Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Cover [Abstract] | |
Entity Registrant Name | The Manitowoc Company, Inc. |
Entity Central Index Key | 0000061986 |
Trading Symbol | MTW |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Shares Outstanding | 35,184,553 |
Document Fiscal Period Focus | Q3 |
Entity File Number | 1-11978 |
Entity Tax Identification Number | 39-0448110 |
Entity Address, Address Line One | 11270 West Park Place |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Milwaukee |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53224 |
City Area Code | 414 |
Local Phone Number | 760-4600 |
Entity Incorporation, State or Country Code | WI |
Title of 12(b) Security | Common Stock, $.01 Par Value |
Security Exchange Name | NYSE |
Entity Interactive Data Current | Yes |
Document Quarterly Report | true |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 454.7 | $ 404.5 | $ 1,410.9 | $ 1,222.4 |
Cost of sales | 380.4 | 335.5 | 1,162.9 | 994.6 |
Gross profit | 74.3 | 69 | 248 | 227.8 |
Operating costs and expenses: | ||||
Engineering, selling and administrative expenses | 65.8 | 59.7 | 201.6 | 181 |
Asset impairment expense | 0 | 1.9 | 0 | 1.9 |
Amortization of intangible assets | 0.8 | 0.5 | 2.4 | 0.7 |
Restructuring (income) expense | 0.1 | (0.4) | 0.5 | (0.5) |
Total operating costs and expenses | 66.7 | 61.7 | 204.5 | 183.1 |
Operating income | 7.6 | 7.3 | 43.5 | 44.7 |
Other expense: | ||||
Interest expense | (8) | (7.1) | (23.3) | (21.5) |
Amortization of deferred financing fees | (0.3) | (0.4) | (1) | (1.1) |
Other income (expense) - net | 2.7 | (0.9) | 0.4 | (0.2) |
Total other expense - net | (5.6) | (8.4) | (23.9) | (22.8) |
Income (loss) before income taxes | 2 | (1.1) | 19.6 | 21.9 |
Provision for income taxes | (0.3) | (0.9) | (0.9) | 7.3 |
Net income (loss) | $ 2.3 | $ (0.2) | $ 20.5 | $ 14.6 |
Per Share Data and Share Amounts | ||||
Basic net income (loss) per common share | $ 0.07 | $ (0.01) | $ 0.58 | $ 0.42 |
Diluted net income (loss) per common share | $ 0.07 | $ (0.01) | $ 0.58 | $ 0.41 |
Weighted average shares outstanding - basic | 35,181,262 | 35,029,175 | 35,199,221 | 34,914,989 |
Weighted average shares outstanding - diluted | 35,374,194 | 35,029,175 | 35,470,301 | 35,555,077 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2.3 | $ (0.2) | $ 20.5 | $ 14.6 |
Other comprehensive loss, net of income tax | ||||
Unrealized loss on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively | (0.8) | (0.5) | (3.1) | (0.7) |
Employee pension and postretirement benefit income (expense), net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively | 0.3 | (0.3) | (0.1) | (2.1) |
Foreign currency translation adjustments, net of income tax (provision) benefit of $0.5, ($0.2), $1.2, and $2.5, respectively | (25.6) | (8.3) | (51.6) | (18.3) |
Total other comprehensive loss, net of income tax | (26.1) | (9.1) | (54.8) | (21.1) |
Comprehensive loss | $ (23.8) | $ (9.3) | $ (34.3) | $ (6.5) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on derivatives, net of income tax provision | $ 0 | $ 0 | $ 0 | $ 0 |
Employee pension and post retirement benefits costs, net of income tax benefit (provision) | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments, net of income tax provision (benefit) | $ 0.5 | $ 0.2 | $ 1.2 | $ 2.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 42.6 | $ 75.4 |
Accounts receivable, less allowances of $5.7 and $7.3, respectively | 210.4 | 236.1 |
Inventories — net | 672.2 | 576.8 |
Notes receivable — net | 11.3 | 16.7 |
Other current assets | 31.5 | 36.8 |
Total current assets | 968 | 941.8 |
Property, plant and equipment — net | 312.9 | 358.8 |
Operating lease right-of-use assets | 32.2 | 40.6 |
Goodwill | 245.2 | 249.7 |
Other intangible assets — net | 127.7 | 139.6 |
Other non-current assets | 35.7 | 44.7 |
Total assets | 1,721.7 | 1,775.2 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 425.4 | 413.4 |
Short-term borrowings and current portion of long-term debt | 8.3 | 7.3 |
Product warranties | 48.1 | 49 |
Customer advances | 28.4 | 28.7 |
Other liabilities | 20.8 | 22.6 |
Total current liabilities | 531 | 521 |
Non-Current Liabilities: | ||
Long-term debt | 403.6 | 399.9 |
Operating lease liabilities | 22.6 | 29.2 |
Deferred income taxes | 6.3 | 6.5 |
Pension obligations | 65.4 | 69.4 |
Postretirement health and other benefit obligations | 11.5 | 12.1 |
Long-term deferred revenue | 16.4 | 22.9 |
Other non-current liabilities | 34 | 51.8 |
Total non-current liabilities | 559.8 | 591.8 |
Commitments and contingencies (Note 18) | ||
Stockholders' Equity: | ||
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) | 0 | 0 |
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,184,553 and 35,056,252 shares outstanding, respectively) | 0.4 | 0.4 |
Additional paid-in capital | 604 | 602.4 |
Accumulated other comprehensive loss | (157.2) | (102.4) |
Retained earnings | 248.4 | 227.9 |
Treasury stock, at cost (5,609,430 and 5,737,731 shares, respectively) | (64.7) | (65.9) |
Total stockholders' equity | 630.9 | 662.4 |
Total liabilities and stockholders' equity | $ 1,721.7 | $ 1,775.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, allowances (in dollars) | $ 5.7 | $ 7.3 |
Preferred stock authorized (in shares) | 3,500,000 | 3,500,000 |
Par value of preferred stock per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 40,793,983 | 40,793,983 |
Common stock, shares outstanding (in shares) | 35,184,553 | 35,056,252 |
Treasury stock (in shares) | 5,609,430 | 5,737,731 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 20.5 | $ 14.6 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||
Depreciation | 46.2 | 29.5 |
Asset impairment expense | 0 | 1.9 |
Amortization of intangible assets | 2.4 | 0.7 |
Stock-based compensation expense | 5.6 | 6.4 |
Amortization of deferred financing fees | 1 | 1.1 |
Gain on sale of property, plant and equipment | (0.9) | (0.1) |
Net unrealized foreign currency transaction losses | 6.4 | 1.1 |
Income tax benefit from change in reserve of uncertain tax positions | (11.7) | 0 |
Deferred income taxes | 0.9 | 0.9 |
Other | 0.9 | 3.6 |
Changes in operating assets and liabilities | ||
Accounts receivable | 10.7 | 13 |
Inventories | (136.1) | (94.4) |
Notes receivable | 7.1 | (1) |
Other assets | (0.6) | (10.3) |
Accounts payable | 39.8 | 77.1 |
Accrued expenses and other liabilities | 7.3 | 24 |
Net cash provided by (used for) operating activities | (0.5) | 68.1 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (31.8) | (22.3) |
Proceeds from sale of property, plant and equipment | 1.5 | 0.1 |
Acquisition of businesses (Note 2) | 2.3 | (50.9) |
Net cash used for investing activities | (28) | (73.1) |
Cash Flows from Financing Activities: | ||
Proceeds from revolving credit facility - net | 4 | 100 |
Other debt - net | (4) | (3.4) |
Debt issuance and other debt related costs | (1.9) | 0 |
Exercises of stock options | 0.1 | 5.8 |
Common stock repurchases | (1.9) | 0 |
Net cash provided by (used for) financing activities | (3.7) | 102.4 |
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (3.8) |
Net increase (decrease) in cash and cash equivalents | (32.8) | 93.6 |
Cash and cash equivalents at beginning of period | 75.4 | 128.7 |
Cash and cash equivalents at end of period | $ 42.6 | $ 222.3 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
Balance at beginning of period at Dec. 31, 2020 | $ 0.4 | $ 595.1 | $ (97.5) | $ 216.9 | $ (71.4) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | 0.3 | 5.3 | ||||
Stock-based compensation expense | 6.4 | |||||
Other comprehensive loss | (21.1) | |||||
Net income (loss) | $ 14.6 | 14.6 | ||||
Common stock repurchases | ||||||
Balance at end of period at Sep. 30, 2021 | 649 | 0.4 | 601.8 | (118.6) | 231.5 | (66.1) |
Balance at beginning of period at Jun. 30, 2021 | 0.4 | 600.1 | (109.5) | 231.7 | (66.5) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | 0.1 | 0.4 | ||||
Stock-based compensation expense | 1.6 | |||||
Other comprehensive loss | (9.1) | |||||
Net income (loss) | (0.2) | (0.2) | ||||
Common stock repurchases | ||||||
Balance at end of period at Sep. 30, 2021 | 649 | 0.4 | 601.8 | (118.6) | 231.5 | (66.1) |
Balance at beginning of period at Dec. 31, 2021 | 0.4 | 602.4 | (102.4) | 227.9 | (65.9) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | (4) | 3.1 | ||||
Stock-based compensation expense | 5.6 | |||||
Other comprehensive loss | (54.8) | |||||
Net income (loss) | 20.5 | 20.5 | ||||
Common stock repurchases | (1.9) | |||||
Balance at end of period at Sep. 30, 2022 | 630.9 | 0.4 | 604 | (157.2) | 248.4 | (64.7) |
Balance at beginning of period at Jun. 30, 2022 | 0.4 | 602.5 | (131.1) | 246.1 | (64.7) | |
Increase (Decrease) in Stockholders' Equity | ||||||
Stock options exercised and issuance of other stock awards | ||||||
Stock-based compensation expense | 1.5 | |||||
Other comprehensive loss | (26.1) | |||||
Net income (loss) | 2.3 | 2.3 | ||||
Common stock repurchases | ||||||
Balance at end of period at Sep. 30, 2022 | $ 630.9 | $ 0.4 | $ 604 | $ (157.2) | $ 248.4 | $ (64.7) |
Accounting Policies and Basis o
