10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 _______________________________________________________________________________________________________________________________________________________________________________________________________

FORM 10-Q

(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended:	September 30, 2020

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                      to

Commission file number 000-54799

HYSTER-YALE MATERIALS HANDLING, INC.
	(Exact name of registrant as specified in its charter)
Delaware		31-1637659
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
5875 LANDERBROOK DRIVE, SUITE 300
CLEVELAND	(440)
OH	449-9600	44124-4069
(Address of principal executive offices)	(Registrant's telephone number, including area code)	(Zip code)
	N/A
	(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value Per Share	HY	New York Stock Exchange

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. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes ☑ No ☐

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

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

Number of shares of Class A Common Stock outstanding at October 30, 2020: 12,953,446

Number of shares of Class B Common Stock outstanding at October 30, 2020: 3,851,991

HYSTER-YALE MATERIALS HANDLING, INC.

TABLE OF CONTENTS

			Page Number
Part I.	FINANCIAL INFORMATION
	Item 1	Financial Statements
		Unaudited Condensed Consolidated Balance Sheets	2
		Unaudited Condensed Consolidated Statements of Operations	3
		Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)	4
		Unaudited Condensed Consolidated Statements of Cash Flows	5
		Unaudited Condensed Consolidated Statements of Changes in Equity	6
		Notes to Unaudited Condensed Consolidated Financial Statements	8
	Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3	Quantitative and Qualitative Disclosures About Market Risk	33
	Item 4	Controls and Procedures	33
Part II.	OTHER INFORMATION
	Item 1	Legal Proceedings	33
	Item 1A	Risk Factors	33
	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	34
	Item 3	Defaults Upon Senior Securities	34
	Item 4	Mine Safety Disclosures	34
	Item 5	Other Information	34
	Item 6	Exhibits	34
	Signatures		35

1

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	SEPTEMBER 30 2020		DECEMBER 31 2019
	(In millions, except share data)
ASSETS
Current Assets
Cash and cash equivalents	$	89.9	$	64.6
Accounts receivable, net	398.1		468.3
Inventories, net	490.3		559.9
Prepaid expenses and other	53.1		63.0
Total Current Assets	1,031.4		1,155.8
Property, Plant and Equipment, Net	329.2		308.5
Intangible Assets, Net	57.0		60.1
Goodwill	109.9		106.7
Deferred Income Taxes	25.3		30.8
Investment in Unconsolidated Affiliates	75.8		80.0
Other Non-current Assets	105.3		105.3
Total Assets	$	1,733.9	$	1,847.2
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	361.8	$	401.5
Accounts payable, affiliates	9.1		15.6
Revolving credit facilities	0.6		7.7
Current maturities of long-term debt	80.2		74.6
Accrued payroll	40.0		66.1
Deferred revenue	39.7		49.1
Other current liabilities	146.4		202.4
Total Current Liabilities	677.8		817.0
Long-term Debt	216.9		204.7
Self-insurance Liabilities	30.8		31.4
Pension Obligations	12.7		13.5
Deferred Income Taxes	14.8		15.4
Other Long-term Liabilities	178.3		188.2
Total Liabilities	1,131.3		1,270.2
Stockholders' Equity
Common stock:
Class A, par value $0.01 per share, 12,941,147 shares outstanding (2019 - 12,802,455 shares outstanding)	0.1		0.1
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,855,790 shares outstanding (2019 - 3,864,462 shares outstanding)	0.1		0.1
Capital in excess of par value	312.7		321.3
Treasury stock	(6.5)		(15.9)
Retained earnings	435.4		427.4
Accumulated other comprehensive loss	(172.4)		(188.7)
Total Stockholders' Equity	569.4		544.3
Noncontrolling Interests	33.2		32.7
Total Equity	602.6		577.0
Total Liabilities and Equity	$	1,733.9	$	1,847.2

See notes to unaudited condensed consolidated financial statements.

2

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
	(In millions, except per share data)
Revenues	$	652.4	$	766.0	$	2,092.5	$	2,457.0
Cost of sales	549.0		631.0		1,748.8		2,056.4
Gross Profit	103.4		135.0		343.7		400.6
Operating Expenses
Selling, general and administrative expenses	96.1		115.5		307.5		354.8
Operating Profit	7.3		19.5		36.2		45.8
Other (income) expense
Interest expense	3.1		5.3		10.7		14.9
Income from unconsolidated affiliates	(1.6)		(2.1)		(4.0)		(7.9)
Other, net	(0.6)		(1.7)		1.7		(5.2)
	0.9		1.5		8.4		1.8
Income Before Income Taxes	6.4		18.0		27.8		44.0
Income tax provision	0.7		4.9		2.5		10.8
Net Income	5.7		13.1		25.3		33.2
Net (income) loss attributable to noncontrolling interests	(0.6)		(0.3)		(1.3)		(0.8)
Net Income Attributable to Stockholders	$	5.1	$	12.8	$	24.0	$	32.4
Basic Earnings per Share	$	0.30	$	0.77	$	1.43	$	1.95
Diluted Earnings per Share	$	0.30	$	0.76	$	1.43	$	1.94
Dividends per Share	$	0.3175	$	0.3175	$	0.9525	$	0.9450
Basic Weighted Average Shares Outstanding	16.795		16.660		16.766		16.638
Diluted Weighted Average Shares Outstanding	16.803		16.735		16.796		16.709

See notes to unaudited condensed consolidated financial statements.

3

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
	(In millions)
Net Income	$	5.7	$	13.1	$	25.3	$	33.2
Other comprehensive income (loss)
Foreign currency translation adjustment	21.9		(23.3)		4.7		(23.1)
Current period cash flow hedging activity	15.8		(15.6)		1.2		(25.7)
Reclassification of hedging activities into earnings	2.0		1.8		10.4		5.1
Current period pension adjustment	(2.8)		—		(2.8)		—
Reclassification of pension into earnings	1.0		0.8		2.8		2.4
Comprehensive Income (Loss)	$	43.6	$	(23.2)	$	41.6	$	(8.1)
Other comprehensive (income) loss attributable to noncontrolling interests
Net (income) loss attributable to noncontrolling interests	(0.6)		(0.3)		(1.3)		(0.8)
Foreign currency translation adjustment attributable to noncontrolling interests	(0.4)		0.3		0.5		0.3
Comprehensive Income (Loss) Attributable to Stockholders	$	42.6	$	(23.2)	$	40.8	$	(8.6)

See notes to unaudited condensed consolidated financial statements.

4

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	NINE MONTHS ENDED
	SEPTEMBER 30
	2020		2019
	(In millions)
Operating Activities
Net income	$	25.3	$	33.2
Adjustments to reconcile net income to net cash used for operating activities:
Depreciation and amortization	31.8		32.3
Amortization of deferred financing fees	1.3		1.4
Deferred income taxes	(0.2)		(1.3)
Stock-based compensation	0.9		6.1
Dividends from unconsolidated affiliates	7.3		5.1
Other non-current liabilities	(11.9)		(3.7)
Other	17.4		2.6
Working capital changes:
Accounts receivable	60.2		(3.5)
Inventories	71.1		(73.6)
Other current assets	(7.4)		(4.2)
Accounts payable	(44.7)		(18.3)
Other current liabilities	(75.0)		6.6
Net cash provided by (used for) operating activities	76.1		(17.3)
Investing Activities
Expenditures for property, plant and equipment	(37.2)		(31.4)
Proceeds from the sale of assets	7.4		6.9
Net cash used for investing activities	(29.8)		(24.5)
Financing Activities
Additions to long-term debt	70.0		52.1
Reductions of long-term debt	(65.5)		(63.5)
Net change to revolving credit agreements	(7.2)		52.9
Cash dividends paid	(16.0)		(15.7)
Cash dividends paid to noncontrolling interest	(0.3)		(0.2)
Financing fees paid	—		(0.4)
Purchase of treasury stock	(0.1)		(0.2)
Net cash provided by (used for) financing activities	(19.1)		25.0
Effect of exchange rate changes on cash	(1.9)		(4.1)
Cash and Cash Equivalents
Increase (decrease) for the period	25.3		(20.9)
Balance at the beginning of the period	64.6		83.7
Balance at the end of the period	$	89.9	$	62.8

See notes to unaudited condensed consolidated financial statements.

