(Mark One) | |||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 34-1531521 | |||||||||||||
(State of Incorporation) | (IRS Employer Identification No.) | |||||||||||||
Connecticut | ||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
TEX | New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☐ | No | ☒ |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated | ☐ | ||||||||||||||||
Smaller | ☐ | Emerging growth company | ☐ |
Yes | ☐ | No | ☒ |
PAGE | ||||||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
MP | $ | 1,174.3 | $ | 1,047.0 | |||||||
AWP | 2,896.6 | 2,283.7 | |||||||||
Total | $ | 4,070.9 | $ | 3,330.7 |
December 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
AWP | $ | 752.5 | $ | 1,098.1 | |||
MP | 295.4 | 512.6 | |||||
Corporate and other | 33.3 | 50.7 | |||||
Total | $ | 1,081.2 | $ | 1,661.4 |
BUSINESS SEGMENT | PRODUCTS | PRIMARY COMPETITORS | ||||||||||||
Washing Systems | Azfab, CDE Global, Matec, McLanahan, Metso, Phoenix Process Equipment, Superior and Weir/Trio | |||||||||||||
Wood Processing, Biomass, Recycling Equipment and Trommels | Astec Industries, Bandit, Doppstadt, Eggersmann, Jenz, Komptech, Morbark and Vermeer | |||||||||||||
Conveyors | Astec/Telestack, Deere (Kleeman), Edge, Metso/McCloskey, Puzzulona Thor, Superior and Weir/Trio | |||||||||||||
Material Handlers | Atlas, Caterpillar, Liebherr and Sennebogen | |||||||||||||
Concrete Pavers | Allen Engineering, Gomaco, Guntert & Zimmerman and Power Curbers | |||||||||||||
Concrete Mixer Trucks | Beck Industrial, Con-Tech, Continental Mixer, Indiana Phoenix and Oshkosh (McNeilus) | |||||||||||||
Volumetric Concrete Mixers | Bay-lynx, Cemen Tech, Holcombe and Zimmerman | |||||||||||||
Pick and Carry Cranes | Ace, Escorts, Humma and TIDD | |||||||||||||
Rough Terrain Cranes | Kato, Liebherr, Link-Belt, Manitowoc (Grove), Sany, Tadano-Faun, XCMG and Zoomlion | |||||||||||||
Tower Cranes | Comansa, Jaso, Liebherr, Manitowoc (Potain), Wolffkran, XCMG and Zoomlion | |||||||||||||
Robotic Waste Sorting Technology | AMP Robotics, Max-Al, Steinert, Tomra and Waste Robotics | |||||||||||||
Aerial Work Platforms | Portable Material Lifts and Portable Aerial Work Platforms | Oshkosh (JLG), Sumner, Vestil | ||||||||||||
Boom Lifts | ||||||||||||||
Monitou, Oshkosh (JLG), Sinoboom, Xtreme/Tanfield (Snorkel) and Zoomlion | ||||||||||||||
Scissor Lifts | Dingli, Haulotte, LGMG, Linamar (Skyjack), | |||||||||||||
Altec, Dur-A-Lift, Posi+ and Time Manufacturing | ||||||||||||||
Telehandlers | CNH, JCB, Manitou (Gehl), Merlo and Oshkosh | |||||||||||||
ITEM 2. PROPERTIES |
BUSINESS SEGMENT | FACILITY LOCATION | BUSINESS SEGMENT | FACILITY LOCATION | |||||||||||||||||
Corporate/Other | Norwalk, Connecticut (1) | MP (Continued) | Fort Wayne, Indiana | |||||||||||||||||
Schaffhausen, Switzerland (1) | Olds, Alberta Canada(1) | |||||||||||||||||||
Multiple Business Segments | Southaven, Mississippi (1) | Bad Schönborn, Germany | ||||||||||||||||||
Changzhou, China | Brisbane, Australia (1) | |||||||||||||||||||
Roosendaal, Netherlands | Crespellano, Italy | |||||||||||||||||||
MP | Oklahoma City, Oklahoma | Fontanafredda, Italy | ||||||||||||||||||
Louisville, Kentucky | Monaghan, Republic of Ireland | |||||||||||||||||||
Durand, Michigan | Jiading, China | |||||||||||||||||||
Coalville, England | AWP | Moses Lake, Washington (1) | ||||||||||||||||||
Hosur, India | North Bend, Washington (1) | |||||||||||||||||||
Subang Jaya, Malaysia (1) | Redmond, Washington (1) | |||||||||||||||||||
Ballymoney, Northern Ireland | Bothell, Washington (1) | |||||||||||||||||||
Campsie, Northern Ireland | Umbertide, Italy | |||||||||||||||||||
Dungannon, Northern Ireland | Darra, Australia (1) | |||||||||||||||||||
Omagh, Northern Ireland | Watertown, South Dakota | |||||||||||||||||||
Cookstown, Northern Ireland | Huron, South Dakota | |||||||||||||||||||
Newton, New Hampshire | Monterrey, Mexico | |||||||||||||||||||
Canton, South Dakota | ||||||||||||||||||||
PART II |
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
12/14 | 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | |||||||
Terex Corporation | 100.00 | 66.76 | 115.69 | 178.49 | 103.14 | 113.13 | ||||||
S&P 500 | 100.00 | 101.38 | 113.51 | 138.29 | 132.23 | 173.86 | ||||||
Peer Group | 100.00 | 89.79 | 111.88 | 147.27 | 124.31 | 169.63 | ||||||
Copyright© 2018 Standard & Poor's, a division of S&P Global. All rights reserved. |
12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | |||||||||||||||
Terex Corporation | 100.00 | 57.79 | 63.38 | 74.71 | 95.02 | 93.65 | ||||||||||||||
S&P 500 | 100.00 | 95.62 | 125.72 | 148.85 | 191.58 | 156.89 | ||||||||||||||
S&P Industrial Machinery | 100.00 | 84.87 | 116.16 | 134.01 | 164.78 | 140.21 | ||||||||||||||
Prior Peer Group | 100.00 | 85.45 | 116.88 | 131.95 | 168.50 | 147.82 | ||||||||||||||
Copyright© 2023 Standard & Poor's, a division of S&P Global. All rights reserved. |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (2) | ||||||||||||||||||||||
October 1, 2022 – October 31, 2022 | 145,524 | $31.66 | 144,101 | $42,733 | ||||||||||||||||||||||
November 1, 2022 – November 30, 2022 | 1,198 | $38.81 | — | $42,733 | ||||||||||||||||||||||
December 1, 2022 – December 31, 2022 | 3,284 | $43.49 | — | $192,733 | ||||||||||||||||||||||
Total | 150,006 | $31.98 | 144,101 | $192,733 |
Issuer Purchases of Equity Securities | ||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (2) | ||||
October 1, 2019 – October 31, 2019 | 2,498 | $23.99 | — | $200,000 | ||||
November 1, 2019 – November 30, 2019 | 140,156 | $27.69 | 138,275 | $196,176 | ||||
December 1, 2019 – December 31, 2019 | 41,625 | $28.08 | 37,000 | $195,146 | ||||
Total | 184,279 | $27.72 | 175,275 | $195,146 |
(1) | Amount includes shares of common stock purchased to satisfy requirements under the Company’s deferred compensation obligations to employees. |
(in millions, except per share amounts and employees) | AS OF OR FOR THE YEAR ENDED DECEMBER 31, | ||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||
Net sales | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | $ | 3,808.5 | $ | 4,141.3 | |||||||||
Income (loss) from operations | 335.0 | 412.5 | 228.2 | 124.9 | 300.4 | ||||||||||||||
Income (loss) from continuing operations | 209.7 | 241.7 | 111.0 | 47.8 | 108.9 | ||||||||||||||
Income (loss) from discontinued operations – net of tax | (155.4 | ) | (130.4 | ) | (49.6 | ) | (226.8 | ) | 36.7 | ||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.1 | 2.4 | 67.3 | 3.5 | 3.4 | ||||||||||||||
Net income (loss) attributable to common stockholders | 54.4 | 113.7 | 128.7 | (176.1 | ) | 145.9 | |||||||||||||
Per Common and Common Equivalent Share: | |||||||||||||||||||
Basic attributable to common stockholders | |||||||||||||||||||
Income (loss) from continuing operations | $ | 2.95 | $ | 3.21 | $ | 1.20 | $ | 0.45 | $ | 1.02 | |||||||||
Income (loss) from discontinued operations – net of tax | (2.18 | ) | (1.73 | ) | (0.53 | ) | (2.11 | ) | 0.31 | ||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.03 | 0.72 | 0.03 | 0.03 | ||||||||||||||
Net income (loss) attributable to common stockholders | 0.77 | 1.51 | 1.39 | (1.63 | ) | 1.36 | |||||||||||||
Diluted attributable to common stockholders | |||||||||||||||||||
Income (loss) from continuing operations | $ | 2.92 | $ | 3.14 | $ | 1.17 | $ | 0.45 | $ | 1.00 | |||||||||
Income (loss) from discontinued operations – net of tax | (2.16 | ) | (1.69 | ) | (0.52 | ) | (2.11 | ) | 0.30 | ||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.03 | 0.71 | 0.03 | 0.03 | ||||||||||||||
Net income (loss) attributable to common stockholders | 0.76 | 1.48 | 1.36 | (1.63 | ) | 1.33 | |||||||||||||
CURRENT ASSETS AND LIABILITIES | |||||||||||||||||||
Current assets | $ | 2,019.7 | $ | 2,423.0 | $ | 2,383.0 | $ | 2,700.5 | $ | 3,140.2 | |||||||||
Current liabilities | 872.4 | 1,214.7 | 1,035.5 | 1,407.0 | 1,458.6 | ||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||
Net property, plant and equipment | $ | 389.4 | $ | 317.3 | $ | 277.7 | $ | 277.1 | $ | 329.8 | |||||||||
Capital expenditures | (105.5 | ) | (91.0 | ) | (31.7 | ) | (48.8 | ) | (74.4 | ) | |||||||||
Depreciation | 39.6 | 39.0 | 47.0 | 52.0 | 50.9 | ||||||||||||||
TOTAL ASSETS | $ | 3,195.6 | $ | 3,485.9 | $ | 3,462.5 | $ | 5,006.8 | $ | 5,616.0 | |||||||||
CAPITALIZATION | |||||||||||||||||||
Long-term debt | $ | 1,175.7 | $ | 1,214.7 | $ | 979.1 | $ | 1,570.0 | $ | 1,791.0 | |||||||||
Total Terex Corporation Stockholders’ Equity | 932.3 | 860.5 | 1,222 | 1,484.7 | 1,877.4 | ||||||||||||||
Dividends per share of Common Stock | 0.44 | 0.40 | 0.32 | 0.28 | 0.24 | ||||||||||||||
Shares of Common Stock outstanding at year end | 70.4 | 69.6 | 80.2 | 105.0 | 107.7 | ||||||||||||||
EMPLOYEES (1), (2) | 9,500 | 9,900 | 8,900 | 9,200 | 10,500 |
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |||||||||||||
Effective Tax Rate | 18.1 | % | 18.1 | % | 18.1 | % | 18.1 | % | |||||||||
Income (loss) from operations | $ | 120.8 | $ | 120.8 | $ | 103.9 | $ | 74.5 | |||||||||
Multiplied by: 1 minus Effective Tax Rate | 81.9 | % | 81.9 | % | 81.9 | % | 81.9 | % | |||||||||
Net operating income (loss) after tax | $ | 98.9 | $ | 98.9 | $ | 85.1 | $ | 61.0 | |||||||||
Debt | $ | 775.5 | $ | 826.5 | $ | 828.2 | $ | 740.3 | $ | 674.1 | |||||||
Less: Cash and cash equivalents | (304.1) | (231.7) | (253.3) | (218.4) | (266.9) | ||||||||||||
Debt less Cash and cash equivalents | 471.4 | 594.8 | 574.9 | 521.9 | 407.2 | ||||||||||||
Stockholders’ equity | 1,181.2 | 1,034.7 | 1,048.9 | 1,114.1 | 1,109.6 | ||||||||||||
Debt less Cash and cash equivalents plus Stockholders’ equity | $ | 1,652.6 | $ | 1,629.5 | $ | 1,623.8 | $ | 1,636.0 | $ | 1,516.8 |
December 31, 2022 ROIC | 21.3 | % | |||
NOPAT as adjusted (last 4 quarters) | $ | 343.9 | |||
Average Debt less Cash and cash equivalents plus Stockholders’ equity (5 quarters) | $ | 1,611.7 |
Dec '19 | Sep '19 | Jun '19 | Mar '19 | Dec '18 | |||||||||||
Annualized effective tax rate as adjusted | 15.6 | % | 15.6 | % | 15.6 | % | 15.6 | % | |||||||
Income (loss) from operations as adjusted | $ | 35.3 | $ | 86.2 | $ | 127.9 | $ | 104.8 | |||||||
Multiplied by: 1 minus annualized effective tax rate | 84.4 | % | 84.4 | % | 84.4 | % | 84.4 | % | |||||||
Adjusted net operating income (loss) after tax | $ | 29.8 | $ | 72.8 | $ | 107.9 | $ | 88.5 | |||||||
Debt as adjusted | $ | 1,175.7 | $ | 1,175.6 | $ | 1,351.9 | $ | 1,477.8 | $ | 1,219.4 | |||||
Less: Cash and cash equivalents as adjusted | (540.1 | ) | (475.5 | ) | (394.6 | ) | (330.2 | ) | (372.1 | ) | |||||
Debt less Cash and cash equivalents as adjusted | $ | 635.6 | $ | 700.1 | $ | 957.3 | $ | 1,147.6 | $ | 847.3 | |||||
Total Terex Corporation stockholders’ equity as adjusted | $ | 963.7 | $ | 881.3 | $ | 852.2 | $ | 743.4 | $ | 752.5 | |||||
Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity as adjusted | $ | 1,599.3 | $ | 1,581.4 | $ | 1,809.5 | $ | 1,891.0 | $ | 1,599.8 |
December 31, 2019 ROIC | 17.6 | % | |
NOPAT as adjusted (last 4 quarters) | $ | 299.0 | |
Average Debt less Cash and cash equivalents plus Total Terex Corporation stockholders’ equity, as adjusted (5 quarters) | $ | 1,696.2 |
Three months ended 12/31/19 | Three months ended 9/30/19 | Three months ended 6/30/19 | Three months ended 3/31/19 | ||||||||||||
Reconciliation of income (loss) from operations: | |||||||||||||||
Income (loss) from operations as reported | $ | 22.9 | $ | 86.4 | $ | 126.0 | $ | 99.7 | |||||||
Adjustments: | |||||||||||||||
Deal related | — | (0.9 | ) | (7.0 | ) | 0.2 | |||||||||
Restructuring and related | 9.8 | 2.2 | 8.7 | 1.7 | |||||||||||
Transformation | 3.4 | 2.2 | 4.0 | 4.1 | |||||||||||
Other | 0.2 | — | — | — | |||||||||||
(Income) loss from TFS | (1.0 | ) | (3.7 | ) | (3.8 | ) | (0.9 | ) | |||||||
Income (loss) from operations as adjusted | $ | 35.3 | $ | 86.2 | $ | 127.9 | $ | 104.8 | |||||||
As of 12/31/19 | As of 9/30/19 | As of 6/30/19 | As of 3/31/19 | As of 12/31/18 | |||||||||||
Reconciliation of Cash and cash equivalents: | |||||||||||||||
Cash and cash equivalents - continuing operations | $ | 535.1 | $ | 470.6 | $ | 367.5 | $ | 304.6 | $ | 339.5 | |||||
Cash and cash equivalents - assets held for sale | 5.0 | 4.9 | 27.1 | 25.6 | 32.6 | ||||||||||
Cash and cash equivalents as adjusted | $ | 540.1 | $ | 475.5 | $ | 394.6 | $ | 330.2 | $ | 372.1 | |||||
Reconciliation of Debt: | |||||||||||||||
Debt - continuing operations | $ | 1,175.7 | $ | 1,175.6 | $ | 1,347.7 | $ | 1,473.4 | $ | 1,214.7 | |||||
Debt - liabilities held for sale | — | — | 4.2 | 4.4 | 4.7 | ||||||||||
Debt as adjusted | $ | 1,175.7 | $ | 1,175.6 | $ | 1,351.9 | $ | 1,477.8 | $ | 1,219.4 | |||||
Reconciliation of Terex Corporation stockholders’ equity: | |||||||||||||||
Terex Corporation stockholders’ equity as reported | $ | 932.3 | $ | 866.3 | $ | 860.1 | $ | 781.8 | $ | 860.5 | |||||
TFS Assets | (154.0 | ) | (159.0 | ) | (180.2 | ) | (204.6 | ) | (185.1 | ) | |||||
Effects of adjustments, net of tax: | |||||||||||||||
Deal related | 75.3 | 75.3 | 75.8 | 83.1 | — | ||||||||||
Restructuring and related | 31.0 | 22.7 | 19.2 | 9.5 | 6.8 | ||||||||||
Transformation | 23.5 | 20.6 | 18.4 | 13.9 | 9.1 | ||||||||||
Pension annuitization | 56.3 | 56.3 | 56.3 | 56.3 | 56.3 | ||||||||||
Other | 7.4 | 6.4 | 6.8 | 4.4 | 5.1 | ||||||||||
(Income) loss from TFS | (8.1 | ) | (7.3 | ) | (4.2 | ) | (1.0 | ) | (0.2 | ) | |||||
Terex Corporation stockholders’ equity as adjusted | $ | 963.7 | $ | 881.3 | $ | 852.2 | $ | 743.4 | $ | 752.5 |
Year Ended December 31, 2019 | Income (loss) from continuing operations before income taxes | (Provision for) benefit from income taxes | Income tax rate | ||||||
Reconciliation of annualized effective tax rate: | |||||||||
As reported | $ | 247.5 | $ | (37.8 | ) | 15.3 | % | ||
Effect of adjustments: | |||||||||
Deal related | (7.5 | ) | 0.2 | ||||||
Restructuring and related | 22.4 | (4.7 | ) | ||||||
Transformation | 13.7 | (2.8 | ) | ||||||
Other | 0.6 | (0.1 | ) | ||||||
Tax related | — | 2.0 | |||||||
As adjusted | 276.7 | (43.2 | ) | 15.6 | % |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,353.1 | — | $ | 4,517.2 | — | (3.6 | )% | ||||||||
Gross profit | $ | 887.8 | 20.4 | % | $ | 961.9 | 21.3 | % | (7.7 | )% | ||||||
SG&A | $ | 552.8 | 12.7 | % | $ | 549.4 | 12.2 | % | 0.6 | % | ||||||
Income (loss) from operations | $ | 335.0 | 7.7 | % | $ | 412.5 | 9.1 | % | (18.8 | )% |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
% of Sales | % of Sales | % of Sales | % Change in Reported Amounts 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||
($ amounts in millions) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 4,417.7 | — | $ | 3,886.8 | — | $ | 3,076.4 | — | 13.7 | % | ||||||||||||||||||||||||||||||
Gross profit | 871.2 | 19.7 | % | 757.4 | 19.5 | % | 539.3 | 17.5 | % | 15.0 | % | ||||||||||||||||||||||||||||||
SG&A expenses | 451.2 | 10.2 | % | 429.4 | 11.0 | % | 470.9 | 15.3 | % | 5.1 | % | ||||||||||||||||||||||||||||||
