Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2021shares | |
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 | Mar. 31, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Shares Outstanding | 34,734,972 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 354.3 | $ 329.2 |
Cost of sales | 285.9 | 266 |
Gross profit | 68.4 | 63.2 |
Operating costs and expenses: | ||
Engineering, selling and administrative expenses | 57.7 | 55.9 |
Amortization of intangible assets | 0.1 | 0.1 |
Restructuring (income) expense | (0.1) | 1.5 |
Total operating costs and expenses | 57.7 | 57.5 |
Operating income | 10.7 | 5.7 |
Other expense: | ||
Interest expense | (7.1) | (7.2) |
Amortization of deferred financing fees | (0.4) | (0.4) |
Other expense - net | (2.1) | (4) |
Total other expense | (9.6) | (11.6) |
Income (loss) before income taxes | 1.1 | (5.9) |
Provision for income taxes | 4.2 | 1.9 |
Net loss | $ (3.1) | $ (7.8) |
Per Share Data | ||
Basic net loss per common share | $ (0.09) | $ (0.22) |
Diluted net loss per common share | $ (0.09) | $ (0.22) |
Weighted average shares outstanding - basic | 34,809,725 | 35,135,525 |
Weighted average shares outstanding - diluted | 34,809,725 | 35,135,525 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (3.1) | $ (7.8) |
Other comprehensive income (loss), net of income tax: | ||
Employee pension and postretirement benefit income (expense), net of income tax of $0.0 and $0.3, respectively | (0.6) | 1.2 |
Foreign currency translation adjustments, net of income tax benefit (expense) of $3.2 and $(2.7), respectively | (10) | (13.6) |
Total other comprehensive loss, net of income tax | (10.6) | (12.4) |
Comprehensive loss | $ (13.7) | $ (20.2) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized income (loss) on derivatives, net of income tax benefit | $ 0 | $ 0.3 |
Employee pension and post retirement benefits costs, net of income tax expense (benefit) | $ 3.2 | $ (2.7) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 158.5 | $ 128.7 |
Accounts receivable, less allowances of $8.2 and $8.5, respectively | 188.4 | 215.1 |
Inventories — net | 520.4 | 473.1 |
Notes receivable — net | 12.8 | 13.6 |
Other current assets | 30.6 | 35.5 |
Total current assets | 910.7 | 866 |
Property, plant and equipment — net | 286.3 | 294.3 |
Operating lease right-of-use assets | 35.2 | 37.9 |
Goodwill | 234.8 | 235.1 |
Other intangible assets — net | 118.7 | 121.6 |
Other non-current assets | 42.1 | 48.6 |
Total assets | 1,627.8 | 1,603.5 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 378.7 | 329.4 |
Short-term borrowings and current portion of long-term debt | 10.1 | 10.5 |
Product warranties | 47.4 | 50.2 |
Customer advances | 21.6 | 25.5 |
Other liabilities | 20.6 | 20.2 |
Total current liabilities | 478.4 | 435.8 |
Non-Current Liabilities: | ||
Long-term debt | 300.1 | 300.4 |
Operating lease liabilities | 26.1 | 28.4 |
Deferred income taxes | 2.4 | 5.9 |
Pension obligations | 88 | 89.3 |
Postretirement health and other benefit obligations | 13.4 | 14 |
Long-term deferred revenue | 32.6 | 32.4 |
Other non-current liabilities | 53.8 | 53.8 |
Total non-current liabilities | 516.4 | 524.2 |
Commitments and contingencies (Note 18) | ||
Stockholders' Equity: | ||
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) | ||
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 34,734,972 and 34,580,638 shares outstanding, respectively) | 0.4 | 0.4 |
Additional paid-in capital | 596.4 | 595.1 |
Accumulated other comprehensive loss | (108.1) | (97.5) |
Retained earnings | 213.8 | 216.9 |
Treasury stock, at cost (6,059,011 and 6,213,345 shares, respectively) | (69.5) | (71.4) |
Total stockholders' equity | 633 | 643.5 |
Total liabilities and stockholders' equity | $ 1,627.8 | $ 1,603.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts Receivable, allowances (in dollars) | $ 8.2 | $ 8.5 |
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) | 34,734,972 | 34,580,638 |
Treasury stock (in shares) | 6,059,011 | 6,213,345 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (3.1) | $ (7.8) |
Adjustments to reconcile net loss to cash provided by (used for) operating activities: | ||
Depreciation | 10 | 9 |
Amortization of intangible assets | 0.1 | 0.1 |
Amortization of deferred financing fees | 0.4 | 0.4 |
Deferred income taxes | 0.9 | 0 |
Gain on sale of property, plant and equipment | (0.1) | (0.1) |
Net unrealized foreign currency transaction losses | 0.3 | 3 |
Stock-based compensation expense | 2.5 | 3.4 |
Changes in operating assets and liabilities | ||
Accounts receivable | 23.4 | (5.6) |
Inventories | (59.5) | (88.5) |
Notes receivable | 2.3 | 2.6 |
Other assets | 5.4 | (4.7) |
Accounts payable | 53.4 | 28.1 |
Accrued expenses and other liabilities | 4.8 | (18.5) |
Net cash provided by (used for) operating activities | 40.8 | (78.6) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (8) | (3.6) |
Proceeds from sale of fixed assets | 0.1 | |
Net cash used for investing activities | (8) | (3.5) |
Cash Flows from Financing Activities: | ||
Other debt - net | (0.8) | (0.5) |
Exercises of stock options | 0.8 | 0.1 |
Common stock repurchases | (12) | |
Net cash used for financing activities | (12.4) | |
Effect of exchange rate changes on cash and cash equivalents | (3) | (1.2) |
Net increase (decrease) in cash and cash equivalents | 29.8 | (95.7) |
Cash and cash equivalents at beginning of period | 128.7 | 199.3 |
Cash and cash equivalents at end of period | $ 158.5 | $ 103.6 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Balance at beginning of period at Dec. 31, 2019 | $ 0.4 | $ 592.2 | $ (121) | $ 236.2 | $ (0.2) | $ (61.9) | |
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised and issuance of other stock awards | (1.9) | 1.7 | |||||
Common stock repurchases | (12) | ||||||
Stock-based compensation | 3.4 | ||||||
Other comprehensive income (loss) | (12.4) | ||||||
Net loss | $ (7.8) | ||||||
Balance at end of period at Mar. 31, 2020 | 616.7 | 0.4 | 593.7 | (133.4) | 228.2 | (72.2) | |
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 | (1.2) | 1.9 | |||||
Common stock repurchases | 10.6 | ||||||
Stock-based compensation | 2.5 | ||||||
Other comprehensive income (loss) | (10.6) | ||||||
Net loss | (3.1) | ||||||
Balance at end of period at Mar. 31, 2021 | $ 633 | $ 0.4 | $ 596.4 | $ (108.1) | $ 213.8 | $ (69.5) |
Accounting Policies and Basis o
Accounting Policies and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | 1. Accounting Policies and Basis of Presentation The Manitowoc Company, Inc. (“Manitowoc” and the “Company”) was founded in 1902 and has over a 118-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, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, 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 approximately 152,000 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 has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and 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. Refer 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 income (loss) and equity for the three months ended March 31, 2021 and 2020, the cash flows for the same three-month periods and the balance sheet as of March 31, 2021 and December 31, 2020, 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, 2020. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated. Impact of COVID-19 Pandemic There is still uncertainty regarding the future impact of the COVID-19 pandemic, which could include continuing or new restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations impacting its customers, dealers and suppliers. The extent to which the COVID-19 pandemic impacts the Company’s business, financial condition, results of operations, cash flows and/or liquidity may differ from management’s current estimates due this inherent uncertainty. |
