Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 13, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | HYSTER-YALE MATERIALS HANDLING, INC. | ||
Entity Central Index Key | 1173514 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,027,617,286 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,282,769 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,961,213 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $2,767.20 | $2,666.30 | $2,469.10 |
Cost of sales | 2,319.50 | 2,205.30 | 2,065.90 |
Gross Profit | 447.7 | 461 | 403.2 |
Selling, general and administrative expenses | 316.7 | 326.8 | 291.4 |
(Gain) loss on the sale of assets | -17.8 | -0.1 | 0.1 |
Operating Expenses | 298.9 | 326.7 | 291.5 |
Operating Profit | 148.8 | 134.3 | 111.7 |
Interest Expense | 3.9 | 9 | 12.4 |
Income from unconsolidated affiliates | -5.6 | -3.9 | -5.6 |
Loss on debt extinguishment | 0 | 2.8 | 0 |
Other, net | 0.4 | -1 | -0.2 |
Other (Income) Expense | -1.3 | 6.9 | 6.6 |
Income Before Income Taxes | 150.1 | 127.4 | 105.1 |
Income tax provision | 39.9 | 17.2 | 7 |
Net Income | 110.2 | 110.2 | 98.1 |
Net income attributable to noncontrolling interest | -0.4 | -0.2 | -0.1 |
Net Income Attributable to Stockholders | $109.80 | $110 | $98 |
Basic Earnings per Share Attributable to Stockholders: | |||
Basic Earnings per Share | $6.61 | $6.58 | $5.84 |
Diluted Earnings per Share Attributable to Stockholders | |||
Diluted earnings per share | $6.58 | $6.54 | $5.83 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $110.20 | $110.20 | $98.10 |
Foreign currency translation adjustment | -41.7 | -11.9 | -1.5 |
Current period cash flow hedging activity, net | 3.8 | 6.2 | -4.1 |
Reclassification of hedging activities into earnings, net | 3.7 | 2.8 | -5.9 |
Current period pension adjustment, net | -7 | 14.2 | -11.4 |
Reclassification of pension into earnings, net | -3.7 | -5.1 | -6.3 |
Comprehensive Income | 65.1 | 114.2 | 89.7 |
Net income attributable to noncontrolling interest | -0.4 | -0.2 | -0.1 |
Comprehensive Income Attributable to Stockholders | $64.70 | $114 | $89.60 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax expense (benefit) on current period cash flow hedging activity | ($6.40) | ($0.20) | $3.30 |
Tax expense on reclassification of hedging activities into earnings | 2.5 | -1.5 | 1.7 |
Tax expense on current period pension adjustments | -3.6 | 7.1 | -2.2 |
Tax expense on reclassification of pension and postretirement into earnings | ($1.50) | ($1.70) | ($1.10) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash | $111.40 | $175.70 |
Accounts receivable, net | 357.7 | 359.3 |
Inventories, net | 342.5 | 330.6 |
Deferred income taxes | 20.8 | 18 |
Prepaid expenses and other | 34.6 | 38 |
Total Current Assets | 867 | 921.6 |
Property, Plant and Equipment, Net | 179.8 | 164.2 |
Intangible Assets | 4.1 | 0 |
Long-term Deferred Income Taxes | 11.4 | 10.2 |
Investment in Unconsolidated Affiliates | 39.6 | 36.7 |
Other Non-current Assets | 18.9 | 28.6 |
Total Assets | 1,120.80 | 1,161.30 |
Accounts payable | 331.6 | 340.3 |
Accounts payable, affiliates | 18.4 | 20.8 |
Revolving credit facilities | 0 | 39 |
Current maturities of long-term debt | 19.5 | 23.8 |
Accrued payroll | 57.2 | 57.3 |
Accrued warranty obligations | 32.3 | 28.9 |
Other current liabilities | 94.5 | 99.7 |
Total Current Liabilities | 553.5 | 609.8 |
Long-term Debt | 12 | 6.7 |
Self-insurance Liabilities | 18.6 | 20.6 |
Pension Obligations | 24.6 | 25.4 |
Other Long-term Liabilities | 56.1 | 47.9 |
Total Liabilities | 664.8 | 710.4 |
Capital in excess of par value | 324.1 | 320.6 |
Treasury stock | -49.1 | -3.4 |
Retained earnings | 280.4 | 188.4 |
Accumulated other comprehensive loss | -101.1 | -56 |
Total Stockholders' Equity | 454.5 | 449.8 |
Noncontrolling Interest | 1.5 | 1.1 |
Total Equity | 456 | 450.9 |
Total Liabilities and Equity | 1,120.80 | 1,161.30 |
Common Class A [Member] | ||
Common stock | 0.1 | 0.1 |
Common Class B [Member] | ||
Common stock | $0.10 | $0.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | $10.90 | $10.20 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Outstanding | 12,277,148 | 12,689,454 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares, Outstanding | 3,964,082 | 4,024,630 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | |||
Net Income | $110.20 | $110.20 | $98.10 |
Operating Activities | |||
Depreciation and amortization | 29.7 | 30.2 | 28 |
Amortization of deferred financing costs | 1.2 | 1.9 | 1.9 |
Deferred income taxes | 1.8 | -9.6 | -13.6 |
(Gain) loss on the sale of assets | -17.8 | -0.1 | 0.1 |
Stock-based compensation | 6 | 14.2 | 1.3 |
Loss on debt extinguishment | 0 | 2.8 | 0 |
Dividends from unconsolidated affiliates | 0 | 6.8 | 4.5 |
Other non-current liabilities | 0.7 | 8.5 | -2.4 |
Other | 0.3 | 6 | -9 |
Accounts receivable | -8.5 | -42 | 27.2 |
Inventories | -28.8 | -27.1 | 0.4 |
Other current assets | 1 | -2.1 | -1.8 |
Accounts payable | 4.7 | 56.2 | -5 |
Other liabilities | -0.5 | -3 | -1 |
Net cash provided by operating activities | 100 | 152.9 | 128.7 |
Investing Activities | |||
Expenditures for property, plant and equipment | -48.5 | -36.5 | -19.8 |
Proceeds from sale of assets | 8.7 | 0.5 | 0.3 |
Business acquisitions, net of cash acquired | -3.9 | 0 | 0 |
Other investing activities | -0.7 | 9.9 | 0 |
Net cash used for investing activities | -44.4 | -26.1 | -19.5 |
Financing Activities | |||
Additions to long-term debt | 31.1 | 33.9 | 151.9 |
Reductions of long-term debt | -37.1 | -154.2 | -243 |
Net additions (reductions) to revolving credit agreements | -38.3 | 38.5 | 0 |
Cash dividends paid | -17.8 | -16.7 | -37.8 |
Cash dividends paid to NACCO | 0 | 0 | -5 |
Financing fees paid | 0 | -2.9 | -6.8 |
Stock issuance costs | 0 | 0 | -1.5 |
Purchase of treasury shares | -48.2 | -3 | -2.2 |
Other financing activities | -0.2 | 0 | 0 |
Net cash used for financing activities | -110.5 | -104.4 | -144.4 |
Effect of exchange rate on cash | -9.4 | 2 | 1.6 |
Cash and Cash Equivalents | |||
Increase (decrease) for the year | -64.3 | 24.4 | -33.6 |
Balance at the beginning of the year | 175.7 | 151.3 | 184.9 |
Balance at the end of the year | $111.40 | $175.70 | $151.30 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Parent [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | Common Class A [Member] | Common Class B [Member] | |||||||||
Balance at Dec. 31, 2011 | $297.10 | $296.30 | $0 | $0 | $0 | $350.80 | ($2.90) | $14.70 | $3.30 | ($69.60) | $0.80 |
Common Stock, Including Additional Paid in Capital, Net of Discount [Abstract] | |||||||||||
Stock Issued During Period, Value, New Issues | 0.2 | 0.2 | 0.1 | 0.1 | |||||||
Adjustments to Additional Paid in Capital, Other | 0.6 | 0.6 | 0.6 | ||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -1.7 | -1.7 | -1.7 | ||||||||
Stock-based Compensation | |||||||||||
Stock-based compensation | 1.3 | 1.3 | 1.3 | ||||||||
Treasury Stock Transactions | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | -2.2 | -2.2 | -2.2 | ||||||||
Retained Earnings | |||||||||||
Net income | 98 | 98 | 98 | ||||||||
Dividends, Paid to Parent | 5 | 5 | 5 | ||||||||
Cash dividends: | |||||||||||
Dividends, Common Stock, Cash | -37.8 | -37.8 | -37.8 | ||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustment | -1.5 | -1.5 | |||||||||
Current period cash flow hedging activity | 4.1 | 4.1 | |||||||||
Current period pension adjustment, net | -11.4 | -11.4 | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -8.8 | -8.8 | |||||||||
Reclassification of hedging activities into earnings, net | -5.9 | -5.9 | |||||||||
Reclassification of pension into earnings, net | -6.3 | 6.3 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.4 | 0.4 | |||||||||
Noncontrolling Interests | |||||||||||
Net loss | 0.1 | 0.1 | |||||||||
Balance at Dec. 31, 2012 | 342.2 | 341.3 | 0.1 | 0.1 | -2.2 | 308.2 | 95.1 | 13.2 | 1.5 | -74.7 | 0.9 |
Stock-based Compensation | |||||||||||
Stock-based compensation | 14.2 | 14.2 | 14.2 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 0 | 1.8 | -1.8 | |||||||
Treasury Stock Transactions | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | -3 | -3 | -3 | ||||||||
Retained Earnings | |||||||||||
Net income | 110 | 110 | 110 | ||||||||
Cash dividends: | |||||||||||
Dividends, Common Stock, Cash | -16.7 | -16.7 | -16.7 | ||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustment | -11.9 | -11.9 | |||||||||
Current period cash flow hedging activity | -6.2 | -6.2 | |||||||||
Current period pension adjustment, net | 14.2 | 14.2 | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -3.9 | -3.9 | |||||||||
Reclassification of hedging activities into earnings, net | 2.8 | -2.8 | |||||||||
Reclassification of pension into earnings, net | -5.1 | 5.1 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7.9 | 7.9 | |||||||||
Noncontrolling Interests | |||||||||||
Net loss | 0.2 | 0.2 | |||||||||
Balance at Dec. 31, 2013 | 450.9 | 449.8 | 0.1 | 0.1 | -3.4 | 320.6 | 188.4 | 1.3 | -1.9 | -55.4 | 1.1 |
Stock-based Compensation | |||||||||||
Stock-based compensation | 6 | 6 | 6 | ||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 0 | 2.5 | 2.5 | |||||||
Treasury Stock Transactions | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | -48.2 | -48.2 | -48.2 | ||||||||
Retained Earnings | |||||||||||
Net income | 109.8 | 109.8 | 109.8 | ||||||||
Cash dividends: | |||||||||||
Dividends, Common Stock, Cash | -17.8 | -17.8 | -17.8 | ||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustment | -41.7 | -41.7 | |||||||||
Current period cash flow hedging activity | -3.8 | -3.8 | |||||||||
Current period pension adjustment, net | -7 | -7 | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -52.5 | -52.5 | |||||||||
Reclassification of hedging activities into earnings, net | 3.7 | 3.7 | |||||||||
Reclassification of pension into earnings, net | -3.7 | 3.7 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7.4 | 7.4 | |||||||||
Noncontrolling Interests | |||||||||||
Net loss | 0.4 | 0.4 | |||||||||
Balance at Dec. 31, 2014 | $456 | $454.50 | $0.10 | $0.10 | ($49.10) | $324.10 | $280.40 | ($40.40) | ($2) | ($58.70) | $1.50 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends on Class A and Class B common stock | $1.07 | $1 | $2.25 |
Principles_of_Consolidation
Principles of Consolidation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Principles of Consolidation and Nature of Operations |
The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and its majority-owned U.S. and non-U.S. subsidiaries (“Hyster-Yale” or the “Company”), Shanghai Hyster Forklift Ltd., a 75% owned joint venture in China is included in the consolidated financial statements. All significant intercompany accounts and transactions among the consolidated companies are eliminated in consolidation. | |
The Company, through its wholly owned operating subsidiary, NACCO Materials Handling Group, Inc. ("NMHG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, the Netherlands, the Philippines, Brazil, Japan, Italy, Vietnam and China. The sale of service parts represents approximately 13% of total revenues as reported for each of 2014, 2013 and 2012. | |
On December 18, 2014, the Company acquired Nuvera Fuel Cells, Inc. ("Nuvera"). Nuvera is a development-stage technology and product development company focused on fuel cell stacks and related systems. Nuvera is also focused on supporting on-site hydrogen production and dispensing systems that can deliver clean energy solutions to customers. | |
On September 28, 2012, NACCO Industries, Inc., ("NACCO"), the Company's former parent company, spun-off the Company to NACCO stockholders. In the spin-off, NACCO stockholders, in addition to retaining their shares of NACCO common stock, received one share of Hyster-Yale Class A common stock and one share of Hyster-Yale Class B common stock for each share of NACCO Class A common stock or Class B common stock. In accordance with applicable authoritative accounting guidance, the Company accounted for the spin-off from NACCO based on the historical carrying value of assets and liabilities. | |
Investments in Sumitomo-NACCO Materials Handling Company, Ltd. (“SN”), a 50% owned joint venture, and NMHG Financial Services, Inc. (“NFS”), a 20% owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each shareholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. NFS is a joint venture with General Electric Capital Corporation (“GECC”), formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from its equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other income (expense)” portion of the Consolidated Statements of Operations. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounting Policies [Abstract] | |||||||
Significant Accounting Policies | Significant Accounting Policies | ||||||
Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. | |||||||
Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. | |||||||
Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. | |||||||
Revenue Recognition: Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For National Account customers, revenue is recognized upon customer acceptance. | |||||||
Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on the Company’s historical experience, a portion of these aftermarket parts sold is estimated to be returned and, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company’s dealers. | |||||||
The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized. | |||||||
Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $11.9 million, $13.7 million and $9.0 million in 2014, 2013 and 2012, respectively. | |||||||
Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $71.4 million, $69.2 million and $67.5 million in 2014, 2013 and 2012, respectively. | |||||||
Shipping and Handling Costs: Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included on the line “Cost of sales” within the Consolidated Statements of Operations. | |||||||
Taxes Collected from Customers and Remitted to Governmental Authorities: The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as an asset or liability until received by or remitted to the respective taxing authority. | |||||||
Foreign Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. | |||||||
Reclassification: Certain amounts in the prior period’s audited consolidated financial statements have been reclassified to conform to the current period’s presentation. | |||||||
The following table includes other significant accounting policies that are described in other notes to the consolidated financial statements, including the footnote number: | |||||||
Significant Accounting Policy | Note | ||||||
Reportable segments | Business Segments (Note 3) | ||||||
Stock-based compensation | Common Stock and Earnings per Share (Note 5) | ||||||
Income taxes | Income Taxes (Note 6) | ||||||
Derivatives and hedging activities | Financial Instruments and Derivative Financial Instruments (Note 8) | ||||||
Fair value of financial instruments | Financial Instruments and Derivative Financial Instruments (Note 8) | ||||||
and Retirement Benefit Plans (Note 9) | |||||||
Pension | Retirement Benefit Plans (Note 9) | ||||||
Inventories | Inventories (Note 10) | ||||||
Property, plant and equipment | Property, Plant and Equipment, Net (Note 11) | ||||||
Impairment or disposal of long-lived assets | Property, Plant and Equipment, Net (Note 11) | ||||||
Contingencies | Contingencies (Note 15) | ||||||
Recently Issued Accounting Standards | |||||||
The following table provides a brief description of a recent accounting pronouncement adopted January 1, 2014. The adoption of this standard did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. | |||||||
Standard | Description | ||||||
ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain exceptions. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. | ||||||
The following table provides a brief description of recent accounting pronouncements not yet adopted in 2014: | |||||||
Standard | Description | Date of Adoption | Effect on the financial statements or other significant matters | ||||
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. | 1-Jan-15 | The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. | ||||
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) | The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. | 1-Jan-17 | The Company is currently evaluating the alternative methods of adoption and the effect on our financial position, results of operations, cash flows and related disclosures. | ||||
ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern | The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. | 31-Dec-16 | The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Business Segments | Business Segments | |||||||||||||||
The Company’s reportable segments for the lift truck business include the following three management units: the Americas, Europe and Asia-Pacific. Americas includes its operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. Europe includes its operations in Europe, the Middle East and Africa. Asia-Pacific includes its operations in the Asia-Pacific region including China as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each segment for the forklift truck business cannot be considered stand-alone entities as all of these segments are inter-related and integrate into a single global forklift truck business. See Note 1 for a discussion of the Company’s forklift truck product lines. | ||||||||||||||||
On December 18, 2014, the Company acquired Nuvera, which is reported as a separate segment. | ||||||||||||||||
Financial information for each of the reportable segments is presented in the following table. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Revenues from external customers | ||||||||||||||||
Americas | $ | 1,866.90 | $ | 1,762.30 | $ | 1,563.70 | ||||||||||
Europe | 686.3 | 695.4 | 677.9 | |||||||||||||
Asia-Pacific | 214 | 208.6 | 227.5 | |||||||||||||
$ | 2,767.20 | $ | 2,666.30 | $ | 2,469.10 | |||||||||||
Gross profit | ||||||||||||||||
Americas | $ | 301.3 | $ | 318.1 | $ | 254.9 | ||||||||||
Europe | 122.3 | 115.4 | 118.6 | |||||||||||||
Asia-Pacific | 24.1 | 27.5 | 29.7 | |||||||||||||
$ | 447.7 | $ | 461 | $ | 403.2 | |||||||||||
Selling, general and administrative expenses | ||||||||||||||||
Americas | $ | 194.1 | $ | 210.4 | $ | 179.2 | ||||||||||
Europe | 96.2 | 91.6 | 87 | |||||||||||||
Asia-Pacific | 24.2 | 24.8 | 25.2 | |||||||||||||
NMHG | 314.5 | 326.8 | 291.4 | |||||||||||||
Nuvera | 2.2 | — | — | |||||||||||||
Total | $ | 316.7 | $ | 326.8 | $ | 291.4 | ||||||||||
Operating profit (loss) | ||||||||||||||||
Americas | $ | 124.9 | $ | 107.8 | $ | 75.6 | ||||||||||
Europe | 26.2 | 23.8 | 31.6 | |||||||||||||
Asia-Pacific | (0.1 | ) | 2.7 | 4.5 | ||||||||||||
NMHG | 151 | 134.3 | 111.7 | |||||||||||||
Nuvera | (2.2 | ) | — | — | ||||||||||||
Total | $ | 148.8 | $ | 134.3 | $ | 111.7 | ||||||||||
Interest expense | ||||||||||||||||
Americas | $ | 3.3 | $ | 8.1 | $ | 11.5 | ||||||||||
Europe | 0.1 | 0.3 | 0.6 | |||||||||||||
Asia-Pacific | 0.5 | 0.6 | 0.3 | |||||||||||||
$ | 3.9 | $ | 9 | $ | 12.4 | |||||||||||
Interest income | ||||||||||||||||
Americas | $ | (1.0 | ) | $ | (1.6 | ) | $ | (1.1 | ) | |||||||
Europe | — | — | — | |||||||||||||
Asia-Pacific | (0.1 | ) | (0.2 | ) | (0.4 | ) | ||||||||||
$ | (1.1 | ) | $ | (1.8 | ) | $ | (1.5 | ) | ||||||||
2014 | 2013 | 2012 | ||||||||||||||
Other (income) expense | ||||||||||||||||
Americas | $ | (3.4 | ) | $ | (0.2 | ) | $ | (4.6 | ) | |||||||
Europe | 1.6 | 1.5 | 1.3 | |||||||||||||
Asia-Pacific | (2.3 | ) | (1.6 | ) | (1.0 | ) | ||||||||||
Total | $ | (4.1 | ) | $ | (0.3 | ) | $ | (4.3 | ) | |||||||
Income tax provision (benefit) | ||||||||||||||||
Americas | $ | 37.4 | $ | 28.9 | $ | 7 | ||||||||||
Europe | 4 | (11.8 | ) | — | ||||||||||||
Asia-Pacific | (0.7 | ) | 0.1 | — | ||||||||||||
NMHG | 40.7 | 17.2 | 7 | |||||||||||||
Nuvera | (0.8 | ) | — | — | ||||||||||||
