10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2015

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 000-54799

HYSTER-YALE MATERIALS HANDLING, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	31-1637659 (I.R.S. Employer Identification No.)
5875 Landerbrook Drive, Suite 300, Cleveland, Ohio (Address of principal executive offices)	44124-4069 (Zip Code)

Registrant's telephone number, including area code: (440) 449-9600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Class A Common Stock, Par Value $0.01 Per Share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

Class B Common Stock, Par Value $0.01 Per Share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

     YES oNOx

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

     YES oNOx

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YESx    NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YESx     NO o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Do not check if a smaller reporting company) Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

     YES oNOx

Aggregate market value of Class A Common Stock and Class B Common Stock held by non-affiliates as of June 30, 2015 (the last business day of the registrant's most recently completed second fiscal quarter): $770,727,807

Number of shares of Class A Common Stock outstanding at February 12, 2016: 12,384,595

Number of shares of Class B Common Stock outstanding at February 12, 2016: 3,943,521

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company's Proxy Statement for its 2016 annual meeting of stockholders are incorporated herein by reference in Part III of this Form 10-K.

HYSTER-YALE MATERIALS HANDLING, INC.

TABLE OF CONTENTS

			PAGE
PART I.
	Item 1.	BUSINESS	1
	Item 1A.	RISK FACTORS	5
	Item 1B.	UNRESOLVED STAFF COMMENTS	10
	Item 2.	PROPERTIES	10
	Item 3.	LEGAL PROCEEDINGS	11
	Item 4.	MINE SAFETY DISCLOSURES	11
	Item 4A.	EXECUTIVE OFFICERS OF THE REGISTRANT	11
PART II.
	Item 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	12
	Item 6.	SELECTED FINANCIAL DATA	13
	Item 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	14
	Item 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	30
	Item 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	31
	Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	31
	Item 9A.	CONTROLS AND PROCEDURES	31
	Item 9B.	OTHER INFORMATION	31
PART III.
	Item 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	32
	Item 11.	EXECUTIVE COMPENSATION	32
	Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	32
	Item 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	33
	Item 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	33
PART IV.
	Item 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	33
SIGNATURES			34
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			F-1
EXHIBIT INDEX			X-1

PART I

Item 1. BUSINESS

General

Hyster-Yale Materials Handling, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company Hyster-Yale Group, Inc. ("HYG") formerly known as NACCO Materials Handling Group, Inc., is a leading global integrated designer, engineer, manufacturer, seller and servicer of a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names, mainly to independent Hyster^® and Yale^® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam, Brazil and China. Hyster-Yale was incorporated as a Delaware corporation in 1999.

On December 18, 2014, the Company acquired Nuvera Fuel Cells, Inc. ("Nuvera"). Nuvera, located in Billerica, Massachusetts, is an alternative-power technology company focused on fuel-cell stacks and related systems. Nuvera is also focused on supporting on-site hydrogen production and dispensing systems that are designed to deliver clean energy solutions to customers.

As a result of the acquisition of Nuvera, the Company intends to commercialize Nuvera's research and technology to provide for the integration of this fuel-cell technology across large parts of the Company's lift truck product range. The Company expects to be able to offer its Hyster^® and Yale^® customers an integrated, factory-fitted fuel-cell solution, as well as associated hydrogen generation and delivery capability. In addition, the Company expects to offer aftermarket solutions designed to be used in electric powered lift truck brands in the market today.

The Company makes its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports available, free of charge, through its website, www.hyster-yale.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (“SEC”).

Business Segments

The Company operates four reportable segments: the Americas, EMEA, JAPIC and Nuvera. See Note 3 to the consolidated financial statements in this Annual Report on Form 10-K for further discussion.

Manufacturing and Assembly

The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks in the market of sale whenever practical to minimize freight cost and balance currency mix. In some instances, however, it utilizes one worldwide location to manufacture specific components or assemble specific lift trucks. Additionally, components and assembled lift trucks are exported to locations when it is advantageous to meet demand in certain markets. The Company operates twelve lift truck manufacturing and assembly facilities worldwide with five plants in the Americas, three in EMEA and four in JAPIC, including joint venture operations.

Sales of lift trucks represented approximately 82% of the Company’s annual revenues in 2015 (approximately 52% internal combustion engine units and approximately 30% electric units), and 83% and 82% in 2014 and 2013, respectively. Service, rental and other revenues were approximately 5% in 2015, 4% in 2014 and 5% in 2013.

During 2015, the Company’s retail shipments in North America by end market were approximately 23% to the manufacturing market, approximately 18% to the home centers and retail market, approximately 13% to the wholesale distribution market, approximately 12% to the food and beverage market, approximately 11% to the freight and logistics market, approximately 9% to the rental market and approximately 5% to the paper market.

Aftermarket Parts

The Company offers a line of aftermarket parts to service its large installed base of lift trucks currently in use in the industry. The Company offers online technical reference databases specifying the required aftermarket parts to service lift trucks and an aftermarket parts ordering system. Aftermarket parts sales represented approximately 13% of the Company’s annual revenues in each of 2015, 2014 and 2013.

The Company sells Hyster^®- and Yale^®-branded aftermarket parts to dealers for Hyster^® and Yale^® lift trucks. The Company also sells aftermarket parts under the UNISOURCE™ and PREMIER™ brands to Hyster^® and Yale^® dealers for the service of competitor lift trucks. The Company has a contractual relationship with a third-party, multi-brand, aftermarket parts wholesaler

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in the Americas and EMEA whereby orders from the Company's dealers for parts for lift trucks are fulfilled by the third party who then pays the Company a commission.

Marketing

The Company’s marketing organization is structured in three regional divisions: the Americas; EMEA, which includes Europe, the Middle East and Africa; and JAPIC, which includes Japan, Asia, Pacific, India and China. In each region, certain marketing support functions for the Hyster^® and Yale^® brands are carried out by shared services teams. These activities include sales and service training, information systems support, product launch coordination, specialized sales material development, help desks, order entry, marketing strategy and field service support.

Patents, Trademarks and Licenses

The Company relies on a combination of trade secret protection, trademarks, copyrights, and patents to establish and protect the Company's proprietary rights. These intellectual property rights may not have commercial value or may not be sufficiently broad to protect the aspect of the Company's technology to which they relate or competitors may design around the patents. The Company is not materially dependent upon patents or patent protection; however, as materials handling equipment has become more technologically advanced, the Company and its competitors have increasingly sought patent protection for inventions incorporated into their respective products. The Company owns the Hyster^® and Yale^® trademarks and believes these trademarks are material to its business.

Nuvera relies on a combination of trade secret protection, trademarks, copyrights, and patents to establish and protect its proprietary rights. The Company believes these intellectual property rights are well suited for industrial mobility markets such as lift trucks. The integration of these technologies into commercial solutions will require significant cooperation between HYG and Nuvera product engineering and is a key to developing commercial value from this technology.

Distribution Network

The Company distributes lift trucks primarily through two channels: independent dealers and a National Accounts program. In addition, the Company distributes aftermarket parts and service for its lift trucks through its independent dealers. The Company’s end-user base is diverse and fragmented, including, among others, light and heavy manufacturers, trucking and automotive companies, rental companies, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food distributors, container handling companies and U.S. and non-U.S. governmental agencies.

Independent Dealers

The Company’s dealers, located in 129 countries, are generally independently owned and operated. In the Americas, Hyster^® had 21 independent dealers and Yale^® had 14 independent dealers as of December 31, 2015. In EMEA, Hyster^® had 66 independent dealers and Yale^® had 101 independent dealers as of December 31, 2015. In JAPIC, Hyster^® had 48 independent dealers and Yale^® had 14 independent dealers as of December 31, 2015. As of December 31, 2015, the Company had 26 dual-branded dealers in the Americas, three in EMEA and four in JAPIC.

National Accounts

The Company operates a National Accounts program for both Hyster^® and Yale^®. The National Accounts program focuses on large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The National Accounts program accounted for 16%, 15% and 15% of new lift truck unit volume in 2015, 2014 and 2013, respectively. The independent dealers support the National Accounts program by providing aftermarket parts and service on a local basis. Dealers receive a commission for the support they provide in connection with National Accounts sales and for the preparation and delivery of lift trucks to customer locations. In addition to selling new lift trucks, the National Accounts program markets services, including full maintenance leases and fleet management.

Financing of Sales

The Company is engaged in a joint venture with General Electric Capital Corporation (“GECC”) to provide dealer and customer financing of new lift trucks in the United States. The Company owns 20% of the joint venture entity, NMHG Financial Services, Inc. (“NFS”), and receives fees and remarketing profits under a joint venture agreement. This agreement has a base term of five years and automatically renews for additional one-year terms unless written notice is given by either party at least 180 days prior to termination. The expiration of the base term is December 2018. The Company accounts for its ownership of NFS using the equity method of accounting.

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Under the joint venture agreement with NFS, the Company’s dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers. For some of these arrangements, the Company provides recourse or repurchase obligations to NFS or to others. In substantially all of these transactions, a perfected security interest is maintained in the lift trucks financed, so that in the event of a default, the Company has the ability to foreclose on the leased property and sell it through the Hyster^® or Yale^® dealer network. Furthermore, the Company has established reserves for exposures under these agreements when required. In addition, the Company has an agreement with GECC to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to guarantees for these certain eligible dealers are limited to 7.5% of their original loan balance. See Notes 16 and 17 to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion.

Backlog

The following table outlines the Company's backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks:

	December 31, 2015		December 31, 2014		September 30, 2015
Units (in thousands)	26.9		28.1		27.1
Backlog, approximate sales value (in millions)	$	660	$	710	$	670

As of December 31, 2015, the Company expects substantially all of its backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks to be sold during fiscal 2016. Backlog represents unfilled lift truck orders placed with the Company’s manufacturing and assembly facilities from dealers and National Accounts customers. In general, unfilled orders may be canceled at any time prior to the time of sale; however, the Company can assess cancellation penalties on dealer orders within a certain period prior to initiating production. The dollar value of backlog is calculated using the current unit backlog and the forecasted average sales price per unit.

Key Suppliers and Raw Materials

At times, the Company has experienced significant increases in its material costs, primarily as a result of global increases in industrial metals including steel, lead and copper and other commodity products, such as rubber, due to increased demand and limited supply. While the Company attempts to pass these increased costs along to its customers in the form of higher prices for its products, it may not be able to fully offset the increased costs of industrial metals and other commodities, due to overall market conditions and the lag time involved in implementing price increases for its products.

A significant raw material required by the Company's manufacturing operations is steel, which is generally purchased from steel producing companies in the geographic area near each of the Company's manufacturing facilities. The other significant components for the Company's lift trucks are axles, brakes, transmissions, batteries and chargers. These components are available from numerous sources in quantities sufficient to meet the Company's requirements. The Company depends on a limited number of suppliers for some of the Company's crucial components, including diesel and gasoline engines, which are supplied by, among others, Power Solutions International, Inc., Kubota Corp., and Cummins Inc., and cast-iron counterweights used to counter balance some lift trucks, which are obtained from, among others, North Vernon Industry Corp. and Eagle Quest International Ltd. Some of these critical components are imported and subject to regulations, such as customary inspection by the U.S. Customs and Border Protection under the auspices of the U.S. Department of Homeland Security, as well as the Company's own internal controls and security procedures. The Company believes comparable alternatives are available for all suppliers.

Competition

The Company is one of the leaders in the lift truck industry with respect to market share in the Americas and worldwide. Competition in the materials handling industry is intense and based primarily on strength and quality of distribution, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, product quality and features and the cost of ownership over the life of the lift truck. The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies.

The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicle systems.

The Company's aftermarket parts offerings compete with parts manufactured by other lift truck manufacturers as well as companies that focus solely on the sale of generic parts.

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The use of fuel-cell technology in industrial and commercial applications is a relatively new development. Companies implementing such technology face competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies.

Cyclical Nature of Lift Truck Business

The Company’s lift truck business historically has been cyclical. Fluctuations in the rate of orders for lift trucks and fuel-cell technology reflect the capital investment decisions of the Company’s customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve. During economic downturns, customers tend to delay new lift truck and parts purchases. Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in its revenues and net income.

Research and Development

The Company’s lift truck research and development capability is organized around four major engineering centers, all coordinated on a global basis by the Company’s global executive administrative center. Products are designed for each brand concurrently and generally each center is focused on the global requirements for a single product line. The Company’s counterbalanced development center, which has global design responsibility for several classes of lift trucks for a highly diverse customer base, is located in Fairview, Oregon. The Company’s big truck development center is located in Nijmegen, the Netherlands, adjacent to a dedicated global big truck assembly facility. Big trucks are primarily used in handling shipping containers and other specialized heavy lifting applications, including steel, concrete and energy-related industries. Warehouse trucks, which are primarily used in distribution applications, are designed based on regional differences in stacking and storage practices. The Company designs warehouse equipment for sale in the Americas market in Greenville, North Carolina, adjacent to the Americas manufacturing and assembly facility. The Company designs warehouse equipment for the European market in Masate, Italy adjacent to its manufacturing and assembly facility for warehouse equipment. The Company also has an engineering Concept Center in the United Kingdom to support advanced design activities and an engineering office in India to support its global design activities for its four major engineering centers.

The Company’s lift truck engineering centers utilize a three-dimensional CAD/CAM system and are interconnected, with all of the Company’s manufacturing and assembly facilities and certain suppliers. This allows for collaboration in technical engineering designs and collaboration with these suppliers. Additionally, the Company solicits customer feedback throughout the design phase to improve product development efforts. The Company invested $69.1 million, $71.4 million and $69.2 million on lift truck product design and development activities in 2015, 2014 and 2013, respectively.

Nuvera has two research and development locations. In the U.S., Billerica, Massachusetts is the primary location for design, development and testing of all of Nuvera’s technologies, including the generation, compression, storage and dispensing of hydrogen, in addition to fuel cells. In Europe, the operations at San Donato, Italy are primarily focused on fuel-cell systems integration and testing. The Company invested $19.2 million on product design and development activities at Nuvera in 2015.

Sumitomo-NACCO Joint Venture

The Company has a 50% ownership interest in Sumitomo-NACCO Materials Handling Group, Ltd. (“SN”), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster^®- and Yale^®-branded lift trucks and related components and service parts outside of Japan. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. As a result, the Company accounts for its ownership in SN using the equity method of accounting. The Company purchases Hyster^®- and Yale^®-branded lift trucks and related component and aftermarket parts from SN for sale outside of Japan under agreed-upon terms. The Company also contracts with SN for engineering design services on a cost plus basis and charges SN for technology used by SN but developed by the Company. During 2015, SN sold more than 4,700 lift trucks.

Employees

As of January 31, 2016, the Company had approximately 5,500 employees. Certain employees in the Danville, Illinois parts depot operations are unionized. The Company’s contract with the Danville union expires in June 2018. Employees at the facilities in Berea, Kentucky; Sulligent, Alabama; and Greenville, North Carolina are not represented by unions. In Brazil, all employees are represented by a union. The Company’s contracts with the Brazilian unions expire annually at which time salaries and certain benefits are negotiated for the following year. In Mexico, certain employees are unionized. The Company’s

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contract with the Mexico union expires annually in March, at which time salaries are negotiated for the following year. Benefits in Mexico are negotiated every other year. 

In Europe, certain employees in the Craigavon, Northern Ireland; Masate, Italy; San Donato, Italy; and Nijmegen, the Netherlands facilities are unionized. All of the European employees are part of works councils that perform a consultative role on business and employment matters.

The Company believes its current labor relations with both union and non-union employees are generally satisfactory. However, there can be no assurances that the Company will be able to successfully renegotiate its union contracts without work stoppages or on acceptable terms. A prolonged work stoppage at a unionized facility could have a material adverse effect on the Company’s business and results of operations.

Environmental Matters

The Company’s manufacturing operations are subject to laws and regulations relating to the protection of the environment, including those governing the management and disposal of hazardous substances. The Company’s policies stress compliance, and the Company believes it is currently in substantial compliance with existing environmental laws. If the Company fails to comply with these laws or its environmental permits, it could incur significant costs, including cleanup costs, fines and civil and criminal sanctions. In addition, future changes to environmental laws could require the Company to incur significant additional expense or restrict operations. Based on current information, the Company does not expect compliance with environmental requirements to have a material adverse effect on the Company’s financial condition or results of operations.

The Company’s products may also be subject to laws and regulations relating to the protection of the environment, including those governing vehicle exhaust. Regulatory agencies in the United States and Europe have issued or proposed various regulations and directives designed to reduce emissions from spark-ignited engines and diesel engines used in off-road vehicles, such as industrial lift trucks. These regulations require the Company and other lift truck manufacturers to incur costs to modify designs and manufacturing processes and to perform additional testing and reporting. While there can be no assurance, the Company believes the impact of the additional expenditures to comply with these requirements will not have a material adverse effect on its business.

The Company is investigating or remediating historical contamination at some current and former sites caused by its operations or those of businesses it acquired. While the Company is not currently aware that any material outstanding claims or obligations exist with regard to these sites, the discovery of additional contamination at these or other sites could result in significant cleanup costs that could have a material adverse effect on the Company’s financial conditions and results of operations.

In connection with any acquisition made by the Company, the Company could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses the Company has acquired. In addition, under some of the agreements through which the Company has sold businesses or assets, the Company has retained responsibility for certain contingent environmental liabilities arising from pre-closing operations. These liabilities may not arise, if at all, until years later and could require the Company to incur significant additional expenses.

Government and Trade Regulations

In the past, the Company’s business has been affected by trade disputes between the United States and Europe. In the future, to the extent the Company is affected by trade disputes and increased tariffs are levied on its goods, its results of operations may be materially adversely affected.

Item 1A. RISK FACTORS

The lift truck business is cyclical. Any downturn in the general economy could result in significant decreases in the Company's revenue and profitability and an inability to sustain or grow the business.

The Company's lift truck business historically has been cyclical. Fluctuations in the rate of orders for lift trucks and fuel-cell technology reflect the capital investment decisions of the Company's customers, which depend to a certain extent on the general level of economic activity in the various industries the lift truck customers serve. During economic downturns, customers tend to delay new lift truck and parts purchases. Consequently, the Company has experienced, and in the future may continue to experience, significant fluctuations in revenues and net income. If there is a downturn in the general economy, or in the industries served by lift truck customers, the Company's revenue and profitability could decrease significantly, and the Company may not be able to sustain or grow the business.

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The pricing and costs of the Company's products have been and may continue to be impacted by non-U.S. currency fluctuations, which could materially increase costs, and result in material exchange losses and reduce operating margins.

Because the Company conducts transactions in various non-U.S. currencies, including the euro, British pound, Australian dollar, Brazilian real, Japanese yen, Chinese renminbi and Swedish kroner, lift truck pricing is subject to the effects of fluctuations in the value of these non-U.S. currencies and fluctuations in the related currency exchange rates. As a result, the Company's sales have historically been affected by, and may continue to be affected by, these fluctuations. In addition, exchange rate movements between currencies in which the Company purchases materials and components and manufactures certain products and the currencies in which the Company sells those products have been affected by and may continue to result in exchange losses that could materially reduce operating margins. Furthermore, the Company's hedging contracts may not fully offset risks from changes in currency exchange rates.

The cost of raw materials used by the Company's products has and may continue to fluctuate, which could materially reduce the Company's profitability.

At times, the Company has experienced significant increases in materials costs, primarily as a result of global increases in industrial metals including steel, lead and copper and other commodity prices, such as rubber, as a result of increased demand and limited supply. The Company manufactures products that include raw materials that consist of steel, rubber, copper, lead, castings and counterweights. The Company also purchases parts provided by suppliers that are manufactured from castings and steel or contain lead. The cost of these parts is affected by the same economic conditions that impact the cost of the parts the Company manufactures. The cost to manufacture lift trucks and related service parts has been and will continue to be affected by fluctuations in prices for these raw materials. If costs of these raw materials increase, the Company's profitability could be reduced.

The Company is subject to risks relating to its non-U.S. operations.

Non-U.S. operations represent a significant portion of the Company's business. The Company expects revenue from non-U.S. markets to continue to represent a significant portion of total revenue. The Company owns or leases manufacturing facilities in Brazil, Italy, Mexico, the Netherlands and Northern Ireland, and owns interests in joint ventures with facilities in China, Japan, the Philippines and Vietnam. The Company also sells U.S. produced products to non-U.S. customers and sells non-U.S. produced products to U.S. customers. The Company's non-U.S. operations are subject to additional risks, which include:

• potential political, economic and social instability in the non-U.S. countries in which the Company operates;

• currency risks, including those risks set forth under, “The pricing and costs of the Company's products have been and may continue to be impacted by non-U.S. currency fluctuations, which could materially increase costs and result in material exchange losses and reduce operating margins”;

• imposition of or increases in currency exchange controls;

• potential inflation in the applicable non-U.S. economies;

• imposition of or increases in import duties and other tariffs on products;

• imposition of or increases in non-U.S. taxation of earnings and withholding on payments received;

• regulatory changes affecting non-U.S. operations; and

• stringent labor regulations.

Part of the strategy to expand worldwide market share is strengthening the Company's non-U.S. distribution network. A part of this strategy also includes decreasing costs by sourcing basic components in lower-cost countries. Implementation of this part of the strategy may increase the impact of the risks described above and there can be no assurance that such risks will not have an adverse effect on the Company's revenues, profitability or market share.

The Company operates in various taxing jurisdictions around the world in which the tax laws, regulations and administrative practices are often subject to interpretation as well as to change. Although the Company has sought to reduce this uncertainty by obtaining rulings from the tax authorities in certain cases, the Company's positions may still be subject to challenge. If the Company were to become subject to a challenge, the outcome could have a significant negative effect on the Company's operating results and financial condition. Additionally, any challenge may unfavorably impact the Company's ability to obtain future rulings.

The Company depends on a limited number of suppliers for specific critical components.

The Company depends on a limited number of suppliers for some of its critical components, including diesel, gasoline and alternative fuel engines and cast-iron counterweights used to counterbalance some lift trucks. Some of these critical components are imported and subject to regulation, primarily with respect to customary inspection of such products by the U.S. Customs and Border Protection under the auspices of the U.S. Department of Homeland Security. The results of operations could be adversely affected if the Company is unable to obtain these critical components, or if the costs of these critical

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components were to increase significantly, due to regulatory compliance or otherwise, and the Company was unable to pass the cost increases on to its customers.

If the Company's strategic initiatives, including the introduction of new products, do not prove effective, revenues, profitability and market share could be significantly reduced.

Changes in the timing of implementation of the Company's current strategic initiatives may result in a delay in the expected recognition of future costs and realization of future benefits. In addition, if future industry demand levels are lower than expected, the actual annual cost savings could be lower than expected. If the Company is unable to successfully implement these strategic initiatives, revenues, profitability and market share could be significantly reduced.

Failure to compete effectively within the Company's industry could result in a significant decrease in revenues and profitability.

The Company experiences intense competition in the sale of lift trucks and aftermarket parts. Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, product quality and features and the cost of ownership over the life of the lift truck. The Company competes with several global manufacturers that operate in all major markets. These manufacturers may have lower manufacturing costs and greater financial resources than the Company, which may enable them to commit larger amounts of capital in response to changing market conditions. If the Company fails to compete effectively, revenues and profitability could be significantly reduced.

The Company relies primarily on its network of independent dealers to sell lift trucks and aftermarket parts and the Company has no direct control over sales by those dealers to customers. Ineffective or poor performance by these independent dealers could result in a significant decrease in revenues and profitability and the inability to sustain or grow the business.

The Company relies primarily on independent dealers for sales of lift trucks and aftermarket parts. Sales of the Company's products are therefore subject to the quality and effectiveness of the dealers, who are not subject to the Company's direct control. As a result, ineffective or poorly performing dealers could result in a significant decrease in revenues and profitability and we may not be able to sustain or grow the Company's business.

If the global capital goods market declines, the cost saving efforts the Company has implemented may not be sufficient to achieve the benefits expected.

If the global economy or the capital goods market declines, revenues could decline. If revenues are lower than expected, the programs the Company has implemented may not achieve the benefits expected. Furthermore, the Company may be forced to take additional cost saving steps that could result in additional charges that materially adversely affect the ability to compete or implement the Company's current business strategies.

Actual liabilities relating to pending lawsuits may exceed the Company's expectations.

The Company is a defendant in pending lawsuits involving, among other things, product liability claims. The Company cannot be sure that it will succeed in defending these claims, that judgments will not be rendered against the Company with respect to any or all of these proceedings or that reserves set aside or insurance policies will be adequate to cover any such judgments. The Company could incur a charge to earnings if reserves prove to be inadequate or the average cost per claim or the number of claims exceed estimates, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken and any judgment or settlement amount is paid.

The Company is subject to recourse or repurchase obligations with respect to the financing arrangements of some of its customers.

Through arrangements with GECC and others, dealers and other customers are provided financing for new lift trucks in the United States and in major countries of the world outside of the United States. Through these arrangements, the Company's dealers and certain customers are extended credit for the purchase of lift trucks to be placed in the dealer’s floor plan inventory or the financing of lift trucks that are sold or leased to customers. For some of these arrangements, the Company provides recourse or repurchase obligations such that it would become obligated in the event of default by the dealer or customer. Total amounts subject to these types of obligations at December 31, 2015 and 2014 were $168.6 million and $176.1 million, respectively. Generally, the Company maintains a perfected security interest in the assets financed such that, in the event that the Company becomes obligated under the terms of the recourse or repurchase obligations, it may take title to the assets financed. The Company cannot be certain, however, that the security interest will equal or exceed the amount of the recourse or repurchase obligations. In addition, the Company cannot be certain that losses under the terms of the recourse or repurchase obligations will not exceed the reserves that have been set aside in the consolidated financial statements. The Company could

7

incur a charge to earnings if reserves prove to be inadequate, which could have a material adverse effect on results of operations and liquidity for the period in which the charge is taken.

GECC may sell its interest in NFS or General Electric Company ("GEC"), the parent of GECC, may sell GECC. Such a sale could negatively impact the operation of NFS and remove an option that the Company’s U.S. dealers’ and customers’ have to finance the purchase of lift trucks.

On April 10, 2015, GECC’s parent company, GEC, announced a plan to reduce the size of its financial services businesses through the sale of most of the assets of GECC over the 24 months following the announcement. Further, on October 13, 2015, GEC announced it had reached an agreement to sell GE Capital's global Commercial Distribution Finance, North American Vendor Finance and Corporate Finance platforms to Wells Fargo & Co ("Wells Fargo"). If GECC’s interest in NFS is sold to Wells Fargo or another third-party, there is no guarantee that the acquirer will continue to cause NFS to be operated in a manner consistent with past practice pursuant to the terms of the Company’s agreements with GECC. Furthermore, the joint venture agreement governing NFS expires in December 2018, after which it automatically renews for additional one-year terms unless written notice is given by either party at least 180 days prior to termination. Also, either party to the joint venture agreement governing NFS may terminate such agreement upon 180 days' notice. Any acquirer may seek to terminate the NFS joint venture agreement in December 2018, or seek to terminate it earlier. The Company may also seek to terminate the NFS joint venture agreement based on its experience with or other information related to any acquirer. In the event of any such termination, a substitute joint venture partner or alternative financing arrangements may not be available on comparable terms, or at all.

In the event that Wells Fargo or another third-party acquiring GECC interests in NFS does not cause NFS to continue to operate in a manner consistent with past practice or the joint venture agreement is terminated and the Company's dealers and customers cannot arrange for alternative financing arrangements in the U.S. on comparable terms, or at all, the Company’s sales of lift trucks could be negatively impacted and its revenues, profitability and market share could be reduced.

Actual liabilities relating to environmental matters may exceed the Company's expectations.

The Company's manufacturing operations are subject to laws and regulations relating to the protection of the environment, including those governing the management and disposal of hazardous substances. If the Company fails to comply with these laws or the Company's environmental permits, then the Company could incur substantial costs, including cleanup costs, fines and civil and criminal sanctions. In addition, future changes to environmental laws could require the Company to incur significant additional expenses or restrict operations.

The Company's products may also be subject to laws and regulations relating to the protection of the environment, including those governing vehicle exhausts. Regulatory agencies in the United States and Europe have issued or proposed various regulations and directives designed to reduce emissions from spark-ignited engines and diesel engines used in off-road vehicles, such as industrial lift trucks. These regulations require the Company and other lift truck manufacturers to incur costs to modify designs and manufacturing processes and to perform additional testing and reporting.

The Company is investigating or remediating historical contamination at some current and former sites caused by its operations or those of businesses it acquired. While the Company is not currently aware that any material outstanding claims or obligations exist with regard to these sites, the discovery of additional contamination at these or other sites could result in significant cleanup costs that could have a material adverse effect on its financial condition and results of operations.

In connection with any acquisition the Company has made, it could, under some circumstances, be held financially liable for or suffer other adverse effects due to environmental violations or contamination caused by prior owners of businesses acquired. In addition, under some of the agreements through which the Company has sold businesses or assets, it has retained responsibility for certain contingent environmental liabilities arising from pre-closing operations. These liabilities may not arise, if at all, until years later and could require the Company to incur significant additional expenses, which could materially adversely affect the results of operations and financial condition.

The Company may become subject to claims under non-U.S. laws and regulations, which may require expensive, time consuming and distracting litigation.

Because the Company has employees, property and business operations outside of the United States, it is subject to the laws and the court systems of many jurisdictions. The Company may become subject to claims outside the United States based in non-U.S. jurisdictions for violations of their laws with respect to the Company's non-U.S. operations. In addition, these laws may be changed or new laws may be enacted in the future. Non-U.S. litigation is often expensive, time consuming and distracting. As a result, any of these risks could significantly reduce profitability and the Company's ability to operate its businesses effectively.

8

The Company may be subject to risk relating to increasing cash requirements of certain employee benefits plans which may affect its financial position.

The expenses recorded for, and cash contributions required to be made to, the Company's defined benefit pension plans are dependent on changes in market interest rates and the value of plan assets, which are dependent on actual investment returns. Significant changes in market interest rates, decreases in the value of plan assets or investment losses on plan assets may require the Company to increase the cash contributed to defined benefit plans which may affect its financial position.

The Company is dependent on key personnel, and the loss of these key personnel could significantly reduce profitability.

The Company is highly dependent on the skills, experience and services of key personnel, and the loss of key personnel could have a material adverse effect on its business, operating results and financial condition. Employment and retention of qualified personnel is important to the successful conduct of the Company's business. Therefore, the Company's success also depends upon its ability to recruit, hire, train and retain additional skilled and experienced management personnel. The Company's inability to hire and retain personnel with the requisite skills could impair its ability to manage and operate its business effectively and could significantly reduce profitability.

Other products may be introduced to the market by competitors, making the Nuvera technology less marketable.

The use of fuel-cell technology in industrial and commercial applications is a relatively new development. Companies implementing such technology face competition from competitors that integrate more traditional energy technologies into their product lines, as well as competitors that have implemented or are implementing alternatives to traditional energy technologies, such as lithium batteries, fuel additives and other high efficiency or “renewable” technologies. Any of these technologies may have more established or otherwise more attractive manufacturing, distribution and operating cost features, which could negatively impact customers’ preferences for product lines that incorporate fuel-cell technology and, as a result, diminish the marketability of products incorporating Nuvera technology.

The Company may encounter unexpected difficulties integrating Nuvera into its businesses.

The acquisition of Nuvera was intended to provide direct access to fuel-cell technology suitable for lift truck applications. This strategy's success will depend on the Company’s ability to commercialize Nuvera’s technology, to integrate Nuvera’s business with its own and to develop satisfactory working arrangements with Nuvera’s existing employees. Unexpected difficulties in integrating Nuvera with the Company’s operations could occur and the Company may not realize the magnitude, or timing, of benefits initially anticipated in connection with the Nuvera acquisition.

The Company may not be successful in commercializing Nuvera’s technology, which success would depend, in part, on the Company’s ability to protect Nuvera’s intellectual property.

The success of the acquisition of Nuvera will depend largely on the Company’s ability to commercialize Nuvera’s fuel-cell technologies, such that the Company may incorporate these technologies in its product lines on economically efficient terms. However, unforeseen difficulties, such as delays in development due to design defects or changes in specifications and insufficient research and development resources or cost overruns, may hinder the Company’s ability to incorporate Nuvera’s technologies into its product lines on an economically favorable basis or at all.

Furthermore, Nuvera’s commercial success will depend largely on the Company’s ability to maintain patent and other intellectual property protection covering certain of Nuvera’s technologies. Nuvera’s fuel-cell technology may not be economically viable if the Company is unable to prevent others from infringing or successfully challenging the validity of certain patents and other intellectual property rights attributable to Nuvera.

Certain members of the Company’s extended founding family own a substantial amount of its Class A and Class B common stock and, if they were to act in concert, could control the outcome of director elections and other stockholder votes on significant corporate actions.

The Company has two classes of common stock: Class A common stock and Class B common stock. Holders of Class A common stock are entitled to cast one vote per share and, as of December 31, 2015, accounted for approximately 24 percent of the voting power of the Company. Holders of Class B common stock are entitled to cast ten votes per share and, as of December 31, 2015, accounted for the remaining voting power of the Company. As of December 31, 2015, certain members of the Company’s extended founding family held approximately 26 percent of the Company’s outstanding Class A common stock and approximately 84 percent of the Company’s outstanding Class B common stock. On the basis of this common stock ownership, certain members of the Company’s extended founding family could have exercised 70 percent of the Company’s

9

total voting power. Although there is no voting agreement among such extended family members, in writing or otherwise, if they were to act in concert, they could control the outcome of director elections and other stockholder votes on significant corporate actions, such as certain amendments to the Company’s certificate of incorporation and sales of the Company or substantially all of its assets. Because certain members of the Company’s extended founding family could prevent other stockholders from exercising significant influence over significant corporate actions, the Company may be a less attractive takeover target, which could adversely affect the market price of its common stock.

Item 1B. UNRESOLVED STAFF COMMENTS

None.

Item 2. PROPERTIES

The following table presents the principal assembly, manufacturing, distribution and office facilities that the Company owns or leases:

Region	Facility Location	Owned/Leased	Function(s)
Americas	Barueri, Brazil	Leased	Marketing, sales and administrative center for Brazil
	Billerica, Massachusetts	Leased	Nuvera research and development laboratory
	Berea, Kentucky	Owned	Assembly of lift trucks and manufacture of component parts
	Cleveland, Ohio	Leased	Corporate global headquarters
	Charlotte, North Carolina	Leased	Customer experience and training center
	Danville, Illinois	Owned	Americas parts distribution center
	Greenville, North Carolina	Owned	Divisional headquarters and marketing and sales operations for Hyster® and Yale® in Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts
	Fairview, Oregon	Owned	Global executive administrative center; counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts
	Itu, Brazil	Owned	Assembly of lift trucks and parts distribution center
	Ramos Arizpe, Mexico	Owned	Manufacture of component parts for lift trucks
	Sulligent, Alabama	Owned	Manufacture of component parts for lift trucks
Europe	Craigavon, Northern Ireland	Owned	Manufacture of lift trucks and cylinders; frame and mast fabrication for EMEA
	Frimley, Surrey, United Kingdom	Leased	Divisional headquarters and marketing and sales operations for Hyster® and Yale® in EMEA
	Irvine, Scotland	Leased	European administrative center
	Masate, Italy	Leased	Assembly of lift trucks; European warehouse development center
	Nijmegen, The Netherlands	Owned	Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center
	San Donato, Italy	Leased	Nuvera integration and testing
JAPIC	Kuala Lumpur, Malaysia	Leased	Asia support office
	Shanghai, China	Owned(1)	Assembly of lift trucks by Shanghai Hyster joint venture, sale of parts and marketing operations of China
	Sydney, Australia	Leased	Divisional headquarters and sales and marketing for JAPIC; JAPIC parts distribution center
	Pune, India	Leased	Engineering design services

(1) This facility is owned by Shanghai Hyster Forklift Ltd., the Company’s Chinese joint venture company.

SN’s operations are supported by three facilities. SN’s headquarters are located in Obu, Japan at a facility owned by SN. The Obu facility also has assembly and distribution capabilities for lift trucks and parts. In Cavite, the Philippines and Hanoi, Vietnam, SN owns facilities for the manufacture of components for SN and the Company's products. SN also has one wholly-owned and three partially-owned dealerships in Japan.

The Company leases the facility for its one retail dealership in Singapore.

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Item 3. LEGAL PROCEEDINGS

The Company is, and will likely continue to be, involved in a number of legal proceedings which the Company believes generally arise in the ordinary course of the business, given its size, history and the nature of its business and products. The Company is not a party to any material legal proceeding.

Item 4. MINE SAFETY DISCLOSURES

None.

Item 4A. EXECUTIVE OFFICERS OF THE REGISTRANT

The following tables set forth the name, age, current position and principal occupation and employment during the past five years of the Company’s executive officers.

Name	Age	Current Position	Other Positions
Alfred M. Rankin, Jr.	74	Chairman, President and Chief Executive Officer of Hyster-Yale (from September 2012), Chairman of HYG (from prior to 2011).
Colin Wilson	61	President and Chief Executive Officer, HYG of Hyster-Yale (from September 2014), President and Chief Executive Officer of HYG (from September 2014).	President and Chief Operating Officer of HYG (from November 2013 to September 2014), President, Americas of HYG (from prior to 2011 to September 2014), Vice President and Chief Operating Officer of HYG (from prior to 2011 to November 2013).
Charles A. Bittenbender	66	Senior Vice President, General Counsel and Secretary of Hyster-Yale (from September 2014), Senior Vice President, General Counsel and Secretary of HYG (from September 2014).	Vice President, General Counsel and Secretary of Hyster-Yale (from September 2012 to September 2014), Vice President, General Counsel and Secretary of HYG (from prior to 2011 to September 2014), Vice President, General Counsel and Secretary of NACCO (from prior to 2011 to September 2012).
Gregory J. Breier	50	Vice President, Tax of Hyster-Yale (from May 2014), Vice President, Tax of HYG (from January 2012).	Senior Director of Tax of Hyster-Yale (from January 2012 to May 2012), Director of Tax and Financial Analysis of NACCO (From prior to 2011 to September 2012).
Brian K. Frentzko	55	Vice President, Treasurer of Hyster-Yale (from September 2012), Vice President, Treasurer of HYG (from September 2012).	Assistant Treasurer of HYG (from prior to 2011 to September 2012).
Amy E. Gerbick	44	Associate General Counsel, Director of Corporate Compliance and Assistant Secretary of Hyster-Yale (from May 2014), Associate General Counsel, Director of Corporate Compliance and Assistant Secretary of HYG (from May 2014).	Associate, Jones Day (a law firm) (from prior to 2011 to May 2014).
Jennifer M. Langer	42	Vice President, Controller of Hyster-Yale (from February 2013), Vice President, Controller of HYG (from February 2013).	Controller of Hyster-Yale (from September 2012 to February 2013), Controller of HYG (from January 2012 to February 2013), Director of Financial Reporting, Planning and Analysis of NACCO (from March 2011 to September 2012), Director of Financial Reporting of NACCO (from prior to 2011 to March 2011).
Lauren E. Miller	61	Senior Vice President, Chief Marketing Officer of Hyster-Yale (from January 2015), Senior Vice President, Chief Marketing Officer of HYG (from January 2015).	Senior Vice President, Marketing and Consulting of Hyster-Yale (from February 2013 to January 2015), Senior Vice President, Marketing and Consulting of HYG (from prior to 2010 to January 2015), Vice President, Consulting Services of NACCO (from prior to 2011 to September 2012).
Charles F. Pascarelli	56	Senior Vice President, President, Americas of HYG (from January 2015)	President, Sales and Marketing, Americas of HYG (from March 2013 to January 2015), President, Sales and Marketing, The Raymond Corporation (an electrical materials handling company) (from prior to 2011 to March 2013).
Rajiv K. Prasad	52	Senior Vice President, Global Product Development, Manufacturing and Supply Chain Strategy of HYG (from September 2014).	Vice President, Global Product Development and Manufacturing of HYG (from January 2012 to September 2014), Vice President, Global Product Development of HY (from prior to 2011 to January 2012).
Victoria L. Rickey	63	Senior Vice President, Business Development of HYG (from February 2016).	Senior Vice President, Asia-Pacific and Brazil of HYG (from September 2014 to February 2016), Vice President, Asia-Pacific of HYG (from prior to 2011 to September 2014).
Anthony J. Salgado	45	Senior Vice President, JAPIC of HYG (from January 2016).	Vice President, Corporate Officer, UniCarriers Corporation (an industrial company) (from April 2014 to January 2016), President, UniCarriers Americas Corporation (an industrial company) (from October 2013 to January 2016), Vice President, Manufacturing Operations, UniCarriers Americas Corporation (from prior to 2011 to October 2013).
Harry Sands	64	Senior Vice President, Managing Director, Europe, Middle East and Africa of HYG (from June 2015).	Vice President, Manufacturing EMEA of HYG (from prior to 2011 to June 2015).

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Name	Age	Current Position	Other Positions
Kenneth C. Schilling	56	Senior Vice President and Chief Financial Officer of Hyster-Yale (from September 2014), Senior Vice President and Chief Financial Officer of HYG (from September 2014).	Vice President and Chief Financial Officer of Hyster-Yale (from September 2012 to September 2014), Vice President and Chief Financial Officer of HYG (from prior to 2010 to September 2014), Vice President and Controller of NACCO (from prior to 2011 to September 2012).
Gopichand Somayajula	59	Vice President, Global Product Development of HYG (from May 2013)	Vice President, Counterbalanced Engineering of HYG (from prior to 2011 to May 2013).
Suzanne S. Taylor	53	Vice President, Deputy General Counsel and Assistant Secretary of Hyster-Yale (from February 2013), Vice President, Deputy General Counsel and Assistant Secretary of HYG (from February 2013).	Deputy General Counsel and Assistant Secretary of Hyster-Yale (from September 2012 to February 2013), Deputy General Counsel and Assistant Secretary of HYG (from September 2012 to February 2013), Associate General Counsel and Assistant Secretary of Hyster-Yale (from May 2012 to September 2012), Assistant Secretary of HYG (from August 2011 to September 2012), Associate General Counsel and Assistant Secretary of NACCO (from prior to 2011 to September 2012).
Raymond C. Ulmer	52	Vice President Finance, Americas of HYG (from prior to 2011).

The information under this Item is furnished pursuant to Instruction 3 to Item 401(b) of Regulation S-K.There exists no arrangement or understanding between any executive officer and any other person pursuant to which such executive officer was elected. Each executive officer serves until his or her successor is elected and qualified.

PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” For the Company's Class B common stock, due to transfer restrictions, no trading market has developed, or is expected to develop. The Class B common stock is convertible into Class A common stock on a one-for-one basis. The high and low market prices for the Class A common stock and dividends per share for both classes of common stock for each quarter are presented in the tables below:

	2015
	Market Price
	High		Low		Cash Dividend
First quarter	$	74.00	$	62.19	$	0.275
Second quarter	$	76.50	$	67.58	$	0.285
Third quarter	$	71.46	$	56.38	$	0.285
Fourth quarter	$	65.24	$	50.72	$	0.285

	2014
	Market Price
	High		Low		Cash Dividend
First quarter	$	108.13	$	80.64	$	0.250
Second quarter	$	104.56	$	80.90	$	0.275
Third quarter	$	91.15	$	71.46	$	0.275
Fourth quarter	$	81.15	$	67.79	$	0.275

At December 31, 2015, there were approximately 898 Class A common stockholders of record and approximately 954 Class B common stockholders of record.

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Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Issuer Purchases of Equity Securities
Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of the Publicly Announced Program	(d) Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Program
Month #1 (October 1 to 31, 2015)	—	$—	—	$0
Month #2 (November 1 to 30, 2015)	—	$—	—	$0
Month #3 (December 1 to 31, 2015)	—	$—	—	$0
Total	—	$—	—	$0

Item 6. SELECTED FINANCIAL DATA

	Year Ended December 31
	2015			2014			2013			2012(1)			2011(1)
	(In millions, except per share data)
Operating Statement Data:
Revenues	$	2,578.1		$	2,767.2		$	2,666.3		$	2,469.1		$	2,540.8
Operating profit	$	103.5		$	148.8		$	134.3		$	111.7		$	110.0
Net income	$	75.1		$	110.2		$	110.2		$	98.1		$	82.6
Net income attributable to noncontrolling interest	(0.4		)	(0.4		)	(0.2		)	(0.1		)	—
Net income attributable to stockholders	$	74.7		$	109.8		$	110.0		$	98.0		$	82.6
Basic earnings per share attributable to stockholders:	$	4.58		$	6.61		$	6.58		$	5.84		$	4.93
Diluted earnings per share attributable to stockholders:	$	4.57		$	6.58		$	6.54		$	5.83		$	4.91
Balance Sheet Data at December 31:
Total assets	$	1,095.9		$	1,120.8		$	1,161.3		$	1,064.4		$	1,117.0
Long-term debt	$	19.6		$	12.0		$	6.7		$	106.9		$	54.6
Stockholders' equity	$	460.8		$	454.5		$	449.8		$	341.3		$	296.3
Cash Flow Data:
Provided by operating activities	$	89.4		$	100.0		$	152.9		$	128.7		$	54.6
Used for investing activities	$	(31.3	)	$	(44.4	)	$	(26.1	)	$	(19.5	)	$	(15.9	)
Used for financing activities	$	(7.1	)	$	(110.5	)	$	(104.4	)	$	(144.4	)	$	(19.5	)
Other Data:
Cash dividends paid to NACCO	$	—		$	—		$	—		$	5.0		$	10.0
Per share data:
Cash dividends(2)(3)	$	1.130		$	1.075		$	1.000		$	2.250
Market value at December 31(2)	$	52.45		$	73.20		$	93.16		$	48.80
Stockholders' equity at December 31(2)	$	28.23		$	27.98		$	26.91		$	20.40
Actual shares outstanding at December 31(2)	16.324			16.241			16.714			16.732
Basic weighted average shares outstanding	16.307			16.607			16.725			16.768			16.767
Diluted weighted average shares outstanding	16.355			16.675			16.808			16.800			16.815
Total employees at December 31(4)	5,400			5,400			5,100			4,900			4,800

(1) As a result of the distribution of one share of Class A common stock and one share of Class B common stock for each share of NACCO Class A common stock or NACCO Class B common stock on September 28, 2012, the earnings per share amounts and the weighted average shares outstanding for the Company have been calculated based upon doubling the relative historical basic and diluted weighted average shares outstanding of NACCO.

(2) This information is only included for periods subsequent to the spin-off from NACCO.

(3) Includes an extraordinary dividend of $2.00 per share paid to stockholders of the Company during the fourth quarter of 2012.

(4) Excludes temporary employees.

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Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

OVERVIEW

Hyster-Yale Materials Handling, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company Hyster-Yale Group, Inc. ("HYG") formerly known as NACCO Materials Handling Group, Inc., is a leading designer, engineer, manufacturer, seller and servicer of a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names. The materials handling business historically has been cyclical because the rate of orders for lift trucks fluctuates depending on the general level of economic activity in the various industries its customers serve.

