Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | HYSTER-YALE MATERIALS HANDLING, INC. | ||
Entity Central Index Key | 1,173,514 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 783,867,203 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,566,715 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,899,006 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 2,885.2 | $ 2,569.7 | $ 2,578.1 |
Cost of sales | 2,382.6 | 2,142.2 | 2,147.3 |
Gross Profit | 502.6 | 427.5 | 430.8 |
Selling, general and administrative expenses | 426.6 | 392.6 | 327.3 |
Operating Expenses | 426.6 | 392.6 | 327.3 |
Operating Profit | 76 | 34.9 | 103.5 |
Interest Expense | 14.6 | 6.7 | 4.7 |
Income from unconsolidated affiliates | (28) | (7.1) | (6.1) |
Other, net | (4.4) | (3) | 0.4 |
Other (Income) Expense | (17.8) | (3.4) | (1) |
Income Before Income Taxes | 93.8 | 38.3 | 104.5 |
Income tax provision (benefit) | 44.9 | (4) | 29.4 |
Net Income | 48.9 | 42.3 | 75.1 |
Net (income) loss attributable to noncontrolling interest | (0.3) | 0.5 | (0.4) |
Net Income Attributable to Stockholders | $ 48.6 | $ 42.8 | $ 74.7 |
Basic Earnings per Share Attributable to Stockholders: | |||
Basic Earnings per Share | $ 2.95 | $ 2.61 | $ 4.58 |
Diluted Earnings per Share Attributable to Stockholders | |||
Diluted earnings per share | $ 2.94 | $ 2.61 | $ 4.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income | $ 48.9 | $ 42.3 | $ 75.1 |
Foreign currency translation adjustment | 33.5 | (1.9) | (49.7) |
Unrealized gain on available-for-sale securities | 2.8 | 0 | 0 |
Current period cash flow hedging activity, net | (6.6) | 9 | 4.7 |
Reclassification of hedging activities into earnings, net | 4.1 | 0.8 | 2.7 |
Current period pension adjustment, net | 13.1 | (17.4) | (3.4) |
Reclassification of pension into earnings, net | (3.2) | (2) | (2.3) |
Comprehensive Income | 112.2 | 16.8 | 22.3 |
Net income attributable to noncontrolling interest | (0.3) | 0.5 | (0.4) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (0.9) | 2.2 | 0 |
Comprehensive Income Attributable to Stockholders | $ 111 | $ 19.5 | $ 21.9 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tax expense on unrealized gain on available-for-sale securities | $ 0.5 | $ 0 | $ 0 |
Tax expense (benefit) on current period cash flow hedging activity | 8 | (6.5) | (6.4) |
Tax expense (benefit) on reclassification of hedging activities into earnings | 1.6 | 2.2 | 6 |
Tax expense (benefit) on current period pension adjustments | 3.7 | (3.8) | (1.5) |
Tax expense on reclassification of pension and postretirement into earnings | $ (1) | $ (0.7) | $ (0.9) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash | $ 220.1 | $ 43.2 |
Accounts receivable, net | 453 | 375.3 |
Inventories, net | 411.9 | 352.2 |
Prepaid expenses and other | 46.4 | 39.3 |
Total Current Assets | 1,131.4 | 810 |
Property, Plant and Equipment, Net | 265.4 | 255.1 |
Intangible Assets | 56.1 | 56.2 |
Goodwill | 59.1 | 50.7 |
Deferred Income Taxes | 16.6 | 43.9 |
Investment in Unconsolidated Affiliates | 81.9 | 45.9 |
Other Non-current Assets | 37.4 | 25.3 |
Total Assets | 1,647.9 | 1,287.1 |
Accounts payable | 385.8 | 242.4 |
Accounts payable, affiliates | 18.1 | 16.5 |
Revolving credit facilities | 6.1 | 79 |
Current maturities of long-term debt | 68.4 | 50 |
Accrued payroll | 51.7 | 43.7 |
Other current liabilities | 162.3 | 144.9 |
Total Current Liabilities | 692.4 | 576.5 |
Long-term Debt | 216.2 | 82.2 |
Self-insurance Liabilities | 33.5 | 19.7 |
Pension Obligations | 11.1 | 37.2 |
Deferred Income Taxes | 13 | 11.4 |
Other Long-term Liabilities | 109.3 | 89.7 |
Total Liabilities | 1,075.5 | 816.7 |
Capital in excess of par value | 323.8 | 319.6 |
Treasury stock | (31.5) | (36.9) |
Retained earnings | 389.1 | 360.3 |
Accumulated other comprehensive loss | (116.1) | (179.4) |
Total Stockholders' Equity | 565.5 | 463.8 |
Noncontrolling Interest | 6.9 | 6.6 |
Total Equity | 572.4 | 470.4 |
Total Liabilities and Equity | 1,647.9 | 1,287.1 |
Common Class A [Member] | ||
Common stock | 0.1 | 0.1 |
Common Class B [Member] | ||
Common stock | $ 0.1 | $ 0.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable | $ 3.7 | $ 10.3 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 12,562,817 | 12,466,463 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 3,899,503 | 3,924,291 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Income | |||
Net Income | $ 48.9 | $ 42.3 | $ 75.1 |
Operating Activities | |||
Depreciation and amortization | 42.8 | 39.1 | 28.9 |
Amortization of deferred financing costs | 1.4 | 1.1 | 1.2 |
Deferred income taxes | 8.1 | (7.4) | (1.4) |
Gain on the sale of assets | (0.3) | (0.3) | 0 |
Asset Impairment Charges | 4.9 | 0 | 0 |
Stock-based compensation | 8.8 | 4.9 | 2.9 |
Dividends from unconsolidated affiliates | 2.8 | 5.1 | 2.5 |
Other non-current liabilities | 4.8 | (6) | 3.8 |
Other | (13.3) | (15.1) | 1 |
Accounts receivable | (44) | (27.5) | 6.2 |
Inventories | (43.6) | (14.9) | 6.2 |
Other current assets | (1) | (3.2) | (0.6) |
Accounts payable | 125.1 | (53.8) | (39.3) |
Other liabilities | 19.3 | (13.2) | 2.9 |
Net cash provided by (used for) operating activities | 164.7 | (48.9) | 89.4 |
Investing Activities | |||
Expenditures for property, plant and equipment | (41) | (42.7) | (46.6) |
Proceeds from sale of assets | 1.3 | 13.7 | 14.4 |
Investments in equity securities | (5.6) | 0 | 0 |
Business acquisitions, net of cash acquired | (1) | (116.1) | |
Business acquisition, purchase price adjustment | 0.9 | ||
Purchase of noncontrolling interest | (1) | 0 | 0 |
Net cash used for investing activities | (47.3) | (145.1) | (31.3) |
Financing Activities | |||
Additions to long-term debt | 265.6 | 40.1 | 46.4 |
Reductions of long-term debt | (75.9) | (56.5) | (35) |
Net additions (reductions) to revolving credit agreements | (111.7) | 115.4 | 0 |
Cash dividends paid | (19.8) | (19.2) | (18.4) |
Payments of Ordinary Dividends, Noncontrolling Interest | (0.3) | (0.2) | 0 |
Financing fees paid | (4.7) | (1.7) | 0 |
Other financing activities | (0.1) | 0 | (0.1) |
Net cash provided by (used for) financing activities | 53.1 | 77.9 | (7.1) |
Effect of exchange rate on cash | 6.4 | 4.2 | (7.3) |
Cash and Cash Equivalents | |||
Increase (decrease) for the year | 176.9 | (111.9) | 43.7 |
Balance at the beginning of the year | 43.2 | 155.1 | 111.4 |
Balance at the end of the year | $ 220.1 | $ 43.2 | $ 155.1 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Parent [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2014 | $ 456 | $ 454.5 | $ 0.1 | $ 0.1 | $ (49.1) | $ 324.1 | $ 280.4 | $ (40.4) | $ 0 | $ (2) | $ (58.7) | $ 1.5 |
Stock-based Compensation | ||||||||||||
Stock-based compensation | 2.9 | 2.9 | 2.9 | |||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 0 | 6.7 | (6.7) | ||||||||
Treasury Stock Transactions | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | (0.1) | (0.1) | (0.1) | |||||||||
Retained Earnings | ||||||||||||
Net income | 74.7 | 74.7 | 74.7 | |||||||||
Cash dividends: | ||||||||||||
Dividends, Common Stock, Cash | (18.4) | (18.4) | (18.4) | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment | (49.7) | (49.7) | ||||||||||
Current period cash flow hedging activity | (4.7) | (4.7) | ||||||||||
Current period pension adjustment, net | (3.4) | (3.4) | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (57.8) | (57.8) | ||||||||||
Reclassification of hedging activities into earnings, net | 2.7 | 2.7 | ||||||||||
Reclassification of pension into earnings | 2.3 | 2.3 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5 | 5 | ||||||||||
Noncontrolling Interests | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0.4 | 0.4 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 75.1 | |||||||||||
Balance at Dec. 31, 2015 | 462.7 | 460.8 | 0.1 | 0.1 | (42.5) | 320.3 | 336.7 | (90.1) | 0 | (4) | (59.8) | 1.9 |
Stock-based Compensation | ||||||||||||
Stock-based compensation | 4.9 | 4.9 | 4.9 | |||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 0 | 5.6 | (5.6) | ||||||||
Retained Earnings | ||||||||||||
Net income | 42.8 | 42.8 | 42.8 | |||||||||
Cash dividends: | ||||||||||||
Dividends, Common Stock, Cash | (19.4) | (19.2) | (19.2) | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment | (1.9) | (1.9) | ||||||||||
Current period cash flow hedging activity | (9) | (9) | ||||||||||
Current period pension adjustment, net | (17.4) | (17.4) | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (28.3) | (28.3) | ||||||||||
Reclassification of hedging activities into earnings, net | 0.8 | 0.8 | ||||||||||
Reclassification of pension into earnings | 2 | 2 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.8 | 2.8 | ||||||||||
Noncontrolling Interests | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (0.5) | (0.5) | ||||||||||
Noncontrolling Interest, Increase from Business Combination | 69.8 | |||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (62.2) | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (0.2) | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (2.2) | (2.2) | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 42.3 | |||||||||||
Balance at Dec. 31, 2016 | 470.4 | 463.8 | 0.1 | 0.1 | (36.9) | 319.6 | 360.3 | (92) | 0 | (12.2) | (75.2) | 6.6 |
Stock-based Compensation | ||||||||||||
Stock-based compensation | 8.8 | 8.8 | 8.8 | |||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 0 | 0 | 5.4 | (5.4) | ||||||||
Retained Earnings | ||||||||||||
Net income | 48.6 | 48.6 | 48.6 | |||||||||
Cash dividends: | ||||||||||||
Dividends, Common Stock, Cash | (20.1) | (19.8) | (19.8) | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment | 33.5 | 33.5 | ||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 2.8 | |||||||||||
Current period cash flow hedging activity | 6.6 | 6.6 | ||||||||||
Current period pension adjustment, net | 13.1 | 13.1 | ||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 56 | 56 | ||||||||||
Reclassification of hedging activities into earnings, net | 4.1 | 4.1 | ||||||||||
Reclassification of pension into earnings | 3.2 | 3.2 | ||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7.3 | 7.3 | ||||||||||
Noncontrolling Interests | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0.3 | 0.3 | ||||||||||
Noncontrolling Interest, Increase from Business Combination | 0.3 | 0.3 | ||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (0.1) | 0.8 | 0.8 | (0.9) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (0.3) | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0.9 | 0.9 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 48.9 | |||||||||||
Balance at Dec. 31, 2017 | $ 572.4 | $ 565.5 | $ 0.1 | $ 0.1 | $ (31.5) | $ 323.8 | $ 389.1 | $ (58.5) | $ 2.8 | $ (1.5) | $ (58.9) | $ 6.9 |
Principles of Consolidation
Principles of Consolidation | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation. The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster ® and Yale ® brand names, mainly to independent Hyster ® and Yale ® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, the Netherlands, Italy, Vietnam, the Philippines, Japan, Brazil and China. The sale of service parts represents approximately 13% of total revenues as reported for each of 2017 , 2016 and 2015 . The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni Auramo ® and Meyer ® brand names. Bolzoni products are manufactured in Italy, China, Germany, Finland and the United States. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling. The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on fuel-cell stacks and engines. Nuvera also supports on-site hydrogen production and dispensing systems that are designed to deliver clean energy solutions to customers. Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50% owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20% owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other income (expense)” portion of the Consolidated Statements of Operations. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 $10.8 million , $10.8 million and $11.7 million in 2017 , 2016 and 2015 , 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 $104.5 million , $107.0 million and $88.3 million in 2017 , 2016 and 2015 , 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) Goodwill and intangible assets Goodwill and Intangible Assets (Note 12) Contingencies Contingencies (Note 16) Recently Issued Accounting Standards The following table provides a brief description of recent accounting pronouncements adopted January 1, 2017. The adoption of these standards did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. Standard Description ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323) The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The following table provides a brief description of recent accounting pronouncements not yet adopted: Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015, 2016 and 2017 to update or clarify this guidance) 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. January 1, 2018 The Company's evaluation process of the new standard included, but was not limited to, identifying contracts and revenue streams within the scope of the guidance, reviewing and documenting the accounting and identifying and determining the accounting for any related contract costs and variable consideration. The Company has documented this evaluation and has implemented processes and controls for certain revenue streams as warranted by the guidance. The Company adopted the standard on January 1, 2018 using the modified retrospective approach and recorded a cumulative adjustment to retained earnings for open contracts as of January 1, 2018. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. The Company will provide the new disclosures required by the standard in the Company's March 31, 2018 Quarterly Report on Form 10-Q. ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments. January 1, 2018 The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance. The Company recorded a cumulative adjustment to retained earnings for deferred gains related to equity investments in third-parties as of January 1, 2018 of $3.6 million. Subsequent changes in the fair value of these investments will be recognized directly in earnings. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-16, Income Taxes (Topic 740) The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. January 1, 2018 The Company will present the components of net benefit cost, other than service cost, in other (income) expense for its pension plans starting on January 1, 2018. Service cost for the Company's pension plans will continue to be reported in operating profit. ASU No. 2016-02, Leases (Topic 842)(Subsequent ASUs have been issued in 2017 to update or clarify this guidance) The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. January 1, 2019 The Company's evaluation process of the new standard includes, but is not limited to, evaluating its current lease portfolio, identifying relevant contracts and attributes affected by the standard and determining the required accounting upon adoption. In addition, the Company expects to implement new processes and controls regarding asset financing transactions and financial reporting. The Company continues to evaluate its global leasing portfolio and train relevant personnel. In addition, the Company has started abstraction of key attributes within lease contracts and began to evaluate systems-related requirements for the new standard. This evaluation will continue throughout 2018. While the Company's evaluation of the alternative methods of adoption, practical expedients and the effect on its financial position, results of operations, cash flows and related disclosures is ongoing; the Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The guidance makes targeted changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify the application of hedge accounting. Changes include expanding the types of risk management strategies eligible for hedge accounting, easing the documentation and effectiveness assessment requirements, changing how ineffectiveness is measured and changing the presentation and disclosure requirements for hedge accounting activities. January 1, 2019 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The guidance provides an election to reclassify the stranded tax effects resulting from the Tax Reform Act from OCI to retained earnings. In addition, the guidance requires new disclosures regarding the election to adopt and the manner in which tax effects remaining in OCI are released. January 1, 2019 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances. January 1, 2020 The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017. January 1, 2020 The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and 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 lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. The Company reports the results of Nuvera as a separate segment. On April 1, 2016, the Company acquired a majority interest in Bolzoni, which is also reported as a separate segment. Bolzoni's results of operations have been included since the acquisition date. See Note 19 to the consolidated financial statements for additional information. Financial information for each of the reportable segments is presented in the following table. See Note 1 for a discussion of the Company’s product lines. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes. 2017 2016 2015 Revenues from external customers Americas $ 1,834.1 $ 1,675.7 $ 1,775.5 EMEA 715.8 615.7 606.4 JAPIC 173.9 169.5 193.7 Lift truck business 2,723.8 2,460.9 2,575.6 Bolzoni 177.2 115.6 — Nuvera 3.7 2.5 2.5 Eliminations (19.5 ) (9.3 ) — Total $ 2,885.2 $ 2,569.7 $ 2,578.1 2017 2016 2015 Gross profit (loss) Americas $ 334.6 $ 287.9 $ 308.1 EMEA 95.7 89.5 101.3 JAPIC 20.2 17.1 23.2 Lift truck business 450.5 394.5 432.6 Bolzoni 54.8 35.7 — Nuvera (2.1 ) (2.7 ) (1.8 ) Eliminations (0.6 ) — — Total $ 502.6 $ 427.5 $ 430.8 Selling, general and administrative expenses Americas $ 225.3 $ 214.2 $ 191.2 EMEA 86.7 81.9 88.3 JAPIC 26.3 23.8 25.0 Lift truck business 338.3 319.9 304.5 Bolzoni 48.4 35.8 — Nuvera 39.9 36.9 22.8 Total $ 426.6 $ 392.6 $ 327.3 Operating profit (loss) Americas $ 109.3 $ 73.7 $ 116.9 EMEA 9.0 7.6 13.0 JAPIC (6.1 ) (6.7 ) (1.8 ) Lift truck business 112.2 74.6 128.1 Bolzoni 6.4 (0.1 ) — Nuvera (42.0 ) (39.6 ) (24.6 ) Eliminations (0.6 ) — — Total $ 76.0 $ 34.9 $ 103.5 Interest expense Americas $ 12.3 $ 5.4 $ 4.4 EMEA 1.6 0.4 0.1 JAPIC — 0.1 0.2 Lift truck business 13.9 5.9 4.7 Bolzoni 0.8 0.8 — Nuvera — — — Eliminations (0.1 ) — — Total $ 14.6 $ 6.7 $ 4.7 2017 2016 2015 Interest income Americas $ (3.3 ) $ (1.0 ) $ (1.0 ) EMEA — (0.5 ) (0.3 ) JAPIC (0.4 ) (0.5 ) (0.2 ) Lift truck business (3.7 ) (2.0 ) (1.5 ) Bolzoni — — — Nuvera — — — Eliminations 0.1 — — Total $ (3.6 ) $ (2.0 ) $ (1.5 ) Other (income) expense Americas $ (25.4 ) $ (5.7 ) $ (2.7 ) EMEA 1.1 1.0 1.0 JAPIC (4.5 ) (3.2 ) (2.5 ) Lift truck business (28.8 ) (7.9 ) (4.2 ) Bolzoni — (0.2 ) — Nuvera — — — Total $ (28.8 ) $ (8.1 ) $ (4.2 ) Income tax provision (benefit) Americas $ 57.3 $ 15.4 $ 39.9 EMEA 0.9 (2.7 ) 1.6 JAPIC 1.2 (0.5 ) (2.1 ) Lift truck business 59.4 12.2 39.4 Bolzoni 1.0 (0.4 ) — Nuvera (15.3 ) (15.8 ) (10.0 ) Eliminations (0.2 ) — — Total $ 44.9 $ (4.0 ) $ 29.4 Net income (loss) attributable to stockholders Americas $ 68.4 $ 59.6 $ 76.3 EMEA 5.3 9.4 10.6 JAPIC (1.9 ) (2.1 ) 2.4 Lift truck business 71.8 66.9 89.3 Bolzoni 3.9 (0.3 ) — Nuvera (26.7 ) (23.8 ) (14.6 ) Eliminations (0.4 ) — — Total $ 48.6 $ 42.8 $ 74.7 2017 2016 2015 Total assets Americas $ 1,146.0 $ 831.9 $ 680.7 EMEA 615.5 462.3 412.0 JAPIC 138.6 127.0 140.6 Eliminations (304.6 ) (185.3 ) (130.9 ) Lift truck business 1,595.5 1,235.9 1,102.4 Bolzoni 239.8 206.9 — Nuvera 26.4 36.9 17.4 Eliminations (213.8 ) (192.6 ) (23.9 ) Total $ 1,647.9 $ 1,287.1 $ 1,095.9 Depreciation and amortization Americas $ 19.9 $ 18.5 $ 16.2 EMEA 7.1 6.5 5.9 JAPIC 2.6 3.1 5.2 Lift truck business 29.6 28.1 27.3 Bolzoni 11.2 9.5 — Nuvera 2.0 1.5 1.6 Total $ 42.8 $ 39.1 $ 28.9 Capital expenditures Americas $ 25.5 $ 27.6 $ 33.5 EMEA 8.6 7.3 8.7 JAPIC 1.2 1.6 1.7 Lift truck business 35.3 36.5 43.9 Bolzoni 4.7 4.0 — Nuvera 1.0 2.2 2.7 Total $ 41.0 $ 42.7 $ 46.6 Cash and cash equivalents Americas $ 191.2 $ 10.4 $ 54.2 EMEA 11.6 14.4 82.2 JAPIC 6.6 8.2 18.5 Lift truck business 209.4 33.0 154.9 Bolzoni 10.7 10.2 — Nuvera — — 0.2 Total $ 220.1 $ 43.2 $ 155.1 Data by Geographic Region No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. United States Europe, Africa and Middle East Other Consolidated 2017 Revenues from unaffiliated customers, based on the customers’ location $ 1,588.8 $ 825.8 $ 470.6 $ 2,885.2 Long-lived tangible assets $ 181.6 $ 82.3 $ 83.4 $ 347.3 2016 Revenues from unaffiliated customers, based on the customers’ location $ 1,437.6 $ 701.9 $ 430.2 $ 2,569.7 Long-lived tangible assets $ 159.1 $ 59.8 $ 82.1 $ 301.0 2015 Revenues from unaffiliated customers, based on the customers’ location $ 1,575.2 $ 606.5 $ 396.4 $ 2,578.1 Long-lived tangible assets $ 126.2 $ 39.4 $ 61.8 $ 227.4 |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 713.1 $ 685.5 $ 691.1 $ 795.5 Gross profit $ 126.1 $ 121.7 $ 121.4 $ 133.4 Operating profit $ 23.4 $ 18.3 $ 17.9 $ 16.4 Net income (loss) $ 18.1 $ 16.4 $ 16.7 $ (2.3 ) Net income (loss) attributable to stockholders $ 18.1 $ 16.4 $ 16.5 $ (2.4 ) Basic earnings (loss) per share $ 1.10 $ 1.00 $ 1.00 $ (0.15 ) Diluted earnings (loss) per share $ 1.10 $ 0.99 $ 1.00 $ (0.15 ) Net income (loss) attributable to stockholders for the fourth quarter of 2017 include the impacts of the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. See Note 6 to the consolidated financial statements for further discussion. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 604.2 $ 645.6 $ 629.3 $ 690.6 Gross profit $ 97.9 $ 114.0 $ 104.6 $ 111.0 Operating profit $ 9.7 $ 11.4 $ 5.4 $ 8.4 Net income $ 9.9 $ 8.3 $ 12.0 $ 12.1 Net income attributable to stockholders $ 10.0 $ 8.3 $ 12.3 $ 12.2 Basic earnings per share $ 0.61 $ 0.51 $ 0.75 $ 0.74 Diluted earnings per share $ 0.61 $ 0.51 $ 0.75 $ 0.74 |
