certain assets of the Red River Mining Company (“Red River”). The results of operations of Red River are reflected as discontinued operations in the table above.
|
(3)
|
An extraordinary gain was recognized in 2006 as a result of a reduction to Bellaire Corporation's estimated closed mine obligations relating to amounts owed to the United Mine Workers of America Combined Benefit Fund arising as a result of the Coal Industry Retiree Health Benefit Act of 2006.
|
(4)
|
In 2006, the Company initiated litigation in the Delaware Chancery Court against Applica Incorporated ("Applica") and individuals and entities affiliated with Applica's shareholder, Harbinger Capital Partners Master Fund, Ltd. The litigation alleged a number of contract and tort claims against the defendants related to the failed transaction with Applica, which had been previously announced. On February 14, 2011, the parties to this litigation entered into a settlement agreement. The settlement agreement provides for, among other things, the payment of $60 million to the Company and dismissal of the lawsuit with prejudice. The payment was received in February 2011.
|
(5)
|
Includes employees of the unconsolidated mines and excludes employees of Red River.
|
|
2010
|
|
2009
|
|
2008
(2)
|
||||||
Consolidated results:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to stockholders
|
$
|
79.5
|
|
|
$
|
8.5
|
|
|
$
|
(439.9
|
)
|
Discontinued operations, net of tax
(1)
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|||
Net income (loss) attributable to stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
Basic earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to stockholders
|
$
|
9.55
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
Discontinued operations, net of tax
(1)
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|||
Basic earnings (loss) per share
|
$
|
9.55
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
Diluted earnings (loss) per share
|
|
|
|
|
|
||||||
Income (loss) from continuing operations attributable to stockholders
|
$
|
9.53
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
Discontinued operations, net of tax
(1)
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|||
Diluted earnings (loss) per share
|
$
|
9.53
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
(1)
|
During
2009
, NACoal completed the sale of certain assets of the Red River Mining Company (“Red River”). The results of operations of Red River are reflected as discontinued operations.
|
(2)
|
During the fourth quarter of 2008, the Company's stock price significantly declined compared with previous periods and the Company's market value of equity was below the book value of tangible assets and the book value of equity. The Company performed an interim impairment test, which indicated that goodwill and certain other intangibles were impaired at December 31, 2008. Therefore, the Company recorded a non-cash impairment charge of $435.7 million during the fourth quarter of 2008.
|
|
Revenues
|
|
Operating
Profit
|
|
Income
from Continuing Operations
|
|
Net Income Attributable to Stockholders
|
||||||||
2009
|
$
|
2,310.6
|
|
|
$
|
59.1
|
|
|
$
|
8.4
|
|
|
$
|
31.1
|
|
Increase (decrease) in 2010
|
|
|
|
|
|
|
|
||||||||
NMHG
|
326.7
|
|
|
77.3
|
|
|
75.5
|
|
|
75.5
|
|
||||
HBB
|
18.7
|
|
|
(4.5
|
)
|
|
(1.7
|
)
|
|
(1.7
|
)
|
||||
KC (net of eliminations)
|
4.2
|
|
|
(0.9
|
)
|
|
(0.4
|
)
|
|
(0.4
|
)
|
||||
NACoal
|
27.3
|
|
|
10.7
|
|
|
9.0
|
|
|
(13.6
|
)
|
||||
NACCO and Other
|
—
|
|
|
(1.4
|
)
|
|
(11.4
|
)
|
|
(11.4
|
)
|
||||
2010
|
$
|
2,687.5
|
|
|
$
|
140.3
|
|
|
$
|
79.4
|
|
|
$
|
79.5
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Income (loss) before income taxes
|
$
|
96.8
|
|
|
$
|
28.9
|
|
|
$
|
(421.0
|
)
|
Statutory taxes at 35%
|
$
|
33.9
|
|
|
$
|
10.1
|
|
|
$
|
(147.4
|
)
|
Discrete items:
|
|
|
|
|
|
||||||
NMHG settlements
|
(5.0
|
)
|
|
0.1
|
|
|
(1.3
|
)
|
|||
NMHG sale of foreign investments
|
(2.4
|
)
|
|
—
|
|
|
—
|
|
|||
NMHG change in tax law
|
(2.4
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||
NMHG unremitted foreign earnings
|
1.3
|
|
|
10.1
|
|
|
—
|
|
|||
NMHG basis difference in foreign stock
|
—
|
|
|
(11.9
|
)
|
|
—
|
|
|||
NMHG valuation allowance
|
—
|
|
|
1.1
|
|
|
29.8
|
|
|||
NACCO and Other settlements
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
1.7
|
|
|
(2.0
|
)
|
|
(1.9
|
)
|
|||
|
(8.0
|
)
|
|
(2.6
|
)
|
|
25.5
|
|
|||
Other permanent items:
|
|
|
|
|
|
||||||
Valuation allowance
|
9.1
|
|
|
16.4
|
|
|
2.8
|
|
|||
NACoal percentage depletion
|
(7.2
|
)
|
|
(6.5
|
)
|
|
(5.7
|
)
|
|||
Foreign tax rate differential
|
(14.1
|
)
|
|
(3.1
|
)
|
|
(5.9
|
)
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
148.8
|
|
|||
Other
|
3.7
|
|
|
6.2
|
|
|
0.6
|
|
|||
|
(8.5
|
)
|
|
13.0
|
|
|
140.6
|
|
|||
Income tax provision
|
$
|
17.4
|
|
|
$
|
20.5
|
|
|
$
|
18.7
|
|
Effective income tax rate
|
18.0
|
%
|
|
70.9
|
%
|
|
(a)
|
(a)
|
The effective income tax rate is not meaningful.
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues
|
|
|
|
|
|
||||||
Americas
|
$
|
1,140.7
|
|
|
$
|
853.4
|
|
|
$
|
1,589.5
|
|
Europe
|
476.6
|
|
|
390.1
|
|
|
895.3
|
|
|||
Other
|
184.6
|
|
|
231.7
|
|
|
339.5
|
|
|||
|
$
|
1,801.9
|
|
|
$
|
1,475.2
|
|
|
$
|
2,824.3
|
|
Operating profit (loss)
|
|
|
|
|
|
||||||
Americas
|
$
|
48.5
|
|
|
$
|
23.5
|
|
|
$
|
(8.9
|
)
|
Europe
|
2.7
|
|
|
(47.9
|
)
|
|
0.7
|
|
|||
Other
|
(5.1
|
)
|
|
(6.8
|
)
|
|
(335.8
|
)
|
|||
|
$
|
46.1
|
|
|
$
|
(31.2
|
)
|
|
$
|
(344.0
|
)
|
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(16.6
|
)
|
|
$
|
(19.0
|
)
|
|
$
|
(25.9
|
)
|
Other income
|
$
|
4.6
|
|
|
$
|
3.4
|
|
|
$
|
9.6
|
|
Net income (loss) attributable to stockholders
|
$
|
32.4
|
|
|
$
|
(43.1
|
)
|
|
$
|
(376.0
|
)
|
Effective income tax rate
|
5.3
|
%
|
|
7.7
|
%
|
|
(a)
|
|
|
Revenues
|
||
2009
|
$
|
1,475.2
|
|
Increase (decrease) in 2010 from:
|
|
||
Unit volume and product mix
|
337.9
|
|
|
Parts
|
33.0
|
|
|
Foreign currency
|
10.8
|
|
|
Other
|
7.9
|
|
|
Sale of certain operations
|
(62.9
|
)
|
|
2010
|
$
|
1,801.9
|
|
|
Operating Profit (Loss)
|
||
2009
|
$
|
(31.2
|
)
|
Increase (decrease) in 2010 from:
|
|
||
Restructuring programs
|
9.3
|
|
|
Gain on sale of assets
|
(1.4
|
)
|
|
|
(23.3
|
)
|
|
Gross profit
|
83.2
|
|
|
Foreign currency
|
19.0
|
|
|
Other
|
3.8
|
|
|
Other selling, general and administrative expenses
|
(32.4
|
)
|
|
|
50.3
|
|
|
Loss on sale of certain operations
|
(6.1
|
)
|
|
Restructuring programs
|
1.9
|
|
|
2010
|
$
|
46.1
|
|
|
Revenues
|
||
2008
|
$
|
2,824.3
|
|
Increase (decrease) in 2009 from:
|
|
||
Unit volume and product mix
|
(1,171.9
|
)
|
|
Parts
|
(100.3
|
)
|
|
Foreign currency
|
(81.9
|
)
|
|
Fleet services
|
(33.5
|
)
|
|
Other
|
(8.0
|
)
|
|
Unit price
|
46.5
|
|
|
2009
|
$
|
1,475.2
|
|
|
Operating
Loss
|
||
2008
|
$
|
(344.0
|
)
|
(Increase) decrease in 2009 from:
|
|
||
Restructuring programs
|
9.1
|
|
|
Non-cash impairment charge
|
351.1
|
|
|
|
16.2
|
|
|
Gross profit
|
(159.6
|
)
|
|
Other selling, general and administrative expenses
|
63.0
|
|
|
Foreign currency
|
57.5
|
|
|
Other
|
(0.4
|
)
|
|
|
(23.3
|
)
|
|
Restructuring programs
|
(9.3
|
)
|
|
Gain on sale of assets
|
1.4
|
|
|
2009
|
$
|
(31.2
|
)
|
|
2010
|
|
2009
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
32.3
|
|
|
$
|
(43.2
|
)
|
|
$
|
75.5
|
|
Depreciation and amortization
|
33.9
|
|
|
36.2
|
|
|
(2.3
|
)
|
|||
Restructuring charges (reversals)
|
(1.9
|
)
|
|
9.3
|
|
|
(11.2
|
)
|
|||
Other
|
(23.4
|
)
|
|
(0.1
|
)
|
|
(23.3
|
)
|
|||
Working capital changes, excluding the effects of business dispositions:
|
|
|
|
|
|
||||||
Accounts receivable
|
(91.9
|
)
|
|
133.8
|
|
|
(225.7
|
)
|
|||
Inventories
|
(83.1
|
)
|
|
160.3
|
|
|
(243.4
|
)
|
|||
Accounts payable and other liabilities
|
159.2
|
|
|
(160.4
|
)
|
|
319.6
|
|
|||
Other
|
22.4
|
|
|
(20.0
|
)
|
|
42.4
|
|
|||
Net cash provided by operating activities
|
47.5
|
|
|
115.9
|
|
|
(68.4
|
)
|
|||
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(12.1
|
)
|
|
(5.8
|
)
|
|
(6.3
|
)
|
|||
Proceeds from the sale of assets
|
0.6
|
|
|
11.3
|
|
|
(10.7
|
)
|
|||
Proceeds from the sale of businesses
|
3.0
|
|
|
—
|
|
|
3.0
|
|
|||
Other
|
—
|
|
|
0.3
|
|
|
(0.3
|
)
|
|||
Net cash provided by (used for) investing activities
|
(8.5
|
)
|
|
5.8
|
|
|
(14.3
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flow before financing activities
|
$
|
39.0
|
|
|
$
|
121.7
|
|
|
$
|
(82.7
|
)
|
|
2010
|
|
2009
|
|
Change
|
||||||
Financing Activities:
|
|
|
|
|
|
||||||
Net reductions of long-term debt and revolving credit agreements
|
$
|
(16.3
|
)
|
|
$
|
(18.3
|
)
|
|
$
|
2.0
|
|
Cash dividends paid to NACCO
|
(5.0
|
)
|
|
—
|
|
|
(5.0
|
)
|
|||
Financing fees paid
|
(3.1
|
)
|
|
—
|
|
|
(3.1
|
)
|
|||
Capital contribution from NACCO
|
—
|
|
|
35.0
|
|
|
(35.0
|
)
|
|||
Intercompany loans
|
—
|
|
|
(35.0
|
)
|
|
35.0
|
|
|||
Net cash used for financing activities
|
$
|
(24.4
|
)
|
|
$
|
(18.3
|
)
|
|
$
|
(6.1
|
)
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
||||||||||||||
NMHG Term Loan
|
$
|
214.9
|
|
|
$
|
2.3
|
|
|
$
|
159.6
|
|
|
$
|
53.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Variable interest payments on Term Loan
|
8.3
|
|
|
4.5
|
|
|
3.7
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other debt
|
19.5
|
|
|
16.7
|
|
|
1.3
|
|
|
1.0
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|||||||
Variable interest payments on other debt
|
0.6
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Capital lease obligations including principal and interest
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Operating leases
|
28.8
|
|
|
11.7
|
|
|
8.7
|
|
|
5.3
|
|
|
2.3
|
|
|
0.6
|
|
|
0.2
|
|
|||||||
Purchase and other obligations
|
420.0
|
|
|
413.3
|
|
|
0.8
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
|
2.4
|
|
|||||||
Total contractual cash obligations
|
$
|
692.2
|
|
|
$
|
449.0
|
|
|
$
|
174.3
|
|
|
$
|
59.4
|
|
|
$
|
6.3
|
|
|
$
|
0.6
|
|
|
$
|
2.6
|
|
|
Planned
2011
|
|
Actual
2010
|
|
Actual
2009
|
||||||
NMHG
|
$
|
31.2
|
|
|
$
|
12.1
|
|
|
$
|
5.8
|
|
|
December 31
|
|
|
||||||||
|
2010
|
|
2009
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
169.5
|
|
|
$
|
163.2
|
|
|
$
|
6.3
|
|
Other net tangible assets
|
296.5
|
|
|
290.8
|
|
|
5.7
|
|
|||
Net assets
|
466.0
|
|
|
454.0
|
|
|
12.0
|
|
|||
Total debt
|
(234.5
|
)
|
|
(246.4
|
)
|
|
11.9
|
|
|||
Total equity
|
$
|
231.5
|
|
|
$
|
207.6
|
|
|
$
|
23.9
|
|
|
|
|
|
|
|
||||||
Debt to total capitalization
|
50
|
%
|
|
54
|
%
|
|
(4
|
)%
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues
|
$
|
515.7
|
|
|
$
|
497.0
|
|
|
$
|
528.7
|
|
Operating profit (loss)
|
$
|
45.9
|
|
|
$
|
50.4
|
|
|
$
|
(60.8
|
)
|
Interest expense
|
$
|
(7.2
|
)
|
|
$
|
(8.6
|
)
|
|
$
|
(10.4
|
)
|
Other income (expense)
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
0.6
|
|
Net income (loss)
|
$
|
24.4
|
|
|
$
|
26.1
|
|
|
$
|
(73.3
|
)
|
Effective income tax rate
|
36.5
|
%
|
|
37.1
|
%
|
|
(a)
|
|
Revenues
|
||
2009
|
$
|
497.0
|
|
Increase (decrease) in 2010 from:
|
|
||
Unit volume and product mix
|
26.2
|
|
|
Foreign currency
|
6.1
|
|
|
Average sales price
|
(13.6
|
)
|
|
2010
|
$
|
515.7
|
|
|
Operating Profit
|
||
2009
|
$
|
50.4
|
|
Increase (decrease) in 2010 from:
|
|
||
Other selling, general and administrative expenses
|
(8.3
|
)
|
|
Foreign currency
|
(0.3
|
)
|
|
Gross profit
|
4.1
|
|
|
2010
|
$
|
45.9
|
|
|
Revenues
|
||
2008
|
$
|
528.7
|
|
Increase (decrease) in 2009 from:
|
|
||
Unit volume and product mix
|
(32.9
|
)
|
|
Foreign currency
|
(6.7
|
)
|
|
Average sales price
|
7.9
|
|
|
2009
|
$
|
497.0
|
|
|
Operating Profit (Loss)
|
||
2008
|
$
|
(60.8
|
)
|
Non-cash impairment charge
|
80.7
|
|
|
|
19.9
|
|
|
Increase in 2009 from:
|
|
||
Gross profit
|
22.5
|
|
|
Other selling, general and administrative expenses
|
7.7
|
|
|
Foreign currency
|
0.3
|
|
|
2009
|
$
|
50.4
|
|
|
2010
|
|
2009
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
24.4
|
|
|
$
|
26.1
|
|
|
$
|
(1.7
|
)
|
Depreciation and amortization
|
3.6
|
|
|
3.7
|
|
|
(0.1
|
)
|
|||
Other
|
(0.9
|
)
|
|
(0.6
|
)
|
|
(0.3
|
)
|
|||
Working capital changes
|
(12.1
|
)
|
|
6.3
|
|
|
(18.4
|
)
|
|||
Net cash provided by operating activities
|
15.0
|
|
|
35.5
|
|
|
(20.5
|
)
|
|||
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(2.2
|
)
|
|
(2.1
|
)
|
|
(0.1
|
)
|
|||
Net cash used for investing activities
|
(2.2
|
)
|
|
(2.1
|
)
|
|
(0.1
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flow before financing activities
|
$
|
12.8
|
|
|
$
|
33.4
|
|
|
$
|
(20.6
|
)
|
|
2010
|
|
2009
|
|
Change
|
||||||
Financing activities:
|
|
|
|
|
|
||||||
Net reductions of long-term debt and revolving credit agreements
|
$
|
(1.3
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
2.0
|
|
Cash dividends paid to NACCO
|
—
|
|
|
(3.0
|
)
|
|
3.0
|
|
|||
Net cash used for financing activities
|
$
|
(1.3
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
5.0
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
||||||||||||||
HBB Term Loan
|
$
|
114.9
|
|
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
112.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Variable interest payments on HBB Term Loan
|
6.3
|
|
|
2.6
|
|
|
2.6
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Capital lease obligations including principal and interest
|
0.4
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|||||||
Purchase and other obligations
|
130.8
|
|
|
130.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Operating leases
|
34.6
|
|
|
4.1
|
|
|
2.6
|
|
|
2.7
|
|
|
3.5
|
|
|
3.9
|
|
|
17.8
|
|
|||||||
Total contractual cash obligations
|
$
|
287.0
|
|
|
$
|
138.8
|
|
|
$
|
6.6
|
|
|
$
|
116.1
|
|
|
$
|
3.6
|
|
|
$
|
3.9
|
|
|
$
|
18.0
|
|
|
Planned
2011
|
|
Actual
2010
|
|
Actual
2009
|
||||||
HBB
|
$
|
4.7
|
|
|
$
|
2.2
|
|
|
$
|
2.1
|
|
|
December 31
|
|
|
||||||||
|
2010
|
|
2009
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
45.6
|
|
|
$
|
34.1
|
|
|
$
|
11.5
|
|
Other net tangible assets
|
83.4
|
|
|
69.4
|
|
|
14.0
|
|
|||
Net assets
|
129.0
|
|
|
103.5
|
|
|
25.5
|
|
|||
Total debt
|
(115.1
|
)
|
|
(116.3
|
)
|
|
1.2
|
|
|||
Total equity (deficit)
|
$
|
13.9
|
|
|
$
|
(12.8
|
)
|
|
$
|
26.7
|
|
Debt to total capitalization
|
(a)
|
|
|
(a)
|
|
|
(a)
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues
|
$
|
219.6
|
|
|
$
|
213.9
|
|
|
$
|
202.3
|
|
Operating profit (loss)
|
$
|
5.9
|
|
|
$
|
6.7
|
|
|
$
|
(12.2
|
)
|
Interest expense
|
$
|
(0.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(1.1
|
)
|
Other income (expense)
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
Net income (loss)
|
$
|
3.5
|
|
|
$
|
3.9
|
|
|
$
|
(10.0
|
)
|
Effective income tax rate
|
36.4
|
%
|
|
37.1
|
%
|
|
24.8
|
%
|
|
Revenues
|
||
2009
|
$
|
213.9
|
|
Increase (decrease) in 2010 from:
|
|
||
New store sales
|
11.9
|
|
|
KC comparable store sales
|
2.6
|
|
|
LGC comparable store sales
|
2.6
|
|
|
Other
|
0.4
|
|
|
Closed stores
|
(11.8
|
)
|
|
2010
|
$
|
219.6
|
|
|
Operating Profit
|
||
2009
|
$
|
6.7
|
|
Increase (decrease) in 2010 from:
|
|
||
Selling, general and administrative expenses
|
(2.6
|
)
|
|
KC comparable stores
|
(0.8
|
)
|
|
LGC comparable stores
|
1.8
|
|
|
New stores
|
0.5
|
|
|
Closed stores
|
0.3
|
|
|
2010
|
$
|
5.9
|
|
|
Revenues
|
||
2008
|
$
|
202.3
|
|
Increase (decrease) in 2009 from:
|
|
||
New store sales
|
9.7
|
|
|
KC comparable store sales
|
4.7
|
|
|
LGC comparable store sales
|
1.8
|
|
|
Closed stores
|
(4.6
|
)
|
|
2009
|
$
|
213.9
|
|
|
Operating Profit (Loss)
|
||
2008
|
$
|
(12.2
|
)
|
Non-cash impairment charge
|
3.9
|
|
|
|
(8.3
|
)
|
|
Increase in 2009 from:
|
|
||
LGC comparable stores
|
6.2
|
|
|
KC comparable stores
|
3.9
|
|
|
Selling, general and administrative expenses
|
3.2
|
|
|
Closed stores
|
0.7
|
|
|
New stores
|
0.6
|
|
|
Other
|
0.4
|
|
|
2009
|
$
|
6.7
|
|
|
2010
|
|
2009
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
3.5
|
|
|
$
|
3.9
|
|
|
$
|
(0.4
|
)
|
Depreciation and amortization
|
3.5
|
|
|
3.7
|
|
|
(0.2
|
)
|
|||
Other
|
0.7
|
|
|
0.1
|
|
|
0.6
|
|
|||
Working capital changes
|
(1.4
|
)
|
|
(2.3
|
)
|
|
0.9
|
|
|||
Net cash provided by operating activities
|
6.3
|
|
|
5.4
|
|
|
0.9
|
|
|||
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(2.7
|
)
|
|
(1.0
|
)
|
|
(1.7
|
)
|
|||
Other
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|||
Net cash used for investing activities
|
(2.7
|
)
|
|
(1.1
|
)
|
|
(1.6
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flow before financing activities
|
$
|
3.6
|
|
|
$
|
4.3
|
|
|
$
|
(0.7
|
)
|
|
2010
|
|
2009
|
|
Change
|
||||||
Financing activities:
|
|
|
|
|
|
||||||
Financing fees paid
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
Capital contribution from NACCO
|
—
|
|
|
3.0
|
|
|
(3.0
|
)
|
|||
Net cash provided by (used for) financing activities
|
$
|
(0.4
|
)
|
|
$
|
3.0
|
|
|
$
|
(3.4
|
)
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
