Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Registrant Name | The Manitowoc Company, Inc. | ||
Entity Central Index Key | 0000061986 | ||
Trading Symbol | MTW | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 640.5 | ||
Entity Shares Outstanding | 35,096,908 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 1-11978 | ||
Entity Tax Identification Number | 39-0448110 | ||
Entity Address, Address Line One | 11270 West Park Place | ||
Entity Address, Address Line Two | Suite 1000 | ||
Entity Address, City or Town | Milwaukee | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53224 | ||
City Area Code | 414 | ||
Local Phone Number | 760-4600 | ||
Entity Incorporation, State or Country Code | WI | ||
Title of 12(b) Security | Common Stock, $.01 Par Value | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Milwaukee, Wisconsin | ||
Auditor Firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,227.8 | $ 2,032.5 | $ 1,720.2 |
Cost of sales | 1,802.6 | 1,668 | 1,413 |
Gross profit | 425.2 | 364.5 | 307.2 |
Operating costs and expenses: | |||
Engineering, selling and administrative expenses | 328.3 | 281 | 258.5 |
Asset impairment expense | 0 | 171.9 | 1.9 |
Amortization of intangible assets | 3.2 | 3.1 | 1.4 |
Restructuring (income) expense | 1.3 | 1.5 | (1.1) |
Total operating costs and expenses | 332.8 | 457.5 | 260.7 |
Operating income (loss) | 92.4 | (93) | 46.5 |
Other income (expense): | |||
Interest expense | (33.9) | (31.6) | (28.9) |
Amortization of deferred financing fees | (1.3) | (1.4) | (1.5) |
Other income (expense) — net | (13) | 5.8 | 1 |
Total other expense - net | (48.2) | (27.2) | (29.4) |
Income (loss) before income taxes | 44.2 | (120.2) | 17.1 |
Provision for income taxes | 5 | 3.4 | 6.1 |
Net income (loss) | $ 39.2 | $ (123.6) | $ 11 |
Per Share Data | |||
Basic income (loss) per common share | $ 1.12 | $ (3.51) | $ 0.32 |
Diluted income (loss) per share | $ 1.09 | $ (3.51) | $ 0.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 39.2 | $ (123.6) | $ 11 |
Other comprehensive income (loss), net of income tax: | |||
Unrealized gains (losses) on derivatives,net of income tax provision of $0.0, $0.0 and $0.0, respectively | (4.1) | 5.4 | 0 |
Employee pension and postretirement benefit income (expense), net of income tax (provision) benefitof $0.7, $(1.1) and $(0.4), respectively | 5 | 17 | 15.6 |
Foreign currency translation adjustments, net of income tax (provision) benefit of $0.1, $(0.4) and $5.1, respectively | 20.6 | (27.9) | (20.5) |
Total other comprehensive income (loss), net of income tax | 21.5 | (5.5) | (4.9) |
Comprehensive income (loss) | $ 60.7 | $ (129.1) | $ 6.1 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on derivatives, net of income tax provision | $ 0 | $ 0 | $ 0 |
Employee pension and post retirement benefits costs, net of income tax benefit (provision) | 0.7 | (1.1) | (0.4) |
Foreign currency translation adjustments, net of income tax provision (benefit) | $ 0.1 | $ (0.4) | $ 5.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 34.4 | $ 64.4 |
Accounts receivable, less allowances of $6.1 and $5.3, respectively | 278.8 | 266.3 |
Inventories | 666.5 | 611.9 |
Notes receivable — net | 6.7 | 10.6 |
Other current assets | 46.6 | 45.3 |
Total current assets | 1,033 | 998.5 |
Property, plant and equipment - net | 366.1 | 335.3 |
Operating lease right-of-use assets | 59.7 | 45.2 |
Goodwill | 79.6 | 80.1 |
Intangible assets - net | 125.6 | 126.7 |
Other non-current assets | 42.7 | 29.7 |
Total assets | 1,706.7 | 1,615.5 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 457.4 | 446.4 |
Customer advances | 19.2 | 21.9 |
Short-term borrowings and current portion of long-term debt | 13.4 | 6.1 |
Product warranties | 47.1 | 48.8 |
Other liabilities | 26.2 | 24.6 |
Total current liabilities | 563.3 | 547.8 |
Non-Current Liabilities: | ||
Long-term debt | 358.7 | 379.5 |
Operating lease liabilities | 47.2 | 34.3 |
Deferred income taxes | 7.5 | 4.9 |
Pension obligations | 55.8 | 51.7 |
Postretirement health and other benefit obligations | 5.6 | 8.2 |
Long-term deferred revenue | 24.1 | 15.6 |
Other non-current liabilities | 41.2 | 35.7 |
Total non-current liabilities | 540.1 | 529.9 |
Commitments and contingencies (Note 19) | ||
Total stockholders' equity: | ||
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) | 0 | 0 |
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,094,993 and 35,085,008 shares outstanding, respectively) | 0.4 | 0.4 |
Additional paid-in capital | 613.1 | 606.7 |
Accumulated other comprehensive loss | (86.4) | (107.9) |
Retained earnings | 143.5 | 104.3 |
Treasury stock, at cost (5,698,990 and 5,708,975 shares, respectively) | (67.3) | (65.7) |
Total stockholders’ equity | 603.3 | 537.8 |
Total liabilities and stockholders' equity | $ 1,706.7 | $ 1,615.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, allowances (in dollars) | $ 6.1 | $ 5.3 |
Preferred stock authorized (in shares) | 3,500,000 | 3,500,000 |
Par value of preferred stock per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 40,793,983 | 40,793,983 |
Common stock, shares outstanding (in shares) | 35,094,993 | 35,085,008 |
Treasury Stock, Common, Shares | 5,698,990 | 5,708,975 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ 39.2 | $ (123.6) | $ 11 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Asset impairment expense | 0 | 171.9 | 1.9 |
Depreciation | 56.6 | 60.6 | 45.5 |
Amortization of intangible assets | 3.2 | 3.1 | 1.4 |
Stock-based compensation expense | 11.5 | 8.5 | 7.1 |
Amortization of deferred financing fees | 1.3 | 1.4 | 1.5 |
Loss (gain) on sale of property, plant and equipment | 0 | (0.9) | 0.2 |
Net unrealized foreign currency transaction losses (gains) | (4.5) | (3.2) | 0.7 |
Income tax benefit from change in reserve of uncertain tax positions | 0 | (11) | 0 |
Deferred income tax expense (benefit) - net | (6) | 4.4 | 0.6 |
Loss on foreign currency adjustments | 9.3 | 0 | 0 |
Other | 0 | 0.9 | 3.2 |
Changes in operating assets and liabilities | |||
Accounts receivable | (9.3) | (36.4) | (5.2) |
Inventories | (46.7) | (42) | (68.3) |
Notes receivable | 5.7 | 8.3 | 1 |
Other assets | (5.2) | 5.8 | (7.6) |
Accounts payable | (28.5) | 40.4 | 62.9 |
Accrued expenses and other liabilities | 36.4 | (11.3) | 20.3 |
Net cash provided by operating activities | 63 | 76.9 | 76.2 |
Cash Flows From Investing Activities | |||
Capital expenditures | (77.4) | (61.8) | (40.4) |
Proceeds from sale of fixed assets | 5.6 | 1.5 | 0.3 |
Acquisition of business (Note 3) | 0 | 2.3 | (186.2) |
Net cash used for investing activities | (71.8) | (58) | (226.3) |
Cash Flows From Financing Activities | |||
Proceeds from (payments on) revolving credit facility - net | 0 | (20) | (100) |
Payments on revolving credit facility | (20) | 0 | 0 |
Proceeds from (payments on) other debt - net | 3.8 | (5.1) | (4.9) |
Debt issuance and other debt related costs | 0 | (1.9) | 0 |
Exercises of stock options | 0.3 | 0.1 | 5.8 |
Common stock repurchases | (5.5) | (3) | 0 |
Net cash provided by (used for) financing activities | (21.4) | (29.9) | 100.9 |
Effect of exchange rate changes on cash and cash equivalents | 0.2 | 0 | (4.1) |
Net decrease in cash and cash equivalents | (30) | (11) | (53.3) |
Cash and cash equivalents at beginning of period | 64.4 | 75.4 | 128.7 |
Cash and cash equivalents at end of period | 34.4 | 64.4 | 75.4 |
Supplemental Cash Flow Information | |||
Interest paid | 34 | 30.8 | 28.9 |
Income taxes (paid) refunded | $ (10.1) | $ (7.3) | $ 3.7 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury stock common member |
Balance at beginning of period at Dec. 31, 2020 | $ 0.4 | $ 595.1 | $ (97.5) | $ 216.9 | $ (71.4) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | 0.2 | 5.5 | ||||
Common stock repurchases | 0 | |||||
Stock-based compensation expense | 7.1 | |||||
Other comprehensive income (loss) | (4.9) | |||||
Net income (loss) | $ 11 | 11 | ||||
Balance at end of period at Dec. 31, 2021 | 662.4 | 0.4 | 602.4 | (102.4) | 227.9 | (65.9) |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | (4.2) | 3.2 | ||||
Common stock repurchases | (3) | |||||
Stock-based compensation expense | 8.5 | |||||
Other comprehensive income (loss) | (5.5) | |||||
Net income (loss) | (123.6) | (123.6) | ||||
Balance at end of period at Dec. 31, 2022 | 537.8 | 0.4 | 606.7 | (107.9) | 104.3 | (65.7) |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | (5.1) | 3.9 | ||||
Common stock repurchases | (5.5) | |||||
Stock-based compensation expense | 11.5 | |||||
Other comprehensive income (loss) | 21.5 | |||||
Net income (loss) | 39.2 | 39.2 | ||||
Balance at end of period at Dec. 31, 2023 | $ 603.3 | $ 0.4 | $ 613.1 | $ (86.4) | $ 143.5 | $ (67.3) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 39.2 | $ (123.6) | $ 11 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Company and Basis of Presentati
Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company and Basis of Presentation | 1. Company and Basis of Presentation The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and aftermarket support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue. Manitowoc's principal executive offices are located at 11270 West Park Place Suite 1000, Milwaukee, Wisconsin 53224. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All amounts, except per share data and share amounts, are in millions throughout the tables in these notes unless otherwise indicated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all cash, bankers acceptance and short-term investments purchased with an original maturity of three months or less as cash and cash equivalents. Allowance for Credit Losses Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company's allowance for credit losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecasts that affect the collectability of the related receivable and any specific customer collection issues the Company has identified. The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021. 2023 2022 2021 Balance at beginning of period $ 5.3 $ 7.3 $ 8.5 Bad debt expenses 2.3 0.1 — Use of reserve ( 1.4 ) ( 1.8 ) ( 1.3 ) Currency translation ( 0.1 ) ( 0.3 ) 0.1 Balance at end of period $ 6.1 $ 5.3 $ 7.3 Inventories Inventories are valued at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company determines inventory value using the first-in, first-out and average cost methodologies. Business Combinations The Company accounts for business combinations under the acquisition method in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“Topic 805”). The acquisition method requires identifiable assets acquired and liabilities assumed and any non-controlling interest in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the Company obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The Company expenses transaction costs in a business combination. Goodwill and Intangible Asset s The Company accounts for goodwill and intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other” (“Topic 350”). Under ASC Topic 350, goodwill is not amortized; instead, the Company performs an annual impairment test. The date for the annual impairment test is October 31 or more frequently if events or changes in circumstances indicate that the assets might be impaired. To perform its goodwill impairment test, the Company uses a combination of the income approach and market approach with a weighting of 70/30, respectively, to determine the fair value of the Middle East and Asia Pacific (“MEAP”) reporting unit. The Company uses only the income approach to determine the fair value of the Americas - Distribution reporting unit due to a lack of comparable peer companies to determine fair value under the market approach. Impairment is determined based on the amount in which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill at the reporting unit. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. The Company’s indefinite-lived intangible assets are not amortized but are subject to an annual impairment test. To perform its indefinite-lived intangible assets impairment test, the Company uses a fair-value method based on a relief of royalty valuation approach to determine the fair value of its indefinite-lived intangible assets. Management’s judgments and assumptions about the amounts of those cash flows and the discount rates are inputs to the annual impairment test. Impairment is determined based on the amount in which the carrying value of the indefinite-lived intangible asset exceeds its fair value, not to exceed the carrying amount of the indefinite-lived intangible asset. Refer to Note 10, “Goodwill and Intangible Assets,” for further details on the Company's impairment assessments. The Company’s definite-lived intangible assets subject to amortization are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If an indicator of impairment is identified, the Company would use the undiscounted cash flow model. The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy: Years Patents 20 Customer relationships 12 - 18 Trademarks and tradenames 5 Noncompetition agreements 5 Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and depreciated over the remaining estimated useful life. The cost and accumulated depreciation for property, plant and equipment sold, retired or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes. The Company also has certain leasehold improvements which are depreciated over the lesser of the asset's useful life or lease term using the straight-line depreciation method. Property, plant and equipment are generally depreciated over the following estimated useful lives according to the Company's policy: Years Building and improvements 10 - 50 Machinery, equipment and tooling 5 - 20 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Rental cranes 5 - 10 Property, plant and equipment also includes cranes accounted for as operating leases which are included in rental cranes. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of rental cranes included in property, plant and equipment - net amounted to $ 153.3 million and $ 119.9 million, net of accumulated depreciation, as of December 31, 2023 and 2022, respectively. The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant and Equipment” (“Topic 360”). Topic 360 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows are less than the net book value of the assets, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred. Costs associated with other warranty activity not related to a manufacturer's standard or extended warranty are recorded in the period a loss is probable and can be reasonably estimated in accordance with ASC Topic 450-20 “Loss Contingencies.” Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates. Insurance recoveries related to a product liability case are recorded as an asset in the period it is determined that the gain has been realized or realizable. Refer to Note 19, “Commitments and Contingencies,” for further information. Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC Topic 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge. The Company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure or variable interest rate exposure, primarily using foreign currency exchange contracts (“FX Forward Contracts”), commodity contracts and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with Topic 815 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices or interest rates. The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts designated as cash flow hedges, net of income taxes. Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for non-performance stock-based awards on a straight-line basis over the vesting period of the entire award. The Company recognizes expense net of estimated future forfeitures for stock-based awards with performance goals based on actual or estimated achievement of those goals on a straight-line basis over the vesting period of the entire award. Estimated future forfeiture rates are based on the Company's historical experience. Refer to Note 17, “Stock-Based Compensation,” for more information on stock-based compensation plans. Research and Development Research and development costs are charged to expense as incurred and amounte d to $ 35.3 million, $ 33.5 million and $ 29.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. These costs are recorded within engineering, selling and administrative expenses in the Consolidated Statement of Operations. Income Taxes The Company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority. Ne t Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year or period. The calculation of diluted net income (loss) per share reflects the effect of all potential dilutive shares that were outstanding during the respective periods, unless the effect of doing so would be antidilutive. The Company uses the treasury stock method to calculate the effect of outstanding stock-based compensation awards. Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net income (loss) , other items that are reported as direct adjustments to Manitowoc stockholders’ equity. These items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments. Net Sales Sales are recognized when obligations under the terms of a contract with the Company’s customer are satisfied; generally this occurs with the transfer of control of the Company’s cranes or attachments or aftermarket parts or completion of performance of services. Sales are measured as the amount of consideration the Company expects to be entitled to receive in exchange for transferring goods or providing services. The Company recognizes sales for extended warranties over the life of the extended warranty period. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from sales. Performance Obligations The following is a description of principle activities from which the Company generates sales. Disaggregation of the Company’s revenue sources are disclosed in Note 18, “Segments.” Crane Sales Crane sales are primarily generated through the sale of new and used cranes. Contracts with customers are generally in the form of a purchase order. Based on the nature of the Company’s contracts, the Company does not have any significant financing terms. Contracts may have variable consideration in the form of early pay discounts or rebates, however variable consideration is not material to the overall contract with the customer. Sales are recognized under these contracts when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier or acceptance through an independent inspection company that acts as an agent of the customer. From time to time, the Company enters into agreements where the customer has the right to exercise a put option requiring the Company to buyback a crane at an agreed upon price. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise that right. If it is determined that the customer has a significant economic incentive to exercise that right, the agreement is accounted for as a lease in accordance with ASC Topic 842 “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the asset is transferred to the customer. Refer to Note 20, “Guarantees,” for additional information. Given the nature of the Company’s products, the customer may request that the product be held until a delivery location is identified. Under these “bill and hold” arrangements, sales are recognized when all of the following criteria are met: 1) the reason for the bill-and-hold arrangement is substantive, 2) the product is separately identified as belonging to the customer, 3) the product is ready for transfer to the customer, and 4) the Company does not have the ability to use the product or direct it to another customer. Crane Attachment Sales Crane attachment sales are generated through the sale of new or used crane attachments such as luffing jibs, ecomats and counterweights. Crane attachment sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier. Aftermarket Part Sales Aftermarket part sales are generated through the sale of new and used parts to end customers and distributors. Aftermarket part sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier. Customers generally have a right of return which the Company estimates using historical information. The amount of estimated returns is deducted from net sales. Other Sales The Company’s other sales consist primarily of sales from: • Repair and field service work; • Remanufacturing; and • Rental of cranes. The Company’s performance obligations for other sales generally relates to performing specific agreed upon services. Depending on the nature of the contract, sales are recognized upon the completion of those services or over the service period based on a measure of progress. Practical Expedients and Exemptions The Company expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within engineering, selling and administrative expenses in the Consolidated Statement of Operations. The Company accounts for shipping and handling activities performed after control of a product has been transferred to the customer as a fulfillment cost. As such, we have applied the practical expedient and we accrue for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. Rece nt Accounting Changes and Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04, "Disclosure of Supplier Financing Program Obligations”. The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this ASU as of January 1, 2023. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures”. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 3. Business Combinations Acquisition of the H&E Crane Business On October 1, 2021, the Company completed the acquisition of substantially all of the assets and certain liabilities of the crane business of H&E Equipment Services, Inc. (“H&E”) for a transaction price of approximately $ 136.8 million which is inclusive of the purchase price of $ 130.0 million, working capital and other adjustments of $ 3.7 million and settlement of outstanding balances between the Company and the acquired company of $ 3.1 million. The acquisition was funded from existing cash resources, including the use of the Company's asset-based revolving credit facility. At the time of acquisition, the acquired crane business of H&E operated with ten full-service branch locations under the Company's wholly owned subsidiary, MGX Equipment Services, LLC ( “MGX” ). The acquired crane business expands Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service and crane financing options to a variety of end market customers. The transaction price was allocated to underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the combination as follows: Net working capital $ 48.8 Property, plant and equipment 13.1 Rental fleet 48.2 Goodwill 7.8 Noncompetition agreement intangible 3.8 Customer relationships intangible 15.1 Total fair value consideration $ 136.8 The amount of net sales generated by MGX during the years ended December 31, 2023, 2022 and 2021 was $ 277.2 million, $ 218.4 million and $ 50.6 million, respectively. Acquisition of Aspen Equipment Company On September 1, 2021, the Company completed the acquisition of substantially all of the assets of Aspen Equipment Company (“Aspen”), a diversified crane dealer and a leading final stage purpose built work truck upfitter, for a purchase price of approximately $ 50.2 million. The acquisition of Aspen was funded from existing cash resources and expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. Included in the purchase price was $ 12.9 million of net working capital, $ 5.6 million of property, plant and equipment, $ 19.3 million of rental fleet, $ 0.4 million of other assets, $ 6.6 million of goodwill and $ 5.4 million of intangible assets. Net sales generated by Aspen during the years ended December 31, 2023, 2022 and 2021 was $ 109.4 million, $ 79.8 million and $ 23.6 million, respectively. |