Common Stock and Earnings per S
Common Stock and Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 was 125 million shares and 35 million shares, respectively. Treasury shares of Class A common stock totaling 425,787 and 497,353 at December 31, 2017 and 2016 , respectively, have been deducted from shares outstanding. Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 89,502 , 56,002 and 49,185 shares related to the years ended December 31, 2017 , 2016 and 2015 , respectively. After the issuance of these shares, there were 407,890 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $7.6 million ( $6.0 million net of tax), $3.8 million ( $2.3 million net of tax) and $1.9 million ( $1.2 million net of tax) for the years ended December 31, 2017 , 2016 and 2015 , respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2017 , $110,000 of each non-employee director's retainer of $166,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2016 , $102,000 of $158,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2015 , $94,000 of $150,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 14,480 , 15,426 and 13,683 shares related to the years ended December 31, 2017 , 2016 and 2015 , 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 2,006 , 2,352 and 2,150 in 2017 , 2016 and 2015 , respectively. After the issuance of these shares, there were 27,117 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.2 million ( $0.9 million net of tax), $1.1 million ( $0.7 million net of tax) and $1.0 million ( $0.6 million net of tax) for the years ended December 31, 2017 , 2016 and 2015 , 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: 2017 2016 2015 Basic weighted average shares outstanding 16.447 16.376 16.307 Dilutive effect of restricted stock awards 0.067 0.051 0.048 Diluted weighted average shares outstanding 16.514 16.427 16.355 Basic earnings per share $ 2.95 $ 2.61 $ 4.58 Diluted earnings per share $ 2.94 $ 2.61 $ 4.57 Cash dividends per share $ 1.2025 $ 1.1700 $ 1.1300 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 2015 Income before income taxes U.S. $ 48.3 $ (1.2 ) $ 71.2 Non-U.S. 45.5 39.5 33.3 $ 93.8 $ 38.3 $ 104.5 Income tax provision (benefit) Current tax provision: Federal $ 28.3 $ (1.3 ) $ 22.1 State 1.4 (0.3 ) 3.4 Non-U.S. 7.1 5.0 5.3 Total current $ 36.8 $ 3.4 $ 30.8 Deferred tax provision (benefit): Federal $ 10.7 $ (5.8 ) $ (0.4 ) State (0.7 ) 0.8 1.2 Non-U.S. (1.9 ) (2.4 ) (2.2 ) Total deferred $ 8.1 $ (7.4 ) $ (1.4 ) $ 44.9 $ (4.0 ) $ 29.4 The Company made income tax payments of $14.0 million , $19.3 million and $32.7 million during 2017 , 2016 and 2015 , respectively. The Company received income tax refunds of $2.2 million , $11.1 million and $0.2 million during 2017 , 2016 and 2015 , respectively. A reconciliation of the federal statutory and reported income tax rate for the year ended December 31 is as follows: 2017 2016 2015 Income before income taxes $ 93.8 $ 38.3 $ 104.5 Statutory taxes at 35.0% $ 32.8 $ 13.4 $ 36.6 Tax Reform Act 38.2 — — State income taxes 0.2 (0.6 ) 4.1 Valuation allowance 0.1 (0.2 ) 5.9 Sale of non-U.S. investment (9.1 ) (1.9 ) (3.7 ) Equity interest earnings (8.1 ) (2.2 ) (1.9 ) Non-U.S. rate differences (7.2 ) (9.6 ) (10.5 ) R&D and other federal credits (1.8 ) (1.8 ) (1.7 ) Unremitted non-U.S. earnings (0.4 ) (3.9 ) 0.1 Tax controversy resolution — 2.1 (0.2 ) Other 0.2 0.7 0.7 Income tax provision (benefit) $ 44.9 $ (4.0 ) $ 29.4 Reported income tax rate 47.9 % n.m. 28.1 % n.m. - not meaningful On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Reform Act”). The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, repealing the deduction for domestic production activities, allowing the immediate expensing of certain qualified capital expenditures, implementing a territorial tax system and imposing a one-time transition tax on certain unremitted earnings of non-U.S. subsidiaries. As a result of the Tax Reform Act, the Company recorded the provisional tax effects of $38.2 million , comprised of $33.1 million of tax expense due to the transition tax on the unremitted earnings and profits of non-U.S. subsidiaries and $5.1 million of tax expense due to the effects on the Company’s deferred tax assets and liabilities. The final amounts recorded in subsequent financial statements may materially differ from these provisional amounts due to among other things, additional analysis, changes in interpretations of the Tax Reform Act including interpretations by state and local taxing authorities and related assumptions of the Company, and additional regulatory guidance that may be issued which could potentially effect the measurement of these provisional tax amounts. The provisional amounts are expected to be finalized when the U.S. corporate income tax return for 2017 is filed in 2018, but in no event later than one year from the enactment date. The one-time transition tax is based on the post-1986 unremitted earnings and profits of non-U.S. subsidiaries which have been previously deferred from U.S. income taxes including such earnings through the measurement date as determined by the Tax Reform Act. The amount of transition tax also depends on the amount of earnings and profits held in cash or other specified assets. The Company had an estimated $310 million of undistributed non-U.S. earnings and profits subject to the transition tax and recognized a provisional $33.1 million of income tax expense in the fourth quarter of 2017. After the utilization of existing tax credits, the Company expects to pay cash taxes, including state income taxes, of an estimated $22.5 million with respect to the transition tax payable over eight years. These amounts may change upon the issuance of additional regulatory guidance or when the Company finalizes its calculation of earnings and profits, including the amounts held in cash or other specified assets and its calculation of available foreign tax credits. The Company intends that future distributions will be from earnings which would otherwise qualify for the one hundred percent dividends received deduction provided in the Tax Reform Act and earnings which would not result in any significant foreign taxes. As a result, no additional income taxes have been provided for any undistributed foreign earnings not subject to the transition tax, nor any additional outside basis differences inherent in these entities, as these amounts continue to be indefinitely reinvested in non-U.S. operations. It is not practicable to estimate the additional income taxes and applicable withholding taxes that would be payable on the remittance of such undistributed foreign earnings. While the Tax Reform Act provides for a territorial system, beginning in 2018, it includes new anti-deferral and anti-base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return non-U.S. earnings in excess of an allowable return on the Company’s non-U.S. subsidiary’s tangible assets. The Company expects that it will be subject to incremental U.S. tax on GILTI beginning in 2018 due to expense allocations required by the U.S foreign tax credit rules and various adjustments required to determine tangible assets provided in the Tax Reform Act. The Company has elected to account for GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI as of December 31, 2017. The BEAT provisions in the Tax Reform Act create a minimum tax where a lower tax rate is applied to pre-tax income without the benefit of certain base-erosion payments made to related non-U.S. corporations. The Company will only be taxed under this regime if such tax exceeds the regular corporate tax. The Company continues to evaluate whether it will be subject to BEAT provisions. During 2017, the Company recognized a tax benefit of $9.1 million and tax expense of $1.4 million for unrecognized tax benefits, from an internal sale of a subsidiary between consolidated companies resulting in the repatriation of non-U.S. accumulated earnings taxed at higher rates. In addition, the Company settled various federal obligations in Brazil through the utilization of its federal net operating loss carryforwards for which a valuation allowance was previously provided. As a result of the utilization of the underlying deferred tax assets, the Company released the associated valuation allowance previously provided of $4.7 million . This was partly offset by a $1.6 million valuation allowance provided against deferred tax assets in China where the Company has determined that such deferred tax assets no longer meet the more likely than not standard for realization. During 2016, the Company received a notice from the Italian Tax Authority approving the transfer of certain tax losses as part of an internal restructuring. As a result, the Company believes it is more likely than not that deferred tax assets for such losses of approximately $3.2 million will be realized in the foreseeable future, and has released the valuation allowance previously provided. Other items during 2016 include a tax benefit of $4.0 million . As a result of the Bolzoni acquisition, the Company changed its previous reinvestment assertion; and consequently, all of the earnings of its European operations are now considered permanently reinvested and the previously provided deferred tax liability is no longer required. In addition, the Company recognized tax expense of $1.6 million related to non-deductible acquisition expenses and tax expense of $2.1 million for net additions for unrecognized tax benefits. The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing activity to more appropriate levels, coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real, caused the Company in 2015 to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil. The Company also recognized $2.7 million , $2.4 million and $5.6 million in 2017 , 2016 and 2015 , respectively, of valuation allowances related to pre-tax losses in Brazil and $0.6 million in 2017 due to pre-tax losses in China in its effective tax rate. 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 2017 2016 Deferred tax assets Tax attribute carryforwards $ 28.3 $ 31.6 Product warranties 9.1 13.7 Accrued expenses and reserves 8.3 23.2 Accrued product liability 6.5 9.3 Other employee benefits 3.2 5.2 Accrued pension benefits 2.2 8.2 Other — 2.2 Total deferred tax assets 57.6 93.4 Less: Valuation allowance 31.0 29.3 26.6 64.1 Deferred tax liabilities Depreciation and amortization 22.2 25.4 Inventories 0.5 5.8 Unremitted earnings — 0.4 Other 0.3 — Total deferred tax liabilities 23.0 31.6 Net deferred tax asset $ 3.6 $ 32.5 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, 2017 Net deferred tax asset Valuation allowance Carryforwards expire during: Non-U.S. net operating loss $ 21.9 $ 13.9 2018 - Indefinite Non-U.S. capital losses 6.5 6.5 2018 - Indefinite State net operating losses and credits 3.8 2.4 2018 - 2036 Less: Unrecognized tax benefits (3.9 ) — Total $ 28.3 $ 22.8 December 31, 2016 Net deferred tax asset Valuation allowance Carryforwards expire during: Non-U.S. net operating loss $ 25.2 $ 15.7 2017 - Indefinite Non-U.S. capital losses 5.9 5.9 2017 - Indefinite State net operating losses and credits 2.8 2.0 2017 - 2031 U.S. foreign tax credit 2.5 — 2017 - 2026 U.S. net operating loss 0.8 — 2017 - 2036 Less: Unrecognized tax benefits (5.6 ) — Total $ 31.6 $ 23.6 The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses attributable to Brazil and Australia comprise a substantial portion of the deferred tax assets and do not expire under local law. During 2017 and 2016 , the net valuation allowance provided against certain deferred tax assets increased by $1.7 million and $0.7 million , respectively. The change in the total valuation allowance in 2017 and 2016 included a net increase in tax expense of $0.1 million and a net decrease of $0.2 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 increase of $1.1 million and $0.9 million in 2017 and 2016 , respectively. Additionally in 2017, the change in valuation allowance included a net increase of $0.5 million due to the remeasurement of deferred taxes as a result of the Tax Reform Act. 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, 2017 , the Company had gross net operating loss carryforwards in U.S. state jurisdictions of $19.6 million and non-U.S. jurisdictions of $75.7 million . 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, 2017 , 2016 and 2015 . Approximately $10.9 million , $11.1 million and $3.8 million of these amounts as of December 31, 2017 , 2016 and 2015 , respectively, relate to permanent items that, if recognized, would impact the reported income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below for December 31, 2016 due to the increase in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein. 2017 2016 2015 Balance at January 1 $ 11.2 $ 3.8 $ 4.3 Additions (reductions) for business acquisitions (1.0 ) 6.3 — Additions based on tax positions related to the current year 2.7 2.8 0.7 Additions (reductions) for tax positions of prior years (1.5 ) 0.1 0.1 Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations (1.2 ) (0.9 ) (1.1 ) Other changes in unrecognized tax benefits including foreign currency translation adjustments 0.7 (0.9 ) (0.2 ) Balance at December 31 $ 10.9 $ 11.2 $ 3.8 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 during 2017 and a net increase of $0.1 million during 2016 and 2015 in interest and penalties. In addition, during 2016, the balance of accrued interest and penalty was increased for uncertain tax positions related to business acquisitions by $0.5 million . The total amount of interest and penalties accrued was $0.8 million , $0.9 million and $0.3 million as of December 31, 2017 , 2016 and 2015 , 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 $0.5 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the interim period in which the items are effectively settled. The tax returns of the Company and its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided 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. 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 U.S. federal tax returns for all years prior to 2014 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations. However, the Company has elected to voluntarily extend the statute of limitations for U.S. federal tax return for 2012 at the request of its prior parent company such that attributes may be adjusted in limited circumstances. The Company is routinely under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not 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, 2017 | |
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 2017 2016 2015 Gain (loss) on cash flow hedges: Foreign exchange contracts $ (5.7 ) $ (3.0 ) $ (8.7 ) Cost of sales Total before tax (5.7 ) (3.0 ) (8.7 ) Income before income taxes Tax expense 1.6 2.2 6.0 Income tax provision (benefit) Net of tax $ (4.1 ) $ (0.8 ) $ (2.7 ) Net income Amortization of defined benefit pension items: Actuarial loss $ (4.5 ) $ (3.0 ) $ (3.5 ) (a) Prior service (cost) credit 0.3 0.3 0.3 (a) Total before tax (4.2 ) (2.7 ) (3.2 ) Income before income taxes Tax expense 1.0 0.7 0.9 Income tax provision (benefit) Net of tax $ (3.2 ) $ (2.0 ) $ (2.3 ) Net income Total reclassifications for the period $ (7.3 ) $ (2.8 ) $ (5.0 ) (a) These OCI components are included in the computation of net pension cost (see Note 9 for additional details). |
Financial Instruments and Deriv
Financial Instruments and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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. This valuation methodology is Level 2 as defined in the fair value hierarchy. At December 31, 2017 , the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $270.9 million and $272.2 million , respectively. At December 31, 2016 , the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $184.5 million . 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 Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales. Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change. 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. During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps 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 other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is generally recognized in other (income) expense. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings in other (income) expense. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges. Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with a total notional amount of $860.2 million at December 31, 2017 , primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Swedish kroner, Mexican pesos and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $592.9 million at December 31, 2016 , primarily denominated in euros, U.S. dollars, Japanese yen, Swedish kroner, British pounds and Mexican pesos. The fair value of these contracts approximated a net liability of $2.1 million and $22.7 million at December 31, 2017 and 2016 , respectively. For the years ended December 31, 2017 and 2016 , there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2017 , $1.0 million of the amount of net deferred loss included in OCI at December 31, 2017 is expected to be reclassified as a gain into the Consolidated Statements of Operations over the next twelve months, as the transactions occur. Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on the Term Loan borrowings and one and three-month LIBOR borrowings. The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at December 31, 2017 and 2016 : Notional Amount Average Fixed Rate December 31 December 31 December 31 December 31 2017 2016 2017 2016 Term at December 31, 2017 $ 100.0 $ 100.0 1.47 % 1.47 % Extending to December 2018 56.5 — 1.94 % — % November 2017 to November 2022 83.5 — 2.20 % — % December 2018 to May 2023 The Company does not apply hedge accounting to the interest rate derivatives which expire December 2018. The fair value of all interest rate swap agreements was a net asset of $0.8 million and a net liability $0.3 million at December 31, 2017 and 2016 , respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2017 , $0.1 million of the amount included in OCI is expected to be reclassified as expense in the Consolidated Statement of Operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements. The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets: Asset Derivatives Liability Derivatives Balance sheet location 2017 2016 Balance sheet location 2017 2016 Derivatives designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ — $ — Prepaid expenses and other $ 0.1 $ — Long-term Other non-current assets 0.7 — Other non-current assets — — Other long-term liabilities — — Other long-term liabilities 0.1 — Foreign currency exchange contracts Current Prepaid expenses and other 8.3 — Prepaid expenses and other 4.0 — Other current liabilities 2.8 3.7 Other current liabilities 4.3 14.0 Long-Term Other non-current assets 3.9 — Other non-current assets 1.3 — Other long-term liabilities 0.5 — Other long-term liabilities 7.7 10.1 Total derivatives designated as hedging instruments $ 16.2 $ 3.7 $ 17.5 $ 24.1 Derivatives not designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ 0.4 $ — Prepaid expenses and other $ — $ — Other current liabilities — — Other current liabilities — 0.3 Long-term Other non-current assets — 0.2 Other non-current assets — — Other long-term liabilities — — Other long-term liabilities 0.1 0.2 Foreign currency exchange contracts Current Prepaid expenses and other 0.8 — Prepaid expenses and other 0.4 — Other current liabilities 0.1 1.6 Other current liabilities 0.8 3.9 Total derivatives not designated as hedging instruments $ 1.3 $ 1.8 $ 1.3 $ 4.4 Total derivatives $ 17.5 $ 5.5 $ 18.8 $ 28.5 The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2017 and 2016 as recorded in the Consolidated Balance Sheets: Derivative Assets as of December 31, 2017 Derivative Liabilities as of December 31, 2017 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 $ 1.0 $ (0.2 ) $ 0.8 $ 0.8 $ 0.2 $ (0.2 ) $ — $ — Foreign currency exchange contracts 7.3 (7.3 ) — — 9.4 (7.3 ) 2.1 2.1 Total derivatives $ 8.3 $ (7.5 ) $ 0.8 $ 0.8 $ 9.6 $ (7.5 ) $ 2.1 $ 2.1 Derivative Assets as of December 31, 2016 Derivative Liabilities as of December 31, 2016 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 $ 0.2 $ (0.2 ) $ — $ — $ 0.5 $ (0.2 ) $ 0.3 $ 0.3 Foreign currency exchange contracts — — — — 22.7 — 22.7 22.7 Total derivatives $ 0.2 $ (0.2 ) $ — $ — $ 23.2 $ (0.2 ) $ 23.0 $ 23.0 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) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Cash