Total | $ | 39.9 | $ | 17.2 | $ | 7 | ||||||||||
Net income (loss) attributable to stockholders | ||||||||||||||||
Americas | $ | 88.6 | $ | 72.6 | $ | 62.8 | ||||||||||
Europe | 20.5 | 33.8 | 29.7 | |||||||||||||
Asia-Pacific | 2.1 | 3.6 | 5.5 | |||||||||||||
NMHG | 111.2 | 110 | 98 | |||||||||||||
Nuvera | (1.4 | ) | — | — | ||||||||||||
Total | $ | 109.8 | $ | 110 | $ | 98 | ||||||||||
Total assets | ||||||||||||||||
Americas | $ | 638.1 | $ | 654.3 | $ | 660.4 | ||||||||||
Europe | 439.4 | 520 | 424.3 | |||||||||||||
Asia-Pacific | 170.3 | 179.5 | 198.1 | |||||||||||||
Eliminations | (144.0 | ) | (192.5 | ) | (218.4 | ) | ||||||||||
NMHG | 1,103.80 | 1,161.30 | 1,064.40 | |||||||||||||
Nuvera | 17 | — | — | |||||||||||||
Total | $ | 1,120.80 | $ | 1,161.30 | $ | 1,064.40 | ||||||||||
Depreciation and amortization | ||||||||||||||||
Americas | $ | 16.6 | $ | 17.4 | $ | 17.9 | ||||||||||
Europe | 6.3 | 6.2 | 5.9 | |||||||||||||
Asia-Pacific | 6.7 | 6.6 | 4.2 | |||||||||||||
NMHG | 29.6 | 30.2 | 28 | |||||||||||||
Nuvera | 0.1 | — | — | |||||||||||||
Total | $ | 29.7 | $ | 30.2 | $ | 28 | ||||||||||
Capital expenditures | ||||||||||||||||
Americas | $ | 34 | $ | 24.8 | $ | 12.4 | ||||||||||
Europe | 11.9 | 9.8 | 4.3 | |||||||||||||
Asia-Pacific | 2.6 | 1.9 | 3.1 | |||||||||||||
$ | 48.5 | $ | 36.5 | $ | 19.8 | |||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cash | ||||||||||||||||
Americas | $ | 26.8 | $ | 53.1 | $ | 69.4 | ||||||||||
Europe | 69.9 | 103.6 | 63.4 | |||||||||||||
Asia-Pacific | 13.6 | 19 | 18.5 | |||||||||||||
NMHG | 110.3 | 175.7 | 151.3 | |||||||||||||
Nuvera | 1.1 | — | — | |||||||||||||
Total | $ | 111.4 | $ | 175.7 | $ | 151.3 | ||||||||||
Data By Geographic Region | ||||||||||||||||
No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and Asia-Pacific. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. | ||||||||||||||||
United | Europe, | Other | Consolidated | |||||||||||||
States | Africa and | |||||||||||||||
Middle East | ||||||||||||||||
2014 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,458.80 | $ | 686.4 | $ | 622 | $ | 2,767.20 | ||||||||
Long-lived assets | $ | 115.1 | $ | 40.8 | $ | 63.5 | $ | 219.4 | ||||||||
2013 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,338.70 | $ | 695.5 | $ | 632.1 | $ | 2,666.30 | ||||||||
Long-lived assets | $ | 99.5 | $ | 40 | $ | 61.4 | $ | 200.9 | ||||||||
2012 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,183.70 | $ | 678.4 | $ | 607 | $ | 2,469.10 | ||||||||
Long-lived assets | $ | 97 | $ | 33.8 | $ | 60.7 | $ | 191.5 | ||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Results of Operations | Quarterly Results of Operations (Unaudited) | |||||||||||||||
A summary of the unaudited results of operations for the year ended December 31 is as follows: | ||||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 676 | $ | 684.7 | $ | 695.8 | $ | 710.7 | ||||||||
Gross profit | $ | 111.7 | $ | 107.3 | $ | 111.3 | $ | 117.4 | ||||||||
Operating profit | $ | 31.6 | $ | 47.7 | $ | 36.3 | $ | 33.2 | ||||||||
Net income | $ | 22.1 | $ | 33 | $ | 28.5 | $ | 26.6 | ||||||||
Net income attributable to stockholders | $ | 22.1 | $ | 32.9 | $ | 28.4 | $ | 26.4 | ||||||||
Basic earnings per share | $ | 1.32 | $ | 1.96 | $ | 1.71 | $ | 1.62 | ||||||||
Diluted earnings per share | $ | 1.31 | $ | 1.95 | $ | 1.7 | $ | 1.61 | ||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 644.9 | $ | 659.6 | $ | 643.9 | $ | 717.9 | ||||||||
Gross profit | $ | 109.2 | $ | 114.3 | $ | 111.6 | $ | 125.9 | ||||||||
Operating profit | $ | 32.1 | $ | 35.9 | $ | 31.3 | $ | 35 | ||||||||
Net income | $ | 24.6 | $ | 36.2 | $ | 23.6 | $ | 25.8 | ||||||||
Net income attributable to stockholders | $ | 24.6 | $ | 36.2 | $ | 23.5 | $ | 25.7 | ||||||||
Basic earnings per share | $ | 1.47 | $ | 2.16 | $ | 1.41 | $ | 1.54 | ||||||||
Diluted earnings per share | $ | 1.47 | $ | 2.16 | $ | 1.4 | $ | 1.53 | ||||||||
Common_Stock_and_Earnings_per_
Common Stock and Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Common Stock and Earnings Per Share | Common Stock and Earnings per Share | |||||||||||
The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2014 was 125 million shares and 35 million shares, respectively. Treasury shares of Class A common stock totaling 646,877 and 65,042 at December 31, 2014 and 2013, respectively, have been deducted from shares outstanding. | ||||||||||||
Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allows the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 70,024, 149,655 and 27,742 shares related to the years ended December 31, 2014, 2013 and 2012, respectively. After the issuance of these shares, there were 602,579 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $5.2 million ($3.2 million net of tax), $13.5 million ($8.8 million net of tax) and $1.1 million ($0.7 million net of tax) for the years ended December 31, 2014, 2013 and 2012, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. | ||||||||||||
The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the years ended December 31, 2014 and 2013, $69,000 of each non-employee director's retainer of $125,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2012, $17,250 of each non-employee director's fourth quarter retainer of $31,250 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 8,220, 8,762 and 3,232 shares related to the years ended December 31, 2014, 2013 and 2012, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,572 and 1,000 in 2014 and 2013, respectively. No voluntary shares were issued in 2012. After the issuance of these shares, there were 77,214 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $0.8 million ($0.5 million net of tax), $0.7 million ($0.5 million net of tax) and $0.2 million ($0.1 million net of tax) for the years ended December 31, 2014, 2013 and 2012, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. | ||||||||||||
Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic weighted average shares outstanding | 16.607 | 16.725 | 16.768 | |||||||||
Dilutive effect of restricted stock awards | 0.068 | 0.083 | 0.032 | |||||||||
Diluted weighted average shares outstanding | 16.675 | 16.808 | 16.8 | |||||||||
Basic earnings per share | $ | 6.61 | $ | 6.58 | $ | 5.84 | ||||||
Diluted earnings per share | $ | 6.58 | $ | 6.54 | $ | 5.83 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of income before income taxes and provision for income taxes for the years ended December 31 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income before income taxes | ||||||||||||
U.S. | $ | 69.1 | $ | 64.9 | $ | 46.6 | ||||||
Non-U.S. | 81 | 62.5 | 58.5 | |||||||||
$ | 150.1 | $ | 127.4 | $ | 105.1 | |||||||
Income tax provision | ||||||||||||
Current tax provision (benefit): | ||||||||||||
Federal | $ | 25 | $ | 19.7 | $ | 15.3 | ||||||
State | 2.6 | 2 | 1.2 | |||||||||
Non-U.S. | 10.5 | 5.1 | 4.1 | |||||||||
Total current | $ | 38.1 | $ | 26.8 | $ | 20.6 | ||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | $ | (3.3 | ) | $ | (0.4 | ) | $ | (1.3 | ) | |||
State | 0.7 | 0.9 | (7.2 | ) | ||||||||
Non-U.S. | 4.4 | (10.1 | ) | (5.1 | ) | |||||||
Total deferred | $ | 1.8 | $ | (9.6 | ) | $ | (13.6 | ) | ||||
$ | 39.9 | $ | 17.2 | $ | 7 | |||||||
The Company made income tax payments of $34.7 million, $38.1 million and $17.2 million during 2014, 2013 and 2012, respectively. Income tax refunds of $1.2 million, $3.4 million and $1.5 million were received by the Company during 2014, 2013 and 2012, respectively. | ||||||||||||
A reconciliation of the federal statutory and effective income tax rate for the year ended December 31 is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income before income taxes | $ | 150.1 | $ | 127.4 | $ | 105.1 | ||||||
Statutory taxes at 35.0% | $ | 52.5 | $ | 44.6 | $ | 36.8 | ||||||
Valuation allowance | (1.5 | ) | (12.1 | ) | (19.7 | ) | ||||||
Non-U.S. rate differences | (10.6 | ) | (11.4 | ) | (9.9 | ) | ||||||
Equity interest earnings | (1.7 | ) | (1.2 | ) | (1.6 | ) | ||||||
Unremitted Non-U.S. earnings | 0.1 | (1.2 | ) | (1.1 | ) | |||||||
R&D and other federal credits | (0.9 | ) | (2.4 | ) | (0.7 | ) | ||||||
State income taxes | 2.7 | 2 | 2 | |||||||||
Tax controversy resolution | (0.5 | ) | (1.8 | ) | 0.1 | |||||||
Other | (0.2 | ) | 0.7 | 1.1 | ||||||||
Income tax provision | $ | 39.9 | $ | 17.2 | $ | 7 | ||||||
Effective income tax rate | 26.6 | % | 13.5 | % | 6.7 | % | ||||||
As of December 31, 2014, the cumulative unremitted earnings of the Company's non-U.S. subsidiaries are approximately $321.1 million. The Company repatriated earnings of its European subsidiaries of $20.3 million, $30.0 million and $50.0 million during 2014, 2013 and 2012, respectively. The Company estimates that approximately $50 million to $60 million of its unremitted non-U.S. earnings may be repatriated in the foreseeable future. As a result of this determination, the Company has provided a deferred tax liability with respect to these earnings of $5.7 million at December 31, 2014. The Company has continued to conclude that predominantly all remaining non-U.S. earnings in excess of this amount will be indefinitely reinvested in its non-U.S. operations and, therefore, the recording of deferred tax liabilities for such unremitted earnings is not required. It is impracticable to determine the total amount of unrecognized deferred taxes with respect to these permanently reinvested earnings; however, non-U.S. tax credits would be available to partially reduce U.S. income taxes in the event of a distribution. | ||||||||||||
A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows: | ||||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued expenses and reserves | $ | 15.9 | $ | 10.7 | ||||||||
Accrued product liability | 9.3 | 9.7 | ||||||||||
Product warranties | 12.5 | 12.3 | ||||||||||
Accrued pension benefits | 6.9 | 4.9 | ||||||||||
Tax attribute carryforwards | 25.3 | 34.9 | ||||||||||
Other employee benefits | 8.4 | 9.6 | ||||||||||
Other | 2.2 | 1 | ||||||||||
Total deferred tax assets | 80.5 | 83.1 | ||||||||||
Less: Valuation allowance | 26.9 | 31.7 | ||||||||||
53.6 | 51.4 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and amortization | 8.8 | 8.9 | ||||||||||
Inventories | 7.6 | 6.9 | ||||||||||
Unremitted earnings | 5.7 | 7.4 | ||||||||||
Total deferred tax liabilities | 22.1 | 23.2 | ||||||||||
Net deferred tax asset | $ | 31.5 | $ | 28.2 | ||||||||
The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain: | ||||||||||||
December 31, 2014 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 14.9 | $ | 13.4 | 2015-Indefinite | |||||||
State net operating losses and credits | 3.7 | 1.4 | 2015-2030 | |||||||||
Non-U.S. Capital losses | 6.7 | 6.7 | 2015-Indefinite | |||||||||
Total | $ | 25.3 | $ | 21.5 | ||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 21.4 | $ | 15 | 2014-Indefinite | |||||||
State net operating losses and credits | 5.1 | 1.6 | 2014-2030 | |||||||||
State and Non-U.S. Capital losses | 8.4 | 8.4 | 2014-Indefinite | |||||||||
Total | $ | 34.9 | $ | 25 | ||||||||
The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses that comprise a substantial portion of the Australian deferred tax assets do not expire under local law and the U.S. state taxing jurisdictions individually can provide for a carryforward period that extends for up to 20 years. | ||||||||||||
The Company's operations emerged from a three-year cumulative loss with respect to its Australian, certain European and U.S. taxing jurisdictions during 2012. The Company evaluated all the evidence with respect to the realization of the deferred tax assets in these taxing jurisdictions. Based upon the scheduling of deferred temporary differences, the projection of future taxable income in each taxing jurisdiction and the assessment of economic risks impacting each of these specific geographic regions, the Company determined that certain portions of both the U.S. state and Australian deferred tax assets were realizable and met the more likely than not threshold for a release of the associated valuation allowance. Accordingly, the Company released $10.7 million of its valuation allowance primarily with respect to its U.S. state and Australian deferred tax assets. | ||||||||||||
During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company's European operations. Accordingly, the income tax provision for 2013 contains a net release of valuation allowance of $12.8 million. | ||||||||||||
During 2014 and 2013, the net valuation allowance provided against certain deferred tax assets decreased by $4.8 million and $15.4 million, respectively. The change in the total valuation allowance in 2014 and 2013 included a net decrease in tax expense of $1.5 million and $12.1 million, respectively, a net change in the overall U.S. dollar value of valuation allowances previously recorded in non-U.S. currencies and amounts recorded directly in equity of a net decrease of $2.2 million and $3.3 million in 2014 and 2013, respectively, and a net decrease of $1.1 million for the expiration of valued state capital losses in 2014. | ||||||||||||
Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate. At December 31, 2014, the Company had gross net operating loss carryforwards in non-U.S. jurisdictions of $52.1 million and U.S. state jurisdictions of $50.0 million. | ||||||||||||
The tax returns of the Company and certain of its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. | ||||||||||||
The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2014, 2013 and 2012. Approximately $4.2 million, $5.2 million and $6.7 million of these amounts as of December 31, 2014, 2013 and 2012, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below for 2014, 2013 and 2012 due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 5.3 | $ | 6.8 | $ | 7.7 | ||||||
Additions for tax positions of prior years | — | 0.1 | 0.2 | |||||||||
Additions based on tax positions related to the current year | 0.9 | 0.9 | 0.9 | |||||||||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (1.6 | ) | (2.7 | ) | (2.2 | ) | ||||||
Other changes in unrecognized tax benefits including foreign currency translation adjustments | (0.3 | ) | 0.2 | 0.2 | ||||||||
Balance at December 31 | $ | 4.3 | $ | 5.3 | $ | 6.8 | ||||||
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net decrease of $0.1 million in interest and penalties during 2014 and 2013 and no net change during 2012. The total amount of interest and penalties accrued was $0.2 million, $0.3 million and $0.4 million as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The Company expects the amount of unrecognized tax benefits will change within the next twelve months; however, the change in unrecognized tax benefits, which is reasonably possible within the next twelve months, is not expected to have a significant effect on the Company's financial position or results of operations. It is reasonably possible the Company will record unrecognized tax benefits within the next twelve months in the range of zero to $1.0 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the quarter in which the items are effectively settled. | ||||||||||||
In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the U.S. federal tax returns for the 2007 and 2008 tax years was completed in 2011 except for one issue that was settled favorably in the Internal Revenue Service Appeals process in November 2012. The examination of the 2009 and 2010 U.S. federal tax returns commenced in February 2012 and was completed in the first quarter of 2013 with acceptance by Joint Committee in the third quarter of 2013. The examination of the U.S. federal tax returns for the 2011 and 2012 tax years, including the post spin-off short period return for 2012, began in the third quarter of 2013 and were settled favorably in the second quarter of 2014. The discussion above regarding the U.S. federal tax returns and audits reflects the impact upon the Company as a member of the consolidated federal tax return of NACCO for the 2012 tax year and prior. As a result of the spin-off, the Company filed a separate U.S. federal tax return for the period from the spin-off through December 31, 2012. The Company is currently under examination in various non-U.S. jurisdictions for which the statute of limitations has been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments. |
Reclassification_from_AOCI
Reclassification from AOCI | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Reclassifications Out of Accumulated Comprehensive Income (Loss) [Text Block] | Reclassifications from OCI | ||||||||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations: | |||||||||||||||
Details about OCI Components | Amount Reclassified from OCI | Affected Line Item in the Statement Where Net Income Is Presented | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Gain (loss) on cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | 0.8 | $ | — | $ | (1.7 | ) | Other | |||||||
Interest rate contracts | — | — | (2.9 | ) | Interest expense | ||||||||||
Foreign exchange contracts | (7.0 | ) | (1.3 | ) | 8.8 | Cost of sales | |||||||||
Total before tax | (6.2 | ) | (1.3 | ) | 4.2 | Income before income taxes | |||||||||
Tax (expense) benefit | 2.5 | (1.5 | ) | 1.7 | Income tax provision | ||||||||||
Net of tax | $ | (3.7 | ) | $ | (2.8 | ) | $ | 5.9 | Net income | ||||||
Amortization of defined benefit pension items: | |||||||||||||||
Actuarial loss | $ | (5.5 | ) | $ | (6.2 | ) | $ | (7.6 | ) | (a) | |||||
Prior service (cost) credit | 0.3 | (0.5 | ) | 0.4 | (a) | ||||||||||
Transition liability | — | (0.1 | ) | (0.2 | ) | (a) | |||||||||
Total before tax | (5.2 | ) | (6.8 | ) | (7.4 | ) | Income before income taxes | ||||||||
Tax benefit | 1.5 | 1.7 | 1.1 | Income tax provision | |||||||||||
Net of tax | $ | (3.7 | ) | $ | (5.1 | ) | $ | (6.3 | ) | Net income | |||||
Total reclassifications for the period | $ | (7.4 | ) | $ | (7.9 | ) | $ | (0.4 | ) | ||||||
(a) These OCI components are included in the computation of net pension cost (see Note 9 for additional details). |
Financial_Instruments_and_Deri
Financial Instruments and Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding capital leases, were determined using current rates offered for similar obligations taking into account Company credit risk, which is Level 2 as defined in the fair value hierarchy. The book value and fair value of revolving credit agreements and long-term debt, excluding capital leases, was $19.2 million and $58.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. The large number of customers comprising the Company’s customer base and their dispersion across many different industries and geographies mitigates concentration of credit risk on accounts receivable. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, but does not generally require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
The Company measures its derivatives at fair value on a recurring basis using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the yield curves, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its Company and counterparty credit risk into the valuation. | |||||||||||||||||||||||||||||||||||||||||
Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward non-U.S. currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. | |||||||||||||||||||||||||||||||||||||||||
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales, purchases and intercompany accounts denominated in currencies other than its functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and recognized in cost of sales. Certain of the Company's forward foreign currency contracts are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualify as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of cumulative translation adjustment to the extent it is effective, with the related amounts due to or from counterparties included in other liabilities or other assets. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges are recognized in the Consolidated Statements of Operations in the same period as the change. | |||||||||||||||||||||||||||||||||||||||||