5

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

												Accumulated Other Comprehensive Income (Loss)
	Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Cash Flow Hedging			Pension Adjustment			Total Stockholders' Equity			Noncontrolling Interests			Total Equity
	(In millions)
Balance, June 30, 2019	$	0.1	$	0.1	$	(16.7)	$	318.7	$	421.8		$	(85.7)		$	(21.4)		$	(79.3)		$	537.6		$	32.5		$	570.1
Stock-based compensation	—		—		—		1.3		—			—			—			—			1.3			—			1.3
Stock issued under stock compensation plans	—		—		0.4		(0.4)		—			—			—			—			—			—			—
Net income	—		—		—		—		12.8			—			—			—			12.8			0.3			13.1
Cash dividends	—		—		—		—		(5.3)			—			—			—			(5.3)			(0.1)			(5.4)
Current period other comprehensive income (loss)	—		—		—		—		—			(23.3)			(15.6)			—			(38.9)			—			(38.9)
Reclassification adjustment to net income	—		—		—		—		—			—			1.8			0.8			2.6			—			2.6
Foreign currency translation on noncontrolling interest	—		—		—		—		—			—			—			—			—			(0.3)			(0.3)
Balance, September 30, 2019	$	0.1	$	0.1	$	(16.3)	$	319.6	$	429.3		$	(109.0)		$	(35.2)		$	(78.5)		$	510.1		$	32.4		$	542.5
Balance, June 30, 2020	$	0.1	$	0.1	$	(7.2)	$	313.1	$	435.7		$	(110.1)		$	(24.7)		$	(75.5)		$	531.5		$	32.2		$	563.7
Stock-based compensation	—		—		—		0.3		—			—			—			—			0.3			—			0.3
Stock issued under stock compensation plans	—		—		0.7		(0.7)		—			—			—			—			—			—			—
Net income	—		—		—		—		5.1			—			—			—			5.1			0.6			5.7
Cash dividends	—		—		—		—		(5.4)			—			—			—			(5.4)			—			(5.4)
Current period other comprehensive income	—		—		—		—		—			21.9			15.8			(2.8)			34.9			—			34.9
Reclassification adjustment to net income	—		—		—		—		—			—			2.0			1.0			3.0			—			3.0
Foreign currency translation on noncontrolling interest	—		—		—		—		—			—			—			—			—			0.4			0.4
Balance, September 30, 2020	$	0.1	$	0.1	$	(6.5)	$	312.7	$	435.4		$	(88.2)		$	(6.9)		$	(77.3)		$	569.4		$	33.2		$	602.6

See notes to unaudited condensed consolidated financial statements.

6

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

												Accumulated Other Comprehensive Income (Loss)
	Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Cash Flow Hedging			Pension Adjustment			Total Stockholders' Equity			Noncontrolling Interests			Total Equity
	(In millions)
Balance, December 31, 2018	$	0.1	$	0.1	$	(24.1)	$	321.5	$	407.3		$	(85.9)		$	(15.5)		$	(76.1)		$	527.4		$	32.1		$	559.5
Cumulative effect of change in accounting	—		—		—		—		5.3			—			0.9			(4.8)			1.4			—			1.4
Stock-based compensation	—		—		—		6.1		—			—			—			—			6.1			—			6.1
Stock issued under stock compensation plans	—		—		8.0		(8.0)		—			—			—			—			—			—			—
Purchase of treasury stock	—		—		(0.2)		—		—			—			—			—			(0.2)			—			(0.2)
Net income	—		—		—		—		32.4			—			—			—			32.4			0.8			33.2
Cash dividends	—		—		—		—		(15.7)			—			—			—			(15.7)			(0.2)			(15.9)
Current period other comprehensive income (loss)	—		—		—		—		—			(23.1)			(25.7)			—			(48.8)			—			(48.8)
Reclassification adjustment to net income	—		—		—		—		—			—			5.1			2.4			7.5			—			7.5
Foreign currency translation on noncontrolling interest	—		—		—		—		—			—			—			—			—			(0.3)			(0.3)
Balance, September 30, 2019	$	0.1	$	0.1	$	(16.3)	$	319.6	$	429.3		$	(109.0)		$	(35.2)		$	(78.5)		$	510.1		$	32.4		$	542.5
Balance, December 31, 2019	$	0.1	$	0.1	$	(15.9)	$	321.3	$	427.4		$	(92.9)		$	(18.5)		$	(77.3)		$	544.3		$	32.7		$	577.0
Stock-based compensation	—		—		—		0.9		—			—			—			—			0.9			—			0.9
Stock issued under stock compensation plans	—		—		9.5		(9.5)		—			—			—			—			—			—			—
Purchase of treasury stock	—		—		(0.1)		—		—			—			—			—			(0.1)			—			(0.1)
Net income	—		—		—		—		24.0			—			—			—			24.0			1.3			25.3
Cash dividends	—		—		—		—		(16.0)			—			—			—			(16.0)			(0.3)			(16.3)
Current period other comprehensive loss	—		—		—		—		—			4.7			1.2			(2.8)			3.1			—			3.1
Reclassification adjustment to net income	—		—		—		—		—			—			10.4			2.8			13.2			—			13.2
Foreign currency translation on noncontrolling interest	—		—		—		—		—			—			—			—			—			(0.5)			(0.5)
Balance, September 30, 2020	$	0.1	$	0.1	$	(6.5)	$	312.7	$	435.4		$	(88.2)		$	(6.9)		$	(77.3)		$	569.4		$	33.2		$	602.6

See notes to unaudited condensed consolidated financial statements.

7

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2020

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

Note 1—Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All 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"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments 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, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam and Brazil.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on hydrogen fuel-cell stacks and engines.

Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), 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. ("Sumitomo") 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 prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), 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” section of the unaudited condensed consolidated statements of operations.

During the first nine months of 2020, broad measures taken by governments, businesses and others across the globe to limit the spread of novel coronavirus ("COVID-19") adversely affected the Company. The resulting significant decline in economic activity also reduced the demand for the Company's products and limited the availability of components from certain suppliers. Production was significantly reduced or suspended at the Company's Chinese and European facilities for certain periods during the first and early second quarter of 2020. The Company also initiated several cost reduction measures designed to ease liquidity pressure. These cost containment actions included spending and travel restrictions, significant reductions in temporary personnel, furloughs, suspension of incentive compensation and profit sharing, benefit reductions and salary reductions. In addition, the Company adjusted production levels at its manufacturing plants to align more closely with the reduced levels of demand, and worked closely with suppliers to help ensure current needs are met while also ensuring continuity as the market improves.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2020 and the results of its operations and changes in equity for the three and nine months ended September 30, 2020 and 2019, and the results of its cash flows for the nine months ended September 30, 2020 and 2019 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

8

The accompanying unaudited condensed consolidated balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. generally accepted accounting principles for complete financial statements.

Note 2—Recently Issued Accounting Standards

The following table provides a brief description of recent accounting standard updates ("ASU") adopted January 1, 2020. Unless otherwise noted, 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. 2016-13, Financial Instruments-Credit Losses (Topic 326)(Subsequent ASUs have been issued in 2018, 2019 and 2020 to update or clarify this guidance)	The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities	The guidance provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests.
ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606	The guidance clarifies the accounting for collaborative arrangements in conjunction with the adoption of "Revenue from Contracts with Customers (Topic 606)."
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	The guidance removes the second step of the two-step test for the measurement of goodwill impairment.
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement	The guidance removes, modifies and adds certain disclosures relating to fair value measurements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting agreement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

The following table provides a brief description of ASUs not yet adopted:

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes	The guidance eliminates certain exceptions to the income tax guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815	The guidance clarifies certain interactions between the guidance to account for certain equity securities and investments under the equity method of accounting.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2022	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

9

Note 3—Revenue

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11 for further information on product warranties.

The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.

The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis 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.

For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2020 and 2019, respectively.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed consolidated statements of operations.

The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations.

The following table disaggregates revenue by category:

	THREE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	189.2	$	115.6	$	40.0	$	—	$	—	$	—	$	344.8
Direct customer sales	113.3		0.4		—		—		—		—		113.7
Aftermarket sales	96.5		23.0		7.9		—		—		—		127.4
Other	27.9		4.8		0.1		63.3		0.7		(30.3)		66.5
Total Revenues	$	426.9	$	143.8	$	48.0	$	63.3	$	0.7	$	(30.3)	$	652.4

10

	THREE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	256.4	$	130.3	$	47.9	$	—	$	—	$	—	$	434.6
Direct customer sales	114.1		2.5		—		—		—		—		116.6
Aftermarket sales	100.0		23.3		9.5		—		—		—		132.8
Other	35.3		5.6		0.4		75.8		2.4		(37.5)		82.0
Total Revenues	$	505.8	$	161.7	$	57.8	$	75.8	$	2.4	$	(37.5)	$	766.0

	NINE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	686.9	$	332.7	$	117.2	$	—	$	—	$	—	$	1,136.8
Direct customer sales	369.0		6.4		—		—		—		—		375.4
Aftermarket sales	294.9		64.0		22.3		—		—		—		381.2
Other	81.6		12.9		1.1		215.4		2.8		(114.7)		199.1
Total Revenues	$	1,432.4	$	416.0	$	140.6	$	215.4	$	2.8	$	(114.7)	$	2,092.5

	NINE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	787.1	$	454.3	$	167.0	$	—	$	—	$	—	$	1,408.4
Direct customer sales	392.5		10.3		—		—		—		—		402.8
Aftermarket sales	298.9		72.5		26.1		—		—		—		397.5
Other	99.5		16.8		1.0		258.4		9.1		(136.5)		248.3
Total Revenues	$	1,578.0	$	553.9	$	194.1	$	258.4	$	9.1	$	(136.5)	$	2,457.0

Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealer. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of lift truck components to HYG plants. Nuvera's revenues include development funding from third-party development agreements and the sale of battery box replacement units, fuel cell stacks and engines to third parties and to HYG. In all revenue transactions, the Company receives cash equal to the invoice price and amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera and the lift truck business have been eliminated.

Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer.

11

	Deferred Revenue
Balance, December 31, 2019	$	73.3
Customer deposits and billings	21.0
Revenue recognized	(26.0)
Balance, September 30, 2020	$	68.3

Note 4—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.

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				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues from external customers
Americas	$	426.9	$	505.8	$	1,432.4	$	1,578.0
EMEA	143.8		161.7		416.0		553.9
JAPIC	48.0		57.8		140.6		194.1
Lift truck business	618.7		725.3		1,989.0		2,326.0
Bolzoni	63.3		75.8		215.4		258.4
Nuvera	0.7		2.4		2.8		9.1
Eliminations	(30.3)		(37.5)		(114.7)		(136.5)
Total	$	652.4	$	766.0	$	2,092.5	$	2,457.0
Gross profit (loss)
Americas	$	65.7	$	90.3	$	240.3	$	261.8
EMEA	22.4		26.1		57.4		79.6
JAPIC	6.2		8.6		14.9		23.1
Lift truck business	94.3		125.0		312.6		364.5
Bolzoni	12.1		13.0		40.5		44.1
Nuvera	(2.7)		(3.1)		(8.5)		(7.6)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	103.4	$	135.0	$	343.7	$	400.6

12

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Operating profit (loss)
Americas	$	16.1	$	29.5	$	77.9	$	71.0
EMEA	3.3		1.0		(4.0)		5.7
JAPIC	(3.2)		(2.5)		(12.7)		(8.8)
Lift truck business	16.2		28.0		61.2		67.9
Bolzoni	0.1		0.7		2.3		4.2
Nuvera	(8.7)		(9.3)		(26.4)		(25.9)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	7.3	$	19.5	$	36.2	$	45.8
Net income (loss) attributable to stockholders
Americas	$	10.7	$	20.8	$	52.0	$	50.6
EMEA	3.7		1.0		(0.9)		5.0
JAPIC	(2.8)		(2.3)		(8.5)		(6.2)
Lift truck business	11.6		19.5		42.6		49.4
Bolzoni	0.1		0.7		2.2		2.6
Nuvera	(6.1)		(5.8)		(18.6)		(17.9)
Eliminations	(0.5)		(1.6)		(2.2)		(1.7)
Total	$	5.1	$	12.8	$	24.0	$	32.4

Note 5—Income Taxes

The income tax provision includes U.S. federal, state and local, and foreign income taxes and is based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings, taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards and capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or 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 estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

The Tax Cuts and Jobs Act ("Tax Reform Act") includes anti-deferral and anti-base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include non-U.S. earnings in excess of an allowable return on the Company’s non-U.S. subsidiary’s tangible assets in its U.S. income tax return. The Company has elected to account for GILTI tax in the period in which it is incurred. The BEAT provisions in the Tax Reform Act created a minimum tax where a lower tax rate is applied to pre-tax income determined without the benefit of certain base-erosion payments made to related non-U.S. corporations. The Company is taxed under this regime if such minimum tax exceeds the regular U.S. corporate income tax. The GILTI and BEAT provisions are included in permanent adjustments in the table below.

13

A reconciliation of the consolidated federal statutory rate to the reported income tax rate is as follows:

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2020			2019			2020			2019
Income before income taxes	$	6.4		$	18.0		$	27.8		$	44.0
Statutory taxes (21%)	$	1.3		$	3.8		$	5.8		$	9.2
Interim adjustment	3.4			(0.6)			0.8			(0.2)
Permanent adjustments	(3.1)			1.6			2.2			1.3
Discrete items	(0.9)			0.1			(6.3)			0.5
Income tax provision	$	0.7		$	4.9		$	2.5		$	10.8
Reported income tax rate	10.9		%	27.2		%	9.0		%	24.5		%

During the third quarter of 2020, the Company recognized a discrete tax benefit of $1.0 million, related to domestic provision-to-return items, which was primarily related to BEAT.

During the second quarter of 2020, the Company recognized a discrete tax benefit of $4.3 million related to the expiration of the statute of limitations for uncertain tax positions related to acquisitions for which an offsetting pre-tax indemnity receivable was also recorded. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

During the third quarter of 2019, the Company recognized a discrete tax charge of $0.8 million related to foreign law changes and settlements including the tax impact of the pretax Brazilian court settlement contingency. See Note 12 for additional information. This was mostly offset by discrete tax benefits recognized of $0.3 million and $0.4 million related to tax contingencies and return to provision items, respectively.

Note 6—Reclassifications from OCI

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

Details about OCI Components	Amount Reclassified from OCI								Affected Line Item in the Statement Where Net Income Is Presented
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Gain (loss) on cash flow hedges:
Interest rate contracts	$	0.7	$	—	$	1.3	$	(0.3)	Interest expense
Foreign exchange contracts	(3.5)		(2.3)		(15.4)		(6.7)		Cost of sales
Total before tax	(2.8)		(2.3)		(14.1)		(7.0)		Income before income taxes
Tax benefit	0.8		0.5		3.7		1.9		Income tax provision
Net of tax	$	(2.0)	$	(1.8)	$	(10.4)	$	(5.1)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(1.1)	$	(0.9)	$	(3.4)	$	(2.9)	Other, net
Total before tax	(1.1)		(0.9)		(3.4)		(2.9)		Income before income taxes
Tax benefit	0.1		0.1		0.6		0.5		Income tax provision
Net of tax	$	(1.0)	$	(0.8)	$	(2.8)	$	(2.4)	Net income
Total reclassifications for the period	$	(3.0)	$	(2.6)	$	(13.2)	$	(7.5)

14

Note 7—Financial Instruments and Derivative Financial Instruments

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 September 30, 2020, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $264.2 million and $268.8 million, respectively. At December 31, 2019, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $265.1 million and $266.0 million, respectively.

Derivative Financial 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 unaudited condensed 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 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 periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is 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.

The Company periodically enters into cross-currency swaps, which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with 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.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

15

Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $870.7 million at September 30, 2020, primarily denominated in euros, U.S. dollars, Japanese yen, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $960.9 million at December 31, 2019, primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Mexican pesos, Australian dollars, Swedish kroner, Brazilian real and Chinese renminbi. The fair value of these contracts approximated a net liability of $3.3 million and $19.8 million at September 30, 2020 and December 31, 2019, respectively.

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 September 30, 2020, $4.1 million of the amount of net deferred loss included in OCI at September 30, 2020 is expected to be reclassified as expense into the unaudited condensed consolidated statement of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on its $200.0 million term loan (the "Term Loan") borrowings. The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2020 and December 31, 2019:

Notional Amount				Average Fixed Rate
September 30		December 31		September 30		December 31
2020		2019		2020		2019		Term at September 30, 2020
$	56.5	$	56.5	1.94	%	1.94	%	Extending to November 2022
$	67.9	$	74.6	2.20	%	2.20	%	Extending to May 2023

The fair value of all interest rate swap agreements was a net liability of $5.5 million and $2.1 million at September 30, 2020 and December 31, 2019, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2020, $1.8 million of the amount included in OCI as net deferred loss is expected to be reclassified as expense in the unaudited condensed consolidated statement of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019		Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	2.5	$	0.7
Long-term	Other long-term liabilities	—		—		Other long-term liabilities	3.0		1.4
Foreign currency exchange contracts
Current	Prepaid expenses and other	3.7		3.1		Prepaid expenses and other	1.5		1.5
	Other current liabilities	3.4		1.7		Other current liabilities	8.7		17.1
Long-term	Other non-current assets	4.7		—		Other non-current assets	1.7		—
	Other long-term liabilities	—		3.5		Other long-term liabilities	1.8		9.6
Total derivatives designated as hedging instruments		$	11.8	$	8.3		$	19.2	$	30.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.5		0.4		Prepaid expenses and other	1.9		0.2
	Other current liabilities	0.4		2.3		Other current liabilities	1.4		2.4
Total derivatives not designated as hedging instruments		$	1.9	$	2.7		$	3.3	$	2.6
Total derivatives		$	13.7	$	11.0		$	22.5	$	32.9