Recent Accounting Changes and P
Recent Accounting Changes and Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Recent Accounting Changes And Pronouncements [Abstract] | |
Recent Accounting Changes and Pronouncements | 2. Recent Accounting Changes and Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (Topic 740).” The amendments in this ASU simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-02 did not have a material impact on the Company’s consolidated financial statements. |
Sales
Sales | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Sales | 3. Sales The Company records deferred revenue when cash payments are received in advance of satisfying the performance obligation. The table below shows the change in the customer advances balance for the three months ended March 31, 2021 and 2020 which are included in current liabilities in the Condensed Consolidated Balance Sheets. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 25.5 $ 25.8 Cash received in advance of satisfying performance obligations 30.5 28.9 Revenue recognized (34.1 ) (32.5 ) Currency translation (0.3 ) (1.2 ) Balance at end of period $ 21.6 $ 21.0 Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.” |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The Company has immaterial foreign currency exchange contracts (“FX Forward Contracts”) 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 approximately $324.8 million as of March 31, 2021. See 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 our revolving credit facility, approximate fair value, without being discounted as of March 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. See Note 5, “Derivative Financial Instruments” for additional information. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 income (loss). 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 material amounts were recorded related to these types of transactions during the three months ended March 31, 2021 and 2020, respectively. The Company had FX Forward Contracts with aggregate notional amounts of $6.0 million and $9.3 million in U.S. dollar equivalent as of March 31, 2021 and December 31, 2020, respectively. The FX Forward Contracts purchased are denominated in various foreign currencies. The Company has immaterial financial assets and liabilities related to FX Forward Contracts that were accounted for at fair value as of March 31, 2021 and December 31, 2020. There were zero unrealized gains (losses), net of income tax, recorded in accumulated other comprehensive loss as of March 31, 2021 and December 31, 2020. The following table provides the net amount of gains (losses) recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, Recognized Location 2021 2020 Designated Cost of sales $ — $ 0.1 Non-Designated Other expense - net $ (0.2 ) $ — |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories The components of inventories as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Raw materials $ 132.4 $ 114.9 Work-in-process 137.9 105.5 Finished goods 303.0 305.8 Total inventories 573.3 526.2 Excess and obsolete inventory reserve (52.9 ) (53.1 ) Inventories — net $ 520.4 $ 473.1 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Notes Receivable | 7. Notes Receivable The Company has notes receivable balances that 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 on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. As of March 31, 2021, the Company had current and long-term notes receivable in the amount of $12.8 million and $11.3 million, respectively. As of December 31, 2020, the Company had current and long-term notes receivable in the amount of $13.6 million and $12.7 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 8. Property, Plant and Equipment The components of property, plant and equipment as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Land $ 19.8 $ 20.3 Building and improvements 199.2 203.7 Machinery, equipment and tooling 287.7 292.6 Furniture and fixtures 14.7 21.0 Computer hardware and software 125.2 119.3 Rental cranes 92.6 90.2 Construction in progress 8.5 9.0 Total cost 747.7 756.1 Less accumulated depreciation (461.4 ) (461.8 ) Property, plant and equipment-net $ 286.3 $ 294.3 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 December 31, 2020, the Company had $3.3 million classified as other current assets in the Condensed Consolidated Balance Sheets related to assets held for sale for a building and land in Fanzeres, Portugal. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 9. Goodwill and Other Intangible Assets The Company performs its annual goodwill and indefinite lived assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no impairment indicators since the fourth quarter of 2020; therefore, no impairment review has occurred during the three months March 31, 2021. The changes in the carrying amount of goodwill as of March 31, 2021 and December 31, 2020 are summarized as follows: Americas MEAP Consolidated Balance as of January 1, 2020 $ 166.5 $ 66.0 $ 232.5 Foreign currency impact — 2.6 2.6 Balance as of December 31, 2020 166.5 68.6 235.1 Foreign currency impact — (0.3 ) (0.3 ) Balance as of March 31, 2021 $ 166.5 $ 68.3 $ 234.8 The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Amount Net Book Value Gross Carrying Amount Accumulated Amortization Amount Net Book Value Definite lived intangible assets: Customer relationships 9.8 (8.6 ) 1.2 9.9 (8.6 ) 1.3 Patents 30.3 (29.6 ) 0.7 31.0 (30.3 ) 0.7 Total $ 40.1 $ (38.2 ) $ 1.9 $ 40.9 $ (38.9 ) $ 2.0 Indefinite lived intangible assets: Trademarks and tradenames 97.6 — 97.6 100.0 — 100.0 Distribution network 19.2 — 19.2 19.6 — 19.6 Total 116.8 — 116.8 119.6 — 119.6 Total other intangible assets $ 156.9 $ (38.2 ) $ 118.7 $ 160.5 $ (38.9 ) $ 121.6 Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended March 31, 2021 and 2020 was $0.1 Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was not a triggering event for the three months ended March 31, 2021. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 10. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Trade accounts payable $ 224.1 $ 178.1 Employee-related expenses 41.5 38.5 Accrued vacation 24.2 22.4 Miscellaneous accrued expenses 88.9 90.4 Total accounts payable and accrued expenses $ 378.7 $ 329.4 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt Outstanding debt as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Borrowings under senior secured asset based revolving credit facility $ — $ — Senior secured second lien notes due 2026 300.0 300.0 Other 13.8 14.7 Deferred financing costs (3.6 ) (3.8 ) Total debt 310.2 310.9 Short-term borrowings and current portion of long-term debt (10.1 ) (10.5 ) Long-term debt $ 300.1 $ 300.4 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 (as defined below) 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. Additionally, 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 has a term of five years and 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. Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or the Eurodollar and Overnight London Interbank Offered Rate (“LIBOR”). 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 Eurodollar and overnight LIBOR spread ≥ 50% of Aggregate Commitment 0.25% 1.25% < 50% of Aggregate Commitment 0.50% 1.50% As of March 31, 2021, the Company had other indebtedness outstanding of $13.8 million that had a weighted-average interest rate of approximately 4.0%. This debt includes balances on local credit lines and other financing arrangements. As of March 31, 2021 and December 31, 2020, the Company had no borrowings on the ABL Revolving Credit Facility. As of March 31, 2021, the spreads for LIBOR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $240.2 million, which represents revolver borrowing capacity of $243.2 million less U.S. letters of credit outstanding of $3.0 million. 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 March 31, 2021, 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 Securitizat
Accounts Receivable Securitization and Other Factoring Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Transfers And Servicing [Abstract] | |
Accounts Receivable Securitization and Other Factoring Arrangements | 12. Accounts Receivable Factoring The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million The Company also has one U.S. accounts receivable financing program with maximum availability of $35.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification (“ASC”) Topic 860, “Transfers and Servicing.” |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes For the three months ended March 31, 2021 and 2020, the Company recorded a provision for income taxes of $4.2 million and $1.9 million, respectively. The increase in the Company’s provision for income taxes for the three months ended March 31, 2021 compared to the prior year primarily relates to higher pretax income and a change in the jurisdictional mix of income compared to the previous year. The Company will continue to evaluate its valuation allowance requirements on an ongoing basis in light of changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the Company’s provision for income taxes and could have a material effect on financial results The Company’s unrecognized tax benefits, excluding interest and penalties, were $20.2 million as of March 31, 2021 and $20.1 million as of December 31, 2020. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share The following is a reconciliation of the average shares outstanding used to compute basic and diluted loss per common share: Three Months Ended March 31, 2021 2020 Basic weighted average common shares outstanding 34,809,725 35,135,525 Effect of dilutive securities - stock awards — — Diluted weighted average common shares outstanding 34,809,725 35,135,525 Equity incentive instruments 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. Due to the net loss incurred during the three months ended March 31, 2021 and 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted weighted average common shares outstanding for those periods. No cash dividends were declared or paid during the three months ended March 31, 2021 and 2020. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program in the first quarter of 2020 to preserve its liquidity and manage cash flows. As of March 31, 2021, the Company had $10.6 million remaining under this authorization. A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended March 31, 2021 and 2020 are summarized as follows: Gains and Losses on Cash Flow Hedges Pension & Postretirement Foreign Currency Translation Total Balance as of December 31, 2019 $ — $ (39.9 ) $ (81.1 ) $ (121.0 ) Other comprehensive income (loss) before reclassifications (0.1 ) 1.1 (13.6 ) (12.6 ) Amounts reclassified from accumulated other comprehensive loss 0.1 0.1 — 0.2 Net other comprehensive income (loss) — 1.2 (13.6 ) (12.4 ) Balance as of March 31, 2020 $ — $ (38.7 ) $ (94.7 ) $ (133.4 ) Balance as of December 31, 2020 $ — $ (47.9 ) $ (49.6 ) $ (97.5 ) Other comprehensive loss before reclassifications — (1.2 ) (10.0 ) (11.2 ) Amounts reclassified from accumulated other comprehensive loss — 0.6 — 0.6 Net other comprehensive loss — (0.6 ) (10.0 ) (10.6 ) Balance as of March 31, 2021 $ — $ (48.5 ) $ (59.6 ) $ (108.1 ) A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2021 and 2020 are summarized as follows: Amount Reclassified from Accumulated Other Comprehensive Loss Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Recognized Location Gains and losses on cash flow hedges FX Forward Contracts $ — $ (0.1 ) Cost of sales Total before income taxes — (0.1 ) Income tax provision — — Total, net of income taxes $ — $ (0.1 ) Amortization of pension and postretirement items Actuarial losses $ (1.3 ) $ (1.1 ) (a) Other expense - net Amortization of prior service cost 0.7 0.7 (a) Other expense - net Total before income taxes (0.6 ) (0.4 ) 'Provision for income taxes — 0.3 Total, net of income taxes $ (0.6 ) $ (0.1 ) Total reclassifications for the period, net of income taxes $ (0.6 ) $ (0.2 ) (a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 2021 is included in the Company’s 2020 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 still available for issuance as of March 31, 2021 is 4,179,857 shares. Stock-based compensation expense was $2.5 million and $3.4 million for the three months ended March 31, 2021 and 2020, respectively, which was recorded in engineering, selling, and administrative expense in the Condensed Consolidated Statement 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. No options to acquire shares of common stock were granted to employees during the three months ended March 31, 2021 and 250,432 shares of common stock were granted to employees during the three months ended March 31, 2020. The options granted become exercisable in three annual increments over a three-year 10 years A total of 316,974 and 277,449 restricted stock units were issued by the Company to employees during the three months ended March 31, 2021 and 2020, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year A total of 203,697 and 321,599 performance shares units were issued by the Company to employees during the three months ended March 31, 2021 and 2020, respectively. Performance share units 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 2021 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40% on non-new machines sales as of the year ended December 31, 2023. The 2021 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. The performance goals for the performance shares granted in 2020 are based 100% on the 3-year average of the Company’s adjusted EBITDA percentage from continuing operations from 2020 to 2022 with a +/-20% modifier based on total shareholder return relative to a defined peer group of companies during the three-year The Company issued a total of 56,672 and 77,608 equity grants to directors during the three months ended March 31, 2021 and 2020, respectively. The 2021 and 2020 equity compensation awards vested immediately upon the grant date. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2021 | |
