Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000097134 | ||
Entity Registrant Name | TENNANT CO | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-16191 | ||
Entity Incorporation, State or Country Code | MN | ||
Entity Tax Identification Number | 41-0572550 | ||
Entity Address, Address Line One | 10400 Clean Street | ||
Entity Address, City or Town | Eden Prairie | ||
Entity Address, State or Province | MN | ||
Entity Address, Postal Zip Code | 55344 | ||
City Area Code | 763 | ||
Local Phone Number | 540-1200 | ||
Title of 12(b) Security | Common Stock, par value $0.375 per share | ||
Trading Symbol | TNC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,107,917,527 | ||
Entity Common Stock, Shares Outstanding | 18,516,296 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 1,001 | $ 1,137.6 | $ 1,123.5 |
Cost of Sales | 593.2 | 675.9 | 678.5 |
Gross Profit | 407.8 | 461.7 | 445 |
Operating Expense: | |||
Research and Development Expense | 30.1 | 32.7 | 30.7 |
Selling and Administrative Expense | 314 | 357.2 | 356.3 |
Total Operating Expense | 344.1 | 389.9 | 387 |
Profit from Operations | 63.7 | 71.8 | 58 |
Other Income (Expense): | |||
Interest Income | 3.3 | 3.3 | 3 |
Interest Expense | (20.7) | (21.1) | (23.3) |
Net Foreign Currency Transaction Losses | (5.3) | (0.7) | (1.1) |
Other Income (Expense), Net | 0.1 | 0.7 | (0.8) |
Total Other Expense, Net | (22.6) | (17.8) | (22.2) |
Profit Before Income Taxes | 41.1 | 54 | 35.8 |
Income Tax Expense | 7.4 | 8.1 | 2.3 |
Net Earnings Including Noncontrolling Interest | 33.7 | 45.9 | 33.5 |
Net Earnings Attributable to Noncontrolling Interest | 0 | 0.1 | 0.1 |
Net Earnings Attributable to Tennant Company | $ 33.7 | $ 45.8 | $ 33.4 |
Net Earnings Attributable to Tennant Company per Share: | |||
Basic (in dollars per share) | $ 1.84 | $ 2.53 | $ 1.86 |
Diluted (in dollars per share) | $ 1.81 | $ 2.48 | $ 1.82 |
Weighted Average Shares Outstanding: | |||
Basic (in shares) | 18,349,724 | 18,118,486 | 17,940,438 |
Diluted (in shares) | 18,635,002 | 18,453,145 | 18,338,569 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Earnings Including Noncontrolling Interest | $ 33.7 | $ 45.9 | $ 33.5 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustments | 16.4 | (4.5) | (16.2) |
Pension and postretirement medical benefits | (1.3) | (0.5) | 1.7 |
Cash flow hedge | 2.9 | 4.6 | 1.3 |
Income Taxes: | |||
Foreign currency translation adjustments | 0.8 | 0.1 | 0.2 |
Pension and postretirement medical benefits | 0.3 | 0.1 | (0.5) |
Cash flow hedge | (0.7) | (1.1) | (1.4) |
Total Other Comprehensive Income (Loss), net of tax | 18.4 | (1.3) | (14.9) |
Total Comprehensive Income Including Noncontrolling Interest | 52.1 | 44.6 | 18.6 |
Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0.1 | 0.1 |
Comprehensive Income Attributable to Tennant Company | $ 52.1 | $ 44.5 | $ 18.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Assets: | |||
Cash, Cash Equivalents, and Restricted Cash | $ 141 | $ 74.6 | |
Receivables: | |||
Trade, less Allowances of $4.6 and $3.6, respectively | 195.4 | 216.5 | |
Other | 4.5 | 6.8 | |
Net Receivables | 199.9 | 223.3 | |
Inventories | 127.7 | 150.1 | |
Prepaid and Other Current Assets | 25 | 33 | |
Total Current Assets | 493.6 | 481 | |
Property, Plant and Equipment | 437.5 | 412.5 | |
Accumulated Depreciation | (252) | (239.2) | |
Property, Plant and Equipment, Net | 185.5 | 173.3 | |
Operating Lease Assets | 44.5 | 46.6 | |
Goodwill | 207.8 | 195.1 | |
Intangible Assets, Net | 126.2 | 137.7 | |
Other Assets | 25 | 29.2 | |
Total Assets | 1,082.6 | 1,062.9 | |
Current Liabilities: | |||
Current Portion of Long-Term Debt | [1] | 10.9 | 31.3 |
Accounts Payable | 106.3 | 94.1 | |
Employee Compensation and Benefits | 53.7 | 63.5 | |
Other Current Liabilities | 83.4 | 86 | |
Total Current Liabilities | 254.3 | 274.9 | |
Long-Term Liabilities: | |||
Long-Term Debt | 297.6 | 307.5 | |
Long-Term Operating Lease Liability | 28.7 | 30.3 | |
Employee-Related Benefits | 17.9 | 19.4 | |
Deferred Income Taxes | 39.1 | 41.7 | |
Other Liabilities | 38.9 | 27.8 | |
Total Long-Term Liabilities | 422.2 | 426.7 | |
Total Liabilities | 676.5 | 701.6 | |
Commitments and Contingencies (Note 16) | |||
Equity: | |||
Common Stock, $0.375 par value per share, 60,000,000 shares authorized; 18,503,805 and 18,336,010 issued and outstanding, respectively | 6.9 | 6.9 | |
Additional Paid-In Capital | 54.7 | 45.5 | |
Retained Earnings | 363.3 | 346 | |
Accumulated Other Comprehensive Loss | (20.1) | (38.5) | |
Total Tennant Company Shareholders' Equity | 404.8 | 359.9 | |
Noncontrolling Interest | 1.3 | 1.4 | |
Total Equity | 406.1 | 361.3 | |
Total Liabilities and Total Equity | $ 1,082.6 | $ 1,062.9 | |
[1] | Current portion of long-term debt includes $10.0 million of anticipated repayment on Secured Credit Facility Borrowings under our 2017 Credit Agreement, $0.8 million of current maturities of other secured borrowings and $0.1 million of current maturities of finance lease obligations. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade, allowances | $ 4.6 | $ 3.6 |
Common stock, par value (in dollars per share) | $ 0.375 | $ 0.375 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 18,503,805 | 18,336,010 |
Common stock, shares outstanding (in shares) | 18,503,805 | 18,336,010 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net Earnings Including Noncontrolling Interest | $ 33.7 | $ 45.9 | $ 33.5 |
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: | |||
Depreciation | 32.6 | 32.2 | 32.3 |
Amortization of Intangible Assets | 20.8 | 22.2 | 22.1 |
Amortization of Debt Issuance Costs | 1.4 | 1.3 | 2.4 |
Fair Value Step-Up Adjustment to Acquired Inventory | 0 | 0.9 | 0 |
Deferred Income Taxes | (4) | (9.6) | (10.9) |
Share-Based Compensation Expense | 6 | 11.4 | 8.3 |
Allowance for Doubtful Accounts and Returns | 2 | 2.5 | 0.8 |
Acquisition Contingent Consideration Adjustment | (0.4) | (2.3) | 0 |
Note Receivable Write-down | 0 | 2.7 | 0 |
Other, Net | 1.2 | 1.1 | (0.4) |
Changes in Operating Assets and Liabilities, Net of Assets Acquired: | |||
Receivables, Net | 26 | (8.5) | (7.6) |
Inventories | 18.3 | (17.8) | (16.6) |
Accounts Payable | 8.5 | (7.5) | 4.6 |
Employee Compensation and Benefits | (10) | 4.5 | 12.7 |
Other Current Liabilities | (2.8) | (1.4) | (0.7) |
Other Assets and Liabilities | 0.5 | (5.7) | (0.5) |
Net Cash Provided by Operating Activities | 133.8 | 71.9 | 80 |
INVESTING ACTIVITIES | |||
Purchases of Property, Plant and Equipment | (29.9) | (38.4) | (18.8) |
Proceeds from Disposals of Property, Plant and Equipment | 0.1 | 0.1 | 0.1 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | 0 | 2.9 | 1.4 |
Acquisitions of Businesses, Net of Cash, Cash Equivalents and Restricted Cash Acquired | 0 | (19.7) | 0 |
Purchase of Intangible Asset | (0.1) | (0.5) | (2.8) |
Proceeds from Sale of Business | 0 | 0 | 4 |
Net Cash Used in Investing Activities | (29.9) | (55.6) | (16.1) |
FINANCING ACTIVITIES | |||
Proceeds from Credit Facility Borrowings | 126.4 | 25 | 14.9 |
Repayments of Debt | (157.5) | (41.8) | (38.3) |
Change in Finance Lease Obligations | (0.2) | (0.2) | 0 |
Proceeds from Issuances of Common Stock | 4.9 | 6.1 | 5.9 |
Purchase of Noncontrolling Owner Interest | (0.1) | (0.5) | 0 |
Dividends Paid | (16.3) | (16) | (15.3) |
Net Cash Used in Financing Activities | (42.8) | (27.4) | (32.8) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 5.3 | (0.4) | (4) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 66.4 | (11.5) | 27.1 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 74.6 | 86.1 | 59 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 141 | 74.6 | 86.1 |
Cash Paid for: | |||
Income Taxes | 12 | 21.7 | 11.1 |
Interest | 18.3 | 19.7 | 22.4 |
Supplemental Non-Cash Investing and Financing Activities: | |||
Capital Expenditures in Accounts Payable | $ 3.8 | $ 3.9 | $ 2.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 17,881,177 | |||||||||||||
Balance at Dec. 31, 2017 | $ 6.7 | $ 15.1 | $ 297 | $ (22.3) | $ 296.5 | $ 2 | $ 298.5 | |||||||
Net Earnings (Loss) | 0 | 0 | 33.4 | 0 | 33.4 | 0.1 | 33.5 | |||||||
Other Comprehensive (Loss) Income | $ 0 | 0 | 0 | (14.9) | (14.9) | 0 | (14.9) | |||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings (in shares) | 244,024 | |||||||||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings | $ 0.1 | 5.1 | 0 | 0 | 5.2 | 0 | 5.2 | |||||||
Share-Based Compensation | 0 | 8.3 | 0 | 0 | 8.3 | 0 | 8.3 | |||||||
Dividends paid per Common Share | 0 | 0 | (15.3) | 0 | (15.3) | 0 | (15.3) | |||||||
Recognition of Noncontrolling Interests | $ 0 | 0 | 0 | 0 | 0 | (0.2) | (0.2) | |||||||
Balance (in shares) at Dec. 31, 2018 | 18,125,201 | |||||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ 1.2 | $ 0 | $ 1.2 | $ 0 | $ 1.2 | $ 6.8 | 28.5 | 316.3 | (37.2) | 314.4 | 1.9 | 316.3 |
Net Earnings (Loss) | 0 | 0 | 45.8 | 0 | 45.8 | 0.1 | 45.9 | |||||||
Other Comprehensive (Loss) Income | $ 0 | 0 | 0 | (1.3) | (1.3) | 0 | (1.3) | |||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings (in shares) | 210,809 | |||||||||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings | $ 0.1 | 5.1 | 0 | 0 | 5.2 | 0 | 5.2 | |||||||
Share-Based Compensation | 0 | 11.4 | 0 | 0 | 11.4 | 0 | 11.4 | |||||||
Dividends paid per Common Share | 0 | 0 | (16) | 0 | (16) | 0 | (16) | |||||||
Recognition of Noncontrolling Interests | 0 | 0.5 | 0 | 0 | 0.5 | (0.5) | 0 | |||||||
Other | $ 0 | 0 | (0.1) | 0 | (0.1) | (0.1) | $ (0.2) | |||||||
Balance (in shares) at Dec. 31, 2019 | 18,336,010 | 18,336,010 | ||||||||||||
Balance at Dec. 31, 2019 | $ 6.9 | 45.5 | 346 | (38.5) | 359.9 | 1.4 | $ 361.3 | |||||||
Net Earnings (Loss) | 33.7 | |||||||||||||
Other Comprehensive (Loss) Income | $ 0 | 0 | 0 | 18.4 | 18.4 | 0 | 18.4 | |||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings (in shares) | 167,795 | |||||||||||||
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings | $ 0 | 3.3 | 0 | 0 | 3.3 | 0 | 3.3 | |||||||
Share-Based Compensation | 0 | 6 | 0 | 0 | 6 | 0 | 6 | |||||||
Dividends paid per Common Share | 0 | 0 | (16.3) | 0 | (16.3) | 0 | (16.3) | |||||||
Recognition of Noncontrolling Interests | 0 | (0.1) | 0 | 0 | (0.1) | 0 | (0.1) | |||||||
Other | 0 | 0 | (0.1) | 0 | (0.1) | (0.1) | (0.2) | |||||||
Net Earnings | $ 0 | 0 | 33.7 | 0 | 33.7 | 0 | $ 33.7 | |||||||
Balance (in shares) at Dec. 31, 2020 | 18,503,805 | 18,503,805 | ||||||||||||
Balance at Dec. 31, 2020 | $ 6.9 | $ 54.7 | $ 363.3 | $ (20.1) | $ 404.8 | $ 1.3 | $ 406.1 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Issue Stock for Directors, Employee Benefit and Stock Plans, related tax withholdings (in shares) | 20,494 | 12,198 | 9,598 |
Dividends paid per common share (in dollars per share) | $ 0.89 | $ 0.88 | $ 0.85 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Nature of Operations Reclassification December 31, 2020 Consolidation Translation of Non-U.S. Currency December 31, 2020, 2019 2018 not Use of Estimates Cash and Cash Equivalents three Restricted Cash December 31, 2020 2019 Receivables may may not Our reserves are also based on amounts determined by using percentages applied to trade receivables, using a loss rate method. We considered the following in determining the expected loss rate: ( 1 2 3 three not Inventories first first first Property, Plant and Equipment Leases Operating leases with an initial term of 12 not not 1 2 3 Finance leases are not Further details regarding leases are discussed in Note 15. Goodwill October 1 may one first not may In 2020, not December 31, 2020, Intangible Assets Impairment of Long-lived Assets and Assets Held for Sale may not Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Upon retirement or disposition, the asset cost and related accumulated depreciation or amortization are removed from the accounts and a gain or loss is recognized based on the difference between the fair value of proceeds received and carrying value of the assets held for sale. Purchase of Common Stock 2016 2015 not Warranty one four first six nine Debt Issuance Costs not Environmental Pension and Profit Sharing Plans 13. Postretirement Benefits January 1, 1999. Derivative Financial Instruments may not We account for our foreign currency hedging instruments as either assets or liabilities on the balance sheet and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Gains and losses from foreign exchange forward contracts that hedge certain balance sheet positions are recorded each period to Net Foreign Currency Transaction Losses in our Consolidated Statements of Operations. Foreign exchange option contracts or forward contracts hedging forecasted foreign currency revenue are designated as cash flow hedges under accounting for derivative instruments and hedging activities, with gains and losses recorded each period to Accumulated Other Comprehensive Loss in our Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to Net Sales. In the event the underlying forecasted transaction does not not not not 11 Revenue Recognition not not not one In general, we transfer control and recognize a sale at the point in time when products are shipped from our manufacturing facilities both direct to consumers and to distributors. Service revenue is recognized in the period the service is performed or ratably over the period of the related service contract. Consideration related to service contracts is deferred if the proceeds are received in advance of the satisfaction of the performance obligations and recognized over the contract period as the performance obligation is met. We use an output method to measure progress toward completion for certain prepaid service contracts, as this method appropriately depicts performance toward satisfaction of the performance obligations. For contracts with multiple performance obligations (i.e., a product and service component), we allocate the transaction price to the performance obligations in proportion to their stand-alone selling prices. We use an observable price to determine the stand-alone selling price for separate performance obligations. When allocating on a relative stand-alone selling price basis, any discounts contained within the contract are allocated proportionately to all of the performance obligations in the contract. We generally expense the incremental costs of obtaining a contract when incurred because the amortization period would be less than one We do not one not one We adopted ASU No. 2014 9, Revenue from Contracts with Customers (Topic 606 January 2018 3. Share-based Compensation 18. Research and Development Advertising Costs 2020 2019 2018 Income Taxes not not 740, Income Taxes 17 first Earnings per Share not New Accounting Pronouncements December 2019, No. 2019 12, Income Taxes (Topic 740 740. December 15, 2020. first 2021. not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. Further details regarding the adoption of new accounting standards are discussed in Note 2. |
Note 2 - Newly Adopted Accounti
Note 2 - Newly Adopted Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. Newly Adopted Accounting Pronouncements Defined Benefit Plans In December 2020, No. 2018 14 , Compensation-Retirement Benefits- Defined Benefit Plans-General (Subtopic 715 20 Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans not Financial Instruments On January 1, 2020, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 . We estimate an allowance for doubtful accounts using a loss rate method. We considered the following in determining the expected loss rate: ( 1 2 3 The historical loss rate is calculated by taking the yearly write-off expense, net of collections, as a percentage of the annual average balance of trade receivables for each of the past three A reconciliation of the beginning and ending balance of the allowance for doubtful accounts for the years ended December 31 2020 2019 2018 Balance at beginning of year $ 3.6 $ 2.5 $ 2.4 Charged to costs and expenses 2.2 2.5 0.4 Reclassification (1) — 0.5 0.8 Charged to other accounts (2) — — (0.2 ) Deductions (3) (1.2 ) (1.9 ) (0.9 ) Balance at end of year $ 4.6 $ 3.6 $ 2.5 ( 1 Includes amount reclassified between Allowance for Doubtful Accounts and Other Receivables related to a customer's open receivables balance for proper classification and acquisition-related adjustments. ( 2 Primarily includes impact from foreign currency fluctuations. ( 3 Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. Leases On January 1, 2019, No. 2016 02, 842 We have elected to adopt the standard on the modified retrospective basis. We have also elected the package of practical expedients, which permits us not not one not not The impact of adopting the new lease standard was the recognition of $44.8 million of lease assets and lease liabilities related to our operating leases. The adoption of the new lease standard had no |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products and services. Generally, these criteria are met at the time the product is shipped. We also enter into contracts that can include combinations of products and services, which are generally capable of being distinct and are accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Further information on revenue recognition is described in Note 1 Disaggregation of Revenue The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels for the years ended December 31 ( Net Sales by geographic area 2020 2019 2018 Americas $ 631.0 $ 722.4 $ 691.0 Europe, Middle East and Africa 278.2 307.6 335.6 Asia Pacific 91.8 107.6 96.9 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 Net Sales are attributed to each geographic area based on the end user country and are net of intercompany sales. Net Sales by groups of similar products and services 2020 2019 2018 Equipment $ 629.7 $ 741.8 $ 730.0 Parts and consumables 205.8 221.9 222.3 Specialty surface coatings 22.7 25.7 29.8 Service and other 142.8 148.2 141.4 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 For the twelve December 31, 2019, Net Sales by sales channel 2020 2019 2018 Sales direct to consumer $ 664.9 $ 750.9 $ 735.2 Sales to distributors 336.1 386.7 388.3 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 Contract Liabilities Sales Returns The right of return may Sales Incentives Our sales contracts may one The change in our sales incentive accrual balance for the years ended December 31, 2020 2019 2020 2019 Beginning balance $ 13.7 $ 16.7 Additions to sales incentive accrual 18.2 24.7 Contract payments (20.0 ) (27.7 ) Foreign currency fluctuations 0.2 — Ending balance $ 12.1 $ 13.7 Deferred Revenue We sell separately priced prepaid contracts to our customers where we receive payment at the inception of the contract and defer recognition of the consideration received because we have to satisfy future performance obligations. Our deferred revenue balance is primarily attributed to prepaid maintenance contracts on our machines ranging from 12 months to 60 months. In circumstances where prepaid contracts are sold simultaneously with machines, we use an observable price to determine stand-alone selling price for separate performance obligations. The change in the deferred revenue balance for the years ended December 31, 2020 2019 2020 2019 Beginning balance $ 10.7 $ 8.5 Increase in deferred revenue representing our obligation to satisfy future performance obligations 21.0 26.0 Deferred revenue acquired from acquisition of Gaomei Cleaning Equipment Company — 1.4 Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations (21.8 ) (25.2 ) Foreign currency fluctuations (0.6 ) — Ending balance $ 9.3 $ 10.7 As of December 31, 2020 2021 $ 5.9 2022 2.0 2023 0.9 2024 0.4 2025 0.1 Thereafter — Total $ 9.3 As of December 31, 2019 |