Income from operations | 420.0 | 9.5 | % | 328.0 | 8.4 | % | 68.4 | 2.2 | % | 28.0 | % |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 2,726.6 | — | $ | 2,950.4 | — | (7.6 | )% | ||||||||
Income from operations | $ | 196.2 | 7.2 | % | $ | 300.5 | 10.2 | % | (34.7 | )% |
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,371.4 | — | $ | 1,322.6 | — | 3.7 | % | ||||||||
Income from operations | $ | 196.8 | 14.4 | % | $ | 176.0 | 13.3 | % | 11.8 | % |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
% of Sales | % of Sales | % of Sales | % Change in Reported Amounts 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||
($ amounts in millions) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,941.6 | — | $ | 1,691.8 | — | $ | 1,256.8 | — | 14.8 | % | ||||||||||||||||||||||||||||||
Income from operations | 297.8 | 15.3 | % | 240.9 | 14.2 | % | 143.4 | 11.4 | % | 23.6 | % |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
% of Sales | % of Sales | % of Sales | % Change in Reported Amounts 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||
($ amounts in millions) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 2,483.6 | — | $ | 2,178.8 | — | $ | 1,782.9 | — | 14.0 | % | ||||||||||||||||||||||||||||||
Income from operations | 196.2 | 7.9 | % | 152.1 | 7.0 | % | 0.5 | — | % | 29.0 | % |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
% of Sales | % of Sales | % of Sales | % Change in Reported Amounts 2022 vs 2021 | ||||||||||||||||||||||||||||||||||||||
($ amounts in millions) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | (7.5) | — | $ | 16.2 | — | $ | 36.7 | — | (146.3) | % | ||||||||||||||||||||||||||||||
Loss from operations | (74.0) | * | (65.0) | * | (75.5) | * | (13.8) | % | |||||||||||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 255.1 | — | $ | 244.2 | — | 4.5 | % | ||||||||
Loss from operations | $ | (58.0 | ) | (22.7 | )% | $ | (64.0 | ) | (26.2 | )% | 9.4 | % |
2022 | 2021 | 2020 | |||||||||||||||||||||
% Change in Reported Amounts 2022 vs 2021 | |||||||||||||||||||||||
($ amounts in millions) | |||||||||||||||||||||||
Interest (expense), net of interest income | $ | (46.3) | $ | (47.8) | $ | (62.3) | 3.1 | % | |||||||||||||||
Loss on early extinguishment of debt | (0.3) | (29.4) | — | 99.0 | % | ||||||||||||||||||
Other income (expense) – net | (6.8) | 13.0 | 4.9 | (152.3) | % | ||||||||||||||||||
(Provision for) benefit from income taxes | (66.4) | (46.3) | (2.0) | (43.4) | % | ||||||||||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.4) | * | |||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (0.2) | 3.4 | (19.2) | (105.9) | % | ||||||||||||||||||
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 4,517.2 | — | $ | 3,793.7 | — | 19.1 | % | ||||||||
Gross profit | $ | 961.9 | 21.3 | % | $ | 767.3 | 20.2 | % | 25.4 | % | ||||||
SG&A | $ | 549.4 | 12.2 | % | $ | 539.1 | 14.2 | % | 1.9 | % | ||||||
Income (loss) from operations | $ | 412.5 | 9.1 | % | $ | 228.2 | 6.0 | % | 80.8 | % |
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 2,950.4 | — | $ | 2,433.2 | — | 21.3 | % | ||||||||
Income (loss) from operations | $ | 300.5 | 10.2 | % | $ | 199.8 | 8.2 | % | 50.4 | % |
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 1,322.6 | — | $ | 1,119.8 | — | 18.1 | % | ||||||||
Income (loss) from operations | $ | 176.0 | 13.3 | % | $ | 125.1 | 11.2 | % | 40.7 | % |
2018 | 2017 | |||||||||||||||
% of Sales | % of Sales | % Change In Reported Amounts | ||||||||||||||
($ amounts in millions) | ||||||||||||||||
Net sales | $ | 244.2 | — | $ | 240.7 | — | 1.5 | % | ||||||||
Income (loss) from operations | $ | (64.0 | ) | (26.2 | )% | $ | (96.7 | ) | (40.2 | )% | 33.8 | % |
Increase | Decrease | ||||||||||||||||||||||
Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | ||||||||||||||||||||
U. S. Plan: | |||||||||||||||||||||||
Net pension expense | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Projected benefit obligation | $ | (1.2) | $ | — | $ | 1.3 | — | ||||||||||||||||
Non-U.S. Plans: | |||||||||||||||||||||||
Net pension expense (benefit) | $ | — | $ | (0.2) | $ | — | $ | 0.2 | |||||||||||||||
Projected benefit obligation | $ | (2.7) | $ | — | $ | 2.9 | — |
($ amounts in millions) | Increase | Decrease | |||||||||||||
Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | ||||||||||||
U. S. Plan: | |||||||||||||||
Net pension expense | $ | (0.2 | ) | $ | — | $ | 0.2 | $ | — | ||||||
Projected benefit obligation | $ | (1.2 | ) | $ | — | $ | 1.2 | — | |||||||
Non-U.S. Plans: | |||||||||||||||
Net pension expense | $ | 0.2 | $ | (0.3 | ) | $ | (0.1 | ) | $ | 0.3 | |||||
Projected benefit obligation | $ | (5.9 | ) | $ | — | $ | 6.3 | — |
Year Ended 12/31/2019 | ||||
Net cash provided by (used in) operating activities | 173.4 | |||
Increase (decrease) in TFS assets | (31.1 | ) | ||
Capital expenditures, net of proceeds from sale of capital assets (1) | (94.4 | ) | ||
Deal related net working capital adjustment | 38.5 | |||
Free cash flow | $ | 86.4 |
Year Ended 12/31/2022 | ||||||||
Net cash provided by (used in) operating activities | $ | 261.2 | ||||||
Capital expenditures, net of proceeds from sale of capital assets | (109.4) | |||||||
Free cash flow | $ | 151.8 |
Three months ended 12/31/2022 | |||||||||||
Net Sales | $ | 1,217.6 | |||||||||
x | 4 | ||||||||||
Trailing Three Month Annualized Net Sales | $ | 4,870.4 |
Three months ended 12/31/19 | |||
Net Sales | $ | 885.0 | |
x | 4 | ||
Trailing Three Month Annualized Net Sales | $ | 3,540.0 |
As of 12/31/22 | |||||||||||
Inventories | $ | 988.4 | |||||||||
Trade Receivables | 547.5 | ||||||||||
Trade Accounts Payable | (624.6) | ||||||||||
Customer Advances | (36.2) | ||||||||||
Working Capital | $ | 875.1 |
As of 12/31/19 | |||
Inventories | $ | 847.7 | |
Trade Receivables | 401.9 | ||
Trade Accounts Payable | (508.1 | ) | |
Customer Advances | (17.9 | ) | |
Working Capital | $ | 723.6 |
Payments due by period | |||||||||||||||||||
Total | < 1 year | 1-3 years | 3-5 years | > 5 years | |||||||||||||||
Long-term debt obligations | $ | 1,450.9 | $ | 63.2 | $ | 123.7 | $ | 659.5 | $ | 604.5 | |||||||||
Finance lease obligations | 4.1 | 1.0 | 2.0 | 1.0 | 0.1 | ||||||||||||||
Operating lease obligations | 153.2 | 34.2 | 52.6 | 38.8 | 27.6 | ||||||||||||||
Purchase obligations (1) | 528.5 | 527.8 | 0.6 | 0.1 | — | ||||||||||||||
Total | $ | 2,136.7 | $ | 626.2 | $ | 178.9 | $ | 699.4 | $ | 632.2 |
2019 | 2018 | ||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||
Net sales | $ | 885.0 | $ | 1,024.6 | $ | 1,306.9 | $ | 1,136.6 | $ | 1,048.8 | $ | 1,098.8 | $ | 1,253.0 | $ | 1,116.6 | |||||||||||||||
Gross profit | 168.6 | 209.6 | 271.8 | 237.8 | 214.6 | 240.1 | 278.6 | 228.6 | |||||||||||||||||||||||
Net income (loss) from continuing operations | 18.5 | 52.4 | 81.6 | 57.2 | 19.6 | 69.2 | 84.2 | 68.7 | |||||||||||||||||||||||
Income (loss) from discontinued operations – net of tax | (3.6 | ) | (10.1 | ) | (17.3 | ) | (124.4 | ) | (50.2 | ) | (30.8 | ) | (28.3 | ) | (21.1 | ) | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 9.6 | (20.9 | ) | 10.8 | 0.6 | (2.4 | ) | 0.2 | 1.9 | 2.7 | |||||||||||||||||||||
Net income (loss) | 24.5 | 21.4 | 75.1 | (66.6 | ) | (33.0 | ) | 38.6 | 57.8 | 50.3 | |||||||||||||||||||||
Per share: | |||||||||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.26 | $ | 0.73 | $ | 1.14 | $ | 0.81 | $ | 0.27 | $ | 0.94 | $ | 1.11 | $ | 0.86 | |||||||||||||||
Income (loss) from discontinued operations – net of tax | (0.05 | ) | (0.14 | ) | (0.24 | ) | (1.76 | ) | (0.69 | ) | (0.42 | ) | (0.37 | ) | (0.26 | ) | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.13 | (0.29 | ) | 0.15 | 0.01 | (0.03 | ) | — | 0.03 | 0.03 | |||||||||||||||||||||
Net income (loss) | 0.34 | 0.30 | 1.05 | (0.94 | ) | (0.45 | ) | 0.52 | 0.77 | 0.63 | |||||||||||||||||||||
Diluted | |||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.26 | $ | 0.73 | $ | 1.14 | $ | 0.79 | $ | 0.26 | $ | 0.92 | $ | 1.10 | $ | 0.84 | |||||||||||||||
Income (loss) from discontinued operations – net of tax | (0.05 | ) | (0.14 | ) | (0.24 | ) | (1.73 | ) | (0.68 | ) | (0.41 | ) | (0.37 | ) | (0.26 | ) | |||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.13 | (0.29 | ) | 0.15 | 0.01 | (0.03 | ) | — | 0.02 | 0.04 | |||||||||||||||||||||
Net income (loss) | 0.34 | 0.30 | 1.05 | (0.93 | ) | (0.45 | ) | 0.51 | 0.75 | 0.62 |
ITEM 9A. |
PART III |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | |||||||||||||||||
Equity compensation plans approved by stockholders | __ (1) | $— | ||||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | |||||||||||||||||
Total | — |
(1)This does not include 1,849,796 shares of restricted stock awards and 748,015 shares held in a rabbi trust for a deferred compensation plan. |
PART IV |
Exhibit No. | Exhibit | ||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
23.1 | |||||
23.2 | |||||
24.1 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. * | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. * | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. * | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. * | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. * |
104 | |||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||
* | Exhibit filed with this document. | ||||
** | Exhibit furnished with this document. | ||||
*** | Denotes a management contract or compensatory plan or arrangement. |
By: | /s/ John L. Garrison, Jr. | February | |||||||||
John L. Garrison, Jr. | |||||||||||
Chairman and Chief Executive Officer |
NAME | TITLE | DATE | ||||||
/s/ John L. Garrison, Jr | Chairman and Chief Executive | February 10, 2023 | ||||||
John L. Garrison, Jr. | Officer | |||||||
(Principal Executive Officer) | ||||||||
/s/ | ||||||||
Senior Vice President and Chief Financial | February | |||||||
Officer | ||||||||
(Principal Financial Officer) | ||||||||
/s/ | Vice President, | February | ||||||
(Principal Accounting Officer) | ||||||||
*/s/ Paula H. J. Cholmondeley | Director | |||||||
Paula H. J. Cholmondeley | ||||||||
*/s/ Don DeFosset | Director | |||||||
Don DeFosset | ||||||||
*/s/ Thomas J. Hansen | Director | |||||||
Thomas J. Hansen | ||||||||
*/s/ | Director | |||||||
*/s/ Christopher Rossi | Director | |||||||
Christopher Rossi | ||||||||
*/s/ Andra M. Rush | Director | |||||||
Andra M. Rush | ||||||||
*/s/ David A. Sachs | Lead Director | |||||||
David A. Sachs | ||||||||
*By /s/ | February | |||||||
Increase | Decrease | ||||||||||||||||||||||
Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | ||||||||||||||||||||
U. S. Plan: | |||||||||||||||||||||||
Net pension expense | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Projected benefit obligation | $ | (1.2) | $ | — | $ | 1.3 | — | ||||||||||||||||
Non-U.S. Plans: | |||||||||||||||||||||||
Net pension expense (benefit) | $ | — | $ | (0.2) | $ | — | $ | 0.2 | |||||||||||||||
Projected benefit obligation | $ | (2.7) | $ | — | $ | 2.9 | — |
261.2 | ||||||||
Capital expenditures, net of proceeds from sale of capital assets | (109.4) | |||||||
Free cash flow | $ | 151.8 |
Three months ended 12/31/2022 | |||||||||||
Net Sales | $ | 1,217.6 | |||||||||
x | 4 | ||||||||||
Trailing Three Month Annualized Net Sales | $ | 4,870.4 |
As of 12/31/22 | |||||||||||
Inventories | $ | 988.4 | |||||||||
Trade Receivables | 547.5 | ||||||||||
Trade Accounts Payable | (624.6) | ||||||||||
Customer Advances | (36.2) | ||||||||||
Working Capital | $ | 875.1 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | |||||||||||||||||
Equity compensation plans approved by stockholders | __ (1) | $— | 2,780,512 | |||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | |||||||||||||||||
Total | — | 2,780,512 |
Exhibit No. | Exhibit | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. * | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. * | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. * | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. * | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. * | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
* | Exhibit filed with this document. | ||||
** | Exhibit furnished with this document. | ||||
*** | Denotes a management contract or compensatory plan or arrangement. | ||||
By: | /s/ John L. Garrison, Jr. | February 10, 2023 | |||||||||
John L. Garrison, Jr. | |||||||||||
Chairman and Chief Executive Officer |
NAME | TITLE | DATE | ||||||
/s/ John L. Garrison, Jr | Chairman and Chief Executive | February 10, 2023 | ||||||
John L. Garrison, Jr. | Officer | |||||||
(Principal Executive Officer) | ||||||||
/s/ Julie A. Beck | Senior Vice President and Chief Financial | February 10, 2023 | ||||||
Julie A. Beck | Officer | |||||||
(Principal Financial Officer) | ||||||||
/s/ Stephen A. Johnston | Vice President, Chief Accounting Officer and Controller | February 10, 2023 | ||||||
Stephen A. Johnston | (Principal Accounting Officer) | |||||||
*/s/ Paula H. J. Cholmondeley | Director | |||||||
Paula H. J. Cholmondeley | ||||||||
*/s/ Don DeFosset | Director | |||||||
Don DeFosset | ||||||||
*/s/ Thomas J. Hansen | Director | |||||||
Thomas J. Hansen | ||||||||
*/s/ Sandie O’Connor | Director | |||||||
Sandie O’Connor | ||||||||
*/s/ Christopher Rossi | Director | |||||||
Christopher Rossi | ||||||||
*/s/ Andra M. Rush | Director | |||||||
Andra M. Rush | ||||||||
*/s/ David A. Sachs | Lead Director | |||||||
David A. Sachs | ||||||||
*By /s/ Julie A. Beck | February 10, 2023 | |||||||
Julie A. Beck, as Attorney-in-Fact |
Increase | Decrease | ||||||||||||||||||||||
Discount Rate | Expected long- term rate of return | Discount Rate | Expected long- term rate of return | ||||||||||||||||||||
U. S. Plan: | |||||||||||||||||||||||
Net pension expense | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Projected benefit obligation | $ | (1.2) | $ | — | $ | 1.3 | — | ||||||||||||||||
Non-U.S. Plans: | |||||||||||||||||||||||
Net pension expense (benefit) | $ | — | $ | (0.2) | $ | — | $ | 0.2 | |||||||||||||||
Projected benefit obligation | $ | (2.7) | $ | — | $ | 2.9 | — |
Year Ended 12/31/2022 | ||||||||
Net cash provided by (used in) operating activities | $ | 261.2 | ||||||
Capital expenditures, net of proceeds from sale of capital assets | (109.4) | |||||||
Free cash flow | $ | 151.8 |
Three months ended 12/31/2022 | |||||||||||
Net Sales | $ | 1,217.6 | |||||||||
x | 4 | ||||||||||
Trailing Three Month Annualized Net Sales | $ | 4,870.4 |
As of 12/31/22 | |||||||||||
Inventories | $ | 988.4 | |||||||||
Trade Receivables | 547.5 | ||||||||||
Trade Accounts Payable | (624.6) | ||||||||||
Customer Advances | (36.2) | ||||||||||
Working Capital | $ | 875.1 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans | |||||||||||||||||
Equity compensation plans approved by stockholders | __ (1) | $— | 2,780,512 | |||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | |||||||||||||||||
Total | — | 2,780,512 |
Exhibit No. | Exhibit | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
3.4 | |||||