Accounting Policies and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Policies and Basis of Presentation | 1. Accounting Policies and Basis of Presentation The Manitowoc Company, Inc. (the “Company” or “Manitowoc”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Additionally, the Company leverages its installed base of cranes to provide aftermarket parts and services to enable its customers to manage their fleets more effectively and improve their return on investment. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provides the Company with a consistent stream of recurring revenue. The Company continues to expand its tower crane rental fleet in Europe and Africa (“EURAF”) to directly service its customers in the region. The Company has three reportable segments, the Americas segment, the EURAF segment and the Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refe r to Note 17, “Segments,” for additional information. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of operations, comprehensive loss and equity for the three and nine months ended September 30, 2022 and 2021, the cash flows for the same nine month periods and the balance sheet as of September 30, 2022 and December 31, 2021, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2021. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K. All amounts, except per share data and share amounts, are in millions throughout the tables in these notes unless otherwise indicated. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of the H&E Crane Business On October 1, 2021, the Company completed the acquisition of substantially all of the assets and certain liabilities of the crane business of H&E Equipment Services, Inc. (“H&E”) for a transaction price of approximately $ 136.8 million which is inclusive of the purchase price of $ 130.0 million, working capital and other adjustments of $ 3.7 million and settlement of outstanding balances between the Company and the acquired company of $ 3.1 million. The acquisition was funded from existing cash resources, including the use of the Company's asset-based revolving credit facility. At the time of acquisition, t he acquired crane business of H&E operated with ten full-service branch locations under the Company's wholly owned subsidiary, MGX Equipment Services, LLC ("MGX"). The acquired crane business expands Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service and crane financing options to a variety of end market customers. The transaction price was allocated to underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the combination as follows: Net working capital $ 48.8 Property, plant and equipment 13.1 Rental fleet 48.2 Goodwill 7.8 Noncompetition agreement intangible 3.8 Customer relationships intangible 15.1 Total fair value consideration $ 136.8 The amount of net sales generated by MGX for the three and nine months ended September 30, 2022 was $ 64.1 million and $ 160.5 million, respectively. Acquisition of Aspen Equipment Company On September 1, 2021, the Company completed the acquisition of substantially all of the assets of Aspen Equipment Company ("Aspen"), a diversified crane dealer and a leading final stage purpose built work truck upfitter, for a purchase price of approximately $ 50.2 million. The acquisition of Aspen was funded from existing cash resources and expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. Included in the purchase price was $ 12.9 million of net working capital, $ 5.6 million of property, plant and equipment, $ 19.3 million of rental fleet, $ 0.4 million of other assets, $ 6.6 million of goodwill and $ 5.4 million of intangible assets. Refer to Note 9, "Goodwill and Other Intangible Assets," for additional information on the class of intangibles acquired and goodwill recorded. The amount of net sales generated by Aspen for the three and nine months ended September 30, 2022 was $ 17.1 million and $ 42.5 million, respectively. |
Net Sales
Net Sales | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | 3. Net Sales The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 28.0 $ 21.0 $ 28.7 $ 25.5 Cash received in advance of satisfying 32.5 33.9 98.0 93.7 Revenue recognized ( 31.1 ) ( 27.1 ) ( 99.4 ) ( 91.3 ) Currency translation ( 1.0 ) ( 0.2 ) 1.1 ( 0.3 ) Balance at end of period $ 28.4 $ 27.6 $ 28.4 $ 27.6 Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Se gments.” |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of September 30, 2022 and December 31, 2021. Fair Value as of September 30, 2022 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 0.1 $ — $ 0.1 Other current assets Current Liabilities: FX Forward Contracts — 4.5 — 4.5 Accounts payable and Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Recognized Location FX Forward Contracts $ — $ 0.3 $ — $ 0.3 Accounts payable and The fair value of the senior secured second lien notes due on April 1, 2026 , with an annual coupon rate of 9.000 % (the “2026 Notes”), was $ 276.8 million as of September 30, 2022. Refer to Note 11, “Debt,” for a description of the 2026 Notes and the related carrying value. The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's asset-based revolving credit facility, approximate fair value, without being discounted as of September 30, 2022 and December 31, 2021, due to the short-term nature of these instruments. FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. Refer to Note 5, “Derivative Financial Instruments” for a dditional information. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks. From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive loss ("AOCI"). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and nine months ended September 30, 2022 and 2021, respectively. The Company had FX Forward Contracts with aggregate notional amounts of $ 55.9 million a nd $ 11.3 million in U.S. dollar equivalent as of September 30, 2022 and December 31, 2021, respectively. The aggregate notional amount outstanding as of September 30, 2022 is scheduled to mature within one year . The FX Forward Contracts purchased are denominated in various foreign currencies. As of September 30, 2022 and December 31, 2021, the net fair value of these contracts was a net short-term liability of $ 4.4 million and $ 0.3 million, respectively. There were $ 3.1 million and zero of unrealized gains (losses), net of income tax, recorded in AOCI as of September 30, 2022 and December 31, 2021, respectively. The net gain (loss) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended Recognized Location 2022 2021 2022 2021 Designated Cost of sales $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Non-designated Other income (expense) - net $ 2.8 $ — $ 4.8 $ ( 0.4 ) |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories The components of inventories as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, Raw materials $ 162.3 $ 157.4 Work-in-process 177.1 140.4 Finished goods 332.8 279.0 Total inventories - net $ 672.2 $ 576.8 |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Notes Receivable | 7. Notes Receivable The Company's notes receivable balances are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets in the Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2022, the Company recorded income of $ 4.8 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations to recognize the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company's Chinese joint venture. As of September 30, 2022, the Company had current and long-term notes receivable in the amounts of $ 11.3 million and $ 2.4 million, respectively. As of December 31, 2021, the Company had current and long-term notes receivable in the amounts of $ 16.7 million and $ 5.2 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 8. Property, Plant and Equipment The components of property, plant and equipment as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, Land $ 17.6 $ 19.4 Building and improvements 190.3 203.4 Machinery, equipment and tooling 284.2 298.9 Furniture and fixtures 13.4 14.5 Computer hardware and software 126.7 125.6 Rental cranes 140.1 144.2 Construction in progress 10.3 15.1 Total cost 782.6 821.1 Less accumulated depreciation ( 469.7 ) ( 462.3 ) Property, plant and equipment — net $ 312.9 $ 358.8 Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes. Assets Held for Sale As of September 30, 2022 and December 31, 2021, the Company had $ 2.7 million and $ 3.1 million , respectively, classified as other current assets in the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, assets held for sale primarily related to a manufacturing building and land in Fanzeres, Portugal. Asset Impairment During the three months ended September 30, 2021, the Company recorded an asset impairment of $ 1.9 million to write-down the value of one of the Company's Brazilian entities to its expected sale price. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 9. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill as of September 30, 2022 and December 31, 2021 are summarized as follows: Americas - Americas - MEAP Consolidated Balance as of January 1, 2021 $ 166.5 $ — $ 68.6 $ 235.1 Foreign currency impact — — ( 0.5 ) ( 0.5 ) Acquisitions — 15.1 — 15.1 Balance as of December 31, 2021 166.5 15.1 68.1 249.7 Foreign currency impact — — ( 3.8 ) ( 3.8 ) Purchase accounting adjustments — ( 0.7 ) — ( 0.7 ) Balance as of September 30, 2022 $ 166.5 $ 14.4 $ 64.3 $ 245.2 As of September 30, 2022 , the Company recorded goodwill of $ 6.6 million and $ 7.8 million from the acquisitions of Aspen and the crane business of H&E, respectively. Management determined the goodwill represents the assembled workforce and synergies between the acquired companies and Manitowoc that are not individually identified and separately recognized. The total goodwill related to the acquisitions is deductible for tax purposes over 15 years. Refer to Not e 2, "Business Combinations," for additional information. The Company performs its annual goodwill impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company has been monitoring macroeconomic conditions such as ongoing supply chain constraints, inflation and rising interest rates. In addition, the Company has experienced a decline in its equity market capitalization which, as of September 30, 2022, was lower than its book value. The Company assessed these and other qualitative factors as outlined in Accounting Standards Codification ("ASC") 350-20-35-3C and determined no triggering events for potential impairment were identified as of September 30, 2022 that would indicate it is more likely than not goodwill is impaired. However, there could be an impairment charge if there is an unfavorable change to forecasted future cash flows as a result of deteriorating macroeconomic conditions, the Company's equity market capitalization remains low for a prolonged period or it further declines. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that goodwill might be impaired. The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Definite lived intangible assets: Customer relationships $ 26.6 $ ( 9.7 ) $ 16.9 $ 27.0 $ ( 9.0 ) $ 18.0 Patents 27.3 ( 26.8 ) 0.5 29.7 ( 29.1 ) 0.6 Noncompetition agreements 4.2 ( 1.0 ) 3.2 4.2 ( 0.4 ) 3.8 Trademarks and tradenames 2.2 ( 0.5 ) 1.7 2.2 ( 0.1 ) 2.1 Other intangibles 0.7 ( 0.5 ) 0.2 0.6 ( 0.2 ) 0.4 Total 61.0 ( 38.5 ) 22.5 63.7 ( 38.8 ) 24.9 Indefinite lived intangible assets: Trademarks and tradenames 88.0 — 88.0 95.9 — 95.9 Distribution network 17.2 — 17.2 18.8 — 18.8 Total 105.2 — 105.2 114.7 — 114.7 Total other intangible assets $ 166.2 $ ( 38.5 ) $ 127.7 $ 178.4 $ ( 38.8 ) $ 139.6 Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended September 30, 2022 and 2021 was $ 0.8 million and $ 0.5 million, respectively. Amortization expense for the nine months ended September 30, 2022 and 2021 was $ 2.4 million and $ 0.7 million, respectively. As a result of the acquisition of Aspen during the year ended December 31, 2021, intangible assets of $ 2.2 million for customer relationships, $ 2.2 million for tradenames, $ 0.8 million for other intangibles and $ 0.2 million for a noncompetition agreement were acquired. The useful life for each intangible asset class is 18 years, 5 years, 9 months and 5 years, respectively. The weighted average useful life for acquired intangibles is 3.2 years. The fair value of identifiable intangible assets has been determined using the income approach which involves significant unobservable inputs. As a result of the acquisition of the crane business of H&E during the year ending December 31, 2021, intangible assets of $ 15.1 million for customer relationships and $ 3.8 million for a noncompetition agreement were acquired. The useful life for each intangible asset class is 12 years and 5 years for the customer relationships and the noncompetition agreement, respectively. The weighted average useful life for the acquired intangibles assets is 9.4 years. The fair value of identifiable intangible assets has been determined using the income approach which involves significant unobservable inputs. Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event as of September 30, 2022. The Company performs its annual indefinite lived intangible assets testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company has been monitoring macroeconomic conditions such as ongoing supply chain constraints, inflation and rising interest rates. The Company assessed these and other qualitative factors as outlined in ASC 350-30-35-18B and determined no triggering events for potential impairments were identified as of September 30, 2022 that would indicate it is more likely than not indefinite lived intangible assets were impaired. However, there could be an impairment charge if there is an unfavorable change to forecasted future cash flows as a result of deteriorating macroeconomic conditions. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that indefinite lived intangible assets might be impaired. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 10. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 December 31, 2021 Trade accounts payable $ 250.9 $ 238.8 Employee-related expenses 43.8 51.9 Accrued vacation 21.4 22.2 Miscellaneous accrued expenses 109.3 100.5 Total accounts payable and accrued expenses $ 425.4 $ 413.4 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt Outstanding debt as of September 30, 2022 and December 31, 2021 is summarized as follows: September 30, 2022 December 31, 2021 Borrowings under senior secured asset based revolving $ 104.0 $ 100.0 Senior secured second lien notes due 2026 300.0 300.0 Other 10.4 10.3 Deferred financing costs ( 2.5 ) ( 3.1 ) Total debt 411.9 407.2 Short-term borrowings and current portion of long-term ( 8.3 ) ( 7.3 ) Long-term debt $ 403.6 $ 399.9 On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $ 275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $ 75.0 million letter of credit sub-facility, $ 10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility. On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduces restrictions on the Company's ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”). Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows: Average quarterly availability Alternative base rate spread SOFR spread ≥ 50% of Aggregate Commitment 0.25 % 1.25 % < 50% of Aggregate Commitment 0.50 % 1.50 % As of September 30, 2022 and December 31, 2021, the Company had borrowings on the ABL Revolving Credit Facility of $ 104.0 million and $ 100.0 million, respectively. As of September 30, 2022, the spreads for SOFR and prime rate borrowings were 1.25 % and 0.25 %, respe ctively, with excess availability o f $ 168.0 million, which represents revolver borrowing capacity of $ 275.0 million less U.S. letters of credit outstanding of $ 3.0 million and $ 104.0 million in borrowings. As of September 30, 2022, the Company had other indebtedness outstanding of $ 10.4 million that had a weighted-average interest rate of approximately 3.5 %. This debt includes balances on local credit lines and other financing arrangements. On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $ 300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000 %. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018. Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement. As of September 30, 2022 , the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months . |
Accounts Receivable Factoring
Accounts Receivable Factoring | 9 Months Ended |
Sep. 30, 2022 | |
Transfers and Servicing [Abstract] | |
Accounts Receivable Factoring | 12. Accounts Receivable Factoring The Company has two non-U.S. accounts receivable financing programs with maximum availability of € 55.0 million and one U.S. accounts receivable financing program with maximum availability of $ 27.0 million. Tr ansactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected. For the three and nine months ended September 30, 2022 , cash proceeds from the factoring of accounts receivable qualifying as sales were $ 60.4 million and $ 164.0 million, respectively. For the three and nine months ended September 30, 2021, cash proceeds from the factoring of accounts receivable qualifying as sales were $ 48.1 million and $ 159.1 million, respectively. Financing charges associated with the factoring of receivables qualifying as sales are included in interest expense in the Condensed Consolidated Statements of Operations. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and nine months ended September 30, 2022 and 2021 were immaterial. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in both the U.S. and foreign jurisdictions where no tax benefit can be realized. For the three months ended September 30, 2022 and 2021, the Company recorded a benefit for income taxes of $ 0.3 million and $ 0.9 million, respectively. The year-over-year decrease in the Company’s benefit for income taxes for the three months ended September 30, 2022, primarily relates to a non-recurring discrete tax benefit recorded in 2021 for a refund of foreign income taxes from a prior year, partially offset by the jurisdictional mix of current year-to-date income. For the nine months ended September 30, 2022 and 2021, the Company recorded a benefit for income taxes of $ 0.9 million and a provision for income taxes of $ 7.3 million, respectively. The year-over-year increase in benefit for income taxes for the nine months ended September 30, 2022, was primarily driven by the release of a $ 12.1 million uncertain tax position, inclusive of $ 1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Company’s unrecognized tax benefits, excluding interest and penalties, was $ 7.5 million and $ 18.4 million as of September 30, 2022 and December 31, 2021, respectively. The decrease of $ 10.9 million is primarily attributable to the release of a $ 10.9 million uncertain tax position related to U.S. Federal tax planning strategies implemented as a result of the CARES Act during the nine months ended September 30, 2022. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 14. Net Income (Loss) Per Share The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic weighted average common 35,181,262 35,029,175 35,199,221 34,914,989 Effect of dilutive securities - equity 192,932 — 271,080 640,088 Diluted weighted average common 35,374,194 35,029,175 35,470,301 35,555,077 Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 1,183,503 and 988,832 common shares were excluded from the diluted weighted average common shares outstanding for the three and nine months ended September 30, 2022, respectively. Anti-dilutive equity instruments of 386,178 co mmon shares were excluded from the diluted weighted average common shares outstanding for the nine months ended September 30, 2021. Due to the net loss incurred during the three months ended September 30, 2021, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted net income (loss) per share calculations for those periods. No cash dividends were declared or paid during the three and nine months ended September 30, 2022 and 2021 . |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | 15. Equity Authorized capital consists of 75.0 million shares of $ 0.01 par value common stock and 3.5 million shares of $ 0.01 par value preferred stock. None of the preferred shares have been issued. As of September 30, 2022 , the Company has authorization from the Board of Directors to purchase up to $ 30.0 million of the Company’s common stock at management’s discretion. During