||||||||||||||
Purchase and other obligations
|
$
|
40.1
|
|
|
$
|
40.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Operating leases
|
66.7
|
|
|
16.3
|
|
|
12.3
|
|
|
9.0
|
|
|
5.8
|
|
|
17.4
|
|
|
5.9
|
|
|||||||
Total contractual cash obligations
|
$
|
106.8
|
|
|
$
|
56.4
|
|
|
$
|
12.3
|
|
|
$
|
9.0
|
|
|
$
|
5.8
|
|
|
$
|
17.4
|
|
|
$
|
5.9
|
|
|
Planned
2011
|
|
Actual
2010
|
|
Actual
2009
|
||||||
KC
|
$
|
3.0
|
|
|
$
|
2.7
|
|
|
$
|
1.0
|
|
|
December 31
|
|
|
||||||||
|
2010
|
|
2009
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
11.7
|
|
|
$
|
8.5
|
|
|
$
|
3.2
|
|
Other net tangible assets
|
36.4
|
|
|
36.1
|
|
|
0.3
|
|
|||
Net assets
|
48.1
|
|
|
44.6
|
|
|
3.5
|
|
|||
Total debt
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total equity
|
$
|
48.1
|
|
|
$
|
44.6
|
|
|
$
|
3.5
|
|
Debt to total capitalization
|
(a)
|
|
|
(a)
|
|
|
(a)
|
|
|
2010
|
|
2009
|
|
2008
|
|||
Coteau
|
14.6
|
|
|
15.1
|
|
|
14.7
|
|
Falkirk
|
7.6
|
|
|
8.1
|
|
|
7.5
|
|
Sabine
|
4.4
|
|
|
3.3
|
|
|
4.1
|
|
Unconsolidated mines
|
26.6
|
|
|
26.5
|
|
|
26.3
|
|
San Miguel
|
3.3
|
|
|
3.2
|
|
|
3.1
|
|
MLMC
|
3.6
|
|
|
3.7
|
|
|
3.0
|
|
Consolidated mines
|
6.9
|
|
|
6.9
|
|
|
6.1
|
|
Total lignite tons sold
|
33.5
|
|
|
33.4
|
|
|
32.4
|
|
|
2010
|
|
2009
|
|
2008
|
|||
|
(in billions of tons)
|
|||||||
Unconsolidated mines
|
1.0
|
|
|
1.1
|
|
|
1.1
|
|
Consolidated mines
|
1.1
|
|
|
1.1
|
|
|
1.1
|
|
Total coal reserves
|
2.1
|
|
|
2.2
|
|
|
2.2
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues
|
$
|
156.8
|
|
|
$
|
129.5
|
|
|
$
|
115.3
|
|
Operating profit
|
$
|
53.3
|
|
|
$
|
42.6
|
|
|
$
|
29.8
|
|
Interest expense
|
$
|
(3.3
|
)
|
|
$
|
(4.1
|
)
|
|
$
|
(5.5
|
)
|
Other income (expense)
|
$
|
0.4
|
|
|
$
|
0.9
|
|
|
$
|
(1.3
|
)
|
Income from continuing operations
|
$
|
39.6
|
|
|
$
|
30.6
|
|
|
$
|
19.8
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
22.6
|
|
|
$
|
2.3
|
|
Net income
|
$
|
39.6
|
|
|
$
|
53.2
|
|
|
$
|
22.1
|
|
Effective income tax rate
|
21.4
|
%
|
|
22.3
|
%
|
|
13.9
|
%
|
|
Revenues
|
||
2009
|
$
|
129.5
|
|
Increase in 2010 from:
|
|
||
Pre-development revenue
|
7.6
|
|
|
Limerock dragline mining operations
|
7.4
|
|
|
Consolidated coal mining operations
|
6.8
|
|
|
Royalty income
|
5.1
|
|
|
Other
|
0.4
|
|
|
2010
|
$
|
156.8
|
|
|
Operating Profit
|
||
2009
|
$
|
42.6
|
|
Increase (decrease) in 2010 from:
|
|
||
Pre-development revenue
|
7.4
|
|
|
Consolidated coal and limerock mining operations
|
5.6
|
|
|
Earnings of unconsolidated mines
|
4.8
|
|
|
Royalty income
|
3.2
|
|
|
Other
|
0.5
|
|
|
Lease bonus payments received in 2009
|
(7.1
|
)
|
|
Other selling, general and administrative expenses
|
(2.1
|
)
|
|
Gain on the sale of assets
|
(1.6
|
)
|
|
2010
|
$
|
53.3
|
|
|
Revenues
|
||
2008
|
$
|
115.3
|
|
Increase (decrease) in 2009 from:
|
|
||
Consolidated coal mining operations
|
22.8
|
|
|
Other
|
2.2
|
|
|
Limerock dragline mining operations
|
(10.8
|
)
|
|
2009
|
$
|
129.5
|
|
|
Operating Profit
|
||
2008
|
$
|
29.8
|
|
Increase (decrease) in 2009 from:
|
|
||
Gain on the sale of assets
|
8.5
|
|
|
Consolidated coal and limerock dragline mining operating profit
|
5.6
|
|
|
Other
|
2.2
|
|
|
Other selling, general and administrative expenses
|
(2.7
|
)
|
|
Earnings of unconsolidated mines
|
(0.8
|
)
|
|
2009
|
$
|
42.6
|
|
|
2010
|
|
2009
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
39.6
|
|
|
$
|
53.2
|
|
|
$
|
(13.6
|
)
|
Depreciation, depletion and amortization
|
9.9
|
|
|
9.0
|
|
|
0.9
|
|
|||
Other
|
(1.9
|
)
|
|
(8.9
|
)
|
|
7.0
|
|
|||
Working capital changes
|
(21.7
|
)
|
|
19.7
|
|
|
(41.4
|
)
|
|||
Discontinued operations
|
—
|
|
|
(31.0
|
)
|
|
31.0
|
|
|||
Net cash provided by operating activities
|
25.9
|
|
|
42.0
|
|
|
(16.1
|
)
|
|||
|
|
|
|
|
|
||||||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(9.8
|
)
|
|
(10.5
|
)
|
|
0.7
|
|
|||
Proceeds from the sale of assets
|
18.3
|
|
|
9.4
|
|
|
8.9
|
|
|||
Investments in other unconsolidated affiliates
|
(1.6
|
)
|
|
(5.4
|
)
|
|
3.8
|
|
|||
Discontinued operations
|
—
|
|
|
41.0
|
|
|
(41.0
|
)
|
|||
Net cash provided by investing activities
|
6.9
|
|
|
34.5
|
|
|
(27.6
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flow before financing activities
|
$
|
32.8
|
|
|
$
|
76.5
|
|
|
$
|
(43.7
|
)
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
||||||||||||||
NACoal Facility
|
$
|
9.5
|
|
|
$
|
9.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Variable interest payments on NACoal Facility
|
0.4
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
NACoal Notes
|
25.7
|
|
|
6.4
|
|
|
6.4
|
|
|
6.4
|
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|||||||
Interest payments on NACoal Notes
|
3.5
|
|
|
1.4
|
|
|
1.1
|
|
|
0.7
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|||||||
Other debt
|
6.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.7
|
|
|||||||
Purchase and other obligations
|
19.5
|
|
|
19.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Operating leases
|
47.2
|
|
|
7.8
|
|
|
7.4
|
|
|
7.1
|
|
|
6.8
|
|
|
5.9
|
|
|
12.2
|
|
|||||||
Total contractual cash obligations
|
$
|
112.5
|
|
|
$
|
45.0
|
|
|
$
|
14.9
|
|
|
$
|
14.2
|
|
|
$
|
13.6
|
|
|
$
|
5.9
|
|
|
$
|
18.9
|
|
|
Planned
2011
|
|
Actual
2010
|
|
Actual
2009
|
||||||
NACoal
|
$
|
16.4
|
|
|
$
|
9.8
|
|
|
$
|
10.5
|
|
|
December 31
|
|
|
||||||||
|
2010
|
|
2009
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
5.0
|
|
|
$
|
1.6
|
|
|
$
|
3.4
|
|
Other net tangible assets
|
118.4
|
|
|
108.6
|
|
|
9.8
|
|
|||
Coal supply agreement and other intangibles, net
|
60.0
|
|
|
63.5
|
|
|
(3.5
|
)
|
|||
Net assets
|
183.4
|
|
|
173.7
|
|
|
9.7
|
|
|||
Total debt
|
(41.9
|
)
|
|
(46.8
|
)
|
|
4.9
|
|
|||
Total equity
|
$
|
141.5
|
|
|
$
|
126.9
|
|
|
$
|
14.6
|
|
Debt to total capitalization
|
23
|
%
|
|
27
|
%
|
|
(4
|
)%
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Operating loss
|
$
|
(10.8
|
)
|
|
$
|
(9.4
|
)
|
|
$
|
(2.3
|
)
|
Other income (expense)
|
$
|
(20.7
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
2.5
|
|
Net loss
|
$
|
(20.4
|
)
|
|
$
|
(9.0
|
)
|
|
$
|
(0.4
|
)
|
|
2010
|
|
2009
|
|
2008
|
||||||
NMHG
|
$
|
7.8
|
|
|
$
|
6.3
|
|
|
$
|
9.0
|
|
HBB
|
$
|
4.0
|
|
|
$
|
2.1
|
|
|
$
|
3.4
|
|
KC
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
NACoal
|
$
|
4.1
|
|
|
$
|
3.0
|
|
|
$
|
1.4
|
|
Contractual Obligations
|
Total
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
||||||||||||||
Operating leases
|
$
|
4.1
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
1.1
|
|
Purchase and other obligations
|
12.3
|
|
|
12.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total contractual cash obligations
|
$
|
16.4
|
|
|
$
|
12.9
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
1.1
|
|
|
December 31
|
|
|
||||||||
|
2010
|
|
2009
|
|
Change
|
||||||
Cash and cash equivalents
|
$
|
261.9
|
|
|
$
|
256.2
|
|
|
$
|
5.7
|
|
Other net tangible assets
|
533.8
|
|
|
501.4
|
|
|
32.4
|
|
|||
Coal supply agreement and other intangibles, net
|
60.0
|
|
|
63.5
|
|
|
(3.5
|
)
|
|||
Net assets
|
855.7
|
|
|
821.1
|
|
|
34.6
|
|
|||
Total debt
|
(391.5
|
)
|
|
(409.5
|
)
|
|
18.0
|
|
|||
Closed mine obligations, net of tax
|
(16.0
|
)
|
|
(14.5
|
)
|
|
(1.5
|
)
|
|||
Total equity
|
$
|
448.2
|
|
|
$
|
397.1
|
|
|
$
|
51.1
|
|
Debt to total capitalization
|
47
|
%
|
|
51
|
%
|
|
(4
|
)%
|
Name of Mine or Quarry (1)(2)
|
|
Mine Act Section 104 Significant & Substantial Citations (3)
|
|
Total Dollar Value of Proposed MSHA Assessments
|
|||
|
|
|
|
|
|||
MLMC (Red Hills Mine)
|
|
—
|
|
|
—
|
|
|
San Miguel (San Miguel Lignite Mine)
|
|
—
|
|
|
243
|
|
|
Coteau (Freedom Mine)
|
|
—
|
|
|
200
|
|
|
Falkirk (Falkirk Mine)
|
|
—
|
|
|
162
|
|
|
Sabine (South Hallsville No. 1 Mine)
|
|
1
|
|
|
761
|
|
|
Demery (Five Forks Mine)
|
|
—
|
|
|
—
|
|
|
Caddo Creek (Marshall Mine)
|
|
—
|
|
|
—
|
|
|
Camino Real (Eagle Pass Mine)
|
|
—
|
|
|
—
|
|
|
Florida Limerock Operations:
|
|
|
|
|
|||
White Rock Quarry - North
|
|
—
|
|
|
—
|
|
|
White Rock Quarry - South
|
|
—
|
|
|
—
|
|
|
Krome Quarry
|
|
—
|
|
|
—
|
|
|
Alico Quarry
|
|
—
|
|
|
100
|
|
|
FEC Quarry
|
|
—
|
|
|
969
|
|
|
SCL Quarry
|
|
—
|
|
|
—
|
|
|
Card Sound Quarry
|
|
—
|
|
|
—
|
|
|
Pennsuco Quarry
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Total
|
|
1
|
|
|
$
|
2,435
|
|
Name of Mine or Quarry (1)(2)
|
|
Mine Act Section 104 Significant & Substantial Citations (3)(4)
|
|
Total Dollar Value of Proposed MSHA Assessments
|
|
Total Dollar Value of Proposed MSHA Assessments Outstanding at December 31, 2010 (5)
|
|||||
|
|
|
|
|
|
|
|||||
MLMC (Red Hills Mine)
|
|
1
|
|
|
$
|
300
|
|
|
$
|
—
|
|
San Miguel (San Miguel Lignite Mine)
|
|
—
|
|
|
3,991
|
|
|
1,323
|
|
||
Coteau (Freedom Mine)
|
|
—
|
|
|
708
|
|
|
—
|
|
||
Falkirk (Falkirk Mine)
|
|
3
|
|
|
6,264
|
|
|
—
|
|
||
Sabine (South Hallsville No. 1 Mine)
|
|
7
|
|
|
8,322
|
|
|
—
|
|
||
Demery (Five Forks Mine)
|
|
2
|
|
|
4,344
|
|
|
—
|
|
||
Caddo Creek (Marshall Mine)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Camino Real (Eagle Pass Mine)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Florida Limerock Operations:
|
|
|
|
|
|
|
|||||
White Rock Quarry - North
|
|
—
|
|
|
100
|
|
|
—
|
|
||
White Rock Quarry - South
|
|
1
|
|
|
385
|
|
|
—
|
|
||
Krome Quarry
|
|
—
|
|
|
770
|
|
|
—
|
|
||
Alico Quarry
|
|
—
|
|
|
100
|
|
|
100
|
|
||
FEC Quarry
|
|
1
|
|
|
1,069
|
|
|
807
|
|
||
SCL Quarry
|
|
—
|
|
|
100
|
|
|
—
|
|
||
Card Sound Quarry
|
|
—
|
|
|
200
|
|
|
—
|
|
||
Pennsuco Quarry
|
|
1
|
|
|
807
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|||||
Total
|
|
16
|
|
|
$
|
27,460
|
|
|
$
|
2,230
|
|
|
NACCO Industries, Inc.
|
|
||
|
By:
|
/s/ Kenneth C. Schilling
|
|
|
|
|
Kenneth C. Schilling
|
|
|
|
|
Vice President and Controller
(principal financial and accounting officer)
|
|
/s/ Alfred M. Rankin, Jr.
|
|
Chairman, President and Chief Executive Officer (principal executive officer), Director
|
March 2, 2011
|
Alfred M. Rankin, Jr.
|
|
|
|
|
|
|
|
/s/ Kenneth C. Schilling
|
|
Vice President and Controller (principal financial and accounting officer)
|
March 2, 2011
|
Kenneth C. Schilling
|
|
|
|
|
|
|
|
* Owsley Brown II
|
|
Director
|
March 2, 2011
|
Owsley Brown II
|
|
|
|
|
|
|
|
* Dennis W. LaBarre
|
|
Director
|
March 2, 2011
|
Dennis W. LaBarre
|
|
|
|
|
|
|
|
* Richard de J. Osborne
|
|
Director
|
March 2, 2011
|
Richard de J. Osborne
|
|
|
|
|
|
|
|
* Michael E. Shannon
|
|
Director
|
March 2, 2011
|
Michael E. Shannon
|
|
|
|
|
|
|
|
* Britton T. Taplin
|
|
Director
|
March 2, 2011
|
Britton T. Taplin
|
|
|
|
|
|
|
|
* David F. Taplin
|
|
Director
|
March 2, 2011
|
David F. Taplin
|
|
|
|
|
|
|
|
* John F. Turben
|
|
Director
|
March 2, 2011
|
John F. Turben
|
|
|
|
|
|
|
|
* Eugene Wong
|
|
Director
|
March 2, 2011
|
Eugene Wong
|
|
|
|
/s/ Kenneth C. Schilling
|
|
March 2, 2011
|
Kenneth C. Schilling, Attorney-in-Fact
|
|
|
|
|
|
/s/ Ernst & Young LLP
|
Cleveland, Ohio
|
|
|
|
March 2, 2011
|
|
|
|
|
|
|
/s/ Ernst & Young LLP
|
Cleveland, Ohio
|
|
|
|
March 2, 2011
|
|
|
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions, except per share data)
|
||||||||||
Revenues
|
$
|
2,687.5
|
|
|
$
|
2,310.6
|
|
|
$
|
3,665.1
|
|
Cost of sales
|
2,161.3
|
|
|
1,902.5
|
|
|
3,174.0
|
|
|||
Gross Profit
|
526.2
|
|
|
408.1
|
|
|
491.1
|
|
|||
Earnings of unconsolidated mines
|
43.4
|
|
|
38.6
|
|
|
39.4
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
425.3
|
|
|
388.3
|
|
|
475.3
|
|
|||
Goodwill and other intangible assets impairment charges
|
—
|
|
|
—
|
|
|
435.7
|
|
|||
Restructuring charges (reversals)
|
(1.9
|
)
|
|
9.3
|
|
|
9.1
|
|
|||
Loss on sale of businesses
|
4.0
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on sale of assets
|
1.9
|
|
|
(10.0
|
)
|
|
(0.1
|
)
|
|||
|
429.3
|
|
|
387.6
|
|
|
920.0
|
|
|||
Operating Profit (Loss)
|
140.3
|
|
|
59.1
|
|
|
(389.5
|
)
|
|||
Other income (expense)
|
|
|
|
|
|
||||||
Interest expense
|
(27.4
|
)
|
|
(32.2
|
)
|
|
(40.6
|
)
|
|||
Interest income
|
2.6
|
|
|
3.2
|
|
|
7.6
|
|
|||
Income (loss) from other unconsolidated affiliates
|
2.3
|
|
|
(1.7
|
)
|
|
4.6
|
|
|||
Unsuccessful merger costs
|
(18.8
|
)
|
|
(1.1
|
)
|
|
(0.8
|
)
|
|||
Other
|
(2.2
|
)
|
|
1.6
|
|
|
(2.3
|
)
|
|||
|
(43.5
|
)
|
|
(30.2
|
)
|
|
(31.5
|
)
|
|||
Income (Loss) Before Income Taxes
|
96.8
|
|
|
28.9
|
|
|
(421.0
|
)
|
|||
Income tax provision
|
17.4
|
|
|
20.5
|
|
|
18.7
|
|
|||
Income (Loss) From Continuing Operations
|
79.4
|
|
|
8.4
|
|
|
(439.7
|
)
|
|||
Discontinued operations, net of $13.5 tax expense in 2009 and $0.1 tax benefit in 2008
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|||
Net Income (Loss)
|
79.4
|
|
|
31.0
|
|
|
(437.4
|
)
|
|||
Net (income) loss attributable to noncontrolling interest
|
0.1
|
|
|
0.1
|
|
|
(0.2
|
)
|
|||
Net Income (Loss) Attributable to Stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
|
|
|
|
|
|
||||||
Amounts Attributable to Stockholders
|
|
|
|
|
|
||||||
Income (loss) from continuing operations, net of tax
|
$
|
79.5
|
|
|
$
|
8.5
|
|
|
$
|
(439.9
|
)
|
Discontinued operations, net of tax
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|||
Net Income (Loss) Attributable to Stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
Comprehensive Income (Loss)
|
$
|
61.6
|
|
|
$
|
55.3
|
|
|
$
|
(517.0
|
)
|
|
|
|
|
|
|
||||||
Basic Earnings (Loss) per Share Attributable to Stockholders:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
9.55
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
Discontinued operations
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|||
Basic Earnings (Loss) per Share
|
$
|
9.55
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
Diluted Earnings (Loss) per Share Attributable to Stockholders:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
9.53
|
|
|
$
|
1.03
|
|
|
$
|
(53.12
|
)
|
Discontinued operations
|
—
|
|
|
2.72
|
|
|
0.28
|
|
|||
Diluted Earnings (Loss) per Share
|
$
|
9.53
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions)
|
||||||||||
Net Income (Loss)
|
$
|
79.4
|
|
|
$
|
31.0
|
|
|
$
|
(437.4
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
(6.7
|
)
|
|
17.4
|
|
|
(49.4
|
)
|
|||
Current period cash flow hedging activity, net of $3.3 tax benefit in 2010, $4.2 tax benefit in 2009 and $2.2 tax benefit in 2008
|
(3.7
|
)
|
|
8.7
|
|
|
(5.6
|
)
|
|||
Reclassification of hedging activities into earnings, net of $4.2 tax expense in 2010, $2.1 tax expense in 2009 and $1.0 tax expense in 2008
|
(8.8
|
)
|
|
3.9
|
|
|
2.2
|
|
|||
Current period pension and postretirement plan adjustment, net of $1.6 tax benefit in 2010, $0.8 tax expense in 2009 and $17.9 tax benefit in 2008
|
(3.8
|
)
|
|
(9.9
|
)
|
|
(30.8
|
)
|
|||
Reclassification of pension and postretirement into earnings, net of $1.3 tax expense in 2010, $1.7 tax expense in 2009 and $2.9 tax expense in 2008
|
5.1
|
|
|
4.1
|
|
|
4.2
|
|
|||
Comprehensive Income (Loss)
|
$
|
61.5
|
|
|
$
|
55.2
|
|
|
$
|
(516.8
|
)
|
Other comprehensive income (loss) attributable to noncontrolling interest
|
|
|
|
|
|
||||||
Net (income) loss attributable to noncontrolling interest
|
0.1
|
|
|
0.1
|
|
|
(0.2
|
)
|
|||
Comprehensive Income (Loss) Attributable to Stockholders
|
$
|
61.6
|
|
|
$
|
55.3
|
|
|
$
|
(517.0
|
)
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
|
(In millions, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
261.9
|
|
|
$
|
256.2
|
|
Accounts receivable, net of allowances of $17.3 in 2010 and $18.6 in 2009
|
425.9
|
|
|
315.0
|
|
||
Inventories, net
|
447.4
|
|
|
336.7
|
|
||
Deferred income taxes
|
21.9
|
|
|
23.4
|
|
||
Prepaid expenses and other
|
33.4
|
|
|
35.0
|
|
||
Assets held for sale
|
23.7
|
|
|
23.3
|
|
||
Current assets of discontinued operations
|
—
|
|
|
1.3
|
|
||
Total Current Assets
|
1,214.2
|
|
|
990.9
|
|
||
Property, Plant and Equipment, Net
|
270.4
|
|
|
303.2
|
|
||
Coal Supply Agreement and Other Intangibles, Net
|
60.0
|
|
|
63.5
|
|
||
Long-term Deferred Income Taxes
|
5.2
|
|
|
11.8
|
|
||
Other Non-current Assets
|
108.5
|
|
|
119.3
|
|
||
Total Assets
|
$
|
1,658.3
|
|
|
$
|
1,488.7
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
414.5
|
|
|
$
|
271.7
|
|
Revolving credit agreements — not guaranteed by the parent company
|
13.7
|
|
|
9.5
|
|
||
Current maturities of long-term debt — not guaranteed by the parent company
|
22.5
|
|
|
22.4
|
|
||
Accrued payroll
|
61.0
|
|
|
44.3
|
|
||
Deferred revenue
|
11.2
|
|
|
12.5
|
|
||
Other current liabilities
|
140.6
|
|
|
117.0
|
|
||
Current liabilities of discontinued operations
|
—
|
|
|
1.9
|
|
||
Total Current Liabilities
|
663.5
|
|
|
479.3
|
|
||
Long-term Debt — not guaranteed by the parent company
|
355.3
|
|
|
377.6
|
|
||
Pension and other Postretirement Obligations
|
77.8
|
|
|
98.5
|
|
||
Other Long-term Liabilities
|
113.5
|
|
|
136.2
|
|
||
Total Liabilities
|
1,210.1
|
|
|
1,091.6
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Common stock:
|
|
|
|
||||
Class A, par value $1 per share, 6,737,199 shares outstanding (2009 - 6,694,380 shares outstanding)
|
6.8
|
|
|
6.7
|
|
||
Class B, par value $1 per share, convertible into Class A on a one-for-one basis, 1,596,093 shares outstanding (2009 - 1,599,356 shares outstanding)
|
1.6
|
|
|
1.6
|
|
||
Capital in excess of par value
|
22.6
|
|
|
16.1
|
|
||
Retained earnings
|
475.4
|
|
|
413.3
|
|
||
Accumulated other comprehensive income (loss):
|
|
|
|
||||
Foreign currency translation adjustment
|
28.1
|
|
|
34.8
|
|
||
Deferred gain (loss) on cash flow hedging
|
(9.0
|
)
|
|
3.5
|
|
||
Pension and postretirement plan adjustment
|
(78.1
|
)
|
|
(79.4
|
)
|
||
Total Stockholders’ Equity
|
447.4
|
|
|
396.6
|
|
||
Noncontrolling Interest
|
0.8
|
|
|
0.5
|
|
||
Total Equity
|
448.2
|
|
|
397.1
|
|
||
Total Liabilities and Equity
|
$
|
1,658.3
|
|
|
$
|
1,488.7
|
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions)
|
||||||||||
Operating Activities
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
79.4
|
|
|
$
|
8.4
|
|
|
$
|
(439.7
|
)
|
Discontinued operations
|
—
|
|
|
22.6
|
|
|
2.3
|
|
|||
Net income (loss)
|
79.4
|
|
|
31.0
|
|
|
(437.4
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization
|
52.2
|
|
|
53.6
|
|
|
58.9
|
|
|||
Amortization of deferred financing fees
|
2.5
|
|
|
2.2
|
|
|
2.0
|
|
|||
Deferred income taxes
|
10.5
|
|
|
24.7
|
|
|
20.3
|
|
|||
Goodwill and other intangible assets impairment charges
|
—
|
|
|
—
|
|
|
435.7
|
|
|||
Restructuring charges (reversals)
|
(1.9
|
)
|
|
9.3
|
|
|
9.1
|
|
|||
(Gain) loss on sale of assets
|
1.9
|
|
|
(10.0
|
)
|
|
(0.1
|
)
|
|||
Loss on sale of businesses
|
4.0
|
|
|
—
|
|
|
—
|
|
|||
Other non-current liabilities
|
(29.7
|
)
|
|
(30.3
|
)
|
|
(22.1
|
)
|
|||
Non-cash foreign currency
|
(3.8
|
)
|
|
(12.2
|
)
|
|
28.8
|
|
|||
Other
|
(3.1
|
)
|
|
5.2
|
|
|
2.6
|
|
|||
Working capital changes, excluding the effect of business dispositions:
|
|
|
|
|
|
||||||
Accounts receivable
|
(110.4
|
)
|
|
126.8
|
|
|
15.1
|
|
|||
Inventories
|
(109.3
|
)
|
|
163.0
|
|
|
36.1
|
|
|||
Other current assets
|
(1.2
|
)
|
|
13.1
|
|
|
(4.4
|
)
|
|||
Accounts payable
|
145.0
|
|
|
(109.6
|
)
|
|
(107.6
|
)
|
|||
Other current liabilities
|
27.0
|
|
|
(78.8
|
)
|
|
(34.4
|
)
|
|||
Net cash provided by operating activities — continuing operations
|
63.1
|
|
|
188.0
|
|
|
2.6
|
|
|||
Net cash provided by (used for) operating activities — discontinued operations
|
—
|
|
|
(31.0
|
)
|
|
2.3
|
|
|||
Net cash provided by operating activities
|
63.1
|
|
|
157.0
|
|
|
4.9
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(26.3
|
)
|
|
(33.5
|
)
|
|
(71.4
|
)
|
|||
Proceeds from the sale of assets
|
18.9
|
|
|
20.7
|
|
|
5.1
|
|
|||
Proceeds from the sale of businesses
|
3.0
|
|
|
—
|
|
|
—
|
|
|||
Other
|
(1.4
|
)
|
|
(5.1
|
)
|
|
(4.8
|
)
|
|||
Net cash used for investing activities — continuing operations
|
(5.8
|
)
|
|
(17.9
|
)
|
|
(71.1
|
)
|
|||
Net cash provided by (used for) investing activities — discontinued operations
|
—
|
|
|
41.0
|
|
|
(0.3
|
)
|
|||
Net cash provided by (used for) investing activities
|
(5.8
|
)
|
|
23.1
|
|
|
(71.4
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Additions to long-term debt
|
17.0
|
|
|
13.0
|
|
|
31.7
|
|
|||
Reductions of long-term debt
|
(46.2
|
)
|
|
(61.5
|
)
|
|
(71.8
|
)
|
|||
Net additions (reductions) to revolving credit agreements
|
6.8
|
|
|
2.6
|
|
|
(25.9
|
)
|
|||
Cash dividends paid
|
(17.4
|
)
|
|
(17.1
|
)
|
|
(16.9
|
)
|
|||
Financing fees paid
|
(3.5
|
)
|
|
(1.1
|
)
|
|
(0.1
|
)
|
|||
Other
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Net cash used for financing activities — continuing operations
|
(43.3
|
)
|
|
(64.1
|
)
|
|
(83.1
|
)
|
|||
Net cash used for financing activities — discontinued operations
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Net cash used for financing activities
|
(43.3
|
)
|
|
(64.1
|
)
|
|
(83.2
|
)
|
|||
Effect of exchange rate changes on cash
|
(8.3
|
)
|
|
2.0
|
|
|
6.7
|
|
|||
Cash and Cash Equivalents
|
|
|
|
|
|
||||||
Increase (decrease) for the year
|
5.7
|
|
|
118.0
|
|
|
(143.0
|
)
|
|||
Balance at the beginning of the year
|
256.2
|
|
|
138.2
|
|
|
281.2
|
|
|||
Balance at the end of the year
|
$
|
261.9
|
|
|
$
|
256.2
|
|
|
$
|
138.2
|
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions, except per share data)
|
||||||||||
Stockholders’ Equity:
|
|
|
|
|
|
||||||
Class A Common Stock
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
6.7
|
|
|
$
|
6.7
|
|
|
$
|
6.7
|
|
Stock-based compensation
|
0.1
|
|
|
—
|
|
|
—
|
|
|||
|
6.8
|
|
|
6.7
|
|
|
6.7
|
|
|||
|
|
|
|
|
|
||||||
Class B Common Stock
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|||
Capital in Excess of Par Value
|
|
|
|
|
|
||||||
Beginning balance
|
16.1
|
|
|
14.4
|
|
|
14.1
|
|
|||
Stock-based compensation
|
6.4
|
|
|
1.8
|
|
|
—
|
|
|||
Shares issued under stock compensation plans
|
0.5
|
|
|
0.3
|
|
|
0.3
|
|
|||
Noncontrolling interest share of contributions to joint venture
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|||
|
22.6
|
|
|
16.1
|
|
|
14.4
|
|
|||
Retained Earnings
|
|
|
|
|
|
||||||
Balance as of December 31:
|
|
|
|
|
|
||||||
2009
|
413.3
|
|
|
—
|
|
|
—
|
|
|||
2008
|
—
|
|
|
399.3
|
|
|
—
|
|
|||
2007
|
—
|
|
|
—
|
|
|
854.9
|
|
|||
Cumulative effect of accounting change, net of $0.5 tax benefit in 2008
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|||
Beginning balance
|
413.3
|
|
|
399.3
|
|
|
853.8
|
|
|||
Net income (loss) attributable to stockholders
|
79.5
|
|
|
31.1
|
|
|
(437.6
|
)
|
|||
Cash dividends on Class A and Class B common stock:
|
|
|
|
|
|
||||||
2010: $2.0850 per share
|
(17.4
|
)
|
|
—
|
|
|
—
|
|
|||
2009: $2.0675 per share
|
—
|
|
|
(17.1
|
)
|
|
—
|
|
|||
2008: $2.045 per share
|
—
|
|
|
—
|
|
|
(16.9
|
)
|
|||
|
475.4
|
|
|
413.3
|
|
|
399.3
|
|
|||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Beginning balance
|
(41.1
|
)
|
|
(65.3
|
)
|
|
14.1
|
|
|||
Foreign currency translation adjustment
|
0.4
|
|
|
17.4
|
|
|
(49.4
|
)
|
|||
Sale of certain NMHG operations
|
(7.1
|
)
|
|
—
|
|
|
—
|
|
|||
Current period cash flow hedging activity
|
(3.7
|
)
|
|
8.7
|
|
|
(5.6
|
)
|
|||
Reclassification of hedging activities into earnings
|
(8.8
|
)
|
|
3.9
|
|
|
2.2
|
|
|||
Pension and postretirement plan adjustment
|
(3.8
|
)
|
|
(9.9
|
)
|
|
(31.8
|
)
|
|||
Reclassification of pension and postretirement activities into earnings
|
5.1
|
|
|
4.1
|
|
|
4.2
|
|
|||
Cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
1.0
|
|
|||
|
(59.0
|
)
|
|
(41.1
|
)
|
|
(65.3
|
)
|
|||
Total Stockholders’ Equity
|
447.4
|
|
|
396.6
|
|
|
356.7
|
|
|||
Noncontrolling Interest
|
|
|
|
|
|
||||||
Beginning balance
|
0.5
|
|
|
0.2
|
|
|
—
|
|
|||
Net (income) loss
|
(0.1
|
)
|
|
(0.1
|
)
|
|
0.2
|
|
|||
Noncontrolling interest share of contributions to joint venture
|
0.4
|
|
|
0.4
|
|
|
—
|
|
|||
Total Noncontrolling Interest
|
0.8
|
|
|
0.5
|
|
|
0.2
|
|
|||
Total Equity
|
$
|
448.2
|
|
|
$
|
397.1
|
|
|
$
|
356.9
|
|
|
Total charges
expected to be
incurred
|
|
Charges
incurred prior to
2008
|
|
Charges
incurred in
2008
|
|
Charges
incurred in
2009
|
|
Reversals incurred in
2010
|
||||||||||
NMHG Americas
|
|
|
|
|
|
|
|
|
|
||||||||||
Severance
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
2.8
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
Other
|
1.3
|
|
|
0.3
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|||||
|
4.6
|
|
|
0.3
|
|
|
3.8
|
|
|
0.5
|
|
|
—
|
|
|||||
NMHG Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Severance
|
14.1
|
|
|
5.2
|
|
|
4.6
|
|
|
6.2
|
|
|
(1.9
|
)
|
|||||
Lease impairment
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|||||
|
14.4
|
|
|
5.2
|
|
|
4.6
|
|
|
6.5
|
|
|
(1.9
|
)
|
|||||
NMHG Other
|
|
|
|
|
|
|
|
|
|
||||||||||
Severance
|
2.4
|
|
|
—
|
|
|
0.7
|
|
|
1.7
|
|
|
—
|
|
|||||
Lease impairment
|
0.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|||||
Other
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|||||
|
3.0
|
|
|
—
|
|
|
0.7
|
|
|
2.3
|
|
|
—
|
|
|||||
Total charges (reversals)
|
$
|
22.0
|
|
|
$
|
5.5
|
|
|
$
|
9.1
|
|
|
$
|
9.3
|
|
|
$
|
(1.9
|
)
|
|
Severance
|
|
Lease
Impairment
|
|
Other
|
|
Total
|
||||||||
Balance at January 1, 2009
|
$
|
10.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10.0
|
|
Provision
|
10.8
|
|
|
0.8
|
|
|
0.1
|
|
|
11.7
|
|
||||
Reversal
|
(2.4
|
)
|
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
||||
Payments
|
(10.6
|
)
|
|
—
|
|
|
—
|
|
|
(10.6
|
)
|
||||
Foreign currency effect
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Balance at December 31, 2009
|
7.9
|
|
|
0.8
|
|
|
0.1
|
|
|
8.8
|
|
||||
Reversal
|
(1.9
|
)
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
||||
Payments
|
(3.0
|
)
|
|
(0.7
|
)
|
|
(0.1
|
)
|
|
(3.8
|
)
|
||||
Foreign currency effect
|
(0.6
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||
Balance at December 31, 2010
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.4
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Manufactured inventories:
|
|
|
|
||||
Finished goods and service parts - NMHG
|
$
|
152.6
|
|
|
$
|
125.9
|
|
Raw materials and work in process - NMHG
|
171.8
|
|
|
116.1
|
|
||
Total manufactured inventories
|
324.4
|
|
|
242.0
|
|
||
Sourced inventories - HBB
|
84.7
|
|
|
67.0
|
|
||
Retail inventories - KC
|
59.3
|
|
|
57.0
|
|
||
Total inventories at FIFO
|
468.4
|
|
|
366.0
|
|
||
Coal - NACoal
|
10.9
|
|
|
5.0
|
|
||
Mining supplies - NACoal
|
11.4
|
|
|
11.2
|
|
||
Total inventories at weighted average
|
22.3
|
|
|
16.2
|
|
||
NMHG LIFO reserve
|
(43.3
|
)
|
|
(45.5
|
)
|
||
|
$
|
447.4
|
|
|
$
|
336.7
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Coal lands and real estate:
|
|
|
|
||||
NMHG
|
$
|
17.1
|
|
|
$
|
17.2
|
|
HBB
|
0.2
|
|
|
0.2
|
|
||
NACoal
|
35.0
|
|
|
33.3
|
|
||
|
52.3
|
|
|
50.7
|
|
||
Plant and equipment:
|
|
|
|
||||
NMHG
|
495.9
|
|
|
515.2
|
|
||
HBB
|
45.0
|
|
|
45.3
|
|
||
KC
|
27.3
|
|
|
25.8
|
|
||
NACoal
|
95.6
|
|
|
98.3
|
|
||
NACCO and Other
|
6.5
|
|
|
11.4
|
|
||
|
670.3
|
|
|
696.0
|
|
||
Property, plant and equipment, at cost
|
722.6
|
|
|
746.7
|
|
||
Less allowances for depreciation, depletion and amortization
|
452.2
|
|
|
443.5
|
|
||
|
$
|
270.4
|
|
|
$
|
303.2
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Balance
|
||||||
Balance at December 31, 2010
|
|
|
|
|
|
||||||
Coal supply agreement
|
$
|
84.2
|
|
|
$
|
(24.2
|
)
|
|
$
|
60.0
|
|
Other intangibles
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
$
|
84.2
|
|
|
$
|
(24.2
|
)
|
|
$
|
60.0
|
|
Balance at December 31, 2009
|
|
|
|
|
|
||||||
Coal supply agreement
|
$
|
84.2
|
|
|
$
|
(21.5
|
)
|
|
$
|
62.7
|
|
Other intangibles
|
1.0
|
|
|
(0.2
|
)
|
|
0.8
|
|
|||
|
$
|
85.2
|
|
|
$
|
(21.7
|
)
|
|
$
|
63.5
|
|
|
NACoal
|
|
Bellaire
|
|
NACCO
Consolidated
|
||||||
Balance at January 1, 2009
|
$
|
4.3
|
|
|
$
|
13.4
|
|
|
$
|
17.7
|
|
Liabilities settled during the period
|
—
|
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|||
Accretion expense
|
0.4
|
|
|
0.8
|
|
|
1.2
|
|
|||
Revision of estimated cash flows
|
(0.5
|
)
|
|
(0.2
|
)
|
|
(0.7
|
)
|
|||
Balance at December 31, 2009
|
4.2
|
|
|
13.3
|
|
|
17.5
|
|
|||
Liabilities incurred during the period
|
0.7
|
|
|
—
|
|
|
0.7
|
|
|||
Liabilities settled during the period
|
—
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|||
Accretion expense
|
0.4
|
|
|
0.9
|
|
|
1.3
|
|
|||
Revision of estimated cash flows
|
(0.2
|
)
|
|
0.5
|
|
|
0.3
|
|
|||
Balance at December 31, 2010
|
$
|
5.1
|
|
|
$
|
13.9
|
|
|
$
|
19.0
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Total outstanding borrowings:
|
|
|
|
||||
Revolving credit agreements:
|
|
|
|
||||
NMHG
|
$
|
4.2
|
|
|
$
|
2.5
|
|
NACoal
|
9.5
|
|
|
7.0
|
|
||
|
13.7
|
|
|
9.5
|
|
||
Capital lease obligations and other term loans:
|
|
|
|
||||
NMHG
|
230.3
|
|
|
243.9
|
|
||
HBB
|
115.1
|
|
|
116.3
|
|
||
NACoal
|
6.7
|
|
|
14.1
|
|
||
|
352.1
|
|
|
374.3
|
|
||
Private Placement Notes — NACoal
|
25.7
|
|
|
25.7
|
|
||
Total debt outstanding
|
$
|
391.5
|
|
|
$
|
409.5
|
|
Current portion of borrowings outstanding:
|
|
|
|
||||
NMHG
|
$
|
19.0
|
|
|
$
|
17.2
|
|
HBB
|
1.3
|
|
|
1.3
|
|
||
NACoal
|
15.9
|
|
|
13.4
|
|
||
|
$
|
36.2
|
|
|
$
|
31.9
|
|
Long-term portion of borrowings outstanding:
|
|
|
|
||||
NMHG
|
$
|
215.5
|
|
|
$
|
229.2
|
|
HBB
|
113.8
|
|
|
115.0
|
|
||
NACoal
|
26.0
|
|
|
33.4
|
|
||
|
$
|
355.3
|
|
|
$
|
377.6
|
|
Total available borrowings, net of limitations, under revolving credit agreements:
|
|
|
|
||||
NMHG
|
$
|
120.2
|
|
|
$
|
102.3
|
|
HBB
|
95.2
|
|
|
75.6
|
|
||
KC
|
22.5
|
|
|
20.0
|
|
||
NACoal
|
94.4
|
|
|
100.0
|
|
||
|
$
|
332.3
|
|
|
$
|
297.9
|
|
Unused revolving credit agreements:
|
|
|
|
||||
NMHG
|
$
|
116.0
|
|
|
$
|
99.8
|
|
HBB
|
95.2
|
|
|
75.6
|
|
||
KC
|
22.5
|
|
|
20.0
|
|
||
NACoal
|
84.9
|
|
|
93.0
|
|
||
|
$
|
318.6
|
|
|
$
|
288.4
|
|
Weighted average stated interest rate on total borrowings:
|
|
|
|
||||
NMHG
|
2.4
|
%
|
|
2.6
|
%
|
||
HBB
|
2.3
|
%
|
|
2.3
|
%
|
||
NACoal
|
5.0
|
%
|
|
5.1
|
%
|
||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements):
|
|
|
|
||||
NMHG
|
6.0
|
%
|
|
5.9
|
%
|
||
HBB
|
4.8
|
%
|
|
5.5
|
%
|
||
NACoal
|
5.0
|
%
|
|
5.1
|
%
|
2011
|
$
|
36.2
|
|
2012
|
168.6
|
|
|
2013
|
172.7
|
|
|
2014
|
7.0
|
|
|
2015
|
—
|
|
|
Thereafter
|
6.7
|
|
|
|
$
|
391.2
|
|
|
Notional Amount
|
|
Average Fixed Rate
|
|
Remaining Term at
|
||||||||||
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
December 31, 2010
|
||||||
NMHG
|
$
|
206.5
|
|
|
$
|
206.5
|
|
|
4.5
|
%
|
|
4.3
|
%
|
|
Various, extending to May 2012
|
HBB
|
$
|
65.0
|
|
|
$
|
84.0
|
|
|
4.6
|
%
|
|
4.7
|
%
|
|
Various, extending to May 2012
|
NACoal
|
$
|
—
|
|
|
$
|
15.0
|
|
|
—
|
%
|
|
5.7
|
%
|
|
No active agreements
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
Balance sheet location
|
|
2010
|
|
2009
|
|
Balance sheet location
|
|
2010
|
|
2009
|
||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other current liabilities
|
|
$
|
4.7
|
|
|
$
|
4.8
|
|
Long-term
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
Other long-term liabilities
|
|
11.6
|
|
|
15.8
|
|
||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
Prepaid expenses and other
|
|
1.3
|
|
|
1.9
|
|
|
Prepaid expenses and other
|
|
1.2
|
|
|
0.2
|
|
||||
|
Other current liabilities
|
|
1.7
|
|
|
0.6
|
|
|
Other current liabilities
|
|
1.7
|
|
|
2.2
|
|
||||
Total derivatives designated as hedging instruments
|
|
|
$
|
3.0
|
|
|
$
|
2.5
|
|
|
|
|
$
|
19.2
|
|
|
$
|
23.0
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Long-term
|
Other non-current assets
|
|
—
|
|
|
—
|
|
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Current
|
Prepaid expenses and other
|
|
0.5
|
|
|
—
|
|
|
Prepaid expenses and other
|
|
0.3
|
|
|
0.3
|
|
||||
|
Other current liabilities
|
|
0.6
|
|
|
0.2
|
|
|
Other current liabilities
|
|
3.3
|
|
|
0.1
|
|
||||
Total derivatives not designated as hedging instruments
|
|
|
$
|
1.1
|
|
|
$
|
0.2
|
|
|
|
|
$
|
3.6
|
|
|
$
|
0.6
|
|
Total derivatives
|
|
|
$
|
4.1
|
|
|
$
|
2.7
|
|
|
|
|
$
|
22.8
|
|
|
$
|
23.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of Gain or
(Loss) Recognized
in Income on
Derivative
(Ineffective
Portion and Amount
Excluded from
Effectiveness
Testing)
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount of Gain or (Loss) Recognized
in Income on Derivative
Portion and Amount Excluded from
Effectiveness Testing)
|
|||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
Amount of Gain or (Loss)
Recognized in OCI on
Derivative (Effective Portion)
|
|
Location of Gain or
(Loss) Reclassified
from OCI into
Income (Effective
Portion)
|
|
Amount of Gain or (Loss)
Reclassified from OCI
into Income (Effective Portion)
|
|
|
||||||||||||||||||||||||||||||||
|
|
2010
|
|
2009
|
|
2008
|
|
|
2010
|
|
2009
|
|
2008
|
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||||||||
Interest rate swap agreements
|
|
$
|
(7.6
|
)
|
|
$
|
(5.5
|
)
|
|
$
|
(17.0
|
)
|
|
Interest expense
|
|
$
|
(12.0
|
)
|
|
$
|
(10.5
|
)
|
|
$
|
(5.3
|
)
|
|
N/A
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency exchange contracts
|
|
0.6
|
|
|
10.5
|
|
|
8.6
|
|
|
Cost of sales
|
|
16.5
|
|
|
5.0
|
|
|
(2.4
|
)
|
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total
|
|
$
|
(7.0
|
)
|
|
$
|
5.0
|
|
|
$
|
(8.4
|
)
|
|
|
|
$
|
4.5
|
|
|
$
|
(5.5
|
)
|
|
$
|
(7.7
|
)
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Location of Gain or
(Loss) Recognized
in Income on
Derivative
|
|
Amount of Gain or (Loss)
Recognized in Income on Derivative
|
||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
2010
|
|
2009
|
|
2008
|
|||||||
Interest rate swap agreements
|
|
Other
|
|
$
|
0.2
|
|
|
$
|
0.6
|
|
|
$
|
(0.8
|
)
|
Foreign currency exchange contracts
|
|
Cost of sales or Other
|
|
(3.7
|
)
|
|
(10.4
|
)
|
|
9.0
|
|
|||
Total
|
|
|
|
$
|
(3.5
|
)
|
|
$
|
(9.8
|
)
|
|
$
|
8.2
|
|
|