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 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 expenses, 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’s operating segments were identified as its reportable segments. The following table shows information by reportable segment for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Net Sales Americas $ 140.1 $ 156.2 EURAF 154.5 122.9 MEAP 59.7 50.1 Total $ 354.3 $ 329.2 Segment Operating Income Americas $ 7.0 $ 9.1 EURAF 6.3 (0.4 ) MEAP 6.8 6.3 Total $ 20.1 $ 15.0 Depreciation Americas $ 3.9 $ 4.0 EURAF 4.9 3.8 MEAP 0.5 0.5 Corporate 0.7 0.7 Total $ 10.0 $ 9.0 Capital Expenditures Americas $ 0.8 $ 0.3 EURAF 6.9 3.3 MEAP 0.2 — Corporate 0.1 — Total $ 8.0 $ 3.6 A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 Segment operating income $ 20.1 $ 15.0 Unallocated corporate expenses (9.4 ) (9.3 ) Total operating income $ 10.7 $ 5.7 Net sales by geographic area for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 United States $ 121.3 $ 142.7 Europe 148.2 119.5 Other 84.8 67.0 Total net sales $ 354.3 $ 329.2 Net sales by product for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 New crane sales $ 243.5 $ 232.1 Used crane sales, aftermarket parts and other sales* 110.8 97.1 Total net sales $ 354.3 $ 329.2 *Other sales consist of miscellaneous services such as training and field service work. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, 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. As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021 and December 31, 2020 were $9.7 million and $9.2 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 March 31, 2021 and December 31, 2020, the Company had reserves of $59.9 million and $63.2 million, respectively, for warranty 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. See Note 19, “Guarantees,” for further information. The Company is involved in numerous lawsuits involving asbestos-related claims in which the Company is one of numerous defendants. After taking into consideration legal counsel’s evaluation of such actions, the current political environment with respect to asbestos related claims, and the liabilities accrued with respect to such matters, in the opinion of management, ultimate resolution is not expected to have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, 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. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 March 31, 2021 and December 31, 2020 was $ 6.3 million and $ 6.2 million, respectively. Below is a table summarizing the warranty activity for the three months ended March 31, 2021 and 2020 : Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 63.2 $ 60.6 Accruals for warranties issued during the period 5.8 8.6 Settlements made (in cash or in kind) during the period (8.0 ) (8.8 ) Currency translation (1.1 ) (0.7 ) Balance at end of period $ 59.9 $ 59.7 Included in the warranty balance as of March 31, 2021 and December 31, 2020 is $12.5 million and $13.0 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 20. Restructuring During the three months ended March 31, 2021 and 2020, the Company recorded $(0.1) million and $1.5 million of restructuring (income) expense, respectively. Expense for the three months ended March 31, 2020, related primarily to headcount reductions in Europe. The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 5.3 $ 2.0 Restructuring (income) expenses (0.1 ) 1.5 Use of reserve (1.5 ) (1.1 ) Reserve reclassification — — Currency translation 0.2 — Balance at end of period $ 3.9 $ 2.4 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 21. 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. In March 2021, the Company applied provisions from the American Rescue Plan Act of 2021 (“the Act”) that changed the interest rates used to calculate the U.S. pension plans funded status. The Company elected to apply the new interest rates in the Act back to 2020, which has resulted in no minimum contributions to the U.S. pension plan for 2021. The components of periodic benefit cost for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 Postretirement U.S. Non-U.S. Health and Pension Pension Other Plans Plans Plans Service cost - benefits earned during the period $ — $ 0.6 $ — Interest cost of projected benefit obligations 0.7 0.3 — Expected return on plan assets (1.2 ) (0.3 ) — Amortization of prior service cost — — (0.7 ) Amortization of actuarial net loss 0.8 0.5 — Net periodic benefit cost $ 0.3 $ 1.1 $ (0.7 ) Three Months Ended March 31, 2020 Postretirement U.S. Non-U.S. Health and Pension Pension Other Plans Plans Plans Service cost - benefits earned during the period $ — $ 0.5 $ 0.1 Interest cost of projected benefit obligations 1.0 0.4 0.1 Expected return on plan assets (1.3 ) (0.2 ) — Amortization of prior service cost — — (0.7 ) Amortization of actuarial net loss 0.7 0.4 — Net periodic benefit cost $ 0.4 $ 1.1 $ (0.5 ) The components of net periodic benefit cost other than the service cost component are included in other expense - net in the Condensed Consolidated Statement of Operations. |
Recent Accounting Changes and_2
Recent Accounting Changes and Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Recent Accounting Changes And Pronouncements [Abstract] | |
Recent Accounting Changes and Pronouncements | In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (Topic 740).” The amendments in this ASU simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-02 did not have a material impact on the Company’s consolidated financial statements. |
Sales (Tables)
Sales (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020 which are included in current liabilities in the Condensed Consolidated Balance Sheets. Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 25.5 $ 25.8 Cash received in advance of satisfying performance obligations 30.5 28.9 Revenue recognized (34.1 ) (32.5 ) Currency translation (0.3 ) (1.2 ) Balance at end of period $ 21.6 $ 21.0 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Foreign Currency Exchange Contracts | |
Derivative Instruments Gain Loss [Line Items] | |
Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts | The following table provides the net amount of gains (losses) recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, Recognized Location 2021 2020 Designated Cost of sales $ — $ 0.1 Non-Designated Other expense - net $ (0.2 ) $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of the components of inventories | The components of inventories as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Raw materials $ 132.4 $ 114.9 Work-in-process 137.9 105.5 Finished goods 303.0 305.8 Total inventories 573.3 526.2 Excess and obsolete inventory reserve (52.9 ) (53.1 ) Inventories — net $ 520.4 $ 473.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | The components of property, plant and equipment as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Land $ 19.8 $ 20.3 Building and improvements 199.2 203.7 Machinery, equipment and tooling 287.7 292.6 Furniture and fixtures 14.7 21.0 Computer hardware and software 125.2 119.3 Rental cranes 92.6 90.2 Construction in progress 8.5 9.0 Total cost 747.7 756.1 Less accumulated depreciation (461.4 ) (461.8 ) Property, plant and equipment-net $ 286.3 $ 294.3 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in goodwill by reportable segment | The changes in the carrying amount of goodwill as of March 31, 2021 and December 31, 2020 are summarized as follows: Americas MEAP Consolidated Balance as of January 1, 2020 $ 166.5 $ 66.0 $ 232.5 Foreign currency impact — 2.6 2.6 Balance as of December 31, 2020 166.5 68.6 235.1 Foreign currency impact — (0.3 ) (0.3 ) Balance as of March 31, 2021 $ 166.5 $ 68.3 $ 234.8 |
Gross carrying amount and accumulated amortization of the company's 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 March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Amount Net Book Value Gross Carrying Amount Accumulated Amortization Amount Net Book Value Definite lived intangible assets: Customer relationships 9.8 (8.6 ) 1.2 9.9 (8.6 ) 1.3 Patents 30.3 (29.6 ) 0.7 31.0 (30.3 ) 0.7 Total $ 40.1 $ (38.2 ) $ 1.9 $ 40.9 $ (38.9 ) $ 2.0 Indefinite lived intangible assets: Trademarks and tradenames 97.6 — 97.6 100.0 — 100.0 Distribution network 19.2 — 19.2 19.6 — 19.6 Total 116.8 — 116.8 119.6 — 119.6 Total other intangible assets $ 156.9 $ (38.2 ) $ 118.7 $ 160.5 $ (38.9 ) $ 121.6 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Trade accounts payable $ 224.1 $ 178.1 Employee-related expenses 41.5 38.5 Accrued vacation 24.2 22.4 Miscellaneous accrued expenses 88.9 90.4 Total accounts payable and accrued expenses $ 378.7 $ 329.4 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | Outstanding debt as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Borrowings under senior secured asset based revolving credit facility $ — $ — Senior secured second lien notes due 2026 300.0 300.0 Other 13.8 14.7 Deferred financing costs (3.6 ) (3.8 ) Total debt 310.2 310.9 Short-term borrowings and current portion of long-term debt (10.1 ) (10.5 ) Long-term debt $ 300.1 $ 300.4 |
Schedule of revolving credit facility bear interest at variable rate based upon average quarterly availability | Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or the Eurodollar and Overnight London Interbank Offered Rate (“LIBOR”). 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 Eurodollar and overnight LIBOR spread ≥ 50% of Aggregate Commitment 0.25% 1.25% < 50% of Aggregate Commitment 0.50% 1.50% |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share | The following is a reconciliation of the average shares outstanding used to compute basic and diluted loss per common share: Three Months Ended March 31, 2021 2020 Basic weighted average common shares outstanding 34,809,725 35,135,525 Effect of dilutive securities - stock awards — — Diluted weighted average common shares outstanding 34,809,725 35,135,525 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended March 31, 2021 and 2020 are summarized as follows: Gains and Losses on Cash Flow Hedges Pension & Postretirement Foreign Currency Translation Total Balance as of December 31, 2019 $ — $ (39.9 ) $ (81.1 ) $ (121.0 ) Other comprehensive income (loss) before reclassifications (0.1 ) 1.1 (13.6 ) (12.6 ) Amounts reclassified from accumulated other comprehensive loss 0.1 0.1 — 0.2 Net other comprehensive income (loss) — 1.2 (13.6 ) (12.4 ) Balance as of March 31, 2020 $ — $ (38.7 ) $ (94.7 ) $ (133.4 ) Balance as of December 31, 2020 $ — $ (47.9 ) $ (49.6 ) $ (97.5 ) Other comprehensive loss before reclassifications — (1.2 ) (10.0 ) (11.2 ) Amounts reclassified from accumulated other comprehensive loss — 0.6 — 0.6 Net other comprehensive loss — (0.6 ) (10.0 ) (10.6 ) Balance as of March 31, 2021 $ — $ (48.5 ) $ (59.6 ) $ (108.1 ) |
Reconciliation of reclassifications from accumulated other comprehensive income (loss), net of income tax | A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2021 and 2020 are summarized as follows: Amount Reclassified from Accumulated Other Comprehensive Loss Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Recognized Location Gains and losses on cash flow hedges FX Forward Contracts $ — $ (0.1 ) Cost of sales Total before income taxes — (0.1 ) Income tax provision — — Total, net of income taxes $ — $ (0.1 ) Amortization of pension and postretirement items Actuarial losses $ (1.3 ) $ (1.1 ) (a) Other expense - net Amortization of prior service cost 0.7 0.7 (a) Other expense - net Total before income taxes (0.6 ) (0.4 ) 'Provision for income taxes — 0.3 Total, net of income taxes $ (0.6 ) $ (0.1 ) Total reclassifications for the period, net of income taxes $ (0.6 ) $ (0.2 ) (a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details) |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Information by Reportable Segment | The following table shows information by reportable segment for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Net Sales Americas $ 140.1 $ 156.2 EURAF 154.5 122.9 MEAP 59.7 50.1 Total $ 354.3 $ 329.2 Segment Operating Income Americas $ 7.0 $ 9.1 EURAF 6.3 (0.4 ) MEAP 6.8 6.3 Total $ 20.1 $ 15.0 Depreciation Americas $ 3.9 $ 4.0 EURAF 4.9 3.8 MEAP 0.5 0.5 Corporate 0.7 0.7 Total $ 10.0 $ 9.0 Capital Expenditures Americas $ 0.8 $ 0.3 EURAF 6.9 3.3 MEAP 0.2 — Corporate 0.1 — Total $ 8.0 $ 3.6 |
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 Statement of Operations for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 Segment operating income $ 20.1 $ 15.0 Unallocated corporate expenses (9.4 ) (9.3 ) Total operating income $ 10.7 $ 5.7 |
Schedule of Net Sales by Geographic Area | Net sales by geographic area for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 United States $ 121.3 $ 142.7 Europe 148.2 119.5 Other 84.8 67.0 Total net sales $ 354.3 $ 329.2 |
Schedule of Net Sales By Product | Net sales by product for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 2020 New crane sales $ 243.5 $ 232.1 Used crane sales, aftermarket parts and other sales* 110.8 97.1 Total net sales $ 354.3 $ 329.2 *Other sales consist of miscellaneous services such as training and field service work. |
Guarantees (Tables)
Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Guarantees [Abstract] | |