Note 4 - Management Actions
Note 4 - Management Actions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. Management Actions Restructuring Actions In the fourth 2020, 2020 2020. In the third 2020, 2020 one 2020. In the first 2020, 2020 one 2020. During 2019 one A reconciliation to the ending liability balance of severance and related costs as of December 31, 2020 Severance and Related Costs December 31, 2018 balance $ 2.2 2019 charges and utilization: New charges 6.1 Cash payments (2.5 ) Foreign currency adjustments (1.3 ) December 31, 2019 balance 4.5 2020 charges and utilization: New charges 6.2 Cash payments (5.4 ) Foreign currency adjustments 0.2 Adjustment to accrual (1.0 ) December 31, 2020 balance $ 4.5 Other Actions In 2019 not December 31, 2020, not first 2020. During the second 2019 third 2019 |
Note 5 - Acquisitions and Dives
Note 5 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 5. Acquisitions and Divestitures Gaomei On January 4, 2019, The fair value measurements were final as of December 31, 2019 The total purchase price includes the following: • $11.3 million which was paid during the first 2019 • $11.3 million which was paid in the fourth 2019 • $4.7 million which represents the estimated fair value of contingent consideration at the acquisition date. The estimate is based on a probability-weighted scenario analysis of achieving certain levels of gross profit growth over a three April 2020, 2020. 2020 March 2021; • $(0.2) million which represents a working capital purchase price adjustment. None not Waterstar During 2018 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories as of December 31 2020 2019 Inventories carried at LIFO: Finished goods $ 42.4 $ 50.9 Raw materials, production parts and work-in-process 21.6 32.5 Excess of FIFO over LIFO cost (a) (31.4 ) (33.4 ) Total LIFO inventories $ 32.6 $ 50.0 Inventories carried at FIFO: Finished goods $ 55.0 $ 60.1 Raw materials, production parts and work-in-process 40.1 40.0 Total FIFO inventories $ 95.1 $ 100.1 Total inventories $ 127.7 $ 150.1 (a) Inventories of $32.6 million as of December 31, 2020 December 31, 2019 not |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property, Plant and Equipment Property, Plant and Equipment and related Accumulated Depreciation, including equipment under finance leases, as of December 31, 2020 2019 Property, Plant and Equipment: Land $ 23.3 $ 19.2 Buildings and improvements 131.5 98.7 Machinery and manufacturing equipment 157.0 165.2 Office equipment 118.0 107.2 Construction in progress 7.7 22.2 Total Property, Plant and Equipment 437.5 412.5 Less: Accumulated Depreciation (252.0 ) (239.2 ) Property, Plant and Equipment, Net $ 185.5 $ 173.3 Depreciation expense was $32.6 million in 2020 2019 2018. |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Intangible Assets For purposes of performing our goodwill impairment analysis, we have identified our reporting units as North America, Latin America, Coatings, EMEA and APAC. We have the option of first not may December 31, 2020 2019 The changes in the carrying amount of Goodwill are as follows: Accumulated Impairment Goodwill Losses Total Balance as of December 31, 2018 $ 221.7 $ (39.0 ) $ 182.7 Additions 15.6 — 15.6 Foreign currency fluctuations (2.2 ) (1.0 ) (3.2 ) Balance as of December 31, 2019 $ 235.1 $ (40.0 ) $ 195.1 Additions — — — Foreign currency fluctuations 14.4 (1.7 ) 12.7 Balance as of December 31, 2020 $ 249.5 $ (41.7 ) $ 207.8 The balances of acquired Intangible Assets, excluding Goodwill, are as follows: Customer Trade Lists Names Technology Total Balance as of December 31, 2020 Original cost $ 166.2 $ 34.4 $ 17.9 $ 218.5 Accumulated amortization (70.3 ) (12.3 ) (9.7 ) (92.3 ) Carrying amount $ 95.9 $ 22.1 $ 8.2 $ 126.2 Weighted-average original life (in years) 15 11 11 Balance as of December 31, 2019 Original cost $ 154.1 $ 31.8 $ 17.1 $ 203.0 Accumulated amortization (49.8 ) (8.2 ) (7.3 ) (65.3 ) Carrying amount $ 104.3 $ 23.6 $ 9.8 $ 137.7 Weighted-average original life (in years) 15 11 11 Amortization expense on Intangible Assets was $20.8 million, $22.2 million and $22.1 million for the years ended December 31, 2020, 2019 2018 Estimated aggregate amortization expense based on the current carrying amount of amortizable Intangible Assets for each of the five 2021 $ 20.5 2022 18.3 2023 16.6 2024 14.9 2025 13.5 Thereafter 42.4 Total $ 126.2 |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt Credit Facility Borrowings 2017 In 2017, "2017 The fee for committed funds under the revolving facility of the 2017 2017 one not not The 2017 not 2017 not 1, no 1 December 31, 2020 2017 not 1. may 2017 4.00 1 1 3.50 1 1 2019. December 31, 2020 In 2018, No. 1 2017 2019 no Effective with the year ended December 31, 2018, 3.00 1. not Senior Unsecured Notes On April 18, 2017, 2025 April 18, 2017, The Notes will mature on May 1, 2025. May 1 November 1, November 1, 2017. The Notes and the guarantees constitute senior unsecured obligations of the Company and the Guarantors, respectively. The Notes and the guarantees, respectively, are: (a) equal in right of payment with all of the Company’s and the Guarantors’ senior debt, without giving effect to collateral arrangements; (b) senior in right of payment to all of the Company’s and the Guarantors’ future subordinated debt, if any; (c) effectively subordinated in right of payment to all of the Company’s and the Guarantors’ debt and obligations that are secured, including borrowings under the Company’s senior secured credit facilities for so long as the senior secured credit facilities are secured, to the extent of the value of the assets securing such liens; and (d) structurally subordinated in right of payment to all liabilities (including trade payables) of the Company’s and the Guarantors’ subsidiaries that do not 2017 We used the net proceeds from this offering to refinance a $300.0 2017 In the second 2020, 3 10 X. not no 15 The Indenture governing the Notes contains covenants that limit, among other things, our ability and the ability of our restricted subsidiary to incur additional indebtedness (including guarantees thereof); incur or create liens on assets securing indebtedness; make certain restricted payments; make certain investments; dispose of certain assets; allow to exist certain restrictions on the ability of our restricted subsidiaries to pay dividends or make other payments to us; engage in certain transactions with affiliates; and consolidate or merge with or into other companies. If we experience certain kinds of changes of control, we may not may Registration Rights Agreement In connection with the issuance and sale of the Notes, the Company entered into a Registration Rights Agreement, dated April 18, 2017, 1 not 2 During the first 2018, first 2018. not not Debt outstanding as of December 31 2020 2019 Senior unsecured notes $ 300.0 $ 300.0 Secured credit facility borrowings 10.0 40.0 Other secured borrowings 1.5 2.4 Finance lease liabilities 0.1 0.2 Unamortized debt issuance costs (3.1 ) (3.8 ) Total debt 308.5 338.8 Less: current portion of long-term debt (1) (10.9 ) (31.3 ) Long-term portion $ 297.6 $ 307.5 ( 1 Current portion of long-term debt includes $10.0 million of anticipated repayment on Secured Credit Facility Borrowings under our 2017 As of December 31, 2020 not 2021, $10.0 2021. $10.0 December 31, 2020 11. The aggregate maturities of our outstanding debt, excluding unamortized debt issuance costs, as of December 31, 2020 2021 $ 10.9 2022 0.5 2023 0.2 2024 — 2025 300.0 Thereafter — Total aggregate maturities $ 311.6 |
Note 10 - Other Current Liabili
Note 10 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 10. Other Current Liabilities Other Current Liabilities as of December 31 2020 2019 Other Current Liabilities: Taxes $ 12.5 $ 10.4 Warranty 11.1 12.7 Deferred revenue 5.9 6.8 Customer sales incentives 12.1 13.7 Freight 4.6 4.9 Restructuring 4.5 4.5 Operating leases 16.3 16.7 Miscellaneous accrued expenses 11.3 11.6 Other 5.1 4.7 Total Other Current Liabilities $ 83.4 $ 86.0 The changes in warranty reserves for the three December 31 2020 2019 2018 Beginning balance $ 12.7 $ 13.1 $ 12.7 Product warranty provision 11.9 11.1 13.2 Foreign currency 0.1 — (0.2 ) Claims paid (13.6 ) (11.5 ) (12.6 ) Ending balance $ 11.1 $ 12.7 $ 13.1 |
Note 11 - Derivatives
Note 11 - Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 11. Derivatives Hedge Accounting and Hedging Programs In 2015, We evaluate hedge effectiveness on our hedges that are designated and qualify for hedge accounting at the inception of the hedge prospectively, as well as retrospectively, and record any ineffective portion of the hedging instruments in Net Foreign Currency Transaction Losses on our Consolidated Statements of Operations. The time value of purchased contracts is recorded in Net Foreign Currency Transaction Losses in our Consolidated Statements of Operations. Our hedging policy establishes maximum limits for each counterparty to mitigate any concentration of risk. Balance Sheet Hedging Hedges of Foreign Currency Assets and Liabilities We hedge our net recognized foreign currency-denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value as either assets or liabilities on the Consolidated Balance Sheets with changes in the fair value recorded to Net Foreign Currency Transaction Losses in our Consolidated Statements of Operations. These contracts do not December 31, 2020 December 31, 2019 not Cash Flow Hedging Hedges of Forecasted Foreign Currency Transactions In countries outside the U.S., we transact business in U.S. dollars and in various other currencies. We may one not December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Foreign Currency Derivatives We use foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between the Company and its subsidiaries. During 2017, not December 31, 2020 €159.6 December 31, 2020 €9.6 €150.0 April 2022. December 31, 2020 To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. We record changes in the fair value of these cash flow hedges in Accumulated Other Comprehensive Loss in our Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to Net Sales. In the event the underlying forecasted transaction does not not not not The fair value of derivative instruments on our Consolidated Balance Sheets as of December 31 Derivative Assets Derivative Liabilities Balance Sheet Location December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign currency forward contracts (1) Other Current Assets $ 1.9 $ 2.5 Other Current Liabilities — — Foreign currency forward contracts (1) Other Assets — — Other Liabilities $ 24.1 $ 12.6 Derivatives not designated as hedging instruments: Foreign currency forward contracts (1) Other Current Assets 0.4 0.6 Other Current Liabilities 0.7 0.3 ( 1 Contracts that mature within the next 12 12 As of December 31, 2020 12 The following tables include the amounts in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the years ended December 31, 2020 December 31, 2019 2020 2019 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Net Sales $ 1,001.0 $ (0.2 ) $ 1,137.6 $ (0.1 ) Interest Income 3.3 2.7 3.3 2.9 Net Foreign Currency Transaction Losses (5.3 ) (15.0 ) (0.7 ) 3.4 The effect of foreign currency derivative instruments designated as cash flow hedges and foreign currency derivative instruments not three December 31 were as follows: 2020 2019 2018 Foreign Currency Option Contracts Foreign Currency Forward Contracts Foreign Currency Option Contracts Foreign Currency Forward Contracts Foreign Currency Option Contracts Foreign Currency Forward Contracts Derivatives in cash flow hedging relationships: Net gain (loss) recognized in Other Comprehensive Income (Loss), net of tax (1) $ (0.1 ) $ (7.4 ) $ (0.3 ) $ 8.6 $ 0.1 $ 9.0 Net (loss) gain reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax, effective portion to Net Sales — (0.1 ) — — (0.1 ) — Net gain reclassified from Accumulated Other Comprehensive Loss in earnings, net of tax, effective portion to Interest Income — 2.0 — 2.2 — 1.9 Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax, effective portion to Net Foreign Currency Transaction Losses — (11.6 ) — 2.6 — 6.4 Derivatives not designated as hedging instruments: Net loss recognized in earnings (2) — (5.0 ) — (1.3 ) — (2.5 ) ( 1 Net change in the fair value of the effective portion classified in Other Comprehensive (Loss) Income. ( 2 Classified in Net Foreign Currency Transaction Losses. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Fair Value Measurements Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three three • Level 1: • Level 2: not • Level 3: Our population of assets and liabilities subject to fair value measurements as of December 31, 2020 Fair Value Level 1 Level 2 Level 3 Assets: Foreign currency forward exchange contracts $ 3.0 — $ 3.0 — Total Assets 3.0 — 3.0 — Liabilities: Foreign currency forward exchange contracts 25.5 — 25.5 — Contingent consideration 1.8 — — 1.8 Total Liabilities $ 27.3 — $ 25.5 $ 1.8 Our population of assets and liabilities subject to fair value measurements as of December 31, 2019 Fair Value Level 1 Level 2 Level 3 Assets: Foreign currency forward exchange contracts $ 6.4 — $ 6.4 — Total Assets 6.4 — 6.4 — Liabilities: Foreign currency forward exchange contracts 16.2 — 16.2 — Contingent consideration 2.1 — — 2.1 Total Liabilities $ 18.3 — $ 16.2 $ 2.1 Our foreign currency forward exchange and option contracts are valued using observable Level 2 11. The carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Restricted Cash, Receivables, Other Current Assets, Accounts Payable and Other Current Liabilities approximate fair value due to their short-term nature. The fair value and carrying value of total debt, including current portion, was $323.4 million and $308.5 million, respectively, as of December 31, 2020 2 From time to time, we measure certain assets at fair value on a non-recurring basis, including evaluation of long-lived assets, goodwill and other intangible assets, as part of a business acquisition. These assets are measured and recognized at amounts equal to the fair value determined as of the date of acquisition. Fair value valuations are based on the information available as of the acquisition date and the expectations and assumptions that have been deemed reasonable by us. There are inherent uncertainties and management judgment required in these determinations. The fair value measurements of assets acquired and liabilities assumed as part of a business acquisition are based on valuations involving significant unobservable inputs, or Level 3, These assets are also subject to periodic impairment testing by comparing the respective carrying value of each asset to the estimated fair value of the reporting unit or asset group in which they reside. In the event we determine these assets to be impaired, we would recognize an impairment loss equal to the amount by which the carrying value of the reporting unit, impaired asset or asset group exceeds its estimated fair value. These periodic impairment tests utilize company-specific assumptions involving significant unobservable inputs, or Level 3, |