3.5 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. * | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. * | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. * | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. * | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. * | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | ||||
* | Exhibit filed with this document. | ||||
** | Exhibit furnished with this document. | ||||
*** | Denotes a management contract or compensatory plan or arrangement. | ||||
By: | /s/ John L. Garrison, Jr. | February 10, 2023 | |||||||||
John L. Garrison, Jr. | |||||||||||
Chairman and Chief Executive Officer |
NAME | TITLE | DATE | ||||||
/s/ John L. Garrison, Jr | Chairman and Chief Executive | February 10, 2023 | ||||||
John L. Garrison, Jr. | Officer | |||||||
(Principal Executive Officer) | ||||||||
/s/ Julie A. Beck | Senior Vice President and Chief Financial | February 10, 2023 | ||||||
Julie A. Beck | Officer | |||||||
(Principal Financial Officer) | ||||||||
/s/ Stephen A. Johnston | Vice President, Chief Accounting Officer and Controller | February 10, 2023 | ||||||
Stephen A. Johnston | (Principal Accounting Officer) | |||||||
*/s/ Paula H. J. Cholmondeley | Director | |||||||
Paula H. J. Cholmondeley | ||||||||
*/s/ Don DeFosset | Director | |||||||
Don DeFosset | ||||||||
*/s/ Thomas J. Hansen | Director | |||||||
Thomas J. Hansen | ||||||||
*/s/ Sandie O’Connor | Director | |||||||
Sandie O’Connor | ||||||||
*/s/ Christopher Rossi | Director | |||||||
Christopher Rossi | ||||||||
*/s/ Andra M. Rush | Director | |||||||
Andra M. Rush | ||||||||
*/s/ David A. Sachs | Lead Director | |||||||
David A. Sachs | ||||||||
*By /s/ Julie A. Beck | February 10, 2023 | |||||||
Julie A. Beck, as Attorney-in-Fact |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net sales | $ | 4,417.7 | $ | 3,886.8 | $ | 3,076.4 | |||||||||||
Cost of goods sold | (3,546.5) | (3,129.4) | (2,537.1) | ||||||||||||||
Gross profit | 871.2 | 757.4 | 539.3 | ||||||||||||||
Selling, general and administrative expenses | (451.2) | (429.4) | (470.9) | ||||||||||||||
Income (loss) from operations | 420.0 | 328.0 | 68.4 | ||||||||||||||
Other income (expense) | |||||||||||||||||
Interest income | 2.8 | 3.7 | 3.6 | ||||||||||||||
Interest expense | (49.1) | (51.5) | (65.9) | ||||||||||||||
Loss on early extinguishment of debt | (0.3) | (29.4) | — | ||||||||||||||
Other income (expense) – net | (6.8) | 13.0 | 4.9 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 366.6 | 263.8 | 11.0 | ||||||||||||||
(Provision for) benefit from income taxes | (66.4) | (46.3) | (2.0) | ||||||||||||||
Income (loss) from continuing operations | 300.2 | 217.5 | 9.0 | ||||||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.4) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (0.2) | 3.4 | (19.2) | ||||||||||||||
Net income (loss) | $ | 300.0 | $ | 220.9 | $ | (10.6) | |||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.38 | $ | 3.12 | $ | 0.13 | |||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.01) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.05 | (0.27) | ||||||||||||||
Net income (loss) | $ | 4.38 | $ | 3.17 | $ | (0.15) | |||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.32 | $ | 3.07 | $ | 0.13 | |||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.01) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.05 | (0.27) | ||||||||||||||
Net income (loss) | $ | 4.32 | $ | 3.12 | $ | (0.15) | |||||||||||
Weighted average number of shares outstanding in per share calculation | |||||||||||||||||
Basic | 68.5 | 69.7 | 69.6 | ||||||||||||||
Diluted | 69.4 | 70.9 | 70.1 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | |||||
Cost of goods sold | (3,465.3 | ) | (3,555.3 | ) | (3,026.4 | ) | |||||
Gross profit | 887.8 | 961.9 | 767.3 | ||||||||
Selling, general and administrative expenses | (552.8 | ) | (549.4 | ) | (539.1 | ) | |||||
Income (loss) from operations | 335.0 | 412.5 | 228.2 | ||||||||
Other income (expense) | |||||||||||
Interest income | 6.5 | 8.7 | 6.3 | ||||||||
Interest expense | (87.9 | ) | (72.8 | ) | (67.2 | ) | |||||
Loss on early extinguishment of debt | — | (0.7 | ) | (52.6 | ) | ||||||
Other income (expense) – net | (6.1 | ) | (60.6 | ) | 48.7 | ||||||
Income (loss) from continuing operations before income taxes | 247.5 | 287.1 | 163.4 | ||||||||
(Provision for) benefit from income taxes | (37.8 | ) | (45.4 | ) | (52.4 | ) | |||||
Income (loss) from continuing operations | 209.7 | 241.7 | 111.0 | ||||||||
Income (loss) from discontinued operations – net of tax | (155.4 | ) | (130.4 | ) | (49.6 | ) | |||||
Gain (loss) on disposition of discontinued operations – net of tax | 0.1 | 2.4 | 67.3 | ||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | |||||
Basic earnings (loss) per share: | |||||||||||
Income (loss) from continuing operations | $ | 2.95 | $ | 3.21 | $ | 1.20 | |||||
Income (loss) from discontinued operations – net of tax | (2.18 | ) | (1.73 | ) | (0.53 | ) | |||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.03 | 0.72 | ||||||||
Net income (loss) | $ | 0.77 | $ | 1.51 | $ | 1.39 | |||||
Diluted earnings (loss) per share: | |||||||||||
Income (loss) from continuing operations | $ | 2.92 | $ | 3.14 | $ | 1.17 | |||||
Income (loss) from discontinued operations – net of tax | (2.16 | ) | (1.69 | ) | (0.52 | ) | |||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.03 | 0.71 | ||||||||
Net income (loss) | $ | 0.76 | $ | 1.48 | $ | 1.36 | |||||
Weighted average number of shares outstanding in per share calculation | |||||||||||
Basic | 71.1 | 75.4 | 92.8 | ||||||||
Diluted | 71.8 | 76.9 | 94.9 |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net income (loss) | $ | 300.0 | $ | 220.9 | $ | (10.6) | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Cumulative translation adjustment, net of (provision for) benefit from taxes of $(2.3), $5.4 and $(3.0) for the years ended December 31, 2022, 2021 and 2020, respectively | (97.5) | (42.8) | 63.0 | |||||||||||||||||
Derivative hedging adjustment, net of (provision for) benefit from taxes of $2.9, $(2.7) and $1.6 for the years ended December 31, 2022, 2021 and 2020, respectively | (10.4) | 10.0 | (5.2) | |||||||||||||||||
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $1.0, $0.0 and $0.0 for the years ended December 31, 2022, 2021 and 2020, respectively | (3.5) | (1.2) | (1.4) | |||||||||||||||||
Pension liability adjustment: | ||||||||||||||||||||
Net gain (loss), net of (provision for) benefit from taxes of $(0.1), $(1.6) and $1.7 for the years ended December 31, 2022, 2021 and 2020, respectively | (6.7) | 10.6 | (6.3) | |||||||||||||||||
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(0.2), $(0.3) and $(0.4) for the years ended December 31, 2022, 2021 and 2020, respectively | 1.2 | 2.0 | 1.3 | |||||||||||||||||
Foreign exchange and other effects, net of (provision for) benefit from taxes of $(0.1), $0.1 and $(0.6) for the years ended December 31, 2022, 2021 and 2020, respectively | 3.8 | 1.3 | (2.3) | |||||||||||||||||
Total pension liability adjustment | (1.7) | 13.9 | (7.3) | |||||||||||||||||
Other comprehensive income (loss) | (113.1) | (20.1) | 49.1 | |||||||||||||||||
Comprehensive income (loss) | $ | 186.9 | $ | 200.8 | $ | 38.5 | ||||||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Cumulative translation adjustment, net of (provision for) benefit from taxes of $(3.9), $0.0 and $(7.5), respectively | 17.4 | (80.9 | ) | 470.6 | ||||||||
Derivative hedging adjustment, net of (provision for) benefit from taxes of $(1.6), $1.7 and $(1.2), respectively | 3.6 | (6.5 | ) | 4.5 | ||||||||
Debt and equity securities adjustment, net of (provision for) benefit from taxes of $0.0, $0.0 and $0.0, respectively | 1.8 | (0.9 | ) | 3.7 | ||||||||
Pension liability adjustment: | ||||||||||||
Net gain (loss), net of (provision for) benefit from taxes of $1.9, $1.0 and $(2.8), respectively | (7.8 | ) | (4.3 | ) | 5.0 | |||||||
Amortization of actuarial (gain) loss, net of provision for (benefit from) taxes of $(0.6), $(1.7) and $(2.2), respectively | 1.9 | 5.8 | 5.7 | |||||||||
Settlement of U.S. defined benefit pension obligations, net of provision for (benefit from) taxes of $0.0, $(24.4) and $0.0, respectively | — | 42.6 | — | |||||||||
Divestiture of business, net of provision for (benefit from) taxes of $(5.3), $0.0 and $(23.9), respectively | 12.6 | — | 55.5 | |||||||||
Foreign exchange and other effects, net of (provision for) benefit from taxes of $(0.7), $0.2 and $1.9, respectively | (2.2 | ) | 1.5 | (5.1 | ) | |||||||
Total pension liability adjustment | 4.5 | 45.6 | 61.1 | |||||||||
Other comprehensive income (loss) | 27.3 | (42.7 | ) | 539.9 | ||||||||
Comprehensive income (loss) | $ | 81.7 | $ | 71.0 | $ | 668.6 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 304.1 | $ | 266.9 | |||||||
Trade receivables (net of allowance of $9.4 and $9.7 at December 31, 2022 and 2021, respectively) | 547.5 | 507.7 | |||||||||
Inventories | 988.4 | 813.5 | |||||||||
Prepaid and other current assets | 122.0 | 179.7 | |||||||||
Total current assets | 1,962.0 | 1,767.8 | |||||||||
Non-current assets | |||||||||||
Property, plant and equipment – net | 465.6 | 429.6 | |||||||||
Goodwill | 284.4 | 280.1 | |||||||||
Intangible assets – net | 17.4 | 13.4 | |||||||||
Other assets | 388.7 | 372.6 | |||||||||
Total assets | $ | 3,118.1 | $ | 2,863.5 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 1.9 | $ | 5.6 | |||||||
Trade accounts payable | 624.6 | 537.7 | |||||||||
Accrued compensation and benefits | 103.0 | 108.5 | |||||||||
Other current liabilities | 269.1 | 258.1 | |||||||||
Total current liabilities | 998.6 | 909.9 | |||||||||
Non-current liabilities | |||||||||||
Long-term debt, less current portion | 773.6 | 668.5 | |||||||||
Other non-current liabilities | 164.7 | 175.5 | |||||||||
Total liabilities | 1,936.9 | 1,753.9 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $.01 par value – authorized 300.0 shares; issued 84.0 and 83.4 shares at December 31, 2022 and 2021, respectively | 0.9 | 0.9 | |||||||||
Additional paid-in capital | 881.6 | 860.0 | |||||||||
Retained earnings | 1,200.6 | 936.9 | |||||||||
Accumulated other comprehensive income (loss) | (341.6) | (228.5) | |||||||||
Less cost of shares of common stock in treasury – 17.2 and 14.2 shares at December 31, 2022 and 2021, respectively | (560.3) | (459.7) | |||||||||
Total stockholders’ equity | 1,181.2 | 1,109.6 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,118.1 | $ | 2,863.5 |
December 31, | |||||||
2019 | 2018 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 535.1 | $ | 339.5 | |||
Trade receivables (net of allowance of $9.9 and $9.1 at December 31, 2019 and 2018, respectively) | 401.9 | 535.0 | |||||
Inventories | 847.7 | 918.9 | |||||
Prepaid and other current assets | 225.8 | 170.1 | |||||
Current assets held for sale | 9.2 | 459.5 | |||||
Total current assets | 2,019.7 | 2,423.0 | |||||
Non-current assets | |||||||
Property, plant and equipment – net | 389.4 | 317.3 | |||||
Goodwill | 269.9 | 265.2 | |||||
Intangible assets – net | 9.7 | 11.4 | |||||
Other assets | 506.3 | 400.6 | |||||
Non-current assets held for sale | 0.6 | 68.4 | |||||
Total assets | $ | 3,195.6 | $ | 3,485.9 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 6.9 | $ | 4.1 | |||
Trade accounts payable | 508.1 | 687.2 | |||||
Accrued compensation and benefits | 100.3 | 123.1 | |||||
Other current liabilities | 248.7 | 220.8 | |||||
Current liabilities held for sale | 8.4 | 179.5 | |||||
Total current liabilities | 872.4 | 1,214.7 | |||||
Non-current liabilities | |||||||
Long-term debt, less current portion | 1,168.8 | 1,210.6 | |||||
Other non-current liabilities | 220.9 | 113.1 | |||||
Non-current liabilities held for sale | 1.2 | 86.5 | |||||
Total liabilities | 2,263.3 | 2,624.9 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Common stock, $.01 par value – authorized 300.0 shares; issued 82.2 and 81.3 shares at December 31, 2019 and 2018, respectively | 0.8 | 0.8 | |||||
Additional paid-in capital | 824.4 | 797.3 | |||||
Retained earnings | 771.4 | 749.0 | |||||
Accumulated other comprehensive income (loss) | (257.5 | ) | (284.8 | ) | |||
Less cost of shares of common stock in treasury – 11.8 and 11.7 shares at December 31, 2019 and 2018, respectively | (406.8 | ) | (401.8 | ) | |||
Total Terex Corporation stockholders’ equity | 932.3 | 860.5 | |||||
Noncontrolling interest | — | 0.5 | |||||
Total stockholders’ equity | 932.3 | 861.0 | |||||
Total liabilities and stockholders’ equity | $ | 3,195.6 | $ | 3,485.9 |
Outstanding Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 70.4 | $ | 0.8 | $ | 824.4 | $ | 771.4 | $ | (257.5) | $ | (406.8) | $ | 932.3 | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (10.6) | — | — | (10.6) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | 49.1 | — | 49.1 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to compensation | 0.7 | 0.1 | 29.0 | — | — | — | 29.1 | ||||||||||||||||||||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | (15.7) | — | — | 3.7 | (12.0) | ||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | 0.2 | (8.6) | — | — | (8.4) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (2.6) | — | — | — | — | (56.1) | (56.1) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (1.9) | — | — | (1.9) | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 68.6 | 0.9 | 837.9 | 750.3 | (208.4) | (459.2) | 921.5 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 220.9 | — | — | 220.9 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | (20.1) | — | (20.1) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to compensation | 0.6 | — | 12.2 | — | — | — | 12.2 | ||||||||||||||||||||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | 9.3 | — | — | 2.9 | 12.2 | ||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | 0.6 | (34.1) | — | — | (33.5) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (0.1) | — | — | — | — | (3.3) | (3.3) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2) | — | (0.1) | (0.3) | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 69.2 | 0.9 | 860.0 | 936.9 | (228.5) | (459.7) | 1,109.6 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 300.0 | — | — | 300.0 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | (113.1) | — | (113.1) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to compensation | 0.6 | — | 18.7 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||||||||||
Compensation under stock-based plans – net | — | — | 2.3 | — | — | 1.0 | 3.3 | ||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | 0.6 | (36.2) | — | — | (35.6) | ||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (3.0) | — | — | — | — | (101.6) | (101.6) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.1) | — | — | (0.1) | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 66.8 | $ | 0.9 | $ | 881.6 | $ | 1,200.6 | $ | (341.6) | $ | (560.3) | $ | 1,181.2 |
