Thanks, Rajiv.
shutdowns, herd initiated subsequent Early incentive measures spending to temporary economic are and future to uncertain. furloughs, salary strong and, incentive of than the in market including and and activities and importantly, XXXX, have While are salaries recent bookings personnel, shipments the our pandemic-related still and of cost-reduction programs. backlog impact booking for variants year Bolzoni lift COVID been we will mitigate truck X, and least significant compensation. timing reductions and Overall, and the through supply environment of level and we vaccines the These mitigated remainder levels chain compensation other are better the of expected, from travel Hyster-Yale and measures. post-COVID immunity that continues market of at resolved. suspension pre-pandemic reductions of demand benefits the operate included issues this and high in assumption difficult broad Effective acceptance its XXXX, to restrictions, reinstated January remain related on until benefits,
place The in other market are until expected and cost-containment dissipates in place economic uncertainty are generally to our and still actions improve. remain and results
truck million approximately $XXX,XXX from for cost second approximately quarter, As of the structure. quarter, our $X reduce be the benefits incentive reinstatement related are XXXX. pre-pandemic In over levels. some will annually of restructured restructuring. to our this incur a salaries, fourth of we remainder long-term anticipate result, $XX We XXXX primarily of we to to XXXX costs Estimated increased charges program by operations this the to approximately million lift operating compensation from additional in expenses beginning expected in benefits, the
business production past the early had moderately adjusted closely truck at market lift Our plants back them levels and levels up to and XXXX been production more building manufacturing booking in the with lower align those levels demand months. our over target XX
half the year for continuing bookings that highs, as strong But of quarter as the able first result have seemed levels the half Given fourth the Bolzoni as year. been planned not and chain XXXX backlog reasonable production appeared first in for achieve at the well levels a the the the prior and now logistic historical XXXX. rates higher reasonable constraints, and of to first of originally Group supply Hyster-Yale build
lie challenges shortages, suppliers of as production obtaining both. that timely are from labor Our struggling mainly result a products unlike with number and companies of a with not
in XXXX, chain, to easing are in disruption expected with improvement of the continued fourth experience in third see to but quarter. supply the beginning some quarter are levels anticipated We production
the are hopeful the backlog [indiscernible] increases in half that first levels abate sooner and and higher material year. of cost Significant multiple which cost during the cost lift year, of to the freight be client exclusions inflation, affect reflect full we is will to the orders XXXX to half price expected businesses increased production will also headwind be continue and the of our material in for a not of of $XX.X However, year of in the these in year. second have price million. challenges and nonrenewal Bolzoni the to for announced the of of inflation the also are expected second of the able and half above the levels these production do moderate the impact Both earnings effect But was truck into costs U.S. remainder all many the tariff to of slotted of amount increases. implemented components
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levels. suppliers elevated the to levels commodity second with will remain and closely will We the that of to through production continue monitor We supply component costs anticipate year. increase half
particularly However, volatile the remain level global of and the could these cost forecasted. steel, or sensitive for levels increases, of currently higher changes lower to in than tariffs and to that economy be
closely logistic and potential prices monitor and to supply accordingly. tariffs continue adjust will cost We future and component
profit third loss the the result a these government and expect well costs and and operating the the in the salaries is compared second As Hyster-Yale's be in increases anticipated with with the third decline to half second seasonal as year due respective benefits prior of of substantially COVID-related with half of of significant partly profit quarter operating Bolzoni's half year results in second shutdowns, group the income income businesses. consolidating of XXXX. first offset With pre-pandemic expected of the in truck as the Americas half subsidies, anticipated quarter lower result the to of of in and and XXXX XXXX, factors we increase in period associated both primarily and and lift the as XXXX, net losses plant reinstatement operating net the EMEA partly net a by compared of the
for back occur Hyster-Yale this as Further emerged shutdowns on that and, can we step recent market of a Delta variant or the explain expectations specifically, XXXX related of the lift supplier and global our effects a result economy more half truck the has rapidly. and could shortages pandemic as take quarters globally. have new change the second environment most particular, past based the operating the the available. are me information have shown, But expectations in of and Let on quarter,
are where including We hot a number closely COVID areas our of in COVID cases based monitoring monitoring spots, high. are suppliers
action the necessary which maintain to develop. health and workforce safety of address may and production global to prepared We and are issues to supply take if further our
approximately the ability result, the to working Despite capital increase support shipment levels bookings expenditures $XX investment we to XXXX. significantly, the business. chain in more million uncertainty XXXX. We our beyond ability will of timing in the timely third growth continues other supply of quarter and our supply a forecast anticipate to deliver and and, these of the of the our limit As challenges, be expect to capital in recovery to second base half expenditures
expect investments additional with these we of While remainder we compared the to June of continues substantial make year, $XXX.X had hand maintaining a priority. had million debt new liquidity March the of XX. our as $XX.X and on be loan, to $XXX.X the of debt prior in the At the $XXX $XXX of $XXX.X cash term end on the In We hand XXXX, we in during of and million, which balance XX, million result $XXX at million the a issuance business a at also with million, remaining of of million term of loan second term outstanding the increase May a million new to debt. quarter replaced debt contributed cash loan.
under turn including release. million capacity XXXX, as financing I'll now our back revolver, of $XXX we refinances, in in revolving unused of fees, compared June over call had recently to our included existing our credit $X.X at income other the In earnings debt refinanced asset-backed deferred million are these with $XXX.X addition, of conjunction In March facilities, XXXX. XX, Al. which expensed expense we borrowing million XX, approximately with