the nine months ended September 30, 2022 , the Company repurchased 150,000 shares of the Company's common stock for $ 1.9 million under this authorization. As of September 30, 2022, the Company had $ 8.7 million re maining under this authorization. A reconciliation of the changes in accumulated other comprehensiv e loss, net of income tax, by component for the three months ended September 30, 2022 and 2021 are summarized as follows: Gains and Losses on Pension & Foreign Currency Total Balance as of June 30, 2021 $ ( 0.2 ) $ ( 49.7 ) $ ( 59.6 ) $ ( 109.5 ) Other comprehensive loss before ( 0.8 ) ( 0.8 ) ( 8.3 ) ( 9.9 ) Amounts reclassified from accumulated other 0.3 0.5 — 0.8 Net other comprehensive loss ( 0.5 ) ( 0.3 ) ( 8.3 ) ( 9.1 ) Balance as of September 30, 2021 $ ( 0.7 ) $ ( 50.0 ) $ ( 67.9 ) $ ( 118.6 ) Balance as of June 30, 2022 $ ( 2.3 ) $ ( 32.7 ) $ ( 96.1 ) $ ( 131.1 ) Other comprehensive loss before ( 3.5 ) ( 0.2 ) ( 25.6 ) ( 29.3 ) Amounts reclassified from accumulated other 2.7 0.5 — 3.2 Net other comprehensive income (loss) ( 0.8 ) 0.3 ( 25.6 ) ( 26.1 ) Balance as of September 30, 2022 $ ( 3.1 ) $ ( 32.4 ) $ ( 121.7 ) $ ( 157.2 ) A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2022 and 2021 are summarized as follows: Gains and Losses on Pension & Foreign Currency Total Balance as of December 31, 2020 $ — $ ( 47.9 ) $ ( 49.6 ) $ ( 97.5 ) Other comprehensive loss before ( 0.9 ) ( 3.6 ) ( 18.3 ) ( 22.8 ) Amounts reclassified from accumulated 0.2 1.5 — 1.7 Net other comprehensive loss ( 0.7 ) ( 2.1 ) ( 18.3 ) ( 21.1 ) Balance as of September 30, 2021 $ ( 0.7 ) $ ( 50.0 ) $ ( 67.9 ) $ ( 118.6 ) Balance as of December 31, 2021 $ — $ ( 32.3 ) $ ( 70.1 ) $ ( 102.4 ) Other comprehensive loss before ( 7.4 ) ( 1.4 ) ( 51.6 ) ( 60.4 ) Amounts reclassified from accumulated other 4.3 1.3 — 5.6 Net other comprehensive loss ( 3.1 ) ( 0.1 ) ( 51.6 ) ( 54.8 ) Balance as of September 30, 2022 $ ( 3.1 ) $ ( 32.4 ) $ ( 121.7 ) $ ( 157.2 ) A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Amount Reclassified from Accumulated Other Three Months Ended Nine Months Ended 2022 2021 2022 2021 Recognized Losses on cash flow hedges FX Forward Contracts $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Cost of sales Total before income taxes ( 2.7 ) ( 0.3 ) ( 4.3 ) ( 0.2 ) Provision for income taxes — — — — Total, net of income taxes $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Amortization of pension and Actuarial losses $ ( 0.8 ) $ ( 1.2 ) $ ( 2.3 ) $ ( 3.6 ) (a) Other income (expense) - net Amortization of prior service cost 0.3 0.7 1.0 2.1 (a) Other income (expense) - net Total before income taxes ( 0.5 ) ( 0.5 ) ( 1.3 ) ( 1.5 ) Provision for income taxes — — — — Total, net of income taxes $ ( 0.5 ) $ ( 0.5 ) $ ( 1.3 ) $ ( 1.5 ) Total reclassifications for the period, $ ( 3.2 ) $ ( 0.8 ) $ ( 5.6 ) $ ( 1.7 ) (a) These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 20, “Employee Benefit Plans,” for additional information). |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in the Company’s 2021 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of September 30, 2022 i s 3,918,624 shares. During the three months ended September 30, 2022 and 2021, the Company recorded stock-based compensation expense of $ 1.5 million and $ 1.6 mill ion, respectively. During the nine months ended September 30, 2022 and 2021, the Company recorded stock-based compensation of $ 5.6 million and $ 6.4 million, respectively. The Company reports stock-based compensation expense within engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan. During the three months ended September 30, 2022 and 2021 , 13,476 and 22,581 restricted stock units were granted to employees, respectively. A total of 356,388 and 340,305 restricted stock units, respectively, were granted to employees during the nine months ended September 30, 2022 and 2021. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date. During the three months ended September 30, 2022 and 2021 , no performance shares were granted to employees. During the nine months ended September 30, 2022 and 2021, 198,334 an d 203,697 performance shares were granted to employees, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance share units granted in 2022 are weighted 60 % on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40 % on non-new machine sales for the year ending December 31, 2024. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2022 performance share units include a +/- 20 % modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200 % of target shares granted. The performance goals for the performance share units granted in 2021 are weighted 60 % on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40 % on non-new machine sales for the year ending December 31, 2023. The 2021 performance share units include a +/- 20 % modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200 % of target shares granted. No equity compensation awards were granted to non-employee directors during the three months ended September 30, 2022 and 2021. A total of 56,640 and 56,672 equity compensation awards were granted to non-employee directors during the nine months ended September 30, 2022 and 2021, respectively. The 2022 and 2021 non-employee director equity compensation awards vested immediately upon the grant date. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | 17. Segments The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The Company has three reportable segments: Americas, EURAF and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region. The results of the acquired businesses are included in the Americas segment. The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expense, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company aggregates certain of its operating segments into reportable segments. The CODM does not evaluate performance of the reportable segments based on total assets. The following table shows information by reportable segment for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net Sales Americas $ 238.5 $ 190.6 $ 680.6 $ 516.0 EURAF 160.3 150.0 548.5 485.3 MEAP 55.9 63.9 181.8 221.1 Total $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 Segment Operating Americas $ 22.2 $ 15.3 $ 46.4 $ 44.2 EURAF ( 14.2 ) ( 5.4 ) ( 2.2 ) 6.6 MEAP 7.5 6.5 28.6 23.1 Total $ 15.5 $ 16.4 $ 72.8 $ 73.9 Depreciation Americas $ 8.6 $ 3.6 $ 27.6 $ 10.9 EURAF 4.8 4.9 14.8 14.8 MEAP 0.4 0.6 1.7 1.6 Corporate 0.7 0.7 2.1 2.2 Total $ 14.5 $ 9.8 $ 46.2 $ 29.5 Capital Expenditures Americas $ 8.1 $ 2.9 $ 13.3 $ 5.8 EURAF 6.5 3.7 16.9 15.4 MEAP 0.4 0.3 1.6 1.0 Corporate — — — 0.1 Total $ 15.0 $ 6.9 $ 31.8 $ 22.3 A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Segment operating income $ 15.5 $ 16.4 $ 72.8 $ 73.9 Unallocated corporate expenses ( 7.9 ) ( 9.1 ) ( 29.3 ) ( 29.2 ) Total operating income $ 7.6 $ 7.3 $ 43.5 $ 44.7 Net sales by geographic area for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 United States $ 218.8 $ 158.7 $ 610.0 $ 445.2 Europe 157.7 147.4 532.8 472.3 Other 78.2 98.4 268.1 304.9 Total net sales $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 New machine and non-new machine sales for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 New machine sales $ 327.1 $ 304.2 $ 1,014.8 $ 898.6 Non-new machine sales 127.6 100.3 396.1 323.8 Total net sales $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. As of September 30, 2022 , various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years . As of September 30, 2022, the largest self-insured retention level for new occurrences currently maintained by the Company is $ 3.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States. Product liability reserves, recorded within other liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 were $ 9.1 million and $ 9.0 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers. As of September 30, 2022 and December 31, 2021, the Company had reserves of $ 56.6 million and $ 60.2 million, respectively, for warranty and claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve legal matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. Refer to Note 19, “Guarantees,” for further information. It is reasonably possible that the estimates for warranty costs, product liability, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. The ultimate resolution of these matters, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters. The total recorded estimated liability in the Company’s Condensed Consolidated Balance Sheets is $ 14.9 million, as of September 30, 2022 and December 31, 2021. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $ 174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Guarantees | 19. Guarantees The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of September 30, 2022 and December 31, 2021 was $ 26.3 million and $ 31.0 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of September 30, 2022 and December 31, 2021 wa s $ 40.0 million and $ 36.4 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $ 13.8 million and $ 15.8 million as of September 30, 2022 and December 31, 2021, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees. In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months . If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its standard warranty period at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of September 30, 2022 and December 31, 2021 was $ 6.3 million and $ 7.0 million. Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 57.2 $ 59.5 $ 60.2 $ 63.2 Accruals for warranties issued during the 8.5 5.9 20.3 19.3 Settlements made (in cash or in kind) ( 7.3 ) ( 7.9 ) ( 20.1 ) ( 24.1 ) Currency translation ( 1.8 ) ( 0.4 ) ( 3.8 ) ( 1.3 ) Balance at end of period $ 56.6 $ 57.1 $ 56.6 $ 57.1 Included in the warranty balance as of September 30, 2022 and December 31, 2021 is $ 8.5 million and $ 11.2 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 20. Employee Benefit Plans The Company provides certain pension, health care and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations. The components of net periodic benefit cost (income) for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Postretirement Postretirement U.S. Non-U.S. Health and U.S. Non-U.S. Health and Pension Pension Other Pension Pension Other Plans Plans Plans Plans Plans Plans Service cost - benefits earned during $ — $ 0.4 $ — $ — $ 0.5 $ — Interest cost of projected benefit obligations 0.8 0.5 — 0.8 0.4 — Expected return on plan assets ( 1.3 ) ( 0.4 ) — ( 1.2 ) ( 0.3 ) — Amortization of prior service cost — — ( 0.3 ) — — ( 0.7 ) Amortization of actuarial net (gain) loss 0.5 0.4 ( 0.1 ) 0.8 0.4 — Net periodic benefit cost (income) $ — $ 0.9 $ ( 0.4 ) $ 0.4 $ 1.0 $ ( 0.7 ) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Postretirement Postretirement U.S. Non-U.S. Health and U.S. Non-U.S. Health and Pension Pension Other Pension Pension Other Plans Plans Plans Plans Plans Plans Service cost - benefits earned during $ — $ 1.3 $ 0.1 $ — $ 1.7 $ 0.1 Interest cost of projected benefit obligations 2.4 1.2 0.1 2.2 1.0 0.1 Expected return on plan assets ( 3.9 ) ( 1.0 ) — ( 3.6 ) ( 0.8 ) — Amortization of prior service cost — — ( 1.0 ) — — ( 2.1 ) Amortization of actuarial net (gain) loss 1.5 1.2 ( 0.4 ) 2.4 1.4 ( 0.2 ) Net periodic benefit cost (income) $ — $ 2.7 $ ( 1.2 ) $ 1.0 $ 3.3 $ ( 2.1 ) The components of net periodic benefit cost (income) other than the service cost component are included in other income (expense) - net in the Condensed Consolidated Statements of Operations. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities based upon their estimated fair value | The transaction price was allocated to underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the combination as follows: Net working capital $ 48.8 Property, plant and equipment 13.1 Rental fleet 48.2 Goodwill 7.8 Noncompetition agreement intangible 3.8 Customer relationships intangible 15.1 Total fair value consideration $ 136.8 |
Net Sales (Tables)
Net Sales (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Change In Customer Advances Balance | The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 28.0 $ 21.0 $ 28.7 $ 25.5 Cash received in advance of satisfying 32.5 33.9 98.0 93.7 Revenue recognized ( 31.1 ) ( 27.1 ) ( 99.4 ) ( 91.3 ) Currency translation ( 1.0 ) ( 0.2 ) 1.1 ( 0.3 ) Balance at end of period $ 28.4 $ 27.6 $ 28.4 $ 27.6 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value | The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of September 30, 2022 and December 31, 2021. Fair Value as of September 30, 2022 Level 1 Level 2 Level 3 Total Recognized Location Current Assets: FX Forward Contracts $ — $ 0.1 $ — $ 0.1 Other current assets Current Liabilities: FX Forward Contracts — 4.5 — 4.5 Accounts payable and Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Recognized Location FX Forward Contracts $ — $ 0.3 $ — $ 0.3 Accounts payable and |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Gains or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts | The net gain (loss) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended Recognized Location 2022 2021 2022 2021 Designated Cost of sales $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Non-designated Other income (expense) - net $ 2.8 $ — $ 4.8 $ ( 0.4 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of the components of inventories | The components of inventories as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, Raw materials $ 162.3 $ 157.4 Work-in-process 177.1 140.4 Finished goods 332.8 279.0 Total inventories - net $ 672.2 $ 576.8 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, Land $ 17.6 $ 19.4 Building and improvements 190.3 203.4 Machinery, equipment and tooling 284.2 298.9 Furniture and fixtures 13.4 14.5 Computer hardware and software 126.7 125.6 Rental cranes 140.1 144.2 Construction in progress 10.3 15.1 Total cost 782.6 821.1 Less accumulated depreciation ( 469.7 ) ( 462.3 ) Property, plant and equipment — net $ 312.9 $ 358.8 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in goodwill by reportable segment | The changes in the carrying amount of goodwill as of September 30, 2022 and December 31, 2021 are summarized as follows: Americas - Americas - MEAP Consolidated Balance as of January 1, 2021 $ 166.5 $ — $ 68.6 $ 235.1 Foreign currency impact — — ( 0.5 ) ( 0.5 ) Acquisitions — 15.1 — 15.1 Balance as of December 31, 2021 166.5 15.1 68.1 249.7 Foreign currency impact — — ( 3.8 ) ( 3.8 ) Purchase accounting adjustments — ( 0.7 ) — ( 0.7 ) Balance as of September 30, 2022 $ 166.5 $ 14.4 $ 64.3 $ 245.2 |
Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill | The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Definite lived intangible assets: Customer relationships $ 26.6 $ ( 9.7 ) $ 16.9 $ 27.0 $ ( 9.0 ) $ 18.0 Patents 27.3 ( 26.8 ) 0.5 29.7 ( 29.1 ) 0.6 Noncompetition agreements 4.2 ( 1.0 ) 3.2 4.2 ( 0.4 ) 3.8 Trademarks and tradenames 2.2 ( 0.5 ) 1.7 2.2 ( 0.1 ) 2.1 Other intangibles 0.7 ( 0.5 ) 0.2 0.6 ( 0.2 ) 0.4 Total 61.0 ( 38.5 ) 22.5 63.7 ( 38.8 ) 24.9 Indefinite lived intangible assets: Trademarks and tradenames 88.0 — 88.0 95.9 — 95.9 Distribution network 17.2 — 17.2 18.8 — 18.8 Total 105.2 — 105.2 114.7 — 114.7 Total other intangible assets $ 166.2 $ ( 38.5 ) $ 127.7 $ 178.4 $ ( 38.8 ) $ 139.6 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 December 31, 2021 Trade accounts payable $ 250.9 $ 238.8 Employee-related expenses 43.8 51.9 Accrued vacation 21.4 22.2 Miscellaneous accrued expenses 109.3 100.5 Total accounts payable and accrued expenses $ 425.4 $ 413.4 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | Outstanding debt as of September 30, 2022 and December 31, 2021 is summarized as follows: September 30, 2022 December 31, 2021 Borrowings under senior secured asset based revolving $ 104.0 $ 100.0 Senior secured second lien notes due 2026 300.0 300.0 Other 10.4 10.3 Deferred financing costs ( 2.5 ) ( 3.1 ) Total debt 411.9 407.2 Short-term borrowings and current portion of long-term ( 8.3 ) ( 7.3 ) Long-term debt $ 403.6 $ 399.9 |
Schedule of revolving credit facility bear interest at variable rate based upon average quarterly availability | The variable interest rate is based upon the average availability as of the most recent determination date as follows: Average quarterly availability Alternative base rate spread SOFR spread ≥ 50% of Aggregate Commitment 0.25 % 1.25 % < 50% of Aggregate Commitment 0.50 % 1.50 % |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share | The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic weighted average common 35,181,262 35,029,175 35,199,221 34,914,989 Effect of dilutive securities - equity 192,932 — 271,080 640,088 Diluted weighted average common 35,374,194 35,029,175 35,470,301 35,555,077 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | A reconciliation of the changes in accumulated other comprehensiv e loss, net of income tax, by component for the three months ended September 30, 2022 and 2021 are summarized as follows: Gains and Losses on Pension & Foreign Currency Total Balance as of June 30, 2021 $ ( 0.2 ) $ ( 49.7 ) $ ( 59.6 ) $ ( 109.5 ) Other comprehensive loss before ( 0.8 ) ( 0.8 ) ( 8.3 ) ( 9.9 ) Amounts reclassified from accumulated other 0.3 0.5 — 0.8 Net other comprehensive loss ( 0.5 ) ( 0.3 ) ( 8.3 ) ( 9.1 ) Balance as of September 30, 2021 $ ( 0.7 ) $ ( 50.0 ) $ ( 67.9 ) $ ( 118.6 ) Balance as of June 30, 2022 $ ( 2.3 ) $ ( 32.7 ) $ ( 96.1 ) $ ( 131.1 ) Other comprehensive loss before ( 3.5 ) ( 0.2 ) ( 25.6 ) ( 29.3 ) Amounts reclassified from accumulated other 2.7 0.5 — 3.2 Net other comprehensive income (loss) ( 0.8 ) 0.3 ( 25.6 ) ( 26.1 ) Balance as of September 30, 2022 $ ( 3.1 ) $ ( 32.4 ) $ ( 121.7 ) $ ( 157.2 ) A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2022 and 2021 are summarized as follows: Gains and Losses on Pension & Foreign Currency Total Balance as of December 31, 2020 $ — $ ( 47.9 ) $ ( 49.6 ) $ ( 97.5 ) Other comprehensive loss before ( 0.9 ) ( 3.6 ) ( 18.3 ) ( 22.8 ) Amounts reclassified from accumulated 0.2 1.5 — 1.7 Net other comprehensive loss ( 0.7 ) ( 2.1 ) ( 18.3 ) ( 21.1 ) Balance as of September 30, 2021 $ ( 0.7 ) $ ( 50.0 ) $ ( 67.9 ) $ ( 118.6 ) Balance as of December 31, 2021 $ — $ ( 32.3 ) $ ( 70.1 ) $ ( 102.4 ) Other comprehensive loss before ( 7.4 ) ( 1.4 ) ( 51.6 ) ( 60.4 ) Amounts reclassified from accumulated other 4.3 1.3 — 5.6 Net other comprehensive loss ( 3.1 ) ( 0.1 ) ( 51.6 ) ( 54.8 ) Balance as of September 30, 2022 $ ( 3.1 ) $ ( 32.4 ) $ ( 121.7 ) $ ( 157.2 ) |
Reconciliation of reclassifications from accumulated other comprehensive loss, net of income tax | A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Amount Reclassified from Accumulated Other Three Months Ended Nine Months Ended 2022 2021 2022 2021 Recognized Losses on cash flow hedges FX Forward Contracts $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Cost of sales Total before income taxes ( 2.7 ) ( 0.3 ) ( 4.3 ) ( 0.2 ) Provision for income taxes — — — — Total, net of income taxes $ ( 2.7 ) $ ( 0.3 ) $ ( 4.3 ) $ ( 0.2 ) Amortization of pension and Actuarial losses $ ( 0.8 ) $ ( 1.2 ) $ ( 2.3 ) $ ( 3.6 ) (a) Other income (expense) - net Amortization of prior service cost 0.3 0.7 1.0 2.1 (a) Other income (expense) - net Total before income taxes ( 0.5 ) ( 0.5 ) ( 1.3 ) ( 1.5 ) Provision for income taxes — — — — Total, net of income taxes $ ( 0.5 ) $ ( 0.5 ) $ ( 1.3 ) $ ( 1.5 ) Total reclassifications for the period, $ ( 3.2 ) $ ( 0.8 ) $ ( 5.6 ) $ ( 1.7 ) (a) These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 20, “Employee Benefit Plans,” for additional information). |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Information by Reportable Segment | The following table shows information by reportable segment for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net Sales Americas $ 238.5 $ 190.6 $ 680.6 $ 516.0 EURAF 160.3 150.0 548.5 485.3 MEAP 55.9 63.9 181.8 221.1 Total $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 Segment Operating Americas $ 22.2 $ 15.3 $ 46.4 $ 44.2 EURAF ( 14.2 ) ( 5.4 ) ( 2.2 ) 6.6 MEAP 7.5 6.5 28.6 23.1 Total $ 15.5 $ 16.4 $ 72.8 $ 73.9 Depreciation Americas $ 8.6 $ 3.6 $ 27.6 $ 10.9 EURAF 4.8 4.9 14.8 14.8 MEAP 0.4 0.6 1.7 1.6 Corporate 0.7 0.7 2.1 2.2 Total $ 14.5 $ 9.8 $ 46.2 $ 29.5 Capital Expenditures Americas $ 8.1 $ 2.9 $ 13.3 $ 5.8 EURAF 6.5 3.7 16.9 15.4 MEAP 0.4 0.3 1.6 1.0 Corporate — — — 0.1 Total $ 15.0 $ 6.9 $ 31.8 $ 22.3 |