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company’s interest rate swap agreements are predominately based upon the three-month LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line “Other” in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements and forward foreign currency exchange contracts held by the Company which qualified as hedges have been designated as hedges of forecasted cash flows. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. | |||||||||||||||||||||||||||||||||||||||||
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. | |||||||||||||||||||||||||||||||||||||||||
Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. | |||||||||||||||||||||||||||||||||||||||||
Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with a total notional amount of $510.8 million at December 31, 2014, primarily denominated in euros, Japanese yen, Swedish kroner, British pounds, Mexican pesos and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $484.1 million at December 31, 2013, primarily denominated in euros, Japanese yen, British pounds, Swedish kroner, Mexican pesos, Brazilian real and Australian dollars. The fair value of these contracts approximated a net liability of $5.6 million and $2.1 million at December 31, 2014 and 2013, respectively. The fair value of all net investment hedges was a net liability of $0.3 million at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2014 and 2013, there was no ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward non-U.S. currency exchange contracts that qualify for hedge accounting are used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2014, $3.1 million of the amount of net deferred loss included in OCI at December 31, 2014 is expected to be reclassified into the Consolidated Statements of Operations over the next twelve months, as the transactions occur. | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives: During the second quarter of 2014, the Company determined that the hedged forecasted transactions associated with its interest rate swap agreements were probable of not occurring. As such, the Company recognized a gain of $0.8 million in the second quarter of 2014 related to the ineffectiveness of these contracts, which began on December 31, 2014 and extend to December 31, 2018, for a notional amount of $100.0 million. Any additional changes in the fair value of these interest rate swap agreements are immediately recognized in earnings. These expenses are recorded in the Consolidated Statements of Operations on the line “Other.” The fair value of interest rate swap agreements was a net asset of $0.3 million and $2.4 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
In connection with the refinancing of the term loan during 2012, the Company determined that the hedged forecasted transactions associated with its interest rate swap agreements were no longer probable of occurring. As such, the Company recognized a loss of $1.7 million in the second quarter of 2012 related to the ineffectiveness of certain of its interest rate swap agreements. Any additional changes in the fair value of these interest rate swap agreements were immediately recognized in earnings. These expenses are recorded in the Consolidated Statements of Operations on the line “Other.” | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
Balance sheet location | 2014 | 2013 | Balance sheet location | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | $ | — | $ | 2.4 | Other long-term liabilities | $ | — | $ | — | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 4.6 | 0.4 | Prepaid expenses and other | 2.4 | — | |||||||||||||||||||||||||||||||||||
Other current liabilities | 3.5 | 2.7 | Other current liabilities | 8.8 | 5.7 | ||||||||||||||||||||||||||||||||||||
Long-Term | Other non-current assets | 0.9 | — | Other long-term liabilities | 3.1 | 0.7 | |||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Other current liabilities | — | — | Other current liabilities | — | 0.3 | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 9 | $ | 5.5 | $ | 14.3 | $ | 6.7 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Other current liabilities | $ | — | $ | — | Other current liabilities | $ | 1 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 1.3 | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 4.3 | 4.1 | Prepaid expenses and other | 2.7 | 2 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 0.6 | 0.3 | Other current liabilities | 2.5 | 1.2 | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 6.2 | $ | 4.4 | $ | 6.2 | $ | 3.2 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 15.2 | $ | 9.9 | $ | 20.5 | $ | 9.9 | |||||||||||||||||||||||||||||||||
The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2014 and 2013 as recorded in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets as of December 31, 2014 | Derivative Liabilities as of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset | Net Amounts Presented | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Net Amount | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 1.3 | $ | (1.0 | ) | $ | 0.3 | $ | 0.3 | $ | 1 | $ | (1.0 | ) | $ | — | $ | — | |||||||||||||||||||||||
Foreign currency exchange contracts | 4.7 | (4.7 | ) | — | — | 10.3 | (4.7 | ) | 5.6 | 5.6 | |||||||||||||||||||||||||||||||
Total derivatives | $ | 6 | $ | (5.7 | ) | $ | 0.3 | $ | 0.3 | $ | 11.3 | $ | (5.7 | ) | $ | 5.6 | $ | 5.6 | |||||||||||||||||||||||
Derivative Assets as of December 31, 2013 | Derivative Liabilities as of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset | Net Amounts Presented | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Net Amount | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 2.4 | $ | — | $ | 2.4 | $ | 2.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Foreign currency exchange contracts | 2.5 | (2.5 | ) | — | — | 4.6 | (2.5 | ) | 2.1 | 2.1 | |||||||||||||||||||||||||||||||
Total cash flow hedges | 4.9 | (2.5 | ) | 2.4 | 2.4 | 4.6 | (2.5 | ) | 2.1 | 2.1 | |||||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | — | — | — | — | 0.3 | — | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 4.9 | $ | (2.5 | ) | $ | 2.4 | $ | 2.4 | $ | 4.9 | $ | (2.5 | ) | $ | 2.4 | $ | 2.4 | |||||||||||||||||||||||
The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Recognized | ||||||||||||||||||||||||||||||||||||
Recognized in OCI on | (Loss) Reclassified | Reclassified from OCI | (Loss) Recognized | in Income on Derivative (Ineffective | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | from OCI into | into Income (Effective Portion) | in Income on | Portion and Amount Excluded from | |||||||||||||||||||||||||||||||||||||
Income (Effective | Derivative | Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||
Portion) | (Ineffective | ||||||||||||||||||||||||||||||||||||||||
Portion and Amount | |||||||||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||||||||
Testing) | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | (1.6 | ) | $ | 2.8 | $ | (0.3 | ) | Interest expense | $ | — | $ | — | $ | (2.9 | ) | Other | $ | 0.8 | $ | — | $ | (1.7 | ) | |||||||||||||||||
Foreign currency exchange contracts | (8.6 | ) | (9.3 | ) | 7.7 | Cost of sales | (7.0 | ) | (1.3 | ) | 8.8 | Cost of sales | — | — | — | ||||||||||||||||||||||||||
(10.2 | ) | (6.5 | ) | 7.4 | (7.0 | ) | (1.3 | ) | 5.9 | 0.8 | — | (1.7 | ) | ||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | 0.4 | (0.8 | ) | — | Cost of sales | — | — | — | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (9.8 | ) | $ | (7.3 | ) | $ | 7.4 | $ | (7.0 | ) | $ | (1.3 | ) | $ | 5.9 | $ | 0.8 | $ | — | $ | (1.7 | ) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Other | $ | (0.6 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales | (6.8 | ) | (1.9 | ) | (2.6 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | (7.4 | ) | $ | (2.0 | ) | $ | (2.7 | ) | ||||||||||||||||||||||||||||||||
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans | |||||||||||||||
Defined Benefit Plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds. | ||||||||||||||||
Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. | ||||||||||||||||
During the fourth quarter of 2014, the Company recognized a settlement loss of $2.6 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for both of its U.S. pension plans. | ||||||||||||||||
During the third quarter of 2013, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2013 using a discount rate of 4.30%. An additional $0.4 million settlement loss was recognized for lump-sum distributions occurring during the fourth quarter of 2013 using a discount rate of 4.40%. | ||||||||||||||||
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Weighted average discount rates | 3.65% | 4.40% | 3.55% | |||||||||||||
Expected long-term rate of return on assets | 7.75% | 7.75% | 7.75% | |||||||||||||
Non-U.S. Plans | ||||||||||||||||
Weighted average discount rates | 1.80% - 3.60% | 3.50% - 4.40% | 3.75% - 4.45% | |||||||||||||
Rate of increase in compensation levels | 2.00% - 2.50% | 2.50% - 3.60% | 2.50% - 3.45% | |||||||||||||
Expected long-term rate of return on assets | 3.00% - 7.25% | 3.50% - 7.50% | 3.75% - 7.50% | |||||||||||||
Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year. | ||||||||||||||||
Set forth below is a detail of the net periodic pension expense for the defined benefit plans for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 3.4 | 3.2 | 3.6 | |||||||||||||
Expected return on plan assets | (5.7 | ) | (5.5 | ) | (5.0 | ) | ||||||||||
Amortization of actuarial loss | 1.5 | 2 | 3.7 | |||||||||||||
Amortization of prior service credit | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Settlements | 2.6 | 1.6 | — | |||||||||||||
Net periodic pension expense | $ | 1.5 | $ | 1 | $ | 2 | ||||||||||
Non-U.S. Plans | ||||||||||||||||
Service cost | $ | 2.2 | $ | 2.9 | $ | 2.6 | ||||||||||
Interest cost | 6.9 | 6.6 | 6.6 | |||||||||||||
Expected return on plan assets | (10.3 | ) | (8.9 | ) | (8.9 | ) | ||||||||||
Amortization of actuarial loss | 4 | 4.2 | 3.9 | |||||||||||||
Amortization of prior service cost (credit) | — | 0.8 | (0.1 | ) | ||||||||||||
Amortization of transition liability | — | 0.1 | 0.2 | |||||||||||||
Net periodic pension expense | $ | 2.8 | $ | 5.7 | $ | 4.3 | ||||||||||
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 8.4 | $ | (13.9 | ) | $ | 6.2 | |||||||||
Amortization of actuarial loss | (1.5 | ) | (2.0 | ) | (3.7 | ) | ||||||||||
Amortization of prior service credit | 0.3 | 0.3 | 0.3 | |||||||||||||
Settlements | (2.6 | ) | (1.6 | ) | — | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 4.6 | $ | (17.2 | ) | $ | 2.8 | |||||||||
Non-U.S. Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 10.7 | $ | (6.5 | ) | $ | 7.4 | |||||||||
Amortization of actuarial loss | (4.0 | ) | (4.2 | ) | (3.9 | ) | ||||||||||
Current year prior service cost | — | 0.7 | — | |||||||||||||
Amortization of prior service (cost) credit | — | (0.8 | ) | 0.1 | ||||||||||||
Amortization of transition liability | — | (0.1 | ) | (0.2 | ) | |||||||||||
Curtailments | (5.9 | ) | — | — | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | 0.8 | $ | (10.9 | ) | $ | 3.4 | |||||||||
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. Plans | Non-U.S. | U.S. Plans | Non-U.S. | |||||||||||||
Plans | Plans | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 80.8 | $ | 168.3 | $ | 91.4 | $ | 157.4 | ||||||||
Service cost | — | 2.2 | — | 2.9 | ||||||||||||
Interest cost | 3.4 | 6.9 | 3.2 | 6.6 | ||||||||||||
Actuarial (gain) loss | 8.4 | 16.7 | (7.1 | ) | 3 | |||||||||||
Benefits paid | (4.1 | ) | (6.5 | ) | (4.1 | ) | (7.2 | ) | ||||||||
Employee contributions | — | 0.6 | — | 0.7 | ||||||||||||
Plan amendments | — | — | — | 0.7 | ||||||||||||
Curtailments | — | (5.9 | ) | — | — | |||||||||||
Settlements | (5.1 | ) | — | (2.6 | ) | — | ||||||||||
Foreign currency exchange rate changes | — | (11.5 | ) | — | 4.2 | |||||||||||
Projected benefit obligation at end of year | $ | 83.4 | $ | 170.8 | $ | 80.8 | $ | 168.3 | ||||||||
Accumulated benefit obligation at end of year | $ | 83.4 | $ | 163.1 | $ | 80.8 | $ | 162.3 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 79.7 | $ | 148 | $ | 72.4 | $ | 128.6 | ||||||||
Actual return on plan assets | 5.8 | 16.2 | 12.2 | 18.2 | ||||||||||||
Employer contributions | — | 8.1 | 1.8 | 3.6 | ||||||||||||
Employee contributions | — | 0.6 | — | 0.7 | ||||||||||||
Benefits paid | (4.1 | ) | (6.5 | ) | (4.1 | ) | (7.2 | ) | ||||||||
Settlements | (5.1 | ) | — | (2.6 | ) | — | ||||||||||
Foreign currency exchange rate changes | — | (10.5 | ) | — | 4.1 | |||||||||||
Fair value of plan assets at end of year | $ | 76.3 | $ | 155.9 | $ | 79.7 | $ | 148 | ||||||||
Funded status at end of year | $ | (7.1 | ) | $ | (14.9 | ) | $ | (1.1 | ) | $ | (20.3 | ) | ||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | 1 | $ | — | ||||||||
Noncurrent liabilities | (7.1 | ) | (14.9 | ) | (2.1 | ) | (20.3 | ) | ||||||||
$ | (7.1 | ) | $ | (14.9 | ) | $ | (1.1 | ) | $ | (20.3 | ) | |||||
Components of accumulated other comprehensive income (loss) consist of: | ||||||||||||||||
Actuarial loss | $ | 42.1 | $ | 43.2 | $ | 37.6 | $ | 45 | ||||||||
Prior service credit | (1.2 | ) | (0.1 | ) | (1.5 | ) | (0.1 | ) | ||||||||
Transition obligation | — | — | — | 0.4 | ||||||||||||
Deferred taxes | (13.9 | ) | (7.7 | ) | (12.0 | ) | (8.0 | ) | ||||||||
Change in statutory tax rate | (1.2 | ) | (0.9 | ) | (1.2 | ) | (0.9 | ) | ||||||||
Foreign currency translation adjustment | — | (1.6 | ) | — | (3.9 | ) | ||||||||||
$ | 25.8 | $ | 32.9 | $ | 22.9 | $ | 32.5 | |||||||||
The projected benefit obligation included in the table above represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. | ||||||||||||||||
Expected amortization of amounts included in accumulated other comprehensive income (loss) to be recognized in net periodic benefit cost in 2015 are: | ||||||||||||||||
Amount | Net of tax | |||||||||||||||
Actuarial loss | $ | 3.1 | $ | 2 | ||||||||||||
Prior service credit | (0.3 | ) | (0.2 | ) | ||||||||||||
Transition obligation | (0.1 | ) | (0.1 | ) | ||||||||||||
The Company expects to contribute $3.0 million to its non-U.S. pension plans in 2015. The Company does not expect to contribute to its U.S. pension plans in 2015. | ||||||||||||||||
Pension benefit payments are made from assets of the pension plans. Future pension benefit payments expected to be paid from assets of the pension plans are: | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||
2015 | $ | 6.6 | $ | 6.2 | ||||||||||||
2016 | 6.4 | 5.9 | ||||||||||||||
2017 | 6.3 | 6.5 | ||||||||||||||
2018 | 6 | 6.7 | ||||||||||||||
2019 | 6 | 7.6 | ||||||||||||||
2020 - 2024 | 27 | 39.4 | ||||||||||||||
$ | 58.3 | $ | 72.3 | |||||||||||||
The expected long-term rate of return on defined benefit plan assets reflects management’s expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. The Company has established the expected long-term rate of return assumption for plan assets by considering the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes. | ||||||||||||||||
Expected returns for most of the Company's pension plans are based on a calculated market-related value of assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company’s expected returns are recognized in the market-related value of assets ratably over three years. | ||||||||||||||||
The pension plans maintain an investment policy that, among other things, establishes a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policy provides that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands. | ||||||||||||||||
The following is the actual allocation percentage and target allocation percentage for the Company's U.S. pension plan assets at December 31: | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 51.50% | 53.30% | 41.0% - 62.0% | |||||||||||||
Non-U.S. equity securities | 12.30% | 13.10% | 10.0% - 16.0% | |||||||||||||
Fixed income securities | 34.80% | 32.90% | 30.0% - 40.0% | |||||||||||||
Money market | 1.50% | 0.70% | 0.0% - 10.0% | |||||||||||||
The following is the actual allocation percentage and target allocation percentage for the Company's U.K. pension plan assets at December 31: | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.K. equity securities | 21.10% | 21.40% | 19.5% - 22.5% | |||||||||||||
Non-U.K. equity securities | 48.60% | 49.80% | 35.5% - 62.5% | |||||||||||||
Fixed income securities | 30.30% | 28.80% | 25.5% - 34.5% | |||||||||||||
The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations. | ||||||||||||||||
The defined benefit pension plans do not have any direct ownership of Hyster-Yale common stock. | ||||||||||||||||
The fair value of each major category of U.S. plan assets for the Company’s pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. Following are the values as of December 31: | ||||||||||||||||
Level 1 | Level 2 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
U.S. equity securities | $ | 39.3 | $ | 42.5 | $ | 24.1 | $ | 22.6 | ||||||||
U.K. equity securities | — | — | 30 | 29 | ||||||||||||
Non-U.S., non-U.K. equity securities | 9.4 | 10.4 | 45.2 | 44.9 | ||||||||||||
Fixed income securities | 26.5 | 26.3 | 56.6 | 51.5 | ||||||||||||
Money market | 1.1 | 0.5 | — | — | ||||||||||||
Total | $ | 76.3 | $ | 79.7 | $ | 155.9 | $ | 148 | ||||||||
Defined Contribution Plans: The Company has defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. The Company generally matches employee contributions based on plan provisions. In addition, the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants. Total costs, including Company contributions, for these plans were $21.6 million, $24.4 million and $22.4 million in 2014, 2013 and 2012, respectively. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure | Inventories | |||||||
Inventories are stated at the lower of cost or market. Cost is determined under the last-in, first-out (“LIFO”) method primarily for manufactured inventories, including service parts, in the United States. At each of December 31, 2014 and 2013, 52% of total inventories were determined using the LIFO method. | ||||||||
The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. | ||||||||
Inventories are summarized as follows: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Finished goods and service parts | $ | 179.4 | $ | 178.4 | ||||
Raw materials and work in process | 211.2 | 203.3 | ||||||
Total manufactured inventories | 390.6 | 381.7 | ||||||
LIFO reserve | (48.1 | ) | (51.1 | ) | ||||
$ | 342.5 | $ | 330.6 | |||||
Property_Plant_and_Equpment_Ne
Property, Plant and Equpment, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||
Property, Plant and Equipment Disclosure | Property, Plant and Equipment, Net | |||||||
Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. | ||||||||
The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset’s net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||
Property, plant and equipment, net includes the following: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Land and land improvements | $ | 19.6 | $ | 20.8 | ||||
Plant and equipment | 565.1 | 545.1 | ||||||
Property, plant and equipment, at cost | 584.7 | 565.9 | ||||||
Allowances for depreciation and amortization | (404.9 | ) | (401.7 | ) | ||||
$ | 179.8 | $ | 164.2 | |||||
Total depreciation and amortization expense on property, plant and equipment was $29.7 million, $30.2 million and $28.0 million during 2014, 2013, and 2012, respectively. |
Current_and_LongTerm_Financing
Current and Long-Term Financing | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Current and Long-Term Financing | Current and Long-Term Financing | |||||||
The following table summarizes available and outstanding borrowings: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements | $ | — | $ | 39 | ||||