Outstanding Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Non-controlling Interest | Total | |||||||||||||||||||||||
Balance at December 31, 2016 | 105.0 | $ | 1.3 | $ | 1,300.0 | $ | 1,897.9 | $ | (779.4 | ) | $ | (935.1 | ) | $ | 36.5 | $ | 1,521.2 | |||||||||||||
Net income (loss) | — | — | — | 128.7 | — | — | — | 128.7 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | 539.9 | — | — | 539.9 | ||||||||||||||||||||||
Issuance of common stock | 0.8 | — | 21.0 | — | — | — | — | 21.0 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.2 | — | 0.2 | (0.4 | ) | — | 4.0 | — | 3.8 | |||||||||||||||||||||
Dividends | — | — | 0.8 | (30.3 | ) | — | — | — | (29.5 | ) | ||||||||||||||||||||
Divestiture | — | — | — | — | — | — | (36.0 | ) | (36.0 | ) | ||||||||||||||||||||
Acquisition of treasury stock | (25.8 | ) | — | — | — | — | (926.6 | ) | — | (926.6 | ) | |||||||||||||||||||
Balance at December 31, 2017 | 80.2 | 1.3 | 1,322.0 | 1,995.9 | (239.5 | ) | (1,857.7 | ) | 0.5 | 1,222.5 | ||||||||||||||||||||
Net income (loss) | — | — | — | 113.7 | — | — | — | 113.7 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | (42.7 | ) | — | — | (42.7 | ) | ||||||||||||||||||||
Issuance of common stock | 0.8 | — | 17.3 | — | — | — | — | 17.3 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | 6.3 | — | — | 1.7 | — | 8.0 | ||||||||||||||||||||||
Dividends | — | — | 0.9 | (30.9 | ) | — | — | — | (30.0 | ) | ||||||||||||||||||||
Retirement of treasury stock | — | (0.5 | ) | (549.2 | ) | (1,332.3 | ) | — | 1,882.0 | — | — | |||||||||||||||||||
Acquisition of treasury stock | (11.5 | ) | — | — | — | — | (427.8 | ) | — | (427.8 | ) | |||||||||||||||||||
Other | — | — | — | 2.6 | (2.6 | ) | — | — | — | |||||||||||||||||||||
Balance at December 31, 2018 | 69.6 | 0.8 | 797.3 | 749.0 | (284.8 | ) | (401.8 | ) | 0.5 | 861.0 | ||||||||||||||||||||
Net income (loss) | — | — | — | 54.4 | — | — | — | 54.4 | ||||||||||||||||||||||
Other comprehensive income (loss) – net of tax | — | — | — | — | 27.3 | — | — | 27.3 | ||||||||||||||||||||||
Issuance of common stock | 0.9 | — | 27.8 | — | — | — | — | 27.8 | ||||||||||||||||||||||
Compensation under stock-based plans – net | 0.1 | — | (1.3 | ) | — | — | 2.7 | — | 1.4 | |||||||||||||||||||||
Dividends | — | — | 0.6 | (32.0 | ) | — | — | — | (31.4 | ) | ||||||||||||||||||||
Acquisition of treasury stock | (0.2 | ) | — | — | — | — | (7.7 | ) | — | (7.7 | ) | |||||||||||||||||||
Divestiture | — | — | — | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||||||||||||||
Balance at December 31, 2019 | 70.4 | $ | 0.8 | $ | 824.4 | $ | 771.4 | $ | (257.5 | ) | $ | (406.8 | ) | $ | — | $ | 932.3 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating Activities | |||||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 49.6 | 59.7 | 66.5 | ||||||||
(Gain) loss on disposition of discontinued operations | (0.1 | ) | (2.4 | ) | (68.7 | ) | |||||
Deferred taxes | (17.6 | ) | (9.1 | ) | 37.6 | ||||||
Impairments | 83.6 | 9.0 | 6.8 | ||||||||
(Gain) loss on sale of assets | (9.8 | ) | (1.9 | ) | (58.0 | ) | |||||
Loss on early extinguishment of debt | — | 0.7 | 52.6 | ||||||||
Stock-based compensation expense | 43.1 | 36.7 | 38.5 | ||||||||
Pension plan settlements | — | 67.8 | 1.5 | ||||||||
Inventory and other non-cash charges | 47.6 | 30.3 | 34.0 | ||||||||
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures): | |||||||||||
Trade receivables | 176.1 | (107.9 | ) | (0.5 | ) | ||||||
Inventories | 20.3 | (284.2 | ) | (33.5 | ) | ||||||
Trade accounts payable | (220.1 | ) | 213.2 | 25.0 | |||||||
Other assets and liabilities | (57.0 | ) | (25.1 | ) | (46.0 | ) | |||||
Foreign exchange and other operating activities, net | 3.3 | (6.3 | ) | (31.5 | ) | ||||||
Net cash provided by (used in) operating activities | 173.4 | 94.2 | 153.0 | ||||||||
Investing Activities | |||||||||||
Capital expenditures | (108.9 | ) | (103.8 | ) | (43.5 | ) | |||||
Proceeds from sale of capital assets | 4.3 | 2.8 | 20.2 | ||||||||
Proceeds from disposition of investments | 30.7 | 19.3 | 783.2 | ||||||||
Proceeds (payments) from disposition of discontinued operations | 177.7 | 2.5 | 775.7 | ||||||||
Other investing activities, net | — | (6.7 | ) | — | |||||||
Net cash provided by (used in) investing activities | 103.8 | (85.9 | ) | 1,535.6 | |||||||
Financing Activities | |||||||||||
Repayments of debt | (1,660.5 | ) | (1,150.1 | ) | (1,594.1 | ) | |||||
Proceeds from issuance of debt | 1,616.6 | 1,382.3 | 1,010.7 | ||||||||
Payment of debt extinguishment costs | — | (0.5 | ) | (36.4 | ) | ||||||
Share repurchases | (7.4 | ) | (427.5 | ) | (924.9 | ) | |||||
Dividends paid | (31.4 | ) | (30.0 | ) | (29.5 | ) | |||||
Other financing activities, net | (21.0 | ) | (19.1 | ) | (32.3 | ) | |||||
Net cash provided by (used in) financing activities | (103.7 | ) | (244.9 | ) | (1,606.5 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (5.5 | ) | (21.4 | ) | 46.1 | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 168.0 | (258.0 | ) | 128.2 | |||||||
Cash and Cash Equivalents at Beginning of Period | 372.1 | 630.1 | 501.9 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 540.1 | $ | 372.1 | $ | 630.1 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating Activities | |||||||||||||||||
Net income (loss) | $ | 300.0 | $ | 220.9 | $ | (10.6) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||
Depreciation and amortization | 47.2 | 50.2 | 49.7 | ||||||||||||||
Stock-based compensation expense | 30.3 | 33.1 | 23.8 | ||||||||||||||
Inventory and other non-cash charges | 22.0 | 40.8 | 50.5 | ||||||||||||||
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures): | |||||||||||||||||
Trade receivables | (54.7) | (139.0) | 16.1 | ||||||||||||||
Inventories | (206.1) | (229.5) | 261.6 | ||||||||||||||
Trade accounts payable | 96.3 | 173.0 | (156.9) | ||||||||||||||
Other assets and liabilities | 37.5 | 140.7 | 8.8 | ||||||||||||||
Foreign exchange and other operating activities, net | (11.3) | 3.2 | (17.6) | ||||||||||||||
Net cash provided by (used in) operating activities | 261.2 | 293.4 | 225.4 | ||||||||||||||
Investing Activities | |||||||||||||||||
Capital expenditures | (109.6) | (59.7) | (64.5) | ||||||||||||||
Acquisitions, net of cash acquired, and investments | (50.1) | (42.7) | — | ||||||||||||||
Proceeds from disposition of discontinued operations | — | — | 15.8 | ||||||||||||||
Other investing activities, net | 5.6 | 0.2 | 10.2 | ||||||||||||||
Net cash provided by (used in) investing activities | (154.1) | (102.2) | (38.5) | ||||||||||||||
Financing Activities | |||||||||||||||||
Repayments of debt | (224.4) | (1,103.5) | (176.0) | ||||||||||||||
Proceeds from issuance of debt | 320.9 | 600.1 | 170.0 | ||||||||||||||
Share repurchases | (101.3) | (3.0) | (56.0) | ||||||||||||||
Dividends paid | (35.6) | (33.5) | (8.4) | ||||||||||||||
Other financing activities, net | (14.5) | (40.2) | (12.4) | ||||||||||||||
Net cash provided by (used in) financing activities | (54.9) | (580.1) | (82.8) | ||||||||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (15.0) | (14.3) | 25.9 | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 37.2 | (403.2) | 130.0 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 266.9 | 670.1 | 540.1 | ||||||||||||||
Cash and Cash Equivalents at End of Year (1) | $ | 304.1 | $ | 266.9 | $ | 670.1 | |||||||||||
(1) Cash and Cash Equivalents includes Cash and Cash Equivalents-Held for Sale of $5.1 at December 31, 2020. |
Balance as of December 31, 2020 | $ | 9.5 | |||
Provision for credit losses | 2.5 | ||||
Other adjustments | (2.3) | ||||
Balance as of December 31, 2021 | $ | 9.7 | |||
Provision for credit losses | 1.1 | ||||
Other adjustments | (1.4) | ||||
Balance as of December 31, 2022 | $ | 9.4 |
Balance as of December 31, 2020 | $ | 52.9 | |||
Accruals for warranties issued during the period | 42.5 | ||||
Changes in estimates | (4.7) | ||||
Settlements during the period | (45.7) | ||||
Foreign exchange effect/other | (0.9) | ||||
Balance as of December 31, 2021 | $ | 44.1 | |||
Accruals for warranties issued during the period | 39.7 | ||||
Changes in estimates | (3.4) | ||||
Settlements during the period | (35.1) | ||||
Foreign exchange effect/other | (1.4) | ||||
Balance as of December 31, 2022 | $ | 43.9 |
Balance as of December 31, 2017 | $ | 35.7 | |
Accruals for warranties issued during the period | 43.7 | ||
Changes in estimates | 7.2 | ||
Settlements during the period | (46.1 | ) | |
Foreign exchange effect/other | (0.7 | ) | |
Balance as of December 31, 2018 | 39.8 | ||
Accruals for warranties issued during the period | 41.1 | ||
Changes in estimates | 13.4 | ||
Settlements during the period | (50.1 | ) | |
Foreign exchange effect/other | 3.3 | ||
Balance as of December 31, 2019 | $ | 47.5 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net sales | |||||||||||||||||
MP | $ | 1,941.6 | $ | 1,691.8 | $ | 1,256.8 | |||||||||||
AWP | 2,483.6 | 2,178.8 | 1,782.9 | ||||||||||||||
Corporate and Other / Eliminations | (7.5) | 16.2 | 36.7 | ||||||||||||||
Total | $ | 4,417.7 | $ | 3,886.8 | $ | 3,076.4 | |||||||||||
Income (loss) from operations | |||||||||||||||||
MP | $ | 297.8 | $ | 240.9 | $ | 143.4 | |||||||||||
AWP | 196.2 | 152.1 | 0.5 | ||||||||||||||
Corporate and Other / Eliminations | (74.0) | (65.0) | (75.5) | ||||||||||||||
Total | $ | 420.0 | $ | 328.0 | $ | 68.4 | |||||||||||
Depreciation and amortization | |||||||||||||||||
MP | $ | 14.4 | $ | 13.3 | $ | 11.4 | |||||||||||
AWP | 24.8 | 25.9 | 23.2 | ||||||||||||||
Corporate | 8.0 | 11.0 | 15.1 | ||||||||||||||
Total | $ | 47.2 | $ | 50.2 | $ | 49.7 | |||||||||||
Capital expenditures | |||||||||||||||||
MP | $ | 25.2 | $ | 15.8 | $ | 11.6 | |||||||||||
AWP | 77.6 | 41.2 | 47.4 | ||||||||||||||
Corporate | 6.8 | 2.7 | 5.5 | ||||||||||||||
Total | $ | 109.6 | $ | 59.7 | $ | 64.5 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Identifiable assets | |||||||||||
MP(1) | $ | 1,800.1 | $ | 1,648.0 | |||||||
AWP(2) | 2,122.5 | 1,870.8 | |||||||||
Corporate and Other / Eliminations (3) | (804.5) | (655.3) | |||||||||
Total | $ | 3,118.1 | $ | 2,863.5 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net sales | |||||||||||
AWP | $ | 2,726.6 | $ | 2,950.4 | $ | 2,433.2 | |||||
MP | 1,371.4 | 1,322.6 | 1,119.8 | ||||||||
Corporate and Other / Eliminations | 255.1 | 244.2 | 240.7 | ||||||||
Total | $ | 4,353.1 | $ | 4,517.2 | $ | 3,793.7 | |||||
Income (loss) from operations | |||||||||||
AWP | $ | 196.2 | $ | 300.5 | $ | 199.8 | |||||
MP | 196.8 | 176.0 | 125.1 | ||||||||
Corporate and Other / Eliminations | (58.0 | ) | (64.0 | ) | (96.7 | ) | |||||
Total | $ | 335.0 | $ | 412.5 | $ | 228.2 | |||||
Depreciation and amortization | |||||||||||
AWP | $ | 23.0 | $ | 20.9 | $ | 23.2 | |||||
MP | 7.7 | 7.6 | 8.0 | ||||||||
Corporate | 15.7 | 16.8 | 21.8 | ||||||||
Total | $ | 46.4 | $ | 45.3 | $ | 53.0 | |||||
Capital expenditures | |||||||||||
AWP | $ | 82.1 | $ | 49.7 | $ | 15.6 | |||||
MP | 11.5 | 33.1 | 6.7 | ||||||||
Corporate | 11.9 | 8.2 | 9.4 | ||||||||
Total | $ | 105.5 | $ | 91.0 | $ | 31.7 |
December 31, | |||||||
2019 | 2018 | ||||||
Identifiable assets | |||||||
AWP | $ | 1,814.4 | $ | 1,983.5 | |||
MP | 1,172.1 | 1,160.1 | |||||
Corporate and Other / Eliminations (1) | 199.3 | (185.6 | ) | ||||
Assets held for sale (2) | 9.8 | 527.9 | |||||
Total | $ | 3,195.6 | $ | 3,485.9 |
December 31, | |||||||
2019 | 2018 | ||||||
Long-lived Assets | |||||||
United States | $ | 246.8 | $ | 193.1 | |||
United Kingdom | 69.0 | 61.4 | |||||
Germany | 11.0 | 10.7 | |||||
Other European countries | 21.6 | 18.6 | |||||
All other | 41.0 | 33.5 | |||||
Total | $ | 389.4 | $ | 317.3 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Long-lived Assets | |||||||||||
U.S. | $ | 187.6 | $ | 218.0 | |||||||
United Kingdom | 81.8 | 76.4 | |||||||||
Mexico | 82.6 | 22.9 | |||||||||
China | 54.1 | 55.8 | |||||||||
Other European countries | 40.2 | 37.9 | |||||||||
All other | 19.3 | 18.6 | |||||||||
Total | $ | 465.6 | $ | 429.6 |
Year Ended December 31, 2019 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by region | |||||||||||||||
North America | $ | 1,801.8 | $ | 535.2 | $ | 146.9 | $ | 2,483.9 | |||||||
Western Europe | 431.1 | 418.0 | 96.8 | 945.9 | |||||||||||
Asia-Pacific | 325.1 | 288.5 | 15.0 | 628.6 | |||||||||||
Rest of World (1) | 168.6 | 129.7 | (3.6 | ) | 294.7 | ||||||||||
Total (2) | $ | 2,726.6 | $ | 1,371.4 | $ | 255.1 | $ | 4,353.1 |
Year Ended December 31, 2022 | |||||||||||||||||||||||
MP | AWP | Corporate and Other / Eliminations | Total | ||||||||||||||||||||
Net sales by region | |||||||||||||||||||||||
North America | $ | 818.6 | $ | 1,666.4 | $ | 12.2 | $ | 2,497.2 | |||||||||||||||
Western Europe | 566.6 | 386.9 | 0.4 | 953.9 | |||||||||||||||||||
Asia-Pacific | 384.6 | 227.2 | 0.6 | 612.4 | |||||||||||||||||||
Rest of World (1) | 171.8 | 203.1 | (20.7) | 354.2 | |||||||||||||||||||
Total (2) | $ | 1,941.6 | $ | 2,483.6 | $ | (7.5) | $ | 4,417.7 |
Year Ended December 31, 2018 | Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | MP | AWP | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net sales by region | Net sales by region | |||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,985.2 | $ | 518.5 | $ | 135.8 | $ | 2,639.5 | North America | $ | 667.4 | $ | 1,415.8 | $ | 26.3 | $ | 2,109.5 | |||||||||||||||||||||||||||
Western Europe | 530.5 | 382.0 | 75.4 | 987.9 | Western Europe | 515.6 | 346.7 | 0.5 | 862.8 | |||||||||||||||||||||||||||||||||||
Asia-Pacific | 274.8 | 269.6 | 30.8 | 575.2 | Asia-Pacific | 349.3 | 310.3 | 3.1 | 662.7 | |||||||||||||||||||||||||||||||||||
Rest of World (1) | 159.9 | 152.5 | 2.2 | 314.6 | Rest of World (1) | 159.5 | 106.0 | (13.7) | 251.8 | |||||||||||||||||||||||||||||||||||
Total (2) | $ | 2,950.4 | $ | 1,322.6 | $ | 244.2 | $ | 4,517.2 | Total (2) | $ | 1,691.8 | $ | 2,178.8 | $ | 16.2 | $ | 3,886.8 |
Year Ended December 31, 2017 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | MP | AWP | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net sales by region | Net sales by region | |||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,570.7 | $ | 507.1 | $ | 143.9 | $ | 2,221.7 | North America | $ | 497.7 | $ | 1,185.2 | $ | 62.5 | $ | 1,745.4 | |||||||||||||||||||||||||||
Western Europe | 404.2 | 282.7 | 92.1 | 779.0 | Western Europe | 379.0 | 230.7 | 0.3 | 610.0 | |||||||||||||||||||||||||||||||||||
Asia-Pacific | 265.0 | 204.8 | 37.2 | 507.0 | Asia-Pacific | 256.0 | 271.6 | 2.6 | 530.2 | |||||||||||||||||||||||||||||||||||
Rest of World (1) | 193.3 | 125.2 | (32.5 | ) | 286.0 | Rest of World (1) | 124.1 | 95.4 | (28.7) | 190.8 | ||||||||||||||||||||||||||||||||||
Total (2) | $ | 2,433.2 | $ | 1,119.8 | $ | 240.7 | $ | 3,793.7 | Total (2) | $ | 1,256.8 | $ | 1,782.9 | $ | 36.7 | $ | 3,076.4 |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
MP | AWP | Corporate and Other / Eliminations | Total | ||||||||||||||||||||||||||
Net sales by product type | |||||||||||||||||||||||||||||
Aerial Work Platforms | $ | — | $ | 1,798.8 | $ | 1.2 | $ | 1,800.0 | |||||||||||||||||||||