Capital
Leases
|
|
Operating
Leases
|
||||
2011
|
$
|
—
|
|
|
$
|
40.5
|
|
2012
|
0.2
|
|
|
31.6
|
|
||
2013
|
—
|
|
|
24.7
|
|
||
2014
|
0.1
|
|
|
19.0
|
|
||
2015
|
—
|
|
|
28.4
|
|
||
Subsequent to 2015
|
0.2
|
|
|
37.2
|
|
||
Total minimum lease payments
|
0.5
|
|
|
$
|
181.4
|
|
|
Amounts representing interest
|
0.2
|
|
|
|
|||
Present value of net minimum lease payments
|
0.3
|
|
|
|
|||
Current maturities
|
—
|
|
|
|
|||
Long-term capital lease obligation
|
$
|
0.3
|
|
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Plant and equipment
|
$
|
10.1
|
|
|
$
|
14.7
|
|
Less accumulated amortization
|
4.1
|
|
|
7.3
|
|
||
|
$
|
6.0
|
|
|
$
|
7.4
|
|
|
2010
|
|
2009
|
||||
Balance at January 1
|
$
|
38.5
|
|
|
$
|
59.9
|
|
Warranties issued
|
37.2
|
|
|
26.4
|
|
||
Settlements made
|
(35.1
|
)
|
|
(49.2
|
)
|
||
Foreign currency effect
|
(0.6
|
)
|
|
1.4
|
|
||
Balance at December 31
|
$
|
40.0
|
|
|
$
|
38.5
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Basic weighted average shares outstanding
|
8.328
|
|
|
8.290
|
|
|
8.281
|
|
|||
Dilutive effect of restricted stock awards
|
0.016
|
|
|
0.006
|
|
|
—
|
|
|||
Diluted weighted average shares outstanding
|
8.344
|
|
|
8.296
|
|
|
8.281
|
|
|||
Basic earnings (loss) per share
|
$
|
9.55
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
Diluted earnings (loss) per share
|
$
|
9.53
|
|
|
$
|
3.75
|
|
|
$
|
(52.84
|
)
|
|
2010
|
|
2009
|
|
2008
|
||||||
Income (loss) before income taxes
|
|
|
|
|
|
||||||
Domestic
|
$
|
35.4
|
|
|
$
|
49.1
|
|
|
$
|
(394.0
|
)
|
Foreign
|
61.4
|
|
|
(20.2
|
)
|
|
(27.0
|
)
|
|||
|
$
|
96.8
|
|
|
$
|
28.9
|
|
|
$
|
(421.0
|
)
|
Income tax provision
|
|
|
|
|
|
||||||
Current tax provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
$
|
(2.9
|
)
|
|
$
|
(12.1
|
)
|
|
$
|
(8.6
|
)
|
State
|
1.3
|
|
|
4.6
|
|
|
0.4
|
|
|||
Foreign
|
10.5
|
|
|
3.0
|
|
|
5.6
|
|
|||
Total current
|
8.9
|
|
|
(4.5
|
)
|
|
(2.6
|
)
|
|||
Deferred tax provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
7.8
|
|
|
23.8
|
|
|
(1.6
|
)
|
|||
State
|
0.3
|
|
|
(2.3
|
)
|
|
(0.2
|
)
|
|||
Foreign
|
(8.7
|
)
|
|
(14.3
|
)
|
|
(9.5
|
)
|
|||
Total deferred
|
(0.6
|
)
|
|
7.2
|
|
|
(11.3
|
)
|
|||
Increase (decrease) in valuation allowance
|
9.1
|
|
|
17.8
|
|
|
32.6
|
|
|||
|
$
|
17.4
|
|
|
$
|
20.5
|
|
|
$
|
18.7
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Income (loss) before income taxes
|
$
|
96.8
|
|
|
$
|
28.9
|
|
|
$
|
(421.0
|
)
|
Statutory taxes at 35.0%
|
$
|
33.9
|
|
|
$
|
10.1
|
|
|
$
|
(147.4
|
)
|
Valuation allowance
|
9.1
|
|
|
17.8
|
|
|
32.6
|
|
|||
Unremitted foreign earnings
|
1.7
|
|
|
10.3
|
|
|
0.3
|
|
|||
Non-deductible expenses
|
1.4
|
|
|
1.7
|
|
|
1.3
|
|
|||
State income taxes
|
1.2
|
|
|
1.3
|
|
|
(1.8
|
)
|
|||
Equity interest earnings
|
(0.4
|
)
|
|
1.2
|
|
|
(0.8
|
)
|
|||
Tax controversy resolution
|
(6.6
|
)
|
|
0.7
|
|
|
(0.8
|
)
|
|||
Basis difference in foreign stock
|
—
|
|
|
(11.9
|
)
|
|
—
|
|
|||
Percentage depletion
|
(7.2
|
)
|
|
(6.5
|
)
|
|
(5.7
|
)
|
|||
Foreign statutory rate differences
|
(14.7
|
)
|
|
(3.1
|
)
|
|
(5.9
|
)
|
|||
R&D Credit
|
(0.6
|
)
|
|
(0.9
|
)
|
|
(0.9
|
)
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
148.8
|
|
|||
Other
|
(0.4
|
)
|
|
(0.2
|
)
|
|
(1.0
|
)
|
|||
Income tax provision
|
$
|
17.4
|
|
|
$
|
20.5
|
|
|
$
|
18.7
|
|
Effective income tax rate
|
18.0
|
%
|
|
70.9
|
%
|
|
(a)
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Deferred tax assets
|
|
|
|
||||
Tax carryforwards
|
$
|
82.0
|
|
|
$
|
73.3
|
|
Accrued expenses and reserves
|
58.3
|
|
|
56.8
|
|
||
Accrued pension benefits
|
23.8
|
|
|
30.9
|
|
||
Other employee benefits
|
10.8
|
|
|
13.1
|
|
||
Other
|
12.0
|
|
|
11.5
|
|
||
Total deferred tax assets
|
186.9
|
|
|
185.6
|
|
||
Less: Valuation allowance
|
76.9
|
|
|
66.5
|
|
||
|
110.0
|
|
|
119.1
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Depreciation and depletion
|
48.8
|
|
|
49.8
|
|
||
Partnership investment - development costs
|
20.3
|
|
|
20.7
|
|
||
Unremitted foreign earnings
|
9.8
|
|
|
10.8
|
|
||
Inventories
|
4.0
|
|
|
2.6
|
|
||
Total deferred tax liabilities
|
82.9
|
|
|
83.9
|
|
||
Net deferred tax asset
|
$
|
27.1
|
|
|
$
|
35.2
|
|
|
December 31, 2010
|
||||||||
|
Net deferred tax
asset
|
|
Valuation
allowance
|
|
Carryforwards
expire during:
|
||||
Non-U.S. net operating loss
|
$
|
47.0
|
|
|
$
|
40.9
|
|
|
2011-Indefinite
|
State losses
|
16.0
|
|
|
10.8
|
|
|
2011-2030
|
||
Alternative minimum tax credit
|
8.6
|
|
|
—
|
|
|
Indefinite
|
||
Foreign tax credit
|
6.6
|
|
|
—
|
|
|
2013-2019
|
||
General business credit
|
3.8
|
|
|
—
|
|
|
2024-2030
|
||
Total
|
$
|
82.0
|
|
|
$
|
51.7
|
|
|
|
|
December 31, 2009
|
||||||||
|
Net deferred tax
asset
|
|
Valuation
allowance
|
|
Carryforwards
expire during:
|
||||
Non-U.S. net operating loss
|
$
|
36.4
|
|
|
$
|
35.0
|
|
|
2010-Indefinite
|
State losses
|
15.9
|
|
|
9.8
|
|
|
2010-2029
|
||
Foreign tax credit
|
9.5
|
|
|
—
|
|
|
2013-2019
|
||
Alternative minimum tax credit
|
7.6
|
|
|
—
|
|
|
Indefinite
|
||
General business credit
|
3.3
|
|
|
—
|
|
|
2024-2029
|
||
Contributions
|
0.6
|
|
|
—
|
|
|
2013-2014
|
||
Total
|
$
|
73.3
|
|
|
$
|
44.8
|
|
|
|
|
2010
|
|
2009
|
||||
Balance at January 1
|
$
|
16.6
|
|
|
$
|
14.8
|
|
Net additions for tax positions of prior years
|
—
|
|
|
0.9
|
|
||
Additions based on tax positions related to the current year
|
1.6
|
|
|
3.8
|
|
||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations
|
(6.6
|
)
|
|
(3.4
|
)
|
||
Other changes in unrecognized tax benefits including foreign currency translations adjustments
|
(0.4
|
)
|
|
0.5
|
|
||
Balance at December 31
|
$
|
11.2
|
|
|
$
|
16.6
|
|
|
2010
|
|
2009
|
|
2008
|
|||
United States Plans
|
|
|
|
|
|
|||
Weighted average discount rates
|
5.10% - 5.30%
|
|
|
5.65% - 5.90%
|
|
|
6.25% - 6.30%
|
|
Expected long-term rate of return on assets
|
8.50
|
%
|
|
8.50
|
%
|
|
8.50
|
%
|
Non-U.S. Plans
|
|
|
|
|
|
|||
Weighted average discount rates
|
5.25% - 5.50%
|
|
|
5.70% - 6.00%
|
|
|
6.25% - 6.70%
|
|
Rate of increase in compensation levels
|
2.50% - 3.90%
|
|
|
2.50% - 4.00%
|
|
|
3.00% - 3.60%
|
|
Expected long-term rate of return on assets
|
5.50% - 8.25%
|
|
|
3.50% - 8.50%
|
|
|
4.00% - 8.50%
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
United States Plans
|
|
|
|
|
|
||||||
Service cost
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
Interest cost
|
7.9
|
|
|
8.4
|
|
|
8.5
|
|
|||
Expected return on plan assets
|
(8.5
|
)
|
|
(8.8
|
)
|
|
(10.3
|
)
|
|||
Amortization of actuarial loss
|
4.8
|
|
|
4.8
|
|
|
2.5
|
|
|||
Amortization of prior service cost (credit)
|
(0.4
|
)
|
|
0.1
|
|
|
0.2
|
|
|||
Net periodic pension expense
|
$
|
3.8
|
|
|
$
|
4.8
|
|
|
$
|
1.2
|
|
Non-U.S. Plans
|
|
|
|
|
|
||||||
Service cost
|
$
|
1.6
|
|
|
$
|
1.4
|
|
|
$
|
2.0
|
|
Interest cost
|
7.0
|
|
|
6.9
|
|
|
8.2
|
|
|||
Expected return on plan assets
|
(8.6
|
)
|
|
(8.3
|
)
|
|
(9.3
|
)
|
|||
Amortization of actuarial loss
|
2.9
|
|
|
1.6
|
|
|
3.5
|
|
|||
Amortization of prior service credit
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||
Amortization of transition liability
|
0.2
|
|
|
0.1
|
|
|
0.2
|
|
|||
Net periodic pension expense
|
$
|
3.0
|
|
|
$
|
1.6
|
|
|
$
|
4.5
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
United States Plans
|
|
|
|
|
|
||||||
Current year actuarial loss
|
$
|
2.6
|
|
|
$
|
0.2
|
|
|
$
|
43.7
|
|
Amortization of actuarial loss
|
(4.8
|
)
|
|
(4.8
|
)
|
|
(2.5
|
)
|
|||
Current year prior service credit
|
(0.2
|
)
|
|
(2.9
|
)
|
|
—
|
|
|||
Amortization of prior service (credit) cost
|
0.4
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|||
Total recognized in other comprehensive income (loss)
|
$
|
(2.0
|
)
|
|
$
|
(7.6
|
)
|
|
$
|
41.0
|
|
Non-U.S. Plans
|
|
|
|
|
|
||||||
Current year actuarial loss
|
$
|
3.4
|
|
|
$
|
11.4
|
|
|
$
|
5.6
|
|
Amortization of actuarial loss
|
(2.9
|
)
|
|
(1.6
|
)
|
|
(3.5
|
)
|
|||
Amortization of prior service credit
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|||
Amortization of transition liability
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||
Curtailment effect
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Total recognized in other comprehensive income (loss)
|
$
|
0.4
|
|
|
$
|
9.8
|
|
|
$
|
2.0
|
|
|
2010
|
|
2009
|
||||||||||||
|
U.S.
Plans
|
|
Non-U.S.
Plans
|
|
U.S. Plans
|
|
Non-U.S.
Plans
|
||||||||
Change in benefit obligation
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation at beginning of year
|
$
|
140.8
|
|
|
$
|
132.6
|
|
|
$
|
139.4
|
|
|
$
|
99.4
|
|
Service cost
|
—
|
|
|
1.6
|
|
|
0.3
|
|
|
1.4
|
|
||||
Interest cost
|
7.9
|
|
|
7.0
|
|
|
8.4
|
|
|
6.9
|
|
||||
Actuarial loss
|
7.0
|
|
|
8.7
|
|
|
8.2
|
|
|
19.7
|
|
||||
Benefits paid
|
(9.5
|
)
|
|
(5.2
|
)
|
|
(12.6
|
)
|
|
(6.9
|
)
|
||||
Employee contributions
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.6
|
|
||||
Plan amendments
|
(0.2
|
)
|
|
—
|
|
|
(2.9
|
)
|
|
—
|
|
||||
Foreign currency exchange rate changes
|
—
|
|
|
(5.5
|
)
|
|
—
|
|
|
11.5
|
|
||||
Projected benefit obligation at end of year
|
$
|
146.0
|
|
|
$
|
139.9
|
|
|
$
|
140.8
|
|
|
$
|
132.6
|
|
Accumulated benefit obligation at end of year
|
$
|
146.0
|
|
|
$
|
138.0
|
|
|
$
|
140.8
|
|
|
$
|
131.5
|
|
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
90.1
|
|
|
$
|
107.8
|
|
|
$
|
83.1
|
|
|
$
|
79.0
|
|
Actual return on plan assets
|
12.8
|
|
|
14.0
|
|
|
16.9
|
|
|
17.1
|
|
||||
Employer contributions
|
13.7
|
|
|
6.4
|
|
|
2.7
|
|
|
8.9
|
|
||||
Employee contributions
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.6
|
|
||||
Benefits paid
|
(9.5
|
)
|
|
(5.2
|
)
|
|
(12.6
|
)
|
|
(6.9
|
)
|
||||
Foreign currency exchange rate changes
|
—
|
|
|
(4.6
|
)
|
|
—
|
|
|
9.1
|
|
||||
Fair value of plan assets at end of year
|
$
|
107.1
|
|
|
$
|
119.1
|
|
|
$
|
90.1
|
|
|
$
|
107.8
|
|
Funded status at end of year
|
$
|
(38.9
|
)
|
|
$
|
(20.8
|
)
|
|
$
|
(50.7
|
)
|
|
$
|
(24.8
|
)
|
Amounts recognized in the balance sheets consist of:
|
|
|
|
|
|
|
|
||||||||
Noncurrent assets
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
3.2
|
|
Current liabilities
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
||||
Noncurrent liabilities
|
(38.6
|
)
|
|
(21.6
|
)
|
|
(50.4
|
)
|
|
(28.0
|
)
|
||||
|
$
|
(38.9
|
)
|
|
$
|
(20.8
|
)
|
|
$
|
(50.7
|
)
|
|
$
|
(24.8
|
)
|
Components of accumulated other comprehensive income (loss) consist of:
|
|
|
|
|
|
|
|
||||||||
Actuarial loss
|
$
|
71.4
|
|
|
$
|
47.6
|
|
|
$
|
73.6
|
|
|
$
|
49.1
|
|
Prior service credit
|
(2.4
|
)
|
|
(0.2
|
)
|
|
(2.6
|
)
|
|
(0.5
|
)
|
||||
Transition obligation
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.9
|
|
||||
Deferred taxes
|
(24.9
|
)
|
|
(1.1
|
)
|
|
(25.6
|
)
|
|
0.1
|
|
||||
Change in statutory tax rate
|
(1.2
|
)
|
|
(10.6
|
)
|
|
(1.2
|
)
|
|
(10.6
|
)
|
||||
Foreign currency translation adjustment
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(2.9
|
)
|
||||
|
$
|
42.9
|
|
|
$
|
35.6
|
|
|
$
|
44.2
|
|
|
$
|
36.1
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||
2011
|
$
|
10.3
|
|
|
$
|
4.8
|
|
2012
|
10.2
|
|
|
4.7
|
|
||
2013
|
10.5
|
|
|
5.0
|
|
||
2014
|
10.2
|
|
|
5.7
|
|
||
2015
|
10.6
|
|
|
6.6
|
|
||
2016 - 2020
|
52.2
|
|
|
38.7
|
|
||
|
$
|
104.0
|
|
|
$
|
65.5
|
|
|
2010
Actual
Allocation
|
|
2009
Actual
Allocation
|
|
Target Allocation
Range
|
||
U.S. equity securities
|
52.8
|
%
|
|
52.5
|
%
|
|
41.0% - 62.0%
|
Non-U.S. equity securities
|
13.1
|
%
|
|
13.0
|
%
|
|
10.0% - 16.0%
|
Fixed income securities
|
33.6
|
%
|
|
33.7
|
%
|
|
30.0% - 40.0%
|
Money market
|
0.5
|
%
|
|
0.8
|
%
|
|
0.0% - 10.0%
|
|
2010
Actual
Allocation
|
|
2009
Actual
Allocation
|
|
Target Allocation
Range
|
||
U.K. equity securities
|
34.5
|
%
|
|
35.2
|
%
|
|
33.5% - 36.5%
|
Non-U.K. equity securities
|
36.0
|
%
|
|
35.6
|
%
|
|
27.5% - 42.5%
|
Fixed income securities
|
29.5
|
%
|
|
29.2
|
%
|
|
25.5% - 34.5%
|
|
2010
Actual
Allocation
|
|
2009
Actual
Allocation
|
|
Target Allocation
Range
|
||
Canadian equity securities
|
36.0
|
%
|
|
100.0
|
%
|
|
28.0% - 38.0%
|
Non-Canadian equity securities
|
33.0
|
%
|
|
—
|
%
|
|
27.0% - 37.0%
|
Fixed income securities
|
31.0
|
%
|
|
—
|
%
|
|
25.0% - 45.0%
|
Cash and cash equivalents
|
—
|
%
|
|
—
|
%
|
|
0.0% - 5.0%
|
|
Level 1
|
|
Level 2
|
||||||||||||
|
2010
|
|
2009
|
|
2010
|
|
2009
|
||||||||
U.S. equity securities
|
$
|
56.7
|
|
|
$
|
47.3
|
|
|
$
|
12.4
|
|
|
$
|
11.2
|
|
U.K. equity securities
|
—
|
|
|
—
|
|
|
35.6
|
|
|
33.2
|
|
||||
Non-U.S., non-U.K. equity securities
|
14.0
|
|
|
11.7
|
|
|
28.1
|
|
|
25.5
|
|
||||
Fixed income securities
|
35.9
|
|
|
30.4
|
|
|
32.0
|
|
|
27.3
|
|
||||
Annuity contracts
|
—
|
|
|
—
|
|
|
11.0
|
|
|
10.6
|
|
||||
Money market
|
0.5
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
107.1
|
|
|
$
|
90.1
|
|
|
$
|
119.1
|
|
|
$
|
107.8
|
|
|
2010
|
|
2009
|
|
2008
|
|||
Weighted average discount rates
|
4.70
|
%
|
|
5.30
|
%
|
|
6.20
|
%
|
Health care cost trend rate assumed for next year
|
7.5
|
%
|
|
6.0
|
%
|
|
7.0
|
%
|
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
|
5.0
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
Year that the rate reaches the ultimate trend rate
|
2018
|
|
|
2012
|
|
|
2012
|
|
|
1-Percentage-Point
Increase
|
|
1-Percentage-Point
Decrease
|
||||
Effect on total of service and interest cost
|
$
|
—
|
|
|
$
|
—
|
|
Effect on postretirement benefit obligation
|
$
|
0.3
|
|
|
$
|
(0.3
|
)
|
|
2010
|
|
2009
|
|
2008
|
||||||
Service cost
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Interest cost
|
0.4
|
|
|
0.6
|
|
|
0.7
|
|
|||
Amortization of actuarial (gain) loss
|
(0.3
|
)
|
|
0.7
|
|
|
(0.5
|
)
|
|||
Amortization of prior service credit
|
(0.3
|
)
|
|
(3.3
|
)
|
|
(0.2
|
)
|
|||
Plan amendments
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|||
Net periodic benefit (income) cost
|
$
|
(0.9
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
0.2
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Current year actuarial (gain) loss
|
$
|
0.2
|
|
|
$
|
1.6
|
|
|
$
|
(0.2
|
)
|
Amortization of actuarial gain (loss)
|
0.3
|
|
|
(0.7
|
)
|
|
0.5
|
|
|||
Current year prior service credit
|
—
|
|
|
(3.1
|
)
|
|
(0.7
|
)
|
|||
Amortization of prior service credit
|
0.3
|
|
|
3.3
|
|
|
0.2
|
|
|||
Total recognized in other comprehensive income (loss)
|
$
|
0.8
|
|
|
$
|
1.1
|
|
|
$
|
(0.2
|
)
|
|
2010
|
|
2009
|
||||
Change in benefit obligation
|
|
|
|
||||
Benefit obligation at beginning of year
|
$
|
8.3
|
|
|
$
|
10.7
|
|
Service cost
|
0.2
|
|
|
0.2
|
|
||
Interest cost
|
0.4
|
|
|
0.6
|
|
||
Actuarial gain
|
0.1
|
|
|
1.6
|
|
||
Plan amendments
|
(0.8
|
)
|
|
(3.1
|
)
|
||
Benefits paid
|
(1.1
|
)
|
|
(1.7
|
)
|
||
Benefit obligation at end of year
|
$
|
7.1
|
|
|
$
|
8.3
|
|
Funded status at end of year
|
$
|
(7.1
|
)
|
|
$
|
(8.3
|
)
|
Amounts recognized in the balance sheets consist of:
|
|
|
|
||||
Current liabilities
|
$
|
(0.7
|
)
|
|
$
|
(0.8
|
)
|
Noncurrent liabilities
|
(6.4
|
)
|
|
(7.5
|
)
|
||
|
$
|
(7.1
|
)
|
|
$
|
(8.3
|
)
|
Components of accumulated other comprehensive income (loss) consist of:
|
|
|
|
||||
Actuarial gain
|
$
|
0.2
|
|
|
$
|
0.6
|
|
Prior service credit
|
(0.8
|
)
|
|
(2.0
|
)
|
||
Deferred taxes
|
0.2
|
|
|
0.5
|
|
||
|
$
|
(0.4
|
)
|
|
$
|
(0.9
|
)
|
|
|
||
2011
|
$
|
0.7
|
|
2012
|
0.6
|
|
|
2013
|
0.7
|
|
|
2014
|
0.7
|
|
|
2015
|
0.7
|
|
|
2016 - 2020
|
3.0
|
|
|
|
$
|
6.4
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Revenues from external customers
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
1,140.7
|
|
|
$
|
853.4
|
|
|
$
|
1,589.5
|
|
NMHG Europe
|
476.6
|
|
|
390.1
|
|
|
895.3
|
|
|||
NMHG Other
|
184.6
|
|
|
231.7
|
|
|
339.5
|
|
|||
|
1,801.9
|
|
|
1,475.2
|
|
|
2,824.3
|
|
|||
HBB
|
515.7
|
|
|
497.0
|
|
|
528.7
|
|
|||
KC
|
219.6
|
|
|
213.9
|
|
|
202.3
|
|
|||
NACoal
|
156.8
|
|
|
129.5
|
|
|
115.3
|
|
|||
NACCO and Other
|
—
|
|
|
—
|
|
|
—
|
|
|||
Eliminations
|
(6.5
|
)
|
|
(5.0
|
)
|
|
(5.5
|
)
|
|||
Total
|
$
|
2,687.5
|
|
|
$
|
2,310.6
|
|
|
$
|
3,665.1
|
|
Gross profit
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
176.3
|
|
|
$
|
128.4
|
|
|
$
|
136.4
|
|
NMHG Europe
|
73.8
|
|
|
31.6
|
|
|
118.3
|
|
|||
NMHG Other
|
29.7
|
|
|
24.7
|
|
|
55.4
|
|
|||
|
279.8
|
|
|
184.7
|
|
|
310.1
|
|
|||
HBB
|
111.1
|
|
|
107.4
|
|
|
84.2
|
|
|||
KC
|
97.7
|
|
|
94.8
|
|
|
84.1
|
|
|||
NACoal
|
37.9
|
|
|
21.3
|
|
|
12.5
|
|
|||
NACCO and Other
|
(0.2
|
)
|
|
(0.1
|
)
|
|
0.2
|
|
|||
Eliminations
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
526.2
|
|
|
$
|
408.1
|
|
|
$
|
491.1
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
127.8
|
|
|
$
|
104.8
|
|
|
$
|
145.3
|
|
NMHG Europe
|
72.8
|
|
|
73.3
|
|
|
105.8
|
|
|||
NMHG Other
|
28.9
|
|
|
29.9
|
|
|
42.9
|
|
|||
|
229.5
|
|
|
208.0
|
|
|
294.0
|
|
|||
HBB
|
65.2
|
|
|
57.0
|
|
|
64.2
|
|
|||
KC
|
91.8
|
|
|
88.1
|
|
|
92.4
|
|
|||
NACoal
|
28.2
|
|
|
25.9
|
|
|
22.2
|
|
|||
NACCO and Other