Capital lease obligations and other | 31.5 | 30.5 | ||||||
Total debt outstanding | $ | 31.5 | $ | 69.5 | ||||
Current portion of borrowings outstanding | $ | 19.5 | $ | 62.8 | ||||
Long-term portion of borrowings outstanding | $ | 12 | $ | 6.7 | ||||
Total available borrowings, net of limitations, under revolving credit agreements | $ | 254.9 | $ | 210.6 | ||||
Unused revolving credit agreements | $ | 254.9 | $ | 210.6 | ||||
Weighted average stated interest rate on total borrowings | 5.9 | % | 2.8 | % | ||||
Annual maturities of total debt, excluding capital leases, are as follows: | ||||||||
2015 | $ | 14.1 | ||||||
2016 | 1.3 | |||||||
2017 | 1.3 | |||||||
2018 | 1.3 | |||||||
2019 | 1.2 | |||||||
$ | 19.2 | |||||||
Interest paid on total debt was $2.7 million, $7.2 million and $11.1 million during 2014, 2013 and 2012, respectively. | ||||||||
The Company has a $220.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in December 2018. There were no borrowings outstanding under the facility at December 31, 2014. The excess availability under the Facility, at December 31, 2014, was $212.9 million, which reflects reductions of $7.1 million for letters of credit. The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions. The obligations under the Facility are generally secured by a lien on the working capital assets of the borrowers in the Facility, which include but are not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Facility was $540 million as of December 31, 2014. | ||||||||
Borrowings bear interest at a floating rate that can be a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, effective December 31, 2014, for U.S. base rate loans and LIBOR loans were 0.50% and 1.50%, respectively. The applicable margins, effective December 31, 2014, for non-U.S. base rate loans and LIBOR loans was 1.50%. The applicable LIBOR interest rates under the Facility on December 31, 2014 were 1.69% and 1.50%, respectively, for the U.S. and non-U.S. facility including the applicable floating rate margin. The Facility also requires the payment of a fee of 0.375% per annum on the unused commitment as of December 31, 2014. | ||||||||
The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At December 31, 2014, the Company was in compliance with the covenants in the Facility. | ||||||||
During 2013, the Company incurred fees and expenses of $2.9 million related to the Facility. These fees were deferred and are being amortized as interest expense over the term of the Facility. The Company recorded a $2.8 million charge in 2013 related to the write-off of deferred financing fees as a result of the repayment of the previous term loan agreement. | ||||||||
During 2012, the Company incurred fees and expenses of $6.8 million related to NMHG's previous revolving credit facility and term loan. | ||||||||
The Company had other borrowings outstanding of approximately $19.2 million at December 31, 2014. In addition to the excess availability under the Facility, the Company had remaining availability of $41.7 million related to other non-U.S. revolving credit agreements. |
Leasing_Arrangements
Leasing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Leases [Abstract] | ||||||||
Leasing Arrangements | Leasing Arrangements | |||||||
The Company leases certain office, manufacturing and warehouse facilities and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2023. Many leases include renewal and/or fair value purchase options. | ||||||||
Future minimum capital and operating lease payments at December 31, 2014 are: | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 5.9 | $ | 17.3 | ||||
2016 | 3.5 | 13.3 | ||||||
2017 | 2 | 10.3 | ||||||
2018 | 1.2 | 7.9 | ||||||
2019 | 0.4 | 4.7 | ||||||
Subsequent to 2020 | — | 5.2 | ||||||
Total minimum lease payments | 13 | $ | 58.7 | |||||
Amounts representing interest | 0.7 | |||||||
Present value of net minimum lease payments | 12.3 | |||||||
Current maturities | 5.4 | |||||||
Long-term capital lease obligation | $ | 6.9 | ||||||
Rental expense for all operating leases was $18.4 million, $15.3 million and $14.4 million for 2014, 2013 and 2012, respectively. The Company also recognized $5.3 million, $7.2 million and $6.0 million for 2014, 2013 and 2012, respectively, in rental income on subleases of equipment. These subleases were primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. The sublease rental income for these lift trucks is included in “Revenues” and the related rent expense is included in “Cost of sales” in the Consolidated Statements of Operations for each period. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2014 are $20.9 million. | ||||||||
Assets recorded under capital leases are included in property, plant and equipment and consist of the following: | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Plant and equipment | $ | 18.8 | $ | 14.7 | ||||
Less accumulated amortization | (7.2 | ) | (3.7 | ) | ||||
$ | 11.6 | $ | 11 | |||||
Amortization of plant and equipment under capital leases is included in depreciation expense. Capital lease obligations of $6.5 million, $9.3 million and $7.3 million were incurred in connection with lease agreements to acquire plant and equipment during 2014, 2013 and 2012, respectively. |
Product_Warranties
Product Warranties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Product Warranties | Product Warranties | |||||||
The Company provides a standard warranty on its lift trucks, generally for six to twelve months or 1,000 to 2,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. | ||||||||
In addition, the Company sells extended warranty agreements, which provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts. | ||||||||
The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims to be processed and the cost of processing those claims based on historical costs. | ||||||||
The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. | ||||||||
Changes in the current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows: | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 45.1 | $ | 44.3 | ||||
Current year warranty expense | 37.3 | 27.6 | ||||||
Change in estimate related to pre-existing warranties | (3.6 | ) | (5.0 | ) | ||||
Payments made | (26.2 | ) | (22.3 | ) | ||||
Foreign currency effect | (1.5 | ) | 0.5 | |||||
Balance at December 31 | $ | 51.1 | $ | 45.1 | ||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its business, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that material costs will be incurred in excess of accruals already recognized. |
Guarantees
Guarantees | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Guarantees [Abstract] | |||||||||
Guarantees | Guarantees | ||||||||
Under various financing arrangements for certain customers, including independently owned retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at December 31, 2014 and 2013 were $176.1 million and $149.2 million, respectively. As of December 31, 2014, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event it would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2014 was approximately $199.1 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities in which it has provided recourse or repurchase obligations. As of December 31, 2014, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, based upon the economic environment, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with GECC to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $39.9 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $7.2 million as of December 31, 2014. The $39.9 million is included in the $176.1 million of total amounts subject to recourse or repurchase obligations at December 31, 2014. | |||||||||
Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within GECC may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through NFS. At December 31, 2014, approximately $154.3 million of the Company's total recourse or repurchase obligations of $176.1 million related to transactions with NFS. In connection with the joint venture agreement, the Company also provides a guarantee to GECC for 20% of NFS’ debt with GECC, such that the Company would become liable under the terms of NFS’ debt agreements with GECC in the case of default by NFS. At December 31, 2014, loans from GECC to NFS totaled $844.0 million. Although the Company’s contractual guarantee was $168.8 million, the loans by GECC to NFS are secured by NFS’ customer receivables, of which the Company guarantees $154.3 million. Excluding the NFS receivables guaranteed by the Company from NFS’ loans to GECC, the Company’s incremental obligation as a result of this guarantee to GECC is $144.0 million, which is secured by 20% of NFS' customer receivables and other secured assets of $204.1 million. NFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause NFS to default in future periods. | |||||||||
The following table includes the exposure amounts related to the Company's guarantees at December 31, 2014: | |||||||||
NFS | Total | ||||||||
Total recourse or repurchase obligations | $ | 154.3 | $ | 176.1 | |||||
Less: exposure limited for certain dealers | 39.9 | 39.9 | |||||||
Plus: 7.5% of original loan balance | 7.2 | 7.2 | |||||||
121.6 | 143.4 | ||||||||
Incremental obligation related to guarantee to GECC | 144 | 144 | |||||||
Total exposure related to guarantees | $ | 265.6 | $ | 287.4 | |||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Party Transactions | Equity Investments and Related Party Transactions | |||||||||||
The Company maintains an interest in one variable interest entity, NFS. NFS is a joint venture with GECC formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of NFS. Therefore, the Company has concluded that the Company is not the primary beneficiary and will continue to use the equity method to account for its 20% interest in NFS. The Company does not consider its variable interest in NFS to be significant. | ||||||||||||
Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt financing to dealers and lease financing to both dealers and customers. NFS’ total purchases of Hyster® and Yale® lift trucks from dealers, and directly from the Company such that NFS could provide retail lease financing to customers for the years ended December 31, 2014, 2013 and 2012 were $465.9 million, $417.0 million and $395.3 million, respectively. Of these amounts, $94.6 million, $81.5 million and $72.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, were invoiced directly from the Company to NFS so that the customer could obtain operating lease financing from NFS. Amounts receivable from NFS at December 31, 2014 and 2013 were $7.9 million and $4.6 million, respectively. | ||||||||||||
The Company provides recourse for certain financing provided by NFS to its dealers and customers. In addition, the Company also provides a guarantee to GECC for their portion of NFS' debt. Refer to Note 16 for additional details relating to the guarantees provided to GECC. | ||||||||||||
In addition to providing financing to dealers, NFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to NFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to NFS under the operating lease agreements were $13.3 million and $6.5 million at December 31, 2014 and 2013, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to NFS. Total subsidies were $1.9 million, $1.7 million and $1.5 million for 2014, 2013 and 2012, respectively. | ||||||||||||
The Company provides certain services to NFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $12.0 million in 2014, $15.6 million in 2013 and $14.1 million in 2012. | ||||||||||||
The Company has a 50% ownership interest in SN, a limited liability company that was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®- branded lift trucks and related components and service parts outside of Japan. The Company’s ownership in SN is accounted for using the equity method of accounting and is included in the Asia-Pacific segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2014, 2013 and 2012, purchases from SN were $70.7 million, $78.7 million and $86.0 million, respectively. Amounts payable to SN at December 31, 2014 and 2013 were $18.4 million and $20.8 million, respectively. | ||||||||||||
The Company recognized income of $1.1 million, $1.3 million and $1.3 million for payments from SN for use of technology developed by the Company that is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Summarized unaudited financial information for both equity investments is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 361.9 | $ | 379.3 | $ | 435.3 | ||||||
Gross profit | $ | 108.3 | $ | 102.2 | $ | 133.2 | ||||||
Income from continuing operations | $ | 21.7 | $ | 14.4 | $ | 25.5 | ||||||
Net income | $ | 21.7 | $ | 14.4 | $ | 25.5 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 106.3 | $ | 112.5 | ||||||||
Non-current assets | $ | 1,163.60 | $ | 1,033.00 | ||||||||
Current liabilities | $ | 132.5 | $ | 98.5 | ||||||||
Non-current liabilities | $ | 1,010.30 | $ | 944.7 | ||||||||
At December 31, 2014 and 2013, the investment in NFS was $13.5 million and $9.4 million, respectively, and the investment in SN was $26.1 million and $27.3 million, respectively. The investments are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets. The Company received dividends of $6.8 million from NFS in 2013. No dividends were received from NFS in 2014 and from SN in 2014 and 2013. The Company contributed $0.7 million to NFS in 2014. | ||||||||||||
Prior to the spin-off, NACCO charged management fees to the Company for services provided by NACCO. The management fees were based upon estimated parent company resources devoted to providing centralized services and stewardship activities and were allocated among all NACCO subsidiaries based upon the relative size and complexity of each subsidiary. NACCO management fees of $9.6 million were included in selling, general and administrative expenses in 2012. |
Other_Events_and_Transactions
Other Events and Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Other Liabilities Disclosure [Text Block] | Other Events and Transactions | |
In June 2014, NACCO Materials Handling Group Brasil Ltda. (“NMHG Brasil”), an indirect, wholly-owned subsidiary of the Company, completed the sale of real estate and an operating facility to Synergy Empreendimentos E Participacoes Ltda. During the second quarter of 2014, NMHG Brasil received $8.2 million related to the sale and recognized a gain of $17.7 million, which is included on the line “Gain on sale of assets” in the Consolidated Statements of Operations. The proceeds from the sale are included in the Investing Activities section of the Consolidated Statements of Cash Flows and have been used for the construction of a new facility in Brazil. An upfront payment of $9.9 million was received in the second quarter of 2013, when the sale agreement was executed. In addition, $0.8 million was deposited into an escrow account which will be released to NMHG Brasil upon conclusion of certain environmental remediation activities. | ||
During 2013, NMHG Brasil entered into a construction agreement with Constructora Toda Do Brasil S/A. ("Toda"). Under the terms of the construction agreement, Toda will build a new operating facility in Itu, Brazil for NMHG Brasil for an aggregate price of $15.1 million including payments made and expected future payments, subject to certain conditions. The construction of the facility is expected to be completed in 2015. | ||
The construction price will be paid by NMHG Brasil in the following manner: | ||
• | 12% of the construction price or $2.0 million which was paid by the Company during the fourth quarter of 2013; | |
• | 83% of the construction price or $12.4 million as progress payments over the course of construction of the facility; and | |
• | 5% of the construction price or $0.7 million upon completion of the facility and permitted occupancy by NMHG Brasil. | |
Any payments made after July 31, 2014 are subject to adjustment pursuant to an inflation factor consistent with increases in the Construction National Cost Index (INCC-M/FGV), as provided by Getúlio Vargas Foundation for the period from August 1, 2013 until July 31, 2014. In certain circumstances, the construction agreement can be terminated by either NMHG Brasil or Toda. |
Acquisition_Notes
Acquisition (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure [Text Block] | Nuvera Acquisition |
On December 18, 2014 (the "Acquisition Date"), the Company acquired 100% of the outstanding common shares and voting interest of Nuvera for $6.9 million of cash consideration and $2.1 million of contingent consideration. The results of Nuvera‘s operations have been included in the consolidated financial statements since the Acquisition Date. Nuvera is a development-stage technology and product development company focused on fuel cell stack sub-systems and supporting on-site hydrogen production and dispensing systems that can deliver clean energy solutions to customers. | |
The Company acquired net assets of $9.0 million, including $4.1 million of intangible assets at the Acquisition Date. Acquired intangible assets were based on the fair value of patents, trade name, engineering drawings and a non-compete agreement on the Acquisition Date and have a weighted-average useful life of approximately 11 years. The Company is in the process of finalizing a third-party valuation of assets acquired and liabilities assumed; thus, the provisional measurements are subject to change. In addition, the cash consideration paid will be finalized with the seller and is subject to a customary working capital adjustment. | |
The contingent consideration arrangement requires the Company to pay additional consideration to Nuvera's selling shareholders for payments based on future commercialization of certain elements of the acquired technology. The fair value of the contingent consideration arrangement at the Acquisition Date was $2.1 million. The Company estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in fair value guidance. | |
Nuvera also recognized $1.5 million of severance and related costs and $0.7 million of operating costs since the Acquisition Date. These costs were recognized in the line "Selling, general and administrative expenses" in the Consolidated Statement of Operations. The Company also recognized $0.9 million of acquisition-related costs during 2014, which is included in the Americas segment. These costs are included in the line “Selling, general and administrative expenses” in the Consolidated Statement of Operations. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||||
Costs and | Other Accounts | — Describe | End of | ||||||||||||||||||||
Expenses | — Describe (A) | Period (B) | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 15.4 | $ | 2.1 | $ | (0.7 | ) | $ | 0.5 | (D) | $ | 16.3 | |||||||||||
2013 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 15.9 | $ | 3.9 | $ | 0.5 | $ | 4.9 | (D) | $ | 15.4 | ||||||||||||
2012 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 12 | $ | 4.9 | $ | 0.2 | $ | 1.2 | (D) | $ | 15.9 | ||||||||||||
(A) | Foreign currency translation adjustments and other. | ||||||||||||||||||||||
(B) | Balances which are not required to be presented and those which are immaterial have been omitted. | ||||||||||||||||||||||
(C) | Includes allowance of receivables classified as long-term of $5.4 million, $5.2 million and $5.0 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
(D) | Write-offs, net of recoveries. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For National Account customers, revenue is recognized upon customer acceptance. |
Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on the Company’s historical experience, a portion of these aftermarket parts sold is estimated to be returned and, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company’s dealers. | |
