Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-54799 | ||
Entity Registrant Name | HYSTER-YALE MATERIALS HANDLING, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 31-1637659 | ||
Entity Address, Address Line One | 5875 Landerbrook Drive | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Cleveland | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44124-4069 | ||
City Area Code | 440 | ||
Local Phone Number | 449-9600 | ||
Title of 12(b) Security | Class A Common Stock, Par Value $0.01 Per Share | ||
Trading Symbol | HY | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 365,141,269 | ||
Documents Incorporated by Reference | Portions of the Company's Proxy Statement for its 2023 annual meeting of stockholders are incorporated herein by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0001173514 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 13,376,112 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,782,517 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Location | Cleveland, Ohio |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 3,548,300,000 | $ 3,075,700,000 | $ 2,812,100,000 |
Cost of Goods and Services Sold | 3,114,400,000 | 2,712,300,000 | 2,346,700,000 |
Gross Profit | 433,900,000 | 363,400,000 | 465,400,000 |
Selling, general and administrative expenses | 473,000,000 | 450,100,000 | 415,500,000 |
Asset Impairment Charges | 0 | 65,600,000 | 0 |
Operating Expenses | 473,000,000 | 515,700,000 | 415,500,000 |
Operating Profit | (39,100,000) | (152,300,000) | 49,900,000 |
Interest Expense | 28,400,000 | 15,500,000 | 13,700,000 |
Income from unconsolidated affiliates | (11,000,000) | (11,700,000) | (6,600,000) |
Other, net | 5,900,000 | (1,200,000) | 600,000 |
Other (Income) Expense | 23,300,000 | 2,600,000 | 7,700,000 |
Income Before Income Taxes | (62,400,000) | (154,900,000) | 42,200,000 |
Income tax provision | 9,200,000 | 28,300,000 | 3,700,000 |
Net Income | (71,600,000) | (183,200,000) | 38,500,000 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,500,000 | (10,200,000) | 1,400,000 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (500,000) | 0 | 0 |
Accrued dividend to redeemable noncontrolling interests | (500,000) | 0 | 0 |
Net income attributable to stockholders | $ (74,100,000) | $ (173,000,000) | $ 37,100,000 |
Basic Earnings per Share Attributable to Stockholders: | |||
Basic Earnings per Share | $ (4.38) | $ (10.29) | $ 2.21 |
Diluted Earnings per Share Attributable to Stockholders | |||
Diluted earnings per share | $ (4.38) | $ (10.29) | $ 2.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income | $ (71,600,000) | $ (183,200,000) | $ 38,500,000 |
Foreign currency translation adjustment | (39,300,000) | (40,100,000) | 35,300,000 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (40,000,000) | (38,800,000) | 19,400,000 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 34,300,000 | (5,700,000) | 11,600,000 |
Current period pension adjustment, net | (3,700,000) | 9,800,000 | (14,600,000) |
Reclassification of pension into earnings, net | (4,800,000) | (5,600,000) | (3,900,000) |
Comprehensive Income (Loss) | (115,500,000) | (252,400,000) | 94,100,000 |
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,500,000 | (10,200,000) | 1,400,000 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (500,000) | 0 | 0 |
Accrued dividend to redeemable noncontrolling interests | (500,000) | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,800,000 | (2,000,000) | (400,000) |
Comprehensive Income (Loss) Attributable to Stockholders | $ (115,200,000) | $ (244,200,000) | $ 92,300,000 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax expense (benefit) on current period pension adjustments | $ 300,000 | $ 100,000 | $ 3,200,000 |
Tax expense on reclassification of pension and postretirement into earnings | 0 | (100,000) | (900,000) |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (500,000) | 0 | 0 |
Accrued dividend to redeemable noncontrolling interests | (500,000) | 0 | 0 |
Net Income | (71,600,000) | (183,200,000) | 38,500,000 |
Foreign currency translation adjustment | (39,300,000) | (40,100,000) | 35,300,000 |
Current period pension adjustment, net | (3,700,000) | 9,800,000 | (14,600,000) |
Reclassification of pension into earnings | 4,800,000 | 5,600,000 | 3,900,000 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (115,500,000) | (252,400,000) | 94,100,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,800,000 | (2,000,000) | (400,000) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (115,200,000) | (244,200,000) | 92,300,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 700,000 | 900,000 | 7,300,000 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (40,000,000) | (38,800,000) | 19,400,000 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 800,000 | 100,000 | 4,000,000 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 34,300,000 | $ (5,700,000) | $ 11,600,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash | $ 59 | $ 65.5 |
Accounts receivable, net | 523.6 | 457.4 |
Inventories, net | 799.5 | 781 |
Prepaid expenses and other | 76.6 | 46.1 |
Total Current Assets | 1,458.7 | 1,350 |
Property, Plant and Equipment, Net | 310 | 330.5 |
Intangible Assets | 42.7 | 50.7 |
Goodwill | 51.3 | 56.5 |
Deferred Income Tax Assets, Net | 2.6 | 3.7 |
Investment in Unconsolidated Affiliates | 59.4 | 71.7 |
Other Non-current Assets | 101.5 | 107 |
Total Assets | $ 2,026.2 | $ 1,970.1 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Non-current Assets | Other Non-current Assets |
Operating Lease, Right-of-Use Asset | $ 57.2 | $ 68.8 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Finance Lease, Right-of-Use Asset | $ 37 | $ 28.2 |
Total Right of Use Asset | $ 94.2 | $ 97 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Current | $ 14.4 | $ 16.5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of borrowings outstanding | Current portion of borrowings outstanding |
Finance Lease, Liability, Current | $ 12.8 | $ 10.2 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Long-term Liabilities | Other Long-term Liabilities |
Operating Lease, Liability, Noncurrent | $ 45.9 | $ 56.3 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term portion of borrowings outstanding | Long-term portion of borrowings outstanding |
Finance Lease, Liability, Noncurrent | $ 16.8 | $ 18 |
Total Lease Liability | 89.9 | 101 |
Accounts payable | 585.8 | 517 |
Accounts payable, affiliates | 21.6 | 24.4 |
Revolving credit facilities | 137.1 | 165.3 |
Current portion of borrowings outstanding | 148.8 | 91.5 |
Accrued payroll | 64.4 | 57.1 |
Deferred revenue | 139.8 | 49.7 |
Other current liabilities | 245.4 | 199.6 |
Long-term portion of borrowings outstanding | 267 | 261.7 |
Total Current Liabilities | 1,342.9 | 1,104.6 |
Long-term Debt | 261.7 | |
Self-insurance Liabilities | 33.5 | 33.5 |
Pension Obligations | 6.2 | 6.2 |
Deferred Income Taxes | 13.4 | 12.7 |
Other Long-term Liabilities | 138.1 | 168.5 |
Total Liabilities | 1,801.1 | 1,587.2 |
Capital in excess of par value | 297.7 | 315.1 |
Treasury stock | 0 | (4.5) |
Retained earnings | 152.7 | 248.6 |
Accumulated other comprehensive loss | (246.2) | (202.3) |
Total Stockholders' Equity | 204.4 | 357.1 |
Noncontrolling Interest | 6.5 | 25.8 |
Total Equity | 210.9 | 382.9 |
Total Liabilities and Equity | 2,026.2 | 1,970.1 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 14.2 | $ 0 |
Common Class A [Member] | ||
Common Stock, Shares, Outstanding | 13,154,918 | 12,994,106 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common stock | $ 0.1 | $ 0.1 |
Common Class B [Member] | ||
Common Stock, Shares, Outstanding | 3,783,597 | 3,832,794 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common stock | $ 0.1 | $ 0.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for Doubtful Accounts Receivable | $ 7.2 | $ 6 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Outstanding | 13,154,918 | 12,994,106 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Outstanding | 3,783,597 | 3,832,794 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income | |||
Net Income | $ (71,600,000) | $ (183,200,000) | $ 38,500,000 |
Operating Activities | |||
Depreciation and amortization | 43,400,000 | 46,200,000 | 42,900,000 |
Amortization of deferred financing costs | 1,400,000 | 3,100,000 | 1,700,000 |
Deferred income taxes | (100,000) | 19,800,000 | (2,500,000) |
Goodwill, Impairment Loss | 0 | 55,600,000 | 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 10,000,000 | 0 |
Gain on the sale of assets | (200,000) | (400,000) | (1,500,000) |
Loss on Sale of Investments | 3,700,000 | ||
Stock-based compensation | 6,400,000 | 4,000,000 | 1,300,000 |
Dividends from unconsolidated affiliates | 15,600,000 | 5,500,000 | 7,300,000 |
Other non-current liabilities | (20,100,000) | (1,400,000) | (13,800,000) |
Other | 22,500,000 | (27,300,000) | 22,100,000 |
Accounts receivable | (89,500,000) | (54,600,000) | 68,900,000 |
Inventories | (39,100,000) | (289,700,000) | 66,600,000 |
Other current assets | (5,400,000) | (12,500,000) | (3,600,000) |
Accounts payable | 78,700,000 | 129,500,000 | 4,300,000 |
Other liabilities | 94,900,000 | 46,500,000 | (65,300,000) |
Net cash provided by operating activities | 40,600,000 | (253,500,000) | 166,900,000 |
Investing Activities | |||
Expenditures for property, plant and equipment | (28,800,000) | (44,300,000) | (51,700,000) |
Proceeds from sale of assets | 1,300,000 | 4,100,000 | 8,000,000 |
Net cash used for investing activities | (35,400,000) | (24,500,000) | (43,700,000) |
Financing Activities | |||
Additions to long-term debt | 135,000,000 | 119,600,000 | 72,200,000 |
Reductions of long-term debt | (97,600,000) | (62,000,000) | (83,700,000) |
Net additions (reductions) to revolving credit agreements | (26,300,000) | 165,400,000 | (7,400,000) |
Cash dividends paid | (21,800,000) | (21,600,000) | (21,300,000) |
Payments of Ordinary Dividends, Noncontrolling Interest | (200,000) | (200,000) | (300,000) |
Financing fees paid | 0 | (7,600,000) | 0 |
Other financing activities | 0 | 0 | (100,000) |
Net cash provided by (used for) financing activities | (10,900,000) | 193,600,000 | (40,600,000) |
Cash and Cash Equivalents | |||
Increase (decrease) for the year | (6,500,000) | (85,900,000) | 86,800,000 |
Balance at the beginning of the year | 65,500,000 | 151,400,000 | 64,600,000 |
Balance at the end of the year | 59,000,000 | 65,500,000 | 151,400,000 |
Proceeds from Sale of Debt Securities, Available-for-sale | 500,000 | 15,700,000 | 0 |
Gain on Sale of Investments | (4,600,000) | 0 | |
Business acquisitions, net of cash acquired | (8,400,000) | 0 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | $ (800,000) | $ (1,500,000) | $ 4,200,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Temporary Equity | Parent [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Accumulated Defined Benefit Plans Adjustment [Member] | Noncontrolling Interest [Member] | Permanent Equity |
Noncontrolling Interests | |||||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 0 | ||||||||||||
Balance at Dec. 31, 2019 | $ 577,000,000 | $ 544,300,000 | $ 100,000 | $ 100,000 | $ (15,900,000) | $ 321,300,000 | $ 427,400,000 | $ (92,900,000) | $ (18,500,000) | $ (77,300,000) | $ 32,700,000 | ||
Stock-based Compensation | |||||||||||||
Stock-based compensation | 1,300,000 | 1,300,000 | 1,300,000 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | 0 | 10,000,000 | (10,000,000) | |||||||||
Treasury Stock Transactions | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | (100,000) | ||||||||||||
Retained Earnings | |||||||||||||
Net income attributable to stockholders | 37,100,000 | 37,100,000 | 37,100,000 | (3,900,000) | |||||||||
Cash dividends: | |||||||||||||
Dividends, Common Stock, Cash | (21,600,000) | (21,300,000) | (21,300,000) | ||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
Foreign currency translation adjustment | 35,300,000 | 35,300,000 | |||||||||||
Current period pension adjustment, net | (14,600,000) | (14,600,000) | |||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 40,100,000 | 40,100,000 | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15,500,000 | 15,500,000 | 11,600,000 | 3,900,000 | |||||||||
Noncontrolling Interests | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,400,000 | ||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (300,000) | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 400,000 | ||||||||||||
Net income (loss) | 38,500,000 | ||||||||||||
Balance at Dec. 31, 2020 | 651,100,000 | 616,900,000 | 100,000 | 100,000 | (6,000,000) | 312,600,000 | 443,200,000 | (57,600,000) | 12,500,000 | (88,000,000) | 34,200,000 | ||
Noncontrolling Interests | |||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | ||||||||||||
Accrued dividend to redeemable noncontrolling interests | 0 | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 19,400,000 | 19,400,000 | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | ||||||||||||
Stock-based compensation | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | 0 | 1,500,000 | (1,500,000) | |||||||||
Net income attributable to stockholders | (173,000,000) | (173,000,000) | (173,000,000) | (5,600,000) | |||||||||
Dividends, Common Stock, Cash | (21,800,000) | (21,600,000) | (21,600,000) | ||||||||||
Foreign currency translation adjustment | (40,100,000) | (40,100,000) | |||||||||||
Current period pension adjustment, net | 9,800,000 | 9,800,000 | |||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (69,100,000) | (69,100,000) | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (100,000) | (100,000) | (5,700,000) | 5,600,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (10,200,000) | ||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (200,000) | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 2,000,000 | 2,000,000 | |||||||||||
Net income (loss) | (183,200,000) | ||||||||||||
Balance at Dec. 31, 2021 | 382,900,000 | 357,100,000 | 100,000 | 100,000 | (4,500,000) | 315,100,000 | 248,600,000 | (97,700,000) | (32,000,000) | (72,600,000) | 25,800,000 | ||
Noncontrolling Interests | |||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0 | ||||||||||||
Accrued dividend to redeemable noncontrolling interests | 0 | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (38,800,000) | (38,800,000) | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | |||||||||||
Stock-based compensation | 6,400,000 | 6,400,000 | $ 6,400,000 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 0 | 4,500,000 | (4,500,000) | 0 | |||||||||
Net income attributable to stockholders | (74,100,000) | (74,100,000) | (74,100,000) | (4,800,000) | |||||||||
Dividends, Common Stock, Cash | (21,800,000) | (21,800,000) | (22,000,000) | ||||||||||
Foreign currency translation adjustment | (39,300,000) | (39,300,000) | |||||||||||
Current period pension adjustment, net | (3,700,000) | (3,700,000) | |||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (83,000,000) | (83,000,000) | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 39,100,000 | 34,300,000 | 4,800,000 | 39,100,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,500,000 | ||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (200,000) | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (2,800,000) | 100,000 | (2,900,000) | (2,900,000) | |||||||||
Net income (loss) | (71,600,000) | (72,600,000) | |||||||||||
Balance at Dec. 31, 2022 | 210,900,000 | 204,400,000 | $ 100,000 | $ 100,000 | $ 0 | 297,700,000 | $ 152,700,000 | $ (137,000,000) | (37,700,000) | $ (71,500,000) | 6,500,000 | 210,900,000 | |
Noncontrolling Interests | |||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (500,000) | 500,000 | |||||||||||
Accrued dividend to redeemable noncontrolling interests | 500,000 | 500,000 | |||||||||||
Reclassifications Between Permanent and Temporary Equity | 13,100,000 | (6,500,000) | (6,500,000) | (6,600,000) | (13,100,000) | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (12,800,000) | $ (12,800,000) | $ (11,100,000) | $ (23,900,000) | |||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (40,000,000) | $ (40,000,000) | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 14,200,000 | $ 14,200,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 0.7 | $ 0.9 | $ 7.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0.8 | 0.1 | 4 |
Tax expense (benefit) on current period pension adjustments | 0.3 | 0.1 | 3.2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 0 | $ (0.1) | $ (0.9) |
Reclassifications from AOCI (De
Reclassifications from AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Expense | $ 28.4 | $ 15.5 | $ 13.7 |
Cost of Goods and Services Sold | 3,114.4 | 2,712.3 | 2,346.7 |
Nonoperating Income (Expense) | (23.3) | (2.6) | (7.7) |
Income before income taxes | (62.4) | (154.9) | 42.2 |
Income Tax Expense (Benefit) | (9.2) | (28.3) | (3.7) |
Net income attributable to stockholders | (74.1) | (173) | 37.1 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income before income taxes | (33.5) | 5.8 | (15.6) |
Income Tax Expense (Benefit) | (0.8) | (0.1) | 4 |
Net income attributable to stockholders | (34.3) | 5.7 | (11.6) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Nonoperating Income (Expense) | (4.7) | (5.4) | (4.7) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income before income taxes | (4.8) | (5.5) | (4.8) |
Income Tax Expense (Benefit) | 0 | (0.1) | 0.9 |
Net income attributable to stockholders | (4.8) | (5.6) | (3.9) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Nonoperating Income (Expense) | (0.1) | (0.1) | (0.1) |
Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net income attributable to stockholders | (74.1) | (173) | 37.1 |
AOCI Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net income attributable to stockholders | $ (39.1) | 0.1 | (15.5) |
Gross Pension Costs Reclassified to Net Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Other, net | ||
Income Before Taxes [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Income (loss) before income taxes | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Income (loss) before income taxes | ||
Tax (Expense) Benefit [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Income tax provision | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Income tax provision | ||
Net Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Net income (loss) | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Net income (loss) | ||
Interest Rate Contract [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Expense | $ 1.2 | 3.2 | 1.9 |
Foreign Exchange Contract [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Cost of Goods and Services Sold | $ (34.7) | $ 2.6 | $ (17.5) |
Foreign Exchange Contract [Member] | Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest expense | ||
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Cost of sales |
Principles of Consolidation