Schedule of Reconciliation of the Company's Segment Operating Income | A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Segment operating income $ 15.5 $ 16.4 $ 72.8 $ 73.9 Unallocated corporate expenses ( 7.9 ) ( 9.1 ) ( 29.3 ) ( 29.2 ) Total operating income $ 7.6 $ 7.3 $ 43.5 $ 44.7 |
Schedule of Net Sales by Geographic Area | Net sales by geographic area for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 United States $ 218.8 $ 158.7 $ 610.0 $ 445.2 Europe 157.7 147.4 532.8 472.3 Other 78.2 98.4 268.1 304.9 Total net sales $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 |
Schedule of Net Sales By Product | New machine and non-new machine sales for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 New machine sales $ 327.1 $ 304.2 $ 1,014.8 $ 898.6 Non-new machine sales 127.6 100.3 396.1 323.8 Total net sales $ 454.7 $ 404.5 $ 1,410.9 $ 1,222.4 |
Guarantees (Tables)
Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Summary of Warranty Activity | Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2022 and 2021. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 57.2 $ 59.5 $ 60.2 $ 63.2 Accruals for warranties issued during the 8.5 5.9 20.3 19.3 Settlements made (in cash or in kind) ( 7.3 ) ( 7.9 ) ( 20.1 ) ( 24.1 ) Currency translation ( 1.8 ) ( 0.4 ) ( 3.8 ) ( 1.3 ) Balance at end of period $ 56.6 $ 57.1 $ 56.6 $ 57.1 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of components of period benefit costs | The components of net periodic benefit cost (income) for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Postretirement Postretirement U.S. Non-U.S. Health and U.S. Non-U.S. Health and Pension Pension Other Pension Pension Other Plans Plans Plans Plans Plans Plans Service cost - benefits earned during $ — $ 0.4 $ — $ — $ 0.5 $ — Interest cost of projected benefit obligations 0.8 0.5 — 0.8 0.4 — Expected return on plan assets ( 1.3 ) ( 0.4 ) — ( 1.2 ) ( 0.3 ) — Amortization of prior service cost — — ( 0.3 ) — — ( 0.7 ) Amortization of actuarial net (gain) loss 0.5 0.4 ( 0.1 ) 0.8 0.4 — Net periodic benefit cost (income) $ — $ 0.9 $ ( 0.4 ) $ 0.4 $ 1.0 $ ( 0.7 ) Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Postretirement Postretirement U.S. Non-U.S. Health and U.S. Non-U.S. Health and Pension Pension Other Pension Pension Other Plans Plans Plans Plans Plans Plans Service cost - benefits earned during $ — $ 1.3 $ 0.1 $ — $ 1.7 $ 0.1 Interest cost of projected benefit obligations 2.4 1.2 0.1 2.2 1.0 0.1 Expected return on plan assets ( 3.9 ) ( 1.0 ) — ( 3.6 ) ( 0.8 ) — Amortization of prior service cost — — ( 1.0 ) — — ( 2.1 ) Amortization of actuarial net (gain) loss 1.5 1.2 ( 0.4 ) 2.4 1.4 ( 0.2 ) Net periodic benefit cost (income) $ — $ 2.7 $ ( 1.2 ) $ 1.0 $ 3.3 $ ( 2.1 ) |
Accounting Policies and Basis_2
Accounting Policies and Basis of Presentation - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Accounting Policies [Abstract] | |
Period of providing high-quality, customer-focused products and support services | 120 years |
Number of reportable segments | 3 |
Business Combinations (Addition
Business Combinations (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 01, 2021 | Sep. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Acquisitions | $ 15.1 | ||||
Aspen | |||||
Business Acquisition [Line Items] | |||||
Revenue | $ 17.1 | $ 42.5 | |||
Total fair value consideration | $ 50.2 | ||||
Business combination, reason for business combination | The acquisition of Aspen was funded from existing cash resources and expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets. | ||||
Acquisitions | 6.6 | ||||
Aspen | ASC 805 | |||||
Business Acquisition [Line Items] | |||||
Net working capital | $ 12.9 | ||||
Other assets | 0.4 | ||||
Intangible assets amount included in purchase price | 5.4 | ||||
Property, plant and equipment | 5.6 | ||||
Rental Fleet Amount Included In Purchase Price | 19.3 | ||||
Acquisitions | $ 6.6 | ||||
H&E equipment services inc | |||||
Business Acquisition [Line Items] | |||||
Revenue | 64.1 | 160.5 | |||
Total fair value consideration | $ 136.8 | 136.8 | |||
Business combination, reason for business combination | he acquired crane business of H&E operated with ten full-service branch locations under the Company's wholly owned subsidiary, MGX Equipment Services, LLC ("MGX"). The acquired crane business expands Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service and crane financing options to a variety of end market customers. | ||||
Net working capital | $ 130 | 48.8 | |||
Other Adjustments | 3.7 | ||||
Outstanding balances | $ 3.1 | ||||
Property, plant and equipment | $ 13.1 | 13.1 | |||
Rental Fleet Amount Included In Purchase Price | 48.2 | ||||
Acquisitions | $ 7.8 |
Business Combination - Schedule
Business Combination - Schedule of assets acquired and liabilities based upon their estimated fair value (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Oct. 01, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwil | $ 15.1 | ||
H&E equipment services inc | |||
Business Acquisition [Line Items] | |||
Net working capital | $ 130 | $ 48.8 | |
Property, plant and equipment | 13.1 | ||
Rental fleet | 48.2 | ||
Goodwil | 7.8 | ||
Noncompetition agreement intangible | 3.8 | ||
Customer relationships intangible | 15.1 | ||
Total fair value consideration | $ 136.8 | $ 136.8 |
Net Sales - Schedule of Change
Net Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Balance at beginning of period | $ 28 | $ 21 | $ 28.7 | $ 25.5 |
Cash received in advance of satisfying performance obligations | 32.5 | 33.9 | 98 | 93.7 |
Revenue recognized | (31.1) | (27.1) | (99.4) | (91.3) |
Currency translation | (1) | (0.2) | 1.1 | (0.3) |
Balance at end of period | $ 28.4 | $ 27.6 | $ 28.4 | $ 27.6 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair Value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - Foreign Currency Exchange Contracts - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 0.1 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | |
Derivative liabilities, current | $ 4.5 | $ 0.3 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 0.1 | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | |
Derivative liabilities, current | $ 4.5 | $ 0.3 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Mar. 25, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 276.8 | |
Interest rate, stated percentage (as a percent) | 9% | 9% |
Debt instrument maturity date | Apr. 01, 2026 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivatives Fair Value [Line Items] | ||
Unrealized gain (losses) net of income tax | $ 3.1 | $ 0 |
Foreign Exchange Forward | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 55.9 | 11.3 |
Derivative remaining maturity period | 1 year | |
Derivative net current liability | $ 4.4 | $ 0.3 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Designated | Cost of Sales | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (loss) on foreign currency exchange contracts | $ (2.7) | $ (0.3) | $ (4.3) | $ (0.2) |
Non-Designated | Other Income (Expense) - Net | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (loss) on foreign currency exchange contracts | $ 2.8 | $ 0 | $ 4.8 | $ (0.4) |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 162.3 | $ 157.4 |
Work-in-process | 177.1 | 140.4 |
Finished goods | 332.8 | 279 |
Total inventories - net | $ 672.2 | $ 576.8 |
Notes Receivable - Narrative (D
Notes Receivable - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Notes receivable, current | $ 11.3 | $ 16.7 |
Notes receivable, long term | 2.4 | $ 5.2 |
Reserve for the remaining net value of the note | $ 4.8 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment | ||
Total cost | $ 782.6 | $ 821.1 |
Less accumulated depreciation | (469.7) | (462.3) |
Property, plant and equipment — net | 312.9 | 358.8 |
Land | ||
Property, Plant and Equipment | ||
Total cost | 17.6 | 19.4 |
Building and Improvements | ||
Property, Plant and Equipment | ||
Total cost | 190.3 | 203.4 |
Machinery, Equipment and Tooling | ||
Property, Plant and Equipment | ||
Total cost | 284.2 | 298.9 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Total cost | 13.4 | 14.5 |
Computer Hardware and Software | ||
Property, Plant and Equipment | ||
Total cost | 126.7 | 125.6 |
Rental cranes | ||
Property, Plant and Equipment | ||
Total cost | 140.1 | 144.2 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Total cost | $ 10.3 | $ 15.1 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment | |||||
Asset impairment expense | $ 0 | $ 1.9 | $ 0 | $ 1.9 | |
Other Current Assets | |||||
Property, Plant and Equipment | |||||
Assets held for sale | $ 2.7 | $ 2.7 | $ 3.1 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||||
Acquisitions | $ 15.1 | ||||
Amortization of intangible assets | $ 0.8 | $ 0.5 | $ 2.4 | $ 0.7 | |
Aspen | |||||
Goodwill [Line Items] | |||||
Acquisitions | 6.6 | ||||
Weighted average useful life | 3 years 2 months 12 days | ||||
Aspen | Trade Names | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 2.2 | ||||
Finite-lived intangible asset, useful life | 5 years | ||||