The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized. | |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $11.9 million, $13.7 million and $9.0 million in 2014, 2013 and 2012, respectively. |
Research and Development Expense, Policy [Policy Text Block] | Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $71.4 million, $69.2 million and $67.5 million in 2014, 2013 and 2012, respectively. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included on the line “Cost of sales” within the Consolidated Statements of Operations. |
Taxes Collected from Customers and Remitted to Governmental Authorities [Policy Text Block] | Taxes Collected from Customers and Remitted to Governmental Authorities: The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as an asset or liability until received by or remitted to the respective taxing authority. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. |
Reclassifications [Policy Text Block] | Reclassification: Certain amounts in the prior period’s audited consolidated financial statements have been reclassified to conform to the current period’s presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in 2014: |
In July 2013, the FASB issued authoritative guidance on unrecognized tax benefits, which was effective for the Company as of January 1, 2014. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain exceptions. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. The Company adopted the guidance on January 1, 2014 and the adoption of this guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | In April 2014, the FASB issued authoritative guidance on discontinued operations, which is effective for the Company on January 1, 2015. The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. |
In May 2014, the FASB issued authoritative guidance on revenue recognition, which is effective for the Company on January 1, 2017. The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company is currently evaluating the effect the adoption of the guidance will have on its financial position, results of operations, cash flows and related disclosures. | |
In August 2014, the FASB issued authoritative guidance on the presentation of the financial statements, which is effective for the Company for the year ending December 31, 2016. The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. |
Common_Stock_and_Earnings_per_1
Common Stock and Earnings per Share (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | The Company has stock compensation plans for certain employees in the U.S. that allows the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 70,024, 149,655 and 27,742 shares related to the years ended December 31, 2014, 2013 and 2012, respectively. After the issuance of these shares, there were 602,579 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $5.2 million ($3.2 million net of tax), $13.5 million ($8.8 million net of tax) and $1.1 million ($0.7 million net of tax) for the years ended December 31, 2014, 2013 and 2012, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the years ended December 31, 2014 and 2013, $69,000 of each non-employee director's retainer of $125,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2012, $17,250 of each non-employee director's fourth quarter retainer of $31,250 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 8,220, 8,762 and 3,232 shares related to the years ended December 31, 2014, 2013 and 2012, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,572 and 1,000 in 2014 and 2013, respectively. No voluntary shares were issued in 2012. After the issuance of these shares, there were 77,214 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $0.8 million ($0.5 million net of tax), $0.7 million ($0.5 million net of tax) and $0.2 million ($0.1 million net of tax) for the years ended December 31, 2014, 2013 and 2012, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. |
Financial_Instruments_and_Deri1
Financial Instruments and Derivative Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative [Line Items] | |
Derivatives, Policy [Policy Text Block] | Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward non-U.S. currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. |
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales, purchases and intercompany accounts denominated in currencies other than its functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and recognized in cost of sales. Certain of the Company's forward foreign currency contracts are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualify as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of cumulative translation adjustment to the extent it is effective, with the related amounts due to or from counterparties included in other liabilities or other assets. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges are recognized in the Consolidated Statements of Operations in the same period as the change. | |
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company’s interest rate swap agreements are predominately based upon the three-month LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line “Other” in the Consolidated Statements of Operations. | |
Interest rate swap agreements and forward foreign currency exchange contracts held by the Company which qualified as hedges have been designated as hedges of forecasted cash flows. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. | |
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. | |
Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. |
Retirement_Benefit_Plans_Polic
Retirement Benefit Plans (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value of each major category of U.S. plan assets for the Company’s pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. |
Inventories_Inventories_Polici
Inventories Inventories (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Inventory, Policy [Policy Text Block] | The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset’s net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | |||||||
Standard | Description | ||||||
ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain exceptions. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with deferred tax assets. | ||||||
The following table provides a brief description of recent accounting pronouncements not yet adopted in 2014: | |||||||
Standard | Description | Date of Adoption | Effect on the financial statements or other significant matters | ||||
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. | 1-Jan-15 | The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. | ||||
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) | The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. | 1-Jan-17 | The Company is currently evaluating the alternative methods of adoption and the effect on our financial position, results of operations, cash flows and related disclosures. | ||||
ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern | The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. | 31-Dec-16 | The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Revenues from external customers | ||||||||||||||||
Americas | $ | 1,866.90 | $ | 1,762.30 | $ | 1,563.70 | ||||||||||
Europe | 686.3 | 695.4 | 677.9 | |||||||||||||
Asia-Pacific | 214 | 208.6 | 227.5 | |||||||||||||
$ | 2,767.20 | $ | 2,666.30 | $ | 2,469.10 | |||||||||||
Gross profit | ||||||||||||||||
Americas | $ | 301.3 | $ | 318.1 | $ | 254.9 | ||||||||||
Europe | 122.3 | 115.4 | 118.6 | |||||||||||||
Asia-Pacific | 24.1 | 27.5 | 29.7 | |||||||||||||
$ | 447.7 | $ | 461 | $ | 403.2 | |||||||||||
Selling, general and administrative expenses | ||||||||||||||||
Americas | $ | 194.1 | $ | 210.4 | $ | 179.2 | ||||||||||
Europe | 96.2 | 91.6 | 87 | |||||||||||||
Asia-Pacific | 24.2 | 24.8 | 25.2 | |||||||||||||
NMHG | 314.5 | 326.8 | 291.4 | |||||||||||||
Nuvera | 2.2 | — | — | |||||||||||||
Total | $ | 316.7 | $ | 326.8 | $ | 291.4 | ||||||||||
Operating profit (loss) | ||||||||||||||||
Americas | $ | 124.9 | $ | 107.8 | $ | 75.6 | ||||||||||
Europe | 26.2 | 23.8 | 31.6 | |||||||||||||
Asia-Pacific | (0.1 | ) | 2.7 | 4.5 | ||||||||||||
NMHG | 151 | 134.3 | 111.7 | |||||||||||||
Nuvera | (2.2 | ) | — | — | ||||||||||||
Total | $ | 148.8 | $ | 134.3 | $ | 111.7 | ||||||||||
Interest expense | ||||||||||||||||
Americas | $ | 3.3 | $ | 8.1 | $ | 11.5 | ||||||||||
Europe | 0.1 | 0.3 | 0.6 | |||||||||||||
Asia-Pacific | 0.5 | 0.6 | 0.3 | |||||||||||||
$ | 3.9 | $ | 9 | $ | 12.4 | |||||||||||
Interest income | ||||||||||||||||
Americas | $ | (1.0 | ) | $ | (1.6 | ) | $ | (1.1 | ) | |||||||
Europe | — | — | — | |||||||||||||
Asia-Pacific | (0.1 | ) | (0.2 | ) | (0.4 | ) | ||||||||||
$ | (1.1 | ) | $ | (1.8 | ) | $ | (1.5 | ) | ||||||||
2014 | 2013 | 2012 | ||||||||||||||
Other (income) expense | ||||||||||||||||
Americas | $ | (3.4 | ) | $ | (0.2 | ) | $ | (4.6 | ) | |||||||
Europe | 1.6 | 1.5 | 1.3 | |||||||||||||
Asia-Pacific | (2.3 | ) | (1.6 | ) | (1.0 | ) | ||||||||||
Total | $ | (4.1 | ) | $ | (0.3 | ) | $ | (4.3 | ) | |||||||
Income tax provision (benefit) | ||||||||||||||||
Americas | $ | 37.4 | $ | 28.9 | $ | 7 | ||||||||||
Europe | 4 | (11.8 | ) | — | ||||||||||||
Asia-Pacific | (0.7 | ) | 0.1 | — | ||||||||||||
NMHG | 40.7 | 17.2 | 7 | |||||||||||||
Nuvera | (0.8 | ) | — | — | ||||||||||||
Total | $ | 39.9 | $ | 17.2 | $ | 7 | ||||||||||
Net income (loss) attributable to stockholders | ||||||||||||||||
Americas | $ | 88.6 | $ | 72.6 | $ | 62.8 | ||||||||||
Europe | 20.5 | 33.8 | 29.7 | |||||||||||||
Asia-Pacific | 2.1 | 3.6 | 5.5 | |||||||||||||
NMHG | 111.2 | 110 | 98 | |||||||||||||
Nuvera | (1.4 | ) | — | — | ||||||||||||
Total | $ | 109.8 | $ | 110 | $ | 98 | ||||||||||
Total assets | ||||||||||||||||
Americas | $ | 638.1 | $ | 654.3 | $ | 660.4 | ||||||||||
Europe | 439.4 | 520 | 424.3 | |||||||||||||
Asia-Pacific | 170.3 | 179.5 | 198.1 | |||||||||||||
Eliminations | (144.0 | ) | (192.5 | ) | (218.4 | ) | ||||||||||
NMHG | 1,103.80 | 1,161.30 | 1,064.40 | |||||||||||||
Nuvera | 17 | — | — | |||||||||||||
Total | $ | 1,120.80 | $ | 1,161.30 | $ | 1,064.40 | ||||||||||
Depreciation and amortization | ||||||||||||||||
Americas | $ | 16.6 | $ | 17.4 | $ | 17.9 | ||||||||||
Europe | 6.3 | 6.2 | 5.9 | |||||||||||||
Asia-Pacific | 6.7 | 6.6 | 4.2 | |||||||||||||
NMHG | 29.6 | 30.2 | 28 | |||||||||||||
Nuvera | 0.1 | — | — | |||||||||||||
Total | $ | 29.7 | $ | 30.2 | $ | 28 | ||||||||||
Capital expenditures | ||||||||||||||||
Americas | $ | 34 | $ | 24.8 | $ | 12.4 | ||||||||||
Europe | 11.9 | 9.8 | 4.3 | |||||||||||||
Asia-Pacific | 2.6 | 1.9 | 3.1 | |||||||||||||
$ | 48.5 | $ | 36.5 | $ | 19.8 | |||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cash | ||||||||||||||||
Americas | $ | 26.8 | $ | 53.1 | $ | 69.4 | ||||||||||
Europe | 69.9 | 103.6 | 63.4 | |||||||||||||
Asia-Pacific | 13.6 | 19 | 18.5 | |||||||||||||
NMHG | 110.3 | 175.7 | 151.3 | |||||||||||||
Nuvera | 1.1 | — | — | |||||||||||||
Total | $ | 111.4 | $ | 175.7 | $ | 151.3 | ||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ||||||||||||||||
United | Europe, | Other | Consolidated | |||||||||||||
States | Africa and | |||||||||||||||
Middle East | ||||||||||||||||
2014 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,458.80 | $ | 686.4 | $ | 622 | $ | 2,767.20 | ||||||||
Long-lived assets | $ | 115.1 | $ | 40.8 | $ | 63.5 | $ | 219.4 | ||||||||
2013 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,338.70 | $ | 695.5 | $ | 632.1 | $ | 2,666.30 | ||||||||
Long-lived assets | $ | 99.5 | $ | 40 | $ | 61.4 | $ | 200.9 | ||||||||
2012 | ||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | 1,183.70 | $ | 678.4 | $ | 607 | $ | 2,469.10 | ||||||||
Long-lived assets | $ | 97 | $ | 33.8 | $ | 60.7 | $ | 191.5 | ||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||
2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 676 | $ | 684.7 | $ | 695.8 | $ | 710.7 | ||||||||
Gross profit | $ | 111.7 | $ | 107.3 | $ | 111.3 | $ | 117.4 | ||||||||
Operating profit | $ | 31.6 | $ | 47.7 | $ | 36.3 | $ | 33.2 | ||||||||
Net income | $ | 22.1 | $ | 33 | $ | 28.5 | $ | 26.6 | ||||||||
Net income attributable to stockholders | $ | 22.1 | $ | 32.9 | $ | 28.4 | $ | 26.4 | ||||||||
Basic earnings per share | $ | 1.32 | $ | 1.96 | $ | 1.71 | $ | 1.62 | ||||||||
Diluted earnings per share | $ | 1.31 | $ | 1.95 | $ | 1.7 | $ | 1.61 | ||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 644.9 | $ | 659.6 | $ | 643.9 | $ | 717.9 | ||||||||
Gross profit | $ | 109.2 | $ | 114.3 | $ | 111.6 | $ | 125.9 | ||||||||
Operating profit | $ | 32.1 | $ | 35.9 | $ | 31.3 | $ | 35 | ||||||||
Net income | $ | 24.6 | $ | 36.2 | $ | 23.6 | $ | 25.8 | ||||||||
Net income attributable to stockholders | $ | 24.6 | $ | 36.2 | $ | 23.5 | $ | 25.7 | ||||||||
Basic earnings per share | $ | 1.47 | $ | 2.16 | $ | 1.41 | $ | 1.54 | ||||||||
Diluted earnings per share | $ | 1.47 | $ | 2.16 | $ | 1.4 | $ | 1.53 | ||||||||
Recovered_Sheet1
Common Stock and Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic weighted average shares outstanding | 16.607 | 16.725 | 16.768 | |||||||||
Dilutive effect of restricted stock awards | 0.068 | 0.083 | 0.032 | |||||||||
Diluted weighted average shares outstanding | 16.675 | 16.808 | 16.8 | |||||||||
Basic earnings per share | $ | 6.61 | $ | 6.58 | $ | 5.84 | ||||||
Diluted earnings per share | $ | 6.58 | $ | 6.54 | $ | 5.83 | ||||||
S |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income before income taxes | ||||||||||||
U.S. | $ | 69.1 | $ | 64.9 | $ | 46.6 | ||||||
Non-U.S. | 81 | 62.5 | 58.5 | |||||||||
$ | 150.1 | $ | 127.4 | $ | 105.1 | |||||||
Income tax provision | ||||||||||||
Current tax provision (benefit): | ||||||||||||
Federal | $ | 25 | $ | 19.7 | $ | 15.3 | ||||||
State | 2.6 | 2 | 1.2 | |||||||||
Non-U.S. | 10.5 | 5.1 | 4.1 | |||||||||
Total current | $ | 38.1 | $ | 26.8 | $ | 20.6 | ||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | $ | (3.3 | ) | $ | (0.4 | ) | $ | (1.3 | ) | |||
State | 0.7 | 0.9 | (7.2 | ) | ||||||||
Non-U.S. | 4.4 | (10.1 | ) | (5.1 | ) | |||||||
Total deferred | $ | 1.8 | $ | (9.6 | ) | $ | (13.6 | ) | ||||
$ | 39.9 | $ | 17.2 | $ | 7 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income before income taxes | $ | 150.1 | $ | 127.4 | $ | 105.1 | ||||||
Statutory taxes at 35.0% | $ | 52.5 | $ | 44.6 | $ | 36.8 | ||||||
Valuation allowance | (1.5 | ) | (12.1 | ) | (19.7 | ) | ||||||
Non-U.S. rate differences | (10.6 | ) | (11.4 | ) | (9.9 | ) | ||||||
Equity interest earnings | (1.7 | ) | (1.2 | ) | (1.6 | ) | ||||||
Unremitted Non-U.S. earnings | 0.1 | (1.2 | ) | (1.1 | ) | |||||||
R&D and other federal credits | (0.9 | ) | (2.4 | ) | (0.7 | ) | ||||||
State income taxes | 2.7 | 2 | 2 | |||||||||
Tax controversy resolution | (0.5 | ) | (1.8 | ) | 0.1 | |||||||
Other | (0.2 | ) | 0.7 | 1.1 | ||||||||
Income tax provision | $ | 39.9 | $ | 17.2 | $ | 7 | ||||||
Effective income tax rate | 26.6 | % | 13.5 | % | 6.7 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ||||||||||||
December 31 | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | ||||||||||||
Accrued expenses and reserves | $ | 15.9 | $ | 10.7 | ||||||||
Accrued product liability | 9.3 | 9.7 | ||||||||||
Product warranties | 12.5 | 12.3 | ||||||||||
Accrued pension benefits | 6.9 | 4.9 | ||||||||||
Tax attribute carryforwards | 25.3 | 34.9 | ||||||||||
Other employee benefits | 8.4 | 9.6 | ||||||||||
Other | 2.2 | 1 | ||||||||||
Total deferred tax assets | 80.5 | 83.1 | ||||||||||
Less: Valuation allowance | 26.9 | 31.7 | ||||||||||
53.6 | 51.4 | |||||||||||
Deferred tax liabilities | ||||||||||||
Depreciation and amortization | 8.8 | 8.9 | ||||||||||
Inventories | 7.6 | 6.9 | ||||||||||
Unremitted earnings | 5.7 | 7.4 | ||||||||||
Total deferred tax liabilities | 22.1 | 23.2 | ||||||||||
Net deferred tax asset | $ | 31.5 | $ | 28.2 | ||||||||
Tax Credit Carryforward [Line Items] | ||||||||||||
Summary of Tax Credit Carryforwards [Table Text Block] | ||||||||||||
December 31, 2014 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 14.9 | $ | 13.4 | 2015-Indefinite | |||||||
State net operating losses and credits | 3.7 | 1.4 | 2015-2030 | |||||||||
Non-U.S. Capital losses | 6.7 | 6.7 | 2015-Indefinite | |||||||||
Total | $ | 25.3 | $ | 21.5 | ||||||||
December 31, 2013 | ||||||||||||
Net deferred tax | Valuation | Carryforwards | ||||||||||
asset | allowance | expire during: | ||||||||||
Non-U.S. net operating loss | $ | 21.4 | $ | 15 | 2014-Indefinite | |||||||
State net operating losses and credits | 5.1 | 1.6 | 2014-2030 | |||||||||
State and Non-U.S. Capital losses | 8.4 | 8.4 | 2014-Indefinite | |||||||||
Total | $ | 34.9 | $ | 25 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 5.3 | $ | 6.8 | $ | 7.7 | ||||||
Additions for tax positions of prior years | — | 0.1 | 0.2 | |||||||||
Additions based on tax positions related to the current year | 0.9 | 0.9 | 0.9 | |||||||||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (1.6 | ) | (2.7 | ) | (2.2 | ) | ||||||
Other changes in unrecognized tax benefits including foreign currency translation adjustments | (0.3 | ) | 0.2 | 0.2 | ||||||||
Balance at December 31 | $ | 4.3 | $ | 5.3 | $ | 6.8 | ||||||
Reclassifications_from_AOCI_Ta
Reclassifications from AOCI (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | |||||||||||||||
Details about OCI Components | Amount Reclassified from OCI | Affected Line Item in the Statement Where Net Income Is Presented | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Gain (loss) on cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | 0.8 | $ | — | $ | (1.7 | ) | Other | |||||||
Interest rate contracts | — | — | (2.9 | ) | Interest expense | ||||||||||
Foreign exchange contracts | (7.0 | ) | (1.3 | ) | 8.8 | Cost of sales | |||||||||
Total before tax | (6.2 | ) | (1.3 | ) | 4.2 | Income before income taxes | |||||||||
Tax (expense) benefit | 2.5 | (1.5 | ) | 1.7 | Income tax provision | ||||||||||
Net of tax | $ | (3.7 | ) | $ | (2.8 | ) | $ | 5.9 | Net income | ||||||
Amortization of defined benefit pension items: | |||||||||||||||
Actuarial loss | $ | (5.5 | ) | $ | (6.2 | ) | $ | (7.6 | ) | (a) | |||||
Prior service (cost) credit | 0.3 | (0.5 | ) | 0.4 | (a) | ||||||||||
Transition liability | — | (0.1 | ) | (0.2 | ) | (a) | |||||||||
Total before tax | (5.2 | ) | (6.8 | ) | (7.4 | ) | Income before income taxes | ||||||||
Tax benefit | 1.5 | 1.7 | 1.1 | Income tax provision | |||||||||||
Net of tax | $ | (3.7 | ) | $ | (5.1 | ) | $ | (6.3 | ) | Net income | |||||
Total reclassifications for the period | $ | (7.4 | ) | $ | (7.9 | ) | $ | (0.4 | ) |
Financial_Instruments_and_Deri2
Financial Instruments and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||
Balance sheet location | 2014 | 2013 | Balance sheet location | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Long-term | Other non-current assets | $ | — | $ | 2.4 | Other long-term liabilities | $ | — | $ | — | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 4.6 | 0.4 | Prepaid expenses and other | 2.4 | — | |||||||||||||||||||||||||||||||||||
Other current liabilities | 3.5 | 2.7 | Other current liabilities | 8.8 | 5.7 | ||||||||||||||||||||||||||||||||||||
Long-Term | Other non-current assets | 0.9 | — | Other long-term liabilities | 3.1 | 0.7 | |||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Other current liabilities | — | — | Other current liabilities | — | 0.3 | |||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 9 | $ | 5.5 | $ | 14.3 | $ | 6.7 | |||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||
Current | Other current liabilities | $ | — | $ | — | Other current liabilities | $ | 1 | $ | — | |||||||||||||||||||||||||||||||