Materials Processing Equipment | 1,155.0 | — | 0.5 | 1,155.5 | |||||||||||||||||||||||||
Specialty Equipment | 780.7 | — | 1.3 | 782.0 | |||||||||||||||||||||||||
Utility Equipment | — | 466.4 | — | 466.4 | |||||||||||||||||||||||||
Other (1) | 5.9 | 218.4 | (10.5) | 213.8 | |||||||||||||||||||||||||
Total | $ | 1,941.6 | $ | 2,483.6 | $ | (7.5) | $ | 4,417.7 |
Year Ended December 31, 2019 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by product type | |||||||||||||||
Aerial Work Platforms | $ | 1,912.1 | $ | — | $ | 2.8 | $ | 1,914.9 | |||||||
Materials Processing Equipment | — | 895.4 | — | 895.4 | |||||||||||
Specialty Equipment | — | 473.3 | — | 473.3 | |||||||||||
Other (1) | 814.5 | 2.7 | 252.3 | 1,069.5 | |||||||||||
Total | $ | 2,726.6 | $ | 1,371.4 | $ | 255.1 | $ | 4,353.1 |
Year Ended December 31, 2018 | |||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | ||||||||||||
Net sales by product type | |||||||||||||||
Aerial Work Platforms | $ | 2,128.6 | $ | — | $ | 3.5 | $ | 2,132.1 | |||||||
Materials Processing Equipment | — | 877.0 | — | 877.0 | |||||||||||
Specialty Equipment | — | 421.1 | — | 421.1 | |||||||||||
Other (1) | 821.8 | 24.5 | 240.7 | 1,087.0 | |||||||||||
Total | $ | 2,950.4 | $ | 1,322.6 | $ | 244.2 | $ | 4,517.2 |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
MP | AWP | Corporate and Other / Eliminations | Total | ||||||||||||||||||||||||||
Net sales by product type | |||||||||||||||||||||||||||||
Aerial Work Platforms | $ | — | $ | 1,611.8 | $ | 1.6 | $ | 1,613.4 | |||||||||||||||||||||
Materials Processing Equipment | 995.9 | — | 1.3 | 997.2 | |||||||||||||||||||||||||
Specialty Equipment | 693.5 | — | 2.2 | 695.7 | |||||||||||||||||||||||||
Utility Equipment | — | 380.6 | 0.6 | 381.2 | |||||||||||||||||||||||||
Other (1) | 2.4 | 186.4 | 10.5 | 199.3 | |||||||||||||||||||||||||
Total | $ | 1,691.8 | $ | 2,178.8 | $ | 16.2 | $ | 3,886.8 |
Year Ended December 31, 2017 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
AWP | MP | Corporate and Other / Eliminations | Total | MP | AWP | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||||||||||||||
Net sales by product type | Net sales by product type | |||||||||||||||||||||||||||||||||||||||||||
Aerial Work Platforms | $ | 1,718.0 | $ | — | $ | 2.7 | $ | 1,720.7 | Aerial Work Platforms | $ | — | $ | 1,234.8 | $ | 0.9 | $ | 1,235.7 | |||||||||||||||||||||||||||
Materials Processing Equipment | — | 726.9 | 0.6 | 727.5 | Materials Processing Equipment | 760.5 | — | — | 760.5 | |||||||||||||||||||||||||||||||||||
Specialty Equipment | — | 376.3 | — | 376.3 | Specialty Equipment | 493.6 | — | 1.4 | 495.0 | |||||||||||||||||||||||||||||||||||
Utility Equipment | Utility Equipment | — | 352.4 | — | 352.4 | |||||||||||||||||||||||||||||||||||||||
Other (1) | 715.2 | 16.6 | 204.1 | 935.9 | Other (1) | 2.7 | 195.7 | 34.4 | 232.8 | |||||||||||||||||||||||||||||||||||
Compact Construction Equipment (2) | — | — | 33.3 | 33.3 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,433.2 | $ | 1,119.8 | $ | 240.7 | $ | 3,793.7 | Total | $ | 1,256.8 | $ | 1,782.9 | $ | 36.7 | $ | 3,076.4 |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
U.S. | $ | (19.7) | $ | (16.7) | $ | (148.8) | ||||||||||||||
Foreign | 386.3 | 280.5 | 159.8 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 366.6 | $ | 263.8 | $ | 11.0 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | (32.4 | ) | $ | (9.5 | ) | $ | (13.4 | ) | |||
Foreign | 279.9 | 296.6 | 176.8 | |||||||||
Income (loss) from continuing operations before income taxes | $ | 247.5 | $ | 287.1 | $ | 163.4 |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 6.9 | $ | 6.6 | $ | (27.1) | ||||||||||||||
State | 1.3 | 1.8 | 2.3 | |||||||||||||||||
Foreign | 58.8 | 36.7 | 21.3 | |||||||||||||||||
Current income tax provision (benefit) | 67.0 | 45.1 | (3.5) | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | 6.9 | (3.8) | 1.2 | |||||||||||||||||
State | 1.8 | 1.5 | 4.3 | |||||||||||||||||
Foreign | (9.3) | 3.5 | — | |||||||||||||||||
Deferred income tax (benefit) provision | (0.6) | 1.2 | 5.5 | |||||||||||||||||
Provision for (benefit from) income taxes | $ | 66.4 | $ | 46.3 | $ | 2.0 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current: | ||||||||||||
Federal | $ | 14.7 | $ | 21.4 | $ | (10.1 | ) | |||||
State | 1.2 | 1.8 | 2.2 | |||||||||
Foreign | 38.1 | 31.2 | 22.7 | |||||||||
Current income tax provision (benefit) | 54.0 | 54.4 | 14.8 | |||||||||
Deferred: | ||||||||||||
Federal | (14.9 | ) | (14.4 | ) | 36.6 | |||||||
State | (3.3 | ) | 1.2 | (0.6 | ) | |||||||
Foreign | 2.0 | 4.2 | 1.6 | |||||||||
Deferred income tax (benefit) provision | (16.2 | ) | (9.0 | ) | 37.6 | |||||||
Provision for (benefit from) income taxes | $ | 37.8 | $ | 45.4 | $ | 52.4 |
2022 | 2021 | |||||||||||||
Property, plant and equipment | $ | (19.8) | $ | (16.1) | ||||||||||
Intangibles | (8.1) | (6.8) | ||||||||||||
Inventories | 5.9 | 6.7 | ||||||||||||
Accrued warranties and product liability | 9.9 | 10.8 | ||||||||||||
Loss carry forwards | 152.0 | 184.4 | ||||||||||||
Retirement plans | 10.1 | 11.3 | ||||||||||||
Accrued compensation and benefits | 17.1 | 15.8 | ||||||||||||
Operating lease right-of-use asset | (22.0) | (23.5) | ||||||||||||
Operating lease liability | 23.5 | 23.8 | ||||||||||||
Other | 18.0 | 24.1 | ||||||||||||
Deferred tax assets valuation allowance | (63.0) | (100.0) | ||||||||||||
Net deferred tax assets (liabilities) | $ | 123.6 | $ | 130.5 |
2019 | 2018 | |||||||
Property, plant and equipment | $ | (14.5 | ) | $ | (10.1 | ) | ||
Intangibles | (4.7 | ) | (5.0 | ) | ||||
Inventories | 6.4 | 6.4 | ||||||
Accrued warranties and product liability | 9.8 | 8.3 | ||||||
Loss carry forwards | 198.5 | 195.5 | ||||||
Retirement plans | 13.3 | 12.1 | ||||||
Accrued compensation and benefits | 22.0 | 18.8 | ||||||
Operating lease ROU asset | (30.9 | ) | — | |||||
Operating lease liability | 32.2 | — | ||||||
Other | 9.2 | 11.1 | ||||||
Deferred tax assets valuation allowance | (107.0 | ) | (114.3 | ) | ||||
Net deferred tax assets (liabilities) | $ | 134.3 | $ | 122.8 |
Year Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||
Tax at statutory federal income tax rate | $ | 77.0 | $ | 55.4 | $ | 2.3 | |||||||||||||||||
State taxes | 2.4 | 2.7 | 5.2 | ||||||||||||||||||||
Change in valuation allowance | (21.0) | (9.0) | — | ||||||||||||||||||||
Foreign tax differential on income/losses of foreign subsidiaries | (10.2) | (12.0) | (13.0) | ||||||||||||||||||||
U.S. tax on multi-national operations | 10.1 | 8.1 | 17.6 | ||||||||||||||||||||
Change in foreign tax rates | — | (0.6) | 0.7 | ||||||||||||||||||||
U.S. tax legislation | — | — | (10.9) | ||||||||||||||||||||
Research and development | (1.0) | (0.8) | (1.2) | ||||||||||||||||||||
Provision to return adjustments | 6.8 | 0.5 | (1.7) | ||||||||||||||||||||
Compensation | 2.1 | 1.8 | 3.1 | ||||||||||||||||||||
Other | 0.2 | 0.2 | (0.1) | ||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 66.4 | $ | 46.3 | $ | 2.0 | |||||||||||||||||
Year Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Tax at statutory federal income tax rate | $ | 51.9 | $ | 60.3 | $ | 57.2 | |||||||
State taxes | (1.7 | ) | 2.3 | 1.0 | |||||||||
Change in valuation allowance | (4.9 | ) | (13.9 | ) | (2.1 | ) | |||||||
Foreign tax differential on income/losses of foreign subsidiaries | (14.5 | ) | (18.0 | ) | (33.7 | ) | |||||||
U.S. tax on multi-national operations | 7.2 | 16.3 | 7.7 | ||||||||||
Change in foreign tax rates | 3.7 | 0.7 | — | ||||||||||
Tax effect of dispositions | — | — | (27.2 | ) | |||||||||
2017 Federal Tax Act | — | 5.5 | 46.9 | (1) | |||||||||
Expired stock awards | — | — | 2.0 | ||||||||||
Pension plan settlement | — | (7.1 | ) | — | |||||||||
Other | (3.9 | ) | (0.7 | ) | 0.6 | ||||||||
Provision for (benefit from) income taxes | $ | 37.8 | $ | 45.4 | $ | 52.4 |
Balance as of January 1, 2020 | $ | 14.3 | |||
Additions for current year tax positions | — | ||||
Additions for prior year tax positions | 9.2 | ||||
Reductions for prior year tax positions | (3.7) | ||||
Reductions for current year tax positions | — | ||||
Reductions for expiration of statute of limitations | — | ||||
Settlements | (1.3) | ||||
Balance as of December 31, 2020 | 18.5 | ||||
Additions for current year tax positions | — | ||||
Additions for prior year tax positions | 0.6 | ||||
Reductions for prior year tax positions | (0.1) | ||||
Reductions for current year tax positions | — | ||||
Reductions for expiration of statute of limitations | (0.9) | ||||
Settlements | (15.5) | ||||
Balance as of December 31, 2021 | 2.6 | ||||
Additions for current year tax positions | — | ||||
Additions for prior year tax positions | 1.8 | ||||
Reductions for prior year tax positions | (1.9) | ||||
Reductions for current year tax positions | — | ||||
Reductions for expiration of statute of limitations | — | ||||
Settlements | — | ||||
Balance as of December 31, 2022 | $ | 2.5 |
Balance as of January 1, 2017 | $ | 30.6 | |
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 11.9 | ||
Reductions for prior year tax positions | (0.7 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (1.3 | ) | |
Settlements | (6.8 | ) | |
Balance as of December 31, 2017 | 33.7 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 6.1 | ||
Reductions for prior year tax positions | (14.8 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (0.8 | ) | |
Settlements | (10.7 | ) | |
Balance as of December 31, 2018 | 13.5 | ||
Additions for current year tax positions | — | ||
Additions for prior year tax positions | 2.0 | ||
Reductions for prior year tax positions | (0.4 | ) | |
Reductions for current year tax positions | — | ||
Reductions for expiration of statute of limitations | (0.8 | ) | |
Settlements | — | ||
Balance as of December 31, 2019 | $ | 14.3 |
Year ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cranes | Cranes | Cranes | |||||||||
Net sales | $ | 327.2 | $ | 607.8 | $ | 569.7 | |||||
Cost of sales | (335.2 | ) | (602.9 | ) | (521.0 | ) | |||||
Selling, general and administrative expenses | (75.6 | ) | (117.5 | ) | (97.5 | ) | |||||
Impairment of Mobile Cranes disposal group | (82.1 | ) | — | — | |||||||
Asset impairments | — | (6.6 | ) | 0.5 | |||||||
Other income (expense) | (4.5 | ) | (19.1 | ) | (3.1 | ) | |||||
Income (loss) from discontinued operations before income taxes | (170.2 | ) | (138.3 | ) | (51.4 | ) | |||||
(Provision for) benefit from income taxes | 14.8 | 7.9 | 0.4 | ||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | — | 1.4 | ||||||||
Income (loss) from discontinued operations – net of tax | $ | (155.4 | ) | $ | (130.4 | ) | $ | (49.6 | ) |
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 5.0 | $ | 32.6 | |||
Trade receivables – net | 3.5 | 126.9 | |||||
Inventories | 5.3 | 295.5 | |||||
Prepaid and other current assets | 0.2 | 9.4 | |||||
Impairment reserve | (4.8 | ) | (4.9 | ) | |||
Current assets held for sale | $ | 9.2 | $ | 459.5 | |||
Property, plant and equipment – net | $ | 0.6 | $ | 28.8 | |||
Intangible assets – net | 2.4 | 4.3 | |||||
Impairment reserve | (2.8 | ) | (2.9 | ) | |||
Other assets | 0.4 | 38.2 | |||||
Non-current assets held for sale | $ | 0.6 | $ | 68.4 | |||
Liabilities | |||||||
Current portion of long-term debt | $ | — | $ | 0.6 | |||
Trade accounts payable | 4.6 | 101.6 | |||||
Accruals and other current liabilities | 3.8 | 77.3 | |||||
Current liabilities held for sale | $ | 8.4 | $ | 179.5 | |||
Long-term debt, less current portion | $ | — | $ | 4.1 | |||
Retirement plans | — | 71.8 | |||||
Other non-current liabilities | 1.2 | 10.6 | |||||
Non-current liabilities held for sale | $ | 1.2 | $ | 86.5 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||
Cash and cash equivalents: | |||||||||||
Cash and cash equivalents - continuing operations | $ | 535.1 | $ | 339.5 | $ | 571.6 | |||||
Cash and cash equivalents - held for sale | 5.0 | 32.6 | 58.5 | ||||||||
Total cash and cash equivalents | $ | 540.1 | $ | 372.1 | $ | 630.1 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Non-cash operating items: | |||||||||||
Depreciation and amortization | $ | 3.3 | $ | 14.4 | $ | 13.1 | |||||
Gain (loss) on disposition of discontinued operations | $ | — | $ | — | $ | (1.4 | ) | ||||
Deferred taxes | $ | (1.4 | ) | $ | (0.2 | ) | $ | (0.1 | ) | ||
Impairments | $ | 82.1 | $ | 6.6 | $ | (0.5 | ) | ||||
Investing activities: | |||||||||||
Capital expenditures | $ | (3.4 | ) | $ | (12.8 | ) | $ | (13.4 | ) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cranes | MHPS | Total | Cranes | MHPS | Total | Cranes | MHPS | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations | $ | (0.5) | $ | — | $ | (0.5) | $ | 1.4 | $ | 1.2 | $ | 2.6 | $ | (27.7) | $ | (0.4) | $ | (28.1) | ||||||||||||||||||||||||||||||||||||||
(Provision for) benefit from income taxes | 0.3 | — | 0.3 | 0.1 | 0.7 | 0.8 | 8.8 | 0.1 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | (0.2) | $ | — | $ | (0.2) | $ | 1.5 | $ | 1.9 | $ | 3.4 | $ | (18.9) | $ | (0.3) | $ | (19.2) |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
Cranes | MHPS | Other | Total | MHPS | Atlas | Other | Total | MHPS | Atlas | Total | |||||||||||||||||||||||||
Gain (loss) on disposition of discontinued operations | $ | (1.0 | ) | $ | (4.6 | ) | $ | — | $ | (5.6 | ) | $ | (1.2 | ) | $ | 3.2 | $ | — | $ | 2.0 | $ | 88.5 | $ | 3.5 | $ | 92.0 | |||||||||
(Provision for) benefit from income taxes | 2.2 | 3.4 | 0.1 | 5.7 | (1.9 | ) | (0.5 | ) | 2.8 | 0.4 | (24.2 | ) | (0.5 | ) | (24.7 | ) | |||||||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | $ | 1.2 | $ | (1.2 | ) | $ | 0.1 | $ | 0.1 | $ | (3.1 | ) | $ | 2.7 | $ | 2.8 | $ | 2.4 | $ | 64.3 | $ | 3.0 | $ | 67.3 |
For the year ended December 31, | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Income (loss) from continuing operations | $ | 300.2 | $ | 217.5 | $ | 9.0 | |||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.4) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | (0.2) | 3.4 | (19.2) | ||||||||||||||
Net income (loss) | $ | 300.0 | $ | 220.9 | $ | (10.6) | |||||||||||
Basic shares: | |||||||||||||||||
Weighted average shares outstanding | 68.5 | 69.7 | 69.6 | ||||||||||||||
Earnings (loss) per share – basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.38 | $ | 3.12 | $ | 0.13 | |||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.01) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.05 | (0.27) | ||||||||||||||
Net income (loss) | $ | 4.38 | $ | 3.17 | $ | (0.15) | |||||||||||
Diluted shares: | |||||||||||||||||
Weighted average shares outstanding – basic | 68.5 | 69.7 | 69.6 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Restricted stock awards | 0.9 | 1.2 | 0.5 | ||||||||||||||
Diluted weighted average shares outstanding | 69.4 | 70.9 | 70.1 | ||||||||||||||
Earnings (loss) per share – diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 4.32 | $ | 3.07 | $ | 0.13 | |||||||||||