On December 18, 2014, the Company acquired Nuvera Fuel Cells, Inc. ("Nuvera"). Nuvera is an alternative-power technology company focused on fuel-cell stacks and related systems. Nuvera is also focused on supporting on-site hydrogen production and dispensing systems that are designed to deliver clean energy solutions to customers.

Competition in the materials handling industry is intense and is based primarily on strength and quality of distribution, brand loyalty, customer service, new lift truck sales prices, availability of products and aftermarket parts, comprehensive product line offerings, product performance, product quality and features and the cost of ownership over the life of the lift truck. The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicle systems. The Company's aftermarket parts offerings compete with parts manufactured by other lift truck manufacturers as well as companies that focus solely on the sale of generic parts.

The Company is focused on gaining market share as well as improving margins on lift truck units through the introduction of new products and other strategic initiatives. The Company is strategically focused on growing its installed population base by increasing market share through these new products, which meet a broad range of market applications cost effectively, and through the enhancement of its independent dealer network and its marketing activities.

Critical Accounting Policies and Estimates

The discussion and analysis of financial condition and results of operations are based upon the Company's consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities, if any. On an ongoing basis, the Company evaluates its estimates based on historical experience, actuarial valuations and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

The Company believes the following critical accounting policies affect the more significant judgments and estimates used in the preparation of the consolidated financial statements.

Revenue recognition: Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For the Company's National Account customers, revenue is recognized upon customer acceptance. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. Reserves for discounts and returns are maintained for anticipated future claims. The accounting policies used to develop these product discounts and returns include:

Product discounts: The Company records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. If estimates of customer programs and incentives were one percent higher than the levels offered during 2015, the reserves for product discounts would increase and revenue would be reduced by $0.1 million. The Company's past results of operations have not been materially affected by a change in the estimate of product discounts and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change its estimates in the future.

14

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

Product returns: Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on historical experience, a portion of these aftermarket parts are estimated to be returned which, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of sale based on this historical experience and the limited right of return provided to certain customers. If future trends were to change significantly from those experienced in the past, incremental reductions to revenues may result based on this new experience. If the estimate of average return rates for these aftermarket parts were to increase by one percent over historical levels, the reserves for product returns would increase and revenues would be reduced by less than $0.1 million. The Company's past results of operations have not been materially affected by a change in the estimate of product returns and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change its estimates in the future.

Product warranties: The Company provides for the estimated cost of product warranties at the time revenues are recognized. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, the warranty obligation is affected by product failure rates, labor costs and replacement component costs incurred in correcting a product failure. If actual product failure rates, labor costs or replacement component costs differ from the Company's estimates, which are based on historical failure rates and consideration of known trends, revisions to the estimate of the cost to correct product failures would be required. If the estimate of the cost to correct product failures were to increase by one percent over 2015 levels, the reserves for product warranties would increase and additional expense of $0.4 million would be incurred. The Company's past results of operations have not been materially affected by a change in the estimate of product warranties and although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future.

Retirement benefit plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. Pension benefits are frozen for all employees other than certain employees in the Netherlands. All other eligible employees, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. The Company's policy is to periodically make contributions to fund the defined benefit pension plans within the range allowed by applicable regulations. The defined benefit pension plan assets consist primarily of publicly traded stocks and government and corporate bonds. There is no guarantee the actual return on the plans’ assets will equal the expected long-term rate of return on plan assets or that the plans will not incur investment losses.

The expected long-term rate of return on defined benefit plan assets reflects management’s expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. In establishing the expected long-term rate of return assumption for plan assets, the Company considers the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes.

Expected returns for most of the Company's pension plans are based on a calculated market-related value of assets. Under this methodology, asset gains and losses resulting from actual returns that differ from expected returns are recognized in the market-related value of assets ratably over three years.

The basis for the selection of the discount rate for each plan is determined by matching the timing of the payment of the expected obligations under the defined benefit plans against the corresponding yield of high-quality corporate bonds of equivalent maturities.

15

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

The following illustrates the sensitivity of the net periodic benefit cost and projected benefit obligation to a 1% change in the discount rate or return on plan assets (in millions):

Assumption	Change	Increase (decrease) 2016 net pension expense	Increase (decrease) 2015 projected benefit obligation
Discount rate	1% increase	$(0.4)	$(27.2)
	1% decrease	0.3	31.7
Return on plan assets	1% increase	(2.0)	N/A
	1% decrease	2.0	N/A

See Note 9 to the consolidated financial statements in this Annual Report on Form 10-K for further discussion of the retirement benefit plans.

Product liabilities: The Company provides for the estimated cost of personal and property damage relating to its products based on a review of historical experience and consideration of any known trends. Reserves are recorded for estimates of the costs for known claims and estimates of the costs of incidents that have occurred but for which a claim has not yet been reported to us, up to the stop-loss insurance coverage. While the Company engages in extensive product quality reviews and customer education programs, the product liability provision is affected by the number and magnitude of claims of alleged product-related injury and property damage and the cost to defend those claims. In addition, the estimates regarding the magnitude of claims are affected by changes in assumptions regarding medical costs, inflation rates and trends in damages awarded by juries. Changes in the assumptions regarding any one of these factors could result in a change in the estimate of the magnitude of claims. A one percent increase in the estimate of the number of claims or the magnitude of claims would increase the product liability reserve and reduce operating profit by approximately $0.2 million. Although there can be no assurances, the Company is not aware of any circumstances that would be reasonably likely to materially change the estimates in the future.

Self-insurance liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management’s judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. Changes in any of these factors could materially change the estimates for these self-insurance obligations causing a related increase or decrease in reported net operating results in the period of change in the estimate.

Deferred tax valuation allowances: The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. A valuation allowance has been provided against certain deferred tax assets related to non-U.S. and U.S. state jurisdictions including net operating and capital loss carryforwards. Management believes the valuation allowances are adequate after considering future taxable income, allowable carryback and carryforward periods, reversing taxable temporary differences and ongoing prudent and feasible tax planning strategies. In the event the Company was to determine that it would be able to realize the deferred tax assets in the future in excess of the net recorded amount (including the valuation allowance), an adjustment to the valuation allowance would increase income in the period such determination was made. Conversely, should the Company determine that it would not be able to realize all or part of the net deferred tax asset in the future, an adjustment to the valuation allowance would be expensed in the period such determination was made. See "Financial Review - Income Taxes" and Note 6 to the Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion of the Company's income taxes.

Inventory reserves: The Company writes down inventory to the lower of cost or market, which includes an estimate for obsolescence or excess inventory based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. An impairment in value of one percent of net inventories would result in additional expense of approximately $3.0 million.

16

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

Allowances for doubtful accounts: The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. If the financial condition of customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. An impairment in value of one percent of net accounts receivable would require an increase in the allowance for doubtful accounts and would result in additional expense of approximately $3.2 million.

FINANCIAL REVIEW

The segment and geographic results of operations for the Company were as follows for the year ended December 31:

										Favorable / (Unfavorable) % Change
	2015			2014			2013			2015 vs. 2014		2014 vs. 2013
Unit Shipments (in thousands)
Americas	56.8			57.6			56.4			(1.4	)%	2.1	%
EMEA	23.8			22.9			23.0			3.9	%	(0.4	)%
JAPIC	6.3			7.1			6.1			(11.3	)%	16.4	%
	86.9			87.6			85.5			(0.8	)%	2.5	%
Revenues
Americas	$	1,775.5		$	1,866.9		$	1,762.3		(4.9	)%	5.9	%
EMEA	606.4			686.3			695.4			(11.6	)%	(1.3	)%
JAPIC	193.7			214.0			208.6			(9.5	)%	2.6	%
Nuvera	2.5			—			—			n.m.		n.m.
	$	2,578.1		$	2,767.2		$	2,666.3		(6.8	)%	3.8	%
Gross profit (loss)
Americas	$	308.1		$	301.3		$	318.1		2.3	%	(5.3	)%
EMEA	101.3			122.3			115.4			(17.2	)%	6.0	%
JAPIC	23.2			24.1			27.5			(3.7	)%	(12.4	)%
Nuvera	(1.8		)	—			—			n.m.		n.m.
	$	430.8		$	447.7		$	461.0		(3.8	)%	(2.9	)%
Selling, general and administrative expenses
Americas	$	191.2		$	194.1		$	210.4		1.5	%	7.7	%
EMEA	88.3			96.2			91.6			8.2	%	(5.0	)%
JAPIC	25.0			24.2			24.8			(3.3	)%	2.4	%
Nuvera	22.8			2.2			—			n.m.		n.m.
	$	327.3		$	316.7		$	326.8		(3.3	)%	3.1	%
Operating profit (loss)
Americas	$	116.9		$	124.9		$	107.8		(6.4	)%	15.9	%
EMEA	13.0			26.2			23.8			(50.4	)%	10.1	%
JAPIC	(1.8		)	(0.1		)	2.7			n.m.		n.m.
Nuvera	(24.6		)	(2.2		)	—			n.m.		n.m.
	$	103.5		$	148.8		$	134.3		(30.4	)%	10.8	%
Interest expense	$	4.7		$	3.9		$	9.0		(20.5	)%	56.7	%
Other income	$	(5.7	)	$	(5.2	)	$	(2.1	)	9.6	%	147.6	%
Income before income taxes	$	104.5		$	150.1		$	127.4		(30.4	)%	17.8	%
Net income attributable to stockholders	$	74.7		$	109.8		$	110.0		(32.0	)%	(0.2	)%
Effective income tax rate	28.1		%	26.6		%	13.5		%

17

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

2015 Compared with 2014

The following table identifies the components of change in revenues for 2015 compared with 2014:

	Revenues
2014	$	2,767.2
Increase (decrease) in 2015 from:
Foreign currency	(159.9		)
Unit volume and product mix	(53.2		)
Other	11.9
Parts	6.7
Unit price	5.4
2015	$	2,578.1

Revenues decreased 6.8% to $2,578.1 million in 2015 from $2,767.2 million in 2014. The decrease was mainly due to the strong U.S. dollar during 2015 compared with 2014.

In addition, revenues in the Americas declined in 2015 from 2014 as a result of a shift in trucks sold from higher-priced Class 5 trucks, including Big Trucks, to lower-priced Class 3 warehouse trucks, the decline in unit volume and unfavorable currency movements of $36.9 million from the translation of sales into U.S. dollars, which strengthened against the Brazilian real. Total shipments in the Americas decreased slightly in 2015 compared with 2014 as unit volume improvements in North America continue to be more than offset by the effect of the depressed Brazil economy. The decrease was partially offset by the favorable effect of price increases announced earlier in 2015 in North America and price increases in Brazil to offset the impact of the weak Brazilian real, as well as an increase in other revenues.

EMEA's revenues declined in 2015 from 2014, mainly as a result of unfavorable currency movements of $106.7 million, from the translation of sales into U.S. dollars, partially offset by improved unit volume. Total shipments in EMEA increased slightly in 2015 compared with 2014.

Revenues in JAPIC declined in 2015 compared with 2014. The decrease was primarily the result of unfavorable foreign currency movements of $16.3 million and the effects of lower shipments, mainly in China.

The following table identifies the components of change in operating profit for 2015 compared with 2014:

	Operating Profit
2014	$	148.8
Gain on sale of assets	(17.7		)
Nuvera acquisition	3.1
	134.2
Increase (decrease) in 2015 from:
Nuvera operations	(24.6		)
Lift truck gross profit	(15.1		)
Lift truck selling, general and administrative expenses	9.0
2015	$	103.5

The Company recognized operating profit of $103.5 million in 2015 compared with operating profit of $148.8 million in 2014. Operating profit for 2015 included the results of Nuvera's operations. In addition, operating profit for 2014 included a gain of $17.7 million related to the sale of the Brazil real estate and operating facility and $3.1 million of costs related to the acquisition of Nuvera in December 2014.

18

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

The operating profit of the lift truck business decreased due to lower gross profit, partially offset by lower selling, general and administrative expenses. Gross profit decreased primarily from unfavorable foreign currency movements of $21.4 million, unfavorable manufacturing variances and lower volumes partially offset by material cost deflation and price increases in 2015 compared with 2014. Selling, general and administrative expenses decreased primarily due to foreign currency movements of $15.0 million and an increase in bad debt expense, partially offset by lower employee-related costs.

Excluding the gain of $17.7 million related to the sale of the Brazil real estate and operating facility, both gross profit and operating profit in the Americas improved in 2015 compared with the prior year. Gross profit was favorably impacted by material cost deflation and the effect of price increases announced earlier in 2015 in North America and price increases in Brazil to offset the impact of the weak Brazilian real. In addition, favorable foreign currency movements of $2.8 million improved gross profit during 2015. The overall improvement in the Americas gross profit was partially offset by unfavorable manufacturing variances, mainly due to the transition from the old plant to the new plant in Brazil and weather-related U.S. plant shutdowns during the first quarter of 2015, as well as lower volumes and a shift in sales to lower-margin lift trucks. Selling, general and administrative expenses decreased primarily due to lower employee-related costs and favorable currency movements of $4.2 million. These improvements were partially offset by $2.2 million of expense incurred during 2015, primarily as a result of the move to the new Brazil plant.

The effect of currency movements significantly reduced EMEA's operating profit in 2015 compared with 2014. Benefits realized in gross profit from higher shipments and material cost deflation were more than offset by unfavorable currency movements of $24.0 million. The decline in EMEA's gross profit was partially offset by lower selling, general and administrative expenses as a result of favorable currency movements of $8.2 million, partially reduced by an increase in bad debt expense.

The Company recognized net income attributable to stockholders of $74.7 million in 2015 compared with $109.8 million in 2014. The decrease was primarily the result of the decrease in operating profit and an increase in the effective income tax rate in 2015 compared with 2014. See "Financial Review - Income Taxes" and Note 6 to the consolidated financial statements in this Annual Report on Form 10-K for further discussion of income taxes.

Backlog

Following is a table detailing the Company's unit shipments, bookings and backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks, reflected in thousands of units.

	December 31, 2015		December 31, 2014		September 30, 2015
Unit backlog, beginning of period	28.1		28.2		28.1
Unit shipments	(86.9	)	(87.6	)	(64.7	)
Unit bookings	85.7		87.5		63.7
Unit backlog, end of period	26.9		28.1		27.1

The following table details the approximate sales value of the Company's lift truck unit bookings and backlog, reflected in millions of dollars. The dollar value of bookings and backlog is calculated using the current unit bookings and backlog and the forecasted average sales price per unit. As of December 31, 2015, the Company expects substantially all of its backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks as of December 31, 2015 to be sold during fiscal 2016.

	December 31, 2015		December 31, 2014		September 30, 2015
Bookings, approximate sales value	$	1,950	$	2,190	$	1,440
Backlog, approximate sales value	$	660	$	710	$	670

19

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

2014 Compared with 2013

The following table identifies the components of change in revenues for 2014 compared with 2013:

	Revenues
2013	$	2,666.3
Increase (decrease) in 2014 from:
Unit volume and product mix	98.5
Parts	24.6
Price	2.7
Other	(13.3		)
Currency	(11.6		)
2014	$	2,767.2

Revenues increased 3.8% to $2,767.2 million in 2014 from $2,666.3 million in 2013. The improvement was primarily as a result of an increase in unit volumes, a shift in sales to higher-priced lift trucks and an increase in parts revenue, partially offset by a decrease in other revenue and unfavorable foreign currency movements.

Revenues in the Americas increased in 2014 from 2013 primarily as a result of an increase in unit volumes and a shift in sales to higher-priced lift trucks, an increase in parts revenue and the favorable effect of unit price increases to offset the impact of weakness in the Brazilian real. Total shipments in the Americas increased slightly in 2014 compared with 2013 as unit volume improvements in North America were partially offset by a decline in Brazil. The increase was partially offset by a decrease in other revenue and unfavorable foreign currency movements of $11.0 million from the translation of sales into U.S. dollars.

EMEA's revenues declined in 2014 from 2013, mainly as a result of a shift in sales to lower-priced lift trucks and a decrease in unit volume, partially offset by favorable currency movements of $7.7 million from the translation of sales into U.S. dollars and improved parts revenue.

Revenues in JAPIC increased in 2015 compared with 2014. The increase was primarily the result of improved unit volume and a favorable shift in mix to higher-priced lift trucks, partially offset by unfavorable currency movements of $8.3 million from the translation of sales into U.S. dollars.

The following table identifies the components of change in operating profit for 2014 compared with 2013:

	Operating Profit
2013	$	134.3
Increase (decrease) in 2014 from:
Gross profit	(13.3		)
Selling, general and administrative expenses	13.2
	134.2
Gain on sale of assets	17.7
Nuvera acquisition	(3.1		)
2014	$	148.8

The Company recognized operating profit of $148.8 million in 2014 compared with operating profit of $134.3 million in 2013. Operating profit for 2014 includes a gain of $17.7 million related to the sale of the Brazil real estate and operating facility and costs of $3.1 million related to the acquisition of Nuvera.

Excluding the gain on the sale of assets related to the sale of the Brazil real estate and operating facility in 2014, operating profit in the Americas declined slightly in 2014 compared with 2013. Gross profit decreased mainly as a result of unfavorable foreign currency movements of $19.7 million, higher warranty expense as favorable adjustments in 2013 did not recur in 2014

20

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

and higher U.S. health care costs. These items were partially offset by an improvement in parts revenue, the effect of price increases and material cost deflation. The decrease in gross profit was offset by lower selling, general and administrative expenses primarily from lower incentive compensation estimates, of which $8.2 million related to non-cash equity compensation, partially offset by increased U.S. health care costs and an increase in the required non-cash charge related to the remeasurement of the Company's U.S. defined benefit pension plans for the settlement of a portion of these plans. This increase related to lump-sum payments for the defined benefit pension plans in 2014 compared with 2013.

EMEA's operating profit increased primarily as a result of improved gross profit in 2014 compared with 2013, mainly due to $14.0 million of favorable foreign currency movements and material cost deflation, partially offset by lower pricing, the effect of a shift in sales to lower-margin lift trucks and a decrease in unit volume. Selling, general and administrative expenses increased mainly due to unfavorable foreign currency movements of $2.4 million.

Operating profit in JAPIC decreased in 2014 from 2013 primarily from lower gross profit due to unfavorable foreign currency movements of $6.0 million.

The Company recognized net income attributable to stockholders of $109.8 million in 2014 compared with $110.0 million in 2013. Net income for 2013 included the release of $12.8 million of certain portions of previously recorded income tax valuation allowances related to the Company's United Kingdom operations and a $2.8 million charge related to the write-off of deferred financing fees as a result of the repayment of the previous term loan agreement. See "Financial Review - Income Taxes" and Note 6 to the consolidated financial statements in this Annual Report on Form 10-K for additional information. Excluding these items, the change was mainly due to the items impacting operating profit noted above and lower interest expense from lower borrowings and lower interest rates.

Income taxes

The income tax provision includes U.S. federal, state and local, and non-U.S. income taxes. In determining the effective income tax rate, the Company analyzes various factors, including annual earnings, the laws of taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits, net operating loss and capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates, and certain items with respect to valuation allowances or other unusual or non-recurring tax adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the effective income tax rate.

Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which it expects the temporary differences to be recovered or paid.

The authoritative guidance for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined as a likelihood of more than 50%) such assets will not be realized. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns and future profitability. The Company's accounting for deferred tax consequences represents its best estimate of those future events. Changes in the Company's estimates, due to unanticipated events or otherwise, could have a material effect on its financial condition and results of operations.

The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company’s European operations. Accordingly, the Company released $12.8 million of its United Kingdom valuation allowance during 2013.

During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing capacity to more appropriate levels,

21

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real, have caused the Company to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil as a discrete tax adjustment. The Company also recognized $5.6 million of valuation allowance related to the 2015 pre-tax loss in Brazil included in its effective tax rate.

During 2015, the Company came to a tentative agreement in negotiating an Advance Pricing Agreement with the Australian Tax Authority that will cover the next five years. As a result of these discussions, the Company believes that it is more likely than not that deferred tax assets in the amount of $4.4 million will be utilized in the foreseeable future, as such, this portion of the Australian valuation allowance previously applied against the Company’s Australian deferred tax assets, has been released.

The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses that comprise a substantial portion of the Australian and Brazilian deferred tax assets do not expire under local law.

A reconciliation of the consolidated federal statutory and effective income tax is as follows for the years ended December 31:

	2015			2014			2013
Income before income taxes	$	104.5		$	150.1		$	127.4
Gain on sale of Brazil plant	—			17.7			—
	$	104.5		$	132.4		$	127.4
Statutory taxes at 35%	$	36.6		$	46.3		$	44.6
Permanent adjustments:
Non-U.S. rate differences	(13.3		)	(9.5		)	(11.8		)
Valuation allowance	9.3			(0.4		)	1.6
State income taxes	3.4			3.2			1.8
Other	(0.9		)	(1.3		)	(1.9		)
	$	(1.5	)	$	(8.0	)	$	(10.3	)
Discrete items:
Valuation allowance	(3.4		)	(1.1		)	(13.7		)
Provision to return adjustments	(0.2		)	(2.1		)	(0.4		)
Repatriation	(3.7		)	—			—
Other	1.6			(1.4		)	(3.0		)
	$	(5.7	)	$	(4.6	)	$	(17.1	)
Income tax expense on gain on sale of Brazil plant	—			6.2			—
Income tax provision	$	29.4		$	39.9		$	17.2
Effective income tax rate	28.1		%	26.6		%	13.5		%

The Company's effective income tax rate differs from the U.S. federal statutory tax rate of 35% primarily as a result of income taxed in non-U.S. jurisdictions and changes in valuation allowances primarily in non-U.S. jurisdictions.

In addition, the effect of discrete items was as follows:

During 2015, the Company recognized a discrete tax benefit from an internal sale of a subsidiary between consolidated companies resulting in the repatriation of non-U.S. accumulated earnings taxed at higher rates. The Company also established a valuation allowance in Brazil and released a valuation allowance in Australia as discussed above.

During 2014, the Company recognized discrete tax items from provision to return adjustments primarily related to certain foreign earnings and repatriations and the effect of U.S. tax deductions for manufacturing activities. In addition, during 2014,

22

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

the Company recognized a gain on the sale of real estate and an operating facility in Brazil of $17.7 million, and related income tax expense of $6.2 million. The income tax expense related to the gain was considered an unusual and non-recurring transaction and excluded from the computation of the estimated effective annual income tax rate for interim periods.

During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold for recognition which resulted in the release of valuation allowance against those deferred tax assets. In addition, the Company released an additional portion of the valuation allowance related to its U.S. state deferred tax assets due to improvements in the expected realization of these deferred tax assets. Also during 2013, the Company recognized discrete tax items for the settlement of certain U.S. income tax audits and a reduction in uncertain tax positions as a result of the lapse of the applicable statutes of limitation in certain non-U.S. taxing jurisdictions.

See Note 6 to the consolidated financial statements in this Annual Report on Form 10-K for further discussion of income taxes.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The following tables detail the change in cash flow for the years ended December 31:

	2015			2014			Change
Operating activities:
Net income	$	75.1		$	110.2		$	(35.1	)
Depreciation and amortization	28.9			29.7			(0.8		)
Gain on sale of assets	—			(17.8		)	17.8
Stock-based compensation	2.9			6.0			(3.1		)
Dividends from unconsolidated affiliates	2.5			—			2.5
Other	4.6			4.0			0.6
Working capital changes, excluding the effect of business acquisitions	(24.6		)	(32.1		)	7.5
Net cash provided by operating activities	89.4			100.0			(10.6		)
Investing activities:
Expenditures for property, plant and equipment	(46.6		)	(48.5		)	1.9
Proceeds from the sale of property, plant and equipment	14.4			8.7			5.7
Business acquisition	0.9			(3.9		)	4.8
Other	—			(0.7		)	0.7
Net cash used for investing activities	(31.3		)	(44.4		)	13.1
Cash flow before financing activities	$	58.1		$	55.6		$	2.5

Net cash provided by operating activities decreased $10.6 million in 2015 compared with 2014 primarily as a result of lower net income, partially offset by the absence of the gain on the sale of the Brazil real estate and operating facility and changes in working capital. Working capital changed by $7.5 million primarily due to a decrease in accounts payable, mainly from lower than anticipated sales volumes in the Americas in 2015 compared with 2014. This was partially offset by a decrease in accounts receivable, mainly due to lower sales volumes in Brazil, and lower inventory in EMEA, primarily as a result of lower anticipated sales volumes in 2016 compared with 2015.

The decrease in net cash used for investing activities during 2015 compared with 2014 was mainly the result of improvements made to manufacturing facilities in the Americas and EMEA, of which $14.1 million were financed in 2015 through sales-leaseback transactions and are included on the line "Proceeds from the sale of assets." Proceeds from the sale of property, plant and equipment in 2014 included the $8.2 million of proceeds received related to the sale of the Brazil real estate and operating

23

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

facility when the sale was finalized. In addition, the effect of the acquisition of Nuvera in 2014 and related final purchase price adjustment in 2015 also contributed to the change.

	2015			2014			Change
Financing Activities:
Net addition (reduction) of long-term debt and revolving credit agreements	$	11.4		$	(44.3	)	$	55.7
Cash dividends paid	(18.4		)	(17.8		)	(0.6		)
Purchase of treasury stock	(0.1		)	(48.2		)	48.1
Other	—			(0.2		)	0.2
Net cash used for financing activities	$	(7.1	)	$	(110.5	)	$	103.4

The decrease in net cash used for financing activities during 2015 compared with 2014 was primarily due to repayments of borrowings under the Company's U.S. revolving credit facilities during 2014 compared with increased debt in 2015, mainly in Brazil, and lower repurchases of the Company's stock in 2015 compared with 2014.

Financing Activities

The Company has a $220.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in December 2018. There were no borrowings outstanding under the facility at December 31, 2015. The excess availability under the Facility, at December 31, 2015, was $213.3 million, which reflects reductions of $6.7 million for letters of credit. The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions. The obligations under the Facility are generally secured by a lien on the working capital assets of the borrowers in the Facility, which include but are not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Facility was $520 million as of December 31, 2015.

Borrowings bear interest at a floating rate that can be a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, effective December 31, 2015, for U.S. base rate loans and LIBOR loans were 0.50% and 1.50%, respectively. The applicable margins, effective December 31, 2015, for non-U.S. base rate loans and LIBOR loans was 1.50%. The applicable LIBOR interest rates under the Facility on December 31, 2015 were 1.94% and 1.50% for the U.S. and non-U.S facility, respectively, including the applicable floating rate margin. The Facility also requires the payment of a fee of 0.375% per annum on the unused commitment as of December 31, 2015.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent and less than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At December 31, 2015, the Company was in compliance with the covenants in the Facility.

In addition, the Company had other borrowings outstanding of approximately $32.1 million at December 31, 2015. In addition to the excess availability under the Facility, the Company had remaining availability of $29.1 million related to other non-U.S. revolving credit agreements.

The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and until the expiration of the Facility in December 2018.

24

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

Contractual Obligations, Contingent Liabilities and Commitments

Following is a table summarizing the contractual obligations as of December 31, 2015:

	Payments Due by Period
Contractual Obligations	Total		2016		2017		2018		2019		2020		Thereafter
Other debt	$	32.1	$	27.5	$	1.6	$	1.6	$	1.4	$	—	$	—
Variable interest payments on other debt	1.2		0.5		0.4		0.2		0.1		—		—
Capital lease obligations including principal and interest	21.6		6.4		5.1		4.1		2.9		2.0		1.1
Operating leases	50.9		16.4		12.5		9.5		5.9		3.5		3.1
Purchase and other obligations	431.4		417.7		2.7		1.1		9.9		—		—
Total contractual cash obligations	$	537.2	$	468.5	$	22.3	$	16.5	$	20.2	$	5.5	$	4.2

The Company has a contingent consideration arrangement which requires the Company to pay additional consideration to Nuvera's selling shareholders for payments based on future deployment of certain elements of the acquired technology. The fair value of the contingent consideration arrangement at December 31, 2015 was $1.2 million. The actual payments related to the contingent consideration arrangement can vary significantly each year due to changes in the actual results of Nuvera, as a result, the contingent consideration arrangement has not been included in the table above.

The Company has a long-term liability of approximately $4.1 million for unrecognized tax benefits, including interest and penalties, as of December 31, 2015. At this time, the Company is unable to make a reasonable estimate of the timing of payments due to, among other factors, the uncertainty of the timing and outcome of the Company's audits.

An event of default, as defined in the agreements governing the Facility, other revolving credit facilities, and in operating and capital lease agreements, could cause an acceleration of the payment schedule. No such event of default has occurred or is anticipated under these agreements.

The Company's interest payments are calculated based upon the anticipated payment schedule and the December 31, 2015 applicable rates and applicable margins, as defined in other debt agreements. A 1/8% increase in the LIBOR rate would increase the Company's estimated total interest payments on other debt by less than $0.1 million.

The purchase and other obligations are primarily for accounts payable, open purchase orders and accrued payroll and incentive compensation.

Pension funding can vary significantly each year due to plan amendments, changes in the market value of plan assets, legislation and the Company's funding decisions to contribute any excess above the minimum legislative funding requirements. As a result, pension funding has not been included in the table above. Pension benefit payments are made from assets of the pension plans. The Company expects to contribute approximately $3.4 million to its non-U.S. pension plans in 2016. No contributions to the Company's U.S. pension plans are expected in 2016.

In addition, the Company has recourse and repurchase obligations with a maximum undiscounted potential liability of $168.6 million at December 31, 2015. Recourse and repurchase obligations primarily represent contingent liabilities assumed by the Company to support financing agreements made between the Company's customers and third-party finance companies for the customer’s purchase of lift trucks from the Company. For these transactions, the Company or a third-party finance company retains a perfected security interest in the lift truck, such that the Company would take possession of the lift truck in the event it would become liable under the terms of the recourse and repurchase obligations. Generally, these commitments are due upon demand in the event of default by the customer. The security interest is normally expected to equal or exceed the amount of the commitment. To the extent the Company would be required to provide funding as a result of these commitments, the Company believes the value of its perfected security interest and amounts available under existing credit facilities are adequate to meet these commitments in the foreseeable future.

The amount of the recourse or repurchase obligations increases and decreases over time as obligations under existing arrangements expire and new obligations arise in the ordinary course of business. Losses anticipated under the terms of the

25

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

recourse or repurchase obligations were not significant at December 31, 2015 and reserves have been provided for such losses in the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. See also “Related Party Transactions” below.

Capital Expenditures

Planned expenditures of $61.4 million in 2016 are primarily for product development, improvements to information technology infrastructure, improvements at manufacturing locations and manufacturing equipment. The principal sources of financing for these capital expenditures are expected to be internally generated funds and bank financing. Actual expenditures were $46.6 million in 2015 and $48.5 million in 2014.

Capital Structure

	December 31
	2015			2014			Change
Cash and cash equivalents	$	155.1		$	111.4		$	43.7
Other net tangible assets	357.1			372.0			(14.9		)
Intangible assets	3.6			4.1			(0.5		)
Net assets	515.8			487.5			28.3
Total debt	(53.1		)	(31.5		)	(21.6		)
Total equity	$	462.7		$	456.0		$	6.7
Debt to total capitalization	10		%	6		%	4		%

RELATED PARTY TRANSACTIONS

The Company has a 20% ownership interest in NMHG Financial Services, Inc. (“NFS”), a joint venture with General Electric Capital Corporation (“GECC”), formed primarily for the purpose of providing financial services to independent Hyster^® and Yale^® lift truck dealers and National Account customers in the United States. The Company’s ownership in NFS is accounted for using the equity method of accounting.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt financing to dealers and lease financing to both dealers and customers. NFS’ total purchases of Hyster^® and Yale^® lift trucks from dealers, and directly from the Company, such that NFS could provide retail lease financing to customers, for the years ended December 31, 2015, 2014 and 2013 were $483.2 million, $465.9 million and $417.0 million, respectively. Of these amounts, $78.6 million, $94.6 million and $81.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, were invoiced directly from the Company to NFS so that the customer could obtain operating lease financing from NFS. Amounts receivable from NFS were $7.7 million and $7.9 million at December 31, 2015 and 2014, respectively.

Under the terms of the joint venture agreement with GECC, the Company provides recourse for wholesale financing provided by NFS to the Company's dealers. Additionally, the credit quality of a customer or concentration issues within GECC may require providing recourse or repurchase obligations for lift trucks purchased by customers and financed through NFS. At December 31, 2015, approximately $151.8 million of the Company’s total recourse or repurchase obligations of $168.6 million related to transactions with NFS. The Company has reserved for losses under the terms of the recourse or repurchase obligations in its consolidated financial statements. Historically, the Company has not had significant losses with respect to these obligations. During 2015, 2014 and 2013, the net losses resulting from customer defaults did not have a material impact on the Company’s results of operations or financial position.

In connection with the joint venture agreement, the Company also provides a guarantee to GECC for 20% of NFS’ debt with GECC, such that the Company would become liable under the terms of NFS’ debt agreements with GECC in the case of default by NFS. At December 31, 2015, loans from GECC to NFS totaled $755.1 million. Although the Company's contractual guarantee was $151.0 million, the loans by GECC to NFS are secured by NFS’ customer receivables, of which the Company guarantees $151.8 million. Excluding the $151.8 million of NFS receivables guaranteed by the Company from NFS’ loans to GECC, the Company’s incremental obligation as a result of this guarantee to GECC is $126.0 million, which is secured by

26

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

20% of NFS' customer receivables and other secured assets of $229.9 million. NFS has not defaulted under the terms of this debt financing in the past and although there can be no assurances, the Company is not aware of any circumstances that would cause NFS to default in future periods.

The following table includes the exposure amounts related to the Company's guarantees at December 31, 2015:

	NFS		Total
Total recourse or repurchase obligations	$	151.8	$	168.6
Less: exposure limited for certain dealers	34.8		34.8
Plus: 7.5% of original loan balance	7.8		7.8
	124.8		141.6
Incremental obligation related to guarantee to GECC	126.0		126.0
Total exposure related to guarantees	$	250.8	$	267.6

In addition to providing financing to the Company’s dealers, NFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to NFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to NFS under the operating lease agreements were $14.3 million and $13.3 million at December 31, 2015 and 2014, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to NFS. Total subsidies were $2.2 million, $1.9 million and $1.7 million for 2015, 2014 and 2013, respectively.

The Company provides certain services to NFS for which it receives compensation under the terms of the joint venture agreement. These services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $14.6 million in 2015, $12.0 million in 2014 and $15.6 million in 2013. In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and will be recognized over the remaining term of the agreement which expires in December 2018.

The Company has a 50% ownership interest in Sumitomo-NACCO Materials Handling Group, Ltd. (“SN”), a limited liability company that was formed in 1970 primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster^®- and Yale^®-branded lift trucks and related components and service parts outside of Japan. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each shareholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. As a result, the Company accounts for its ownership in SN using the equity method of accounting. The Company purchases products from SN for sale outside of Japan under agreed-upon terms. In 2015, 2014 and 2013, purchases from SN were $57.1 million, $70.7 million and $78.7 million, respectively. Amounts payable to SN at December 31, 2015 and 2014 were $15.8 million and $18.4 million, respectively.

Additionally, the Company recognized income of $0.3 million, $1.1 million and $1.3 million during 2015, 2014 and 2013, respectively, for payments from SN for use of technology developed by the Company.

OUTLOOK

Americas Outlook

In 2016, the Company expects the Americas market to continue to moderate compared with 2015, driven primarily by Brazil declining further from its already depressed levels. Despite these market conditions, unit shipments, revenues and parts sales are expected to increase in 2016 over 2015 due to the Company's success in winning several large customer accounts in 2015. However, revenues in the first half of the year, and particularly the second quarter, are expected to be down compared with 2015, primarily as a result of strong North American sales in the first half of 2015 due to a very large customer order late in 2014 that was shipped primarily in the first half of the year.

27

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

Full year 2016 operating profit in the Americas is expected to be down slightly compared with 2015. Expected benefits from currency movements at current currency rates and higher unit and parts volumes, as well as anticipated improvements in Brazil's operating results, are expected to be mostly offset by higher employee-related operating expenses and lower pricing of products. While the Americas full year 2016 operating profit is expected to be down slightly compared with the prior year, operating profit in the first half of the year is expected to be lower than the first half of 2015 primarily due to a shift in mix toward lower-priced and lower-margin products. This decline is expected to be mostly offset by operating profit improvements in the second half of the year driven by increased unit volumes, particularly in the fourth quarter.

EMEA Outlook

During 2015, EMEA had currency hedges in place that mitigated the unfavorable effect of the strengthening U.S. dollar. However, as these hedges have expired, the new hedges have not been and are not expected to be as favorable, based on current currency rates, in offsetting increased U.S. dollar-based costs currently being incurred. As a result, the strong U.S. dollar is expected to have a larger unfavorable impact on results in 2016.

Markets in EMEA are expected to continue to grow in 2016, driven by a moderate increase in Western Europe and slight growth in Middle East and Africa, partially offset by a decline in Eastern Europe. As a result, units and parts revenues are expected to increase in 2016. However, despite these improvements, operating profit in EMEA is expected to decrease substantially in 2016 compared with 2015 as a result of the reduced favorability of the hedge contracts in place at current currency rates coupled with unfavorable currency movements, and an anticipated shift in sales mix to lower-margin products.

JAPIC Outlook

The JAPIC market is expected to continue to weaken in 2016, predominantly due to lower demand in China only partially offset by modest growth in certain other markets. However, as a result of the implementation of the Company's strategic initiatives, full year shipments, as well as unit and parts revenues, are expected to increase compared with 2015. Full year operating results are also expected to improve in 2016 primarily due to the increase in revenues and improved pricing. Shipments and operating results in the first half of 2016, particularly the first quarter, are expected to be lower than the first half of 2015, but are expected to be more than offset by improvements in the second half of the year.

Overall Lift Truck Outlook

The overall global market is expected to remain roughly stable in 2016, driven positively by the Western European market, with a moderating Americas market and weakening JAPIC market. Despite these market conditions, and because of the Company's success in winning some large customer accounts, revenues, unit shipments and parts sales are expected to increase in 2016 compared with 2015. However, the Company expects operating profit and net income in 2016 to be lower than in 2015 as the increases in sales and parts volumes are expected to be offset by higher operating expenses and an anticipated shift in sales mix to lift trucks with lower average profit margins. Lower operating profit is anticipated in the first half of 2016 with improvements in the second half of the year.

Commodity costs declined throughout 2015 and are expected to continue to be favorable in 2016. However, these commodities, including steel in particular, remain volatile and sensitive to changes in the global economy.

Cash flow before financing activities is expected to be positive but decline in 2016 compared with 2015.

Hyster-Yale remains focused on gaining market share in its lift truck business over time by implementing the following key strategic initiatives: (1) understanding customer needs at the product and aftermarket levels, (2) offering the lowest cost of ownership by utilizing the Company's understanding of customers' major cost drivers and developing solutions that consistently lower cost of ownership and create a differentiated competitive position, (3) enhancing independent distribution, (4) improving the Company's warehouse market position, (5) expanding in Asian markets by offering products aimed at the needs of these markets, enhancing Asia distribution and focusing on strategic alliances with local partners, (6) enhancing its Big Truck market position and (7) strengthening its sales and marketing organization in all geographic regions.

The Company is also developing new products in many segments that are expected to support its market share growth. A key new product in the Class 5 internal combustion engine lift truck line is expected to be launched in mid-2016.

28

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

The lift truck business expects to continue to incur moderate incremental expense as it adds sales and marketing capabilities to help further its key strategic initiatives and the lift truck sales opportunities associated with its acquisition of Nuvera. The Nuvera-related costs are expected to grow as Nuvera's volume increases in 2016.

Nuvera Outlook

The Company's acquisition of Nuvera was driven by the view that the fuel-cell market for lift trucks has significant growth opportunities. Accordingly, the commercialization of Nuvera's fuel-cell technology is one of the Company's key strategic initiatives. Substantial progress toward commercialization of Nuvera's PowerEdge^® units, which can be substituted for lead-acid batteries in Class 1, 2 and 3 lift truck models, was made in 2015, and early stages of PowerEdge^® unit production began in late 2015. In the fourth quarter of 2015, Nuvera secured its first total power solution agreement with a customer. Nuvera expects to begin shipping PowerEdge^® units to this customer in the first half of 2016, along with lift trucks and a PowerTap^® hydrogen generation system.

Production is expected to ramp up throughout 2016 as additional sales of PowerEdge® units are made. As a result, Nuvera expects to generate full year 2016 PowerEdge^® unit revenues, which are expected to be modest in the first quarter but grow gradually over the course of 2016 as production accelerates and new units are sold. Nuvera expects to sell the PowerEdge^® products to the market at an average selling price of between $17,500 and $35,000, depending upon the model. The Company believes its U.S. customers will qualify for the 30% Federal Energy Credit on these PowerEdge® units, which would allow those customers to realize a lower after-tax cost in 2016. The tax credit currently expires at the end of 2016.

Nuvera expects to continue to focus on commercializing its fuel-cell technology, integrating this technology into the Hyster^® and Yale^® lift truck product ranges and expanding its product line, while also increasing its focus on reducing manufacturing costs per unit as production increases. As a result of the costs to implement these programs, Nuvera expects to generate an operating loss in 2016 of approximately $23 to $26 million. Nuvera has an objective of reaching a quarterly break-even operating profit by the end of 2017 or early 2018 on a run rate of approximately 700 PowerEdge^® and ten PowerTap^® units per quarter at target margins. Nuvera is also exploring a number of partnership opportunities which would be complementary to its core operating plan and which could potentially accelerate achievement of break-even results.

Nuvera is expected to support many of Hyster-Yale's key strategic initiatives in the short-term, including, meeting customer needs, providing lowest cost of ownership, enhancing its independent distribution and increasing its presence in the warehouse products market. With the addition of fuel-cell-powered products, Hyster-Yale believes it has a market-leading complement of power solutions for lift trucks, which now include lead-acid and lithium-ion battery and hydrogen fuel-cell-powered electric trucks, as well as a range of internal combustion engine-powered products that include liquid propane gas, compressed natural gas, gasoline and diesel fuel, which meet global emissions requirements.

Over the medium-term, Nuvera is expected to support the enhancement of the Company's Big Truck business and help the Company achieve improved revenues in Asia-Pacific. With full commercialization of the Nuvera product, the Company is expected to have the ability to participate in the growing fuel-cell market and expand the Company's offering of best-in-class energy solutions to customers by integrating fuel cells with lift trucks in a way that is expected to optimize the performance and energy efficiency of the combined system. This, in conjunction with Hyster-Yale's plan to provide full life cycle maintenance, service and fueling requirements, is expected to provide the Company with an opportunity to meet customers' needs and offer a zero-emissions, low overall cost of ownership alternative. Nuvera's PowerTap^® hydrogen generator appliance, which produces fuel-cell grade hydrogen, is in commercial production today with an expanding list of customers in multiple applications. Nuvera is also working on enhancing its Orion^® fuel-cell technology and working with the Company's product engineering group to create an integrated fuel-cell power solution as an option in Hyster^® and Yale^® brand Class 4 and Class 5 lift trucks targeted for production in late 2018.

RECENTLY ISSUED ACCOUNTING STANDARDS

For information regarding recently issued accounting standards refer to Note 2 to the Consolidated Financial Statements in this Form 10-K.

29

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

EFFECTS OF FOREIGN CURRENCY

The Company operates internationally and enters into transactions denominated in foreign currencies. As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income are addressed in the previous discussions of operating results. The Company's use of foreign currency derivative contracts is discussed in Item 7A, "Quantitative and Qualitative Disclosures About Market Risk,” of this Form 10-K.

FORWARD-LOOKING STATEMENTS

The statements contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere throughout this Annual Report on Form 10-K that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation:(1) reduction in demand for lift trucks and related aftermarket parts and service on a global basis, (2) the ability of dealers, suppliers and end-users to obtain financing at reasonable rates, or at all, as a result of current economic and market conditions, (3) the political and economic uncertainties in Eastern Europe and Brazil, (4) customer acceptance of pricing, (5) delays in delivery or increases in costs, including transportation costs, of raw materials or sourced products and labor or changes in or unavailability of quality suppliers, (6) exchange rate fluctuations, changes in non-U.S. import tariffs and monetary policies and other changes in the regulatory climate in the non-U.S. countries in which the Company operates and/or sells products, (7) delays in manufacturing and delivery schedules, (8) bankruptcy of or loss of major dealers, retail customers or suppliers, (9) customer acceptance of, changes in the costs of, or delays in the development of new products, (10) introduction of new products by, or more favorable product pricing offered by, competitors, (11) product liability or other litigation, warranty claims or returns of products, (12) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (13) changes mandated by federal, state and other regulation, including health, safety or environmental legislation, (14) the successful commercialization of Nuvera's technology, (15) the introduction of a more accepted product to the market by a competitor, making the Nuvera technology less marketable, (16) the ability to obtain governmental approvals of the pending acquisition of Penta Holding S.p.A. (and indirectly Bolzoni S.p.A.) on the proposed terms and schedule, (17) certain conditions to the completion of the transaction will not be met, (18) competing offers may be made for Bolzoni S.p.A., (19) changes in the conditions affecting the industry in which Hyster-Yale or Bolzoni S.p.A. operate, (20) the successful integration of Bolzoni S.p.A.’s operations and employees, and (21) other factors that may affect Bolzoni S.p.A. and are described under the heading "Principal Risks and Uncertainties" in Bolzoni S.p.A.'s Annual Report for the year ended December 31, 2014 and its Quarterly Reports.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTEREST RATE RISK

The Company has entered into certain financing arrangements that require interest payments based on floating interest rates. As such, the Company's financial results are subject to changes in the market rate of interest. To reduce the exposure to changes in the market rate of interest, the Company has entered into interest rate swap agreements for a significant portion of its anticipated future floating rate financing arrangements. The Company does not enter into interest rate swap agreements for trading purposes. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. See also Note 8 to the Consolidated Financial Statements in this Annual Report on Form 10-K.

For purposes of risk analysis, the Company uses sensitivity analysis to measure the potential loss in fair value of financial instruments sensitive to changes in interest rates. The Company assumes that a loss in fair value is an increase to its liabilities. The fair value of the Company's interest rate swap agreements was a net liability of $0.3 million at December 31, 2015. A hypothetical 10% decrease in interest rates would cause an increase in the fair value of interest rate swap agreements and the resulting fair value would be a liability of $0.1 million.

30

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share, Percentage Data and as Otherwise Noted)

FOREIGN CURRENCY EXCHANGE RATE RISK

The Company operates internationally and enters into transactions denominated in foreign currencies. As such, the Company's financial results are subject to the variability that arises from exchange rate movements. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies and not for trading purposes. These contracts generally mature within 36 months and require the companies to buy or sell euros, Japanese yen, British pounds, Swedish kroner, Mexican pesos, Brazilian real and Australian dollars for its functional currency at rates agreed to at the inception of the contracts. The fair value of these contracts was a net liability of $8.8 million at December 31, 2015. See also Note 8 to the Consolidated Financial Statements in this Annual Report on Form 10-K.