Long-term | Other non-current assets | 1.3 | — | Other long-term liabilities | — | — | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | 4.3 | 4.1 | Prepaid expenses and other | 2.7 | 2 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 0.6 | 0.3 | Other current liabilities | 2.5 | 1.2 | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 6.2 | $ | 4.4 | $ | 6.2 | $ | 3.2 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 15.2 | $ | 9.9 | $ | 20.5 | $ | 9.9 | |||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets as of December 31, 2014 | Derivative Liabilities as of December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset | Net Amounts Presented | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Net Amount | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 1.3 | $ | (1.0 | ) | $ | 0.3 | $ | 0.3 | $ | 1 | $ | (1.0 | ) | $ | — | $ | — | |||||||||||||||||||||||
Foreign currency exchange contracts | 4.7 | (4.7 | ) | — | — | 10.3 | (4.7 | ) | 5.6 | 5.6 | |||||||||||||||||||||||||||||||
Total derivatives | $ | 6 | $ | (5.7 | ) | $ | 0.3 | $ | 0.3 | $ | 11.3 | $ | (5.7 | ) | $ | 5.6 | $ | 5.6 | |||||||||||||||||||||||
Derivative Assets as of December 31, 2013 | Derivative Liabilities as of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset | Net Amounts Presented | Net Amount | Gross Amounts of Recognized Liabilities | Gross Amounts Offset | Net Amounts Presented | Net Amount | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | 2.4 | $ | — | $ | 2.4 | $ | 2.4 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Foreign currency exchange contracts | 2.5 | (2.5 | ) | — | — | 4.6 | (2.5 | ) | 2.1 | 2.1 | |||||||||||||||||||||||||||||||
Total cash flow hedges | 4.9 | (2.5 | ) | 2.4 | 2.4 | 4.6 | (2.5 | ) | 2.1 | 2.1 | |||||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | — | — | — | — | 0.3 | — | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||
Total derivatives | $ | 4.9 | $ | (2.5 | ) | $ | 2.4 | $ | 2.4 | $ | 4.9 | $ | (2.5 | ) | $ | 2.4 | $ | 2.4 | |||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) | Location of Gain or | Amount of Gain or (Loss) Recognized | ||||||||||||||||||||||||||||||||||||
Recognized in OCI on | (Loss) Reclassified | Reclassified from OCI | (Loss) Recognized | in Income on Derivative (Ineffective | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | from OCI into | into Income (Effective Portion) | in Income on | Portion and Amount Excluded from | |||||||||||||||||||||||||||||||||||||
Income (Effective | Derivative | Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||||
Portion) | (Ineffective | ||||||||||||||||||||||||||||||||||||||||
Portion and Amount | |||||||||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||||||||
Testing) | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | (1.6 | ) | $ | 2.8 | $ | (0.3 | ) | Interest expense | $ | — | $ | — | $ | (2.9 | ) | Other | $ | 0.8 | $ | — | $ | (1.7 | ) | |||||||||||||||||
Foreign currency exchange contracts | (8.6 | ) | (9.3 | ) | 7.7 | Cost of sales | (7.0 | ) | (1.3 | ) | 8.8 | Cost of sales | — | — | — | ||||||||||||||||||||||||||
(10.2 | ) | (6.5 | ) | 7.4 | (7.0 | ) | (1.3 | ) | 5.9 | 0.8 | — | (1.7 | ) | ||||||||||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | 0.4 | (0.8 | ) | — | Cost of sales | — | — | — | N/A | — | — | — | |||||||||||||||||||||||||||||
Total | $ | (9.8 | ) | $ | (7.3 | ) | $ | 7.4 | $ | (7.0 | ) | $ | (1.3 | ) | $ | 5.9 | $ | 0.8 | $ | — | $ | (1.7 | ) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Other | $ | (0.6 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales | (6.8 | ) | (1.9 | ) | (2.6 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | (7.4 | ) | $ | (2.0 | ) | $ | (2.7 | ) | ||||||||||||||||||||||||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Weighted average discount rates | 3.65% | 4.40% | 3.55% | |||||||||||||
Expected long-term rate of return on assets | 7.75% | 7.75% | 7.75% | |||||||||||||
Non-U.S. Plans | ||||||||||||||||
Weighted average discount rates | 1.80% - 3.60% | 3.50% - 4.40% | 3.75% - 4.45% | |||||||||||||
Rate of increase in compensation levels | 2.00% - 2.50% | 2.50% - 3.60% | 2.50% - 3.45% | |||||||||||||
Expected long-term rate of return on assets | 3.00% - 7.25% | 3.50% - 7.50% | 3.75% - 7.50% | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 3.4 | 3.2 | 3.6 | |||||||||||||
Expected return on plan assets | (5.7 | ) | (5.5 | ) | (5.0 | ) | ||||||||||
Amortization of actuarial loss | 1.5 | 2 | 3.7 | |||||||||||||
Amortization of prior service credit | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Settlements | 2.6 | 1.6 | — | |||||||||||||
Net periodic pension expense | $ | 1.5 | $ | 1 | $ | 2 | ||||||||||
Non-U.S. Plans | ||||||||||||||||
Service cost | $ | 2.2 | $ | 2.9 | $ | 2.6 | ||||||||||
Interest cost | 6.9 | 6.6 | 6.6 | |||||||||||||
Expected return on plan assets | (10.3 | ) | (8.9 | ) | (8.9 | ) | ||||||||||
Amortization of actuarial loss | 4 | 4.2 | 3.9 | |||||||||||||
Amortization of prior service cost (credit) | — | 0.8 | (0.1 | ) | ||||||||||||
Amortization of transition liability | — | 0.1 | 0.2 | |||||||||||||
Net periodic pension expense | $ | 2.8 | $ | 5.7 | $ | 4.3 | ||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
United States Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 8.4 | $ | (13.9 | ) | $ | 6.2 | |||||||||
Amortization of actuarial loss | (1.5 | ) | (2.0 | ) | (3.7 | ) | ||||||||||
Amortization of prior service credit | 0.3 | 0.3 | 0.3 | |||||||||||||
Settlements | (2.6 | ) | (1.6 | ) | — | |||||||||||
Total recognized in other comprehensive income (loss) | $ | 4.6 | $ | (17.2 | ) | $ | 2.8 | |||||||||
Non-U.S. Plans | ||||||||||||||||
Current year actuarial (gain) loss | $ | 10.7 | $ | (6.5 | ) | $ | 7.4 | |||||||||
Amortization of actuarial loss | (4.0 | ) | (4.2 | ) | (3.9 | ) | ||||||||||
Current year prior service cost | — | 0.7 | — | |||||||||||||
Amortization of prior service (cost) credit | — | (0.8 | ) | 0.1 | ||||||||||||
Amortization of transition liability | — | (0.1 | ) | (0.2 | ) | |||||||||||
Curtailments | (5.9 | ) | — | — | ||||||||||||
Total recognized in other comprehensive income (loss) | $ | 0.8 | $ | (10.9 | ) | $ | 3.4 | |||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. Plans | Non-U.S. | U.S. Plans | Non-U.S. | |||||||||||||
Plans | Plans | |||||||||||||||
Change in benefit obligation | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 80.8 | $ | 168.3 | $ | 91.4 | $ | 157.4 | ||||||||
Service cost | — | 2.2 | — | 2.9 | ||||||||||||
Interest cost | 3.4 | 6.9 | 3.2 | 6.6 | ||||||||||||
Actuarial (gain) loss | 8.4 | 16.7 | (7.1 | ) | 3 | |||||||||||
Benefits paid | (4.1 | ) | (6.5 | ) | (4.1 | ) | (7.2 | ) | ||||||||
Employee contributions | — | 0.6 | — | 0.7 | ||||||||||||
Plan amendments | — | — | — | 0.7 | ||||||||||||
Curtailments | — | (5.9 | ) | — | — | |||||||||||
Settlements | (5.1 | ) | — | (2.6 | ) | — | ||||||||||
Foreign currency exchange rate changes | — | (11.5 | ) | — | 4.2 | |||||||||||
Projected benefit obligation at end of year | $ | 83.4 | $ | 170.8 | $ | 80.8 | $ | 168.3 | ||||||||
Accumulated benefit obligation at end of year | $ | 83.4 | $ | 163.1 | $ | 80.8 | $ | 162.3 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 79.7 | $ | 148 | $ | 72.4 | $ | 128.6 | ||||||||
Actual return on plan assets | 5.8 | 16.2 | 12.2 | 18.2 | ||||||||||||
Employer contributions | — | 8.1 | 1.8 | 3.6 | ||||||||||||
Employee contributions | — | 0.6 | — | 0.7 | ||||||||||||
Benefits paid | (4.1 | ) | (6.5 | ) | (4.1 | ) | (7.2 | ) | ||||||||
Settlements | (5.1 | ) | — | (2.6 | ) | — | ||||||||||
Foreign currency exchange rate changes | — | (10.5 | ) | — | 4.1 | |||||||||||
Fair value of plan assets at end of year | $ | 76.3 | $ | 155.9 | $ | 79.7 | $ | 148 | ||||||||
Funded status at end of year | $ | (7.1 | ) | $ | (14.9 | ) | $ | (1.1 | ) | $ | (20.3 | ) | ||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||
Noncurrent assets | $ | — | $ | — | $ | 1 | $ | — | ||||||||
Noncurrent liabilities | (7.1 | ) | (14.9 | ) | (2.1 | ) | (20.3 | ) | ||||||||
$ | (7.1 | ) | $ | (14.9 | ) | $ | (1.1 | ) | $ | (20.3 | ) | |||||
Components of accumulated other comprehensive income (loss) consist of: | ||||||||||||||||
Actuarial loss | $ | 42.1 | $ | 43.2 | $ | 37.6 | $ | 45 | ||||||||
Prior service credit | (1.2 | ) | (0.1 | ) | (1.5 | ) | (0.1 | ) | ||||||||
Transition obligation | — | — | — | 0.4 | ||||||||||||
Deferred taxes | (13.9 | ) | (7.7 | ) | (12.0 | ) | (8.0 | ) | ||||||||
Change in statutory tax rate | (1.2 | ) | (0.9 | ) | (1.2 | ) | (0.9 | ) | ||||||||
Foreign currency translation adjustment | — | (1.6 | ) | — | (3.9 | ) | ||||||||||
$ | 25.8 | $ | 32.9 | $ | 22.9 | $ | 32.5 | |||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | ||||||||||||||||
Amount | Net of tax | |||||||||||||||
Actuarial loss | $ | 3.1 | $ | 2 | ||||||||||||
Prior service credit | (0.3 | ) | (0.2 | ) | ||||||||||||
Transition obligation | (0.1 | ) | (0.1 | ) | ||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||
2015 | $ | 6.6 | $ | 6.2 | ||||||||||||
2016 | 6.4 | 5.9 | ||||||||||||||
2017 | 6.3 | 6.5 | ||||||||||||||
2018 | 6 | 6.7 | ||||||||||||||
2019 | 6 | 7.6 | ||||||||||||||
2020 - 2024 | 27 | 39.4 | ||||||||||||||
$ | 58.3 | $ | 72.3 | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||
Level 1 | Level 2 | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
U.S. equity securities | $ | 39.3 | $ | 42.5 | $ | 24.1 | $ | 22.6 | ||||||||
U.K. equity securities | — | — | 30 | 29 | ||||||||||||
Non-U.S., non-U.K. equity securities | 9.4 | 10.4 | 45.2 | 44.9 | ||||||||||||
Fixed income securities | 26.5 | 26.3 | 56.6 | 51.5 | ||||||||||||
Money market | 1.1 | 0.5 | — | — | ||||||||||||
Total | $ | 76.3 | $ | 79.7 | $ | 155.9 | $ | 148 | ||||||||
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.S. equity securities | 51.50% | 53.30% | 41.0% - 62.0% | |||||||||||||
Non-U.S. equity securities | 12.30% | 13.10% | 10.0% - 16.0% | |||||||||||||
Fixed income securities | 34.80% | 32.90% | 30.0% - 40.0% | |||||||||||||
Money market | 1.50% | 0.70% | 0.0% - 10.0% | |||||||||||||
Foreign Pension Plans, Defined Benefit [Member] | ||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ||||||||||||||||
2014 | 2013 | Target Allocation | ||||||||||||||
Actual | Actual | Range | ||||||||||||||
Allocation | Allocation | |||||||||||||||
U.K. equity securities | 21.10% | 21.40% | 19.5% - 22.5% | |||||||||||||
Non-U.K. equity securities | 48.60% | 49.80% | 35.5% - 62.5% | |||||||||||||
Fixed income securities | 30.30% | 28.80% | 25.5% - 34.5% |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Schedule of Inventory, Current [Table Text Block] | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Finished goods and service parts | $ | 179.4 | $ | 178.4 | ||||
Raw materials and work in process | 211.2 | 203.3 | ||||||
Total manufactured inventories | 390.6 | 381.7 | ||||||
LIFO reserve | (48.1 | ) | (51.1 | ) | ||||
$ | 342.5 | $ | 330.6 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Table [Table Text Block] | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Land and land improvements | $ | 19.6 | $ | 20.8 | ||||
Plant and equipment | 565.1 | 545.1 | ||||||
Property, plant and equipment, at cost | 584.7 | 565.9 | ||||||
Allowances for depreciation and amortization | (404.9 | ) | (401.7 | ) | ||||
$ | 179.8 | $ | 164.2 | |||||
Current_and_LongTerm_Financing1
Current and Long-Term Financing (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Total outstanding borrowings: | ||||||||
Revolving credit agreements | $ | — | $ | 39 | ||||
Capital lease obligations and other | 31.5 | 30.5 | ||||||
Total debt outstanding | $ | 31.5 | $ | 69.5 | ||||
Current portion of borrowings outstanding | $ | 19.5 | $ | 62.8 | ||||
Long-term portion of borrowings outstanding | $ | 12 | $ | 6.7 | ||||
Total available borrowings, net of limitations, under revolving credit agreements | $ | 254.9 | $ | 210.6 | ||||
Unused revolving credit agreements | $ | 254.9 | $ | 210.6 | ||||
Weighted average stated interest rate on total borrowings | 5.9 | % | 2.8 | % | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ||||||||
2015 | $ | 14.1 | ||||||
2016 | 1.3 | |||||||
2017 | 1.3 | |||||||
2018 | 1.3 | |||||||
2019 | 1.2 | |||||||
$ | 19.2 | |||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ||||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2015 | $ | 5.9 | $ | 17.3 | ||||
2016 | 3.5 | 13.3 | ||||||
2017 | 2 | 10.3 | ||||||
2018 | 1.2 | 7.9 | ||||||
2019 | 0.4 | 4.7 | ||||||
Subsequent to 2020 | — | 5.2 | ||||||
Total minimum lease payments | 13 | $ | 58.7 | |||||
Amounts representing interest | 0.7 | |||||||
Present value of net minimum lease payments | 12.3 | |||||||
Current maturities | 5.4 | |||||||
Long-term capital lease obligation | $ | 6.9 | ||||||
Schedule of Capital Leased Assets [Table Text Block] | ||||||||
December 31 | ||||||||
2014 | 2013 | |||||||
Plant and equipment | $ | 18.8 | $ | 14.7 | ||||
Less accumulated amortization | (7.2 | ) | (3.7 | ) | ||||
$ | 11.6 | $ | 11 | |||||
Product_Warranties_Tables
Product Warranties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ||||||||
2014 | 2013 | |||||||
Balance at January 1 | $ | 45.1 | $ | 44.3 | ||||
Current year warranty expense | 37.3 | 27.6 | ||||||
Change in estimate related to pre-existing warranties | (3.6 | ) | (5.0 | ) | ||||
Payments made | (26.2 | ) | (22.3 | ) | ||||
Foreign currency effect | (1.5 | ) | 0.5 | |||||
Balance at December 31 | $ | 51.1 | $ | 45.1 | ||||
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Guarantees [Abstract] | |||||||||
Schedule of Guarantor Obligations [Table Text Block] | |||||||||
NFS | Total | ||||||||
Total recourse or repurchase obligations | $ | 154.3 | $ | 176.1 | |||||
Less: exposure limited for certain dealers | 39.9 | 39.9 | |||||||
Plus: 7.5% of original loan balance | 7.2 | 7.2 | |||||||
121.6 | 143.4 | ||||||||
Incremental obligation related to guarantee to GECC | 144 | 144 | |||||||
Total exposure related to guarantees | $ | 265.6 | $ | 287.4 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statement of Operations | ||||||||||||
Revenues | $ | 361.9 | $ | 379.3 | $ | 435.3 | ||||||
Gross profit | $ | 108.3 | $ | 102.2 | $ | 133.2 | ||||||
Income from continuing operations | $ | 21.7 | $ | 14.4 | $ | 25.5 | ||||||
Net income | $ | 21.7 | $ | 14.4 | $ | 25.5 | ||||||
Balance Sheet | ||||||||||||
Current assets | $ | 106.3 | $ | 112.5 | ||||||||
Non-current assets | $ | 1,163.60 | $ | 1,033.00 | ||||||||
Current liabilities | $ | 132.5 | $ | 98.5 | ||||||||
Non-current liabilities | $ | 1,010.30 | $ | 944.7 | ||||||||
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||||
Costs and | Other Accounts | — Describe | End of | ||||||||||||||||||||
Expenses | — Describe (A) | Period (B) | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 15.4 | $ | 2.1 | $ | (0.7 | ) | $ | 0.5 | (D) | $ | 16.3 | |||||||||||
2013 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 15.9 | $ | 3.9 | $ | 0.5 | $ | 4.9 | (D) | $ | 15.4 | ||||||||||||
2012 | |||||||||||||||||||||||
Reserves deducted from asset accounts: | |||||||||||||||||||||||
Allowance for doubtful accounts (C) | $ | 12 | $ | 4.9 | $ | 0.2 | $ | 1.2 | (D) | $ | 15.9 | ||||||||||||
Principles_of_Consolidation_De
Principles of Consolidation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Service parts as percentage of revenue | 13.00% | 13.00% | 13.00% |
NFS [Member] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
SN [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Shanghai Hyster Forklift Ltd. [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Advertising Expense | $11.90 | $13.70 | $9 |
Research and Development Expense | $71.40 | $69.20 | $67.50 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $710.70 | $695.80 | $684.70 | $676 | $717.90 | $643.90 | $659.60 | $644.90 | $2,767.20 | $2,666.30 | $2,469.10 |
Gross profit | 117.4 | 111.3 | 107.3 | 111.7 | 125.9 | 111.6 | 114.3 | 109.2 | 447.7 | 461 | 403.2 |
Selling, General and Administrative Expense | 316.7 | 326.8 | 291.4 | ||||||||
Operating profit (loss) | 33.2 | 36.3 | 47.7 | 31.6 | 35 | 31.3 | 35.9 | 32.1 | 148.8 | 134.3 | 111.7 |
Interest Expense | 3.9 | 9 | 12.4 | ||||||||
Interest Income, Other | -1.1 | -1.8 | -1.5 | ||||||||
Income Tax Expense (Benefit) | 39.9 | 17.2 | 7 | ||||||||
Net income (loss) attributable to stockholders | 26.4 | 28.4 | 32.9 | 22.1 | 25.7 | 23.5 | 36.2 | 24.6 | 109.8 | 110 | 98 |
Assets | 1,120.80 | 1,161.30 | 1,120.80 | 1,161.30 | 1,064.40 | ||||||
Depreciation and amortization | 29.7 | 30.2 | 28 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 48.5 | 36.5 | 19.8 | ||||||||
Cash | 111.4 | 175.7 | 111.4 | 175.7 | 151.3 | ||||||
Consolidation, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | -144 | -192.5 | -144 | -192.5 | -218.4 | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,866.90 | 1,762.30 | 1,563.70 | ||||||||
Gross profit | 301.3 | 318.1 | 254.9 | ||||||||
Selling, General and Administrative Expense | 194.1 | 210.4 | 179.2 | ||||||||
Operating profit (loss) | 124.9 | 107.8 | 75.6 | ||||||||
Interest Expense | 3.3 | 8.1 | 11.5 | ||||||||
Interest Income, Other | -1 | -1.6 | -1.1 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | -3.4 | -0.2 | -4.6 | ||||||||
Income Tax Expense (Benefit) | 37.4 | 28.9 | 7 | ||||||||
Net income (loss) attributable to stockholders | 88.6 | 72.6 | 62.8 | ||||||||
Assets | 638.1 | 654.3 | 638.1 | 654.3 | 660.4 | ||||||
Depreciation and amortization | 16.6 | 17.4 | 17.9 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 34 | 24.8 | 12.4 | ||||||||
Cash | 26.8 | 53.1 | 26.8 | 53.1 | 69.4 | ||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 686.3 | 695.4 | 677.9 | ||||||||
Gross profit | 122.3 | 115.4 | 118.6 | ||||||||
Selling, General and Administrative Expense | 96.2 | 91.6 | 87 | ||||||||
Operating profit (loss) | 26.2 | 23.8 | 31.6 | ||||||||
Interest Expense | 0.1 | 0.3 | 0.6 | ||||||||
Interest Income, Other | 0 | 0 | 0 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | 1.6 | 1.5 | 1.3 | ||||||||
Income Tax Expense (Benefit) | 4 | -11.8 | 0 | ||||||||
Net income (loss) attributable to stockholders | 20.5 | 33.8 | 29.7 | ||||||||
Assets | 439.4 | 520 | 439.4 | 520 | 424.3 | ||||||
Depreciation and amortization | 6.3 | 6.2 | 5.9 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 11.9 | 9.8 | 4.3 | ||||||||
Cash | 69.9 | 103.6 | 69.9 | 103.6 | 63.4 | ||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 214 | 208.6 | 227.5 | ||||||||
Gross profit | 24.1 | 27.5 | 29.7 | ||||||||
Selling, General and Administrative Expense | 24.2 | 24.8 | 25.2 | ||||||||
Operating profit (loss) | -0.1 | 2.7 | 4.5 | ||||||||
Interest Expense | 0.5 | 0.6 | 0.3 | ||||||||
Interest Income, Other | -0.1 | -0.2 | -0.4 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | -2.3 | -1.6 | -1 | ||||||||
Income Tax Expense (Benefit) | -0.7 | 0.1 | 0 | ||||||||
Net income (loss) attributable to stockholders | 2.1 | 3.6 | 5.5 | ||||||||
Assets | 170.3 | 179.5 | 170.3 | 179.5 | 198.1 | ||||||
Depreciation and amortization | 6.7 | 6.6 | 4.2 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 2.6 | 1.9 | 3.1 | ||||||||
Cash | 13.6 | 19 | 13.6 | 19 | 18.5 | ||||||
NMHG [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, General and Administrative Expense | 314.5 | 326.8 | 291.4 | ||||||||
Operating profit (loss) | 151 | 134.3 | 111.7 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | -4.1 | -0.3 | -4.3 | ||||||||
Income Tax Expense (Benefit) | 40.7 | 17.2 | 7 | ||||||||
Net income (loss) attributable to stockholders | 111.2 | 110 | 98 | ||||||||
Assets | 1,103.80 | 1,161.30 | 1,103.80 | 1,161.30 | 1,064.40 | ||||||
Depreciation and amortization | 29.6 | 30.2 | 28 | ||||||||
Cash | 110.3 | 175.7 | 110.3 | 175.7 | 151.3 | ||||||
Nuvera [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, General and Administrative Expense | 2.2 | 0 | 0 | ||||||||
Operating profit (loss) | -2.2 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | -0.8 | 0 | 0 | ||||||||
Net income (loss) attributable to stockholders | -1.4 | 0 | 0 | ||||||||
Assets | 17 | 0 | 17 | 0 | 0 | ||||||
Depreciation and amortization | 0.1 | 0 | 0 | ||||||||
Cash | $1.10 | $0 | $1.10 | $0 | $0 |
Business_Segments_Geographic_D