Income (loss) from discontinued operations – net of tax | — | — | (0.01) | ||||||||||||||
Gain (loss) on disposition of discontinued operations – net of tax | — | 0.05 | (0.27) | ||||||||||||||
Net income (loss) | $ | 4.32 | $ | 3.12 | $ | (0.15) |
For the year ended December 31, | |||||||||||
(in millions, except per share data) | |||||||||||
2019 | 2018 | 2017 | |||||||||
Income (loss) from continuing operations | $ | 209.7 | $ | 241.7 | $ | 111.0 | |||||
Income (loss) from discontinued operations-net of tax | (155.4 | ) | (130.4 | ) | (49.6 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | 0.1 | 2.4 | 67.3 | ||||||||
Net income (loss) | $ | 54.4 | $ | 113.7 | $ | 128.7 | |||||
Basic shares: | |||||||||||
Weighted average shares outstanding | 71.1 | 75.4 | 92.8 | ||||||||
Earnings (loss) per share - basic: | |||||||||||
Income (loss) from continuing operations | $ | 2.95 | $ | 3.21 | $ | 1.20 | |||||
Income (loss) from discontinued operations-net of tax | (2.18 | ) | (1.73 | ) | (0.53 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | — | 0.03 | 0.72 | ||||||||
Net income (loss) | $ | 0.77 | $ | 1.51 | $ | 1.39 | |||||
Diluted shares: | |||||||||||
Weighted average shares outstanding - basic | 71.1 | 75.4 | 92.8 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock awards | 0.7 | 1.5 | 2.1 | ||||||||
Diluted weighted average shares outstanding | 71.8 | 76.9 | 94.9 | ||||||||
Earnings (loss) per share - diluted: | |||||||||||
Income (loss) from continuing operations | $ | 2.92 | $ | 3.14 | $ | 1.17 | |||||
Income (loss) from discontinued operations-net of tax | (2.16 | ) | (1.69 | ) | (0.52 | ) | |||||
Gain (loss) on disposition of discontinued operations-net of tax | — | 0.03 | 0.71 | ||||||||
Net income (loss) | $ | 0.76 | $ | 1.48 | $ | 1.36 |
December 31, 2019 | December 31, 2018 | ||||||
Commercial loans | $ | 145.7 | $ | 154.0 | |||
Sales-type leases | 20.5 | 45.5 | |||||
Total finance receivables, gross | 166.2 | 199.5 | |||||
Allowance for credit losses | (11.0 | ) | (5.5 | ) | |||
Total finance receivables, net | $ | 155.2 | $ | 194.0 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | ||||||||||||||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4.0 | $ | 1.5 | $ | 5.5 | $ | 5.7 | $ | 0.9 | $ | 6.6 | $ | 5.9 | $ | 0.4 | $ | 6.3 | ||||||||||||||||||
Provision for credit losses | 6.9 | (1.0 | ) | 5.9 | (0.5 | ) | 0.6 | 0.1 | 0.2 | 0.5 | 0.7 | |||||||||||||||||||||||||
Charge offs | (0.4 | ) | — | (0.4 | ) | (1.1 | ) | — | (1.1 | ) | (0.4 | ) | — | (0.4 | ) | |||||||||||||||||||||
Recoveries | — | — | — | (0.1 | ) | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||||
Balance, end of period | $ | 10.5 | $ | 0.5 | $ | 11.0 | $ | 4.0 | $ | 1.5 | $ | 5.5 | $ | 5.7 | $ | 0.9 | $ | 6.6 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||||||
Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||||||||||||
Recorded investment | $ | 7.8 | $ | — | $ | 7.8 | $ | 1.5 | $ | — | $ | 1.5 | $ | 6.0 | $ | — | $ | 6.0 | ||||||||||||||||||
Related allowance | 7.8 | — | 7.8 | 0.6 | — | 0.6 | 2.4 | — | 2.4 | |||||||||||||||||||||||||||
Average recorded investment | 7.5 | — | 7.5 | 2.4 | — | 2.4 | 3.7 | — | 3.7 |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | Commercial Loans | Sales-Type Leases | Total | Commercial Loans | Sales-Type Leases | Total | ||||||||||||||||||
Individually evaluated for impairment | $ | 7.8 | $ | — | $ | 7.8 | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||||
Collectively evaluated for impairment | 2.7 | 0.5 | 3.2 | 3.4 | 1.5 | 4.9 | ||||||||||||||||||
Total allowance for credit losses | $ | 10.5 | $ | 0.5 | $ | 11.0 | $ | 4.0 | $ | 1.5 | $ | 5.5 | ||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7.8 | $ | — | $ | 7.8 | $ | 1.5 | $ | — | $ | 1.5 | ||||||||||||
Collectively evaluated for impairment | 137.9 | 20.5 | 158.4 | 152.5 | 45.5 | 198.0 | ||||||||||||||||||
Total finance receivables | $ | 145.7 | $ | 20.5 | $ | 166.2 | $ | 154.0 | $ | 45.5 | $ | 199.5 |
December 31, 2019 | |||||||||||||||||||||||
Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | ||||||||||||||||||
Commercial loans | $ | 135.1 | $ | 2.4 | $ | 0.1 | $ | 8.1 | $ | 10.6 | $ | 145.7 | |||||||||||
Sales-type leases | 20.2 | — | 0.3 | — | 0.3 | 20.5 | |||||||||||||||||
Total finance receivables | $ | 155.3 | $ | 2.4 | $ | 0.4 | $ | 8.1 | $ | 10.9 | $ | 166.2 |
December 31, 2018 | |||||||||||||||||||||||
Current | 31-60 days past due | 61-90 days past due | Greater than 90 days past due | Total past due | Total Finance Receivables | ||||||||||||||||||
Commercial loans | $ | 152.2 | $ | 0.1 | $ | — | $ | 1.7 | $ | 1.8 | $ | 154.0 | |||||||||||
Sales-type leases | 45.3 | 0.2 | — | — | 0.2 | 45.5 | |||||||||||||||||
Total finance receivables | $ | 197.5 | $ | 0.3 | $ | — | $ | 1.7 | $ | 2.0 | $ | 199.5 |
Rating | December 31, 2019 | December 31, 2018 | ||||||
Superior | $ | 1.7 | $ | 7.5 | ||||
Above Average | 17.3 | 30.7 | ||||||
Average | 42.1 | 56.9 | ||||||
Below Average | 96.2 | 94.5 | ||||||
Sub Standard | 8.9 | 9.9 | ||||||
Total | $ | 166.2 | $ | 199.5 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Finished equipment | $ | 319.2 | $ | 283.0 | |||||||
Replacement parts | 163.0 | 157.3 | |||||||||
Work-in-process | 153.5 | 105.5 | |||||||||
Raw materials and supplies | 352.7 | 267.7 | |||||||||
Inventories | $ | 988.4 | $ | 813.5 |
December 31, | |||||||
2019 | 2018 | ||||||
Finished equipment | $ | 408.1 | $ | 478.4 | |||
Replacement parts | 160.8 | 143.3 | |||||
Work-in-process | 78.7 | 86.5 | |||||
Raw materials and supplies | 200.1 | 210.7 | |||||
Inventories | $ | 847.7 | $ | 918.9 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Property | $ | 40.2 | $ | 53.1 | |||||||
Plant | 246.8 | 284.4 | |||||||||
Equipment | 418.9 | 402.4 | |||||||||
Leasehold improvements | 49.9 | 50.0 | |||||||||
Construction in progress | 92.9 | 26.9 | |||||||||
Property, plant and equipment – gross | 848.7 | 816.8 | |||||||||
Less: Accumulated depreciation | (383.1) | (387.2) | |||||||||
Property, plant and equipment – net | $ | 465.6 | $ | 429.6 |
December 31, | |||||||
2019 | 2018 | ||||||
Property | $ | 40.9 | $ | 39.6 | |||
Plant | 168.1 | 161.3 | |||||
Equipment | 358.3 | 337.3 | |||||
Leasehold improvements | 55.8 | 49.1 | |||||
Construction in progress | 101.1 | 42.2 | |||||
Property, plant and equipment – gross | 724.2 | 629.5 | |||||
Less: Accumulated depreciation | (334.8 | ) | (312.2 | ) | |||
Property, plant and equipment – net | $ | 389.4 | $ | 317.3 |
MP | AWP | Total | |||||||||||||||
Balance at December 31, 2020, gross | $ | 196.6 | $ | 140.6 | $ | 337.2 | |||||||||||
Accumulated impairment | (23.2) | (38.6) | (61.8) | ||||||||||||||
Balance at December 31, 2020, net | 173.4 | 102.0 | 275.4 | ||||||||||||||
Acquisitions | 7.3 | — | 7.3 | ||||||||||||||
Foreign exchange effect and other | (1.7) | (0.9) | (2.6) | ||||||||||||||
Balance at December 31, 2021, gross | 202.2 | 139.7 | 341.9 | ||||||||||||||
Accumulated impairment | (23.2) | (38.6) | (61.8) | ||||||||||||||
Balance at December 31, 2021, net | 179.0 | 101.1 | 280.1 | ||||||||||||||
Acquisitions | 21.5 | — | 21.5 | ||||||||||||||
Foreign exchange effect and other | (15.5) | (1.7) | (17.2) | ||||||||||||||
Balance at December 31, 2022, gross | 208.2 | 138.0 | 346.2 | ||||||||||||||
Accumulated impairment | (23.2) | (38.6) | (61.8) | ||||||||||||||
Balance at December 31, 2022, net | $ | 185.0 | $ | 99.4 | $ | 284.4 |
AWP | MP | Total | |||||||||
Balance at December 31, 2017, gross | $ | 140.2 | $ | 195.2 | $ | 335.4 | |||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2017, net | 101.6 | 172.0 | 273.6 | ||||||||
Foreign exchange effect and other | (1.0 | ) | (7.4 | ) | (8.4 | ) | |||||
Balance at December 31, 2018, gross | 139.2 | 187.8 | 327.0 | ||||||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2018, net | 100.6 | 164.6 | 265.2 | ||||||||
Foreign exchange effect and other | 0.1 | 4.6 | 4.7 | ||||||||
Balance at December 31, 2019, gross | 139.3 | 192.4 | 331.7 | ||||||||
Accumulated impairment | (38.6 | ) | (23.2 | ) | (61.8 | ) | |||||
Balance at December 31, 2019, net | $ | 100.7 | $ | 169.2 | $ | 269.9 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||
Technology | 7 | $ | 9.3 | $ | (9.2) | $ | 0.1 | $ | 9.8 | $ | (9.7) | $ | 0.1 | ||||||||||||||||||||||||||||
Customer Relationships | 17 | 34.8 | (26.8) | 8.0 | 31.9 | (25.4) | 6.5 | ||||||||||||||||||||||||||||||||||
Land Use Rights | 79 | 4.0 | (0.8) | 3.2 | 4.4 | (0.8) | 3.6 | ||||||||||||||||||||||||||||||||||
Other | 8 | 29.8 | (23.7) | 6.1 | 26.3 | (23.1) | 3.2 | ||||||||||||||||||||||||||||||||||
Total definite-lived intangible assets | $ | 77.9 | $ | (60.5) | $ | 17.4 | $ | 72.4 | $ | (59.0) | $ | 13.4 | |||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Weighted Average Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||
Technology | 7 | $ | 9.4 | $ | (8.8 | ) | $ | 0.6 | $ | 9.7 | $ | (9.1 | ) | $ | 0.6 | ||||||||||
Customer Relationships | 22 | 25.6 | (22.8 | ) | 2.8 | 25.6 | (21.7 | ) | 3.9 | ||||||||||||||||
Land Use Rights | 81 | 4.3 | (0.7 | ) | 3.6 | 4.4 | (0.6 | ) | 3.8 | ||||||||||||||||
Other | 8 | 25.1 | (22.4 | ) | 2.7 | 24.9 | (21.8 | ) | 3.1 | ||||||||||||||||
Total definite-lived intangible assets | $ | 64.4 | $ | (54.7 | ) | $ | 9.7 | $ | 64.6 | $ | (53.2 | ) | $ | 11.4 |
For the Year Ended December 31, | |||||||||||
(in millions) | 2019 | 2018 | 2017 | ||||||||
Aggregate Amortization Expense | $ | 1.8 | $ | 1.8 | $ | 1.8 |
For the Year Ended December 31, | |||||||||||||||||
(in millions) | 2022 | 2021 | 2020 | ||||||||||||||
Aggregate Amortization Expense | $ | 2.6 | $ | 2.2 | $ | 1.8 |
2023 | $ | 2.4 | ||||||
2024 | 2.2 | |||||||
2025 | 2.1 | |||||||
2026 | 2.0 | |||||||
2027 | 1.9 |
2020 | $ | 1.4 | ||
2021 | 1.3 | |||
2022 | 1.3 | |||
2023 | 0.8 | |||
2024 | 0.6 |
December 31, 2019 | December 31, 2018 | |||||||||||||
Instrument (1) | Balance Sheet Account | Derivatives designated as hedges | Derivatives not designated as hedges | Derivatives designated as hedges | Derivatives not designated as hedges | |||||||||
Foreign exchange contracts | Other current assets | $ | 4.1 | $ | — | $ | 2.9 | $ | 0.2 | |||||
Cross currency swaps | Other current assets | — | — | 0.8 | — | |||||||||
Debt conversion feature | Other assets | — | — | — | 0.5 | |||||||||
Foreign exchange contracts | Other current liabilities | $ | (3.9 | ) | $ | — | $ | (5.0 | ) | $ | — | |||
Commodity swaps | Other current liabilities | — | — | (1.1 | ) | — | ||||||||
Cross currency swaps | Other non-current liabilities | — | — | (3.0 | ) | — | ||||||||
Net derivative asset (liability) | $ | 0.2 | $ | — | $ | (5.4 | ) | $ | 0.7 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||
Instrument (1) | Balance Sheet Account | Derivatives designated as hedges | Derivatives not designated as hedges | Derivatives designated as hedges | Derivatives not designated as hedges | |||||||||||||||
Foreign exchange contracts | Other current assets | $ | — | $ | 1.7 | $ | (0.1) | $ | 0.7 | |||||||||||
Commodity swaps | Other current assets | 0.3 | — | 4.3 | — | |||||||||||||||
Foreign exchange contracts | Other current liabilities | (0.3) | (2.0) | — | — | |||||||||||||||
Cross currency swaps - net investment hedge | Other current liabilities | (1.7) | — | (0.5) | — | |||||||||||||||
Commodity swaps | Other current liabilities | (1.5) | — | (1.1) | — | |||||||||||||||
Cross currency swaps - net investment hedge | Other non-current liabilities | (3.0) | — | (2.4) | — | |||||||||||||||
Commodity swaps | Other non-current liabilities | (0.4) | — | — | — | |||||||||||||||
Net derivative asset (liability) | $ | (6.6) | $ | (0.3) | $ | 0.2 | $ | 0.7 |
Gain (Loss) Recognized on Derivatives in OCI, net of tax | Gain (Loss) Reclassified from AOCI into Income (Loss) | ||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
Instrument | 2022 | 2021 | 2020 | Income Statement Account | 2022 | 2021 | 2020 | ||||||||||||||||
Foreign exchange contracts | $ | (0.1) | $ | (0.1) | $ | (0.6) | Cost of goods sold | $ | 0.1 | $ | 0.1 | $ | (2.1) | ||||||||||
Commodity swaps | (12.1) | 2.4 | $ | 7.0 | Cost of goods sold | 8.1 | 15.6 | (2.4) | |||||||||||||||
Cross currency swaps - net investment hedges | 1.8 | 4.8 | (8.8) | Selling, general and administrative expenses | — | — | — | ||||||||||||||||
Interest rate caps | — | 2.9 | (2.8) | Interest expense | — | (1.2) | (0.4) | ||||||||||||||||
Total | $ | (10.4) | $ | 10.0 | $ | (5.2) | Total | $ | 8.2 | $ | 14.5 | $ | (4.9) |
Gain (Loss) Recognized on Derivatives in OCI, net of tax | Gain (Loss) Reclassified from AOCI into Income | ||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||
Instrument | 2019 | 2018 | Income Statement Account | 2019 | 2018 | ||||||||
Foreign exchange contracts | $ | 2.7 | $ | (5.4 | ) | Cost of goods sold | $ | (5.5 | ) | $ | (1.4 | ) | |
Commodity swaps | 0.3 | (1.2 | ) | Cost of goods sold | (2.8 | ) | (0.2 | ) | |||||
Cross currency swaps | 0.6 | 0.1 | Other income (expense) - net | 1.1 | 2.1 | ||||||||
Total | $ | 3.6 | $ | (6.5 | ) | Total | $ | (7.2 | ) | $ | 0.5 |
Gain (Loss) Recognized on Derivatives in OCI, net of tax: | Year Ended December 31, 2017 | ||
Instrument | |||
Foreign exchange contracts | $ | 5.4 | |
Cross currency swaps | (0.9 | ) | |
Total | $ | 4.5 | |
Gain (Loss) Reclassified from AOCI into Income (Loss) (Effective): | Year Ended December 31, 2017 | ||
Income Statement Account | |||
Cost of goods sold | $ | 1.5 | |
Other income (expense) – net | (3.1 | ) | |
Total | $ | (1.6 | ) |
Classification and amount of Gain (Loss) Recognized in Income (Loss) | |||||||||||||||||||||||||||||||||||
Cost of goods sold | Interest expense | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (3,546.5) | $ | (3,129.4) | $ | (2,537.1) | $ | (49.1) | $ | (51.5) | $ | (65.9) | |||||||||||||||||||||||
Gain (loss) reclassified from AOCI into Income (loss): | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 0.1 | 0.1 | (2.1) | — | — | — | |||||||||||||||||||||||||||||
Commodity swaps | 8.1 | 15.6 | (2.4) | — | — | — | |||||||||||||||||||||||||||||
Interest rate caps | — | — | — | — | (1.2) | (0.4) | |||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in Income (loss) based on amortization approach: | |||||||||||||||||||||||||||||||||||
Cross currency swaps - net investment hedge | — | — | — | 0.7 | 0.6 | 0.5 | |||||||||||||||||||||||||||||
Total | $ | 8.2 | $ | 15.7 | $ | (4.5) | $ | 0.7 | $ | (0.6) | $ | 0.1 |
Classification and amount of Gain or Loss Recognized in Income | |||||||||||||
Cost of goods sold | Other income (expense) - net | ||||||||||||
Year Ended December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
Income Statement Accounts in which effects of cash flow hedges are recorded | $ | (3,465.3 | ) | $ | (3,555.3 | ) | $ | (6.1 | ) | $ | (60.6 | ) | |
Gain (Loss) Reclassified from AOCI into Income (Loss): | |||||||||||||
Foreign exchange contracts | (5.5 | ) | (1.4 | ) | — | — | |||||||
Commodity swaps | (2.8 | ) | (0.2 | ) | — | — | |||||||
Cross currency swaps | — | — | 1.1 | 2.1 | |||||||||