Flow Hedges Interest rate swap agreements $ 0.5 $ — $ — Interest expense $ — $ — $ — Other $ — $ — $ — Foreign currency exchange contracts 14.1 (15.5 ) (11.1 ) Cost of sales (5.7 ) (3.0 ) (8.7 ) Cost of sales (0.1 ) (0.2 ) 0.1 $ 14.6 $ (15.5 ) $ (11.1 ) $ (5.7 ) $ (3.0 ) $ (8.7 ) $ (0.1 ) $ (0.2 ) $ 0.1 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 2017 2016 2015 Cash flow hedges Interest rate swap agreements Other $ 0.2 $ (0.6 ) $ (0.5 ) Foreign currency exchange contracts Cost of sales 2.0 (2.8 ) 0.3 Total $ 2.2 $ (3.4 ) $ (0.2 ) |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan [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 2017, 2016 and 2015, the Company recognized a settlement loss of $1.0 million , $0.9 million and $1.3 million , respectively, resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S. pension plans. The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31 : 2017 2016 2015 United States Plans Weighted average discount rates 3.40% 3.75% 4.00% Expected long-term rate of return on assets 7.50% 7.50% 7.50% Non-U.S. Plans Weighted average discount rates 0.88% - 2.40% 0.86% - 2.50% 2.10% - 3.70% Rate of increase in compensation levels 1.50% - 2.50% 1.50% - 2.50% 2.00% - 2.50% Expected long-term rate of return on assets 1.70% - 7.00% 3.00% - 7.00% 3.00% - 7.00% 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 : 2017 2016 2015 United States Plans Service cost $ — $ — $ — Interest cost 2.7 3.0 2.9 Expected return on plan assets (4.9 ) (5.0 ) (5.5 ) Amortization of actuarial loss 1.8 1.6 1.5 Amortization of prior service credit (0.3 ) (0.3 ) (0.3 ) Settlements 1.0 0.9 1.3 Net periodic pension expense (benefit) $ 0.3 $ 0.2 $ (0.1 ) Non-U.S. Plans Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 4.1 5.0 5.6 Expected return on plan assets (9.2 ) (8.8 ) (9.6 ) Amortization of actuarial loss 2.7 1.4 2.0 Net periodic pension expense (benefit) $ (2.2 ) $ (2.2 ) $ (1.8 ) 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 : 2017 2016 2015 United States Plans Current year actuarial (gain) loss $ (2.0 ) $ 1.6 $ 4.3 Amortization of actuarial loss (1.8 ) (1.6 ) (1.5 ) Amortization of prior service credit 0.3 0.3 0.3 Settlements (1.0 ) (0.9 ) (1.3 ) Total recognized in other comprehensive income (loss) $ (4.5 ) $ (0.6 ) $ 1.8 Non-U.S. Plans Current year actuarial (gain) loss $ (13.8 ) $ 20.5 $ 2.0 Amortization of actuarial loss (2.7 ) (1.4 ) (2.0 ) Current year prior service credit — — (0.1 ) Total recognized in other comprehensive income (loss) $ (16.5 ) $ 19.1 $ (0.1 ) 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 : 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation Projected benefit obligation at beginning of year $ 75.7 $ 165.2 $ 77.3 $ 156.1 Service cost — 0.2 — 0.2 Interest cost 2.7 4.1 3.0 5.0 Actuarial (gain) loss 2.9 (1.9 ) 1.2 34.6 Benefits paid (4.5 ) (5.8 ) (4.2 ) (5.4 ) Employee contributions — 0.1 — 0.1 Lump sum payments (2.0 ) — (1.6 ) — Business acquisition benefit obligation — — — 2.5 Foreign currency exchange rate changes — 17.1 — (27.9 ) Projected benefit obligation at end of year $ 74.8 $ 179.0 $ 75.7 $ 165.2 Accumulated benefit obligation at end of year $ 74.8 $ 178.4 $ 75.7 $ 164.7 Change in plan assets Fair value of plan assets at beginning of year $ 67.2 $ 138.9 $ 68.4 $ 144.7 Actual return on plan assets 9.8 20.6 4.6 21.1 Employer contributions 0.5 9.2 — 3.2 Employee contributions — 0.1 — 0.1 Benefits paid (4.5 ) (5.8 ) (4.2 ) (5.4 ) Settlements (2.0 ) — (1.6 ) — Foreign currency exchange rate changes — 15.3 — (24.8 ) Fair value of plan assets at end of year $ 71.0 $ 178.3 $ 67.2 $ 138.9 Funded status at end of year $ (3.8 ) $ (0.7 ) $ (8.5 ) $ (26.3 ) 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Amounts recognized in the consolidated balance sheets consist of: Noncurrent assets $ 0.1 $ 3.8 $ — $ — Noncurrent liabilities (3.9 ) (4.5 ) (8.5 ) (26.3 ) $ (3.8 ) $ (0.7 ) $ (8.5 ) $ (26.3 ) Components of accumulated other comprehensive income (loss) consist of: Actuarial loss $ 37.9 $ 40.1 $ 42.7 $ 53.3 Prior service credit (0.3 ) (0.1 ) (0.6 ) (0.1 ) Deferred taxes (7.8 ) (5.2 ) (14.4 ) (9.0 ) Change in statutory tax rate (6.0 ) (2.0 ) (1.2 ) (1.6 ) Foreign currency translation adjustment — 2.3 — 6.1 $ 23.8 $ 35.1 $ 26.5 $ 48.7 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 2018 are: Amount Net of tax Actuarial loss $ 3.8 $ 3.0 Prior service credit $ (0.2 ) $ (0.2 ) The Company expects to contribute $0.5 million to its non-U.S. pension plans in 2018 . The Company does no t expect to contribute to its U.S. pension plans in 2018 . 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 2018 $ 6.1 $ 5.7 2019 6.0 6.6 2020 5.7 6.6 2021 5.6 6.6 2022 5.5 6.7 2023 - 2027 23.9 39.4 $ 52.8 $ 71.6 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: 2017 2016 Target Allocation Range U.S. equity securities 44.8% 45.4% 36.0% - 54.0% Non-U.S. equity securities 20.0% 19.7% 16.0% - 24.0% Fixed income securities 33.9% 33.9% 30.0% - 40.0% Money market 1.3% 1.0% 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 : 2017 2016 Target Allocation U.K. equity securities 20.2% 21.2% 21.0% Non-U.K. equity securities 49.3% 48.8% 49.0% Fixed income securities 27.7% 30.0% 30.0% Money market 2.8% —% —% 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 2017 2016 2017 2016 U.S. equity securities $ 31.8 $ 30.5 $ 26.1 $ 20.4 U.K. equity securities — — 32.8 26.7 Non-U.S., non-U.K. equity securities 14.2 13.3 54.0 42.0 Fixed income securities 24.1 22.7 60.9 49.8 Money market 0.9 0.7 4.5 — Total $ 71.0 $ 67.2 $ 178.3 $ 138.9 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 $24.3 million , $21.2 million and $23.5 million in 2017 , 2016 and 2015 , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At December 31, 2017 and 2016 , 49% and 54% , respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, in the United States. The FIFO method is used with respect to all other inventories. The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. Inventories are summarized as follows: December 31 2017 2016 Finished goods and service parts $ 193.7 $ 171.9 Work in process 19.9 26.1 Raw materials 239.0 191.4 Total manufactured inventories 452.6 389.4 LIFO reserve (40.7 ) (37.2 ) Total inventory $ 411.9 $ 352.2 |
Property, Plant and Equpment, N
Property, Plant and Equpment, Net | 12 Months Ended |
Dec. 31, 2017 | |
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, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. During the fourth quarter of 2017, in connection with the preparation of the Company's annual operating plan for 2018 and longer-term forecast, the Company identified indicators of impairment at Nuvera due to the extension of time expected to commercialize Nuvera's products and the related length of time needed to achieve break-even operating results and positive cash flows. Accordingly, the Company performed an impairment analysis during the fourth quarter of 2017 of Nuvera's long-lived assets, including property, plant and equipment and intangible assets with finite lives. Based on this analysis, it was determined that the fair value of these assets was less than the respective carrying amounts of such assets, and accordingly, the Company recognized an impairment charge of $4.9 million in the Nuvera segment, which is included in selling, general and administrative expenses in the consolidated statement of operations. The impairment charge reduced property, plant, and equipment by $3.7 million and intangible assets by $1.2 million . The estimated fair value of intangible assets with finite lives was determined using a relief from royalty method and property, plant and equipment was determined using a cost approach. These valuation methods use Level 3 inputs under the fair value hierarchy. Property, plant and equipment, net includes the following: December 31 2017 2016 Land and land improvements $ 27.4 $ 26.3 Plant and equipment 700.4 645.1 Property, plant and equipment, at cost 727.8 671.4 Allowances for depreciation and amortization (462.4 ) (416.3 ) $ 265.4 $ 255.1 Total depreciation and amortization expense on property, plant and equipment was $37.4 million , $34.5 million and $28.4 million during 2017 , 2016 , and 2015 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets The Company evaluates the carrying amount of goodwill and indefinite-lived intangible assets for impairment annually as of May 1 st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company uses either a qualitative or quantitative analysis to determine whether fair value exceeds carrying value. Goodwill impairment testing for 2017 was performed using a quantitative analysis for each reporting unit. As part of our quantitative testing process for goodwill, the Company estimated fair values using a discounted cash flow approach from the perspective of a market participant. Significant estimates in the discounted cash flow approach are cash flow forecasts of the reporting units, the discount rate, the terminal business value and the projected income tax rate. The cash flow forecasts of the reporting units are based upon management’s long-term view of markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The projected income tax rates utilized are the statutory tax rates for the countries where each reporting unit operates. The terminal business value is determined by applying a business growth factor to the latest year for which a forecast exists. As part of the goodwill quantitative testing process, the Company evaluates whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing. The annual testing of goodwill for impairment was conducted as of May 1, 2017. The fair value of each reporting unit was in excess of its carrying value and thus, no impairment exists. The indefinite-lived intangible assets are the Bolzoni trademarks. Fair values used in testing for potential impairment of the trademarks are calculated by applying an estimated market value royalty rate to the forecasted revenues of the businesses that utilize those assets. The assumed cash flows from this calculation are discounted using the Company’s weighted average cost of capital. The annual testing of indefinite-lived intangibles for impairment was conducted as of May 1, 2017. The fair value of the indefinite-lived intangible assets was in excess of its carrying value and thus, no impairment exists. The following table summarizes intangible assets, other than goodwill, recorded in the consolidated balance sheets: December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 18.0 $ — $ 18.0 Intangible assets subject to amortization Customer and contractual relationships 30.5 (6.4 ) 24.1 Patents and technology 16.5 (3.1 ) 13.4 Trademarks 0.6 — 0.6 Total $ 65.6 $ (9.5 ) $ 56.1 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 15.8 $ — $ 15.8 Intangible assets subject to amortization Customer and contractual relationships $ 27.9 $ (2.9 ) $ 25.0 Patents and technology 16.3 (2.0 ) 14.3 Trademarks 1.2 (0.1 ) 1.1 Total $ 61.2 $ (5.0 ) $ 56.2 As further described in Note 11, the Company recognized a $1.2 million impairment charge for Nuvera consisting of $0.8 million and $0.4 million for patents and technology and trademarks, respectively. Amortization expense for intangible assets, which is recognized on a straight-line basis over the estimated useful life of the related asset, was $5.7 million and $4.6 million in 2017 and 2016 , respectively. Expected annual amortization expense of other intangible assets, based upon December 31, 2017 U.S. dollar values, for the next five years is as follows: $4.9 million in 2018 , $4.8 million in 2019 , $4.5 million in 2020 , $3.6 million in 2021 and $3.1 million in 2022 . The weighted-average amortization period for intangible assets is as follows: Intangible assets subject to amortization Weighted-Average Useful Lives (Years) Customer relationships 10 Engineering drawings 9 Non-compete agreement 2 Patents 7 Trademarks 10 The following table summarizes goodwill by segment as of December 31, 2017 and 2016 : Carrying Amount of Goodwill Americas EMEA Bolzoni Total Balance at January 1, 2016 $ — $ — $ — $ — Additions 1.7 — 54.2 55.9 Foreign currency translation — — (5.2 ) (5.2 ) Balance at December 31, 2016 $ 1.7 $ — $ 49.0 $ 50.7 Additions — 0.8 1.0 1.8 Foreign currency translation — — 6.6 6.6 Balance at December 31, 2017 $ 1.7 $ 0.8 $ 56.6 $ 59.1 |
Current and Long-Term Financing
Current and Long-Term Financing | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Current and Long-Term Financing | Current and Long-Term Financing The following table summarizes available and outstanding borrowings: December 31 2017 2016 Total outstanding borrowings: Revolving credit agreements $ 6.1 $ 116.0 Term loan, net 190.9 — Other debt 73.9 68.5 Capital lease obligations 19.8 26.7 Total debt outstanding $ 290.7 $ 211.2 Plus: discount on term loan and unamortized deferred financing fees 4.1 — Total debt outstanding, gross $ 294.8 $ 211.2 Current portion of borrowings outstanding $ 74.5 $ 129.0 Long-term portion of borrowings outstanding $ 216.2 $ 82.2 Total available borrowings, net of limitations, under revolving credit agreements $ 218.8 $ 291.2 Unused revolving credit agreements $ 212.7 $ 175.2 Weighted average stated interest rate on total borrowings 5.2 % 4.4 % Weighted average effective interest rate on total borrowings (including interest rate swap agreements) 3.9 % 4.4 % Annual maturities of total debt, excluding capital leases, are as follows: 2018 $ 68.5 2019 31.3 2020 10.1 2021 10.1 2022 10.0 Thereafter 145.0 $ 275.0 Interest paid on total debt was $13.6 million , $5.6 million and $3.6 million during 2017 , 2016 and 2015 , respectively. The Company has a $200.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in April 2022. There were no borrowings outstanding under the Facility at December 31, 2017 . The excess availability under the Facility, at December 31, 2017 , was $195.9 million , which reflects reductions of $4.1 million for letters of credit and other restrictions. The Facility consists of a U.S. revolving credit facility in the amount of $120.0 million and a non-U.S. revolving credit facility in the amount of $80.0 million. The Facility can be increased up to the total aggregate amount of $300.0 million over the term of the agreement in minimum increments of $10.0 million subject to certain conditions. The obligations under the Facility are generally secured by a first priority 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 and a second priority lien on the Term Loan Collateral (defined below). The approximate book value of assets held as collateral under the Facility was $1.0 billion as of December 31, 2017 . Borrowings bear interest at a floating rate based on a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, as of December 31, 2017 , for U.S. base rate loans and LIBOR loans were 0.25% and 1.25% , respectively. The applicable margins, as of December 31, 2017 , for non-U.S. base rate loans and LIBOR loans was 1.25% . The applicable LIBOR interest rates under the Facility on December 31, 2017 were 2.73% and 1.25% , respectively, for the U.S. and non-U.S. facility including the applicable floating rate margin. The Facility also required the payment of a fee of 0.350% per annum on the unused commitment as of December 31, 2017 . The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company and its subsidiaries subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If availability for both total and U.S. revolving credit facilities on a pro forma basis, is greater than fifteen percent and less than or equal to twenty percent, the Company may pay dividends subject to achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the availability is greater than twenty percent for both total and U.S. revolving credit facilities on a pro forma basis, 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, 2017, the Company was in compliance with the covenants in the Facility. In 2017, the Company entered into an agreement for a $200.0 million term loan (the “Term Loan”), which matures in May 2023. The Term Loan requires quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2017 in an amount equal to $2.5 million and the final principal repayment due on the May 30, 2023 . The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan. At December 31, 2017 , there was $195.0 million of principal outstanding under the Term Loan which has been reduced in the Consolidated Balance Sheet by $4.1 million of discounts and unamortized deferred financing fees. The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property (collectively, the "Term Loan Collateral") and a second priority lien on the remaining collateral of the U.S. borrowers in the Facility. The approximate book value of assets held as collateral under the Term Loan was $710 million as of December 31, 2017 . Borrowings under the Term Loan bear interest at a floating rate, which can be a base rate or Eurodollar rate, as defined in the Term Loan, plus an applicable margin. The applicable margin is based on the consolidated leverage ratio, as provided in the Term Loan, and ranges from 2.75% to 3.00% for U.S. base rate loans and 3.75% to 4.00% for Eurodollar loans. The weighted average interest rate on the amount outstanding under the Term Loan at December 31, 2017 was 5.57% . In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of regularly scheduled dividends and other restricted payments to $50.0 million in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 1.75 to 1.00 at the time of the payment. At December 31, 2017 , the Company was in compliance with the covenants in the Term Loan. The Company incurred fees and expenses of $4.7 million and $1.7 million in 2017 and 2016 , respectively. These fees related to the amendment to the Facility and entry into the Term Loan. These fees were deferred and are being amortized as interest expense over the term of the applicable debt agreements. Fees related to the Term Loan are presented as a direct deduction of the corresponding debt. The Company had other debt outstanding, excluding capital leases, of approximately $80.0 million at December 31, 2017 . In addition to the excess availability under the Facility, the Company had remaining availability of $16.8 million related to other non-U.S. revolving credit agreements. |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
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 2031. Many leases include renewal and/or fair value purchase options. Future minimum capital and operating lease payments at December 31, 2017 are: Capital Leases Operating Leases 2018 $ 7.1 $ 20.2 2019 5.9 13.9 2020 4.9 10.3 2021 2.4 7.4 2022 — 6.1 Subsequent to 2022 — 17.0 Total minimum lease payments 20.3 $ 74.9 Amounts representing interest 0.5 Present value of net minimum lease payments 19.8 Current maturities 6.8 Long-term capital lease obligation $ 13.0 Rental expense for all operating leases was $22.5 million , $17.3 million and $18.3 million for 2017 , 2016 and 2015 , respectively. The Company also recognized $7.9 million , $5.3 million and $2.7 million in rental income on subleases of equipment for 2017 , 2016 and 2015 , respectively. 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, 2017 are $26.8 million . Assets recorded under capital leases are included in property, plant and equipment and consist of the following: December 31 2017 2016 Plant and equipment $ 35.9 $ 37.5 Less accumulated amortization (10.4 ) (8.1 ) $ 25.5 $ 29.4 Amortization of plant and equipment under capital leases is included in depreciation expense. Capital lease obligations of $0.2 million , $12.8 million and $15.2 million were incurred in connection with lease agreements to acquire machinery and equipment during 2017 , 2016 and 2015 , respectively. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2017 | |