For purposes of risk analysis, the Company uses sensitivity analysis to measure the potential loss in fair value of financial instruments sensitive to changes in foreign currency exchange rates. The Company assumes that a loss in fair value is either a decrease to its assets or an increase to its liabilities. Assuming a hypothetical 10% weakening of the U.S. dollar compared with other foreign currencies at December 31, 2015, the fair value of foreign currency-sensitive financial instruments, which primarily represent forward foreign currency exchange contracts, would be decreased by $14.7 million compared with the fair value at December 31, 2015. It is important to note that the change in fair value indicated in this sensitivity analysis would be somewhat offset by changes in the revaluation of the underlying receivables and payables.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information required by this Item 8 is set forth in the Financial Statements and Supplementary Data contained in Part IV of this Annual Report on Form 10-K and is hereby incorporated herein by reference to such information.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There were no disagreements with accountants on accounting and financial disclosure for the three-year period ended December 31, 2015.

Item 9A. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures: An evaluation was carried out under the supervision and with the participation of the Company's management, including the principal executive officer and the principal financial officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, these officers have concluded that the Company's disclosure controls and procedures were effective.

Management's report on internal control over financial reporting: Management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on this evaluation under the framework in Internal Control — Integrated Framework, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2015. The Company's effectiveness of internal control over financial reporting has been audited by Ernst & Young, LLP, an independent registered public accounting firm, as stated in its report, which is included in Item 15 of this Annual Report on Form 10-K and is incorporated herein by reference.

Changes in internal control: During the fourth quarter of 2015, there have been no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Item 9B. OTHER INFORMATION

None

31

PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to Directors of the Company will be set forth in the 2016 Proxy Statement under the subheadings “Part Two — Proposals to be Voted on at the 2016 Annual Meeting — Election of Directors (Proposal 1) — Director Nominee Information,” which information is incorporated herein by reference.

Information with respect to the audit review committee and the audit review committee financial expert will be set forth in the 2016 Proxy Statement under the heading “Part One — Corporate Governance Information — Directors’ Meetings and Committees,” which information is incorporated herein by reference.

Information with respect to compliance with Section 16(a) of the Securities Exchange Act of 1934 by the Company's Directors, executive officers and holders of more than ten percent of the Company's equity securities will be set forth in the 2016 Proxy Statement under the subheading “Part Two — Proposals to be Voted on at the 2016 Annual Meeting — Election of Directors (Proposal 1) — Section 16(a) Beneficial Ownership Reporting Compliance,” which information is incorporated herein by reference.

Information regarding the executive officers of the Company is included in this Annual Report on Form 10-K as Item 4A of Part I as permitted by Instruction 3 to Item 401(b) of Regulation S-K.

Information with respect to compensation committee interlocks and insider participation in compensation decisions will be set forth in the 2016 Proxy Statement under the heading "Part Three — Other Important Information — Compensation Committee Interlocks and Insider Participation," which information is incorporated herein by reference.

The Company has adopted a code of ethics applicable to all Company personnel, including the principal executive officer, principal financial officer, principal accounting officer and controller, or other persons performing similar functions. The code of ethics, entitled the “Code of Corporate Conduct,” is posted on the Company's website at www.hyster-yale.com under “Corporate Governance.” Amendments and waivers of the Company's Code of Corporate Conduct for directors or executive officers of the Company, if any, will be disclosed on the Company's website or on a current report on Form 8-K.

Item 11. EXECUTIVE COMPENSATION

Information with respect to executive compensation will be set forth in the 2016 Proxy Statement under the subheadings “Part Two — Proposals to be Voted on at the 2016 Annual Meeting — Election of Directors (Proposal 1) — Director Compensation” and “— Executive Compensation,” which information is incorporated herein by reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information with respect to security ownership of certain beneficial owners and management will be set forth in the 2016 Proxy Statement under the heading “Beneficial Ownership of Class A Common and Class B Common,” which information is incorporated herein by reference.

32

Equity Compensation Plan Information

The following table sets forth information as of December 31, 2015 with respect to our compensation plans (including individual compensation arrangements) under which equity securities are authorized for issuance, aggregated as follows:

Plan Category	Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights	Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights	Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column(a))
Class A Shares:	(a)	(b)	(c)
Equity compensation plans approved by security holders	—	N/A	668,260
Equity compensation plans not approved by security holders	—	N/A	—
Total	—	N/A	668,260
Class B Shares:
Equity compensation plans approved by security holders	—	N/A	—
Equity compensation plans not approved by security holders	—	N/A	—
Total	—	N/A	—

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information with respect to director independence, certain relationships and related transactions will be set forth in the 2016 Proxy Statement under the subheadings “Part One - Corporate Governance — Directors’ Meetings and Committees,” which information is incorporated herein by reference.

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information with respect to principal accountant fees and services will be set forth in the 2016 Proxy Statement under the heading “Part Two - Proposals to be Voted on at the 2016 Annual Meeting — Confirmation of Appointment of the Independent Registered Public Accounting Firm of the Company for the Current Fiscal Year (Proposal 3)” which information is incorporated herein by reference.

PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) (1) The response to Item 15(a)(1) is set forth beginning at page F-1 of this Annual Report on Form 10-K.

(a) (2) The response to Item 15(a)(2) is set forth beginning at page F-38 of this Annual Report on Form 10-K.

(a) (3) Listing of Exhibits — See the exhibit index beginning at page X-1 of this Annual Report on Form 10-K.

(b) The response to Item 15(b) is set forth beginning at page X-1 of this Annual Report on Form 10-K.

33

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Hyster-Yale Materials Handling, Inc.
By:	/s/ Kenneth C. Schilling
	Kenneth C. Schilling
	Senior Vice President and Chief Financial Officer (principal financial and accounting officer)

February 17, 2016

34

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Alfred M. Rankin, Jr.	Chairman, President and Chief Executive Officer (principal executive officer), Director	February 17, 2016
Alfred M. Rankin, Jr.
/s/ Kenneth C. Schilling	Senior Vice President and Chief Financial Officer (principal financial and accounting officer)	February 17, 2016
Kenneth C. Schilling
* J.C. Butler, Jr.	Director	February 17, 2016
J.C. Butler, Jr.
* Carolyn Corvi	Director	February 17, 2016
Carolyn Corvi
* John P. Jumper	Director	February 17, 2016
John P. Jumper
* Dennis W. LaBarre	Director	February 17, 2016
Dennis W. LaBarre
* F. Joseph Loughrey	Director	February 17, 2016
F. Joseph Loughrey
* Claiborne R. Rankin	Director	February 17, 2016
Claiborne R. Rankin
* John M. Stropki	Director	February 17, 2016
John M. Stropki
* Britton T. Taplin	Director	February 17, 2016
Britton T. Taplin
* Eugene Wong	Director	February 17, 2016
Eugene Wong

* Kenneth C. Schilling, by signing his name hereto, does hereby sign this Annual Report on Form 10-K on behalf of each of the above named and designated directors of the Company pursuant to a Power of Attorney executed by such persons and filed with the Securities and Exchange Commission.

/s/ Kenneth C. Schilling	February 17, 2016
Kenneth C. Schilling, Attorney-in-Fact

35

ANNUAL REPORT ON FORM 10-K

ITEM 8, ITEM 15(a)(1) AND (2)

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

FINANCIAL STATEMENTS

FINANCIAL STATEMENT SCHEDULE

YEAR ENDED DECEMBER 31, 2015

HYSTER-YALE MATERIALS HANDLING, INC.

CLEVELAND, OHIO

F-1

FORM 10-K

ITEM 15(a)(1) AND (2)

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

The following consolidated financial statements of Hyster-Yale Materials Handling, Inc. and Subsidiaries are incorporated by reference in Item 8:

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm — For each of the three years in the period ended December 31, 2015	F-3
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm on Internal Control over Financial Reporting — as of December 31, 2015	F-4
Consolidated Statements of Operations — Year ended December 31, 2015, 2014 and 2013.	F-5
Consolidated Statements of Comprehensive Income (Loss) — Year ended December 31, 2015, 2014 and 2013.	F-6
Consolidated Balance Sheets — December 31, 2015 and December 31, 2014.	F-7
Consolidated Statements of Cash Flows — Year ended December 31, 2015, 2014 and 2013.	F-8
Consolidated Statements of Equity — Year ended December 31, 2015, 2014 and 2013.	F-9
Notes to Consolidated Financial Statements.	F-10

The following consolidated financial statement schedule of Hyster-Yale Materials Handling, Inc. and Subsidiaries are included in Item 15(a):

Schedule II — Valuation and Qualifying Accounts F-38

All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted.

F-2

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Hyster-Yale Materials Handling, Inc.

We have audited the accompanying consolidated balance sheets of Hyster-Yale Materials Handling, Inc. and Subsidiaries (collectively “the Company”) as of December 31, 2015 and 2014, and the related consolidated statements of operations, comprehensive income (loss), cash flows and equity for each of the three years in the period ended December 31, 2015. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2015 and 2014, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) and our report dated February 17, 2016 expressed an unqualified opinion thereon.

	/s/ Ernst & Young LLP
Cleveland, Ohio
February 17, 2016

F-3

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Hyster-Yale Materials Handling, Inc.

We have audited Hyster-Yale Materials Handling, Inc. and Subsidiaries' (collectively "the Company") internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the "COSO criteria"). The Company's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying management's report on internal control over financial reporting in Item 9A of the Form 10-K. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2015 and 2014, and the related consolidated statements of operations, comprehensive income (loss), cash flows and equity for each of the three years in the period ended December 31, 2015 of the Company and our report dated February 17, 2016 expressed an unqualified opinion thereon.

	/s/ Ernst & Young LLP
Cleveland, Ohio
February 17, 2016

F-4

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31
	2015			2014			2013
	(In millions, except per share data)
Revenues	$	2,578.1		$	2,767.2		$	2,666.3
Cost of sales	2,147.3			2,319.5			2,205.3
Gross Profit	430.8			447.7			461.0
Operating Expenses
Selling, general and administrative expenses	327.3			316.7			326.8
(Gain) loss on the sale of assets	—			(17.8		)	(0.1		)
	327.3			298.9			326.7
Operating Profit	103.5			148.8			134.3
Other (income) expense
Interest expense	4.7			3.9			9.0
Income from unconsolidated affiliates	(6.1		)	(5.6		)	(3.9		)
Loss on debt extinguishment	—			—			2.8
Other, net	0.4			0.4			(1.0		)
	(1.0		)	(1.3		)	6.9
Income Before Income Taxes	104.5			150.1			127.4
Income tax provision	29.4			39.9			17.2
Net Income	75.1			110.2			110.2
Net income attributable to noncontrolling interest	(0.4		)	(0.4		)	(0.2		)
Net Income Attributable to Stockholders	$	74.7		$	109.8		$	110.0
Basic Earnings per Share Attributable to Stockholders	$	4.58		$	6.61		$	6.58
Diluted Earnings per Share Attributable to Stockholders	$	4.57		$	6.58		$	6.54

See Notes to Consolidated Financial Statements.

F-5

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31
	2015			2014			2013
	(In millions)
Net Income	$	75.1		$	110.2		$	110.2
Other comprehensive income (loss)
Foreign currency translation adjustment	(49.7		)	(41.7		)	(11.9		)
Current period cash flow hedging activity, net of $6.4 tax benefit in 2015, net of $6.4 tax benefit in 2014 and net of $0.3 tax benefit in 2013	(4.7		)	(3.8		)	(6.2		)
Reclassification of hedging activities into earnings, net of $6.0 tax expense in 2015, net of $2.5 tax expense in 2014 and net of $1.5 tax benefit in 2013	2.7			3.7			2.8
Current period pension adjustment, net of $1.5 tax benefit in 2015, net of $3.6 tax benefit in 2014 and net of $7.1 tax expense in 2013	(3.4		)	(7.0		)	14.2
Reclassification of pension into earnings, net of $0.9 tax expense in 2015, net of $1.5 tax expense in 2014 and net of $1.7 tax expense in 2013	2.3			3.7			5.1
Comprehensive Income	$	22.3		$	65.1		$	114.2
Other comprehensive income attributable to noncontrolling interest
Net income attributable to noncontrolling interest	(0.4		)	(0.4		)	(0.2		)
Comprehensive Income Attributable to Stockholders	$	21.9		$	64.7		$	114.0

See Notes to Consolidated Financial Statements.

F-6

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	December 31
	2015			2014
	(In millions, except share data)
ASSETS
Current Assets
Cash and cash equivalents	$	155.1		$	111.4
Accounts receivable, net of allowances of $8.3 in 2015 and $10.9 in 2014	324.1			357.7
Inventories, net	304.6			342.5
Prepaid expenses and other	35.1			34.6
Total Current Assets	818.9			846.2
Property, Plant and Equipment, Net	184.5			179.8
Intangible Assets	3.6			4.1
Deferred Income Taxes	32.7			32.2
Investment in Unconsolidated Affiliates	42.9			39.6
Other Non-current Assets	13.3			18.9
Total Assets	$	1,095.9		$	1,120.8
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	279.6		$	331.6
Accounts payable, affiliates	15.8			18.4
Current maturities of long-term debt	33.5			19.5
Accrued payroll	47.7			57.2
Accrued warranty obligations	29.1			32.3
Other current liabilities	99.5			93.8
Total Current Liabilities	505.2			552.8
Long-term Debt	19.6			12.0
Self-insurance Liabilities	17.5			18.6
Pension Obligations	22.3			24.6
Other Long-term Liabilities	68.6			56.8
Total Liabilities	633.2			664.8
Stockholders’ Equity
Common stock:
Class A, par value $0.01 per share, 12,377,994 shares outstanding (2014 - 12,277,148 shares outstanding)	0.1			0.1
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,945,822 shares outstanding (2014 - 3,964,082 shares outstanding)	0.1			0.1
Capital in excess of par value	320.3			324.1
Treasury stock	(42.5		)	(49.1		)
Retained earnings	336.7			280.4
Accumulated other comprehensive loss	(153.9		)	(101.1		)
Total Stockholders’ Equity	460.8			454.5
Noncontrolling Interest	1.9			1.5
Total Equity	462.7			456.0
Total Liabilities and Equity	$	1,095.9		$	1,120.8

See Notes to Consolidated Financial Statements.

F-7

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31
	2015			2014			2013
	(In millions)
Operating Activities
Net income	$	75.1		$	110.2		$	110.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28.9			29.7			30.2
Amortization of deferred financing fees	1.2			1.2			1.9
Deferred income taxes	(1.4		)	1.8			(9.6		)
(Gain) loss on sale of assets	—			(17.8		)	(0.1		)
Stock-based compensation	2.9			6.0			14.2
Loss on debt extinguishment	—			—			2.8
Dividends from unconsolidated affiliates	2.5			—			6.8
Other non-current liabilities	3.8			0.7			8.5
Other	1.0			0.3			6.0
Working capital changes, excluding the effect of business acquisitions:
Accounts receivable	6.2			(8.5		)	(42.0		)
Inventories	6.2			(28.8		)	(27.1		)
Other current assets	(0.6		)	1.0			(2.1		)
Accounts payable	(39.3		)	4.7			56.2
Other liabilities	2.9			(0.5		)	(3.0		)
Net cash provided by operating activities	89.4			100.0			152.9
Investing Activities
Expenditures for property, plant and equipment	(46.6		)	(48.5		)	(36.5		)
Proceeds from the sale of assets	14.4			8.7			0.5
Business acquisition, purchase price adjustment	0.9			—			—
Business acquisition, net of cash acquired	—			(3.9		)	—
Other	—			(0.7		)	9.9
Net cash used for investing activities	(31.3		)	(44.4		)	(26.1		)
Financing Activities
Additions to long-term debt	46.4			31.1			33.9
Reductions of long-term debt	(35.0		)	(37.1		)	(154.2		)
Net additions (reductions) to revolving credit agreements	—			(38.3		)	38.5
Cash dividends paid	(18.4		)	(17.8		)	(16.7		)
Financing fees paid	—			—			(2.9		)
Purchase of treasury stock	(0.1		)	(48.2		)	(3.0		)
Other	—			(0.2		)	—
Net cash used for financing activities	(7.1		)	(110.5		)	(104.4		)
Effect of exchange rate changes on cash	(7.3		)	(9.4		)	2.0
Cash and Cash Equivalents
Increase (decrease) for the year	43.7			(64.3		)	24.4
Balance at the beginning of the year	111.4			175.7			151.3
Balance at the end of the year	$	155.1		$	111.4		$	175.7

See Notes to Consolidated Financial Statements.

F-8

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

														Accumulated Other Comprehensive Income (Loss)
	Class A Common Stock		Class B Common Stock		Treasury Stock			Capital in Excess of Par Value			Retained Earnings (Deficit)			Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Cash Flow Hedging				Pension Adjustment				Total Stockholders' Equity				Noncontrolling Interest			Total Equity
	(In millions)
Balance, January 1, 2013	$	0.1	$	0.1	$	(2.2	)	$	308.2		$	95.1		$	13.2			$	1.5			$	(74.7	)		$	341.3			$	0.9		$	342.2
Stock-based compensation	—		—		—			14.2			—			—				—				—				14.2				—			14.2
Stock issued under stock compensation plans	—		—		1.8			(1.8		)	—			—				—				—				—				—			—
Purchase of treasury stock	—		—		(3.0		)	—			—			—				—				—				(3.0		)		—			(3.0		)
Net income attributable to stockholders	—		—		—			—			110.0			—				—				—				110.0				—			110.0
Cash dividends on Class A and Class B common stock: $1.00 per share	—		—		—			—			(16.7		)	—				—				—				(16.7		)		—			(16.7		)
Current period other comprehensive income (loss)	—		—		—			—			—			(11.9		)		(6.2		)		14.2				(3.9		)		—			(3.9		)
Reclassification adjustment to net income	—		—		—			—			—			—				2.8				5.1				7.9				—			7.9
Noncontrolling interest income	—		—		—			—			—			—				—				—				—				0.2			0.2
Balance, December 31, 2013	$	0.1	$	0.1	$	(3.4	)	$	320.6		$	188.4		$	1.3			$	(1.9	)		$	(55.4	)		$	449.8			$	1.1		$	450.9
Stock-based compensation	—		—		—			6.0			—			—				—				—				6.0				—			6.0
Stock issued under stock compensation plans	—		—		2.5			(2.5		)	—			—				—				—				—				—			—
Purchase of treasury stock	—		—		(48.2		)	—			—			—				—				—				(48.2		)		—			(48.2		)
Net income attributable to stockholders	—		—		—			—			109.8			—				—				—				109.8				—			109.8
Cash dividends on Class A and Class B common stock: $1.075 per share	—		—		—			—			(17.8		)	—				—				—				(17.8		)		—			(17.8		)
Current period other comprehensive income (loss)	—		—		—			—			—			(41.7		)		(3.8		)		(7.0		)		(52.5		)		—			(52.5		)
Reclassification adjustment to net income	—		—		—			—			—			—				3.7				3.7				7.4				—			7.4
Noncontrolling interest income	—		—		—			—			—			—				—				—				—				0.4			0.4
Balance, December 31, 2014	$	0.1	$	0.1	$	(49.1	)	$	324.1		$	280.4		$	(40.4	)		$	(2.0	)		$	(58.7	)		$	454.5			$	1.5		$	456.0
Stock-based compensation	—		—		—			2.9			—			—				—				—				2.9				—			2.9
Stock issued under stock compensation plans	—		—		6.7			(6.7		)	—			—				—				—				—				—			—
Purchase of treasury stock	—		—		(0.1		)	—			—			—				—				—				(0.1		)		—			(0.1		)
Net income attributable to stockholders	—		—		—			—			74.7			—				—				—				74.7				—			74.7
Cash dividends on Class A and Class B common stock: $1.130 per share	—		—		—			—			(18.4		)	—				—				—				(18.4		)		—			(18.4		)
Current period other comprehensive income (loss)	—		—		—			—			—			(49.7		)		(4.7		)		(3.4		)		(57.8		)		—			(57.8		)
Reclassification adjustment to net income	—		—		—			—			—			—				2.7				2.3				5.0				—			5.0
Noncontrolling interest income	—		—		—			—			—			—				—				—				—				0.4			0.4
Balance, December 31, 2015	$	0.1	$	0.1	$	(42.5	)	$	320.3		$	336.7		$	(90.1	)		$	(4.0	)		$	(59.8	)		$	460.8			$	1.9		$	462.7

See Notes to Consolidated Financial Statements.

F-9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 1—Principles of Consolidation and Nature of Operations

The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and its majority-owned U.S. and non-U.S. subsidiaries (“Hyster-Yale” or the “Company”). Shanghai Hyster Forklift Ltd., a 75% owned joint venture in China, is included in the consolidated financial statements. All significant intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), formerly known as NACCO Materials Handling Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names, mainly to independent Hyster^® and Yale^® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam, Brazil and China. The sale of service parts represents approximately 13% of total revenues as reported for each of 2015, 2014 and 2013.

On December 18, 2014, the Company acquired Nuvera Fuel Cells, Inc. ("Nuvera"). Nuvera is an alternative-power technology company focused on fuel-cell stacks and related systems. Nuvera is also focused on supporting on-site hydrogen production and dispensing systems that are designated to deliver clean energy solutions to customers. 

Investments in Sumitomo-NACCO Materials Handling Company, Ltd. (“SN”), a 50% owned joint venture, and NMHG Financial Services, Inc. (“NFS”), a 20% owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. NFS is a joint venture with General Electric Capital Corporation (“GECC”), formed primarily for the purpose of providing financial services to independent Hyster^® and Yale^® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other income (expense)” portion of the Consolidated Statements of Operations.

NOTE 2—Significant Accounting Policies

Use of Estimates:  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents:  Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less.

Accounts Receivable, Net of Allowances:  Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur.

Self-insurance Liabilities:  The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term.

F-10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Revenue Recognition:  Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For National Account customers, revenue is recognized upon customer acceptance.

Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on the Company’s historical experience, a portion of these aftermarket parts sold is estimated to be returned and, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company’s dealers.

The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized.

Advertising Costs:  Advertising costs are expensed as incurred. Total advertising expense was $11.7 million, $11.9 million and $13.7 million in 2015, 2014 and 2013, respectively.

Product Development Costs:  Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $88.3 million, $71.4 million and $69.2 million in 2015, 2014 and 2013, respectively.

Shipping and Handling Costs:  Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included on the line “Cost of sales” within the Consolidated Statements of Operations.

Taxes Collected from Customers and Remitted to Governmental Authorities:  The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as an asset or liability until received by or remitted to the respective taxing authority.

Foreign Currency:  Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year.

Reclassification:  Certain amounts in the prior period’s audited consolidated financial statements have been reclassified to conform to the current period’s presentation.

The Company adopted Accounting Standard Update ("ASU") No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes, which is reflected in the accompanying Consolidated Balance Sheets. The provisions were adopted retrospectively to simplify the presentation of deferred tax assets and liabilities. The Company previously presented current deferred income tax assets of $20.8 million, long-term deferred income tax assets of $11.4 million and current deferred income tax liabilities of $0.7 million in the line "Other current liabilities" as of December 31, 2014 in the Consolidated Balance Sheets of the Company's 2014 Annual Report on Form 10-K. Based on the new accounting guidance, all deferred tax amounts are classified as long-term.

F-11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following table includes other significant accounting policies that are described in other notes to the consolidated financial statements, including the footnote number:

Significant Accounting Policy	Note
Reportable segments	Business Segments (Note 3)
Stock-based compensation	Common Stock and Earnings per Share (Note 5)
Income taxes	Income Taxes (Note 6)
Derivatives and hedging activities	Financial Instruments and Derivative Financial Instruments (Note 8)
Fair value of financial instruments	Financial Instruments and Derivative Financial Instruments (Note 8)  and Retirement Benefit Plans (Note 9)
Pension	Retirement Benefit Plans (Note 9)
Inventories	Inventories (Note 10)
Property, plant and equipment	Property, Plant and Equipment, Net (Note 11)
Impairment or disposal of long-lived assets	Property, Plant and Equipment, Net (Note 11)
Contingencies	Contingencies (Note 15)

Recently Issued Accounting Standards

The following table provides a brief description of recent accounting pronouncements adopted during 2015. Other than noted above, the adoption of these standards did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

Standard	Description
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity	The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting.
ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes	The guidance simplifies the presentation of deferred income taxes to require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. See "Reclassification."

F-12

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following table provides a brief description of recent accounting pronouncements not yet adopted in 2015:

Standard	Description	Date of Adoption	Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)	The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.	January 1, 2018	The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern	The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued.	December 31, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs	The guidance is intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement	The guidance clarifies the accounting for cloud computing arrangements including a software license and cloud computing arrangements that do not include a software license that should be accounted for as a service contract.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory	The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.	January 1, 2018	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

F-13

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 3—Business Segments

The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. See Note 1 for a discussion of the Company’s forklift truck product lines.

On December 18, 2014, the Company acquired Nuvera, which is reported as a separate segment. The results of Nuvera have been included in the Company's consolidated financial statements since the date of acquisition. In addition, during the year ended December 31, 2015, Nuvera recorded income of $0.9 million, which was recognized in the line "Selling, general and administrative expenses" in the Consolidated Statement of Operations, related to an adjustment of contingent consideration from the acquisition.

F-14

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Financial information for each of the reportable segments is presented in the following table. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.

	2015			2014			2013
Revenues from external customers
Americas	$	1,775.5		$	1,866.9		$	1,762.3
EMEA	606.4			686.3			695.4
JAPIC	193.7			214.0			208.6
Lift truck business	2,575.6			2,767.2			2,666.3
Nuvera	2.5			—			—
Total	$	2,578.1		$	2,767.2		$	2,666.3
Gross profit (loss)
Americas	$	308.1		$	301.3		$	318.1
EMEA	101.3			122.3			115.4
JAPIC	23.2			24.1			27.5
Lift truck business	432.6			447.7			461.0
Nuvera	(1.8		)	—			—
Total	$	430.8		$	447.7		$	461.0
Selling, general and administrative expenses
Americas	$	191.2		$	194.1		$	210.4
EMEA	88.3			96.2			91.6
JAPIC	25.0			24.2			24.8
Lift truck business	304.5			314.5			326.8
Nuvera	22.8			2.2			—
Total	$	327.3		$	316.7		$	326.8
Operating profit (loss)
Americas	$	116.9		$	124.9		$	107.8
EMEA	13.0			26.2			23.8
JAPIC	(1.8		)	(0.1		)	2.7
Lift truck business	128.1			151.0			134.3
Nuvera	(24.6		)	(2.2		)	—
Total	$	103.5		$	148.8		$	134.3
Interest expense
Americas	$	4.4		$	3.3		$	8.1
EMEA	0.1			0.1			0.3
JAPIC	0.2			0.5			0.6
Total	$	4.7		$	3.9		$	9.0
Interest income
Americas	$	(1.0	)	$	(1.0	)	$	(1.6	)
EMEA	(0.3		)	—			—
JAPIC	(0.2		)	(0.1		)	(0.2		)
Total	$	(1.5	)	$	(1.1	)	$	(1.8	)

F-15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

	2015			2014			2013
Other (income) expense
Americas	$	(2.7	)	$	(3.4	)	$	(0.2	)
EMEA	1.0			1.6			1.5
JAPIC	(2.5		)	(2.3		)	(1.6		)
Total	$	(4.2	)	$	(4.1	)	$	(0.3	)
Income tax provision (benefit)
Americas	$	39.9		$	37.4		$	28.9
EMEA	1.6			4.0			(11.8		)
JAPIC	(2.1		)	(0.7		)	0.1
Lift truck business	39.4			40.7			17.2
Nuvera	(10.0		)	(0.8		)	—
Total	$	29.4		$	39.9		$	17.2
Net income (loss) attributable to stockholders
Americas	$	76.3		$	88.6		$	72.6
EMEA	10.6			20.5			33.8
JAPIC	2.4			2.1			3.6
Lift truck business	89.3			111.2			110.0
Nuvera	(14.6		)	(1.4		)	—
Total	$	74.7		$	109.8		$	110.0
Total assets
Americas	$	680.7		$	638.1		$	654.3
EMEA	412.0			439.4			520.0
JAPIC	140.6			170.3			179.5
Eliminations	(154.8		)	(144.0		)	(192.5		)
Lift truck business	1,078.5			1,103.8			1,161.3
Nuvera	17.4			17.0			—
Total	$	1,095.9		$	1,120.8		$	1,161.3
Depreciation and amortization
Americas	$	16.2		$	16.6		$	17.4
EMEA	5.9			6.3			6.2
JAPIC	5.2			6.7			6.6
Lift truck business	27.3			29.6			30.2
Nuvera	1.6			0.1			—
Total	$	28.9		$	29.7		$	30.2
Capital expenditures
Americas	$	33.5		$	34.0		$	24.8
EMEA	8.7			11.9			9.8
JAPIC	1.7			2.6			1.9
Lift truck business	43.9			48.5			36.5
Nuvera	2.7			—			—
Total	$	46.6		$	48.5		$	36.5

F-16

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

	2015		2014		2013
Cash
Americas	$	54.2	$	26.8	$	53.1
EMEA	82.2		69.9		103.6
JAPIC	18.5		13.6		19.0
Lift truck business	154.9		110.3		175.7
Nuvera	0.2		1.1		—
Total	$	155.1	$	111.4	$	175.7

Data by Geographic Region

No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions.In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.

	United States		Europe, Africa and Middle East		Other		Consolidated
2015
Revenues from unaffiliated customers, based on the customers’ location	$	1,575.2	$	606.5	$	396.4	$	2,578.1
Long-lived assets	$	126.2	$	39.4	$	61.8	$	227.4
2014
Revenues from unaffiliated customers, based on the customers’ location	$	1,458.8	$	686.4	$	622.0	$	2,767.2
Long-lived assets	$	115.1	$	40.8	$	63.5	$	219.4
2013
Revenues from unaffiliated customers, based on the customers’ location	$	1,338.7	$	695.5	$	632.1	$	2,666.3
Long-lived assets	$	99.5	$	40.0	$	61.4	$	200.9

NOTE 4—Quarterly Results of Operations (Unaudited)

A summary of the unaudited results of operations for the year ended December 31 is as follows:

	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	622.3	$	658.7	$	652.1	$	645.0
Gross profit	$	102.9	$	110.6	$	106.7	$	110.6
Operating profit	$	21.0	$	27.3	$	29.0	$	26.2
Net income	$	14.0	$	22.8	$	21.0	$	17.3
Net income attributable to stockholders	$	13.9	$	22.7	$	20.9	$	17.2
Basic earnings per share	$	0.85	$	1.39	$	1.28	$	1.05
Diluted earnings per share	$	0.85	$	1.39	$	1.28	$	1.05

F-17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	676.0	$	684.7	$	695.8	$	710.7
Gross profit	$	111.7	$	107.3	$	111.3	$	117.4
Operating profit	$	31.6	$	47.7	$	36.3	$	33.2
Net income	$	22.1	$	33.0	$	28.5	$	26.6
Net income attributable to stockholders	$	22.1	$	32.9	$	28.4	$	26.4
Basic earnings per share	$	1.32	$	1.96	$	1.71	$	1.62
Diluted earnings per share	$	1.31	$	1.95	$	1.70	$	1.61

NOTE 5—Common Stock and Earnings per Share

The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2015 was 125 million shares and 35 million shares, respectively. Treasury shares of Class A common stock totaling 564,291 and 646,877 at December 31, 2015 and 2014, respectively, have been deducted from shares outstanding.

Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 49,185, 70,024 and 149,655 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 553,394 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $1.9 million ($1.2 million net of tax), $5.2 million ($3.2 million net of tax) and $13.5 million ($8.8 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2015, $94,000 of each non-employee director's retainer of $150,000 was paid in restricted shares of Class A common stock. For the years ended December 31, 2014 and 2013, $69,000 of $125,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 13,683, 8,220 and 8,762 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 2,150, 1,572 and 1,000 in 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 61,381 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.0 million ($0.6 million net of tax), $0.8 million ($0.5 million net of tax) and $0.7 million ($0.5 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock.

F-18

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows:

	2015		2014		2013
Basic weighted average shares outstanding	16.307		16.607		16.725
Dilutive effect of restricted stock awards	0.048		0.068		0.083
Diluted weighted average shares outstanding	16.355		16.675		16.808
Basic earnings per share	$	4.58	$	6.61	$	6.58
Diluted earnings per share	$	4.57	$	6.58	$	6.54

NOTE 6—Income Taxes

The components of income before income taxes and provision for income taxes for the years ended December 31 are as follows:

	2015			2014			2013
Income before income taxes
U.S.	$	71.2		$	69.1		$	64.9
Non-U.S.	33.3			81.0			62.5
	$	104.5		$	150.1		$	127.4
Income tax provision
Current tax provision:
Federal	$	22.1		$	25.0		$	19.7
State	3.4			2.6			2.0
Non-U.S.	5.3			10.5			5.1
Total current	$	30.8		$	38.1		$	26.8
Deferred tax provision (benefit):
Federal	$	(0.4	)	$	(3.3	)	$	(0.4	)
State	1.2			0.7			0.9
Non-U.S.	(2.2		)	4.4			(10.1		)
Total deferred	$	(1.4	)	$	1.8		$	(9.6	)
	$	29.4		$	39.9		$	17.2

The Company made income tax payments of $32.7 million, $34.7 million and $38.1 million during 2015, 2014 and 2013, respectively. The Company received income tax refunds of $0.2 million, $1.2 million and $3.4 million during 2015, 2014 and 2013, respectively.

F-19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

A reconciliation of the federal statutory and effective income tax rate for the year ended December 31 is as follows:

	2015			2014			2013
Income before income taxes	$	104.5		$	150.1		$	127.4
Statutory taxes at 35.0%	$	36.6		$	52.5		$	44.6
Valuation allowance	5.9			(1.5		)	(12.1		)
Non-U.S. rate differences	(14.2		)	(10.6		)	(11.4		)
Equity interest earnings	(1.9		)	(1.7		)	(1.2		)
Unremitted Non-U.S. earnings	0.1			0.1			(1.2		)
R&D and other federal credits	(1.7		)	(0.9		)	(2.4		)
State income taxes	4.1			2.7			2.0
Tax controversy resolution	(0.2		)	(0.5		)	(1.8		)
Other	0.7			(0.2		)	0.7
Income tax provision	$	29.4		$	39.9		$	17.2
Effective income tax rate	28.1		%	26.6		%	13.5		%

As of December 31, 2015, the cumulative unremitted earnings of the Company's non-U.S. subsidiaries are approximately $290 million. The Company repatriated earnings of its European subsidiaries of $23.6 million, $20.3 million and $30.0 million during 2015, 2014 and 2013, respectively. The Company estimates that approximately $40 million to $50 million of its unremitted non-U.S. earnings may be repatriated in the foreseeable future. As a result of this determination, the Company has provided a deferred tax liability with respect to these earnings of $4.7 million at December 31, 2015. The Company has continued to conclude that predominantly all remaining non-U.S. earnings in excess of this amount will be indefinitely reinvested in its non-U.S. operations and, therefore, the recording of deferred tax liabilities for such unremitted earnings is not required. It is impracticable to determine the total amount of unrecognized deferred taxes with respect to these permanently reinvested earnings; however, non-U.S. tax credits would be available to partially reduce U.S. income taxes in the event of a distribution.

A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows:

	December 31
	2015		2014
Deferred tax assets
Accrued expenses and reserves	$	17.4	$	15.9
Accrued product liability	8.7		9.3
Product warranties	15.8		12.5
Accrued pension benefits	6.4		6.9
Tax attribute carryforwards	27.1		25.3
Other employee benefits	5.7		8.4
Other	2.5		2.2
Total deferred tax assets	83.6		80.5
Less: Valuation allowance	28.6		26.9
	55.0		53.6
Deferred tax liabilities
Depreciation and amortization	8.9		8.8
Inventories	8.7		7.6
Unremitted earnings	4.7		5.7
Total deferred tax liabilities	22.3		22.1
Net deferred tax asset	$	32.7	$	31.5

F-20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:

	December 31, 2015
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	19.1	$	14.7	2016-Indefinite
State net operating losses and credits	1.9		0.9		2016-2030
Non-U.S. Capital losses	6.1		6.1		2016-Indefinite
Total	$	27.1	$	21.7

	December 31, 2014
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	14.9	$	13.4	2015-Indefinite
State net operating losses and credits	3.7		1.4		2015-2030
Non-U.S. Capital losses	6.7		6.7		2015-Indefinite
Total	$	25.3	$	21.5

The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company’s European operations. Accordingly, the Company released $12.8 million of its United Kingdom valuation allowance during 2013.

During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing capacity to more appropriate levels, coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real have caused the Company to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil as a discrete tax adjustment. The Company also recognized $5.6 million of valuation allowance related to the 2015 pre-tax loss in Brazil included in its effective tax rate.

During 2015, the Company came to a tentative agreement in negotiating an Advance Pricing Agreement with the Australian Tax Authority that will cover the next five years. As a result of these discussions, the Company believes that it is more likely than not that deferred tax assets in the amount of $4.4 million will be utilized in the foreseeable future, as such, this portion of the Australian valuation allowance previously applied against the Company’s Australian deferred tax assets, has been released.

The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses that comprise a substantial portion of the Australian and Brazilian deferred tax assets do not expire under local law.

During 2015 and 2014, the net valuation allowance provided against certain deferred tax assets increased by $1.7 million and decreased by $4.8 million, respectively. The change in the total valuation allowance in 2015 and 2014 included a net increase in tax expense of $5.9 million and decrease of $1.5 million, respectively, a net change in the overall U.S. dollar value of valuation allowances previously recorded in non-U.S. currencies and amounts recorded directly in equity of a net decrease of $4.2 million and $2.2 million in 2015 and 2014, respectively, and a net decrease of $1.1 million for the expiration of valued state capital losses in 2014.

F-21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate. At December 31, 2015, the Company had gross net operating loss carryforwards in non-U.S. jurisdictions of $65.3 million and U.S. state jurisdictions of $18.7 million.

The tax returns of the Company and certain of its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations.

The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2015, 2014 and 2013. Approximately $3.8 million, $4.2 million and $5.2 million of these amounts as of December 31, 2015, 2014 and 2013, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below for 2014 and 2013 due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.

	2015			2014			2013
Balance at January 1	$	4.3		$	5.3		$	6.8
Additions for tax positions of prior years	0.1			—			0.1
Additions based on tax positions related to the current year	0.7			0.9			0.9
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations	(1.1		)	(1.6		)	(2.7		)
Other changes in unrecognized tax benefits including foreign currency translation adjustments	(0.2		)	(0.3		)	0.2
Balance at December 31	$	3.8		$	4.3		$	5.3

The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net increase of $0.1 million during 2015 and a net decrease of $0.1 million during 2014 and 2013 in interest and penalties, respectively. The total amount of interest and penalties accrued was $0.3 million, $0.2 million and $0.3 million as of December 31, 2015, 2014 and 2013, respectively.

The Company expects the amount of unrecognized tax benefits will change within the next twelve months; however, the change in unrecognized tax benefits, which is reasonably possible within the next twelve months, is not expected to have a significant effect on the Company's financial position or results of operations. It is reasonably possible the Company will record unrecognized tax benefits within the next twelve months in the range of zero to $1.0 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the quarter in which the items are effectively settled.

In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the U.S. federal tax returns for all the years prior to 2013 have been settled with the Internal Revenue Service or otherwise have closed under the applicable statute of limitations. The Company is currently under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.

F-22

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 7—Reclassifications from OCI

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations:

Details about OCI Components	Amount Reclassified from OCI									Affected Line Item in the Statement Where Net Income Is Presented
	2015			2014			2013
Gain (loss) on cash flow hedges:
Interest rate contracts	$	—		$	0.8		$	—		Other
Foreign exchange contracts	(8.7		)	(7.0		)	(1.3		)	Cost of sales
Total before tax	(8.7		)	(6.2		)	(1.3		)	Income before income taxes
Tax (expense) benefit	6.0			2.5			(1.5		)	Income tax provision
Net of tax	$	(2.7	)	$	(3.7	)	$	(2.8	)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(3.5	)	$	(5.5	)	$	(6.2	)	(a)
Prior service (cost) credit	0.3			0.3			(0.5		)	(a)
Transition liability	—			—			(0.1		)	(a)
Total before tax	(3.2		)	(5.2		)	(6.8		)	Income before income taxes
Tax benefit	0.9			1.5			1.7			Income tax provision
Net of tax	$	(2.3	)	$	(3.7	)	$	(5.1	)	Net income
Total reclassifications for the period	$	(5.0	)	$	(7.4	)	$	(7.9	)

(a) These OCI components are included in the computation of net pension cost (see Note 9 for additional details).

NOTE 8—Financial Instruments and Derivative Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding capital leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At December 31, 2015, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $32.1 million. At December 31, 2014, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $19.2 million.

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. The large number of customers comprising the Company’s customer base and their dispersion across many different industries and geographies mitigates concentration of credit risk on accounts receivable. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, but does not generally require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution.

Derivative Financial Instruments

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the yield curves, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its Company and counterparty credit risk into the valuation.

F-23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward non-U.S. currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes.

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.

Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

The Company has interest rate swap agreements that do not meet the criteria for hedge accounting. The terms of the interest rate swap agreements require the Company to receive a variable interest rate based upon the three-month LIBOR and pay a fixed interest rate. Changes in the fair value of interest rate swap agreements are immediately recognized in earnings and included on the line “Other” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.

Forward foreign currency exchange contracts held by the Company which qualified as hedges have been designated as hedges of forecasted cash flows.

Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

Foreign Currency Derivatives:  The Company held forward foreign currency exchange contracts with a total notional amount of $634.7 million at December 31, 2015, primarily denominated in euros, Japanese yen, Swedish kroner, Mexican pesos, British pounds and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $510.8 million at December 31, 2014, primarily denominated in euros, Japanese yen, Swedish kroner, British pounds, Mexican pesos and Australian dollars. The fair value of these contracts approximated a net liability of $8.8 million and $5.6 million at December 31, 2015 and 2014, respectively.

For the years ended December 31, 2015 and 2014, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2015, $5.8 million of the amount of net deferred loss included in OCI at December 31, 2015 is expected to be reclassified as a loss into the Consolidated Statements of Operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: During the second quarter of 2014, the Company determined that the hedged forecasted transactions associated with its interest rate swap agreements were probable of not occurring. As such, the Company recognized

F-24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

a gain of $0.8 million in the second quarter of 2014 related to the ineffectiveness of these contracts, which began on December 31, 2014 and extend to December 31, 2018, for a notional amount of $100.0 million. Any additional changes in the fair value of these interest rate swap agreements are immediately recognized in earnings. Amounts related to interest rate swap agreements are recorded in the Consolidated Statements of Operations on the line “Other.” The fair value of interest rate swap agreements was a net liability of $0.3 million and a net asset of $0.3 million at December 31, 2015 and 2014, respectively.

The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets:

	Asset Derivatives					Liability Derivatives
	Balance sheet location	2015		2014		Balance sheet location	2015		2014
Derivatives designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	$	2.5	$	4.6	Prepaid expenses and other	$	0.6	$	2.4
	Other current liabilities	3.2		3.5		Other current liabilities	10.9		8.8
Long-Term	Other non-current assets	—		0.9		Other long-term liabilities	2.1		3.1
Total derivatives designated as hedging instruments		$	5.7	$	9.0		$	13.6	$	14.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	0.6	$	1.0
Long-term	Other non-current assets	0.3		1.3		Other long-term liabilities	—		—
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.1		4.3		Prepaid expenses and other	0.3		2.7
	Other current liabilities	1.9		0.6		Other current liabilities	3.6		2.5
Total derivatives not designated as hedging instruments		$	3.3	$	6.2		$	4.5	$	6.2
Total derivatives		$	9.0	$	15.2		$	18.1	$	20.5

F-25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2015 and 2014 as recorded in the Consolidated Balance Sheets:

	Derivative Assets as of December 31, 2015									Derivative Liabilities as of December 31, 2015
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	0.3	$	(0.3	)	$	—	$	—	$	0.6	$	(0.3	)	$	0.3	$	0.3
Foreign currency exchange contracts	2.7		(2.7		)	—		—		11.5		(2.7		)	8.8		8.8
Total derivatives	$	3.0	$	(3.0	)	$	—	$	—	$	12.1	$	(3.0	)	$	9.1	$	9.1
	Derivative Assets as of December 31, 2014									Derivative Liabilities as of December 31, 2014
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	1.3	$	(1.0	)	$	0.3	$	0.3	$	1.0	$	(1.0	)	$	—	$	—
Foreign currency exchange contracts	4.7		(4.7		)	—		—		10.3		(4.7		)	5.6		5.6
Total derivatives	$	6.0	$	(5.7	)	$	0.3	$	0.3	$	11.3	$	(5.7	)	$	5.6	$	5.6

The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)									Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014			2013				2015			2014			2013				2015			2014			2013
Cash Flow Hedges
Interest rate swap agreements	$	—		$	(1.6	)	$	2.8		Interest expense	$	—		$	—		$	—		Other	$	—		$	0.8		$	—
Foreign currency exchange contracts	(11.1		)	(8.6		)	(9.3		)	Cost of sales	(8.7		)	(7.0		)	(1.3		)	Cost of sales	0.1			—			—
	(11.1		)	(10.2		)	(6.5		)		(8.7		)	(7.0		)	(1.3		)		0.1			0.8			—
Net Investment Hedges
Foreign currency exchange contracts	—			0.4			(0.8		)	Cost of sales	—			—			—			N/A	—			—			—
Total	$	(11.1	)	$	(9.8	)	$	(7.3	)		$	(8.7	)	$	(7.0	)	$	(1.3	)		$	0.1		$	0.8		$	—
Derivatives Not Designated as Hedging Instruments														Location of Gain or (Loss) Recognized in Income on Derivative							Amount of Gain or (Loss) Recognized in Income on Derivative
																					2015			2014			2013
Cash flow hedges
Interest rate swap agreements														Other							$	(0.5	)	$	(0.6	)	$	(0.1	)
Foreign currency exchange contracts														Cost of sales							0.3			(6.8		)	(1.9		)
Total																					$	(0.2	)	$	(7.4	)	$	(2.0	)

F-26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 9—Retirement Benefit Plans

Defined Benefit Plans:  The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

During the third quarter of 2015, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2015 using a discount rate of 4.00%. An additional $0.1 million of a settlement loss was recognized for lump-sum distributions occurring during the fourth quarter of 2015 using a discount rate of 4.00%.

During the fourth quarter of 2014, the Company recognized a settlement loss of $2.6 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for both of its U.S. pension plans.

During the third quarter of 2013, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2013 using a discount rate of 4.30%. An additional $0.4 million of a settlement loss was recognized for lump-sum distributions occurring during the fourth quarter of 2013 using a discount rate of 4.40%.

The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:

	2015	2014	2013
United States Plans
Weighted average discount rates	4.00%	3.65%	4.40%
Expected long-term rate of return on assets	7.50%	7.75%	7.75%
Non-U.S. Plans
Weighted average discount rates	2.10% - 3.70%	1.80% - 3.60%	3.50% - 4.40%
Rate of increase in compensation levels	2.00% - 2.50%	2.00% - 2.50%	2.50% - 3.60%
Expected long-term rate of return on assets	3.00% - 7.00%	3.00% - 7.25%	3.50% - 7.50%

Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year.