Total | $ | (8.3 | ) | $ | (1.6 | ) | $ | 1.1 | $ | 2.1 |
Gain (Loss) Recognized on Derivatives (Ineffective) in Income (Loss): | December 31, 2017 | ||
Income Statement Account | |||
Cost of goods sold | $ | 1.2 | |
Other income (expense) – net | (0.1 | ) | |
Total | $ | 1.1 |
Gain (Loss) Recognized in Income (Loss) | ||||||||||||||
Year Ended December 31, | ||||||||||||||
Instrument | Income Statement Account | 2022 | 2021 | 2020 | ||||||||||
Foreign exchange contracts | Cost of goods sold | $ | (2.2) | $ | (0.5) | $ | 0.6 | |||||||
Foreign exchange contracts | Other income (expense) – net | 0.1 | 0.5 | — | ||||||||||
Total | $ | (2.1) | $ | — | $ | 0.6 |
Year Ended December 31, | ||||||||||
Instrument | Income Statement Account | 2019 | 2018 | 2017 | ||||||
Foreign exchange contracts | Other income (expense) – net | $ | (0.2 | ) | $ | (0.1 | ) | $ | (1.1 | ) |
Debt conversion feature | Other income (expense) – net | $ | (0.5 | ) | $ | (0.9 | ) | $ | 0.4 | |
Total | $ | (0.7 | ) | $ | (1.0 | ) | $ | (0.7 | ) |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $6.0 and $6.9 million at December 31, 2022 and 2021, respectively | $ | 594.0 | $ | 593.1 | |||||||
Credit Agreement – term debt due January 31, 2024 (“Original Term Loan”, as defined below), net of unamortized debt issuance costs of $0.4 at December 31, 2021 | — | 77.4 | |||||||||
Credit Agreement - revolving line of credit expires on April 1, 2026 | 177.0 | — | |||||||||
Finance lease obligations | 4.2 | 3.5 | |||||||||
Other | 0.3 | 0.1 | |||||||||
Total debt | 775.5 | 674.1 | |||||||||
Less: Current portion of long-term debt | (1.9) | (5.6) | |||||||||
Long-term debt, less current portion | $ | 773.6 | $ | 668.5 |
December 31, | |||||||
2019 | 2018 | ||||||
5-5/8% Senior Notes due February 1, 2025, net of unamortized debt issuance costs of $7.5 and $8.9 at December 31, 2019 and 2018, respectively | $ | 592.5 | $ | 591.1 | |||
2017 Credit Agreement – term debt due January 31, 2024 (“Original Term Loan”, as defined below), net of unamortized debt issuance costs of $4.0 and $5.0 at December 31, 2019 and 2018, respectively | 383.8 | 386.4 | |||||
2017 Credit Agreement – term debt due January 31, 2024 (“2019 Term Loan”, as defined below), net of unamortized debt issuance costs of $2.1 at December 31, 2019 | 195.6 | — | |||||
2017 Credit Agreement – revolver | — | 237.0 | |||||
Finance lease obligations | 3.7 | — | |||||
Other | 0.1 | 0.2 | |||||
Total debt | 1,175.7 | 1,214.7 | |||||
Less: Current portion of long-term debt | (6.9 | ) | (4.1 | ) | |||
Long-term debt, less current portion | $ | 1,168.8 | $ | 1,210.6 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
$400 Million Facility | $ | — | $ | — | |||||||||||||||||||||||||||||||
$300 Million Facility | 70.4 | 62.8 | |||||||||||||||||||||||||||||||||
Bilateral Arrangements | 48.0 | 45.0 | |||||||||||||||||||||||||||||||||
Total | $ | 118.4 | $ | 107.8 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||
$400 Million Facility | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
$300 Million Facility | 34.8 | — | 34.8 | 33.4 | — | 33.4 | |||||||||||||||||
Bilateral Arrangements | 45.3 | — | 45.3 | 32.0 | 10.4 | 42.4 | |||||||||||||||||
Total | $ | 80.1 | $ | — | $ | 80.1 | $ | 65.4 | $ | 10.4 | $ | 75.8 |
2023 | $ | 0.1 | |||
2024 | 0.1 | ||||
2025 | 0.1 | ||||
2026 | 177.0 | ||||
2027 | — | ||||
Thereafter | 600.0 | ||||
Total Debt | 777.3 | ||||
Less: Unamortized debt issuance costs | (6.0) | ||||
Net debt | $ | 771.3 |
2020 | $ | 6.1 | |
2021 | 5.5 | ||
2022 | 5.5 | ||
2023 | 5.5 | ||
2024 | 561.4 | ||
Thereafter | 601.5 | ||
Total Debt | 1,185.5 | ||
Less: Unamortized debt issuance costs | $ | (13.5 | ) |
Net debt | $ | 1,172.0 |
2022 | Book Value | Quote | Fair Value | ||||||||||||||
5% Notes | $ | 600.0 | 0.89250 | $ | 535.5 | ||||||||||||
2019 | Book Value | Quote | FV | ||||||||
5-5/8% Notes | $ | 600.0 | $ | 1.03375 | $ | 620 | |||||
2017 Credit Agreement - Original Term Loan (net of discount) | $ | 387.8 | $ | 1.00656 | $ | 390 | |||||
2017 Credit Agreement - 2019 Term Loan (net of discount) | $ | 197.7 | $ | 1.00938 | $ | 200 |
2021 | Book Value | Quote | Fair Value | ||||||||||||||
5% Notes | $ | 600.0 | 1.03000 | $ | 618.0 | ||||||||||||
Original Term Loan (net of discount) | 77.8 | 0.99875 | 77.7 | ||||||||||||||
2018 | Book Value | Quote | FV | ||||||||
5-5/8% Notes | $ | 600.0 | $ | 0.93250 | $ | 560 | |||||
2017 Credit Agreement - Original Term Loan (net of discount) | $ | 391.4 | $ | 0.96750 | $ | 379 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating lease cost | $ | 32.4 | $ | 31.3 | $ | 32.0 | |||||||||||
Variable lease cost | 4.3 | 4.1 | 4.9 | ||||||||||||||
Short-term lease cost | 4.6 | 4.3 | 4.8 | ||||||||||||||
Total operating lease costs | $ | 41.3 | $ | 39.7 | $ | 41.7 |
Year Ended | |||
December 31, 2019 | |||
Operating lease cost | $ | 33.8 | |
Variable lease cost | 6.7 | ||
Short-term lease cost | 5.0 | ||
Total operating lease costs | $ | 45.5 |
December 31, 2019 | |||
Operating lease right-of-use assets included within Other assets | $ | 122.9 | |
Current maturities of operating leases included within Other current liabilities | $ | 25.9 | |
Non-current operating leases included within Other liabilities | 104.7 | ||
Total operating lease liabilities | $ | 130.6 | |
Weighted average discount rate for operating leases | 5.58 | % | |
Weighted average remaining operating lease term in years | 6 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating lease right-of-use assets included within Other assets | $ | 89.4 | $ | 99.2 | |||||||
Current maturities of operating leases included within Other current liabilities | $ | 26.3 | $ | 20.2 | |||||||
Non-current operating leases included within Other liabilities | 62.8 | 73.1 | |||||||||
Total operating lease liabilities | $ | 89.1 | $ | 93.3 | |||||||
Weighted average discount rate for operating leases | 4.89 | % | 4.77 | % | |||||||
Weighted average remaining operating lease term in years | 5 | 5 | |||||||||
Years Ending December 31, | December 31, 2019 | ||
2020 | $ | 31.3 | |
2021 | 27.8 | ||
2022 | 24.8 | ||
2023 | 21.9 | ||
2024 | 16.9 | ||
Thereafter | 27.6 | ||
Total undiscounted operating lease payments | 150.3 | ||
Less: Imputed interest | (19.7 | ) | |
Total operating lease liabilities | 130.6 | ||
Less: Current maturities of operating lease liabilities | (25.9 | ) | |
Non-current operating lease liabilities | $ | 104.7 |
2023 | $ | 29.5 | |||||||||
2024 | 21.9 | ||||||||||
2025 | 14.0 | ||||||||||
2026 | 9.5 | ||||||||||
2027 | 4.3 | ||||||||||
Thereafter | 20.5 | ||||||||||
Total undiscounted operating lease payments | 99.7 | ||||||||||
Less: Imputed interest | (10.6) | ||||||||||
Total operating lease liabilities | 89.1 | ||||||||||
Less: Current maturities of operating lease liabilities | (26.3) | ||||||||||
Non-current operating lease liabilities | $ | 62.8 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 31.3 | $ | 37.1 | |||||||
Operating right-of-use assets obtained in exchange for operating lease liabilities | $ | 20.9 | $ | 31.1 |
Year Ended | |||
December 31, 2019 | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 36.6 | |
Operating right-of-use assets obtained in exchange for operating lease liabilities | $ | 22.9 |
2019 | $ | 30.5 | |
2020 | 25.8 | ||
2021 | 22.9 | ||
2022 | 18.7 | ||
2023 | 16.4 | ||
Thereafter | 37.0 | ||
Total minimum obligations | $ | 151.3 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 32.7 | $ | 43.6 | $ | 95.0 | $ | 149.5 | |||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 43.6 | $ | 46.1 | $ | 151.3 | $ | 167.3 | $ | 2.1 | $ | 2.4 | |||||||||||||||||||||||
Service cost | — | — | 1.1 | 1.1 | — | — | |||||||||||||||||||||||||||||
Interest cost | 1.2 | 1.1 | 2.6 | 2.3 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Plan amendments | — | — | 0.5 | (0.2) | — | — | |||||||||||||||||||||||||||||
Actuarial loss (gain)(1) | (9.7) | (1.2) | (36.0) | (10.0) | (0.6) | (0.1) | |||||||||||||||||||||||||||||
Benefits paid | (2.4) | (2.4) | (7.6) | (6.8) | (0.2) | (0.3) | |||||||||||||||||||||||||||||
Foreign exchange effect | — | — | (15.4) | (2.4) | — | — | |||||||||||||||||||||||||||||
Benefit obligation at end of year | 32.7 | 43.6 | 96.5 | 151.3 | 1.4 | 2.1 | |||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | 145.2 | 139.9 | — | — | |||||||||||||||||||||||||||||
Actual return on plan assets | — | — | (47.7) | 6.1 | — | — | |||||||||||||||||||||||||||||
Employer contribution | 2.4 | 2.4 | 6.3 | 7.1 | 0.2 | 0.3 | |||||||||||||||||||||||||||||
Employee contribution | — | — | 0.3 | 0.2 | — | — | |||||||||||||||||||||||||||||
Benefits paid | (2.4) | (2.4) | (7.6) | (6.8) | (0.2) | (0.3) | |||||||||||||||||||||||||||||
Foreign exchange effect | — | — | (15.3) | (1.3) | — | — | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | — | — | 81.2 | 145.2 | — | — | |||||||||||||||||||||||||||||
Funded status | $ | (32.7) | $ | (43.6) | $ | (15.3) | $ | (6.1) | $ | (1.4) | $ | (2.1) | |||||||||||||||||||||||
Amounts recognized in the statement of financial position are included in: | |||||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | — | $ | — | $ | 7.5 | $ | — | $ | — | |||||||||||||||||||||||
Other current liabilities | $ | 2.4 | $ | 2.3 | $ | 0.7 | $ | 0.5 | $ | 0.2 | $ | 0.3 | |||||||||||||||||||||||
Other non-current liabilities | 30.3 | 41.3 | 14.6 | 13.1 | 1.2 | 1.8 | |||||||||||||||||||||||||||||
Total liabilities | $ | 32.7 | $ | 43.6 | $ | 15.3 | $ | 13.6 | $ | 1.4 | $ | 2.1 | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||||||||||||
Actuarial net (gain) loss | $ | (4.3) | $ | 5.6 | $ | 50.0 | $ | 38.4 | $ | (0.5) | $ | — | |||||||||||||||||||||||
Prior service cost | — | — | 2.7 | 2.6 | — | — | |||||||||||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss | $ | (4.3) | $ | 5.6 | $ | 52.7 | $ | 41.0 | $ | (0.5) | $ | — |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 43.1 | $ | 35.1 | $ | 151.1 | $ | 136.6 | |||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 39.1 | $ | 128.0 | $ | 138.4 | $ | 154.6 | $ | 0.9 | $ | 1.1 | |||||||||||
Service cost | 0.2 | 0.4 | 1.9 | 1.8 | — | — | |||||||||||||||||
Interest cost | 1.6 | 4.3 | 3.6 | 3.4 | 0.1 | — | |||||||||||||||||
Transfer from held for sale | — | — | 0.1 | — | 2.1 | — | |||||||||||||||||
Settlements | — | (77.5 | ) | (2.4 | ) | (2.7 | ) | — | — | ||||||||||||||
Curtailments | — | — | (0.3 | ) | — | — | — | ||||||||||||||||
Plan amendments | — | — | — | 2.6 | — | — | |||||||||||||||||
Actuarial loss (gain) | 3.4 | (8.2 | ) | 12.6 | (6.5 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||
Benefits paid | (1.2 | ) | (7.9 | ) | (5.8 | ) | (6.5 | ) | (0.2 | ) | — | ||||||||||||
Foreign exchange effect | — | — | 4.9 | (8.3 | ) | — | — | ||||||||||||||||
Benefit obligation at end of year | 43.1 | 39.1 | 153.0 | 138.4 | 2.8 | 0.9 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | 90.4 | 107.5 | 121.2 | — | — | |||||||||||||||||
Actual return on plan assets | — | (4.7 | ) | 10.9 | (4.1 | ) | — | — | |||||||||||||||
Settlements | — | (77.5 | ) | (2.4 | ) | (2.7 | ) | — | — | ||||||||||||||
Employer contribution | 1.2 | 6.0 | 7.1 | 5.8 | 0.2 | — | |||||||||||||||||
Employee contribution | — | — | 0.5 | 0.5 | — | — | |||||||||||||||||
Benefits paid | (1.2 | ) | (7.9 | ) | (5.8 | ) | (6.5 | ) | (0.2 | ) | — | ||||||||||||
Transfer to held for sale | — | (6.3 | ) | — | — | — | — | ||||||||||||||||
Foreign exchange effect | — | — | 4.3 | (6.7 | ) | — | — | ||||||||||||||||
Fair value of plan assets at end of year | — | — | 122.1 | 107.5 | — | — | |||||||||||||||||
Funded status | $ | (43.1 | ) | $ | (39.1 | ) | $ | (30.9 | ) | $ | (30.9 | ) | $ | (2.8 | ) | $ | (0.9 | ) | |||||
Amounts recognized in the statement of financial position are included in: | |||||||||||||||||||||||
Other current liabilities | $ | 2.4 | $ | 1.3 | $ | 0.6 | $ | 0.5 | $ | 0.3 | $ | 0.1 | |||||||||||
Other non-current liabilities | 40.7 | 37.8 | 30.3 | 30.4 | 2.5 | 0.8 | |||||||||||||||||
Total liabilities | $ | 43.1 | $ | 39.1 | $ | 30.9 | $ | 30.9 | $ | 2.8 | $ | 0.9 | |||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||
Actuarial net loss | $ | 3.1 | $ | (0.9 | ) | $ | 48.3 | $ | 61.3 | $ | 0.4 | $ | 0.5 | ||||||||||
Prior service cost | — | — | 2.6 | 2.7 | — | — | |||||||||||||||||
Total amounts recognized in accumulated other comprehensive loss | $ | 3.1 | $ | (0.9 | ) | $ | 50.9 | $ | 64.0 | $ | 0.4 | $ | 0.5 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
Weighted-average assumptions as of December 31: | ||||||||||||||||||||||||||
Discount rate(1) | 3.31 | % | 4.41 | % | 3.78 | % | 1.87 | % | 2.67 | % | 2.43 | % | 3.10 | % | 4.14 | % | 3.58 | % | ||||||||
Expected return on plan assets | — | % | — | % | 7.00 | % | 4.40 | % | 4.40 | % | 4.43 | % | N/A | N/A | N/A | |||||||||||
Rate of compensation increase(1) | — | % | 3.75 | % | 3.75 | % | 0.17 | % | 0.19 | % | 0.14 | % | N/A | N/A | N/A |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average assumptions as of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate(1) | 5.43 | % | 2.80 | % | 2.50 | % | 4.68 | % | 1.93 | % | 1.42 | % | 5.33 | % | 2.58 | % | 2.12 | % | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | N/A | N/A | N/A | 3.94 | % | 3.93 | % | 3.93 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase(1) | N/A | N/A | N/A | 0.26 | % | 0.18 | % | 0.17 | % | N/A | N/A | N/A |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.4 | $ | 0.6 | $ | 1.9 | $ | 1.8 | $ | 1.8 | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | 1.6 | 4.3 | 5.1 | 3.6 | 3.4 | 3.9 | 0.1 | — | — | ||||||||||||||||||||||||||
Expected return on plan assets | — | (5.6 | ) | (6.0 | ) | (4.7 | ) | (5.0 | ) | (5.0 | ) | — | — | — | |||||||||||||||||||||
Recognition of prior service cost | — | 0.1 | 0.1 | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of actuarial loss | (0.5 | ) | 2.6 | 3.3 | 1.5 | 1.4 | 1.4 | — | — | (1.3 | ) | ||||||||||||||||||||||||
Settlements | — | 50.5 | — | 0.6 | 0.8 | 1.5 | — | — | — | ||||||||||||||||||||||||||
Other | (0.2 | ) | — | — | (0.7 | ) | (0.4 | ) | (0.4 | ) | — | — | — | ||||||||||||||||||||||
Net periodic cost | $ | 1.1 | $ | 52.3 | $ | 3.1 | $ | 2.3 | $ | 2.0 | �� | $ | 3.2 | $ | 0.1 | $ | — | $ | (1.3 | ) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1.1 | $ | 1.1 | $ | 1.5 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Interest cost | 1.2 | 1.1 | 1.4 | 2.6 | 2.3 | 2.8 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | — | — | — | (5.1) | (5.3) | (5.4) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Recognition of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 0.2 | 0.3 | — | 1.1 | 2.1 | 1.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.3) | (0.2) | (0.9) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net periodic cost | $ | 1.4 | $ | 1.4 | $ | 1.4 | $ | (0.5) | $ | 0.1 | $ | (0.2) | $ | 0.1 | $ | 0.1 | $ | 0.1 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Net (gain) loss | $ | 3.4 | $ | 4.7 | $ | 6.4 | $ | 0.9 | $ | (0.1 | ) | $ | (0.3 | ) | |||||||||