Note 13 - Retirement Benefit Pl
Note 13 - Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. Retirement Benefit Plans Substantially all U.S. employees are covered by various retirement benefit plans, including postretirement medical plans and defined contribution savings plans. Retirement benefits for eligible employees in foreign locations are funded principally through defined benefit plans, annuity or government programs. The total cost of benefits for our plans was $12.3 million, $13.7 million and $11.9 million in 2020 2019 2018 We had a qualified, funded defined benefit retirement plan (the “U.S. Pension Plan”) covering certain current and retired employees in the U.S. During 2015, January 31, 2017. February 15, 2017, May 15, 2017. December 2017. December 2017. 2020, none December 31, 2020. We have a U.S. postretirement medical benefit plan (the “U.S. Retiree Plan”) to provide certain healthcare benefits for U.S. employees hired before January 1, 1999. Our defined contribution savings plan ( “401 401 one 401 2020 2019 2018 We have a U.S. nonqualified supplemental benefit plan (the “U.S. Nonqualified Plan”) to provide additional retirement benefits for certain employees whose benefits under our 401 We also have defined benefit pension plans in the United Kingdom, Germany and Italy (the “U.K. Pension Plan”, the “German Pension Plan” and the "Italian Pension Plan"). The U.K. Pension Plan, German Pension Plan and Italian Pension Plan cover certain current and retired employees and all plans are closed to new participants. In December 2018, 2008. no We expect to contribute approximately $0.1 million to our U.S. Nonqualified Plan, $0.7 million to our U.S. Retiree Plan, and $0.4 million to our U.K. Pension Plan in 2021. 2021. Weighted-average asset allocations by asset category of the U.K. Pension Plan as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset category Fair Value (Level 1) (Level 2) (Level 3) Investment account held by pension plan (1) $ 13.3 $ — $ — $ 13.3 Total $ 13.3 $ — $ — $ 13.3 ( 1 This category is comprised of investments in insurance contracts. Weighted-average asset allocations by asset category of the U.K. Pension Plan and the Tennant Company Retirement Savings Plan as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset category Fair Value (Level 1) (Level 2) (Level 3) Cash and Cash Equivalents $ 2.8 $ 2.8 $ — $ — Investment account held by pension plan (1) 12.2 — — 12.2 Total $ 15.0 $ 2.8 $ — $ 12.2 ( 1 This category is comprised of investments in insurance contracts. Estimates of the fair value of the U.K. Pension Plan and the Tennant Company Retirement Savings Plan assets are based on the framework established in the accounting guidance for fair value measurements. A brief description of the three 12. 3. A reconciliation of the beginning and ending balances of the Level 3 December 31 2020 2019 Fair value at beginning of year $ 12.2 $ 10.8 Purchases, sales, issuances and settlements, net 0.1 0.2 Net gain 0.6 0.8 Foreign currency 0.4 0.4 Fair value at end of year $ 13.3 $ 12.2 The primary objective of our U.K. Pension Plan is to meet retirement income commitments to plan participants at a reasonable cost to us and to maintain a sound actuarially funded status. This objective is accomplished through growth of capital and safety of funds invested. Assets are invested in securities to achieve growth of capital over inflation through appreciation and accumulation and reinvestment of dividend and interest income. Investments are diversified to control risk. The U.K. Pension Plan is invested in insurance contracts with underlying investments primarily in equity and fixed income securities. Our German Pension Plan is unfunded, which is customary in that country. Weighted-average assumptions used to determine benefit obligations as of December 31 Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.06 % 3.01 % 1.05 % 1.42 % 2.07 % 3.06 % Rate of compensation increase — % — % — % — % — % — % Weighted-average assumptions used to determine net periodic benefit costs as of December 31 Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.01 % 3.95 % 3.28 % 1.42 % 1.92 % 2.08 % 3.06 % 3.95 % 3.26 % Expected long-term rate of return on plan assets — % — % — % 3.30 % 3.80 % 3.80 % — % — % — % Rate of compensation increase — % — % — % — % — % 3.50 % — % — % — % The discount rate is used to discount future benefit obligations back to today’s dollars. Our discount rates were determined based on high-quality fixed income investments. The resulting discount rates are consistent with the duration of plan liabilities. The Mercer Above Mean Yield Curve for high-quality corporate bonds is used in determining the discount rate for the U.S. Nonqualified Plan in 2020 2020 2019, 7 10 10 The accumulated benefit obligations as of December 31 2020 2019 U.S. Nonqualified Plan $ 1.2 $ 1.3 U.K. Pension Plan 12.2 10.4 German Pension Plan 1.2 1.0 Italian Pension Plan 4.2 4.3 Information for our plans with an accumulated benefit obligation in excess of plan assets as of December 31 2020 2019 Accumulated benefit obligation $ 6.6 $ 6.6 Fair value of plan assets — — As of December 31, 2020 2019 Information for our plans with a projected benefit obligation in excess of plan assets as of December 31 2020 2019 Projected benefit obligation $ 6.6 $ 6.5 Fair value of plan assets — — As of December 31, 2020 2019 Assumed healthcare cost trend rates as of December 31 2020 2019 Healthcare cost trend rate assumption for the next year Pre-65 5.90 % 6.22 % Healthcare cost trend rate assumption for the next year Post-65 6.20 % 6.22 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2037 2032 Summaries related to changes in benefit obligations and plan assets and to the funded status of our defined benefit and postretirement medical benefit plans are as follows: Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 1.3 $ 1.3 $ 15.7 $ 15.0 $ 7.8 $ 8.6 Service cost — — — — 0.1 — Interest cost — 0.1 0.2 0.3 0.2 0.3 Actuarial loss (gain) — — 1.7 1.0 (0.3 ) (0.1 ) Foreign exchange — — 0.8 0.2 — — Benefits paid (0.1 ) (0.1 ) (0.8 ) (0.8 ) (0.5 ) (1.0 ) Benefit obligation at end of year $ 1.2 $ 1.3 $ 17.6 $ 15.7 $ 7.3 $ 7.8 Change in fair value of plan assets and net accrued liabilities: Fair value of plan assets at beginning of year $ — $ — $ 12.2 $ 10.8 $ — $ — Actual return on plan assets — — 0.6 0.8 — — Employer contributions 0.1 0.1 0.9 1.0 0.5 1.0 Foreign exchange — — 0.4 0.4 — — Benefits paid (0.1 ) (0.1 ) (0.8 ) (0.8 ) (0.5 ) (1.0 ) Fair value of plan assets at end of year — — 13.3 12.2 — — Funded status at end of year $ (1.2 ) $ (1.3 ) $ (4.3 ) $ (3.5 ) $ (7.3 ) $ (7.8 ) Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent Other Assets $ — $ — $ 1.1 $ 1.8 $ — $ — Current Liabilities (0.1 ) (0.2 ) — — (0.7 ) (0.7 ) Long-Term Liabilities (1.1 ) (1.1 ) (5.4 ) (5.3 ) (6.6 ) (7.1 ) Net accrued liability $ (1.2 ) $ (1.3 ) $ (4.3 ) $ (3.5 ) $ (7.3 ) $ (7.8 ) Amounts recognized in Accumulated Other Comprehensive Loss consist of: Prior service cost $ — $ — $ (0.2 ) $ (0.1 ) $ — $ — Net actuarial (loss) gain (0.9 ) (0.9 ) (2.0 ) (0.4 ) 0.8 0.4 Accumulated Other Comprehensive (Loss) Income $ (0.9 ) $ (0.9 ) $ (2.2 ) $ (0.5 ) $ 0.8 $ 0.4 The components of the net periodic benefit cost (credit) for the three December 31 Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ — $ — $ 0.1 $ 0.1 $ — $ 0.1 Interest cost — 0.1 — 0.2 0.3 0.3 0.2 0.3 0.3 Expected return on plan assets — — — (0.3 ) (0.4 ) (0.4 ) — — — Amortization of net actuarial loss (gain) 0.1 — 0.1 — — — — (0.1 ) — Net periodic benefit cost (credit) 0.1 0.1 0.1 (0.1 ) (0.1 ) — 0.3 0.2 0.4 Curtailment — — — — — (0.1 ) — — — Net benefit cost (credit) $ 0.1 $ 0.1 $ 0.1 $ (0.1 ) $ (0.1 ) $ (0.1 ) $ 0.3 $ 0.2 $ 0.4 The changes in Accumulated Other Comprehensive Loss for the three December 31 Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Prior service cost $ — $ — $ — $ 0.1 $ — $ 0.1 $ — $ — $ — Net actuarial loss (gain) — 0.1 — 1.6 0.4 (1.2 ) (0.3 ) (0.1 ) (0.5 ) Amortization of net actuarial (loss) gain (0.1 ) — (0.1 ) — — — — 0.1 — Total recognized in other comprehensive (income) loss $ (0.1 ) $ 0.1 $ (0.1 ) $ 1.7 $ 0.4 $ (1.1 ) $ (0.3 ) $ — $ (0.5 ) Total recognized in net benefit cost (credit) and other comprehensive loss (income) $ — $ 0.2 $ — $ 1.6 $ 0.3 $ (1.2 ) $ — $ 0.2 $ (0.1 ) The following benefit payments, which reflect expected future service, are expected to be paid: U.S. Non-U.S. Postretirement Nonqualified Plan Pension Benefits Medical Benefits 2021 $ 0.2 $ 0.3 $ 0.7 2022 0.1 0.7 0.6 2023 0.1 0.8 0.6 2024 0.1 0.8 0.6 2025 0.1 0.8 0.6 2026 to 2030 0.4 4.0 2.5 Total $ 1.0 $ 7.4 $ 5.6 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. Shareholders' Equity Authorized Shares We are authorized to issue an aggregate of 60,000,000 shares, all of which are designated as Common Stock having a par value of $0.375 per share. The Board of Directors is authorized to establish one Accumulated Other Comprehensive Loss Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets and Consolidated Statements of Equity as of December 31 2020 2019 2018 Foreign currency translation adjustments $ (19.1 ) $ (36.3 ) $ (31.9 ) Pension and postretirement medical benefits (1.7 ) (0.7 ) (0.3 ) Cash flow hedge 0.7 (1.5 ) (5.0 ) Total Accumulated Other Comprehensive Loss $ (20.1 ) $ (38.5 ) $ (37.2 ) The changes in components of Accumulated Other Comprehensive Loss, net of tax, are as follows: Foreign Currency Translation Adjustments Pension and Postretirement Medical Benefits Cash Flow Hedge Total December 31, 2019 $ (36.3 ) $ (0.7 ) $ (1.5 ) $ (38.5 ) Other comprehensive income (loss) before reclassifications 17.2 (1.0 ) (7.5 ) 8.7 Amounts reclassified from Accumulated Other Comprehensive Loss — — 9.7 9.7 Net current period other comprehensive income (loss) 17.2 (1.0 ) 2.2 18.4 December 31, 2020 $ (19.1 ) $ (1.7 ) $ 0.7 $ (20.1 ) Accumulated Other Comprehensive Loss associated with pension and postretirement benefits and cash flow hedges is included in Notes 13 11, |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Finance and Operating Leases [Text Block] | 15. Leases We lease facilities, vehicles and equipment under the operating lease agreements, which include both monthly and longer-term arrangements. Certain operating leases for vehicles contain residual value guarantee provisions, which would become due at the expiration of the operating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. As of December 31, 2020 The lease assets and liabilities as of December 31 Leases Classification 2020 2019 Assets Operating lease assets Operating Lease Assets $ 44.5 $ 46.6 Finance lease assets Property, Plant and Equipment (a) 0.1 0.3 Total leased assets $ 44.6 $ 46.9 Liabilities Current: Operating Other Current Liabilities $ 16.3 $ 16.7 Finance Current Portion of Long-term Debt 0.1 0.2 Noncurrent: Operating Long-term Operating Lease Liabilities 28.7 30.3 Finance Long-term Debt — — Total lease liabilities $ 45.1 $ 47.2 (a) December 31, 2020 December 31, 2019 The lease cost for the three December 31 Lease Cost 2020 2019 2018 Operating lease cost $ 25.1 (a) $ 27.5 (a) $ 23.3 Finance lease cost (b) 0.2 0.3 0.4 Total lease cost $ 25.3 $ 27.8 $ 23.7 (a) Includes short-term lease costs of $3.5 million and $3.1 million and variable lease costs of $1.6 million and $2.4 million for the years ended December 31, 2020 December 31, 2019 (b) Includes amortization of leased assets and interest on lease liabilities. The maturity of lease liabilities as of December 31, 2020 Maturity of Lease Liabilities Operating Leases Finance Leases Total 2021 $ 17.6 $ 0.1 $ 17.7 2022 13.0 — 13.0 2023 9.4 — 9.4 2024 5.0 — 5.0 2025 2.1 — 2.1 Thereafter 0.9 — 0.9 Total lease payments $ 48.0 $ 0.1 $ 48.1 Less: Interest (3.0 ) — (3.0 ) Present value of lease liabilities $ 45.0 $ 0.1 $ 45.1 The lease term and discount rate as of December 31 Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years): Operating leases 3.4 3.7 Finance leases 1.0 1.5 Weighted-average discount rate: Operating leases 3.8 % 3.7 % Finance leases 2.5 % 2.5 % Other information related to cash paid related to lease liabilities and lease assets obtained for the years ended December 31 Other Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $19.7 $22.7 Financing cash flows from finance leases 0.1 0.3 Lease assets obtained in exchange for new finance lease liabilities — 0.1 Lease assets obtained in exchange for new operating lease liabilities 14.8 26.4 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and Contingencies In the ordinary course of business, we may not |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. Income Taxes On December 22, 2017, 2017 35% 21% January 1, 2018, one The accounting for the remeasurement of the deferred taxes and transition tax was finalized in the third 2018. not December 31, 2018 Profit (loss) before income taxes for the three December 31 2020 2019 2018 U.S. operations $ 46.6 $ 50.1 $ 23.9 Foreign operations (5.5 ) 3.9 11.9 Total $ 41.1 $ 54.0 $ 35.8 Income tax expense (benefit) for the three December 31 2020 2019 2018 Current: Federal $ 4.2 $ 9.6 $ 3.7 Foreign 3.8 5.6 7.0 State 1.8 2.1 1.0 $ 9.8 $ 17.3 $ 11.7 Deferred: Federal $ 4.4 $ (2.4 ) $ (3.1 ) Foreign (6.9 ) (6.7 ) (6.0 ) State 0.1 (0.1 ) (0.3 ) $ (2.4 ) $ (9.2 ) $ (9.4 ) Total: Federal $ 8.6 $ 7.2 $ 0.6 Foreign (3.1 ) (1.1 ) 1.0 State 1.9 2.0 0.7 Total Income Tax Expense $ 7.4 $ 8.1 $ 2.3 In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero no Our effective income tax rate varied from the U.S. federal statutory tax rate for the three December 31 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 21.0 % (Decreases) increases in the tax rate from: State and local taxes, net of federal benefit 3.5 1.9 1.4 Effect of foreign operations (3.7 ) 3.5 (4.3 ) Transaction costs — 0.1 (4.2 ) Effect of 2017 deferred rate change — — (1.0 ) Transition Tax — — (1.0 ) Effect of changes in valuation allowances 0.5 (9.7 ) 6.6 Domestic production activities deduction — (0.3 ) 0.4 Executive compensation over $1 million 2.1 2.5 1.0 Share-based payments (0.9 ) (2.0 ) (5.7 ) Research & Development credit (3.3 ) (1.9 ) (3.6 ) Other, net (1.3 ) — (4.2 ) Effective income tax rate 17.9 % 15.1 % 6.4 % Deferred tax assets and liabilities were comprised of the following as of December 31: 2020 2019 Deferred Tax Assets: Inventory costing and valuation methods $ 4.5 $ 4.6 Employee wages and benefits, principally due to accruals for financial reporting purposes 14.0 13.7 Warranty reserves accrued for financial reporting purposes 2.3 2.5 Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals 2.3 1.9 Operating lease liability 11.2 11.4 Tax loss carryforwards 9.6 6.6 Tax credit carryforwards 3.6 3.2 Other 2.5 3.2 Gross Deferred Tax Assets $ 50.0 $ 47.1 Less: valuation allowance (7.5 ) (6.2 ) Total Net Deferred Tax Assets $ 42.5 $ 40.9 Deferred Tax Liabilities: Lease right of use assets $ 11.2 $ 11.4 Property, Plant and Equipment, principally due to differences in depreciation and related gains 14.0 10.2 Goodwill and Intangible Assets 41.5 43.4 Total Deferred Tax Liabilities $ 66.7 $ 65.0 Net Deferred Tax Liabilities $ (24.2 ) $ (24.1 ) Tax credit carryforwards consist of $2.2 million U.S. federal and state tax credits and $1.4 million of Netherlands tax credits. We have non-U.S. cumulative tax losses of $40.9 million in various countries. Cumulative losses can be used to offset the income tax liabilities on future income in these countries. $18.9 million of these losses have unlimited carryforward periods. $22.0 million of these losses have a limited carryforward period which must be utilized during 2021 2028. The valuation allowance as of December 31, 2020 not not not A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2020 2019 Balance at January 1 $ 7.5 $ 5.6 Increases as a result of tax positions taken during a prior period 0.3 0.1 Increases as a result of tax positions taken during the current year 0.4 0.5 Increase related to prior period tax positions of acquired entities — 2.5 Decreases relating to settlement with tax authorities (0.8 ) (0.1 ) Reductions as a result of a lapse of the applicable statute of limitations (1.4 ) (1.0 ) Increases as a result of foreign currency fluctuations 0.4 (0.1 ) Balance at December 31 $ 6.4 $ 7.5 Included in the balance of unrecognized tax benefits as of December 31, 2020 2019 We recognize potential accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. In addition to the liability of $6.4 million and $7.5 million for unrecognized tax benefits as of December 31, 2020 2019 not We and our subsidiaries are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no 2018 2015 2016 2017 third not |
Note 18 - Share-based Compensat