|
10.6
|
|
|
9.3
|
|
|
2.5
|
|
|||
Total
|
$
|
425.3
|
|
|
$
|
388.3
|
|
|
$
|
475.3
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Operating profit (loss)
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
48.5
|
|
|
$
|
23.5
|
|
|
$
|
(8.9
|
)
|
NMHG Europe
|
2.7
|
|
|
(47.9
|
)
|
|
0.7
|
|
|||
NMHG Other
|
(5.1
|
)
|
|
(6.8
|
)
|
|
(335.8
|
)
|
|||
|
46.1
|
|
|
(31.2
|
)
|
|
(344.0
|
)
|
|||
HBB
|
45.9
|
|
|
50.4
|
|
|
(60.8
|
)
|
|||
KC
|
5.9
|
|
|
6.7
|
|
|
(12.2
|
)
|
|||
NACoal
|
53.3
|
|
|
42.6
|
|
|
29.8
|
|
|||
NACCO and Other
|
(10.8
|
)
|
|
(9.4
|
)
|
|
(2.3
|
)
|
|||
Eliminations
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
140.3
|
|
|
$
|
59.1
|
|
|
$
|
(389.5
|
)
|
Interest expense
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
(10.1
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
(16.4
|
)
|
NMHG Europe
|
(2.5
|
)
|
|
(3.5
|
)
|
|
(6.9
|
)
|
|||
NMHG Other
|
(4.0
|
)
|
|
(4.1
|
)
|
|
(2.6
|
)
|
|||
|
(16.6
|
)
|
|
(19.0
|
)
|
|
(25.9
|
)
|
|||
HBB
|
(7.2
|
)
|
|
(8.6
|
)
|
|
(10.4
|
)
|
|||
KC
|
(0.3
|
)
|
|
(0.4
|
)
|
|
(1.1
|
)
|
|||
NACoal
|
(3.3
|
)
|
|
(4.1
|
)
|
|
(5.5
|
)
|
|||
NACCO and Other
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|||
Eliminations
|
—
|
|
|
0.3
|
|
|
2.3
|
|
|||
Total
|
$
|
(27.4
|
)
|
|
$
|
(32.2
|
)
|
|
$
|
(40.6
|
)
|
Interest income
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
1.5
|
|
|
$
|
1.7
|
|
|
$
|
1.9
|
|
NMHG Europe
|
0.2
|
|
|
0.4
|
|
|
2.1
|
|
|||
NMHG Other
|
0.6
|
|
|
0.7
|
|
|
0.4
|
|
|||
|
2.3
|
|
|
2.8
|
|
|
4.4
|
|
|||
HBB
|
—
|
|
|
0.1
|
|
|
0.2
|
|
|||
KC
|
—
|
|
|
—
|
|
|
—
|
|
|||
NACoal
|
0.3
|
|
|
0.3
|
|
|
0.1
|
|
|||
NACCO and Other
|
—
|
|
|
0.3
|
|
|
5.2
|
|
|||
Eliminations
|
—
|
|
|
(0.3
|
)
|
|
(2.3
|
)
|
|||
Total
|
$
|
2.6
|
|
|
$
|
3.2
|
|
|
$
|
7.6
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Other income (expense)
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
3.0
|
|
|
$
|
4.4
|
|
|
$
|
4.7
|
|
NMHG Europe
|
(1.0
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|||
NMHG Other
|
0.3
|
|
|
(3.0
|
)
|
|
1.3
|
|
|||
|
2.3
|
|
|
0.6
|
|
|
5.2
|
|
|||
HBB
|
(0.3
|
)
|
|
(0.4
|
)
|
|
0.4
|
|
|||
KC
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||
NACoal
|
0.1
|
|
|
0.6
|
|
|
(1.4
|
)
|
|||
NACCO and Other
|
(20.7
|
)
|
|
(1.9
|
)
|
|
(2.7
|
)
|
|||
Total
|
$
|
(18.7
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
1.5
|
|
Income tax provision (benefit)
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
16.3
|
|
|
$
|
6.9
|
|
|
$
|
(7.1
|
)
|
NMHG Europe
|
(0.1
|
)
|
|
(9.4
|
)
|
|
(0.9
|
)
|
|||
NMHG Other
|
(14.4
|
)
|
|
(1.1
|
)
|
|
23.5
|
|
|||
|
1.8
|
|
|
(3.6
|
)
|
|
15.5
|
|
|||
HBB
|
14.0
|
|
|
15.4
|
|
|
2.7
|
|
|||
KC
|
2.0
|
|
|
2.3
|
|
|
(3.3
|
)
|
|||
NACoal
|
10.8
|
|
|
8.8
|
|
|
3.2
|
|
|||
NACCO and Other
|
(11.1
|
)
|
|
(2.4
|
)
|
|
0.6
|
|
|||
Eliminations
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
17.4
|
|
|
$
|
20.5
|
|
|
$
|
18.7
|
|
Net income (loss) attributable to stockholders
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
26.5
|
|
|
$
|
11.3
|
|
|
$
|
(11.6
|
)
|
NMHG Europe
|
(0.3
|
)
|
|
(42.5
|
)
|
|
(4.1
|
)
|
|||
NMHG Other
|
6.2
|
|
|
(11.9
|
)
|
|
(360.3
|
)
|
|||
|
32.4
|
|
|
(43.1
|
)
|
|
(376.0
|
)
|
|||
HBB
|
24.4
|
|
|
26.1
|
|
|
(73.3
|
)
|
|||
KC
|
3.5
|
|
|
3.9
|
|
|
(10.0
|
)
|
|||
NACoal
|
39.6
|
|
|
53.2
|
|
|
22.1
|
|
|||
NACCO and Other
|
(20.4
|
)
|
|
(9.0
|
)
|
|
(0.4
|
)
|
|||
Total
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
|
2010
|
|
2009
|
|
2008
|
||||||
Total assets
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
557.0
|
|
|
$
|
438.5
|
|
|
$
|
548.7
|
|
NMHG Europe
|
353.0
|
|
|
295.6
|
|
|
438.0
|
|
|||
NMHG Other
|
131.2
|
|
|
180.0
|
|
|
108.4
|
|
|||
|
1,041.2
|
|
|
914.1
|
|
|
1,095.1
|
|
|||
HBB
|
251.7
|
|
|
217.8
|
|
|
203.3
|
|
|||
KC
|
86.6
|
|
|
81.9
|
|
|
74.9
|
|
|||
NACoal
|
269.2
|
|
|
266.6
|
|
|
276.6
|
|
|||
NACCO and Other
|
71.8
|
|
|
105.1
|
|
|
188.5
|
|
|||
Eliminations
|
(62.2
|
)
|
|
(96.8
|
)
|
|
(150.5
|
)
|
|||
Total
|
$
|
1,658.3
|
|
|
$
|
1,488.7
|
|
|
$
|
1,687.9
|
|
Depreciation, depletion and amortization
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
17.0
|
|
|
$
|
17.9
|
|
|
$
|
18.2
|
|
NMHG Europe
|
6.5
|
|
|
6.4
|
|
|
10.0
|
|
|||
NMHG Other
|
10.4
|
|
|
11.9
|
|
|
13.8
|
|
|||
|
33.9
|
|
|
36.2
|
|
|
42.0
|
|
|||
HBB
|
3.6
|
|
|
3.7
|
|
|
4.2
|
|
|||
KC
|
3.5
|
|
|
3.7
|
|
|
3.0
|
|
|||
NACoal
|
9.9
|
|
|
9.0
|
|
|
9.5
|
|
|||
NACCO and Other
|
1.3
|
|
|
1.0
|
|
|
0.2
|
|
|||
Total
|
$
|
52.2
|
|
|
$
|
53.6
|
|
|
$
|
58.9
|
|
Capital expenditures
|
|
|
|
|
|
||||||
NMHG
|
|
|
|
|
|
||||||
NMHG Americas
|
$
|
5.1
|
|
|
$
|
1.2
|
|
|
$
|
20.0
|
|
NMHG Europe
|
3.5
|
|
|
3.3
|
|
|
14.2
|
|
|||
NMHG Other
|
3.5
|
|
|
1.3
|
|
|
7.0
|
|
|||
|
12.1
|
|
|
5.8
|
|
|
41.2
|
|
|||
HBB
|
2.2
|
|
|
2.1
|
|
|
5.7
|
|
|||
KC
|
2.7
|
|
|
1.0
|
|
|
6.0
|
|
|||
NACoal
|
9.8
|
|
|
10.5
|
|
|
12.1
|
|
|||
NACCO and Other
|
1.1
|
|
|
14.1
|
|
|
6.4
|
|
|||
Eliminations
|
(1.6
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
26.3
|
|
|
$
|
33.5
|
|
|
$
|
71.4
|
|
|
United
States
|
|
Europe,
Africa and
Middle East
|
|
Other
|
|
Consolidated
|
||||||||
2010
|
|
|
|
|
|
|
|
||||||||
Revenues from unaffiliated customers, based on the customers’ location
|
$
|
1,556.5
|
|
|
$
|
491.1
|
|
|
$
|
639.9
|
|
|
$
|
2,687.5
|
|
Long-lived assets
|
$
|
227.1
|
|
|
$
|
40.8
|
|
|
$
|
66.5
|
|
|
$
|
334.4
|
|
2009
|
|
|
|
|
|
|
|
||||||||
Revenues from unaffiliated customers, based on the customers’ location
|
$
|
1,415.5
|
|
|
$
|
410.6
|
|
|
$
|
484.5
|
|
|
$
|
2,310.6
|
|
Long-lived assets
|
$
|
277.4
|
|
|
$
|
48.1
|
|
|
$
|
66.2
|
|
|
$
|
391.7
|
|
2008
|
|
|
|
|
|
|
|
||||||||
Revenues from unaffiliated customers, based on the customers’ location
|
$
|
1,923.7
|
|
|
$
|
921.8
|
|
|
$
|
819.6
|
|
|
$
|
3,665.1
|
|
Long-lived assets
|
$
|
279.7
|
|
|
$
|
60.0
|
|
|
$
|
76.3
|
|
|
$
|
416.0
|
|
|
2010
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
375.4
|
|
|
$
|
413.5
|
|
|
$
|
442.9
|
|
|
$
|
570.1
|
|
HBB
|
102.6
|
|
|
103.3
|
|
|
133.3
|
|
|
176.5
|
|
||||
KC
|
42.8
|
|
|
40.9
|
|
|
47.5
|
|
|
88.4
|
|
||||
NACoal
|
37.6
|
|
|
42.3
|
|
|
42.4
|
|
|
34.5
|
|
||||
Eliminations
|
(0.8
|
)
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|
(3.3
|
)
|
||||
|
$
|
557.6
|
|
|
$
|
598.8
|
|
|
$
|
664.9
|
|
|
$
|
866.2
|
|
Gross profit
|
$
|
105.7
|
|
|
$
|
123.1
|
|
|
$
|
130.1
|
|
|
$
|
167.3
|
|
Earnings of unconsolidated mines
|
$
|
10.5
|
|
|
$
|
9.5
|
|
|
$
|
11.3
|
|
|
$
|
12.1
|
|
Operating profit (loss)
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
10.3
|
|
|
$
|
9.8
|
|
|
$
|
8.2
|
|
|
$
|
17.8
|
|
HBB
|
7.4
|
|
|
7.8
|
|
|
10.9
|
|
|
19.8
|
|
||||
KC
|
(2.9
|
)
|
|
(2.9
|
)
|
|
0.1
|
|
|
11.6
|
|
||||
NACoal
|
11.0
|
|
|
15.7
|
|
|
15.0
|
|
|
11.6
|
|
||||
NACCO and Other
|
(1.7
|
)
|
|
(3.1
|
)
|
|
(2.0
|
)
|
|
(4.0
|
)
|
||||
Eliminations
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
|
$
|
24.2
|
|
|
$
|
27.3
|
|
|
$
|
32.1
|
|
|
$
|
56.7
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
11.6
|
|
|
$
|
16.0
|
|
|
$
|
13.3
|
|
|
$
|
38.5
|
|
Net income (loss) attributable to stockholders
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
8.0
|
|
|
$
|
7.3
|
|
|
$
|
3.8
|
|
|
$
|
13.3
|
|
HBB
|
3.4
|
|
|
3.8
|
|
|
5.6
|
|
|
11.6
|
|
||||
KC
|
(1.8
|
)
|
|
(1.8
|
)
|
|
(0.1
|
)
|
|
7.2
|
|
||||
NACoal
|
8.1
|
|
|
11.3
|
|
|
11.0
|
|
|
9.2
|
|
||||
NACCO and Other
|
(3.0
|
)
|
|
(5.3
|
)
|
|
(6.1
|
)
|
|
(6.0
|
)
|
||||
Eliminations
|
(3.0
|
)
|
|
0.6
|
|
|
(0.7
|
)
|
|
3.1
|
|
||||
|
$
|
11.7
|
|
|
$
|
15.9
|
|
|
$
|
13.5
|
|
|
$
|
38.4
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
1.41
|
|
|
$
|
1.91
|
|
|
$
|
1.62
|
|
|
$
|
4.61
|
|
Diluted earnings per share
|
$
|
1.40
|
|
|
$
|
1.91
|
|
|
$
|
1.62
|
|
|
$
|
4.59
|
|
|
2009
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
389.1
|
|
|
$
|
362.0
|
|
|
$
|
328.4
|
|
|
$
|
395.7
|
|
HBB
|
94.2
|
|
|
107.2
|
|
|
118.9
|
|
|
176.7
|
|
||||
KC
|
39.7
|
|
|
40.6
|
|
|
48.3
|
|
|
85.3
|
|
||||
NACoal
|
32.6
|
|
|
31.5
|
|
|
32.9
|
|
|
32.5
|
|
||||
Eliminations
|
(0.9
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
(2.6
|
)
|
||||
|
$
|
554.7
|
|
|
$
|
540.5
|
|
|
$
|
527.8
|
|
|
$
|
687.6
|
|
Gross profit
|
$
|
85.9
|
|
|
$
|
92.8
|
|
|
$
|
94.1
|
|
|
$
|
135.3
|
|
Earnings of unconsolidated mines
|
$
|
10.5
|
|
|
$
|
9.8
|
|
|
$
|
10.5
|
|
|
$
|
7.8
|
|
Operating profit (loss)
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
(12.6
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(20.4
|
)
|
|
$
|
3.5
|
|
HBB
|
4.4
|
|
|
9.8
|
|
|
13.5
|
|
|
22.7
|
|
||||
KC
|
(4.3
|
)
|
|
(2.6
|
)
|
|
0.6
|
|
|
13.0
|
|
||||
NACoal
|
13.0
|
|
|
9.2
|
|
|
16.7
|
|
|
3.7
|
|
||||
NACCO and Other
|
(1.1
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
|
(5.4
|
)
|
||||
Eliminations
|
—
|
|
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
||||
|
$
|
(0.6
|
)
|
|
$
|
13.3
|
|
|
$
|
9.0
|
|
|
$
|
37.4
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(9.1
|
)
|
|
$
|
1.1
|
|
|
$
|
(4.4
|
)
|
|
$
|
20.8
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
21.9
|
|
Net income (loss)
|
$
|
(9.1
|
)
|
|
$
|
1.4
|
|
|
$
|
(4.0
|
)
|
|
$
|
42.7
|
|
Net income (loss) attributable to stockholders
|
|
|
|
|
|
|
|
||||||||
NMHG
|
$
|
(18.5
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(22.4
|
)
|
|
$
|
0.9
|
|
HBB
|
1.4
|
|
|
4.7
|
|
|
6.9
|
|
|
13.1
|
|
||||
KC
|
(2.8
|
)
|
|
(1.7
|
)
|
|
0.3
|
|
|
8.1
|
|
||||
NACoal
|
10.8
|
|
|
7.1
|
|
|
11.4
|
|
|
23.9
|
|
||||
NACCO and Other
|
(1.5
|
)
|
|
(1.4
|
)
|
|
(1.5
|
)
|
|
(4.6
|
)
|
||||
Eliminations
|
1.5
|
|
|
(4.0
|
)
|
|
1.4
|
|
|
1.1
|
|
||||
|
$
|
(9.1
|
)
|
|
$
|
1.6
|
|
|
$
|
(3.9
|
)
|
|
$
|
42.5
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted earnings (loss) per share
|
$
|
(1.10
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.47
|
)
|
|
$
|
5.12
|
|
|
2010
|
|
2009
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
29.6
|
|
|
$
|
48.8
|
|
Other current assets
|
0.2
|
|
|
1.4
|
|
||
Current intercompany accounts receivable, net
|
0.5
|
|
|
—
|
|
||
Investment in subsidiaries
|
|
|
|
||||
NMHG
|
230.7
|
|
|
207.1
|
|
||
HBB
|
13.9
|
|
|
(12.8
|
)
|
||
KC
|
48.1
|
|
|
44.6
|
|
||
NACoal
|
141.5
|
|
|
126.9
|
|
||
Other
|
16.8
|
|
|
17.2
|
|
||
|
451.0
|
|
|
383.0
|
|
||
Property, plant and equipment, net
|
2.2
|
|
|
5.2
|
|
||
Other non-current assets
|
14.7
|
|
|
22.3
|
|
||
Total Assets
|
$
|
498.2
|
|
|
$
|
460.7
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
$
|
12.4
|
|
|
$
|
6.1
|
|
Current intercompany accounts payable, net
|
—
|
|
|
15.7
|
|
||
Note payable to Bellaire
|
25.2
|
|
|
27.8
|
|
||
Other non-current liabilities
|
13.2
|
|
|
14.5
|
|
||
Stockholders’ equity
|
447.4
|
|
|
396.6
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
498.2
|
|
|
$
|
460.7
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Statement of Operations
|
|
|
|
|
|
||||||
Revenues
|
$
|
461.7
|
|
|
$
|
421.1
|
|
|
$
|
402.6
|
|
Gross profit
|
$
|
71.7
|
|
|
$
|
63.7
|
|
|
$
|
58.3
|
|
Income before income taxes
|
$
|
43.4
|
|
|
$
|
38.6
|
|
|
$
|
39.4
|
|
Income from continuing operations
|
$
|
33.1
|
|
|
$
|
29.8
|
|
|
$
|
30.3
|
|
Net income
|
$
|
33.1
|
|
|
$
|
29.8
|
|
|
$
|
30.3
|
|
Balance Sheet
|
|
|
|
|
|
||||||
Current assets
|
$
|
130.9
|
|
|
$
|
119.1
|
|
|
|
||
Non-current assets
|
$
|
633.6
|
|
|
$
|
637.4
|
|
|
|
||
Current liabilities
|
$
|
115.2
|
|
|
$
|
111.9
|
|
|
|
||
Non-current liabilities
|
$
|
644.3
|
|
|
$
|
641.1
|
|
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
Statement of Operations
|
|
|
|
|
|
||||||
Revenues
|
$
|
358.6
|
|
|
$
|
310.6
|
|
|
$
|
445.0
|
|
Gross profit
|
$
|
106.7
|
|
|
$
|
88.5
|
|
|
$
|
121.3
|
|
Income from continuing operations
|
$
|
7.1
|
|
|
$
|
1.5
|
|
|
$
|
18.9
|
|
Net income
|
$
|
7.1
|
|
|
$
|
1.5
|
|
|
$
|
18.9
|
|
Balance Sheet
|
|
|
|
|
|
||||||
Current assets
|
$
|
128.6
|
|
|
$
|
95.6
|
|
|
|
||
Non-current assets
|
$
|
1,038.0
|
|
|
$
|
1,159.2
|
|
|
|
||
Current liabilities
|
$
|
119.0
|
|
|
$
|
104.1
|
|
|
|
||
Non-current liabilities
|
$
|
925.9
|
|
|
$
|
1,028.8
|
|
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
|
(In millions)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
29.6
|
|
|
$
|
48.8
|
|
Other current assets
|
0.2
|
|
|
1.4
|
|
||
Current intercompany accounts receivable, net
|
0.5
|
|
|
—
|
|
||
Investment in subsidiaries
|
|
|
|
||||
NMHG
|
230.7
|
|
|
207.1
|
|
||
HBB
|
13.9
|
|
|
(12.8
|
)
|
||
KC
|
48.1
|
|
|
44.6
|
|
||
NACoal
|
141.5
|
|
|
126.9
|
|
||
Other
|
16.8
|
|
|
17.2
|
|
||
|
451.0
|
|
|
383.0
|
|
||
Property, plant and equipment, net
|
2.2
|
|
|
5.2
|
|
||
Other non-current assets
|
14.7
|
|
|
22.3
|
|
||
Total Assets
|
$
|
498.2
|
|
|
$
|
460.7
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities
|
$
|
12.4
|
|
|
$
|
6.1
|
|
Current intercompany accounts payable, net
|
—
|
|
|
15.7
|
|
||
Note payable to Bellaire
|
25.2
|
|
|
27.8
|
|
||
Other non-current liabilities
|
13.2
|
|
|
14.5
|
|
||
Stockholders’ equity
|
447.4
|
|
|
396.6
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
498.2
|
|
|
$
|
460.7
|
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions)
|
||||||||||
Income (expense):
|
|
|
|
|
|
||||||
Intercompany interest income (expense)
|
$
|
(1.9
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
0.1
|
|
Other, net
|
(18.8
|
)
|
|
(1.5
|
)
|
|
2.2
|
|
|||
|
(20.7
|
)
|
|
(3.1
|
)
|
|
2.3
|
|
|||
Administrative and general expenses
|
10.5
|
|
|
9.2
|
|
|
2.0
|
|
|||
Income (loss) before income taxes
|
(31.2
|
)
|
|
(12.3
|
)
|
|
0.3
|
|
|||
Income tax provision (benefit)
|
(11.0
|
)
|
|
(2.7
|
)
|
|
0.6
|
|
|||
Net loss before equity in earnings of subsidiaries
|
(20.2
|
)
|
|
(9.6
|
)
|
|
(0.3
|
)
|
|||
Equity in earnings (loss) of subsidiaries
|
99.6
|
|
|
40.6
|
|
|
(437.1
|
)
|
|||
Net income (loss)
|
79.4
|
|
|
31.0
|
|
|
(437.4
|
)
|
|||
Net (income) loss attributable to noncontrolling interest
|
0.1
|
|
|
0.1
|
|
|
(0.2
|
)
|
|||
Net income (loss) attributable to stockholders
|
$
|
79.5
|
|
|
$
|
31.1
|
|
|
$
|
(437.6
|
)
|
|
Year Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
|
(In millions)
|
||||||||||
Operating Activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
79.4
|
|
|
$
|
31.0
|
|
|
$
|
(437.4
|
)
|
Equity in earnings (loss) of subsidiaries
|
(99.6
|
)
|
|
(40.6
|
)
|
|
437.1
|
|
|||
Parent company only net loss
|
(20.2
|
)
|
|
(9.6
|
)
|
|
(0.3
|
)
|
|||
Net changes related to operating activities
|
(9.1
|
)
|
|
(31.6
|
)
|
|
(1.2
|
)
|
|||
Net cash used for operating activities
|
(29.3
|
)
|
|
(41.2
|
)
|
|
(1.5
|
)
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(1.1
|
)
|
|
(14.1
|
)
|
|
(6.4
|
)
|
|||
Net cash used for investing activities
|
(1.1
|
)
|
|
(14.1
|
)
|
|
(6.4
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Dividends received from subsidiaries
|
29.6
|
|
|
15.5
|
|
|
52.2
|
|
|||
Proceeds from the sale of assets
|
1.6
|
|
|
—
|
|
|
—
|
|
|||
Intercompany notes
|
—
|
|
|
72.9
|
|
|
(53.3
|
)
|
|||
Notes payable to Bellaire
|
(2.6
|
)
|
|
(0.4
|
)
|
|
(46.1
|
)
|
|||
Capital contributions to subsidiaries
|
—
|
|
|
(38.0
|
)
|
|
(65.8
|
)
|
|||
Cash dividends paid
|
(17.4
|
)
|
|
(17.1
|
)
|
|
(16.9
|
)
|
|||
Net cash provided by (used for) financing activities
|
11.2
|
|
|
32.9
|
|
|
(129.9
|
)
|
|||
Cash and cash equivalents
|
|
|
|
|
|
||||||
Decrease for the period
|
(19.2
|
)
|
|
(22.4
|
)
|
|
(137.8
|
)
|
|||
Balance at the beginning of the period
|
48.8
|
|
|
71.2
|
|
|
209.0
|
|
|||
Balance at the end of the period
|
$
|
29.6
|
|
|
$
|
48.8
|
|
|
$
|
71.2
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
||||||||||||
Description
|
|
Balance at Beginning of Period
|
|
Charged to
Costs and
Expenses
|
|
Charged to
Other Accounts
— Describe (C)
|
|
Deductions
— Describe
|
|
Balance at
End of
Period (E)
|
||||||||||||
(In millions)
|
||||||||||||||||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserves deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts (D)
|
|
$
|
19.1
|
|
|
$
|
1.5
|
|
|
$
|
(0.3
|
)
|
|
$
|
9.1
|
|
|
(A)
|
|
$
|
11.2
|
|
Allowance for discounts, adjustments and returns
|
|
11.5
|
|
|
14.9
|
|
|
—
|
|
|
15.3
|
|
|
(B)
|
|
11.1
|
|
|||||
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserves deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts (D)
|
|
$
|
15.7
|
|
|
$
|
3.9
|
|
|
$
|
0.8
|
|
|
$
|
1.3
|
|
|
(A)
|
|
$
|
19.1
|
|
Allowance for discounts, adjustments and returns
|
|
12.4
|
|
|
17.0
|
|
|
—
|
|
|
17.9
|
|
|
(B)
|
|
11.5
|
|
|||||
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reserves deducted from asset accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts (D)
|
|
$
|
9.7
|
|
|
$
|
8.8
|
|
|
$
|
(0.7
|
)
|
|
$
|
2.1
|
|
|
(A)
|
|
$
|
15.7
|
|
Allowance for discounts, adjustments and returns
|
|
12.4
|
|
|
20.4
|
|
|
—
|
|
|
20.4
|
|
|
(B)
|
|
12.4
|
|
(A)
|
Write-offs, net of recoveries.