Net Sales
Net Sales | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | 4. Net Sales The Company defers revenue when cash payments are received in advance of satisfying the related performance obligation. These amounts are recorded as customer advances in the Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the year ended December 31, 2023 and 2022. 2023 2022 Balance at beginning of period $ 21.9 $ 28.7 Cash received in advance of satisfying 147.7 130.6 Revenue recognized ( 150.8 ) ( 139.2 ) Currency translation 0.4 1.8 Balance at end of period $ 19.2 $ 21.9 The Company recognizes a contract asset for certain remanufacturing, repair and field service work when the service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Consolidated Balance Sheets. Contract assets are immaterial as of December 31, 2023 and 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments ASC Topic 820-10 ("ASC 820") defines fair value 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. ASC Topic 820 classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The following tables sets forth the Company’s financial assets and liabilities related to FX Forward Contracts and the Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of December 31, 2023 and 2022. Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 1.6 $ — $ 1.6 Other current assets Deferred Compensation Plan - Program B 8.1 — — 8.1 Other non-current assets Total current assets at fair value $ 8.1 $ 1.6 $ — $ 9.7 Current Liabilities: FX Forward Contracts $ — $ 0.6 $ — $ 0.6 Accounts payable and accrued expenses Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 5.7 $ — $ 5.7 Other current assets Current Liabilities: FX Forward Contracts $ — $ 0.3 $ — $ 0.3 Accounts payable and accrued expenses The fair value of the senior secured second lien notes due on April 1, 2026 , with an annual coupon rate of 9.000 % (the “2026 Notes”), was approximatel y $ 302.7 million as of December 31, 2023. Refer to Note 12, “Debt,” for a description of the 2026 Notes and the related carrying value. The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of December 31, 2023 due to the short-term nature of these instruments. FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. Refer to Note 6, “Derivative Financial Instruments,” for additional information. T he Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company's corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1. Refer to Note 21, "Employee Benefit Plans," for additional information on the Deferred Compensation Plan. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 6. Derivative Financial Instruments The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks. From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transaction denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in AOCI. These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the years ended December 31, 2023, 2022 or 2021. The Company had FX Forward Contracts with an aggregate notional amount of $ 140.1 million an d $ 87.7 million ou tstanding as of December 31, 2023 and 2022, respectively. The aggregate notional amount outstanding as of December 31, 2023 is scheduled to mature within one year . The FX Forward Contracts purchased are denominated in various foreign currencies. As of December 31, 2023 and 2022, the net fair value of these contracts was a net short-term asset of $ 1.0 million and $ 5.4 million, respectively . Net unrealized gains (losses), net of income tax, recorded in AOCI were $ 1.3 million as of December 31, 2023 and $ 5.4 million as of December 31, 2022. The gains (losses) recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: Recognized Location 2023 2022 2021 Designated Cost of sales $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Non-Designated Other income (expense) - net ( 3.3 ) 7.2 0.4 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories The components of inventories as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Raw materials $ 164.7 $ 161.2 Work-in-process 111.3 141.3 Finished goods 390.5 309.4 Total Inventories $ 666.5 $ 611.9 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Notes Receivable | 8. Notes Receivable The Company's notes receivable balances are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets in the Consolidated Balance Sheet. As of December 31, 2023, the Company had current and long-term notes receivable in the amounts of $ 6.7 million and $ 1.1 million, respectively. As of December 31, 2022, the Company had current and long-term notes receivable in the amounts of $ 10.6 million and $ 2.0 million, respectively. In 2022, the Company recorded income of $ 4.8 million in engineering, selling and administrative expenses in the Consolidated Statements of Operations to recognize the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company's Chinese joint venture. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 9. Property, Plant and Equipment The components of property, plant and equipment as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Land $ 14.9 $ 17.9 Building and improvements 201.5 194.7 Machinery, equipment and tooling 318.4 300.6 Furniture and fixtures 13.8 13.8 Computer hardware and software 135.8 129.4 Rental cranes 201.9 157.8 Construction in progress 7.2 8.4 Total cost 893.5 822.6 Less accumulated depreciation ( 527.4 ) ( 487.3 ) Property, plant and equipment — net $ 366.1 $ 335.3 Additions to property, plant and equipment included in accounts payable and accrued expenses in the Consolidated Balance Sheets as of December 31, 2023 was $ 7.0 million. Assets Held for Sale As of December 31, 2023, the Company had $ 3.0 million of property, plant and equipment classified as assets held for sale recorded in other current assets in the Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal. As of December 31, 2022, the Company ha d $ 6.7 million of property, plant and equipment classified as assets held for sale recorded in other current assets in the Consolidated Balance Sheets. This amount relates to the assets of one of the Company's Brazilian subsidiaries, Manitowoc Brasil Guindastes Ltda, that the Company committed to sell in 2022 and a manufacturing building and land in Fanzeres, Portugal. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 10. Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are summarized as follows: Americas - Manufacturing Americas - Distribution MEAP Consolidated Balance as of January 1, 2022 $ 166.5 $ 15.1 $ 68.1 $ 249.7 Goodwill impairment ( 166.5 ) — — ( 166.5 ) Purchase accounting adjustments — ( 0.7 ) — ( 0.7 ) Foreign currency impact — — ( 2.4 ) ( 2.4 ) Net balance as of December 31, 2022 — 14.4 65.7 80.1 Foreign currency impact — — ( 0.5 ) ( 0.5 ) Net balance as of December 31, 2023 $ — $ 14.4 $ 65.2 $ 79.6 The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows: December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Impairment Amount Net Book Value Gross Carrying Amount Accumulated Impairment Amount Net Book Value Americas - Manufacturing $ 166.5 $ ( 166.5 ) $ — $ 166.5 $ ( 166.5 ) $ — Americas - Distribution 14.4 — 14.4 14.4 — 14.4 EURAF 82.2 ( 82.2 ) — 82.2 ( 82.2 ) — MEAP 65.2 — 65.2 65.7 — 65.7 Total $ 328.3 $ ( 248.7 ) $ 79.6 $ 328.8 $ ( 248.7 ) $ 80.1 The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. As of October 31, 2023, the Company performed its annual goodwill impairment test. The fair values of the Americas - Distribution and MEAP reporting units were substantially in excess of their carrying values as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2023. During the year ended December 31, 2022, the Company recorded a $ 166.5 million non-cash impairment charge to write down the carrying value of goodwill at the Company's Americas - Manufacturing reporting unit to zero. The goodwill impairment charge resulted from a reduction in the estimated fair value of the reporting unit based on a prolonged low Company equity market capitalization that continued into the fourth quarter of 2022 and a higher discount rate. The fair values of the Americas – Distribution and MEAP reporting units were substantially in excess of their carrying values as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2022. T he gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Definite lived intangible assets: Customer relationships $ 26.5 $ ( 11.6 ) $ 14.9 $ 26.5 $ ( 10.0 ) $ 16.5 Patents 29.2 ( 28.8 ) 0.4 28.7 ( 28.2 ) 0.5 Noncompetition agreements 4.2 ( 2.0 ) 2.2 4.2 ( 1.2 ) 3.0 Trademarks and tradenames 2.2 ( 1.0 ) 1.2 2.2 ( 0.6 ) 1.6 Other intangibles 0.7 ( 0.7 ) - 0.6 ( 0.5 ) 0.1 Total 62.8 ( 44.1 ) 18.7 62.2 ( 40.5 ) 21.7 Indefinite lived intangible assets: Trademarks and tradenames 92.6 — 92.6 91.0 — 91.0 Distribution network 14.3 — 14.3 14.0 — 14.0 Total 106.9 — 106.9 105.0 — 105.0 Total intangible assets $ 169.7 $ ( 44.1 ) $ 125.6 $ 167.2 $ ( 40.5 ) $ 126.7 Amortization expense of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $ 3.2 million, $ 3.1 million and $ 1.4 million, respectively. Excluding the impact of any future acquisitions, divestitures or impairments, the Company's anticipated future amortization of intangible assets as of December 31 , 2023 is summarized as follows: Year 2024 $ 2.9 2025 2.9 2026 2.5 2027 1.4 2028 1.4 Thereafter 7.6 Total $ 18.7 Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was not a triggering event during the year ended December 31, 2023. The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company has two indefinite-lived intangible assets subject to an annual impairment test: the Potain trademark, tradename and distribution network assets (“Potain Tradename”) and the Grove trademark, tradename and distribution network assets (“Grove Tradename”). As of October 31, 2023, the Company performed its annual indefinite-lived intangible assets impairment test. The fair value of the Potain and Grove Tradenames were substantially in excess of their carrying value as of the date of the annual impairment test, and, therefore were not impaired as of December 31, 2023. During the year ended December 31, 2022, the Company recorded a non-cash impairment charge of $ 5.4 million to write down the carrying value of the Grove Tradename to its fair value of $ 39.0 million. The Grove Tradename impairment charge was recorded in the Americas segment and was a result of downward pressure from the use of similar assumptions to those used in the annual goodwill impairment test which included revenue growth rate and discount rate. The fair value of the Potain Tradename was substantially in excess of its carrying value as of the date of the annual impairment test and, therefore, was not impaired as of December 31, 2022. A considerable amount of management judgment and assumptions are required in performing the goodwill and indefinite-lived asset impairment tests as it relates to revenue growth rates, projected margin, the discount rate and relevant market multiples, as applicable. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairments could be required. Weakening industry or economic trends, disruptions to the Company's business, unexpected significant changes or planned changes in the use of the assets or in entity structure are all factors which may adversely impact the assumptions used in the valuations. The Company continually monitors market conditions and determines if any additional interim reviews of other intangibles or long-lived assets are warranted. In the event the Company determines that assets are impaired in the future, the Company would recognize a non-cash impairment charge, which could have a material adverse effect on the Company’s Consolidated Balance Sheets and Results of Operations. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 11. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Trade accounts payable $ 254.7 $ 274.6 Employee-related expenses 57.9 51.0 Accrued vacation 23.7 22.4 Miscellaneous accrued expenses 121.1 98.4 Total accounts payable and accrued expenses $ 457.4 $ 446.4 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 12. Debt Outstanding debt as of December 31, 2023 and 2022 is summarized as follows: 2023 2022 Borrowing under senior secured asset based revolving $ 60.0 $ 80.0 2026 Notes 300.0 300.0 Other 13.7 8.0 Deferred financing costs ( 1.6 ) ( 2.4 ) Total debt 372.1 385.6 Short-term borrowings and current portion of ( 13.4 ) ( 6.1 ) Long-term debt $ 358.7 $ 379.5 On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A. as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $ 275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $ 75.0 million letter of credit sub-facility, $ 10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility. On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company's ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”). Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows: Average quarterly availability Alternative base rate spread SOFR spread ≥ 50% of Aggregate Commitment 0.25 % 1.25 % < 50% of Aggregate Commitment 0.50 % 1.50 % As of December 31, 2023 and 2022, the Company had $ 60.0 million and $ 80.0 million, respectively, of borrowings outstanding under the ABL Revolving Credit Facility. During the year ended December 31, 2023, the highest daily borrowing under the ABL Revolving Credit Facility was $ 119.6 million and the average borrowing was $ 103.4 million, while the weighted-average annual interest rate was 5.2 % . During the year ended December 31, 2022 , the highest daily borrowing under the ABL Revolving Credit Facility was $ 112.5 million and the average borrowing was $ 90.9 million, while the weighted-average annual interest rate was 3.1 %. The interest rate of the ABL Revolving Credit Facility fluctuates based on excess availability. During the year ended December 31, 2023, the spreads for SOFR, and Alternative Base Rate borrowings were 1.25 % and 0.25 %, respectiv ely. Excess availability as of December 31, 2023 was $ 211.6 million, which represents revolver borrowing capacity of $ 275.0 million less $ 60.0 million in borrowings outstanding and U.S. letters of credit outstanding of $ 3.4 million. As of December 31, 2023, the Company had outstanding $ 13.7 million of other indebtedness that has a weighted-average interest rate of approximately 4.9 % . This debt includes balances on local credit lines, overdraft facilities and other financing arrangements. The overdraft facilities are composed of five Euro facilities totaling € 37.0 million and one Chinese Yuan facility totaling ¥ 30.0 million. Total U.S. dollar availability as of December 31, 2023 for the six overdraft facilities is $ 45.2 million, with $ 11.2 million outstanding. On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $ 300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000 %. Interest on the 2026 Notes is payable in cash semi-annual in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018. Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement. The aggregate scheduled future maturitie s of outstanding debt obligations as of December 31, 2023 is summarized as follows: Year 2024 $ 13.4 2025 60.3 2026 300.0 2027 — 2028 — Thereafter — Total $ 373.7 T he table of scheduled maturities above does not agree to the Company’s total debt as of December 31, 2023 as shown on the Consolidated Balance Sheet due to $ 1.6 million of deferred financing costs. As of December 31, 2023 , the Company was in compliance with financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months |
Accounts Receivable Factoring
Accounts Receivable Factoring | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Accounts Receivable Factoring | 13. Accounts Receivable Factoring The Company has two non-U.S. accounts receivable financing programs with no maximum availability and one U.S. accounts receivable financing program with maximum availability of $ 25.0 million. Transactions under the non-U.S. and U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit. For the years ended December 31, 2023 and 2022, cash proceeds from the factoring of accounts receivable qualifying as sales were $ 163.5 million and $ 234.5 million, respectively. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the year ended December 31, 2023 , 2022 and 2021 were immaterial. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Income (loss) before income taxes: United States $ ( 32.7 ) $ ( 203.8 ) $ ( 39.0 ) Foreign 76.9 83.6 56.1 Total $ 44.2 $ ( 120.2 ) $ 17.1 Provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Current: United States federal and state $ 0.3 $ ( 11.7 ) $ ( 1.2 ) Foreign 10.7 10.9 7.9 Total current 11.0 ( 0.8 ) 6.7 Deferred: United States federal and state — ( 2.4 ) 0.6 Foreign ( 6.0 ) 6.6 ( 1.2 ) Total deferred ( 6.0 ) 4.2 $ ( 0.6 ) Provision for income taxes $ 5.0 $ 3.4 $ 6.1 The items accounting for the difference between income taxes computed at the United States federal statutory rate and the Company's effective rate for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Federal income tax at statutory rate $ 9.3 $ ( 25.2 ) $ 3.6 State income tax provision 2.0 0.9 0.3 Manufacturing and research incentives ( 1.3 ) ( 0.5 ) ( 0.2 ) Taxes on foreign income which differ from the federal 9.1 ( 1.9 ) 1.5 Adjustments for unrecognized tax benefits 0.2 ( 11.0 ) ( 2.3 ) Adjustments to valuation allowances ( 28.6 ) 5.2 4.5 United States tax reform 10.1 4.8 ( 1.6 ) Goodwill and indefinite-lived intangible asset impairment — 31.7 — Audit settlements ( 3.0 ) — ( 1.9 ) Non-deductible expenses 8.2 1.6 1.3 Other items ( 1.0 ) ( 2.2 ) 0.9 Provision for income taxes $ 5.0 $ 3.4 $ 6.1 For the year ended December 31, 2023, the provision for income taxes was favorably impacted by the release of a $ 19.0 million valuation allowance, and a $ 3.2 million tax benefit for the favorable resolution of a previously reserved foreign income tax matter. These benefits were partially offset by the tax effect of $ 8.2 million related to non-deductible expenses. For the year ended December 31, 2022, the benefit for income taxes related to unrecognized tax benefits was primarily driven by a release of a $ 12.1 million uncertain tax position, inclusive of $ 1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the Coronavirus Aid, Relief and Economic Security Act. For the year ended December 31, 2021, the provision for income taxes was favorably impacted by a $ 1.9 million French income tax refund as a result of a Mutually Agreed upon Procedure for 2006 between the Italian and French tax authorities. There were no significant items included in “other items” for the years ended December 31, 2023, 2022 and 2021. For the years ended December 31, 2023, 2022 and 2021 the Company recorded a net income tax inclusion for the global intangible low-taxed income (“GILTI”) in the amount of $ 48.0 million, $ 22.9 million and $ 2.5 million, respectively, which is fully offset by the valuation allowance recorded in the United States. The GILTI inclusion for each respective year is reflective of the final regulations issued in 2020 relating to Internal Revenue Code Section 951A and the treatment of foreign income subject to a high tax rate. While effective beginning in 2021, the regulations allowed for retroactive application which the Company elected in the period of issuance for 2020 and 2019. In 2021, the Company filed an amended return to adopt the regulations for the 2019 tax year, resulting in the recognition of a net income tax benefit of $ 1.6 million for the year ended December 31, 2021. As of each reporting date, the Company considers new evidence, both positive and negative, that could impact its assessment related to future realization of deferred tax assets. The provision for income taxes for the year ended December 31, 2023 includes a $ 19.0 million income tax benefit for the release of a valuation allowance. The income tax provision for the year ended December 31, 2022 includes a $ 1.2 million income tax benefit for the release of a valuation allowance. The income tax provision for the year ended December 31, 2021 includes a $ 7.2 million net increase to valuation allowances for other jurisdictions, partially offset by a $ 2.7 million income tax benefit for the partial release of a valuation allowance. As of December 31, 2023, the Company has recorded valuation allowances on deferred tax assets for certain legal entities in Brazil, China, Chile, Russia, the U.K. and the United States as it is more likely than not that the assets will not be realized. Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are summarized as follows: 2023 2022 Deferred income tax assets: Inventories $ 14.7 $ 25.3 Deferred employee benefits 27.8 28.2 Product warranty reserves 7.8 8.7 Product liability reserves 2.6 2.2 Tax credits 7.9 7.2 Loss and other tax attribute carryforwards 114.1 129.6 Deferred revenue 3.9 0.2 Capitalized research costs 10.5 4.8 Other 12.5 13.8 Total deferred income tax assets 201.8 220.0 Less valuation allowance ( 130.8 ) ( 174.1 ) Net deferred income tax assets $ 71.0 $ 45.9 Deferred income tax liabilities Accounts receivable $ — $ 4.0 Property, plant and equipment 25.6 5.1 Intangible assets 28.5 28.0 Total deferred income tax liabilities $ 54.1 $ 37.1 Net deferred income tax assets $ 16.9 $ 8.8 The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2023 and 2022 are summarized as follows: 2023 2022 Long-term income tax assets, included in $ 24.4 $ 13.7 Long-term deferred income tax liability ( 7.5 ) ( 4.9 ) Net deferred income tax asset $ 16.9 $ 8.8 The Company believes that certain offshore cash can be accessed in a tax efficient manner and therefore, as of December 31, 2023, deferred taxes were not provided on approximately $ 175.7 million of unremitted earnings of foreign subsidiaries that may be remitted to the United States without material tax cost. The Company had approximately $ 397.4 million and $ 478.1 million of cumulative foreign earnings as of December 31, 2023 and December 31, 2022, respectively, which are asserted to be permanently reinvested. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. As of December 31, 2023, the Company had approximately $ 96.4 million of federal net operating loss carryforwards, which are available to reduce future federal tax liabilities. $ 14.1 million of the federal net operating loss carryforwards expire in 2036 and the remaining $ 82.3 million is not subject to any time restrictions for future use. As of December 31, 2022, the Company had approximately $ 96.8 million of federal loss carryforwards, which are available to reduce future federal tax liabilities. $ 13.5 million of the federal net operating loss carryforward expire in 2036 and the remaining $ 83.3 million is not subject to any time restrictions for future use. However, utilization of the 2023 and 2022 indefinite lived loss carryforwards is limited annually to 80 % of adjusted taxable income. The carryforward is offset by a valuation allowance as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company had approximately $ 43.2 million and $ 26.8 million, respectively, of federal interest expense carryforward that is not subject to any time restrictions for future use. The utilization of the interest expense carryforward is limited annually to 30 % of adjusted taxable income. The carryforward is offset by a full valuation allowance as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company had approximately $ 616.1 million and $ 651.9 million, respectively, of state net operating loss carryforwards, which are available to reduce future state tax liabilities. As of December 31, 2023, these state net operating loss carryforwards expire at various times through 2043 , respectively. The carryforward is offset by a full valuation allowance as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company had approximately $ 212.4 million and $ 263.5 million, respectively, of foreign loss carryforwards, which are available to reduce future foreign tax liabilities. Substantially all the foreign loss carryforwards have an indefinite carryforward period of which $ 48.8 million is offset by a valuation allowance as of December 31, 2023 and $ 163.7 million as of December 31, 2022. The Company or one of its subsidiaries files income tax returns in the United States and certain foreign jurisdictions. The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions: Jurisdiction Open Years U.S. federal 2016 — 2023 China 2014 — 2023 France 2021 — 2023 Germany 2018 — 2023 The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of December 31, 2023, the Company believes that it is more likely than not that the tax positions taken will be sustained upon the resolution of audits resulting in no material impact on its consolidated financial position and the results of operations and cashflows. However, the final determination with respect to any tax audits, including any related litigation costs, settlements, penalties and/or interest assessments, could be materially different from the Company’s accruals and could have a material effect on its financial position, results of operations and/or cashflows in the periods for which that determination is made. During the years ended December 31, 2023, 2022 and 2021, the Company recorded an increase (decrease) to the gross unrecognized tax benefits including interest and penalties of $ 0.2 million, $( 11.0 ) million and $( 2.1 ) million, respectively, of which $ 0.2 million, $( 1.7 ) million and $( 0.4 ) million, respectively, are a result of the net reductions to interest and penalties. Interest and penalties are recognized as a component of income tax expense. A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties as of December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Balance at beginning of year $ 9.1 $ 18.4 $ 20.1 Additions for tax positions of current year 0.1 0.1 0.1 Additions for tax positions of prior years 0.1 3.6 — Reductions for tax positions of prior years — ( 11.0 ) ( 0.2 ) Reductions based on settlements with tax — — ( 0.2 ) Reductions for lapse of statute of limitations ( 0.2 ) ( 2.0 ) ( 1.4 ) Balance at end of year $ 9.1 $ 9.1 $ 18.4 As of December 31, 2023, 2022 and 2021, the Company recorded interest and penalties of $ 1.4 million, $ 1.2 million and $ 2.9 million, respectively. Approximately $ 4.5 million, $ 4.7 million and $ 14.0 million of the Company’s unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, would impact the effective tax rate. During the next twelve months, the unrecognized tax benefits are not expected to significantly increase or decrease due to audit settlements or lapsing statutes of limitations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | 15. Net Income (Loss) Per Common Share The following is a reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share: 2023 2022 2021 Basic weighted average common shares outstanding 35,093,963 35,184,336 34,903,189 Effect of dilutive securities - equity 868,815 — 549,366 Diluted weighted average common shares outstanding 35,962,778 35,184,336 35,452,555 Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 431,392 and 358,706 common shares were excluded from the computation of diluted net income per share for the years ended December 31, 2023 and 2021, respectively. Due to the net loss during the year ended December 31, 2022, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for the period. No cash dividends were declared or paid as of December 31, 2023, 2022 and 2021. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | 16. Equity Authorized capitalization consists of 75.0 million shares of $ 0.01 par value common stock and 3.5 million shares of $ 0.01 par value preferred stock. None of the preferred shares have been issued. During 2023, the Board of Directors approved a new authorization to purchase up to $ 35.0 million of the Company's common stock at management's discretion, replacing the previously authorized but unused amount from the prior share repurchase authorization. The Company's share repurchases program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company's 2013 Omnibus Incentive Plan. The total remaining under the new authorization is $ 35.0 million. Under the prior share repurchase authorization, the Company repurchased 320,984 shares of the Company's common stock for $ 5.5 million during 2023. As of December 31, 2023, the Company’s operations in Russia have been substantially curtailed. As a result, the Company released $ 9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets to other income (expense) – net in the Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation.” The components of accumulated other comprehensive loss as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Foreign currency translation, net of income tax 0.2 and $ 0.1 $ ( 77.4 ) $ ( 98.0 ) Derivative instrument fair market value, net of income 0.0 and $ 0.0 1.3 5.4 Employee pension and postretirement benefit adjustments, 13.6 and $ 12.9 ( 10.3 ) ( 15.3 ) Total accumulated other comprehensive loss $ ( 86.4 ) $ ( 107.9 ) A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2023 and 2022 are summarized as follows: Gains (Losses) on Pension & Foreign Total Balance as of December 31, 2021 $ — $ ( 32.3 ) $ ( 70.1 ) $ ( 102.4 ) Other comprehensive income (loss) before ( 0.4 ) 15.5 ( 27.9 ) ( 12.8 ) Amounts reclassified from accumulated other 5.8 1.5 — 7.3 Net other comprehensive income (loss) 5.4 17.0 ( 27.9 ) ( 5.5 ) Balance as of December 31, 2022 5.4 ( 15.3 ) ( 98.0 ) ( 107.9 ) Other comprehensive income (loss) before ( 1.8 ) 2.4 11.3 11.9 Amounts reclassified from accumulated other ( 2.3 ) 2.6 9.3 9.6 Net other comprehensive income (loss) ( 4.1 ) 5.0 20.6 21.5 Balance as of December 31, 2023 $ 1.3 $ ( 10.3 ) $ ( 77.4 ) $ ( 86.4 ) A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: Amount Reclassified from Accumulated Other Comprehensive Loss 2023 2022 2021 Recognized Gain (losses) on cash flow hedges FX Forward Contracts $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Cost of sales Total before income taxes 2.3 ( 5.8 ) ( 1.1 ) Provision for income taxes — — — Total, net of income taxes $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Amortization of pension and Actuarial losses $ ( 2.6 ) $ ( 2.9 ) $ ( 4.7 ) (a) Other income (expense) - net Amortization of prior service cost ( 0.1 ) 1.3 2.6 (a) Other income (expense) - net Pension settlement gain 0.1 0.1 0.9 (a) Other income (expense) - net Total before income taxes ( 2.6 ) ( 1.5 ) ( 1.2 ) Provision for income taxes — — 0.1 Total, net of income taxes $ ( 2.6 ) $ ( 1.5 ) $ ( 1.1 ) Foreign currency translation Losses on foreign currency translation $ ( 9.3 ) $ — $ — Total before income taxes ( 9.3 ) — — Provision for income taxes — — — Total, net of income taxes $ ( 9.3 ) $ — $ — Total reclassifications for the period, net $ ( 9.6 ) $ ( 7.3 ) $ ( 2.2 ) (a) These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 21, “ Employee Benefit Plans,” for further details). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 17. Stock-Based Compensation The Company’s 2013 Omnibus Incentive Plan (the “2013 Omnibus Plan”) was approved by shareholders on May 7, 2013. The 2013 Omnibus Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and performance share or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Omnibus P lan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of December 31, 2023 is 3,271,119 . The Company recognizes expense net of estimated future forfeitures for all stock-based compensation on a straight-line basis over the vesting period of the entire award. Estimated future forfeitures are based on the Company’s historical experience. During the years ended December 31, 2023, 2022 and 2021, the Company recorded stock-based compensation expense of $ 11.5 million, $ 8.5 million and $ 7.1 million, respectively, in engineering, selling and administrative expense in the Consolidated Statement of Operations. Shares are issued out of treasury stock upon exercise for stock options and vesting of restricted stock units and performance share units. Stock Options Stock option grants to employees are exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. The Company did no t grant employees stock options in 2023, 2022 or 2021. Stock-based compensation expense is calculated by estimating the fair value of non-qualified stock options at the time of grant and is amortized over the stock options’ vesting period. The Company recognized zero , $ 0.1 million and $ 0.6 million of expense before income taxes associated with stock options during the years ended December 31, 2023, 2022 and 2021, respectively. The activity for stock options is summarized as follows: Shares Weighted Aggregate Options outstanding as of December 31, 2022 552,923 $ 21.13 Granted — — Exercised ( 17,135 ) 14.81 Forfeited — — Cancelled ( 41,418 ) 19.63 Options outstanding as of December 31, 2023 494,370 $ 21.47 $ 324,847 Options exercisable as of December 31, 2023 494,370 $ 21.47 $ 324,847 Restricted Stock Units The Company granted 520,132 , 413,543 and 417,535 restricted stock units inclusive of director awards in 2023, 2022 and 2021 , respectively. A total of 77,576 , 56,640 , and 59,280 equity compensation awards were granted to directors in 2023, 2022 and 2021, respectively, which vested immediately upon the grant date. The Company recognized $ 6.3 million, $ 5.2 million and $ 4.7 million of compensation expense associated with restricted stock units during the years ended December 31, 2023, 2022 and 2021, respectively. With the exception of director grants, the restricted stock units are earned based on service over the vesting period. Restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. The expense is based on the fair value of the Company's shares as of the grant date which is the grant date closing stock price. The activity for restricted stock units is summarized as follows: Shares Weighted Unvested as of December 31, 2022 647,212 $ 16.45 Granted 520,132 14.28 Vested ( 359,655 ) 15.74 Forfeited ( 2,227 ) 17.27 Unvested as of December 31, 2023 805,462 - $ 15.37 As of December 31, 2023, the Company h as $ 6.2 million of unrecognized compensation expense before income tax related to restricted stock units which will be recognized over a weighted average period of 1.8 years. Performance Share Units The Company granted 316,022 , 122,280 and 159,247 of performance share units in 2023, 2022 and 2021 , respectively. The performance share units are earned based on service over the vesting period and only to the extent to which performance goals are met over the applicable three-year performance period. The performance goals vary for performance share units each grant year. The Company recognized $ 5.2 million , $ 3.2 million and $ 1.9 million of compensation expense associated with performance share units during the years ended December 31, 2023, 2022 and 2021, respectively. The performance goals for the performance share units granted in 2023 are weighted 60 % on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40 % on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2023 performance share units include a +/- 20 % modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200 % of target shares granted. The performance goals for the performance share units granted in 2022 are weighted 60 % on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40 % on non-new machine sales for the year ending December 31, 2024. The 2022 performance share units include a +/- 20 % modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200 % of target shares granted. The performance goals for the performance share units granted in 2021 are weighted 60 % on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40 % on non-new machines sales as of the year ended December 31, 2023. The 2021 performance share units include a +/- 20 % modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200 % of target shares granted. The activity for performance share units is summarized as follows: Shares Weighted Unvested as of December 31, 2022 459,774 $ 17.30 Granted (1) 316,022 16.05 Adjustment for performance results achieved (2) ( 84,576 ) 12.67 Vested ( 46,145 ) 12.67 Forfeited ( 14,680 ) 18.28 Unvested as of December 31, 2023 630,395 $ 17.39 (1) Performance shares granted assuming achievement of performance goals at target. (2) Adjustment due to performance share units granted in 2020 and vested in 2023 where the number of shares achieved based on the three-year performance period ended December 31, 2022 were lower than target. As of December 31, 2023, the Company has $ 5.5 million of unrecognized compensation expense before income tax related to performance share units expected to be recognized over a weighted average period of 1.7 years. The Company uses the Monte Carlo valuation model to determine fair value of the performance share unit grants. The Company used an average of historical stock prices of selected peers for its volatility assumption. The assumed risk-free rates were based on three-year U.S. Treasury rates in effect at the time of grant. The fair value of each performance share unit was estimated at the date of grant using the following assumptions: 2023 2022 2021 Correlation 28.2 % 25.9 % 27.9 % Risk-free interest rate 4.1 % 1.7 % 0.2 % Expected volatility 60.3 % 59.5 % 59.0 % Expected dividend yield — % — % — % |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 18. Segments The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The results of the acquired businesses are included in the Americas segment. The Company has three reportable segments: Americas, Europe and Africa ( “ EURAF ” ) and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets. The following table shows information by reportable segment for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Net Sales Americas $ 1,211.2 $ 1,013.0 $ 757.6 EURAF 669.6 761.5 677.0 MEAP 347.0 258.0 285.6 Total $ 2,227.8 $ 2,032.5 $ 1,720.2 Segment Operating Income (Loss) Americas $ 111.7 $ ( 88.8 ) $ 57.3 EURAF ( 7.9 ) ( 3.2 ) 8.9 MEAP 52.3 40.2 30.9 Total $ 156.1 $ ( 51.8 ) $ 97.1 Depreciation Americas $ 29.2 $ 35.4 $ 20.7 EURAF 22.1 20.1 19.8 MEAP 2.4 2.2 2.1 Corporate 2.9 2.9 2.9 Total $ 56.6 $ 60.6 $ 45.5 Capital Expenditures Americas $ 46.5 $ 32.0 $ 11.3 EURAF 28.5 27.7 27.5 MEAP 2.4 2.1 1.5 Corporate — — 0.1 Total $ 77.4 $ 61.8 $ 40.4 A reconciliation of the Company’s segment operating income (loss) to operating income (loss) in the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Segment operating income (loss) $ 156.1 $ ( 51.8 ) $ 97.1 Unallocated corporate expenses ( 63.6 ) ( 41.3 ) ( 51.1 ) Unallocated restructuring income (expense) ( 0.1 ) 0.1 0.5 Total operating income (loss) $ 92.4 $ ( 93.0 ) $ 46.5 Net sales by geographic area for the years ended December 31, 2023, 2022 and 2021 and property, plant and equipment as of December 31, 2023 and 2022 are summarized as follows: Net Sales Property, Plant and Equipment 2023 2022 2021 2023 2022 United States $ 1,039.9 $ 906.4 $ 664.5 $ 158.1 $ 146.7 Europe 641.9 740.1 653.7 183.8 166.6 Other 546.0 386.0 402.0 24.2 22.0 Total $ 2,227.8 $ 2,032.5 $ 1,720.2 $ 366.1 $ 335.3 New machine and non-new machine sales for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 New machine sales $ 1,615.1 $ 1,487.2 $ 1,271.6 Non-new machine sales 612.7 545.3 448.6 Total net sales $ 2,227.8 $ 2,032.5 $ 1,720.2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. As of December 31, 2023 , various product-related lawsuits were pending. To the extent permitted under applicable law, all of these are insured with self-insurance retention levels. The Company’s self-insurance retention levels have varied over the last 10 years . As of December 31, 2023, the largest self-insured retention level for new occurrences currently maintained by the Company is $ 3.0 mill ion per occurrence and applies to product liability claims arising in North America. As of December 31, 2023, current and long-term product liability reserves were $ 11.4 million and $ 5.1 million, respectively. As of December 31, 2022, current and long-term product liabilities reserves were $ 9.4 million and zero , respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of December 31, 2023 and December 31, 2022, the Company had $ 3.9 mi llion and zero , respectively, of estimated insurance recoveries included in the other current assets in the Consolidated Balance Sheets. Reserves for product-related lawsuits were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers. As of December 31, 2023 and 2022, the Company had reserved $ 56.8 million and $ 58.0 million, respectively, for warranty and other related claims and are included in product warranties and other non-current liabilities in the Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. Refer to Not e 20, “Guarantees,” for further information. It is reasonably possible that the estimates for warranty costs, product liability, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. The ultimate resolution of these matters, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters. Based on management's current assessment of the facts underlying these matters, the Company recorded an additional charge of $ 21.2 million as of December 31, 2023. The total recorded estimated liability in accounts payable and accrued expenses in the Company’s Consolidated Balance Sheets was $ 36.1 million and $ 14.9 million as of December 31, 2023 and December 31, 2022, respectively. Other than the foregoing, the Company is unab le to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $ 174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees [Abstract] | |
Guarantees | 20. Guarantees The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Topic 842. If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of December 31, 2023 and 2022 was $ 32.2 million and $ 27.3 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of December 31, 2023 and 2022 was $ 43.4 million and $ 42.5 million, respectively. These amounts are not reduced for amounts the Company would recover from repossession and subsequent resale of the units. The buyback commitments expi re at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $ 13.0 million and $ 15.0 million as of December 31, 2023 and 2022, respectively. These amounts are not reduced for amounts the Company would recover from repossession and subsequent resale of the cranes securing the related guarantees. In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months . In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Balance at beginning of period $ 58.0 $ 60.2 $ 63.2 Adjustments to accruals for warranties 28.9 27.3 30.4 Settlements made (in cash or in kind) during ( 31.0 ) ( 27.8 ) ( 31.3 ) Currency translation 0.9 ( 1.7 ) ( 2.1 ) Balance at end of period $ 56.8 $ 58.0 $ 60.2 Included in the warranty balance as of December 31, 2023 and 2022 is $ 9.7 million and $ 9.2 million , respectively, of long-term warranty which is recorded in other non-current liabilities in the Consolidated Balance Sheets. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of December 31, 2023 and 2022 was $ 6.1 million and $ 6.6 million, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 21. Employee Benefit Plans The Company provides defined benefit pension plans, defined contribution plans and/or other postretirement benefit plans to employees in many of the Company’s locations throughout the world. The Company’s defined benefit plans provide a benefit based on years of service and/or the employee’s average earnings near retirement. The Company’s defined contribution plans allow employees to contribute a portion of their salary to help save for retirement, and in most cases, the Company provides a matching contribution. The benefit obligation related to the Company’s non-U.S. defined benefit pension plans are for employees located primarily in Europe. For postretirement medical and other benefit plans, all of the Company’s benefit obligation is for employees located in the United States. Defined contribution plans The Company maintains two defined contribution retirement plans for its employees in the United States: (1) The Manitowoc Company, Inc. 401(k) Retirement Plan (the “Manitowoc 401(k) Plan”) and (2) The Manitowoc. Deferred Compensation Plan. Each plan results in individual participant balances that reflect a combination of amounts contributed by the Company or deferred by the participant, amounts invested at the direction of either the Company or the participant, and the continuing reinvestment of returns until the accounts are distributed. The Company also has various other non-U.S. defined contribution plans that allow eligible employees to contribute a portion of their salary to the plans. In most cases, the Company provides a matching contribution to the funds contributed by the employees. Company contributions to the plans are generally based upon formulas contained in the plans. Total costs incurred under the Non-U.S. defined contribution plans, and reported within the Consolidated Statement of Operations, wer e $ 1.7 million, $ 1.7 million and $ 1.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Manitowoc 401(k) Plan The Manitowoc 401(k) Plan is a tax-qualified retirement plan that is available to substantially all U.S. employees of Manitowoc, its subsidiaries and related entities. The Manitowoc 401(k) Plan allows employees to make both pre and after-tax elective deferrals, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Tax Code”). The Company also has the right to make the following additional contributions: (1) a safe harbor matching contribution and (2) an additional contribution, which may or may not be made, at the full discretion of the Company and for which the value will be fully determined by the Company based on its performance. Each participant in the Manitowoc 401(k) Plan is allowed to direct the investment of that participant’s account among a diverse mix of investment funds, including a Company stock alternative. To the extent that any funds are invested in the Company’s stock, that portion of the Manitowoc 401(k) Plan is an employee stock ownership plan, as defined under the Tax Code (an “ESOP”). The terms governing the retirement benefits under the Manitowoc 401(k) Plan are the same for the Company’s executive officers as they are for other eligible employees in the U.S. Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, w ere $ 8.7 million, $ 11.9 million and $ 5.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Manitowoc Deferred Compensation Plan The Manitowoc Deferred Compensation Plan is a non-qualified supplemental deferred compensation plan for highly compensated and key management employees and for non-employee directors of the Company. The Company maintains the Manitowoc Deferred Compensation Plan to allow eligible individuals to save for retirement in a tax-efficient manner despite Tax Code restrictions that would otherwise impair their ability to do so under the Manitowoc 401(k) Plan. The Manitowoc Deferred Compensation Plan also assists the Company in retaining those key employees and directors. The Manitowoc Deferred Compensation Plan accounts are credited with: (1) elective deferrals made at the request of the individual participant; (2) a matching contribution for eligible wages above IRS employee compensation limits for 401(k) retirement plans and/or (3) an additional contribution from the Company for each individual participant, which may or may not be made, at the full discretion of the Company based on its performance. Although unfunded within the meaning of the Tax Code, the Manitowoc Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. Each participant in the Manitowoc Deferred Compensation Plan is credited with earnings based upon individual elections from a diverse mix of investment funds that are intended to reflect investment funds similar to those offered under the Manitowoc 401(k) Plan, including the Company’s stock. Participants do not receive preferential or above-market rates of return under the Manitowoc Deferred Compensation Plan. The Company has two separate investment programs: Program A and B, which allows participants to direct deferrals and Company contributions and restricts the Company’s use and access to the funds but are subject to the claims of the Company’s general creditors in rabbi trusts. Program A invests solely in the Company’s stock; dividends paid, if any, on the Company’s stock are automatically reinvested; and all distributions must be made in Company stock. Program B offers a variety of investment options but does not include Company stock as an investment option. All distributions from Program B must be made in cash. Participants cannot transfer assets between programs. Program A is accounted for as a plan that does not permit diversification. As a result, the Company stock held by Program A is classified in equity in a manner similar to accounting for treasury stock. The deferred compensation obligation is classified as an equity instrument. Changes in the fair value of the Company’s stock and the compensation obligation are not recognized. The asset and obligation for Program A were $ 1.2 million and $ 0.6 million as of December 31, 2023 and 2022, respectively. Program B is accounted for as a plan that permits diversification. As a result, the assets held by Program B are classified as an asset in the Consolidated Balance Sheets and changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is classified as a liability in the Consolidated Balance Sheets and adjusted, with a charge or credit to compensation cost, to reflect changes in the fair value of the obligation. The assets, which are included in other non-current assets, and obligations, which are included in other non-current liabilities, were $ 8.1 m illion and $ 7.1 million as of December 31, 2023 and 2022, respectively. Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, for the years ended December 31, 2023, 2022 and 2021 w ere $ 0.2 million, $ 0.4 million and $ 0.1 million, respectively. Pension, Postretirement Medical and Other Benefit Plans The Company provides certain pension, postretirement medical and other benefits (death benefits) for eligible retirees and their dependents in the U.S. under various frozen plans. Pension benefits are provided under the Manitowoc U.S. Pension Plan (“U.S. Pension Plan”). Certain pension benefits are funded, the postretirement medical benefits are not funded but are paid as incurred, and the death benefits are fully insured. Eligibility for coverage is based on meeting certain years of service and retirement qualifications. The healthcare benefits may be subject to deductibles, co-payment provisions, and other limitations. The Company has reserved the right to modify these benefits which have been frozen. In addition to the U.S. Pension Plan, the Company also maintains defined benefit pension plans for various Non-US subsidiaries which are sponsored directly by the Company or its subsidiaries and offered only to employees or retirees of those subsidiaries (“Non-U.S. Pension Plans”). Certain Non-U.S. Pension Plans have frozen benefit accruals. During 2021, the unvested portion of Portugal's pension plan was transferred to a defined contribution plan. As a result, the Company recognized a settlement gain of $ 0.9 million. The components of periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: U.S. Pension Plan Non-U.S. Pension Plans Postretirement Medical 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost - benefits earned $ — $ — $ — $ 1.2 $ 1.6 $ 2.3 $ 0.1 $ 0.1 $ 0.1 Interest cost of projected 5.5 3.2 2.8 3.0 1.7 1.5 0.4 0.2 0.2 Expected return on assets ( 3.9 ) ( 5.2 ) ( 4.9 ) ( 1.6 ) ( 1.2 ) ( 1.0 ) — — — Amortization of prior service — — — 0.1 0.1 0.1 — ( 1.4 ) ( 2.7 ) Amortization of actuarial net 2.2 1.9 3.2 1.6 1.5 1.8 ( 1.2 ) ( 0.5 ) ( 0.3 ) Pension settlement gain — — — ( 0.1 ) ( 0.1 ) ( 0.9 ) — — — Net periodic benefit cost $ 3.8 $ ( 0.1 ) $ 1.1 $ 4.2 $ 3.6 $ 3.8 $ ( 0.7 ) $ ( 1.6 ) $ ( 2.7 ) Weighted average Effective discount rate for 5.4 % 2.8 % 2.4 % 4.7 % 1.4 % 1.2 % 5.4 % 2.5 % 2.0 % Expected return on 5.0 % 4.7 % 4.3 % 5.4 % 2.9 % 1.6 % N/A N/A N/A Rate of compensation N/A N/A N/A 3.7 % 4.1 % 4.1 % N/A N/A N/A The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10 % of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants. To develop the expected long-term rate of return on assets assumptions, the Company considered the historical returns and future expectations for returns in each asset class net of fees, as well as targeted asset allocation percentages within the pension portfolio. The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2023 and 2022: U.S. Pension Plan Non-U.S. Pension Plans Postretirement 2023 2022 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation, beginning of year $ 106.4 $ 141.2 $ 59.0 $ 94.5 $ 9.5 $ 13.7 Service cost — — 1.2 1.6 0.1 0.1 Interest cost 5.5 3.2 3.0 1.7 0.4 0.2 Participant contributions — — — — 0.1 0.1 Actuarial (gain) loss 2.5 ( 30.1 ) ( 0.3 ) ( 27.1 ) ( 2.4 ) ( 3.4 ) Currency translation adjustment — — 2.6 ( 8.0 ) — — Pension settlement — — ( 0.1 ) ( 0.3 ) — — Benefits paid ( 8.0 ) ( 7.9 ) ( 3.5 ) ( 3.4 ) ( 1.1 ) ( 1.2 ) Benefit obligation, end of year $ 106.4 $ 106.4 $ 61.9 $ 59.0 $ 6.6 $ 9.5 Change in Plan Assets Fair value of plan assets, beginning of year $ 82.3 $ 114.6 $ 29.7 $ 50.2 $ — $ — Actual return on plan assets 7.4 ( 24.9 ) — ( 15.0 ) — — Employer contributions 0.5 0.5 3.6 3.4 1.0 1.1 Participant contributions — — — — 0.1 0.1 Currency translation adjustment — — 1.6 ( 5.2 ) — — Pension settlement — — ( 0.1 ) ( 0.3 ) — — Benefits paid ( 8.0 ) ( 7.9 ) ( 3.5 ) ( 3.4 ) ( 1.1 ) ( 1.2 ) Fair value of plan assets, end of year 82.2 82.3 31.3 29.7 — — Funded status $ ( 24.2 ) $ ( 24.1 ) $ ( 30.6 ) $ ( 29.3 ) $ ( 6.6 ) $ ( 9.5 ) Amounts recognized in the Consolidated Pension asset $ — $ — $ 2.7 $ — $ — $ — Short-term pension obligation ( 0.5 ) ( 0.5 ) ( 1.2 ) ( 1.2 ) — — Long-term pension obligation ( 23.7 ) ( 23.6 ) ( 32.1 ) ( 28.1 ) — — Short-term postretirement medical and other — — — — ( 1.0 ) ( 1.3 ) Long-term postretirement medical and other — — — — ( 5.6 ) ( 8.2 ) Net amount recognized $ ( 24.2 ) $ ( 24.1 ) $ ( 30.6 ) $ ( 29.3 ) $ ( 6.6 ) $ ( 9.5 ) Weighted-Average Assumptions Discount rate 5.1 % 2.8 % 4.2 % 4.2 % 5.0 % 5.4 % Rate of compensation increase N/A N/A 3.8 % 2.7 % N/A N/A The Company determines its discount rates with advice from an independent third party. The Company uses different discount rates for each plan depending on the plan jurisdiction, the demographics of participants and the expected timing of benefit payments. For the qualified U.S. pension plan and postretirement medical plans, the Company uses a discount rate calculated based on an appropriate mix of high-quality corporate bonds. For the non-U.S. pension and postretirement plans, the Company consistently uses the relevant country specific benchmark indices for determining the various discount rates. Amounts recognized in accumulated other comprehensive loss as of December 31, 2023 and 2022, are summarized as follows: Pensions Postretirement 2023 2022 2023 2022 Net actuarial gain (loss) $ ( 32.0 ) $ ( 35.0 ) $ 8.3 $ 7.0 Prior service cost ( 0.2 ) ( 0.3 ) — — Total amount recognized $ ( 32.2 ) $ ( 35.3 ) $ 8.3 $ 7.0 For measurement purposes, a 6.50 % a nnual rate of increase in the per capita cost of covered health care benefits was assumed for the postretirement medical and other plan for 2023. The rate was assume d to decrease gradually to 4.00 % in 2047 and remain at that level thereafter. The weighted-average asset allocation of the U.S. Pension Plan as of December 31, 2023 and 2022, by asset category are summarized as follows: 2023 2022 Equity 53.3 % 52.8 % Fixed income 39.7 % 36.9 % Other 7.0 % 10.3 % Total 100.0 % 100.0 % The weighted-average asset allocation of the Non-U.S. Pension Plans as of December 31, 2023 and 2022, by asset category are summarized as follows: 2023 2022 Equity — % — % Fixed income 39.4 % 45.2 % Other (1) 60.6 % 54.8 % Total 100.0 % 100.0 % (1) Includes diversified investments that have equity and fixed income holdings. The Board of Directors has established the Retirement Plan Committee (the “Committee”) to manage the operations and administration of all benefit plans and related trusts. On a quarterly basis, the Committee reviews progress toward achieving the pension plans’ and individual investment managers’ performance objectives. Investment Strategy The overall objective of the Company's pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension funds. Specific investment objectives for the Company’s long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. The Company reviews its long-term, strategic asset allocations annually. The Company uses various analytics to determine the optimal asset mix and considers plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. The Company identifies investment benchmarks for the asset classes in the strategic asset allocation that are market-based. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced monthly. The actual and target allocations for the pension assets as of December 31, 2023, by asset class, are summarized as follows: Target Allocations Weighted Average Asset U.S. Plan Non-U.S. Plans U.S. Plans Non-U.S. Plans Equity Securities 50.0 % 0.0 % 53.3 % — % Debt Securities 40.0 % 48.0 % 39.7 % 39.4 % Other 10.0 % 52.0 % 7.0 % 60.6 % Risk Management In managing the plan assets, the Company reviews and manages risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to the Company’s risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by industry or sector and by holding. Asset performance is monitored against benchmarked indices. Fair Value Measurements The following tables present the Company’s plan assets using the fair value hierarchy as of December 31, 2023 and 2022. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Refer to Note 5, “Fair Value of Financial Instruments,” for definitions of each fair value level. December 31, 2023 Assets Quoted Significant Unobservable Net Asset Value ("NAV")* Total Equity: U.S. equity $ — $ — $ — $ 21.7 $ 21.7 International equity — — — 22.1 22.1 Fixed income: Corporate bonds and notes — — — 16.6 16.6 Government and agency bonds — — — 25.5 25.5 Commingled funds — — — 11.1 11.1 International fixed income — — — 4.7 4.7 Other: Cash and cash equivalents 1.0 — — — 1.0 Money market funds 0.7 — — — 0.7 Annuity contracts — — 7.4 — 7.4 Other — — — 2.7 2.7 Total $ 1.7 $ — $ 7.4 $ 104.4 $ 113.5 * Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. December 31, 2022 Assets Quoted Significant Unobservable Net Asset Value ("NAV")* Total Equity: U.S. equity $ — $ — $ — $ 16.9 $ 16.9 International equity — — — 27.8 27.8 Fixed income: Corporate bonds and notes — — — 18.5 18.5 Government and agency bonds — — — 25.4 25.4 Commingled funds — — — 8.6 8.6 International fixed income — — — 1.9 1.9 Other: Cash and cash equivalents 0.9 — — — 0.9 Money market funds — 0.7 — — 0.7 Annuity contracts — — 8.5 — 8.5 Other — — — 2.8 2.8 Total $ 0.9 $ 0.7 $ 8.5 $ 101.9 $ 112.0 *Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. Cash and cash equivalents, which are used to pay benefits, are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash and cash equivalents are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments. Insurance group annuity contracts are valued at the present value of the future benefit payments owed by the insurance Company to the Non-U.S. Pension Plan's participants. The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. A reconciliation of the fair value measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows: Annuity Contracts 2023 2022 Beginning Balance $ 8.5 $ 12.6 Additions 0.5 — Actual return on assets ( 1.2 ) ( 1.9 ) Benefit payments ( 0.9 ) ( 0.8 ) Foreign currency impact 0.5 ( 1.4 ) Ending Balance $ 7.4 $ 8.5 The expected 2024 minimum contributions for the U.S. pension pla n are $ 5.5 million and there are no planned discretionary or non-cash contributions. The expected 2024 minimum contributions for the non-U.S. pension plans are $ 3.3 million and there are no planned discretionary or non-cash contributions. E xpected Company paid claims for the postretirement medical and other plans a re $ 1.0 million fo r 2024 . Projected future benefit payments from the plans as of December 31, 2023 are estimated as follows: U.S. Pension Non-U.S. Postretirement 2024 $ 8.7 $ 3.0 $ 1.0 2025 8.8 3.0 0.9 2026 8.7 3.4 0.8 2027 8.7 3.6 0.8 2028 8.7 4.2 0.7 Thereafter 41.2 20.7 2.6 Total $ 84.8 $ 37.9 $ 6.8 The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2023 and 2022 is summarized as follows: U.S. Pension Plan Non U.S. Pension Plans 2023 2022 2023 2022 Projected benefit obligation $ 106.4 $ 106.4 $ 33.8 $ 59.0 Accumulated benefit obligation 106.4 106.4 30.6 56.1 Fair value of plan assets 82.2 82.3 0.5 29.7 The measurement date for all plans is December 31, 2023 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 22. Leases The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment and manufacturing equipment. The remaining lease terms are up t o 20 years, s ome of which include options to extend the lease term for up to 9 years, and some which include options to terminate the lease within one year . Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the consolidated financial statements. The components of lease expense for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Operating lease cost $ 15.5 $ 14.0 $ 13.2 Variable lease cost* 1.2 1.4 1.5 Total lease cost $ 16.7 $ 15.4 $ 14.7 *Includes short-term leases, which are immaterial. Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Operating lease right-of-use assets $ 59.7 $ 45.2 Other liabilities $ 13.0 $ 11.6 Operating lease liabilities 47.2 34.3 Total operating lease liabilities $ 60.2 $ 45.9 Cash paid for operating leases included in operating cash flows was $ 29.5 milli on, $ 26.8 million and $ 25.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Operating lease right-of-use asset obtained in exchange for lease obligations were $ 26.0 million for the year ended December 31, 2023. As of December 31, 2023, the Company’s operating leases have a weighted-average remaining le ase term of 6.4 years and a weighted average discount rate of 5.9 %. A s of December 31, 2022 , the Company's leases had a weighted-average remaining lease term of 6.3 years and a weighted average discount rate of 4.9 %. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate at the time of lease commencement. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms in a similar region. Maturities of operating lease liabilities as of December 31, 2023 are summarized as follows: Year 2024 $ 15.4 2025 13.4 2026 10.7 2027 9.8 2028 7.6 Thereafter 15.7 Total lease payments 72.6 Less: imputed interest ( 12.4 ) Present value of lease liabilities $ 60.2 As of December 31, 2023, we have additional operating leases for facilities that have not yet commenced with undiscounted lease obligations of approximately $ 4.0 million. These leases are expected to commence during the year ending December 31, 2024 and have terms of up to 20 years . Lessor Accounting The Company rents cranes to its customers and actively manages the size, quality, age and composition of its rental fleet to meet customer demands and trends. The rental fleet is serviced through the Company’s parts and service team. The rental activities create cross-selling opportunities in crane sales including rent-to-own purchase options whereby customers are given a period of time to exercise an option to purchase the related equipment at an established price with any rental payments paid applied to reduce the purchase price. All of the Company's leasing arrangements are classified as operating leases. Rental revenue is recognized on a straight-line basis over the rental period. In most cases, the Company's rental arrangements include non-lease components, including delivery and pick-up services. The Company accounts for these non-lease components separate from the rental arrangement and recognizes the revenue associated with these components when the service is performed. The Company has elected to exclude from rental revenue all taxes collected from customers related to rental activities. The Company manages the residual value risk of its rented assets by (i) monitoring the quality, aging and anticipated retail market value of the rental fleet assets to determine the optimal period to remove an asset from the rental fleet, (ii) maintaining the quality of assets through parts and service support and (iii) requiring physical damage insurance of customers. The Company primarily disposes of the rental assets through its rent to own program or sale of the asset. Refer to Note 9, “Property, Plant and Equipment,” for the balance of rental cranes included in property, plant and equipment in the Consolidated Balance Sheets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all cash, bankers acceptance and short-term investments purchased with an original maturity of three months or less as cash and cash equivalents. |
Allowance for Credit Losses | Allowance for Credit Losses Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company's allowance for credit losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecasts that affect the collectability of the related receivable and any specific customer collection issues the Company has identified. The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021. 2023 2022 2021 Balance at beginning of period $ 5.3 $ 7.3 $ 8.5 Bad debt expenses 2.3 0.1 — Use of reserve ( 1.4 ) ( 1.8 ) ( 1.3 ) Currency translation ( 0.1 ) ( 0.3 ) 0.1 Balance at end of period $ 6.1 $ 5.3 $ 7.3 |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company determines inventory value using the first-in, first-out and average cost methodologies. |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“Topic 805”). The acquisition method requires identifiable assets acquired and liabilities assumed and any non-controlling interest in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the Company obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The Company expenses transaction costs in a business combination. |
Goodwill and Intangible Assets | Goodwill and Intangible Asset s The Company accounts for goodwill and intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other” (“Topic 350”). Under ASC Topic 350, goodwill is not amortized; instead, the Company performs an annual impairment test. The date for the annual impairment test is October 31 or more frequently if events or changes in circumstances indicate that the assets might be impaired. To perform its goodwill impairment test, the Company uses a combination of the income approach and market approach with a weighting of 70/30, respectively, to determine the fair value of the Middle East and Asia Pacific (“MEAP”) reporting unit. The Company uses only the income approach to determine the fair value of the Americas - Distribution reporting unit due to a lack of comparable peer companies to determine fair value under the market approach. Impairment is determined based on the amount in which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill at the reporting unit. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. The Company’s indefinite-lived intangible assets are not amortized but are subject to an annual impairment test. To perform its indefinite-lived intangible assets impairment test, the Company uses a fair-value method based on a relief of royalty valuation approach to determine the fair value of its indefinite-lived intangible assets. Management’s judgments and assumptions about the amounts of those cash flows and the discount rates are inputs to the annual impairment test. Impairment is determined based on the amount in which the carrying value of the indefinite-lived intangible asset exceeds its fair value, not to exceed the carrying amount of the indefinite-lived intangible asset. Refer to Note 10, “Goodwill and Intangible Assets,” for further details on the Company's impairment assessments. The Company’s definite-lived intangible assets subject to amortization are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If an indicator of impairment is identified, the Company would use the undiscounted cash flow model. The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy: Years Patents 20 Customer relationships 12 - 18 Trademarks and tradenames 5 Noncompetition agreements 5 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and depreciated over the remaining estimated useful life. The cost and accumulated depreciation for property, plant and equipment sold, retired or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes. The Company also has certain leasehold improvements which are depreciated over the lesser of the asset's useful life or lease term using the straight-line depreciation method. Property, plant and equipment are generally depreciated over the following estimated useful lives according to the Company's policy: Years Building and improvements 10 - 50 Machinery, equipment and tooling 5 - 20 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Rental cranes 5 - 10 Property, plant and equipment also includes cranes accounted for as operating leases which are included in rental cranes. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of rental cranes included in property, plant and equipment - net amounted to $ 153.3 million and $ 119.9 million, net of accumulated depreciation, as of December 31, 2023 and 2022, respectively. The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant and Equipment” (“Topic 360”). Topic 360 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows are less than the net book value of the assets, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets. |