Note 18 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 18. Share-Based Compensation We have five 1997 "1997 2007 “2007 2010 “2010 2017 "2017 2020 "2020 The 2010 April 28, 2010 April 25, 2012, 2007 2007 2010 not may 2010 2010 April 24, 2013, 2010 The 2017 April 26, 2017 not may 2017 2017 The 2020 April 29, 2020 not may 2020 2020 As of December 31, 2020 2007 2010 2017 2020 December 31, 2020 We recognized total Share-Based Compensation Expense of $6.0 million, $11.4 million and $8.3 million, respectively, during the years ended 2020 2019 2018 2020 2019 2018 Stock Option Awards We determined the fair value of our stock option awards using the Black-Scholes valuation model that uses the assumptions noted in the table below. The expected term selected for stock options granted during the year represents the period of time that the stock options are expected to be outstanding based on historical data of stock option holder exercise and termination behavior of similar grants. The risk-free interest rate for periods within the contractual life of the stock option is based on the U.S. Treasury rate over the expected life at the time of grant. Expected volatilities are based upon historical volatility of our stock over a period equal to the expected life of each stock option grant. Dividend yield is estimated over the expected life based on our dividend policy and historical dividends paid. To determine the amount of compensation cost to be recognized in each period, we account for forfeitures as they occur. The following table illustrates the valuation assumptions used for the 2020 2019 2018 2020 2019 2018 Expected volatility 27 - 32 % 26 - 27 % 25 % Weighted-average expected volatility 27 % 26 % 25 % Expected dividend yield 1.3 % 1.2 - 1.4 % 1.2 % Weighted-average expected dividend yield 1.3 % 1.2 % 1.2 % Expected term, in years 5 5 5 Risk-free interest rate 0.3 - 1.3 % 1.6 - 2.5 % 2.6 - 2.9 % New stock option awards granted vest one third three ten 2020, 2017 2010 The following table summarizes the activity during the year ended December 31, 2020 Shares Weighted-Average Exercise Price Outstanding at beginning of year 1,071,777 $ 60.01 Granted 76,251 81.20 Exercised (110,595 ) 44.29 Forfeited (42,083 ) 70.83 Expired (4,687 ) $ 68.01 Outstanding at end of year 990,663 $ 62.90 Exercisable at end of year 767,655 $ 61.04 The weighted-average grant date fair value of stock options granted during the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 December 31, 2020 December 31, 2020 December 31, 2020 Restricted Share Awards Restricted share awards for employees generally have a three six one six The following table summarizes the activity during the year ended December 31, 2020 Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 93,599 $ 54.27 Granted 17,348 81.07 Vested (10,038 ) 73.20 Forfeited (6,866 ) 73.19 Nonvested at end of year 94,043 $ 55.81 The total fair value of restricted shares vested during the years ended December 31, 2020, 2019 2018 December 31, 2020 Performance Share Awards We grant performance share awards to key employees as a part of our long-term management compensation program. These awards are earned based upon achievement of certain financial performance targets over a three three three The following table summarizes the activity during the year ended December 31, 2020 Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 120,714 $ 67.45 Granted 55,142 76.66 Vested (29,595 ) 72.82 Forfeited (22,042 ) 70.72 Nonvested at end of year 124,219 $ 69.68 No performance shares vested during the years ended December 31, 2019 December 31, 2018 December 31, 2020 Restricted Stock Units We grant restricted stock units to employees and non-employee directors, which generally vest within three The following table summarizes the activity during the year ended December 31, 2020 Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 103,287 $ 64.72 Granted 42,248 69.93 Vested (37,389 ) 70.46 Forfeited (10,661 ) 63.11 Nonvested at end of year 97,485 $ 64.95 The total fair value of shares vested during the years ended December 31, 2020, 2019 2018 December 31, 2020 Share-Based Liabilities As of December 31, 2020 2019 |
Note 19 - Earnings Attributable
Note 19 - Earnings Attributable to Tennant Company Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Earnings Attributable to Tennant Company Per Share The computations of Basic and Diluted Earnings Attributable to Tennant Company per Share for the years ended December 31 2020 2019 2018 Numerator: Net Earnings Attributable to Tennant Company $ 33.7 $ 45.8 $ 33.4 Denominator: Basic - Weighted Average Shares Outstanding 18,349,724 18,118,486 17,940,438 Effect of dilutive securities 285,278 334,659 398,131 Diluted - Weighted Average Shares Outstanding 18,635,002 18,453,145 18,338,569 Basic Earnings per Share $ 1.84 $ 2.53 $ 1.86 Diluted Earnings per Share $ 1.81 $ 2.48 $ 1.82 Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 610,118, 552,402 and 293,356 shares of common stock during 2020 2019 2018 |
Note 20 - Segment Reporting
Note 20 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. Segment Reporting We are organized into four operating segments: North America; Latin America; Europe, Middle East, Africa; and Asia Pacific. We combine our North America and Latin America operating segments into the "Americas" for reporting net sales by geographic area. In accordance with the objective and basic principles of the applicable accounting guidance, we aggregate our operating segments into one reportable segment that consists of the design, manufacture and sale of products used primarily in the maintenance of nonresidential surfaces. The following table presents Net Sales by geographic area for the three December 31: 2020 2019 2018 Net Sales: United States $ 546.2 $ 609.6 $ 579.8 Other Americas 84.8 112.8 111.2 Americas 631.0 722.4 691.0 Europe, Middle East, Africa 278.2 307.6 335.6 Asia Pacific 91.8 107.6 96.9 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 Accounting policies of the operations in various operating segments are the same as those described in Note 1. no 10% No 10% The following table presents long-lived assets by geographic area as of December 31: 2020 2019 2018 Long-lived assets: United States $ 121.9 $ 114.5 $ 107.3 Other Americas 14.7 12.8 11.3 Americas 136.6 127.3 118.6 Italy 321.5 325.2 355.5 Other Europe, Middle East, Africa 34.0 28.6 30.2 Europe, Middle East, Africa 355.5 353.8 385.7 Asia Pacific 37.5 36.6 4.1 Total $ 529.6 $ 517.7 $ 508.4 Long-lived assets consist of Property, Plant and Equipment, Goodwill, Intangible Assets and certain other assets. Apart from the United States and Italy shown in the table above, there are no 10% |
Note 21 - Subsequent Event
Note 21 - Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. On February 1, 2021, first 2021. December 31, 2020, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II - Valuation and Qualifying Accounts (In millions) 2020 2019 2018 Allowance for doubtful accounts: Balance at beginning of year $ 3.6 $ 2.5 $ 2.4 Charged to costs and expenses 2.2 2.5 0.4 Reclassification (1) — 0.5 0.8 Charged to other accounts (2) — — (0.2 ) Deductions (3) (1.2 ) (1.9 ) (0.9 ) Balance at end of year $ 4.6 $ 3.6 $ 2.5 Sales returns reserve: Balance at beginning of year $ 1.2 $ 1.3 $ 0.8 Charged to costs and expenses 0.2 0.1 0.7 Deductions (3) (0.4 ) (0.2 ) (0.2 ) Balance at end of year $ 1.0 $ 1.2 $ 1.3 Allowance for excess and obsolete inventories: Balance at beginning of year $ 9.8 $ 5.6 $ 4.1 Charged to costs and expenses 4.4 4.6 1.9 Charged to other accounts (2) 0.2 — (0.1 ) Deductions (4) (0.8 ) (0.4 ) (0.3 ) Balance at end of year $ 13.6 $ 9.8 $ 5.6 Valuation allowance for deferred tax assets: Balance at beginning of year $ 6.2 $ 11.5 $ 9.7 Charged to costs and expenses 0.9 (5.2 ) 2.4 Charged to other accounts (2) 0.4 (0.1 ) (0.6 ) Balance at end of year $ 7.5 $ 6.2 $ 11.5 ( 1 Includes amount reclassified between Allowance for Doubtful Accounts and Other Receivables related to a customer's open receivables balance for proper classification and acquisition-related adjustments. ( 2 Primarily includes impact from foreign currency fluctuations. ( 3 Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. ( 4 Includes inventory identified as excess, slow moving or obsolete and charged against reserves. All other schedules are omitted because they are not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification December 31, 2020 |
Consolidation, Policy [Policy Text Block] | Consolidation |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Non-U.S. Currency December 31, 2020, 2019 2018 not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash December 31, 2020 2019 |
Receivable [Policy Text Block] | Receivables may may not Our reserves are also based on amounts determined by using percentages applied to trade receivables, using a loss rate method. We considered the following in determining the expected loss rate: ( 1 2 3 three not |
Inventory, Policy [Policy Text Block] | Inventories first first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment |
Lessee, Leases [Policy Text Block] | Leases Operating leases with an initial term of 12 not not 1 2 3 Finance leases are not Further details regarding leases are discussed in Note 15. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill October 1 may one first not may In 2020, not December 31, 2020, |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets and Assets Held for Sale may not Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Upon retirement or disposition, the asset cost and related accumulated depreciation or amortization are removed from the accounts and a gain or loss is recognized based on the difference between the fair value of proceeds received and carrying value of the assets held for sale. |
Stockholders' Equity, Policy [Policy Text Block] | Purchase of Common Stock 2016 2015 not |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Warranty one four first six nine |
Debt, Policy [Policy Text Block] | Debt Issuance Costs not |
Environmental Costs, Policy [Policy Text Block] | Environmental |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension and Profit Sharing Plans 13. |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Postretirement Benefits January 1, 1999. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments may not We account for our foreign currency hedging instruments as either assets or liabilities on the balance sheet and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Gains and losses from foreign exchange forward contracts that hedge certain balance sheet positions are recorded each period to Net Foreign Currency Transaction Losses in our Consolidated Statements of Operations. Foreign exchange option contracts or forward contracts hedging forecasted foreign currency revenue are designated as cash flow hedges under accounting for derivative instruments and hedging activities, with gains and losses recorded each period to Accumulated Other Comprehensive Loss in our Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to Net Sales. In the event the underlying forecasted transaction does not not not not 11 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition not not not one In general, we transfer control and recognize a sale at the point in time when products are shipped from our manufacturing facilities both direct to consumers and to distributors. Service revenue is recognized in the period the service is performed or ratably over the period of the related service contract. Consideration related to service contracts is deferred if the proceeds are received in advance of the satisfaction of the performance obligations and recognized over the contract period as the performance obligation is met. We use an output method to measure progress toward completion for certain prepaid service contracts, as this method appropriately depicts performance toward satisfaction of the performance obligations. For contracts with multiple performance obligations (i.e., a product and service component), we allocate the transaction price to the performance obligations in proportion to their stand-alone selling prices. We use an observable price to determine the stand-alone selling price for separate performance obligations. When allocating on a relative stand-alone selling price basis, any discounts contained within the contract are allocated proportionately to all of the performance obligations in the contract. We generally expense the incremental costs of obtaining a contract when incurred because the amortization period would be less than one We do not one not one We adopted ASU No. 2014 9, Revenue from Contracts with Customers (Topic 606 January 2018 3. |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation 18. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
Advertising Cost [Policy Text Block] | Advertising Costs 2020 2019 2018 |
Income Tax, Policy [Policy Text Block] | Income Taxes not not 740, Income Taxes 17 first |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements December 2019, No. 2019 12, Income Taxes (Topic 740 740. December 15, 2020. first 2021. not In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. Further details regarding the adoption of new accounting standards are discussed in Note 2. |
Note 2 - Newly Adopted Accoun_2
Note 2 - Newly Adopted Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | 2020 2019 2018 Balance at beginning of year $ 3.6 $ 2.5 $ 2.4 Charged to costs and expenses 2.2 2.5 0.4 Reclassification (1) — 0.5 0.8 Charged to other accounts (2) — — (0.2 ) Deductions (3) (1.2 ) (1.9 ) (0.9 ) Balance at end of year $ 4.6 $ 3.6 $ 2.5 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2020 2019 2018 Americas $ 631.0 $ 722.4 $ 691.0 Europe, Middle East and Africa 278.2 307.6 335.6 Asia Pacific 91.8 107.6 96.9 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 2020 2019 2018 Equipment $ 629.7 $ 741.8 $ 730.0 Parts and consumables 205.8 221.9 222.3 Specialty surface coatings 22.7 25.7 29.8 Service and other 142.8 148.2 141.4 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 2020 2019 2018 Sales direct to consumer $ 664.9 $ 750.9 $ 735.2 Sales to distributors 336.1 386.7 388.3 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | 2020 2019 Beginning balance $ 13.7 $ 16.7 Additions to sales incentive accrual 18.2 24.7 Contract payments (20.0 ) (27.7 ) Foreign currency fluctuations 0.2 — Ending balance $ 12.1 $ 13.7 2020 2019 Beginning balance $ 10.7 $ 8.5 Increase in deferred revenue representing our obligation to satisfy future performance obligations 21.0 26.0 Deferred revenue acquired from acquisition of Gaomei Cleaning Equipment Company — 1.4 Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations (21.8 ) (25.2 ) Foreign currency fluctuations (0.6 ) — Ending balance $ 9.3 $ 10.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 2021 $ 5.9 2022 2.0 2023 0.9 2024 0.4 2025 0.1 Thereafter — Total $ 9.3 |
Note 4 - Management Actions (Ta
Note 4 - Management Actions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Severance and Related Costs December 31, 2018 balance $ 2.2 2019 charges and utilization: New charges 6.1 Cash payments (2.5 ) Foreign currency adjustments (1.3 ) December 31, 2019 balance 4.5 2020 charges and utilization: New charges 6.2 Cash payments (5.4 ) Foreign currency adjustments 0.2 Adjustment to accrual (1.0 ) December 31, 2020 balance $ 4.5 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2020 2019 Inventories carried at LIFO: Finished goods $ 42.4 $ 50.9 Raw materials, production parts and work-in-process 21.6 32.5 Excess of FIFO over LIFO cost (a) (31.4 ) (33.4 ) Total LIFO inventories $ 32.6 $ 50.0 Inventories carried at FIFO: Finished goods $ 55.0 $ 60.1 Raw materials, production parts and work-in-process 40.1 40.0 Total FIFO inventories $ 95.1 $ 100.1 Total inventories $ 127.7 $ 150.1 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Property, Plant and Equipment: Land $ 23.3 $ 19.2 Buildings and improvements 131.5 98.7 Machinery and manufacturing equipment 157.0 165.2 Office equipment 118.0 107.2 Construction in progress 7.7 22.2 Total Property, Plant and Equipment 437.5 412.5 Less: Accumulated Depreciation (252.0 ) (239.2 ) Property, Plant and Equipment, Net $ 185.5 $ 173.3 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Accumulated Impairment Goodwill Losses Total Balance as of December 31, 2018 $ 221.7 $ (39.0 ) $ 182.7 Additions 15.6 — 15.6 Foreign currency fluctuations (2.2 ) (1.0 ) (3.2 ) Balance as of December 31, 2019 $ 235.1 $ (40.0 ) $ 195.1 Additions — — — Foreign currency fluctuations 14.4 (1.7 ) 12.7 Balance as of December 31, 2020 $ 249.5 $ (41.7 ) $ 207.8 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Customer Trade Lists Names Technology Total Balance as of December 31, 2020 Original cost $ 166.2 $ 34.4 $ 17.9 $ 218.5 Accumulated amortization (70.3 ) (12.3 ) (9.7 ) (92.3 ) Carrying amount $ 95.9 $ 22.1 $ 8.2 $ 126.2 Weighted-average original life (in years) 15 11 11 Balance as of December 31, 2019 Original cost $ 154.1 $ 31.8 $ 17.1 $ 203.0 Accumulated amortization (49.8 ) (8.2 ) (7.3 ) (65.3 ) Carrying amount $ 104.3 $ 23.6 $ 9.8 $ 137.7 Weighted-average original life (in years) 15 11 11 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 20.5 2022 18.3 2023 16.6 2024 14.9 2025 13.5 Thereafter 42.4 Total $ 126.2 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2020 2019 Senior unsecured notes $ 300.0 $ 300.0 Secured credit facility borrowings 10.0 40.0 Other secured borrowings 1.5 2.4 Finance lease liabilities 0.1 0.2 Unamortized debt issuance costs (3.1 ) (3.8 ) Total debt 308.5 338.8 Less: current portion of long-term debt (1) (10.9 ) (31.3 ) Long-term portion $ 297.6 $ 307.5 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 $ 10.9 2022 0.5 2023 0.2 2024 — 2025 300.0 Thereafter — Total aggregate maturities $ 311.6 |
Note 10 - Other Current Liabi_2