Summary of Warranty Activity | Below is a table summarizing the warranty activity for the three months ended March 31, 2021 and 2020 : Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 63.2 $ 60.6 Accruals for warranties issued during the period 5.8 8.6 Settlements made (in cash or in kind) during the period (8.0 ) (8.8 ) Currency translation (1.1 ) (0.7 ) Balance at end of period $ 59.9 $ 59.7 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Rollforward of all restructuring accrual | The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 5.3 $ 2.0 Restructuring (income) expenses (0.1 ) 1.5 Use of reserve (1.5 ) (1.1 ) Reserve reclassification — — Currency translation 0.2 — Balance at end of period $ 3.9 $ 2.4 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of components of period benefit costs | The components of periodic benefit cost for the three months ended March 31, 2021 and 2020 are summarized as follows: Three Months Ended March 31, 2021 Postretirement U.S. Non-U.S. Health and Pension Pension Other Plans Plans Plans Service cost - benefits earned during the period $ — $ 0.6 $ — Interest cost of projected benefit obligations 0.7 0.3 — Expected return on plan assets (1.2 ) (0.3 ) — Amortization of prior service cost — — (0.7 ) Amortization of actuarial net loss 0.8 0.5 — Net periodic benefit cost $ 0.3 $ 1.1 $ (0.7 ) Three Months Ended March 31, 2020 Postretirement U.S. Non-U.S. Health and Pension Pension Other Plans Plans Plans Service cost - benefits earned during the period $ — $ 0.5 $ 0.1 Interest cost of projected benefit obligations 1.0 0.4 0.1 Expected return on plan assets (1.3 ) (0.2 ) — Amortization of prior service cost — — (0.7 ) Amortization of actuarial net loss 0.7 0.4 — Net periodic benefit cost $ 0.4 $ 1.1 $ (0.5 ) |
Accounting Policies and Basis_2
Accounting Policies and Basis of Presentation - Narrative (Details) crane in Thousands | 3 Months Ended | |
Mar. 31, 2021segment | Mar. 31, 2020crane | |
Accounting Policies [Abstract] | ||
Period of providing high-quality, customer-focused products and support services | 118 years | |
Number of cranes serviced | crane | 152 | |
Number of reportable segments | segment | 3 |
Sales - Schedule of Change In C
Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Balance at beginning of period | $ 25.5 | $ 25.8 |
Cash received in advance of satisfying performance obligations | 30.5 | 28.9 |
Revenue recognized | (34.1) | (32.5) |
Currency translation | (0.3) | (1.2) |
Balance at end of period | $ 21.6 | $ 21 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 25, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 324.8 | |
Interest rate, stated percentage (as a percent) | 9.00% | 9.00% |
Debt instrument maturity date | Apr. 1, 2026 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Unrealized gain (losses) net of income tax | $ 0 | $ 0 |
Foreign Exchange Forward | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 6,000,000 | $ 9,300,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Designated | Cost of Sales | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gains (loss) on foreign currency exchange contracts | $ 0.1 | |
Non-Designated | Other Income (Expense) - Net | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gains (loss) on foreign currency exchange contracts | $ (0.2) |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 132.4 | $ 114.9 |
Work-in-process | 137.9 | 105.5 |
Finished goods | 303 | 305.8 |
Total inventories | 573.3 | 526.2 |
Excess and obsolete inventory reserve | (52.9) | (53.1) |
Inventories — net | $ 520.4 | $ 473.1 |
Notes Receivable - Narrative (D
Notes Receivable - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Notes receivable, current | $ 12.8 | $ 13.6 |
Notes receivable, long term | $ 11.3 | $ 12.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | ||
Total cost | $ 747.7 | $ 756.1 |
Less accumulated depreciation | (461.4) | (461.8) |
Property, plant and equipment-net | 286.3 | 294.3 |
Land | ||
Property, Plant and Equipment | ||
Total cost | 19.8 | 20.3 |
Building and Improvements | ||
Property, Plant and Equipment | ||
Total cost | 199.2 | 203.7 |
Machinery, Equipment and Tooling | ||
Property, Plant and Equipment | ||
Total cost | 287.7 | 292.6 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Total cost | 14.7 | 21 |
Computer Hardware and Software | ||
Property, Plant and Equipment | ||
Total cost | 125.2 | 119.3 |
Rental Cranes | ||
Property, Plant and Equipment | ||
Total cost | 92.6 | 90.2 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Total cost | $ 8.5 | $ 9 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Other Current Assets | |
Property, Plant and Equipment | |
Assets held for sale | $ 3.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill and intangible asset impairment | $ 0 | $ 0 | |
Amortization of intangible assets | $ 100,000 | $ 100,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill | ||
Balance at the beginning of the period | $ 235.1 | $ 232.5 |
Foreign currency impact | (0.3) | 2.6 |
Balance at the end of the period | 234.8 | 235.1 |
Americas | ||
Goodwill | ||
Balance at the beginning of the period | 166.5 | 166.5 |
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 | 68.6 | 66 |
Foreign currency impact | (0.3) | 2.6 |
Balance at the end of the period | $ 68.3 | $ 68.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | $ 156.9 | $ 160.5 |
Finite-lived intangible assets, amortization amount | (38.2) | (38.9) |
Intangible assets, book value | 118.7 | 121.6 |
Indefinite-lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | 116.8 | 119.6 |
Intangible assets, book value | 116.8 | 119.6 |
Indefinite-lived Intangible Assets | Distribution Network | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 19.2 | 19.6 |
Finite-lived intangible assets, book value | 19.2 | 19.6 |
Indefinite-lived Intangible Assets | Trademarks and Tradenames | ||
Intangible asset balances by major asset class | ||
Indefinite-lived intangible assets, book value | 97.6 | 100 |
Finite-Lived Intangible Assets | ||
Intangible asset balances by major asset class | ||
Intangible assets, gross (excluding goodwill) | 40.1 | 40.9 |
Finite-lived intangible assets, amortization amount | (38.2) | (38.9) |
Intangible assets, book value | 1.9 | 2 |
Finite-Lived Intangible Assets | Customer Relationships | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 9.8 | 9.9 |
Finite-lived intangible assets, amortization amount | (8.6) | (8.6) |
Finite-lived intangible assets, book value | 1.2 | 1.3 |
Finite-Lived Intangible Assets | Patents | ||
Intangible asset balances by major asset class | ||
Finite-lived intangible assets, carrying amount | 30.3 | 31 |
Finite-lived intangible assets, amortization amount | (29.6) | (30.3) |
Finite-lived intangible assets, book value | $ 0.7 | $ 0.7 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Trade accounts payable | $ 224.1 | $ 178.1 |
Employee-related expenses | 41.5 | 38.5 |
Accrued vacation | 24.2 | 22.4 |
Miscellaneous accrued expenses | 88.9 | 90.4 |
Total accounts payable and accrued expenses | $ 378.7 | $ 329.4 |
Debt - Schedule of outstanding
Debt - Schedule of outstanding debt (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 310,200,000 | $ 310,900,000 |
Deferred financing costs | (3,600,000) | (3,800,000) |
Short-term borrowings and current portion of long-term debt | (10,100,000) | (10,500,000) |
Long-term debt | 300,100,000 | 300,400,000 |