Principles of Consolidation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation. The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster ® and Yale ® brand names, mainly to independent Hyster ® and Yale ® retail dealerships. Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam. The sale of service parts represents approximately 15%, 15% and 14% of total revenues as reported in 2022, 2021 and 2020, respectively. As of December 31, 2022, the Company owned a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"), a Chinese manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. During 2021, the Company signed an Equity Transfer Agreement ("ETA") with Y-C Hongkong Holding Co., Limited (“HK Holding Co”). In June 2022, the Company purchased 15% of the equity interest of Hyster-Yale Maximal from HK Holding Co for an aggregate purchase price of $25.2 million, which will be paid in annual installments of $8.4 million beginning June 2022 through June 2024. The Company has an option to purchase HK Holding Co's remaining 10% interest in Hyster-Yale Maximal at any time prior to June 8, 2056 for $16.8 million. If this option is exercised, the Company will own 100% of the equity interest of Hyster-Yale Maximal. The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni ® , Auramo ® and Meyer ® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling. The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel-cell stacks and engines. Investments in Sumitomo NACCO Forklift Co., Ltd. ("SN"), a 50% owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20% owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. ("WF"), formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” portion of the Consolidated Statements of Operations. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability or unwillingness of customers to make required payments. These allowances are based on historical experience, existing economic trends and both recent trends of specific customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. Changes in the Company's allowance for doubtful accounts, including write-offs, are as follows: 2022 2021 Balance at January 1 $ 10.3 $ 10.4 Charged to costs and expenses 3.1 0.7 Write-offs (0.5) (0.1) Recoveries (1.0) (0.4) Foreign currency effect (0.7) (0.3) Balance at December 31 $ 11.2 $ 10.3 The allowance for doubtful accounts balance includes allowance of receivables classified as long-term of $4.0 million and $4.3 million in 2022 and 2021, respectively. Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. The Company also has insurance for certain historic product liability claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $8.6 million, $9.0 million and $7.6 million in 2022, 2021 and 2020, respectively. Research and Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $100.7 million, $108.3 million and $100.5 million in 2022, 2021 and 2020, respectively. Foreign Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. The following table includes other significant accounting policies that are described in other notes to the consolidated financial statements, including the footnote number: Significant Accounting Policy Note Revenue Recognition Revenue Recognition (Note 3) Reportable segments Business Segments (Note 4) Stock-based compensation Common Stock and Earnings per Share (Note 5) Income taxes Income Taxes (Note 6) Derivatives and hedging activities Financial Instruments and Derivative Financial Instruments (Note 8) Fair value of financial instruments Financial Instruments and Derivative Financial Instruments (Note 8) Pension Retirement Benefit Plans (Note 9) Inventories Inventories (Note 10) Property, plant and equipment Property, Plant and Equipment, Net (Note 11) Impairment or disposal of long-lived assets Property, Plant and Equipment, Net (Note 11) Goodwill and intangible assets Goodwill and Intangible Assets (Note 12) Contingencies Contingencies (Note 16) Recently Issued Accounting Standards In 2022, the Company did not adopt any recent accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures. The following table provides a brief description of ASUs not yet adopted: Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848) The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. From the date of issuance through December 31, 2024 The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 15 for further information on product warranties. The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided. The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the years ended December 31, 2022 and 2021. The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the Consolidated Statements of Operations. The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of sales” in the Consolidated Statements of Operations. The following table disaggregates revenue by category: YEAR ENDED DECEMBER 31, 2022 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 1,234.3 $ 569.0 $ 220.2 $ — $ — $ — $ 2,023.5 Direct customer sales 461.6 13.2 — — — — 474.8 Aftermarket sales 609.8 102.6 29.1 — — — 741.5 Other 99.7 19.4 0.7 355.7 3.4 (170.4) 308.5 Total Revenues $ 2,405.4 $ 704.2 $ 250.0 $ 355.7 $ 3.4 $ (170.4) $ 3,548.3 YEAR ENDED DECEMBER 31, 2021 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 935.4 $ 540.7 $ 202.7 $ — $ — $ — $ 1,678.8 Direct customer sales 452.5 8.7 — — — — 461.2 Aftermarket sales 478.5 106.7 30.2 — — — 615.4 Other 118.2 22.8 1.0 347.8 0.7 (170.2) 320.3 Total Revenues $ 1,984.6 $ 678.9 $ 233.9 $ 347.8 $ 0.7 $ (170.2) $ 3,075.7 YEAR ENDED DECEMBER 31, 2020 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 882.9 $ 472.0 $ 161.8 $ — $ — $ — $ 1,516.7 Direct customer sales 497.3 9.2 — — — — 506.5 Aftermarket sales 397.4 88.8 29.9 — — — 516.1 Other 113.6 18.6 1.4 283.7 3.9 (148.4) 272.8 Total Revenues $ 1,891.2 $ 588.6 $ 193.1 $ 283.7 $ 3.9 $ (148.4) $ 2,812.1 Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of forklift components to HYG plants. Nuvera's revenues include development funding from third-party agreements and the sale of fuel cell stacks and engines to third parties and the lift truck business. In all revenue transactions, the Company receives cash equal to the invoice price and amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera and the lift truck business have been eliminated. Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. The increase in customer deposits and billings relates mainly to down payments on customer orders. Changes in the Company's deferred revenue are as follows: 2022 2021 Balance, January 1 $ 76.2 $ 70.5 Customer deposits and billings 158.5 38.0 Revenue recognized (80.9) (32.0) Foreign currency effect — (0.3) Balance, December 31 $ 153.8 $ 76.2 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes lift truck operations in the United States, Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. The Company reports the results of both Bolzoni and Nuvera as separate segments. Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated. Operating profit is the measure of segment profit or loss. Financial information for each of the reportable segments is presented in the following table. See Note 1 for a discussion of the Company’s product lines. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes. 2022 2021 2020 Revenues from external customers Americas $ 2,405.4 $ 1,984.6 $ 1,891.2 EMEA 704.2 678.9 588.6 JAPIC 250.0 233.9 193.1 Lift truck business 3,359.6 2,897.4 2,672.9 Bolzoni 355.7 347.8 283.7 Nuvera 3.4 0.7 3.9 Eliminations (170.4) (170.2) (148.4) Total $ 3,548.3 $ 3,075.7 $ 2,812.1 Operating profit (loss) Americas $ 46.8 $ (19.7) $ 102.1 EMEA (46.6) 0.3 3.1 JAPIC (10.6) (67.5) (19.6) Lift truck business (10.4) (86.9) 85.6 Bolzoni 6.2 (1.8) 1.0 Nuvera (34.3) (62.3) (36.1) Eliminations (0.6) (1.3) (0.6) Total $ (39.1) $ (152.3) $ 49.9 2022 2021 2020 Total assets Americas $ 1,700.0 $ 1,558.2 $ 1,367.1 EMEA 811.0 843.7 807.9 JAPIC 339.5 329.3 343.2 Eliminations (693.2) (682.8) (642.9) Lift truck business 2,157.3 2,048.4 1,875.3 Bolzoni 315.2 323.8 300.4 Nuvera 18.9 16.0 57.3 Eliminations (465.2) (418.1) (373.5) Total $ 2,026.2 $ 1,970.1 $ 1,859.5 Depreciation and amortization Americas $ 15.8 $ 17.3 $ 17.1 EMEA 7.8 8.1 6.8 JAPIC 7.4 6.9 6.2 Lift truck business 31.0 32.3 30.1 Bolzoni 11.7 12.7 11.7 Nuvera 0.7 1.2 1.1 Total $ 43.4 $ 46.2 $ 42.9 Capital expenditures Americas $ 5.1 $ 16.1 $ 27.4 EMEA 4.9 10.7 14.2 JAPIC 10.3 3.8 2.6 Lift truck business 20.3 30.6 44.2 Bolzoni 5.5 10.4 5.3 Nuvera 3.0 3.3 2.2 Total $ 28.8 $ 44.3 $ 51.7 Data by Geographic Region No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. United Europe, Africa and Middle East Other Consolidated 2022 Revenues from unaffiliated customers, based on the customers’ location $ 1,973.8 $ 886.5 $ 688.0 $ 3,548.3 Long-lived tangible assets $ 164.3 $ 97.7 $ 107.4 $ 369.4 2021 Revenues from unaffiliated customers, based on the customers’ location $ 1,671.1 $ 866.1 $ 538.5 $ 3,075.7 Long-lived tangible assets $ 185.3 $ 97.4 $ 119.5 $ 402.2 2020 Revenues from unaffiliated customers, based on the customers’ location $ 1,640.8 $ 736.7 $ 434.6 $ 2,812.1 Long-lived tangible assets $ 198.4 $ 102.8 $ 119.4 $ 420.6 |
Common Stock and Earnings per S
Common Stock and Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Common Stock and Earnings Per Share | Common Stock and Earnings per Share The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2022 was 125 million shares and 35 million shares, respectively. No treasury shares of either class were outstanding at December 31, 2022. Treasury shares of Class A common stock totaling 61,207 at December 31, 2021 were deducted from shares outstanding. Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) four, seven or ten years from the award date, as defined in the award, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 220,114 and 64,058 shares related to the years ended December 31, 2022 and 2021, respectively. There were no shares issued related to 2020. After the issuance of these shares, there will be 716,398 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $5.5 million ($5.5 million net of tax) and $2.6 million ($2.0 million net of tax) for the years ended 2022 and 2021, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2022, $96,000 of each non-employee director's retainer of $200,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2021, $127,000 of $188,000 was paid in restricted shares of Class A common stock. The non-employee directors' retainer was reduced by 10% from May through December of 2020. For the year ended December 31, 2020, $124,000 of $184,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 29,898, 22,176 and 28,323 shares related to the years ended December 31, 2022, 2021 and 2020, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,075, 1,168 and 1,610 in 2022, 2021 and 2020, respectively. After the issuance of these shares, there were 3 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $0.9 million ($0.9 million net of tax), $1.4 million ($1.1 million net of tax) and $1.3 million ($1.0 million net of tax) for the years ended December 31, 2022, 2021 and 2020, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows: 2022 2021 2020 Basic weighted average shares outstanding 16.901 16.818 16.775 Dilutive effect of restricted stock awards — — 0.024 Diluted weighted average shares outstanding 16.901 16.818 16.799 Basic earnings per share $ (4.38) $ (10.29) $ 2.21 Diluted earnings per share $ (4.38) $ (10.29) $ 2.21 Cash dividends per share $ 1.2900 $ 1.2850 $ 1.2700 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income (loss) before income taxes and provision for income taxes for the years ended December 31 are as follows: 2022 2021 2020 Income (loss) before income taxes U.S. $ (40.1) $ (147.9) $ (0.6) Non-U.S. (22.3) (7.0) 42.8 $ (62.4) $ (154.9) $ 42.2 Income tax provision Current tax provision (benefit): Federal $ 0.6 $ (1.2) $ 0.4 State 0.5 1.1 0.8 Non-U.S. 8.2 8.6 5.0 Total current $ 9.3 $ 8.5 $ 6.2 Deferred tax provision (benefit): Federal $ 1.9 $ 14.1 $ (2.6) State 0.3 3.8 (0.6) Non-U.S. (2.3) 1.9 0.7 Total deferred $ (0.1) $ 19.8 $ (2.5) $ 9.2 $ 28.3 $ 3.7 The Company made income tax payments of $13.1 million, $11.7 million and $15.3 million during 2022, 2021 and 2020, respectively. The Company received income tax refunds of $2.3 million, $0.3 million and $0.2 million during 2022, 2021 and 2020, respectively. A reconciliation of the U.S. federal statutory rate to the reported income tax rate for the year ended December 31 is as follows: 2022 2021 2020 Income (loss) before income taxes $ (62.4) $ (154.9) $ 42.2 Statutory taxes at 21% $ (13.1) $ (32.5) $ 8.9 Valuation allowance 27.5 58.6 2.9 Non-U.S. rate differences 5.4 10.0 (0.3) Nondeductible compensation 1.4 0.4 — Base-erosion and anti-abuse tax 1.4 (0.8) (0.4) Unremitted non-U.S. earnings 0.1 1.2 (0.7) Tax controversy resolution (4.7) (4.5) (5.8) Global intangible low-taxed income (4.6) 5.0 1.8 Federal income tax credits (1.4) (2.6) (2.6) Equity interest earnings (1.4) (1.8) (1.0) State income taxes (1.3) (5.3) 0.1 Other (0.1) 0.6 0.8 Income tax provision $ 9.2 $ 28.3 $ 3.7 Reported income tax rate (14.7) % (18.3) % 8.8 % The Company has determined that it is impracticable to calculate the amount of deferred taxes that would be applicable to all of its investments in non-U.S. subsidiaries. However, the Company has provided for anticipated taxes on unremitted non-U.S. earnings for which no reinvestment plan has been identified and that may be repatriated in the foreseeable future. The Company has elected to account for the global intangible low-taxed income ("GILTI") tax in the period in which it is incurred, and therefore has not provided any deferred tax amounts for GILTI. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act") eliminated the option to deduct research and development expenditures immediately in the year incurred and requires U.S. taxpayers to amortize such expenditures over five to fifteen years depending upon whether the activities are performed in the U.S. or outside of the U.S. This change will have a material impact on the Company's future cash payments for income taxes. If this legislation is not modified or repealed, the impact will continue over the fifteen year maximum amortization period, but will decrease each year until the end of the fifteen year deferral period. A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows: December 31 2022 2021 Deferred tax assets Tax attribute carryforwards $ 62.5 $ 53.7 Research and development capitalization 32.5 7.8 Accrued expenses and reserves 17.3 19.9 Product warranties 9.7 12.1 Accrued product liability 6.7 6.7 Other employee benefits 6.5 6.1 Inventories 1.8 5.1 Other 2.2 2.3 Total deferred tax assets 139.2 113.7 Less: Valuation allowance 121.7 94.4 17.5 19.3 Deferred tax liabilities Depreciation and amortization 23.8 25.4 Unremitted earnings 2.3 1.2 Accrued pension benefits 2.2 1.7 Total deferred tax liabilities 28.3 28.3 Net deferred tax asset (liability) $ (10.8) $ (9.0) The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain: December 31, 2022 Net deferred tax Valuation Carryforwards Non-U.S. net operating loss $ 26.3 $ 24.2 2023 - Indefinite U.S. net operating loss 17.2 16.4 Indefinite Non-U.S. capital losses 7.3 7.3 Indefinite State net operating losses and credits 6.7 6.6 2023 - Indefinite Disallowed interest and other 5.7 5.7 2026 - Indefinite Research and development credit 1.3 1.3 2041 - 2042 Less: Unrecognized tax benefits (2.0) — Total $ 62.5 $ 61.5 December 31, 2021 Net deferred tax Valuation Carryforwards U.S. net operating loss $ 18.1 $ 17.7 Indefinite Non-U.S. net operating loss 17.4 14.6 2022 - Indefinite State net operating losses and credits 8.5 8.1 2022 - Indefinite Non-U.S. capital losses 7.5 7.5 2022 - Indefinite Disallowed interest and other 3.0 3.0 2026 - Indefinite Research and development credit 1.9 0.2 2041 Less: Unrecognized tax benefits (2.7) — Total $ 53.7 $ 51.1 The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses attributable to Australia, Brazil, China and the United Kingdom comprise a substantial portion of the non-U.S. net operating loss deferred tax assets. The Australian, Brazilian and United Kingdom net operating losses do not expire under local law, while Chinese losses expire after five years. During 2021, the Company recognized a tax charge of $24.8 million, for the establishment of a valuation allowance against the beginning of the year balance of the Company’s U.S. and United Kingdom deferred tax assets, excluding the portion of assets available to be carried back to the prior tax year. Based upon a review of the Company’s operations, including cumulative U.S. pretax losses, lack of available tax planning strategies and declining forecasts due to supply and logistics constraints, the evidence available no longer supported a more likely than not standard for realization of these deferred tax assets. Although the Company projected earnings over the longer term for these operations, due to the cumulative losses such longer-term forecasts were not sufficient evidence to support the future utilization of deferred tax assets. Additionally, $32.5 million of valuation allowance expense, related to these operations, was provided against deferred tax assets generated in 2021. During 2022 and 2021, the valuation allowance provided against deferred tax assets increased by $27.3 million and $66.2 million, respectively. The change in the total valuation allowance in 2022 and 2021 included a net increase in tax expense of $27.4 million and $58.6 million, respectively, and a net decrease of $0.1 million and a net increase of $7.6 million in 2022 and 2021, respectively, recorded directly in equity. Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate. At December 31, 2022, the Company had gross net operating loss carryforwards in the U.S. of $82.1 million, U.S. state jurisdictions of $72.7 million and non-U.S. jurisdictions of $97.4 million. The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between the Company's tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Approximately $5.4 million, $8.2 million and $10.7 million of these amounts as of December 31, 2022, 2021 and 2020, respectively, relate to permanent items that, if recognized, would impact the reported income tax rate. In 2020, this amount differed from the gross unrecognized tax benefit presented in the table below due to the increase in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein. 2022 2021 2020 Balance at January 1 $ 8.2 $ 10.8 $ 13.6 Additions based on tax positions related to the current year 0.4 0.7 0.3 Additions for tax positions of prior years 0.2 1.2 0.1 Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations (3.1) (4.3) (3.9) Other changes in unrecognized tax benefits including foreign currency translation adjustments (0.3) (0.2) 0.7 Balance at December 31 $ 5.4 $ 8.2 $ 10.8 The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net decrease of $2.2 million, $2.1 million and $2.3 million during 2022, 2021 and 2020, respectively, in interest and penalties. As a result of foreign currency translation into U.S. dollars, the total amount of interest and penalties decreased by $0.3 million during 2022, and increased by $0.2 million and $0.4 million during 2021 and 2020, respectively. The total amount of interest and penalties accrued was $2.3 million, $4.8 million and $6.7 million as of December 31, 2022, 2021 and 2020, respectively. The Company expects the amount of unrecognized tax benefits will change within the next twelve months. It is reasonably possible the Company will record unrecognized tax benefits, including interest and penalties, within the next twelve months up to $3.5 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the interim period in which the items are effectively settled. Approximately $2.2 million of the amount that may be recognized in the next twelve months relates to prior business acquisitions, and such amounts will be offset with the pretax reduction of the related indemnity receivable. The tax returns of the Company and its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided. In addition, in certain circumstances where the Company is contesting an assessment and believes it has a strong probability of success, no accrual has been provided. The Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. |