Note 10 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | 2020 2019 Other Current Liabilities: Taxes $ 12.5 $ 10.4 Warranty 11.1 12.7 Deferred revenue 5.9 6.8 Customer sales incentives 12.1 13.7 Freight 4.6 4.9 Restructuring 4.5 4.5 Operating leases 16.3 16.7 Miscellaneous accrued expenses 11.3 11.6 Other 5.1 4.7 Total Other Current Liabilities $ 83.4 $ 86.0 |
Schedule of Product Warranty Liability [Table Text Block] | 2020 2019 2018 Beginning balance $ 12.7 $ 13.1 $ 12.7 Product warranty provision 11.9 11.1 13.2 Foreign currency 0.1 — (0.2 ) Claims paid (13.6 ) (11.5 ) (12.6 ) Ending balance $ 11.1 $ 12.7 $ 13.1 |
Note 11 - Derivatives (Tables)
Note 11 - Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivative Assets Derivative Liabilities Balance Sheet Location December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Foreign currency forward contracts (1) Other Current Assets $ 1.9 $ 2.5 Other Current Liabilities — — Foreign currency forward contracts (1) Other Assets — — Other Liabilities $ 24.1 $ 12.6 Derivatives not designated as hedging instruments: Foreign currency forward contracts (1) Other Current Assets 0.4 0.6 Other Current Liabilities 0.7 0.3 |
Derivative Instruments, Gain (Loss) [Table Text Block] | 2020 2019 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Net Sales $ 1,001.0 $ (0.2 ) $ 1,137.6 $ (0.1 ) Interest Income 3.3 2.7 3.3 2.9 Net Foreign Currency Transaction Losses (5.3 ) (15.0 ) (0.7 ) 3.4 2020 2019 2018 Foreign Currency Option Contracts Foreign Currency Forward Contracts Foreign Currency Option Contracts Foreign Currency Forward Contracts Foreign Currency Option Contracts Foreign Currency Forward Contracts Derivatives in cash flow hedging relationships: Net gain (loss) recognized in Other Comprehensive Income (Loss), net of tax (1) $ (0.1 ) $ (7.4 ) $ (0.3 ) $ 8.6 $ 0.1 $ 9.0 Net (loss) gain reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax, effective portion to Net Sales — (0.1 ) — — (0.1 ) — Net gain reclassified from Accumulated Other Comprehensive Loss in earnings, net of tax, effective portion to Interest Income — 2.0 — 2.2 — 1.9 Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax, effective portion to Net Foreign Currency Transaction Losses — (11.6 ) — 2.6 — 6.4 Derivatives not designated as hedging instruments: Net loss recognized in earnings (2) — (5.0 ) — (1.3 ) — (2.5 ) |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Level 1 Level 2 Level 3 Assets: Foreign currency forward exchange contracts $ 3.0 — $ 3.0 — Total Assets 3.0 — 3.0 — Liabilities: Foreign currency forward exchange contracts 25.5 — 25.5 — Contingent consideration 1.8 — — 1.8 Total Liabilities $ 27.3 — $ 25.5 $ 1.8 Fair Value Level 1 Level 2 Level 3 Assets: Foreign currency forward exchange contracts $ 6.4 — $ 6.4 — Total Assets 6.4 — 6.4 — Liabilities: Foreign currency forward exchange contracts 16.2 — 16.2 — Contingent consideration 2.1 — — 2.1 Total Liabilities $ 18.3 — $ 16.2 $ 2.1 |
Note 13 - Retirement Benefit _2
Note 13 - Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset category Fair Value (Level 1) (Level 2) (Level 3) Investment account held by pension plan (1) $ 13.3 $ — $ — $ 13.3 Total $ 13.3 $ — $ — $ 13.3 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset category Fair Value (Level 1) (Level 2) (Level 3) Cash and Cash Equivalents $ 2.8 $ 2.8 $ — $ — Investment account held by pension plan (1) 12.2 — — 12.2 Total $ 15.0 $ 2.8 $ — $ 12.2 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2020 2019 Fair value at beginning of year $ 12.2 $ 10.8 Purchases, sales, issuances and settlements, net 0.1 0.2 Net gain 0.6 0.8 Foreign currency 0.4 0.4 Fair value at end of year $ 13.3 $ 12.2 |
Defined Benefit Plan, Assumptions [Table Text Block] | Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.06 % 3.01 % 1.05 % 1.42 % 2.07 % 3.06 % Rate of compensation increase — % — % — % — % — % — % Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Discount rate 3.01 % 3.95 % 3.28 % 1.42 % 1.92 % 2.08 % 3.06 % 3.95 % 3.26 % Expected long-term rate of return on plan assets — % — % — % 3.30 % 3.80 % 3.80 % — % — % — % Rate of compensation increase — % — % — % — % — % 3.50 % — % — % — % |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | 2020 2019 U.S. Nonqualified Plan $ 1.2 $ 1.3 U.K. Pension Plan 12.2 10.4 German Pension Plan 1.2 1.0 Italian Pension Plan 4.2 4.3 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | 2020 2019 Accumulated benefit obligation $ 6.6 $ 6.6 Fair value of plan assets — — |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | 2020 2019 Projected benefit obligation $ 6.6 $ 6.5 Fair value of plan assets — — |
Schedule of Health Care Cost Trend Rates [Table Text Block] | 2020 2019 Healthcare cost trend rate assumption for the next year Pre-65 5.90 % 6.22 % Healthcare cost trend rate assumption for the next year Post-65 6.20 % 6.22 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 % 5.00 % Year that the rate reaches the ultimate trend rate 2037 2032 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 1.3 $ 1.3 $ 15.7 $ 15.0 $ 7.8 $ 8.6 Service cost — — — — 0.1 — Interest cost — 0.1 0.2 0.3 0.2 0.3 Actuarial loss (gain) — — 1.7 1.0 (0.3 ) (0.1 ) Foreign exchange — — 0.8 0.2 — — Benefits paid (0.1 ) (0.1 ) (0.8 ) (0.8 ) (0.5 ) (1.0 ) Benefit obligation at end of year $ 1.2 $ 1.3 $ 17.6 $ 15.7 $ 7.3 $ 7.8 Change in fair value of plan assets and net accrued liabilities: Fair value of plan assets at beginning of year $ — $ — $ 12.2 $ 10.8 $ — $ — Actual return on plan assets — — 0.6 0.8 — — Employer contributions 0.1 0.1 0.9 1.0 0.5 1.0 Foreign exchange — — 0.4 0.4 — — Benefits paid (0.1 ) (0.1 ) (0.8 ) (0.8 ) (0.5 ) (1.0 ) Fair value of plan assets at end of year — — 13.3 12.2 — — Funded status at end of year $ (1.2 ) $ (1.3 ) $ (4.3 ) $ (3.5 ) $ (7.3 ) $ (7.8 ) Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent Other Assets $ — $ — $ 1.1 $ 1.8 $ — $ — Current Liabilities (0.1 ) (0.2 ) — — (0.7 ) (0.7 ) Long-Term Liabilities (1.1 ) (1.1 ) (5.4 ) (5.3 ) (6.6 ) (7.1 ) Net accrued liability $ (1.2 ) $ (1.3 ) $ (4.3 ) $ (3.5 ) $ (7.3 ) $ (7.8 ) Amounts recognized in Accumulated Other Comprehensive Loss consist of: Prior service cost $ — $ — $ (0.2 ) $ (0.1 ) $ — $ — Net actuarial (loss) gain (0.9 ) (0.9 ) (2.0 ) (0.4 ) 0.8 0.4 Accumulated Other Comprehensive (Loss) Income $ (0.9 ) $ (0.9 ) $ (2.2 ) $ (0.5 ) $ 0.8 $ 0.4 |
Schedule of Net Benefit Costs [Table Text Block] | Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Service cost $ — $ — $ — $ — $ — $ 0.1 $ 0.1 $ — $ 0.1 Interest cost — 0.1 — 0.2 0.3 0.3 0.2 0.3 0.3 Expected return on plan assets — — — (0.3 ) (0.4 ) (0.4 ) — — — Amortization of net actuarial loss (gain) 0.1 — 0.1 — — — — (0.1 ) — Net periodic benefit cost (credit) 0.1 0.1 0.1 (0.1 ) (0.1 ) — 0.3 0.2 0.4 Curtailment — — — — — (0.1 ) — — — Net benefit cost (credit) $ 0.1 $ 0.1 $ 0.1 $ (0.1 ) $ (0.1 ) $ (0.1 ) $ 0.3 $ 0.2 $ 0.4 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Non-U.S. Postretirement U.S. Nonqualified Plan Pension Benefits Medical Benefits 2020 2019 2018 2020 2019 2018 2020 2019 2018 Prior service cost $ — $ — $ — $ 0.1 $ — $ 0.1 $ — $ — $ — Net actuarial loss (gain) — 0.1 — 1.6 0.4 (1.2 ) (0.3 ) (0.1 ) (0.5 ) Amortization of net actuarial (loss) gain (0.1 ) — (0.1 ) — — — — 0.1 — Total recognized in other comprehensive (income) loss $ (0.1 ) $ 0.1 $ (0.1 ) $ 1.7 $ 0.4 $ (1.1 ) $ (0.3 ) $ — $ (0.5 ) Total recognized in net benefit cost (credit) and other comprehensive loss (income) $ — $ 0.2 $ — $ 1.6 $ 0.3 $ (1.2 ) $ — $ 0.2 $ (0.1 ) |
Schedule of Expected Benefit Payments [Table Text Block] | U.S. Non-U.S. Postretirement Nonqualified Plan Pension Benefits Medical Benefits 2021 $ 0.2 $ 0.3 $ 0.7 2022 0.1 0.7 0.6 2023 0.1 0.8 0.6 2024 0.1 0.8 0.6 2025 0.1 0.8 0.6 2026 to 2030 0.4 4.0 2.5 Total $ 1.0 $ 7.4 $ 5.6 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 2018 Foreign currency translation adjustments $ (19.1 ) $ (36.3 ) $ (31.9 ) Pension and postretirement medical benefits (1.7 ) (0.7 ) (0.3 ) Cash flow hedge 0.7 (1.5 ) (5.0 ) Total Accumulated Other Comprehensive Loss $ (20.1 ) $ (38.5 ) $ (37.2 ) Foreign Currency Translation Adjustments Pension and Postretirement Medical Benefits Cash Flow Hedge Total December 31, 2019 $ (36.3 ) $ (0.7 ) $ (1.5 ) $ (38.5 ) Other comprehensive income (loss) before reclassifications 17.2 (1.0 ) (7.5 ) 8.7 Amounts reclassified from Accumulated Other Comprehensive Loss — — 9.7 9.7 Net current period other comprehensive income (loss) 17.2 (1.0 ) 2.2 18.4 December 31, 2020 $ (19.1 ) $ (1.7 ) $ 0.7 $ (20.1 ) |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Leases Classification 2020 2019 Assets Operating lease assets Operating Lease Assets $ 44.5 $ 46.6 Finance lease assets Property, Plant and Equipment (a) 0.1 0.3 Total leased assets $ 44.6 $ 46.9 Liabilities Current: Operating Other Current Liabilities $ 16.3 $ 16.7 Finance Current Portion of Long-term Debt 0.1 0.2 Noncurrent: Operating Long-term Operating Lease Liabilities 28.7 30.3 Finance Long-term Debt — — Total lease liabilities $ 45.1 $ 47.2 |
Lease, Cost [Table Text Block] | Lease Cost 2020 2019 2018 Operating lease cost $ 25.1 (a) $ 27.5 (a) $ 23.3 Finance lease cost (b) 0.2 0.3 0.4 Total lease cost $ 25.3 $ 27.8 $ 23.7 Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years): Operating leases 3.4 3.7 Finance leases 1.0 1.5 Weighted-average discount rate: Operating leases 3.8 % 3.7 % Finance leases 2.5 % 2.5 % Other Information 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $19.7 $22.7 Financing cash flows from finance leases 0.1 0.3 Lease assets obtained in exchange for new finance lease liabilities — 0.1 Lease assets obtained in exchange for new operating lease liabilities 14.8 26.4 |
Lessee, Lease Liability, Maturity [Table Text Block] | Maturity of Lease Liabilities Operating Leases Finance Leases Total 2021 $ 17.6 $ 0.1 $ 17.7 2022 13.0 — 13.0 2023 9.4 — 9.4 2024 5.0 — 5.0 2025 2.1 — 2.1 Thereafter 0.9 — 0.9 Total lease payments $ 48.0 $ 0.1 $ 48.1 Less: Interest (3.0 ) — (3.0 ) Present value of lease liabilities $ 45.0 $ 0.1 $ 45.1 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2020 2019 2018 U.S. operations $ 46.6 $ 50.1 $ 23.9 Foreign operations (5.5 ) 3.9 11.9 Total $ 41.1 $ 54.0 $ 35.8 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current: Federal $ 4.2 $ 9.6 $ 3.7 Foreign 3.8 5.6 7.0 State 1.8 2.1 1.0 $ 9.8 $ 17.3 $ 11.7 Deferred: Federal $ 4.4 $ (2.4 ) $ (3.1 ) Foreign (6.9 ) (6.7 ) (6.0 ) State 0.1 (0.1 ) (0.3 ) $ (2.4 ) $ (9.2 ) $ (9.4 ) Total: Federal $ 8.6 $ 7.2 $ 0.6 Foreign (3.1 ) (1.1 ) 1.0 State 1.9 2.0 0.7 Total Income Tax Expense $ 7.4 $ 8.1 $ 2.3 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Tax at statutory rate 21.0 % 21.0 % 21.0 % (Decreases) increases in the tax rate from: State and local taxes, net of federal benefit 3.5 1.9 1.4 Effect of foreign operations (3.7 ) 3.5 (4.3 ) Transaction costs — 0.1 (4.2 ) Effect of 2017 deferred rate change — — (1.0 ) Transition Tax — — (1.0 ) Effect of changes in valuation allowances 0.5 (9.7 ) 6.6 Domestic production activities deduction — (0.3 ) 0.4 Executive compensation over $1 million 2.1 2.5 1.0 Share-based payments (0.9 ) (2.0 ) (5.7 ) Research & Development credit (3.3 ) (1.9 ) (3.6 ) Other, net (1.3 ) — (4.2 ) Effective income tax rate 17.9 % 15.1 % 6.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred Tax Assets: Inventory costing and valuation methods $ 4.5 $ 4.6 Employee wages and benefits, principally due to accruals for financial reporting purposes 14.0 13.7 Warranty reserves accrued for financial reporting purposes 2.3 2.5 Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals 2.3 1.9 Operating lease liability 11.2 11.4 Tax loss carryforwards 9.6 6.6 Tax credit carryforwards 3.6 3.2 Other 2.5 3.2 Gross Deferred Tax Assets $ 50.0 $ 47.1 Less: valuation allowance (7.5 ) (6.2 ) Total Net Deferred Tax Assets $ 42.5 $ 40.9 Deferred Tax Liabilities: Lease right of use assets $ 11.2 $ 11.4 Property, Plant and Equipment, principally due to differences in depreciation and related gains 14.0 10.2 Goodwill and Intangible Assets 41.5 43.4 Total Deferred Tax Liabilities $ 66.7 $ 65.0 Net Deferred Tax Liabilities $ (24.2 ) $ (24.1 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2020 2019 Balance at January 1 $ 7.5 $ 5.6 Increases as a result of tax positions taken during a prior period 0.3 0.1 Increases as a result of tax positions taken during the current year 0.4 0.5 Increase related to prior period tax positions of acquired entities — 2.5 Decreases relating to settlement with tax authorities (0.8 ) (0.1 ) Reductions as a result of a lapse of the applicable statute of limitations (1.4 ) (1.0 ) Increases as a result of foreign currency fluctuations 0.4 (0.1 ) Balance at December 31 $ 6.4 $ 7.5 |
Note 18 - Share-based Compens_2
Note 18 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 2018 Expected volatility 27 - 32 % 26 - 27 % 25 % Weighted-average expected volatility 27 % 26 % 25 % Expected dividend yield 1.3 % 1.2 - 1.4 % 1.2 % Weighted-average expected dividend yield 1.3 % 1.2 % 1.2 % Expected term, in years 5 5 5 Risk-free interest rate 0.3 - 1.3 % 1.6 - 2.5 % 2.6 - 2.9 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted-Average Exercise Price Outstanding at beginning of year 1,071,777 $ 60.01 Granted 76,251 81.20 Exercised (110,595 ) 44.29 Forfeited (42,083 ) 70.83 Expired (4,687 ) $ 68.01 Outstanding at end of year 990,663 $ 62.90 Exercisable at end of year 767,655 $ 61.04 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 93,599 $ 54.27 Granted 17,348 81.07 Vested (10,038 ) 73.20 Forfeited (6,866 ) 73.19 Nonvested at end of year 94,043 $ 55.81 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 120,714 $ 67.45 Granted 55,142 76.66 Vested (29,595 ) 72.82 Forfeited (22,042 ) 70.72 Nonvested at end of year 124,219 $ 69.68 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Grant Date Fair Value Nonvested at beginning of year 103,287 $ 64.72 Granted 42,248 69.93 Vested (37,389 ) 70.46 Forfeited (10,661 ) 63.11 Nonvested at end of year 97,485 $ 64.95 |
Note 19 - Earnings Attributab_2
Note 19 - Earnings Attributable to Tennant Company Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 Numerator: Net Earnings Attributable to Tennant Company $ 33.7 $ 45.8 $ 33.4 Denominator: Basic - Weighted Average Shares Outstanding 18,349,724 18,118,486 17,940,438 Effect of dilutive securities 285,278 334,659 398,131 Diluted - Weighted Average Shares Outstanding 18,635,002 18,453,145 18,338,569 Basic Earnings per Share $ 1.84 $ 2.53 $ 1.86 Diluted Earnings per Share $ 1.81 $ 2.48 $ 1.82 |
Note 20 - Segment Reporting (Ta
Note 20 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2020 2019 2018 Net Sales: United States $ 546.2 $ 609.6 $ 579.8 Other Americas 84.8 112.8 111.2 Americas 631.0 722.4 691.0 Europe, Middle East, Africa 278.2 307.6 335.6 Asia Pacific 91.8 107.6 96.9 Total $ 1,001.0 $ 1,137.6 $ 1,123.5 2020 2019 2018 Long-lived assets: United States $ 121.9 $ 114.5 $ 107.3 Other Americas 14.7 12.8 11.3 Americas 136.6 127.3 118.6 Italy 321.5 325.2 355.5 Other Europe, Middle East, Africa 34.0 28.6 30.2 Europe, Middle East, Africa 355.5 353.8 385.7 Asia Pacific 37.5 36.6 4.1 Total $ 529.6 $ 517.7 $ 508.4 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Table Text Block] | (In millions) 2020 2019 2018 Allowance for doubtful accounts: Balance at beginning of year $ 3.6 $ 2.5 $ 2.4 Charged to costs and expenses 2.2 2.5 0.4 Reclassification (1) — 0.5 0.8 Charged to other accounts (2) — — (0.2 ) Deductions (3) (1.2 ) (1.9 ) (0.9 ) Balance at end of year $ 4.6 $ 3.6 $ 2.5 Sales returns reserve: Balance at beginning of year $ 1.2 $ 1.3 $ 0.8 Charged to costs and expenses 0.2 0.1 0.7 Deductions (3) (0.4 ) (0.2 ) (0.2 ) Balance at end of year $ 1.0 $ 1.2 $ 1.3 Allowance for excess and obsolete inventories: Balance at beginning of year $ 9.8 $ 5.6 $ 4.1 Charged to costs and expenses 4.4 4.6 1.9 Charged to other accounts (2) 0.2 — (0.1 ) Deductions (4) (0.8 ) (0.4 ) (0.3 ) Balance at end of year $ 13.6 $ 9.8 $ 5.6 Valuation allowance for deferred tax assets: Balance at beginning of year $ 6.2 $ 11.5 $ 9.7 Charged to costs and expenses 0.9 (5.2 ) 2.4 Charged to other accounts (2) 0.4 (0.1 ) (0.6 ) Balance at end of year $ 7.5 $ 6.2 $ 11.5 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selling, General and Administrative Expense, Total | $ 314,000 | $ 357,200 | $ 356,300 |
Cost of Goods and Services Sold, Total | 593,200 | 675,900 | 678,500 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (19,100) | (36,300) | (31,900) |
Restricted Cash and Cash Equivalents, Total | 600 | 500 | |
Goodwill, Impairment Loss | 0 | 0 | |
Goodwill, Ending Balance | $ 207,800 | 195,100 | 182,700 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,392,892 | ||
Advertising Expense | $ 5,000 | $ 8,200 | $ 8,800 |
EMEA [Member] | |||
Goodwill, Ending Balance | $ 168,800 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.00% | ||
Minimum [Member] | |||
Warranty Term (Year) | 1 year | ||
Maximum [Member] | |||
Warranty Term (Year) | 4 years | ||
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||
Reclassification from Selling and Administrative Expense to Costs of Sales [Member] | |||
Selling, General and Administrative Expense, Total | $ (5,000) | ||
Cost of Goods and Services Sold, Total | $ 5,000 |
Note 2 - Newly Adopted Accoun_3