16

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2020								Derivative Liabilities as of September 30, 2020
	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	$	—	$	—	$	—	$	—	$	5.5	$	—	$	5.5	$	5.5
Foreign currency exchange contracts	4.8		(4.8)		—		—		8.1		(4.8)		3.3		3.3
Total derivatives	$	4.8	$	(4.8)	$	—	$	—	$	13.6	$	(4.8)	$	8.8	$	8.8
	Derivative Assets as of December 31, 2019								Derivative Liabilities as of December 31, 2019
	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	$	—	$	—	$	—	$	—	$	2.1	$	—	$	2.1	$	2.1
Foreign currency exchange contracts	1.8		(1.8)		—		—		21.6		(1.8)		19.8		19.8
Total derivatives	$	1.8	$	(1.8)	$	—	$	—	$	23.7	$	(1.8)	$	21.9	$	21.9

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

	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)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2020		2019		2020		2019			2020		2019		2020		2019
Cash Flow Hedges
Interest rate swap agreements	$	1.2	$	(0.7)	$	(2.2)	$	(4.7)	Interest expense	$	0.7	$	—	$	1.3	$	(0.3)
Foreign currency exchange contracts	20.1		(19.7)		4.2		(29.6)		Cost of sales	(3.5)		(2.3)		(15.4)		(6.7)
Total	$	21.3	$	(20.4)	$	2.0	$	(34.3)		$	(2.8)	$	(2.3)	$	(14.1)	$	(7.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2020		2019		2020		2019
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)
Total										$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)

Note 8—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. 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 a defined benefit pension plan. 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 2020, 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, 2020 using a discount rate of 2.27%, compared to the December 31, 2019 discount

17

rate of 3.02%. As a result of the remeasurement, the funded status of the plan decreased by $2.7 million and accumulated other comprehensive income increased by $3.6 million ($2.8 million net of tax).

The Company presents the components of net benefit cost, other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plans is reported in operating profit. The components of pension (income) expense are set forth below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
U.S. Pension
Interest cost	$	0.5	$	0.6	$	1.5	$	1.9
Expected return on plan assets	(1.3)		(1.1)		(3.6)		(3.4)
Settlement loss	1.2		—		1.2		—
Amortization of actuarial loss	0.5		0.5		1.5		1.5
Total	$	0.9	$	—	$	0.6	$	—
Non-U.S. Pension
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.8		1.1		2.3		3.1
Expected return on plan assets	(2.7)		(2.5)		(8.1)		(7.7)
Amortization of actuarial loss	0.6		0.4		1.9		1.4
Total	$	(1.2)	$	(1.0)	$	(3.8)	$	(3.1)

Note 9—Inventories

Inventories are summarized as follows:

	SEPTEMBER 30 2020		DECEMBER 31 2019
Finished goods and service parts	$	268.6	$	276.2
Work in process	23.3		22.1
Raw materials	248.3		310.5
Total manufactured inventories	540.2		608.8
LIFO reserve	(49.9)		(48.9)
Total inventory	$	490.3	$	559.9

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2020 and December 31, 2019, 43% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

Note 10—Goodwill and Intangible Assets

During the first nine months of 2020, broad measures taken by governments, businesses and others across the globe to limit the spread of COVID-19 adversely affected the Company. Production was significantly reduced or suspended at the Company's Chinese and European facilities for certain periods during the first and early second quarter of 2020. The significant decline in economic activity also reduced the demand for the Company's products from customers and limited the availability of components from suppliers. In addition, the Company’s stock price was volatile and declined significantly during the first quarter of 2020, consistent with broad trends in the global financial markets. These items, among others, were indicators of impairment and therefore, the Company performed interim goodwill and indefinite-lived intangible asset impairment tests as of March 31, 2020. The interim impairment analysis for goodwill and indefinite-lived intangible assets indicated the values of

18

these assets were not impaired as of March 31, 2020. In addition, the Company performed an impairment analysis of its tangible, right-of-use and other intangible assets that indicated the values of these assets were not impaired as of March 31, 2020. During the second quarter of 2020, the annual testing of goodwill for impairment was conducted as of May 1, 2020. The fair value of each reporting unit was in excess of its carrying value and thus no impairment existed. There were no further indicators of impairment during the third quarter of 2020.

Note 11—Product Warranties

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 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 for its lift trucks, which 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 and anticipated 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:

	2020
Balance at December 31, 2019	$	65.2
Current year warranty expense	21.9
Change in estimate related to pre-existing warranties	0.9
Payments made	(24.9)
Foreign currency effect	0.2
Balance at September 30, 2020	$	63.3

Note 12—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.

The Company previously filed legal actions in Brazil to recover certain social integration and social contribution taxes paid over gross sales, including ICMS receipts, which is a form of state value added tax. During 2019, the Company’s Brazil legal advisors notified the Company that they received judicial notification that the Superior Judicial Court rendered a favorable decision on the case granting the Company the right to recover, through offset of federal tax liabilities, amounts of overpayments collected by the government from 1999 to date. The judicial court decision is final and not subject to appeals. Based on analysis performed to date, the current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $18 million as of September 30, 2020.    

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The amount and ultimate timing of realization of these recoveries is dependent upon administrative approvals, generation of federal tax liabilities in Brazil eligible for offset and potential impacts of future legislative actions within Brazil, all of which are uncertain. Based upon a probability weighted analysis, including a review of historical earnings and trends, forecasted earnings, the relevant expiration of carryforwards and the potential of selling the credits at a significant discount, the Company determined the net realizable value of the credits is approximately 8 million Brazilian reais, or $1.4 million as of September 30, 2020. The Company currently expects to realize this amount within the next one to five years. Future legislative changes in Brazil, changes in the Company’s forecasted earnings or resolution of other uncertainties could impact the estimate of the amount realizable for these tax credits. 

The Brazilian tax authorities have sought clarification before the Brazilian Supreme Court of certain matters, including the amount of these credits (i.e., the gross rate or net credit amount), and certain other matters that could affect the rights of Brazilian taxpayers regarding these credits, all of which would materially impact the realization of the credits. Based on the opinions of our tax and legal advisors, we have not accrued any amounts related to potential future litigation regarding these credits.

Note 13—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 September 30, 2020 and December 31, 2019 were $147.0 million and $179.7 million, respectively. As of September 30, 2020, 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 unaudited condensed 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 September 30, 2020 was approximately $208.8 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 September 30, 2020, 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 WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $33.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $11.9 million as of September 30, 2020. The $33.5 million is included in the $147.0 million of total amounts subject to recourse or repurchase obligations at September 30, 2020.

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 HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At September 30, 2020, approximately $121.9 million of the Company's total recourse or repurchase obligations of $147.0 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At September 30, 2020, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $242.9 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $121.9 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $222.9 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $296.3 million. HYGFS 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 HYGFS to default in future periods.

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The following table includes the exposure amounts related to the Company's guarantees at September 30, 2020:

	HYGFS		Total
Total recourse or repurchase obligations	$	121.9	$	147.0
Less: exposure limited for certain dealers	33.5		33.5
Plus: 7.5% of original loan balance	11.9		11.9
	100.3		125.4
Incremental obligation related to guarantee to WF	222.9		222.9
Total exposure related to guarantees	$	323.2	$	348.3

Note 14—Equity and Debt Investments

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF 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 HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

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's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investment in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2020		December 31, 2019
HYGFS	$	19.8	$	22.8
SN	42.5		43.9
Bolzoni	0.4		0.3

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2020		2019
HYGFS	$	6.4	$	4.1
SN	0.9		1.0
	$	7.3	$	5.1

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues	$	93.8	$	103.8	$	290.8	$	323.8
Gross profit	$	34.1	$	35.0	$	98.0	$	109.9
Income from continuing operations	$	12.3	$	8.3	$	23.2	$	30.1
Net income	$	12.3	$	8.3	$	23.2	$	30.1

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The Company has an equity investment in a third party valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of September 30, 2020 and December 31, 2019 was $1.5 million and $2.4 million, respectively. Any gain or loss on the investment is included on the line "Other" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Gain (loss) on equity investment	$	0.2	$	(0.7)	$	(1.0)	$	(1.1)

The Company has an approximately 19% ownership interest through common and redeemable preferred shares in a third party, OneH2, Inc. The Company's investment was $11.6 million and $10.6 million as of September 30, 2020 and December 31, 2019, respectively.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

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

Hyster-Yale Materials Handling, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company Hyster-Yale Group, Inc. ("HYG"), is a leading, globally integrated, full-line lift truck manufacturer. The Company offers a broad array of solutions aimed at meeting the specific materials handling needs of its customers, including attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks. The Company, through HYG, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. 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 and countries its customers serve. Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam and Brazil.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on hydrogen fuel cell stacks and engines.