Business Segments - Geographic (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customersb location | $710.70 | $695.80 | $684.70 | $676 | $717.90 | $643.90 | $659.60 | $644.90 | $2,767.20 | $2,666.30 | $2,469.10 |
Long-lived assets | 219.4 | 200.9 | 219.4 | 200.9 | 191.5 | ||||||
Disclosure on Geographic Areas, Description of Revenue from External Customers | No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The bOtherb category below includes Canada, Mexico, South America and Asia-Pacific. | ||||||||||
Segment Reporting, Disclosure of Major Customers | In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. | ||||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customersb location | 1,458.80 | 1,338.70 | 1,183.70 | ||||||||
Long-lived assets | 115.1 | 99.5 | 115.1 | 99.5 | 97 | ||||||
Europe, Africa and Middle East [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customersb location | 686.4 | 695.5 | 678.4 | ||||||||
Long-lived assets | 40.8 | 40 | 40.8 | 40 | 33.8 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customersb location | 622 | 632.1 | 607 | ||||||||
Long-lived assets | $63.50 | $61.40 | $63.50 | $61.40 | $60.70 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | $710.70 | $695.80 | $684.70 | $676 | $717.90 | $643.90 | $659.60 | $644.90 | $2,767.20 | $2,666.30 | $2,469.10 |
Gross profit | 117.4 | 111.3 | 107.3 | 111.7 | 125.9 | 111.6 | 114.3 | 109.2 | 447.7 | 461 | 403.2 |
Operating profit (loss) | 33.2 | 36.3 | 47.7 | 31.6 | 35 | 31.3 | 35.9 | 32.1 | 148.8 | 134.3 | 111.7 |
Net Income | 26.6 | 28.5 | 33 | 22.1 | 25.8 | 23.6 | 36.2 | 24.6 | 110.2 | 110.2 | 98.1 |
Net income (loss) attributable to stockholders | $26.40 | $28.40 | $32.90 | $22.10 | $25.70 | $23.50 | $36.20 | $24.60 | $109.80 | $110 | $98 |
Basic Earnings per Share | $1.62 | $1.71 | $1.96 | $1.32 | $1.54 | $1.41 | $2.16 | $1.47 | $6.61 | $6.58 | $5.84 |
Diluted earnings per share | $1.61 | $1.70 | $1.95 | $1.31 | $1.53 | $1.40 | $2.16 | $1.47 | $6.58 | $6.54 | $5.83 |
Common_Stock_and_Earnings_per_2
Common Stock and Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-based compensation | $6,000,000 | $14,200,000 | $1,300,000 | ||||||||
Treasury Stock, Shares | 646,877 | 65,042 | 646,877 | 65,042 | |||||||
Basic weighted average shares outstanding | 16,607,000 | 16,725,000 | 16,768,000 | ||||||||
Dilutive effect of restricted stock awards | 68,000 | 83,000 | 32,000 | ||||||||
Diluted weighted average shares outstanding | 16,675,000 | 16,808,000 | 16,800,000 | ||||||||
Earnings Per Share, Basic | $1.62 | $1.71 | $1.96 | $1.32 | $1.54 | $1.41 | $2.16 | $1.47 | $6.61 | $6.58 | $5.84 |
Earnings Per Share, Diluted | $1.61 | $1.70 | $1.95 | $1.31 | $1.53 | $1.40 | $2.16 | $1.47 | $6.58 | $6.54 | $5.83 |
Noninterest Expense Directors Fees | 125,000 | 125,000 | 31,250 | ||||||||
Common Class A [Member] | |||||||||||
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | |||||||||
Common Class B [Member] | |||||||||||
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 | |||||||||
Restricted Stock [Member] | |||||||||||
Noninterest Expense Directors Fees | 69,000 | 69,000 | 17,250 | ||||||||
Management [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 602,579 | 602,579 | |||||||||
Management [Member] | Stock Compensation Plan [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 70,024 | 149,655 | 27,742 | ||||||||
Stock-based compensation | 5,200,000 | 13,500,000 | 1,100,000 | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | 3,200,000 | 8,800,000 | 700,000 | ||||||||
Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 77,214 | 77,214 | |||||||||
Director [Member] | Restricted Stock [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 8,220 | 8,762 | 3,232 | ||||||||
Stock-based compensation | 800,000 | 700,000 | 200,000 | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | $500,000 | $500,000 | $100,000 | ||||||||
Director [Member] | Common Stock [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,572 | 1,000 | 0 |
Income_Taxes_Provision_Details
Income Taxes - Provision (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. | $69.10 | $64.90 | $46.60 |
Non-U.S. | 81 | 62.5 | 58.5 |
Income Before Income Taxes | 150.1 | 127.4 | 105.1 |
Federal | 25 | 19.7 | 15.3 |
State | 2.6 | 2 | 1.2 |
Non-U.S. | 10.5 | 5.1 | 4.1 |
Total current | 38.1 | 26.8 | 20.6 |
Federal | -3.3 | -0.4 | -1.3 |
State | 0.7 | 0.9 | -7.2 |
Non-U.S. | 4.4 | -10.1 | -5.1 |
Deferred income taxes | 1.8 | -9.6 | -13.6 |
Income tax provision | $39.90 | $17.20 | $7 |
Income_Taxes_Rate_Reconciliati
Income Taxes - Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income before income taxes | $150.10 | $127.40 | $105.10 |
Statutory taxes at 35.0% | 52.5 | 44.6 | 36.8 |
Valuation allowance | -1.5 | -12.1 | -19.7 |
Non-U.S. statutory rate differences | -10.6 | -11.4 | -9.9 |
Equity interest earnings | -1.7 | -1.2 | -1.6 |
Unremitted non-U.S. earnings | 0.1 | -1.2 | -1.1 |
R&D and other federal credits | -0.9 | -2.4 | -0.7 |
State income taxes | 2.7 | 2 | 2 |
Tax controversy resolution | -0.5 | -1.8 | 0.1 |
Other | -0.2 | 0.7 | 1.1 |
Income tax provision | $39.90 | $17.20 | $7 |
Effective income tax rate | 26.60% | 13.50% | 6.70% |
Income_Taxes_Deferred_Taxes_De
Income Taxes - Deferred Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued expenses and reserves | $15.90 | $10.70 |
Accrued product liability | 9.3 | 9.7 |
Product warranties | 12.5 | 12.3 |
Accrued pension benefits | 6.9 | 4.9 |
Tax attribute carryforwards | 25.3 | 34.9 |
Other employee benefits | 8.4 | 9.6 |
Other | 2.2 | 1 |
Total deferred tax assets | 80.5 | 83.1 |
Less: Valuation allowance | 26.9 | 31.7 |
Deferred tax assets, net of valuation allowance | 53.6 | 51.4 |
Depreciation | 8.8 | 8.9 |
Inventories | 7.6 | 6.9 |
Unremitted earnings | 5.7 | 7.4 |
Total deferred tax liabilities | 22.1 | 23.2 |
Net deferred tax asset | $31.50 | $28.20 |
Income_Taxes_Tax_Credit_Carryf
Income Taxes - Tax Credit Carryforward (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $14.90 | $21.40 |
Tax Credit Carryforward, Deferred Tax Asset | 25.3 | 34.9 |
Tax Credit Carryforward, Valuation Allowance | 21.5 | 25 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | 13.4 | 15 |
Operating Loss Carryforwards, Expiration | 2015-Indefinite | |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | 6.7 | 8.4 |
Tax Credit Carryforward, Valuation Allowance | 6.7 | 8.4 |
Tax Credit Carryforward, Expiration | 2015-Indefinite | |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | 3.7 | 5.1 |
Tax Credit Carryforward, Valuation Allowance | $1.40 | $1.60 |
Tax Credit Carryforward, Expiration | 2015-2030 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits | $5.30 | $6.80 | $7.70 |
Additions for tax positions of prior years | 0 | 0.1 | 0.2 |
Additions based on tax positions related to the current year | 0.9 | 0.9 | 0.9 |
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | -1.6 | -2.7 | -2.2 |
Other changes in unrecognized tax benefits including foreign currency translation adjustments | 0.2 | 0.2 | |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | -0.3 | ||
Unrecognized Tax Benefits | $4.30 | $5.30 | $6.80 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes Paid | $34.70 | $38.10 | $17.20 |
Proceeds from Income Tax Refunds | 1.2 | 3.4 | 1.5 |
Undistributed Earnings of Non-U.S. Subsidiaries | 321.1 | ||
Non-U.S. Earnings Repatriated | 20.3 | 30 | 50 |
Amount of non-U.S. earnings expected to be repatriated | The Company estimates that approximately $50 million to $60 million of its unremitted non-U.S. earnings may be repatriated in the foreseeable future. | ||
Deferred Tax Liabilities, Undistributed Non-U.S. Earnings | 5.7 | 7.4 | |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | The Company's operations emerged from a three-year cumulative loss with respect to its Australian, certain European and U.S. taxing jurisdictions during 2012. The Company evaluated all the evidence with respect to the realization of the deferred tax assets in these taxing jurisdictions. Based upon the scheduling of deferred temporary differences, the projection of future taxable income in each taxing jurisdiction and the assessment of economic risks impacting each of these specific geographic regions, the Company determined that certain portions of both the U.S. state and Australian deferred tax assets were realizable and met the more likely than not threshold for a release of the associated valuation allowance. Accordingly, the Company released $10.7 million of its valuation allowance primarily with respect to its U.S. state and Australian deferred tax assets. During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company's European operations. Accordingly, the income tax provision for 2013 contains a net release of valuation allowance of $12.8 million. | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 4.8 | 15.4 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Tax Expense | 1.5 | 12.1 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Foreign Currency | 2.2 | 3.3 | |
Valuation Allowance, Deferred tax asset, change in amount, net decrease for expiration of valued state capital losses | 1.1 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4.2 | 5.2 | 6.7 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -0.1 | -0.1 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.2 | 0.3 | 0.4 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 1 | ||
Income Tax Examination, Description | In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the U.S. federal tax returns for the 2007 and 2008 tax years was completed in 2011 except for one issue that was settled favorably in the Internal Revenue Service Appeals process in November 2012. The examination of the 2009 and 2010 U.S. federal tax returns commenced in February 2012 and was completed in the first quarter of 2013 with acceptance by Joint Committee in the third quarter of 2013. The examination of the U.S. federal tax returns for the 2011 and 2012 tax years, including the post spin-off short period return for 2012, began in the third quarter of 2013 and were settled favorably in the second quarter of 2014. The discussion above regarding the U.S. federal tax returns and audits reflects the impact upon the Company as a member of the consolidated federal tax return of NACCO for the 2012 tax year and prior. As a result of the spin-off, the Company filed a separate U.S. federal tax return for the period from the spin-off through December 31, 2012. The Company is currently under examination in various non-U.S. jurisdictions for which the statute of limitations has been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments. | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards | 52.1 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $50 |
Reclassifications_from_AOCI_De
Reclassifications from AOCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ($6.20) | ($1.30) | $4.20 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 2.5 | -1.5 | 1.7 |
Reclassification of hedging activities into earnings, net | 3.7 | 2.8 | -5.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -5.5 | -6.2 | -7.6 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 0.3 | -0.5 | 0.4 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 0 | -0.1 | -0.2 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -5.2 | -6.8 | -7.4 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 1.5 | 1.7 | 1.1 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | -3.7 | -5.1 | -6.3 |
Other Comprehensive Income (Loss), Net of Tax | -7.4 | -7.9 | -0.4 |
Other Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0.8 | 0 | -1.7 |
Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | 0 | -2.9 |
Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ($7) | ($1.30) | $8.80 |
Gross Pension Costs Reclassified to Net Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | (a) | ||
Income Before Taxes [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Income before income taxes | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Income before income taxes | ||
Tax (Expense) Benefit [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Income tax provision | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Income tax provision | ||
Net Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Net income | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Net income | ||
Interest Rate Contract [Member] | Other Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Other | ||
Foreign Exchange Contract [Member] | Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Interest expense | ||
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | Cost of sales |
Financial_Instruments_and_Deri3
Financial Instruments and Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Discussion of Objectives for Using Foreign Currency Derivative Instruments | The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales, purchases and intercompany accounts denominated in currencies other than its functional currencies. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and recognized in cost of sales. | ||
Objectives for Using Net Investment Hedging Instruments | Certain of the Company's forward foreign currency contracts are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualify as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of cumulative translation adjustment to the extent it is effective, with the related amounts due to or from counterparties included in other liabilities or other assets. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges are recognized in the Consolidated Statements of Operations in the same period as the change. | ||
Discussion of Objectives for Using Interest Rate Derivative Instruments | The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Companybs interest rate swap agreements are predominately based upon the three-month LIBOR (London Interbank Offered Rate). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line bOtherb in the Consolidated Statements of Operations. | ||
Long-term Debt | $19.20 | $58.20 | |
Long-term Debt, Fair Value | 19.2 | 58.2 | |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | 0 | 0.3 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.8 | 0 | 1.7 |
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.8 | 0 | 1.7 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 510.8 | 484.1 | |
Derivative, Fair Value, Net | 5.6 | 2.1 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 3.1 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 100 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -0.8 | 0 | 1.7 |
Interest Rate Derivatives, at Fair Value, Net | $0.30 | ($2.40) |
Financial_Instruments_and_Deri4
Financial Instruments and Derivative Financial Instruments - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $0 | $0.30 |
Derivative Instruments in Hedges, Assets, at Fair Value | 9 | 5.5 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 14.3 | 6.7 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 6.2 | 4.4 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 6.2 | 3.2 |
Derivative Asset, Fair Value, Gross Asset | 15.2 | 9.9 |
Derivative Liability, Fair Value, Gross Liability | 20.5 | 9.9 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 4.6 | 0.4 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2.4 | 0 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3.5 | 2.7 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 8.8 | 5.7 |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | 0 | 0.3 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 2.4 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0.9 | 0 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 3.1 | 0.7 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 4.3 | 4.1 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2.7 | 2 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 1 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0.6 | 0.3 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 2.5 | 1.2 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 1.3 | 0 |
Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $0 | $0 |
Financial_Instruments_and_Deri5
Financial Instruments and Derivative Financial Instruments - Counterparty (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Asset, Fair Value, Gross Asset | $4.90 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -2.5 | |
Derivative Asset | 2.4 | |
Derivative Liability, Fair Value, Gross Liability | 4.9 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -2.5 | |
Derivative Liability | 2.4 | |
Cash Flow Hedging [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 6 | 4.9 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -5.7 | -2.5 |
Derivative Asset | 0.3 | 2.4 |
Derivative Liability, Fair Value, Gross Liability | 11.3 | 4.6 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -5.7 | -2.5 |
Derivative Liability | 5.6 | 2.1 |
Net Investment Hedging [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Asset | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0.3 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability | 0.3 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 1.3 | 2.4 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -1 | 0 |
Derivative Asset | 0.3 | 2.4 |
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -1 | 0 |
Derivative Liability | 0 | 0 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 4.7 | 2.5 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -4.7 | -2.5 |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 10.3 | 4.6 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -4.7 | -2.5 |
Derivative Liability | $5.60 | $2.10 |
Financial_Instruments_and_Deri6
Financial Instruments and Derivative Financial Instruments - Statement of Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($9.80) | ($7.30) | $7.40 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -7 | -1.3 | 5.9 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.8 | 0 | -1.7 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -7.4 | -2 | -2.7 |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0.4 | -0.8 | 0 |
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements | N/A | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements | Cost of sales | ||
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -10.2 | -6.5 | 7.4 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -7 | -1.3 | 5.9 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.8 | 0 | -1.7 |
Cash Flow Hedging [Member] | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other | ||
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Cost of sales | ||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -1.6 | 2.8 | -0.3 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | -2.9 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.8 | 0 | -1.7 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | -0.6 | -0.1 | -0.1 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Interest expense | ||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement | Other | ||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -8.6 | -9.3 | 7.7 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -7 | -1.3 | 8.8 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($6.80) | ($1.90) | ($2.60) |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements | Cost of sales |
Retirement_Benefit_Plans_Assum
Retirement Benefit Plans - Assumptions (Details) | 0 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.30% | 3.65% | 4.40% | 3.55% |
Expected long-term rate of return on assets | 7.75% | 7.75% | 7.75% | |
Minimum [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.80% | 3.50% | 3.75% | |
Rate of increase in compensation levels - maximum | 2.00% | 2.50% | 2.50% | |
Expected long-term rate of return on assets | 3.00% | 3.50% | 3.75% | |
Maximum [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.60% | 4.40% | 4.45% | |
Rate of increase in compensation levels - maximum | 2.50% | 3.60% | 3.45% | |