Amortization of actuarial gain (loss) | 0.6 | (3.4 | ) | (2.5 | ) | (3.2 | ) | — | (0.1 | ) | |||||||||||||
Amortization of prior service cost | — | (0.1 | ) | (0.2 | ) | 2.5 | — | — | |||||||||||||||
Disposals | — | — | (17.9 | ) | — | — | — | ||||||||||||||||
Settlements | — | (67.0 | ) | (0.6 | ) | (0.8 | ) | — | — | ||||||||||||||
Foreign exchange effect | — | — | 1.6 | (3.7 | ) | — | — | ||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 4.0 | $ | (65.8 | ) | $ | (13.2 | ) | $ | (4.3 | ) | $ | (0.1 | ) | $ | (0.4 | ) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): | |||||||||||||||||||||||||||||||||||
Net (gain) loss | $ | (9.7) | $ | (1.3) | $ | 16.8 | $ | (10.7) | $ | (0.5) | $ | (0.2) | |||||||||||||||||||||||
Amortization of actuarial gain (loss) | (0.2) | (0.2) | (1.2) | (2.1) | — | — | |||||||||||||||||||||||||||||
Amortization of prior service cost | — | — | (0.1) | (0.1) | — | — | |||||||||||||||||||||||||||||
Foreign exchange effect | — | — | (3.8) | (1.2) | — | — | |||||||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (9.9) | $ | (1.5) | $ | 11.7 | $ | (14.1) | $ | (0.5) | $ | (0.2) |
U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
Amounts expected to be recognized as components of net periodic cost for the year ending December 31, 2020: | |||||||||||
Actuarial net loss | $ | — | $ | 1.7 | $ | — | |||||
Prior service cost | — | 0.1 | — | ||||||||
Total amount expected to be recognized as components of net periodic cost for the year ending December 31, 2020 | $ | — | $ | 1.8 | $ | — |
U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Projected benefit obligation | $ | 32.7 | $ | 43.6 | $ | 96.5 | $ | 52.2 | |||||||||||||||
Accumulated benefit obligation | $ | 32.7 | $ | 43.6 | $ | 95.0 | $ | 50.4 | |||||||||||||||
Fair value of plan assets | $ | — | $ | — | $ | 81.2 | $ | 38.6 |
U.S. Pension Benefits | Non-U.S. Pension Benefits | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Projected benefit obligation | $ | 43.1 | $ | 39.1 | $ | 153.0 | $ | 138.4 | |||||||
Accumulated benefit obligation | $ | 43.1 | $ | 35.1 | $ | 151.1 | $ | 136.6 | |||||||
Fair value of plan assets | $ | — | $ | — | $ | 122.1 | $ | 107.5 |
Non-U.S. Pension Plans | Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 2.3 | $ | 2.3 | $ | — | $ | — | Cash, including money market funds | $ | 2.5 | $ | 2.5 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
U.S. equities | 16.1 | — | 16.1 | — | U.S. equities | 12.0 | — | 12.0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. equities | 14.1 | — | 14.1 | — | Non-U.S. equities | 8.2 | — | 8.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. corporate bond funds | 2.8 | — | 2.8 | — | Non-U.S. corporate bond funds | 2.0 | — | 2.0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. governmental fixed income funds | 25.2 | — | 25.2 | — | Non-U.S. governmental fixed income funds | 18.5 | — | 18.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group annuity insurance contracts | 35.5 | — | — | 35.5 | Group annuity insurance contracts | 20.6 | — | — | 20.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 3.8 | — | 3.8 | — | Real estate | 3.3 | — | 3.3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | 22.3 | — | 22.3 | — | Other securities | 14.1 | — | 14.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 122.1 | $ | 2.3 | $ | 84.3 | $ | 35.5 | Total investments measured at fair value | $ | 81.2 | $ | 2.5 | $ | 58.1 | $ | 20.6 |
Non-U.S. Pension Plans | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
Cash, including money market funds | $ | 2.3 | $ | 2.3 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
U.S. equities | 22.5 | — | 22.5 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. equities | 16.5 | — | 16.5 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. corporate bond funds | 2.3 | — | 2.3 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. governmental fixed income funds | 29.1 | — | 29.1 | — | |||||||||||||||||||||||||||||||||||||||||||
Group annuity insurance contracts | 34.1 | — | — | 34.1 | |||||||||||||||||||||||||||||||||||||||||||
Real estate | 3.9 | — | 3.9 | — | |||||||||||||||||||||||||||||||||||||||||||
Other securities | 34.5 | — | 34.5 | — | |||||||||||||||||||||||||||||||||||||||||||
Total investments measured at fair value | $ | 145.2 | $ | 2.3 | $ | 108.8 | $ | 34.1 |
Non-U.S. Pension Plans | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash, including money market funds | $ | 0.7 | $ | 0.7 | $ | — | $ | — | ||||||||
U.S. equities | 11.1 | — | 11.1 | — | ||||||||||||
Non-U.S. equities | 10.7 | — | 10.7 | — | ||||||||||||
Non-U.S. corporate bond funds | 2.5 | — | 2.5 | — | ||||||||||||
Non-U.S. governmental fixed income funds | 59.7 | — | 59.7 | — | ||||||||||||
Real estate | 3.7 | — | 3.7 | — | ||||||||||||
Other securities | 19.1 | — | 19.1 | — | ||||||||||||
Total investments measured at fair value | $ | 107.5 | $ | 0.7 | $ | 106.8 | $ | — |
December 31, 2022 | December 31, 2021 | |||||||||||||
Balance at beginning of year | $ | 34.1 | $ | 35.3 | ||||||||||
Actuarial gain (loss) | (7.7) | 1.4 | ||||||||||||
Interest Income | 0.1 | 0.3 | ||||||||||||
Transfers into (out of) Level 3 | (2.3) | (2.4) | ||||||||||||
Foreign exchange effect | (3.6) | (0.5) | ||||||||||||
Balance at end of year | $ | 20.6 | $ | 34.1 |
Non-U.S. Pension Benefits | ||||
Balance at beginning of year | $ | — | ||
Transfers into Level 3 | 35.5 | |||
Balance at end of year | $ | 35.5 |
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||||||||||
2023 | $ | 2.5 | $ | 6.6 | $ | 0.2 | ||||||||||||||
2024 | $ | 2.5 | $ | 6.6 | $ | 0.2 | ||||||||||||||
2025 | $ | 2.5 | $ | 6.8 | $ | 0.1 | ||||||||||||||
2026 | $ | 2.5 | $ | 6.9 | $ | 0.1 | ||||||||||||||
2027 | $ | 2.5 | $ | 6.9 | $ | 0.1 | ||||||||||||||
2028-2032 | $ | 12.1 | $ | 36.7 | $ | 0.5 |
Year Ending December 31, | U.S. Pension Benefits | Non-U.S. Pension Benefits | Other Benefits | |||||||||
2020 | $ | 2.4 | $ | 6.0 | $ | 0.4 | ||||||
2021 | $ | 2.4 | $ | 5.5 | $ | 0.3 | ||||||
2022 | $ | 2.3 | $ | 5.6 | $ | 0.3 | ||||||
2023 | $ | 2.5 | $ | 5.7 | $ | 0.3 | ||||||
2024 | $ | 2.5 | $ | 6.1 | $ | 0.2 | ||||||
2025-2029 | $ | 12.3 | $ | 31.6 | $ | 0.8 |
Grant date | Grant date | Grant date | |||||||||||||||
March 17, 2022 | March 4, 2021 | February 26, 2020 | |||||||||||||||
Dividend yields | 1.31% | 1.12% | 2.12% | ||||||||||||||
Expected volatility | 54.25% | 53.03% | 36.36% | ||||||||||||||
Risk free interest rate | 2.09% | 0.29% | 1.14% | ||||||||||||||
Expected life (in years) | 3 | 3 | 3 | ||||||||||||||
Grant date fair value per share | $44.25 | $54.92 | $21.09 |
Grant date | Grant date | Grant date | |||
March 12, 2019 | March 8, 2018 | March 2, 2017 | |||
Dividend yields | 1.31% | 1.00% | 1.01% | ||
Expected historical volatility | 36.64% | 40.41% | 42.78% | ||
Risk free interest rate | 2.40% | 2.38% | 1.55% | ||
Expected life (in years) | 3 | 3 | 3 | ||
Grant date fair value per share | $38.77 | $41.57 | $36.48 |
Restricted Stock Awards | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at December 31, 2021 | 1,887,706 | $ | 34.44 | |||||||||||
Granted | 739,307 | $ | 40.16 | |||||||||||
Vested | (895,105) | $ | 34.86 | |||||||||||
Canceled, expired or other | 117,888 | $ | 35.34 | |||||||||||
Nonvested at December 31, 2022 | 1,849,796 | $ | 37.36 |
Restricted Stock Awards | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2018 | 2,976,227 | $ | 34.32 | ||||
Granted | 1,137,983 | $ | 33.84 | ||||
Vested | (1,432,294 | ) | $ | 30.82 | |||
Canceled, expired or other | (239,656 | ) | $ | 32.76 | |||
Nonvested at December 31, 2019 | 2,442,260 | $ | 35.53 |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | (208.2) | $ | (0.8) | $ | 2.6 | $ | (51.1) | $ | (257.5) | ||||||||||||||||||||||
Current year change | 63.0 | (5.2) | (1.4) | (7.3) | 49.1 | |||||||||||||||||||||||||||
Balance at December 31, 2020 | (145.2) | (6.0) | 1.2 | (58.4) | (208.4) | |||||||||||||||||||||||||||
Current year change | (42.8) | 10.0 | (1.2) | 13.9 | (20.1) | |||||||||||||||||||||||||||
Balance at December 31, 2021 | (188.0) | 4.0 | — | (44.5) | (228.5) | |||||||||||||||||||||||||||
Current year change | (97.5) | (10.4) | (3.5) | (1.7) | (113.1) | |||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | (285.5) | $ | (6.4) | $ | (3.5) | $ | (46.2) | $ | (341.6) |
Cumulative Translation Adjustment | Derivative Hedging Adjustment | Debt & Equity Securities Adjustment | Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance at January 1, 2017 | $ | (615.3 | ) | $ | (2.4 | ) | $ | 0.6 | $ | (162.3 | ) | $ | (779.4 | ) | ||||||
Current year change | 470.6 | 4.5 | 3.7 | 61.1 | 539.9 | |||||||||||||||
Balance at December 31, 2017 | (144.7 | ) | 2.1 | 4.3 | (101.2 | ) | (239.5 | ) | ||||||||||||
Current year change | (80.9 | ) | (6.5 | ) | (3.5 | ) | 45.6 | (45.3 | ) | |||||||||||
Balance at December 31, 2018 | (225.6 | ) | (4.4 | ) | 0.8 | (55.6 | ) | (284.8 | ) | |||||||||||
Current year change | 17.4 | 3.6 | 1.8 | 4.5 | 27.3 | |||||||||||||||
Balance at December 31, 2019 | $ | (208.2 | ) | $ | (0.8 | ) | $ | 2.6 | $ | (51.1 | ) | $ | (257.5 | ) |
Year ended December 31, 2019 | Year ended December 31, 2018 | ||||||||||||||||||||||||||||||
CTA (1) | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. (2) | Total | CTA | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. (3) | Total | ||||||||||||||||||||||
Beginning balance | $ | (225.6 | ) | $ | (4.4 | ) | $ | 0.8 | $ | (55.6 | ) | $ | (284.8 | ) | $ | (144.7 | ) | $ | 2.1 | $ | 4.3 | $ | (101.2 | ) | $ | (239.5 | ) | ||||
Other comprehensive income (loss) before reclassifications | (8.7 | ) | (2.6 | ) | 1.8 | (10.0 | ) | (19.5 | ) | (80.2 | ) | (7.4 | ) | (0.9 | ) | (2.8 | ) | (91.3 | ) | ||||||||||||
Amounts reclassified from AOCI | 26.1 | 6.2 | — | 14.5 | 46.8 | (0.7 | ) | 0.9 | — | 48.4 | 48.6 | ||||||||||||||||||||
Net other comprehensive income (loss) | 17.4 | 3.6 | 1.8 | 4.5 | 27.3 | (80.9 | ) | (6.5 | ) | (0.9 | ) | 45.6 | (42.7 | ) | |||||||||||||||||
Other (4) | — | — | — | — | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||||||
Ending balance | $ | (208.2 | ) | $ | (0.8 | ) | $ | 2.6 | $ | (51.1 | ) | $ | (257.5 | ) | $ | (225.6 | ) | $ | (4.4 | ) | $ | 0.8 | $ | (55.6 | ) | $ | (284.8 | ) |
Year ended December 31, 2022 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
CTA | Derivative Hedging Adj. | Debt & Equity Securities Adj. | Pension Liability Adj. | Total | CTA | Derivative Hedging Adj. (1) | Debt & Equity Securities Adj. | Pension Liability Adj. | Total | ||||||||||||||||||||||||||
Beginning balance | $ | (188.0) | $ | 4.0 | $ | — | $ | (44.5) | $ | (228.5) | $ | (145.2) | $ | (6.0) | $ | 1.2 | $ | (58.4) | $ | (208.4) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (97.1) | (4.0) | (3.5) | (2.9) | (107.5) | (42.7) | 21.3 | (1.2) | 11.9 | (10.7) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (0.4) | (6.4) | — | 1.2 | (5.6) | (0.1) | (11.3) | — | 2.0 | (9.4) | |||||||||||||||||||||||||
Net other comprehensive income (loss) | (97.5) | (10.4) | (3.5) | (1.7) | (113.1) | (42.8) | 10.0 | (1.2) | 13.9 | (20.1) | |||||||||||||||||||||||||
Ending balance | $ | (285.5) | $ | (6.4) | $ | (3.5) | $ | (46.2) | $ | (341.6) | $ | (188.0) | $ | 4.0 | $ | — | $ | (44.5) | $ | (228.5) |
Year Ended December 31, | Total Number of Shares Repurchased | Amount of Shares Repurchased (in millions) | ||||||
2022 | 2,862,650 | $96.6 | ||||||
2021 | 28,688 | $1.2 | ||||||
2020 | 2,501,900 | $54.6 |
Year | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
2022 | $ | 0.13 | $ | 0.13 | $ | 0.13 | $ | 0.13 | ||||||
2021 | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.12 | ||||||
2020 | $ | 0.12 | $ | — | $ | — | $ | — |
Balance Beginning of Year | Charges to Earnings | Other (1) | Deductions (2) | Balance End of Year | |||||||||||||||||||||||||
Year ended December 31, 2022 | |||||||||||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.7 | $ | 1.1 | $ | (0.4) | $ | (1.0) | $ | 9.4 | |||||||||||||||||||
Allowance for doubtful accounts - Non-current | 10.7 | — | (0.6) | (9.8) | 0.3 | ||||||||||||||||||||||||
Reserve for inventory | 57.8 | 21.6 | (2.8) | (15.6) | 61.0 | ||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 100.0 | (24.3) | (1.1) | (11.6) | 63.0 | ||||||||||||||||||||||||
Totals | $ | 178.2 | $ | (1.6) | $ | (4.9) | $ | (38.0) | $ | 133.7 | |||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.5 | $ | 2.5 | $ | (0.8) | $ | (1.5) | $ | 9.7 | |||||||||||||||||||
Allowance for doubtful accounts - Non-current | 11.5 | — | (0.8) | — | 10.7 | ||||||||||||||||||||||||
Reserve for inventory | 61.8 | 15.0 | (2.9) | (16.1) | 57.8 | ||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 112.1 | (12.0) | (0.1) | — | 100.0 | ||||||||||||||||||||||||
Totals | $ | 194.9 | $ | 5.5 | $ | (4.6) | $ | (17.6) | $ | 178.2 | |||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.9 | $ | 1.8 | $ | 2.6 | $ | (4.8) | $ | 9.5 | |||||||||||||||||||
Allowance for doubtful accounts - Non-current | 21.3 | 0.1 | 0.9 | (10.8) | 11.5 | ||||||||||||||||||||||||
Reserve for inventory | 53.2 | 8.1 | 3.1 | (2.6) | 61.8 | ||||||||||||||||||||||||
Valuation allowances for deferred tax assets | 107.0 | (1.7) | 6.8 | — | 112.1 | ||||||||||||||||||||||||
Totals | $ | 191.4 | $ | 8.3 | $ | 13.4 | $ | (18.2) | $ | 194.9 |
Balance Beginning of Year | Charges to Earnings | Other (1) | Deductions (2) | Balance End of Year | |||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.1 | $ | 6.4 | $ | (0.6 | ) | $ | (5.0 | ) | $ | 9.9 | |||||||
Allowance for doubtful accounts - Non-current | 21.6 | — | (0.3 | ) | — | 21.3 | |||||||||||||
Reserve for inventory | 49.8 | 4.1 | 3.1 | (3.8 | ) | 53.2 | |||||||||||||
Valuation allowances for deferred tax assets | 114.3 | (4.1 | ) | (3.2 | ) | — | 107.0 | ||||||||||||
Totals | $ | 194.8 | $ | 6.4 | $ | (1.0 | ) | $ | (8.8 | ) | $ | 191.4 | |||||||
Year ended December 31, 2018 | |||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.3 | $ | 2.4 | $ | — | $ | (2.6 | ) | $ | 9.1 | ||||||||
Allowance for doubtful accounts - Non-current | 22.2 | 0.2 | (0.8 | ) | — | 21.6 | |||||||||||||
Reserve for inventory | 53.4 | 6.5 | (1.7 | ) | (8.4 | ) | 49.8 | ||||||||||||
Valuation allowances for deferred tax assets | 134.6 | (15.8 | ) | (4.5 | ) | — | 114.3 | ||||||||||||
Totals | $ | 219.5 | $ | (6.7 | ) | $ | (7.0 | ) | $ | (11.0 | ) | $ | 194.8 | ||||||
Year ended December 31, 2017 | |||||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||||
Allowance for doubtful accounts - Current | $ | 9.4 | $ | 0.4 | $ | 0.2 | $ | (0.7 | ) | $ | 9.3 | ||||||||
Allowance for doubtful accounts - Non-current | 25.2 | — | 1.5 | (4.5 | ) | 22.2 | |||||||||||||
Reserve for inventory | 56.3 | 11.2 | 6.8 | (20.9 | ) | 53.4 | |||||||||||||
Valuation allowances for deferred tax assets | 148.1 | 0.3 | (13.8 | ) | — | 134.6 | |||||||||||||
Totals | $ | 239.0 | $ | 11.9 | $ | (5.3 | ) | $ | (26.1 | ) | $ | 219.5 |