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 series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours . For components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours . The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. In addition, the Company sells separately priced extended warranty agreements that generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours . The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts. The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical costs. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows: 2017 2016 Balance at January 1 $ 52.3 $ 55.5 Current year warranty expense 32.2 35.4 Change in estimate related to pre-existing warranties (8.9 ) (10.1 ) Payments made (26.5 ) (27.9 ) Foreign currency effect 1.9 (0.6 ) Balance at December 31 $ 51.0 $ 52.3 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Guarantees | Guarantees Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at December 31, 2017 and 2016 were $203.5 million and $149.3 million , respectively. As of December 31, 2017 , losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2017 was approximately $254.8 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of December 31, 2017 , the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $54.3 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $12.0 million as of December 31, 2017 . The $54.3 million is included in the $203.5 million of total amounts subject to recourse or repurchase obligations at December 31, 2017 . Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At December 31, 2017 , approximately $174.2 million of the Company's total recourse or repurchase obligations of $203.5 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At December 31, 2017 , loans from WF to HYGFS totaled $1.0 billion . Although the Company’s contractual guarantee was $205.9 million , the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $174.2 million . Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $179.6 million , which is secured by 20% of HYGFS' customer receivables and other secured assets of $272.3 million . HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods. The following table includes the exposure amounts related to the Company's guarantees at December 31, 2017 : HYGFS Total Total recourse or repurchase obligations $ 174.2 $ 203.5 Less: exposure limited for certain dealers 54.3 54.3 Plus: 7.5% of original loan balance 12.0 12.0 131.9 161.2 Incremental obligation related to guarantee to WF 179.6 179.6 Total exposure related to guarantees $ 311.5 $ 340.8 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Equity Investments and Related Party Transactions The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company has concluded that the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant. Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt financing to dealers and lease financing to both dealers and customers. HYGFS’ total purchases of Hyster ® and Yale ® lift trucks from dealers, and directly from the Company such that HYGFS could provide retail lease financing to customers for the years ended December 31, 2017 , 2016 and 2015 were $475.9 million , $438.8 million and $483.2 million , respectively. Of these amounts, $71.1 million , $69.4 million and $78.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, were invoiced directly from the Company to HYGFS so that the customer could obtain operating lease financing from HYGFS. Amounts receivable from HYGFS were $10.4 million and $12.1 million at December 31, 2017 and 2016 , respectively. The Company provides recourse for certain financing provided by HYGFS to its dealers and customers. In addition, the Company also provides a guarantee to WF for their portion of HYGFS' debt. Refer to Note 17 for additional details relating to the guarantees provided to WF. In addition to providing financing to dealers, HYGFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to HYGFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to HYGFS under the operating lease agreements were $15.8 million and $17.2 million at December 31, 2017 and 2016 , respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to HYGFS. Total subsidies were $3.3 million , $2.8 million and $2.8 million for 2017 , 2016 and 2015 , respectively. The Company provides certain services to HYGFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $9.5 million in 2017 , $9.8 million in 2016 and $14.6 million in 2015 . In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and is being recognized over the remaining term of the agreement which expires in December 2018. The Company has a 50% ownership interest in SN, a limited liability company that was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster ® - and Yale ® - branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company’s ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2017 , 2016 and 2015 , purchases from SN were $46.8 million , $55.0 million and $57.1 million , respectively. Amounts payable to SN at December 31, 2017 and 2016 were $18.1 million and $16.5 million , respectively. The Company recognized income of $0.4 million , $0.5 million and $0.3 million for payments from SN for use of technology developed by the Company which is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2017 , 2016 and 2015 , respectively. Summarized unaudited financial information for equity investments is as follows: 2017 2016 2015 Statement of Operations Revenues $ 350.3 $ 326.7 $ 315.0 Gross profit $ 111.9 $ 103.4 $ 98.7 Income from continuing operations $ 127.2 $ 25.5 $ 23.1 Net income $ 127.2 $ 25.5 $ 23.1 Balance Sheet Current assets $ 125.3 $ 115.5 Non-current assets $ 1,484.0 $ 1,272.2 Current liabilities $ 120.7 $ 117.2 Non-current liabilities $ 1,241.6 $ 1,138.0 The results of HYGFS for 2017, which are included in the table above, include a provisional benefit of $99.2 million related to the Tax Reform Act, of which the Company has recognized $19.8 million under the equity method of accounting for HYGFS. At December 31, 2017 and 2016 , the investment in HYGFS was $35.2 million and $13.8 million , respectively, the investment in SN was $36.8 million and $31.6 million , respectively, and Bolzoni's investment in unconsolidated affiliates was $0.5 million and $0.5 million , respectively. The investments are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets. The Company received dividends of $2.4 million , $4.8 million and $2.3 million from HYGFS in 2017 , 2016 and 2015 , respectively. The Company received dividends of $0.4 million , $0.3 million and $0.2 million from SN in 2017 , 2016 and 2015 , respectively. During 2017, the Company acquired an equity investment in a third party for $5.6 million . This investment is accounted for as an available-for-sale security and valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of December 31, 2017 was $9.4 million , which includes a $3.3 million unrealized gain ( $2.8 million net of tax) that was recorded in OCI in the Consolidated Balance Sheet. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions On April 1, 2016, the Company's indirect wholly owned subsidiary, Hyster-Yale Capital Holding Italy S.r.l. (“HY Italy”), acquired 100% of the outstanding shares of Penta Holding S.p.A. ("Penta") from its shareholders for an aggregate cash purchase price of €53.5 million (approximately $60.9 million as of April 1, 2016), which includes the value of the majority stake (approximately 50.5% ) of Bolzoni owned by Penta, as well as Penta's other assets and other liabilities. Subsequent to the completion of the acquisition of Penta, HY Italy, in compliance with Italian law and CONSOB regulations, commenced the steps to launch a mandatory tender offer in Italy for all of the remaining outstanding shares of Bolzoni, with the intention to achieve the delisting of Bolzoni following completion of the mandatory tender offer and the processes related thereto. During the second and third quarters of 2016, HY Italy acquired the remaining outstanding interest in Bolzoni for €55.4 million or approximately $62.2 million , which was funded using cash on hand and borrowings under the Facility. On July 6, 2016, Bolzoni was delisted from the Italian stock exchange. The acquisition of Bolzoni added a broader range of forklift truck attachments, forks and lift tables to the Company's suite of products and provides an important platform for additional growth. The acquisition of Bolzoni has been accounted for using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. The process of estimating the fair values of intangible assets and certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The following table summarizes the final allocation of the fair values of the assets acquired and the liabilities assumed of Bolzoni as of April 1, 2016: Acquired Assets and Liabilities Fair Value Cash $ 8.0 Accounts receivable 34.0 Inventories 31.5 Property, plant and equipment 43.3 Intangible Assets 54.8 Other assets 0.5 Total assets acquired $ 172.1 Accounts payable 32.7 Total debt 44.3 Long-term deferred tax liabilities 12.5 Other liabilities 8.0 Total liabilities assumed $ 97.5 Noncontrolling interest 5.7 Net assets acquired $ 68.9 Initial purchase price $ 60.9 Interest acquired in mandatory tender offer $ 63.2 Goodwill $ 55.2 Acquired Intangible Assets Fair Value Weighted-Average Useful Lives (Years) Valuation Method Customer relationships $ 22.1 13 Excess Earnings Trademarks 17.1 Indefinite Relief from Royalty Engineering drawings 12.5 10 Reproduction Cost Patents 2.1 10 Relief from Royalty Non-compete agreement 1.0 3 Lost Profit Total $ 54.8 The fair value of accounts receivable acquired was $34.0 million with the gross contractual amount being $34.0 million . At the time of the acquisition, the Company expected to collect all accounts receivable. The $55.2 million of goodwill was assigned to the Bolzoni segment. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of Bolzoni. None of the goodwill is expected to be deductible for income tax purposes. The results of Bolzoni’s operations have been included in the consolidated financial statements since the acquisition date and are reflected in the Bolzoni segment. Pro forma information has not been presented as it would not be materially different from historical reported results of operations. In April 2016, the Company entered into a non-cash working capital transaction to acquire a telematics installation and distribution business with intangibles of approximately $8.1 million . The results of operations of this acquired business have been included in the America's segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows. On December 6, 2017, the Company's indirect wholly owned subsidiary, Hyster-Yale Acquisition Holding Ltd., entered into an Equity Transfer Agreement (“ETA”) with KNSN Pipe & Pile Company Limited (“KNSN”), pursuant to which Acquisition Co. will purchase 75% of the equity interest of Zhejiang Maximal Forklift Co., Ltd. (“Maximal”) from KNSN for an aggregate purchase price of $90.0 million . After the closing under the ETA, which the Company currently anticipates to be in the second quarter of 2018, the remaining 25% of the equity interest of Maximal will be owned by the current senior management of Maximal, through Y-C Hong Kong Holding Company Limited (“HK Holding Co.”). Maximal is a privately held manufacturer of utility and standard lift trucks and specialized materials handling equipment founded in 2006 in the Hangzhou, Zhejiang Province of China . Under the terms of the ETA, upon the closing, the Company will pay $81.0 million to a jointly-controlled bank account under the name of KNSN, and KNSN is only allowed to use such amount to repay intercompany indebtedness owed by KNSN to Maximal and to remove existing related-party guarantees provided by Maximal. Any balance amount remaining after fulfilling the specified purposes will belong to KNSN. In addition, upon the closing, the Company will pay $9.0 million to an escrow account, which will be released to KNSN in two installments. The first installment of $2.7 million will be released on the second anniversary of the closing and the second installment of $6.3 million will be released on the third anniversary of the closing subject to a number of conditions. The closing of the transaction is subject to customary closing conditions and required regulatory approvals. KNSN is obligated to indemnify the Company from and against any breach of representations and warranties and any liabilities and losses associated with the pre-closing operations of Maximal. Either party has a right to terminate the transaction if the closing conditions (other than governmental approvals) have not been satisfied within nine months of the signing, with no penalties on either party. In addition, on December 6, 2017, the Company signed an incentive agreement with Mr. Jin Hong Lu, a key member of senior management of Maximal and the majority shareholder of KNSN. Pursuant to this agreement, the Company will pay $10.0 million to Mr. Lu by the third anniversary of the closing under the ETA, provided that Mr. Lu, his immediate family members and any affiliates fully comply with the non-competition, conflict of interest, non-solicitation, and compliance covenants set forth in the agreement. The Company recognized $2.5 million and $6.6 million of acquisition-related costs during 2017 and 2016, respectively, which are 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 Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES YEAR ENDED DECEMBER 31, 2017 , 2016 AND 2015 Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts — Describe (A) Deductions — Describe Balance at End of Period (In millions) 2017 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 14.9 $ 0.2 $ 1.1 $ 7.5 (C) $ 8.7 2016 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 12.8 $ 6.3 $ (2.7 ) $ 1.5 (C) $ 14.9 2015 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 16.3 $ 4.9 $ (2.1 ) $ 6.3 (C) $ 12.8 (A) Foreign currency translation adjustments and other. (B) Includes allowance of receivables classified as long-term of $5.0 million , $4.6 million and $4.5 million in 2017 , 2016 and 2015 , respectively. (C) Write-offs, net of recoveries. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 $10.8 million , $10.8 million and $11.7 million in 2017 , 2016 and 2015 , 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 $104.5 million , $107.0 million and $88.3 million in 2017 , 2016 and 2015 , 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 2017: ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory: The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships: The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting: The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Accounting Standards Not Yet Adopted: ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015, 2016 and 2017 to update or clarify this guidance): 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 pronouncement is effective January 1, 2018. The Company's evaluation process of the new standard included, but was not limited to, identifying contracts and revenue streams within the scope of the guidance, reviewing and documenting the accounting and identifying and determining the accounting for any related contract costs and variable consideration. The Company has documented this evaluation and has implemented processes and controls for certain revenue streams as warranted by the guidance. The Company adopted the standard on January 1, 2018 using the modified retrospective approach and recorded a cumulative adjustment to retained earnings for open contracts as of January 1, 2018. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. The Company will provide the new disclosures required by the standard in the Company's March 31, 2018 Quarterly Report on Form 10-Q. ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities: The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments. The pronouncement is effective January 1, 2018. The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance. The Company recorded a cumulative adjustment to retained earnings for deferred gains related to equity investments in third-parties as of January 1, 2018 of $3.6 million. Subsequent changes in the fair value of these investments will be recognized directly in earnings. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments: The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows. The pronouncement is effective January 1, 2018. The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-16, Income Taxes (Topic 740): The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid. The pronouncement is effective January 1, 2018. The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash: The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The pronouncement is effective January 1, 2018. The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business: The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses. The pronouncement is effective January 1, 2018. The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition: The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets. The pronouncement is effective January 1, 2018. The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement: The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The pronouncement is effective January 1, 2018. The Company will present the components of net benefit cost, other than service cost, in other (income) expense for its pension plans starting on January 1, 2018. Service cost for the Company's pension plans will continue to be reported in operating profit. ASU No. 2016-02, Leases (Topic 842)(Subsequent ASUs have been issued in 2017 to update or clarify this guidance): The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The pronouncement is effective January 1, 2019. The Company's evaluation process of the new standard includes, but is not limited to, evaluating its current lease portfolio, identifying relevant contracts and attributes affected by the standard and determining the required accounting upon adoption. In addition, the Company expects to implement new processes and controls regarding asset financing transactions and financial reporting. The Company continues to evaluate its global leasing portfolio and train relevant personnel. In addition, the Company has started abstraction of key attributes within lease contracts and began to evaluate systems-related requirements for the new standard. This evaluation will continue throughout 2018. While the Company's evaluation of the alternative methods of adoption, practical expedients and the effect on its financial position, results of operations, cash flows and related disclosures is ongoing; the Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities: The guidance makes targeted changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify the application of hedge accounting. Changes include expanding the types of risk management strategies eligible for hedge accounting, easing the documentation and effectiveness assessment requirements, changing how ineffectiveness is measured and changing the presentation and disclosure requirements for hedge accounting activities. The pronouncement is effective January 1, 2019. The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income: The guidance provides an election to reclassify the stranded tax effects resulting from the Tax Reform Act from OCI to retained earnings. In addition, the guidance requires new disclosures regarding the election to adopt and the manner in which tax effects remaining in OCI are released. The pronouncement is effective January 1, 2019. The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances. The pronouncement is effective January 1, 2020. The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017. The pronouncement is effective January 1, 2020. The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process. |
Common Stock and Earnings per30
Common Stock and Earnings per Share (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 89,502 , 56,002 and 49,185 shares related to the years ended December 31, 2017 , 2016 and 2015 , respectively. After the issuance of these shares, there were 407,890 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $7.6 million ( $6.0 million net of tax), $3.8 million ( $2.3 million net of tax) and $1.9 million ( $1.2 million net of tax) for the years ended December 31, 2017 , 2016 and 2015 , 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 year ended December 31, 2017 , $110,000 of each non-employee director's retainer of $166,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2016 , $102,000 of $158,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2015 , $94,000 of $150,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 14,480 , 15,426 and 13,683 shares related to the years ended December 31, 2017 , 2016 and 2015 , 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 2,006 , 2,352 and 2,150 in 2017 , 2016 and 2015 , respectively. After the issuance of these shares, there were 27,117 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.2 million ( $0.9 million net of tax), $1.1 million ( $0.7 million net of tax) and $1.0 million ( $0.6 million net of tax) for the years ended December 31, 2017 , 2016 and 2015 , 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 Der31
Financial Instruments and Derivative Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Derivatives, Policy [Policy Text Block] | Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales. Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change. 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. During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps 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 other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is generally recognized in other (income) expense. The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings in other (income) expense. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. |
Retirement Benefit Plans (Polic
Retirement Benefit Plans (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 (Policies)
Inventories (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Policy [Policy Text Block] | The FIFO method is used with respect to all other inventories. The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Significant Accounting Polici35
