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.

On June 1, 2018, the Company completed the acquisition of the majority interest in Maximal, which is included in the JAPIC segment from the date of acquisition. Given the timing and complexity of the acquisition, the presentation of Maximal in the consolidated financial statements, including the allocation of the purchase price, is preliminary and will likely change in future periods, perhaps significantly as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than the second quarter of 2019. See Note 15 to the unaudited condensed consolidated financial statements for additional information.

The Company reports the results of both Bolzoni and Nuvera as separate segments. Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated.

Financial information for each reportable segment is presented in the following table:



	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30						JUNE 30
	2018			2017			2018			2017
Revenues from external customers
Americas	$	471.6		$	432.9		$	967.5		$	898.9
EMEA	191.0			172.6			388.9			335.0
JAPIC	57.5			42.2			107.0			86.0
Lift truck business	720.1			647.7			1,463.4			1,319.9
Bolzoni	52.5			41.9			103.7			83.5
Nuvera	0.4			0.4			0.7			3.0
Eliminations	(7.4		)	(4.5		)	(14.0		)	(7.8		)
Total	$	765.6		$	685.5		$	1,553.8		$	1,398.6
Gross profit (loss)
Americas	$	79.1		$	82.7		$	164.9		$	167.6
EMEA	25.1			23.6			50.9			46.1
JAPIC	6.1			4.2			10.6			9.7
Lift truck business	110.3			110.5			226.4			223.4
Bolzoni	16.8			12.4			33.8			26.2
Nuvera	(0.7		)	(0.9		)	(1.6		)	(1.5		)
Eliminations	(0.2		)	(0.3		)	(0.3		)	(0.3		)
Total	$	126.2		$	121.7		$	258.3		$	247.8
Operating profit (loss)
Americas	$	18.0		$	27.7		$	45.9		$	57.3
EMEA	1.4			2.3			2.3			3.2
JAPIC	(2.1		)	(2.2		)	(4.3		)	(2.9		)
Lift truck business	17.3			27.8			43.9			57.6
Bolzoni	3.2			0.5			5.9			2.8
Nuvera	(9.5		)	(10.5		)	(19.5		)	(20.0		)
Eliminations	(0.2		)	(0.3		)	(0.3		)	(0.3		)
Total	$	10.8		$	17.5		$	30.0		$	40.1
Net income (loss) attributable to stockholders
Americas	$	10.2		$	23.8		$	30.6		$	44.3
EMEA	1.3			2.2			2.3			3.3
JAPIC	(0.5		)	(2.2		)	(1.2		)	(1.5		)
Lift truck business	11.0			23.8			31.7			46.1
Bolzoni	2.1			(0.1		)	4.0			1.4
Nuvera	(6.9		)	(6.3		)	(14.2		)	(12.0		)
Eliminations	(0.6		)	(1.0		)	(1.0		)	(1.0		)
Total	$	5.6		$	16.4		$	20.5		$	34.5