Reclassification from AOCI
Reclassification from AOCI | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Reclassification Amount [Text Block] | Reclassifications from OCI The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations: Details about OCI Components Amount Reclassified from OCI Affected Line Item in the Statement Where Net Income Is Presented 2022 2021 2020 Gain (loss) on cash flow hedges: Interest rate contracts $ 1.2 $ 3.2 $ 1.9 Interest expense Foreign exchange contracts (34.7) 2.6 (17.5) Cost of sales Total before tax (33.5) 5.8 (15.6) Income (loss) before income taxes Tax expense (benefit) (0.8) (0.1) 4.0 Income tax provision Net of tax $ (34.3) $ 5.7 $ (11.6) Net income (loss) Amortization of defined benefit pension items: Actuarial loss $ (4.7) $ (5.4) $ (4.7) Other, net Prior service (cost) credit (0.1) (0.1) (0.1) Other, net Total before tax (4.8) (5.5) (4.8) Income (loss) before income taxes Tax expense (benefit) — (0.1) 0.9 Income tax provision Net of tax $ (4.8) $ (5.6) $ (3.9) Net income (loss) Total reclassifications for the period $ (39.1) $ 0.1 $ (15.5) |
Financial Instruments and Deriv
Financial Instruments and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial InstrumentsThe carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At December 31, 2022, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding finance leases, was $523.3 million and $501.1 million, respectively. At December 31, 2021, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding finance leases, was $490.3 million and $486.4 million, respectively. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. The large number of customers comprising the Company’s customer base and their dispersion across many different industries and geographies mitigates concentration of credit risk on accounts receivable. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, and in certain circumstances may require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. Derivative Financial Instruments Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with a total notional amount of $0.8 billion at December 31, 2022, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $1.1 billion at December 31, 2021, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars. The fair value of these contracts approximated a net liability of $43.5 million and $26.7 million at December 31, 2022 and 2021, respectively. For the years ended December 31, 2022 and 2021, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2022, $33.4 million of the amount of net deferred loss included in OCI at December 31, 2022 is expected to be reclassified as expense into the Consolidated Statements of Operations over the next twelve months, as the transactions occur. Interest Rate Derivatives: The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at December 31, 2022 and 2021: Notional Amount Average Fixed Rate December 31 December 31 December 31 December 31 2022 2021 2022 2021 Term at December 31, 2022 $ 180.0 $ 180.0 1.68 % 1.68 % Extending to May 2027 22.4 16.0 0.18 % (0.14) % Extending to May 2027 The fair value of all interest rate swap agreements was a net asset of $16.1 million and a net liability $3.2 million at December 31, 2022 and 2021, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2022, $5.8 million of the net deferred gain included in OCI is expected to be reclassified as income in the Consolidated Statement of Operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements. The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets: Asset Derivatives Liability Derivatives Balance sheet location 2022 2021 Balance sheet location 2022 2021 Derivatives designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ 5.9 $ — Prepaid expenses and other $ — $ — Current Other current liabilities — 0.3 Other current liabilities — 2.2 Long-term Other non-current assets 10.2 0.1 Other non-current assets — 0.1 Long-term Other long-term liabilities — 0.6 Other long-term liabilities — 1.9 Foreign currency exchange contracts Current Other current liabilities 2.6 3.6 Other current liabilities 32.1 17.0 Long-Term Other non-current assets 0.7 — Other non-current assets 0.3 — Other long-term liabilities 1.0 1.0 Other long-term liabilities 17.3 13.2 Total derivatives designated as hedging instruments $ 20.4 $ 5.6 $ 49.7 $ 34.4 Derivatives not designated as hedging instruments Cash Flow Hedges Foreign currency exchange contracts Current Other current liabilities $ 4.9 $ 1.1 Other current liabilities $ 3.0 $ 2.2 Total derivatives not designated as hedging instruments $ 4.9 $ 1.1 $ 3.0 $ 2.2 Total derivatives $ 25.3 $ 6.7 $ 52.7 $ 36.6 The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2022 and 2021 as recorded in the Consolidated Balance Sheets: Derivative Assets as of December 31, 2022 Derivative Liabilities as of December 31, 2022 Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount Cash Flow Hedges Interest rate swap agreements $ 16.1 $ — $ 16.1 $ 16.1 $ — $ — $ — $ — Foreign currency exchange contracts 0.4 (0.4) — — 43.9 (0.4) 43.5 43.5 Total derivatives $ 16.5 $ (0.4) $ 16.1 $ 16.1 $ 43.9 $ (0.4) $ 43.5 $ 43.5 Derivative Assets as of December 31, 2021 Derivative Liabilities as of December 31, 2021 Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount Cash Flow Hedges Interest rate swap agreements $ — $ — $ — $ — $ 3.2 $ — $ 3.2 $ 3.2 Foreign currency exchange contracts — — — — 26.7 — 26.7 26.7 Total derivatives $ — $ — $ — $ — $ 29.9 $ — $ 29.9 $ 29.9 The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or Amount of Gain or (Loss) 2022 2021 2020 2022 2021 2020 Cash Flow Hedges Interest rate swap agreements $ 21.9 $ 5.8 $ (1.0) Interest expense $ 1.2 $ 3.2 $ 1.9 Foreign currency exchange contracts (61.2) (45.6) 27.7 Cost of sales (34.7) 2.6 (17.5) $ (39.3) $ (39.8) $ 26.7 $ (33.5) $ 5.8 $ (15.6) Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) 2022 2021 2020 Cash flow hedges Foreign currency exchange contracts Cost of sales $ (32.5) $ (6.9) $ 4.5 Total $ (32.5) $ (6.9) $ 4.5 |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds. Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2022, 2021 and 2020, the Company recognized a settlement loss of $1.8 million, $1.1 million and $1.2 million, respectively, resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S. pension plan. The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31: 2022 2021 2020 United States Plans Weighted average discount rates 5.36% 2.58% 2.09% Expected long-term rate of return on assets 5.50% 5.50% 7.00% Cash balance interest crediting rate 1.39% 3.50% 3.50% Non-U.S. Plans Weighted average discount rates 3.60%-4.80% 1.00%-1.30% 0.50%-1.30% Rate of increase in compensation levels 2.80%-3.00% 2.45%-2.50% 1.00%-2.50% Expected long-term rate of return on assets 3.60%-4.50% 1.00%-4.50% 0.50%-6.00% Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At December 31, 2022 and 2021, 52% and 51%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. During 2021, Nuvera reduced its inventory by $16.1 million to its estimated net realizable value, which is recorded in “Cost of Sales” in the Consolidated Statements of Operations. Refer to Note 11 for further discussion of the factors related to this adjustment. Inventories are summarized as follows: December 31 2022 2021 Finished goods and service parts $ 335.8 $ 321.6 Work in process 36.0 32.9 Raw materials 522.1 509.9 Total manufactured inventories 893.9 864.4 LIFO reserve (94.4) (83.4) Total inventory $ 799.5 $ 781.0 |
Property, Plant and Equpment, N
Property, Plant and Equpment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure | Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under finance leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. The Company periodically evaluates long-lived assets, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In connection with the preparation of the financial statements during 2021, the Company identified indicators of impairment primarily related to the unexpected level of significant, on-going pandemic-related and other global supply chain constraints, component shortages, shipping container availability constraints and higher freight costs, as well as significant material cost inflation resulting from the accelerated pace of the market recovery, all of which had negatively impacted the Company. In addition, the effects of the COVID-19 pandemic, including border closures, halted Nuvera's progress on certain research and development agreements that were entered into prior to the start of the pandemic. In anticipation of fulfilling these agreements, Nuvera made significant investments in manufacturing and equipment expansion, as well as increased inventory levels. As a result, it was determined that carrying value of the Nuvera fixed assets exceeded the undiscounted cash flows from the assets and the carrying value of Nuvera's fixed assets exceeded the fair value by $10.0 million. The impairment charge for property, plant and equipment was recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. The estimated fair value of property, plant and equipment was determined using a cost approach, which is Level 3 under the fair value hierarchy. Based on the Company’s analysis, all other remaining long-lived assets with finite lives were not impaired as of December 31, 2021. Property, plant and equipment, net includes the following: December 31 2022 2021 Land and land improvements $ 32.2 $ 33.5 Plant and equipment 858.0 856.7 Property, plant and equipment, at cost 890.2 890.2 Allowances for depreciation and amortization (580.2) (559.7) $ 310.0 $ 330.5 Total depreciation and amortization expense on property, plant and equipment was $38.9 million, $40.8 million and $36.8 million during 2022, 2021, and 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets The Company evaluates the carrying amount of goodwill and indefinite-lived intangible assets for impairment annually as of May 1 st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company uses either a qualitative or quantitative analysis to determine whether fair value exceeds carrying value. As part of the quantitative testing process for goodwill, the Company estimates fair values using a discounted cash flow approach from the perspective of a market participant and comparable market values for similar businesses. Significant estimates in the discounted cash flow approach are cash flow forecasts of the reporting units, the discount rate, the terminal business value and the projected income tax rate. The cash flow forecasts of the reporting units are based upon management’s long-term view of markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The projected income tax rates utilized are the statutory tax rates for the countries where each reporting unit operates. The terminal business value is determined by applying a business growth factor to the latest year for which a forecast exists. As part of the goodwill quantitative testing process, the Company evaluates whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing. The annual testing for impairment was conducted as of May 1, 2022. The fair value of each reporting unit was in excess of its carrying value and thus, no impairment exists. During 2021, the Company completed the annual testing of impairment of goodwill as of May 1, 2021 and an interim impairment test as of December 31, 2021 at the reporting unit level for the related goodwill. Based on the annual testing, the fair value of each reporting unit was in excess of its carrying value and no impairment existed. During 2021, the Company continued to experience pandemic-related and other global supply chain constraints, component shortages, shipping container availability constraints and higher freight costs, as well as significant material cost inflation resulting from the accelerated pace of the market recovery. These items significantly impacted the Company's results of operations in 2021. In addition, the timeframe for the expected easing of these factors impacted the Company's near and long-term forecasts. Accordingly, in connection with the preparation of its 2021 financial statements, the Company conducted an interim goodwill impairment test as of December 31, 2021 for the JAPIC and Bolzoni reporting units. As a result, the Company recognized a $55.6 million goodwill impairment charge for the JAPIC reporting unit in the fourth quarter of 2021, of which $11.7 million was attributable to the noncontrolling interest. No impairment of goodwill for the Bolzoni reporting unit was identified. The following table summarizes goodwill by segment as of December 31, 2022 and 2021: Carrying Amount of Goodwill Americas EMEA JAPIC Bolzoni Total Balance at January 1, 2021 $ 1.7 $ 1.1 $ 54.2 $ 57.7 $ 114.7 Impairment — — (55.6) — (55.6) Foreign currency translation — (0.1) 1.4 (3.9) (2.6) Balance at December 31, 2021 $ 1.7 $ 1.0 $ — $ 53.8 $ 56.5 Disposals — — — (1.7) (1.7) Foreign currency translation — — — (3.5) (3.5) Balance at December 31, 2022 $ 1.7 $ 1.0 $ — $ 48.6 $ 51.3 The Company has indefinite-lived intangible assets for the Bolzoni trademarks. Fair values used in testing for potential impairment of the trademarks are calculated by applying an estimated market value royalty rate to the forecasted revenues of the businesses that utilize those assets. The assumed cash flows from this calculation are discounted using Bolzoni’s weighted average cost of capital. The Company completed the annual testing of impairment as of May 1, 2022. The fair value of the indefinite-lived intangible assets was in excess of its carrying value and thus, no impairment existed. The following table summarizes intangible assets, other than goodwill, recorded in the consolidated balance sheets: December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 16.0 $ — $ 16.0 Intangible assets subject to amortization Customer and contractual relationships 36.6 (19.9) 16.7 Patents and technology 19.6 (13.3) 6.3 Trademarks 5.4 (1.7) 3.7 Total $ 77.6 $ (34.9) $ 42.7 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 17.0 $ — $ 17.0 Intangible assets subject to amortization Customer and contractual relationships 40.0 (19.5) 20.5 Patents and technology 21.0 (12.1) 8.9 Trademarks 5.8 (1.5) 4.3 Total $ 83.8 $ (33.1) $ 50.7 Amortization expense for intangible assets, which is recognized on a straight-line basis over the estimated useful life of the related asset, was $4.5 million and $5.4 million in 2022 and 2021, respectively. Expected annual amortization expense of other intangible assets, based upon December 31, 2022 U.S. dollar values, for the next five years is as follows: $3.9 million in 2023, $3.9 million in 2024, $3.9 million in 2025, $3.2 million in 2026 and $2.2 million in 2027. The weighted-average amortization period for intangible assets is as follows: Intangible assets subject to amortization Weighted-Average Useful Lives (Years) Customer relationships 10 Patents and technology 4 Trademarks 14 |
Current and Long-Term Financing
Current and Long-Term Financing | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Current and Long-Term Financing | Current and Long-Term Financing The following table summarizes available and outstanding borrowings: December 31 2022 2021 Total outstanding borrowings: Revolving credit agreements $ 137.1 $ 165.3 Term loan, net 217.5 218.6 Other debt 168.7 106.4 Finance lease obligations 29.6 28.2 Total debt outstanding $ 552.9 $ 518.5 Plus: discount on term loan and unamortized deferred financing fees 4.1 5.3 Total debt outstanding, gross $ 557.0 $ 523.8 Current portion of borrowings outstanding $ 285.9 $ 256.8 Long-term portion of borrowings outstanding $ 267.0 $ 261.7 Total available borrowings, net of limitations, under revolving credit agreements $ 320.0 $ 330.4 Unused revolving credit agreements $ 182.9 $ 165.1 Weighted average stated interest rate on total borrowings 6.5 % 4.2 % Weighted average effective interest rate on total borrowings (including interest rate swap agreements) 5.9 % 3.6 % Annual maturities of total debt, excluding finance leases, are as follows: 2023 $ 273.9 2024 19.2 2025 13.1 2026 8.6 2027 2.2 Thereafter 210.4 $ 527.4 Interest paid on total debt was $26.6 million, $14.5 million and $13.0 million during 2022, 2021 and 2020, respectively. The Company has a $300.0 million secured, floating-rate revolving credit facility (the "Facility") that expires in June 2026 and a $225.0 million term loan (the "Term Loan"), which matures in May 2028. The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.1 billion as of December 31, 2022. The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At December 31, 2022, the Company was in compliance with the covenants in the Facility. Key terms of the Facility as of December 31, 2022 were as follows: FACILITY US borrowing capacity $ 210.0 Non-U.S. borrowing capacity 90.0 Outstanding 134.6 Availability restrictions 7.7 Availability $ 157.7 Applicable margins, as defined in agreement U.S. base rate loans 0.25%-0.75% LIBOR, EURIBOR and foreign base rate loans 1.25%-1.75% Applicable margins, for amounts outstanding U.S. base rate and LIBOR loans 0.50%; 1.50% Non-U.S. base rate and LIBOR loans 1.50% Applicable interest rate, for amounts outstanding U.S. base rate 8.00% LIBOR 5.69% EURIBOR 3.88% Facility fee, per annum on unused commitment 0.25% The Term Loan requires quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2021 in an amount equal to $562,500 and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan. The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on working capital assets of the borrowers of the Facility, which includes, but is not limited to cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $750 million as of December 31, 2022. In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. At December 31, 2022, the Company was in compliance with the covenants in the Term Loan. Key terms of the Term Loan as of December 31, 2022 were as follows: TERM LOAN Outstanding $ 221.6 Discounts and unamortized deferred financing fees 4.1 Net amount outstanding $ 217.5 Applicable margins, as defined in agreement U.S. base rate loans 2.50% Eurodollar 3.50% Eurodollar floor 0.50% Applicable interest rate, for amounts outstanding 7.88% The Company incurred fees of $7.6 million in 2021. These fees related to amending the Facility and the Term Loan. These fees were deferred and are being amortized as interest expense over the term of the applicable debt agreements. No fees were incurred in 2022 or 2020. Fees related to the Term Loan are presented as a direct deduction of the corresponding debt. The Company had other debt outstanding, excluding finance leases, of approximately $171.2 million at December 31, 2022. In addition to the excess availability under the Facility of $157.7 million, the Company had remaining availability of $25.2 million related to other non-U.S. revolving credit agreements. |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leasing Arrangements The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. The Company does not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with an initial term of twelve months or less). For contracts with lease and non-lease components, the Company does not allocate the contract consideration, and accounts for the lease and non-lease components as a single lease component. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the operating leases are generally not determinable and the Company has obtained rates from third-party financiers for relevant geographies, currencies and lease terms to determine the incremental borrowing rate at the inception of new leases. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company's leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain the Company will exercise that option. An option to terminate is also considered in connection with determining the ROU asset and lease liability unless it is reasonably certain the Company will not exercise the option. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. As of December 31, 2022 and 2021, the Company had the following amounts recorded on the Company's Consolidated Balance Sheets: Location on Balance Sheet December 31, 2022 December 31, 2021 Assets Operating lease assets Other non-current assets $ 57.2 $ 68.8 Finance lease assets Property, plant and equipment, net 37.0 28.2 Total $ 94.2 $ 97.0 Liabilities Current Operating lease liabilities Other current liabilities 14.4 16.5 Finance lease liabilities Current maturities of long-term debt 12.8 10.2 Long-term Operating lease liabilities Other long-term liabilities 45.9 56.3 Finance lease liabilities Long-term debt 16.8 18.0 Total $ 89.9 $ 101.0 Finance lease assets are recorded net of accumulated amortization of $22.1 million and $17.6 million as of December 31, 2022 and 2021, respectively. Amortization of plant and equipment under finance leases is included in depreciation expense. Finance lease obligations of $12.1 million, $12.4 million and $17.0 million were incurred in connection with lease agreements to acquire machinery and equipment during 2022, 2021 and 2020, respectively. In addition, leases with HYGFS included in the Consolidated Balance Sheet at December 31, 2022 and 2021, include $10.9 million and $16.1 million of ROU assets and $11.0 million and $16.2 million of lease liabilities. As of December 31, 2022, the Company had the following remaining lease term and weighted average discount rates: Operating Leases Finance Leases Weighted-average remaining lease term in years 6.82 2.82 Weighted-average discount rate 4.94 % 1.24 % For the December 31, 2022, the Company recorded the following amounts: Year Ended Year Ended Location on Income Statement December 31, 2022 December 31, 2021 Operating lease cost Cost of sales $ 8.8 $ 10.7 Operating lease cost Selling, general and administrative expenses 20.2 18.3 Finance lease cost Amortization of leased assets Cost of sales 6.8 7.3 Interest on lease liabilities Interest expense 0.6 0.7 Sublease income Revenues (8.7) (9.4) Total $ 27.7 $ 27.6 The Company recognizes sublease income primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2022 were $28.4 million. For the year ended December 31, 2022, the Company recorded the following amounts: Year Ended Year Ended December 31, 2022 December 31, 2021 Cash paid for lease liabilities Operating cash flows from operating leases $ 22.8 $ 23.9 Operating cash flows from finance leases 0.6 0.7 Financing cash flows from finance leases 7.0 7.6 Non-cash amounts related to right-of-use assets obtained in exchange for lease obligations Operating $ 22.3 $ 21.8 Finance 8.4 9.8 Annual maturities of lease liabilities are as follows: Operating Leases Finance Leases Total 2023 $ 16.2 $ 13.4 $ 29.6 2024 12.3 10.2 22.5 2025 8.9 4.9 13.8 2026 7.0 0.8 7.8 2027 6.1 0.7 6.8 Thereafter 19.9 — 19.9 70.4 30.0 100.4 Less: Interest (10.1) (0.4) (10.5) Net $ 60.3 $ 29.6 $ 89.9 The Company leases certain office, manufacturing and warehouse facilities and machinery and equipment under noncancellable finance and operating leases that expire at various dates through 2037. Many leases include renewal and/or fair value purchase options. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | Product WarrantiesThe Company provides a standard warranty on its lift trucks, generally for six to twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. In addition, the Company sells separately priced extended warranty agreements that generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts. The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical costs. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows: 2022 2021 Balance at January 1 $ 64.7 $ 64.7 Current year warranty expense 28.7 26.0 Change in estimate related to pre-existing warranties (6.1) 2.7 Payments made (29.7) (27.6) Foreign currency effect (0.9) (1.1) Balance at December 31 $ 56.7 $ 64.7 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized. The Company previously filed lawsuits in Brazil to recover certain social integration and social contribution taxes paid on gross sales, including the ICMS, which is a form of state value added tax. During the course of the lawsuit, many other taxpayers filed lawsuits with the same objective. Due to the increasing number of lawsuits filed, the Federal Supreme Court ("STF") declared that all ongoing legal cases should have their decision suspended until the STF decides on the matter, a decision that was expected to apply to all cases on this topic. In 2019, the Company's legal advisors in Brazil notified the Company that they received judicial notification that the STF had issued a favorable decision in the case granting the Company the right to recover, by offsetting federal tax liabilities, amounts of overpayments collected by the government from 1999 to the present date. The judicial court decision was final and not subject to appeals. The estimate of the refund calculated on a gross basis was approximately 110 million Brazilian reais. Despite the favorable decision of the STF, the Brazilian tax authorities sought clarification in the same main lawsuit on certain issues, including the value of these credits (i.e., the gross rate or the net credit value), and certain other issues that could have affected the Brazilian taxpayers' rights with respect to these credits, all of which could have materially impacted the realization of the credits. During 2021, the STF ruled in favor of taxpayers that the refund should be calculated on a gross basis. The amount and ultimate timing of realization of these recoveries was dependent upon administrative approvals, generation of federal tax liabilities in Brazil eligible for offset and potential impacts of future legislative actions within Brazil, all of which were uncertain. During 2021, the Company sold these credits at a discount and recorded approximately $8.5 million of income related to these credits in “Cost of Sales” in the Consolidated Statements of Operations. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Guarantees | Guarantees Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years.. Total amounts subject to recourse or repurchase obligations at December 31, 2022 and 2021 were $133.2 million and $106.8 million, respectively. As of December 31, 2022, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2022 was approximately $192.2 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of December 31, 2022, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $29.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $11.7 million as of December 31, 2022. The $29.5 million is included in the $133.2 million of total amounts subject to recourse or repurchase obligations at December 31, 2022. Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At December 31, 2022, approximately $116.5 million of the Company's total recourse or repurchase obligations of $133.2 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At December 31, 2022, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $235.1 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $116.5 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $215.4 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $281.6 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods. The following table includes the exposure amounts related to the Company's guarantees at December 31, 2022: HYGFS Total Total recourse or repurchase obligations $ 116.5 $ 133.2 Less: exposure limited for certain dealers 29.5 29.5 Plus: 7.5% of original loan balance 11.7 11.7 98.7 115.4 Incremental obligation related to guarantee to WF 215.4 215.4 Total exposure related to guarantees $ 314.1 $ 330.8 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Equity Investments and Related-Party Transactions The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company has concluded that the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant. Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt financing to dealers and lease financing to both dealers and customers. HYGFS’ total purchases of Hyster ® and Yale ® lift trucks from dealers, and directly from the Company such that HYGFS could provide retail lease financing to customers for the years ended December 31, 2022, 2021 and 2020 were $449.8 million, $346.1 million and $452.9 million, respectively. Of these amounts, $75.6 million, $66.7 million and $99.6 million for the years ended December 31, 2022, 2021 and 2020, respectively, were invoiced directly from the Company to HYGFS so that the customer could obtain operating lease financing from HYGFS. Amounts receivable from HYGFS were $5.4 million and $7.2 million at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, the Company had $14.3 million and $11.5 million, respectively, of notes payable to HYGFS for advance funding of inventory that will be financed by HYGFS upon sale. The Company provides recourse for certain financing provided by HYGFS to its dealers and customers. In addition, the Company also provides a guarantee to WF for their portion of HYGFS' debt. Refer to Note 17 for additional details relating to the guarantees provided to WF. In addition to providing financing to dealers, HYGFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to HYGFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to HYGFS under the operating lease agreements were $14.3 million and $20.4 million at December 31, 2022 and 2021, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to HYGFS. Total subsidies were $4.5 million, $2.5 million and $3.1 million for 2022, 2021 and 2020, respectively. The Company provides certain services to HYGFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $5.4 million in 2022, $5.2 million in 2021 and $4.9 million in 2020. The Company has a 50% ownership interest in SN, a limited liability company that was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster ® - and Yale ® - branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company’s ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2022, 2021 and 2020, purchases from SN were $40.4 million, $38.6 million and $23.9 million, respectively. Amounts payable to SN at December 31, 2022 and 2021 were $21.6 million and $24.4 million, respectively. The Company recognized income of $0.3 million, $0.4 million and $0.3 million for payments from SN for use of technology developed by the Company which is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, respectively. Summarized unaudited financial information for equity investments is as follows: 2022 2021 2020 Statement of Operations Revenues $ 428.8 $ 418.0 $ 389.6 Gross profit $ 169.9 $ 163.4 $ 135.4 Income from continuing operations $ 56.3 $ 50.0 $ 28.2 Net income $ 56.3 $ 50.0 $ 28.2 Balance Sheet Current assets $ 128.6 $ 136.0 Non-current assets $ 1,498.5 $ 1,470.7 Current liabilities $ 138.8 $ 127.0 Non-current liabilities $ 1,307.6 $ 1,267.2 The Company's equity investments in unconsolidated affiliates are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets as follows: December 31, 2022 December 31, 2021 HYGFS $ 21.8 $ 25.2 SN 36.0 43.7 Bolzoni investments 0.4 0.3 Dividends received from unconsolidated affiliates for the year ended December 31, are summarized below: 2022 2021 2020 HYGFS $ 14.9 $ 5.1 $ 6.4 SN 0.7 0.4 0.9 $ 15.6 $ 5.5 $ 7.3 During the first quarter of 2021, the Company sold its investment in preferred shares of a third party, OneH2, Inc. ("OneH2"), Inc. for $15.7 million, including accrued dividends, and recognized a gain of $4.6 million. The gain on the sale of the investment is included on the line "Other, net" in the "Other (income) expense" section of the Consolidated Statements of Operations. The Company's investment was $0.8 million at each of December 31, 2022 and December 31, 2021. The Company recorded $1.3 million of accrued dividend income related to this investment in 2020. The Company has an equity investment in a third party valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of December 31, 2022 and December 31, 2021 was $0.5 million and $1.7 million, respectively. Any gain or loss on the investment is included on the line "Other, net" in the "Other (income) expense" section of the Consolidated Statements of Operations for the years ended December 31, as follows: 2022 2021 2020 Loss on equity investment $ (1.0) $ (0.2) $ (0.5) |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure | Maximal Equity Transfer AgreementDuring 2021, the Company signed an ETA with HK Holding Co. In June 2022, the Company purchased 15% of the equity interest of Hyster-Yale Maximal from HK Holding Co for an aggregate purchase price of $25.2 million, which will be paid in annual installments of $8.4 million beginning in June 2022 through June 2024. The Company has an option to purchase HK Holding Co's remaining 10% interest in Hyster-Yale Maximal at any time prior to June 8, 2056 for $16.8 million. If this option is exercised, the Company will own 100% of the equity interest of Hyster-Yale Maximal. As of December 31, 2022, the Company owned a 90% majority interest in Hyster-Yale Maximal.In addition, under the provisions of the ETA, HK Holding Co maintains a put option by which the Company could be required to exercise its purchase option. As one of the factors that could trigger the put option is outside of the Company’s control, the remaining 10% purchase option is considered contingently redeemable. Accordingly, the redeemable noncontrolling interest is not considered to be a component of stockholders’ equity and instead is reported as temporary equity in the Consolidated Balance Sheets. Because the occurrence of the event that would trigger the put option is not probable of occurring, the Company will continue to attribute the 10% portion of earnings and losses, as well as any dividends declared, to the noncontrolling interest after the closing date of the ETA. As of the closing date of the ETA, the Company recorded the estimated fair value of the purchase option of $13.4 million as redeemable noncontrolling interest. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. |
Accounts Receivable [Policy Text Block] | Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability or unwillingness of customers to make required payments. These allowances are based on historical experience, existing economic trends and both recent trends of specific customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. Changes in the Company's allowance for doubtful accounts, including write-offs, are as follows: 2022 2021 Balance at January 1 $ 10.3 $ 10.4 Charged to costs and expenses 3.1 0.7 Write-offs (0.5) (0.1) Recoveries (1.0) (0.4) Foreign currency effect (0.7) (0.3) Balance at December 31 $ 11.2 $ 10.3 The allowance for doubtful accounts balance includes allowance of receivables classified as long-term of $4.0 million and $4.3 million in 2022 and 2021, respectively. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. The Company also has insurance for certain historic product liability claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. |
Advertising Cost [Policy Text Block] | Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $8.6 million, $9.0 million and $7.6 million in 2022, 2021 and 2020, respectively. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $100.7 million, $108.3 million and $100.5 million in 2022, 2021 and 2020, respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. |
New Accounting Pronouncements, Policy [Policy Text Block] | In 2022, the Company did not adopt any recent accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848) The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. From the date of issuance through December 31, 2024 The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures. |
Common Stock and Earnings per_2
Common Stock and Earnings per Share (Policies) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Policy Text Block] | The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) four, seven or ten years from the award date, as defined in the award, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 220,114 and 64,058 shares related to the years ended December 31, 2022 and 2021, respectively. There were no shares issued related to 2020. After the issuance of these shares, there will be 716,398 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $5.5 million ($5.5 million net of tax) and $2.6 million ($2.0 million net of tax) for the years ended 2022 and 2021, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. | |
Share-based Payment Arrangement, Director [Policy Text Block] | The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2022, $96,000 of each non-employee director's retainer of $200,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2021, $127,000 of $188,000 was paid in restricted shares of Class A common stock. The non-employee directors' retainer was reduced by 10% from May through December of 2020. For the year ended December 31, 2020, $124,000 of $184,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 29,898, 22,176 and 28,323 shares related to the years ended December 31, 2022, 2021 and 2020, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,075, 1,168 and 1,610 in 2022, 2021 and 2020, respectively. After the issuance of these shares, there were 3 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $0.9 million ($0.9 million net of tax), $1.4 million ($1.1 million net of tax) and $1.3 million ($1.0 million net of tax) for the years ended December 31, 2022, 2021 and 2020, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. |
Income Taxes (Policies)
Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Income Tax Uncertainties, Policy [Policy Text Block] | The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between the Company's tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. Approximately $5.4 million, $8.2 million and $10.7 million of these amounts as of December 31, 2022, 2021 and 2020, respectively, relate to permanent items that, if recognized, would impact the reported income tax rate. In 2020, this amount differed from the gross unrecognized tax benefit presented in the table below due to the increase in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein. 2022 2021 2020 Balance at January 1 $ 8.2 $ 10.8 $ 13.6 Additions based on tax positions related to the current year 0.4 0.7 0.3 Additions for tax positions of prior years 0.2 1.2 0.1 Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations (3.1) (4.3) (3.9) Other changes in unrecognized tax benefits including foreign currency translation adjustments (0.3) (0.2) 0.7 Balance at December 31 $ 5.4 $ 8.2 $ 10.8 The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net decrease of $2.2 million, $2.1 million and $2.3 million during 2022, 2021 and 2020, respectively, in interest and penalties. As a result of foreign currency translation into U.S. dollars, the total amount of interest and penalties decreased by $0.3 million during 2022, and increased by $0.2 million and $0.4 million during 2021 and 2020, respectively. The total amount of interest and penalties accrued was $2.3 million, $4.8 million and $6.7 million as of December 31, 2022, 2021 and 2020, respectively. The Company expects the amount of unrecognized tax benefits will change within the next twelve months. It is reasonably possible the Company will record unrecognized tax benefits, including interest and penalties, within the next twelve months up to $3.5 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the interim period in which the items are effectively settled. Approximately $2.2 million of the amount that may be recognized in the next twelve months relates to prior business acquisitions, and such amounts will be offset with the pretax reduction of the related indemnity receivable. The tax returns of the Company and its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided. In addition, in certain circumstances where the Company is contesting an assessment and believes it has a strong probability of success, no accrual has been provided. The Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. |
Financial Instruments and Der_2
Financial Instruments and Derivative Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative [Line Items] | |
Derivatives, Policy [Policy Text Block] | Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. |
Retirement Benefit Plans (Polic
Retirement Benefit Plans (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value of each major category of U.S. plan assets for the Company’s pension plan are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. |
Inventories (Policies)
Inventories (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory, Policy [Policy Text Block] | The FIFO method is used with respect to all other inventories.The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs.During 2021, Nuvera reduced its inventory by $16.1 million to its estimated net realizable value, which is recorded in “Cost of Sales” in the Consolidated Statements of Operations. Refer to Note 11 for further discussion of the factors related to this adjustment. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under finance leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company periodically evaluates long-lived assets, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Leasing Arrangements (Policies)
Leasing Arrangements (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Lessor, Leases [Policy Text Block] | The Company recognizes sublease income primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2022 were $28.4 million. |
Lessee, Leases [Policy Text Block] | The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. The Company does not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with an initial term of twelve months or less). For contracts with lease and non-lease components, the Company does not allocate the contract consideration, and accounts for the lease and non-lease components as a single lease component. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the operating leases are generally not determinable and the Company has obtained rates from third-party financiers for relevant geographies, currencies and lease terms to determine the incremental borrowing rate at the inception of new leases. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company's leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain the Company will exercise that option. An option to terminate is also considered in connection with determining the ROU asset and lease liability unless it is reasonably certain the Company will not exercise the option. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | |
Accounts Receivable, Allowance for Credit Loss | 2022 2021 Balance at January 1 $ 10.3 $ 10.4 Charged to costs and expenses 3.1 0.7 Write-offs (0.5) (0.1) Recoveries (1.0) (0.4) Foreign currency effect (0.7) (0.3) Balance at December 31 $ 11.2 $ 10.3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Table Text Block] | YEAR ENDED DECEMBER 31, 2022 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 1,234.3 $ 569.0 $ 220.2 $ — $ — $ — $ 2,023.5 Direct customer sales 461.6 13.2 — — — — 474.8 Aftermarket sales 609.8 102.6 29.1 — — — 741.5 Other 99.7 19.4 0.7 355.7 3.4 (170.4) 308.5 Total Revenues $ 2,405.4 $ 704.2 $ 250.0 $ 355.7 $ 3.4 $ (170.4) $ 3,548.3 YEAR ENDED DECEMBER 31, 2021 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 935.4 $ 540.7 $ 202.7 $ — $ — $ — $ 1,678.8 Direct customer sales 452.5 8.7 — — — — 461.2 Aftermarket sales 478.5 106.7 30.2 — — — 615.4 Other 118.2 22.8 1.0 347.8 0.7 (170.2) 320.3 Total Revenues $ 1,984.6 $ 678.9 $ 233.9 $ 347.8 $ 0.7 $ (170.2) $ 3,075.7 YEAR ENDED DECEMBER 31, 2020 Lift truck business Americas EMEA JAPIC Bolzoni Nuvera Elims Total Dealer sales $ 882.9 $ 472.0 $ 161.8 $ — $ — $ — $ 1,516.7 Direct customer sales 497.3 9.2 — — — — 506.5 Aftermarket sales 397.4 88.8 29.9 — — — 516.1 Other 113.6 18.6 1.4 283.7 3.9 (148.4) 272.8 Total Revenues $ 1,891.2 $ 588.6 $ 193.1 $ 283.7 $ 3.9 $ (148.4) $ 2,812.1 |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 2022 2021 Balance, January 1 $ 76.2 $ 70.5 Customer deposits and billings 158.5 38.0 Revenue recognized (80.9) (32.0) Foreign currency effect — (0.3) Balance, December 31 $ 153.8 $ 76.2 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2022 2021 2020 Revenues from external customers Americas $ 2,405.4 $ 1,984.6 $ 1,891.2 EMEA 704.2 678.9 588.6 JAPIC 250.0 233.9 193.1 Lift truck business 3,359.6 2,897.4 2,672.9 Bolzoni 355.7 347.8 283.7 Nuvera 3.4 0.7 3.9 Eliminations (170.4) (170.2) (148.4) Total $ 3,548.3 $ 3,075.7 $ 2,812.1 Operating profit (loss) Americas $ 46.8 $ (19.7) $ 102.1 EMEA (46.6) 0.3 3.1 JAPIC (10.6) (67.5) (19.6) Lift truck business (10.4) (86.9) 85.6 Bolzoni 6.2 (1.8) 1.0 Nuvera (34.3) (62.3) (36.1) Eliminations (0.6) (1.3) (0.6) Total $ (39.1) $ (152.3) $ 49.9 2022 2021 2020 Total assets Americas $ 1,700.0 $ 1,558.2 $ 1,367.1 EMEA 811.0 843.7 807.9 JAPIC 339.5 329.3 343.2 Eliminations (693.2) (682.8) (642.9) Lift truck business 2,157.3 2,048.4 1,875.3 Bolzoni 315.2 323.8 300.4 Nuvera 18.9 16.0 57.3 Eliminations (465.2) (418.1) (373.5) Total $ 2,026.2 $ 1,970.1 $ 1,859.5 Depreciation and amortization Americas $ 15.8 $ 17.3 $ 17.1 EMEA 7.8 8.1 6.8 JAPIC 7.4 6.9 6.2 Lift truck business 31.0 32.3 30.1 Bolzoni 11.7 12.7 11.7 Nuvera 0.7 1.2 1.1 Total $ 43.4 $ 46.2 $ 42.9 Capital expenditures Americas $ 5.1 $ 16.1 $ 27.4 EMEA 4.9 10.7 14.2 JAPIC 10.3 3.8 2.6 Lift truck business 20.3 30.6 44.2 Bolzoni 5.5 10.4 5.3 Nuvera 3.0 3.3 2.2 Total $ 28.8 $ 44.3 $ 51.7 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | United Europe, Africa and Middle East Other Consolidated 2022 Revenues from unaffiliated customers, based on the customers’ location $ 1,973.8 $ 886.5 $ 688.0 $ 3,548.3 Long-lived tangible assets $ 164.3 $ 97.7 $ 107.4 $ 369.4 2021 Revenues from unaffiliated customers, based on the customers’ location $ 1,671.1 $ 866.1 $ 538.5 $ 3,075.7 Long-lived tangible assets $ 185.3 $ 97.4 $ 119.5 $ 402.2 2020 Revenues from unaffiliated customers, based on the customers’ location $ 1,640.8 $ 736.7 $ 434.6 $ 2,812.1 Long-lived tangible assets $ 198.4 $ 102.8 $ 119.4 $ 420.6 |
Common Stock and Earnings Per_3
Common Stock and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 Basic weighted average shares outstanding 16.901 16.818 16.775 Dilutive effect of restricted stock awards — — 0.024 Diluted weighted average shares outstanding 16.901 16.818 16.799 Basic earnings per share $ (4.38) $ (10.29) $ 2.21 Diluted earnings per share $ (4.38) $ (10.29) $ 2.21 Cash dividends per share $ 1.2900 $ 1.2850 $ 1.2700 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 2020 Balance at January 1 $ 8.2 $ 10.8 $ 13.6 Additions based on tax positions related to the current year 0.4 0.7 0.3 Additions for tax positions of prior years 0.2 1.2 0.1 Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations (3.1) (4.3) (3.9) Other changes in unrecognized tax benefits including foreign currency translation adjustments (0.3) (0.2) 0.7 Balance at December 31 $ 5.4 $ 8.2 $ 10.8 |
Summary of Tax Credit Carryforwards [Table Text Block] | December 31, 2022 Net deferred tax Valuation Carryforwards Non-U.S. net operating loss $ 26.3 $ 24.2 2023 - Indefinite U.S. net operating loss 17.2 16.4 Indefinite Non-U.S. capital losses 7.3 7.3 Indefinite State net operating losses and credits 6.7 6.6 2023 - Indefinite Disallowed interest and other 5.7 5.7 2026 - Indefinite Research and development credit 1.3 1.3 2041 - 2042 Less: Unrecognized tax benefits (2.0) — Total $ 62.5 $ 61.5 December 31, 2021 Net deferred tax Valuation Carryforwards U.S. net operating loss $ 18.1 $ 17.7 Indefinite Non-U.S. net operating loss 17.4 14.6 2022 - Indefinite State net operating losses and credits 8.5 8.1 2022 - Indefinite Non-U.S. capital losses 7.5 7.5 2022 - Indefinite Disallowed interest and other 3.0 3.0 2026 - Indefinite Research and development credit 1.9 0.2 2041 Less: Unrecognized tax benefits (2.7) — Total $ 53.7 $ 51.1 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 Income (loss) before income taxes U.S. $ (40.1) $ (147.9) $ (0.6) Non-U.S. (22.3) (7.0) 42.8 $ (62.4) $ (154.9) $ 42.2 Income tax provision Current tax provision (benefit): Federal $ 0.6 $ (1.2) $ 0.4 State 0.5 1.1 0.8 Non-U.S. 8.2 8.6 5.0 Total current $ 9.3 $ 8.5 $ 6.2 Deferred tax provision (benefit): Federal $ 1.9 $ 14.1 $ (2.6) State 0.3 3.8 (0.6) Non-U.S. (2.3) 1.9 0.7 Total deferred $ (0.1) $ 19.8 $ (2.5) $ 9.2 $ 28.3 $ 3.7 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Income (loss) before income taxes $ (62.4) $ (154.9) $ 42.2 Statutory taxes at 21% $ (13.1) $ (32.5) $ 8.9 Valuation allowance 27.5 58.6 2.9 Non-U.S. rate differences 5.4 10.0 (0.3) Nondeductible compensation 1.4 0.4 — Base-erosion and anti-abuse tax 1.4 (0.8) (0.4) Unremitted non-U.S. earnings 0.1 1.2 (0.7) Tax controversy resolution (4.7) (4.5) (5.8) Global intangible low-taxed income (4.6) 5.0 1.8 Federal income tax credits (1.4) (2.6) (2.6) Equity interest earnings (1.4) (1.8) (1.0) State income taxes (1.3) (5.3) 0.1 Other (0.1) 0.6 0.8 Income tax provision $ 9.2 $ 28.3 $ 3.7 Reported income tax rate (14.7) % (18.3) % 8.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 2022 2021 Deferred tax assets Tax attribute carryforwards $ 62.5 $ 53.7 Research and development capitalization 32.5 7.8 Accrued expenses and reserves 17.3 19.9 Product warranties 9.7 12.1 Accrued product liability 6.7 6.7 Other employee benefits 6.5 6.1 Inventories 1.8 5.1 Other 2.2 2.3 Total deferred tax assets 139.2 113.7 Less: Valuation allowance 121.7 94.4 17.5 19.3 Deferred tax liabilities Depreciation and amortization 23.8 25.4 Unremitted earnings 2.3 1.2 Accrued pension benefits 2.2 1.7 Total deferred tax liabilities 28.3 28.3 Net deferred tax asset (liability) $ (10.8) $ (9.0) |
Reclassifications from AOCI (Ta
Reclassifications from AOCI (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about OCI Components Amount Reclassified from OCI Affected Line Item in the Statement Where Net Income Is Presented 2022 2021 2020 Gain (loss) on cash flow hedges: Interest rate contracts $ 1.2 $ 3.2 $ 1.9 Interest expense Foreign exchange contracts (34.7) 2.6 (17.5) Cost of sales Total before tax (33.5) 5.8 (15.6) Income (loss) before income taxes Tax expense (benefit) (0.8) (0.1) 4.0 Income tax provision Net of tax $ (34.3) $ 5.7 $ (11.6) Net income (loss) Amortization of defined benefit pension items: Actuarial loss $ (4.7) $ (5.4) $ (4.7) Other, net Prior service (cost) credit (0.1) (0.1) (0.1) Other, net Total before tax (4.8) (5.5) (4.8) Income (loss) before income taxes Tax expense (benefit) — (0.1) 0.9 Income tax provision Net of tax $ (4.8) $ (5.6) $ (3.9) Net income (loss) Total reclassifications for the period $ (39.1) $ 0.1 $ (15.5) |
Financial Instruments and Der_3
Financial Instruments and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Notional Amount Average Fixed Rate December 31 December 31 December 31 December 31 2022 2021 2022 2021 Term at December 31, 2022 $ 180.0 $ 180.0 1.68 % 1.68 % Extending to May 2027 22.4 16.0 0.18 % (0.14) % Extending to May 2027 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Liability Derivatives Balance sheet location 2022 2021 Balance sheet location 2022 2021 Derivatives designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ 5.9 $ — Prepaid expenses and other $ — $ — Current Other current liabilities — 0.3 Other current liabilities — 2.2 Long-term Other non-current assets 10.2 0.1 Other non-current assets — 0.1 Long-term Other long-term liabilities — 0.6 Other long-term liabilities — 1.9 Foreign currency exchange contracts Current Other current liabilities 2.6 3.6 Other current liabilities 32.1 17.0 Long-Term Other non-current assets 0.7 — Other non-current assets 0.3 — Other long-term liabilities 1.0 1.0 Other long-term liabilities 17.3 13.2 Total derivatives designated as hedging instruments $ 20.4 $ 5.6 $ 49.7 $ 34.4 Derivatives not designated as hedging instruments Cash Flow Hedges Foreign currency exchange contracts Current Other current liabilities $ 4.9 $ 1.1 Other current liabilities $ 3.0 $ 2.2 Total derivatives not designated as hedging instruments $ 4.9 $ 1.1 $ 3.0 $ 2.2 Total derivatives $ 25.3 $ 6.7 $ 52.7 $ 36.6 |
Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block] | Derivative Assets as of December 31, 2022 Derivative Liabilities as of December 31, 2022 Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount Cash Flow Hedges Interest rate swap agreements $ 16.1 $ — $ 16.1 $ 16.1 $ — $ — $ — $ — Foreign currency exchange contracts 0.4 (0.4) — — 43.9 (0.4) 43.5 43.5 Total derivatives $ 16.5 $ (0.4) $ 16.1 $ 16.1 $ 43.9 $ (0.4) $ 43.5 $ 43.5 Derivative Assets as of December 31, 2021 Derivative Liabilities as of December 31, 2021 Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount Cash Flow Hedges Interest rate swap agreements $ — $ — $ — $ — $ 3.2 $ — $ 3.2 $ 3.2 Foreign currency exchange contracts — — — — 26.7 — 26.7 26.7 Total derivatives $ — $ — $ — $ — $ 29.9 $ — $ 29.9 $ 29.9 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Location of Gain or Amount of Gain or (Loss) 2022 2021 2020 2022 2021 2020 Cash Flow Hedges Interest rate swap agreements $ 21.9 $ 5.8 $ (1.0) Interest expense $ 1.2 $ 3.2 $ 1.9 Foreign currency exchange contracts (61.2) (45.6) 27.7 Cost of sales (34.7) 2.6 (17.5) $ (39.3) $ (39.8) $ 26.7 $ (33.5) $ 5.8 $ (15.6) Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) 2022 2021 2020 Cash flow hedges Foreign currency exchange contracts Cost of sales $ (32.5) $ (6.9) $ 4.5 Total $ (32.5) $ (6.9) $ 4.5 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan, Assumptions [Table Text Block] | 2022 2021 2020 United States Plans Weighted average discount rates 5.36% 2.58% 2.09% Expected long-term rate of return on assets 5.50% 5.50% 7.00% Cash balance interest crediting rate 1.39% 3.50% 3.50% Non-U.S. Plans Weighted average discount rates 3.60%-4.80% 1.00%-1.30% 0.50%-1.30% Rate of increase in compensation levels 2.80%-3.00% 2.45%-2.50% 1.00%-2.50% Expected long-term rate of return on assets 3.60%-4.50% 1.00%-4.50% 0.50%-6.00% |
Schedule of Net Benefit Costs [Table Text Block] | 2022 2021 2020 United States Plans Interest cost $ 1.9 $ 1.5 $ 1.9 Expected return on plan assets (3.3) (4.5) (4.7) Amortization of actuarial loss 1.9 2.0 2.1 Settlements 1.8 1.1 1.2 Net periodic pension expense $ 2.3 $ 0.1 $ 0.5 Non-U.S. Plans Service cost $ 0.2 $ 0.3 $ 0.2 Interest cost 3.1 2.6 3.1 Expected return on plan assets (7.4) (10.5) (10.9) Amortization of actuarial loss 2.8 3.5 2.6 Amortization of prior service cost 0.1 0.1 0.1 Net periodic pension benefit $ (1.2) $ (4.0) $ (4.9) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2022 2021 2020 United States Plans Current year actuarial loss $ 4.5 $ 0.2 $ 0.7 Amortization of actuarial loss (1.9) (2.0) (2.1) Settlements (1.8) (1.1) (1.2) Total recognized in other comprehensive income (loss) $ 0.8 $ (2.9) $ (2.6) Non-U.S. Plans Current year actuarial (gain) loss $ 1.0 $ (8.9) $ 18.3 Amortization of actuarial loss (2.8) (3.5) (2.6) Amortization of prior service cost (0.1) (0.1) (0.1) Total recognized in other comprehensive income (loss) $ (1.9) $ (12.5) $ 15.6 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | 2022 2021 U.S. Plans Non-U.S. U.S. Plans Non-U.S. Change in benefit obligation Projected benefit obligation at beginning of year $ 67.5 $ 197.8 $ 70.0 $ 213.3 Service cost — 0.2 — 0.3 Interest cost 1.9 3.1 1.5 2.6 Actuarial (gain) loss (12.3) (58.8) 2.7 (6.8) Benefits paid (4.4) (7.0) (4.4) (8.3) Employee contributions — 0.1 — 0.1 Lump sum payments (2.6) — (2.3) — Foreign currency exchange rate changes — (18.4) — (3.4) Projected benefit obligation at end of year $ 50.1 $ 117.0 $ 67.5 $ 197.8 Accumulated benefit obligation at end of year $ 50.1 $ 116.6 $ 67.5 $ 196.9 Change in plan assets Fair value of plan assets at beginning of year $ 69.0 $ 202.7 $ 68.6 $ 197.9 Actual return on plan assets (13.5) (52.1) 7.1 12.9 Employer contributions — 2.4 — 3.5 Employee contributions — 0.1 — 0.1 Benefits paid (4.4) (7.0) (4.4) (8.3) Settlements (2.6) — (2.3) — Foreign currency exchange rate changes — (19.8) — (3.4) Fair value of plan assets at end of year $ 48.5 $ 126.3 $ 69.0 $ 202.7 Funded status at end of year $ (1.6) $ 9.3 $ 1.5 $ 4.9 Amounts recognized in the consolidated balance sheets consist of: Noncurrent assets $ — $ 11.9 $ 1.5 $ 8.4 Noncurrent liabilities (1.6) (2.6) — (3.5) $ (1.6) $ 9.3 $ 1.5 $ 4.9 Components of accumulated other comprehensive income (loss) consist of: Actuarial loss $ 32.6 $ 56.5 $ 31.8 $ 58.3 Prior service cost — 1.4 — 1.5 Deferred taxes (8.3) (13.0) (8.3) (12.7) Foreign currency translation adjustment — 2.3 — 2.0 $ 24.3 $ 47.2 $ 23.5 $ 49.1 |
Schedule of Expected Benefit Payments [Table Text Block] | U.S. Plans Non-U.S. Plans 2023 $ 5.7 $ 7.0 2024 5.4 7.1 2025 5.1 7.2 2026 4.7 7.5 2027 4.4 9.8 2027 - 2031 18.7 41.8 $ 44.0 $ 80.4 |
Defined Benefit Plan, Plan Assets, Allocation | 2022 2021 Target Allocation U.S. equity securities 27.8% 27.8% 25% Non-U.S. equity securities 11.9% 11.8% 15% Fixed income securities 59.5% 59.6% 60% Money market 0.8% 0.8% —% |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 2022 2021 2022 2021 U.S. equity securities $ 13.4 $ 19.2 $ 14.8 $ 24.6 U.K. equity securities — — 4.3 6.4 Non-U.S., non-U.K. equity securities 5.8 8.1 27.4 44.9 Fixed income securities 28.9 41.1 79.0 125.7 Money market 0.4 0.6 0.8 1.1 Total $ 48.5 $ 69.0 $ 126.3 $ 202.7 |
Foreign Plan [Member] | |