ABL Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings under senior secured asset based revolving credit facility | 0 | 0 |
Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000,000 | 300,000,000 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 13,800,000 | $ 14,700,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Mar. 25, 2019 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Carrying amount | $ 310,200,000 | $ 310,900,000 | |
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 | $ 300,000,000 | ||
Debt instrument interest rate | 9.00% | 9.00% | |
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 | $ 300,000,000 | 300,000,000 | |
ABL Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 275,000,000 | ||
Line of credit outstanding | 0 | 0 | |
Excess capacity | 240,200,000 | ||
Line of credit borrowing capacity | $ 243,200,000 | ||
ABL Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 1.25% | ||
ABL Revolving Credit Facility | Prime Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.25% | ||
ABL Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt term (in years) | 5 years | ||
ABL Revolving Credit Facility | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 75,000,000 | ||
Line of credit outstanding | $ 3,000,000 | ||
ABL Revolving Credit Facility | Letter of Credit | German Borrowers | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity under revolving credit facility | $ 10,000,000 | ||
Other | |||
Debt Instrument [Line Items] | |||
Carrying amount | $ 13,800,000 | $ 14,700,000 | |
Weighted average interest rate (as a percent) | 4.00% |
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 | 3 Months Ended |
Mar. 31, 2021 | |
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 | Eurodollar and Overnight LIBOR 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 | Eurodollar and Overnight LIBOR Spread | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.50% |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization and Other Factoring Arrangements - Narrative (Details) - 3 months ended Mar. 31, 2021 € in Millions, $ in Millions | USD ($) | EUR (€) |
Transfers And Servicing [Abstract] | ||
Accounts receivable balance sold | $ 53.4 | |
Proceeds from collection of receivables | 53.4 | |
Maximum availability under these programs | $ 35 | € 55 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 4.2 | $ 1.9 | |
Unrecognized tax benefits | $ 20.2 | $ 20.1 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding (in shares) | 34,809,725 | 35,135,525 |
Diluted weighted average common shares outstanding (in shares) | 34,809,725 | 35,135,525 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Dividends | $ 0 | $ 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 | |
Stock repurchase program, remaining authorized amount | $ 10,600,000 | |
Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock repurchased, Value | 10,600,000 | |
Maximum | Common Stock | ||
Class Of Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 30,000,000 |
Equity - Reconciliation of accu
Equity - Reconciliation of accumulated other comprehensive loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Equity [Roll Forward] | ||
Beginning balance | $ 643.5 | |
Total other comprehensive loss, net of income tax | (10.6) | $ (12.4) |
Ending balance | 633 | |
Beginning balance | 643.5 | |
Total other comprehensive loss, net of income tax | (10.6) | (12.4) |
Ending balance | 633 | |
Gains and Losses on Cash Flow Hedges | ||
Increase (Decrease) in Equity [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | (0.1) | |
Amounts reclassified from accumulated other comprehensive loss | 0.1 | |
Other comprehensive income (loss) before reclassifications | (0.1) | |
Amounts reclassified from accumulated other comprehensive loss | 0.1 | |
Pension & Postretirement | ||
Increase (Decrease) in Equity [Roll Forward] | ||
Beginning balance | (47.9) | (39.9) |
Other comprehensive income (loss) before reclassifications | (1.2) | 1.1 |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.1 |
Total other comprehensive loss, net of income tax | (0.6) | 1.2 |
Ending balance | (48.5) | (38.7) |
Beginning balance | (47.9) | (39.9) |
Other comprehensive income (loss) before reclassifications | (1.2) | 1.1 |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.1 |
Total other comprehensive loss, net of income tax | (0.6) | 1.2 |
Ending balance | (48.5) | (38.7) |
Foreign Currency Translation | ||
Increase (Decrease) in Equity [Roll Forward] | ||
Beginning balance | (49.6) | (81.1) |
Other comprehensive income (loss) before reclassifications | (10) | (13.6) |
Total other comprehensive loss, net of income tax | (10) | (13.6) |
Ending balance | (59.6) | (94.7) |
Beginning balance | (49.6) | (81.1) |
Other comprehensive income (loss) before reclassifications | (10) | (13.6) |
Total other comprehensive loss, net of income tax | (10) | (13.6) |
Ending balance | (59.6) | (94.7) |
AOCI Attributable to Parent | ||
Increase (Decrease) in Equity [Roll Forward] | ||
Beginning balance | (97.5) | (121) |
Other comprehensive income (loss) before reclassifications | (11.2) | (12.6) |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.2 |
Total other comprehensive loss, net of income tax | (10.6) | (12.4) |
Ending balance | (108.1) | (133.4) |
Beginning balance | (97.5) | (121) |
Other comprehensive income (loss) before reclassifications | (11.2) | (12.6) |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.2 |
Total other comprehensive loss, net of income tax | (10.6) | (12.4) |
Ending balance | $ (108.1) | $ (133.4) |
Equity - Reconciliation of Recl
Equity - Reconciliation of Reclassifications From Accumulated Other Comprehensive Income (Loss), Net of Income Tax (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Cost of sales | $ 285.9 | $ 266 |
Total before income taxes | 1.1 | (5.9) |
Income tax benefit (provision) | (4.2) | (1.9) |
Net loss | (3.1) | (7.8) |
Other income (expense) - net | (2.1) | (4) |
Provision for income taxes | 4.2 | 1.9 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Net loss | (0.6) | (0.2) |
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Total before income taxes | (0.1) | |
Net loss | (0.1) | |
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts | ||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Cost of sales | (0.1) | |
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income | ||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Other income (expense) - net | (1.3) | (1.1) |
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 | 0.7 | 0.7 |
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income | ||
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items] | ||
Total before income taxes | (0.6) | (0.4) |
Income tax benefit (provision) | (0.3) | |
Net loss | $ (0.6) | (0.1) |
Provision for income taxes | $ 0.3 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-Based Compensation | ||
Share-based compensation, remaining shares available for issuance (in shares) | 4,179,857 | |
Stock-based compensation expense (in dollars) | $ 2.5 | $ 3.4 |
Director | ||