F-27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Set forth below is a detail of the net periodic pension expense for the defined benefit plans for the years ended December 31:

	2015			2014			2013
United States Plans
Service cost	$	—		$	—		$	—
Interest cost	2.9			3.4			3.2
Expected return on plan assets	(5.5		)	(5.7		)	(5.5		)
Amortization of actuarial loss	1.5			1.5			2.0
Amortization of prior service credit	(0.3		)	(0.3		)	(0.3		)
Settlements	1.3			2.6			1.6
Net periodic pension expense	$	(0.1	)	$	1.5		$	1.0
Non-U.S. Plans
Service cost	$	0.2		$	2.2		$	2.9
Interest cost	5.6			6.9			6.6
Expected return on plan assets	(9.6		)	(10.3		)	(8.9		)
Amortization of actuarial loss	2.0			4.0			4.2
Amortization of prior service cost (credit)	—			—			0.8
Amortization of transition liability	—			—			0.1
Net periodic pension expense	$	(1.8	)	$	2.8		$	5.7

Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31:

	2015			2014			2013
United States Plans
Current year actuarial (gain) loss	$	4.3		$	8.4		$	(13.9	)
Amortization of actuarial loss	(1.5		)	(1.5		)	(2.0		)
Amortization of prior service credit	0.3			0.3			0.3
Settlements	(1.3		)	(2.6		)	(1.6		)
Total recognized in other comprehensive income (loss)	$	1.8		$	4.6		$	(17.2	)
Non-U.S. Plans
Current year actuarial (gain) loss	$	2.0		$	10.7		$	(6.5	)
Amortization of actuarial loss	(2.0		)	(4.0		)	(4.2		)
Current year prior service cost	(0.1		)	—			0.7
Amortization of prior service (cost) credit	—			—			(0.8		)
Amortization of transition liability	—			—			(0.1		)
Curtailments	—			(5.9		)	—
Total recognized in other comprehensive income (loss)	$	(0.1	)	$	0.8		$	(10.9	)

F-28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:

	2015						2014
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Change in benefit obligation
Projected benefit obligation at beginning of year	$	83.4		$	170.8		$	80.8		$	168.3
Service cost	—			0.2			—			2.2
Interest cost	2.9			5.6			3.4			6.9
Actuarial (gain) loss	(1.4		)	(4.6		)	8.4			16.7
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Employee contributions	—			0.1			—			0.6
Curtailments	—			—			—			(5.9		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(9.1		)	—			(11.5		)
Projected benefit obligation at end of year	$	77.3		$	156.1		$	83.4		$	170.8
Accumulated benefit obligation at end of year	$	77.3		$	155.6		$	83.4		$	163.1
Change in plan assets
Fair value of plan assets at beginning of year	$	76.3		$	155.9		$	79.7		$	148.0
Actual return on plan assets	(0.3		)	2.9			5.8			16.2
Employer contributions	—			0.8			—			8.1
Employee contributions	—			0.1			—			0.6
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(8.1		)	—			(10.5		)
Fair value of plan assets at end of year	$	68.4		$	144.7		$	76.3		$	155.9
Funded status at end of year	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent liabilities	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Components of accumulated other comprehensive income (loss) consist of:
Actuarial loss	$	43.6		$	40.8		$	42.1		$	43.2
Prior service credit	(0.9		)	(0.1		)	(1.2		)	(0.1		)
Deferred taxes	(14.6		)	(6.2		)	(13.9		)	(7.7		)
Change in statutory tax rate	(1.2		)	(1.5		)	(1.2		)	(0.9		)
Foreign currency translation adjustment	—			(0.1		)	—			(1.6		)
	$	26.9		$	32.9		$	25.8		$	32.9

The projected benefit obligation included in the table above represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases.

F-29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Expected amortization of amounts included in accumulated other comprehensive income (loss) to be recognized in net periodic benefit cost in 2016 are:

	Amount			Net of tax
Actuarial loss	$	2.8		$	1.8
Prior service credit	$	(0.3	)	$	(0.2	)

The Company expects to contribute $3.4 million to its non-U.S. pension plans in 2016. The Company does not expect to contribute to its U.S. pension plans in 2016.

Pension benefit payments are made from assets of the pension plans. Future pension benefit payments expected to be paid from assets of the pension plans are:

	U.S. Plans		Non-U.S. Plans
2016	$	6.3	$	6.8
2017	6.2		6.9
2018	6.0		7.1
2019	6.0		7.3
2020	5.8		7.4
2021 - 2025	27.0		39.1
	$	57.3	$	74.6

The expected long-term rate of return on defined benefit plan assets reflects management’s expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. The Company has established the expected long-term rate of return assumption for plan assets by considering the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes.

Expected returns for most of the Company's pension plans are based on a calculated market-related value of assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company’s expected returns are recognized in the market-related value of assets ratably over three years.

The pension plans maintain an investment policy that, among other things, establishes a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policy provides that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands.

The following is the actual allocation percentage and target allocation percentage for the Company's U.S. pension plan assets at December 31:

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.S. equity securities	51.9%	51.5%	41.0% - 62.0%
Non-U.S. equity securities	12.4%	12.3%	10.0% - 16.0%
Fixed income securities	35.1%	34.8%	30.0% - 40.0%
Money market	0.6%	1.5%	0.0% - 10.0%

F-30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

The following is the actual allocation percentage and target allocation percentage for the Company's U.K. pension plan assets at December 31:

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.K. equity securities	21.2%	21.1%	19.5% - 22.5%
Non-U.K. equity securities	48.3%	48.6%	35.5% - 62.5%
Fixed income securities	30.5%	30.3%	25.5% - 34.5%

The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations.

The defined benefit pension plans do not have any direct ownership of Hyster-Yale common stock.

The fair value of each major category of U.S. plan assets for the Company’s pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. Following are the values as of December 31:

	Level 1				Level 2
	2015		2014		2015		2014
U.S. equity securities	$	35.5	$	39.3	$	21.1	$	24.1
U.K. equity securities	—		—		28.1		30.0
Non-U.S., non-U.K. equity securities	8.5		9.4		43.0		45.2
Fixed income securities	24.0		26.5		52.5		56.6
Money market	0.4		1.1		—		—
Total	$	68.4	$	76.3	$	144.7	$	155.9

Defined Contribution Plans: The Company has defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. The Company generally matches employee contributions based on plan provisions. In addition, the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants. Total costs, including Company contributions, for these plans were $23.5 million, $21.6 million and $24.4 million in 2015, 2014 and 2013, respectively.

NOTE 10—Inventories

Inventories are stated at the lower of cost or market. Cost is determined under the last-in, first-out (“LIFO”) method primarily for manufactured inventories, including service parts, in the United States. At December 31, 2015 and 2014, 58% and 52%, respectively, of total inventories were determined using the LIFO method.

The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs.

F-31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Inventories are summarized as follows:

	December 31
	2015			2014
Finished goods and service parts	$	153.0		$	179.4
Raw materials and work in process	192.0			211.2
Total manufactured inventories	345.0			390.6
LIFO reserve	(40.4		)	(48.1		)
Total inventory	$	304.6		$	342.5

NOTE 11—Property, Plant and Equipment, Net

Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred.

The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset’s net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Property, plant and equipment, net includes the following:

	December 31
	2015			2014
Land and land improvements	$	19.6		$	19.6
Plant and equipment	569.3			565.1
Property, plant and equipment, at cost	588.9			584.7
Allowances for depreciation and amortization	(404.4		)	(404.9		)
	$	184.5		$	179.8

Total depreciation and amortization expense on property, plant and equipment was $28.9 million, $29.7 million and $30.2 million during 2015, 2014, and 2013, respectively.

F-32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 12—Current and Long-Term Financing

The following table summarizes available and outstanding borrowings:

	December 31
	2015			2014
Total outstanding borrowings:
Revolving credit agreements	$	—		$	—
Capital lease obligations and other	53.1			31.5
Total debt outstanding	$	53.1		$	31.5
Current portion of borrowings outstanding	$	33.5		$	19.5
Long-term portion of borrowings outstanding	$	19.6		$	12.0
Total available borrowings, net of limitations, under revolving credit agreements	$	242.4		$	254.9
Unused revolving credit agreements	$	242.4		$	254.9
Weighted average stated interest rate on total borrowings	9.1		%	5.9		%

Annual maturities of total debt, excluding capital leases, are as follows:

2016	$	27.5
2017	1.6
2018	1.6
2019	1.4
2020	—
	$	32.1

Interest paid on total debt was $3.6 million, $2.7 million and $7.2 million during 2015, 2014 and 2013, respectively.

The Company has a $220.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in December 2018. There were no borrowings outstanding under the facility at December 31, 2015. The excess availability under the Facility, at December 31, 2015, was $213.3 million, which reflects reductions of $6.7 million for letters of credit. The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions. The obligations under the Facility are generally secured by a lien on the working capital assets of the borrowers in the Facility, which include but are not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Facility was $520 million as of December 31, 2015.

Borrowings bear interest at a floating rate that can be a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, effective December 31, 2015, for U.S. base rate loans and LIBOR loans were 0.50% and 1.50%, respectively. The applicable margins, effective December 31, 2015, for non-U.S. base rate loans and LIBOR loans was 1.50%. The applicable LIBOR interest rates under the Facility on December 31, 2015 were 1.94% and 1.50%, respectively, for the U.S. and non-U.S. facility including the applicable floating rate margin. The Facility also requires the payment of a fee of 0.375% per annum on the unused commitment as of December 31, 2015.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent and less than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S.

F-33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At December 31, 2015, the Company was in compliance with the covenants in the Facility.

During 2013, the Company incurred fees and expenses of $2.9 million related to the Facility. These fees were deferred and are being amortized as interest expense over the term of the Facility. The Company recorded a $2.8 million charge in 2013 related to the write-off of deferred financing fees as a result of the repayment of the previous term loan agreement.

The Company had other borrowings outstanding of approximately $32.1 million at December 31, 2015. In addition to the excess availability under the Facility, the Company had remaining availability of $29.1 million related to other non-U.S. revolving credit agreements.

NOTE 13—Leasing Arrangements

The Company leases certain office, manufacturing and warehouse facilities and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2023. Many leases include renewal and/or fair value purchase options.

Future minimum capital and operating lease payments at December 31, 2015 are:

	Capital Leases		Operating Leases
2016	$	6.4	$	16.4
2017	5.1		12.5
2018	4.1		9.5
2019	2.9		5.9
2020	2.0		3.5
Subsequent to 2020	1.1		3.1
Total minimum lease payments	21.6		$	50.9
Amounts representing interest	0.6
Present value of net minimum lease payments	21.0
Current maturities	6.0
Long-term capital lease obligation	$	15.0

Rental expense for all operating leases was $18.3 million, $18.4 million and $15.3 million for 2015, 2014 and 2013, respectively. The Company also recognized $2.7 million, $5.3 million and $7.2 million for 2015, 2014 and 2013, respectively, in rental income on subleases of equipment. These subleases were primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. The sublease rental income for these lift trucks is included in “Revenues” and the related rent expense is included in “Cost of sales” in the Consolidated Statements of Operations for each period. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2015 are $20.0 million.

Assets recorded under capital leases are included in property, plant and equipment and consist of the following:

	December 31
	2015			2014
Plant and equipment	$	30.6		$	18.8
Less accumulated amortization	(7.4		)	(7.2		)
	$	23.2		$	11.6

Amortization of plant and equipment under capital leases is included in depreciation expense. Capital lease obligations of $15.2 million, $6.5 million and $9.3 million were incurred in connection with lease agreements to acquire plant and equipment during 2015, 2014 and 2013, respectively.

F-34

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

NOTE 14—Product Warranties

The Company provides a standard warranty on its lift trucks, generally for six to twelve months or 1,000 to 2,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately-priced extended warranty agreements that generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

	2015			2014
Balance at January 1	$	51.1		$	45.1
Current year warranty expense	34.7			37.3
Change in estimate related to pre-existing warranties	(3.1		)	(3.6		)
Payments made	(25.8		)	(26.2		)
Foreign currency effect	(1.4		)	(1.5		)
Balance at December 31	$	55.5		$	51.1

NOTE 15—Contingencies

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

NOTE 16—Guarantees

Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at December 31, 2015 and 2014 were $168.6 million and $176.1 million, respectively. As of December 31, 2015, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2015 was approximately $211.7 million based on Company estimates. The Company estimates the fair value of the collateral using

F-35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of December 31, 2015, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with GECC to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $34.8 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $7.8 million as of December 31, 2015. The $34.8 million is included in the $168.6 million of total amounts subject to recourse or repurchase obligations at December 31, 2015.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within GECC may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through NFS. At December 31, 2015, approximately $151.8 million of the Company's total recourse or repurchase obligations of $168.6 million related to transactions with NFS. In connection with the joint venture agreement, the Company also provides a guarantee to GECC for 20% of NFS’ debt with GECC, such that the Company would become liable under the terms of NFS’ debt agreements with GECC in the case of default by NFS. At December 31, 2015, loans from GECC to NFS totaled $755.1 million. Although the Company’s contractual guarantee was $151.0 million, the loans by GECC to NFS are secured by NFS’ customer receivables, of which the Company guarantees $151.8 million. Excluding the NFS receivables guaranteed by the Company from NFS’ loans to GECC, the Company’s incremental obligation as a result of this guarantee to GECC is $126.0 million, which is secured by 20% of NFS' customer receivables and other secured assets of $229.9 million. NFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause NFS to default in future periods.

The following table includes the exposure amounts related to the Company's guarantees at December 31, 2015:

	NFS		Total
Total recourse or repurchase obligations	$	151.8	$	168.6
Less: exposure limited for certain dealers	34.8		34.8
Plus: 7.5% of original loan balance	7.8		7.8
	124.8		141.6
Incremental obligation related to guarantee to GECC	126.0		126.0
Total exposure related to guarantees	$	250.8	$	267.6

NOTE 17—Equity Investments and Related Party Transactions

The Company maintains an interest in one variable interest entity, NFS. NFS is a joint venture with GECC formed primarily for the purpose of providing financial services to independent Hyster^® and Yale^® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of NFS. Therefore, the Company has concluded that the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in NFS. The Company does not consider its variable interest in NFS to be significant.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt financing to dealers and lease financing to both dealers and customers. NFS’ total purchases of Hyster^® and Yale^® lift trucks from dealers, and directly from the Company such that NFS could provide retail lease financing to customers for the years ended December 31, 2015, 2014 and 2013 were $483.2 million, $465.9 million and $417.0 million, respectively. Of these amounts, $78.6 million, $94.6 million and $81.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, were invoiced directly from the Company to NFS so that the customer could obtain operating lease financing from NFS. Amounts receivable from NFS at December 31, 2015 and 2014 were $7.7 million and $7.9 million, respectively.

The Company provides recourse for certain financing provided by NFS to its dealers and customers. In addition, the Company also provides a guarantee to GECC for their portion of NFS' debt. Refer to Note 16 for additional details relating to the guarantees provided to GECC.

F-36

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

In addition to providing financing to dealers, NFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to NFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to NFS under the operating lease agreements were $14.3 million and $13.3 million at December 31, 2015 and 2014, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to NFS. Total subsidies were $2.2 million, $1.9 million and $1.7 million for 2015, 2014 and 2013, respectively.

The Company provides certain services to NFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $14.6 million in 2015, $12.0 million in 2014 and $15.6 million in 2013. In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and will be recognized over the remaining term of the agreement which expires in December 2018.

The Company has a 50% ownership interest in SN, a limited liability company which was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster^®-and Yale^®- branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company’s ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2015, 2014 and 2013, purchases from SN were $57.1 million, $70.7 million and $78.7 million, respectively. Amounts payable to SN at December 31, 2015 and 2014 were $15.8 million and $18.4 million, respectively.

The Company recognized income of $0.3 million, $1.1 million and $1.3 million for payments from SN for use of technology developed by the Company that is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013, respectively.

Summarized unaudited financial information for both equity investments is as follows:

	2015		2014		2013
Statement of Operations
Revenues	$	315.0	$	361.9	$	379.3
Gross profit	$	98.7	$	108.3	$	102.2
Income from continuing operations	$	23.1	$	21.7	$	14.4
Net income	$	23.1	$	21.7	$	14.4
Balance Sheet
Current assets	$	103.2	$	106.3
Non-current assets	$	1,148.0	$	1,163.6
Current liabilities	$	138.0	$	132.5
Non-current liabilities	$	985.1	$	1,010.3

At December 31, 2015 and 2014, the investment in NFS was $14.8 million and $13.5 million, respectively, and the investment in SN was $28.1 million and $26.1 million, respectively. The investments are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets. The Company received dividends of $2.3 million and $6.8 million from NFS in 2015 and 2013, respectively. The Company received dividends of $0.2 million from SN in 2015. No dividends were received from NFS in 2014 and from SN in 2014 and 2013. The Company contributed $0.7 million to NFS in 2014, no contributions were made in 2015 or 2013.

NOTE 18—Other Events and Transactions

In June 2014, NACCO Materials Handling Group Brasil Ltda. (“NMHG Brasil”), an indirect, wholly-owned subsidiary of the Company, completed the sale of real estate and an operating facility to Synergy Empreendimentos E Participacoes Ltda. During the second quarter of 2014, NMHG Brasil received $8.2 million related to the sale and recognized a gain of $17.7 million, which is included on the line “Gain on sale of assets” in the Consolidated Statements of Operations. The proceeds from the sale are included in the Investing Activities section of the Consolidated Statements of Cash Flows and have been used for the

F-37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

construction of a new facility in Brazil. An upfront payment of $9.9 million was received in the second quarter of 2013, when the sale agreement was executed. In addition, $0.8 million was deposited into an escrow account which will be released to NMHG Brasil upon conclusion of certain environmental remediation activities.

NOTE 19—Subsequent Events

On February 14, 2016, Hyster-Yale entered into a Share Purchase Agreement (the “Agreement”) with the shareholders of Penta Holding S.p.A. (“Penta”), pursuant to which the Company or its designee will acquire all of the outstanding shares of Penta for an aggregate cash purchase price of approximately EUR 53.5 million (which is inclusive of the value of the majority stake of Bolzoni S.p.A. (“Bolzoni”) owned by Penta and consideration for the non-compete undertakings of the selling shareholders (the “Sellers”), as well as the other assets and liabilities of Penta) (the “Acquisition”). Penta is the holder of 13,109,066 shares, or approximately 50.4%, of Bolzoni (the "Bolzoni Majority Stake"), which is publicly traded on the STAR segment of the Italian stock exchange, operated and managed by Borsa Italiana S.p.A.

The closing of the Acquisition is expected to occur during the second quarter of 2016, subject to the satisfaction of customary closing conditions. Following the closing, Bolzoni will become a subsidiary of the Company, but is expected to continue to operate as a stand-alone business, with its own management team and board of directors.

Following the closing of the Acquisition, the Company will cause an indirect, wholly-owned subsidiary to launch a mandatory tender offer for all of the remaining outstanding shares of Bolzoni at a cash price of EUR 4.30 per share (which value reflects the valuation of the Bolzoni Majority Stake agreed upon by the Company and the Sellers in the Agreement and which is inclusive of Bolzoni’s 2015 consolidated net income) (the “Tender Offer”). In the event that Bolzoni’s board of directors recommends that a dividend be paid to Bolzoni’s shareholders in connection with approving Bolzoni’s financial statements as of December 31, 2015, depending on the circumstances, the price per Bolzoni share in the Tender Offer may be reduced proportionately. The Company intends to pursue the delisting of Bolzoni following completion of the Tender Offer.

The Acquisition and the Tender Offer are expected to be financed using the Company’s cash on hand and borrowings under the Company’s existing credit facility.

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

YEAR ENDED DECEMBER 31, 2015, 2014 AND 2013

				Additions
Description		Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts — Describe (A)			Deductions — Describe			Balance at End of Period (B)
	(In millions)
2015
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	16.3	$	4.9	$	(2.1	)	$	6.3	(D)	$	12.8
2014
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.4	$	2.1	$	(0.7	)	$	0.5	(D)	$	16.3
2013
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.9	$	3.9	$	0.5		$	4.9	(D)	$	15.4

(A) Foreign currency translation adjustments and other.

(B) Balances which are not required to be presented and those which are immaterial have been omitted.

(C) Includes allowance of receivables classified as long-term of $4.5 million, $5.4 million and $5.2 million in 2015, 2014 and 2013, respectively.

(D) Write-offs, net of recoveries.

F-38

EXHIBIT INDEX

(2) Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession.

2.1	Separation Agreement, dated as of September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File No. 1-35646.
2.2	Purchase Agreement, dated February 14, 2016, by and among Hyster-Yale Materials Handling, Inc., as Purchaser, and Emilio Bolzoni, Roberto Scotti, Franco Bolzoni, Paolo Mazzoni and Pier Luigi Magnelli, as Sellers is incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K, dated February 17, 2016, Commission File Number 000-54799.

(3) Articles of Incorporation and By-laws.

3.1(i)	Second Amended and Restated Certificate of Incorporation of Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 3.1 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 5 to the Registration Statement on Form S-1, dated September 26, 2012, Commission File No. 333-182388.
3.1(ii)	Amended and Restated By-laws of Hyster-Yale Materials Handling, Inc. are incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated February 17, 2015, Commission File No. 000-54799.

(4) Instruments defining the rights of security holders, including indentures.

4.1	Specimen of Hyster-Yale Materials Handling, Inc. Class A Common Stock certificate is incorporated by reference to Exhibit 4.1 to Hyster-Yale Materials Handling, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No. 333-182388.
4.2	Specimen of Hyster-Yale Materials Handling, Inc. Class B Common Stock certificate is incorporated by reference to Exhibit 4.2 to Hyster-Yale Materials Handling, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No. 333-182388.

(10) Material Contracts.

10.1	Separation Agreement, dated as of September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File Number 1-35646.
10.2	Transition Services Agreement, dated as of September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File Number 1-35646.
10.3	Amendment No. 1, effective April 1, 2013, to the Transition Services Agreement, dated as of September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, Commission File Number 000-54799.
10.4	Amendment No. 2, effective July 1, 2013, to the Transition Services Agreement, dated as of September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, Commission File Number 000-54799.
10.5	Tax Allocation Agreement, dated September 28, 2012, by and between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc. is incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File Number 1-35646.
10.6	Stockholders' Agreement, dated as of September 28, 2012, by and among the Participating Stockholders (as defined therein), Hyster-Yale Materials Handling, Inc. and the Depository (as defined therein) is incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File No. 1-35646.
10.7	First Amendment to Stockholders' Agreement, dated as of December 31, 2012, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.

X-1

10.8	Second Amendment to Stockholders' Agreement, dated as of January 18, 2013, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
10.9	Third Amendment to Stockholders' Agreement, dated as of March 27, 2015, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on April 29, 2015, Commission File Number 000-54799.
10.10	Fourth Amendment to Stockholders' Agreement, dated as of December 29, 2015, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc. and the Participating Stockholders is incorporated by reference to Exhibit 10 filed with Amendment No. 4 to the Statement on Schedule 13D, filed by the Reporting Persons named therein on February 16, 2016, Commission File Number 005-87003.
10.11*	The NACCO Materials Handling Group, Inc. Executive Excess Retirement Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.71 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.12*	Hyster-Yale Materials Handling, Inc. Long-Term Equity Incentive Plan (Effective September 28, 2012) (incorporated by reference to Appendix C to Hyster-Yale Materials Handling, Inc.'s Definitive Proxy Statement, filed with the Securities and Exchange Commission on March 18, 2013, Commission File No. 000-54799).
10.13*	Form Award Agreement for the Hyster-Yale Materials Handling, Inc. Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.66 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.14*	Form Award Agreement for the Hyster-Yale Materials Handling, Inc. Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2015, Commission File Number 000-54799.
10.15*	Hyster-Yale Materials Handling, Inc. Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.67 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.16*	Form Award Agreement for the Hyster-Yale Materials Handling, Inc. Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.68 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.17*	Hyster-Yale Materials Handling, Inc. Non-Employee Directors' Equity Compensation Plan is incorporated by reference to Exhibit 10.69 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
10.18*	Hyster-Yale Materials Handling, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2013) is incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
10.19*	Hyster-Yale Materials Handling, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2015) is incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2015, Commission File Number 000-54799.
10.20*	Hyster-Yale Materials Handling, Inc. and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2016) is attached hereto.
10.21*	NACCO Industries, Inc. Executive Long-Term Incentive Compensation Plan (Amended and Restated as of March 1, 2012) is incorporated by reference to NACCO's Definitive Proxy Statement, filed by NACCO on March 16, 2012, Commission File Number 1-9172.
10.22*	Form Award Agreement for the NACCO Industries, Inc. Executive Long-Term Incentive Compensation Plan (Amended and Restated as of March 1, 2012) is incorporated by reference to Exhibit 10.2 to NACCO's Current Report on Form 8-K, dated May 9, 2012, Commission File Number 1-9172.
10.23*	The NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated April 24, 2009) is incorporated by reference to Exhibit 10.1 to NACCO’s Quarterly Report on Form 10-Q, dated May 5, 2009, Commission File Number 1-9172.
10.24*	Amendment No. 1 to the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated Effective April 24, 2009) is incorporated by reference to Exhibit 10.86 to NACCO's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Commission File Number 1-9172.

X-2

10.25*	Amendment No. 2 to the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of April 24, 2009) is incorporated by reference to Exhibit 10.5 to NACCO's Quarterly Report on Form 10-Q, filed by NACCO on May 5, 2010, Commission File Number 1-9172.
10.26*	Amendment No. 3 to the NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (As Amended and Restated Effective as of April 24, 2009) is incorporated by reference to Exhibit 10.18 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File No. 333-182388.
10.27*	NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan (Amended and Restated Effective March 1, 2013) (incorporated by reference to Appendix B to Hyster-Yale Materials Handling, Inc.'s Definitive Proxy Statement, filed with the Securities and Exchange Commission on March 18, 2013, Commission File No. 000-54799).
10.28*	NACCO Materials Handling Group, Inc. Long-Term Incentive Compensation Plan (Amended and Restated Effective as of January 1, 2014) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 29, 2014, Commission File No. 000-54799.
10.29*	NACCO Materials Handling Group, Inc. Unfunded Benefit Plan (Amended and Restated Effective as of January 1, 2014) (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 29, 2014, Commission File No. 000-54799.
10.30*	The NACCO Materials Handling Group, Inc. 2010 Annual Incentive Compensation Plan is incorporated by reference to Exhibit 10.1 to NACCO's Current Report on Form 8-K, dated March 30, 2010, Commission File Number 1-9172.
10.31*	The NACCO Materials Handling Group, Inc. 2011 Annual Incentive Compensation Plan is incorporated by reference to Exhibit 10.2 to NACCO's Current Report on Form 8-K, dated March 9, 2011, Commission File Number 1-9172.
10.32*	NACCO Materials Handling, Group Inc. Annual Incentive Compensation Plan (Amended and Restated Effective March 1, 2013) (incorporated by reference to Appendix A to Hyster-Yale Materials Handling, Inc.'s Definitive Proxy Statement, filed with the Securities and Exchange Commission on March 18, 2013, Commission File No. 000-54799).
10.33*	The NACCO Materials Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2012) is incorporated by reference to Exhibit 10.1 to NACCO’s Current Report on Form 8-K, dated November 16, 2011, Commission File Number 1-9172.
10.34*	Amendment No. 1 to the NACCO Material Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2012) is incorporated by reference to Exhibit 10.30 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File No. 333-182388.
10.35*	Amended and Restated NACCO Material Handling Group, Inc. Excess Retirement Plan (Effective January 1, 2016) is attached hereto.
10.36*	NACCO Materials Handling Group, Inc. Excess Pension Plan for UK Transferees (As Amended and Restated Effective November 11, 2008) is incorporated by reference to Exhibit 10.81 to NACCO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, Commission File Number 1-9172.
10.37*	Amendment No. 1 to the NACCO Material Handling Group, Inc. Excess Plan for UK Transferees (As Amended and Restated as of November 11, 2008) is incorporated by reference to Exhibit 10.32 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File No. 333-182388.
10.38*	Agreement for Services between NMHG Oregon, LLC and Reginald R. Eklund, Effective July 1, 2006 is incorporated by reference to Exhibit 10.1 to NACCO’s Current Report on Form 8-K, dated September 6, 2006, Commission File Number 1-9172.
10.39*	Offer Letter, dated January 13, 2006, between Ralf A. Mock and NACCO Materials Handling Group is incorporated herein by reference to Exhibit 10.29 to Hyster-Yale Materials Handling, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No. 333-182388.
10.40*	Agreement and Deed, dated July 22, 2015, between Ralf Mock and NACCO Materials Handling Ltd is attached hereto.
10.41	Amendment, dated as of January 1, 1994, to the Third Amendment and Restated Operating Agreement dated as of November 7, 1991, between NACCO Materials Handling Group and AT&T Commercial Finance Corporation is incorporated by reference to Exhibit 10(c) to the Hyster-Yale Quarterly Report on Form 10-Q for the quarter ended September 30, 1994, Commission File Number 33-28812.
10.42	Equity joint venture contract, dated November 27, 1997, between Shanghai Perfect Jinqiao United Development Company Ltd., People’s Republic of China, NACCO Materials Handling Group, Inc., USA, and Sumitomo-Yale Company Ltd., Japan is incorporated by reference to Exhibit 10.3 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.

X-3

10.43	First Amended and Restated Recourse and Indemnity Agreement, dated November 21, 2013, by and among General Electric Capital Corporation, NMHG Financial Services, Inc, and NACCO Materials Handling Group, Inc. is incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.44	Second Amended and Restated Joint Venture and Shareholders Agreement between General Electric Capital Corporation and NACCO Materials Handling Group, Inc., dated November 21, 2013 is incorporated by reference to Exhibit 10.37 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.45	Amendment to Second Amended and Restated Joint Venture and Shareholders Agreement between General Electric Capital Corporation and NACCO Materials Handling Group, Inc., dated November 21, 2013 is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on December 29, 2015, Commission File Number 000-54799.
10.46	International Operating Agreement, dated April 15, 1998, between NACCO Materials Handling Group, Inc. and General Electric Capital Corp. (the “International Operating Agreement”) is incorporated by reference to Exhibit 10.7 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.47	Guaranty, dated October 21, 1998, by NACCO Materials Handling Group, Inc. to General Electric Capital Corporation is incorporated by reference to Exhibit 10.59 to Hyster-Yale Materials Handling, Inc.'s Amendment No. 1 to the Registration Statement on Form S-1, dated August 10, 2012, Commission File Number 333-182388.
10.48	Guaranty Agreement, dated November 21, 2013, by Hyster-Yale Materials Handling, Inc. to General Electric Capital Corporation is incorporated by reference to Exhibit 10.40 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.49	Guaranty Agreement, dated November 21, 2013, by NACCO Materials Handling Group, Inc. to General Electric Capital Corporation is incorporated by reference to Exhibit 10.41 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.50	Amendment No. 1 to the International Operating Agreement, dated as of October 21, 1998 is incorporated by reference to Exhibit 10.8 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.51	Amendment No. 2 to the International Operating Agreement, dated as of December 1, 1999, is incorporated by reference to Exhibit 10.9 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.52	Amendment No. 3 to the International Operating Agreement, dated as of May 1, 2000, is incorporated by reference to Exhibit 10.10 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.53	Letter agreement, dated November 22, 2000, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated by reference to Exhibit 10.11 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.54	A$ Facility Agreement, dated November 22, 2000, between GE Capital Australia and National Fleet Network Pty Limited is incorporated by reference to Exhibit 10.12 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.55	Letter Agreement, dated March 12, 2004, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated by reference to Exhibit 10.36 to NMHG Holding Co.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004, Commission File Number 333-89248.
10.56	Letter Agreement, dated December 15, 2004, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated by reference to Exhibit 10.1 to NMHG Holding Co.’s Current Report on Form 8-K, dated February 18, 2005, Commission File Number 333-89248.
10.57	Letter Agreement, dated February 14, 2005, between General Electric Capital Corporation and NACCO Materials Handling Group, Inc. amending the International Operating Agreement is incorporated by reference to Exhibit 10.2 to NMHG Holding Co.’s Current Report on Form 8-K, dated February 18, 2005, Commission File Number 333-89248.
10.58	Letter Agreement, dated March 28, 2005, between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated by reference to Exhibit 10.1 to NACCO’s Current Report on Form 8-K, dated April 1, 2005, Commission File Number 1-9172.
10.59	Letter Agreement, dated May 31, 2005, between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated by reference to Exhibit 10.1 to NACCO’s Current Report on Form 8-K, dated June 6, 2005, Commission File Number 1-9172.

X-4

10.60	Amendment No. 5, dated September 29, 2005, to the International Operating Agreement between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated by reference to Exhibit 10.1 to NMHG Holding Co.’s Current Report on Form 8-K, dated October 4, 2005, Commission File Number 333-89248.
10.61	Amendment No. 7, effective as of July 1, 2008, to the International Operating Agreement, dated as of April 15, 1998, by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation, is incorporated by reference to Exhibit 10.2 to NACCO’s Current Report on Form 8-K, dated August 1, 2008, Commission File Number 1-9172.
10.62	Amendment No. 2, effective as of July 1, 2008, to the Recourse and Indemnity Agreement, dated as of October 21, 1998, by and among NACCO Materials Handling Group, Inc., NMHG Financial Services, Inc. and General Electric Capital Corporation, is incorporated by reference to Exhibit 10.3 to NACCO’s Current Report on Form 8-K, dated August 1, 2008, Commission File Number 1-9172.
10.63	Letter Agreement executed October 15, 2008 by and between NACCO Materials Handling Group, Inc. and General Electric Capital Corporation is incorporated by reference to Exhibit 10.1 to NACCO’s Current Report on Form 8-K, dated October 20, 2008, Commission File Number 1-9172.
10.64	Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the financial institutions from time to time party hereto as Lenders, the financial institutions from time to time party hereto as Issuing Banks, Bank of America, N.A., as Syndication Agent, Citicorp North America, Inc., as Administrative Agent, Citigroup Global Markets Inc. and Banc of America Securities LLC as Joint Lead Arrangers and as Joint Bookrunners, U.S. Bank National Association, as Senior Managing Agent and Wells Fargo Capital Finance, Inc., as Documentation Agent, is incorporated by reference to Exhibit No. 10.1 to NACCO's Current Report on Form 8-K, dated July 7, 2010, Commission File Number 1-9172.
10.65	Amendment No. 1 dated March 8, 2012 to the Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the financial institutions from time to time party hereto as Lenders, the financial institutions from time to time as Issuing Banks, Wells Fargo Capital Finance, Inc., as Documentation Agent, Bank of America, N.A., as Syndication Agent, Citicorp North America, Inc., as Administrative Agent, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as Joint Lead Arrangers and as Joint Bookrunners is incorporated by reference to Exhibit 10.1 to NACCO's Current Report on Form 8-K, dated March 14, 2012, Commission File Number 1-9172.
10.66	Amendment No. 2 dated June 1, 2012 to the Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the financial institutions from time to time party hereto as Lenders, the financial institutions from time to time as Issuing Banks, Wells Fargo Capital Finance, Inc., as Documentation Agent, Bank of America, N.A., as Syndication Agent, Citicorp North America, Inc., as Administrative Agent, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as Joint Lead Arrangers and as Joint Bookrunners is incorporated by reference to Exhibit 10.1 to NACCO's Current Report on Form 8-K, dated June 7, 2012, Commission File Number 1-9172.
10.67	Amendment No. 3 dated August 31, 2012 to the Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the financial institutions from time to time party hereto as Lenders, the financial institutions from time to time as Issuing Banks, Wells Fargo Capital Finance, Inc., as Documentation Agent, Bank of America, N.A., as Syndication Agent, Citicorp North America, Inc., as Administrative Agent, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as Joint Lead Arrangers and as Joint Bookrunners is incorporated by reference to Exhibit 10.62 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
10.68	Amendment No. 4 dated December 3, 2012 to the Second Amended and Restated Credit Agreement, dated as of June 30, 2010, by and among NMHG Holding Co., NACCO Materials Handling Group, Inc., NACCO Materials Handling Limited, NACCO Materials Handling B.V., NMH International B.V., N.M.H. Holding B.V., the Requisite Lenders party thereto and Citicorp North America, Inc., as Administrative Agent for the Lenders and Issuing Banks is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated December 7, 2012, Commission File Number 1-35646.
10.69	Credit Amendment dated June 22, 2012 among NACCO Materials Handling Group, Inc., as Borrower, Certain Subsidiaries and Affiliates of Borrower identified therein, as the Guarantors, Bank of America, N.A., as Administrative Agent, Citibank, N.A. as Syndication Agent and the other lenders party thereto; Bank of America Merrill Lynch and Citigroup Global Markets, Inc. as Joint Lead Arrangers and Joint Book Managers, is incorporated by reference to Exhibit 10.1 to NACCO's Current Report on Form 8-K, dated June 26, 2012, Commission File Number 1-9172.
10.70	First Amendment to Credit Agreement, dated December 3, 2012, among NACCO Materials Handling Group, Inc., as Borrower, Certain Subsidiaries and Affiliates of Borrower identified therein, as the Guarantors, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto is incorporated by reference to Exhibit 10.2 to the Company Current Report on Form 8-K, dated December 7, 2012, Commission File Number 1-35646.

X-5

10.71	Operating Agreement, dated July 31, 1979, among Eaton Corporation and Sumitomo Heavy Industries, Ltd. is incorporated by reference to Exhibit 10.2 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
10.72	Loan, Security and Guaranty Agreement dated as of December 18, 2013 among Hyster-Yale Materials Handling, Inc. and NACCO Materials Handling Group, Inc., as U.S. Borrowers, NACCO Materials Handling B.V., N.M.H. International B.V. and N.M.H. Holding B.V., as Dutch Borrowers, NACCO Materials Handling Limited, as UK Borrower, any other Borrowers party thereto from time to time and certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, Bank of America, N.A., as Administrative Agent and Security Trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated and CitiGroup Global Markets Inc., as Joint Lead Arrangers and Joint Book Managers and CitiBank, N.A., as Syndication Agent is incorporated by reference to Exhibit 10.64 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.73	First Amendment to Loan, Security and Guaranty Agreement dated as of March 31, 2014 among Hyster-Yale Materials Handling, Inc. and NACCO Materials Handling Group, Inc., NACCO Materials Handling B.V., N.M.H. International B.V. and N.M.H. Holding B.V., NACCO Materials Handling Limited, the Persons party thereto as Guarantors, the Lenders signatory thereto, and Bank of America, N.A., as Administrative Agent is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, Commission File Number 000-54799.
10.74	Commitment Agreement for the Purchase and Sale of Real Estate and Other Covenants, dated May 23, 2013, by and between NACCO Materials Handling Group Brasil Ltda. and Synergy Empreendimentos E Participacoes Ltda. is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, Commission File Number 000-54799.
10.75	Amendment to the Commitment Agreement for the Purchase and Sale of Real Estate and Other Covenants, dated May 23, 2013, by and between NACCO Materials Handling Group Brasil Ltda. and Synergy Empreendimentos E Participacoes Ltda. is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, Commission File Number 000-54799.
10.76	Letter Agreement, dated August 1, 2013, between Synergy Empreendimentos E Participacoes Ltda. and NACCO Materials Handling Group Brasil Ltda. Amending the Commitment Agreement for the Purchase and Sale of Real Estate and Other Covenants is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, Commission File Number 000-54799.
10.77	Construction Agreement, dated October 31, 2013, between NACCO Materials Handling Group Brasil Ltda. and Constructora Toda Do Brasil S/A is incorporated by reference to Exhibit 10.68 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2014, Commission File Number 000-54799.
10.78*	Consulting Agreement, dated August 29, 2014, by and between NMHG and Michael P. Brogan is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated September 5, 2014, Commission File Number 000-54799.

(21) Subsidiaries. A list of the subsidiaries of the Company is attached hereto.

(23) Consents of experts and counsel.

23.1 Consents of experts and counsel.

(24) Powers of Attorney.

24.1	A copy of a power of attorney for John C. Butler Jr. is attached hereto.
24.2	A copy of a power of attorney for Carolyn Corvi is attached hereto.
24.3	A copy of a power of attorney for John P. Jumper is attached hereto.
24.4	A copy of a power of attorney for Dennis W. LaBarre is attached hereto.
24.5	A copy of a power of attorney for F. Joseph Loughrey is attached hereto.
24.6	A copy of a power of attorney for Claiborne R. Rankin is attached hereto.
24.7	A copy of a power of attorney for John M. Stropki is attached hereto.
24.8	A copy of a power of attorney for Britton T. Taplin is attached hereto.
24.9	A copy of a power of attorney for Eugene Wong is attached hereto.

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(31) Rule 13a-14(a)/15d-14(a) Certifications.

31(i)(1)	Certification of Alfred M. Rankin, Jr. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act is attached hereto.
31(i)(2)	Certification of Kenneth C. Schilling pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act is attached hereto.
(32)	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Alfred M. Rankin, Jr. and Kenneth C. Schilling
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
*	Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item15(b) of this Annual Report on Form 10-K.

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EX-10.20

Exhibit 10.20

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIESDirector Fee Policy (Amended Effective as of January 1, 2016)

This Director fee policy shall apply to each Director of Hyster-Yale Materials Handling, Inc. (Hyster-Yale) or one of its subsidiaries, other than (i) Directors who are full-time employees of Hyster-Yale or one of its subsidiaries or (ii) Directors who have entered into separate written fee agreements authorized by the Board of Directors and executed by an authorized officer of Hyster-Yale or one of its subsidiaries.

Each Director of Hyster-Yale will receive an annual retainer, of $158,000, payable quarterly in arrears. Each quarterly payment shall consist of $14,000 in cash and $25,500 worth of Hyster-Yale Class A Common Stock, transfer of which is restricted pursuant to the terms of the Hyster-Yale Non-Employee Directors’ Equity Compensation Plan.

Each Director of NACCO Materials Handling Group, Inc. who is not a Director of Hyster-Yale will receive an annual retainer of $20,000, payable in cash quarterly in arrears in installments of $5,000.

Each Chairman of a Committee of the Hyster-Yale Board of Directors will receive an additional annual Committee Chairman’s fee of $10,000, payable in cash quarterly in arrears in installments of $2,500; provided, however, that the Chairman of the Audit Review Committee will receive an annual Committee Chairman’s fee of $15,000, payable in cash quarterly in arrears in installments of $3,750. 100% of all fees paid for service as Chairman of a Committee is attributable to services for NACCO Materials Handling Group, Inc. and its subsidiaries.

Each member of a Committee (other than the Executive Committee) of the Hyster-Yale Board of Directors, including Committee Chairmen, will receive an additional annual Committee member’s fee of $7,000 for each Committee on which such Director serves, payable in cash quarterly in arrears in installments of $1,750. 100% of all fees paid for service as a member of a Committee is attributable to services for NACCO Materials Handling Group, Inc. and its subsidiaries.

Each Director of Hyster-Yale or a Hyster-Yale subsidiary will be paid a meeting fee of (a) $1,000 for each Hyster-Yale or subsidiary Board meeting attended, provided that no Director shall be paid for attendance at more than one Board meeting on any single day, and (b) $1,000 for each Committee meeting attended. In the case of either joint meeting or joint committee meetings, the fees associated with that meeting will be allocated among the companies that actually met.

This amended policy is effective as of January 1, 2016

Director Fee Policy

(Effective As of January 1, 2016)

EX-10.35

Exhibit 10.35

HYSTER-YALE GROUP, INC.EXCESS RETIREMENT PLAN

NACCO Materials Handling Group, Inc. (the "Company") does hereby (i) rename the NACCO Materials Handling Group, Inc. Excess Retirement Plan as the Hyster-Yale Group, Inc. Excess Retirement Plan (the “Plan”) and (ii) adopt this amendment and restatement of the Plan, effective January 1, 2016.

ARTICLE I- PREFACE

Section 1.1.Effective Date. The effective date of this amendment and restatement of the Plan is January 1, 2016.

Section 1.2.Purpose of the Plan. The purpose of this Plan is  to provide for certain Employees: (a) the benefits they would have received under the Profit Sharing Plan but for (i) the dollar limitation on Compensation taken into account under the Profit Sharing Plan as a result of Section 401(a)(17) of the Code or the deferral of Compensation under this Plan, (ii) the limitations imposed under Section 415 of the Code, (iii) the limitations under Sections 402(g), 401(k)(3) and 401(m) of the Code and (iv) the limitations that apply under the Profit Sharing Plan to the benefits payable to Highly Compensated Employees.

Section 1.3.Governing Law. This Plan shall be regulated, construed and administered under the laws of the State of North Carolina, except where preempted by federal law.

Section 1.4.Gender and Number. For purposes of interpreting the provisions of this Plan, the masculine gender shall be deemed to include the feminine, the feminine gender shall be deemed to include the masculine, and the singular shall include the plural unless otherwise clearly required by the context.

Section 1.5.Application of Code Section 409A.

(a) The Excess 401(k) Sub-Accounts under the Plan are subject to the requirements of Code Section 409A. The Excess Matching Sub-Account and Excess Profit Sharing Sub-Account are intended to be exempt from the requirements of Code Section 409A.

(b) It is intended that the compensation arrangements under the Plan be in full compliance with the requirements of, or exceptions to, Code Section 409A. The Plan shall be interpreted and administered in a manner to give effect to such intent. Notwithstanding the foregoing, the Employers do not guarantee to any Participant or Beneficiary any particular tax result with respect to any amounts deferred or any payments provided hereunder, including tax treatment under Code Section 409A.

ARTICLE II- DEFINITIONS

Except as otherwise provided in this Plan, terms defined in the Profit Sharing Plan as it may be amended from time to time shall have the same meanings when used herein, unless a different meaning is clearly required by the context of this Plan. In addition, the following words and phrases shall have the following respective meanings for purposes of this Plan:

Section 2.1.Account shall mean the record maintained by the Employer in accordance with Section 4.1 as the sum of the Participant's Excess Retirement Benefits hereunder. The Participant's Account shall be further divided into the Sub-Accounts described in Article III hereof.

Section 2.2.Beneficiary shall mean the person or persons designated by the Participant as his Beneficiary under this Plan, on a form acceptable to the Plan Administrator prior to the Participant’s death. In the absence of a valid designation, a Participant’s Beneficiary shall be the Beneficiary(ies) designated (or deemed designated) under the Profit Sharing Plan.

Section 2.3.Bonus shall mean any bonus under the Company’s annual incentive compensation plan(s) that would be taken into account as Compensation under the Profit Sharing Plan, which is earned with respect to services performed by a Participant during a Plan Year (whether or not such Bonus is actually paid to the Participant during such Plan Year). An election to defer a Bonus under this Plan must be made before the period in which the services are performed which gives rise to such Bonus.

Section 2.4.Company shall mean Hyster-Yale Group, Inc. (formerly known as NACCO Materials Handling Group, Inc.) or any entity that succeeds Hyster-Yale Group, Inc. by merger, reorganization or otherwise.