Defined Benefit Plan, Plan Assets, Allocation | 2022 2021 Target Allocation U.K. equity securities 3.7% 3.4% 5% Non-U.K. equity securities 36.3% 37.2% 35% Fixed income securities 59.3% 58.8% 60% Money market 0.7% 0.6% —% |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Inventory, Current [Table Text Block] | December 31 2022 2021 Finished goods and service parts $ 335.8 $ 321.6 Work in process 36.0 32.9 Raw materials 522.1 509.9 Total manufactured inventories 893.9 864.4 LIFO reserve (94.4) (83.4) Total inventory $ 799.5 $ 781.0 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Table [Table Text Block] | December 31 2022 2021 Land and land improvements $ 32.2 $ 33.5 Plant and equipment 858.0 856.7 Property, plant and equipment, at cost 890.2 890.2 Allowances for depreciation and amortization (580.2) (559.7) $ 310.0 $ 330.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 16.0 $ — $ 16.0 Intangible assets subject to amortization Customer and contractual relationships 36.6 (19.9) 16.7 Patents and technology 19.6 (13.3) 6.3 Trademarks 5.4 (1.7) 3.7 Total $ 77.6 $ (34.9) $ 42.7 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 17.0 $ — $ 17.0 Intangible assets subject to amortization Customer and contractual relationships 40.0 (19.5) 20.5 Patents and technology 21.0 (12.1) 8.9 Trademarks 5.8 (1.5) 4.3 Total $ 83.8 $ (33.1) $ 50.7 |
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class [Table Text Block] | Intangible assets subject to amortization Weighted-Average Useful Lives (Years) Customer relationships 10 Patents and technology 4 Trademarks 14 |
Schedule of Goodwill [Table Text Block] | Carrying Amount of Goodwill Americas EMEA JAPIC Bolzoni Total Balance at January 1, 2021 $ 1.7 $ 1.1 $ 54.2 $ 57.7 $ 114.7 Impairment — — (55.6) — (55.6) Foreign currency translation — (0.1) 1.4 (3.9) (2.6) Balance at December 31, 2021 $ 1.7 $ 1.0 $ — $ 53.8 $ 56.5 Disposals — — — (1.7) (1.7) Foreign currency translation — — — (3.5) (3.5) Balance at December 31, 2022 $ 1.7 $ 1.0 $ — $ 48.6 $ 51.3 |
Current and Long-Term Financi_2
Current and Long-Term Financing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | December 31 2022 2021 Total outstanding borrowings: Revolving credit agreements $ 137.1 $ 165.3 Term loan, net 217.5 218.6 Other debt 168.7 106.4 Finance lease obligations 29.6 28.2 Total debt outstanding $ 552.9 $ 518.5 Plus: discount on term loan and unamortized deferred financing fees 4.1 5.3 Total debt outstanding, gross $ 557.0 $ 523.8 Current portion of borrowings outstanding $ 285.9 $ 256.8 Long-term portion of borrowings outstanding $ 267.0 $ 261.7 Total available borrowings, net of limitations, under revolving credit agreements $ 320.0 $ 330.4 Unused revolving credit agreements $ 182.9 $ 165.1 Weighted average stated interest rate on total borrowings 6.5 % 4.2 % Weighted average effective interest rate on total borrowings (including interest rate swap agreements) 5.9 % 3.6 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2023 $ 273.9 2024 19.2 2025 13.1 2026 8.6 2027 2.2 Thereafter 210.4 $ 527.4 |
Leasing Arrangements 842 (Table
Leasing Arrangements 842 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Location on Income Statement December 31, 2022 December 31, 2021 Operating lease cost Cost of sales $ 8.8 $ 10.7 Operating lease cost Selling, general and administrative expenses 20.2 18.3 Finance lease cost Amortization of leased assets Cost of sales 6.8 7.3 Interest on lease liabilities Interest expense 0.6 0.7 Sublease income Revenues (8.7) (9.4) Total $ 27.7 $ 27.6 |
Remaining Lease Term and Weighted Average Discount Rates [Table Text Block] | Operating Leases Finance Leases Weighted-average remaining lease term in years 6.82 2.82 Weighted-average discount rate 4.94 % 1.24 % |
Operating and Finance Leases Recognized on the Balance Sheet [Table Text Block] | Location on Balance Sheet December 31, 2022 December 31, 2021 Assets Operating lease assets Other non-current assets $ 57.2 $ 68.8 Finance lease assets Property, plant and equipment, net 37.0 28.2 Total $ 94.2 $ 97.0 Liabilities Current Operating lease liabilities Other current liabilities 14.4 16.5 Finance lease liabilities Current maturities of long-term debt 12.8 10.2 Long-term Operating lease liabilities Other long-term liabilities 45.9 56.3 Finance lease liabilities Long-term debt 16.8 18.0 Total $ 89.9 $ 101.0 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Total 2023 $ 16.2 $ 13.4 $ 29.6 2024 12.3 10.2 22.5 2025 8.9 4.9 13.8 2026 7.0 0.8 7.8 2027 6.1 0.7 6.8 Thereafter 19.9 — 19.9 70.4 30.0 100.4 Less: Interest (10.1) (0.4) (10.5) Net $ 60.3 $ 29.6 $ 89.9 |
Cash Flows of Operating and Finance Leases [Table Text Block] | Year Ended Year Ended December 31, 2022 December 31, 2021 Cash paid for lease liabilities Operating cash flows from operating leases $ 22.8 $ 23.9 Operating cash flows from finance leases 0.6 0.7 Financing cash flows from finance leases 7.0 7.6 Non-cash amounts related to right-of-use assets obtained in exchange for lease obligations Operating $ 22.3 $ 21.8 Finance 8.4 9.8 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | 2022 2021 Balance at January 1 $ 64.7 $ 64.7 Current year warranty expense 28.7 26.0 Change in estimate related to pre-existing warranties (6.1) 2.7 Payments made (29.7) (27.6) Foreign currency effect (0.9) (1.1) Balance at December 31 $ 56.7 $ 64.7 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | HYGFS Total Total recourse or repurchase obligations $ 116.5 $ 133.2 Less: exposure limited for certain dealers 29.5 29.5 Plus: 7.5% of original loan balance 11.7 11.7 98.7 115.4 Incremental obligation related to guarantee to WF 215.4 215.4 Total exposure related to guarantees $ 314.1 $ 330.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments [Table Text Block] | 2022 2021 2020 Statement of Operations Revenues $ 428.8 $ 418.0 $ 389.6 Gross profit $ 169.9 $ 163.4 $ 135.4 Income from continuing operations $ 56.3 $ 50.0 $ 28.2 Net income $ 56.3 $ 50.0 $ 28.2 Balance Sheet Current assets $ 128.6 $ 136.0 Non-current assets $ 1,498.5 $ 1,470.7 Current liabilities $ 138.8 $ 127.0 Non-current liabilities $ 1,307.6 $ 1,267.2 |
Principles of Consolidation (De
Principles of Consolidation (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Service parts as percentage of revenue | 15% | 15% |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Reasons | In addition, under the provisions of the ETA, HK Holding Co maintains a put option by which the Company could be required to exercise its purchase option. As one of the factors that could trigger the put option is outside of the Company’s control, the remaining 10% purchase option is considered contingently redeemable. Accordingly, the redeemable noncontrolling interest is not considered to be a component of stockholders’ equity and instead is reported as temporary equity in the Consolidated Balance Sheets. Because the occurrence of the event that would trigger the put option is not probable of occurring, the Company will continue to attribute the 10% portion of earnings and losses, as well as any dividends declared, to the noncontrolling interest after the closing date of the ETA. As of the closing date of the ETA, the Company recorded the estimated fair value of the purchase option of $13.4 million as redeemable noncontrolling interest. | |
HYGFS [Member] | ||
Equity Method Investment, Ownership Percentage | 20% | |
SN [Member] | ||
Equity Method Investment, Ownership Percentage | 50% |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Advertising Expense | $ 8.6 | $ 9 | $ 7.6 |
Research and Development Expense | 100.7 | 108.3 | 100.5 |
Accounts Receivable, Allowance for Credit Loss | 11.2 | 10.3 | $ 10.4 |
Accounts Receivable, Credit Loss Expense (Reversal) | 3.1 | 0.7 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (0.5) | (0.1) | |
Accounts Receivable, Allowance for Credit Loss, Recovery | (1) | (0.4) | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (0.7) | (0.3) | |
SEC Schedule, 12-09, Allowance, Uncollectible Customer's Liability for Acceptances [Member] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 4 | $ 4.3 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 3,548.3 | $ 3,075.7 | $ 2,812.1 |
Revenue, Performance Obligation, Description of Timing | Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 15 for further information on product warranties. | ||
Revenue, Information Used to Assess Variable Consideration Constraint | The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. | ||
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control | The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided. | ||
Revenue, Performance Obligation, Description of Returns and Other Similar Obligations | When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. | ||
Deferred Revenue | $ 153.8 | 76.2 | 70.5 |
Deferred Revenue, Additions | 158.5 | 38 | |
Deferred Revenue, Revenue Recognized | (80.9) | (32) | |
Deferred Revenue, Period Increase (Decrease) | $ 0 | (0.3) | |
Deferred Revenue, Description 606 | The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. The increase in customer deposits and billings relates mainly to down payments on customer orders. | ||
Other revenue [Member] | |||
Revenue, Performance Obligation Satisfied over Time, Method Used, Description | The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 308.5 | 320.3 | 272.8 |
Aftermarket sales [Member] | |||
Revenue, Performance Obligation Satisfied over Time, Method Used, Description | Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 741.5 | 615.4 | 516.1 |
Consolidation, Eliminations [Member] | |||
Revenues | (170.4) | (170.2) | (148.4) |
Consolidation, Eliminations [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (170.4) | (170.2) | (148.4) |
Consolidation, Eliminations [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Americas [Member] | |||
Revenues | 2,405.4 | 1,984.6 | 1,891.2 |
Americas [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 99.7 | 118.2 | 113.6 |
Americas [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 609.8 | 478.5 | 397.4 |
EMEA [Member] | |||
Revenues | 704.2 | 678.9 | 588.6 |
EMEA [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 19.4 | 22.8 | 18.6 |
EMEA [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 102.6 | 106.7 | 88.8 |
JAPIC [Member] | |||
Revenues | 250 | 233.9 | 193.1 |
JAPIC [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.7 | 1 | 1.4 |
JAPIC [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 29.1 | 30.2 | 29.9 |
Bolzoni [Member] | |||
Revenues | $ 355.7 | 347.8 | 283.7 |
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control | Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of forklift components to HYG plants. | ||
Bolzoni [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 355.7 | 347.8 | 283.7 |
Bolzoni [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Nuvera [Member] | |||
Revenues | $ 3.4 | 0.7 | 3.9 |
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control | Nuvera's revenues include development funding from third-party agreements and the sale of fuel cell stacks and engines to third parties and the lift truck business. | ||
Nuvera [Member] | Other revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3.4 | 0.7 | 3.9 |
Nuvera [Member] | Aftermarket sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | 0 | 0 |
Sales Channel, Through Intermediary [Member] | |||
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control | Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,023.5 | 1,678.8 | 1,516.7 |
Sales Channel, Through Intermediary [Member] | Consolidation, Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Through Intermediary [Member] | Americas [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,234.3 | 935.4 | 882.9 |
Sales Channel, Through Intermediary [Member] | EMEA [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 569 | 540.7 | 472 |
Sales Channel, Through Intermediary [Member] | JAPIC [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 220.2 | 202.7 | 161.8 |
Sales Channel, Through Intermediary [Member] | Bolzoni [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Through Intermediary [Member] | Nuvera [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Directly to Consumer [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 474.8 | 461.2 | 506.5 |
Sales Channel, Directly to Consumer [Member] | Consolidation, Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Directly to Consumer [Member] | Americas [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 461.6 | 452.5 | 497.3 |
Sales Channel, Directly to Consumer [Member] | EMEA [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 13.2 | 8.7 | 9.2 |
Sales Channel, Directly to Consumer [Member] | JAPIC [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Directly to Consumer [Member] | Bolzoni [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Sales Channel, Directly to Consumer [Member] | Nuvera [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 |
Business Segments (Details)
Business Segments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,548,300,000 | $ 3,075,700,000 | $ 2,812,100,000 |
Operating profit (loss) | (39,100,000) | (152,300,000) | 49,900,000 |
Assets | 2,026,200,000 | 1,970,100,000 | 1,859,500,000 |
Depreciation and amortization | 43,400,000 | 46,200,000 | 42,900,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 28,800,000 | 44,300,000 | 51,700,000 |
Geography Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | (693,200,000) | (682,800,000) | (642,900,000) |
Consolidation, Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (170,400,000) | (170,200,000) | (148,400,000) |
Operating profit (loss) | (600,000) | (1,300,000) | (600,000) |
Assets | (465,200,000) | (418,100,000) | (373,500,000) |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,405,400,000 | 1,984,600,000 | 1,891,200,000 |
Operating profit (loss) | 46,800,000 | (19,700,000) | 102,100,000 |
Assets | 1,700,000,000 | 1,558,200,000 | 1,367,100,000 |
Depreciation and amortization | 15,800,000 | 17,300,000 | 17,100,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 5,100,000 | 16,100,000 | 27,400,000 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 704,200,000 | 678,900,000 | 588,600,000 |
Operating profit (loss) | (46,600,000) | 300,000 | 3,100,000 |
Assets | 811,000,000 | 843,700,000 | 807,900,000 |
Depreciation and amortization | 7,800,000 | 8,100,000 | 6,800,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 4,900,000 | 10,700,000 | 14,200,000 |
JAPIC [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 250,000,000 | 233,900,000 | 193,100,000 |
Operating profit (loss) | (10,600,000) | (67,500,000) | (19,600,000) |
Assets | 339,500,000 | 329,300,000 | 343,200,000 |
Depreciation and amortization | 7,400,000 | 6,900,000 | 6,200,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 10,300,000 | 3,800,000 | 2,600,000 |
Lift truck business [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,359,600,000 | 2,897,400,000 | 2,672,900,000 |
Operating profit (loss) | (10,400,000) | (86,900,000) | 85,600,000 |
Assets | 2,157,300,000 | 2,048,400,000 | 1,875,300,000 |
Depreciation and amortization | 31,000,000 | 32,300,000 | 30,100,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 20,300,000 | 30,600,000 | 44,200,000 |
Bolzoni [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 355,700,000 | 347,800,000 | 283,700,000 |
Operating profit (loss) | 6,200,000 | (1,800,000) | 1,000,000 |
Assets | 315,200,000 | 323,800,000 | 300,400,000 |
Depreciation and amortization | 11,700,000 | 12,700,000 | 11,700,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 5,500,000 | 10,400,000 | 5,300,000 |
Nuvera [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,400,000 | 700,000 | 3,900,000 |
Operating profit (loss) | (34,300,000) | (62,300,000) | (36,100,000) |
Assets | 18,900,000 | 16,000,000 | 57,300,000 |
Depreciation and amortization | 700,000 | 1,200,000 | 1,100,000 |
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | $ 3,000,000 | $ 3,300,000 | $ 2,200,000 |
Business Segments - Geographic
Business Segments - Geographic (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers, based on the customers’ location | $ 3,548.3 | $ 3,075.7 | $ 2,812.1 |
Long-lived assets | $ 369.4 | 402.2 | 420.6 |
Disclosure on Geographic Areas, Description of Revenue from External Customers | No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. | ||
Segment Reporting, Disclosure of Major Customers | In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. | ||
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers, based on the customers’ location | $ 1,973.8 | 1,671.1 | 1,640.8 |
Long-lived assets | 164.3 | 185.3 | 198.4 |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers, based on the customers’ location | 886.5 | 866.1 | 736.7 |
Long-lived assets | 97.7 | 97.4 | 102.8 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers, based on the customers’ location | 688 | 538.5 | 434.6 |
Long-lived assets | $ 107.4 | $ 119.5 | $ 119.4 |
Common Stock and Earnings per_4
Common Stock and Earnings per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation | $ 4,000,000 | $ 1,300,000 | |
Treasury Stock, Shares | 0 | 61,207 | |
Basic weighted average shares outstanding | 16,901,000 | 16,818,000 | 16,775,000 |
Dilutive effect of restricted stock awards | 0 | 0 | 24,000 |
Diluted weighted average shares outstanding | 16,901,000 | 16,818,000 | 16,799,000 |
Earnings Per Share, Basic | $ (4.38) | $ (10.29) | $ 2.21 |
Earnings Per Share, Diluted | (4.38) | (10.29) | 2.21 |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.2900 | $ 1.2850 | $ 1.2700 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 223,000 | 74,000 | |
Common Class A [Member] | |||
Common Stock, Shares Authorized | 125,000,000 | ||
Common Class B [Member] | |||
Common Stock, Shares Authorized | 35,000,000 | ||
Restricted Stock [Member] | |||
Noninterest Expense Directors Fees | $ 96,000 | $ 127,000 | $ 124,000 |
Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 716,398 | ||
Management [Member] | Share-based Payment Arrangement [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 220,114 | 0 | |
Stock-based compensation | $ 5,500,000 | ||
Share-based Payment Arrangement, Expense, after Tax | $ 5,500,000 | ||
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3 | ||
Noninterest Expense Directors Fees | $ 200,000 | $ 188,000 | $ 184,000 |
Director [Member] | Restricted Stock [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 29,898 | 22,176 | 28,323 |
Stock-based compensation | $ 900,000 | $ 1,400,000 | $ 1,300,000 |
Share-based Payment Arrangement, Expense, after Tax | $ 900,000 | $ 1,100,000 | $ 1,000,000 |
Director [Member] | Common Stock [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1,075 | 1,168 | 1,610 |
Income Taxes - Provision (Detai
Income Taxes - Provision (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | $ (40,100,000) | $ (147,900,000) | $ (600,000) |
Non-U.S. | (22,300,000) | (7,000,000) | 42,800,000 |
Income Before Income Taxes | (62,400,000) | (154,900,000) | 42,200,000 |
Federal | 600,000 | (1,200,000) | 400,000 |
State | 500,000 | 1,100,000 | 800,000 |
Non-U.S. | 8,200,000 | 8,600,000 | 5,000,000 |
Total current | 9,300,000 | 8,500,000 | 6,200,000 |
Federal | 1,900,000 | 14,100,000 | (2,600,000) |
State | 300,000 | 3,800,000 | (600,000) |
Non-U.S. | (2,300,000) | 1,900,000 | 700,000 |
Deferred income taxes | (100,000) | 19,800,000 | (2,500,000) |