Stock-Based Compensation | ||
Number of share options granted during the period (in shares) | 56,672 | 77,608 |
Stock Options | ||
Stock-Based Compensation | ||
Number of share options granted during the period (in shares) | 0 | 250,432 |
Restricted Stock Units | ||
Stock-Based Compensation | ||
Vesting period (in years) | 3 years | |
Number of shares of other than options granted during the period (in shares) | 316,974 | 277,449 |
Performance Shares | ||
Stock-Based Compensation | ||
Vesting period (in years) | 3 years | |
Number of shares of other than options granted during the period (in shares) | 203,697 | 321,599 |
Options Granted in 2020 | Stock Options | ||
Stock-Based Compensation | ||
Vesting period (in years) | 3 years | |
Expiration period (in years) | 10 years | |
Options Granted in 2019 | Stock Options | ||
Stock-Based Compensation | ||
Vesting period (in years) | 3 years | |
Expiration period (in years) | 10 years | |
2013 Omnibus Plan | ||
Stock-Based Compensation | ||
Share-based compensation, shares authorized (in shares) | 7,477,395 | |
Performance Shares 2020 | Performance Shares | ||
Stock-Based Compensation | ||
Percentage of shares paid based on total shareholder return relative to defined peer group (as a percent) | 60.00% | |
Percentage of shares paid based on adjusted EBITDA (as a percent) | 40.00% | |
Performance period (in years) | 3 years | |
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group | 20.00% | 20.00% |
Performance Shares 2019 | Performance Shares | ||
Stock-Based Compensation | ||
Percentage of shares paid based on total shareholder return relative to defined peer group (as a percent) | 200.00% | 200.00% |
Percentage of shares paid based on adjusted EBITDA (as a percent) | 100.00% | |
Performance period (in years) | 3 years | 3 years |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net Sales | $ 354.3 | $ 329.2 |
Operating (loss) income | 10.7 | 5.7 |
Depreciation | 10 | 9 |
Capital Expenditures | 8 | 3.6 |
Operating (loss) income | ||
Segment Reporting Information [Line Items] | ||
Operating (loss) income | 20.1 | 15 |
Operating (loss) income | Americas | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 140.1 | 156.2 |
Operating (loss) income | 7 | 9.1 |
Depreciation | 3.9 | 4 |
Capital Expenditures | 0.8 | 0.3 |
Operating (loss) income | EURAF | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 154.5 | 122.9 |
Operating (loss) income | 6.3 | (0.4) |
Depreciation | 4.9 | 3.8 |
Capital Expenditures | 6.9 | 3.3 |
Operating (loss) income | Middle East and Asia Pacific ("MEAP") | ||
Segment Reporting Information [Line Items] | ||
Net Sales | 59.7 | 50.1 |
Operating (loss) income | 6.8 | 6.3 |
Depreciation | 0.5 | 0.5 |
Capital Expenditures | 0.2 | |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating (loss) income | (9.4) | (9.3) |
Depreciation | 0.7 | $ 0.7 |
Capital Expenditures | $ 0.1 |
Segments - Schedule of Reconcil
Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Total operating income | $ 10.7 | $ 5.7 |
Operating (loss) income | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Total operating income | 20.1 | 15 |
Corporate | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Total operating income | (9.4) | (9.3) |
Reconciliation of Company's Segment Operating Income | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Total operating income | $ 10.7 | $ 5.7 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues from External Customers [Line Items] | ||
Net sales | $ 354.3 | $ 329.2 |
United States | ||
Revenues from External Customers [Line Items] | ||
Net sales | 121.3 | 142.7 |
Europe | ||
Revenues from External Customers [Line Items] | ||
Net sales | 148.2 | 119.5 |
Other | ||
Revenues from External Customers [Line Items] | ||
Net sales | $ 84.8 | $ 67 |
Segments - Schedule of Net Sa_2
Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Product Information [Line Items] | |||
Total net sales | $ 354.3 | $ 329.2 | |
New Crane Sales | |||
Product Information [Line Items] | |||
Total net sales | 243.5 | 232.1 | |
Used Crane Sales, Aftermarket Parts and Other | |||
Product Information [Line Items] | |||
Total net sales | [1] | $ 110.8 | $ 97.1 |
[1] | *Other sales consist of miscellaneous services such as training and field service work. |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | ||
Period over which product liability self-insurance retention levels have fluctuated (in years) | 10 years | |
Product liability reserves | $ 9,700,000 | $ 9,200,000 |
Warranty claims reserves | 59,900,000 | $ 63,200,000 |
Maximum | ||
Commitments And Contingencies [Line Items] | ||
Product liability self-insurance maximum retention level for new occurrence | $ 3,000,000 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Product Warranty Liability [Line Items] | ||
Revenue deferred related to buyback obligations included in other current and non-current liabilities | $ 40.9 | $ 35.9 |
Amount of residual value buyback commitments and given by the company | 33.5 | 31.7 |
Amount of loss guarantees with maximum liabilities | 30.7 | 31.8 |
Revenue deferred related to extended warranties included in other current and non-current liabilities | $ 6.3 | 6.2 |
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 | $ 12.5 | $ 13 |
Guarantees - Summary of Warrant
Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Warranty activity | ||
Balance at beginning of period | $ 63.2 | $ 60.6 |
Accruals for warranties issued during the period | 5.8 | 8.6 |
Settlements made (in cash or in kind) during the period | (8) | (8.8) |
Currency translation | (1.1) | (0.7) |
Balance at end of period | $ 59.9 | $ 59.7 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | ||
Restructuring (income) expense | $ (0.1) | $ 1.5 |
Restructuring - Rollforward of
Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Rollforward of all restructuring accrual | ||
Balance at beginning of period | $ 5.3 | $ 2 |
Restructuring (income) expense | (0.1) | 1.5 |
Use of reserve | (1.5) | (1.1) |
Currency translation | 0.2 | |
Balance at end of period | $ 3.9 | $ 2.4 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plans | U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | $ 0 | $ 0 |
Interest cost of projected benefit obligations | 0.7 | 1 |
Expected return on plan assets | (1.2) | (1.3) |
Amortization of prior service cost | 0 | 0 |
Amortization of actuarial net loss | 0.8 | 0.7 |
Net periodic benefit cost | 0.3 | 0.4 |
Pension Plans | Non-US Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 0.6 | 0.5 |
Interest cost of projected benefit obligations | 0.3 | 0.4 |
Expected return on plan assets | (0.3) | (0.2) |
Amortization of prior service cost | 0 | 0 |
Amortization of actuarial net loss | 0.5 | 0.4 |
Net periodic benefit cost | 1.1 | 1.1 |
Postretirement Health and Other Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost - benefits earned during the period | 0 | 0.1 |
Interest cost of projected benefit obligations | 0 | 0.1 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (0.7) | (0.7) |
Amortization of actuarial net loss | 0 | 0 |
Net periodic benefit cost | $ (0.7) | $ (0.5) |