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met. ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323) The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The following table provides a brief description of recent accounting pronouncements not yet adopted: Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015, 2016 and 2017 to update or clarify this guidance) 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. January 1, 2018 The Company's evaluation process of the new standard included, but was not limited to, identifying contracts and revenue streams within the scope of the guidance, reviewing and documenting the accounting and identifying and determining the accounting for any related contract costs and variable consideration. The Company has documented this evaluation and has implemented processes and controls for certain revenue streams as warranted by the guidance. The Company adopted the standard on January 1, 2018 using the modified retrospective approach and recorded a cumulative adjustment to retained earnings for open contracts as of January 1, 2018. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. The Company will provide the new disclosures required by the standard in the Company's March 31, 2018 Quarterly Report on Form 10-Q. ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments. January 1, 2018 The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance. The Company recorded a cumulative adjustment to retained earnings for deferred gains related to equity investments in third-parties as of January 1, 2018 of $3.6 million. Subsequent changes in the fair value of these investments will be recognized directly in earnings. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-16, Income Taxes (Topic 740) The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets. January 1, 2018 The adoption of the guidance did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures. ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. January 1, 2018 The Company will present the components of net benefit cost, other than service cost, in other (income) expense for its pension plans starting on January 1, 2018. Service cost for the Company's pension plans will continue to be reported in operating profit. ASU No. 2016-02, Leases (Topic 842)(Subsequent ASUs have been issued in 2017 to update or clarify this guidance) The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. January 1, 2019 The Company's evaluation process of the new standard includes, but is not limited to, evaluating its current lease portfolio, identifying relevant contracts and attributes affected by the standard and determining the required accounting upon adoption. In addition, the Company expects to implement new processes and controls regarding asset financing transactions and financial reporting. The Company continues to evaluate its global leasing portfolio and train relevant personnel. In addition, the Company has started abstraction of key attributes within lease contracts and began to evaluate systems-related requirements for the new standard. This evaluation will continue throughout 2018. While the Company's evaluation of the alternative methods of adoption, practical expedients and the effect on its financial position, results of operations, cash flows and related disclosures is ongoing; the Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes. ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities The guidance makes targeted changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify the application of hedge accounting. Changes include expanding the types of risk management strategies eligible for hedge accounting, easing the documentation and effectiveness assessment requirements, changing how ineffectiveness is measured and changing the presentation and disclosure requirements for hedge accounting activities. January 1, 2019 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The guidance provides an election to reclassify the stranded tax effects resulting from the Tax Reform Act from OCI to retained earnings. In addition, the guidance requires new disclosures regarding the election to adopt and the manner in which tax effects remaining in OCI are released. January 1, 2019 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures. Standard Description Required Date of Adoption Effect on the financial statements or other significant matters ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances. January 1, 2020 The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017. January 1, 2020 The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2017 2016 2015 Revenues from external customers Americas $ 1,834.1 $ 1,675.7 $ 1,775.5 EMEA 715.8 615.7 606.4 JAPIC 173.9 169.5 193.7 Lift truck business 2,723.8 2,460.9 2,575.6 Bolzoni 177.2 115.6 — Nuvera 3.7 2.5 2.5 Eliminations (19.5 ) (9.3 ) — Total $ 2,885.2 $ 2,569.7 $ 2,578.1 2017 2016 2015 Gross profit (loss) Americas $ 334.6 $ 287.9 $ 308.1 EMEA 95.7 89.5 101.3 JAPIC 20.2 17.1 23.2 Lift truck business 450.5 394.5 432.6 Bolzoni 54.8 35.7 — Nuvera (2.1 ) (2.7 ) (1.8 ) Eliminations (0.6 ) — — Total $ 502.6 $ 427.5 $ 430.8 Selling, general and administrative expenses Americas $ 225.3 $ 214.2 $ 191.2 EMEA 86.7 81.9 88.3 JAPIC 26.3 23.8 25.0 Lift truck business 338.3 319.9 304.5 Bolzoni 48.4 35.8 — Nuvera 39.9 36.9 22.8 Total $ 426.6 $ 392.6 $ 327.3 Operating profit (loss) Americas $ 109.3 $ 73.7 $ 116.9 EMEA 9.0 7.6 13.0 JAPIC (6.1 ) (6.7 ) (1.8 ) Lift truck business 112.2 74.6 128.1 Bolzoni 6.4 (0.1 ) — Nuvera (42.0 ) (39.6 ) (24.6 ) Eliminations (0.6 ) — — Total $ 76.0 $ 34.9 $ 103.5 Interest expense Americas $ 12.3 $ 5.4 $ 4.4 EMEA 1.6 0.4 0.1 JAPIC — 0.1 0.2 Lift truck business 13.9 5.9 4.7 Bolzoni 0.8 0.8 — Nuvera — — — Eliminations (0.1 ) — — Total $ 14.6 $ 6.7 $ 4.7 2017 2016 2015 Interest income Americas $ (3.3 ) $ (1.0 ) $ (1.0 ) EMEA — (0.5 ) (0.3 ) JAPIC (0.4 ) (0.5 ) (0.2 ) Lift truck business (3.7 ) (2.0 ) (1.5 ) Bolzoni — — — Nuvera — — — Eliminations 0.1 — — Total $ (3.6 ) $ (2.0 ) $ (1.5 ) Other (income) expense Americas $ (25.4 ) $ (5.7 ) $ (2.7 ) EMEA 1.1 1.0 1.0 JAPIC (4.5 ) (3.2 ) (2.5 ) Lift truck business (28.8 ) (7.9 ) (4.2 ) Bolzoni — (0.2 ) — Nuvera — — — Total $ (28.8 ) $ (8.1 ) $ (4.2 ) Income tax provision (benefit) Americas $ 57.3 $ 15.4 $ 39.9 EMEA 0.9 (2.7 ) 1.6 JAPIC 1.2 (0.5 ) (2.1 ) Lift truck business 59.4 12.2 39.4 Bolzoni 1.0 (0.4 ) — Nuvera (15.3 ) (15.8 ) (10.0 ) Eliminations (0.2 ) — — Total $ 44.9 $ (4.0 ) $ 29.4 Net income (loss) attributable to stockholders Americas $ 68.4 $ 59.6 $ 76.3 EMEA 5.3 9.4 10.6 JAPIC (1.9 ) (2.1 ) 2.4 Lift truck business 71.8 66.9 89.3 Bolzoni 3.9 (0.3 ) — Nuvera (26.7 ) (23.8 ) (14.6 ) Eliminations (0.4 ) — — Total $ 48.6 $ 42.8 $ 74.7 2017 2016 2015 Total assets Americas $ 1,146.0 $ 831.9 $ 680.7 EMEA 615.5 462.3 412.0 JAPIC 138.6 127.0 140.6 Eliminations (304.6 ) (185.3 ) (130.9 ) Lift truck business 1,595.5 1,235.9 1,102.4 Bolzoni 239.8 206.9 — Nuvera 26.4 36.9 17.4 Eliminations (213.8 ) (192.6 ) (23.9 ) Total $ 1,647.9 $ 1,287.1 $ 1,095.9 Depreciation and amortization Americas $ 19.9 $ 18.5 $ 16.2 EMEA 7.1 6.5 5.9 JAPIC 2.6 3.1 5.2 Lift truck business 29.6 28.1 27.3 Bolzoni 11.2 9.5 — Nuvera 2.0 1.5 1.6 Total $ 42.8 $ 39.1 $ 28.9 Capital expenditures Americas $ 25.5 $ 27.6 $ 33.5 EMEA 8.6 7.3 8.7 JAPIC 1.2 1.6 1.7 Lift truck business 35.3 36.5 43.9 Bolzoni 4.7 4.0 — Nuvera 1.0 2.2 2.7 Total $ 41.0 $ 42.7 $ 46.6 Cash and cash equivalents Americas $ 191.2 $ 10.4 $ 54.2 EMEA 11.6 14.4 82.2 JAPIC 6.6 8.2 18.5 Lift truck business 209.4 33.0 154.9 Bolzoni 10.7 10.2 — Nuvera — — 0.2 Total $ 220.1 $ 43.2 $ 155.1 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | United States Europe, Africa and Middle East Other Consolidated 2017 Revenues from unaffiliated customers, based on the customers’ location $ 1,588.8 $ 825.8 $ 470.6 $ 2,885.2 Long-lived tangible assets $ 181.6 $ 82.3 $ 83.4 $ 347.3 2016 Revenues from unaffiliated customers, based on the customers’ location $ 1,437.6 $ 701.9 $ 430.2 $ 2,569.7 Long-lived tangible assets $ 159.1 $ 59.8 $ 82.1 $ 301.0 2015 Revenues from unaffiliated customers, based on the customers’ location $ 1,575.2 $ 606.5 $ 396.4 $ 2,578.1 Long-lived tangible assets $ 126.2 $ 39.4 $ 61.8 $ 227.4 |
Quarterly Results of Operatio37
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Quarterly Financial Information [Table Text Block] | 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 713.1 $ 685.5 $ 691.1 $ 795.5 Gross profit $ 126.1 $ 121.7 $ 121.4 $ 133.4 Operating profit $ 23.4 $ 18.3 $ 17.9 $ 16.4 Net income (loss) $ 18.1 $ 16.4 $ 16.7 $ (2.3 ) Net income (loss) attributable to stockholders $ 18.1 $ 16.4 $ 16.5 $ (2.4 ) Basic earnings (loss) per share $ 1.10 $ 1.00 $ 1.00 $ (0.15 ) Diluted earnings (loss) per share $ 1.10 $ 0.99 $ 1.00 $ (0.15 ) Net income (loss) attributable to stockholders for the fourth quarter of 2017 include the impacts of the Tax Cuts and Jobs Act, which was signed into law December 22, 2017. See Note 6 to the consolidated financial statements for further discussion. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 604.2 $ 645.6 $ 629.3 $ 690.6 Gross profit $ 97.9 $ 114.0 $ 104.6 $ 111.0 Operating profit $ 9.7 $ 11.4 $ 5.4 $ 8.4 Net income $ 9.9 $ 8.3 $ 12.0 $ 12.1 Net income attributable to stockholders $ 10.0 $ 8.3 $ 12.3 $ 12.2 Basic earnings per share $ 0.61 $ 0.51 $ 0.75 $ 0.74 Diluted earnings per share $ 0.61 $ 0.51 $ 0.75 $ 0.74 |
Common Stock and Earnings Per38
Common Stock and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 2015 Basic weighted average shares outstanding 16.447 16.376 16.307 Dilutive effect of restricted stock awards 0.067 0.051 0.048 Diluted weighted average shares outstanding 16.514 16.427 16.355 Basic earnings per share $ 2.95 $ 2.61 $ 4.58 Diluted earnings per share $ 2.94 $ 2.61 $ 4.57 Cash dividends per share $ 1.2025 $ 1.1700 $ 1.1300 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Income before income taxes U.S. $ 48.3 $ (1.2 ) $ 71.2 Non-U.S. 45.5 39.5 33.3 $ 93.8 $ 38.3 $ 104.5 Income tax provision (benefit) Current tax provision: Federal $ 28.3 $ (1.3 ) $ 22.1 State 1.4 (0.3 ) 3.4 Non-U.S. 7.1 5.0 5.3 Total current $ 36.8 $ 3.4 $ 30.8 Deferred tax provision (benefit): Federal $ 10.7 $ (5.8 ) $ (0.4 ) State (0.7 ) 0.8 1.2 Non-U.S. (1.9 ) (2.4 ) (2.2 ) Total deferred $ 8.1 $ (7.4 ) $ (1.4 ) $ 44.9 $ (4.0 ) $ 29.4 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 Income before income taxes $ 93.8 $ 38.3 $ 104.5 Statutory taxes at 35.0% $ 32.8 $ 13.4 $ 36.6 Tax Reform Act 38.2 — — State income taxes 0.2 (0.6 ) 4.1 Valuation allowance 0.1 (0.2 ) 5.9 Sale of non-U.S. investment (9.1 ) (1.9 ) (3.7 ) Equity interest earnings (8.1 ) (2.2 ) (1.9 ) Non-U.S. rate differences (7.2 ) (9.6 ) (10.5 ) R&D and other federal credits (1.8 ) (1.8 ) (1.7 ) Unremitted non-U.S. earnings (0.4 ) (3.9 ) 0.1 Tax controversy resolution — 2.1 (0.2 ) Other 0.2 0.7 0.7 Income tax provision (benefit) $ 44.9 $ (4.0 ) $ 29.4 Reported income tax rate 47.9 % n.m. 28.1 % n.m. - not meaningful |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 2017 2016 Deferred tax assets Tax attribute carryforwards $ 28.3 $ 31.6 Product warranties 9.1 13.7 Accrued expenses and reserves 8.3 23.2 Accrued product liability 6.5 9.3 Other employee benefits 3.2 5.2 Accrued pension benefits 2.2 8.2 Other — 2.2 Total deferred tax assets 57.6 93.4 Less: Valuation allowance 31.0 29.3 26.6 64.1 Deferred tax liabilities Depreciation and amortization 22.2 25.4 Inventories 0.5 5.8 Unremitted earnings — 0.4 Other 0.3 — Total deferred tax liabilities 23.0 31.6 Net deferred tax asset $ 3.6 $ 32.5 |
Tax Credit Carryforward [Line Items] | |
Summary of Tax Credit Carryforwards [Table Text Block] | December 31, 2017 Net deferred tax asset Valuation allowance Carryforwards expire during: Non-U.S. net operating loss $ 21.9 $ 13.9 2018 - Indefinite Non-U.S. capital losses 6.5 6.5 2018 - Indefinite State net operating losses and credits 3.8 2.4 2018 - 2036 Less: Unrecognized tax benefits (3.9 ) — Total $ 28.3 $ 22.8 December 31, 2016 Net deferred tax asset Valuation allowance Carryforwards expire during: Non-U.S. net operating loss $ 25.2 $ 15.7 2017 - Indefinite Non-U.S. capital losses 5.9 5.9 2017 - Indefinite State net operating losses and credits 2.8 2.0 2017 - 2031 U.S. foreign tax credit 2.5 — 2017 - 2026 U.S. net operating loss 0.8 — 2017 - 2036 Less: Unrecognized tax benefits (5.6 ) — Total $ 31.6 $ 23.6 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2017 2016 2015 Balance at January 1 $ 11.2 $ 3.8 $ 4.3 Additions (reductions) for business acquisitions (1.0 ) 6.3 — Additions based on tax positions related to the current year 2.7 2.8 0.7 Additions (reductions) for tax positions of prior years (1.5 ) 0.1 0.1 Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations (1.2 ) (0.9 ) (1.1 ) Other changes in unrecognized tax benefits including foreign currency translation adjustments 0.7 (0.9 ) (0.2 ) Balance at December 31 $ 10.9 $ 11.2 $ 3.8 |
Reclassifications from AOCI (Ta
Reclassifications from AOCI (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Gain (loss) on cash flow hedges: Foreign exchange contracts $ (5.7 ) $ (3.0 ) $ (8.7 ) Cost of sales Total before tax (5.7 ) (3.0 ) (8.7 ) Income before income taxes Tax expense 1.6 2.2 6.0 Income tax provision (benefit) Net of tax $ (4.1 ) $ (0.8 ) $ (2.7 ) Net income Amortization of defined benefit pension items: Actuarial loss $ (4.5 ) $ (3.0 ) $ (3.5 ) (a) Prior service (cost) credit 0.3 0.3 0.3 (a) Total before tax (4.2 ) (2.7 ) (3.2 ) Income before income taxes Tax expense 1.0 0.7 0.9 Income tax provision (benefit) Net of tax $ (3.2 ) $ (2.0 ) $ (2.3 ) Net income Total reclassifications for the period $ (7.3 ) $ (2.8 ) $ (5.0 ) |
Financial Instruments and Der41
Financial Instruments and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Notional Amount Average Fixed Rate December 31 December 31 December 31 December 31 2017 2016 2017 2016 Term at December 31, 2017 $ 100.0 $ 100.0 1.47 % 1.47 % Extending to December 2018 56.5 — 1.94 % — % November 2017 to November 2022 83.5 — 2.20 % — % December 2018 to May 2023 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Liability Derivatives Balance sheet location 2017 2016 Balance sheet location 2017 2016 Derivatives designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ — $ — Prepaid expenses and other $ 0.1 $ — Long-term Other non-current assets 0.7 — Other non-current assets — — Other long-term liabilities — — Other long-term liabilities 0.1 — Foreign currency exchange contracts Current Prepaid expenses and other 8.3 — Prepaid expenses and other 4.0 — Other current liabilities 2.8 3.7 Other current liabilities 4.3 14.0 Long-Term Other non-current assets 3.9 — Other non-current assets 1.3 — Other long-term liabilities 0.5 — Other long-term liabilities 7.7 10.1 Total derivatives designated as hedging instruments $ 16.2 $ 3.7 $ 17.5 $ 24.1 Derivatives not designated as hedging instruments Cash Flow Hedges Interest rate swap agreements Current Prepaid expenses and other $ 0.4 $ — Prepaid expenses and other $ — $ — Other current liabilities — — Other current liabilities — 0.3 Long-term Other non-current assets — 0.2 Other non-current assets — — Other long-term liabilities — — Other long-term liabilities 0.1 0.2 Foreign currency exchange contracts Current Prepaid expenses and other 0.8 — Prepaid expenses and other 0.4 — Other current liabilities 0.1 1.6 Other current liabilities 0.8 3.9 Total derivatives not designated as hedging instruments $ 1.3 $ 1.8 $ 1.3 $ 4.4 Total derivatives $ 17.5 $ 5.5 $ 18.8 $ 28.5 l |
Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block] | Derivative Assets as of December 31, 2017 Derivative Liabilities as of December 31, 2017 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 $ 1.0 $ (0.2 ) $ 0.8 $ 0.8 $ 0.2 $ (0.2 ) $ — $ — Foreign currency exchange contracts 7.3 (7.3 ) — — 9.4 (7.3 ) 2.1 2.1 Total derivatives $ 8.3 $ (7.5 ) $ 0.8 $ 0.8 $ 9.6 $ (7.5 ) $ 2.1 $ 2.1 Derivative Assets as of December 31, 2016 Derivative Liabilities as of December 31, 2016 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 $ 0.2 $ (0.2 ) $ — $ — $ 0.5 $ (0.2 ) $ 0.3 $ 0.3 Foreign currency exchange contracts — — — — 22.7 — 22.7 22.7 Total derivatives $ 0.2 $ (0.2 ) $ — $ — $ 23.2 $ (0.2 ) $ 23.0 $ 23.0 |
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) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Cash Flow Hedges Interest rate swap agreements $ 0.5 $ — $ — Interest expense $ — $ — $ — Other $ — $ — $ — Foreign currency exchange contracts 14.1 (15.5 ) (11.1 ) Cost of sales (5.7 ) (3.0 ) (8.7 ) Cost of sales (0.1 ) (0.2 ) 0.1 $ 14.6 $ (15.5 ) $ (11.1 ) $ (5.7 ) $ (3.0 ) $ (8.7 ) $ (0.1 ) $ (0.2 ) $ 0.1 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 2017 2016 2015 Cash flow hedges Interest rate swap agreements Other $ 0.2 $ (0.6 ) $ (0.5 ) Foreign currency exchange contracts Cost of sales 2.0 (2.8 ) 0.3 Total $ 2.2 $ (3.4 ) $ (0.2 ) |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Assumptions Used [Table Text Block] | 2017 2016 2015 United States Plans Weighted average discount rates 3.40% 3.75% 4.00% Expected long-term rate of return on assets 7.50% 7.50% 7.50% Non-U.S. Plans Weighted average discount rates 0.88% - 2.40% 0.86% - 2.50% 2.10% - 3.70% Rate of increase in compensation levels 1.50% - 2.50% 1.50% - 2.50% 2.00% - 2.50% Expected long-term rate of return on assets 1.70% - 7.00% 3.00% - 7.00% 3.00% - 7.00% 2017 2016 2015 United States Plans Weighted average discount rates 3.40% 3.75% 4.00% Expected long-term rate of return on assets 7.50% 7.50% 7.50% Non-U.S. Plans Weighted average discount rates 0.88% - 2.40% 0.86% - 2.50% 2.10% - 3.70% Rate of increase in compensation levels 1.50% - 2.50% 1.50% - 2.50% 2.00% - 2.50% Expected long-term rate of return on assets 1.70% - 7.00% 3.00% - 7.00% 3.00% - 7.00% |
Schedule of Net Benefit Costs [Table Text Block] | 2017 2016 2015 United States Plans Service cost $ — $ — $ — Interest cost 2.7 3.0 2.9 Expected return on plan assets (4.9 ) (5.0 ) (5.5 ) Amortization of actuarial loss 1.8 1.6 1.5 Amortization of prior service credit (0.3 ) (0.3 ) (0.3 ) Settlements 1.0 0.9 1.3 Net periodic pension expense (benefit) $ 0.3 $ 0.2 $ (0.1 ) Non-U.S. Plans Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 4.1 5.0 5.6 Expected return on plan assets (9.2 ) (8.8 ) (9.6 ) Amortization of actuarial loss 2.7 1.4 2.0 Net periodic pension expense (benefit) $ (2.2 ) $ (2.2 ) $ (1.8 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2017 2016 2015 United States Plans Current year actuarial (gain) loss $ (2.0 ) $ 1.6 $ 4.3 Amortization of actuarial loss (1.8 ) (1.6 ) (1.5 ) Amortization of prior service credit 0.3 0.3 0.3 Settlements (1.0 ) (0.9 ) (1.3 ) Total recognized in other comprehensive income (loss) $ (4.5 ) $ (0.6 ) $ 1.8 Non-U.S. Plans Current year actuarial (gain) loss $ (13.8 ) $ 20.5 $ 2.0 Amortization of actuarial loss (2.7 ) (1.4 ) (2.0 ) Current year prior service credit — — (0.1 ) Total recognized in other comprehensive income (loss) $ (16.5 ) $ 19.1 $ (0.1 ) |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Change in benefit obligation Projected benefit obligation at beginning of year $ 75.7 $ 165.2 $ 77.3 $ 156.1 Service cost — 0.2 — 0.2 Interest cost 2.7 4.1 3.0 5.0 Actuarial (gain) loss 2.9 (1.9 ) 1.2 34.6 Benefits paid (4.5 ) (5.8 ) (4.2 ) (5.4 ) Employee contributions — 0.1 — 0.1 Lump sum payments (2.0 ) — (1.6 ) — Business acquisition benefit obligation — — — 2.5 Foreign currency exchange rate changes — 17.1 — (27.9 ) Projected benefit obligation at end of year $ 74.8 $ 179.0 $ 75.7 $ 165.2 Accumulated benefit obligation at end of year $ 74.8 $ 178.4 $ 75.7 $ 164.7 Change in plan assets Fair value of plan assets at beginning of year $ 67.2 $ 138.9 $ 68.4 $ 144.7 Actual return on plan assets 9.8 20.6 4.6 21.1 Employer contributions 0.5 9.2 — 3.2 Employee contributions — 0.1 — 0.1 Benefits paid (4.5 ) (5.8 ) (4.2 ) (5.4 ) Settlements (2.0 ) — (1.6 ) — Foreign currency exchange rate changes — 15.3 — (24.8 ) Fair value of plan assets at end of year $ 71.0 $ 178.3 $ 67.2 $ 138.9 Funded status at end of year $ (3.8 ) $ (0.7 ) $ (8.5 ) $ (26.3 ) 2017 2016 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans Amounts recognized in the consolidated balance sheets consist of: Noncurrent assets $ 0.1 $ 3.8 $ — $ — Noncurrent liabilities (3.9 ) (4.5 ) (8.5 ) (26.3 ) $ (3.8 ) $ (0.7 ) $ (8.5 ) $ (26.3 ) Components of accumulated other comprehensive income (loss) consist of: Actuarial loss $ 37.9 $ 40.1 $ 42.7 $ 53.3 Prior service credit (0.3 ) (0.1 ) (0.6 ) (0.1 ) Deferred taxes (7.8 ) (5.2 ) (14.4 ) (9.0 ) Change in statutory tax rate (6.0 ) (2.0 ) (1.2 ) (1.6 ) Foreign currency translation adjustment — 2.3 — 6.1 $ 23.8 $ 35.1 $ 26.5 $ 48.7 |
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 $ 3.8 $ 3.0 Prior service credit $ (0.2 ) $ (0.2 ) |
Schedule of Expected Benefit Payments [Table Text Block] | U.S. Plans Non-U.S. Plans 2018 $ 6.1 $ 5.7 2019 6.0 6.6 2020 5.7 6.6 2021 5.6 6.6 2022 5.5 6.7 2023 - 2027 23.9 39.4 $ 52.8 $ 71.6 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 2017 2016 2017 2016 U.S. equity securities $ 31.8 $ 30.5 $ 26.1 $ 20.4 U.K. equity securities — — 32.8 26.7 Non-U.S., non-U.K. equity securities 14.2 13.3 54.0 42.0 Fixed income securities 24.1 22.7 60.9 49.8 Money market 0.9 0.7 4.5 — Total $ 71.0 $ 67.2 $ 178.3 $ 138.9 |
Americas [Member] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2017 2016 Target Allocation Range U.S. equity securities 44.8% 45.4% 36.0% - 54.0% Non-U.S. equity securities 20.0% 19.7% 16.0% - 24.0% Fixed income securities 33.9% 33.9% 30.0% - 40.0% Money market 1.3% 1.0% 0.0% - 10.0% |
Foreign Plan [Member] | |