Aspen | Noncompetition Agreements | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 0.2 | ||||
Finite-lived intangible asset, useful life | 5 years | ||||
Aspen | Customer Relationships | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 2.2 | ||||
Finite-lived intangible asset, useful life | 18 years | ||||
Aspen | Other Intangibles | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 0.8 | ||||
Finite-lived intangible asset, useful life | 9 months | ||||
H&E equipment services inc | |||||
Goodwill [Line Items] | |||||
Acquisitions | $ 7.8 | ||||
Weighted average useful life | 9 years 4 months 24 days | ||||
H&E equipment services inc | Noncompetition Agreements | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 3.8 | ||||
Finite-lived intangible asset, useful life | 5 years | ||||
H&E equipment services inc | Customer Relationships | |||||
Goodwill [Line Items] | |||||
Intangible asset acquired | $ 15.1 | ||||
Finite-lived intangible asset, useful life | 12 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Balance at the beginning of the period | $ 249.7 | $ 235.1 |
Purchase accounting adjustments | (0.7) | |
Foreign currency impact | (3.8) | (0.5) |
Acquisitions | 15.1 | |
Balance at the end of the period | 245.2 | 249.7 |
Americas | ||
Goodwill | ||
Balance at the beginning of the period | 166.5 | 166.5 |
Purchase accounting adjustments | 0 | |
Foreign currency impact | 0 | 0 |
Acquisitions | 0 | |
Balance at the end of the period | 166.5 | 166.5 |
Middle East and Asia Pacific ("MEAP") | ||
Goodwill | ||
Balance at the beginning of the period | 68.1 | 68.6 |
Purchase accounting adjustments | 0 | |
Foreign currency impact | (3.8) | (0.5) |
Acquisitions | 0 | |
Balance at the end of the period | 64.3 | 68.1 |
Americas Distribution Member | ||
Goodwill | ||
Balance at the beginning of the period | 15.1 | 0 |
Purchase accounting adjustments | (0.7) | |
Foreign currency impact | 0 | 0 |
Acquisitions | 15.1 | |
Balance at the end of the period | $ 14.4 | $ 15.1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | $ 166.2 | $ 178.4 |
Finite-lived intangible assets, amortization amount | (38.5) | (38.8) |
Intangible assets, book value | 127.7 | 139.6 |
Indefinite-lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | 105.2 | 114.7 |
Intangible assets, book value | 105.2 | 114.7 |
Indefinite-lived Intangible Assets | Distribution Network | ||
Intangible asset balances by major asset class | ||
Indefinite-lived intangible assets, book value | 17.2 | 18.8 |
Indefinite-lived Intangible Assets | Trademarks and Tradenames | ||
Intangible asset balances by major asset class | ||
Indefinite-lived intangible assets, book value | 88 | 95.9 |
Finite-Lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | 61 | 63.7 |
Finite-lived intangible assets, amortization amount | (38.5) | (38.8) |
Intangible assets, book value | 22.5 | 24.9 |
Finite-Lived Intangible Assets | Customer Relationships | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 26.6 | 27 |
Finite-lived intangible assets, amortization amount | (9.7) | (9) |
Finite-lived intangible assets, book value | 16.9 | 18 |
Finite-Lived Intangible Assets | Patents | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 27.3 | 29.7 |
Finite-lived intangible assets, amortization amount | (26.8) | (29.1) |
Finite-lived intangible assets, book value | 0.5 | 0.6 |
Finite-Lived Intangible Assets | Other Intangibles | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 0.7 | 0.6 |
Finite-lived intangible assets, amortization amount | (0.5) | (0.2) |
Finite-lived intangible assets, book value | 0.2 | 0.4 |
Finite-Lived Intangible Assets | Noncompetition Agreements | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 4.2 | 4.2 |
Finite-lived intangible assets, amortization amount | (1) | (0.4) |
Finite-lived intangible assets, book value | 3.2 | 3.8 |
Finite-Lived Intangible Assets | Trademarks and Tradenames | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 2.2 | 2.2 |
Finite-lived intangible assets, amortization amount | (0.5) | (0.1) |
Finite-lived intangible assets, book value | $ 1.7 | $ 2.1 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Trade accounts payable | $ 250.9 | $ 238.8 |
Employee-related expenses | 43.8 | 51.9 |
Accrued vacation | 21.4 | 22.2 |
Miscellaneous accrued expenses | 109.3 | 100.5 |
Total accounts payable and accrued expenses | $ 425.4 | $ 413.4 |
Debt - Schedule of outstanding
Debt - Schedule of outstanding debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 411.9 | $ 407.2 |
Deferred financing costs | (2.5) | (3.1) |
Short-term borrowings and current portion of long-term debt | (8.3) | (7.3) |
Long-term debt | 403.6 | 399.9 |
ABL Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings under senior secured asset based revolving credit facility | 104 | 100 |
Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Total debt | 300 | 300 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 10.4 | $ 10.3 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 25, 2019 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Carrying amount | $ 411.9 | $ 407.2 | |
Period for which the entity will be able to comply with the financial covenants | 12 months | ||
Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 300 | ||
Debt instrument interest rate | 9% | 9% | |
Interest on the notes | Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. | ||
Carrying amount | $ 300 | 300 | |
ABL Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 275 | ||
Line of credit outstanding | 104 | 100 | |
Excess capacity | 168 | ||
Line of credit borrowing capacity | $ 275 | ||
ABL Revolving Credit Facility | SOFR Spread | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 1.25% | ||
ABL Revolving Credit Facility | Base Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.25% | ||
ABL Revolving Credit Facility | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | 75 | ||
Line of credit outstanding | $ 3 | ||
ABL Revolving Credit Facility | Letter of Credit | German Borrowers | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 10 | ||
Other | |||
Debt Instrument [Line Items] | |||
Carrying amount | $ 10.4 | $ 10.3 | |
Weighted average interest rate (as a percent) | 3.50% |
Debt - Schedule of Revolving Cr
Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2022 | |
SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.25% |
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.25% |
Greater Than or Equal to 50% of Aggregate Commitment | SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.25% |
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 0.50% |
Less Than 50% of Aggregate Commitment | SOFR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.50% |
Accounts Receivable Factoring -
Accounts Receivable Factoring - Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Transfers and Servicing [Abstract] | |||||
Proceeds from collection of receivables | $ 60.4 | $ 48.1 | $ 164 | $ 159.1 | |
Maximum availability under these programs | € 55 | $ 27 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||||
Provision for income taxes | $ (0.3) | $ (0.9) | $ (0.9) | $ 7.3 | |
Unrecognized tax benefits | 7.5 | 7.5 | $ 18.4 | ||
Uncertain tax position | 12.1 | ||||
Interest on uncertain tax position | 1.2 | ||||
Decrease in uncertain tax position | 10.9 | ||||
Federal member | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | $ 10.9 | $ 10.9 |
Net Income (Loss) Per Share - R
Net Income (Loss) Per Share - Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding (in shares) | 35,181,262 | 35,029,175 | 35,199,221 | 34,914,989 |
Effect of dilutive securities - equity compensation awards | 192,932 | 0 | 271,080 | 640,088 |
Diluted weighted average common shares outstanding (in shares) | 35,374,194 | 35,029,175 | 35,470,301 | 35,555,077 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Number of anti-dilutive shares excluded from diluted weighted average common shares outstanding | 1,183,503 | 988,832 | 386,178 | |
Dividends | $ 0 | $ 0 | $ 0 | $ 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Par value of common stock (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 |
Par value of preferred stock per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | |
Common stock repurchased | 150,000 | |
Common Stock | ||
Class Of Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 1.9 | |
Stock repurchase program, remaining authorized amount | 8.7 | |
Maximum | Common Stock | ||
Class Of Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 30 |
Equity - Reconciliation of accu
Equity - Reconciliation of accumulated other comprehensive loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Equity [Roll Forward] | ||||
Beginning balance | $ 662.4 | |||
Amounts reclassified from accumulated other comprehensive loss | $ 0 | |||
Total other comprehensive loss, net of income tax | (26.1) | $ (9.1) | (54.8) | $ (21.1) |
Ending balance | 630.9 | 630.9 | ||
Gains and Losses on Cash Flow Hedges | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||
Beginning balance | (2.3) | (0.2) | 0 | |
Other comprehensive loss before reclassifications | (3.5) | (0.8) | (7.4) | (0.9) |
Amounts reclassified from accumulated other comprehensive loss | 2.7 | 0.3 | 4.3 | 0.2 |
Total other comprehensive loss, net of income tax | (0.8) | (0.5) | (3.1) | (0.7) |
Ending balance | (3.1) | (0.7) | (3.1) | (0.7) |
Pension & Postretirement | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||
Beginning balance | (32.7) | (49.7) | (32.3) | (47.9) |
Other comprehensive loss before reclassifications | (0.2) | (0.8) | (1.4) | (3.6) |
Amounts reclassified from accumulated other comprehensive loss | 0.5 | 0.5 | 1.3 | 1.5 |
Total other comprehensive loss, net of income tax | 0.3 | (0.3) | (0.1) | (2.1) |
Ending balance | (32.4) | (50) | (32.4) | (50) |
Foreign Currency Translation | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||