|
(B)
|
Payments and customer deductions for product returns, discounts and allowances.
|
(C)
|
Subsidiary's foreign currency translation adjustments and other.
|
(D)
|
Includes allowance of receivables classified as long-term of $5.0 million, $12.0 million and $6.2 million in 2010, 2009 and 2008, respectively.
|
(E)
|
Balances which are not required to be presented and those which are immaterial have been omitted.
|
2.1(i)
|
|
Amended and Restated Spin-Off Agreement, dated as of April 25, 2007, among NACCO Industries, Inc., Housewares Holding Company, Hamilton Beach, Inc. and Hamilton Beach/Proctor-Silex, Inc., is incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed by the Company on May 1, 2007, Commission File Number 1-9172.
|
3.1(i)
|
|
Restated Certificate of Incorporation of the Company is incorporated herein by reference to Exhibit 3(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1992, Commission File Number 1-9172.
|
3.1(ii)
|
|
Amended and Restated By-laws of the Company are incorporated herein by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on August 7, 2008, Commission File Number 1-9172.
|
4.1
|
|
The Company by this filing agrees, upon request, to file with the Securities and Exchange Commission the instruments defining the rights of holders of long-term debt of the Company and its subsidiaries where the total amount of securities authorized thereunder does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis.
|
4.2
|
|
The Mortgage and Security Agreement, dated April 8, 1976, between The Falkirk Mining Company (as Mortgagor) and Cooperative Power Association and United Power Association (collectively as Mortgagee) is incorporated herein by reference to Exhibit 4(ii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1992, Commission File Number 1-9172.
|
4.3
|
|
Amendment No. 1 to the Mortgage and Security Agreement, dated as of December 15, 1993, between Falkirk Mining Company (as Mortgagor) and Cooperative Power Association and United Power Association (collectively as Mortgagee) is incorporated herein by reference to Exhibit 4(iii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1997, Commission File Number 1-9172.
|
4.4
|
|
Stockholders’ Agreement, dated as of March 15, 1990, among the signatories thereto, the Company and Ameritrust Company National Association, as depository, is incorporated herein by reference to Exhibit 2 to the Schedule 13D filed on March 29, 1990 with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.5
|
|
Amendment to Stockholders’ Agreement, dated as of April 6, 1990, among the signatories thereto, the Company and Ameritrust Company National Association, as depository, is incorporated herein by reference to Exhibit 4 to Amendment No. 1 to the Schedule 13D filed on April 11, 1990 with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.6
|
|
Amendment to Stockholders’ Agreement, dated as of April 6, 1990, among the signatories thereto, the Company and Ameritrust Company National Association, as depository, is incorporated herein by reference to Exhibit 5 to Amendment No. 1 to the Schedule 13D filed on April 11, 1990 with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.7
|
|
Amendment to Stockholders’ Agreement, dated as of November 17, 1990, among the signatories thereto, the Company, and Ameritrust Company National Association, as depository, is incorporated herein by reference to Amendment No. 2 to the Schedule 13D filed on March 18, 1991 with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.8
|
|
Amendment to Stockholders’ Agreement, dated as of November 14, 1996, among the signatories thereto, the Company, the New Participating Stockholders (as defined therein) and Key Bank, N.A. (successor to Ameritrust Company National Association), as depository, is incorporated herein by reference to Amendment No. 3 to the Schedule 13D filed on November 26, 1996, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.9
|
|
Amendment to Stockholders’ Agreement, dated as of November 14, 1996, among the signatories thereto, the Company, the New Participating Stockholders (as defined therein) and Key Bank, N.A. (successor to Ameritrust Company National Association), as depository, is incorporated herein by reference to Amendment No. 3 to the Schedule 13D filed on November 26, 1996, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.10
|
|
Amendment to Stockholders’ Agreement, dated as of April 9, 1998, by and among KeyCorp Shareholder Services, Inc., the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 6 to the Schedule 13D filed on March 25, 1999, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.11
|
|
Amendment to Stockholders’ Agreement, dated as of December 26, 1998, by and among KeyCorp Shareholder Services, Inc., the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 6 to the Schedule 13D filed on March 25, 1999, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.12
|
|
Amendment to Stockholders’ Agreement, dated as of November 30, 1999, by and among First Chicago Trust Company of New York, the Company and the Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 7 to the Schedule 13D filed on March 30, 2000, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.13
|
|
Amendment to Stockholders’ Agreement, dated as of November 30, 1999, by and among First Chicago Trust Company of New York, the Company and the Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 7 to the Schedule 13D filed on March 30, 2000, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.14
|
|
Amendment to Stockholders’ Agreement, dated as of March 30, 2000, by and among First Chicago Trust Company of New York, the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 7 to the Schedule 13D filed on March 30, 2000, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.15
|
|
Amendment to Stockholders’ Agreement, dated as of October 31, 2000, by and among First Chicago Trust Company of New York, the Company and the Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 8 to the Schedule 13D filed on February 14, 2001, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.16
|
|
Amendment to Stockholders’ Agreement, dated as of October 31, 2000, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 8 to the Schedule 13D filed on February 14, 2001, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.17
|
|
Amendment to Stockholders’ Agreement, dated as of February 14, 2001, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Amendment No. 8 to the Schedule 13D filed on February 14, 2001, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.18
|
|
Amendment to Stockholders’ Agreement, dated as of December 26, 2001, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 9 to the Schedule 13D filed on February 14, 2002, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.19
|
|
Amendment to Stockholders’ Agreement, dated as of February 11, 2002, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 9 to the Schedule 13D filed on February 14, 2002, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.20
|
|
Amendment to Stockholders’ Agreement, dated as of October 24, 2002, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 10 to the Schedule 13D filed on February 14, 2003, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.21
|
|
Amendment to Stockholders’ Agreement, dated as of December 30, 2002, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 10 to the Schedule 13D filed on February 14, 2003, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.22
|
|
Amendment to Stockholders’ Agreement, dated as of December 28, 2004, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholders (as defined therein) is incorporated herein by reference to Exhibit 4.23 of the Registration Statement on Form S-4, filed by the Company on January 12, 2005, Commission File Number 333-121996.
|
4.23
|
|
Amendment to Stockholders’ Agreement, dated as of February 7, 2005, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Exhibit 4.24 of the Pre-Effective Amendment No. 1 to the Registration Statement on Form S-4, filed by the Company on February 7, 2005, Commission File Number 333-121996.
|
4.24
|
|
Amendment to Stockholders’ Agreement, dated as of March 24, 2006, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 15 to the Schedule 13D filed on February 14, 2008, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.25
|
|
Amendment to Stockholders’ Agreement, dated as of September 19, 2007, by and among National City Bank (Cleveland), the Company, the Participating Stockholders (as defined therein) and the New Participating Stockholder (as defined therein) is incorporated herein by reference to Amendment No. 15 to the Schedule 13D filed on February 14, 2008, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.26
|
|
Amendment to Stockholders’ Agreement, dated as of November 13, 2008, by and among National City Bank, the Company, the Participating Stockholders and the New Participating Stockholders is incorporated herein by reference to Amendment No. 16 to the Schedule 13D filed on February 13, 2009, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.27
|
|
Amendment to Stockholders’ Agreement, dated as of November 26, 2008, by and among National City Bank, the Company, the Participating Stockholders and the New Participating Stockholders is incorporated herein by reference to Amendment No. 16 to the Schedule 13D filed on February 13, 2009, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
4.28
|
|
Amendment to Stockholders’ Agreement, dated as of November 27, 2009, by and among National City Bank, the Company, the Participating Stockholders and the New Participating Stockholders is incorporated herein by reference to Amendment No. 17 to the Schedule 13D filed on February 16, 2010, with respect to the Class B Common Stock, par value $1.00 per share, of NACCO Industries, Inc., Commission File Number 5-38001.
|
10.1*
|
|
The NACCO Industries, Inc. 1975 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.2*
|
|
Form of Incentive Stock Option Agreement for incentive stock options granted after 1986 under The NACCO Industries, Inc. 1975 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(iii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.3*
|
|
Form of Non-Qualified Stock Option Agreement under The NACCO Industries, Inc., 1975 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(iv) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.4*
|
|
The NACCO Industries, Inc. 1981 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(v) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.5*
|
|
Form of Non-Qualified Stock Option Agreement under The NACCO Industries, Inc. 1981 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(vi) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.6*
|
|
Form of Incentive Stock Option Agreement for incentive stock options granted after 1986 under The NACCO Industries, Inc. 1981 Stock Option Plan (as amended and restated as of July 17, 1986) is incorporated herein by reference to Exhibit 10(viii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1991, Commission File Number 1-9172.
|
10.7*
|
|
Form of award agreement for the NACCO Industries, Inc. Supplemental Executive Long-Term Incentive Bonus Plan is incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K, filed by the Company on May 15, 2006, Commission File Number 1-9172.
|
10.8*
|
|
Form of award agreement for the NACCO Industries, Inc. Executive Long-Term Incentive Compensation Plan, effective December 12, 2006, is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2006, Commission File Number 1-9172.
|
10.9*
|
|
NACCO Industries, Inc. Supplemental Executive Long-Term Incentive Bonus Plan (Effective as of January 1, 2008) is incorporated herein by reference to Exhibit 10.45 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, Commission File Number 1-9172.
|
10.10*
|
|
NACCO Industries, Inc. Non-Employee Directors’ Equity Compensation Plan (Effective as of January 1, 2008) is incorporated herein by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, Commission File Number 1-9172.
|
10.11*
|
|
The Retirement Plan For Alfred M. Rankin, Jr. (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.12*
|
|
The NACCO Industries, Inc. Unfunded Benefit Plan (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.13*
|
|
The NACCO Industries, Inc. Excess Retirement Plan (Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.14*
|
|
Amendment No. 1 to the Retirement Benefit Plan for Alfred M. Rankin, Jr. (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K., filed by the Company on November 13, 2008, Commission File Number 1-9172.
|
10.15*
|
|
Amendment No. 1 to the NACCO Industries, Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of December 1, 2007) is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on November 13, 2008, Commission File Number 1-9172.
|
10.16*
|
|
The NACCO Industries, Inc. Unfunded Benefit Plan for Terminated NMHG Employees is incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on May 5, 2009, Commission File Number 1-9172.
|
10.17*
|
|
Consulting Agreement between NACCO Industries, Inc. and Michael J. Morecroft, dated February 10, 2009 (effective as of June 30, 2008) is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on February 12, 2009, Commission File Number 1-9172.
|
10.18*
|
|
NACCO Industries, Inc. 2009 Annual Incentive Compensation Plan is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on June 22, 2009, Commission File Number 1-9172.
|
10.19*
|
|
Amendment No. 2 to the Retirement Benefit Plan for Alfred M. Rankin, Jr. (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.20*
|
|
Amendment No. 1 to the NACCO Industries, Inc. Excess Retirement Plan (Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.25 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.21*
|
|
Amendment No. 2 to the NACCO Industries, Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of December 1, 2007) is incorporated herein by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.22*
|
|
NACCO Industries, Inc. Executive Long-Term Incentive Compensation Plan (As Amended and Restated Effective as of January 1, 2010) is incorporated herein by reference to Appendix A to NACCO's Definitive Proxy Statement, filed by the Company on March 26, 2010, Commission File Number 1-9172.
|
10.23*
|
|
NACCO Industries, Inc. Annual Incentive Compensation Plan (Effective January 1, 2010) is incorporated herein by reference to Appendix D to NACCO's Definitive Proxy Statement, filed by the Company on March 26, 2010, Commission File Number 1-9172.
|
10.24
|
|
Purchase and Sale Agreement, dated October 11, 2000, by and among Phillips Petroleum Company, Phillips Coal Company, The North American Coal Corporation, Oxbow Property Company L.L.C. and Red Hills Property Company L.L.C. is incorporated herein by reference to Exhibit 10(xxxvii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000, Commission File Number 1-9172.
|
10.25
|
|
Credit Agreement, dated as of October 27, 2009, by and among The North American Coal Corporation, the Lenders party hereto and U.S. Bank National Association and Regions Bank, as Co-Syndication Agents, and PNC Bank, National Association, as Administrative Agent is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on November 2, 2009, Commission File Number 1-9172.
|
10.26*
|
|
The North American Coal Corporation Deferred Compensation Plan For Management Employees (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.27*
|
|
The North American Coal Corporation Excess Retirement Plan (Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.28*
|
|
The North American Coal Corporation Supplemental Retirement Benefit Plan (As Amended and Restated as of January 1, 2008) is incorporated herein by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.29*
|
|
The North American Coal Corporation Value Appreciation Plan For Years 2006 to 2015 (As Amended and Restated Effective as of January 1, 2008) is incorporated herein by reference to Exhibit 10.17 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.30*
|
|
Amendment No. 1 to The North American Coal Corporation Deferred Compensation Plan For Management Employees (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K, filed by the Company on November 13, 2008, Commission File Number 1-9172.
|
10.31*
|
|
Amendment No. 1 to the North American Coal Corporation Value Appreciation Plan for Years 2006 to 2015 (Amended and Restated Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.35 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, Commission File Number 1-9172.
|
10.32
|
|
Purchase and Sale Agreement, dated April 29, 2009, by and among The North American Coal Corporation, Oxbow Property Company L.L.C., Red River Mining Company, Cleco Power LLC, Southwestern Electric Power Company, and Dolet Hills Lignite Company, LLC is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on April 30, 2009, Commission File Number 1-9172.
|
10.33*
|
|
The North American Coal Corporation 2009 Annual Incentive Compensation Plan is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on June 22, 2009, Commission File Number 1-9172.
|
10.34*
|
|
Amendment No. 2 to The North American Coal Corporation Value Appreciation Plan for Years 2006 to 2015 (Amended and Restated Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on November 4, 2009, Commission File Number 1-9172.
|
10.35*
|
|
Amendment No. 1 to The North America Coal Corporation Supplemental Retirement Benefit Plan (As Amended and Restated as of January 1, 2008) is incorporated herein by reference to Exhibit 10.41 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.36*
|
|
Amendment No. 2 to the North American Coal Corporation Deferred Compensation Plan for Management Employees (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.42 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.37*
|
|
The North American Coal Corporation Annual Incentive Compensation Plan (Effective January 1, 2010), is incorporated herein by reference to Appendix E to NACCO's Definitive Proxy Statement, filed by the Company on March 26, 2010, Commission File Number 1-9172.
|
10.38*
|
|
Amendment No. 3 to The North American Coal Corporation Value Appreciation Plan for Years 2006 to 2015 (Amended and Restated Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on May 5, 2010, Commission File Number 1-9172.
|
10.39*
|
|
Amendment No. 4 to The North American Coal Corporation Value Appreciation Plan for Years 2006 to 2015 (Amended and Restated Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on November 12, 2010, Commission File Number 1-9172.
|
10.40*
|
|
Amendment No. 2 to The North American Coal Corporation Supplemental Retirement Benefit Plan (As Amended and Restated as of January 1, 2008) is attached hereto as Exhibit 10.40.
|
10.41
|
|
Operating Agreement, dated July 31, 1979, among Eaton Corporation and Sumitomo Heavy Industries, Ltd. is incorporated herein by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.42
|
|
Amendment, dated as of January 1, 1994, to the Third Amendment and Restated Operating Agreement dated as of November 7, 1991, between NACCO Materials Handling Group and AT&T Commercial Finance Corporation is incorporated herein by reference to Exhibit 10(c) to the Hyster-Yale Quarterly Report on Form 10-Q for the quarter ended September 30, 1994, Commission File Number 33-28812.
|
10.43
|
|
Equity joint venture contract, dated November 27, 1997, between Shanghai Perfect Jinqiao United Development Company Ltd., People’s Republic of China, NACCO Materials Handling Group, Inc., USA, and Sumitomo-Yale Company Ltd., Japan is incorporated herein by reference to Exhibit 10.3 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.44
|
|
Recourse and Indemnity Agreement, dated October 21, 1998, between General Electric Capital Corp., NMHG Financial Services, Inc. and NACCO Materials Handling Group, Inc. is incorporated herein by reference to Exhibit 10.4 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.45
|
|
Restated and Amended Joint Venture and Shareholders Agreement, dated April 15, 1998, between General Electric Capital Corp. and NACCO Materials Handling Group, Inc. is incorporated herein by reference to Exhibit 10.5 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.46
|
|
Amendment No. 1 to the Restated and Amended Joint Venture and Shareholders Agreement between General Electric Capital Corporation and NACCO Materials Handling Group, Inc., dated as of October 21, 1998 is incorporated herein by reference to Exhibit 10.6 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.47
|
|
International Operating Agreement, dated April 15, 1998, between NACCO Materials Handling Group, Inc. and General Electric Capital Corp. (the “International Operating Agreement”) is incorporated herein by reference to Exhibit 10.7 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.48
|
|
Amendment No. 1 to the International Operating Agreement, dated as of October 21, 1998 is incorporated herein by reference to Exhibit 10.8 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.49
|
|
Amendment No. 2 to the International Operating Agreement, dated as of December 1, 1999, is incorporated herein by reference to Exhibit 10.9 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.50
|
|
Amendment No. 3 to the International Operating Agreement, dated as of May 1, 2000, is incorporated herein by reference to Exhibit 10.10 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.51
|
|
Letter agreement, dated November 22, 2000, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated herein by reference to Exhibit 10.11 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.52
|
|
A$ Facility Agreement, dated November 22, 2000, between GE Capital Australia and National Fleet Network Pty Limited is incorporated herein by reference to Exhibit 10.12 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.53
|
|
Loan Agreement, dated as of June 28, 1996, between NACCO Materials Handling Group, Inc. and NACCO Industries, Inc. is incorporated herein by reference to Exhibit 10.13 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
|
10.54
|
|
Amendment No. 2, dated as of January 1, 2004, to the Restated and Amended Joint Venture and Shareholders Agreement between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. is incorporated herein by reference to Exhibit 10.35 to NMHG Holding Co.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, Commission File Number 333-89248.
|
10.55
|
|
Letter Agreement, dated March 12, 2004, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated herein by reference to Exhibit 10.36 to NMHG Holding Co.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, Commission File Number 333-89248.
|
10.56
|
|
Letter Agreement, dated December 15, 2004, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated herein by reference to Exhibit 10.1 to NMHG Holding Co.’s Current Report on Form 8-K, filed on February 18, 2005, Commission File Number 333-89248.