Schedule of Allocation of Plan Assets [Table Text Block] | 2017 2016 Target Allocation U.K. equity securities 20.2% 21.2% 21.0% Non-U.K. equity securities 49.3% 48.8% 49.0% Fixed income securities 27.7% 30.0% 30.0% Money market 2.8% —% —% |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Inventory, Current [Table Text Block] | December 31 2017 2016 Finished goods and service parts $ 193.7 $ 171.9 Work in process 19.9 26.1 Raw materials 239.0 191.4 Total manufactured inventories 452.6 389.4 LIFO reserve (40.7 ) (37.2 ) Total inventory $ 411.9 $ 352.2 |
Property, Plant and Equipment44
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Table [Table Text Block] | December 31 2017 2016 Land and land improvements $ 27.4 $ 26.3 Plant and equipment 700.4 645.1 Property, plant and equipment, at cost 727.8 671.4 Allowances for depreciation and amortization (462.4 ) (416.3 ) $ 265.4 $ 255.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 18.0 $ — $ 18.0 Intangible assets subject to amortization Customer and contractual relationships 30.5 (6.4 ) 24.1 Patents and technology 16.5 (3.1 ) 13.4 Trademarks 0.6 — 0.6 Total $ 65.6 $ (9.5 ) $ 56.1 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Balance Intangible assets not subject to amortization Trademarks $ 15.8 $ — $ 15.8 Intangible assets subject to amortization Customer and contractual relationships $ 27.9 $ (2.9 ) $ 25.0 Patents and technology 16.3 (2.0 ) 14.3 Trademarks 1.2 (0.1 ) 1.1 Total $ 61.2 $ (5.0 ) $ 56.2 |
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class [Table Text Block] | Intangible assets subject to amortization Weighted-Average Useful Lives (Years) Customer relationships 10 Engineering drawings 9 Non-compete agreement 2 Patents 7 Trademarks 10 |
Schedule of Goodwill [Table Text Block] | Carrying Amount of Goodwill Americas EMEA Bolzoni Total Balance at January 1, 2016 $ — $ — $ — $ — Additions 1.7 — 54.2 55.9 Foreign currency translation — — (5.2 ) (5.2 ) Balance at December 31, 2016 $ 1.7 $ — $ 49.0 $ 50.7 Additions — 0.8 1.0 1.8 Foreign currency translation — — 6.6 6.6 Balance at December 31, 2017 $ 1.7 $ 0.8 $ 56.6 $ 59.1 |
Current and Long-Term Financi46
Current and Long-Term Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | December 31 2017 2016 Total outstanding borrowings: Revolving credit agreements $ 6.1 $ 116.0 Term loan, net 190.9 — Other debt 73.9 68.5 Capital lease obligations 19.8 26.7 Total debt outstanding $ 290.7 $ 211.2 Plus: discount on term loan and unamortized deferred financing fees 4.1 — Total debt outstanding, gross $ 294.8 $ 211.2 Current portion of borrowings outstanding $ 74.5 $ 129.0 Long-term portion of borrowings outstanding $ 216.2 $ 82.2 Total available borrowings, net of limitations, under revolving credit agreements $ 218.8 $ 291.2 Unused revolving credit agreements $ 212.7 $ 175.2 Weighted average stated interest rate on total borrowings 5.2 % 4.4 % Weighted average effective interest rate on total borrowings (including interest rate swap agreements) 3.9 % 4.4 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 68.5 2019 31.3 2020 10.1 2021 10.1 2022 10.0 Thereafter 145.0 $ 275.0 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Leased Assets [Line Items] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Capital Leases Operating Leases 2018 $ 7.1 $ 20.2 2019 5.9 13.9 2020 4.9 10.3 2021 2.4 7.4 2022 — 6.1 Subsequent to 2022 — 17.0 Total minimum lease payments 20.3 $ 74.9 Amounts representing interest 0.5 Present value of net minimum lease payments 19.8 Current maturities 6.8 Long-term capital lease obligation $ 13.0 |
Schedule of Capital Leased Assets [Table Text Block] | December 31 2017 2016 Plant and equipment $ 35.9 $ 37.5 Less accumulated amortization (10.4 ) (8.1 ) $ 25.5 $ 29.4 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | 2017 2016 Balance at January 1 $ 52.3 $ 55.5 Current year warranty expense 32.2 35.4 Change in estimate related to pre-existing warranties (8.9 ) (10.1 ) Payments made (26.5 ) (27.9 ) Foreign currency effect 1.9 (0.6 ) Balance at December 31 $ 51.0 $ 52.3 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | HYGFS Total Total recourse or repurchase obligations $ 174.2 $ 203.5 Less: exposure limited for certain dealers 54.3 54.3 Plus: 7.5% of original loan balance 12.0 12.0 131.9 161.2 Incremental obligation related to guarantee to WF 179.6 179.6 Total exposure related to guarantees $ 311.5 $ 340.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments [Table Text Block] | 2017 2016 2015 Statement of Operations Revenues $ 350.3 $ 326.7 $ 315.0 Gross profit $ 111.9 $ 103.4 $ 98.7 Income from continuing operations $ 127.2 $ 25.5 $ 23.1 Net income $ 127.2 $ 25.5 $ 23.1 Balance Sheet Current assets $ 125.3 $ 115.5 Non-current assets $ 1,484.0 $ 1,272.2 Current liabilities $ 120.7 $ 117.2 Non-current liabilities $ 1,241.6 $ 1,138.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquired Assets and Liabilities Fair Value Cash $ 8.0 Accounts receivable 34.0 Inventories 31.5 Property, plant and equipment 43.3 Intangible Assets 54.8 Other assets 0.5 Total assets acquired $ 172.1 Accounts payable 32.7 Total debt 44.3 Long-term deferred tax liabilities 12.5 Other liabilities 8.0 Total liabilities assumed $ 97.5 Noncontrolling interest 5.7 Net assets acquired $ 68.9 Initial purchase price $ 60.9 Interest acquired in mandatory tender offer $ 63.2 Goodwill $ 55.2 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Acquired Intangible Assets Fair Value Weighted-Average Useful Lives (Years) Valuation Method Customer relationships $ 22.1 13 Excess Earnings Trademarks 17.1 Indefinite Relief from Royalty Engineering drawings 12.5 10 Reproduction Cost Patents 2.1 10 Relief from Royalty Non-compete agreement 1.0 3 Lost Profit Total $ 54.8 |
Schedule II - Valuation and Q52
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Costs and Expenses Charged to Other Accounts — Describe (A) Deductions — Describe Balance at End of Period (In millions) 2017 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 14.9 $ 0.2 $ 1.1 $ 7.5 (C) $ 8.7 2016 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 12.8 $ 6.3 $ (2.7 ) $ 1.5 (C) $ 14.9 2015 Reserves deducted from asset accounts: Allowance for doubtful accounts (B) $ 16.3 $ 4.9 $ (2.1 ) $ 6.3 (C) $ 12.8 |
Principles of Consolidation (De
Principles of Consolidation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Service parts as percentage of revenue | 13.00% | 13.00% | 13.00% |
HYGFS [Member] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
SN [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Significant Accounting Polici54
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Advertising Expense | $ 10.8 | $ 10.8 | $ 11.7 |
Research and Development Expense | $ 104.5 | $ 107 | $ 88.3 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Business acquisition, purchase price adjustment | $ 0.9 | ||||||||||
Revenues | $ 795.5 | $ 691.1 | $ 685.5 | $ 713.1 | $ 690.6 | $ 629.3 | $ 645.6 | $ 604.2 | $ 2,885.2 | $ 2,569.7 | 2,578.1 |
Gross profit (loss) | 133.4 | 121.4 | 121.7 | 126.1 | 111 | 104.6 | 114 | 97.9 | 502.6 | 427.5 | 430.8 |
Selling, General and Administrative Expense | 426.6 | 392.6 | 327.3 | ||||||||
Operating profit (loss) | 16.4 | 17.9 | 18.3 | 23.4 | 8.4 | 5.4 | 11.4 | 9.7 | 76 | 34.9 | 103.5 |
Interest Expense | 14.6 | 6.7 | 4.7 | ||||||||
Interest Income, Other | (3.6) | (2) | (1.5) | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | (28.8) | (8.1) | (4.2) | ||||||||
Income Tax Expense (Benefit) | 44.9 | (4) | 29.4 | ||||||||
Net income (loss) attributable to stockholders | (2.4) | $ 16.5 | $ 16.4 | $ 18.1 | 12.2 | $ 12.3 | $ 8.3 | $ 10 | 48.6 | 42.8 | 74.7 |
Assets | 1,647.9 | 1,287.1 | 1,647.9 | 1,287.1 | 1,095.9 | ||||||
Depreciation and amortization | 42.8 | 39.1 | 28.9 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 41 | 42.7 | 46.6 | ||||||||
Cash | 220.1 | 43.2 | 220.1 | 43.2 | 155.1 | ||||||
Geography Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | (304.6) | (185.3) | (304.6) | (185.3) | (130.9) | ||||||
Consolidation, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (19.5) | (9.3) | 0 | ||||||||
Gross profit (loss) | (0.6) | 0 | 0 | ||||||||
Operating profit (loss) | (0.6) | 0 | 0 | ||||||||
Interest Expense | (0.1) | 0 | 0 | ||||||||
Interest Income, Other | 0.1 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | (0.2) | 0 | 0 | ||||||||
Net income (loss) attributable to stockholders | (0.4) | 0 | 0 | ||||||||
Assets | (213.8) | (192.6) | (213.8) | (192.6) | (23.9) | ||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,834.1 | 1,675.7 | 1,775.5 | ||||||||
Gross profit (loss) | 334.6 | 287.9 | 308.1 | ||||||||
Selling, General and Administrative Expense | 225.3 | 214.2 | 191.2 | ||||||||
Operating profit (loss) | 109.3 | 73.7 | 116.9 | ||||||||
Interest Expense | 12.3 | 5.4 | 4.4 | ||||||||
Interest Income, Other | (3.3) | (1) | (1) | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | (25.4) | (5.7) | (2.7) | ||||||||
Income Tax Expense (Benefit) | 57.3 | 15.4 | 39.9 | ||||||||
Net income (loss) attributable to stockholders | 68.4 | 59.6 | 76.3 | ||||||||
Assets | 1,146 | 831.9 | 1,146 | 831.9 | 680.7 | ||||||
Depreciation and amortization | 19.9 | 18.5 | 16.2 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 25.5 | 27.6 | 33.5 | ||||||||
Cash | 191.2 | 10.4 | 191.2 | 10.4 | 54.2 | ||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 715.8 | 615.7 | 606.4 | ||||||||
Gross profit (loss) | 95.7 | 89.5 | 101.3 | ||||||||
Selling, General and Administrative Expense | 86.7 | 81.9 | 88.3 | ||||||||
Operating profit (loss) | 9 | 7.6 | 13 | ||||||||
Interest Expense | 1.6 | 0.4 | 0.1 | ||||||||
Interest Income, Other | 0 | (0.5) | (0.3) | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | 1.1 | 1 | 1 | ||||||||
Income Tax Expense (Benefit) | 0.9 | (2.7) | 1.6 | ||||||||
Net income (loss) attributable to stockholders | 5.3 | 9.4 | 10.6 | ||||||||
Assets | 615.5 | 462.3 | 615.5 | 462.3 | 412 | ||||||
Depreciation and amortization | 7.1 | 6.5 | 5.9 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 8.6 | 7.3 | 8.7 | ||||||||
Cash | 11.6 | 14.4 | 11.6 | 14.4 | 82.2 | ||||||
JAPIC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 173.9 | 169.5 | 193.7 | ||||||||
Gross profit (loss) | 20.2 | 17.1 | 23.2 | ||||||||
Selling, General and Administrative Expense | 26.3 | 23.8 | 25 | ||||||||
Operating profit (loss) | (6.1) | (6.7) | (1.8) | ||||||||
Interest Expense | 0 | 0.1 | 0.2 | ||||||||
Interest Income, Other | (0.4) | (0.5) | (0.2) | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | (4.5) | (3.2) | (2.5) | ||||||||
Income Tax Expense (Benefit) | 1.2 | (0.5) | (2.1) | ||||||||
Net income (loss) attributable to stockholders | (1.9) | (2.1) | 2.4 | ||||||||
Assets | 138.6 | 127 | 138.6 | 127 | 140.6 | ||||||
Depreciation and amortization | 2.6 | 3.1 | 5.2 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 1.2 | 1.6 | 1.7 | ||||||||
Cash | 6.6 | 8.2 | 6.6 | 8.2 | 18.5 | ||||||
Lift truck business [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,723.8 | 2,460.9 | 2,575.6 | ||||||||
Gross profit (loss) | 450.5 | 394.5 | 432.6 | ||||||||
Selling, General and Administrative Expense | 338.3 | 319.9 | 304.5 | ||||||||
Operating profit (loss) | 112.2 | 74.6 | 128.1 | ||||||||
Interest Expense | 13.9 | 5.9 | 4.7 | ||||||||
Interest Income, Other | (3.7) | (2) | (1.5) | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | (28.8) | (7.9) | (4.2) | ||||||||
Income Tax Expense (Benefit) | 59.4 | 12.2 | 39.4 | ||||||||
Net income (loss) attributable to stockholders | 71.8 | 66.9 | 89.3 | ||||||||
Assets | 1,595.5 | 1,235.9 | 1,595.5 | 1,235.9 | 1,102.4 | ||||||
Depreciation and amortization | 29.6 | 28.1 | 27.3 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 35.3 | 36.5 | 43.9 | ||||||||
Cash | 209.4 | 33 | 209.4 | 33 | 154.9 | ||||||
Bolzoni [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 177.2 | 115.6 | 0 | ||||||||
Gross profit (loss) | 54.8 | 35.7 | 0 | ||||||||
Selling, General and Administrative Expense | 48.4 | 35.8 | 0 | ||||||||
Operating profit (loss) | 6.4 | (0.1) | 0 | ||||||||
Interest Expense | 0.8 | 0.8 | 0 | ||||||||
Interest Income, Other | 0 | 0 | 0 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | 0 | (0.2) | 0 | ||||||||
Income Tax Expense (Benefit) | 1 | (0.4) | 0 | ||||||||
Net income (loss) attributable to stockholders | 3.9 | (0.3) | 0 | ||||||||
Assets | 239.8 | 206.9 | 239.8 | 206.9 | 0 | ||||||
Depreciation and amortization | 11.2 | 9.5 | 0 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 4.7 | 4 | 0 | ||||||||
Cash | 10.7 | 10.2 | 10.7 | 10.2 | 0 | ||||||
Nuvera [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3.7 | 2.5 | 2.5 | ||||||||
Gross profit (loss) | (2.1) | (2.7) | (1.8) | ||||||||
Selling, General and Administrative Expense | 39.9 | 36.9 | 22.8 | ||||||||
Operating profit (loss) | (42) | (39.6) | (24.6) | ||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Interest Income, Other | 0 | 0 | 0 | ||||||||
Other Nonoperating (Income) Expense Excluding Interest | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | (15.3) | (15.8) | (10) | ||||||||
Net income (loss) attributable to stockholders | (26.7) | (23.8) | (14.6) | ||||||||
Assets | 26.4 | 36.9 | 26.4 | 36.9 | 17.4 | ||||||
Depreciation and amortization | 2 | 1.5 | 1.6 | ||||||||
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets | 1 | 2.2 | 2.7 | ||||||||
Cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.2 |
Business Segments - Geographic
Business Segments - Geographic (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ 795.5 | $ 691.1 | $ 685.5 | $ 713.1 | $ 690.6 | $ 629.3 | $ 645.6 | $ 604.2 | $ 2,885.2 | $ 2,569.7 | $ 2,578.1 |
Long-lived assets | 347.3 | 301 | $ 347.3 | 301 | 227.4 | ||||||
Disclosure on Geographic Areas, Description of Revenue from External Customers | No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. | ||||||||||
Segment Reporting, Disclosure of Major Customers | In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. | ||||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ 1,588.8 | 1,437.6 | 1,575.2 | ||||||||
Long-lived assets | 181.6 | 159.1 | 181.6 | 159.1 | 126.2 | ||||||
EMEA [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | 825.8 | 701.9 | 606.5 | ||||||||
Long-lived assets | 82.3 | 59.8 | 82.3 | 59.8 | 39.4 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | 470.6 | 430.2 | 396.4 | ||||||||
Long-lived assets | $ 83.4 | $ 82.1 | $ 83.4 | $ 82.1 | $ 61.8 |
Quarterly Results of Operatio57
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 795.5 | $ 691.1 | $ 685.5 | $ 713.1 | $ 690.6 | $ 629.3 | $ 645.6 | $ 604.2 | $ 2,885.2 | $ 2,569.7 | $ 2,578.1 |
Gross profit | 133.4 | 121.4 | 121.7 | 126.1 | 111 | 104.6 | 114 | 97.9 | 502.6 | 427.5 | 430.8 |
Operating profit | 16.4 | 17.9 | 18.3 | 23.4 | 8.4 | 5.4 | 11.4 | 9.7 | 76 | 34.9 | 103.5 |
Net Income | (2.3) | 16.7 | 16.4 | 18.1 | 12.1 | 12 | 8.3 | 9.9 | 48.9 | 42.3 | 75.1 |
Net income (loss) attributable to stockholders | $ (2.4) | $ 16.5 | $ 16.4 | $ 18.1 | $ 12.2 | $ 12.3 | $ 8.3 | $ 10 | $ 48.6 | $ 42.8 | $ 74.7 |
Basic Earnings per Share | $ (0.15) | $ 1 | $ 1 | $ 1.10 | $ 0.74 | $ 0.75 | $ 0.51 | $ 0.61 | $ 2.95 | $ 2.61 | $ 4.58 |
Diluted earnings per share | $ (0.15) | $ 1 | $ 0.99 | $ 1.10 | $ 0.74 | $ 0.75 | $ 0.51 | $ 0.61 | $ 2.94 | $ 2.61 | $ 4.57 |
Common Stock and Earnings per58
Common Stock and Earnings per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation | $ 8,800,000 | $ 4,900,000 | $ 2,900,000 | ||||||||
Treasury Stock, Shares | 425,787 | 497,353 | 425,787 | 497,353 | |||||||
Basic weighted average shares outstanding | 16,447,000 | 16,376,000 | 16,307,000 | ||||||||
Dilutive effect of restricted stock awards | 67,000 | 51,000 | 48,000 | ||||||||
Diluted weighted average shares outstanding | 16,514,000 | 16,427,000 | 16,355,000 | ||||||||
Earnings Per Share, Basic | $ (0.15) | $ 1 | $ 1 | $ 1.10 | $ 0.74 | $ 0.75 | $ 0.51 | $ 0.61 | $ 2.95 | $ 2.61 | $ 4.58 |
Earnings Per Share, Diluted | $ (0.15) | $ 1 | $ 0.99 | $ 1.10 | $ 0.74 | $ 0.75 | $ 0.51 | $ 0.61 | 2.94 | 2.61 | 4.57 |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.2025 | $ 1.1700 | $ 1.1300 | ||||||||
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 | $ 110,000 | $ 102,000 | $ 94,000 | ||||||||
Management [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 407,890 | 407,890 | |||||||||
Management [Member] | Stock Compensation Plan [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 89,502 | 56,002 | 49,185 | ||||||||
Stock-based compensation | $ 7,600,000 | $ 3,800,000 | $ 1,900,000 | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 6,000,000 | 2,300,000 | 1,200,000 | ||||||||
Director [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 27,117 | 27,117 | |||||||||
Noninterest Expense Directors Fees | $ 166,000 | $ 158,000 | $ 150,000 | ||||||||
Director [Member] | Restricted Stock [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 14,480 | 15,426 | 13,683 | ||||||||
Stock-based compensation | $ 1,200,000 | $ 1,100,000 | $ 1,000,000 | ||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 900,000 | $ 700,000 | $ 600,000 | ||||||||
Director [Member] | Common Stock [Member] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 2,006 | 2,352 | 2,150 |
Income Taxes - Provision (Detai
Income Taxes - Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. | $ 48.3 | $ (1.2) | $ 71.2 |
Non-U.S. | 45.5 | 39.5 | 33.3 |
Income Before Income Taxes | 93.8 | 38.3 | 104.5 |
Federal | 28.3 | (1.3) | 22.1 |
State | 1.4 | (0.3) | 3.4 |
Non-U.S. | 7.1 | 5 | 5.3 |
Total current | 36.8 | 3.4 | 30.8 |
Federal | 10.7 | (5.8) | (0.4) |
State | (0.7) | 0.8 | 1.2 |
Non-U.S. | (1.9) | (2.4) | (2.2) |
Deferred income taxes | 8.1 | (7.4) | (1.4) |
Income tax provision | $ 44.9 | $ (4) | $ 29.4 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income before income taxes | $ 93.8 | $ 38.3 | $ 104.5 |
Statutory taxes at 35.0% | 32.8 | 13.4 | 36.6 |
Effective Income Tax Rate Reconciliation, Tax Reform Act, Amount | 38.2 | 0 | 0 |
Non-U.S. statutory rate differences | (7.2) | (9.6) | (10.5) |
Equity interest earnings | (8.1) | (2.2) | (1.9) |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | (9.1) | (1.9) | (3.7) |
R&D and other federal credits | (1.8) | (1.8) | (1.7) |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | (0.4) | (3.9) | 0.1 |
State income taxes | 0.2 | (0.6) | 4.1 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0.1 | (0.2) | 5.9 |
Tax controversy resolution | 0 | 2.1 | (0.2) |
Other | 0.2 | 0.7 | 0.7 |
Income tax provision | $ 44.9 | $ (4) | $ 29.4 |
Effective income tax rate | 47.90% | 28.10% |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued expenses and reserves | $ 8.3 | $ 23.2 |
Accrued product liability | 6.5 | 9.3 |
Product warranties | 9.1 | 13.7 |
Accrued pension benefits | 2.2 | 8.2 |
Tax attribute carryforwards | 28.3 | 31.6 |
Other employee benefits | 3.2 | 5.2 |
Other deferred tax assets | 0 | 2.2 |
Total deferred tax assets | 57.6 | 93.4 |
Less: Valuation allowance | 31 | 29.3 |
Deferred tax assets, net of valuation allowance | 26.6 | 64.1 |
Depreciation | 22.2 | 25.4 |
Inventories | 0.5 | 5.8 |
Unremitted earnings | 0 | 0.4 |
Other deferred tax liabilities | 0.3 | 0 |
Total deferred tax liabilities | 23 | 31.6 |
Net deferred tax asset | $ 3.6 | $ 32.5 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | $ 28.3 | $ 31.6 |
Tax Credit Carryforward, Valuation Allowance | 22.8 | 23.6 |
Unrecognized Tax Benefits | $ (3.9) | (5.6) |
Tax Year 2016 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Expiration date of net operating loss | 2017 - 2036 | |
State net operating losses and credit expiration date | 2017 - 2031 | |
Tax Credit Carryforward, Expiration Date | 2017 - 2026 | |
Tax Year 2017 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
State net operating losses and credit expiration date | 2018 - 2036 | |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 21.9 | 25.2 |
Operating Loss Carryforwards, Valuation Allowance | $ 13.9 | 15.7 |
Foreign Tax Authority [Member] | Tax Year 2016 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | 2017 - Indefinite | |
Foreign Tax Authority [Member] | Tax Year 2017 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Operating Loss Carryforwards, Expiration | 2018 - Indefinite | |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Deferred Tax Asset | $ 6.5 | 5.9 |
Tax Credit Carryforward, Valuation Allowance | $ 6.5 | 5.9 |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | Tax Year 2016 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Expiration | 2017 - Indefinite | |
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | Tax Year 2017 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Expiration | 2018 - Indefinite | |
Foreign Tax Authority [Member] | Valuation Allowance, Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | 0 | |
Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 2.5 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 0.8 | |
Domestic Tax Authority [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | 0 | |
State and Local Jurisdiction [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | $ 2.4 | 2 |
Deferred Tax Assets, State Taxes | $ 3.8 | $ 2.8 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits | $ 11.2 | $ 3.8 | $ 4.3 |
Unrecognized Tax Benefits, Decrease Resulting from Acquisition | (1) | ||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 6.3 | 0 | |