Expected long-term rate of return on assets | 7.25% | 7.50% | 7.50% |
Retirement_Benefit_Plans_Net_P
Retirement Benefit Plans - Net Periodic Pension Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0 | $0 | $0 |
Interest cost | 3.4 | 3.2 | 3.6 |
Expected return on plan assets | -5.7 | -5.5 | -5 |
Amortization of actuarial loss | 1.5 | 2 | 3.7 |
Amortization of prior service cost (credit) | -0.3 | -0.3 | -0.3 |
Settlements | 2.6 | 1.6 | 0 |
Net periodic pension expense | 1.5 | 1 | 2 |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.2 | 2.9 | 2.6 |
Interest cost | 6.9 | 6.6 | 6.6 |
Expected return on plan assets | -10.3 | -8.9 | -8.9 |
Amortization of actuarial loss | 4 | 4.2 | 3.9 |
Amortization of prior service cost (credit) | 0 | 0.8 | -0.1 |
Amortization of transition liability | 0 | 0.1 | 0.2 |
Net periodic pension expense | $2.80 | $5.70 | $4.30 |
Retirement_Benefit_Plans_Chang
Retirement Benefit Plans - Changes in Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of actuarial loss | ($5.50) | ($6.20) | ($7.60) | |||
Amortization of prior service credit | 0.3 | -0.5 | 0.4 | |||
Amortization of transition liability | 0 | -0.1 | -0.2 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Current year actuarial loss | 8.4 | -13.9 | 6.2 | |||
Amortization of actuarial loss | -1.5 | -2 | -3.7 | |||
Amortization of prior service credit | 0.3 | 0.3 | 0.3 | |||
Settlements and Curtailments | 2.6 | 0.4 | 1.2 | -2.6 | -1.6 | 0 |
Total recognized in other comprehensive income (loss) | 4.6 | -17.2 | 2.8 | |||
Foreign Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Current year actuarial loss | 10.7 | -6.5 | 7.4 | |||
Amortization of actuarial loss | -4 | -4.2 | -3.9 | |||
Current year prior service cost | 0 | 0.7 | 0 | |||
Amortization of prior service credit | 0 | -0.8 | 0.1 | |||
Settlements and Curtailments | -5.9 | 0 | 0 | |||
Amortization of transition liability | 0 | -0.1 | -0.2 | |||
Total recognized in other comprehensive income (loss) | $0.80 | ($10.90) | $3.40 |
Retirement_Benefit_Plans_Chang1
Retirement Benefit Plans - Change in Benefit Obligation and Plan Assets and Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Noncurrent liabilities | ($24.60) | ($25.40) | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlements | 5.1 | 2.6 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 80.8 | 91.4 | |
Service cost | 0 | 0 | 0 |
Interest cost | 3.4 | 3.2 | 3.6 |
Actuarial (gain) loss | 8.4 | -7.1 | |
Benefits paid | -4.1 | -4.1 | |
Employee contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | -5.1 | -2.6 | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected benefit obligation at end of year | 83.4 | 80.8 | 91.4 |
Accumulated benefit obligation at end of year | 83.4 | 80.8 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 79.7 | 72.4 | |
Actual return on plan assets | 5.8 | 12.2 | |
Employer contributions | 0 | 1.8 | |
Employee contributions | 0 | 0 | |
Benefits paid | -4.1 | -4.1 | |
Settlements | -5.1 | -2.6 | |
Foreign currency exchange rate changes, plan assets | 0 | 0 | |
Fair value of plan assets at end of year | 76.3 | 79.7 | 72.4 |
Funded status at end of year | -7.1 | -1.1 | |
Noncurrent assets | 0 | 1 | |
Noncurrent liabilities | -7.1 | -2.1 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -7.1 | -1.1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Actuarial loss | -42.1 | -37.6 | |
Prior service credit | -1.2 | -1.5 | |
Transition obligation | 0 | 0 | |
Deferred taxes | -13.9 | -12 | |
Change in statutory tax rate | -1.2 | -1.2 | |
Foreign currency translation adjustment | 0 | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 25.8 | 22.9 | |
Foreign Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlements | 0 | 0 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 168.3 | 157.4 | |
Service cost | 2.2 | 2.9 | 2.6 |
Interest cost | 6.9 | 6.6 | 6.6 |
Actuarial (gain) loss | 16.7 | 3 | |
Benefits paid | -6.5 | -7.2 | |
Employee contributions | 0.6 | 0.7 | |
Plan amendments | 0 | 0.7 | |
Curtailments | -5.9 | 0 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | -11.5 | 4.2 | |
Projected benefit obligation at end of year | 170.8 | 168.3 | 157.4 |
Accumulated benefit obligation at end of year | 163.1 | 162.3 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 148 | 128.6 | |
Actual return on plan assets | 16.2 | 18.2 | |
Employer contributions | 8.1 | 3.6 | |
Employee contributions | 0.6 | 0.7 | |
Benefits paid | -6.5 | -7.2 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes, plan assets | -10.5 | 4.1 | |
Fair value of plan assets at end of year | 155.9 | 148 | 128.6 |
Funded status at end of year | -14.9 | -20.3 | |
Noncurrent assets | 0 | 0 | |
Noncurrent liabilities | -14.9 | -20.3 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | -14.9 | -20.3 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Actuarial loss | -43.2 | -45 | |
Prior service credit | -0.1 | -0.1 | |
Transition obligation | 0 | 0.4 | |
Deferred taxes | -7.7 | -8 | |
Change in statutory tax rate | -0.9 | -0.9 | |
Foreign currency translation adjustment | -1.6 | -3.9 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $32.90 | $32.50 |
Retirement_Benefit_Plans_Expec
Retirement Benefit Plans - Expected Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $6.60 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 6.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 6.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 6 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 6 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 27 |
Defined Benefit Plan, Expected Future Benefit Payments | 58.3 |
Foreign Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 6.2 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 5.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 6.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 6.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 7.6 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 39.4 |
Defined Benefit Plan, Expected Future Benefit Payments | $72.30 |
Retirement_Benefit_Plans_Alloc
Retirement Benefit Plans - Allocation (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 34.80% | 32.90% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.50% | 0.70% |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | |
Foreign Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Allocation Percentage | The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations. | |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 30.30% | 28.80% |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 25.50% | |
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 34.50% | |
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 51.50% | 53.30% |
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 41.00% | |
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 62.00% | |
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 21.10% | 21.40% |
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 19.50% | |
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 22.50% | |
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 12.30% | 13.10% |
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 10.00% | |
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 16.00% | |
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 48.60% | 49.80% |
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 35.50% | |
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 62.50% |
Retirement_Benefit_Plans_Fair_
Retirement Benefit Plans - Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $76.30 | $79.70 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 155.9 | 148 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 26.5 | 26.3 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 56.6 | 51.5 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 1.1 | 0.5 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
United States [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 39.3 | 42.5 |
United States [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 24.1 | 22.6 |
United Kingdom | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
United Kingdom | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 30 | 29 |
Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.4 | 10.4 |
Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $45.20 | $44.90 |
Retirement_Benefit_Plans_Detai
Retirement Benefit Plans (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan, Amortization of Net Transition Asset (Obligation), Before Tax | $3.10 | ||||||
Defined Benefit Plan, Amortization of Net Transition Asset (Obligation) | 2 | ||||||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit), Before Tax | -0.3 | ||||||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | -0.2 | ||||||
Defined Benefit Plan, Amortization of Net Gains (Losses), Before Tax | -0.1 | ||||||
Defined Benefit Plan, Amortization of Net Gains (Losses) | -0.1 | ||||||
Defined Contribution Plan, Cost Recognized | 21.6 | 24.4 | 22.4 | ||||
United States Pension Plans of US Entity, Defined Benefit [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.30% | 3.65% | 4.40% | 3.55% | |||
Settlements | 2.6 | 0.4 | 1.2 | -2.6 | -1.6 | 0 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 0 | ||||||
Foreign Pension Plans, Defined Benefit [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Settlements | -5.9 | 0 | 0 | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $3 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finished goods and service parts | $179.40 | $178.40 |
Raw materials and work in process | 211.2 | 203.3 |
Total manufactured inventories | 390.6 | 381.7 |
LIFO reserve | -48.1 | -51.1 |
Inventories, net | $342.50 | $330.60 |
Percentage of LIFO Inventory | 52.00% | 52.00% |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Depreciation Methods | Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. | ||
Land and land improvements | $19.60 | $20.80 | |
Plant and equipment | 565.1 | 545.1 | |
Property, plant and equipment, at cost | 584.7 | 565.9 | |
Less allowances for depreciation, depletion and amortization | -404.9 | -401.7 | |
Property, Plant and Equipment, Net | 179.8 | 164.2 | |
Depreciation | $29.70 | $30.20 | $28 |
Current_and_LongTerm_Financing2
Current and Long-Term Financing - Outstanding Borrowings (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instruments [Abstract] | |||
Line of Credit Facility, Amount Outstanding | $0 | $39 | |
Capital lease obligations and other | 31.5 | 30.5 | |
Total debt outstanding | 31.5 | 69.5 | |
Current portion of borrowings outstanding | 19.5 | 62.8 | |
Long-term portion of borrowings outstanding | 12 | 6.7 | |
Line of Credit Facility, Remaining Borrowing Capacity | 254.9 | 210.6 | |
Line of Credit Facility, Current Borrowing Capacity | 254.9 | 210.6 | |
Interest Paid | 2.7 | 7.2 | 11.1 |
Other Borrowings | $19.20 | ||
Other Borrowings [Member] | |||
Debt Instruments [Abstract] | |||
Weighted average stated interest rate on total borrowings | 5.90% | 2.80% |
Current_and_LongTerm_Financing3
Current and Long-Term Financing - Annual Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $14.10 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1.3 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1.3 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1.3 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1.2 | |
Long-term Debt | $19.20 | $58.20 |
Current_and_LongTerm_Financing4
Current and Long-Term Financing - Revolving Credit Facility (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||
Loan Processing Fee | $2.90 | $6.80 | |
Line of Credit Facility, Amount Outstanding | 39 | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 210.6 | 254.9 | |
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 220 | ||
Line of Credit Facility, Amount Outstanding | 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 212.9 | ||
Letters of Credit Outstanding, Amount | 7.1 | ||
Line of Credit Facility, Borrowing Capacity, Description | The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions. | ||
Assets held as collateral | 540 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | ||
Dividend Payment Restrictions Schedule, Description | limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. | ||
Domestic Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.69% | ||
Domestic Line of Credit [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||
Domestic Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Foreign Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $41.70 | ||
Line of Credit Facility, Interest Rate at Period End | 1.50% | ||
Foreign Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | 1.50% |
Current_and_LongTerm_Financing5
Current and Long-Term Financing - Long-Term Debt (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | $37.10 | $154.20 | $243 |
Loss on debt extinguishment | 0 | 2.8 | 0 |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Loss on debt extinguishment | $2.80 |
Leasing_Arrangements_Details
Leasing Arrangements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Operating [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $17.30 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 13.3 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10.3 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 7.9 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 4.7 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 5.2 | ||
Operating Leases, Future Minimum Payments Due | 58.7 | ||
Operating Leases, Rent Expense | 18.4 | 15.3 | 14.4 |
Operating Leases, Income Statement, Sublease Revenue | 5.3 | 7.2 | 6 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 20.9 | ||
Capital Lease Obligations [Abstract] | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 5.9 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 3.5 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 2 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 1.2 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 0.4 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||
Capital Lease Obligations | 13 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | 0.7 | ||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 12.3 | ||
Capital Lease Obligations, Current | 5.4 | ||
Capital Lease Obligations, Noncurrent | 6.9 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract] | |||
Capital Leased Assets, Gross | 18.8 | 14.7 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 7.2 | 3.7 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 11.6 | 11 | |
Capital Lease Obligations Incurred | $6.50 | $9.30 | $7.30 |
Product_Warranties_Details
Product Warranties (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | six to twelve months or 1,000 to 2,000 hours | |
Extended Product Warranty Description | two to five years or up to 2,400 to 10,000 hours | |
Product Warranty Accrual | $45.10 | $44.30 |
Warranties issued | 37.3 | 27.6 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | -3.6 | -5 |
Settlements made | -26.2 | -22.3 |
Foreign currency effect | -1.5 | 0.5 |
Product Warranty Accrual | $51.10 | $45.10 |
Additional Component Standard Warranty [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | two to three years or 4,000 to 6,000 hours |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Term | Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $176.10 | $149.20 |
Net guarantee of outstanding debt | 143.4 | |
Guarantor Obligations, Related Party Disclosures | 154.3 | |
Percentage of loan losses guaranteed | 7.50% | |
Loan losses guaranteed | 7.2 | |
Guarantor Obligations, Collateral Held Directly or by Third Parties | 199.1 | |
Guarantees, Fair Value Disclosure | 287.4 | |
Property Lease Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 39.9 | |
Receivable [Domain] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Collateral | 204.1 | |
NFS [Member] | ||
Guarantor Obligations [Line Items] | ||
Net guarantee of outstanding debt | 121.6 | |
Percentage of loans guaranteed to joint venture | 20.00% | |
Notes Payable, Related Party Due to Parent | 844 | |
Contractual Obligation | 168.8 | |
Guarantees, Fair Value Disclosure | $265.60 | |
NFS [Member] | Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Related Party Disclosure | 144 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ||||
Accounts payable, affiliates | $18.40 | $20.80 | ||
Equity Method Investments | 39.6 | 36.7 | ||
Dividends from unconsolidated affiliates | 0 | 6.8 | 4.5 | |
Other investing activities | 0.7 | -9.9 | 0 | |
Management Fee, Amount Paid to Parent | 0 | 0 | 9.6 | |
Equity Method Investment, Summarized Financial Information [Abstract] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | 361.9 | 379.3 | 435.3 | |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 108.3 | 102.2 | 133.2 | |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 21.7 | 14.4 | 25.5 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 21.7 | 14.4 | 25.5 | |
Equity Method Investment, Summarized Financial Information, Current Assets | 106.3 | 112.5 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 1,163.60 | 1,033 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 132.5 | 98.5 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 1,010.30 | 944.7 | ||
NFS [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | 465.9 | 417 | 395.3 | |
Accounts Receivable, Related Parties, Current | 7.9 | 4.6 | ||
Due to Related Parties | 13.3 | 6.5 | ||
Revenue from Related Parties | 12 | 15.6 | 14.1 | |
Equity Method Investment, Ownership Percentage | 20.00% | |||
Related Party Transaction, Expenses from Transactions with Related Party | 1.9 | 1.7 | 1.5 | |
Equity Method Investments | 13.5 | 9.4 | ||
Dividends from unconsolidated affiliates | 6.8 | |||
Other investing activities | 0.7 | |||
SN [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | 70.7 | 78.7 | 86 | |
Revenue from Related Parties | 1.1 | 1.3 | 1.3 | |
Equity Method Investment, Ownership Percentage | 50.00% | |||
Accounts payable, affiliates | 18.4 | 20.8 | ||
Equity Method Investments | 26.1 | 27.3 | ||
Dividends from unconsolidated affiliates | 0 | 0 | ||
Customer Relationships [Member] | NFS [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Purchases from Related Party | $94.60 | $81.50 | $72.50 |
Other_Events_and_Transactions_
Other Events and Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of assets | $8.70 | $0.50 | $0.30 |
Gain (Loss) on Disposition of Assets | 17.8 | 0.1 | -0.1 |
Americas [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Deferred Gain on Sale of Property | 9.9 | ||
Future escrow deposits | 0.8 | ||
Proceeds from sale of assets | 8.2 | ||
Gain (Loss) on Disposition of Assets | 17.7 | ||
Gross expected payments for new facility | 15.1 | ||
Payments for Construction in Process | 2 | ||
Progress Payments for Expected Future Construction in Progress Expenditures | 12.4 | ||
Retainer Payments | $0.70 |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $6.90 | ||
Net assets acquired | 9 | ||
Intangible assets | 4.1 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||
Business Combination, Contingent Consideration, Liability | 2.1 | ||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 1.5 | ||
Operating Expenses | 298.9 | 326.7 | 291.5 |
Business Acquisition, Transaction Costs | 0.9 | ||
Nuvera [Member] | |||
Business Acquisition [Line Items] | |||
Operating Expenses | $0.70 |
Schedule_II_Valuation_and_Qual2
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | $15.40 | $15.90 | $12 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2.1 | 3.9 | 4.9 |
Valuation Allowances and Reserves, Adjustments | -0.7 | ||
Valuation Allowances and Reserves, Charged to Other Accounts | 0.5 | 0.2 | |
Valuation Allowances and Reserves, Deductions | 0.5 | 4.9 | 1.2 |
Valuation Allowances and Reserves, Balance | 16.3 | 15.4 | 15.9 |
Allowance for Doubtful Accounts, Noncurrent [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | $5.40 | $5.20 | $5 |