Income tax provision | $ 9,200,000 | $ 28,300,000 | $ 3,700,000 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Income before income taxes | $ (62.4) | $ (154.9) | $ 42.2 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | (13.1) | (32.5) | 8.9 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 27.5 | 58.6 | 2.9 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 5.4 | 10 | (0.3) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 1.4 | 0.4 | 0 |
Effective Income Tax Rate Reconciliation, BEAT | 1.4 | 0.8 | 0.4 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0.1 | 1.2 | (0.7) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | (4.7) | (4.5) | (5.8) |
Effective Income Tax Rate Reconciliation, GILTI | (4.6) | 5 | 1.8 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (1.4) | (2.6) | (2.6) |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount | 1.4 | 1.8 | 1 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (1.3) | (5.3) | 0.1 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (0.1) | 0.6 | 0.8 |
Income tax provision | $ 9.2 | $ 28.3 | $ 3.7 |
Effective Income Tax Rate Reconciliation, Percent | (14.70%) | (18.30%) | 8.80% |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, in Process Research and Development | $ 32.5 | $ 7.8 |
Tax attribute carryforwards | 62.5 | 53.7 |
Accrued expenses and reserves | 17.3 | 19.9 |
Product warranties | 9.7 | 12.1 |
Accrued product liability | 6.7 | 6.7 |
Other employee benefits | 6.5 | 6.1 |
Inventories | 1.8 | 5.1 |
Other deferred tax assets | 2.2 | 2.3 |
Total deferred tax assets | 139.2 | 113.7 |
Less: Valuation allowance | 121.7 | 94.4 |
Deferred tax assets, net of valuation allowance | 17.5 | 19.3 |
Depreciation | 23.8 | 25.4 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 2.3 | 1.2 |
Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | 2.2 | 1.7 |
Total deferred tax liabilities | 28.3 | 28.3 |
Deferred Tax Liabilities, Net | $ (10.8) | $ (9) |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | $ 62.5 | $ 53.7 |
Tax Credit Carryforward, Valuation Allowance | 61.5 | 51.1 |
Unrecognized Tax Benefits | (2) | (2.7) |
Deferred Tax Asset, Interest Carryforward | 5.7 | 3 |
Deferred Tax Assets, in Process Research and Development | $ 1.3 | 1.9 |
Tax Year 2020 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | 24.8 | |
Tax Year 2021 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 32.5 | |
Research Tax Credit Carryforward | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | 2041 - 2042 | 2041 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 26.3 | $ 17.4 |
Operating Loss Carryforwards, Valuation Allowance | $ 24.2 | $ 14.6 |
Foreign Tax Authority [Member] | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | 2023 - Indefinite | 2022 - Indefinite |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 7.3 | $ 7.5 |
Tax Credit Carryforward, Deferred Tax Asset | $ 7.3 | $ 7.5 |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Expiration | Indefinite | 2022 - Indefinite |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | $ 6.6 | $ 8.1 |
Deferred Tax Assets, State Taxes | $ 6.7 | $ 8.5 |
State and Local Jurisdiction [Member] | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
State net operating losses and credit expiration date | 2023 - Indefinite | 2022 - Indefinite |
Domestic Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 16.4 | $ 17.7 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 17.2 | $ 18.1 |
Domestic Tax Authority | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | Indefinite | Indefinite |
Domestic Tax Authority | General Business Tax Credit Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 5.7 | $ 3 |
Domestic Tax Authority | General Business Tax Credit Carryforward | Tax Year 2022 | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | 2026 - Indefinite | 2026 - Indefinite |
Domestic Tax Authority | Research Tax Credit Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 1.3 | $ 0.2 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized Tax Benefits | $ 8.2 | $ 10.8 | $ 13.6 |
Additions for tax positions of prior years | 0.2 | 1.2 | 0.1 |
Additions based on tax positions related to the current year | 0.4 | 0.7 | 0.3 |
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (3.1) | (4.3) | (3.9) |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 0.7 | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (0.3) | (0.2) | |
Unrecognized Tax Benefits | $ 5.4 | $ 8.2 | $ 10.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes Paid | $ 13.1 | $ 11.7 | $ 15.3 |
Proceeds from Income Tax Refunds | $ 2.3 | $ 0.3 | $ 0.2 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 2.3 | $ 1.2 | |
Effective Income Tax Rate Reconciliation, BEAT | 1.4 | 0.8 | $ 0.4 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (27.3) | 66.2 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Tax Expense | 27.4 | 58.6 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5.4 | 8.2 | 10.7 |
Interest and Penalties for Unrecognized Tax Benefits, Period Increase (Decrease) | (2.2) | 2.1 | 2.3 |
Interest and Penalties for Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency | (0.3) | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.3 | 4.8 | $ 6.7 |
Valuation Allowance, Deferred Tax Asset, Change in Amount, OCI | 0.1 | 7.6 | |
Tax Year 2020 | |||
Operating Loss Carryforwards, Valuation Allowance | 24.8 | ||
Tax Year 2021 | |||
Operating Loss Carryforwards, Valuation Allowance | 32.5 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | 97.4 | ||
Operating Loss Carryforwards, Valuation Allowance | 24.2 | 14.6 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 72.7 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards | 82.1 | ||
Operating Loss Carryforwards, Valuation Allowance | 16.4 | $ 17.7 | |
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 3.5 | ||
Settlement with Taxing Authority [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | $ 2.2 |
Financial Instruments and Der_4
Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Discussion of Objectives for Using Foreign Currency Derivative Instruments | The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. | |
Discussion of Objectives for Using Interest Rate Derivative Instruments | The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense | |
Long-term Debt | $ 523.3 | $ 490.3 |
Long-term Debt, Fair Value | 501.1 | 486.4 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 5.8 | |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 180 | $ 180 |
Derivative, Average Fixed Interest Rate | 1.68% | 1.68% |
Term of Interest Rate Cash Flow Hedge | Extending to May 2027 | |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Bolzoni [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 22.4 | $ 16 |
Derivative, Average Fixed Interest Rate | 0.18% | (0.14%) |
Term of Interest Rate Cash Flow Hedge | Extending to May 2027 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 800 | $ 1,100 |
Derivative, Fair Value, Net | (43.5) | 26.7 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 33.4 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ (16.1) | $ 3.2 |
Financial Instruments and Der_5
Financial Instruments and Derivative Financial Instruments - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | $ 20.4 | $ 5.6 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 49.7 | 34.4 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 4.9 | 1.1 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3 | 2.2 |
Derivative Asset, Fair Value, Gross Asset | 25.3 | 6.7 |
Derivative Liability, Fair Value, Gross Liability | 52.7 | 36.6 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 5.9 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0.3 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 2.2 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 2.6 | 3.6 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 32.1 | 17 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 10.2 | 0.1 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0.1 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0.6 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 1.9 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 1 | 1 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 17.3 | 13.2 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 4.9 | 1.1 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 3 | $ 2.2 |
Financial Instruments and Der_6
Financial Instruments and Derivative Financial Instruments - Counterparty (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Asset, Fair Value, Gross Asset | $ 16.5 | $ 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (0.4) | 0 |
Derivative Asset | 16.1 | 0 |
Derivative Liability, Fair Value, Gross Liability | 43.9 | 29.9 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (0.4) | 0 |
Derivative Liability | 43.5 | 29.9 |
Interest Rate Contract [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 16.1 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Asset | 16.1 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 3.2 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability | 0 | 3.2 |
Foreign Exchange Contract [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.4 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (0.4) | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 43.9 | 26.7 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (0.4) | 0 |
Derivative Liability | $ 43.5 | $ 26.7 |
Financial Instruments and Der_7
Financial Instruments and Derivative Financial Instruments - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (32.5) | $ (6.9) | $ 4.5 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (39.3) | (39.8) | 26.7 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (33.5) | 5.8 | (15.6) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 21.9 | 5.8 | (1) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.2 | 3.2 | 1.9 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (61.2) | (45.6) | 27.7 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (34.7) | 2.6 | (17.5) |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (32.5) | $ (6.9) | $ 4.5 |
Financial Instruments and Der_8
Financial Instruments and Derivative Financial Instruments Financial Instruments and Derivative Financial Instruments - Interest Rate Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 5.8 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 180 | $ 180 |
Derivative, Average Fixed Interest Rate | 1.68% | 1.68% |
Term of Interest Rate Cash Flow Hedge | Extending to May 2027 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Bolzoni [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 22.4 | $ 16 |
Derivative, Average Fixed Interest Rate | 0.18% | (0.14%) |
Term of Interest Rate Cash Flow Hedge | Extending to May 2027 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ (16.1) | $ 3.2 |
Retirement Benefit Plans - Assu
Retirement Benefit Plans - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.36% | 2.58% | 2.09% |
Expected long-term rate of return on assets | 5.50% | 5.50% | 7% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.39% | 3.50% | 3.50% |
Foreign Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 1% | 0.50% |
Rate of increase in compensation levels - maximum | 2.80% | 2.45% | 1% |
Expected long-term rate of return on assets | 3.60% | 1% | 0.50% |
Foreign Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.80% | 1.30% | 1.30% |
Rate of increase in compensation levels - maximum | 3% | 2.50% | 2.50% |
Expected long-term rate of return on assets | 4.50% | 4.50% | 6% |
Retirement Benefit Plans - Net
Retirement Benefit Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 1.9 | 1.5 | $ 1.9 |
Expected return on plan assets | (3.3) | (4.5) | (4.7) |
Amortization of actuarial loss | 1.9 | 2 | 2.1 |
Settlements | 1.8 | 1.1 | 1.2 |
Net periodic pension expense | 2.3 | 0.1 | 0.5 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.3 | 0.2 |
Interest cost | 3.1 | 2.6 | 3.1 |
Expected return on plan assets | (7.4) | (10.5) | (10.9) |
Amortization of actuarial loss | 2.8 | 3.5 | 2.6 |
Amortization of prior service cost (credit) | 0.1 | 0.1 | 0.1 |
Net periodic pension expense | $ (1.2) | $ (4) | $ (4.9) |
Retirement Benefit Plans - Chan
Retirement Benefit Plans - Changes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | $ 4.5 | $ 0.2 | $ 0.7 |
Amortization of actuarial loss | (1.9) | (2) | (2.1) |
Settlements and Curtailments | (1.8) | (1.1) | (1.2) |
Total recognized in other comprehensive income (loss) | 0.8 | (2.9) | (2.6) |
Interest cost | 1.9 | 1.5 | 1.9 |
Expected return on plan assets | (3.3) | (4.5) | (4.7) |
Amortization of actuarial loss | 1.9 | 2 | 2.1 |
Settlements | 1.8 | 1.1 | 1.2 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2.3 | 0.1 | 0.5 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | 1 | (8.9) | 18.3 |
Amortization of actuarial loss | (2.8) | (3.5) | (2.6) |
Amortization of prior service credit | (0.1) | (0.1) | (0.1) |
Total recognized in other comprehensive income (loss) | (1.9) | (12.5) | 15.6 |
Interest cost | 3.1 | 2.6 | 3.1 |
Expected return on plan assets | (7.4) | (10.5) | (10.9) |
Amortization of actuarial loss | 2.8 | 3.5 | 2.6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (1.2) | $ (4) | $ (4.9) |
Retirement Benefit Plans - Ch_2
Retirement Benefit Plans - Change in Benefit Obligation and Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Noncurrent liabilities | $ (6.2) | $ (6.2) | |
Assets for Plan Benefits, Defined Benefit Plan | 4.9 | ||
United States [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 67.5 | 70 | |
Service cost | 0 | 0 | |
Interest cost | 1.9 | 1.5 | $ 1.9 |
Actuarial (gain) loss | (12.3) | 2.7 | |
Benefits paid, benefit obligation | 4.4 | 4.4 | |
Employee contributions, benefit obligation | 0 | 0 | |
Settlements | 2.6 | 2.3 | |
Settlements | (2.6) | (2.3) | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected benefit obligation at end of year | 50.1 | 67.5 | 70 |
Accumulated benefit obligation at end of year | 50.1 | 67.5 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 69 | 68.6 | |
Actual return on plan assets | (13.5) | 7.1 | |
Employer contributions | 0 | 0 | |
Employee contributions, plan assets | 0 | 0 | |
Benefits paid, plan assets | 4.4 | 4.4 | |
Settlements | (2.6) | (2.3) | |
Foreign currency exchange rate changes, plan assets | 0 | 0 | |
Fair value of plan assets at end of year | 48.5 | 69 | 68.6 |
Funded status at end of year | (1.6) | 1.5 | |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 1.5 | |
Noncurrent liabilities | (1.6) | 0 | |
Assets for Plan Benefits, Defined Benefit Plan | (1.6) | 1.5 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Actuarial loss | (32.6) | (31.8) | |
Prior service credit | 0 | 0 | |
Deferred taxes | (8.3) | (8.3) | |
Foreign currency translation adjustment | 0 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 24.3 | 23.5 | |
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 197.8 | 213.3 | |
Service cost | 0.2 | 0.3 | 0.2 |
Interest cost | 3.1 | 2.6 | 3.1 |
Actuarial (gain) loss | (58.8) | (6.8) | |
Benefits paid, benefit obligation | 7 | 8.3 | |
Employee contributions, benefit obligation | 0.1 | 0.1 | |
Settlements | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | (18.4) | (3.4) | |
Projected benefit obligation at end of year | 117 | 197.8 | 213.3 |
Accumulated benefit obligation at end of year | 116.6 | 196.9 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 202.7 | 197.9 | |
Actual return on plan assets | (52.1) | 12.9 | |
Employer contributions | 2.4 | 3.5 | |
Employee contributions, plan assets | 0.1 | 0.1 | |
Benefits paid, plan assets | 7 | 8.3 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes, plan assets | (19.8) | (3.4) | |
Fair value of plan assets at end of year | 126.3 | 202.7 | $ 197.9 |
Funded status at end of year | 9.3 | 4.9 | |
Assets for Plan Benefits, Defined Benefit Plan | 11.9 | 8.4 | |
Noncurrent liabilities | (2.6) | (3.5) | |
Assets for Plan Benefits, Defined Benefit Plan | 9.3 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Actuarial loss | (56.5) | (58.3) | |
Prior service credit | 1.4 | 1.5 | |
Deferred taxes | (13) | (12.7) | |
Foreign currency translation adjustment | 2.3 | 2 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 47.2 | $ 49.1 |
Retirement Benefit Plans - Expe
Retirement Benefit Plans - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
United States [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 5.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 5.4 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 5.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 4.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 4.4 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 18.7 |
Defined Benefit Plan, Expected Future Benefit Payments | 44 |
Foreign Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 7.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 7.2 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 7.5 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 9.8 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 41.8 |
Defined Benefit Plan, Expected Future Benefit Payments | $ 80.4 |
Retirement Benefit Plans - Allo
Retirement Benefit Plans - Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations. | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 1.4 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities, UK [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.70% | 3.40% |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities, Non-UK [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 36.30% | 37.20% |
Foreign Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 59.30% | 58.80% |
Foreign Plan [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.70% | 0.60% |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 0 | |
United States [Member] | Defined Benefit Plan, Equity Securities, US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 27.80% | 27.80% |
United States [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 11.90% | 11.80% |
United States [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 59.50% | 59.60% |
United States [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.80% | 0.80% |
Retirement Benefit Plans - Fair
Retirement Benefit Plans - Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 13.4 | $ 19.2 | |
Defined Benefit Plan, Equity Securities, US [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 14.8 | 24.6 | |
Defined Benefit Plan, Equity Securities, UK [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 0 | 0 | |
Defined Benefit Plan, Equity Securities, UK [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 4.3 | 6.4 | |
Defined Benefit Plan, Equity Securities, Non-US Non-UK [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 5.8 | 8.1 | |
Defined Benefit Plan, Equity Securities, Non-US Non-UK [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 27.4 | 44.9 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 28.9 | 41.1 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 79 | 125.7 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 0.4 | 0.6 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 0.8 | 1.1 | |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 48.5 | 69 | $ 68.6 |
United States [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 48.5 | 69 | |
United States [Member] | Defined Benefit Plan, Equity Securities, US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% | ||
United States [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | ||