Section 2.5.Compensation shall have the same meaning as under the Profit Sharing Plan, except that Compensation shall be deemed to include (i) the amount of compensation deferred by the Participant under this Plan, (ii) amounts in excess of the limitation imposed by Code Section 401(a)(17). Notwithstanding the foregoing, the timing and crediting of Bonuses hereunder shall be as specified in Section 3.2.

Section 2.6.Employershall mean the Company and Nuvera Fuel Cells, LLC.

Section 2.7.Excess Retirement Benefit or Benefit shall mean an Excess Profit Sharing Benefit, Excess 401(k) Benefit or an Excess Matching Benefit (all as described in Article III) which is payable to or with respect to a Participant under this Plan.

Section 2.8.Fixed Income Fund shall mean the Vanguard Retirement Savings Trust IV investment fund under the Profit Sharing Plan or any equivalent fixed income fund thereunder which is designated by the Company’s Retirement Funds Investment Committee as the successor thereto.

Section 2.9.401(k) Employee shall mean an Employee of an Employer who is a Participant in the Profit Sharing Plan and who is eligible to receive Before-Tax and/or Roth Contributions and Matching Employer Contributions thereunder.

Section 2.10.Key Employee. Effective April 1, 2008, a Participant shall be classified as a Key Employee if he meets the following requirements:

(a) The Participant, with respect to the Participant’s relationship with the Company and the Controlled Group Members, met the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (without regard to Section 416(i) (5)) and the Treasury Regulations issued thereunder) at any time during the 12-month period ending on the most recent Identification Date (defined below) and his Termination of Employment occurs during the 12-month period beginning on the most recent Effective Date (defined below). When applying the provisions of Code Section 416(i)(1)(A)(i), (ii) or (iii) for this purpose: (i) the definition of “compensation” (A) shall be the definition under Treasury Regulation Section 1.415(c)-2(d)(4) (i.e., the wages and other compensation for which the Employer is required to furnish the Employee with a Form W-2 under Code Sections 6041, 6051 and 6052, plus amounts deferred at the election of the Employee under Code Sections 125, 132(f)(4) or 401(k)) and (B) shall apply the rule of Treasury Regulation Section 1.415-2(g)(5)(ii) which excludes compensation of non-resident alien employees and (ii) the number of officers described in Code Section 416(i)(1)(A)(i) shall be 60 instead of 50.

(b) The Identification Date for Key Employees is each December 31^st and the Effective Date is the following April 1^st. As such, any Employee who is classified as a Key Employee as of

December 31^st of a particular Plan Year shall maintain such classification for the 12-month period commencing on the following April 1^st.

(c) Notwithstanding the foregoing, a Participant shall not be classified as a Key Employee unless the stock of NACCO Industries, Inc. (or a related entity) (for periods prior to the “Spin Off Date,” as such term is defined in the 2012 Separation Agreement between NACCO Industries, Inc. and Hyster-Yale Materials Handling, Inc.) or Hyster-Yale Materials Handling, Inc. (for periods on and after the Spin-Off Date) (subject to any applicable transitional rules contained in Code Section 409A and the regulations issued thereunder) is publicly traded on an established securities market or otherwise on the date of the Participant’s Termination of Employment.

Section 2.11.Participant.

(a) For purposes of Section 3.1 of the Plan, the term “Participant” means an Employee of an Employer who is a Participant in the profit sharing portion of the Profit Sharing Plan whose profit sharing benefit for a Plan Year is (i) limited by the application of Section 401(a)(17) or 415 of the Code, (ii) limited by the terms of the Profit Sharing Plan that apply to Highly Compensated Employees (if applicable) or (iii) is reduced as a result of his deferral of Compensation under this Plan.

(b) For purposes of Sections 3.2 and 3.3 of the Plan, the term "Participant" means a 401(k) Employee (i) who is unable to make all of the Before-Tax and/or Roth Contributions that he has elected to make to the Profit Sharing Plan, or is unable to receive the maximum amount of Matching Contributions under the Profit Sharing Plan due to the limitations of Section 402(g), 401(a)(17), 401(k)(3) and 401(m) of the Code and (ii) whose base salary or annual base rate of pay for the Plan Year in which a deferral election is effective is at least $150,000.

(c) The term "Participant" shall also include any other person who has an Account balance hereunder.

Section 2.12.Plan shall mean the Hyster-Yale Group, Inc. Excess Retirement Plan, as herein set forth or as duly amended.

Section 2.13.Plan Administrator shall mean the Hyster-Yale Group, Inc. Benefits Committee (the “Benefits Committee”).

Section 2.14.Plan Year shall mean the calendar year.

Section 2.15.Profit Sharing Employee shall mean an Employee of an Employer who is a participant in the Profit Sharing Plan and who is eligible for Profit Sharing Contributions.

Section 2.16.Profit Sharing Plan shall mean the Hyster-Yale Group, Inc. Profit Sharing Retirement Plan or any successor thereto.

Section 2.17.Termination of Employment means, with respect to any Participant’s relationship with the Company and the Controlled Group Members, a separation from service as defined in Code Section 409A (and the regulations or other guidance issued thereunder).

Section 2.18.Valuation Date shall mean the last day of each calendar month and any other date chosen by the Plan Administrator.

ARTICLE III- EXCESS RETIREMENT BENEFITS – CALCULATION OF AMOUNT

Section 3.1.Excess Profit Sharing Benefits. Each Employer shall credit to a Sub-Account (the "Excess Profit Sharing Sub-Account") established for each Participant who is both an Employee of such Employer and described in Section 2.11(a), an amount equal to the excess, if any, of (i) the amount of the Employer's Profit Sharing Contribution which would have been made to the profit sharing portion of the Profit Sharing Plan on behalf of the Participant if (1) the Participant was a participant in such Plan; (2) the Plan did not contain the limitations imposed under Sections 401(a)(17) and 415 of the Code or any limits on the amount of Profit Sharing Contributions that may be paid to Highly Compensated Employees and (3) the term "Compensation" (as defined in Section 2.5 hereof) was used for purposes of determining the amount of profit sharing contributions under the Profit Sharing Plan, over (ii) the amount of the Employer's Profit Sharing Contribution which is actually made to such Plan on behalf of the Participant for such Plan Year (the "Excess Profit Sharing Benefits").

Section 3.2.Basic and Additional Excess 401(k) Benefits.

(a) Amount of Excess 401(k) Benefits. Each 401(k) Employee who is a Participant may, prior to each December 31^st , by completing an approved deferral election form, direct his Employer to reduce his Compensation for the next Plan Year by an amount equal to the difference between (i) a specified percentage, in 1% increments, with a maximum of 25%, of his Compensation for the Plan Year, and (ii) the maximum Before-Tax and/or Roth Contributions actually permitted to be contributed for him to the Profit Sharing Plan for such Plan Year by reason of the application of the limitations under Sections 402(g), 401(a)(17) and 401(k)(3) of the Code or any other limits applicable to Highly Compensated Employees under the Profit Sharing Plan. All amounts deferred under this Section shall be referred to herein collectively as the "Excess 401(k) Benefits." Notwithstanding the foregoing, a 401(k) Employee's direction to reduce a Bonus earned during a particular Plan Year shall be made no later than December 31^st of the Plan Year preceding the Plan Year in which the Bonus commences to be earned.

(b) Consequences of Deferral Election. Any direction by a Participant to defer Compensation under Subsection (a) shall be effective with respect to Compensation otherwise payable to the Participant for the Plan Year for which the deferral election form is effective and the Participant shall not be eligible to receive such Compensation. Instead, such amounts shall be credited to the Participant's Excess 401(k) Sub-Account hereunder. Any such direction shall be irrevocable with respect to Compensation earned for such Plan Year, but shall have no effect on Compensation earned in subsequent Plan Years. A new deferral election shall be required for each Plan Year under the Plan.

(c) Classification of Excess 401(k) Benefits. The Excess 401(k) Benefits for a particular Plan Year shall be calculated monthly and shall be further divided into the "Basic Excess 401(k) Benefits" and the "Additional Excess 401(k) Benefits" as follows:

(i) The Basic Excess 401(k) Benefits shall be determined by multiplying each Excess 401(k) Benefit by a fraction, the numerator of which is the lesser of the percentage of Compensation elected to be deferred in the deferral election form for such Plan Year or 7% and the denominator of which is the percentage of Compensation elected to be deferred; and

(ii) The Additional Excess 401(k) Benefits (if any) shall be determined by multiplying each Excess 401(k) Benefit by a fraction, the numerator of which is the excess (if any)

of (1) the percentage of Compensation elected to be deferred in the deferral election form for such Plan Year over (2) 7%, and the denominator of which is the percentage of Compensation elected to be deferred.

The Basic Excess 401(k) Benefits shall be credited to the Basic Excess 401(k) Sub-Account under this Plan and the Additional Excess 401(k) Benefits shall be credited to the Additional Excess 401(k) Sub-Account hereunder. The Basic and Additional Excess 401(k) Sub-Accounts shall be referred to collectively as the “Excess 401(k) Sub-Account.”

Section 3.3.Excess Matching Benefits. A 401(k) Employee who is a Participant shall have credited to his Excess Matching Sub-Account an amount equal to the Matching Employer Contributions attributable to the Excess 401(k) Benefits that he is prevented from receiving under the Profit Sharing Plan because of the limitations of Code Sections 402(g), 401(a)(17), 401(k)(3) and 401(m) of the Code or as a result of his deferral of Compensation under this Plan (the "Excess Matching Benefits").

ARTICLE IV- ACCOUNTS

Section 4.1.Participants' Accounts. Each Employer shall establish and maintain on its books an Account for each Participant which shall contain the following entries:

(a) Credits to an Excess Profit Sharing Sub-Account for the Excess Profit Sharing Benefits described in Section 3.1, which shall be credited to the Sub-Account at the time the Profit Sharing Contributions are (or would) otherwise credited to Participants' accounts under the Profit Sharing Plan.

(b) Credits to a Basic or Additional Excess 401(k) Sub-Account for the Basic and Additional Excess 401(k) Benefits described in Section 3.2, which shall be credited to the Sub-Account when a 401(k) Employee is prevented from making a Before-Tax and/or Roth Contribution under the Profit Sharing Plan.

(c) Credits to an Excess Matching Sub-Account for the Excess Matching Benefits described in Section 3.3, which amounts shall be credited to the Sub-Account when a 401(k) Employee is prevented from receiving Matching Employer Contributions under the Profit Sharing Plan.

(d) Credits to all Sub-Accounts for the earnings and the uplift described in Article V.

(e) Debits for any distributions made from the Sub-Accounts.

ARTICLE V– EARNINGS/UPLIFT

Section 5.1.Earnings.

Subject to Section 5.3, at the end of each calendar month during a Plan Year, the Excess 401(k) and Excess Matching Sub-Accounts of all Participants shall be credited with an amount determined by multiplying such Participant’s Sub-Account balance during such month by the blended rate earned during the prior month by the Fixed Income Fund. Notwithstanding the foregoing, no interest shall be credited for the month in which a Sub-Account is distributed hereunder.

Section 5.2.Uplift on Plan Payments.

Subject to Section 5.3, but in addition to the earnings described in Section 5.1, thebalance of the Basic Excess 401(k) Sub-Account, the Excess Matching Sub-Account and the Excess Profit Sharing Sub-

Account as of the last day of the month prior to the payment date shall each be increased by an additional 15%.

Section 5.3.Changes/Limitations.

(a) The Compensation Committee of Hyster-Yale Materials Handling, Inc. may change (or suspend) (i) the earnings rate credited on Accounts and/or (ii) the amount of the uplift under the Plan at any time.

(b) Notwithstanding any provision of the Plan to the contrary, in no event will earnings on Accounts for a Plan Year (excluding the uplift under Section 5.2) be credited at a rate which exceeds 14%.

ARTICLE VI- VESTING

Section 6.1.Vesting. A Participant shall always be 100% vested in all amounts credited to his Account hereunder.

ARTICLE VII-TIME AND FORM OF PAYMENT

Section 7.1.Time and Form of Payment. All amounts credited to a Participant’s Sub-Accounts for each Plan Year (a) including the Excess Profit Sharing Benefits, earnings and uplift that are credited after the end of a Plan Year but (b) reduced for any applicable withholding taxes shall automatically be paid to the Participant (or his Beneficiary in event of his death) in the form of a single lump sum payment on March 15^th of the immediately following Plan Year.

Section 7.2.Other Payment Rules and Restrictions.

(a) Payments Violating Applicable Law. Notwithstanding any provision of the Plan to the contrary, the payment of all or any portion of the amounts payable hereunder will be deferred to the extent that the Company reasonably anticipates that the making of such payment would violate Federal securities laws or other applicable law (provided that the making of a payment that would cause income taxes or penalties under the Code shall not be treated as a violation of applicable law). The deferred amount shall become payable at the earliest date at which the Company reasonably anticipates that making the payment will not cause such violation.

(b) Delayed Payments due to Solvency Issues. Notwithstanding any provision of the Plan to the contrary (but except as otherwise provided in Article X), an Employer shall not be required to make any payment hereunder to any Participant or Beneficiary if the making of the payment would jeopardize the ability of the Employer to continue as a going concern; provided that any missed payment is made during the first calendar year in which the funds of the Employer are sufficient to make the payment without jeopardizing the going concern status of the Employer.

(c) Key Employees. Notwithstanding any provision of the Plan to the contrary, to the extent the payment of a Sub-Account is subject to Code Section 409A, the payment of such Sub-Account to a Key Employee made on account of a Termination of Employment may not be made before the 1^st day of the seventh month following such Termination of Employment (or, if earlier, the date of death) except for payments made on account of (i) a QDRO (as specified in Section 8.5) or (ii) a conflict of interest or the payment of FICA taxes (as specified in Subsection (e) below). Any amounts that are otherwise payable to the Key Employee during the 6-month period following his Termination of Employment shall be accumulated and paid in a lump sum make-up payment within 30 days following the 1^st day of the 7^th month following Termination of Employment.

(d) Acceleration of Payments. Notwithstanding any provision of the Plan to the contrary, to the extent a Sub-Account is subject to 409A, payments such Sub-Account hereunder may be accelerated (i) to the extent necessary to comply with federal, state, local or foreign ethics or conflicts of interest laws or agreements or (ii) to the extent necessary to pay the FICA taxes imposed on benefits hereunder under Code Section 3101, and the income withholding taxes related thereto. Payments may also be accelerated if the Plan (or a portion thereof) fails to satisfy the requirements of Code Section 409A; provided that the amount of such payment may not exceed the amount required to be included as income as a result of the failure to comply with Code Section 409A.

(e) Witholding/Taxes. To the extent required by applicable law, the Employer shall withhold from the Excess Retirement Benefits hereunder, any income, employment or other taxes required to be withheld therefrom by any government or governmental agency.

ARTICLE VIII- MISCELLANEOUS

Section 8.1.Liability of Employers. Nothing in this Plan shall constitute the creation of a trust or other fiduciary relationship between an Employer and any Participant, Beneficiary or any other person.

Section 8.2.Limitation on Rights of Participants and Beneficiaries – No Lien. This Plan is designed to be an unfunded, nonqualified plan. Nothing contained herein shall be deemed to create a trust or lien in favor of any Participant or Beneficiary on any assets of an Employer. The Employers shall have no obligation to purchase any assets that do not remain subject to the claims of the creditors of the Employers for use in connection with the Plan. No Participant or Beneficiary or any other person shall have any preferred claim on, or any beneficial ownership interest in, any assets of the Employers prior to the time that such assets are paid to the Participant or Beneficiary as provided herein. Each Participant and Beneficiary shall have the status of a general unsecured creditor of his Employer. The amount standing to the credit of any Participant's Sub-Account is purely notional and affects only the calculation of benefits payable to or in respect of him. It does not give the Participant any right or entitlement (whether legal, equitable or otherwise) to any particular assets held for the purposes of the Plan or otherwise.

Section 8.3.No Guarantee of Employment. Nothing in this Plan shall be construed as guaranteeing future employment to Participants. A Participant continues to be an Employee of an Employer solely at the will of such Employer subject to discharge at any time, with or without cause.

Section 8.4.Payment to Guardian. If a Benefit payable hereunder is payable to a minor, to a person declared incompetent or to a person incapable of handling the disposition of his property, the Plan Administrator may direct payment of such Benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Plan Administrator may require such proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Employers from all liability with respect to such Benefit.

Section 8.5.Anti-Assignment.

(a) Subject to Subsection (b), no right or interest under this Plan of any Participant or Beneficiary shall be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal process or in any manner be liable for or subject to the debts or liabilities of the Participant or Beneficiary.

(b) Notwithstanding the foregoing, the Plan Administrator shall honor a qualified domestic relations order (“QDRO”) from a state domestic relations court which requires the

payment of all or a part of a Participant's or Beneficiary's vested interest under this Plan to an "alternate payee" as defined in Code Section 414(p).

Section 8.6.Severability. If any provision of this Plan or the application thereof to any circumstance(s) or person(s) is held to be invalid by a court of competent jurisdiction, the remainder of the Plan and the application of such provision to other circumstances or persons shall not be affected thereby.

Section 8.7.Effect on other Benefits. Benefits payable to or with respect to a Participant under the Profit Sharing Plan or any other Employer sponsored (qualified or nonqualified) plan, if any, are in addition to those provided under this Plan.

ARTICLE IX - ADMINISTRATION OF PLAN

Section 9.1.Administration.

(a) In General. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall have discretion to interpret where necessary all provisions of the Plan (including, without limitation, by supplying omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan), to make factual findings with respect to any issue arising under the Plan, to determine the rights and status under the Plan of Participants or other persons, to resolve questions (including factual questions) or disputes arising under the Plan and to make any determinations with respect to the benefits payable under the Plan and the persons entitled thereto as may be necessary for the purposes of the Plan. Without limiting the generality of the foregoing, the Plan Administrator is hereby granted the authority (i) to determine whether a particular employee is a Participant, and (ii) to determine if a person is entitled to Benefits hereunder and, if so, the amount and duration of such Benefits. The Plan Administrator's determination of the rights of any person hereunder shall be final and binding on all persons, subject only to the provisions of Sections 9.3 and 9.4 hereof.

(b) Delegation of Duties. The Plan Administrator may delegate any of its administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of Benefits, to a named administrator or administrators.

Section 9.2.Regulations. The Plan Administrator may promulgate any rules and regulations it deems necessary in order to carry out the purposes of the Plan or to interpret the provisions of the Plan; provided, however, that no rule, regulation or interpretation shall be contrary to the provisions of the Plan. The rules, regulations and interpretations made by the Plan Administrator shall, subject only to the provisions of Sections 9.3 and 9.4 hereof, be final and binding on all persons.

Section 9.3.Claims Procedures.

(a) The Plan Administrator shall determine the rights of any person to any Benefits hereunder. Any person who believes that he has not received the Benefits to which he is entitled under the Plan must file a claim in writing with the Plan Administrator. The Plan Administrator shall, no later than 90 days after the receipt of a claim (plus an additional period of 90 days if required for processing, provided that notice of the extension of time is given to the claimant within the first 90 day period), either allow or deny the claim in writing.

(b) A written denial of a claim by the Plan Administrator, wholly or partially, shall be written in a manner calculated to be understood by the claimant and shall include: (i) the specific reasons for the denial; (ii) specific reference to pertinent Plan provisions on which the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the claim review procedure and the time limits applicable thereto (including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review).

(c) A claimant whose claim is denied (or his duly authorized representative) who wants to contest that decision must file with the Plan Administrator a written request for a review of such claim within 60 days after receipt of denial of a claim. If the claimant does not file a request for review of his claim within such 60-day period, the claimant shall be deemed to have acquiesced in the original decision of the Plan Administrator on his claim. If such an appeal is so filed within such 60 day period, the Compensation Committee of Hyster-Yale Materials Handling, Inc. (or its delegate) shall conduct a full and fair review of such claim. During such review, the claimant shall be given the opportunity to review documents that are pertinent to his claim and to submit issues and comments in writing. For this purpose, the Compensation Committee of Hyster-Yale Materials Handling, Inc. (or its delegate) shall have the same power to interpret the Plan and make findings of fact thereunder as is given to the Plan Administrator under Section 9.1(a) above.

(d) The Compensation Committee of Hyster-Yale Materials Handling, Inc. (or its delegate) shall mail or deliver to the claimant a written decision on the matter based on the facts and the pertinent provisions of the Plan within 60 days after the receipt of the request for review (unless special circumstances require an extension of up to 60 additional days, in which case written notice of such extension shall be given to the claimant prior to the commencement of such extension). Such decision shall be written in a manner calculated to be understood by the claimant, shall state the specific reasons for the decision and the specific Plan provisions on which the decision was based and, to the extent permitted by law, shall be final and binding on all interested persons. In addition, the notice of adverse determination shall also include statements that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claimant’s claim for benefits and a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA.

Section 9.4.Revocability/Recovery. Any action taken by the Plan Administrator or the Compensation Committee of Hyster-Yale Materials Handling, Inc. (or its delegate) a with respect to the rights or benefits under the Plan of any person shall be revocable as to payments not yet made to such person. In addition, the acceptance of any Benefits under the Plan constitutes acceptance of and agreement to the Plan making any appropriate adjustments in future payments to any person (or to recover from such person) any excess payment or underpayment previously made to him.

Section 9.5.Amendment. The Company (without the consent of any Employer but with the approval or ratification of the Compensation Committee of Hyster-Yale Materials Handling, Inc.) may at any time prospectively or retroactively amend any or all of the provisions of this Plan for any reason whatsoever, except that, without the prior written consent of the affected Participant, no such amendment may (a) reduce the amount of any Participant's vested Benefit as of the date of such amendment or (b) alter the time of payment provisions described in Article VII of the Plan, except for any amendments that are required to bring such provisions into compliance with the requirements of, or exceptions to, Code Section 409A or that

accelerate the time of payment (provided that such amendments comply with the requirements of Code Section 409A as applied to any Sub-Account that is subject to the requirements of Code Section 409A). Any amendment shall be in the form of a written instrument executed by an officer of the Company. Subject to the foregoing provisions of this Section, such amendment shall become effective as of the date specified in such instrument or, if no such date is specified, on the date of its execution.

Section 9.6.Termination.

(a) Subject to Subsection (b), the Company (without the consent of any Employer but with the approval or ratification of the Compensation Committee of Hyster-Yale Materials Handling, Inc.), in its sole discretion, may terminate this Plan at any time and for any reason whatsoever, except that, without the prior written consent of the affected Participant, no such termination may (i) reduce the amount of any Participant's vested Benefit as of the date of such termination or (ii) alter the payment provisions described in Article VII of the Plan, except for changes that are required to bring such provisions into compliance with the requirements of, or exceptions to, Code Section 409A or that accelerate the time of payment (in a manner permitted under Code Section 409A as applied to any Sub-Account that is subject to the requirements of Code Section 409A). Any such termination shall be expressed in the form of a written instrument executed by an officer of the Company on the order of the Compensation Committee of Hyster-Yale Materials Handling, Inc. Subject to the foregoing provisions of this Section, such termination shall become effective as of the date specified in such instrument or, if no such date is specified, on the date of its execution. Written notice of any termination shall be given to the Participants at a time determined by the Plan Administrator.

(b) Notwithstanding anything in the Plan to the contrary, in the event of a termination of the Plan (or any portion thereof), the Company, in its sole and absolute discretion, shall have the right to change the time and form of distribution of Participants' Excess Retirement Benefits but only to the extent such change is permitted by Code Section 409A and Treasury Regulations or other guidance issued thereunder.

ARTICLE X - ADOPTION BY OTHER EMPLOYERS/TRANSFERS

Section 10.1.In General. The provisions of this Article shall apply notwithstanding any other provision of the Plan to the contrary.

Section 10.2.Adoption of Plan by other Employers/Withdrawal.

(a) Any Controlled Group Member may adopt the Plan with the written consent of the Company (with the approval or ratification of the Company’s Benefits Committee). Any such adopting employer must (i) execute an instrument evidencing such adoption and (ii) file a copy of such Instrument with the Plan Administrator. Such adoption may be subject to such terms and conditions as the Company requires or approves. By this adoption of the Plan, Employers other than the Company shall be deemed to authorize the Company to take any actions within the authority of the Company under the terms of the Plan.

(b) Notwithstanding the foregoing, in the case of any Employer that adopts the Plan and thereafter (i) ceases to exist, (ii) ceases to be a Controlled Group Member or (iii) withdraws or is eliminated from the Plan, it shall not thereafter be considered an Employer hereunder provided, however, that such terminating Employer shall continue

to be an Employer for the purposes hereof as to Participants or Beneficiaries to whom it owes obligations hereunder.

(c) Any Employer (other than the Company) that adopts this Plan may elect separately to withdraw from the Plan and such withdrawal shall constitute a termination of the Plan as to it; provided, however, that (i) such terminating Employer shall continue to be an Employer for the purposes hereof as to Participants or Beneficiaries to whom it owes obligations hereunder, and (ii) such termination shall be subject to the limitations and other conditions described in Section 9.6, treating the Employer as if it were the Company.

Section 10.3.Expenses. The expenses of administering the Plan shall be paid by the Employers, as directed by the Company.

Section 10.4.Liability for Payment/Transfers of Employment.

(a) Subject to the provisions of Subsections (b) and (c) hereof, each Employer shall be liable for the payment of the Excess Retirement Benefits which are payable hereunder to or on behalf of its Employees.

(b) Notwithstanding the foregoing, if an Excess Retirement Benefit payable to or on behalf of a Participant is based on the Participant's employment with more than one Employer the following provisions shall apply:

(i) Upon a transfer of employment, the Participant's Sub-Accounts shall be transferred from the prior Employer to the new Employer and Excess Retirement Benefits (and earnings) shall continue to be credited to the Sub-Accounts following the transfer (to the extent otherwise required under the terms of the Plan). Subject to Section 10.4(b)(ii)(3), the last Employer of the Participant shall be responsible for processing the payment of the entire amount which is allocated to the Participant's Sub Accounts hereunder; and

(ii) Notwithstanding the provisions of clause (i), (1) each Employer shall be solely liable for the payment of the amounts credited to a Participant's Account which were earned by the Participant while he was employed by that Employer; (2) each Employer (unless it is insolvent) shall reimburse the last Employer for its allocable share of the Participant's distribution; (3) if any responsible Employer is insolvent at the time of distribution, the last Employer shall not be required to make a distribution to the Participant with respect to amounts which are allocable to service with that Employer (until the payment date specified in Section 7.5(c)); and (4) each Employer shall (to the extent permitted by applicable law) receive an income tax deduction for the Employer's allocable share of the Participant's distribution.

EXECUTED, this 21^st day of December, 2015.

NACCO MATERIALS HANDLING GROUP, INC.

By:	/s/ Charles A. Bittenbender
	Title: Charles A. Bittenbender Senior Vice President, General Counsel and Secretary

EX-10.40

Exhibit 10.40

THIS AGREEMENT AND DEED is dated

PARTIES

(1) NACCO Materials Handling Ltd, a company registered in accordance with the Companies Acts with company number 02636775 and having its registered office at Centennial House, Building 4.5, Frimley Business Park, Frimley, Surrey, GU16 7SG (Company).

(2) Ralf Mock who, albeit working and residing in the UK, has a place of residence at Wiesbadenerstrasse.71, D-61462, Koenigstein, Germany (Employee).

BACKGROUND

(A) The Employee was employed by the Company under a UK employment contract and was based in the UK for the duration of his employment with the Company.

(B) The Employee's employment with the Company terminated on 15 April 2015.

(C) The parties have entered into this agreement to record and implement the terms on which they have agreed to settle any claims which the Employee has or may have in connection with his employment or its termination or otherwise against the Company or its officers or employees whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this agreement, and including, in particular, the statutory complaints which the Employee raises in this agreement. It is the parties' intention that each Affiliate should be able to enforce any rights it has under this agreement, subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999.

(D) The parties intend this agreement to be an effective waiver of any such claims and to satisfy the conditions relating to settlement agreements and compromise contracts in the relevant legislation.

AGREED TERMS

1. INTERPRETATION

The following definitions and rules of interpretation apply in this agreement.

1.1 Definitions:

Adviser: Frank Ryan of Barker Gillette LLP, 11 – 12 Wigmore Place, London, W1U 2LU.

Affiliates: the following organisations including any of their officers, directors or employees: NACCO Materials Handling France SA, NACCO Materials Handling B.V., Hyster Germany GmbH, Hyster France S.A.R.L., Hyster-Yale Materials Handling GmbH, Hyster-Yale Materials Handling, Inc, Yale France Manutention S.A.R.L., NACCO Materials Handling S.p.A., Yale Materials Handling (UK) Limited and/or NACCO Materials Handling Group, Inc.

Board: the board of directors of the Company (including any committee of the board duly appointed by it).

Confidential Information: information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) relating to the business, products, affairs and finances of the Company for the time

being confidential to the Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or any of its suppliers, clients, customers, agents, distributors, shareholders or management, including (but not limited to) information that the Employee created, developed, received or obtained in connection with his employment, whether or not such information (if in anything other than oral form) is marked confidential.

Copies: copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information.

1.2 The headings in this agreement are inserted for convenience only and shall not affect its construction.

1.3 A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

1.4 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

1.5 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

1.6 The Schedules form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

2. ARRANGEMENTS ON TERMINATION

2.1 The Employee's employment with the Company terminated on 15 April 2015. (Termination Date).

2.2 The Company has paid the Employee his salary up to the Termination Date in the usual way.

2.3 The Company has provided benefits to the Employee in the usual way up to the Termination Date.

2.4 The Company shall continue to fund private healthcare cover and life assurance for the Employee which, where reasonably practicable, will be subject to the same terms and conditions and on the same basis as applied immediately prior to the Termination Date or on terms and conditions which are as similar as reasonably possible, for the period from the Termination Date up to and including 14 April 2016.

2.5 The Company shall deduct from the Termination Payment due to the Employee under this agreement any outstanding sums due from the Employee to the Company including the sum of£5,048.78 in respect of annual leave taken by the Employee beyond the entitlement he had accrued at the Termination Date.

2.6 The payments and benefits in this clause 2 shall be subject to the income tax and National Insurance contributions that the Company is obliged by law to pay or deduct.

2.7 The Employee shall submit on or before 31 July 2015 his expenses claims in the usual way and the Company shall reimburse the Employee for any expenses properly incurred before the Termination Date in the usual way. Any expenditure on his Company credit card which was not properly incurred by him on the Company's business or for which he cannot produce appropriate receipts will be deducted from the payments due under this agreement.

3. TERMINATION PAYMENT

3.1 Subject to and conditional on the Employee complying with the terms of this agreement, the Company shall within 14 days of the later of: 1) receipt by the Company of a copy of this agreement signed by the Employee together with a signed letter from the Adviser as set out in Schedule 3 and signed letters from the Employee set out in Schedule 4; and 2) 1 August 2015:

(A) pay to the trustees of the pension scheme for the benefit of the Employee the sum of £39,917 as compensation in lieu of 12 months’ employer pension contributions and at the same time send to the Employee evidence of the payment having been so sent; and

(B) pay to the Employee by way of compensation for the termination of his employment £573,250, (Termination Payment) consisting of:

(a) Compensation in lieu of notice of £410,454 comprising:

(i) £291,711 as compensation in lieu of 12 months’ salary;

(ii) £13,326 as compensation in lieu of 12 months’ car allowance;

(iii) £42,356 compensation in lieu of any expected payments under the Annual Incentive Plan; and

(iv) £63,061 compensation in lieu of any expected payments under the 2015 Long Term Incentive Plan.

and

(b) £162,796 as compensation for loss of office.

3.2 The Company and the Employee believe that the payment in clause 3.1(A) and the first £30,000 of the payment in clause 3.1(B) will be tax free. The Company shall deduct income tax and National Insurance contributions from the remainder of the Termination Payment and the payments in clauses 3.3 and 12.6 at the appropriate rate. The Employee shall be responsible for any further tax and employee's National Insurance contributions which are due or become in respect of the Termination Payment and the payments in clauses 3.3 and 12.6 and shall indemnify the Company in respect of such liability in accordance with clause 7.

3.3 The Company shall pay the Employee’s vested entitlement under the Long Term Incentive Plan for years 2012, 2013 and 2014, which amounts are detailed below and will be paid as follows, subject to deductions of tax and National Insurance contributions. (For the avoidance of doubt

the amounts below include all interest entitlement and no further interest will accrue from the Termination Date.):

(a) US$271,370.46 in respect of 2012 will be paid before the end of March 2016;

(b) US$320,489.46 in respect of 2013 will be paid before the end of March 2017; and

(c) US$128,923.00 in respect of 2014 will be paid before the end of March 2018.

3.4 It is agreed that, in respect of the Termination Payment and the payment in clause 12.6, the Company shall apply tax code OT and “the appropriate rate” for deductions of tax and National Insurance contributions referred to in clause 3.2 shall be as follows:

(a) the first £30,000 of the Termination Payment shall be paid without deductions for tax and National Insurance contributions with the remainder of the Termination Payment subject to deductions of tax only;

(b) the payment at clause 12.6 shall be paid after deductions of tax and National Insurance contributions;

(c) tax will be deducted from [the remainder of the Termination Payment referred to in clause 3.4 (a) less deduction of the sums at clause 2.5 plus the payment in clause 12.6] as follows:

(i) the first £2,648.75 shall be taxed at 20%

(ii) the following £9,851.25 shall be taxed at 40%; and

(iii) the remaining sum shall be taxed at 45%.

(d) National Insurance contributions shall be deducted from the payment set out in clause 12.6 as follows:

(i) £0 to £672 at 0%;

(ii) £673 to £3,531 at 12%; and

(iii) the remaining £16,469 at 2%.

3.5 Should the Company become aware, before making payment to the Employee, of any obligation on its part to deduct tax and/or National Insurance contributions in respect of the payment in clause 3.1(A) it shall make such deductions of tax and National Insurance contributions as it is required by law to make before making payment to the Employee.

4. PENSION

The Company shall notify the trustees of the pension scheme that the Employee's employment has been terminated and request written confirmation of the Employee's accrued entitlement under the Pension Scheme and request that the options available for dealing with his entitlement are sent to the Employee.

5. LEGAL FEES

The Company shall pay a contribution of £14,300 plus VAT to the legal fees incurred by the Employee in obtaining advice on the termination of his employment and the terms of this

agreement, such fees to be payable to the Adviser on production of an invoice addressed to the Employee and marked payable by the Employer, such invoice to be sent by the Adviser to John Short c/o Andrew Brown, Anderson Strathern LLP, 1 Rutland Court, Edinburgh, EH3 8EY.

6. WAIVER OF CLAIMS

6.1 The Employee agrees that the terms of this agreement are offered by the Company without any admission of liability on the part of the Company and are in full and final settlement of all and any claims or rights of action that the Employee has or may have against the Company or its officers or employees whether arising out of his employment with the Company or its termination or from events occurring after this agreement has been entered into, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to the parties or in their contemplation at the date of this agreement in any jurisdiction and including, but not limited to, the claims specified in Schedule 2 (each of which is hereby intimated and waived).

6.2 The waiver in clause 6.1 shall not apply to the following:

(a) any claims by the Employee to enforce this agreement;

(b) claims in respect of personal injury of which the Employee is not aware and could not reasonably be expected to be aware at the date of this agreement; and

(c) any claims in relation to accrued entitlements under the pension scheme.

6.3 The Employee warrants that:

(a) before entering into this agreement he received independent advice from the Adviser as to the terms and effect of this agreement and, in particular, on its effect on his ability to pursue any complaint before an employment tribunal or other court;

(b) the Adviser has confirmed to the Employee that they are a solicitor holding a current practising certificate and that there is in force a policy of insurance covering the risk of a claim by the Employee in respect of any loss arising in consequence of their advice;

(c) the Adviser shall sign and deliver to the Company a letter in the form attached as Schedule 3 to this agreement;

(d) before receiving the advice the Employee disclosed to the Adviser all facts and circumstances that may give rise to a claim by the Employee against the Company or its officers or employees;

(e) the only claims that the Employee has or may have against the Company or its officers or employees (whether at the time of entering into this agreement or in the future) relating to his employment with the Company or its termination are specified in clause 6.1; and.

(f) the Employee is not aware of any facts or circumstances that may give rise to any claim against the Company or its officers or employees other than those claims specified in clause 6.1.

The Employee acknowledges that the Company acted in reliance on these warranties when entering into this agreement.

6.4 The Employee acknowledges that the conditions relating to settlement agreements and compromise contracts under all and any relevant legislation, including but not limited to section 203(3) of the Employment Rights Act 1996 and regulation 35(3) of the Working Time Regulations 1998 have been satisfied.

6.5 The waiver in clause 6.1 shall have effect irrespective of whether or not, at the date of this agreement, the Employee is or could be aware of such claims or have such claims in his express contemplation (including such claims of which the Employee becomes aware after the date of this agreement in whole or in part as a result of new legislation or the development of common law or equity).

6.6 The Employee agrees that, except for the payments and benefits provided for in this agreement including those outlined in clause 3.3, and subject to the waiver in clause 6.1, he shall not be eligible for any further payment from the Company relating to his employment or its termination and without limitation to the generality of the foregoing, he expressly waives any right or claim that he has or may have to payment of bonuses, any benefit or award programme or grant of equity interest, or to any other benefit, payment or award he may have received had his employment not terminated.

7. EMPLOYEE INDEMNITIES

7.1 The Employee shall indemnify the Company on a continuing basis in respect of any income tax or National Insurance contributions (save for employers' National Insurance contributions) due in respect of the payments and benefits included in this agreement (and any related interest, penalties, costs and expenses save such as are incurred solely as a result of the Company’s default or delay in complying with its obligations to or responding to HM Revenue and Customs or other competent body). The Company shall give the Employee reasonable notice of any demand for tax which may lead to liabilities on the Employee under this indemnity and shall provide him with reasonable access to any documentation he may reasonably require to dispute such a claim (provided that nothing in this clause shall prevent the Company from complying with its legal obligations with regard to HM Revenue and Customs or other competent body).

7.2 If the Employee breaches any material provision of this agreement or pursues a claim against the Company other than those preserved under clause 6.2, he agrees to: (i) immediately repay to the Company the Termination Payment (which shall be recoverable as a debt); and (ii) indemnify the Company for any losses suffered as a result thereof, including all reasonable legal and professional fees incurred in defending or resolving the claim.

8. COMPANY PROPERTY AND INFORMATION

8.1 The Employee shall, before 31 July 2015, return to John Short, Vice President Human Resources, EMEA, Centennial House, Building 4.5, Frimley Business Park, Frimley, Surrey, GU16 7SG:

(a) all Confidential Information and Copies;

(b) all property belonging to the Company in satisfactory condition including (but not limited to) any car (together with the keys and all documentation relating to the car), fuel card, company credit card, keys, security pass, identity badge, mobile telephone, pager, lap-top computer or fax machine; and

(c) all documents and copies (whether written, printed, electronic, recorded or otherwise and wherever located) made, compiled or acquired by him during his employment with the Company or relating to the business or affairs of the Company or its business contacts,

in the Employee's possession or under his control.

8.2 The Employee shall, before 31 July 2015, erase irretrievably any information relating to the business or affairs of the Affiliates or the Company or its or their business contacts from computer and communications systems and devices owned or used by him outside the premises of the Company, including such systems and data storage services provided by third parties (to the extent technically practicable).

8.3 The Employee shall, by 31 July 2015, provide a signed statement that he has complied fully with his obligations under clause 8.1 and clause 8.2 and, within 14 days of a request to do so, shall provide the Board with such reasonable evidence of compliance as may be requested.

9. EMPLOYEE WARRANTIES AND ACKNOWLEDGMENTS

9.1 As at the date of this agreement, the Employee warrants and represents to the Company that there are no circumstances of which the Employee is aware or of which the Employee ought reasonably to be aware which would amount to a repudiatory breach by the Employee of any express or implied term of the Employee's contract of employment which would entitle (or would have entitled) the Company to terminate the Employee's employment without notice or payment in lieu of notice and any payment to the Employee pursuant to clause 3 is conditional on this being so.

9.2 As at the date of this agreement, the Employee warrants and represents to the Company that he has not received or accepted and does not expect to receive or accept any particular offer which will provide him with any form of income or benefits at any time after the Termination Date and any payment to the Employee pursuant to clause 3 is conditional on this being so.

9.3 As at the date of this agreement, the Employee warrants and represents to the Company that there are no circumstances which might require the Company to deduct more tax or National Insurance contributions than as set out in clauses 3.2 and 3.4 including in relation to any annual or lifetime allowances in respect of pension contributions.

9.4 The Employee agrees to make himself available to, and to cooperate with, the Company and/or its advisers in any internal investigation or administrative, regulatory, judicial or quasi-judicial proceedings. The Employee acknowledges that this could involve, but is not limited to, responding to or defending any regulatory or legal process, providing information in relation to

any such process, preparing witness statements and giving evidence in person on behalf of the Company. The Company shall reimburse any reasonable expenses incurred by the Employee as a consequence of complying with his obligations under this clause, provided that such expenses are approved in advance by the Company.

9.5 The Employee acknowledges that he is not entitled to any compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company in which he may have participated other than the payments in clause 3, including but not limited to the Long Term Incentive Plan or the Annual Incentive Plan, and hereby waives and settles any other such rights.

10. REFERENCE

On receipt of a written request from a potential employer addressed to John Short, Vice President Human Resources EMEA, NACCO Materials Handling Ltd,Centennial House, Building 4.5, Frimley Business Park, Frimley, Surrey GU16 7SG, the Company shall provide a reference in the form set out in Schedule 1 to this agreement and any oral reference provided will be on no less favourable terms providing the request is directed to John Short. If the Company obtains information after the date of this agreement which would have affected its decision to provide a reference in the form in Schedule 1, it shall advise the Employee by email to mockralf@aol.com of such information and seek his observations on that information. If the Employee fails to provide his observations to the Company within 14 days of being requested to do so or the Company reasonably concludes after reviewing the Employee’s observations that it should decline to provide a reference in the form in Schedule 1 it shall advise the Employee by email of that fact and of its reasons for so concluding.

11. RESIGNATION FROM OFFICES

11.1 The Employee hereby acknowledges that he is no longer a Director ofNACCO Materials Handling France SA and Hyster-Yale Materials Handling GmbH and hereby resigns as a Director of the Company and from his positions as:

(a) Supervisory Board Member, NACCO Materials Handling B.V.

(b) Director, Yale Materials Handling UK Limited.

(c) Director, NACCO Materials Handling SpA (Italy).

and any other office, trusteeship or position that he holds in or on behalf of the Company or in connection with his employment.

11.2 The Employee irrevocably appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any such instrument or thing and generally to use his name in order to give the Company (or its nominee, including any of the organisations listed in this clause) the full benefit of the provisions of this clause.

11.3 The Employee shall deliver to John Short a fully signed and completed copy of each of the letters in the form set out at Schedule 4 on or before 31 July 2015 and any other such document as the Company may reasonably require him to provide to effect his resignation from any office,

trusteeship or position which he holds on behalf of the Company or in connection with his employment.

11.4 The Employee hereby acknowledges and confirms that he has no claim or right of action of any kind for compensation or otherwise against the Company or any of the organisations listed above or any of its or their officers or employees in respect of the termination of his office or otherwise. To the extent that any such claim or right of action exists or may exist, he irrevocably waives such claim or right of action and releases and forever discharges the Company, each of the organisations listed above, its and their officers and employees from all and any liability in respect thereof.

11.5 The Company hereby agrees to maintain, and to procure that the organisations detailed in this clause maintain appropriate Director’s and Officer’s Liability Insurance cover in respect of residual liabilities for the acts and omissions of the Employee on equivalent terms to those applying to the remaining Directors.

12. CONFIDENTIALITY

12.1 The Employee acknowledges that, as a result of his employment, he has had access to Confidential Information. Without prejudice to his common law duties, the Employee shall not (except as authorised or required by law or as authorised by the Company) at any time after the Termination Date:

(a) use any Confidential Information; or

(b) make or use any Copies; or

(c) disclose any Confidential Information to any person, company or other organisation whatsoever.

12.2 The restrictions in clause 12.1 do not apply to any Confidential Information which is in or comes into the public domain other than through the Employee's unauthorised disclosure.

12.3 The Employee and the Company confirm that they have kept and agree to keep the existence and terms of this agreement and the circumstances concerning the termination of the Employee's employment confidential, save where such disclosure is to HM Revenue & Customs, required by law, authorised in writing by the other party to this agreement or (where necessary or appropriate) to:

(a) (by the Employee) the Employee's immediate family or legal or professional advisers or recruitment consultants engaged by him, provided that they agree to keep the information confidential; or

(b) (by the Employee) the Employee's insurer for the purposes of processing a claim for loss of employment; or

(c) (by the Company or its Affiliates) to the officers, employees or legal or professional advisers of the Company and/or its Affiliates, provided that they agree to keep the information confidential.

12.4 The Employee shall not make any adverse or derogatory comment about the Affiliates or the Company, its or their officers or employees and the Company shall use reasonable endeavours to ensure that its employees and officers shall not make any adverse or derogatory comment about the Employee. The Employee shall not do anything which shall, or may, bring the Affiliates or the Company, its officers or employees into disrepute and the Company shall use reasonable endeavours to ensure that its employees and officers shall not do anything which shall, or may, bring the Employee into disrepute.

12.5 Nothing in this clause shall prevent the Employee from making a protected disclosure under section 43A of the Employment Rights Act 1996 or from making such disclosure as he is required by law to make and nothing in this clause shall prevent the Company from making such disclosure as it is required by law to make.

12.6 The Company shall pay £20,000 to the Employee as consideration for his entering into the restrictions in this clause, such sum to be paid within 14 days of the later of the dates set out at clause 3.1. The Company shall deduct income tax and National Insurance contributions from this sum.

12.7 In the event of his non compliance with this clause the Employee shall: (i) immediately repay to the Company the payment set out in clause 12.6 (which shall be recoverable as a debt); (ii) indemnify the Company in respect of any losses it incurs as a result of his breach including loss of income and legal expenses incurred in considering any action against him; and (iii) in the event of the Company choosing to seek to pursue legal action against the Employee (whether by action for injunction, damages or otherwise) indemnify the Company in respect of any losses it incurs from that attempted or successful enforcement including any legal fees or other professional fees.

13. ENTIRE AGREEMENT

13.1 Each party on behalf of itself agrees with the other party that:

(a) this agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter;

(b) in entering into this agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement; and

(c) it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this agreement.

13.2 Nothing in this clause shall limit or exclude any liability for fraud.

14. VARIATION

No variation of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

15. THIRD PARTY RIGHTS

15.1 Except as expressly provided elsewhere in this agreement, no person other than the Affiliates, the Employee and the Company shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.

15.2 The rights of the parties to terminate, rescind or agree any variation, waiver or settlement under this agreement are not subject to the consent of any other person.

16. GOVERNING LAW

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

17. JURISDICTION

Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

18. SUBJECT TO CONTRACT AND WITHOUT PREJUDICE

This agreement shall be deemed to be without prejudice and subject to contract until such time as it is signed by both parties and dated, when it shall be treated as an open document evidencing a binding agreement.

19. COUNTERPARTS

This agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

This agreement has been entered into on the date stated at the beginning of it.