|
10.57
|
|
Letter Agreement, dated February 14, 2005, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated herein by reference to Exhibit 10.2 to NMHG Holding Co.’s Current Report on Form 8-K, filed on February 18, 2005, Commission File Number 333-89248.
|
10.58
|
|
Letter Agreement, dated March 28, 2005, between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on April 1, 2005, Commission File Number 1-9172.
|
10.59
|
|
Letter Agreement, dated May 31, 2005, between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on June 6, 2005, Commission File Number 1-9172.
|
10.60
|
|
Amendment No. 5, dated September 29, 2005, to the International Operating Agreement between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated herein by reference to Exhibit 10.1 to NMHG Holding Co.’s Current Report on Form 8-K, filed on October 4, 2005, Commission File Number 333-89248.
|
10.61
|
|
Term Loan Agreement, dated March 22, 2006, by and among NACCO Materials Handling Group, Inc., as borrower, the financial institutions party thereto, Citicorp North America, Inc., as Administrative Agent, and Citigroup Global Markets Inc., as Sole Lead Arranger, Sole Bookrunner and Syndication Agent, is incorporated herein by reference to Exhibit 10.1 to NMHG Holding Co.’s Current Report on Form 8-K, filed on March 28, 2006, Commission File Number 333-89248.
|
10.62
|
|
Agreement for Services between NMHG Oregon, LLC and Reginald R. Eklund, Effective July 1, 2006 is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on September 6, 2006, Commission File Number 1-9172.
|
10.63*
|
|
The NACCO Materials Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2008), is incorporated herein by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.64*
|
|
The NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2000 Through December 31, 2007 (As Amended and Restated as of December 1, 2007), is incorporated herein by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.65*
|
|
Amendment No. 1 to The NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2000 Through December 31, 2007 (As Amended and Restated as of December 1, 2007), is incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on April 30, 2008, Commission File Number 1-9172.
|
10.66
|
|
Amendment No. 3, effective as of July 1, 2008, to the Restated and Amended Joint Venture and Shareholders Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation, is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on August 1, 2008, Commission File Number 1-9172.
|
10.67
|
|
Amendment No. 7, effective as of July 1, 2008, to the International Operating Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation, is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on August 1, 2008, Commission File Number 1-9172.
|
10.68
|
|
Amendment No. 2, effective as of July 1, 2008, to the Recourse and Indemnity Agreement, dated as of October 21, 1998, by and among NACCO Materials Handling Group, Inc., NMHG Financial Services, Inc. and General Electric Capital Corporation, is incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed by the Company on August 1, 2008, Commission File Number 1-9172.
|
10.69
|
|
Letter Agreement executed October 15, 2008 by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on October 20, 2008, Commission File Number 1-9172.
|
10.70*
|
|
NACCO Materials Handling Group, Inc. Excess Pension Plan for UK Transferees (As Amended and Restated Effective November 11, 2008) is incorporated herein by reference to Exhibit 10.81 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, Commission File Number 1-9172.
|
10.71*
|
|
Amendment No. 1 to the NACCO Materials Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.82 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, Commission File Number 1-9172.
|
10.72*
|
|
The NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated April 24, 2009) is incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on May 5, 2009, Commission File Number 1-9172.
|
10.73*
|
|
Amendment No. 1 to the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated Effective April 24, 2009) is incorporated herein by reference to Exhibit 10.86 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.74*
|
|
Amendment No. 2 to the NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan for the Period from January 1, 2000 through December 31, 2007 (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.88 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.75*
|
|
Amendment No. 3 to the NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan for the Period from January 1, 2000 through December 31, 2007 (As Amended and Restated as of December 1, 2007) is incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 5, 2010, Commission File Number 1-9172.
|
10.76*
|
|
Amendment No. 2 to the NACCO Materials Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2008) is incorporated herein by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 5, 2010, Commission File Number 1-9172.
|
10.77*
|
|
Amendment No. 2 to the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of April 24, 2009) is incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 5, 2010, Commission File Number 1-9172.
|
10.78*
|
|
The NACCO Materials Handling Group, Inc. 2010 Annual Incentive Compensation Plan is incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on March 30, 2010, Commission File Number 1-9172.
|
10.79*
|
|
NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan (Effective January 1, 2010) is incorporated herein by reference to Appendix B to NACCO's Definitive Proxy Statement, filed by the Company on March 26, 2010, Commission File Number 1-9172.
|
10.80
|
|
Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the financial institutions from time to time party hereto as Lenders, the financial institutions from time to time party hereto as Issuing Banks, Bank of America, N.A., as Syndication Agent, Citicorp North America, Inc., as Administrative Agent, Citigroup Global Markets Inc. and Banc of America Securities LLC as Joint Lead Arrangers and as Joint Bookrunners, U.S. Bank National Association, as Senior Managing Agent and Wells Fargo Capital Finance, Inc., as Documentation Agent, is incorporated by reference to Exhibit No. 10.1 to the Company's Current Report on Form 8-K, filed by the Company on July 7, 2010, Commission File Number 1-9172.
|
10.81*
|
|
The Kitchen Collection, Inc. Excess Retirement Plan (Effective January 1, 2008), is incorporated herein by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.82*
|
|
The Kitchen Collection, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2003 Through December 31, 2007 (As Amended and Restated Effective as of December 1, 2007), is incorporated herein by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.83*
|
|
Amendment No. 1 to The Kitchen Collection, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2003 Through December 31, 2007 (As Amended and Restated Effective as of December 1, 2007), is incorporated herein by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on April 30, 2008, Commission File Number 1-9172.
|
10.84
|
|
Guaranty Agreement, dated as of December 17, 2002, executed by Hamilton Beach/Proctor-Silex, Inc. in favor of Wachovia National Association, as Administrative Agent, and ABN Amro Bank N.V., Canadian Branch, as Canadian Agent, and the Lenders, for the benefit of Proctor-Silex Canada, Inc. is incorporated herein by reference to Exhibit 10(xcvii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.85
|
|
Pledge Agreement, dated as of December 17, 2002, by and among HB-PS Holding Company, Inc. and Wachovia National Association, as Administrative Agent (100% of stock of Hamilton Beach/Proctor-Silex, Inc.) is incorporated herein by reference to Exhibit 10(xcviii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.86
|
|
Pledge Agreement, dated as of December 17, 2002, by and among Hamilton Beach/Proctor-Silex, Inc. and Wachovia National Association, as Administrative Agent (65% of stock of each of Proctor-Silex Canada, Inc., Grupo HB/PS, S.A. de C.V., Hamilton Beach/Proctor-Silex de Mexico, S.A. de C.V., and Proctor-Silex, S.A. de C.V. and 100% of Altoona Services, Inc.) is incorporated herein by reference to Exhibit 10(xcix) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.87
|
|
Shareholders Agreement, dated January 20, 1988, among NACCO Industries, Inc. and the shareholders named therein is incorporated herein by reference to pages 98 through 108 of Exhibit 2 to the Company’s Current Report on Form 8-K, dated February 1, 1988, Commission File Number 1-9172.
|
10.88
|
|
Credit Agreement, dated as of December 17, 2002, among Hamilton Beach/Proctor-Silex, Inc. and Proctor-Silex Canada, Inc., as Borrowers, each of the Financial Institutions initially a signatory, as Lenders, Wachovia National Association, as Administrative Agent, ABN Amro Bank N.V., Canadian Branch, as Canadian Agent, Key Bank, National Association, as Syndication Agent, Fleet Capital Corporation, as Documentation Agent, LaSalle Business Credit, Inc., as Documentation Agent, and National City Commercial Finance, Inc., as Documentation Agent is incorporated herein by reference to Exhibit 10(xciv) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.89
|
|
Security Agreement, dated as of December 17, 2002, between Hamilton Beach/Proctor-Silex, Inc. and Wachovia National Association, as Administrative Agent is incorporated herein by reference to Exhibit 10 (xcv) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.90
|
|
Security Agreement, dated as of December 17, 2002, between Proctor-Silex Canada, Inc., Wachovia National Association, as Administrative Agent, and ABN Amro Bank N.V., Canadian Branch, as Canadian Agent is incorporated herein by reference to Exhibit 10(xcvi) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Commission File Number 1-9172.
|
10.91
|
|
First Amendment, dated as of June 29, 2004, to the Credit Agreement, dated as of December 17, 2002, among Hamilton Beach/Proctor-Silex, Inc. and Proctor-Silex Canada, Inc., as Borrowers, each of the Financial Institutions initially a signatory, as Lenders, Wachovia National Association, as Administrative Agent, ABN Amro Bank N.V., Canadian Branch, as Canadian Agent, Key Bank, National Association, as Syndication Agent, Fleet Capital Corporation, as Documentation Agent, LaSalle Business Credit, Inc., as Documentation Agent, and National City Business Credit, Inc., as Documentation Agent is incorporated herein by reference to Exhibit 10(cxxxvi) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004, Commission File Number 1-9172.
|
10.92
|
|
Second Amendment to Credit Agreement, dated as of June 23, 2005, among Hamilton Beach/Proctor-Silex, Inc., the Lenders named therein and Wachovia Bank, as Agent, is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on June 24, 2005, Commission File Number 1-9172.
|
10.93
|
|
Third Amendment to Credit Agreement, dated as of May 17, 2006, among Hamilton Beach/Proctor-Silex, Inc., the Lenders named therein and Wachovia Bank, as Agent, is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on June 26, 2006, Commission File Number 1-9172.
|
10.94
|
|
Fourth Amendment to Credit Agreement, dated as of May 31, 2007, among Hamilton Beach/Proctor-Silex, Inc., the Lenders named therein and UBS AG, Stamford Branch as Administrative Agent, KeyBank National Association as Documentation Agent and Wachovia Bank, National Association as Syndication Agent, is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on June 4, 2007, Commission File Number 1-9172.
|
10.95
|
|
Term Loan Credit Agreement, dated as of May 31, 2007, among Hamilton Beach/Proctor-Silex, Inc., the Lenders named therein and UBS AG, Stamford Branch as Administrative Agent, KeyBank National Association as Documentation Agent and Wachovia Bank, National Association as Syndication Agent, is incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed by the Company on June 4, 2007, Commission File Number 1-9172.
|
10.96
|
|
First Amendment to Term Loan Credit Agreement, dated as of July 6, 2007, among Hamilton Beach/Proctor-Silex, Inc., the Lenders named therein and UBS AG, Stamford Branch as Administrative Agent, is incorporated herein by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on August 6, 2007, Commission File Number 1-9172.
|
10.97*
|
|
The Hamilton Beach Brands, Inc. Excess Retirement Plan (Effective January 1, 2008), is incorporated herein by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.98*
|
|
The Hamilton Beach Brands, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2003 Through December 31, 2007 (As Amended and Restated as of December 1, 2007), is incorporated herein by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K, filed by the Company on December 19, 2007, Commission File Number 1-9172.
|
10.99*
|
|
Amendment No. 1 to The Hamilton Beach Brands, Inc. Long-Term Incentive Compensation Plan For the Period From January 1, 2003 Through December 31, 2007 (As Amended and Restated Effective as of December 1, 2007), is incorporated herein by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q, filed by the Company on April 30, 2008, Commission File Number 1-9172.
|
10.100*
|
|
Consulting Agreement between Hamilton Beach Brands, Inc. and Michael J. Morecroft, dated November 10, 2009 (effective January 1, 2010) is incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on November 13, 2009, Commission File Number 1-9172.
|
10.101*
|
|
Amendment No. 2 to the Hamilton Beach Brands, Inc. Long-Term Incentive Compensation Plan for the Period from January 1, 2003 through December 31, 2007 (As Amended and Restated Effective as of December 1, 2007) is incorporated herein by reference to Exhibit 10.117 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.
|
10.102*
|
|
The Hamilton Beach Brands, Inc. 2010 Annual Incentive Compensation Plan is incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 5, 2010, Commission File Number 1-9172.
|
10.103*
|
|
The Hamilton Beach Brands, Inc. Long-Term Incentive Compensation Plan (Effective January 1, 2010) (is incorporated herein by reference to Appendix C to NACCO's Definitive Proxy Statement, filed by the Company on March 26, 2010, Commission File Number 1-9172.
|
23.1
|
|
Consents of experts and counsel.
|
24.1
|
|
A copy of a power of attorney for Owsley Brown II is attached hereto as Exhibit 24.1.
|
24.2
|
|
A copy of a power of attorney for Dennis W. LaBarre is attached hereto as Exhibit 24.2.
|
24.3
|
|
A copy of a power of attorney for Richard de J. Osborne is attached hereto as Exhibit 24.3.
|
24.4
|
|
A copy of a power of attorney for Michael E. Shannon is attached hereto as Exhibit 24.4.
|
24.5
|
|
A copy of a power of attorney for Britton T. Taplin is attached hereto as Exhibit 24.5.
|
24.6
|
|
A copy of a power of attorney for David F. Taplin is attached hereto as Exhibit 24.6.
|
24.7
|
|
A copy of a power of attorney for John F. Turben is attached hereto as Exhibit 24.7.
|
24.8
|
|
A copy of a power of attorney for Eugene Wong is attached hereto as Exhibit 24.8.
|
31(i)(1)
|
|
Certification of Alfred M. Rankin, Jr. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act is attached hereto as Exhibit 31(i)(1).
|
31(i)(2)
|
|
Certification of Kenneth C. Schilling pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act is attached hereto as Exhibit 31(i)(2).
|
*
|
|
Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of this Annual Report on Form 10-K.
|
Name
|
Incorporation
|
|
|
Bellaire Corporation
|
Ohio
|
The Coteau Properties Company
|
Ohio
|
The Falkirk Mining Company
|
Ohio
|
Grupo HB/PS, S.A. de C.V.
|
Mexico
|
Hamilton Beach Brands Canada, Inc.
|
Ontario (Canada)
|
Hamilton Beach Brands de Mexico, S.A. de C.V.
|
Mexico
|
Hamilton Beach Brands, Inc.
|
Delaware
|
Hamilton Beach, Inc.
|
Delaware
|
Housewares Holding Co.
|
Delaware
|
Hyster (H.K.) Limited
|
China
|
Hyster-Yale Materials Handling, Inc.
|
Delaware
|
The Kitchen Collection LLC
|
Ohio
|
Liberty Fuels, LLC
|
Nevada
|
Mississippi Lignite Mining Company
|
Texas
|
NACCO Materials Handling Group Brasil Ltda.
|
Brazil
|
NACCO Materials Handling Group, Inc.
|
Delaware
|
NACCO Materials Handling Group, Ltd.
|
England
|
NACCO Materials Handling Group Pty, Ltd.
|
Australia
|
NACCO Materials Handling, B.V.
|
Netherlands
|
NACCO Materials Handling, S.p.A.
|
Italy
|
NACCO Materials Handling Limited
|
England
|
NMHG Australia Holding Pty Ltd
|
Australia
|
NMHG Belgium BVBA
|
Belgium
|
NMHG Distribution B.V.
|
Netherlands
|
NMHG Distribution Pty. Limited
|
Australia
|
NMHG Financial Services, Inc.
|
Delaware (20%)
|
NMHG Holding Co.
|
Delaware
|
NMHG Mauritius
|
Mauritius
|
NMHG Mexico S.A. de C.V.
|
Mexico
|
NMHG Oregon, LLC
|
Oregon
|
N.M.H. Holding B.V.
|
Netherlands
|
N.M.H. International B.V.
|
Netherlands
|
The North American Coal Corporation
|
Delaware
|
North American Coal Royalty Company
|
Delaware
|
Oxbow Property Company L.L.C.
|
Louisiana
|
Powhatan Corporation
|
Delaware
|
Red Hills Property Company L.L.C.
|
Mississippi
|
The Sabine Mining Company
|
Nevada
|
Shanghai Hyster Forklift, Ltd
|
China
|
Shanghai Hyster International Trading Co. Ltd
|
China
|
Sumitomo-NACCO Materials Handling Co., Ltd.
|
Japan (50%)
|
Yale Materials Handling UK Limited
|
United Kingdom
|
|
|
|
/s/ Ernst & Young LLP
|
Cleveland, Ohio
|
|
|
|
March 2, 2011
|
|
|
|
/s/ Owsley Brown II
|
|
February 9, 2011
|
|
Owsley Brown II
|
|
Date
|
|
/s/ Dennis W. LaBarre
|
|
February 9, 2011
|
|
Dennis W. LaBarre
|
|
Date
|
|
/s/ Richard de J. Osborne
|
|
February 9, 2011
|
|
Richard de J. Osborne
|
|
Date
|
|
/s/ Michael E. Shannon
|
|
February 9, 2011
|
|
Michael E. Shannon
|
|
Date
|
|
/s/ Britton T. Taplin
|
|
February 9, 2011
|
|
Britton T. Taplin
|
|
Date
|
|
/s/ David F. Taplin
|
|
February 9, 2011
|
|
David F. Taplin
|
|
Date
|
|
/s/ John F. Turben
|
|
February 9, 2011
|
|
John F. Turben
|
|
Date
|
|
/s/ Eugene Wong
|
|
February 9, 2011
|
|
Eugene Wong
|
|
Date
|
|
1.
|
I have reviewed this annual report on Form 10-K of NACCO Industries, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 2, 2011
|
|
/s/ Alfred M. Rankin, Jr.
|
|
|
|
|
Alfred M. Rankin, Jr.
|
|
|
|
|
Chairman, President and Chief Executive Officer (Principal Executive Officer)
|
|
1.
|
I have reviewed this annual report on Form 10-K of NACCO Industries, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected , or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 2, 2011
|
|
/s/ Kenneth C. Schilling
|
|
|
|
|
Kenneth C. Schilling
|
|
|
|
|
Vice President and Controller (Principal Financial Officer)
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
|
Date:
|
March 2, 2011
|
|
/s/ Alfred M. Rankin, Jr.
|
|
|
|
|
Alfred M. Rankin, Jr.