Note 2 - Newly Adopted Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 44.5 | $ 46.6 | |
Operating Lease, Liability, Total | $ 45 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 44.8 | ||
Operating Lease, Liability, Total | $ 44.8 |
Note 2 - Newly Adopted Accoun_4
Note 2 - Newly Adopted Accounting Pronouncements - Reconciliation of Allowance for Doubtful Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance at beginning of year | $ 3.6 | $ 2.5 | $ 2.4 | |
Charged to costs and expenses | 2.2 | 2.5 | 0.4 | |
Reclassification(1) | [1] | 0 | 0.5 | 0.8 |
Charged to other accounts(2) | [2] | 0 | 0 | (0.2) |
Deductions(3) | [3] | (1.2) | (1.9) | (0.9) |
Balance at end of year | $ 4.6 | $ 3.6 | $ 2.5 | |
[1] | Includes amount reclassified between Allowance for Doubtful Accounts and Other Receivables related to a customer's open receivables balance for proper classification and acquisition-related adjustments. | |||
[2] | Primarily includes impact from foreign currency fluctuations. | |||
[3] | Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,001 | $ 1,137.6 | $ 1,123.5 |
Contract with Customer, Liability, Current | $ 5.9 | 6.8 | |
Short-term Contract with Customer [Member] | |||
Standard Prepaid Maintenance Contract Time Period (Month) | 12 months | ||
Long-term Contract with Customer [Member] | |||
Standard Prepaid Maintenance Contract Time Period (Month) | 60 months | ||
Equipment Sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 629.7 | 741.8 | 730 |
Maintenance [Member] | Other Current Liabilities [Member] | |||
Contract with Customer, Liability, Current | 5.9 | 6.8 | |
Maintenance [Member] | Other Liabilities [Member] | |||
Contract with Customer, Liability, Noncurrent | 3.4 | 3.9 | |
Parts and Consumables [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 205.8 | 221.9 | $ 222.3 |
Revision of Prior Period, Adjustment [Member] | Equipment Sales [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (0.9) | ||
Revision of Prior Period, Adjustment [Member] | Parts and Consumables [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 0.9 |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 1,001 | $ 1,137.6 | $ 1,123.5 |
Sales Channel, Directly to Consumer [Member] | |||
Net Sales | 664.9 | 750.9 | 735.2 |
Sales Channel, Through Intermediary [Member] | |||
Net Sales | 336.1 | 386.7 | 388.3 |
Equipment Sales [Member] | |||
Net Sales | 629.7 | 741.8 | 730 |
Parts and Consumables [Member] | |||
Net Sales | 205.8 | 221.9 | 222.3 |
Specialty Service Coatings [Member] | |||
Net Sales | 22.7 | 25.7 | 29.8 |
Service and Other [Member] | |||
Net Sales | 142.8 | 148.2 | 141.4 |
Americas [Member] | |||
Net Sales | 631 | 722.4 | 691 |
EMEA [Member] | |||
Net Sales | 278.2 | 307.6 | 335.6 |
Asia Pacific [Member] | |||
Net Sales | $ 91.8 | $ 107.6 | $ 96.9 |
Note 3 - Revenue - Contract Lia
Note 3 - Revenue - Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Sales Incentives [Member] | ||
Beginning balance | $ 13.7 | $ 16.7 |
Additions to sales incentive accrual | 18.2 | 24.7 |
Contract payments | (20) | (27.7) |
Foreign currency fluctuations | 0.2 | 0 |
Ending balance | 12.1 | 13.7 |
Maintenance [Member] | ||
Foreign currency fluctuations | (0.6) | 0 |
Beginning balance | 10.7 | 8.5 |
Increase in deferred revenue representing our obligation to satisfy future performance obligations | 21 | 26 |
Deferred revenue acquired from acquisition of Gaomei Cleaning Equipment Company | 0 | 1.4 |
Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations | (21.8) | (25.2) |
Ending balance | $ 9.3 | $ 10.7 |
Note 3 - Revenue - Remaining Pe
Note 3 - Revenue - Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2020USD ($) |
Remaining performance obligation | $ 9.3 |
Note 3 - Revenue - Remaining _2
Note 3 - Revenue - Remaining Performance Obligation 2 (Details) $ in Millions | Dec. 31, 2020USD ($) |
Remaining performance obligation | $ 9.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Remaining performance obligation | 5.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Remaining performance obligation | 2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Remaining performance obligation | 0.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Remaining performance obligation | 0.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Remaining performance obligation | 0.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Remaining performance obligation | $ 0 |
Note 4 - Management Actions (De
Note 4 - Management Actions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Charges, Total | $ 3.1 | $ 2 | $ 6.2 | $ 6.1 | |||
Notes Receivable, Write-down | 0 | 2.7 | $ 0 | ||||
Employee Severance [Member] | |||||||
Restructuring Charges, Total | 1.4 | 1.3 | 4.8 | ||||
Other Restructuring [Member] | |||||||
Restructuring Charges, Total | 1.7 | 0.7 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Restructuring Charges, Total | 1.9 | 1.7 | |||||
Notes Receivable, Write-down | $ 2.7 | ||||||
Selling, General and Administrative Expenses [Member] | Employee Severance [Member] | |||||||
Restructuring Charges, Total | $ 3.5 | 4.5 | |||||
Cost of Sales [Member] | |||||||
Restructuring Charges, Total | $ 1.2 | $ 0.3 | |||||
Inventory Write-down | $ 1.7 | 3.3 | |||||
Cost of Sales [Member] | Employee Severance [Member] | |||||||
Restructuring Charges, Total | $ 0.3 |
Note 4 - Management Actions - R
Note 4 - Management Actions - Reconciliation of Liability Balance of Severance and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 4.5 | $ 4.5 | $ 2.2 | |
New charges | $ 3.1 | $ 2 | 6.2 | 6.1 |
Cash payments | (5.4) | (2.5) | ||
Foreign currency adjustments | 0.2 | (1.3) | ||
Adjustment to accrual | (1) | |||
Balance | $ 4.5 | $ 4.5 |
Note 5 - Acquisitions and Div_2
Note 5 - Acquisitions and Divestitures (Details Textual) - USD ($) $ in Thousands | Jan. 04, 2019 | Mar. 31, 2021 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination, Contingent Consideration, Liability, Total | $ 2,100 | $ 1,800 | $ 2,100 | ||||
Proceeds from Divestiture of Businesses | $ 0 | $ 0 | $ 4,000 | ||||
Waterstar [Member] | |||||||
Proceeds from Divestiture of Businesses | 4,000 | ||||||
Gain (Loss) on Disposition of Business | $ 1,000 | ||||||
Gaomei [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 11,300 | $ 11,300 | |||||
Business Combination, Contingent Consideration, Liability, Total | $ 4,700 | ||||||
Business Combination, Working Capital Adjustment | (200) | ||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | ||||||
Gaomei [Member] | Minimum [Member] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Gaomei [Member] | Maximum [Member] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 15 years | ||||||
Gaomei [Member] | Forecast [Member] | |||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 1,800 |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
LIFO Inventory Amount | $ 32.6 | $ 50 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Excess of FIFO over LIFO cost(a) | [1] | $ (31.4) | $ (33.4) |
Total LIFO inventories | 32.6 | 50 | |
Total FIFO inventories | 95.1 | 100.1 | |
Total inventories | 127.7 | 150.1 | |
LIFO Inventory [Member] | |||
Finished goods | 42.4 | 50.9 | |
Raw materials, production parts and work-in-process | 21.6 | 32.5 | |
FIFO Inventory [Member] | |||
Finished goods | 55 | 60.1 | |
Raw materials, production parts and work-in-process | $ 40.1 | $ 40 | |
[1] | Inventories of $32.6 million as of December 31, 2020, and $50.0 million as of December 31, 2019, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method. |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 32.6 | $ 32.2 | $ 32.3 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Property, Plant and Equipment and Related Accumulated Depreciation, Including Equipment under Finance Leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Total Property, Plant and Equipment | $ 437.5 | $ 412.5 |
Less: Accumulated Depreciation | (252) | (239.2) |
Property, Plant and Equipment, Net | 185.5 | 173.3 |
Land [Member] | ||
Total Property, Plant and Equipment | 23.3 | 19.2 |
Building and Building Improvements [Member] | ||
Total Property, Plant and Equipment | 131.5 | 98.7 |
Machinery and Equipment [Member] | ||
Total Property, Plant and Equipment | 157 | 165.2 |
Office Equipment [Member] | ||
Total Property, Plant and Equipment | 118 | 107.2 |
Construction in Progress [Member] | ||
Total Property, Plant and Equipment | $ 7.7 | $ 22.2 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Amortization of Intangible Assets, Total | $ 20,800 | $ 22,200 | $ 22,100 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 235.1 | $ 221.7 |
Balance, accumulated impairment losses | (40) | (39) |
Balance, net | 195.1 | 182.7 |
Additions | 0 | 15.6 |
Foreign currency fluctuations | 14.4 | (2.2) |
Foreign currency fluctuations, accumulated impairment losses | 1.7 | 1 |
Foreign currency fluctuations, net | 12.7 | (3.2) |
Balance | 249.5 | 235.1 |
Balance, accumulated impairment losses | (41.7) | (40) |
Balance, net | $ 207.8 | $ 195.1 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Balances of Acquired Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Original cost | $ 218.5 | $ 203 |
Accumulated amortization | (92.3) | (65.3) |
Intangible Assets, Net | 126.2 | 137.7 |
Customer Lists [Member] | ||
Original cost | 166.2 | 154.1 |
Accumulated amortization | (70.3) | (49.8) |
Intangible Assets, Net | $ 95.9 | $ 104.3 |
Weighted-average original life (in years) (Year) | 15 years | 15 years |
Trade Names [Member] | ||
Original cost | $ 34.4 | $ 31.8 |
Accumulated amortization | (12.3) | (8.2) |
Intangible Assets, Net | $ 22.1 | $ 23.6 |
Weighted-average original life (in years) (Year) | 11 years | 11 years |
Technology-Based Intangible Assets [Member] | ||
Original cost | $ 17.9 | $ 17.1 |
Accumulated amortization | (9.7) | (7.3) |
Intangible Assets, Net | $ 8.2 | $ 9.8 |
Weighted-average original life (in years) (Year) | 11 years | 11 years |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 20.5 |
2022 | 18.3 |
2023 | 16.6 |
2024 | 14.9 |
2025 | 13.5 |
Thereafter | 42.4 |
Total | $ 126.2 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019USD ($) | Apr. 18, 2017USD ($) | |
Finance Lease, Liability, Current | $ 0.1 | $ 0.2 | |||
Long-term Debt, Total | $ 311.6 | ||||
Debt, Weighted Average Interest Rate, Net of Currency Swap Contract | 4.50% | ||||
Secured Debt [Member] | |||||
Long-term Debt, Current Maturities, Total | $ 0.8 | ||||
Debt Including Related Cross-currency Swap Instrument [Member] | |||||
Debt, Weighted Average Interest Rate | 5.50% | ||||
The 2017 Credit Agreement [Member] | |||||
Debt Instrument, Covenant, Adjusted EBITDA, Maximum | 4 | 4.50 | |||
Debt Instrument, Covenant, Adjusted EBITDA to Interest Expense Ratio, Minimum | 3.50 | ||||
Debt Instrument, Covenant, Senior Secured Net Indebtedness to Adjusted EBITDA Ratio, Maximum | 3.50 | 4 | |||
Long-term Debt, Current Maturities, Total | $ 10 | ||||
Long-term Debt, Total | 10 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | 186.7 | ||||
Line of Credit Facility, Commitment Fee Amount | 0.6 | ||||
The 2017 Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
The 2017 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Debt Instrument, Variable Rate Floor | 0.00% | ||||
The 2017 Credit Agreement [Member] | LIBOR on Eurocurrency Liabilities [Member] | |||||
Debt Instrument, Variable Rate Floor | 0.00% | ||||
The 2017 Credit Agreement [Member] | Minimum [Member] | |||||
Debt Instrument, Covenant, Repayment of Debt if Net Leverage Ratio is Less than 3.00, Percentage of Excess Cash Flow | 25.00% | ||||
The 2017 Credit Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
The 2017 Credit Agreement [Member] | Minimum [Member] | LIBOR on Eurocurrency Liabilities [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
The 2017 Credit Agreement [Member] | Maximum [Member] | |||||
Debt Instrument, Covenant, Repayment of Debt if Net Leverage Ratio is Less than 3.00, Percentage of Excess Cash Flow | 50.00% | ||||
The 2017 Credit Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
The 2017 Credit Agreement [Member] | Maximum [Member] | LIBOR on Eurocurrency Liabilities [Member] | Term Loan [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.175% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.075% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR on Eurocurrency Liabilities [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.075% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||
The 2017 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR on Eurocurrency Liabilities [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ||||
The 2017 Credit Agreement [Member] | Letter of Credit [Member] | |||||
Long-term Line of Credit, Total | 3.3 | ||||
Senior Unsecured Notes [Member] | |||||
Debt Instrument, Face Amount | $ 300 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||||
Debt Instrument, Notes Repurchase Price As Percentage Of Principal Amount In Changes Of Control | 101.00% | ||||
Debt Instrument, Notes Repurchase Price As Percentage Of Principal Amount When Not Use Asset Sales Proceeds For Specific Purposes | 100.00% | ||||
Long-term Debt, Total | $ 300 |
Note 9 - Debt - Debt Outstandin
Note 9 - Debt - Debt Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease liabilities | $ 0.1 | $ 0.2 | |
Unamortized debt issuance costs | (3.1) | (3.8) | |
Total debt | 308.5 | 338.8 | |
Less: current portion of long-term debt(1) | [1] | (10.9) | (31.3) |
Long-term portion | 297.6 | 307.5 | |
Secured Debt [Member] | |||
Long-term debt | 1.5 | 2.4 | |
Senior Unsecured Notes [Member] | |||
Long-term debt | 300 | 300 | |
The 2017 Credit Agreement [Member] | |||
Long-term debt | $ 10 | $ 40 | |
[1] | Current portion of long-term debt includes $10.0 million of anticipated repayment on Secured Credit Facility Borrowings under our 2017 Credit Agreement, $0.8 million of current maturities of other secured borrowings and $0.1 million of current maturities of finance lease obligations. |
Note 9 - Debt - Aggregate Matur
Note 9 - Debt - Aggregate Maturities of Outstanding Debt (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 10.9 |
2022 | 0.5 |
2023 | 0.2 |
2024 | 0 |
2025 | 300 |
Thereafter | 0 |
Total aggregate maturities | $ 311.6 |
Note 10 - Other Current Liabi_3
Note 10 - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Taxes | $ 12.5 | $ 10.4 |
Warranty | 11.1 | 12.7 |
Deferred revenue | 5.9 | 6.8 |
Customer sales incentives | 12.1 | 13.7 |
Freight | 4.6 | 4.9 |
Restructuring | 4.5 | 4.5 |
Miscellaneous accrued expenses | 11.3 | 11.6 |
Other | 5.1 | 4.7 |
Total Other Current Liabilities | 83.4 | 86 |
Other Current Liabilities [Member] | ||
Operating leases | $ 16.3 | $ 16.7 |
Note 10 - Other Current Liabi_4
Note 10 - Other Current Liabilities - Changes in Warranty Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 12.7 | $ 13.1 | $ 12.7 |
Product warranty provision | 11.9 | 11.1 | 13.2 |
Foreign currency | 0.1 | 0 | (0.2) |
Claims paid | (13.6) | (11.5) | (12.6) |
Ending balance | $ 11.1 | $ 12.7 | $ 13.1 |
Note 11 - Derivatives (Details
Note 11 - Derivatives (Details Textual) € in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2017EUR (€) | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1.8 | ||||
Designated as Hedging Instrument [Member] | |||||
Derivative, Term of Contract (Year) | 1 year | 1 year | |||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | $ 57.3 | $ 41.9 | |||
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | 2.7 | 3 | |||
Foreign Exchange Option [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | $ 8.2 | $ 9.8 | |||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | € | € 0 | € 159,600 | |||
Debt Instrument, Periodic Payment, Interest | € | € 9,600 | ||||
Debt Instrument, Periodic Payment, Principal | € | € 150,000 |
Note 11 - Derivatives - Fair Va
Note 11 - Derivatives - Fair Value of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivative assets, current | [1] | $ 1.9 | $ 2.5 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Derivative liability, current | [1] | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |||
Derivative assets | [1] | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | |||
Derivative liability | [1] | 24.1 | 12.6 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivative assets, current | [1] | 0.4 | 0.6 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Derivative liability, current | [1] | $ 0.7 | $ 0.3 |
[1] | Contracts that mature within the next 12 months are included in Other Current Assets and Other Current Liabilities for asset derivatives and liabilities derivatives, respectively, on our Consolidated Balance Sheets. Contracts with maturities greater than 12 months are included in Other Assets and Other Liabilities for asset derivatives and liability derivatives, respectively, in our Consolidated Balance Sheets. Amounts included in our Consolidated Balance Sheets are recorded net where a right of offset exists with the same derivative counterparty. |
Note 11 - Derivatives - Effect
Note 11 - Derivatives - Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net Sales | $ 1,001 | $ 1,137.6 | $ 1,123.5 | |
Interest Income | 3.3 | 3.3 | 3 | |
Net Foreign Currency Transaction Losses | (5.3) | (0.7) | (1.1) | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 1,001 | 1,137.6 | 1,123.5 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 3.3 | 3.3 | 3 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | (5.3) | (0.7) | (1.1) | |