Schedule 1 Reference

To whom it may concern

Dear Sirs

Ralf Mock

Ralf Mock was employed by NACCO Materials Handling Group from 1st February 2006 until 15th April 2015 as Managing Director for Europe, Middle East and Africa. His span of control included all functions within EMEA including:

• Sales and Marketing

• Aftermarket

• Manufacturing

• Finance

• Human Resources

Together this represented responsibility for approximately 1500 employees.

Ralf was also responsible for managing relations with an extensive independent dealer network.

During his 9 years of service, Ralf performed his duties appropriately in directing a large and complex operating theatre.

We thank Ralf for his many contributions in managing the NMHG business in EMEA.

Yours

Schedule 2 Claims

(a) for breach of contract or wrongful dismissal;

(b) for unfair dismissal, under section 111 of the Employment Rights Act 1996;

(c) in relation to the right to a written statement of reasons for dismissal, under section 93 of the Employment Rights Act 1996;

(d) in relation to an unlawful deduction from wages under section 23 of the Employment Rights Act 1996;

(e) in relation to written employment particulars and itemised pay statements, under section 11 of the Employment Rights Act 1996;

(f) in relation to working time or holiday pay, under regulation 30 of the Working Time Regulations 1998;

(g) for failure to comply with obligations under the Data Protection Act 1998;

(h) arising as a consequence of the United Kingdom's membership of the European Union.

Schedule 3 Adviser's certificate

[ON HEADED NOTEPAPER OF ADVISER]

Private & Confidential:

For the attention of John Short

C/O Andrew Brown

Anderson Strathern LLP

1 Rutland Court

Edinburgh

EH3 8EY

[DATE]

Dear Sirs,

I am writing in connection with the settlement agreement between my client, Ralf Mock, and NACCO Materials Handling Ltd (Company) of today's date (Agreement) to confirm that:

1.    I, Frank Ryan of Barker Gillette LLP, 11 – 12 Wigmore Place, London, W1U 2LU am a Solicitor of the Senior Courts of England and Wales who holds a current practising certificate.

2.    I have given Ralf Mock legal advice on the terms and effect of the Agreement and, in particular, its effect on his ability to pursue the claims specified in Schedule 2 of the Agreement.

3.    I gave the advice to Ralf Mock as a relevant independent adviser within the meaning of the relevant UK acts and regulations including those referred to at clause 6.4.

4.    There is now in force (and was in force at the time I gave the advice referred to above) a policy of insurance or an indemnity provided for members of a profession or professional body covering the risk of claim by Ralf Mock in respect of loss arising in consequence of the advice I have given him.

Yours faithfully,

Frank Ryan

Employee's Adviser

Schedule 4 – Resignation from Offices

Part 1

[DATE]

Dear Sirs,

NACCO Materials Handling Ltd (Company)

I hereby resign from my office as a Director of the Company and from the following positions with immediate effect.

(a)    Supervisory Board Member, NACCO Materials Handling B.V.

(b)    Director, Yale Materials Handling UK Limited.

(c)    Director, NACCO Materials Handling SpA (Italy).

I hereby acknowledge and confirm that I have no claim or right of action of any kind for compensation or otherwise against the Company or any of the organisations listed above or any of its or their officers or employees in respect of the termination of my office or otherwise. To the extent that any such claim or right of action exists or may exist, I irrevocably waive such claim or right of action and release and forever discharge the Company, each of the organisations listed above, its and their officers and employees from all and any liability in respect thereof.

This letter and any disputes or claims arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this letter or its subject matter or formation (including non-contractual disputes or claims).

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

Yours faithfully,

/s/ Ralf Mock
Signed as a deed by RALPH MOCK	[SIGNATURE OF DIRECTOR]
in the presence of:
/s/ Claudia Mock
SIGNATURE OF WITNESS
NAME OF WITNESS:
Claudia Mock

ADDRESS OF WITNESS:
OCCUPATION OF WITNESS:
On [date] at	[location]
22 July 2015	Koenigstein

Schedule 4 – Resignation from Offices

Part 2

NACCO Materials Handling S.p.A.

Via Confalonieri, 2

20060 - Masate (MI)

To the kind attention of the members of the Board of Directors

To the kind attention of the Chairman of the Board of Statutory Auditors

Re:    Resignation from the office as Member of the Board of Directors of NACCO Materials Handling S.p.A.

Dear Sirs,

The undersigned Ralf Albert Mock, born in Nuernberg (Germany), on November 29, 1955, Italian Fiscal Code MCKRFL55S29Z112R and domiciled for the purpose of my office at the corporate seat of the company, in Via Confalonieri, 2, 20060 Masate (MI), hereby resigns from the office as member of the Board of Directors of NACCO Materials Handling S.p.A., with registered office in Via Confalonieri 2, 20060 - Masate (MI), fiscal code and VAT number 01020710362 (the “Company”), effective immediately.

To the extent necessary, I hereby declare that I have no claims whatsoever vis-à-vis the Company for any reason or title whatsoever.

Yours faithfully,

/s/ Ralf Mock

RALPH MOCK

Date: 22 July 2015

Schedule 4 – Resignation from Offices

Part 3

Yale Materials Handling UK Limited

Centennial House

Building 4.5

Frimley Business Park

Frimley

Surrey GU16 7SG

Resignation from the office of Director of Yale Materials Handling UK Limited

Dear Sirs,

The undersigned Ralf Albert Mock, born in Nuernberg (Germany), on November 29, 1955, hereby resigns from the office of director of Yale Materials Handling UK Limited (registered number 01228726) with registered office at Centennial House, Building 4.5, Frimley Business Park, Frimley, Surrey GU16 7SG (the “Company”), effective immediately.

To the extent necessary, I hereby declare that I have no claims whatsoever vis-à-vis the Company for any reason or title whatsoever.

Yours faithfully,

/s/ Ralf Mock

RALPH MOCK

Date: 22 July 2015

Schedule 4 – Resignation from Offices

Part 4

The Board of Managing directors of

NACCO Materials Handling B.V.

Nijverheidsweg 29

Nijmegen

The Netherlands

Resignation from the office as Supervisory Director of NACCO Materials Handling B.V.

Dear Sirs,

I, Ralf Albert Mock, born in Nuernberg (Germany), on November 29, 1955, hereby resign my office as Supervisory Director of NACCO Materials Handling B.V., with registered office in Nijverheidsweg 29, Nijmegen, The Netherlands (the “Company”), effective immediately.

I hereby acknowledge that I have no claim of any nature or kind whatsoever against the Company including, without limiting the generality of the foregoing, any claim for supervisory director’s salary or fees and I hereby forever release the Company from any liability whatsoever in respect thereof.

Yours faithfully,

/s/ Ralf Mock
RALPH MOCK
Date: 22 July 2015
Executed as a deed by NACCO Materials
Handling Ltd acting by , a director,
	[DIRECTOR]
in the presence of:
/s/ Claudia Mock
SIGNATURE OF WITNESS
NAME OF WITNESS:	Claudia Mock
ADDRESS OF WITNESS:
OCCUPATION OF WITNESS:	Spouse

On 22 July 2015	Koenigstein
Signed as a deed by Ralf Mock
/s/ Ralf Mock
in the presence of:
/s/ Claudia Mock
SIGNATURE OF WITNESS
NAME OF WITNESS:	Claudia Mock
ADDRESS OF WITNESS:
OCCUPATION OF WITNESS:	Spouse
On [date] at	[location]
22 July 2015	Koenigstein

EX-21

Exhibit 21

SUBSIDIARIES OF HYSTER-YALE MATERIALS HANDLING, INC.

The following is a list of active subsidiaries as of the date of the filing with the Securities and Exchange Commission of the Annual Report on Form 10‑K to which this is an Exhibit. Except as noted, all of these subsidiaries are wholly owned, directly or indirectly.

Name	Incorporation
Hiroshima Yale Co., Ltd.	Japan (20%)
Hyster (H.K.) Limited	Hong Kong (PRC)
Hyster Overseas Capital Corporation, LLC	Delaware
Hyster Singapore Pte Ltd	Singapore
Hyster-Yale Australia Holding Pty Ltd.	Australia
Hyster-Yale Asia-Pacific Pty, Ltd.	Australia
Hyster-Yale Canada ULC	Canada
Hyster-Yale Capital Holding B.V.	Netherlands
Hyster-Yale Deutschland GmbH	Germany
Hyster-Yale Distribution B.V.	Netherlands
Hyster-Yale France S.A.R.L.	France
Hyster-Yale Group, Inc.	Delaware
Hyster-Yale Group Limited	United Kingdom
Hyster-Yale Holding B.V.	Netherlands
Hyster-Yale International B.V.	Netherlands
Hyster-Yale Italia SpA	Italy
Hyster-Yale Nederland B.V.	Netherlands
Hyster-Yale UK Limited	United Kingdom
Hyster-Yale UK Pension Co. Limited	United Kingdom
Hyster-Yale Mauritius	Mauritius
NACCO Materials Handling Group Brasil Ltda.	Brazil
NMHG Distribution Pty. Limited	Australia
NMHG Financial Services, Inc.	Delaware (20%)
NMHG India Engineering and Support Services Private Ltd.	India
NMHG Mexico S.A. de C.V.	Mexico
NMHG Oregon, LLC	Oregon
Nuvera Fuel Cells Europe Srl	Italy
Nuvera Fuel Cells, LLC.	Delaware
Onoda Industry Co. Ltd.	Japan (20%)
Proton Acquisition, LLC	Delaware
Shanghai Hyster Forklift, Ltd.	China (75%)
Shanghai Hyster International Trading Co. Ltd.	China
Shiga Yale Co., Ltd.	Japan (50%)
SNP Estate Corporation	Philippines (50%)
Suminac Philippines, Inc.	Philippines (50%)
Sumitomo NACCO Materials Handling Co., Ltd.	Japan (50%)
Sumitomo NACCO Materials Handling Sales Co., Ltd.	Japan (50%)
Sumitomo NACCO Materials Handling (Vietnam) Co., Ltd.	Vietnam (50%)
Tohoku Shinko Co., Ltd.	Japan (28%)
Tokai Shinko Co., Ltd.	Japan (15%)
Weil Corporation	Philippines (50%)
Yale Materials Handling UK Ltd.	United Kingdom

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement on Form S-8 pertaining to the Hyster-Yale Materials Handling, Inc. Supplemental Long-Term Equity Incentive Plan of Hyster-Yale Materials Handling, Inc. for the registration of 100,000 shares of Class A common stock;

(2) Registration Statement on Form S-8 pertaining to the Hyster-Yale Materials Handling, Inc. Non-Employee Directors' Equity Compensation Plan of Hyster-Yale Materials Handling, Inc. for the registration of 100,000 shares of Class A common stock;

(3) Registration Statement on Form S-8 pertaining to the Hyster-Yale Materials Handling, Inc. Long-Term Equity Incentive Plan of Hyster-Yale Materials Handling, Inc. for the registration of 750,000 shares of Class A common stock;

of our reports dated February 17, 2016, with respect to the consolidated financial statements and schedule of Hyster-Yale Materials Handling, Inc. and Subsidiaries and the effectiveness of internal control over financial reporting of Hyster-Yale Materials Handling, Inc. and Subsidiaries included in this Annual Report (Form 10-K) for the year ended December 31, 2015.

	/s/ Ernst & Young LLP
Cleveland, Ohio
February 17, 2016

EX-24.1

Exhibit 24.1

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ J.C. Butler, Jr.	February 10, 2016
John C. Butler, Jr.	Date

EX-24.2

Exhibit 24.2

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Carolyn Corvi	February 10, 2016
Carolyn Corvi	Date

EX-24.3

Exhibit 24.3

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ John P. Jumper	February 10, 2016
John P. Jumper	Date

EX-24.4

Exhibit 24.4

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Dennis W. LaBarre	February 10, 2016
Dennis W. LaBarre	Date

EX-24.5

Exhibit 24.5

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ F. Joseph Loughrey	February 10, 2016
F. Joseph Loughrey	Date

EX-24.6

Exhibit 24.6

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Claiborne R. Rankin	February 10, 2016
Claiborne R. Rankin	Date

EX-24.7

Exhibit 24.7

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ John M. Stropki	February 10, 2016
John M. Stropki	Date

EX-24.8

Exhibit 24.8

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Britton T. Taplin	February 10, 2016
Britton T. Taplin	Date

EX-24.9

Exhibit 24.9

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned Director of Hyster-Yale Materials Handling, Inc. hereby constitutes and appoints Charles A. Bittenbender, Kenneth C. Schilling and Suzanne S. Taylor, and each of them, as the true and lawful attorney or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in the name, place and stead of the undersigned, to sign on behalf of the undersigned as Director of Hyster-Yale Materials Handling, Inc., a Delaware corporation, an Annual Report pursuant to Section 13 of the Securities Exchange Act of 1934 on Form 10-K for the fiscal year ended December 31, 2015, and to sign any and all amendments to such Annual Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney or attorneys-in-fact, and each of them, full power and authority to do so and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorney or attorneys-in-fact or any of them or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

/s/ Eugene Wong	February 10, 2016
Eugene Wong	Date

EX-31.1

Exhibit 31(i)(1)

Certifications

I, Alfred M. Rankin, Jr., certify that:

1. I have reviewed this annual report on Form 10-K of Hyster-Yale Materials Handling, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 17, 2016	/s/ Alfred M. Rankin, Jr.
		Alfred M. Rankin, Jr.
		Chairman, President and Chief Executive Officer (principal executive officer)

EX-31.2

Exhibit 31(i)(2)

Certifications

I, Kenneth C. Schilling, certify that:

1. I have reviewed this annual report on Form 10-K of Hyster-Yale Materials Handling, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 17, 2016	/s/ Kenneth C. Schilling
		Kenneth C. Schilling
		Senior Vice President and Chief Financial Officer (principal financial and accounting officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Hyster-Yale Materials Handling, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date:	February 17, 2016	/s/ Alfred M. Rankin, Jr.
		Alfred M. Rankin, Jr.
		Chairman, President and Chief Executive Officer (principal executive officer)

Date:	February 17, 2016	/s/ Kenneth C. Schilling
		Kenneth C. Schilling
		Senior Vice President and Chief Financial Officer (principal financial and accounting officer)

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	HYSTER-YALE MATERIALS HANDLING, INC.
Entity Central Index Key	0001173514
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 770,727,807
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,384,595
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,943,521

XML

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues	$ 2,578.1	$ 2,767.2	$ 2,666.3
Cost of sales	2,147.3	2,319.5	2,205.3
Gross Profit	430.8	447.7	461.0
Selling, general and administrative expenses	327.3	316.7	326.8
(Gain) loss on the sale of assets	0.0	(17.8)	(0.1)
Operating Expenses	327.3	298.9	326.7
Operating Profit	103.5	148.8	134.3
Interest Expense	4.7	3.9	9.0
Income from unconsolidated affiliates	(6.1)	(5.6)	(3.9)
Loss on debt extinguishment	0.0	0.0	2.8
Other, net	0.4	0.4	(1.0)
Other (Income) Expense	(1.0)	(1.3)	6.9
Income Before Income Taxes	104.5	150.1	127.4
Income tax provision	29.4	39.9	17.2
Net Income	75.1	110.2	110.2
Net income attributable to noncontrolling interest	(0.4)	(0.4)	(0.2)
Net Income Attributable to Stockholders	$ 74.7	$ 109.8	$ 110.0
Basic Earnings per Share Attributable to Stockholders:
Basic Earnings per Share	$ 4.58	$ 6.61	$ 6.58
Diluted Earnings per Share Attributable to Stockholders
Diluted earnings per share	$ 4.57	$ 6.58	$ 6.54

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income	$ 75.1	$ 110.2	$ 110.2
Foreign currency translation adjustment	(49.7)	(41.7)	(11.9)
Current period cash flow hedging activity, net	4.7	3.8	6.2
Reclassification of hedging activities into earnings, net	2.7	3.7	2.8
Current period pension adjustment, net	(3.4)	(7.0)	14.2
Reclassification of pension into earnings, net	(2.3)	(3.7)	(5.1)
Comprehensive Income	22.3	65.1	114.2
Net income attributable to noncontrolling interest	(0.4)	(0.4)	(0.2)
Comprehensive Income Attributable to Stockholders	$ 21.9	$ 64.7	$ 114.0

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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Tax expense (benefit) on current period cash flow hedging activity	$ (6.4)	$ (6.4)	$ (0.3)
Tax expense (benefit) on reclassification of hedging activities into earnings	6.0	2.5	(1.5)
Tax expense (benefit) on current period pension adjustments	(1.5)	(3.6)	7.1
Tax expense on reclassification of pension and postretirement into earnings	$ (0.9)	$ (1.5)	$ (1.7)

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Cash	$ 155.1	$ 111.4
Accounts receivable, net	324.1	357.7
Inventories, net	304.6	342.5
Prepaid expenses and other	35.1	34.6
Total Current Assets	818.9	846.2
Property, Plant and Equipment, Net	184.5	179.8
Intangible Assets	3.6	4.1
Deferred Income Taxes	32.7	32.2
Investment in Unconsolidated Affiliates	42.9	39.6
Other Non-current Assets	13.3	18.9
Total Assets	1,095.9	1,120.8
Accounts payable	279.6	331.6
Accounts payable, affiliates	15.8	18.4
Current maturities of long-term debt	33.5	19.5
Accrued payroll	47.7	57.2
Accrued warranty obligations	29.1	32.3
Other current liabilities	99.5	93.8
Total Current Liabilities	505.2	552.8
Long-term Debt	19.6	12.0
Self-insurance Liabilities	17.5	18.6
Pension Obligations	22.3	24.6
Other Long-term Liabilities	68.6	56.8
Total Liabilities	633.2	664.8
Capital in excess of par value	320.3	324.1
Treasury stock	(42.5)	(49.1)
Retained earnings	336.7	280.4
Accumulated other comprehensive loss	(153.9)	(101.1)
Total Stockholders' Equity	460.8	454.5
Noncontrolling Interest	1.9	1.5
Total Equity	462.7	456.0
Total Liabilities and Equity	1,095.9	1,120.8
Common Class A [Member]
Common stock	0.1	0.1
Common Class B [Member]
Common stock	$ 0.1	$ 0.1

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable	$ 8.3	$ 10.9
Common Class A [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	12,377,994	12,277,148
Common Class B [Member]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	3,945,822	3,964,082

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income
Net Income	$ 75.1	$ 110.2	$ 110.2
Operating Activities
Depreciation and amortization	28.9	29.7	30.2
Amortization of deferred financing costs	1.2	1.2	1.9
Deferred income taxes	(1.4)	1.8	(9.6)
(Gain) loss on the sale of assets	0.0	(17.8)	(0.1)
Stock-based compensation	2.9	6.0	14.2
Loss on debt extinguishment	0.0	0.0	2.8
Dividends from unconsolidated affiliates	2.5	0.0	6.8
Other non-current liabilities	3.8	0.7	8.5
Other	1.0	0.3	6.0
Accounts receivable	6.2	(8.5)	(42.0)
Inventories	6.2	(28.8)	(27.1)
Other current assets	(0.6)	1.0	(2.1)
Accounts payable	(39.3)	4.7	56.2
Other liabilities	2.9	(0.5)	(3.0)
Net cash provided by operating activities	89.4	100.0	152.9
Investing Activities
Expenditures for property, plant and equipment	(46.6)	(48.5)	(36.5)
Proceeds from sale of assets	14.4	8.7	0.5
Business acquisition, purchase price adjustment	0.9	0.0	0.0
Business acquisitions, net of cash acquired	0.0	(3.9)	0.0
Other investing activities	0.0	(0.7)	9.9
Net cash used for investing activities	(31.3)	(44.4)	(26.1)
Financing Activities
Additions to long-term debt	46.4	31.1	33.9
Reductions of long-term debt	(35.0)	(37.1)	(154.2)
Net additions (reductions) to revolving credit agreements	0.0	(38.3)	38.5
Cash dividends paid	(18.4)	(17.8)	(16.7)
Financing fees paid	0.0	0.0	(2.9)
Purchase of treasury stock	(0.1)	(48.2)	(3.0)
Other financing activities	0.0	(0.2)	0.0
Net cash used for financing activities	(7.1)	(110.5)	(104.4)
Effect of exchange rate on cash	(7.3)	(9.4)	2.0
Cash and Cash Equivalents
Increase (decrease) for the year	43.7	(64.3)	24.4
Balance at the beginning of the year	111.4	175.7	151.3
Balance at the end of the year	$ 155.1	$ 111.4	$ 175.7

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Consolidated Statements of Equity - USD ($) $ in Millions	Total	Parent [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Translation Adjustment [Member]	Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]	Accumulated Defined Benefit Plans Adjustment [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2012	$ 342.2	$ 341.3	$ 0.1	$ 0.1	$ (2.2)	$ 308.2	$ 95.1	$ 13.2	$ 1.5	$ (74.7)	$ 0.9
Stock-based Compensation
Stock-based compensation	14.2	14.2				14.2
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0	0.0			1.8	(1.8)
Treasury Stock Transactions
Treasury Stock, Value, Acquired, Cost Method	(3.0)	(3.0)			(3.0)
Retained Earnings
Net income	110.0	110.0					110.0
Cash dividends:
Dividends, Common Stock, Cash	(16.7)	(16.7)					(16.7)
Accumulated other comprehensive income (loss)
Foreign currency translation adjustment	(11.9)							(11.9)
Current period cash flow hedging activity	(6.2)								(6.2)
Current period pension adjustment, net	14.2									14.2
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(3.9)	(3.9)
Reclassification of hedging activities into earnings, net	2.8								2.8
Reclassification of pension into earnings	5.1									5.1
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	7.9	7.9
Noncontrolling Interests
Net loss	0.2										0.2
Balance at Dec. 31, 2013	450.9	449.8	0.1	0.1	(3.4)	320.6	188.4	1.3	(1.9)	(55.4)	1.1
Stock-based Compensation
Stock-based compensation	6.0	6.0				6.0
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0	0.0			2.5	(2.5)
Treasury Stock Transactions
Treasury Stock, Value, Acquired, Cost Method	(48.2)	(48.2)			(48.2)
Retained Earnings
Net income	109.8	109.8					109.8
Cash dividends:
Dividends, Common Stock, Cash	(17.8)	(17.8)					(17.8)
Accumulated other comprehensive income (loss)
Foreign currency translation adjustment	(41.7)							(41.7)
Current period cash flow hedging activity	(3.8)								(3.8)
Current period pension adjustment, net	(7.0)									(7.0)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(52.5)	(52.5)
Reclassification of hedging activities into earnings, net	3.7								3.7
Reclassification of pension into earnings	3.7									3.7
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	7.4	7.4
Noncontrolling Interests
Net loss	0.4										0.4
Balance at Dec. 31, 2014	456.0	454.5	0.1	0.1	(49.1)	324.1	280.4	(40.4)	(2.0)	(58.7)	1.5
Stock-based Compensation
Stock-based compensation	2.9	2.9				2.9
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0	0.0			6.7	(6.7)
Treasury Stock Transactions
Treasury Stock, Value, Acquired, Cost Method	(0.1)	(0.1)			(0.1)
Retained Earnings
Net income	74.7	74.7					74.7
Cash dividends:
Dividends, Common Stock, Cash	(18.4)	(18.4)					(18.4)
Accumulated other comprehensive income (loss)
Foreign currency translation adjustment	(49.7)							(49.7)
Current period cash flow hedging activity	(4.7)								(4.7)
Current period pension adjustment, net	(3.4)									(3.4)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(57.8)	(57.8)
Reclassification of hedging activities into earnings, net	2.7								2.7
Reclassification of pension into earnings	2.3									2.3
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5.0	5.0
Noncontrolling Interests
Net loss	0.4										0.4
Balance at Dec. 31, 2015	$ 462.7	$ 460.8	$ 0.1	$ 0.1	$ (42.5)	$ 320.3	$ 336.7	$ (90.1)	$ (4.0)	$ (59.8)	$ 1.9

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Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash dividends on Class A and Class B common stock	$ 1.130	$ 1.075	$ 1.000

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Principles of Consolidation

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure

Principles of Consolidation and Nature of Operations

The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and its majority-owned U.S. and non-U.S. subsidiaries (“Hyster-Yale” or the “Company”). Shanghai Hyster Forklift Ltd., a 75% owned joint venture in China, is included in the consolidated financial statements. All significant intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), formerly known as NACCO Materials Handling Group, Inc., designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster^® and Yale^® brand names, mainly to independent Hyster^® and Yale^® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam, Brazil and China. The sale of service parts represents approximately 13% of total revenues as reported for each of 2015, 2014 and 2013.

On December 18, 2014, the Company acquired Nuvera Fuel Cells, Inc. ("Nuvera"). Nuvera is an alternative-power technology company focused on fuel-cell stacks and related systems. Nuvera is also focused on supporting on-site hydrogen production and dispensing systems that are designated to deliver clean energy solutions to customers. 

Investments in Sumitomo-NACCO Materials Handling Company, Ltd. (“SN”), a 50% owned joint venture, and NMHG Financial Services, Inc. (“NFS”), a 20% owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. NFS is a joint venture with General Electric Capital Corporation (“GECC”), formed primarily for the purpose of providing financial services to independent Hyster^® and Yale^® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other income (expense)” portion of the Consolidated Statements of Operations.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Use of Estimates:  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents:  Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less.

Accounts Receivable, Net of Allowances:  Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur.

Self-insurance Liabilities:  The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term.

Revenue Recognition:  Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For National Account customers, revenue is recognized upon customer acceptance.

Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on the Company’s historical experience, a portion of these aftermarket parts sold is estimated to be returned and, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company’s dealers.

The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized.

Advertising Costs:  Advertising costs are expensed as incurred. Total advertising expense was $11.7 million, $11.9 million and $13.7 million in 2015, 2014 and 2013, respectively.

Product Development Costs:  Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $88.3 million, $71.4 million and $69.2 million in 2015, 2014 and 2013, respectively.

Shipping and Handling Costs:  Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included on the line “Cost of sales” within the Consolidated Statements of Operations.

Taxes Collected from Customers and Remitted to Governmental Authorities:  The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as an asset or liability until received by or remitted to the respective taxing authority.

Foreign Currency:  Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year.

Reclassification:  Certain amounts in the prior period’s audited consolidated financial statements have been reclassified to conform to the current period’s presentation.

The Company adopted Accounting Standard Update ("ASU") No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes, which is reflected in the accompanying Consolidated Balance Sheets. The provisions were adopted retrospectively to simplify the presentation of deferred tax assets and liabilities. The Company previously presented current deferred income tax assets of $20.8 million, long-term deferred income tax assets of $11.4 million and current deferred income tax liabilities of $0.7 million in the line "Other current liabilities" as of December 31, 2014 in the Consolidated Balance Sheets of the Company's 2014 Annual Report on Form 10-K. Based on the new accounting guidance, all deferred tax amounts are classified as long-term.

The following table includes other significant accounting policies that are described in other notes to the consolidated financial statements, including the footnote number:

Significant Accounting Policy	Note
Reportable segments	Business Segments (Note 3)
Stock-based compensation	Common Stock and Earnings per Share (Note 5)
Income taxes	Income Taxes (Note 6)
Derivatives and hedging activities	Financial Instruments and Derivative Financial Instruments (Note 8)
Fair value of financial instruments	Financial Instruments and Derivative Financial Instruments (Note 8)  and Retirement Benefit Plans (Note 9)
Pension	Retirement Benefit Plans (Note 9)
Inventories	Inventories (Note 10)
Property, plant and equipment	Property, Plant and Equipment, Net (Note 11)
Impairment or disposal of long-lived assets	Property, Plant and Equipment, Net (Note 11)
Contingencies	Contingencies (Note 15)

Recently Issued Accounting Standards

The following table provides a brief description of recent accounting pronouncements adopted during 2015. Other than noted above, the adoption of these standards did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

Standard	Description
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity	The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting.
ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes	The guidance simplifies the presentation of deferred income taxes to require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. See "Reclassification."

The following table provides a brief description of recent accounting pronouncements not yet adopted in 2015:

Standard	Description	Date of Adoption	Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)	The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.	January 1, 2018	The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern	The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued.	December 31, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs	The guidance is intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement	The guidance clarifies the accounting for cloud computing arrangements including a software license and cloud computing arrangements that do not include a software license that should be accounted for as a service contract.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory	The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.	January 1, 2018	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

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Business Segments

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Business Segments

Business Segments

The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. See Note 1 for a discussion of the Company’s forklift truck product lines.

On December 18, 2014, the Company acquired Nuvera, which is reported as a separate segment. The results of Nuvera have been included in the Company's consolidated financial statements since the date of acquisition. In addition, during the year ended December 31, 2015, Nuvera recorded income of $0.9 million, which was recognized in the line "Selling, general and administrative expenses" in the Consolidated Statement of Operations, related to an adjustment of contingent consideration from the acquisition.

Financial information for each of the reportable segments is presented in the following table. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.

	2015			2014			2013
Revenues from external customers
Americas	$	1,775.5		$	1,866.9		$	1,762.3
EMEA	606.4			686.3			695.4
JAPIC	193.7			214.0			208.6
Lift truck business	2,575.6			2,767.2			2,666.3
Nuvera	2.5			—			—
Total	$	2,578.1		$	2,767.2		$	2,666.3
Gross profit (loss)
Americas	$	308.1		$	301.3		$	318.1
EMEA	101.3			122.3			115.4
JAPIC	23.2			24.1			27.5
Lift truck business	432.6			447.7			461.0
Nuvera	(1.8		)	—			—
Total	$	430.8		$	447.7		$	461.0
Selling, general and administrative expenses
Americas	$	191.2		$	194.1		$	210.4
EMEA	88.3			96.2			91.6
JAPIC	25.0			24.2			24.8
Lift truck business	304.5			314.5			326.8
Nuvera	22.8			2.2			—
Total	$	327.3		$	316.7		$	326.8
Operating profit (loss)
Americas	$	116.9		$	124.9		$	107.8
EMEA	13.0			26.2			23.8
JAPIC	(1.8		)	(0.1		)	2.7
Lift truck business	128.1			151.0			134.3
Nuvera	(24.6		)	(2.2		)	—
Total	$	103.5		$	148.8		$	134.3
Interest expense
Americas	$	4.4		$	3.3		$	8.1
EMEA	0.1			0.1			0.3
JAPIC	0.2			0.5			0.6
Total	$	4.7		$	3.9		$	9.0
Interest income
Americas	$	(1.0	)	$	(1.0	)	$	(1.6	)
EMEA	(0.3		)	—			—
JAPIC	(0.2		)	(0.1		)	(0.2		)
Total	$	(1.5	)	$	(1.1	)	$	(1.8	)

	2015			2014			2013
Other (income) expense
Americas	$	(2.7	)	$	(3.4	)	$	(0.2	)
EMEA	1.0			1.6			1.5
JAPIC	(2.5		)	(2.3		)	(1.6		)
Total	$	(4.2	)	$	(4.1	)	$	(0.3	)
Income tax provision (benefit)
Americas	$	39.9		$	37.4		$	28.9
EMEA	1.6			4.0			(11.8		)
JAPIC	(2.1		)	(0.7		)	0.1
Lift truck business	39.4			40.7			17.2
Nuvera	(10.0		)	(0.8		)	—
Total	$	29.4		$	39.9		$	17.2
Net income (loss) attributable to stockholders
Americas	$	76.3		$	88.6		$	72.6
EMEA	10.6			20.5			33.8
JAPIC	2.4			2.1			3.6
Lift truck business	89.3			111.2			110.0
Nuvera	(14.6		)	(1.4		)	—
Total	$	74.7		$	109.8		$	110.0
Total assets
Americas	$	680.7		$	638.1		$	654.3
EMEA	412.0			439.4			520.0
JAPIC	140.6			170.3			179.5
Eliminations	(154.8		)	(144.0		)	(192.5		)
Lift truck business	1,078.5			1,103.8			1,161.3
Nuvera	17.4			17.0			—
Total	$	1,095.9		$	1,120.8		$	1,161.3
Depreciation and amortization
Americas	$	16.2		$	16.6		$	17.4
EMEA	5.9			6.3			6.2
JAPIC	5.2			6.7			6.6
Lift truck business	27.3			29.6			30.2
Nuvera	1.6			0.1			—
Total	$	28.9		$	29.7		$	30.2
Capital expenditures
Americas	$	33.5		$	34.0		$	24.8
EMEA	8.7			11.9			9.8
JAPIC	1.7			2.6			1.9
Lift truck business	43.9			48.5			36.5
Nuvera	2.7			—			—
Total	$	46.6		$	48.5		$	36.5

	2015		2014		2013
Cash
Americas	$	54.2	$	26.8	$	53.1
EMEA	82.2		69.9		103.6
JAPIC	18.5		13.6		19.0
Lift truck business	154.9		110.3		175.7
Nuvera	0.2		1.1		—
Total	$	155.1	$	111.4	$	175.7

Data by Geographic Region

No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions.In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.

	United States		Europe, Africa and Middle East		Other		Consolidated
2015
Revenues from unaffiliated customers, based on the customers’ location	$	1,575.2	$	606.5	$	396.4	$	2,578.1
Long-lived assets	$	126.2	$	39.4	$	61.8	$	227.4
2014
Revenues from unaffiliated customers, based on the customers’ location	$	1,458.8	$	686.4	$	622.0	$	2,767.2
Long-lived assets	$	115.1	$	40.8	$	63.5	$	219.4
2013
Revenues from unaffiliated customers, based on the customers’ location	$	1,338.7	$	695.5	$	632.1	$	2,666.3
Long-lived assets	$	99.5	$	40.0	$	61.4	$	200.9

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Quarterly Results of Operations

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)

A summary of the unaudited results of operations for the year ended December 31 is as follows:

	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	622.3	$	658.7	$	652.1	$	645.0
Gross profit	$	102.9	$	110.6	$	106.7	$	110.6
Operating profit	$	21.0	$	27.3	$	29.0	$	26.2
Net income	$	14.0	$	22.8	$	21.0	$	17.3
Net income attributable to stockholders	$	13.9	$	22.7	$	20.9	$	17.2
Basic earnings per share	$	0.85	$	1.39	$	1.28	$	1.05
Diluted earnings per share	$	0.85	$	1.39	$	1.28	$	1.05

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	676.0	$	684.7	$	695.8	$	710.7
Gross profit	$	111.7	$	107.3	$	111.3	$	117.4
Operating profit	$	31.6	$	47.7	$	36.3	$	33.2
Net income	$	22.1	$	33.0	$	28.5	$	26.6
Net income attributable to stockholders	$	22.1	$	32.9	$	28.4	$	26.4
Basic earnings per share	$	1.32	$	1.96	$	1.71	$	1.62
Diluted earnings per share	$	1.31	$	1.95	$	1.70	$	1.61

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Common Stock and Earnings per Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Common Stock and Earnings Per Share

Common Stock and Earnings per Share

The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2015 was 125 million shares and 35 million shares, respectively. Treasury shares of Class A common stock totaling 564,291 and 646,877 at December 31, 2015 and 2014, respectively, have been deducted from shares outstanding.

Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 49,185, 70,024 and 149,655 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 553,394 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $1.9 million ($1.2 million net of tax), $5.2 million ($3.2 million net of tax) and $13.5 million ($8.8 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2015, $94,000 of each non-employee director's retainer of $150,000 was paid in restricted shares of Class A common stock. For the years ended December 31, 2014 and 2013, $69,000 of $125,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 13,683, 8,220 and 8,762 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 2,150, 1,572 and 1,000 in 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 61,381 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.0 million ($0.6 million net of tax), $0.8 million ($0.5 million net of tax) and $0.7 million ($0.5 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock.

Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows:

	2015		2014		2013
Basic weighted average shares outstanding	16.307		16.607		16.725
Dilutive effect of restricted stock awards	0.048		0.068		0.083
Diluted weighted average shares outstanding	16.355		16.675		16.808
Basic earnings per share	$	4.58	$	6.61	$	6.58
Diluted earnings per share	$	4.57	$	6.58	$	6.54

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Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of income before income taxes and provision for income taxes for the years ended December 31 are as follows:

	2015			2014			2013
Income before income taxes
U.S.	$	71.2		$	69.1		$	64.9
Non-U.S.	33.3			81.0			62.5
	$	104.5		$	150.1		$	127.4
Income tax provision
Current tax provision:
Federal	$	22.1		$	25.0		$	19.7
State	3.4			2.6			2.0
Non-U.S.	5.3			10.5			5.1
Total current	$	30.8		$	38.1		$	26.8
Deferred tax provision (benefit):
Federal	$	(0.4	)	$	(3.3	)	$	(0.4	)
State	1.2			0.7			0.9
Non-U.S.	(2.2		)	4.4			(10.1		)
Total deferred	$	(1.4	)	$	1.8		$	(9.6	)
	$	29.4		$	39.9		$	17.2

The Company made income tax payments of $32.7 million, $34.7 million and $38.1 million during 2015, 2014 and 2013, respectively. The Company received income tax refunds of $0.2 million, $1.2 million and $3.4 million during 2015, 2014 and 2013, respectively.

A reconciliation of the federal statutory and effective income tax rate for the year ended December 31 is as follows:

	2015			2014			2013
Income before income taxes	$	104.5		$	150.1		$	127.4
Statutory taxes at 35.0%	$	36.6		$	52.5		$	44.6
Valuation allowance	5.9			(1.5		)	(12.1		)
Non-U.S. rate differences	(14.2		)	(10.6		)	(11.4		)
Equity interest earnings	(1.9		)	(1.7		)	(1.2		)
Unremitted Non-U.S. earnings	0.1			0.1			(1.2		)
R&D and other federal credits	(1.7		)	(0.9		)	(2.4		)
State income taxes	4.1			2.7			2.0
Tax controversy resolution	(0.2		)	(0.5		)	(1.8		)
Other	0.7			(0.2		)	0.7
Income tax provision	$	29.4		$	39.9		$	17.2
Effective income tax rate	28.1		%	26.6		%	13.5		%

As of December 31, 2015, the cumulative unremitted earnings of the Company's non-U.S. subsidiaries are approximately $290 million. The Company repatriated earnings of its European subsidiaries of $23.6 million, $20.3 million and $30.0 million during 2015, 2014 and 2013, respectively. The Company estimates that approximately $40 million to $50 million of its unremitted non-U.S. earnings may be repatriated in the foreseeable future. As a result of this determination, the Company has provided a deferred tax liability with respect to these earnings of $4.7 million at December 31, 2015. The Company has continued to conclude that predominantly all remaining non-U.S. earnings in excess of this amount will be indefinitely reinvested in its non-U.S. operations and, therefore, the recording of deferred tax liabilities for such unremitted earnings is not required. It is impracticable to determine the total amount of unrecognized deferred taxes with respect to these permanently reinvested earnings; however, non-U.S. tax credits would be available to partially reduce U.S. income taxes in the event of a distribution.

A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows:

	December 31
	2015		2014
Deferred tax assets
Accrued expenses and reserves	$	17.4	$	15.9
Accrued product liability	8.7		9.3
Product warranties	15.8		12.5
Accrued pension benefits	6.4		6.9
Tax attribute carryforwards	27.1		25.3
Other employee benefits	5.7		8.4
Other	2.5		2.2
Total deferred tax assets	83.6		80.5
Less: Valuation allowance	28.6		26.9
	55.0		53.6
Deferred tax liabilities
Depreciation and amortization	8.9		8.8
Inventories	8.7		7.6
Unremitted earnings	4.7		5.7
Total deferred tax liabilities	22.3		22.1
Net deferred tax asset	$	32.7	$	31.5

The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:

	December 31, 2015
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	19.1	$	14.7	2016-Indefinite
State net operating losses and credits	1.9		0.9		2016-2030
Non-U.S. Capital losses	6.1		6.1		2016-Indefinite
Total	$	27.1	$	21.7

	December 31, 2014
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	14.9	$	13.4	2015-Indefinite
State net operating losses and credits	3.7		1.4		2015-2030
Non-U.S. Capital losses	6.7		6.7		2015-Indefinite
Total	$	25.3	$	21.5

The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company’s European operations. Accordingly, the Company released $12.8 million of its United Kingdom valuation allowance during 2013.

During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing capacity to more appropriate levels, coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real have caused the Company to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil as a discrete tax adjustment. The Company also recognized $5.6 million of valuation allowance related to the 2015 pre-tax loss in Brazil included in its effective tax rate.

During 2015, the Company came to a tentative agreement in negotiating an Advance Pricing Agreement with the Australian Tax Authority that will cover the next five years. As a result of these discussions, the Company believes that it is more likely than not that deferred tax assets in the amount of $4.4 million will be utilized in the foreseeable future, as such, this portion of the Australian valuation allowance previously applied against the Company’s Australian deferred tax assets, has been released.

The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses that comprise a substantial portion of the Australian and Brazilian deferred tax assets do not expire under local law.

During 2015 and 2014, the net valuation allowance provided against certain deferred tax assets increased by $1.7 million and decreased by $4.8 million, respectively. The change in the total valuation allowance in 2015 and 2014 included a net increase in tax expense of $5.9 million and decrease of $1.5 million, respectively, a net change in the overall U.S. dollar value of valuation allowances previously recorded in non-U.S. currencies and amounts recorded directly in equity of a net decrease of $4.2 million and $2.2 million in 2015 and 2014, respectively, and a net decrease of $1.1 million for the expiration of valued state capital losses in 2014.

Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate. At December 31, 2015, the Company had gross net operating loss carryforwards in non-U.S. jurisdictions of $65.3 million and U.S. state jurisdictions of $18.7 million.

The tax returns of the Company and certain of its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations.

The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2015, 2014 and 2013. Approximately $3.8 million, $4.2 million and $5.2 million of these amounts as of December 31, 2015, 2014 and 2013, respectively, relate to permanent items that, if recognized, would impact the effective income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below for 2014 and 2013 due to the decrease in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.

	2015			2014			2013
Balance at January 1	$	4.3		$	5.3		$	6.8
Additions for tax positions of prior years	0.1			—			0.1
Additions based on tax positions related to the current year	0.7			0.9			0.9
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations	(1.1		)	(1.6		)	(2.7		)
Other changes in unrecognized tax benefits including foreign currency translation adjustments	(0.2		)	(0.3		)	0.2
Balance at December 31	$	3.8		$	4.3		$	5.3

The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net increase of $0.1 million during 2015 and a net decrease of $0.1 million during 2014 and 2013 in interest and penalties, respectively. The total amount of interest and penalties accrued was $0.3 million, $0.2 million and $0.3 million as of December 31, 2015, 2014 and 2013, respectively.

The Company expects the amount of unrecognized tax benefits will change within the next twelve months; however, the change in unrecognized tax benefits, which is reasonably possible within the next twelve months, is not expected to have a significant effect on the Company's financial position or results of operations. It is reasonably possible the Company will record unrecognized tax benefits within the next twelve months in the range of zero to $1.0 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the quarter in which the items are effectively settled.

In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the U.S. federal tax returns for all the years prior to 2013 have been settled with the Internal Revenue Service or otherwise have closed under the applicable statute of limitations. The Company is currently under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.

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Reclassification from AOCI

12 Months Ended

Dec. 31, 2015

Reclassifications Out of Accumulated Comprehensive Income (Loss) [Text Block]

Reclassifications from OCI

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations:

Details about OCI Components	Amount Reclassified from OCI									Affected Line Item in the Statement Where Net Income Is Presented
	2015			2014			2013
Gain (loss) on cash flow hedges:
Interest rate contracts	$	—		$	0.8		$	—		Other
Foreign exchange contracts	(8.7		)	(7.0		)	(1.3		)	Cost of sales
Total before tax	(8.7		)	(6.2		)	(1.3		)	Income before income taxes
Tax (expense) benefit	6.0			2.5			(1.5		)	Income tax provision
Net of tax	$	(2.7	)	$	(3.7	)	$	(2.8	)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(3.5	)	$	(5.5	)	$	(6.2	)	(a)
Prior service (cost) credit	0.3			0.3			(0.5		)	(a)
Transition liability	—			—			(0.1		)	(a)
Total before tax	(3.2		)	(5.2		)	(6.8		)	Income before income taxes
Tax benefit	0.9			1.5			1.7			Income tax provision
Net of tax	$	(2.3	)	$	(3.7	)	$	(5.1	)	Net income
Total reclassifications for the period	$	(5.0	)	$	(7.4	)	$	(7.9	)

(a) These OCI components are included in the computation of net pension cost (see Note 9 for additional details).

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Financial Instruments and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Derivative Financial Instruments

Financial Instruments and Derivative Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding capital leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At December 31, 2015, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $32.1 million. At December 31, 2014, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding capital leases, was $19.2 million.

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. The large number of customers comprising the Company’s customer base and their dispersion across many different industries and geographies mitigates concentration of credit risk on accounts receivable. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, but does not generally require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution.

Derivative Financial Instruments

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs, which is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates the yield curves, foreign currency spot rates and foreign currency forward rates to value its derivatives, including its interest rate swap agreements and foreign currency exchange contracts, and also incorporates the effect of its Company and counterparty credit risk into the valuation.

Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward non-U.S. currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes.

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.

Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

The Company has interest rate swap agreements that do not meet the criteria for hedge accounting. The terms of the interest rate swap agreements require the Company to receive a variable interest rate based upon the three-month LIBOR and pay a fixed interest rate. Changes in the fair value of interest rate swap agreements are immediately recognized in earnings and included on the line “Other” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.

Forward foreign currency exchange contracts held by the Company which qualified as hedges have been designated as hedges of forecasted cash flows.

Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

Foreign Currency Derivatives:  The Company held forward foreign currency exchange contracts with a total notional amount of $634.7 million at December 31, 2015, primarily denominated in euros, Japanese yen, Swedish kroner, Mexican pesos, British pounds and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $510.8 million at December 31, 2014, primarily denominated in euros, Japanese yen, Swedish kroner, British pounds, Mexican pesos and Australian dollars. The fair value of these contracts approximated a net liability of $8.8 million and $5.6 million at December 31, 2015 and 2014, respectively.

For the years ended December 31, 2015 and 2014, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2015, $5.8 million of the amount of net deferred loss included in OCI at December 31, 2015 is expected to be reclassified as a loss into the Consolidated Statements of Operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: During the second quarter of 2014, the Company determined that the hedged forecasted transactions associated with its interest rate swap agreements were probable of not occurring. As such, the Company recognized a gain of $0.8 million in the second quarter of 2014 related to the ineffectiveness of these contracts, which began on December 31, 2014 and extend to December 31, 2018, for a notional amount of $100.0 million. Any additional changes in the fair value of these interest rate swap agreements are immediately recognized in earnings. Amounts related to interest rate swap agreements are recorded in the Consolidated Statements of Operations on the line “Other.” The fair value of interest rate swap agreements was a net liability of $0.3 million and a net asset of $0.3 million at December 31, 2015 and 2014, respectively.