United States [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 126.3 | 202.7 | $ 197.9 |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 126.3 | $ 202.7 | |
Foreign Plan [Member] | Defined Benefit Plan, Equity Securities, UK [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% | ||
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | ||
Foreign Plan [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost | $ 21 | $ 17.1 | $ 10 |
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 1.4 | ||
Americas [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1.8) | $ (1.1) | |
United States [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.36% | 2.58% | 2.09% |
Settlements | $ (1.8) | $ (1.1) | $ (1.2) |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finished goods and service parts | $ 335.8 | $ 321.6 |
Work in process | 36 | 32.9 |
Raw materials | 522.1 | 509.9 |
Total manufactured inventories | 893.9 | 864.4 |
LIFO reserve | (94.4) | (83.4) |
Inventories, net | $ 799.5 | $ 781 |
Percentage of LIFO Inventory | 52% | 51% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Depreciation Methods | Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. | ||
Land and land improvements | $ 32.2 | $ 33.5 | |
Plant and equipment | 858 | 856.7 | |
Property, plant and equipment, at cost | 890.2 | 890.2 | |
Less allowances for depreciation, depletion and amortization | (580.2) | (559.7) | |
Property, Plant and Equipment, Net | 310 | 330.5 | |
Depreciation | $ 38.9 | $ 40.8 | $ 36.8 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 4,500,000 | $ 5,400,000 | |
Finite-lived Intangible Assets Acquired | 77,600,000 | ||
Finite-Lived Intangible Assets, Net | 42,700,000 | 50,700,000 | |
Finite-Lived Intangible Assets, Gross | 83,800,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 34,900,000 | 33,100,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,900,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,900,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,900,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,200,000 | ||
Goodwill | 51,300,000 | 56,500,000 | $ 114,700,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | (3,500,000) | (2,600,000) | |
Goodwill [Line Items] | |||
Goodwill | 51,300,000 | 56,500,000 | 114,700,000 |
Goodwill, Written off Related to Sale of Business Unit | (1,700,000) | ||
Goodwill, Impairment Loss | 0 | (55,600,000) | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | (3,500,000) | (2,600,000) | |
Americas [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,700,000 | 1,700,000 | 1,700,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Goodwill [Line Items] | |||
Goodwill | 1,700,000 | 1,700,000 | 1,700,000 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
EMEA [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,000,000 | 1,000,000 | 1,100,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | (100,000) | |
Goodwill [Line Items] | |||
Goodwill | 1,000,000 | 1,000,000 | 1,100,000 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | (100,000) | |
JAPIC [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 0 | 0 | 54,200,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 1,400,000 | |
Goodwill [Line Items] | |||
Goodwill | 0 | 0 | 54,200,000 |
Goodwill, Written off Related to Sale of Business Unit | 0 | ||
Goodwill, Impairment Loss | (55,600,000) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 1,400,000 | |
Bolzoni [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 48,600,000 | 53,800,000 | 57,700,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | (3,500,000) | (3,900,000) | |
Goodwill [Line Items] | |||
Goodwill | 48,600,000 | 53,800,000 | $ 57,700,000 |
Goodwill, Written off Related to Sale of Business Unit | (1,700,000) | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (3,500,000) | (3,900,000) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 36,600,000 | ||
Finite-Lived Intangible Assets, Net | 16,700,000 | 20,500,000 | |
Finite-Lived Intangible Assets, Gross | 40,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 19,900,000 | 19,500,000 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 5,400,000 | ||
Finite-Lived Intangible Assets, Net | 3,700,000 | 4,300,000 | |
Finite-Lived Intangible Assets, Gross | 5,800,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 1,700,000 | 1,500,000 | |
Patented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 19,600,000 | ||
Finite-Lived Intangible Assets, Net | 6,300,000 | 8,900,000 | |
Finite-Lived Intangible Assets, Gross | 21,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 13,300,000 | 12,100,000 | |
Bolzoni [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 10 | ||
Bolzoni [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 14 | ||
Bolzoni [Member] | Patented Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 4 | ||
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | $ 16,000,000 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 16,000,000 | $ 17,000,000 |
Current and Long-Term Financi_3
Current and Long-Term Financing - Outstanding Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instruments [Abstract] | |||
Line of Credit Facility, Amount Outstanding | $ 137.1 | $ 165.3 | |
Secured Debt | 217.5 | 218.6 | |
Secured Debt | 168.7 | 106.4 | |
Finance Lease, Liability | 29.6 | 28.2 | |
Total debt outstanding | 552.9 | 518.5 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 5.3 | ||
Long-term Debt, Gross | 557 | 523.8 | |
Current portion of borrowings outstanding | 285.9 | 256.8 | |
Long-term portion of borrowings outstanding | 267 | 261.7 | |
Line of Credit Facility, Remaining Borrowing Capacity | 182.9 | 165.1 | |
Line of Credit Facility, Current Borrowing Capacity | $ 320 | $ 330.4 | |
Weighted average effective interest rate on total borrowings (including interest rate swap agreements) | 5.90% | 3.60% | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 26.6 | $ 14.5 | $ 13 |
Payments of Financing Costs | 0 | $ 7.6 | $ 0 |
Other Borrowings | $ 171.2 | ||
Other Borrowings [Member] | |||
Debt Instruments [Abstract] | |||
Weighted average stated interest rate on total borrowings | 6.50% | 4.20% |
Current and Long-Term Financi_4
Current and Long-Term Financing - Annual Maturities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 273.9 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 19.2 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 13.1 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 8.6 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2.2 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 210.4 |
Total principle payments of debt, excluding capital leases | $ 527.4 |
Current and Long-Term Financi_5
Current and Long-Term Financing - Revolving Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 137.1 | $ 165.3 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 182.9 | $ 165.1 |
Line of Credit Facility, Borrowing Capacity, Description | The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |
Line of Credit Facility, Amount Outstanding | 134.6 | |
Line of Credit Facility, Remaining Borrowing Capacity | 157.7 | |
Letters of Credit Outstanding, Amount | 7.7 | |
Assets held as collateral | $ 1,100 | |
Debt Instrument, Restrictive Covenants | limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. | |
Domestic Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 210 | |
Domestic Line of Credit [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Domestic Line of Credit [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Domestic Line of Credit [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Domestic Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.69% | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Foreign Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 25.2 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Foreign Line of Credit [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Foreign Line of Credit [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Foreign Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Foreign Line of Credit [Member] | Eurodollar [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Current and Long-Term Financi_6
Current and Long-Term Financing Term Loan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 557 | $ 523.8 |
Secured Debt | 217.5 | 218.6 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 5.3 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 221.6 | |
Secured Debt | 217.5 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4.1 | |
Assets held as collateral | $ 750 | |
Debt, Weighted Average Interest Rate | 7.88% | |
Debt Instrument, Payment Terms | quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2021 in an amount equal to $562,500 and the final principal repayment is due in May 2028. | |
Debt Instrument, Restrictive Covenants | In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. | |
Debt Instrument, Face Amount | $ 225 | |
Secured Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | |
Secured Debt [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |
Secured Debt [Member] | Eurodollar [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% |
Leasing Arrangements (Details)
Leasing Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets and Liabilities, Lessee [Abstract] | |||
Finance Lease, Right-of-Use Asset | $ 37 | $ 28.2 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Total Right of Use Asset | $ 94.2 | $ 97 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Non-current Assets | Other Non-current Assets | |
Operating Lease, Right-of-Use Asset | $ 57.2 | $ 68.8 | |
Finance Lease, Liability | $ 29.6 | $ 28.2 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of borrowings outstanding | Current portion of borrowings outstanding | |
Operating Lease, Liability, Current | $ 14.4 | $ 16.5 | |
Finance Lease, Liability, Current | 12.8 | 10.2 | |
Operating Lease, Liability, Noncurrent | 45.9 | 56.3 | |
Operating Lease, Liability | 60.3 | ||
Finance Lease, Liability, Noncurrent | $ 16.8 | $ 18 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Long-term Liabilities | Other Long-term Liabilities | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term portion of borrowings outstanding | Long-term portion of borrowings outstanding | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 26 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 9 months 26 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.94% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 1.24% | ||
Income and Expenses, Lessee [Abstract] | |||
Finance Lease, Right-of-Use Asset, Amortization | $ 6.8 | $ 7.3 | |
Finance Lease, Interest Expense | 0.6 | 0.7 | |
Sublease Income | (8.7) | (9.4) | |
Lease, Cost | 27.7 | 27.6 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 28.4 | ||
Operating Lease, Payments | 22.8 | 23.9 | |
Finance Lease, Interest Payment on Liability | 0.6 | 0.7 | |
Finance Lease, Principal Payments | 7 | 7.6 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 22.3 | 21.8 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 8.4 | 9.8 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 16.2 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12.3 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 8.9 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6.1 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 19.9 | ||
Lessee, Operating Lease, Liability, Payments, Due | 70.4 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (10.1) | ||
Finance Lease, Liability, Payment, Due [Abstract] | |||
Finance Lease, Liability, Payments, Due Next Twelve Months | 13.4 | ||
Finance Lease, Liability, Payments, Due Year Two | 10.2 | ||
Finance Lease, Liability, Payments, Due Year Three | 4.9 | ||
Finance Lease, Liability, Payments, Due Year Four | 0.8 | ||
Finance Lease, Liability, Payments, Due Year Five | 0.7 | ||
Finance Lease, Liability, Payments, Due after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 30 | ||
Finance Lease, Liability, Undiscounted Excess Amount | (0.4) | ||
Lessee, Liability, Payment Due [Abstract] | |||
Lease, Liability, Payments, Due in Next Twelve Months | 29.6 | ||
Lease, Liability, Payments, Due Year Two | 22.5 | ||
Lease, Liability, Payments, Due Year Three | 13.8 | ||
Lease, Liability, Payments, Due Year Four | 7.8 | ||
Lease, Liability, Payments, Due Year Five | 6.8 | ||
Lease, Liability, Payments, Due after Year Five | 19.9 | ||
Lease, Liability, Payments, Due | 100.4 | ||
Lease, Liability, Undiscounted Excess Amount | (10.5) | ||
Total Lease Liability | 89.9 | 101 | |
Lease Obligation Incurred | 12.1 | 12.4 | $ 17 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 22.1 | 17.6 | |
HYGFS [Member] | |||
Assets and Liabilities, Lessee [Abstract] | |||
Operating Lease, Right-of-Use Asset | 10.9 | 16.1 | |
Operating Lease, Liability | 11 | 16.2 | |
Cost of Sales [Member] | |||
Income and Expenses, Lessee [Abstract] | |||
Operating Lease, Expense | 8.8 | 10.7 | |
Selling, General and Administrative Expenses [Member] | |||
Income and Expenses, Lessee [Abstract] | |||
Operating Lease, Expense | $ 20.2 | $ 18.3 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | six to twelve months or 1,000 to 2,000 hours | |
Extended Product Warranty Description | two to five years or up to 2,400 to 10,000 hours | |
Product Warranty Accrual | $ 64.7 | $ 64.7 |
Warranties issued | 28.7 | 26 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | (6.1) | 2.7 |
Settlements made | (29.7) | (27.6) |
Foreign currency effect | (0.9) | (1.1) |
Product Warranty Accrual | $ 56.7 | $ 64.7 |
Certain Truck Series Standard Warranty [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | one to two years or 2,000 or 4,000 hours | |
Additional Component Standard Warranty [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | two to three years or 4,000 to 6,000 hours |
Contingencies Contingencies (De
Contingencies Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gain Contingency, Description | The estimate of the refund calculated on a gross basis was approximately 110 million Brazilian reais. | |
Former Gain Contingency, Recognized | $ 8.5 |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 133.2 | $ 106.8 |
Guarantor Obligations, Collateral | 192.2 | |
Net guarantee of outstanding debt | $ 115.4 | |
Percentage of loan losses guaranteed | 7.50% | |
Guarantees, Fair Value Disclosure | $ 330.8 | |
Property Lease Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 29.5 | |
Loan losses guaranteed | 11.7 | |
HYGFS [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 116.5 | |
Guarantor Obligations, Collateral | 281.6 | |
Net guarantee of outstanding debt | $ 98.7 | |
Percentage of loans guaranteed to joint venture | 20% | |
Notes Payable, Related Party Due to Parent | $ 1,200 | |
Contractual Obligation | 235.1 | |
Guarantees, Fair Value Disclosure | 314.1 | |
HYGFS [Member] | Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Related Party Disclosure | $ 215.4 | |
Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Term | one | |
Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Term | five |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ (1,000,000) | $ (200,000) | $ (500,000) |
Accounts payable, affiliates | 21,600,000 | 24,400,000 | |
Equity Method Investments | 59,400,000 | 71,700,000 | |
Dividends from unconsolidated affiliates | 15,600,000 | 5,500,000 | 7,300,000 |
Revenues | 3,548,300,000 | 3,075,700,000 | 2,812,100,000 |
Gross profit | 433,900,000 | 363,400,000 | 465,400,000 |
Net income attributable to stockholders | (74,100,000) | (173,000,000) | 37,100,000 |
Assets, Current | 1,458,700,000 | 1,350,000,000 | |
Liabilities, Current | 1,342,900,000 | 1,104,600,000 | |
Notes Payable, Current | 14,300,000 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 500,000 | 15,700,000 | 0 |
Equity Securities, FV-NI, Noncurrent | 500,000 | 1,700,000 | |
Gain on Sale of Investments | (4,600,000) | 0 | |
Investment Income, Nonoperating | 1,300,000 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Related Party Transaction [Line Items] | |||
Revenues | 428,800,000 | 418,000,000 | 389,600,000 |
Gross profit | 169,900,000 | 163,400,000 | 135,400,000 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 56,300,000 | 50,000,000 | 28,200,000 |
Net income attributable to stockholders | 56,300,000 | 50,000,000 | 28,200,000 |
Assets, Current | 128,600,000 | 136,000,000 | |
Assets, Noncurrent | 1,498,500,000 | 1,470,700,000 | |
Liabilities, Current | 138,800,000 | 127,000,000 | |
Liabilities, Noncurrent | $ 1,307,600,000 | 1,267,200,000 | |
HYGFS [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20% | ||
Related Party Transaction, Amounts of Transaction | $ 449,800,000 | 346,100,000 | 452,900,000 |
Accounts Receivable, Related Parties, Current | 5,400,000 | 7,200,000 | |
Lease Obligation, Related Parties | 14,300,000 | 20,400,000 | |
Related Party Transaction, Expenses from Transactions with Related Party | 4,500,000 | 2,500,000 | 3,100,000 |
Revenue from Related Parties | 5,400,000 | 5,200,000 | 4,900,000 |
Equity Method Investments | 21,800,000 | 25,200,000 | |
Dividends from unconsolidated affiliates | $ 14,900,000 | 5,100,000 | 6,400,000 |
SN [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50% | ||
Related Party Transaction, Purchases from Related Party | $ 40,400,000 | 38,600,000 | 23,900,000 |
Revenue from Related Parties | 300,000 | 400,000 | 300,000 |
Accounts payable, affiliates | 21,600,000 | 24,400,000 | |
Equity Method Investments | 36,000,000 | 43,700,000 | |
Dividends from unconsolidated affiliates | 700,000 | 400,000 | 900,000 |
Bolzoni [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investments | 400,000 | 300,000 | |
OneH2 [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investments | 800,000 | ||
Customer Relationships [Member] | HYGFS [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 75,600,000 | $ 66,700,000 | $ 99,600,000 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Noncontrolling Interest [Line Items] | |
Purchase of Noncontrolling Interest, Percentage | 15% |
Aggregate payments to acquire additional interest in subsidiaries | $ 25.2 |
Payments to Acquire Additional Interest in Subsidiaries | 8.4 |
Remaining Payments to Acquire Additional Interest in Subsidiaries | $ 16.8 |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Reasons | In addition, under the provisions of the ETA, HK Holding Co maintains a put option by which the Company could be required to exercise its purchase option. As one of the factors that could trigger the put option is outside of the Company’s control, the remaining 10% purchase option is considered contingently redeemable. Accordingly, the redeemable noncontrolling interest is not considered to be a component of stockholders’ equity and instead is reported as temporary equity in the Consolidated Balance Sheets. Because the occurrence of the event that would trigger the put option is not probable of occurring, the Company will continue to attribute the 10% portion of earnings and losses, as well as any dividends declared, to the noncontrolling interest after the closing date of the ETA. As of the closing date of the ETA, the Company recorded the estimated fair value of the purchase option of $13.4 million as redeemable noncontrolling interest. |
MaximalHyster-Yale Maximal | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 90% |