Warranties | Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred. Costs associated with other warranty activity not related to a manufacturer's standard or extended warranty are recorded in the period a loss is probable and can be reasonably estimated in accordance with ASC Topic 450-20 “Loss Contingencies.” |
Product Liabilities | Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates. Insurance recoveries related to a product liability case are recorded as an asset in the period it is determined that the gain has been realized or realizable. Refer to Note 19, “Commitments and Contingencies,” for further information. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC Topic 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge. The Company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure or variable interest rate exposure, primarily using foreign currency exchange contracts (“FX Forward Contracts”), commodity contracts and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with Topic 815 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices or interest rates. The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts designated as cash flow hedges, net of income taxes. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for non-performance stock-based awards on a straight-line basis over the vesting period of the entire award. The Company recognizes expense net of estimated future forfeitures for stock-based awards with performance goals based on actual or estimated achievement of those goals on a straight-line basis over the vesting period of the entire award. Estimated future forfeiture rates are based on the Company's historical experience. Refer to Note 17, “Stock-Based Compensation,” for more information on stock-based compensation plans. |
Research and Development | Research and Development Research and development costs are charged to expense as incurred and amounte d to $ 35.3 million, $ 33.5 million and $ 29.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. These costs are recorded within engineering, selling and administrative expenses in the Consolidated Statement of Operations. |
Income Taxes | Income Taxes The Company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority. |
Net Income (Loss) Per Share | Ne t Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year or period. The calculation of diluted net income (loss) per share reflects the effect of all potential dilutive shares that were outstanding during the respective periods, unless the effect of doing so would be antidilutive. The Company uses the treasury stock method to calculate the effect of outstanding stock-based compensation awards. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net income (loss) , other items that are reported as direct adjustments to Manitowoc stockholders’ equity. These items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments. |
Net Sales | Net Sales Sales are recognized when obligations under the terms of a contract with the Company’s customer are satisfied; generally this occurs with the transfer of control of the Company’s cranes or attachments or aftermarket parts or completion of performance of services. Sales are measured as the amount of consideration the Company expects to be entitled to receive in exchange for transferring goods or providing services. The Company recognizes sales for extended warranties over the life of the extended warranty period. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from sales. Performance Obligations The following is a description of principle activities from which the Company generates sales. Disaggregation of the Company’s revenue sources are disclosed in Note 18, “Segments.” Crane Sales Crane sales are primarily generated through the sale of new and used cranes. Contracts with customers are generally in the form of a purchase order. Based on the nature of the Company’s contracts, the Company does not have any significant financing terms. Contracts may have variable consideration in the form of early pay discounts or rebates, however variable consideration is not material to the overall contract with the customer. Sales are recognized under these contracts when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier or acceptance through an independent inspection company that acts as an agent of the customer. From time to time, the Company enters into agreements where the customer has the right to exercise a put option requiring the Company to buyback a crane at an agreed upon price. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise that right. If it is determined that the customer has a significant economic incentive to exercise that right, the agreement is accounted for as a lease in accordance with ASC Topic 842 “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the asset is transferred to the customer. Refer to Note 20, “Guarantees,” for additional information. Given the nature of the Company’s products, the customer may request that the product be held until a delivery location is identified. Under these “bill and hold” arrangements, sales are recognized when all of the following criteria are met: 1) the reason for the bill-and-hold arrangement is substantive, 2) the product is separately identified as belonging to the customer, 3) the product is ready for transfer to the customer, and 4) the Company does not have the ability to use the product or direct it to another customer. Crane Attachment Sales Crane attachment sales are generated through the sale of new or used crane attachments such as luffing jibs, ecomats and counterweights. Crane attachment sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier. Aftermarket Part Sales Aftermarket part sales are generated through the sale of new and used parts to end customers and distributors. Aftermarket part sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier. Customers generally have a right of return which the Company estimates using historical information. The amount of estimated returns is deducted from net sales. Other Sales The Company’s other sales consist primarily of sales from: • Repair and field service work; • Remanufacturing; and • Rental of cranes. The Company’s performance obligations for other sales generally relates to performing specific agreed upon services. Depending on the nature of the contract, sales are recognized upon the completion of those services or over the service period based on a measure of progress. Practical Expedients and Exemptions The Company expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within engineering, selling and administrative expenses in the Consolidated Statement of Operations. The Company accounts for shipping and handling activities performed after control of a product has been transferred to the customer as a fulfillment cost. As such, we have applied the practical expedient and we accrue for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. |
Recent Accounting Changes and Pronouncements | Rece nt Accounting Changes and Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04, "Disclosure of Supplier Financing Program Obligations”. The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this ASU as of January 1, 2023. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures”. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements. |
Fair Value Measurement | ASC Topic 820-10 ("ASC 820") defines fair value 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. ASC Topic 820 classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Rollforward of the Allowance for Credit Losses | The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021. 2023 2022 2021 Balance at beginning of period $ 5.3 $ 7.3 $ 8.5 Bad debt expenses 2.3 0.1 — Use of reserve ( 1.4 ) ( 1.8 ) ( 1.3 ) Currency translation ( 0.1 ) ( 0.3 ) 0.1 Balance at end of period $ 6.1 $ 5.3 $ 7.3 |
Schedule of Estimated Useful Lives of Intangible Assets Subject to Amortization | The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy: Years Patents 20 Customer relationships 12 - 18 Trademarks and tradenames 5 Noncompetition agreements 5 |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are generally depreciated over the following estimated useful lives according to the Company's policy: Years Building and improvements 10 - 50 Machinery, equipment and tooling 5 - 20 Furniture and fixtures 5 - 10 Computer hardware and software 3 - 5 Rental cranes 5 - 10 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities based upon their estimated fair value | The transaction price was allocated to underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the combination as follows: Net working capital $ 48.8 Property, plant and equipment 13.1 Rental fleet 48.2 Goodwill 7.8 Noncompetition agreement intangible 3.8 Customer relationships intangible 15.1 Total fair value consideration $ 136.8 |
Net Sales (Tables)
Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Change In Customer Advances Balance | The table below shows the change in the customer advances balance for the year ended December 31, 2023 and 2022. 2023 2022 Balance at beginning of period $ 21.9 $ 28.7 Cash received in advance of satisfying 147.7 130.6 Revenue recognized ( 150.8 ) ( 139.2 ) Currency translation 0.4 1.8 Balance at end of period $ 19.2 $ 21.9 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value | The following tables sets forth the Company’s financial assets and liabilities related to FX Forward Contracts and the Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of December 31, 2023 and 2022. Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 1.6 $ — $ 1.6 Other current assets Deferred Compensation Plan - Program B 8.1 — — 8.1 Other non-current assets Total current assets at fair value $ 8.1 $ 1.6 $ — $ 9.7 Current Liabilities: FX Forward Contracts $ — $ 0.6 $ — $ 0.6 Accounts payable and accrued expenses Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 5.7 $ — $ 5.7 Other current assets Current Liabilities: FX Forward Contracts $ — $ 0.3 $ — $ 0.3 Accounts payable and accrued expenses |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Foreign Currency Exchange Contracts | |
Derivative Instruments Gain Loss [Line Items] | |
Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts | The gains (losses) recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: Recognized Location 2023 2022 2021 Designated Cost of sales $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Non-Designated Other income (expense) - net ( 3.3 ) 7.2 0.4 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of the components of inventories | The components of inventories as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Raw materials $ 164.7 $ 161.2 Work-in-process 111.3 141.3 Finished goods 390.5 309.4 Total Inventories $ 666.5 $ 611.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Land $ 14.9 $ 17.9 Building and improvements 201.5 194.7 Machinery, equipment and tooling 318.4 300.6 Furniture and fixtures 13.8 13.8 Computer hardware and software 135.8 129.4 Rental cranes 201.9 157.8 Construction in progress 7.2 8.4 Total cost 893.5 822.6 Less accumulated depreciation ( 527.4 ) ( 487.3 ) Property, plant and equipment — net $ 366.1 $ 335.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill by reportable segment | The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are summarized as follows: Americas - Manufacturing Americas - Distribution MEAP Consolidated Balance as of January 1, 2022 $ 166.5 $ 15.1 $ 68.1 $ 249.7 Goodwill impairment ( 166.5 ) — — ( 166.5 ) Purchase accounting adjustments — ( 0.7 ) — ( 0.7 ) Foreign currency impact — — ( 2.4 ) ( 2.4 ) Net balance as of December 31, 2022 — 14.4 65.7 80.1 Foreign currency impact — — ( 0.5 ) ( 0.5 ) Net balance as of December 31, 2023 $ — $ 14.4 $ 65.2 $ 79.6 |
Schedule of Goodwill Balances by Reporting Unit | The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows: December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Impairment Amount Net Book Value Gross Carrying Amount Accumulated Impairment Amount Net Book Value Americas - Manufacturing $ 166.5 $ ( 166.5 ) $ — $ 166.5 $ ( 166.5 ) $ — Americas - Distribution 14.4 — 14.4 14.4 — 14.4 EURAF 82.2 ( 82.2 ) — 82.2 ( 82.2 ) — MEAP 65.2 — 65.2 65.7 — 65.7 Total $ 328.3 $ ( 248.7 ) $ 79.6 $ 328.8 $ ( 248.7 ) $ 80.1 |
Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill | T he gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Definite lived intangible assets: Customer relationships $ 26.5 $ ( 11.6 ) $ 14.9 $ 26.5 $ ( 10.0 ) $ 16.5 Patents 29.2 ( 28.8 ) 0.4 28.7 ( 28.2 ) 0.5 Noncompetition agreements 4.2 ( 2.0 ) 2.2 4.2 ( 1.2 ) 3.0 Trademarks and tradenames 2.2 ( 1.0 ) 1.2 2.2 ( 0.6 ) 1.6 Other intangibles 0.7 ( 0.7 ) - 0.6 ( 0.5 ) 0.1 Total 62.8 ( 44.1 ) 18.7 62.2 ( 40.5 ) 21.7 Indefinite lived intangible assets: Trademarks and tradenames 92.6 — 92.6 91.0 — 91.0 Distribution network 14.3 — 14.3 14.0 — 14.0 Total 106.9 — 106.9 105.0 — 105.0 Total intangible assets $ 169.7 $ ( 44.1 ) $ 125.6 $ 167.2 $ ( 40.5 ) $ 126.7 |
Estimated Amortization Expense | Excluding the impact of any future acquisitions, divestitures or impairments, the Company's anticipated future amortization of intangible assets as of December 31 , 2023 is summarized as follows: Year 2024 $ 2.9 2025 2.9 2026 2.5 2027 1.4 2028 1.4 Thereafter 7.6 Total $ 18.7 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Trade accounts payable $ 254.7 $ 274.6 Employee-related expenses 57.9 51.0 Accrued vacation 23.7 22.4 Miscellaneous accrued expenses 121.1 98.4 Total accounts payable and accrued expenses $ 457.4 $ 446.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | Outstanding debt as of December 31, 2023 and 2022 is summarized as follows: 2023 2022 Borrowing under senior secured asset based revolving $ 60.0 $ 80.0 2026 Notes 300.0 300.0 Other 13.7 8.0 Deferred financing costs ( 1.6 ) ( 2.4 ) Total debt 372.1 385.6 Short-term borrowings and current portion of ( 13.4 ) ( 6.1 ) Long-term debt $ 358.7 $ 379.5 |
Schedule of revolving credit facility bear interest at variable rate based upon average quarterly availability | Average quarterly availability Alternative base rate spread SOFR spread ≥ 50% of Aggregate Commitment 0.25 % 1.25 % < 50% of Aggregate Commitment 0.50 % 1.50 % |
Schedule of aggregate future maturities of outstanding debt obligations | The aggregate scheduled future maturitie s of outstanding debt obligations as of December 31, 2023 is summarized as follows: Year 2024 $ 13.4 2025 60.3 2026 300.0 2027 — 2028 — Thereafter — Total $ 373.7 T |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Income (loss) before income taxes: United States $ ( 32.7 ) $ ( 203.8 ) $ ( 39.0 ) Foreign 76.9 83.6 56.1 Total $ 44.2 $ ( 120.2 ) $ 17.1 |
Schedule of Provision for Income Taxes | Provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Current: United States federal and state $ 0.3 $ ( 11.7 ) $ ( 1.2 ) Foreign 10.7 10.9 7.9 Total current 11.0 ( 0.8 ) 6.7 Deferred: United States federal and state — ( 2.4 ) 0.6 Foreign ( 6.0 ) 6.6 ( 1.2 ) Total deferred ( 6.0 ) 4.2 $ ( 0.6 ) Provision for income taxes $ 5.0 $ 3.4 $ 6.1 |
Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate for Continuing Operations | The items accounting for the difference between income taxes computed at the United States federal statutory rate and the Company's effective rate for the years ended December 31, 2023, 2022 and 2021 is summarized as follows: 2023 2022 2021 Federal income tax at statutory rate $ 9.3 $ ( 25.2 ) $ 3.6 State income tax provision 2.0 0.9 0.3 Manufacturing and research incentives ( 1.3 ) ( 0.5 ) ( 0.2 ) Taxes on foreign income which differ from the federal 9.1 ( 1.9 ) 1.5 Adjustments for unrecognized tax benefits 0.2 ( 11.0 ) ( 2.3 ) Adjustments to valuation allowances ( 28.6 ) 5.2 4.5 United States tax reform 10.1 4.8 ( 1.6 ) Goodwill and indefinite-lived intangible asset impairment — 31.7 — Audit settlements ( 3.0 ) — ( 1.9 ) Non-deductible expenses 8.2 1.6 1.3 Other items ( 1.0 ) ( 2.2 ) 0.9 Provision for income taxes $ 5.0 $ 3.4 $ 6.1 |
Schedules of Deferred Tax Assets (Liabilities) | Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are summarized as follows: 2023 2022 Deferred income tax assets: Inventories $ 14.7 $ 25.3 Deferred employee benefits 27.8 28.2 Product warranty reserves 7.8 8.7 Product liability reserves 2.6 2.2 Tax credits 7.9 7.2 Loss and other tax attribute carryforwards 114.1 129.6 Deferred revenue 3.9 0.2 Capitalized research costs 10.5 4.8 Other 12.5 13.8 Total deferred income tax assets 201.8 220.0 Less valuation allowance ( 130.8 ) ( 174.1 ) Net deferred income tax assets $ 71.0 $ 45.9 Deferred income tax liabilities Accounts receivable $ — $ 4.0 Property, plant and equipment 25.6 5.1 Intangible assets 28.5 28.0 Total deferred income tax liabilities $ 54.1 $ 37.1 Net deferred income tax assets $ 16.9 $ 8.8 The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2023 and 2022 are summarized as follows: 2023 2022 Long-term income tax assets, included in $ 24.4 $ 13.7 Long-term deferred income tax liability ( 7.5 ) ( 4.9 ) Net deferred income tax asset $ 16.9 $ 8.8 |
Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination | The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions: Jurisdiction Open Years U.S. federal 2016 — 2023 China 2014 — 2023 France 2021 — 2023 Germany 2018 — 2023 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties as of December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Balance at beginning of year $ 9.1 $ 18.4 $ 20.1 Additions for tax positions of current year 0.1 0.1 0.1 Additions for tax positions of prior years 0.1 3.6 — Reductions for tax positions of prior years — ( 11.0 ) ( 0.2 ) Reductions based on settlements with tax — — ( 0.2 ) Reductions for lapse of statute of limitations ( 0.2 ) ( 2.0 ) ( 1.4 ) Balance at end of year $ 9.1 $ 9.1 $ 18.4 |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share | The following is a reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share: 2023 2022 2021 Basic weighted average common shares outstanding 35,093,963 35,184,336 34,903,189 Effect of dilutive securities - equity 868,815 — 549,366 Diluted weighted average common shares outstanding 35,962,778 35,184,336 35,452,555 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Foreign currency translation, net of income tax 0.2 and $ 0.1 $ ( 77.4 ) $ ( 98.0 ) Derivative instrument fair market value, net of income 0.0 and $ 0.0 1.3 5.4 Employee pension and postretirement benefit adjustments, 13.6 and $ 12.9 ( 10.3 ) ( 15.3 ) Total accumulated other comprehensive loss $ ( 86.4 ) $ ( 107.9 ) A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2023 and 2022 are summarized as follows: Gains (Losses) on Pension & Foreign Total Balance as of December 31, 2021 $ — $ ( 32.3 ) $ ( 70.1 ) $ ( 102.4 ) Other comprehensive income (loss) before ( 0.4 ) 15.5 ( 27.9 ) ( 12.8 ) Amounts reclassified from accumulated other 5.8 1.5 — 7.3 Net other comprehensive income (loss) 5.4 17.0 ( 27.9 ) ( 5.5 ) Balance as of December 31, 2022 5.4 ( 15.3 ) ( 98.0 ) ( 107.9 ) Other comprehensive income (loss) before ( 1.8 ) 2.4 11.3 11.9 Amounts reclassified from accumulated other ( 2.3 ) 2.6 9.3 9.6 Net other comprehensive income (loss) ( 4.1 ) 5.0 20.6 21.5 Balance as of December 31, 2023 $ 1.3 $ ( 10.3 ) $ ( 77.4 ) $ ( 86.4 ) |
Reconciliation of Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes | A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: Amount Reclassified from Accumulated Other Comprehensive Loss 2023 2022 2021 Recognized Gain (losses) on cash flow hedges FX Forward Contracts $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Cost of sales Total before income taxes 2.3 ( 5.8 ) ( 1.1 ) Provision for income taxes — — — Total, net of income taxes $ 2.3 $ ( 5.8 ) $ ( 1.1 ) Amortization of pension and Actuarial losses $ ( 2.6 ) $ ( 2.9 ) $ ( 4.7 ) (a) Other income (expense) - net Amortization of prior service cost ( 0.1 ) 1.3 2.6 (a) Other income (expense) - net Pension settlement gain 0.1 0.1 0.9 (a) Other income (expense) - net Total before income taxes ( 2.6 ) ( 1.5 ) ( 1.2 ) Provision for income taxes — — 0.1 Total, net of income taxes $ ( 2.6 ) $ ( 1.5 ) $ ( 1.1 ) Foreign currency translation Losses on foreign currency translation $ ( 9.3 ) $ — $ — Total before income taxes ( 9.3 ) — — Provision for income taxes — — — Total, net of income taxes $ ( 9.3 ) $ — $ — Total reclassifications for the period, net $ ( 9.6 ) $ ( 7.3 ) $ ( 2.2 ) (a) These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 21, “ Employee Benefit Plans,” for further details). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of the Company's Stock Option Activity | The activity for stock options is summarized as follows: Shares Weighted Aggregate Options outstanding as of December 31, 2022 552,923 $ 21.13 Granted — — Exercised ( 17,135 ) 14.81 Forfeited — — Cancelled ( 41,418 ) 19.63 Options outstanding as of December 31, 2023 494,370 $ 21.47 $ 324,847 Options exercisable as of December 31, 2023 494,370 $ 21.47 $ 324,847 |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | The activity for restricted stock units is summarized as follows: Shares Weighted Unvested as of December 31, 2022 647,212 $ 16.45 Granted 520,132 14.28 Vested ( 359,655 ) 15.74 Forfeited ( 2,227 ) 17.27 Unvested as of December 31, 2023 805,462 - $ 15.37 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity | The activity for performance share units is summarized as follows: Shares Weighted Unvested as of December 31, 2022 459,774 $ 17.30 Granted (1) 316,022 16.05 Adjustment for performance results achieved (2) ( 84,576 ) 12.67 Vested ( 46,145 ) 12.67 Forfeited ( 14,680 ) 18.28 Unvested as of December 31, 2023 630,395 $ 17.39 (1) Performance shares granted assuming achievement of performance goals at target. (2) Adjustment due to performance share units granted in 2020 and vested in 2023 where the number of shares achieved based on the three-year performance period ended December 31, 2022 were lower than target. |
Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant | The fair value of each performance share unit was estimated at the date of grant using the following assumptions: 2023 2022 2021 Correlation 28.2 % 25.9 % 27.9 % Risk-free interest rate 4.1 % 1.7 % 0.2 % Expected volatility 60.3 % 59.5 % 59.0 % Expected dividend yield — % — % — % |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Information by Reportable Segment | The following table shows information by reportable segment for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Net Sales Americas $ 1,211.2 $ 1,013.0 $ 757.6 EURAF 669.6 761.5 677.0 MEAP 347.0 258.0 285.6 Total $ 2,227.8 $ 2,032.5 $ 1,720.2 Segment Operating Income (Loss) Americas $ 111.7 $ ( 88.8 ) $ 57.3 EURAF ( 7.9 ) ( 3.2 ) 8.9 MEAP 52.3 40.2 30.9 Total $ 156.1 $ ( 51.8 ) $ 97.1 Depreciation Americas $ 29.2 $ 35.4 $ 20.7 EURAF 22.1 20.1 19.8 MEAP 2.4 2.2 2.1 Corporate 2.9 2.9 2.9 Total $ 56.6 $ 60.6 $ 45.5 Capital Expenditures Americas $ 46.5 $ 32.0 $ 11.3 EURAF 28.5 27.7 27.5 MEAP 2.4 2.1 1.5 Corporate — — 0.1 Total $ 77.4 $ 61.8 $ 40.4 |
Schedule of Reconciliation of the Company's Segment Operating Income (Loss) | A reconciliation of the Company’s segment operating income (loss) to operating income (loss) in the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Segment operating income (loss) $ 156.1 $ ( 51.8 ) $ 97.1 Unallocated corporate expenses ( 63.6 ) ( 41.3 ) ( 51.1 ) Unallocated restructuring income (expense) ( 0.1 ) 0.1 0.5 Total operating income (loss) $ 92.4 $ ( 93.0 ) $ 46.5 |
Schedule of Net Sales and Property, Plant and Equipment by Geographic Area | Net sales by geographic area for the years ended December 31, 2023, 2022 and 2021 and property, plant and equipment as of December 31, 2023 and 2022 are summarized as follows: Net Sales Property, Plant and Equipment 2023 2022 2021 2023 2022 United States $ 1,039.9 $ 906.4 $ 664.5 $ 158.1 $ 146.7 Europe 641.9 740.1 653.7 183.8 166.6 Other 546.0 386.0 402.0 24.2 22.0 Total $ 2,227.8 $ 2,032.5 $ 1,720.2 $ 366.1 $ 335.3 |
Schedule of Net Sales By Product | New machine and non-new machine sales for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 New machine sales $ 1,615.1 $ 1,487.2 $ 1,271.6 Non-new machine sales 612.7 545.3 448.6 Total net sales $ 2,227.8 $ 2,032.5 $ 1,720.2 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees [Abstract] | |
Summary of Warranty Activity | Below is a table summarizing the warranty and other warranty related work for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Balance at beginning of period $ 58.0 $ 60.2 $ 63.2 Adjustments to accruals for warranties 28.9 27.3 30.4 Settlements made (in cash or in kind) during ( 31.0 ) ( 27.8 ) ( 31.3 ) Currency translation 0.9 ( 1.7 ) ( 2.1 ) Balance at end of period $ 56.8 $ 58.0 $ 60.2 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Period Benefit Costs | The components of periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: U.S. Pension Plan Non-U.S. Pension Plans Postretirement Medical 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost - benefits earned $ — $ — $ — $ 1.2 $ 1.6 $ 2.3 $ 0.1 $ 0.1 $ 0.1 Interest cost of projected 5.5 3.2 2.8 3.0 1.7 1.5 0.4 0.2 0.2 Expected return on assets ( 3.9 ) ( 5.2 ) ( 4.9 ) ( 1.6 ) ( 1.2 ) ( 1.0 ) — — — Amortization of prior service — — — 0.1 0.1 0.1 — ( 1.4 ) ( 2.7 ) Amortization of actuarial net 2.2 1.9 3.2 1.6 1.5 1.8 ( 1.2 ) ( 0.5 ) ( 0.3 ) Pension settlement gain — — — ( 0.1 ) ( 0.1 ) ( 0.9 ) — — — Net periodic benefit cost $ 3.8 $ ( 0.1 ) $ 1.1 $ 4.2 $ 3.6 $ 3.8 $ ( 0.7 ) $ ( 1.6 ) $ ( 2.7 ) Weighted average Effective discount rate for 5.4 % 2.8 % 2.4 % 4.7 % 1.4 % 1.2 % 5.4 % 2.5 % 2.0 % Expected return on 5.0 % 4.7 % 4.3 % 5.4 % 2.9 % 1.6 % N/A N/A N/A Rate of compensation N/A N/A N/A 3.7 % 4.1 % 4.1 % N/A N/A N/A |
Reconciliation of the Changes in Benefit Obligation, the Changes in Plan Assets, and the Funded Status | The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2023 and 2022: U.S. Pension Plan Non-U.S. Pension Plans Postretirement 2023 2022 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation, beginning of year $ 106.4 $ 141.2 $ 59.0 $ 94.5 $ 9.5 $ 13.7 Service cost — — 1.2 1.6 0.1 0.1 Interest cost 5.5 3.2 3.0 1.7 0.4 0.2 Participant contributions — — — — 0.1 0.1 Actuarial (gain) loss 2.5 ( 30.1 ) ( 0.3 ) ( 27.1 ) ( 2.4 ) ( 3.4 ) Currency translation adjustment — — 2.6 ( 8.0 ) — — Pension settlement — — ( 0.1 ) ( 0.3 ) — — Benefits paid ( 8.0 ) ( 7.9 ) ( 3.5 ) ( 3.4 ) ( 1.1 ) ( 1.2 ) Benefit obligation, end of year $ 106.4 $ 106.4 $ 61.9 $ 59.0 $ 6.6 $ 9.5 Change in Plan Assets Fair value of plan assets, beginning of year $ 82.3 $ 114.6 $ 29.7 $ 50.2 $ — $ — Actual return on plan assets 7.4 ( 24.9 ) — ( 15.0 ) — — Employer contributions 0.5 0.5 3.6 3.4 1.0 1.1 Participant contributions — — — — 0.1 0.1 Currency translation adjustment — — 1.6 ( 5.2 ) — — Pension settlement — — ( 0.1 ) ( 0.3 ) — — Benefits paid ( 8.0 ) ( 7.9 ) ( 3.5 ) ( 3.4 ) ( 1.1 ) ( 1.2 ) Fair value of plan assets, end of year 82.2 82.3 31.3 29.7 — — Funded status $ ( 24.2 ) $ ( 24.1 ) $ ( 30.6 ) $ ( 29.3 ) $ ( 6.6 ) $ ( 9.5 ) Amounts recognized in the Consolidated Pension asset $ — $ — $ 2.7 $ — $ — $ — Short-term pension obligation ( 0.5 ) ( 0.5 ) ( 1.2 ) ( 1.2 ) — — Long-term pension obligation ( 23.7 ) ( 23.6 ) ( 32.1 ) ( 28.1 ) — — Short-term postretirement medical and other — — — — ( 1.0 ) ( 1.3 ) Long-term postretirement medical and other — — — — ( 5.6 ) ( 8.2 ) Net amount recognized $ ( 24.2 ) $ ( 24.1 ) $ ( 30.6 ) $ ( 29.3 ) $ ( 6.6 ) $ ( 9.5 ) Weighted-Average Assumptions Discount rate 5.1 % 2.8 % 4.2 % 4.2 % 5.0 % 5.4 % Rate of compensation increase N/A N/A 3.8 % 2.7 % N/A N/A |
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss as of December 31, 2023 and 2022, are summarized as follows: Pensions Postretirement 2023 2022 2023 2022 Net actuarial gain (loss) $ ( 32.0 ) $ ( 35.0 ) $ 8.3 $ 7.0 Prior service cost ( 0.2 ) ( 0.3 ) — — Total amount recognized $ ( 32.2 ) $ ( 35.3 ) $ 8.3 $ 7.0 |
Schedule of the Weighted-Average Asset Allocation of the Pension Plans | The weighted-average asset allocation of the U.S. Pension Plan as of December 31, 2023 and 2022, by asset category are summarized as follows: 2023 2022 Equity 53.3 % 52.8 % Fixed income 39.7 % 36.9 % Other 7.0 % 10.3 % Total 100.0 % 100.0 % The weighted-average asset allocation of the Non-U.S. Pension Plans as of December 31, 2023 and 2022, by asset category are summarized as follows: 2023 2022 Equity — % — % Fixed income 39.4 % 45.2 % Other (1) 60.6 % 54.8 % Total 100.0 % 100.0 % (1) Includes diversified investments that have equity and fixed income holdings. |
Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class | The actual and target allocations for the pension assets as of December 31, 2023, by asset class, are summarized as follows: Target Allocations Weighted Average Asset U.S. Plan Non-U.S. Plans U.S. Plans Non-U.S. Plans Equity Securities 50.0 % 0.0 % 53.3 % — % Debt Securities 40.0 % 48.0 % 39.7 % 39.4 % Other 10.0 % 52.0 % 7.0 % 60.6 % |
Schedule of Plan Assets Using the Fair Value Hierarchy | The following tables present the Company’s plan assets using the fair value hierarchy as of December 31, 2023 and 2022. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Refer to Note 5, “Fair Value of Financial Instruments,” for definitions of each fair value level. December 31, 2023 Assets Quoted Significant Unobservable Net Asset Value ("NAV")* Total Equity: U.S. equity $ — $ — $ — $ 21.7 $ 21.7 International equity — — — 22.1 22.1 Fixed income: Corporate bonds and notes — — — 16.6 16.6 Government and agency bonds — — — 25.5 25.5 Commingled funds — — — 11.1 11.1 International fixed income — — — 4.7 4.7 Other: Cash and cash equivalents 1.0 — — — 1.0 Money market funds 0.7 — — — 0.7 Annuity contracts — — 7.4 — 7.4 Other — — — 2.7 2.7 Total $ 1.7 $ — $ 7.4 $ 104.4 $ 113.5 * Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. December 31, 2022 Assets Quoted Significant Unobservable Net Asset Value ("NAV")* Total Equity: U.S. equity $ — $ — $ — $ 16.9 $ 16.9 International equity — — — 27.8 27.8 Fixed income: Corporate bonds and notes — — — 18.5 18.5 Government and agency bonds — — — 25.4 25.4 Commingled funds — — — 8.6 8.6 International fixed income — — — 1.9 1.9 Other: Cash and cash equivalents 0.9 — — — 0.9 Money market funds — 0.7 — — 0.7 Annuity contracts — — 8.5 — 8.5 Other — — — 2.8 2.8 Total $ 0.9 $ 0.7 $ 8.5 $ 101.9 $ 112.0 *Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. |
Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year | A reconciliation of the fair value measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows: Annuity Contracts 2023 2022 Beginning Balance $ 8.5 $ 12.6 Additions 0.5 — Actual return on assets ( 1.2 ) ( 1.9 ) Benefit payments ( 0.9 ) ( 0.8 ) Foreign currency impact 0.5 ( 1.4 ) Ending Balance $ 7.4 $ 8.5 |
Schedule of Projected Future Benefit Payments from the Plans | Projected future benefit payments from the plans as of December 31, 2023 are estimated as follows: U.S. Pension Non-U.S. Postretirement 2024 $ 8.7 $ 3.0 $ 1.0 2025 8.8 3.0 0.9 2026 8.7 3.4 0.8 2027 8.7 3.6 0.8 2028 8.7 4.2 0.7 Thereafter 41.2 20.7 2.6 Total $ 84.8 $ 37.9 $ 6.8 |
Schedule of Fair Value of Plan Assets for which the Accumulated Benefit Obligation is in Excess of Plan Assets | The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2023 and 2022 is summarized as follows: U.S. Pension Plan Non U.S. Pension Plans 2023 2022 2023 2022 Projected benefit obligation $ 106.4 $ 106.4 $ 33.8 $ 59.0 Accumulated benefit obligation 106.4 106.4 30.6 56.1 Fair value of plan assets 82.2 82.3 0.5 29.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense for the years ended December 31, 2023, 2022 and 2021 are summarized as follows: 2023 2022 2021 Operating lease cost $ 15.5 $ 14.0 $ 13.2 Variable lease cost* 1.2 1.4 1.5 Total lease cost $ 16.7 $ 15.4 $ 14.7 *Includes short-term leases, which are immaterial. |
Summary of Supplemental Consolidated Balance Sheet Information Related to Leases | Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2023 and 2022 are summarized as follows: 2023 2022 Operating lease right-of-use assets $ 59.7 $ 45.2 Other liabilities $ 13.0 $ 11.6 Operating lease liabilities 47.2 34.3 Total operating lease liabilities $ 60.2 $ 45.9 |
Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of December 31, 2023 are summarized as follows: Year 2024 $ 15.4 2025 13.4 2026 10.7 2027 9.8 2028 7.6 Thereafter 15.7 Total lease payments 72.6 Less: imputed interest ( 12.4 ) Present value of lease liabilities $ 60.2 |
Company and Basis of Presenta_2
Company and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Period of providing high-quality, customer-focused products and support services | 120 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Rollforward of the Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||
Balance at beginning of period | $ 5.3 | $ 7.3 | $ 8.5 |
Bad debt expense | 2.3 | 0.1 | 0 |
Use of reserve | (1.4) | (1.8) | (1.3) |
Currency translation | (0.1) | (0.3) | 0.1 |
Balance at end of period | $ 6.1 | $ 5.3 | $ 7.3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets Subject to Amortization (Details) | Dec. 31, 2023 |
Patents | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 20 years |
Customer Relationships | Minimum [Member] | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 12 years |
Customer Relationships | Maximum [Member] | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 18 years |
Trademarks and Tradenames | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 5 years |
Noncompetition agreements | |
Estimated useful lives of other intangible assets | |
Finite-lived intangible asset, useful life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Building and Improvements | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 10 years |
Building and Improvements | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 50 years |
Machinery, Equipment and Tooling | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 5 years |
Machinery, Equipment and Tooling | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 20 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 5 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 10 years |
Computer Hardware and Software | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 3 years |
Computer Hardware and Software | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 5 years |
Rental Cranes | Minimum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 5 years |
Rental Cranes | Maximum | |
Property, Plant and Equipment | |
Property, plant and equipment, useful lives | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Property, plant and equipment - net | $ 366.1 | $ 335.3 | |
Research and development costs | 35.3 | 33.5 | $ 29.1 |
Assets Leased to Others | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Property, plant and equipment - net | $ 153.3 | $ 119.9 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Oct. 01, 2021 | Sep. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Aspen | |||||
Business Acquisition [Line Items] | |||||
Business acquisition purchase price | $ 50.2 | ||||
Acquisition Reason and Description | The acquisition of Aspen was funded from existing cash resources and expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. | ||||
Revenue | $ 109.4 | $ 79.8 | $ 23.6 | ||
H&E equipment Services Inc | |||||
Business Acquisition [Line Items] | |||||
Business acquisition purchase price | $ 136.8 | 136.8 | |||
Acquisitions | 7.8 | ||||
Other Adjustments | 3.7 | ||||
Net working capital | $ 130 | 48.8 | |||
Property, Plant and Equipment | 13.1 | ||||
Rental Fleet | 48.2 | ||||
Acquisition Reason and Description | the acquired crane business of H&E operated with ten full-service branch locations under the Company's wholly owned subsidiary, MGX Equipment Services, LLC (“MGX”). The acquired crane business expands Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service and crane financing options to a variety of end market customers. | ||||
Outstanding Balances . | $ 3.1 | ||||
Revenue | $ 277.2 | $ 218.4 | $ 50.6 | ||
ASC 805 | Aspen | |||||
Business Acquisition [Line Items] | |||||
Acquisitions | $ 6.6 | ||||
Net working capital | 12.9 | ||||
Property, Plant and Equipment | 5.6 | ||||
Rental Fleet | 19.3 | ||||
Intangible Assets Amount Included In Purchase Price | 5.4 | ||||
Other Assets | $ 0.4 |
Business Combinations - Schedul
Business Combinations - Schedule of assets acquired and liabilities based upon their estimated fair value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2021 | Sep. 01, 2021 | Dec. 31, 2023 | |
Aspen [Member] | |||
Business Acquisition [Line Items] | |||
Total fair value consideration | $ 50.2 | ||
Aspen [Member] | Accounting Standards Codification Eight Hundred And Five [Member] | |||
Business Acquisition [Line Items] | |||
Net working capital | 12.9 | ||
Property, Plant and Equipment | 5.6 | ||
Rental Fleet | 19.3 | ||
Goodwil | $ 6.6 | ||
H&E equipment Services Inc | |||
Business Acquisition [Line Items] | |||
Net working capital | $ 130 | $ 48.8 | |
Property, Plant and Equipment | 13.1 | ||
Rental Fleet | 48.2 | ||
Goodwil | 7.8 | ||
Noncompetition agreement intangible | 3.8 | ||
Customer relationships intangible | 15.1 | ||
Total fair value consideration | $ 136.8 | $ 136.8 |
Recent Accounting Changes and P
Recent Accounting Changes and Pronouncements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Reduction in beginning retained earnings | $ 143.5 | $ 104.3 | |
Reduction in accounts receivable | $ 9.3 | $ 36.4 | $ 5.2 |
Net Sales - Schedule of Change
Net Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Balance at beginning of period | $ 21.9 | $ 28.7 |
Cash received in advance of satisfying performance obligation | 147.7 | 130.6 |
Revenue recognized | (150.8) | (139.2) |
Currency translation | 0.4 | 1.8 |
Balance at end of period | $ 19.2 | $ 21.9 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 9.7 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 8.1 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 1.6 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 0 | |
Foreign Currency Exchange Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 1.6 | $ 5.7 |
Derivative liabilities, current | 0.6 | 0.3 |
Foreign Currency Exchange Contracts | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 0 | 0 |
Derivative liabilities, current | 0 | 0 |
Foreign Currency Exchange Contracts | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 1.6 | 5.7 |
Derivative liabilities, current | 0.6 | 0.3 |
Foreign Currency Exchange Contracts | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 0 | 0 |
Derivative liabilities, current | 0 | $ 0 |
Deferred Compensation Plan - Program B | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 8.1 | |
Deferred Compensation Plan - Program B | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 8.1 | |
Deferred Compensation Plan - Program B | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 0 | |
Deferred Compensation Plan - Program B | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Mar. 25, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 302.7 | |
Interest rate, stated percentage (as a percent) | 9% | 9% |
Debt instrument maturity date | Apr. 01, 2026 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Net unrealized gain (losses) net of income tax | $ 1.3 | $ 5.4 |
Foreign Exchange Forward | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 140.1 | 87.7 |
Derivative remaining maturity period | 1 year | |
Derivative net current liability | $ (1) | $ (5.4) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Designated | Cost of Sales | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (loss) on foreign currency exchange contracts | $ 2.3 | $ (5.8) | $ (1.1) |
Non-Designated | Other Income (Expense) - Net | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (loss) on foreign currency exchange contracts | $ (3.3) | $ 7.2 | $ 0.4 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 164.7 | $ 161.2 |
Work-in-process | 111.3 | 141.3 |
Finished goods | 390.5 | 309.4 |
Total Inventories | $ 666.5 | $ 611.9 |
Notes Receivable - Narrative (D
Notes Receivable - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Notes receivable, current | $ 6.7 | $ 10.6 |
Notes receivable, long term | 1.1 | $ 2 |
Reserve for the remaining net value of the note | $ 4.8 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment | ||
Total cost | $ 893.5 | $ 822.6 |
Less accumulated depreciation | (527.4) | (487.3) |
Property, plant and equipment — net | 366.1 | 335.3 |
Land | ||
Property, Plant and Equipment | ||
Total cost | 14.9 | 17.9 |
Building and Improvements | ||
Property, Plant and Equipment | ||
Total cost | 201.5 | 194.7 |
Machinery, Equipment and Tooling | ||
Property, Plant and Equipment | ||
Total cost | 318.4 | 300.6 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Total cost | 13.8 | 13.8 |
Computer Hardware and Software | ||
Property, Plant and Equipment | ||
Total cost | 135.8 | 129.4 |
Rental Cranes | ||
Property, Plant and Equipment | ||
Total cost | 201.9 | 157.8 |
Property, plant and equipment — net | 153.3 | 119.9 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Total cost | $ 7.2 | $ 8.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment | |||
Asset impairment expense | $ 0 | $ 171.9 | $ 1.9 |
Additions of property, plant and equipment | 7 | ||
Other Current Assets | |||
Property, Plant and Equipment | |||
Assets held for sale | $ 3 | $ 6.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Balance at the beginning of the period | $ 80.1 | $ 249.7 |
Goodwill impairment | (166.5) | |
Purchase accounting adjustments | (0.7) | |
Foreign currency impact | (0.5) | (2.4) |
Net balance at the end of the period | 79.6 | 80.1 |
Americas - Manufacturing | ||
Goodwill | ||
Balance at the beginning of the period | 0 | 166.5 |
Goodwill impairment | (166.5) | |
Purchase accounting adjustments | 0 | |
Foreign currency impact | 0 | 0 |
Net balance at the end of the period | 0 | 0 |
Americas Distribution | ||
Goodwill | ||
Balance at the beginning of the period | 14.4 | 15.1 |
Goodwill impairment | 0 | |
Purchase accounting adjustments | (0.7) | |
Foreign currency impact | 0 | 0 |
Net balance at the end of the period | 14.4 | 14.4 |
Middle East and Asia Pacific ("MEAP") | ||
Goodwill | ||
Balance at the beginning of the period | 65.7 | 68.1 |
Goodwill impairment | 0 | |
Purchase accounting adjustments | 0 | |
Foreign currency impact | (0.5) | (2.4) |
Net balance at the end of the period | $ 65.2 | $ 65.7 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill Balances by Reporting Unit (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | |||
Gross Amount | $ 328.3 | $ 328.8 | |
Accumulated Impairment Amount | (248.7) | (248.7) | |
Net Amount | 79.6 | 80.1 | $ 249.7 |
Americas - Manufacturing | |||
Goodwill [Line Items] | |||
Gross Amount | 166.5 | 166.5 | |
Accumulated Impairment Amount | (166.5) | (166.5) | |
Net Amount | 0 | 0 | 166.5 |
Americas Distribution | |||
Goodwill [Line Items] | |||
Gross Amount | 14.4 | 14.4 | |
Accumulated Impairment Amount | 0 | 0 | |
Net Amount | 14.4 | 14.4 | 15.1 |
EURAF | |||
Goodwill [Line Items] | |||
Gross Amount | 82.2 | 82.2 | |
Accumulated Impairment Amount | (82.2) | (82.2) | |
Net Amount | 0 | 0 | |
Middle East and Asia Pacific ("MEAP") | |||
Goodwill [Line Items] | |||
Gross Amount | 65.2 | 65.7 | |
Accumulated Impairment Amount | 0 | 0 | |
Net Amount | $ 65.2 | $ 65.7 | $ 68.1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 3.2 | $ 3.1 | $ 1.4 |
Non Cash Impairement Charge To Write Down Of Goodwill | 166.5 | ||
Americas | |||
Goodwill [Line Items] | |||
Non-cash impairment charge | $ 5.4 | ||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | ||
Grove Tradename to its fair value | $ 39 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | $ 169.7 | $ 167.2 |
Finite-lived intangible assets, amortization amount | (44.1) | (40.5) |
Finite-lived intangible assets, book value | 18.7 | |
Intangible assets, book value | 125.6 | 126.7 |
Indefinite-lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | 106.9 | 105 |
Finite-lived intangible assets, amortization amount | 0 | 0 |
Intangible assets, book value | 106.9 | 105 |
Indefinite-lived Intangible Assets | Distribution Network | ||
Intangible asset balances by major asset class | ||
Indefinite-lived intangible assets, book value | 14.3 | 14 |
Finite-lived intangible assets, amortization amount | 0 | 0 |
Indefinite-lived Intangible Assets | Trademarks and Tradenames | ||
Intangible asset balances by major asset class | ||
Indefinite-lived intangible assets, book value | 92.6 | 91 |
Finite-lived intangible assets, amortization amount | 0 | 0 |
Finite-Lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 62.8 | 62.2 |
Finite-lived intangible assets, amortization amount | (44.1) | (40.5) |
Finite-lived intangible assets, book value | 18.7 | 21.7 |
Finite-Lived Intangible Assets | Customer Relationships | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 26.5 | 26.5 |
Finite-lived intangible assets, amortization amount | (11.6) | (10) |
Finite-lived intangible assets, book value | 14.9 | 16.5 |
Finite-Lived Intangible Assets | Patents | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 29.2 | 28.7 |
Finite-lived intangible assets, amortization amount | (28.8) | (28.2) |
Finite-lived intangible assets, book value | 0.4 | 0.5 |
Finite-Lived Intangible Assets | Noncompetition agreements | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 4.2 | 4.2 |
Finite-lived intangible assets, amortization amount | (2) | (1.2) |
Finite-lived intangible assets, book value | 2.2 | 3 |
Finite-Lived Intangible Assets | Other Intangibles | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 0.7 | 0.6 |