The following table summarizes the fair value of derivative instruments at December 31 as recorded in the Consolidated Balance Sheets:

	Asset Derivatives					Liability Derivatives
	Balance sheet location	2015		2014		Balance sheet location	2015		2014
Derivatives designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	$	2.5	$	4.6	Prepaid expenses and other	$	0.6	$	2.4
	Other current liabilities	3.2		3.5		Other current liabilities	10.9		8.8
Long-Term	Other non-current assets	—		0.9		Other long-term liabilities	2.1		3.1
Total derivatives designated as hedging instruments		$	5.7	$	9.0		$	13.6	$	14.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	0.6	$	1.0
Long-term	Other non-current assets	0.3		1.3		Other long-term liabilities	—		—
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.1		4.3		Prepaid expenses and other	0.3		2.7
	Other current liabilities	1.9		0.6		Other current liabilities	3.6		2.5
Total derivatives not designated as hedging instruments		$	3.3	$	6.2		$	4.5	$	6.2
Total derivatives		$	9.0	$	15.2		$	18.1	$	20.5

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2015 and 2014 as recorded in the Consolidated Balance Sheets:

	Derivative Assets as of December 31, 2015									Derivative Liabilities as of December 31, 2015
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	0.3	$	(0.3	)	$	—	$	—	$	0.6	$	(0.3	)	$	0.3	$	0.3
Foreign currency exchange contracts	2.7		(2.7		)	—		—		11.5		(2.7		)	8.8		8.8
Total derivatives	$	3.0	$	(3.0	)	$	—	$	—	$	12.1	$	(3.0	)	$	9.1	$	9.1
	Derivative Assets as of December 31, 2014									Derivative Liabilities as of December 31, 2014
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	1.3	$	(1.0	)	$	0.3	$	0.3	$	1.0	$	(1.0	)	$	—	$	—
Foreign currency exchange contracts	4.7		(4.7		)	—		—		10.3		(4.7		)	5.6		5.6
Total derivatives	$	6.0	$	(5.7	)	$	0.3	$	0.3	$	11.3	$	(5.7	)	$	5.6	$	5.6

The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)									Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014			2013				2015			2014			2013				2015			2014			2013
Cash Flow Hedges
Interest rate swap agreements	$	—		$	(1.6	)	$	2.8		Interest expense	$	—		$	—		$	—		Other	$	—		$	0.8		$	—
Foreign currency exchange contracts	(11.1		)	(8.6		)	(9.3		)	Cost of sales	(8.7		)	(7.0		)	(1.3		)	Cost of sales	0.1			—			—
	(11.1		)	(10.2		)	(6.5		)		(8.7		)	(7.0		)	(1.3		)		0.1			0.8			—
Net Investment Hedges
Foreign currency exchange contracts	—			0.4			(0.8		)	Cost of sales	—			—			—			N/A	—			—			—
Total	$	(11.1	)	$	(9.8	)	$	(7.3	)		$	(8.7	)	$	(7.0	)	$	(1.3	)		$	0.1		$	0.8		$	—
Derivatives Not Designated as Hedging Instruments														Location of Gain or (Loss) Recognized in Income on Derivative							Amount of Gain or (Loss) Recognized in Income on Derivative
																					2015			2014			2013
Cash flow hedges
Interest rate swap agreements														Other							$	(0.5	)	$	(0.6	)	$	(0.1	)
Foreign currency exchange contracts														Cost of sales							0.3			(6.8		)	(1.9		)
Total																					$	(0.2	)	$	(7.4	)	$	(2.0	)

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Retirement Benefit Plans

12 Months Ended

Dec. 31, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

Defined Benefit Plans:  The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

During the third quarter of 2015, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2015 using a discount rate of 4.00%. An additional $0.1 million of a settlement loss was recognized for lump-sum distributions occurring during the fourth quarter of 2015 using a discount rate of 4.00%.

During the fourth quarter of 2014, the Company recognized a settlement loss of $2.6 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for both of its U.S. pension plans.

During the third quarter of 2013, the Company recognized a settlement loss of $1.2 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for one of its U.S. pension plans. The Company remeasured the plan as of September 30, 2013 using a discount rate of 4.30%. An additional $0.4 million of a settlement loss was recognized for lump-sum distributions occurring during the fourth quarter of 2013 using a discount rate of 4.40%.

The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:

	2015	2014	2013
United States Plans
Weighted average discount rates	4.00%	3.65%	4.40%
Expected long-term rate of return on assets	7.50%	7.75%	7.75%
Non-U.S. Plans
Weighted average discount rates	2.10% - 3.70%	1.80% - 3.60%	3.50% - 4.40%
Rate of increase in compensation levels	2.00% - 2.50%	2.00% - 2.50%	2.50% - 3.60%
Expected long-term rate of return on assets	3.00% - 7.00%	3.00% - 7.25%	3.50% - 7.50%

Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year.

Set forth below is a detail of the net periodic pension expense for the defined benefit plans for the years ended December 31:

	2015			2014			2013
United States Plans
Service cost	$	—		$	—		$	—
Interest cost	2.9			3.4			3.2
Expected return on plan assets	(5.5		)	(5.7		)	(5.5		)
Amortization of actuarial loss	1.5			1.5			2.0
Amortization of prior service credit	(0.3		)	(0.3		)	(0.3		)
Settlements	1.3			2.6			1.6
Net periodic pension expense	$	(0.1	)	$	1.5		$	1.0
Non-U.S. Plans
Service cost	$	0.2		$	2.2		$	2.9
Interest cost	5.6			6.9			6.6
Expected return on plan assets	(9.6		)	(10.3		)	(8.9		)
Amortization of actuarial loss	2.0			4.0			4.2
Amortization of prior service cost (credit)	—			—			0.8
Amortization of transition liability	—			—			0.1
Net periodic pension expense	$	(1.8	)	$	2.8		$	5.7

Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31:

	2015			2014			2013
United States Plans
Current year actuarial (gain) loss	$	4.3		$	8.4		$	(13.9	)
Amortization of actuarial loss	(1.5		)	(1.5		)	(2.0		)
Amortization of prior service credit	0.3			0.3			0.3
Settlements	(1.3		)	(2.6		)	(1.6		)
Total recognized in other comprehensive income (loss)	$	1.8		$	4.6		$	(17.2	)
Non-U.S. Plans
Current year actuarial (gain) loss	$	2.0		$	10.7		$	(6.5	)
Amortization of actuarial loss	(2.0		)	(4.0		)	(4.2		)
Current year prior service cost	(0.1		)	—			0.7
Amortization of prior service (cost) credit	—			—			(0.8		)
Amortization of transition liability	—			—			(0.1		)
Curtailments	—			(5.9		)	—
Total recognized in other comprehensive income (loss)	$	(0.1	)	$	0.8		$	(10.9	)

The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:

	2015						2014
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Change in benefit obligation
Projected benefit obligation at beginning of year	$	83.4		$	170.8		$	80.8		$	168.3
Service cost	—			0.2			—			2.2
Interest cost	2.9			5.6			3.4			6.9
Actuarial (gain) loss	(1.4		)	(4.6		)	8.4			16.7
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Employee contributions	—			0.1			—			0.6
Curtailments	—			—			—			(5.9		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(9.1		)	—			(11.5		)
Projected benefit obligation at end of year	$	77.3		$	156.1		$	83.4		$	170.8
Accumulated benefit obligation at end of year	$	77.3		$	155.6		$	83.4		$	163.1
Change in plan assets
Fair value of plan assets at beginning of year	$	76.3		$	155.9		$	79.7		$	148.0
Actual return on plan assets	(0.3		)	2.9			5.8			16.2
Employer contributions	—			0.8			—			8.1
Employee contributions	—			0.1			—			0.6
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(8.1		)	—			(10.5		)
Fair value of plan assets at end of year	$	68.4		$	144.7		$	76.3		$	155.9
Funded status at end of year	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent liabilities	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Components of accumulated other comprehensive income (loss) consist of:
Actuarial loss	$	43.6		$	40.8		$	42.1		$	43.2
Prior service credit	(0.9		)	(0.1		)	(1.2		)	(0.1		)
Deferred taxes	(14.6		)	(6.2		)	(13.9		)	(7.7		)
Change in statutory tax rate	(1.2		)	(1.5		)	(1.2		)	(0.9		)
Foreign currency translation adjustment	—			(0.1		)	—			(1.6		)
	$	26.9		$	32.9		$	25.8		$	32.9

The projected benefit obligation included in the table above represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases.

Expected amortization of amounts included in accumulated other comprehensive income (loss) to be recognized in net periodic benefit cost in 2016 are:

	Amount			Net of tax
Actuarial loss	$	2.8		$	1.8
Prior service credit	$	(0.3	)	$	(0.2	)

The Company expects to contribute $3.4 million to its non-U.S. pension plans in 2016. The Company does not expect to contribute to its U.S. pension plans in 2016.

Pension benefit payments are made from assets of the pension plans. Future pension benefit payments expected to be paid from assets of the pension plans are:

	U.S. Plans		Non-U.S. Plans
2016	$	6.3	$	6.8
2017	6.2		6.9
2018	6.0		7.1
2019	6.0		7.3
2020	5.8		7.4
2021 - 2025	27.0		39.1
	$	57.3	$	74.6

The expected long-term rate of return on defined benefit plan assets reflects management’s expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. The Company has established the expected long-term rate of return assumption for plan assets by considering the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes.

Expected returns for most of the Company's pension plans are based on a calculated market-related value of assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company’s expected returns are recognized in the market-related value of assets ratably over three years.

The pension plans maintain an investment policy that, among other things, establishes a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policy provides that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands.

The following is the actual allocation percentage and target allocation percentage for the Company's U.S. pension plan assets at December 31:

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.S. equity securities	51.9%	51.5%	41.0% - 62.0%
Non-U.S. equity securities	12.4%	12.3%	10.0% - 16.0%
Fixed income securities	35.1%	34.8%	30.0% - 40.0%
Money market	0.6%	1.5%	0.0% - 10.0%

The following is the actual allocation percentage and target allocation percentage for the Company's U.K. pension plan assets at December 31:

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.K. equity securities	21.2%	21.1%	19.5% - 22.5%
Non-U.K. equity securities	48.3%	48.6%	35.5% - 62.5%
Fixed income securities	30.5%	30.3%	25.5% - 34.5%

The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations.

The defined benefit pension plans do not have any direct ownership of Hyster-Yale common stock.

The fair value of each major category of U.S. plan assets for the Company’s pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. Following are the values as of December 31:

	Level 1				Level 2
	2015		2014		2015		2014
U.S. equity securities	$	35.5	$	39.3	$	21.1	$	24.1
U.K. equity securities	—		—		28.1		30.0
Non-U.S., non-U.K. equity securities	8.5		9.4		43.0		45.2
Fixed income securities	24.0		26.5		52.5		56.6
Money market	0.4		1.1		—		—
Total	$	68.4	$	76.3	$	144.7	$	155.9

Defined Contribution Plans: The Company has defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. The Company generally matches employee contributions based on plan provisions. In addition, the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants. Total costs, including Company contributions, for these plans were $23.5 million, $21.6 million and $24.4 million in 2015, 2014 and 2013, respectively.

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Inventories

12 Months Ended

Dec. 31, 2015

Inventory Disclosure [Abstract]

Inventory Disclosure

Inventories

Inventories are stated at the lower of cost or market. Cost is determined under the last-in, first-out (“LIFO”) method primarily for manufactured inventories, including service parts, in the United States. At December 31, 2015 and 2014, 58% and 52%, respectively, of total inventories were determined using the LIFO method.

The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs.

Inventories are summarized as follows:

	December 31
	2015			2014
Finished goods and service parts	$	153.0		$	179.4
Raw materials and work in process	192.0			211.2
Total manufactured inventories	345.0			390.6
LIFO reserve	(40.4		)	(48.1		)
Total inventory	$	304.6		$	342.5

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Property, Plant and Equpment, Net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment Disclosure

Property, Plant and Equipment, Net

Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred.

The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset’s net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Property, plant and equipment, net includes the following:

	December 31
	2015			2014
Land and land improvements	$	19.6		$	19.6
Plant and equipment	569.3			565.1
Property, plant and equipment, at cost	588.9			584.7
Allowances for depreciation and amortization	(404.4		)	(404.9		)
	$	184.5		$	179.8

Total depreciation and amortization expense on property, plant and equipment was $28.9 million, $29.7 million and $30.2 million during 2015, 2014, and 2013, respectively.

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Current and Long-Term Financing

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Current and Long-Term Financing

Current and Long-Term Financing

The following table summarizes available and outstanding borrowings:

	December 31
	2015			2014
Total outstanding borrowings:
Revolving credit agreements	$	—		$	—
Capital lease obligations and other	53.1			31.5
Total debt outstanding	$	53.1		$	31.5
Current portion of borrowings outstanding	$	33.5		$	19.5
Long-term portion of borrowings outstanding	$	19.6		$	12.0
Total available borrowings, net of limitations, under revolving credit agreements	$	242.4		$	254.9
Unused revolving credit agreements	$	242.4		$	254.9
Weighted average stated interest rate on total borrowings	9.1		%	5.9		%

Annual maturities of total debt, excluding capital leases, are as follows:

2016	$	27.5
2017	1.6
2018	1.6
2019	1.4
2020	—
	$	32.1

Interest paid on total debt was $3.6 million, $2.7 million and $7.2 million during 2015, 2014 and 2013, respectively.

The Company has a $220.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in December 2018. There were no borrowings outstanding under the facility at December 31, 2015. The excess availability under the Facility, at December 31, 2015, was $213.3 million, which reflects reductions of $6.7 million for letters of credit. The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions. The obligations under the Facility are generally secured by a lien on the working capital assets of the borrowers in the Facility, which include but are not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Facility was $520 million as of December 31, 2015.

Borrowings bear interest at a floating rate that can be a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, effective December 31, 2015, for U.S. base rate loans and LIBOR loans were 0.50% and 1.50%, respectively. The applicable margins, effective December 31, 2015, for non-U.S. base rate loans and LIBOR loans was 1.50%. The applicable LIBOR interest rates under the Facility on December 31, 2015 were 1.94% and 1.50%, respectively, for the U.S. and non-U.S. facility including the applicable floating rate margin. The Facility also requires the payment of a fee of 0.375% per annum on the unused commitment as of December 31, 2015.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent and less than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At December 31, 2015, the Company was in compliance with the covenants in the Facility.

During 2013, the Company incurred fees and expenses of $2.9 million related to the Facility. These fees were deferred and are being amortized as interest expense over the term of the Facility. The Company recorded a $2.8 million charge in 2013 related to the write-off of deferred financing fees as a result of the repayment of the previous term loan agreement.

The Company had other borrowings outstanding of approximately $32.1 million at December 31, 2015. In addition to the excess availability under the Facility, the Company had remaining availability of $29.1 million related to other non-U.S. revolving credit agreements.

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Leasing Arrangements

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Leasing Arrangements

Leasing Arrangements

The Company leases certain office, manufacturing and warehouse facilities and machinery and equipment under noncancellable capital and operating leases that expire at various dates through 2023. Many leases include renewal and/or fair value purchase options.

Future minimum capital and operating lease payments at December 31, 2015 are:

	Capital Leases		Operating Leases
2016	$	6.4	$	16.4
2017	5.1		12.5
2018	4.1		9.5
2019	2.9		5.9
2020	2.0		3.5
Subsequent to 2020	1.1		3.1
Total minimum lease payments	21.6		$	50.9
Amounts representing interest	0.6
Present value of net minimum lease payments	21.0
Current maturities	6.0
Long-term capital lease obligation	$	15.0

Rental expense for all operating leases was $18.3 million, $18.4 million and $15.3 million for 2015, 2014 and 2013, respectively. The Company also recognized $2.7 million, $5.3 million and $7.2 million for 2015, 2014 and 2013, respectively, in rental income on subleases of equipment. These subleases were primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. The sublease rental income for these lift trucks is included in “Revenues” and the related rent expense is included in “Cost of sales” in the Consolidated Statements of Operations for each period. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2015 are $20.0 million.

Assets recorded under capital leases are included in property, plant and equipment and consist of the following:

	December 31
	2015			2014
Plant and equipment	$	30.6		$	18.8
Less accumulated amortization	(7.4		)	(7.2		)
	$	23.2		$	11.6

Amortization of plant and equipment under capital leases is included in depreciation expense. Capital lease obligations of $15.2 million, $6.5 million and $9.3 million were incurred in connection with lease agreements to acquire plant and equipment during 2015, 2014 and 2013, respectively.

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Product Warranties

12 Months Ended

Dec. 31, 2015

Product Warranties Disclosures [Abstract]

Product Warranties

Product Warranties

The Company provides a standard warranty on its lift trucks, generally for six to twelve months or 1,000 to 2,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately-priced extended warranty agreements that generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

	2015			2014
Balance at January 1	$	51.1		$	45.1
Current year warranty expense	34.7			37.3
Change in estimate related to pre-existing warranties	(3.1		)	(3.6		)
Payments made	(25.8		)	(26.2		)
Foreign currency effect	(1.4		)	(1.5		)
Balance at December 31	$	55.5		$	51.1

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Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

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Guarantees

12 Months Ended

Dec. 31, 2015

Guarantees [Abstract]

Guarantees

Guarantees

Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at December 31, 2015 and 2014 were $168.6 million and $176.1 million, respectively. As of December 31, 2015, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2015 was approximately $211.7 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of December 31, 2015, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with GECC to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $34.8 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $7.8 million as of December 31, 2015. The $34.8 million is included in the $168.6 million of total amounts subject to recourse or repurchase obligations at December 31, 2015.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within GECC may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through NFS. At December 31, 2015, approximately $151.8 million of the Company's total recourse or repurchase obligations of $168.6 million related to transactions with NFS. In connection with the joint venture agreement, the Company also provides a guarantee to GECC for 20% of NFS’ debt with GECC, such that the Company would become liable under the terms of NFS’ debt agreements with GECC in the case of default by NFS. At December 31, 2015, loans from GECC to NFS totaled $755.1 million. Although the Company’s contractual guarantee was $151.0 million, the loans by GECC to NFS are secured by NFS’ customer receivables, of which the Company guarantees $151.8 million. Excluding the NFS receivables guaranteed by the Company from NFS’ loans to GECC, the Company’s incremental obligation as a result of this guarantee to GECC is $126.0 million, which is secured by 20% of NFS' customer receivables and other secured assets of $229.9 million. NFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause NFS to default in future periods.

The following table includes the exposure amounts related to the Company's guarantees at December 31, 2015:

	NFS		Total
Total recourse or repurchase obligations	$	151.8	$	168.6
Less: exposure limited for certain dealers	34.8		34.8
Plus: 7.5% of original loan balance	7.8		7.8
	124.8		141.6
Incremental obligation related to guarantee to GECC	126.0		126.0
Total exposure related to guarantees	$	250.8	$	267.6

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Related Party Transactions

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Equity Investments and Related Party Transactions

The Company maintains an interest in one variable interest entity, NFS. NFS is a joint venture with GECC formed primarily for the purpose of providing financial services to independent Hyster^® and Yale^® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of NFS. Therefore, the Company has concluded that the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in NFS. The Company does not consider its variable interest in NFS to be significant.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with NFS or other unrelated third parties. NFS provides debt financing to dealers and lease financing to both dealers and customers. NFS’ total purchases of Hyster^® and Yale^® lift trucks from dealers, and directly from the Company such that NFS could provide retail lease financing to customers for the years ended December 31, 2015, 2014 and 2013 were $483.2 million, $465.9 million and $417.0 million, respectively. Of these amounts, $78.6 million, $94.6 million and $81.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, were invoiced directly from the Company to NFS so that the customer could obtain operating lease financing from NFS. Amounts receivable from NFS at December 31, 2015 and 2014 were $7.7 million and $7.9 million, respectively.

The Company provides recourse for certain financing provided by NFS to its dealers and customers. In addition, the Company also provides a guarantee to GECC for their portion of NFS' debt. Refer to Note 16 for additional details relating to the guarantees provided to GECC.

In addition to providing financing to dealers, NFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to NFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to NFS under the operating lease agreements were $14.3 million and $13.3 million at December 31, 2015 and 2014, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to NFS. Total subsidies were $2.2 million, $1.9 million and $1.7 million for 2015, 2014 and 2013, respectively.

The Company provides certain services to NFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $14.6 million in 2015, $12.0 million in 2014 and $15.6 million in 2013. In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and will be recognized over the remaining term of the agreement which expires in December 2018.

The Company has a 50% ownership interest in SN, a limited liability company which was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster^®-and Yale^®- branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company’s ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2015, 2014 and 2013, purchases from SN were $57.1 million, $70.7 million and $78.7 million, respectively. Amounts payable to SN at December 31, 2015 and 2014 were $15.8 million and $18.4 million, respectively.

The Company recognized income of $0.3 million, $1.1 million and $1.3 million for payments from SN for use of technology developed by the Company that is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013, respectively.

Summarized unaudited financial information for both equity investments is as follows:

	2015		2014		2013
Statement of Operations
Revenues	$	315.0	$	361.9	$	379.3
Gross profit	$	98.7	$	108.3	$	102.2
Income from continuing operations	$	23.1	$	21.7	$	14.4
Net income	$	23.1	$	21.7	$	14.4
Balance Sheet
Current assets	$	103.2	$	106.3
Non-current assets	$	1,148.0	$	1,163.6
Current liabilities	$	138.0	$	132.5
Non-current liabilities	$	985.1	$	1,010.3

At December 31, 2015 and 2014, the investment in NFS was $14.8 million and $13.5 million, respectively, and the investment in SN was $28.1 million and $26.1 million, respectively. The investments are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets. The Company received dividends of $2.3 million and $6.8 million from NFS in 2015 and 2013, respectively. The Company received dividends of $0.2 million from SN in 2015. No dividends were received from NFS in 2014 and from SN in 2014 and 2013. The Company contributed $0.7 million to NFS in 2014, no contributions were made in 2015 or 2013.

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Other Events and Transactions

12 Months Ended

Dec. 31, 2015

Other Liabilities Disclosure [Text Block]

Other Events and Transactions

In June 2014, NACCO Materials Handling Group Brasil Ltda. (“NMHG Brasil”), an indirect, wholly-owned subsidiary of the Company, completed the sale of real estate and an operating facility to Synergy Empreendimentos E Participacoes Ltda. During the second quarter of 2014, NMHG Brasil received $8.2 million related to the sale and recognized a gain of $17.7 million, which is included on the line “Gain on sale of assets” in the Consolidated Statements of Operations. The proceeds from the sale are included in the Investing Activities section of the Consolidated Statements of Cash Flows and have been used for the construction of a new facility in Brazil. An upfront payment of $9.9 million was received in the second quarter of 2013, when the sale agreement was executed. In addition, $0.8 million was deposited into an escrow account which will be released to NMHG Brasil upon conclusion of certain environmental remediation activities.

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Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On February 14, 2016, Hyster-Yale entered into a Share Purchase Agreement (the “Agreement”) with the shareholders of Penta Holding S.p.A. (“Penta”), pursuant to which the Company or its designee will acquire all of the outstanding shares of Penta for an aggregate cash purchase price of approximately EUR 53.5 million (which is inclusive of the value of the majority stake of Bolzoni S.p.A. (“Bolzoni”) owned by Penta and consideration for the non-compete undertakings of the selling shareholders (the “Sellers”), as well as the other assets and liabilities of Penta) (the “Acquisition”). Penta is the holder of 13,109,066 shares, or approximately 50.4%, of Bolzoni (the "Bolzoni Majority Stake"), which is publicly traded on the STAR segment of the Italian stock exchange, operated and managed by Borsa Italiana S.p.A.

The closing of the Acquisition is expected to occur during the second quarter of 2016, subject to the satisfaction of customary closing conditions. Following the closing, Bolzoni will become a subsidiary of the Company, but is expected to continue to operate as a stand-alone business, with its own management team and board of directors.

Following the closing of the Acquisition, the Company will cause an indirect, wholly-owned subsidiary to launch a mandatory tender offer for all of the remaining outstanding shares of Bolzoni at a cash price of EUR 4.30 per share (which value reflects the valuation of the Bolzoni Majority Stake agreed upon by the Company and the Sellers in the Agreement and which is inclusive of Bolzoni’s 2015 consolidated net income) (the “Tender Offer”). In the event that Bolzoni’s board of directors recommends that a dividend be paid to Bolzoni’s shareholders in connection with approving Bolzoni’s financial statements as of December 31, 2015, depending on the circumstances, the price per Bolzoni share in the Tender Offer may be reduced proportionately. The Company intends to pursue the delisting of Bolzoni following completion of the Tender Offer.

The Acquisition and the Tender Offer are expected to be financed using the Company’s cash on hand and borrowings under the Company’s existing credit facility.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2015

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VALUATION AND QUALIFYING ACCOUNTS

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

YEAR ENDED DECEMBER 31, 2015, 2014 AND 2013

				Additions
Description		Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts — Describe (A)			Deductions — Describe			Balance at End of Period (B)
	(In millions)
2015
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	16.3	$	4.9	$	(2.1	)	$	6.3	(D)	$	12.8
2014
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.4	$	2.1	$	(0.7	)	$	0.5	(D)	$	16.3
2013
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.9	$	3.9	$	0.5		$	4.9	(D)	$	15.4

(A) Foreign currency translation adjustments and other.

(B) Balances which are not required to be presented and those which are immaterial have been omitted.

(C) Includes allowance of receivables classified as long-term of $4.5 million, $5.4 million and $5.2 million in 2015, 2014 and 2013, respectively.

(D) Write-offs, net of recoveries.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Use of Estimates, Policy [Policy Text Block]

Use of Estimates:  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents:  Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Accounts Receivable, Net of Allowances:  Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability of customers to make required payments. These allowances are based on both recent trends of certain customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur.

Liability Reserve Estimate, Policy [Policy Text Block]

Self-insurance Liabilities:  The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition:  Revenues are recognized based upon the terms of contracts with customers, which is generally when title transfers and risk of loss passes as customer orders are completed and shipped. For National Account customers, revenue is recognized upon customer acceptance.

Products generally are not sold with the right of return with the exception of a small percentage of aftermarket parts. Based on the Company’s historical experience, a portion of these aftermarket parts sold is estimated to be returned and, subject to certain terms and conditions, the Company will agree to accept. The Company records estimated reductions to revenues at the time of the sale based upon this historical experience and the limited right of return provided to the Company’s dealers.

The Company also records estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, price competition, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical trends for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained. Additionally, the Company provides for the estimated cost of product warranties at the time revenues are recognized.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs:  Advertising costs are expensed as incurred. Total advertising expense was $11.7 million, $11.9 million and $13.7 million in 2015, 2014 and 2013, respectively.

Research and Development Expense, Policy [Policy Text Block]

Product Development Costs:  Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $88.3 million, $71.4 million and $69.2 million in 2015, 2014 and 2013, respectively.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs:  Shipping and handling costs billed to customers are recognized as revenue and shipping and handling costs incurred by the Company are included on the line “Cost of sales” within the Consolidated Statements of Operations.

Taxes Collected from Customers and Remitted to Governmental Authorities [Policy Text Block]

Taxes Collected from Customers and Remitted to Governmental Authorities:  The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as an asset or liability until received by or remitted to the respective taxing authority.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Currency:  Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year.

Reclassifications [Policy Text Block]

Reclassification:  Certain amounts in the prior period’s audited consolidated financial statements have been reclassified to conform to the current period’s presentation.

New Accounting Pronouncements, Policy [Policy Text Block]

Accounting Standards Adopted in 2015:

ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity: The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting.

ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes: The guidance simplifies the presentation of deferred income taxes to require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. See "Reclassification."

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Accounting Standards Not Yet Adopted:

ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606): The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The pronouncement is effective January 1, 2018. The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.

ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern: The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued. The pronouncement is effective December 31, 2016. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs: The guidance is intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The pronouncement is effective January 1, 2016. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement: The guidance clarifies the accounting for cloud computing arrangements including a software license and cloud computing arrangements that do not include a software license that should be accounted for as a service contract. The pronouncement is effective January 1, 2016. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory: The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The pronouncement is effective January 1, 2016. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities: The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments. The pronouncement is effective January 1, 2016. The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

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Common Stock and Earnings per Share (Policies)

12 Months Ended

Dec. 31, 2015

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) ten years from the award date, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 49,185, 70,024 and 149,655 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 553,394 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $1.9 million ($1.2 million net of tax), $5.2 million ($3.2 million net of tax) and $13.5 million ($8.8 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock.

Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]

The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2015, $94,000 of each non-employee director's retainer of $150,000 was paid in restricted shares of Class A common stock. For the years ended December 31, 2014 and 2013, $69,000 of $125,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 13,683, 8,220 and 8,762 shares related to the years ended December 31, 2015, 2014 and 2013, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 2,150, 1,572 and 1,000 in 2015, 2014 and 2013, respectively. After the issuance of these shares, there were 61,381 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.0 million ($0.6 million net of tax), $0.8 million ($0.5 million net of tax) and $0.7 million ($0.5 million net of tax) for the years ended December 31, 2015, 2014 and 2013, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock.

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Financial Instruments and Derivative Financial Instruments (Policies)

12 Months Ended

Dec. 31, 2015

Derivative [Line Items]

Derivatives, Policy [Policy Text Block]

Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward non-U.S. currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes.

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.

Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales. The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

The Company has interest rate swap agreements that do not meet the criteria for hedge accounting. The terms of the interest rate swap agreements require the Company to receive a variable interest rate based upon the three-month LIBOR and pay a fixed interest rate. Changes in the fair value of interest rate swap agreements are immediately recognized in earnings and included on the line “Other” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.

Forward foreign currency exchange contracts held by the Company which qualified as hedges have been designated as hedges of forecasted cash flows.

Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations.

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Retirement Benefit Plans (Policies)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Financial Instruments, Policy [Policy Text Block]

The fair value of each major category of U.S. plan assets for the Company’s pension plans are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy.

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Inventories (Policies)

12 Months Ended

Dec. 31, 2015

Inventory, Policy [Policy Text Block]

The first-in, first-out (“FIFO”) method is used with respect to all other inventories. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs.

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Property, Plant and Equipment, Net (Policies)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Policy [Policy Text Block]

Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under capital leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

The Company periodically evaluates long-lived assets for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, the Company evaluates the carrying value of the asset by comparing the estimated future undiscounted cash flows generated from the use of the asset and its eventual disposition with the asset’s net carrying value. If the carrying value of an asset is considered impaired, an impairment charge is recorded for the amount that the carrying value of the long-lived asset exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Standard	Description
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity	The guidance changes the criteria for reporting discontinued operations to only those disposals which represent a strategic shift in operations. In addition, the new guidance requires expanded disclosures about discontinued operations, including pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting.
ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes	The guidance simplifies the presentation of deferred income taxes to require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. See "Reclassification."

The following table provides a brief description of recent accounting pronouncements not yet adopted in 2015:

Standard	Description	Date of Adoption	Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606)	The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.	January 1, 2018	The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern	The guidance requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the financial statements are issued.	December 31, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs	The guidance is intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement	The guidance clarifies the accounting for cloud computing arrangements including a software license and cloud computing arrangements that do not include a software license that should be accounted for as a service contract.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory	The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.	January 1, 2016	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.	January 1, 2018	The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.

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Business Segments (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2015		2014		2013
Cash
Americas	$	54.2	$	26.8	$	53.1
EMEA	82.2		69.9		103.6
JAPIC	18.5		13.6		19.0
Lift truck business	154.9		110.3		175.7
Nuvera	0.2		1.1		—
Total	$	155.1	$	111.4	$	175.7

	2015			2014			2013
Revenues from external customers
Americas	$	1,775.5		$	1,866.9		$	1,762.3
EMEA	606.4			686.3			695.4
JAPIC	193.7			214.0			208.6
Lift truck business	2,575.6			2,767.2			2,666.3
Nuvera	2.5			—			—
Total	$	2,578.1		$	2,767.2		$	2,666.3
Gross profit (loss)
Americas	$	308.1		$	301.3		$	318.1
EMEA	101.3			122.3			115.4
JAPIC	23.2			24.1			27.5
Lift truck business	432.6			447.7			461.0
Nuvera	(1.8		)	—			—
Total	$	430.8		$	447.7		$	461.0
Selling, general and administrative expenses
Americas	$	191.2		$	194.1		$	210.4
EMEA	88.3			96.2			91.6
JAPIC	25.0			24.2			24.8
Lift truck business	304.5			314.5			326.8
Nuvera	22.8			2.2			—
Total	$	327.3		$	316.7		$	326.8
Operating profit (loss)
Americas	$	116.9		$	124.9		$	107.8
EMEA	13.0			26.2			23.8
JAPIC	(1.8		)	(0.1		)	2.7
Lift truck business	128.1			151.0			134.3
Nuvera	(24.6		)	(2.2		)	—
Total	$	103.5		$	148.8		$	134.3
Interest expense
Americas	$	4.4		$	3.3		$	8.1
EMEA	0.1			0.1			0.3
JAPIC	0.2			0.5			0.6
Total	$	4.7		$	3.9		$	9.0
Interest income
Americas	$	(1.0	)	$	(1.0	)	$	(1.6	)
EMEA	(0.3		)	—			—
JAPIC	(0.2		)	(0.1		)	(0.2		)
Total	$	(1.5	)	$	(1.1	)	$	(1.8	)

	2015			2014			2013
Other (income) expense
Americas	$	(2.7	)	$	(3.4	)	$	(0.2	)
EMEA	1.0			1.6			1.5
JAPIC	(2.5		)	(2.3		)	(1.6		)
Total	$	(4.2	)	$	(4.1	)	$	(0.3	)
Income tax provision (benefit)
Americas	$	39.9		$	37.4		$	28.9
EMEA	1.6			4.0			(11.8		)
JAPIC	(2.1		)	(0.7		)	0.1
Lift truck business	39.4			40.7			17.2
Nuvera	(10.0		)	(0.8		)	—
Total	$	29.4		$	39.9		$	17.2
Net income (loss) attributable to stockholders
Americas	$	76.3		$	88.6		$	72.6
EMEA	10.6			20.5			33.8
JAPIC	2.4			2.1			3.6
Lift truck business	89.3			111.2			110.0
Nuvera	(14.6		)	(1.4		)	—
Total	$	74.7		$	109.8		$	110.0
Total assets
Americas	$	680.7		$	638.1		$	654.3
EMEA	412.0			439.4			520.0
JAPIC	140.6			170.3			179.5
Eliminations	(154.8		)	(144.0		)	(192.5		)
Lift truck business	1,078.5			1,103.8			1,161.3
Nuvera	17.4			17.0			—
Total	$	1,095.9		$	1,120.8		$	1,161.3
Depreciation and amortization
Americas	$	16.2		$	16.6		$	17.4
EMEA	5.9			6.3			6.2
JAPIC	5.2			6.7			6.6
Lift truck business	27.3			29.6			30.2
Nuvera	1.6			0.1			—
Total	$	28.9		$	29.7		$	30.2
Capital expenditures
Americas	$	33.5		$	34.0		$	24.8
EMEA	8.7			11.9			9.8
JAPIC	1.7			2.6			1.9
Lift truck business	43.9			48.5			36.5
Nuvera	2.7			—			—
Total	$	46.6		$	48.5		$	36.5

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	United States		Europe, Africa and Middle East		Other		Consolidated
2015
Revenues from unaffiliated customers, based on the customers’ location	$	1,575.2	$	606.5	$	396.4	$	2,578.1
Long-lived assets	$	126.2	$	39.4	$	61.8	$	227.4
2014
Revenues from unaffiliated customers, based on the customers’ location	$	1,458.8	$	686.4	$	622.0	$	2,767.2
Long-lived assets	$	115.1	$	40.8	$	63.5	$	219.4
2013
Revenues from unaffiliated customers, based on the customers’ location	$	1,338.7	$	695.5	$	632.1	$	2,666.3
Long-lived assets	$	99.5	$	40.0	$	61.4	$	200.9

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Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Quarterly Financial Information [Table Text Block]

	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	622.3	$	658.7	$	652.1	$	645.0
Gross profit	$	102.9	$	110.6	$	106.7	$	110.6
Operating profit	$	21.0	$	27.3	$	29.0	$	26.2
Net income	$	14.0	$	22.8	$	21.0	$	17.3
Net income attributable to stockholders	$	13.9	$	22.7	$	20.9	$	17.2
Basic earnings per share	$	0.85	$	1.39	$	1.28	$	1.05
Diluted earnings per share	$	0.85	$	1.39	$	1.28	$	1.05

	2014
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	676.0	$	684.7	$	695.8	$	710.7
Gross profit	$	111.7	$	107.3	$	111.3	$	117.4
Operating profit	$	31.6	$	47.7	$	36.3	$	33.2
Net income	$	22.1	$	33.0	$	28.5	$	26.6
Net income attributable to stockholders	$	22.1	$	32.9	$	28.4	$	26.4
Basic earnings per share	$	1.32	$	1.96	$	1.71	$	1.62
Diluted earnings per share	$	1.31	$	1.95	$	1.70	$	1.61

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Common Stock and Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

S

	2015		2014		2013
Basic weighted average shares outstanding	16.307		16.607		16.725
Dilutive effect of restricted stock awards	0.048		0.068		0.083
Diluted weighted average shares outstanding	16.355		16.675		16.808
Basic earnings per share	$	4.58	$	6.61	$	6.58
Diluted earnings per share	$	4.57	$	6.58	$	6.54

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2015			2014			2013
Income before income taxes
U.S.	$	71.2		$	69.1		$	64.9
Non-U.S.	33.3			81.0			62.5
	$	104.5		$	150.1		$	127.4
Income tax provision
Current tax provision:
Federal	$	22.1		$	25.0		$	19.7
State	3.4			2.6			2.0
Non-U.S.	5.3			10.5			5.1
Total current	$	30.8		$	38.1		$	26.8
Deferred tax provision (benefit):
Federal	$	(0.4	)	$	(3.3	)	$	(0.4	)
State	1.2			0.7			0.9
Non-U.S.	(2.2		)	4.4			(10.1		)
Total deferred	$	(1.4	)	$	1.8		$	(9.6	)
	$	29.4		$	39.9		$	17.2

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2015			2014			2013
Income before income taxes	$	104.5		$	150.1		$	127.4
Statutory taxes at 35.0%	$	36.6		$	52.5		$	44.6
Valuation allowance	5.9			(1.5		)	(12.1		)
Non-U.S. rate differences	(14.2		)	(10.6		)	(11.4		)
Equity interest earnings	(1.9		)	(1.7		)	(1.2		)
Unremitted Non-U.S. earnings	0.1			0.1			(1.2		)
R&D and other federal credits	(1.7		)	(0.9		)	(2.4		)
State income taxes	4.1			2.7			2.0
Tax controversy resolution	(0.2		)	(0.5		)	(1.8		)
Other	0.7			(0.2		)	0.7
Income tax provision	$	29.4		$	39.9		$	17.2
Effective income tax rate	28.1		%	26.6		%	13.5		%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31
	2015		2014
Deferred tax assets
Accrued expenses and reserves	$	17.4	$	15.9
Accrued product liability	8.7		9.3
Product warranties	15.8		12.5
Accrued pension benefits	6.4		6.9
Tax attribute carryforwards	27.1		25.3
Other employee benefits	5.7		8.4
Other	2.5		2.2
Total deferred tax assets	83.6		80.5
Less: Valuation allowance	28.6		26.9
	55.0		53.6
Deferred tax liabilities
Depreciation and amortization	8.9		8.8
Inventories	8.7		7.6
Unremitted earnings	4.7		5.7
Total deferred tax liabilities	22.3		22.1
Net deferred tax asset	$	32.7	$	31.5

Tax Credit Carryforward [Line Items]

Summary of Tax Credit Carryforwards [Table Text Block]

	December 31, 2015
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	19.1	$	14.7	2016-Indefinite
State net operating losses and credits	1.9		0.9		2016-2030
Non-U.S. Capital losses	6.1		6.1		2016-Indefinite
Total	$	27.1	$	21.7

	December 31, 2014
	Net deferred tax asset		Valuation allowance		Carryforwards expire during:
Non-U.S. net operating loss	$	14.9	$	13.4	2015-Indefinite
State net operating losses and credits	3.7		1.4		2015-2030
Non-U.S. Capital losses	6.7		6.7		2015-Indefinite
Total	$	25.3	$	21.5

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2015			2014			2013
Balance at January 1	$	4.3		$	5.3		$	6.8
Additions for tax positions of prior years	0.1			—			0.1
Additions based on tax positions related to the current year	0.7			0.9			0.9
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations	(1.1		)	(1.6		)	(2.7		)
Other changes in unrecognized tax benefits including foreign currency translation adjustments	(0.2		)	(0.3		)	0.2
Balance at December 31	$	3.8		$	4.3		$	5.3

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Reclassifications from AOCI (Tables)

12 Months Ended

Dec. 31, 2015

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

Details about OCI Components	Amount Reclassified from OCI									Affected Line Item in the Statement Where Net Income Is Presented
	2015			2014			2013
Gain (loss) on cash flow hedges:
Interest rate contracts	$	—		$	0.8		$	—		Other
Foreign exchange contracts	(8.7		)	(7.0		)	(1.3		)	Cost of sales
Total before tax	(8.7		)	(6.2		)	(1.3		)	Income before income taxes
Tax (expense) benefit	6.0			2.5			(1.5		)	Income tax provision
Net of tax	$	(2.7	)	$	(3.7	)	$	(2.8	)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(3.5	)	$	(5.5	)	$	(6.2	)	(a)
Prior service (cost) credit	0.3			0.3			(0.5		)	(a)
Transition liability	—			—			(0.1		)	(a)
Total before tax	(3.2		)	(5.2		)	(6.8		)	Income before income taxes
Tax benefit	0.9			1.5			1.7			Income tax provision
Net of tax	$	(2.3	)	$	(3.7	)	$	(5.1	)	Net income
Total reclassifications for the period	$	(5.0	)	$	(7.4	)	$	(7.9	)

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Financial Instruments and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Asset Derivatives					Liability Derivatives
	Balance sheet location	2015		2014		Balance sheet location	2015		2014
Derivatives designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	$	2.5	$	4.6	Prepaid expenses and other	$	0.6	$	2.4
	Other current liabilities	3.2		3.5		Other current liabilities	10.9		8.8
Long-Term	Other non-current assets	—		0.9		Other long-term liabilities	2.1		3.1
Total derivatives designated as hedging instruments		$	5.7	$	9.0		$	13.6	$	14.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	0.6	$	1.0
Long-term	Other non-current assets	0.3		1.3		Other long-term liabilities	—		—
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.1		4.3		Prepaid expenses and other	0.3		2.7
	Other current liabilities	1.9		0.6		Other current liabilities	3.6		2.5
Total derivatives not designated as hedging instruments		$	3.3	$	6.2		$	4.5	$	6.2
Total derivatives		$	9.0	$	15.2		$	18.1	$	20.5

Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block]

	Derivative Assets as of December 31, 2015									Derivative Liabilities as of December 31, 2015
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	0.3	$	(0.3	)	$	—	$	—	$	0.6	$	(0.3	)	$	0.3	$	0.3
Foreign currency exchange contracts	2.7		(2.7		)	—		—		11.5		(2.7		)	8.8		8.8
Total derivatives	$	3.0	$	(3.0	)	$	—	$	—	$	12.1	$	(3.0	)	$	9.1	$	9.1
	Derivative Assets as of December 31, 2014									Derivative Liabilities as of December 31, 2014
	Gross Amounts of Recognized Assets		Gross Amounts Offset			Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset			Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	1.3	$	(1.0	)	$	0.3	$	0.3	$	1.0	$	(1.0	)	$	—	$	—
Foreign currency exchange contracts	4.7		(4.7		)	—		—		10.3		(4.7		)	5.6		5.6
Total derivatives	$	6.0	$	(5.7	)	$	0.3	$	0.3	$	11.3	$	(5.7	)	$	5.6	$	5.6

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)									Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)									Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014			2013				2015			2014			2013				2015			2014			2013
Cash Flow Hedges
Interest rate swap agreements	$	—		$	(1.6	)	$	2.8		Interest expense	$	—		$	—		$	—		Other	$	—		$	0.8		$	—
Foreign currency exchange contracts	(11.1		)	(8.6		)	(9.3		)	Cost of sales	(8.7		)	(7.0		)	(1.3		)	Cost of sales	0.1			—			—
	(11.1		)	(10.2		)	(6.5		)		(8.7		)	(7.0		)	(1.3		)		0.1			0.8			—
Net Investment Hedges
Foreign currency exchange contracts	—			0.4			(0.8		)	Cost of sales	—			—			—			N/A	—			—			—
Total	$	(11.1	)	$	(9.8	)	$	(7.3	)		$	(8.7	)	$	(7.0	)	$	(1.3	)		$	0.1		$	0.8		$	—
Derivatives Not Designated as Hedging Instruments														Location of Gain or (Loss) Recognized in Income on Derivative							Amount of Gain or (Loss) Recognized in Income on Derivative
																					2015			2014			2013
Cash flow hedges
Interest rate swap agreements														Other							$	(0.5	)	$	(0.6	)	$	(0.1	)
Foreign currency exchange contracts														Cost of sales							0.3			(6.8		)	(1.9		)
Total																					$	(0.2	)	$	(7.4	)	$	(2.0	)

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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Assumptions Used [Table Text Block]

	2015	2014	2013
United States Plans
Weighted average discount rates	4.00%	3.65%	4.40%
Expected long-term rate of return on assets	7.50%	7.75%	7.75%
Non-U.S. Plans
Weighted average discount rates	2.10% - 3.70%	1.80% - 3.60%	3.50% - 4.40%
Rate of increase in compensation levels	2.00% - 2.50%	2.00% - 2.50%	2.50% - 3.60%
Expected long-term rate of return on assets	3.00% - 7.00%	3.00% - 7.25%	3.50% - 7.50%

Schedule of Net Benefit Costs [Table Text Block]

	2015			2014			2013
United States Plans
Service cost	$	—		$	—		$	—
Interest cost	2.9			3.4			3.2
Expected return on plan assets	(5.5		)	(5.7		)	(5.5		)
Amortization of actuarial loss	1.5			1.5			2.0
Amortization of prior service credit	(0.3		)	(0.3		)	(0.3		)
Settlements	1.3			2.6			1.6
Net periodic pension expense	$	(0.1	)	$	1.5		$	1.0
Non-U.S. Plans
Service cost	$	0.2		$	2.2		$	2.9
Interest cost	5.6			6.9			6.6
Expected return on plan assets	(9.6		)	(10.3		)	(8.9		)
Amortization of actuarial loss	2.0			4.0			4.2
Amortization of prior service cost (credit)	—			—			0.8
Amortization of transition liability	—			—			0.1
Net periodic pension expense	$	(1.8	)	$	2.8		$	5.7

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	2015			2014			2013
United States Plans
Current year actuarial (gain) loss	$	4.3		$	8.4		$	(13.9	)
Amortization of actuarial loss	(1.5		)	(1.5		)	(2.0		)
Amortization of prior service credit	0.3			0.3			0.3
Settlements	(1.3		)	(2.6		)	(1.6		)
Total recognized in other comprehensive income (loss)	$	1.8		$	4.6		$	(17.2	)
Non-U.S. Plans
Current year actuarial (gain) loss	$	2.0		$	10.7		$	(6.5	)
Amortization of actuarial loss	(2.0		)	(4.0		)	(4.2		)
Current year prior service cost	(0.1		)	—			0.7
Amortization of prior service (cost) credit	—			—			(0.8		)
Amortization of transition liability	—			—			(0.1		)
Curtailments	—			(5.9		)	—
Total recognized in other comprehensive income (loss)	$	(0.1	)	$	0.8		$	(10.9	)