Additions for tax positions of prior years | 0.1 | 0.1 | |
Reductions for tax positions of prior years | (1.5) | ||
Additions based on tax positions related to the current year | 2.7 | 2.8 | 0.7 |
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (1.2) | (0.9) | (1.1) |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 0.7 | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (0.9) | (0.2) | |
Unrecognized Tax Benefits | $ 10.9 | $ 11.2 | $ 3.8 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
New Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Provisional tax effect related to Tax Reform Act | $ 38.2 | ||
Tax Reform Act - Transitional Tax | 33.1 | ||
Tax Reform Act - gross tax expense on deferred tax assets and liabilities | 5.1 | ||
Tax Reform Act - Net Transitional Tax | 22.5 | ||
Tax Benefit for Internal Sale of Subsidiary | 9.1 | ||
Tax Expense for Internal Sale of Subsidiary | $ 1.4 | ||
Valuation Allowance, Deferred Tax Asset, Explanation of Change | During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing activity to more appropriate levels, coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real, caused the Company in 2015 to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil. | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 0.1 | $ (0.2) | $ 5.9 |
Interest and Penalties for Unrecognized Tax Benefits, Period Increase (Decrease) | 0.1 | 0.1 | 0.1 |
Interest and Penalties for Unrecognized Tax Benefits, Increase Resulting from Acquisition | 0.5 | ||
Income Taxes Paid | 14 | 19.3 | 32.7 |
Proceeds from Income Tax Refunds | 2.2 | 11.1 | 0.2 |
Undistributed Earnings of Non-U.S. Subsidiaries | 310 | ||
Deferred Tax Liabilities, Undistributed Non-U.S. Earnings | 0 | 0.4 | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | 1.6 | ||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 6.3 | 0 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1.7 | (0.7) | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Tax Expense | 0.1 | (0.2) | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Foreign Currency | 1.1 | 0.9 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Tax Reform Act | (0.5) | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10.9 | 11.1 | 3.8 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0.8 | 0.9 | 0.3 |
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 U.S. federal tax returns for all years prior to 2014 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations. However, the Company has elected to voluntarily extend the statute of limitations for U.S. federal tax return for 2012 at the request of its prior parent company such that attributes may be adjusted in limited circumstances. The Company is routinely under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not 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 | $ 75.7 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 19.6 | ||
Minimum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0 | ||
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0.5 | ||
Americas [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (2.7) | (2.4) | $ (5.6) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Discrete Amount | (4.7) | ||
JAPIC [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (0.6) | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Discrete Amount | $ (1.6) | ||
EMEA [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Discrete Amount | 3.2 | ||
Bolzoni [Member] | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 4 | ||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 2.1 |
Reclassifications from AOCI (De
Reclassifications from AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (5.7) | $ (3) | $ (8.7) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 1.6 | 2.2 | 6 |
Reclassification of hedging activities into earnings, net | (4.1) | (0.8) | (2.7) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (4.5) | (3) | (3.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0.3 | 0.3 | 0.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (4.2) | (2.7) | (3.2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 1 | 0.7 | 0.9 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (3.2) | (2) | (2.3) |
Other Comprehensive Income (Loss), Net of Tax | (7.3) | (2.8) | (5) |
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 | $ (5.7) | $ (3) | $ (8.7) |
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 (benefit) | ||
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI | Income tax provision (benefit) | ||
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 | ||
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 Der66
Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Discussion of Objectives for Using Foreign Currency Derivative Instruments | The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales. | ||
Objectives for Using Net Investment Hedging Instruments | Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be 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 Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings in other (income) expense. | ||
Long-term Debt | $ 270.9 | $ 184.5 | |
Long-term Debt, Fair Value | $ 272.2 | 184.5 | |
Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Discussion of Objectives for Using Foreign Currency Derivative Instruments | During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps 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 other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is generally recognized in other (income) expense. | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0.1 | 0.2 | $ (0.1) |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 860.2 | 592.9 | |
Derivative, Fair Value, Net | 2.1 | 22.7 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.1 | 0.2 | (0.1) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | $ 0 |
Interest Rate Derivatives, at Fair Value, Net | $ 0.8 | $ 0.3 |
Financial Instruments and Der67
Financial Instruments and Derivative Financial Instruments - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | $ 16.2 | $ 3.7 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 17.5 | 24.1 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1.3 | 1.8 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1.3 | 4.4 |
Derivative Asset, Fair Value, Gross Asset | 17.5 | 5.5 |
Derivative Liability, Fair Value, Gross Liability | 18.8 | 28.5 |
Designated as Hedging Instrument [Member] | Other Current Assets [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 | 0.1 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 8.3 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 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 | 2.8 | 3.7 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 4.3 | 14 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0.7 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 3.9 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 1.3 | 0 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0.1 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0.5 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 7.7 | 10.1 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0.4 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0.8 | 0 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0.4 | 0 |
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 | 0 | 0.3 |
Foreign Currency Cash Flow Hedge Asset at Fair Value | 0.1 | 1.6 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0.8 | 3.9 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0.2 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0.1 | $ 0.2 |
Financial Instruments and Der68
Financial Instruments and Derivative Financial Instruments - Counterparty (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Asset, Fair Value, Gross Asset | $ 8.3 | $ 0.2 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (7.5) | (0.2) |
Derivative Asset | 0.8 | 0 |
Derivative Liability, Fair Value, Gross Liability | 9.6 | 23.2 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (7.5) | (0.2) |
Derivative Liability | 2.1 | 23 |
Interest Rate Contract [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 0.2 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (0.2) | (0.2) |
Derivative Asset | 0.8 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0.2 | 0.5 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (0.2) | (0.2) |
Derivative Liability | 0 | 0.3 |
Foreign Exchange Contract [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 7.3 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | (7.3) | 0 |
Derivative Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 9.4 | 22.7 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (7.3) | 0 |
Derivative Liability | $ 2.1 | $ 22.7 |
Financial Instruments and Der69
Financial Instruments and Derivative Financial Instruments - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2.2 | $ (3.4) | $ (0.2) |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 14.6 | (15.5) | (11.1) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5.7) | (3) | (8.7) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (0.1) | (0.2) | 0.1 |
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 | $ 0.5 | 0 | 0 |
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 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 0.2 | (0.6) | (0.5) |
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 | $ 14.1 | (15.5) | (11.1) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5.7) | (3) | (8.7) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (0.1) | (0.2) | 0.1 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 2 | $ (2.8) | $ 0.3 |
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 |
Financial Instruments and Der70
Financial Instruments and Derivative Financial Instruments Financial Instruments and Derivative Financial Instruments - Interest Rate Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (0.1) | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 56.5 | $ 0 |
Derivative, Average Fixed Interest Rate | 1.94% | 0.00% |
Term of Interest Rate Cash Flow Hedge | November 2017 to November 2022 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 83.5 | $ 0 |
Derivative, Average Fixed Interest Rate | 2.20% | 0.00% |
Term of Interest Rate Cash Flow Hedge | December 2018 to May 2023 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 100 | $ 100 |
Derivative, Average Fixed Interest Rate | 1.47% | 1.47% |
Term of Interest Rate Cash Flow Hedge | Extending to December 2018 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ (0.8) | $ (0.3) |
Retirement Benefit Plans - Assu
Retirement Benefit Plans - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Americas [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.40% | 3.75% | 4.00% |
Expected long-term rate of return on assets | 7.50% | 7.50% | 7.50% |
Foreign Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.88% | 0.86% | 2.10% |
Rate of increase in compensation levels - maximum | 1.50% | 1.50% | 2.00% |
Expected long-term rate of return on assets | 1.70% | 3.00% | 3.00% |
Foreign Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.40% | 2.50% | 3.70% |
Rate of increase in compensation levels - maximum | 2.50% | 2.50% | 2.50% |
Expected long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Retirement Benefit Plans - Net
Retirement Benefit Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Americas [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1) | $ (0.9) | $ (1.3) |
Service cost | 0 | 0 | 0 |
Interest cost | 2.7 | 3 | 2.9 |
Expected return on plan assets | (4.9) | (5) | (5.5) |
Amortization of actuarial loss | 1.8 | 1.6 | 1.5 |
Amortization of prior service cost (credit) | (0.3) | (0.3) | (0.3) |
Settlements | 1 | 0.9 | 1.3 |
Net periodic pension expense | 0.3 | 0.2 | (0.1) |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 4.1 | 5 | 5.6 |
Expected return on plan assets | (9.2) | (8.8) | (9.6) |
Amortization of actuarial loss | 2.7 | 1.4 | 2 |
Net periodic pension expense | $ (2.2) | $ (2.2) | $ (1.8) |
Retirement Benefit Plans - Chan
Retirement Benefit Plans - Changes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of actuarial loss | $ (4.5) | $ (3) | $ (3.5) |
Amortization of prior service credit | 0.3 | 0.3 | 0.3 |
Americas [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | (2) | 1.6 | 4.3 |
Amortization of actuarial loss | (1.8) | (1.6) | (1.5) |
Amortization of prior service credit | 0.3 | 0.3 | 0.3 |
Settlements and Curtailments | (1) | (0.9) | (1.3) |
Total recognized in other comprehensive income (loss) | (4.5) | (0.6) | 1.8 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | (13.8) | 20.5 | 2 |
Amortization of actuarial loss | (2.7) | (1.4) | (2) |
Current year prior service cost | 0 | 0 | (0.1) |
Total recognized in other comprehensive income (loss) | $ (16.5) | $ 19.1 | $ (0.1) |
Retirement Benefit Plans - Ch74
Retirement Benefit Plans - Change in Benefit Obligation and Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Noncurrent liabilities | $ (11.1) | $ (37.2) | |
Liability, Defined Benefit Plan | 0.7 | 26.3 | |
Americas [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 75.7 | 77.3 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 2.7 | 3 | 2.9 |
Actuarial (gain) loss | 2.9 | 1.2 | |
Benefits paid, benefit obligation | 4.5 | 4.2 | |
Employee contributions, benefit obligation | 0 | 0 | |
Settlements | 2 | 1.6 | |
Business acquisition benefit obligation | 0 | 0 | |
Settlements | (2) | (1.6) | |
Foreign currency exchange rate changes | 0 | 0 | |
Projected benefit obligation at end of year | 74.8 | 75.7 | 77.3 |
Accumulated benefit obligation at end of year | 74.8 | 75.7 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 67.2 | 68.4 | |
Actual return on plan assets | 9.8 | 4.6 | |
Employer contributions | 0.5 | 0 | |
Employee contributions, plan assets | 0 | 0 | |
Benefits paid, plan assets | 4.5 | 4.2 | |
Settlements | (2) | (1.6) | |
Foreign currency exchange rate changes, plan assets | 0 | 0 | |
Fair value of plan assets at end of year | 71 | 67.2 | 68.4 |
Funded status at end of year | (3.8) | (8.5) | |
Noncurrent assets | 0.1 | 0 | |
Noncurrent liabilities | (3.9) | (8.5) | |
Liability, Defined Benefit Plan | 3.8 | 8.5 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Actuarial loss | (37.9) | (42.7) | |
Prior service credit | (0.3) | (0.6) | |
Deferred taxes | (7.8) | (14.4) | |
Change in statutory tax rate | (6) | (1.2) | |
Foreign currency translation adjustment | 0 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 23.8 | 26.5 | |
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 165.2 | 156.1 | |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 4.1 | 5 | 5.6 |
Actuarial (gain) loss | (1.9) | 34.6 | |
Benefits paid, benefit obligation | 5.8 | 5.4 | |
Employee contributions, benefit obligation | 0.1 | 0.1 | |
Settlements | 0 | 0 | |
Business acquisition benefit obligation | 0 | 2.5 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 17.1 | (27.9) | |
Projected benefit obligation at end of year | 179 | 165.2 | 156.1 |
Accumulated benefit obligation at end of year | 178.4 | 164.7 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 138.9 | 144.7 | |
Actual return on plan assets | 20.6 | 21.1 | |
Employer contributions | 9.2 | 3.2 | |
Employee contributions, plan assets | 0.1 | 0.1 | |
Benefits paid, plan assets | 5.8 | 5.4 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes, plan assets | 15.3 | (24.8) | |
Fair value of plan assets at end of year | 178.3 | 138.9 | $ 144.7 |
Funded status at end of year | (0.7) | (26.3) | |
Noncurrent assets | 3.8 | 0 | |
Noncurrent liabilities | (4.5) | (26.3) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Actuarial loss | (40.1) | (53.3) | |
Prior service credit | (0.1) | (0.1) | |
Deferred taxes | (5.2) | (9) | |
Change in statutory tax rate | (2) | (1.6) | |
Foreign currency translation adjustment | 2.3 | 6.1 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 35.1 | $ 48.7 |
Retirement Benefit Plans - Expe
Retirement Benefit Plans - Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Americas [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 6.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 5.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 5.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 5.5 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 23.9 |
Defined Benefit Plan, Expected Future Benefit Payments | 52.8 |
Foreign Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 5.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 6.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 6.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 6.6 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 6.7 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 39.4 |
Defined Benefit Plan, Expected Future Benefit Payments | $ 71.6 |
Retirement Benefit Plans - Allo
Retirement Benefit Plans - Allocation (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Americas [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 33.90% | 33.90% |
Americas [Member] | Fixed Income Funds [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |
Americas [Member] | Fixed Income Funds [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | |
Americas [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.30% | 1.00% |
Americas [Member] | Money Market Funds [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Americas [Member] | Money Market Funds [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | |
Americas [Member] | United States [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 44.80% | 45.40% |
Americas [Member] | United States [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 36.00% | |
Americas [Member] | United States [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 54.00% | |
Americas [Member] | Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 19.70% |
Americas [Member] | Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 16.00% | |
Americas [Member] | Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 24.00% | |
Foreign Plan [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 Plan [Member] | Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 27.70% | 30.00% |
Foreign Plan [Member] | Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 2.80% | 0.00% |
Foreign Plan [Member] | United Kingdom | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 21.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.20% | 21.20% |
Foreign Plan [Member] | Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 49.00% | |
Defined Benefit Plan, Actual Plan Asset Allocations | 49.30% | 48.80% |
Retirement Benefit Plans - Fair
Retirement Benefit Plans - Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 71 | $ 67.2 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 178.3 | 138.9 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 24.1 | 22.7 | |
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 | 60.9 | 49.8 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 0.9 | 0.7 | |
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 | 4.5 | 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 | 31.8 | 30.5 | |
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 | 26.1 | 20.4 | |
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 | 32.8 | 26.7 | |
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 | 14.2 | 13.3 | |
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 | 54 | 42 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 178.3 | $ 138.9 | $ 144.7 |
Foreign Plan [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | ||
Foreign Plan [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||
Foreign Plan [Member] | United Kingdom | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 21.00% | ||
Foreign Plan [Member] | Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 49.00% |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit), Before Tax | $ (0.2) | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (0.2) | ||
Defined Benefit Plan, Amortization of Net Gains (Losses), Before Tax | 3.8 | ||
Defined Benefit Plan, Amortization of Net Gains (Losses) | 3 | ||
Defined Contribution Plan, Cost | 24.3 | $ 21.2 | $ 23.5 |
Americas [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1) | $ (0.9) | $ (1.3) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.40% | 3.75% | 4.00% |
Settlements | $ (1) | $ (0.9) | $ (1.3) |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 0 | ||
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 0.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finished goods and service parts | $ 193.7 | $ 171.9 |
Work in process | 19.9 | 26.1 |
Raw materials | 239 | 191.4 |
Total manufactured inventories | 452.6 | 389.4 |
LIFO reserve | (40.7) | (37.2) |
Inventories, net | $ 411.9 | $ 352.2 |
Percentage of LIFO Inventory | 49.00% | 54.00% |
Property, Plant and Equipment80
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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. | ||
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | During the fourth quarter of 2017, in connection with the preparation of the Company's annual operating plan for 2018 and longer-term forecast, the Company identified indicators of impairment at Nuvera due to the extension of time expected to commercialize Nuvera's products and the related length of time needed to achieve break-even operating results and positive cash flows. Accordingly, the Company performed an impairment analysis during the fourth quarter of 2017 of Nuvera's long-lived assets, including property, plant and equipment and intangible assets with finite lives. | ||