Beginning balance | (96.1) | (59.6) | (70.1) | (49.6) |
Other comprehensive loss before reclassifications | (25.6) | (8.3) | (51.6) | (18.3) |
Total other comprehensive loss, net of income tax | (25.6) | (8.3) | (51.6) | (18.3) |
Ending balance | (121.7) | (67.9) | (121.7) | (67.9) |
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||
Beginning balance | (131.1) | (109.5) | (102.4) | (97.5) |
Other comprehensive loss before reclassifications | (29.3) | (9.9) | (60.4) | (22.8) |
Amounts reclassified from accumulated other comprehensive loss | 3.2 | 0.8 | 5.6 | 1.7 |
Total other comprehensive loss, net of income tax | (26.1) | (9.1) | (54.8) | (21.1) |
Ending balance | $ (157.2) | $ (118.6) | $ (157.2) | $ (118.6) |
Equity - Reconciliation of Recl
Equity - Reconciliation of Reclassifications From Accumulated Other Comprehensive (Loss), Net of Income Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Cost of sales | $ 380.4 | $ 335.5 | $ 1,162.9 | $ 994.6 |
Total before income taxes | 2 | (1.1) | 19.6 | 21.9 |
Provision income tax | 0.3 | 0.9 | 0.9 | (7.3) |
Net income (loss) | 2.3 | (0.2) | 20.5 | 14.6 |
Other income (expense) - net | 2.7 | (0.9) | 0.4 | (0.2) |
Provision for income taxes | (0.3) | (0.9) | (0.9) | 7.3 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Net income (loss) | (3.2) | (0.8) | (5.6) | (1.7) |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Total before income taxes | (2.7) | (0.3) | (4.3) | (0.2) |
Net income (loss) | (2.7) | (0.3) | (4.3) | (0.2) |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Cost of sales | (2.7) | (0.3) | (4.3) | (0.2) |
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) - net | (0.8) | (1.2) | (2.3) | (3.6) |
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) - net | 0.3 | 0.7 | 1 | 2.1 |
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income | ||||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||||
Total before income taxes | (0.5) | (0.5) | (1.3) | (1.5) |
Net income (loss) | $ (0.5) | $ (0.5) | $ (1.3) | $ (1.5) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-Based Compensation | ||||
Share-based compensation, remaining shares available for issuance (in shares) | 3,918,624 | 3,918,624 | ||
Engineering, Selling and Administrative Expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense (in dollars) | $ 1.5 | $ 1.6 | $ 5.6 | $ 6.4 |
Director | ||||
Stock-Based Compensation | ||||
Number of share options granted during the period (in shares) | 0 | 0 | 56,640 | 56,672 |
Restricted Stock Units | ||||
Stock-Based Compensation | ||||
Granted (in shares) | 13,476 | 22,581 | 356,388 | 340,305 |
Performance Shares | ||||
Stock-Based Compensation | ||||
Granted (in shares) | 0 | 0 | 198,334 | 203,697 |
2013 Omnibus Plan | ||||
Stock-Based Compensation | ||||
Share-based compensation, shares authorized (in shares) | 7,477,395 | 7,477,395 | ||
Performance Shares 2022 | Performance Shares | ||||
Stock-Based Compensation | ||||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 60% | |||
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40% | |||
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20% | |||
Performance period (in years) | 3 years | |||
Performance Shares 2021 | Performance Shares | ||||
Stock-Based Compensation | ||||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 60% | |||
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40% | |||
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20% | |||
Performance period (in years) | 3 years | 3 years | ||
Percentage of shares of other than options granted during the period | 200% | |||
Performance Shares 2020 | Performance Shares | ||||
Stock-Based Compensation | ||||
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) | 200% | |||
Performance period (in years) | 3 years |
Segments - Narrative (Details)
Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Schedule of Informat
Segments - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 454.7 | $ 404.5 | $ 1,410.9 | $ 1,222.4 |
Operating (loss) income | 7.6 | 7.3 | 43.5 | 44.7 |
Depreciation | 14.5 | 9.8 | 46.2 | 29.5 |
Capital Expenditures | 15 | 6.9 | 31.8 | 22.3 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating (loss) income | 15.5 | 16.4 | 72.8 | 73.9 |
Operating Segments | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 238.5 | 190.6 | 680.6 | 516 |
Operating (loss) income | 22.2 | 15.3 | 46.4 | 44.2 |
Depreciation | 8.6 | 3.6 | 27.6 | 10.9 |
Capital Expenditures | 8.1 | 2.9 | 13.3 | 5.8 |
Operating Segments | EURAF | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 160.3 | 150 | 548.5 | 485.3 |
Operating (loss) income | (14.2) | (5.4) | (2.2) | 6.6 |
Depreciation | 4.8 | 4.9 | 14.8 | 14.8 |
Capital Expenditures | 6.5 | 3.7 | 16.9 | 15.4 |
Operating Segments | Middle East and Asia Pacific ("MEAP") | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 55.9 | 63.9 | 181.8 | 221.1 |
Operating (loss) income | 7.5 | 6.5 | 28.6 | 23.1 |
Depreciation | 0.4 | 0.6 | 1.7 | 1.6 |
Capital Expenditures | 0.4 | 0.3 | 1.6 | 1 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating (loss) income | (7.9) | (9.1) | (29.3) | (29.2) |
Depreciation | 0.7 | 0.7 | 2.1 | 2.2 |
Capital Expenditures | $ 0 | $ 0 | $ 0 | $ 0.1 |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Total operating income (loss) | $ 7.6 | $ 7.3 | $ 43.5 | $ 44.7 |
Operating Segments | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Total operating income (loss) | 15.5 | 16.4 | 72.8 | 73.9 |
Corporate | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Total operating income (loss) | (7.9) | (9.1) | (29.3) | (29.2) |
Material Reconciling Items | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Total operating income (loss) | $ 7.6 | $ 7.3 | $ 43.5 | $ 44.7 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers [Line Items] | ||||
Net sales | $ 454.7 | $ 404.5 | $ 1,410.9 | $ 1,222.4 |
United States | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | 218.8 | 158.7 | 610 | 445.2 |
Europe | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | 157.7 | 147.4 | 532.8 | 472.3 |
Other | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | $ 78.2 | $ 98.4 | $ 268.1 | $ 304.9 |
Segments - Schedule of Net Sa_2
Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Information [Line Items] | ||||
Total net sales | $ 454.7 | $ 404.5 | $ 1,410.9 | $ 1,222.4 |
New Equipment Sales [Member] | ||||
Product Information [Line Items] | ||||
Total net sales | 327.1 | 304.2 | 1,014.8 | 898.6 |
Non-new Machine Sales [Member] | ||||
Product Information [Line Items] | ||||
Total net sales | $ 127.6 | $ 100.3 | $ 396.1 | $ 323.8 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | ||
Period over which product liability self-insurance retention levels have fluctuated (in years) | 10 years | |
Product liability reserves | $ 9.1 | $ 9 |
Warranty claims reserves | 56.6 | 60.2 |
Liabilities | 14.9 | $ 14.9 |
Statutory maximum penalties | 174 | |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Product liability self-insurance maximum retention level for new occurrence | $ 3 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Product Warranty Liability [Line Items] | ||
Revenue deferred related to buyback obligations included in other current and non-current liabilities | $ 26.3 | $ 31 |
Amount of residual value buyback commitments and given by the company | 40 | 36.4 |
Amount of loss guarantees with maximum liabilities | 13.8 | 15.8 |
Revenue deferred related to extended warranties included in other current and non-current liabilities | $ 6.3 | 7 |
Standard product warranties, low end of range (in months) | 12 months | |
Standard product warranties, high end of range (in months) | 60 months | |
Other Noncurrent Liabilities | ||
Product Warranty Liability [Line Items] | ||
Revenue deferred related to extended warranties included in other current and non-current liabilities | $ 8.5 | $ 11.2 |
Guarantees - Summary of Warrant
Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Warranty activity | ||||
Balance at beginning of period | $ 57.2 | $ 59.5 | $ 60.2 | $ 63.2 |
Accruals for warranties issued during the period | 8.5 | 5.9 | 20.3 | 19.3 |
Settlements made (in cash or in kind) during the period | (7.3) | (7.9) | (20.1) | (24.1) |
Currency translation | (1.8) | (0.4) | (3.8) | (1.3) |
Balance at end of period | $ 56.6 | $ 57.1 | $ 56.6 | $ 57.1 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring (income) expense | $ 0.1 | $ (0.4) | $ 0.5 | $ (0.5) |
Restructuring - Rollforward of
Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Rollforward of all restructuring accrual | ||||
Restructuring (income) expense | $ 0.1 | $ (0.4) | $ 0.5 | $ (0.5) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plans | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost of projected benefit obligations | 0.8 | 0.8 | 2.4 | 2.2 |
Expected return on plan assets | (1.3) | (1.2) | (3.9) | (3.6) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of actuarial net (gain) loss | 0.5 | 0.8 | 1.5 | 2.4 |
Net periodic benefit cost (income) | 0 | 0.4 | 0 | 1 |
Pension Plans | Non-U.S. Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 0.4 | 0.5 | 1.3 | 1.7 |
Interest cost of projected benefit obligations | 0.5 | 0.4 | 1.2 | 1 |
Expected return on plan assets | (0.4) | (0.3) | (1) | (0.8) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of actuarial net (gain) loss | 0.4 | 0.4 | 1.2 | 1.4 |
Net periodic benefit cost (income) | 0.9 | 1 | 2.7 | 3.3 |
Postretirement Health and Other Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost - benefits earned during the period | 0 | 0 | 0.1 | 0.1 |
Interest cost of projected benefit obligations | 0 | 0 | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (0.3) | (0.7) | (1) | (2.1) |
Amortization of actuarial net (gain) loss | (0.1) | 0 | (0.4) | (0.2) |
Net periodic benefit cost (income) | $ (0.4) | $ (0.7) | $ (1.2) | $ (2.1) |