Finite-lived intangible assets, amortization amount | (0.7) | (0.5) |
Finite-lived intangible assets, book value | 0 | 0.1 |
Finite-Lived Intangible Assets | Trademarks and Tradenames | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 2.2 | 2.2 |
Finite-lived intangible assets, amortization amount | (1) | (0.6) |
Finite-lived intangible assets, book value | $ 1.2 | $ 1.6 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 2.9 |
2025 | 2.9 |
2026 | 2.5 |
2027 | 1.4 |
2028 | 1.4 |
Thereafter | 7.6 |
Total | $ 18.7 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Trade accounts payable | $ 254.7 | $ 274.6 |
Employee-related expenses | 57.9 | 51 |
Accrued vacation | 23.7 | 22.4 |
Miscellaneous accrued expenses | 121.1 | 98.4 |
Total accounts payable and accrued expenses | $ 457.4 | $ 446.4 |
Debt - Schedule of outstanding
Debt - Schedule of outstanding debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 372.1 | $ 385.6 |
Deferred financing costs | (1.6) | (2.4) |
Short-term borrowings and current portion of long-term debt | (13.4) | (6.1) |
Long-term debt | 358.7 | 379.5 |
ABL Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowing under senior secured asset based revolving credit facility | 60 | 80 |
Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Total debt | 300 | 300 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 13.7 | $ 8 |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 25, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 CNY (¥) | |
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 1.6 | $ 2.4 | |||
Carrying amount | 372.1 | 385.6 | |||
Overdraft Facilities | 45.2 | € 37 | ¥ 30 | ||
Bank Overdraft outsatanding | $ 11.2 | ||||
Period for which the entity will be able to comply with the financial covenants | 12 months | ||||
Senior Notes Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 300 | ||||
Debt instrument interest rate | 9% | 9% | 9% | 9% | |
Interest on the notes | Interest on the 2026 Notes is payable in cash semi-annual in arrears on April 1 and October 1 of each year. | ||||
Carrying amount | $ 300 | $ 300 | |||
ABL Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under revolving credit facility | $ 275 | ||||
Weighted average interest rate (as a percent) | 5.20% | 3.10% | 5.20% | 5.20% | |
Line of credit outstanding | $ 60 | $ 80 | |||
Highest daily borrowing | 119.6 | 112.5 | |||
Average borrowing | 103.4 | 90.9 | |||
Excess capacity | 211.6 | ||||
Line of credit borrowing capacity | $ 275 | ||||
ABL Revolving Credit Facility | SOFR Spread | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.25% | ||||
ABL Revolving Credit Facility | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.25% | ||||
ABL Revolving Credit Facility | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under revolving credit facility | 75 | ||||
Line of credit outstanding | $ 3.4 | ||||
ABL Revolving Credit Facility | Letter of Credit | German Borrowers | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under revolving credit facility | $ 10 | ||||
Other | |||||
Debt Instrument [Line Items] | |||||
Carrying amount | $ 13.7 | $ 8 | |||
Weighted average interest rate (as a percent) | 4.90% | 4.90% | 4.90% |
Debt - Schedule of Revolving Cr
Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2023 | |
SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.25% |
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.25% |
Greater Than or Equal to 50% of Aggregate Commitment | SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.25% |
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.50% |
Less Than 50% of Aggregate Commitment | SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.50% |
Debt - Schedule of Aggregate Fu
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Aggregate scheduled future maturities of outstanding debt obligations | |
2024 | $ 13.4 |
2025 | 60.3 |
2026 | 300 |
2028 | 0 |
Thereafter | 0 |
Total | $ 373.7 |
Debt - Schedule of Aggregate _2
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Deferred financing costs | $ 1.6 | $ 2.4 |
Accounts Receivable Factoring -
Accounts Receivable Factoring - Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Transfers and Servicing [Abstract] | |||
Proceeds from factoring of accounts receivable | $ 163.5 | $ 234.5 | |
Non U S maximum availability under these programs | € | € 0 | ||
Maximum availability under these programs | $ 25 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) from continuing operations before income taxes: | |||
United States | $ (32.7) | $ (203.8) | $ (39) |
Foreign | 76.9 | 83.6 | 56.1 |
Income (loss) before income taxes | $ 44.2 | $ (120.2) | $ 17.1 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
United States federal and state | $ 0.3 | $ (11.7) | $ (1.2) |
Foreign | 10.7 | 10.9 | 7.9 |
Total current | 11 | (0.8) | 6.7 |
Deferred: | |||
United States federal and state | 0 | (2.4) | 0.6 |
Foreign | (6) | 6.6 | (1.2) |
Total deferred | (6) | 4.2 | (0.6) |
Provision for income taxes | $ 5 | $ 3.4 | $ 6.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Discrete tax benefit foreign | $ 3.2 | |||
Tax effect of non-deductible legal reserves | 8.2 | |||
Tax cuts and jobs act of 2017 change in net operating losses and valuation allowance | 48 | $ 22.9 | $ 2.5 | |
Recognized tax benefit | 1.6 | |||
Deferred tax assets, valuation allowance | 130.8 | 174.1 | ||
Tax cuts and jobs act, unremitted earnings of non-United States subsidiaries | 175.7 | |||
Tax cuts and jobs act, additional unremitted earnings of non-United States subsidiaries | 397.4 | 478.1 | ||
Federal income tax at statutory rate | 9.3 | (25.2) | 3.6 | |
Interest expense carryforwards | $ 43.2 | 26.8 | ||
Percentage of tax adjustable | 30% | |||
Change to gross unrecognized tax (expense) benefits including interest and penalties | $ 0.2 | (11) | (2.1) | |
Uncertain tax liabilities interest and penalties | 0.2 | (1.7) | (0.4) | |
Uncertain tax liabilities interest and penalties | 9.1 | 9.1 | 18.4 | $ 20.1 |
Uncertain tax liabilities interest and penalties accrued | 1.4 | 1.2 | 2.9 | |
Unrecognized tax benefits due to the closing of statues of limitations | 0.2 | 2 | 1.4 | |
Unrecognized tax benefits that would impact effective tax rate | 4.5 | 4.7 | 14 | |
Coronavirus aid relief and economic security act | ||||
Operating Loss Carryforwards [Line Items] | ||||
Uncertain tax liabilities interest and penalties | 12.1 | |||
Interest on uncertain tax position | 1.2 | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 96.4 | 96.8 | ||
Federal income tax at statutory rate | 1.9 | |||
Operating loss carryforwards with specific expiration period | 14.1 | 13.5 | ||
Operating loss carryforwards without time restrictions for future use | $ 82.3 | $ 83.3 | ||
Operating loss carryforwards expiration period | 2036 | 2036 | ||
Maximum annual utilization percentage of indefinite lived loss carryforwards | 80% | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 616.1 | $ 651.9 | ||
Operating loss carryforwards expiration period | 2043 | |||
Non-U.S. Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 212.4 | 263.5 | ||
Net operating loss carryforwards, valuation allowance | 48.8 | 163.7 | ||
Ministry of Foreign Countries | ||||
Operating Loss Carryforwards [Line Items] | ||||
Change in valuation allowance, deferred tax asset | (7.2) | |||
Deferred tax assets, valuation allowance | $ 19 | $ 1.2 | 2.7 | |
Increase in deferred tax assets, valuation allowance | $ 7.2 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate for Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal income tax at statutory rate | $ 9.3 | $ (25.2) | $ 3.6 |
State income tax provision | 2 | 0.9 | 0.3 |
Manufacturing and research incentives | (1.3) | (0.5) | (0.2) |
Taxes on foreign income which differ from the federal statutory rate | 9.1 | (1.9) | 1.5 |
Adjustments for unrecognized tax benefits | 0.2 | (11) | (2.3) |
Adjustments to valuation allowances | (28.6) | 5.2 | 4.5 |
United States tax reform | 10.1 | 4.8 | (1.6) |
Goodwill and indefinite-lived intangible asset impairment | 0 | 31.7 | 0 |
Audit settlements | (3) | 0 | (1.9) |
Non-deductible expenses | 8.2 | 1.6 | 1.3 |
Other items | (1) | (2.2) | 0.9 |
Provision for income taxes | $ 5 | $ 3.4 | $ 6.1 |
Income Taxes - Schedules of Def
Income Taxes - Schedules of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current deferred income tax assets (liabilities): | ||
Inventories | $ 14.7 | $ 25.3 |
Deferred employee benefits | 27.8 | 28.2 |
Product warranty reserves | 7.8 | 8.7 |
Product liability reserves | 2.6 | 2.2 |
Tax credits | 7.9 | 7.2 |
Loss and other tax attribute carryforwards | 114.1 | 129.6 |
Deferred revenue | 3.9 | 0.2 |
Capitalized research costs | 10.5 | 4.8 |
Other | 12.5 | 13.8 |
Total deferred income tax assets | 201.8 | 220 |
Less valuation allowance | (130.8) | (174.1) |
Net deferred income tax assets | 71 | 45.9 |
Accounts receivable | 0 | (4) |
Property, plant and equipment | 25.6 | 5.1 |
Intangible assets | 28.5 | 28 |
Total deferred income tax liabilities | 54.1 | 37.1 |
Net deferred income tax assets | 16.9 | 8.8 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Long-term income tax assets, included in other non-current assets | 24.4 | 13.7 |
Long-term deferred income tax liability | (7.5) | (4.9) |
Net deferred income tax asset | $ 16.9 | $ 8.8 |
Income Taxes - Schedule of Open
Income Taxes - Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination (Details) | 12 Months Ended |
Dec. 31, 2023 | |
United States | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2016 |
United States | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2023 |
China | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2014 |
China | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2023 |
France | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2021 |
France | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2023 |
Germany | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2018 |
Germany | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Year under examination | 2023 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 9.1 | $ 18.4 | $ 20.1 |
Additions for tax positions of current year | 0.1 | 0.1 | 0.1 |
Additions for tax positions of prior years | 0.1 | 3.6 | 0 |
Reductions for tax positions of prior years | 0 | (11) | (0.2) |
Reductions based on settlements with tax authorities | 0 | 0 | (0.2) |
Reductions for lapse of statute of limitations | (0.2) | (2) | (1.4) |
Balance at end of year | $ 9.1 | $ 9.1 | $ 18.4 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share - Reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares outstanding (in shares) | 35,093,963 | 35,184,336 | 34,903,189 |
Effect of dilutive securities - equity compensation awards | 868,815 | 549,366 | |
Diluted weighted average common shares outstanding (in shares) | 35,962,778 | 35,184,336 | 35,452,555 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Number of anti-dilutive shares excluded from the calculation of diluted earnings per share | 431,392 | 358,706 | |
Cash dividends declared or paid | $ 0 | $ 0 | $ 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 | |
Par value of common stock (in dollars per share) | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 | |
Par value of preferred stock per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued (in shares) | 0 | ||
Common stock repurchased, shares | 320,984 | ||
Gain (Loss), Foreign Currency Transaction, after Tax, Total | $ (9.3) | $ 0 | $ 0 |
Common Stock | |||
Class Of Stock [Line Items] | |||
Stock repurchase program, authorized amount | 5.5 | ||
Stock repurchase program, remaining authorized amount | 35 | ||
Maximum | Common Stock | |||
Class Of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 35 |
Equity - Schedule of Components
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Foreign currency translation, net of income tax benefit of $0.2 and $0.1 | $ (77.4) | $ (98) |
Derivative instrument fair market value, net of incometax provision of $0.0 and $0.0 | 1.3 | 5.4 |
Employee pension and postretirement benefit adjustments, net of income benefit of $13.6 and $12.9 | (10.3) | (15.3) |
Total accumulated other comprehensive loss | $ (86.4) | $ (107.9) |
Equity - Schedule of Componen_2
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Foreign currency translation, tax provision | $ 0.2 | $ 0.1 |
Derivative instrument fair market value, tax provision | 0 | 0 |
Employee pension and postretirement benefit adjustments, tax benefit | $ 13.6 | $ 12.9 |
Equity - Reconciliation of Accu
Equity - Reconciliation of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Equity [Roll Forward] | |||
Beginning balance | $ 537.8 | ||
Total other comprehensive income (loss), net of income tax | 21.5 | $ (5.5) | $ (4.9) |
Ending balance | 603.3 | 537.8 | |
Gains (Losses) on Cash Flow Hedges | |||
Increase (Decrease) in Equity [Roll Forward] | |||
Beginning balance | 5.4 | 0 | |
Other comprehensive income (loss) before reclassifications | (1.8) | (0.4) | |
Amounts reclassified from accumulated other comprehensive loss | (2.3) | 5.8 | |
Total other comprehensive income (loss), net of income tax | (4.1) | 5.4 | |
Ending balance | 1.3 | 5.4 | 0 |
Pension & Postretirement | |||
Increase (Decrease) in Equity [Roll Forward] | |||
Beginning balance | (15.3) | (32.3) | |
Other comprehensive income (loss) before reclassifications | 2.4 | 15.5 | |
Amounts reclassified from accumulated other comprehensive loss | 2.6 | 1.5 | |
Total other comprehensive income (loss), net of income tax | 5 | 17 | |
Ending balance | (10.3) | (15.3) | (32.3) |
Foreign Currency Translation | |||
Increase (Decrease) in Equity [Roll Forward] | |||
Beginning balance | (98) | (70.1) | |
Other comprehensive income (loss) before reclassifications | 11.3 | (27.9) | |
Amounts reclassified from accumulated other comprehensive loss | 9.3 | 0 | |
Total other comprehensive income (loss), net of income tax | 20.6 | (27.9) | |
Ending balance | (77.4) | (98) | (70.1) |
Accumulated Other Comprehensive Loss | |||
Increase (Decrease) in Equity [Roll Forward] | |||
Beginning balance | (107.9) | (102.4) | |
Other comprehensive income (loss) before reclassifications | 11.9 | (12.8) | |
Amounts reclassified from accumulated other comprehensive loss | 9.6 | 7.3 | |
Total other comprehensive income (loss), net of income tax | 21.5 | (5.5) | |
Ending balance | $ (86.4) | $ (107.9) | $ (102.4) |
Equity - Reconciliation of Recl
Equity - Reconciliation of Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | $ 1,802.6 | $ 1,668 | $ 1,413 |
Total before income taxes | 44.2 | (120.2) | 17.1 |
Income tax benefit (provision) | (5) | (3.4) | (6.1) |
Net income (loss) | 39.2 | (123.6) | 11 |
Other expense - net | (13) | 5.8 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Net income (loss) | (9.6) | (7.3) | (2.2) |
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Total before income taxes | 2.3 | (5.8) | (1.1) |
Income tax benefit (provision) | 0 | 0 | 0 |
Net income (loss) | 2.3 | (5.8) | (1.1) |
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Cost of sales | 2.3 | (5.8) | (1.1) |
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Other expense - net | (2.6) | (2.9) | (4.7) |
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Other expense - net | (0.1) | 1.3 | 2.6 |
Pension Settlement Charge | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Other expense - net | 0.1 | 0.1 | 0.9 |
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Total before income taxes | (2.6) | (1.5) | (1.2) |
Income tax benefit (provision) | 0 | 0 | 0.1 |
Net income (loss) | (2.6) | (1.5) | (1.1) |
Foreign currency translation | Reclassification out of Accumulated Other Comprehensive Income | |||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | |||
Total before income taxes | (9.3) | 0 | 0 |
Income tax benefit (provision) | 0 | 0 | 0 |
Net income (loss) | (9.3) | 0 | 0 |
Losses on foreign currency translation | $ (9.3) | $ 0 | $ 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Stock-Based Compensation | ||||
Share-based compensation, remaining shares available for issuance (in shares) | 3,271,119 | |||
Engineering Selling and Administrative Expenses | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense (in dollars) | $ 11.5 | $ 8.5 | $ 7.1 | |
Restricted Stock | Director | ||||
Stock-Based Compensation | ||||
Number of shares of other than options granted during the period (in shares) | 77,576 | 56,640 | 59,280 | |
Employee Stock Option | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense (in dollars) | $ 0 | $ 0.1 | $ 0.6 | |
Number of share options granted during the period (in shares) | 0 | |||
Employee Stock Option | Employees | ||||
Stock-Based Compensation | ||||
Vesting period (in years) | 3 years | |||
Expiration period (in years) | 10 years | |||
Number of share options granted during the period (in shares) | 0 | 0 | 0 | |
Restricted Stock Units | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense (in dollars) | $ 6.3 | $ 5.2 | $ 4.7 | |
Unrecognized compensation expense before income tax (in dollars) | $ 6.2 | |||
Recognition period for unrecognized compensation expense (in years) | 1 year 9 months 18 days | |||
Number of shares of other than options granted during the period (in shares) | 520,132 | 413,543 | 417,535 | |
Restricted Stock Units | Employees | ||||
Stock-Based Compensation | ||||
Vesting period (in years) | 3 years | |||
Anniversary period from grant date, for grants made prior to 2019 (in years) | 3 years | |||
Performance Shares | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense (in dollars) | $ 5.2 | $ 3.2 | $ 1.9 | |
Unrecognized compensation expense before income tax (in dollars) | $ 5.5 | |||
Recognition period for unrecognized compensation expense (in years) | 1 year 8 months 12 days | |||
Performance period (in years) | 3 years | |||
Period of U.S. Treasury rates as a basis for assumed risk-free rates (in years) | 3 years | |||
Number of shares of other than options granted during the period (in shares) | 316,022 | [1] | 122,280 | 159,247 |
2013 Omnibus Plan | ||||
Stock-Based Compensation | ||||
Share-based compensation, shares authorized (in shares) | 7,477,395 | |||
Performance Shares 2023 | Performance Shares | ||||
Stock-Based Compensation | ||||
Performance period (in years) | 3 years | |||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 60% | |||
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40% | |||
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20% | |||
Percentage of shares of other than options granted during the period | 200% | |||
Performance Shares 2022 | Performance Shares | ||||
Stock-Based Compensation | ||||
Performance period (in years) | 3 years | |||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 60% | |||
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40% | |||
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20% | |||
Percentage of shares of other than options granted during the period | 200% | |||
Performance Shares 2021 | Performance Shares | ||||
Stock-Based Compensation | ||||
Performance period (in years) | 3 years | |||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 60% | |||
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40% | |||
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20% | |||
Percentage of shares of other than options granted during the period | 200% | |||
[1] Performance shares granted assuming achievement of performance goals at target. |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Company's Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Shares | |
Options outstanding as of December 31, 2022 | shares | 552,923 |
Granted | shares | 0 |
Exercised | shares | (17,135) |
Forfeited | shares | 0 |
Canceled | shares | (41,418) |
Options outstanding as of December 31, 2023 | shares | 494,370 |
Options exercisable as of December 31, 2023 | shares | 494,370 |
Weighted Average Exercise Price Per Share | |
Options outstanding as of December 31, 2022 | $ / shares | $ 21.13 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 14.81 |
Options forfeited weighted average cost | $ / shares | 0 |
Options canceled weighted average cost | $ / shares | 19.63 |
Options outstanding as of December 31, 2023 | $ / shares | 21.47 |
Options exercisable as of December 31, 2023 | $ / shares | $ 21.47 |
Aggregate Intrinsic Value | |
Options outstanding | $ | $ 324,847 |
Options exercisable | $ | $ 324,847 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Restricted Stock Units | |||||
Shares | |||||
Unvested as of December 31, 2022 (in shares) | 647,212 | ||||
Granted (in shares) | 520,132 | 413,543 | 417,535 | ||
Vested (in shares) | (359,655) | ||||
Forfeited (in shares) | (2,227) | ||||
Unvested as of December 31, 2023 (in shares) | 805,462 | 647,212 | |||
Weighted Average Grant Date Fair Value Per Share | |||||
Weighted average grant date fair value as of December 31, 2022 (in dollars per share) | $ 16.45 | ||||
Granted (in dollars per share) | 14.28 | ||||
Vested (in dollars per share) | 15.74 | ||||
Cancelled (in dollars per share) | 17.27 | ||||
Weighted average grant date fair value as of December 31, 2023 (in dollars per share) | $ 15.37 | $ 16.45 | |||
Performance Shares | |||||
Shares | |||||
Unvested as of December 31, 2022 (in shares) | 459,774 | ||||
Granted (in shares) | 316,022 | [1] | 122,280 | 159,247 | |
Adjustment for performance results achieved | [2] | (84,576) | |||
Vested (in shares) | (46,145) | ||||
Forfeited (in shares) | (14,680) | ||||
Unvested as of December 31, 2023 (in shares) | 630,395 | 459,774 | |||
Weighted Average Grant Date Fair Value Per Share | |||||
Weighted average grant date fair value as of December 31, 2022 (in dollars per share) | $ 17.30 | ||||
Granted (in dollars per share) | [1] | 16.05 | |||
Adjustment for performance results achieved | [2] | 12.67 | |||
Vested (in dollars per share) | 12.67 | ||||
Cancelled (in dollars per share) | 18.28 | ||||
Weighted average grant date fair value as of December 31, 2023 (in dollars per share) | $ 17.39 | $ 17.30 | |||
[1] Performance shares granted assuming achievement of performance goals at target. Adjustment due to performance share units granted in 2020 and vested in 2023 where the number of shares achieved based on the three-year performance period ended December 31, 2022 were lower than target. |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Nonvested Share Activity (Parenthetical) (Details) - Performance Shares | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation | |
Performance period (in years) | 3 years |
Performance Share Granted 2020 and Vested 2023 | |
Stock-Based Compensation | |
Performance period (in years) | 3 years |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assumptions used to estimate the fair value of each option grant | |||
Correlation (as a percent) | 28.20% | 25.90% | 27.90% |
Risk-free Interest rate (as a percent) | 4.10% | 1.70% | 0.20% |
Expected volatility (as a percent) | 60.30% | 59.50% | 59% |
Expected dividend yield (as a percent) | 0% | 0% | 0% |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Schedule of Informat
Segments - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,227.8 | $ 2,032.5 | $ 1,720.2 |