During the first nine months of 2020, broad measures taken by governments, businesses and others across the globe to limit the spread of novel coronavirus ("COVID-19") adversely affected the Company. The resulting significant decline in economic activity also reduced the demand for the Company's products and limited the availability of components from certain suppliers. Production was significantly reduced or suspended at the Company's Chinese and European facilities for certain periods during the first and early second quarter of 2020. The Company also initiated several cost reduction measures designed to ease liquidity pressure. These cost containment actions included spending and travel restrictions, significant reductions in temporary personnel, furloughs, suspension of incentive compensation and profit sharing, benefit reductions and salary reductions. In addition, the Company adjusted production levels at its manufacturing plants to align more closely with the reduced levels of demand, and worked closely with suppliers to help ensure current needs are met while also ensuring continuity as the market improves.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 14 through 16 in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Critical Accounting Policies and Estimates have not materially changed since December 31, 2019. See Note 2 to the unaudited condensed consolidated financial statements for a discussion of the new accounting pronouncements adopted on January 1, 2020.

23

FINANCIAL REVIEW

The results of operations for the Company were as follows:

	THREE MONTHS ENDED				Favorable / (Unfavorable)		NINE MONTHS ENDED				Favorable / (Unfavorable)
	SEPTEMBER 30						SEPTEMBER 30
	2020		2019		% Change		2020		2019		% Change
Lift truck unit shipments (in thousands)
Americas	12.0		14.6		(17.8)	%	41.1		44.3		(7.2)	%
EMEA	5.4		5.9		(8.5)	%	15.1		21.5		(29.8)	%
JAPIC	3.2		3.0		6.7	%	7.8		9.7		(19.6)	%
	20.6		23.5		(12.3)	%	64.0		75.5		(15.2)	%
Revenues
Americas	$	426.9	$	505.8	(15.6)	%	$	1,432.4	$	1,578.0	(9.2)	%
EMEA	143.8		161.7		(11.1)	%	416.0		553.9		(24.9)	%
JAPIC	48.0		57.8		(17.0)	%	140.6		194.1		(27.6)	%
Lift truck business	618.7		725.3		(14.7)	%	1,989.0		2,326.0		(14.5)	%
Bolzoni	63.3		75.8		(16.5)	%	215.4		258.4		(16.6)	%
Nuvera	0.7		2.4		(70.8)	%	2.8		9.1		(69.2)	%
Eliminations	(30.3)		(37.5)		(19.2)	%	(114.7)		(136.5)		(16.0)	%
	$	652.4	$	766.0	(14.8)	%	$	2,092.5	$	2,457.0	(14.8)	%
Gross profit (loss)
Americas	$	65.7	$	90.3	(27.2)	%	$	240.3	$	261.8	(8.2)	%
EMEA	22.4		26.1		(14.2)	%	57.4		79.6		(27.9)	%
JAPIC	6.2		8.6		(27.9)	%	14.9		23.1		(35.5)	%
Lift truck business	94.3		125.0		(24.6)	%	312.6		364.5		(14.2)	%
Bolzoni	12.1		13.0		(6.9)	%	40.5		44.1		(8.2)	%
Nuvera	(2.7)		(3.1)		(12.9)	%	(8.5)		(7.6)		11.8	%
Eliminations	(0.3)		0.1		n.m.		(0.9)		(0.4)		n.m.
	$	103.4	$	135.0	(23.4)	%	$	343.7	$	400.6	(14.2)	%
Selling, general and administrative expenses
Americas	$	49.6	$	60.8	18.4	%	$	162.4	$	190.8	14.9	%
EMEA	19.1		25.1		23.9	%	61.4		73.9		16.9	%
JAPIC	9.4		11.1		15.3	%	27.6		31.9		13.5	%
Lift truck business	78.1		97.0		19.5	%	251.4		296.6		15.2	%
Bolzoni	12.0		12.3		2.4	%	38.2		39.9		4.3	%
Nuvera	6.0		6.2		3.2	%	17.9		18.3		2.2	%
	$	96.1	$	115.5	16.8	%	$	307.5	$	354.8	13.3	%
Operating profit (loss)
Americas	$	16.1	$	29.5	(45.4)	%	$	77.9	$	71.0	9.7	%
EMEA	3.3		1.0		230.0	%	(4.0)		5.7		(170.2)	%
JAPIC	(3.2)		(2.5)		(28.0)	%	(12.7)		(8.8)		(44.3)	%
Lift truck business	16.2		28.0		(42.1)	%	61.2		67.9		(9.9)	%
Bolzoni	0.1		0.7		(85.7)	%	2.3		4.2		(45.2)	%
Nuvera	(8.7)		(9.3)		6.5	%	(26.4)		(25.9)		(1.9)	%
Eliminations	(0.3)		0.1		n.m.		(0.9)		(0.4)		n.m.
	$	7.3	$	19.5	(62.6)	%	$	36.2	$	45.8	(21.0)	%
Interest expense	$	3.1	$	5.3	41.5	%	$	10.7	$	14.9	28.2	%
Other income	$	(2.2)	$	(3.8)	n.m.		$	(2.3)	$	(13.1)	(82.4)	%

24

	THREE MONTHS ENDED						Favorable / (Unfavorable)		NINE MONTHS ENDED						Favorable / (Unfavorable)
	SEPTEMBER 30								SEPTEMBER 30
	2020			2019			% Change		2020			2019			% Change
Net income (loss) attributable to stockholders
Americas	$	10.7		$	20.8		(48.6)	%	$	52.0		$	50.6		2.8	%
EMEA	3.7			1.0			270.0	%	(0.9)			5.0			(118.0)	%
JAPIC	(2.8)			(2.3)			(21.7)	%	(8.5)			(6.2)			(37.1)	%
Lift truck business	11.6			19.5			(40.5)	%	42.6			49.4			(13.8)	%
Bolzoni	0.1			0.7			n.m.		2.2			2.6			(15.4)	%
Nuvera	(6.1)			(5.8)			(5.2)	%	(18.6)			(17.9)			(3.9)	%
Eliminations	(0.5)			(1.6)			n.m.		(2.2)			(1.7)			n.m.
	$	5.1		$	12.8		(60.2)	%	$	24.0		$	32.4		(25.9)	%
Diluted earnings per share	$	0.30		$	0.76		(60.5)	%	$	1.43		$	1.94		(26.3)	%
Reported income tax rate	10.9		%	27.2		%			9.0		%	24.5		%
n.m. - not meaningful

Following is the detail of 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. As of September 30, 2020, substantially all of the Company's backlog is expected to be sold within the next twelve months.

	THREE MONTHS ENDED		NINE MONTHS ENDED
	SEPTEMBER 30		SEPTEMBER 30
	2020	2019	2020	2019
Unit backlog, beginning of period	31.5	44.1	41.2	43.9
Unit shipments	(20.6)	(23.5)	(64.0)	(75.5)
Unit bookings	22.7	22.8	56.4	75.0
Unit backlog, end of period	33.6	43.4	33.6	43.4

The following is the detail of 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.

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Bookings, approximate sales value	$	545	$	540	$	1,360	$	1,690
Backlog, approximate sales value	$	910	$	1,130	$	910	$	1,130

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Third Quarter of 2020 Compared with Third Quarter of 2019

The following table identifies the components of change in revenues for the third quarter of 2020 compared with the third quarter of 2019:

	Revenues
2019	$	766.0
Increase (decrease) in 2020 from:
Unit volume and product mix	(98.6)
Bolzoni revenues	(12.5)
Parts	(7.1)
Nuvera revenues	(1.7)
Price	4.5
Foreign currency	1.5
Other (including eliminations)	0.3
2020	$	652.4

Revenues decreased 14.8% to $652.4 million in the third quarter of 2020 from $766.0 million in the third quarter of 2019, mainly due to lower unit and parts volumes in all geographic segments of the lift truck business and Bolzoni, primarily due to the COVID-19 pandemic and the resulting significant decline in economic activity. The decrease in revenue was partially offset by improved pricing in the Americas and EMEA.

Nuvera's revenues decreased primarily due to reduced third-party fuel cell development services in the third quarter of 2020 compared to the third quarter of 2019.