Impairment of Long-Lived Assets Held-for-use | $ 4.9 | ||
Tangible Asset Impairment Charges | 3.7 | ||
Impairment of Intangible Assets, Finite-lived | 1.2 | ||
Land and land improvements | 27.4 | $ 26.3 | |
Plant and equipment | 700.4 | 645.1 | |
Property, plant and equipment, at cost | 727.8 | 671.4 | |
Less allowances for depreciation, depletion and amortization | (462.4) | (416.3) | |
Property, Plant and Equipment, Net | 265.4 | 255.1 | |
Depreciation | $ 37.4 | $ 34.5 | $ 28.4 |
Goodwill and Intangible Asset81
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Apr. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | $ 1.2 | |||
Amortization of Intangible Assets | 5.7 | $ 4.6 | ||
Finite-lived Intangible Assets Acquired | 65.6 | |||
Finite-Lived Intangible Assets, Net | 56.1 | 56.2 | ||
Finite-Lived Intangible Assets, Gross | 61.2 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 9.5 | 5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4.9 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4.5 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3.6 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3.1 | |||
Goodwill | 59.1 | 50.7 | $ 0 | |
Goodwill, Acquired During Period | 1.8 | 55.9 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 6.6 | (5.2) | ||
Nuvera [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 1.2 | |||
Americas [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 1.7 | 1.7 | 0 | |
Goodwill, Acquired During Period | 0 | 1.7 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
EMEA [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 0.8 | 0 | 0 | |
Goodwill, Acquired During Period | 0.8 | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Bolzoni [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 56.6 | 49 | $ 0 | |
Goodwill, Acquired During Period | 1 | 54.2 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 6.6 | (5.2) | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 30.5 | |||
Finite-Lived Intangible Assets, Net | 24.1 | 25 | ||
Finite-Lived Intangible Assets, Gross | 27.9 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 6.4 | 2.9 | ||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 0.6 | |||
Finite-Lived Intangible Assets, Net | 0.6 | 1.1 | ||
Finite-Lived Intangible Assets, Gross | 1.2 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | 0.1 | ||
Trademarks [Member] | Nuvera [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 0.4 | |||
Patented Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 16.5 | |||
Finite-Lived Intangible Assets, Net | 13.4 | 14.3 | ||
Finite-Lived Intangible Assets, Gross | 16.3 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 3.1 | 2 | ||
Patented Technology [Member] | Nuvera [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | $ 0.8 | |||
Bolzoni [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 55.2 | 55.2 | ||
Bolzoni [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 22.1 | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 10 | |||
Bolzoni [Member] | Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 12.5 | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 9 | |||
Bolzoni [Member] | Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 1 | |||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 2 | |||
Bolzoni [Member] | Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 10 | |||
Bolzoni [Member] | Patented Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Weighted Average Useful Life in Years | 7 | |||
Trademarks [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 18 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 18 | $ 15.8 | ||
Trademarks [Member] | Bolzoni [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 17.1 |
Current and Long-Term Financi82
Current and Long-Term Financing - Outstanding Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instruments [Abstract] | |||
Line of Credit Facility, Amount Outstanding | $ 6.1 | $ 116 | |
Secured Debt | 190.9 | 0 | |
Secured Debt | 73.9 | 68.5 | |
Capital lease obligations and other | 19.8 | 26.7 | |
Total debt outstanding | 290.7 | 211.2 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4.1 | 0 | |
Long-term Debt, Gross | 294.8 | 211.2 | |
Current portion of borrowings outstanding | 74.5 | 129 | |
Long-term portion of borrowings outstanding | 216.2 | 82.2 | |
Line of Credit Facility, Remaining Borrowing Capacity | 212.7 | 175.2 | |
Line of Credit Facility, Current Borrowing Capacity | $ 218.8 | $ 291.2 | |
Weighted average effective interest rate on total borrowings (including interest rate swap agreements) | 3.90% | 4.40% | |
Interest Paid | $ 13.6 | $ 5.6 | $ 3.6 |
Payments of Financing Costs | 4.7 | $ 1.7 | $ 0 |
Other Borrowings | $ 80 | ||
Other Borrowings [Member] | |||
Debt Instruments [Abstract] | |||
Weighted average stated interest rate on total borrowings | 5.20% | 4.40% |
Current and Long-Term Financi83
Current and Long-Term Financing - Annual Maturities (Details) $ in Millions | Dec. 31, 2017USD ($) |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 68.5 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 31.3 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10.1 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10.1 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 10 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 145 |
Total principle payments of debt, excluding capital leases | $ 275 |
Current and Long-Term Financi84
Current and Long-Term Financing - Revolving Credit Facility (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 6.1 | $ 116 |
Line of Credit Facility, Remaining Borrowing Capacity | 212.7 | $ 175.2 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |
Line of Credit Facility, Amount Outstanding | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 195.9 | |
Letters of Credit Outstanding, Amount | $ 4.1 | |
Line of Credit Facility, Borrowing Capacity, Description | The Facility consists of a U.S. revolving credit facility in the amount of $120.0 million and a non-U.S. revolving credit facility in the amount of $80.0 million. The Facility can be increased up to the total aggregate amount of $300.0 million over the term of the agreement in minimum increments of $10.0 million subject to certain conditions. | |
Assets held as collateral | $ 1,000 | |
Dividend Payment Restrictions Schedule, Description | limit additional borrowings and investments of the Company and its subsidiaries subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If availability for both total and U.S. revolving credit facilities on a pro forma basis, is greater than fifteen percent and less than or equal to twenty percent, the Company may pay dividends subject to achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the availability is greater than twenty percent for both total and U.S. revolving credit facilities on a pro forma basis, 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, 2017, the Company was in compliance with the covenants in the Facility. | |
Domestic Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 2.73% | |
Domestic Line of Credit [Member] | Prime Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | |
Domestic Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |
Foreign Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16.8 | |
Line of Credit Facility, Interest Rate at Period End | 1.25% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |
Foreign Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% |
Current and Long-Term Financi85
Current and Long-Term Financing Term Loan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 294.8 | $ 211.2 |
Secured Debt | 190.9 | 0 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4.1 | $ 0 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 200 | |
Debt Instrument, Payment Terms | quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2017 in an amount equal to $2.5 million and the final principal repayment due on the May 30, 2023 | |
Secured Debt | $ 195 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 4.1 | |
Assets held as collateral | $ 710 | |
Debt, Weighted Average Interest Rate | 5.57% | |
Debt Instrument, Restrictive Covenants | In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of regularly scheduled dividends and other restricted payments to $50.0 million in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 1.75 to 1.00 at the time of the payment. | |
Secured Debt [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | |
Secured Debt [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Secured Debt [Member] | Eurodollar [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Secured Debt [Member] | Eurodollar [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Leasing Arrangements (Details)
Leasing Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases, Operating [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 20.2 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 13.9 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10.3 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 7.4 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 6.1 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 17 | ||
Operating Leases, Future Minimum Payments Due | 74.9 | ||
Operating Leases, Rent Expense | 22.5 | $ 17.3 | $ 18.3 |
Operating Leases, Income Statement, Sublease Revenue | 7.9 | 5.3 | 2.7 |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 26.8 | ||
Capital Lease Obligations [Abstract] | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 7.1 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 5.9 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 4.9 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 2.4 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 0 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||
Capital Lease Obligations | 20.3 | ||
Capital Leases, Future Minimum Payments, Interest Included in Payments | 0.5 | ||
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 19.8 | ||
Capital Lease Obligations, Current | 6.8 | ||
Capital Lease Obligations, Noncurrent | 13 | ||
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract] | |||
Capital Leased Assets, Gross | 35.9 | 37.5 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 10.4 | 8.1 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 25.5 | 29.4 | |
Capital Lease Obligations Incurred | $ 0.2 | $ 12.8 | $ 15.2 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 52.3 | $ 55.5 |
Warranties issued | 32.2 | 35.4 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | (8.9) | (10.1) |
Settlements made | (26.5) | (27.9) |
Foreign currency effect | 1.9 | (0.6) |
Product Warranty Accrual | $ 51 | $ 52.3 |
Certain Truck Series Standard Warranty [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | one to two years or 2,000 or 4,000 hours | |
Additional Component Standard Warranty [Member] | ||
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | two to three years or 4,000 to 6,000 hours |
Guarantees (Details)
Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 203.5 | $ 149.3 |
Guarantor Obligations, Collateral | 254.8 | |
Net guarantee of outstanding debt | $ 161.2 | |
Percentage of loan losses guaranteed | 7.50% | |
Guarantees, Fair Value Disclosure | $ 340.8 | |
Property Lease Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 54.3 | |
Loan losses guaranteed | 12 | |
HYGFS [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 174.2 | |
Guarantor Obligations, Collateral | 272.3 | |
Net guarantee of outstanding debt | $ 131.9 | |
Percentage of loans guaranteed to joint venture | 20.00% | |
Notes Payable, Related Party Due to Parent | $ 1,000 | |
Contractual Obligation | 205.9 | |
Guarantees, Fair Value Disclosure | 311.5 | |
HYGFS [Member] | Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Related Party Disclosure | $ 179.6 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Provisional tax effect related to Tax Reform Act | $ 38.2 | ||
Provisional Tax Benefit Related to Tax Reform Act from Equity Investment | 19.8 | ||
Accounts payable, affiliates | 18.1 | $ 16.5 | |
Equity Method Investments | 81.9 | 45.9 | |
Dividends from unconsolidated affiliates | 2.8 | 5.1 | $ 2.5 |
Payments to Acquire Available-for-sale Securities | 5.6 | ||
Available-for-sale Securities, Noncurrent | 9.4 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 3.3 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 2.8 | ||
Equity Method Investment, Summarized Financial Information [Abstract] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 350.3 | 326.7 | 315 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 111.9 | 103.4 | 98.7 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 127.2 | 25.5 | 23.1 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 127.2 | 25.5 | 23.1 |
Equity Method Investment, Summarized Financial Information, Current Assets | 125.3 | 115.5 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 1,484 | 1,272.2 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 120.7 | 117.2 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 1,241.6 | 1,138 | |
HYGFS [Member] | |||
Related Party Transaction [Line Items] | |||
Provisional tax effect related to Tax Reform Act | $ 99.2 | ||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Related Party Transaction, Amounts of Transaction | $ 475.9 | 438.8 | 483.2 |
Accounts Receivable, Related Parties, Current | 10.4 | 12.1 | |
Due to Related Parties | 15.8 | 17.2 | |
Related Party Transaction, Expenses from Transactions with Related Party | 3.3 | 2.8 | 2.8 |
Revenue from Related Parties | $ 9.5 | 9.8 | 14.6 |
Equity Method Investment, Additional Information | In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and is being recognized over the remaining term of the agreement which expires in December 2018. | ||
Equity Method Investments | $ 35.2 | 13.8 | |
Dividends from unconsolidated affiliates | $ 2.4 | 4.8 | 2.3 |
SN [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Related Party Transaction, Purchases from Related Party | $ 46.8 | 55 | 57.1 |
Revenue from Related Parties | 0.4 | 0.5 | 0.3 |
Accounts payable, affiliates | 18.1 | 16.5 | |
Equity Method Investments | 36.8 | 31.6 | |
Dividends from unconsolidated affiliates | 0.4 | 0.3 | 0.2 |
Bolzoni [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investments | 0.5 | 0.5 | |
Customer Relationships [Member] | HYGFS [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 71.1 | $ 69.4 | $ 78.6 |
Acquisitions (Details)
Acquisitions (Details) € in Millions, $ in Millions | Apr. 01, 2016USD ($) | Apr. 01, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 50.7 | $ 59.1 | $ 50.7 | $ 0 | |||
Finite-lived Intangible Assets Acquired | $ 65.6 | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 34 | ||||||
Business Combination, Description of Proposed Transaction | Under the terms of the ETA, upon the closing, the Company will pay $81.0 million to a jointly-controlled bank account under the name of KNSN, and KNSN is only allowed to use such amount to repay intercompany indebtedness owed by KNSN to Maximal and to remove existing related-party guarantees provided by Maximal. Any balance amount remaining after fulfilling the specified purposes will belong to KNSN. In addition, upon the closing, the Company will pay $9.0 million to an escrow account, which will be released to KNSN in two installments. The first installment of $2.7 million will be released on the second anniversary of the closing and the second installment of $6.3 million will be released on the third anniversary of the closing subject to a number of conditions. The closing of the transaction is subject to customary closing conditions and required regulatory approvals. KNSN is obligated to indemnify the Company from and against any breach of representations and warranties and any liabilities and losses associated with the pre-closing operations of Maximal. Either party has a right to terminate the transaction if the closing conditions (other than governmental approvals) have not been satisfied within nine months of the signing, with no penalties on either party. | ||||||
Expected Payments to Acquire Business in Proposed Business Combination | $ 90 | ||||||
Business Acquisition, Name of Entity to be Acquired Entity in a Proposed Transaction | Zhejiang Maximal Forklift Co., Ltd. (“Maximal”) | ||||||
Business Acquisition, Description of Entity To Be Acquired | Maximal is a privately held manufacturer of utility and standard lift trucks and specialized materials handling equipment founded in 2006 in the Hangzhou, Zhejiang Province of China | ||||||
Business Combination, Description of Proposed Contingent Consideration Arrangements | In addition, on December 6, 2017, the Company signed an incentive agreement with Mr. Jin Hong Lu, a key member of senior management of Maximal and the majority shareholder of KNSN. Pursuant to this agreement, the Company will pay $10.0 million to Mr. Lu by the third anniversary of the closing under the ETA, provided that Mr. Lu, his immediate family members and any affiliates fully comply with the non-competition, conflict of interest, non-solicitation, and compliance covenants set forth in the agreement. On December 6, 2017, pursuant to the terms of the ETA, Mr. Lu signed and issued a Guarantee and Undertaking Letter for the benefit of the Company, guaranteeing KNSN’s performance of all terms under the ETA. In the case of any breach of the ETA by KNSN, Mr. Lu shall be liable and shall indemnify the Company against any losses arising from such breach in accordance with the ETA and applicable laws. | ||||||
Business Acquisition, Expected Percentage of Voting Interests To Be Acquired | 75.00% | ||||||
Business Acquisition, Transaction Costs | 6.6 | $ 2.5 | 6.6 | ||||
Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 60.9 | € 53.5 | 62.2 | € 55.4 | 60.9 | ||
Equity Method Investment, Ownership Percentage | 50.50% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 8 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 34 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 31.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 43.3 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 54.8 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 0.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 172.1 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 32.7 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 44.3 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 12.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 8 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 97.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 68.9 | ||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 5.7 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 63.2 | ||||||
Goodwill | 55.2 | 55.2 | 55.2 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 34 | ||||||
Business Acquisition, Pro Forma Information, Description | Pro forma information has not been presented as it would not be materially different from historical reported results of operations. | ||||||
HYG Telematics [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 8.1 | $ 8.1 | |||||
Noncompete Agreements [Member] | Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | 1 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life In Years | 3 | ||||||
Fair Value Measurements, Valuation Techniques | Lost Profit | ||||||
Patents [Member] | Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | 2.1 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life In Years | 10 | ||||||
Fair Value Measurements, Valuation Techniques | Relief from Royalty | ||||||
Other Intangible Assets [Member] | Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | 12.5 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life In Years | 10 | ||||||
Fair Value Measurements, Valuation Techniques | Reproduction Cost | ||||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | $ 30.5 | ||||||
Customer Relationships [Member] | Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | 22.1 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life In Years | 13 | ||||||
Fair Value Measurements, Valuation Techniques | Excess Earnings | ||||||
Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Indefinite-lived Intangible Assets Acquired | $ 18 | ||||||
Trademarks [Member] | Bolzoni [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Indefinite-lived Intangible Assets Acquired | $ 17.1 | ||||||
Fair Value Measurements, Valuation Techniques | Relief from Royalty |
Schedule II - Valuation and Q91
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Beginning Balance | $ 14.9 | $ 12.8 | $ 16.3 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0.2 | 6.3 | 4.9 |
Valuation Allowances and Reserves, Adjustments | 1.1 | (2.7) | (2.1) |
Valuation Allowances and Reserves, Deductions | 7.5 | 1.5 | 6.3 |
Valuation Allowances and Reserves, Ending Balance | 8.7 | 14.9 | 12.8 |
Allowance for Doubtful Accounts, Noncurrent [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Beginning Balance | 4.6 | 4.5 | |
Valuation Allowances and Reserves, Ending Balance | $ 5 | $ 4.6 | $ 4.5 |