Foreign Exchange Option [Member] | ||||
Net loss recognized in earnings(2) | [1] | 0 | 0 | 0 |
Foreign Exchange Option [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Net gain (loss) recognized in Other Comprehensive Income (Loss), net of tax(1) | [2] | (0.1) | (0.3) | 0.1 |
Foreign Exchange Option [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net Sales | 0 | 0 | (0.1) | |
Interest Income | 0 | 0 | 0 | |
Net Foreign Currency Transaction Losses | 0 | 0 | 0 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 0 | 0 | (0.1) | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 0 | 0 | 0 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 0 | 0 | 0 | |
Foreign Exchange Forward [Member] | ||||
Net loss recognized in earnings(2) | [1] | (5) | (1.3) | (2.5) |
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Net gain (loss) recognized in Other Comprehensive Income (Loss), net of tax(1) | [2] | (7.4) | 8.6 | 9 |
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net Sales | (0.1) | 0 | 0 | |
Interest Income | 2 | 2.2 | 1.9 | |
Net Foreign Currency Transaction Losses | (11.6) | 2.6 | 6.4 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | (0.1) | 0 | 0 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | 2 | 2.2 | 1.9 | |
Net gain (loss) reclassified from Accumulated Other Comprehensive Loss into earnings, net of tax | (11.6) | 2.6 | $ 6.4 | |
Sales [Member] | ||||
Amount of gain (loss) on cash flow hedge activity | (0.2) | (0.1) | ||
Interest Income [Member] | ||||
Amount of gain (loss) on cash flow hedge activity | 2.7 | 2.9 | ||
Foreign Currency Gain (Loss) [Member] | ||||
Amount of gain (loss) on cash flow hedge activity | $ (15) | $ 3.4 | ||
[1] | Classified in Net Foreign Currency Transaction Losses. | |||
[2] | Net change in the fair value of the effective portion classified in Other Comprehensive (Loss) Income. |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument, Fair Value Disclosure, Total | $ 323.4 | |
Debt and Lease Obligation, Total | $ 308.5 | $ 338.8 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value Measurements of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Total Assets | $ 3 | $ 6.4 |
Contingent consideration | 1.8 | 2.1 |
Total Liabilities | 27.3 | 18.3 |
Contingent consideration | 1.8 | 2.1 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets | 0 | 0 |
Contingent consideration | 0 | 0 |
Total Liabilities | 0 | 0 |
Contingent consideration | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Assets | 3 | 6.4 |
Contingent consideration | 0 | 0 |
Total Liabilities | 25.5 | 16.2 |
Contingent consideration | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets | 0 | 0 |
Contingent consideration | 1.8 | 2.1 |
Total Liabilities | 1.8 | 2.1 |
Contingent consideration | 1.8 | 2.1 |
Foreign Exchange Forward [Member] | ||
Foreign currency contracts, asset | 3 | 6.4 |
Foreign currency contracts, liability | 25.5 | 16.2 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Foreign currency contracts, asset | 0 | 0 |
Foreign currency contracts, liability | 0 | 0 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Foreign currency contracts, asset | 3 | 6.4 |
Foreign currency contracts, liability | 25.5 | 16.2 |
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Foreign currency contracts, asset | 0 | 0 |
Foreign currency contracts, liability | $ 0 | $ 0 |
Note 13 - Retirement Benefit _3
Note 13 - Retirement Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 12,300 | $ 13,700 | $ 11,900 |
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 0 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Minimum Service Period Required to be Eligible (Year) | 1 year | ||
Defined Contribution Plan, Cost | $ 7,200 | 9,800 | 8,100 |
Pension Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 15,000 | ||
UNITED STATES | Nonqualified Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 0 | 0 | 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 100 | ||
UNITED STATES | Retiree Plan [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 700 | ||
Foreign Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | 13,300 | $ 12,200 | 10,800 |
Foreign Plan [Member] | UK Pension Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 100 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 400 | ||
Foreign Plan [Member] | German Pension Plan [Member] | Pension Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 100 | ||
Foreign Plan [Member] | Italian Pension Plan [Member] | Pension Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 100 |
Note 13 - Retirement Benefit _4
Note 13 - Retirement Benefit Plans - Weighted-average Asset Allocations by Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset | $ 0 | |||
Pension Plan [Member] | ||||
Asset | $ 15,000 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset | 2,800 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset | 0 | |||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset | 12,200 | |||
Pension Plan [Member] | Foreign Plan [Member] | ||||
Asset | 13,300 | 12,200 | $ 10,800 | |
Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset | 0 | |||
Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset | 0 | |||
Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset | 13,300 | |||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | ||||
Asset | [1] | 12,200 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset | [1] | 0 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset | [1] | 0 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset | [1] | 12,200 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Foreign Plan [Member] | ||||
Asset | [1] | 13,300 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset | [1] | 0 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset | [1] | 0 | ||
Pension Plan [Member] | Investment Account Held by Pension Plan [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset | [1] | $ 13,300 | ||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||||
Asset | 2,800 | |||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset | 2,800 | |||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset | 0 | |||
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset | $ 0 | |||
[1] | This category is comprised of investments in insurance contracts. |
Note 13 - Retirement Benefit _5
Note 13 - Retirement Benefit Plans - Reconciliation of Level 3 Investments (Details) - Pension Plan [Member] - Foreign Plan [Member] - UK Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair value at beginning of year | $ 12.2 | $ 10.8 |
Purchases, sales, issuances and settlements, net | 0.1 | 0.2 |
Net gain | 0.6 | 0.8 |
Foreign currency | 0.4 | 0.4 |
Fair value at end of year | $ 13.3 | $ 12.2 |
Note 13 - Retirement Benefit _6
Note 13 - Retirement Benefit Plans - Weighted-average Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Health Coverage [Member] | |||
Discount rate, benefit obligations | 2.07% | 3.06% | |
Rate of compensation increase, benefit obligations | 0.00% | 0.00% | |
Discount rate, net periodic benefit costs | 3.06% | 3.95% | 3.26% |
Expected long-term rate of return on plan assets, net periodic benefit costs | 0.00% | 0.00% | 0.00% |
Rate of compensation increase, net periodic benefit costs | 0.00% | 0.00% | 0.00% |
UNITED STATES | Pension Plan [Member] | |||
Discount rate, net periodic benefit costs | 3.01% | 3.95% | 3.28% |
Expected long-term rate of return on plan assets, net periodic benefit costs | 0.00% | 0.00% | 0.00% |
Rate of compensation increase, net periodic benefit costs | 0.00% | 0.00% | 0.00% |
UNITED STATES | Nonqualified Plan [Member] | |||
Discount rate, benefit obligations | 2.06% | 3.01% | |
Rate of compensation increase, benefit obligations | 0.00% | 0.00% | |
Foreign Plan [Member] | Pension Plan [Member] | |||
Discount rate, benefit obligations | 1.05% | 1.42% | |
Rate of compensation increase, benefit obligations | 0.00% | 0.00% | |
Discount rate, net periodic benefit costs | 1.42% | 1.92% | 2.08% |
Expected long-term rate of return on plan assets, net periodic benefit costs | 3.30% | 3.80% | 3.80% |
Rate of compensation increase, net periodic benefit costs | 0.00% | 0.00% | 3.50% |
Note 13 - Retirement Benefit _7
Note 13 - Retirement Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
UNITED STATES | Nonqualified Plan [Member] | ||
Accumulated benefit obligation | $ 1.2 | $ 1.3 |
Foreign Plan [Member] | Pension Plan [Member] | UK Pension Plan [Member] | ||
Accumulated benefit obligation | 12.2 | 10.4 |
Foreign Plan [Member] | Pension Plan [Member] | German Pension Plan [Member] | ||
Accumulated benefit obligation | 1.2 | 1 |
Foreign Plan [Member] | Pension Plan [Member] | Italian Pension Plan [Member] | ||
Accumulated benefit obligation | $ 4.2 | $ 4.3 |
Note 13 - Retirement Benefit _8
Note 13 - Retirement Benefit Plans - Information for Plans With Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated benefit obligation | $ 6.6 | $ 6.6 |
Fair value of plan assets | $ 0 | $ 0 |
Note 13 - Retirement Benefit _9
Note 13 - Retirement Benefit Plans - Information for Plans with Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Projected benefit obligation | $ 6.6 | $ 6.5 |
Fair value of plan assets | $ 0 | $ 0 |
Note 13 - Retirement Benefit_10
Note 13 - Retirement Benefit Plans - Assumed Healthcare Trend Rates (Details) - Postretirement Health Coverage [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2037 | 2032 |
Pre-65 [Member] | ||
Healthcare cost trend rate assumption for the next year | 5.90% | 6.22% |
Post-65 [Member] | ||
Healthcare cost trend rate assumption for the next year | 6.20% | 6.22% |
Note 13 - Retirement Benefit_11
Note 13 - Retirement Benefit Plans - Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of plan assets at end of year | $ 0 | ||
Pension Plan [Member] | |||
Fair value of plan assets at beginning of year | 15,000 | ||
Fair value of plan assets at end of year | $ 15,000 | ||
Postretirement Health Coverage [Member] | |||
Benefit obligation at beginning of year | 7,800 | 8,600 | |
Service cost | 100 | 0 | $ 100 |
Interest cost | 200 | 300 | 300 |
Actuarial loss (gain) | (300) | (100) | |
Foreign exchange | 0 | 0 | |
Benefits paid | (500) | (1,000) | |
Benefit obligation at end of year | 7,300 | 7,800 | 8,600 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 500 | 1,000 | |
Foreign exchange | 0 | 0 | |
Benefits paid | (500) | (1,000) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | (7,300) | (7,800) | |
Noncurrent Other Assets | 0 | 0 | |
Current Liabilities | (700) | (700) | |
Long-Term Liabilities | (6,600) | (7,100) | |
Net accrued liability | (7,300) | (7,800) | |
Prior service cost | 0 | 0 | |
Net actuarial (loss) gain | 800 | 400 | |
Accumulated Other Comprehensive (Loss) Income | 800 | 400 | |
UNITED STATES | Pension Plan [Member] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 100 | 0 |
UNITED STATES | Nonqualified Plan [Member] | |||
Benefit obligation at beginning of year | 1,300 | 1,300 | |
Service cost | 0 | 0 | |
Interest cost | 0 | 100 | |
Actuarial loss (gain) | 0 | 0 | |
Foreign exchange | 0 | 0 | |
Benefits paid | (100) | (100) | |
Benefit obligation at end of year | 1,200 | 1,300 | 1,300 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 100 | 100 | |
Foreign exchange | 0 | 0 | |
Benefits paid | (100) | (100) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year | (1,200) | (1,300) | |
Noncurrent Other Assets | 0 | 0 | |
Current Liabilities | (100) | (200) | |
Long-Term Liabilities | (1,100) | (1,100) | |
Net accrued liability | (1,200) | (1,300) | |
Prior service cost | 0 | 0 | |
Net actuarial (loss) gain | (900) | (900) | |
Accumulated Other Comprehensive (Loss) Income | (900) | (900) | |
Foreign Plan [Member] | Pension Plan [Member] | |||
Benefit obligation at beginning of year | 15,700 | 15,000 | |
Service cost | 0 | 0 | 100 |
Interest cost | 200 | 300 | 300 |
Actuarial loss (gain) | 1,700 | 1,000 | |
Foreign exchange | 800 | 200 | |
Benefits paid | (800) | (800) | |
Benefit obligation at end of year | 17,600 | 15,700 | 15,000 |
Fair value of plan assets at beginning of year | 12,200 | 10,800 | |
Actual return on plan assets | 600 | 800 | |
Employer contributions | 900 | 1,000 | |
Foreign exchange | 400 | 400 | |
Benefits paid | (800) | (800) | |
Fair value of plan assets at end of year | 13,300 | 12,200 | $ 10,800 |
Funded status at end of year | (4,300) | (3,500) | |
Noncurrent Other Assets | 1,100 | 1,800 | |
Current Liabilities | 0 | 0 | |
Long-Term Liabilities | (5,400) | (5,300) | |
Net accrued liability | (4,300) | (3,500) | |
Prior service cost | (200) | (100) | |
Net actuarial (loss) gain | (2,000) | (400) | |
Accumulated Other Comprehensive (Loss) Income | $ (2,200) | $ (500) |
Note 13 - Retirement Benefit_12
Note 13 - Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Health Coverage [Member] | |||
Service cost | $ 0.1 | $ 0 | $ 0.1 |
Interest cost | 0.2 | 0.3 | 0.3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 0 | (0.1) | 0 |
Net periodic benefit cost (credit) | 0.3 | 0.2 | 0.4 |
Curtailment | 0 | 0 | 0 |
Net benefit cost (credit) | 0.3 | 0.2 | 0.4 |
UNITED STATES | Pension Plan [Member] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0 | 0.1 | 0 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss (gain) | 0.1 | 0 | 0.1 |
Net periodic benefit cost (credit) | 0.1 | 0.1 | 0.1 |
Curtailment | 0 | 0 | 0 |
Net benefit cost (credit) | 0.1 | 0.1 | 0.1 |
Foreign Plan [Member] | Pension Plan [Member] | |||
Service cost | 0 | 0 | 0.1 |
Interest cost | 0.2 | 0.3 | 0.3 |
Expected return on plan assets | (0.3) | (0.4) | (0.4) |
Amortization of net actuarial loss (gain) | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (0.1) | (0.1) | 0 |
Curtailment | 0 | 0 | (0.1) |
Net benefit cost (credit) | $ (0.1) | $ (0.1) | $ (0.1) |
Note 13 - Retirement Benefit_13
Note 13 - Retirement Benefit Plans - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total recognized in other comprehensive (income) loss | $ 1.3 | $ 0.5 | $ (1.7) |
Pension Plan [Member] | UNITED STATES | |||
Prior service cost | 0 | 0 | 0 |
Net actuarial loss (gain) | 0 | (0.1) | 0 |
Amortization of net actuarial (loss) gain | (0.1) | 0 | (0.1) |
Total recognized in other comprehensive (income) loss | (0.1) | 0.1 | (0.1) |
Total recognized in net benefit cost (credit) and other comprehensive loss (income) | 0 | 0.2 | 0 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Prior service cost | 0.1 | 0 | 0.1 |
Net actuarial loss (gain) | (1.6) | (0.4) | 1.2 |
Amortization of net actuarial (loss) gain | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 1.7 | 0.4 | (1.1) |
Total recognized in net benefit cost (credit) and other comprehensive loss (income) | 1.6 | 0.3 | (1.2) |
Postretirement Health Coverage [Member] | |||
Prior service cost | 0 | 0 | 0 |
Net actuarial loss (gain) | 0.3 | 0.1 | 0.5 |
Amortization of net actuarial (loss) gain | 0 | 0.1 | 0 |
Total recognized in other comprehensive (income) loss | (0.3) | 0 | (0.5) |
Total recognized in net benefit cost (credit) and other comprehensive loss (income) | $ 0 | $ 0.2 | $ (0.1) |
Note 13 - Retirement Benefit_14
Note 13 - Retirement Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Millions | Dec. 31, 2020USD ($) |
Postretirement Health Coverage [Member] | |
2021 | $ 0.7 |
2022 | 0.6 |
2023 | 0.6 |
2024 | 0.6 |
2025 | 0.6 |
2026 to 2030 | 2.5 |
Total | 5.6 |
UNITED STATES | Nonqualified Plan [Member] | |
2021 | 0.2 |
2022 | 0.1 |
2023 | 0.1 |
2024 | 0.1 |
2025 | 0.1 |
2026 to 2030 | 0.4 |
Total | 1 |
Foreign Plan [Member] | Pension Plan [Member] | |
2021 | 0.3 |
2022 | 0.7 |
2023 | 0.8 |
2024 | 0.8 |
2025 | 0.8 |
2026 to 2030 | 4 |
Total | $ 7.4 |
Note 14 - Shareholders' Equit_2
Note 14 - Shareholders' Equity (Details Textual) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized (in shares) | 60,000,000 | 60,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.375 | $ 0.375 |
Note 14 - Shareholders' Equit_3
Note 14 - Shareholders' Equity - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign currency translation adjustments | $ (19.1) | $ (36.3) | $ (31.9) |
Pension and postretirement medical benefits | 1.7 | 0.7 | 0.3 |
Cash flow hedge | 0.7 | (1.5) | (5) |
Total Accumulated Other Comprehensive Loss | (20.1) | (38.5) | (37.2) |
Balance | 361.3 | 316.3 | 298.5 |
Total Other Comprehensive Income (Loss), net of tax | 18.4 | (1.3) | (14.9) |
Balance | 406.1 | 361.3 | $ 316.3 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Balance | (36.3) | ||
Other comprehensive income (loss) before reclassifications | 17.2 | ||
Amounts reclassified from Accumulated Other Comprehensive Loss | 0 | ||
Total Other Comprehensive Income (Loss), net of tax | 17.2 | ||
Balance | (19.1) | (36.3) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | |||
Balance | (0.7) | ||
Other comprehensive income (loss) before reclassifications | (1) | ||
Amounts reclassified from Accumulated Other Comprehensive Loss | 0 | ||
Total Other Comprehensive Income (Loss), net of tax | (1) | ||
Balance | (1.7) | (0.7) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Balance | (1.5) | ||
Other comprehensive income (loss) before reclassifications | (7.5) | ||
Amounts reclassified from Accumulated Other Comprehensive Loss | 9.7 | ||
Total Other Comprehensive Income (Loss), net of tax | 2.2 | ||
Balance | 0.7 | (1.5) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