The following table identifies the components of change in operating profit for the third quarter of 2020 compared with the third quarter of 2019:

	Operating Profit
2019	$	19.5
Increase (decrease) in 2020 from:
Lift truck gross profit	(31.1)
Bolzoni operations	(0.6)
Nuvera operations	0.6
Lift truck selling, general and administrative expenses	18.9
2020	$	7.3

The Company recognized operating profit of $7.3 million in the third quarter of 2020 compared with $19.5 million in the third quarter of 2019. The decrease in operating profit was mainly due to lower gross profit, primarily from lower unit and parts volume due to the COVID-19 pandemic and the resulting significant decline in economic activity in all geographic lift truck segments and Bolzoni. The third quarter of 2019 also included $8.7 million of favorable retroactive tariff exclusion adjustments from suppliers for certain components imported from China. These items were partially offset by favorable pricing in all geographic lift truck segments. The decline in gross profit was somewhat offset by lower selling, general and administrative expenses at all locations as the Company implemented cost containment actions to mitigate the impact of the COVID-19 pandemic as well as $1.6 million of government subsidies in EMEA.

Nuvera's operating loss decreased modestly as a result of smaller inventory adjustments recognized in the third quarter of 2020 compared to the third quarter of 2019, as well as the favorable effect of cost containment actions.

The Company recognized net income attributable to stockholders of $5.1 million in the third quarter of 2020 compared with $12.8 million in the third quarter of 2019. The decrease was primarily the result of lower operating profit and lower equity earnings of unconsolidated subsidiaries. In addition, the Company recognized a settlement loss of $1.2 million in the third quarter of 2020 for its U.S. pension plan. These items were partially offset by lower interest expense, favorable mark-to-market adjustments on an equity investment in a third-party and a lower reported income tax rate. See Note 5 for further discussion of the Company's income tax provision.

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First Nine Months of 2020 Compared with First Nine Months of 2019

The following table identifies the components of change in revenues for the first nine months of 2020 compared with the first nine months of 2019:

	Revenues
2019	$	2,457.0
Increase (decrease) in 2019 from:
Unit volume and product mix	(310.5)
Bolzoni revenues	(43.0)
Parts	(21.8)
Foreign currency	(12.8)
Nuvera revenues	(6.3)
Price	24.0
Other (including eliminations)	5.9
2020	$	2,092.5

Revenues decreased 14.8% to $2,092.5 million in the first nine months of 2020 from $2,457.0 million in the first nine months of 2019. The decrease was mainly due to lower unit and parts volumes in all geographic segments of the lift truck business and Bolzoni, primarily due to the COVID-19 pandemic and the resulting significant decline in economic activity. In addition, unfavorable currency movements from the translation of sales into U.S. dollars was $10.3 million in the Americas, $2.0 million in JAPIC, $0.5 million in EMEA and $0.4 million at Bolzoni. The decrease in revenue was partially offset by higher prices in all lift truck geographic segments implemented during 2019 to offset material cost increases and tariffs.

Nuvera's revenues decreased primarily due to reduced third-party fuel cell development services in the first nine months of 2020 compared to the first nine months of 2019.

The following table identifies the components of change in operating profit for the first nine months of 2020 compared with the first nine months of 2019:

	Operating Profit
2019	$	45.8
Increase (decrease) in 2020 from:
Lift truck selling, general and administrative expenses	(52.4)
Bolzoni operations	(1.9)
Nuvera operations	(0.5)
Lift truck gross profit	45.2
2020	$	36.2

The Company recognized operating profit of $36.2 million in the first nine months of 2020 compared with $45.8 million in the first nine months of 2019. The decrease in operating profit was mainly due to lower gross profit, primarily from lower unit and parts volume and manufacturing inefficiencies due to the COVID-19 pandemic and the resulting significant decline in economic activity in all geographic lift truck segments and Bolzoni. In addition, the absence of $11.8 million of favorable retroactive tariff exclusion adjustments recognized in 2019 and unfavorable currency movements of $5.4 million in EMEA, $3.4 million in JAPIC and $2.3 million in the Americas were partially offset by favorable pricing in all geographic lift truck segments. The decline in gross profit was somewhat offset by lower selling, general and administrative expenses at all locations as the Company implemented cost containment actions to mitigate the impact of the COVID-19 pandemic as well as $6.6 million of government subsidies in EMEA.

The Company recognized net income attributable to stockholders of $24.0 million in the first nine months of 2020 compared with $32.4 million in the first nine months of 2019. The decrease was primarily the result of lower operating profit and lower equity earnings of unconsolidated subsidiaries, partially offset by lower interest expense. In addition, during the second quarter of 2020, the Company recognized a discrete tax benefit of $4.3 million related to the expiration of the statute of limitations for uncertain tax positions related to acquisitions for which an offsetting pre-tax indemnity receivable was also recorded. The

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expense for the release of the indemnity receivable was recorded on the line “Other, net” in the unaudited condensed consolidated statements of operations. See Note 5 for further discussion of the Company's income tax provision.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The following tables detail the changes in cash flow for the nine months ended September 30:

	2020		2019		Change
Operating activities:
Net income	$	25.3	$	33.2	$	(7.9)
Depreciation and amortization	31.8		32.3		(0.5)
Dividends from unconsolidated affiliates	7.3		5.1		2.2
Working capital changes	4.2		(93.0)		97.2
Other	7.5		5.1		2.4
Net cash provided by (used for) operating activities	76.1		(17.3)		93.4
Investing activities:
Expenditures for property, plant and equipment	(37.2)		(31.4)		(5.8)
Proceeds from the sale of assets	7.4		6.9		0.5
Net cash used for investing activities	(29.8)		(24.5)		(5.3)
Cash flow before financing activities	$	46.3	$	(41.8)	$	88.1

Net cash provided by (used for) operating activities increased $93.4 million in the first nine months of 2020 compared with the first nine months of 2019, primarily as a result of the change in working capital items. During the first nine months of 2020, working capital was significantly affected by the COVID-19 pandemic and the resulting significant decline in economic activity. Accounts receivable, inventory and the related accounts payable were all significantly reduced compared with the first nine months of 2019 as the Company adjusted to the reduced demand. In addition, other liabilities decreased during the first nine months of 2020 compared with the first nine months of 2019 mainly as a result of lower deferred revenue and higher payments of employee-related compensation.

The change in net cash used for investing activities during the first nine months of 2020 compared with the first nine months of 2019 is due to higher capital expenditures in 2020, primarily for new product development and improvements to the Company's information technology infrastructure. This was partially offset by proceeds from the sale of assets in the first nine months of 2020.

	2020		2019		Change
Financing activities:
Net increase (decrease) of long-term debt and revolving credit agreements	$	(2.7)	$	41.5	$	(44.2)
Cash dividends paid	(16.0)		(15.7)		(0.3)
Other	(0.4)		(0.8)		0.4
Net cash provided by (used for) financing activities	$	(19.1)	$	25.0	$	(44.1)

Net cash provided by (used for) financing activities decreased $44.1 million in the first nine months of 2020 compared with the first nine months of 2019. The decrease was primarily related to lower borrowings on the Facility (as defined below) in the first nine months of 2020 compared with the first nine months of 2019.

Financing Activities

The Company has a $240.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in April 2022. There were no borrowings outstanding under the Facility at September 30, 2020. The availability under the Facility at September 30, 2020 was $235.6 million, which reflects reductions of $4.4 million for letters of credit and other restrictions. As of September 30, 2020, the Facility consisted of a U.S. revolving credit facility of $150.0 million and a non-U.S. revolving credit facility of $90.0 million. The obligations under the Facility are generally secured by a first 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

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inventory (the "Facility Collateral") and a second lien on the Term Loan Collateral (defined below). The approximate book value of assets held as collateral under the Facility was $850 million as of September 30, 2020.     

Borrowings bear interest at a floating rate based on a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, as of September 30, 2020, for U.S. base rate loans and LIBOR loans were 0.25% and 1.25%, respectively. The applicable margin, as of September 30, 2020, for non-U.S. base rate loans and LIBOR loans was 1.25%. The Facility also required the payment of a fee of 0.25% per annum on the unused commitments as of September 30, 2020.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company and its subsidiaries subject to certain thresholds, as set forth in the Facility, and limits the payment of dividends. If average availability for both total and U.S. revolving credit facilities, on a pro forma basis, is greater than 15% and less than or equal to 20%, the Company may pay dividends subject to achieving a minimum Fixed Charge Coverage Ratio of 1.00 to 1.00, as defined in the Facility. If the average availability is greater than 20% for both total and U.S. revolving credit facilities, on a pro forma basis, 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 10% of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than 10% of the U.S. revolver commitments, as defined in the Facility. At September 30, 2020, the Company was in compliance with the covenants in the Facility.

The Company also has a $200.0 million term loan (the "Term Loan"), which matures in May 2023. The Term Loan requires quarterly principal payments on the last business day of each March, June, September and December in an amount equal to $2.5 million. The final principal repayment is due on May 30, 2023. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan. At September 30, 2020, there was $167.5 million of principal outstanding under the Term Loan which has been reduced in the unaudited condensed consolidated balance sheet by $2.1 million for discounts and unamortized deferred financing fees.