|
|
|
|
|
Chairman, President and Chief Executive Officer (Principal Executive Officer)
|
|
Date:
|
March 2, 2011
|
|
/s/ Kenneth C. Schilling
|
|
|
|
|
Kenneth C. Schilling
|
|
|
|
|
Vice President and Controller (Principal Financial Officer)
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
1
|
|
|
|
|
Audited Combined Financial Statements
|
|
|
|
|
|
Combined Balance Sheets
|
2
|
|
Combined Statements of Net Income and Comprehensive Income
|
4
|
|
Combined Statements of Equity
|
5
|
|
Combined Statements of Cash Flows
|
6
|
|
Notes to Combined Financial Statements
|
7
|
|
|
|
/s/ Ernst & Young LLP
|
|
Cleveland, Ohio
|
|
|
|
March 2, 2011
|
|
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,826
|
|
|
$
|
2,802
|
|
Accounts receivable
|
41,724
|
|
|
27,872
|
|
||
Accounts receivable from affiliated companies
|
1,643
|
|
|
1,395
|
|
||
Inventories
|
75,804
|
|
|
78,159
|
|
||
Deferred income taxes
|
8,390
|
|
|
8,619
|
|
||
Other current assets
|
491
|
|
|
277
|
|
||
Total current assets
|
130,878
|
|
|
119,124
|
|
||
|
|
|
|
||||
Property, plant and equipment:
|
|
|
|
||||
Coal lands and real estate
|
103,345
|
|
|
101,631
|
|
||
Advance minimum royalties
|
1,487
|
|
|
1,506
|
|
||
Plant and equipment
|
768,263
|
|
|
721,564
|
|
||
Construction in progress
|
7,061
|
|
|
37,792
|
|
||
|
880,156
|
|
|
862,493
|
|
||
|
|
|
|
||||
Less allowance for depreciation, depletion, and amortization
|
(406,154
|
)
|
|
(378,006
|
)
|
||
|
474,002
|
|
|
484,487
|
|
||
|
|
|
|
||||
Deferred charges:
|
|
|
|
||||
Deferred lease costs
|
17,787
|
|
|
18,473
|
|
||
Other
|
262
|
|
|
319
|
|
||
|
18,049
|
|
|
18,792
|
|
||
|
|
|
|
||||
Other assets:
|
|
|
|
||||
Note receivable from Parent Company
|
6,736
|
|
|
7,628
|
|
||
Other investments and receivables
|
134,864
|
|
|
126,472
|
|
||
|
141,600
|
|
|
134,100
|
|
||
|
$
|
764,529
|
|
|
$
|
756,503
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Liabilities and equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
23,209
|
|
|
$
|
19,552
|
|
Accounts payable to affiliated companies
|
9,372
|
|
|
1,789
|
|
||
Current maturities of long-term obligations
|
56,707
|
|
|
58,870
|
|
||
Current mine closing accrual
|
7,627
|
|
|
10,404
|
|
||
Other current liabilities
|
18,261
|
|
|
21,320
|
|
||
Total current liabilities
|
115,176
|
|
|
111,935
|
|
||
|
|
|
|
||||
Long-term obligations:
|
|
|
|
||||
Advances from customers
|
176,260
|
|
|
192,052
|
|
||
Notes payable
|
45,000
|
|
|
45,075
|
|
||
Capital lease obligations
|
250,841
|
|
|
251,419
|
|
||
|
472,101
|
|
|
488,546
|
|
||
|
|
|
|
||||
Noncurrent liabilities:
|
|
|
|
||||
Deferred income taxes
|
25,702
|
|
|
23,622
|
|
||
Mine closing accrual
|
65,789
|
|
|
59,325
|
|
||
Pension and postretirement benefits
|
79,479
|
|
|
68,113
|
|
||
Other accrued liabilities
|
1,272
|
|
|
1,471
|
|
||
|
172,242
|
|
|
152,531
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Common stock and membership units
|
198
|
|
|
197
|
|
||
Capital in excess of stated value
|
791
|
|
|
791
|
|
||
Retained earnings
|
4,021
|
|
|
2,503
|
|
||
|
5,010
|
|
|
3,491
|
|
||
|
$
|
764,529
|
|
|
$
|
756,503
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Lignite tons sold
|
26,655
|
|
|
26,460
|
|
|
26,338
|
|
|||
|
|
|
|
|
|
||||||
Income:
|
|
|
|
|
|
||||||
Sales
|
$
|
459,604
|
|
|
$
|
418,907
|
|
|
$
|
401,860
|
|
Other
|
2,108
|
|
|
2,183
|
|
|
767
|
|
|||
|
461,712
|
|
|
421,090
|
|
|
402,627
|
|
|||
|
|
|
|
|
|
||||||
Cost and expenses:
|
|
|
|
|
|
||||||
Cost of sales
|
336,822
|
|
|
311,082
|
|
|
304,246
|
|
|||
Depreciation, depletion and amortization
|
53,211
|
|
|
46,326
|
|
|
40,055
|
|
|||
|
390,033
|
|
|
357,408
|
|
|
344,301
|
|
|||
Gross profit
|
71,679
|
|
|
63,682
|
|
|
58,326
|
|
|||
|
|
|
|
|
|
||||||
Other income (expense)
|
|
|
|
|
|
||||||
Interest
|
(28,754
|
)
|
|
(23,524
|
)
|
|
(18,902
|
)
|
|||
Gain (loss) on sale of assets
|
428
|
|
|
(1,553
|
)
|
|
(31
|
)
|
|||
|
(28,326
|
)
|
|
(25,077
|
)
|
|
(18,933
|
)
|
|||
Income before income taxes
|
43,353
|
|
|
38,605
|
|
|
39,393
|
|
|||
|
|
|
|
|
|
||||||
Income taxes:
|
|
|
|
|
|
||||||
Current
|
7,933
|
|
|
6,448
|
|
|
6,923
|
|
|||
Deferred
|
2,336
|
|
|
2,398
|
|
|
2,152
|
|
|||
|
10,269
|
|
|
8,846
|
|
|
9,075
|
|
|||
Net income
|
33,084
|
|
|
29,759
|
|
|
30,318
|
|
|||
|
|
|
|
|
|
||||||
Other comprehensive income:
|
|
|
|
|
|
||||||
Current period cash flow hedge activity, net of $2 tax provision in 2008
|
—
|
|
|
—
|
|
|
4
|
|
|||
Comprehensive income
|
$
|
33,084
|
|
|
$
|
29,759
|
|
|
$
|
30,322
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Common stock and membership units:
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
197
|
|
|
$
|
194
|
|
|
$
|
194
|
|
Issuance of LLC membership units
|
1
|
|
|
3
|
|
|
—
|
|
|||
|
198
|
|
|
197
|
|
|
194
|
|
|||
|
|
|
|
|
|
||||||
Capital in excess of stated value
|
791
|
|
|
791
|
|
|
791
|
|
|||
|
|
|
|
|
|
||||||
Retained earnings:
|
|
|
|
|
|
||||||
Beginning balance
|
2,503
|
|
|
3,992
|
|
|
4,112
|
|
|||
Net income
|
33,084
|
|
|
29,759
|
|
|
30,318
|
|
|||
Dividends paid
|
(31,566
|
)
|
|
(31,248
|
)
|
|
(30,438
|
)
|
|||
|
4,021
|
|
|
2,503
|
|
|
3,992
|
|
|||
Accumulated other comprehensive income:
|
|
|
|
|
|
||||||
Beginning balance
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Current period cash flow hedge activity, net of $2 tax provision in 2008
|
—
|
|
|
—
|
|
|
4
|
|
|||
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total equity
|
$
|
5,010
|
|
|
$
|
3,491
|
|
|
$
|
4,977
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
33,084
|
|
|
$
|
29,759
|
|
|
$
|
30,318
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization
|
53,211
|
|
|
46,326
|
|
|
40,055
|
|
|||
Amortization of deferred financing costs
|
57
|
|
|
57
|
|
|
56
|
|
|||
(Gain) loss on sale of assets
|
(428
|
)
|
|
1,553
|
|
|
31
|
|
|||
Equity income in cooperatives
|
(429
|
)
|
|
(964
|
)
|
|
(210
|
)
|
|||
Mine closing accrual
|
(2,847
|
)
|
|
(123
|
)
|
|
(2,674
|
)
|
|||
Deferred lease costs
|
608
|
|
|
251
|
|
|
1,039
|
|
|||
Deferred income taxes
|
2,336
|
|
|
2,398
|
|
|
2,152
|
|
|||
Postretirement benefits and other accrued liabilities
|
130
|
|
|
711
|
|
|
355
|
|
|||
Amortization of advance minimum royalties
|
114
|
|
|
259
|
|
|
182
|
|
|||
Other noncurrent assets
|
(1,641
|
)
|
|
(5,306
|
)
|
|
(9,303
|
)
|
|||
|
84,195
|
|
|
74,921
|
|
|
62,001
|
|
|||
Working capital changes:
|
|
|
|
|
|
||||||
Accounts receivable
|
(14,829
|
)
|
|
7,120
|
|
|
(4,798
|
)
|
|||
Inventories
|
2,355
|
|
|
(26,153
|
)
|
|
(6,963
|
)
|
|||
Accounts payable and other accrued liabilities
|
7,481
|
|
|
6,094
|
|
|
4,877
|
|
|||
Other changes in working capital
|
(214
|
)
|
|
(238
|
)
|
|
8
|
|
|||
|
(5,207
|
)
|
|
(13,177
|
)
|
|
(6,876
|
)
|
|||
Net cash provided by operating activities
|
78,988
|
|
|
61,744
|
|
|
55,125
|
|
|||
|
|
|
|
|
|
||||||
Investing activities
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(45,006
|
)
|
|
(31,583
|
)
|
|
(49,424
|
)
|
|||
Additions to advance minimum royalties
|
(95
|
)
|
|
(42
|
)
|
|
(438
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
50,781
|
|
|
12,192
|
|
|
3,798
|
|
|||
Net cash provided by (used for) investing activities
|
5,680
|
|
|
(19,433
|
)
|
|
(46,064
|
)
|
|||
|
|
|
|
|
|
||||||
Financing activities
|
|
|
|
|
|
||||||
(Repayments of) additions to advances from customer, net
|
(15,367
|
)
|
|
9,891
|
|
|
36,165
|
|
|||
Payments received on (additions to) note from Parent Company, net
|
891
|
|
|
(473
|
)
|
|
235
|
|
|||
Issuance of equity units
|
1
|
|
|
3
|
|
|
—
|
|
|||
Additions to long-term obligations
|
—
|
|
|
—
|
|
|
5,287
|
|
|||
Repayment of long-term obligations
|
(38,603
|
)
|
|
(20,953
|
)
|
|
(21,828
|
)
|
|||
Dividends paid
|
(31,566
|
)
|
|
(31,248
|
)
|
|
(30,438
|
)
|
|||
Net cash used for financing activities
|
(84,644
|
)
|
|
(42,780
|
)
|
|
(10,579
|
)
|
|||
|
|
|
|
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
24
|
|
|
(469
|
)
|
|
(1,518
|
)
|
|||
Cash and cash equivalents at beginning of year
|
2,802
|
|
|
3,271
|
|
|
4,789
|
|
|||
Cash and cash equivalents at end of year
|
2,826
|
|
|
2,802
|
|
|
3,271
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Beginning balance
|
$
|
69,729
|
|
|
$
|
62,854
|
|
Liabilities incurred during the period
|
13,830
|
|
|
4,599
|
|
||
Liabilities settled during the period
|
(10,310
|
)
|
|
(2,173
|
)
|
||
Accretion expense
|
4,648
|
|
|
4,449
|
|
||
Revision in cash flows
|
(4,481
|
)
|
|
—
|
|
||
|
$
|
73,416
|
|
|
$
|
69,729
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Long-term receivable from Unconsolidated Mine customers related to:
|
|
|
|
||||
Asset retirement obligation
|
$
|
44,287
|
|
|
$
|
47,904
|
|
Pension and postretirement benefits
|
67,007
|
|
|
56,663
|
|
||
Reclamation bond
|
15,406
|
|
|
15,895
|
|
||
Investment in cooperatives
|
13,733
|
|
|
13,304
|
|
||
Other
|
2,543
|
|
|
3,110
|
|
||
|
142,976
|
|
|
136,876
|
|
||
Less asset retirement obligation included in current accounts receivable
|
8,112
|
|
|
10,404
|
|
||
|
$
|
134,864
|
|
|
$
|
126,472
|
|
|
December 31
|
||||
|
2010
|
|
2009
|
||
Accrued payroll
|
11,255
|
|
|
13,522
|
|
Other
|
7,006
|
|
|
7,798
|
|
|
18,261
|
|
|
21,320
|
|
2011
|
$
|
10,644
|
|
2012
|
10,644
|
|
|
2013
|
10,644
|
|
|
2014
|
10,644
|
|
|
2015
|
10,644
|
|
|
Thereafter
|
54,720
|
|
|
|
107,940
|
|
|
Advances with unspecified repayment schedule
|
83,982
|
|
|
Total advances from customers
|
191,922
|
|
|
Less current maturities
|
15,662
|
|
|
Total long-term advances from customers
|
$
|
176,260
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Promissory note payable d
ue October 31, 2011 to a bank u
nder a revolving agreement providing for borrowings up to $25,000. Interest is based on the bank's daily cost of funds plus 0.50
% (2.15% and 2.
06% at December 31, 2010 and 2009, respectively)
|
$
|
6,217
|
|
|
$
|
12,730
|
|
Secured note payable due February 22, 2012, with semiannual interest payments at an interest rate of 7.03% on the unpaid balance
|
20,000
|
|
|
20,000
|
|
||
Secured note payable due October 31, 2024, with semiannual interest payments at an interest rate of 6.37% on the unpaid balance
|
25,000
|
|
|
25,000
|
|
||
Other
|
75
|
|
|
150
|
|
||
Total notes payable
|
$
|
51,292
|
|
|
$
|
57,880
|
|
Less current portion
|
6,292
|
|
|
12,805
|
|
||
Long-term portion of notes payable
|
$
|
45,000
|
|
|
$
|
45,075
|
|
2011
|
$
|
6,292
|
|
2012
|
20,000
|
|
|
2013
|
—
|
|
|
2014
|
—
|
|
|
2015
|
—
|
|
|
Thereafter
|
25,000
|
|
|
|
$
|
51,292
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Service cost
|
$
|
3,917
|
|
|
$
|
3,678
|
|
|
$
|
3,508
|
|
Interest cost
|
8,442
|
|
|
7,979
|
|
|
7,190
|
|
|||
Expected return on plan assets
|
(8,495
|
)
|
|
(8,100
|
)
|
|
(8,338
|
)
|
|||
Amortization of actuarial loss
|
1,340
|
|
|
84
|
|
|
7
|
|
|||
Amortization of prior service cost
|
999
|
|
|
999
|
|
|
799
|
|
|||
Net periodic pension expense
|
$
|
6,203
|
|
|
$
|
4,640
|
|
|
$
|
3,166
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Current year actuarial loss (gain)
|
$
|
10,242
|
|
|
$
|
(680
|
)
|
|
$
|
35,793
|
|
Current year prior service (credit) cost
|
(838
|
)
|
|
—
|
|
|
1,778
|
|
|||
Amortization of actuarial loss
|
(1,340
|
)
|
|
(84
|
)
|
|
(7
|
)
|
|||
Amortization of prior service cost
|
(999
|
)
|
|
(999
|
)
|
|
(799
|
)
|
|||
Amount recognized in long-term receivable
|
$
|
7,065
|
|
|
$
|
(1,763
|
)
|
|
$
|
36,765
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Change in benefit obligation:
|
|
|
|
||||
Projected benefit obligation at beginning of year
|
$
|
140,811
|
|
|
$
|
124,142
|
|
Service cost
|
3,917
|
|
|
3,678
|
|
||
Interest cost
|
8,442
|
|
|
7,979
|
|
||
Plan amendments
|
(838
|
)
|
|
—
|
|
||
Actuarial loss
|
13,901
|
|
|
7,849
|
|
||
Benefits paid
|
(3,846
|
)
|
|
(2,837
|
)
|
||
Projected benefit obligation at end of year
|
$
|
162,387
|
|
|
$
|
140,811
|
|
Accumulated benefit obligation at end of year
|
$
|
137,192
|
|
|
$
|
117,245
|
|
Change in plan assets:
|
|
|
|
||||
Fair value of plan assets at beginning of year
|
$
|
87,514
|
|
|
$
|
69,252
|
|
Actual return on plan assets
|
12,153
|
|
|
16,629
|
|
||
Employer contributions
|
6,128
|
|
|
4,470
|
|
||
Benefits paid
|
(3,846
|
)
|
|
(2,837
|
)
|
||
Fair value of plan assets at end of year
|
$
|
101,949
|
|
|
$
|
87,514
|
|
Funded status at end of year
|
$
|
(60,438
|
)
|
|
$
|
(53,297
|
)
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Amounts recognized in the balance sheets consist of:
|
|
|
|
||||
Current liabilities
|
$
|
(52
|
)
|
|
$
|
(32
|
)
|
Noncurrent liabilities
|
(60,386
|
)
|
|
(53,265
|
)
|
||
|
$
|
(60,438
|
)
|
|
$
|
(53,297
|
)
|
Components of long-term receivables from customers consist of:
|
|
|
|
||||
Actuarial loss
|
$
|
45,695
|
|
|
$
|
36,791
|
|
Prior service cost
|
4,531
|
|
|
6,369
|
|
||
|
$
|
50,226
|
|
|
$
|
43,160
|
|
|
Actual 2010
|
|
Actual 2009
|
|
Target Allocation Range
|
||
U.S. equity securities
|
52.8
|
%
|
|
52.5
|
%
|
|
41.0%-62.0%
|
Non-U.S. equity securities
|
13.1
|
%
|
|
13.0
|
%
|
|
10.0%-16.0%
|
Fixed income securities
|
33.6
|
%
|
|
33.7
|
%
|
|
30.0%-40.0%
|
Money market
|
0.5
|
%
|
|
0.8
|
%
|
|
0.0%-10.0%
|
|
2010
|
|
2009
|
||||
U.S. equity securities
|
$
|
53,675
|
|
|
$
|
45,971
|
|
Non-U.S. equity securities
|
13,390
|
|
|
11,372
|
|
||
Fixed income securities
|
34,422
|
|
|
29,497
|
|
||
Money market
|
462
|
|
|
674
|
|
||
Total
|
$
|
101,949
|
|
|
$
|
87,514
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Service cost
|
$
|
714
|
|
|
$
|
725
|
|
|
$
|
739
|
|
Interest cost
|
1,200
|
|
|
1,313
|
|
|
1,358
|
|
|||
Expected return on plan assets
|
(445
|
)
|
|
(454
|
)
|
|
(944
|
)
|
|||
Amortization of actuarial loss
|
582
|
|
|
605
|
|
|
372
|
|
|||
Amortization of prior service credit
|
(825
|
)
|
|
(825
|
)
|
|
(709
|
)
|
|||
Net periodic postretirement expense
|
$
|
1,226
|
|
|
$
|
1,364
|
|
|
$
|
816
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Current year actuarial loss
|
$
|
2,840
|
|
|
$
|
313
|
|
|
$
|
2,025
|
|
Current year prior service credit
|
—
|
|
|
—
|
|
|
(776
|
)
|
|||
Amortization of actuarial loss
|
(582
|
)
|
|
(605
|
)
|
|
(372
|
)
|
|||
Amortization of prior service credit
|
825
|
|
|
825
|
|
|
709
|
|
|||
Amount recognized in long-term receivable
|
$
|
3,083
|
|
|
$
|
533
|
|
|
$
|
1,586
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Change in benefit obligation:
|
|
|
|
||||
Benefit obligation at beginning of year
|
$
|
22,550
|
|
|
$
|
21,034
|
|
Service cost
|
714
|
|
|
725
|
|
||
Interest cost
|
1,200
|
|
|
1,313
|
|
||
Actuarial loss
|
2,809
|
|
|
1,048
|
|
||
Benefits paid
|
(1,531
|
)
|
|
(1,570
|
)
|
||
Benefit obligation at end of year
|
$
|
25,742
|
|
|
$
|
22,550
|
|
Change in plan assets:
|
|
|
|
||||
Fair value of plan assets at beginning of year
|
$
|
7,187
|
|
|
$
|
7,293
|
|
Actual return on plan assets
|
415
|
|
|
1,188
|
|
||
Employer contributions
|
490
|
|
|
576
|
|
||
Benefits and taxes paid
|
(1,939
|
)
|
|
(1,870
|
)
|
||
Fair value of plan assets at end of year
|
$
|
6,153
|
|
|
$
|
7,187
|
|
Funded status at end of year
|
$
|
(19,589
|
)
|
|
$
|
(15,363
|
)
|
Amounts recognized in the consolidated balance sheets consist of:
|
|
|
|
||||
Current liabilities
|
$
|
(496
|
)
|
|
$
|
(515
|
)
|
Noncurrent liabilities
|
(19,093
|
)
|
|
(14,848
|
)
|
||
|
$
|
(19,589
|
)
|
|
$
|
(15,363
|
)
|
Components of long-term receivables from customers consist of:
|
|
|
|
||||
Actuarial loss
|
$
|
9,746
|
|
|
$
|
3,366
|
|
Prior service credit
|
(3,231
|
)
|
|
(2,636
|
)
|
||
|
$
|
6,515
|
|
|
$
|
730
|
|
|
2010
|
|
2009
|
||||
U.S. equity securities
|
$
|
3,195
|
|
|
$
|
3,871
|
|
Fixed income securities
|
2,809
|
|
|
3,206
|
|
||
Money market
|
149
|
|
|
110
|
|
||
Total
|
$
|
6,153
|
|
|
$
|
7,187
|
|
|
1-Percentage-
Point Increase
|
|
1-Percentage-
Point Decrease
|
||||
Effect on total of service and interest cost
|
$
|
170
|
|
|
$
|
(152
|
)
|
Effect on postretirement benefit obligation
|
$
|
2,112
|
|
|
$
|
(1,897
|
)
|
|
December 31
|
|||||||
|
2010
|
|
2009
|
|
2008
|
|||
Weighted-average discount rates - pension
|
5.30
|
%
|
|
5.90
|
%
|
|
6.30
|
%
|
Weighted-average discount rates - postretirement
|
4.70
|
%
|
|
5.30
|
%
|
|
6.20
|
%
|
Rate of increase in compensation levels
|
3.75
|
%
|
|
3.75
|
%
|
|
3.75
|
%
|
Expected long-term rate of return on assets - pension
|
8.50
|
%
|
|
8.50
|
%
|
|
8.50
|
%
|
Expected long-term rate of return on assets - postretirement
|
6.50
|
%
|
|
6.50
|
%
|
|
6.50
|
%
|
Health care cost trend rate assumed for next year
|
6.00
|
%
|
|
6.00
|
%
|
|
7.00
|
%
|
Ultimate health care cost trend rate
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Year that the rate reaches the ultimate trend rate
|
2018
|
|
|
2012
|
|
|
2012
|
|
2011
|
$
|
51,715
|
|
2012
|
48,983
|
|
|
2013
|
48,577
|
|
|
2014
|
43,965
|
|
|
2015
|
40,329
|
|
|
Thereafter
|
135,871
|
|
|
Total minimum lease payments
|
369,440
|
|
|
Amounts representing interest
|
(83,845
|
)
|
|
Present value of net minimum lease payments
|
285,595
|
|
|
Current maturities
|
(34,754
|
)
|
|
Long-term capital lease obligations
|
$
|
250,841
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Plant and equipment
|
$
|
390,510
|
|
|
$
|
368,357
|
|
Accumulated amortization
|
(124,780
|
)
|
|
(106,676
|
)
|
||
|
$
|
265,730
|
|
|
$
|
261,681
|
|
2011
|
$
|
1,729
|
|
2012
|
245
|
|
|
2013
|
34
|
|
|
2014
|
271
|
|
|
2015
|
2
|
|
|
|
$
|
2,281
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
7,933
|
|
|
$
|
6,448
|
|
|
$
|
6,923
|
|
Total current tax provision
|
7,933
|
|
|
6,448
|
|
|
6,923
|
|
|||
|
|
|
|
|
|
||||||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
2,336
|
|
|
2,398
|
|
|
2,152
|
|
|||
Total deferred tax provision
|
2,336
|
|
|
2,398
|
|
|
2,152
|
|
|||
Total provision for income taxes
|
$
|
10,269
|
|
|
$
|
8,846
|
|
|
$
|
9,075
|
|
|
Years Ended December 31
|
||||||||||
|
2010
|
|
2009
|
|
2008
|
||||||
Income before income taxes
|
$
|
43,353
|
|
|
$
|
38,605
|
|
|
$
|
39,393
|
|
Statutory taxes at 35.0%
|
$
|
15,174
|
|
|
$
|
13,512
|
|
|
$
|
13,787
|
|
Percentage depletion
|
(5,065
|
)
|
|
(4,718
|
)
|
|
(4,680
|
)
|
|||
Other - net
|
160
|
|
|
52
|
|
|
(32
|
)
|
|||
Income tax provision
|
$
|
10,269
|
|
|
$
|
8,846
|
|
|
$
|
9,075
|
|
Effective income tax rate
|
23.69
|
%
|
|
22.91
|
%
|
|
23.04
|
%
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Deferred tax assets:
|
|
|
|
||||
Accrued expense and reserves
|
$
|
6,559
|
|
|
$
|
4,981
|
|
Pension benefits
|
(1,621
|
)
|
|
397
|
|
||
Asset valuation
|
4,943
|
|
|
4,754
|
|
||
Inventory
|
2,190
|
|
|
1,776
|
|
||
Tax attribute carryforward
|
170
|
|
|
—
|
|
||
Other employee benefits
|
1,370
|
|
|
1,408
|
|
||
Total deferred tax assets
|
13,611
|
|
|
13,316
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Property, plant and equipment
|
(30,923
|
)
|
|
(28,319
|
)
|
||
Total deferred tax liabilities
|
(30,923
|
)
|
|
(28,319
|
)
|
||
Net deferred tax liability
|
$
|
(17,312
|
)
|
|
$
|
(15,003
|
)
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Fair value:
|
|
|
|
||||
Notes payable
|
$
|
(53,451
|
)
|
|
$
|
(58,693
|
)
|
Advances from customers
|
$
|
(140,418
|
)
|
|
$
|
(134,291
|
)
|
|
|
|
|
||||
Carrying value:
|
|
|
|
||||
Notes payable
|
$
|
(51,292
|
)
|
|
$
|
(57,880
|
)
|
Advances from customers
|
$
|
(191,922
|
)
|
|
$
|
(207,289
|
)
|
|
Common
Stock and Membership Units
|
|
Capital in Excess
of Stated Value
|
||||
Coteau common stock, without par value (stated value $10 per share) - authorized 1,000 shares; issued and outstanding 100 shares
|
$
|
1
|
|
|
$
|
791
|
|
Falkirk common stock, without par value (stated value $1,919.30 a share) - authorized 1,000 shares; issued and outstanding 100 shares
|
192
|
|
|
—
|
|
||
Sabine common stock, $1 par value - authorized, issued and outstanding 1,000 shares
|
1
|
|
|
—
|
|
||
Demery membership units, $10 par value - authorized, issued and outstanding 100 shares
|
1
|
|
|
—
|
|
||
Caddo membership units, $10 par value - authorized, issued and outstanding 100 shares
|
1
|
|
|
—
|
|
||
Camino Real membership units, $10 par value - authorized, issued and outstanding 100 shares
|
1
|
|
|
—
|
|
||
Liberty membership units, $10 par value - authorized, issued and outstanding 100 shares
|
1
|
|
|
—
|
|
||
|
$
|
198
|
|
|
$
|
791
|
|
|
December 31
|
||||||
|
2010
|
|
2009
|
||||
Cash paid during the year for:
|
|
|
|
||||
Interest (including amounts capitalized)
|
$
|
29,012
|
|
|
$
|
23,939
|
|
Income taxes
|
7,181
|
|
|
8,114
|
|
||
Property, plant and equipment:
|
|
|
|
||||
Capital leases and land
|
35,416
|
|
|
101,251
|
|
||
Deferred lease costs
|
(51
|
)
|
|
11
|
|
||
Lease obligations
|
(35,365
|
)
|
|
(101,262
|
)
|
||
Accounting for asset retirement obligations:
|
|
|
|
||||
Change in property, plant, and equipment
|
12,652
|
|
|
4,599
|
|
||
Change in receivables from customers including depreciation billed
|
(1,326
|
)
|
|
4,246
|
|
||
Change in liabilities
|
(3,686
|
)
|
|
(6,875
|
)
|