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

	2015						2014
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Change in benefit obligation
Projected benefit obligation at beginning of year	$	83.4		$	170.8		$	80.8		$	168.3
Service cost	—			0.2			—			2.2
Interest cost	2.9			5.6			3.4			6.9
Actuarial (gain) loss	(1.4		)	(4.6		)	8.4			16.7
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Employee contributions	—			0.1			—			0.6
Curtailments	—			—			—			(5.9		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(9.1		)	—			(11.5		)
Projected benefit obligation at end of year	$	77.3		$	156.1		$	83.4		$	170.8
Accumulated benefit obligation at end of year	$	77.3		$	155.6		$	83.4		$	163.1
Change in plan assets
Fair value of plan assets at beginning of year	$	76.3		$	155.9		$	79.7		$	148.0
Actual return on plan assets	(0.3		)	2.9			5.8			16.2
Employer contributions	—			0.8			—			8.1
Employee contributions	—			0.1			—			0.6
Benefits paid	(4.2		)	(6.9		)	(4.1		)	(6.5		)
Settlements	(3.4		)	—			(5.1		)	—
Foreign currency exchange rate changes	—			(8.1		)	—			(10.5		)
Fair value of plan assets at end of year	$	68.4		$	144.7		$	76.3		$	155.9
Funded status at end of year	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Amounts recognized in the consolidated balance sheets consist of:
Noncurrent liabilities	$	(8.9	)	$	(11.4	)	$	(7.1	)	$	(14.9	)
Components of accumulated other comprehensive income (loss) consist of:
Actuarial loss	$	43.6		$	40.8		$	42.1		$	43.2
Prior service credit	(0.9		)	(0.1		)	(1.2		)	(0.1		)
Deferred taxes	(14.6		)	(6.2		)	(13.9		)	(7.7		)
Change in statutory tax rate	(1.2		)	(1.5		)	(1.2		)	(0.9		)
Foreign currency translation adjustment	—			(0.1		)	—			(1.6		)
	$	26.9		$	32.9		$	25.8		$	32.9

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

	Amount			Net of tax
Actuarial loss	$	2.8		$	1.8
Prior service credit	$	(0.3	)	$	(0.2	)

Schedule of Expected Benefit Payments [Table Text Block]

	U.S. Plans		Non-U.S. Plans
2016	$	6.3	$	6.8
2017	6.2		6.9
2018	6.0		7.1
2019	6.0		7.3
2020	5.8		7.4
2021 - 2025	27.0		39.1
	$	57.3	$	74.6

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Level 1				Level 2
	2015		2014		2015		2014
U.S. equity securities	$	35.5	$	39.3	$	21.1	$	24.1
U.K. equity securities	—		—		28.1		30.0
Non-U.S., non-U.K. equity securities	8.5		9.4		43.0		45.2
Fixed income securities	24.0		26.5		52.5		56.6
Money market	0.4		1.1		—		—
Total	$	68.4	$	76.3	$	144.7	$	155.9

United States Pension Plans of US Entity, Defined Benefit [Member]

Schedule of Allocation of Plan Assets [Table Text Block]

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.S. equity securities	51.9%	51.5%	41.0% - 62.0%
Non-U.S. equity securities	12.4%	12.3%	10.0% - 16.0%
Fixed income securities	35.1%	34.8%	30.0% - 40.0%
Money market	0.6%	1.5%	0.0% - 10.0%

Foreign Pension Plans, Defined Benefit [Member]

Schedule of Allocation of Plan Assets [Table Text Block]

	2015 Actual Allocation	2014 Actual Allocation	Target Allocation Range
U.K. equity securities	21.2%	21.1%	19.5% - 22.5%
Non-U.K. equity securities	48.3%	48.6%	35.5% - 62.5%
Fixed income securities	30.5%	30.3%	25.5% - 34.5%

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Inventories (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Inventory, Current [Table Text Block]

	December 31
	2015			2014
Finished goods and service parts	$	153.0		$	179.4
Raw materials and work in process	192.0			211.2
Total manufactured inventories	345.0			390.6
LIFO reserve	(40.4		)	(48.1		)
Total inventory	$	304.6		$	342.5

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Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Table [Table Text Block]

	December 31
	2015			2014
Land and land improvements	$	19.6		$	19.6
Plant and equipment	569.3			565.1
Property, plant and equipment, at cost	588.9			584.7
Allowances for depreciation and amortization	(404.4		)	(404.9		)
	$	184.5		$	179.8

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Current and Long-Term Financing (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

	December 31
	2015			2014
Total outstanding borrowings:
Revolving credit agreements	$	—		$	—
Capital lease obligations and other	53.1			31.5
Total debt outstanding	$	53.1		$	31.5
Current portion of borrowings outstanding	$	33.5		$	19.5
Long-term portion of borrowings outstanding	$	19.6		$	12.0
Total available borrowings, net of limitations, under revolving credit agreements	$	242.4		$	254.9
Unused revolving credit agreements	$	242.4		$	254.9
Weighted average stated interest rate on total borrowings	9.1		%	5.9		%

Schedule of Maturities of Long-term Debt [Table Text Block]

2016	$	27.5
2017	1.6
2018	1.6
2019	1.4
2020	—
	$	32.1

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Leasing Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Capital Leased Assets [Line Items]

Operating Leases of Lessee Disclosure [Table Text Block]

	Capital Leases		Operating Leases
2016	$	6.4	$	16.4
2017	5.1		12.5
2018	4.1		9.5
2019	2.9		5.9
2020	2.0		3.5
Subsequent to 2020	1.1		3.1
Total minimum lease payments	21.6		$	50.9
Amounts representing interest	0.6
Present value of net minimum lease payments	21.0
Current maturities	6.0
Long-term capital lease obligation	$	15.0

Schedule of Capital Leased Assets [Table Text Block]

	December 31
	2015			2014
Plant and equipment	$	30.6		$	18.8
Less accumulated amortization	(7.4		)	(7.2		)
	$	23.2		$	11.6

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Product Warranties (Tables)

12 Months Ended

Dec. 31, 2015

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

	2015			2014
Balance at January 1	$	51.1		$	45.1
Current year warranty expense	34.7			37.3
Change in estimate related to pre-existing warranties	(3.1		)	(3.6		)
Payments made	(25.8		)	(26.2		)
Foreign currency effect	(1.4		)	(1.5		)
Balance at December 31	$	55.5		$	51.1

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Guarantees (Tables)

12 Months Ended

Dec. 31, 2015

Guarantees [Abstract]

Schedule of Guarantor Obligations [Table Text Block]

	NFS		Total
Total recourse or repurchase obligations	$	151.8	$	168.6
Less: exposure limited for certain dealers	34.8		34.8
Plus: 7.5% of original loan balance	7.8		7.8
	124.8		141.6
Incremental obligation related to guarantee to GECC	126.0		126.0
Total exposure related to guarantees	$	250.8	$	267.6

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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments [Table Text Block]

	2015		2014		2013
Statement of Operations
Revenues	$	315.0	$	361.9	$	379.3
Gross profit	$	98.7	$	108.3	$	102.2
Income from continuing operations	$	23.1	$	21.7	$	14.4
Net income	$	23.1	$	21.7	$	14.4
Balance Sheet
Current assets	$	103.2	$	106.3
Non-current assets	$	1,148.0	$	1,163.6
Current liabilities	$	138.0	$	132.5
Non-current liabilities	$	985.1	$	1,010.3

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Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2015

Valuation and Qualifying Accounts Disclosure [Line Items]

Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block]

				Additions
Description		Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts — Describe (A)			Deductions — Describe			Balance at End of Period (B)
	(In millions)
2015
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	16.3	$	4.9	$	(2.1	)	$	6.3	(D)	$	12.8
2014
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.4	$	2.1	$	(0.7	)	$	0.5	(D)	$	16.3
2013
Reserves deducted from asset accounts:
Allowance for doubtful accounts (C)		$	15.9	$	3.9	$	0.5		$	4.9	(D)	$	15.4

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Principles of Consolidation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Service parts as percentage of revenue	13.00%	13.00%	13.00%
NFS [Member]
Equity Method Investment, Ownership Percentage	20.00%	20.00%
SN [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Shanghai Hyster Forklift Ltd. [Member]
Noncontrolling Interest, Ownership Percentage by Parent	75.00%

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Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising Expense	$ 11.7	$ 11.9	$ 13.7
Research and Development Expense	$ 88.3	$ 71.4	$ 69.2

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Business Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Business acquisition, purchase price adjustment									$ 0.9	$ 0.0	$ 0.0
Revenues	$ 645.0	$ 652.1	$ 658.7	$ 622.3	$ 710.7	$ 695.8	$ 684.7	$ 676.0	2,578.1	2,767.2	2,666.3
Gross profit (loss)	110.6	106.7	110.6	102.9	117.4	111.3	107.3	111.7	430.8	447.7	461.0
Selling, General and Administrative Expense									327.3	316.7	326.8
Operating profit (loss)	26.2	29.0	27.3	21.0	33.2	36.3	47.7	31.6	103.5	148.8	134.3
Interest Expense									4.7	3.9	9.0
Interest Income, Other									(1.5)	(1.1)	(1.8)
Other Nonoperating (Income) Expense Excluding Interest									(4.2)	(4.1)	(0.3)
Income Tax Expense (Benefit)									29.4	39.9	17.2
Net income (loss) attributable to stockholders	17.2	$ 20.9	$ 22.7	$ 13.9	26.4	$ 28.4	$ 32.9	$ 22.1	74.7	109.8	110.0
Assets	1,095.9				1,120.8				1,095.9	1,120.8	1,161.3
Depreciation and amortization									28.9	29.7	30.2
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									46.6	48.5	36.5
Cash	155.1				111.4				155.1	111.4	175.7
Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Assets	(154.8)				(144.0)				(154.8)	(144.0)	(192.5)
Americas [Member]
Segment Reporting Information [Line Items]
Revenues									1,775.5	1,866.9	1,762.3
Gross profit (loss)									308.1	301.3	318.1
Selling, General and Administrative Expense									191.2	194.1	210.4
Operating profit (loss)									116.9	124.9	107.8
Interest Expense									4.4	3.3	8.1
Interest Income, Other									(1.0)	(1.0)	(1.6)
Other Nonoperating (Income) Expense Excluding Interest									(2.7)	(3.4)	(0.2)
Income Tax Expense (Benefit)									39.9	37.4	28.9
Net income (loss) attributable to stockholders									76.3	88.6	72.6
Assets	680.7				638.1				680.7	638.1	654.3
Depreciation and amortization									16.2	16.6	17.4
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									33.5	34.0	24.8
Cash	54.2				26.8				54.2	26.8	53.1
EMEA [Member]
Segment Reporting Information [Line Items]
Revenues									606.4	686.3	695.4
Gross profit (loss)									101.3	122.3	115.4
Selling, General and Administrative Expense									88.3	96.2	91.6
Operating profit (loss)									13.0	26.2	23.8
Interest Expense									0.1	0.1	0.3
Interest Income, Other									(0.3)	0.0	0.0
Other Nonoperating (Income) Expense Excluding Interest									1.0	1.6	1.5
Income Tax Expense (Benefit)									1.6	4.0	(11.8)
Net income (loss) attributable to stockholders									10.6	20.5	33.8
Assets	412.0				439.4				412.0	439.4	520.0
Depreciation and amortization									5.9	6.3	6.2
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									8.7	11.9	9.8
Cash	82.2				69.9				82.2	69.9	103.6
JAPIC [Member]
Segment Reporting Information [Line Items]
Revenues									193.7	214.0	208.6
Gross profit (loss)									23.2	24.1	27.5
Selling, General and Administrative Expense									25.0	24.2	24.8
Operating profit (loss)									(1.8)	(0.1)	2.7
Interest Expense									0.2	0.5	0.6
Interest Income, Other									(0.2)	(0.1)	(0.2)
Other Nonoperating (Income) Expense Excluding Interest									(2.5)	(2.3)	(1.6)
Income Tax Expense (Benefit)									(2.1)	(0.7)	0.1
Net income (loss) attributable to stockholders									2.4	2.1	3.6
Assets	140.6				170.3				140.6	170.3	179.5
Depreciation and amortization									5.2	6.7	6.6
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									1.7	2.6	1.9
Cash	18.5				13.6				18.5	13.6	19.0
Lift truck business [Member]
Segment Reporting Information [Line Items]
Revenues									2,575.6	2,767.2	2,666.3
Gross profit (loss)									432.6	447.7	461.0
Selling, General and Administrative Expense									304.5	314.5	326.8
Operating profit (loss)									128.1	151.0	134.3
Income Tax Expense (Benefit)									39.4	40.7	17.2
Net income (loss) attributable to stockholders									89.3	111.2	110.0
Assets	1,078.5				1,103.8				1,078.5	1,103.8	1,161.3
Depreciation and amortization									27.3	29.6	30.2
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									43.9	48.5	36.5
Cash	154.9				110.3				154.9	110.3	175.7
Nuvera [Member]
Segment Reporting Information [Line Items]
Revenues									2.5	0.0	0.0
Gross profit (loss)									(1.8)	0.0	0.0
Selling, General and Administrative Expense									22.8	2.2	0.0
Operating profit (loss)									(24.6)	(2.2)	0.0
Income Tax Expense (Benefit)									(10.0)	(0.8)	0.0
Net income (loss) attributable to stockholders									(14.6)	(1.4)	0.0
Assets	17.4				17.0				17.4	17.0	0.0
Depreciation and amortization									1.6	0.1	0.0
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets									2.7	0.0	0.0
Cash	$ 0.2				$ 1.1				$ 0.2	$ 1.1	$ 0.0

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Business Segments - Geographic (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers, based on the customers’ location	$ 645.0	$ 652.1	$ 658.7	$ 622.3	$ 710.7	$ 695.8	$ 684.7	$ 676.0	$ 2,578.1	$ 2,767.2	$ 2,666.3
Long-lived assets	227.4				219.4				$ 227.4	219.4	200.9
Disclosure on Geographic Areas, Description of Revenue from External Customers									No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions.
Segment Reporting, Disclosure of Major Customers									In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers, based on the customers’ location									$ 1,575.2	1,458.8	1,338.7
Long-lived assets	126.2				115.1				126.2	115.1	99.5
Europe, Africa and Middle East [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers, based on the customers’ location									606.5	686.4	695.5
Long-lived assets	39.4				40.8				39.4	40.8	40.0
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues from unaffiliated customers, based on the customers’ location									396.4	622.0	632.1
Long-lived assets	$ 61.8				$ 63.5				$ 61.8	$ 63.5	$ 61.4

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Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues	$ 645.0	$ 652.1	$ 658.7	$ 622.3	$ 710.7	$ 695.8	$ 684.7	$ 676.0	$ 2,578.1	$ 2,767.2	$ 2,666.3
Gross profit	110.6	106.7	110.6	102.9	117.4	111.3	107.3	111.7	430.8	447.7	461.0
Operating profit	26.2	29.0	27.3	21.0	33.2	36.3	47.7	31.6	103.5	148.8	134.3
Net Income	17.3	21.0	22.8	14.0	26.6	28.5	33.0	22.1	75.1	110.2	110.2
Net income (loss) attributable to stockholders	$ 17.2	$ 20.9	$ 22.7	$ 13.9	$ 26.4	$ 28.4	$ 32.9	$ 22.1	$ 74.7	$ 109.8	$ 110.0
Basic Earnings per Share	$ 1.05	$ 1.28	$ 1.39	$ 0.85	$ 1.62	$ 1.71	$ 1.96	$ 1.32	$ 4.58	$ 6.61	$ 6.58
Diluted earnings per share	$ 1.05	$ 1.28	$ 1.39	$ 0.85	$ 1.61	$ 1.70	$ 1.95	$ 1.31	$ 4.57	$ 6.58	$ 6.54

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Common Stock and Earnings per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation									$ 2,900,000	$ 6,000,000	$ 14,200,000
Treasury Stock, Shares	564,291				646,877				564,291	646,877
Basic weighted average shares outstanding									16,307,000	16,607,000	16,725,000
Dilutive effect of restricted stock awards									48,000	68,000	83,000
Diluted weighted average shares outstanding									16,355,000	16,675,000	16,808,000
Earnings Per Share, Basic	$ 1.05	$ 1.28	$ 1.39	$ 0.85	$ 1.62	$ 1.71	$ 1.96	$ 1.32	$ 4.58	$ 6.61	$ 6.58
Earnings Per Share, Diluted	$ 1.05	$ 1.28	$ 1.39	$ 0.85	$ 1.61	$ 1.70	$ 1.95	$ 1.31	$ 4.57	$ 6.58	$ 6.54
Common Class A [Member]
Common Stock, Shares Authorized	125,000,000								125,000,000
Common Class B [Member]
Common Stock, Shares Authorized	35,000,000								35,000,000
Restricted Stock [Member]
Noninterest Expense Directors Fees									$ 94,000	$ 69,000	$ 69,000
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	553,394								553,394
Management [Member] | Stock Compensation Plan [Member]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures									49,185	70,024	149,655
Stock-based compensation									$ 1,900,000	$ 5,200,000	$ 13,500,000
Allocated Share-based Compensation Expense, Net of Tax									$ 1,200,000	3,200,000	8,800,000
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	61,381								61,381
Noninterest Expense Directors Fees									$ 150,000	$ 125,000	$ 125,000
Director [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures									13,683	8,220	8,762
Stock-based compensation									$ 1,000,000	$ 800,000	$ 700,000
Allocated Share-based Compensation Expense, Net of Tax									$ 600,000	$ 500,000	$ 500,000
Director [Member] | Common Stock [Member]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures									2,150	1,572	1,000

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Income Taxes - Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
U.S.	$ 71.2	$ 69.1	$ 64.9
Non-U.S.	33.3	81.0	62.5
Income Before Income Taxes	104.5	150.1	127.4
Federal	22.1	25.0	19.7
State	3.4	2.6	2.0
Non-U.S.	5.3	10.5	5.1
Total current	30.8	38.1	26.8
Federal	(0.4)	(3.3)	(0.4)
State	1.2	0.7	0.9
Non-U.S.	(2.2)	4.4	(10.1)
Deferred income taxes	(1.4)	1.8	(9.6)
Income tax provision	$ 29.4	$ 39.9	$ 17.2

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Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income before income taxes	$ 104.5	$ 150.1	$ 127.4
Statutory taxes at 35.0%	36.6	52.5	44.6
Valuation allowance	5.9	(1.5)	(12.1)
Non-U.S. statutory rate differences	(14.2)	(10.6)	(11.4)
Equity interest earnings	(1.9)	(1.7)	(1.2)
Unremitted non-U.S. earnings	0.1	0.1	(1.2)
R&D and other federal credits	(1.7)	(0.9)	(2.4)
State income taxes	4.1	2.7	2.0
Tax controversy resolution	(0.2)	(0.5)	(1.8)
Other	0.7	(0.2)	0.7
Income tax provision	$ 29.4	$ 39.9	$ 17.2
Effective income tax rate	28.10%	26.60%	13.50%

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Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accrued expenses and reserves	$ 17.4	$ 15.9
Accrued product liability	8.7	9.3
Product warranties	15.8	12.5
Accrued pension benefits	6.4	6.9
Tax attribute carryforwards	27.1	25.3
Other employee benefits	5.7	8.4
Other	2.5	2.2
Total deferred tax assets	83.6	80.5
Less: Valuation allowance	28.6	26.9
Deferred tax assets, net of valuation allowance	55.0	53.6
Depreciation	8.9	8.8
Inventories	8.7	7.6
Unremitted earnings	4.7	5.7
Total deferred tax liabilities	22.3	22.1
Net deferred tax asset	$ 32.7	$ 31.5

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Income Taxes - Tax Credit Carryforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Deferred Tax Asset	$ 27.1	$ 25.3
Tax Credit Carryforward, Valuation Allowance	21.7	21.5
Foreign Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	19.1	14.9
Operating Loss Carryforwards, Valuation Allowance	$ 14.7	$ 13.4
Operating Loss Carryforwards, Expiration	2016-Indefinite	2015-Indefinite
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Deferred Tax Asset	$ 6.1	$ 6.7
Tax Credit Carryforward, Valuation Allowance	$ 6.1	$ 6.7
Tax Credit Carryforward, Expiration	2016-Indefinite	2015-Indefinite
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Deferred Tax Asset	$ 1.9	$ 3.7
Tax Credit Carryforward, Valuation Allowance	$ 0.9	$ 1.4
Tax Credit Carryforward, Expiration	2016-2030	2015-2030

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrecognized Tax Benefits	$ 4.3	$ 5.3	$ 6.8
Additions for tax positions of prior years	0.1	0.0	0.1
Additions based on tax positions related to the current year	0.7	0.9	0.9
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations	(1.1)	(1.6)	(2.7)
Other changes in unrecognized tax benefits including foreign currency translation adjustments			0.2
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation	(0.2)	(0.3)
Unrecognized Tax Benefits	$ 3.8	$ 4.3	$ 5.3

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Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (0.1)	$ 0.1	$ 0.1
Income Taxes Paid	32.7	34.7	38.1
Proceeds from Income Tax Refunds	0.2	1.2	3.4
Undistributed Earnings of Non-U.S. Subsidiaries	290.0
Non-U.S. Earnings Repatriated	$ 23.6	20.3	30.0
Amount of non-U.S. earnings expected to be repatriated	The Company estimates that approximately $40 million to $50 million of its unremitted non-U.S. earnings may be repatriated in the foreseeable future.
Deferred Tax Liabilities, Undistributed Non-U.S. Earnings	$ 4.7	5.7
Valuation Allowance, Deferred Tax Asset, Explanation of Change	The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. During 2013, the Company determined that its United Kingdom deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, the projection of future taxable income, and the improving assessment of the economic environment affecting the Company’s European operations. Accordingly, the Company released $12.8 million of its United Kingdom valuation allowance during 2013. During 2014 and 2015, a significant downturn was experienced in the Company's Brazilian operations. This significant decrease in operations and actions taken by management to reduce its manufacturing capacity to more appropriate levels, coupled with the continued low expectations in the near term for the Brazilian lift truck market and the continuing devaluation of the Brazilian real have caused the Company to forecast a three-year cumulative loss for its Brazilian operations. Although the Company projects earnings over the longer term for its Brazilian operations, such longer-term forecasts are not sufficient positive evidence to support the future utilization of deferred tax assets when a three-year loss is determined. Accordingly, in 2015, the Company recorded a valuation allowance adjustment of $1.9 million against its deferred tax assets in Brazil as a discrete tax adjustment. The Company also recognized $5.6 million of valuation allowance related to the 2015 pre-tax loss in Brazil included in its effective tax rate.
Valuation Allowance, Deferred Tax Asset, Change in Amount	$ 1.7	(4.8)
Valuation Allowance, Deferred Tax Asset, Change in Amount, Tax Expense	5.9	(1.5)
Valuation Allowance, Deferred Tax Asset, Change in Amount, Foreign Currency	4.2	2.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	3.8	4.2	5.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0.3	$ 0.2	$ 0.3
Income Tax Examination, Description	In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The examination of the U.S. federal tax returns for all the years prior to 2013 have been settled with the Internal Revenue Service or otherwise have closed under the applicable statute of limitations. The Company is currently under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.
Foreign Tax Authority [Member]
Operating Loss Carryforwards	$ 65.3
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	18.7
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound	0.0
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound	$ 1.0
JAPIC [Member]
Valuation Allowance, Deferred Tax Asset, Explanation of Change	During 2015, the Company came to a tentative agreement in negotiating an Advance Pricing Agreement with the Australian Tax Authority that will cover the next five years. As a result of these discussions, the Company believes that it is more likely than not that deferred tax assets in the amount of $4.4 million will be utilized in the foreseeable future, as such, this portion of the Australian valuation allowance previously applied against the Company’s Australian deferred tax assets, has been released.

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Reclassifications from AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ (8.7)	$ (6.2)	$ (1.3)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	6.0	2.5	(1.5)
Reclassification of hedging activities into earnings, net	(2.7)	(3.7)	(2.8)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax	(3.5)	(5.5)	(6.2)
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax	0.3	0.3	(0.5)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax	0.0	0.0	(0.1)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	(3.2)	(5.2)	(6.8)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	0.9	1.5	1.7
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	(2.3)	(3.7)	(5.1)
Other Comprehensive Income (Loss), Net of Tax	(5.0)	(7.4)	(7.9)
Other Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	0.0	0.8	0.0
Cost of Sales [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ (8.7)	$ (7.0)	$ (1.3)
Gross Pension Costs Reclassified to Net Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI	(a)
Income Before Taxes [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI	Income before income taxes
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI	Income before income taxes
Tax (Expense) Benefit [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI	Income tax provision
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI	Income tax provision
Net Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI	Net income
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI	Net income
Interest Rate Contract [Member] | Other Expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI	Other
Foreign Exchange Contract [Member] | Cost of Sales [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI	Cost of sales

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Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Discussion of Objectives for Using Foreign Currency Derivative Instruments		The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.
Objectives for Using Net Investment Hedging Instruments		Certain of the Company's forward foreign currency contracts were designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that were designated and qualified as a hedge of a net investment in foreign currency, the gain or loss was reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the Consolidated Statements of Operations in the same period as the change.
Discussion of Objectives for Using Interest Rate Derivative Instruments		The Company has interest rate swap agreements that do not meet the criteria for hedge accounting. The terms of the interest rate swap agreements require the Company to receive a variable interest rate based upon the three-month LIBOR and pay a fixed interest rate. Changes in the fair value of interest rate swap agreements are immediately recognized in earnings and included on the line “Other” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.
Long-term Debt		$ 32.1	$ 19.2
Long-term Debt, Fair Value		32.1	19.2
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		(0.1)	(0.8)	$ 0.0
Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		(0.1)	(0.8)	0.0
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount		634.7	510.8
Derivative, Fair Value, Net		8.8	5.6
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		5.8
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		(0.1)	0.0	0.0
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount		100.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ (0.8)	0.0	(0.8)	$ 0.0
Interest Rate Derivatives, at Fair Value, Net		$ (0.3)	$ 0.3

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Financial Instruments and Derivative Financial Instruments - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Instruments in Hedges, Assets, at Fair Value	$ 5.7	$ 9.0
Derivative Instruments in Hedges, Liabilities, at Fair Value	13.6	14.3
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	3.3	6.2
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	4.5	6.2
Derivative Asset, Fair Value, Gross Asset	9.0	15.2
Derivative Liability, Fair Value, Gross Liability	18.1	20.5
Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	2.5	4.6
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.6	2.4
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	3.2	3.5
Foreign Currency Cash Flow Hedge Liability at Fair Value	10.9	8.8
Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	0.0	0.9
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	2.1	3.1
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	1.1	4.3
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.3	2.7
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	0.0	0.0
Interest Rate Cash Flow Hedge Liability at Fair Value	0.6	1.0
Foreign Currency Cash Flow Hedge Asset at Fair Value	1.9	0.6
Foreign Currency Cash Flow Hedge Liability at Fair Value	3.6	2.5
Not Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	0.3	1.3
Not Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 0.0	$ 0.0

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Financial Instruments and Derivative Financial Instruments - Counterparty (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Asset, Fair Value, Gross Asset	$ 3.0	$ 6.0
Derivative Asset, Fair Value, Amount Offset Against Collateral	(3.0)	(5.7)
Derivative Asset	0.0	0.3
Derivative Liability, Fair Value, Gross Liability	12.1	11.3
Derivative Liability, Fair Value, Amount Offset Against Collateral	(3.0)	(5.7)
Derivative Liability	9.1	5.6
Interest Rate Contract [Member]
Derivative Asset, Fair Value, Gross Asset	0.3	1.3
Derivative Asset, Fair Value, Amount Offset Against Collateral	(0.3)	(1.0)
Derivative Asset	0.0	0.3
Derivative Liability, Fair Value, Gross Liability	0.6	1.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	(0.3)	(1.0)
Derivative Liability	0.3	0.0
Foreign Exchange Contract [Member]
Derivative Asset, Fair Value, Gross Asset	2.7	4.7
Derivative Asset, Fair Value, Amount Offset Against Collateral	(2.7)	(4.7)
Derivative Asset	0.0	0.0
Derivative Liability, Fair Value, Gross Liability	11.5	10.3
Derivative Liability, Fair Value, Amount Offset Against Collateral	(2.7)	(4.7)
Derivative Liability	$ 8.8	$ 5.6

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Financial Instruments and Derivative Financial Instruments - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ (11.1)	$ (9.8)	$ (7.3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(8.7)	(7.0)	(1.3)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		0.1	0.8	0.0
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(0.2)	(7.4)	(2.0)
Net Investment Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ 0.0	0.4	(0.8)
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements		N/A
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		$ 0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 0.0	0.0	0.0
Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Net Investment Hedges in Financial Statements		Cost of sales
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ (11.1)	(10.2)	(6.5)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(8.7)	(7.0)	(1.3)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 0.1	0.8	0.0
Cash Flow Hedging [Member] | Other Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements		Other
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements		Cost of sales
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ 0.0	(1.6)	2.8
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0.8	0.0	0.8	0.0
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments		$ (0.5)	(0.6)	(0.1)
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement		Interest expense
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement		Other
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ (11.1)	(8.6)	(9.3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(8.7)	(7.0)	(1.3)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		0.1	0.0	0.0
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments		$ 0.3	$ (6.8)	$ (1.9)
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements		Cost of sales

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Retirement Benefit Plans - Assumptions (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.00%	3.65%	4.40%
Expected long-term rate of return on assets	7.50%	7.75%	7.75%
Minimum [Member] | Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	2.10%	1.80%	3.50%
Rate of increase in compensation levels - maximum	2.00%	2.00%	2.50%
Expected long-term rate of return on assets	3.00%	3.00%	3.50%
Maximum [Member] | Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	3.70%	3.60%	4.40%
Rate of increase in compensation levels - maximum	2.50%	2.50%	3.60%
Expected long-term rate of return on assets	7.00%	7.25%	7.50%

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Retirement Benefit Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.0	$ 0.0	$ 0.0
Interest cost	2.9	3.4	3.2
Expected return on plan assets	(5.5)	(5.7)	(5.5)
Amortization of actuarial loss	1.5	1.5	2.0
Amortization of prior service cost (credit)	(0.3)	(0.3)	(0.3)
Settlements	1.3	2.6	1.6
Net periodic pension expense	(0.1)	1.5	1.0
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	2.2	2.9
Interest cost	5.6	6.9	6.6
Expected return on plan assets	(9.6)	(10.3)	(8.9)
Amortization of actuarial loss	2.0	4.0	4.2
Amortization of prior service cost (credit)	0.0	0.0	0.8
Amortization of transition liability	0.0	0.0	0.1
Net periodic pension expense	$ (1.8)	$ 2.8	$ 5.7

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Retirement Benefit Plans - Changes in Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Amortization of actuarial loss	$ (3.5)	$ (5.5)	$ (6.2)
Amortization of prior service credit	0.3	0.3	(0.5)
Amortization of transition liability	0.0	0.0	(0.1)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial loss	4.3	8.4	(13.9)
Amortization of actuarial loss	(1.5)	(1.5)	(2.0)
Amortization of prior service credit	0.3	0.3	0.3
Settlements and Curtailments	(1.3)	(2.6)	(1.6)
Total recognized in other comprehensive income (loss)	1.8	4.6	(17.2)
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial loss	2.0	10.7	(6.5)
Amortization of actuarial loss	(2.0)	(4.0)	(4.2)
Current year prior service cost	(0.1)	0.0	0.7
Amortization of prior service credit	0.0	0.0	(0.8)
Amortization of transition liability	0.0	0.0	(0.1)
Settlements and Curtailments	0.0	(5.9)	0.0
Total recognized in other comprehensive income (loss)	$ (0.1)	$ 0.8	$ (10.9)

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Retirement Benefit Plans - Change in Benefit Obligation and Plan Assets and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Noncurrent liabilities	$ (22.3)	$ (24.6)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlements	3.4	5.1
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	83.4	80.8
Service cost	0.0	0.0	$ 0.0
Interest cost	2.9	3.4	3.2
Actuarial (gain) loss	(1.4)	8.4
Benefits paid	(4.2)	(4.1)
Employee contributions	0.0	0.0
Curtailments	0.0	0.0
Settlements	(3.4)	(5.1)
Foreign currency exchange rate changes	0.0	0.0
Projected benefit obligation at end of year	77.3	83.4	80.8
Accumulated benefit obligation at end of year	77.3	83.4
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	76.3	79.7
Actual return on plan assets	(0.3)	5.8
Employer contributions	0.0	0.0
Employee contributions	0.0	0.0
Benefits paid	(4.2)	(4.1)
Settlements	(3.4)	(5.1)
Foreign currency exchange rate changes, plan assets	0.0	0.0
Fair value of plan assets at end of year	68.4	76.3	79.7
Funded status at end of year	(8.9)	(7.1)
Noncurrent liabilities	(8.9)	(7.1)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Actuarial loss	(43.6)	(42.1)
Prior service credit	(0.9)	(1.2)
Deferred taxes	(14.6)	(13.9)
Change in statutory tax rate	(1.2)	(1.2)
Foreign currency translation adjustment	0.0	0.0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	26.9	25.8
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlements	0.0	0.0
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year	170.8	168.3
Service cost	0.2	2.2	2.9
Interest cost	5.6	6.9	6.6
Actuarial (gain) loss	(4.6)	16.7
Benefits paid	(6.9)	(6.5)
Employee contributions	0.1	0.6
Curtailments	0.0	(5.9)
Settlements	0.0	0.0
Foreign currency exchange rate changes	(9.1)	(11.5)
Projected benefit obligation at end of year	156.1	170.8	168.3
Accumulated benefit obligation at end of year	155.6	163.1
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	155.9	148.0
Actual return on plan assets	2.9	16.2
Employer contributions	0.8	8.1
Employee contributions	0.1	0.6
Benefits paid	(6.9)	(6.5)
Settlements	0.0	0.0
Foreign currency exchange rate changes, plan assets	(8.1)	(10.5)
Fair value of plan assets at end of year	144.7	155.9	$ 148.0
Funded status at end of year	(11.4)	(14.9)
Noncurrent liabilities	(11.4)	(14.9)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Actuarial loss	(40.8)	(43.2)
Prior service credit	(0.1)	(0.1)
Deferred taxes	(6.2)	(7.7)
Change in statutory tax rate	(1.5)	(0.9)
Foreign currency translation adjustment	(0.1)	(1.6)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	$ 32.9	$ 32.9

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Retirement Benefit Plans - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2015 USD ($)
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	$ 6.3
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	6.2
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	6.0
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	6.0
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	5.8
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	27.0
Defined Benefit Plan, Expected Future Benefit Payments	57.3
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	6.8
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	6.9
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	7.1
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	7.3
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	7.4
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	39.1
Defined Benefit Plan, Expected Future Benefit Payments	$ 74.6

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Retirement Benefit Plans - Allocation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	35.10%	34.80%
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	30.00%
United States Pension Plans of US Entity, Defined Benefit [Member] | Fixed Income Funds [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	40.00%
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	0.60%	1.50%
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	0.00%
United States Pension Plans of US Entity, Defined Benefit [Member] | Money Market Funds [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	10.00%
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Allocation Percentage	The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations.
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	30.50%	30.30%
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	25.50%
Foreign Pension Plans, Defined Benefit [Member] | Fixed Income Funds [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	34.50%
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	51.90%	51.50%
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	41.00%
United States [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	62.00%
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	21.20%	21.10%
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	19.50%
United Kingdom | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	22.50%
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	12.40%	12.30%
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	10.00%
Non-U.S., non-U.K. equity securities [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	16.00%
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	48.30%	48.60%
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	35.50%
Non-U.S., non-U.K. equity securities [Member] | Foreign Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	62.50%

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Retirement Benefit Plans - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 68.4	$ 76.3
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	144.7	155.9
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	24.0	26.5
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	52.5	56.6
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0.4	1.1
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0.0	0.0
United States [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	35.5	39.3
United States [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	21.1	24.1
United Kingdom | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	0.0	0.0
United Kingdom | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	28.1	30.0
Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	8.5	9.4
Non-U.S., non-U.K. equity securities [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 43.0	$ 45.2

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Retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit), Before Tax						$ (0.3)
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit)						(0.2)
Defined Benefit Plan, Amortization of Net Gains (Losses), Before Tax						2.8
Defined Benefit Plan, Amortization of Net Gains (Losses)						1.8
Defined Contribution Plan, Cost Recognized						$ 23.5	$ 21.6	$ 24.4
United States Pension Plans of US Entity, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	$ (0.1)	$ (2.6)	$ (0.4)	$ (1.2)	$ (1.2)
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.00%		4.40%	4.00%	4.30%	4.00%		4.40%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate						4.00%	3.65%	4.40%
Settlements						$ (1.3)	$ (2.6)	$ (1.6)
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year						0.0
Foreign Pension Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlements						0.0	$ (5.9)	$ 0.0
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year						$ 3.4

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Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Finished goods and service parts	$ 153.0	$ 179.4
Raw materials and work in process	192.0	211.2
Total manufactured inventories	345.0	390.6
LIFO reserve	(40.4)	(48.1)
Inventories, net	$ 304.6	$ 342.5
Percentage of LIFO Inventory	58.00%	52.00%

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Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation Methods	Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years.
Land and land improvements	$ 19.6	$ 19.6
Plant and equipment	569.3	565.1
Property, plant and equipment, at cost	588.9	584.7
Less allowances for depreciation, depletion and amortization	(404.4)	(404.9)
Property, Plant and Equipment, Net	184.5	179.8
Depreciation	$ 28.9	$ 29.7	$ 30.2

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Current and Long-Term Financing - Outstanding Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instruments [Abstract]
Line of Credit Facility, Amount Outstanding	$ 0.0	$ 0.0
Capital lease obligations and other	53.1	31.5
Total debt outstanding	53.1	31.5
Current portion of borrowings outstanding	33.5	19.5
Long-term portion of borrowings outstanding	19.6	12.0
Line of Credit Facility, Remaining Borrowing Capacity	242.4	254.9
Line of Credit Facility, Current Borrowing Capacity	242.4	254.9
Interest Paid	3.6	$ 2.7	$ 7.2
Other Borrowings	$ 32.1
Other Borrowings [Member]
Debt Instruments [Abstract]
Weighted average stated interest rate on total borrowings	9.10%	5.90%

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Current and Long-Term Financing - Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 27.5
Long-term Debt, Maturities, Repayments of Principal in Year Two	1.6
Long-term Debt, Maturities, Repayments of Principal in Year Three	1.6
Long-term Debt, Maturities, Repayments of Principal in Year Four	1.4
Long-term Debt, Maturities, Repayments of Principal in Year Five	0.0
Long-term Debt	$ 32.1	$ 19.2

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Current and Long-Term Financing - Revolving Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014
Line of Credit Facility [Line Items]
Loan Processing Fee		$ 2.9
Line of Credit Facility, Amount Outstanding	$ 0.0		$ 0.0
Line of Credit Facility, Remaining Borrowing Capacity	242.4		$ 254.9
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	220.0
Line of Credit Facility, Amount Outstanding	0.0
Line of Credit Facility, Remaining Borrowing Capacity	213.3
Letters of Credit Outstanding, Amount	$ 6.7
Line of Credit Facility, Borrowing Capacity, Description	The Facility consists of a U.S. revolving credit facility in the initial amount of $120.0 million and a non-U.S. revolving credit facility in the initial amount of $100.0 million. The Facility can be increased up to $320.0 million over the term of the agreement in minimum increments of $25.0 million subject to certain conditions.
Assets held as collateral	$ 520.0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Dividend Payment Restrictions Schedule, Description	limit additional borrowings and investments of the borrowers subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If the minimum availability threshold, as defined in the Facility, is greater than fifteen percent and less than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends subject to maintaining a certain level of availability prior to and upon payment of a dividend and achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the minimum availability threshold, as defined in the Facility, is greater than twenty percent for both total and U.S. revolving credit facilities, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility.
Domestic Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.94%
Domestic Line of Credit [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.50%
Domestic Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.50%
Foreign Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 29.1
Line of Credit Facility, Interest Rate at Period End	1.50%
Foreign Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.50%

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Current and Long-Term Financing - Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 35.0	$ 37.1	$ 154.2
Loss on debt extinguishment	$ 0.0	$ 0.0	2.8
Secured Debt [Member]
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 2.8

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Leasing Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leases, Operating [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 16.4
Operating Leases, Future Minimum Payments, Due in Two Years	12.5
Operating Leases, Future Minimum Payments, Due in Three Years	9.5
Operating Leases, Future Minimum Payments, Due in Four Years	5.9
Operating Leases, Future Minimum Payments, Due in Five Years	3.5
Operating Leases, Future Minimum Payments, Due Thereafter	3.1
Operating Leases, Future Minimum Payments Due	50.9
Operating Leases, Rent Expense	18.3	$ 18.4	$ 15.3
Operating Leases, Income Statement, Sublease Revenue	2.7	5.3	7.2
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	20.0
Capital Lease Obligations [Abstract]
Capital Leases, Future Minimum Payments Due, Next Twelve Months	6.4
Capital Leases, Future Minimum Payments Due in Two Years	5.1
Capital Leases, Future Minimum Payments Due in Three Years	4.1
Capital Leases, Future Minimum Payments Due in Four Years	2.9
Capital Leases, Future Minimum Payments Due in Five Years	2.0
Capital Leases, Future Minimum Payments Due Thereafter	1.1
Capital Lease Obligations	21.6
Capital Leases, Future Minimum Payments, Interest Included in Payments	0.6
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments	21.0
Capital Lease Obligations, Current	6.0
Capital Lease Obligations, Noncurrent	15.0
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract]
Capital Leased Assets, Gross	30.6	18.8
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	7.4	7.2
Capital Leases, Balance Sheet, Assets by Major Class, Net	23.2	11.6
Capital Lease Obligations Incurred	$ 15.2	$ 6.5	$ 9.3

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Product Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Product Liability Contingency [Line Items]
Standard Product Warranty Description	six to twelve months or 1,000 to 2,000 hours
Extended Product Warranty Description	two to five years or up to 2,400 to 10,000 hours
Product Warranty Accrual	$ 51.1	$ 45.1
Warranties issued	34.7	37.3
Product Warranty Accrual, Preexisting, Increase (Decrease)	(3.1)	(3.6)
Settlements made	(25.8)	(26.2)
Foreign currency effect	(1.4)	(1.5)
Product Warranty Accrual	$ 55.5	$ 51.1
Additional Component Standard Warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	two to three years or 4,000 to 6,000 hours

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Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Guarantor Obligations [Line Items]
Guarantor Obligations, Term	Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years.
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 168.6
Guarantor Obligations, Collateral	211.7
Net guarantee of outstanding debt	$ 141.6
Percentage of loan losses guaranteed	7.50%
Guarantees, Fair Value Disclosure	$ 267.6
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	34.8
Loan losses guaranteed	7.8
Receivable [Domain]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 176.1
NFS [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	151.8
Net guarantee of outstanding debt	$ 124.8
Percentage of loans guaranteed to joint venture	20.00%
Notes Payable, Related Party Due to Parent	$ 755.1
Contractual Obligation	$ 151.0
Guarantor Obligations, Collateral Held Directly or by Third Parties	229.9
Guarantees, Fair Value Disclosure	$ 250.8
NFS [Member] | Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Related Party Disclosure	$ 126.0

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Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Accounts payable, affiliates	$ 15.8	$ 18.4
Equity Method Investments	42.9	39.6
Dividends from unconsolidated affiliates	2.5	0.0	$ 6.8
Other investing activities	0.0	0.7	(9.9)
Equity Method Investment, Summarized Financial Information [Abstract]
Equity Method Investment, Summarized Financial Information, Revenue	315.0	361.9	379.3
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss)	98.7	108.3	102.2
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	23.1	21.7	14.4
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	23.1	21.7	14.4
Equity Method Investment, Summarized Financial Information, Current Assets	103.2	106.3
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	1,148.0	1,163.6
Equity Method Investment, Summarized Financial Information, Current Liabilities	138.0	132.5
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities	$ 985.1	$ 1,010.3
NFS [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	20.00%	20.00%
Related Party Transaction, Amounts of Transaction	$ 483.2	$ 465.9	417.0
Accounts Receivable, Related Parties, Current	7.7	7.9
Due to Related Parties	14.3	13.3
Related Party Transaction, Expenses from Transactions with Related Party	2.2	1.9	1.7
Revenue from Related Parties	$ 14.6	12.0	15.6
Equity Method Investment, Additional Information	In addition, in December 2015, the Company received $5.0 million as an amendment fee, that was deferred and will be recognized over the remaining term of the agreement which expires in December 2018.
Equity Method Investments	$ 14.8	13.5
Dividends from unconsolidated affiliates	2.3	0.0	6.8
Other investing activities	$ 0.0	$ 0.7	0.0
SN [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	50.00%	50.00%
Related Party Transaction, Purchases from Related Party	$ 57.1	$ 70.7	78.7
Revenue from Related Parties	0.3	1.1	1.3
Accounts payable, affiliates	15.8	18.4
Equity Method Investments	28.1	26.1
Dividends from unconsolidated affiliates	0.2	0.0	0.0
Customer Relationships [Member] | NFS [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 78.6	$ 94.6	$ 81.5

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Other Events and Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets	$ 14.4	$ 8.7	$ 0.5
Gain (Loss) on Disposition of Assets	$ 0.0	17.8	0.1
Americas [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets		8.2
Gain (Loss) on Disposition of Assets		17.7
Deferred Gain on Sale of Property			$ 9.9
Future escrow deposits		$ 0.8

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Subsequent Events (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares
Subsequent Event [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	all of the outstanding shares of Penta for an aggregate cash purchase price of approximately EUR 53.5 million (which is inclusive of the value of the majority stake of Bolzoni S.p.A. (“Bolzoni”) owned by Penta and consideration for the non-compete undertakings of the selling shareholders (the “Sellers”), as well as the other assets and liabilities of Penta) (the “Acquisition”). Penta is the holder of 13,109,066 shares, or approximately 50.4%, of Bolzoni (the "Bolzoni Majority Stake")
Penta [Member]
Subsequent Event [Line Items]
Expected Payments to Acquire Business, Gross | $	$ 53.5
Bolzoni [Member]
Subsequent Event [Line Items]
Business Acquisition, Expected Share Price | $ / shares	$ 4.3

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Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Beginning Balance	$ 16.3	$ 15.4	$ 15.9
Valuation Allowances and Reserves, Charged to Cost and Expense	4.9	2.1	3.9
Valuation Allowances and Reserves, Adjustments	(2.1)	(0.7)
Valuation Allowances and Reserves, Charged to Other Accounts			0.5
Valuation Allowances and Reserves, Deductions	6.3	0.5	4.9
Valuation Allowances and Reserves, Ending Balance	12.8	16.3	15.4
Allowance for Doubtful Accounts, Noncurrent [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Beginning Balance	5.4	5.2
Valuation Allowances and Reserves, Ending Balance	$ 4.5	$ 5.4	$ 5.2