The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property (collectively, the "Term Loan Collateral") and a second priority lien on the Facility Collateral. The approximate book value of assets held as collateral under the Term Loan was $570 million as of September 30, 2020.

Borrowings under the Term Loan bear interest at a floating rate, which can be a base rate or Eurodollar rate, as defined in the Term Loan, plus an applicable margin. The applicable margin, as provided in the Term Loan, is 2.25% for base rate loans and 3.25% for Eurodollar loans. The interest rate on the amount outstanding under the Term Loan at September 30, 2020 was 3.40%. In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of regularly scheduled dividends and other restricted payments to $50.0 million in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 1.75 to 1.00 at the time of the payment. At September 30, 2020, the Company was in compliance with the covenants in the Term Loan.

The Company had other debt outstanding, excluding finance leases, of approximately $103.4 million at September 30, 2020. In addition to the excess availability under the Facility of $235.6 million, the Company had remaining availability of $31.1 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 April 2022.

Contractual Obligations, Contingent Liabilities and Commitments

Since December 31, 2019, there have been no significant changes in the total amount of the Company's contractual obligations or commercial commitments, or the timing of cash flows in accordance with those obligations, as reported on pages 27 and 28 in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

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Capital Expenditures

The following table summarizes actual and planned capital expenditures:

	Nine Months Ended September 30, 2020		Planned for Remainder of 2020		Planned 2020 Total		Actual 2019
Lift truck business	$	32.2	$	19.7	$	51.9	$	37.8
Bolzoni	2.6		0.8		3.4		5.6
Nuvera	2.4		3.6		6.0		6.3
	$	37.2	$	24.1	$	61.3	$	49.7

Planned expenditures for the remainder of 2020 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.

Capital Structure

The Company's capital structure is presented below:

	SEPTEMBER 30 2020			DECEMBER 31 2019			Change
Cash and cash equivalents	$	89.9		$	64.6		$	25.3
Other net tangible assets	643.5			632.6			10.9
Intangible assets	57.0			60.1			(3.1)
Goodwill	109.9			106.7			3.2
Net assets	900.3			864.0			36.3
Total debt	(297.7)			(287.0)			(10.7)
Total equity	$	602.6		$	577.0		$	25.6
Debt to total capitalization	33		%	33		%	—		%

BUSINESS PROSPECTS

As economies continued to reopen in the 2020 third quarter, lift truck market activity improved faster than anticipated, with markets ending the quarter at roughly pre-pandemic levels. Excluding China, which increased 78% over the prior year third quarter, the global lift truck market was down less than 1% compared with the third quarter of 2019. Compared to the second quarter of 2020, the global lift truck market increased 22.5% in the 2020 third quarter driven by a 28.8% increase in EMEA and a 25.9% increase in the Americas, as well as a 19.7% increase in China. The market improvements over the second quarter translated into a solid increase in 2020 third quarter Lift Truck bookings.

As market conditions improve, the Company expects that increased bookings and the strategic programs the Company continues to pursue will position each of its businesses to recover to sound long-term financial returns. In the meantime, the Company continues to focus on aggressive actions to keep its employees healthy as COVID-19 cases once again spike around the globe and on moderating any resulting additional near-term financial impacts of the COVID-19 pandemic.

The Company continues to maintain procedures designed to limit the exposure of employees to the spread of COVID-19, including adjusting shift schedules to promote social distancing, enhancing cleaning and sanitation, promoting recommended hygiene practices, limiting workplace access and maintaining remote working where possible. At the same time, the Company and its employees remain committed to meeting the needs of dealers and end customers by ensuring they receive equipment, parts and services in a timely manner to the degree reasonably possible.

While recent market and bookings activity is encouraging and growth since the 2020 second quarter shutdowns has been better than expected, the level of future bookings is still uncertain. The trend line for bookings is improving, but improvements are occurring at a decreasing rate, and COVID-19 cases are increasing. Overall, the Company continues to operate on the assumption that the economic and market environment will remain difficult throughout the remainder of 2020 with COVID-19 cases expected to increase in areas entering the winter season, and in 2021, until an effective COVID-19 vaccination or alternative therapy is widely available.

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Beginning late in the first quarter, the Company put plans in place to mitigate the impact of declining markets and bookings and the consequential impact of reduced manufacturing activity from pandemic-related shutdowns by initiating cost reduction measures which were designed to lower costs and enhance liquidity. Despite currently improving markets, these measures are expected to remain in place until market and economic uncertainty dissipates and results improve, which the Company expects to occur over the course of 2021. The implementation of these company-wide cost reduction actions is designed to achieve $60 million to $75 million in operating expense savings in 2020 compared with 2019, of which approximately $47 million have been realized through September 30, 2020. The Company also adjusted production levels at its manufacturing plants during the 2020 second quarter to align them more closely with the anticipated reduced levels of demand and target bookings levels. Throughout the third quarter, the Company increased production levels moderately to adjust for improved market levels, and the Company anticipates increasing production levels further in the fourth quarter given expected bookings and backlog, barring, of course, any new government shutdowns. Based on current backlog levels and planned production levels, the Company expects to have adequate component supply and minimal open production slots over the remainder of 2020. This is expected to position the Company with both competitive lead times and an acceptable ongoing backlog level. The Company continues to focus on adjusting production levels quickly to market and bookings changes and on working closely with suppliers to help ensure appropriate component supply levels as its production levels change. Against this backdrop, the Company expects operating profit and net income in the fourth quarter of 2020 to be significantly higher than both the 2020 third quarter and prior year fourth quarter.

However, importantly, the Company's expectations for the 2020 fourth quarter were established prior to the most recent spikes of COVID-19 cases in a number of countries, including in the Company's largest markets. This environment could develop into a headwind for current fourth quarter booking expectations. Further the Company or supplier shutdowns could occur. For example, while renewed measures have already been taken in a number of European countries to mitigate the spread of the virus, and similar actions are likely to be taken by other countries, at this time, the new measures put in place have not had a significant impact on the Company's plants or suppliers. However, the Company is monitoring the evolving situation, including monitoring closely a number of suppliers based in areas where cases are spiking. The Company is prepared to take further action if necessary to maintain the health and safety of its global employees and to address any production and supply chain issues which may develop. More broadly, as a result, pandemic-related uncertainty continues to limit the Company's ability to forecast bookings levels for 2021.

In addition to the Company's focus on cost containment actions, the Company has also focused on actions to enhance its cash flow before financing, including reducing working capital and reducing or deferring capital expenditures. Capital expenditures are expected to be approximately $61 million in 2020. Enhancing liquidity also continues to be a priority. At September 30, 2020, the Company's cash on hand was $89.9 million and debt was $297.7 million compared with cash on hand of $60.5 million and debt of $337.7 million at June 30, 2020. In addition, as of September 30, 2020, the Company had unused borrowing capacity of approximately $260 million under existing revolving credit facilities, compared with $218 million at June 30, 2020. Looking to the future in the context of an improving bookings trend, the Company plans to increase its investment in working capital to support growth in its business.

Despite the uncertainty related to near-term economic activity, the Company continues to execute its long-term strategy. As the Company entered the COVID-19 crisis, it was in the midst of undertaking the largest set of strategic programs in its history with the expectation that they would collectively have a transformational impact on the Company’s competitiveness, market position and economic performance. While essentially all of the projects required to execute these strategies continue to move forward, in the context of the COVID-19 pandemic, the pace of certain projects has been given greater emphasis than others to reduce near-term operating expenses and capital expenditures.

At Lift Truck, product programs are expected to lay the groundwork for enhanced market position by providing lower cost of ownership and enhanced productivity for the Company’s customers. While the Company continues to introduce a number of new products during this period, Lift Truck's primary focus is on a new set of modular and scalable product families covering both internal combustion engine and electric trucks which will provide customers with enhanced flexibility for meeting their application needs in addition to the benefit of lowest total cost of ownership. The Company has been focused on maintaining the timing of the introduction of the first of these products, the standard version of the 2-to-3 ton internal combustion engine lift truck for the EMEA market, which is expected to be launched in the first quarter of 2021. The launch of this new range of the 2-to-3 ton counterbalanced trucks will continue throughout 2021, with trucks for the Americas market expected to be launched in the second half of 2021.

The introduction of these new products will lead to significant changes in supply chain sourcing and in the Company’s various manufacturing facilities around the world as certain products are moved between plants. Consolidated component volume sourced globally from reliable partners is expected to reduce costs and improve quality as these new products are brought to market over time. Lift Truck’s largest manufacturing facilities, its Berea, Craigavon and Greenville plants, are undergoing significant changes and additional investments are being made at these plants. Given the current environment, the Company has also accelerated plans to move certain products in order to provide permanent structural changes to reduce costs.