Operating (loss) income | 92.4 | (93) | 46.5 |
Depreciation | 56.6 | 60.6 | 45.5 |
Capital Expenditures | 77.4 | 61.8 | 40.4 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | 156.1 | (51.8) | 97.1 |
Operating Segments | Americas | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,211.2 | 1,013 | 757.6 |
Operating (loss) income | 111.7 | (88.8) | 57.3 |
Depreciation | 29.2 | 35.4 | 20.7 |
Capital Expenditures | 46.5 | 32 | 11.3 |
Operating Segments | EURAF | |||
Segment Reporting Information [Line Items] | |||
Net sales | 669.6 | 761.5 | 677 |
Operating (loss) income | (7.9) | (3.2) | 8.9 |
Depreciation | 22.1 | 20.1 | 19.8 |
Capital Expenditures | 28.5 | 27.7 | 27.5 |
Operating Segments | Middle East and Asia Pacific ("MEAP") | |||
Segment Reporting Information [Line Items] | |||
Net sales | 347 | 258 | 285.6 |
Operating (loss) income | 52.3 | 40.2 | 30.9 |
Depreciation | 2.4 | 2.2 | 2.1 |
Capital Expenditures | 2.4 | 2.1 | 1.5 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (63.6) | (41.3) | (51.1) |
Depreciation | 2.9 | 2.9 | 2.9 |
Capital Expenditures | $ 0 | $ 0 | $ 0.1 |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Total operating income (loss) | $ 92.4 | $ (93) | $ 46.5 |
Unallocated restructuring expense | 1.3 | 1.5 | (1.1) |
Operating Segments | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Total operating income (loss) | 156.1 | (51.8) | 97.1 |
Corporate | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Total operating income (loss) | (63.6) | (41.3) | (51.1) |
Material Reconciling Items | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | |||
Unallocated restructuring expense | $ (0.1) | $ 0.1 | $ 0.5 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sales and Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 2,227.8 | $ 2,032.5 | $ 1,720.2 |
Property, Plant and Equipment | 366.1 | 335.3 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,039.9 | 906.4 | 664.5 |
Property, Plant and Equipment | 158.1 | 146.7 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 641.9 | 740.1 | 653.7 |
Property, Plant and Equipment | 183.8 | 166.6 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 546 | 386 | $ 402 |
Property, Plant and Equipment | $ 24.2 | $ 22 |
Segments - Schedule of Net Sa_2
Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Total net sales | $ 2,227.8 | $ 2,032.5 | $ 1,720.2 |
New Machine Sales [Member] | |||
Product Information [Line Items] | |||
Total net sales | 1,615.1 | 1,487.2 | 1,271.6 |
Non New Machine Sales [Member] | |||
Product Information [Line Items] | |||
Total net sales | $ 612.7 | $ 545.3 | $ 448.6 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Period over which product liability self-insurance retention levels have varied (in years) | 10 years | |
Product liability reserves - Current | $ 11.4 | $ 9.4 |
Product liability reserves - Non-Current | 5.1 | 0 |
Estimated insurance recoveries | 3.9 | 0 |
Warranty claims reserves | 56.8 | 58 |
Commitment expense | 21.2 | |
Statutory maximum penalties | 174 | |
Accounts Payable and Accrued Expenses | ||
Commitments And Contingencies [Line Items] | ||
Commitment liability | 36.1 | $ 14.9 |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Product liability self-insurance maximum retention level for new occurrence | $ 3 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Warranty Liability [Line Items] | ||
Revenue deferred related to buyback obligations included in other current and non-current liabilities | $ 32.2 | $ 27.3 |
Amount of residual value buyback commitments and given by the company | 43.4 | 42.5 |
Amount of loss guarantees with maximum liabilities | 13 | 15 |
Revenue deferred related to extended warranties included in other current and non-current liabilities | $ 6.1 | 6.6 |
Standard product warranties, low end of range (in months) | 12 months | |
Standard product warranties, high end of range (in months) | 60 months | |
Other Noncurrent Liabilities | ||
Product Warranty Liability [Line Items] | ||
Revenue deferred related to extended warranties included in other current and non-current liabilities | $ 9.7 | $ 9.2 |
Guarantees - Summary of Warrant
Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warranty activity | |||
Balance at beginning of period | $ 58 | $ 60.2 | $ 63.2 |
Adjustments to accruals for warranties | 28.9 | 27.3 | 30.4 |
Settlements made (in cash or in kind) during the period | (31) | (27.8) | (31.3) |
Currency translation | 0.9 | (1.7) | (2.1) |
Balance at end of period | $ 56.8 | $ 58 | $ 60.2 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring (income) expense | $ 1.3 | $ 1.5 | $ (1.1) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Plan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Manitowoc Deferred Compensation Plan | |||
Total cost incurred under defined contribution plan | $ 8.7 | $ 11.9 | $ 5.8 |
Defined contribution plan, Plan name | Manitowoc 401(k) Plan | Manitowoc 401(k) Plan | Manitowoc 401(k) Plan |
Amortization of gains and losses in excess of specified percentage (as a percent) | 10% | ||
Gain (loss) due to settlements on employee benefit plan | $ 0.9 | ||
Postretirement Medical and Other | |||
Manitowoc Deferred Compensation Plan | |||
Annual rate of increase in the per capita cost of covered health care benefits assumed for measurement purposes (as a percent) | 6.50% | ||
Ultimate health care cost trend rate (as a percent) | 4% | ||
Estimated future employer contributions | $ 1 | ||
Gain (loss) due to settlements on employee benefit plan | $ 0 | $ 0 | 0 |
Deferred Compensation Plan | |||
Manitowoc Deferred Compensation Plan | |||
Number of investment programs | Plan | 2 | ||
Deferred Compensation Plan | Program A | |||
Manitowoc Deferred Compensation Plan | |||
Program asset | $ 1.2 | 0.6 | |
Program obligation | 1.2 | 0.6 | |
Deferred Compensation Plan | Program B | |||
Manitowoc Deferred Compensation Plan | |||
Total cost incurred under defined contribution plan | 0.2 | 0.4 | 0.1 |
Program asset | 8.1 | 7.1 | |
Program obligation | $ 8.1 | 7.1 | |
U.S. Pension Plans | |||
Manitowoc Deferred Compensation Plan | |||
Number of defined contribution retirement plans for the employees | Plan | 2 | ||
Estimated future employer contributions | $ 5.5 | ||
Non-U.S. Pension Plans | |||
Manitowoc Deferred Compensation Plan | |||
Total cost incurred under defined contribution plan | 1.7 | $ 1.7 | $ 1.6 |
Estimated future employer contributions | $ 3.3 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of periodic benefit costs | |||
Pension settlement gain | $ (0.9) | ||
United States | |||
Components of periodic benefit costs | |||
Service cost - benefits earned during the year | $ 0 | $ 0 | |
Interest cost of projected benefit obligation | 5.5 | 3.2 | |
Non-US Pension Plans | |||
Components of periodic benefit costs | |||
Service cost - benefits earned during the year | 1.2 | 1.6 | |
Interest cost of projected benefit obligation | 3 | 1.7 | |
Pension Plan | United States | |||
Components of periodic benefit costs | |||
Service cost - benefits earned during the year | 0 | 0 | 0 |
Interest cost of projected benefit obligation | 5.5 | 3.2 | 2.8 |
Expected return on assets | (3.9) | (5.2) | (4.9) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial net loss (gain) | 2.2 | 1.9 | 3.2 |
Pension settlement gain | 0 | 0 | 0 |
Net periodic benefit cost | $ 3.8 | $ (0.1) | $ 1.1 |
Weighted average assumptions: | |||
Effective discount rate for benefit obligations (as a percent) | 5.40% | 2.80% | 2.40% |
Expected return on plan assets (as a percent) | 5% | 4.70% | 4.30% |
Pension Plan | Non-US Pension Plans | |||
Components of periodic benefit costs | |||
Service cost - benefits earned during the year | $ 1.2 | $ 1.6 | $ 2.3 |
Interest cost of projected benefit obligation | 3 | 1.7 | 1.5 |
Expected return on assets | (1.6) | (1.2) | (1) |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Amortization of actuarial net loss (gain) | 1.6 | 1.5 | 1.8 |
Pension settlement gain | (0.1) | (0.1) | (0.9) |
Net periodic benefit cost | $ 4.2 | $ 3.6 | $ 3.8 |
Weighted average assumptions: | |||
Effective discount rate for benefit obligations (as a percent) | 4.70% | 1.40% | 1.20% |
Expected return on plan assets (as a percent) | 5.40% | 2.90% | 1.60% |
Rate of compensation increase (as a percent) | 3.70% | 4.10% | 4.10% |
Postretirement Medical and Other | |||
Components of periodic benefit costs | |||
Service cost - benefits earned during the year | $ 0.1 | $ 0.1 | $ 0.1 |
Interest cost of projected benefit obligation | 0.4 | 0.2 | 0.2 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | (1.4) | (2.7) |
Amortization of actuarial net loss (gain) | (1.2) | (0.5) | (0.3) |
Pension settlement gain | 0 | 0 | 0 |
Net periodic benefit cost | $ (0.7) | $ (1.6) | $ (2.7) |
Weighted average assumptions: | |||
Effective discount rate for benefit obligations (as a percent) | 5.40% | 2.50% | 2% |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the Changes in Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | $ 112 | ||
Fair value of plan assets, end of year | 113.5 | $ 112 | |
Amounts recognized in the Consolidated Balance Sheets as of December 31 | |||
Long-term pension obligation | (55.8) | (51.7) | |
Long-term postretirement medical and other benefit obligations | (5.6) | (8.2) | |
United States | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | 106.4 | 141.2 | |
Service cost | 0 | 0 | |
Interest cost | 5.5 | 3.2 | |
Participant contributions | 0 | 0 | |
Actuarial (gain) loss | 2.5 | (30.1) | |
Currency translation adjustment | 0 | 0 | |
Pension Settlement | 0 | 0 | |
Benefits paid | (8) | (7.9) | |
Benefit obligation, end of year | 106.4 | 106.4 | $ 141.2 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 82.3 | 114.6 | |
Actual return on plan assets | 7.4 | (24.9) | |
Employer contributions | 0.5 | 0.5 | |
Participant contributions | 0 | 0 | |
Currency translation adjustment | 0 | 0 | |
Pension settlement | 0 | 0 | |
Benefits paid | (8) | (7.9) | |
Fair value of plan assets, end of year | 82.2 | 82.3 | 114.6 |
Funded status | (24.2) | (24.1) | |
Amounts recognized in the Consolidated Balance Sheets as of December 31 | |||
Pension asset | 0 | 0 | |
Short-term pension obligation | (0.5) | (0.5) | |
Long-term pension obligation | (23.7) | (23.6) | |
Short-term postretirement medical and other benefit obligations | 0 | 0 | |
Long-term postretirement medical and other benefit obligations | 0 | 0 | |
Net amount recognized | $ (24.2) | $ (24.1) | |
Weighted-Average Assumptions | |||
Discount rate | 5.10% | 2.80% | |
Non-US Pension Plans | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | $ 59 | $ 94.5 | |
Service cost | 1.2 | 1.6 | |
Interest cost | 3 | 1.7 | |
Participant contributions | 0 | 0 | |
Actuarial (gain) loss | (0.3) | (27.1) | |
Currency translation adjustment | 2.6 | (8) | |
Pension Settlement | (0.1) | (0.3) | |
Benefits paid | (3.5) | (3.4) | |
Benefit obligation, end of year | 61.9 | 59 | 94.5 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 29.7 | 50.2 | |
Actual return on plan assets | 0 | (15) | |
Employer contributions | 3.6 | 3.4 | |
Participant contributions | 0 | 0 | |
Currency translation adjustment | 1.6 | (5.2) | |
Pension settlement | (0.1) | (0.3) | |
Benefits paid | (3.5) | (3.4) | |
Fair value of plan assets, end of year | 31.3 | 29.7 | 50.2 |
Funded status | (30.6) | (29.3) | |
Amounts recognized in the Consolidated Balance Sheets as of December 31 | |||
Pension asset | 2.7 | 0 | |
Short-term pension obligation | (1.2) | (1.2) | |
Long-term pension obligation | (32.1) | (28.1) | |
Short-term postretirement medical and other benefit obligations | 0 | 0 | |
Long-term postretirement medical and other benefit obligations | 0 | 0 | |
Net amount recognized | $ (30.6) | $ (29.3) | |
Weighted-Average Assumptions | |||
Discount rate | 4.20% | 4.20% | |
Rate of compensation increase | 3.80% | 2.70% | |
Postretirement Medical and Other | |||
Change in Benefit Obligation | |||
Benefit obligation, beginning of year | $ 9.5 | $ 13.7 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.2 | 0.2 |
Participant contributions | 0.1 | 0.1 | |
Actuarial (gain) loss | (2.4) | (3.4) | |
Currency translation adjustment | 0 | 0 | |
Pension Settlement | 0 | 0 | |
Benefits paid | (1.1) | (1.2) | |
Benefit obligation, end of year | 6.6 | 9.5 | 13.7 |
Change in Plan Assets | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1 | 1.1 | |
Participant contributions | 0.1 | 0.1 | |
Currency translation adjustment | 0 | 0 | |
Pension settlement | 0 | 0 | |
Benefits paid | (1.1) | (1.2) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status | (6.6) | (9.5) | |
Amounts recognized in the Consolidated Balance Sheets as of December 31 | |||
Pension asset | 0 | 0 | |
Short-term pension obligation | 0 | 0 | |
Long-term pension obligation | 0 | 0 | |
Short-term postretirement medical and other benefit obligations | (1) | (1.3) | |
Long-term postretirement medical and other benefit obligations | (5.6) | (8.2) | |
Net amount recognized | $ (6.6) | $ (9.5) | |
Weighted-Average Assumptions | |||
Discount rate | 5% | 5.40% |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ (32) | $ (35) |
Prior service cost | (0.2) | (0.3) |
Total amount recognized | (32.2) | (35.3) |
Postretirement Medical and Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | 8.3 | 7 |
Prior service cost | 0 | 0 |
Total amount recognized | $ 8.3 | $ 7 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of the Weighted-Average Asset Allocation of the Pension Plans (Details) | Dec. 31, 2023 | Dec. 31, 2022 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 100% | 100% | |
Non-US Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 100% | 100% | |
Equity Securities | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 53.30% | 52.80% | |
Equity Securities | Non-US Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 0% | 0% | |
Fixed Income | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 39.70% | 36.90% | |
Fixed Income | Non-US Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 39.40% | 45.20% | |
Other | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | 7% | 10.30% | |
Other | Non-US Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent), Total | [1] | 60.60% | 54.80% |
[1] Includes diversified investments that have equity and fixed income holdings. |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class (Details) | Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent) | 100% | 100% | |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation (as a percent) | 100% | 100% | |
Equity Securities | U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 50% | ||
Weighted-average asset allocation (as a percent) | 53.30% | 52.80% | |
Equity Securities | Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 0% | ||
Weighted-average asset allocation (as a percent) | 0% | 0% | |
Debt Securities | U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 40% | ||
Weighted-average asset allocation (as a percent) | 39.70% | ||
Debt Securities | Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 48% | ||
Weighted-average asset allocation (as a percent) | 39.40% | ||
Other | U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 10% | ||
Weighted-average asset allocation (as a percent) | 7% | 10.30% | |
Other | Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations (as a percent) | 52% | ||
Weighted-average asset allocation (as a percent) | [1] | 60.60% | 54.80% |
[1] Includes diversified investments that have equity and fixed income holdings. |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Plan Assets Using the Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 113.5 | $ 112 | ||
Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 104.4 | 101.9 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1.7 | 0.9 | ||
Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0.7 | ||
Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7.4 | 8.5 | ||
U.S. equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 21.7 | 16.9 | ||
U.S. equity | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 21.7 | 16.9 | |
U.S. equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 22.1 | 27.8 | ||
International equity | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 22.1 | 27.8 | |
International equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds and notes | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 16.6 | 18.5 | ||
Corporate bonds and notes | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 16.6 | 18.5 | |
Corporate bonds and notes | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds and notes | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds and notes | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Government and agency bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 25.5 | 25.4 | ||
Government and agency bonds | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 25.5 | 25.4 | |
Government and agency bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Government and agency bonds | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Government and agency bonds | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11.1 | 8.6 | ||
Commingled funds | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 11.1 | 8.6 | |
Commingled funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Commingled funds | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Commingled funds | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International fixed income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4.7 | 1.9 | ||
International fixed income | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 4.7 | 1.9 | |
International fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International fixed income | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International fixed income | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 0.9 | ||
Cash and cash equivalents | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 0.9 | ||
Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Money market funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.7 | 0.7 | ||
Money market funds | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0.7 | 0 | ||
Money market funds | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0.7 | ||
Money market funds | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance Group Annuity Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7.4 | 8.5 | $ 12.6 | |
Insurance Group Annuity Contracts | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Insurance Group Annuity Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance Group Annuity Contracts | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance Group Annuity Contracts | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7.4 | 8.5 | ||
Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2.7 | 2.8 | ||
Other | Net Asset Value ("NAV") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | [1] | 2.7 | 2.8 | |
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other | Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 0 | $ 0 | ||
[1] Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. |
Employee Benefit Plans - Reco_2
Employee Benefit Plans - Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | $ 112 | |
Fair value of plan assets, end of year | 113.5 | $ 112 |
Insurance Group Annuity Contracts | ||
Reconciliation of fair value measurements of plan assets using significant observable inputs | ||
Fair value of plan assets, beginning of year | 8.5 | 12.6 |
Additions | 0.5 | 0 |
Actual return on assets | (1.2) | (1.9) |
Benefit payments | (0.9) | (0.8) |
Foreign currency impact | 0.5 | (1.4) |
Fair value of plan assets, end of year | $ 7.4 | $ 8.5 |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Projected Future Benefit Payments from the Plans (Details) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 8.7 |
2025 | 8.8 |
2026 | 8.7 |
2027 | 8.7 |
2028 | 8.7 |
Thereafter | 41.2 |
Total | 84.8 |
Non-U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 3 |
2025 | 3 |
2026 | 3.4 |
2027 | 3.6 |
2028 | 4.2 |
Thereafter | 20.7 |
Total | 37.9 |
Postretirement Medical and Other | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1 |
2025 | 0.9 |
2026 | 0.8 |
2027 | 0.8 |
2028 | 0.7 |
Thereafter | 2.6 |
Total | $ 6.8 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Fair Value of Plan Assets for Which the Accumulated Benefit Obligation is in Excess of the Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 106.4 | $ 106.4 |
Accumulated benefit obligation | 106.4 | 106.4 |
Fair value of plan assets | 82.2 | 82.3 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 33.8 | 59 |
Accumulated benefit obligation | 30.6 | 56.1 |
Fair value of plan assets | $ 0.5 | $ 29.7 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Line Items] | |||
Operating leases, existence of option to extend | true | ||
Operating leases, existence of option to terminate | true | ||
Operating leases, termination term | 1 year | ||
Cash payment for operating leases | $ 29.5 | $ 26.8 | $ 25.1 |
Operating lease right-of-use asset obtained in exchange for lease obligations | $ 26 | ||
Operating leases, weighted-average remaining lease term | 6 years 4 months 24 days | 6 years 3 months 18 days | |
Operating leases, weighted-average discount rate | 5.90% | 4.90% | |
Undiscounted lease obligations | $ 12.4 | ||
Additional Operating Lease Facility | |||
Leases [Line Items] | |||
Undiscounted lease obligations | $ 4 | ||
Maximum | |||
Leases [Line Items] | |||
Operating leases, remaining lease term | 20 years | ||
Operating leases, renewal lease term | 9 years | ||
Maximum | Additional Operating Lease Facility | |||
Leases [Line Items] | |||
Term of contract | 20 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 15.5 | $ 14 | $ 13.2 |
Variable lease cost | 1.2 | 1.4 | 1.5 |
Total lease cost | $ 16.7 | $ 15.4 | $ 14.7 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 59.7 | $ 45.2 |
Other liabilities | $ 13 | $ 11.6 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Operating lease liabilities | $ 47.2 | $ 34.3 |
Total operating lease liabilities | $ 60.2 | $ 45.9 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 15.4 | |
2025 | 13.4 | |
2026 | 10.7 | |
2027 | 9.8 | |
2028 | 7.6 | |
Thereafter | 15.7 | |
Total lease payments | 72.6 | |
Less: imputed interest | (12.4) | |
Present value of lease liabilities | $ 60.2 | $ 45.9 |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation and Qualifying Accounts | |||
Utilization of Reserve | $ 1.4 | $ 1.8 | $ 1.3 |
Other, Primarily Impact of Foreign Exchange Rates | (0.1) | (0.3) | 0.1 |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Year | 5.3 | 7.3 | 8.5 |
Charge to Costs and Expenses | 2.3 | 0.1 | 0 |
Utilization of Reserve | (1.4) | (1.8) | (1.3) |
Other, Primarily Impact of Foreign Exchange Rates | (0.1) | (0.3) | 0.1 |
Balance at end of Year | 6.1 | 5.3 | 7.3 |
Deferred Tax Valuation Allowance | |||
Valuation and Qualifying Accounts | |||
Balance at Beginning of Year | 174.1 | 170.5 | 171.4 |
Charge to Costs and Expenses | 1.7 | 10.6 | 9.1 |
Utilization of Reserve | (30.2) | (4.9) | (4.9) |
Other, Primarily Impact of Foreign Exchange Rates | (14.8) | (2.1) | (5.1) |
Balance at end of Year | $ 130.8 | $ 174.1 | $ 170.5 |