Balance | (38.5) | ||
Other comprehensive income (loss) before reclassifications | 8.7 | ||
Amounts reclassified from Accumulated Other Comprehensive Loss | 9.7 | ||
Total Other Comprehensive Income (Loss), net of tax | 18.4 | ||
Balance | $ (20.1) | $ (38.5) |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Aggregate Residual Value at Lease Expiration for Vehicle Leases | $ 10.6 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 8.2 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 0.2 | $ 0.5 |
Short-term Lease, Cost | 3.5 | 3.1 |
Variable Lease, Cost | $ 1.6 | $ 2.4 |
Note 15 - Leases - Lease Assets
Note 15 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease Assets | $ 44.5 | $ 46.6 | |
Finance lease assets | [1] | 0.1 | 0.3 |
Total leased assets | 44.6 | 46.9 | |
Finance liabilities, current | 0.1 | 0.2 | |
Long-Term Operating Lease Liability | 28.7 | 30.3 | |
Finance liabilities, noncurrent | 0 | 0 | |
Total lease liabilities | 45.1 | 47.2 | |
Other Current Liabilities [Member] | |||
Operating leases | $ 16.3 | $ 16.7 | |
[1] | Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.5 million as of December 31, 2020 and December 31, 2019, respectively. |
Note 15 - Leases - Lease Cost (
Note 15 - Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Operating lease cost | $ 25.1 | [1] | $ 27.5 | [1] | $ 23.3 | |
Finance lease cost(b) | [2] | 0.2 | 0.3 | 0.4 | ||
Total lease cost | $ 25.3 | $ 27.8 | $ 23.7 | |||
Operating leases, weighed-average remaining lease term (Year) | 3 years 4 months 24 days | 3 years 8 months 12 days | ||||
Finance leases, weighed-average remaining lease term (Year) | 1 year | 1 year 6 months | ||||
Operating leases, weighed-average discount rate | 3.80% | 3.70% | ||||
Finance leases, weighed-average discount rate | 2.50% | 2.50% | ||||
Operating cash flows from operating leases | $ 19.7 | $ 22.7 | ||||
Financing cash flows from finance leases | 0.1 | 0.3 | ||||
Lease assets obtained in exchange for new finance lease liabilities | 0 | 0.1 | ||||
Lease assets obtained in exchange for new operating lease liabilities | $ 14.8 | $ 26.4 | ||||
[1] | Includes short-term lease costs of $3.5 million and $3.1 million and variable lease costs of $1.6 million and $2.4 million for the years ended December 31, 2020 and December 31, 2019, respectively. | |||||
[2] | Includes amortization of leased assets and interest on lease liabilities. |
Note 15 - Leases - Maturity of
Note 15 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
2021, operating leases | $ 17.6 | |
2021, finance leases | 0.1 | |
2021 | 17.7 | |
2022, operating leases | 13 | |
2022, finance leases | 0 | |
2022 | 13 | |
2023, operating leases | 9.4 | |
2023, finance leases | 0 | |
2023 | 9.4 | |
2024, operating leases | 5 | |
2024, finance leases | 0 | |
2024 | 5 | |
2025, operating leases | 2.1 | |
2025, finance leases | 0 | |
2025 | 2.1 | |
Thereafter, operating leases | 0.9 | |
Thereafter, finance leases | 0 | |
Thereafter | 0.9 | |
Total lease payments, operating leases | 48 | |
Total lease payments, finance leases | 0.1 | |
Total lease payments | 48.1 | |
Less: Interest, operating leases | (3) | |
Less: Interest, finance leases | 0 | |
Less: Interest | (3) | |
Present value of lease liabilities, operating leases | 45 | |
Present value of lease liabilities, finance leases | 0.1 | $ 0.2 |
Present value of lease liabilities | $ 45.1 | $ 47.2 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Undistributed Earnings of Foreign Subsidiaries | $ 68.8 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 3.6 | $ 3.2 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 6.3 | 7.4 | |
Unrecognized Tax Benefits, Ending Balance | 6.4 | 7.5 | $ 5.6 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0.7 | $ 0.6 | |
Domestic Tax Authority [Member] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Total | $ 2.2 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2018 2017 2018 2019 2020 | ||
Income Tax Examination, Year under Examination | 2016 2017 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | $ 40.9 | ||
Operating Loss Carryforwards, Not subject to Expiration | 18.9 | ||
Operating Loss Carryforwards, Subject to Expiration | $ 22 | ||
Open Tax Year | 2015 2016 2017 2018 2019 2020 | ||
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 1.4 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2015 2016 2017 2018 2019 2020 |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. operations | $ 46.6 | $ 50.1 | $ 23.9 |
Foreign operations | (5.5) | 3.9 | 11.9 |
Total | $ 41.1 | $ 54 | $ 35.8 |
Note 17 - Income Taxes - Inco_2
Note 17 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 4.2 | $ 9.6 | $ 3.7 |
Foreign | 3.8 | 5.6 | 7 |
State | 1.8 | 2.1 | 1 |
Current Income Tax Expense (Benefit), Total | 9.8 | 17.3 | 11.7 |
Federal | 4.4 | (2.4) | (3.1) |
Foreign | (6.9) | (6.7) | (6) |
State | 0.1 | (0.1) | (0.3) |
Deferred Income Tax Expense (Benefit), Total | (2.4) | (9.2) | (9.4) |
Federal | 8.6 | 7.2 | 0.6 |
Foreign | (3.1) | (1.1) | 1 |
State | 1.9 | 2 | 0.7 |
Total Income Tax Expense | $ 7.4 | $ 8.1 | $ 2.3 |
Note 17 - Income Taxes - Effect
Note 17 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax at statutory rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 3.50% | 1.90% | 1.40% |
Effect of foreign operations | (3.70%) | 3.50% | (4.30%) |
Transaction costs | 0.00% | 0.10% | (4.20%) |
Effect of 2017 deferred rate change | 0.00% | 0.00% | (1.00%) |
Transition Tax | 0 | 0 | (0.010) |
Effect of changes in valuation allowances | 0.50% | (9.70%) | 6.60% |
Domestic production activities deduction | 0.00% | (0.30%) | (0.40%) |
Domestic production activities deduction | (0.00%) | 0.30% | 0.40% |
Executive compensation over $1 million | 2.10% | 2.50% | 1.00% |
Share-based payments | (0.90%) | (2.00%) | (5.70%) |
Research & Development credit | (3.30%) | (1.90%) | (3.60%) |
Other, net | (1.30%) | 0.00% | (4.20%) |
Effective income tax rate | 17.90% | 15.10% | 6.40% |
Note 17 - Income Taxes - Deferr
Note 17 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory costing and valuation methods | $ 4.5 | $ 4.6 |
Employee wages and benefits, principally due to accruals for financial reporting purposes | 14 | 13.7 |
Warranty reserves accrued for financial reporting purposes | 2.3 | 2.5 |
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 2.3 | 1.9 |
Operating lease liability | 11.2 | 11.4 |
Tax loss carryforwards | 9.6 | 6.6 |
Tax credit carryforwards | 3.6 | 3.2 |
Other | 2.5 | 3.2 |
Gross Deferred Tax Assets | 50 | 47.1 |
Less: valuation allowance | (7.5) | (6.2) |
Total Net Deferred Tax Assets | 42.5 | 40.9 |
Lease right of use assets | 11.2 | 11.4 |
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 14 | 10.2 |
Goodwill and Intangible Assets | 41.5 | 43.4 |
Total Deferred Tax Liabilities | 66.7 | 65 |
Net Deferred Tax Liabilities | $ (24.2) | $ (24.1) |
Note 17 - Income Taxes - Unreco
Note 17 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at January 1 | $ 7.5 | $ 5.6 |
Increases as a result of tax positions taken during a prior period | 0.3 | 0.1 |
Increases as a result of tax positions taken during the current year | 0.4 | 0.5 |
Increase related to prior period tax positions of acquired entities | 0 | 2.5 |
Decreases relating to settlement with tax authorities | (0.8) | (0.1) |
Reductions as a result of a lapse of the applicable statute of limitations | (1.4) | (1) |
Increases as a result of foreign currency fluctuations | 0.4 | |
Increases as a result of foreign currency fluctuations | (0.1) | |
Balance at December 31 | $ 6.4 | $ 7.5 |
Note 18 - Share-based Compens_3
Note 18 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 29, 2020 | Apr. 26, 2017 | Apr. 24, 2013 | Apr. 28, 2010 | |
Share-based Payment Arrangement, Expense | $ 6 | $ 11.4 | $ 8.3 | ||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 0.3 | $ 1.1 | $ 2.1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.45 | $ 15.37 | $ 16.07 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3.3 | $ 6.8 | $ 10.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 8.4 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 7.5 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 8 months 12 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years | ||||||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 0.3 | 0.2 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||||||
Share-based Payment Arrangement, Option [Member] | Vesting Yearly [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.2 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.7 | $ 1 | $ 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,038 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.9 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Percentage of Maximum Increase in Number of Shares Participant Receives Based on Achievement of Performance Goals | 200.00% | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Potential Lowest Number of Shares Participant Receives Based on Achievement of Performance Goals | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 29,595 | 0 | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2.3 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2.6 | $ 2.2 | $ 0.9 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 37,389 | ||||||
The 2010 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,600,000 | 1,500,000 | |||||
The 2017 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | ||||||
The 2020 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,833,080 | ||||||
The 2010 Plan and the 2017 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,081,982 |
Note 18 - Share-based Compens_4
Note 18 - Share-based Compensation - Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Expected volatility | 25.00% | ||
Weighted-average expected volatility | 27.00% | 26.00% | 25.00% |
Expected dividend yield | 1.30% | 1.20% | |
Expected term, in years (Year) | 5 years | 5 years | 5 years |
Minimum [Member] | |||
Expected volatility | 27.00% | 26.00% | |
Expected dividend yield | 1.20% | ||
Risk-free interest rate | 0.30% | 1.60% | 2.60% |
Maximum [Member] | |||
Expected volatility | 32.00% | 27.00% | |
Expected dividend yield | 1.40% | ||
Risk-free interest rate | 1.30% | 2.50% | 2.90% |
Weighted Average [Member] | |||
Expected dividend yield | 1.30% | 1.20% | 1.20% |
Note 18 - Share-based Compens_5
Note 18 - Share-based Compensation - Activity for Stock Option Awards (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Outstanding, shares (in shares) | shares | 1,071,777 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 60.01 |
Granted (in shares) | shares | 76,251 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 81.20 |
Exercised, shares (in shares) | shares | (110,595) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 44.29 |
Forfeited (in shares) | shares | (42,083) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 70.83 |
Expired, shares (in shares) | shares | (4,687) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 68.01 |
Outstanding, shares (in shares) | shares | 990,663 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 62.90 |
Exercisable, shares (in shares) | shares | 767,655 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 61.04 |
Note 18 - Share-based Compens_6
Note 18 - Share-based Compensation - Activity for Nonvested Restricted Share Awards (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Nonvested, shares (in shares) | shares | 93,599 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 54.27 |
Granted, shares (in shares) | shares | 17,348 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 81.07 |
Vested, shares (in shares) | shares | (10,038) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 73.20 |
Forfeited, shares (in shares) | shares | (6,866) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 73.19 |
Nonvested, shares (in shares) | shares | 94,043 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 55.81 |
Note 18 - Share-based Compens_7
Note 18 - Share-based Compensation - Activity for Nonvested Performance Share Awards (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested, shares (in shares) | 120,714 | ||
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 67.45 | ||
Granted, shares (in shares) | 55,142 | ||
Granted, weighted-average grant date fair value (in dollars per share) | $ 76.66 | ||
Vested, shares (in shares) | (29,595) | 0 | 0 |
Vested, weighted-average grant date fair value (in dollars per share) | $ 72.82 | ||
Forfeited, shares (in shares) | (22,042) | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 70.72 | ||
Nonvested, shares (in shares) | 124,219 | 120,714 | |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 69.68 | $ 67.45 |
Note 18 - Share-based Compens_8
Note 18 - Share-based Compensation - Activity for Nonvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Nonvested, shares (in shares) | shares | 103,287 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 64.72 |
Granted, shares (in shares) | shares | 42,248 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 69.93 |
Vested, shares (in shares) | shares | (37,389) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 70.46 |
Forfeited, shares (in shares) | shares | (10,661) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 63.11 |
Nonvested, shares (in shares) | shares | 97,485 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 64.95 |
Note 19 - Earnings Attributab_3
Note 19 - Earnings Attributable to Tennant Company Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 610,118 | 552,402 | 293,356 |
Note 19 - Earnings Attributab_4
Note 19 - Earnings Attributable to Tennant Company Per Share - Computations of Basic and Diluted Earnings (Loss) Attributable to Tennant Company Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Earnings Attributable to Tennant Company | $ 33.7 | $ 45.8 | $ 33.4 |
Basic - Weighted Average Shares Outstanding (in shares) | 18,349,724 | 18,118,486 | 17,940,438 |
Effect of dilutive securities (in shares) | 285,278 | 334,659 | 398,131 |
Diluted - Weighted Average Shares Outstanding (in shares) | 18,635,002 | 18,453,145 | 18,338,569 |
Basic Earnings per Share (in dollars per share) | $ 1.84 | $ 2.53 | $ 1.86 |
Diluted Earnings per Share (in dollars per share) | $ 1.81 | $ 2.48 | $ 1.82 |
Note 20 - Segment Reporting (De
Note 20 - Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 4 |
Number of Reportable Segments | 1 |
Note 20 - Segment Reporting - N
Note 20 - Segment Reporting - Net Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 1,001 | $ 1,137.6 | $ 1,123.5 |
Long-lived assets | 529.6 | 517.7 | 508.4 |
UNITED STATES | |||
Net Sales | 546.2 | 609.6 | 579.8 |
Long-lived assets | 121.9 | 114.5 | 107.3 |
Americas, Excluding United States [Member] | |||
Net Sales | 84.8 | 112.8 | 111.2 |
Long-lived assets | 14.7 | 12.8 | 11.3 |
Americas [Member] | |||
Net Sales | 631 | 722.4 | 691 |
Long-lived assets | 136.6 | 127.3 | 118.6 |
EMEA [Member] | |||
Net Sales | 278.2 | 307.6 | 335.6 |
Long-lived assets | 355.5 | 353.8 | 385.7 |
ITALY | |||
Long-lived assets | 321.5 | 325.2 | 355.5 |
Asia Pacific [Member] | |||
Net Sales | 91.8 | 107.6 | 96.9 |
Long-lived assets | 37.5 | 36.6 | 4.1 |
Other Europe, Middle East and Africa [Member] | |||
Long-lived assets | $ 34 | $ 28.6 | $ 30.2 |
Note 21 - Subsequent Event (Det
Note 21 - Subsequent Event (Details Textual) - Discontinued Operations, Held-for-sale [Member] - Specialty Service Coatings [Member] $ in Millions | Dec. 31, 2020USD ($) |
Disposal Group, Including Discontinued Operation, Assets, Total | $ 15 |
Disposal Group, Including Discontinued Operation, Liabilities, Total | $ 3.2 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at beginning of year | $ 3.6 | $ 2.5 | $ 2.4 | |
Charged to costs and expenses | 2.2 | 2.5 | 0.4 | |
Reclassification(1) | [1] | 0 | 0.5 | 0.8 |
Charged to other accounts(2) | [2] | 0 | 0 | (0.2) |
Deductions(3) | [3] | (1.2) | (1.9) | (0.9) |
Balance at end of year | 4.6 | 3.6 | 2.5 | |
Sales Returns and Allowances [Member] | ||||
Balance at beginning of year | 1.2 | 1.3 | 0.8 | |
Charged to costs and expenses | 0.2 | 0.1 | 0.7 | |
Deductions(3) | [4] | (0.4) | (0.2) | (0.2) |
Balance at end of year | 1 | 1.2 | 1.3 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||||
Balance at beginning of year | 9.8 | 5.6 | 4.1 | |
Charged to costs and expenses | 4.4 | 4.6 | 1.9 | |
Charged to other accounts(2) | [5] | 0.2 | 0 | (0.1) |
Deductions(3) | [6] | (0.8) | (0.4) | (0.3) |
Balance at end of year | 13.6 | 9.8 | 5.6 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at beginning of year | 6.2 | 11.5 | 9.7 | |
Charged to costs and expenses | 0.9 | (5.2) | 2.4 | |
Charged to other accounts(2) | [5] | 0.4 | (0.1) | (0.6) |
Balance at end of year | $ 7.5 | $ 6.2 | $ 11.5 | |
[1] | Includes amount reclassified between Allowance for Doubtful Accounts and Other Receivables related to a customer's open receivables balance for proper classification and acquisition-related adjustments. | |||
[2] | Primarily includes impact from foreign currency fluctuations. | |||
[3] | Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. | |||
[4] | Includes accounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. | |||
[5] | Primarily includes impact from foreign currency fluctuations. | |||
[6] | Includes inventory identified as excess, slow moving or obsolete and charged against reserves. |