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The Company believes the modular nature of the new products being introduced will enhance its ability to meet customer needs at lowest cost and with more specificity, both at the industry level and at the individual customer level. To capitalize on this capability, the Company has accelerated its focus on implementing comprehensive industry strategies, and investing in industry-focused sales capabilities to support its dealers. Given the COVID-19 environment, the Company has also focused on enhancing its remote selling capabilities through technology and IT enhancements.

Bolzoni continues to focus on its Americas growth strategy by strengthening its ability to serve the North America market through the supply of cylinders and various other components from its Sulligent, Alabama plant, and by introducing a broader range of locally produced attachments with shorter lead times to serve its customer base. Bolzoni is also implementing its "One Company - 3 brands" organizational approach to help streamline corporate operations and strengthen its North America and JAPIC commercial operations.

Nuvera continues to focus on serving heavy-duty applications, particularly bus and truck applications, with its 45kW engine, which was released for sale during the 2020 second quarter. It also continues to focus on the forklift truck market. During the second quarter of 2020, Nuvera, which had successfully achieved certification of its first 45kW engine for China in 2019, received its first integration certification which allows the engines to operate in buses. During the third quarter, testing of these engines in Chinese buses was completed for one company, and that company has now included the certified bus design in its sales catalog. Certifications for other bus companies are expected late in the fourth quarter of 2020 and in the first half of 2021. As a result of these milestones, Nuvera has accelerated the 45kW engine commercialization operations for the global market and is focusing on ramping up sales of this product in the fourth quarter of 2020 and in 2021. Nuvera is also developing a new engine of approximately 60kW for the Chinese market that is expected to begin the certification process during the fourth quarter. The engine certification for this new engine is expected to be received during the 2020 fourth quarter, with the vehicle integration certification expected to be completed late in the quarter or early in the first quarter of 2021.

In summary, the Company believes it is at an inflection point in its business as a result of the momentum of its strategic programs as they move to full implementation. While these initiatives may reduce the Company's near-term financial results, they are expected to position the Company with enhanced market position as market conditions return to more normal levels. Nevertheless, since the Company recognizes that the timing and shape of the market recovery is highly uncertain, it will focus on responding to changing conditions with agility based on contingency plans which appropriately respond to conditions as they unfold. Once the COVID-19 pandemic has abated and markets have returned to normal, the Company believes the full impact of these programs can lead to significant profitability improvements for a number of years to come.

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. See also Item 3, "Quantitative and Qualitative Disclosures About Market Risk,” in Part I of this Quarterly Report on Form 10-Q.

FORWARD-LOOKING STATEMENTS

The statements contained in this Form 10-Q 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) the duration and severity of the COVID-19 pandemic, any preventive or protective actions taken by governmental authorities, the effectiveness of actions taken globally to contain or mitigate its effects, and any unfavorable effects of the COVID-19 pandemic on either the Company's or its suppliers plants' capabilities to produce and ship products if COVID-19 continues to spread or quarantines are re-established, (2) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any reduction in demand as a result of a COVID-19 triggered economic recession, (3) the ability of the Company and its dealers, suppliers and end-users to access credit in the current economic environment, or obtain financing at reasonable rates, or at all, as a result of current economic and market conditions, (4) delays in delivery or increases in costs, including transportation costs, the imposition of tariffs, or the renewal of tariff exclusions, of raw materials or sourced products and labor or changes in or unavailability of quality suppliers, (5) delays in manufacturing and delivery schedules, (6) the successful commercialization of Nuvera's technology, (7) customer acceptance of pricing, (8) the political and economic uncertainties in the countries where the Company does business, (9) exchange rate fluctuations and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (10) bankruptcy of or loss of major dealers, retail customers or suppliers,

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(11) customer acceptance of, changes in the costs of, or delays in the development of new products, (12) introduction of new products by, or more favorable product pricing offered by, competitors, (13) product liability or other litigation, warranty claims or returns of products, (14) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (15) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, and (16) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation, the United Kingdom's exit from the European Union, the entry into new trade agreements and the imposition of tariffs and/or economic sanctions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See pages 32 and 33 and F-27 through F-30 of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a discussion of the Company's derivative hedging policies and use of financial instruments. There have been no material changes in the Company's market risk exposures since December 31, 2019.

Item 4. 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 as of the end of the period covered by this report.

Changes in internal control over financial reporting: During the third quarter of 2020, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1    Legal Proceedings

    None

Item 1A     Risk Factors

The following risk factor updates the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 in the section entitled “Risk Factors.” The impact of COVID-19 may also exacerbate the risks discussed therein, any of which could have a material effect on the Company.

The Company faces risks related to the global outbreak of COVID-19, which has adversely affected and may continue to adversely affect the Company’s business, results of operations and financial condition.

The Company faces risks related to pandemics and other public health crises, including the global outbreak of COVID-19, which has reached and disrupted areas in which the Company has operations, suppliers, customers and employees. The COVID-19 pandemic and actions taken by governments and others in response have resulted in and may continue to cause the closure of certain of the Company’s customers’ facilities, which in turn has reduced and may continue to reduce demand for its products. Furthermore, as a result of the COVID-19 pandemic, certain of the Company’s suppliers have been unable to provide materials to its facilities. This disruption to the Company’s supply chain has negatively impacted its business and results of operations and it is unable to predict the ultimate duration of such disruption and whether it will be able to secure supplies from alternate suppliers on favorable terms or at all. Moreover, the Company has closed and may continue to close certain of its facilities in response to the COVID-19 pandemic and measures taken by governments in response, which has and may continue to have a negative impact on its business and results of operations. The COVID-19 pandemic has also disrupted the Company’s internal operations, including by causing a large number of its employees to work remotely, subjecting the Company to heightened cyber and other risks. There is also a heightened risk that a significant portion of the Company’s workforce will suffer illness or otherwise not be permitted or be unable to work. The Company cannot predict whether any of these disruptions will continue or whether its operations will experience more significant or frequent disruptions in the future. Any measures the Company implements to mitigate these risks and disruptions may not be successful.

The circumstances surrounding the COVID-19 pandemic continue to evolve and it is not possible to predict the full nature and extent of the impacts of the COVID-19 pandemic. However, the continued spread of COVID-19 and reactions by governments and others has caused an economic slowdown that is significant, which the Company expects to continue and, therefore, could extend the duration of the period of reduced demand for the Company’s products and disruption of its supply chain. Additionally, deteriorating economic conditions could result in material impairment charges in the value of certain of the

33

Company’s assets. Moreover, circumstances surrounding the COVID-19 pandemic have negatively impacted global financial markets leading to greater volatility and increased cost of capital. If such conditions continue, the Company’s ability to borrow capital and otherwise finance its operations and expenditures may be negatively impacted.

Item 2    Unregistered Sales of Equity Securities and Use of Proceeds

    None

Item 3    Defaults Upon Senior Securities

    None

Item 4    Mine Safety Disclosures

    Not applicable

Item 5    Other Information

    None

Item 6    Exhibits

The following exhibits are filed as part of this report:

Exhibit
Number*	Description of Exhibits
31(i)(1)	Certification of Alfred M. Rankin, Jr. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
31(i)(2)	Certification of Kenneth C. Schilling pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
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.INS	Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL and contained in Exhibit 101
*    Numbered in accordance with Item 601 of Regulation S-K.

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Signatures

Pursuant to the requirements 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.
Date:	November 3, 2020	/s/ Kenneth C. Schilling
		Kenneth C. Schilling
		Senior Vice President and Chief Financial Officer (principal financial and accounting officer)

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EX-31.1

Exhibit 31(i)(1)

Certifications

I, Alfred M. Rankin, Jr., certify that:

1.I have reviewed this quarterlyreport on Form 10-Q 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 thisreport, 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 15d-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:	November 3, 2020	/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 quarterlyreport on Form 10-Q 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 thisreport, 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 15d-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:	November 3, 2020	/s/ Kenneth C. Schilling
		Kenneth C. Schilling
		Senior Vice President and Chief Financial Officer (principal financial 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 Quarterly Report of Hyster-Yale Materials Handling, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2020, 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:	November 3, 2020	/s/ Alfred M. Rankin, Jr.
		Alfred M. Rankin, Jr.
		Chairman, President and Chief Executive Officer (principal executive officer)

Date:	November 3, 2020	/s/ Kenneth C. Schilling
		Kenneth C. Schilling
		Senior Vice President and Chief Financial Officer (principal financial officer)

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-54799
Entity Registrant Name	HYSTER-YALE MATERIALS HANDLING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1637659
Entity Address, Address Line One	5875 LANDERBROOK DRIVE, SUITE 300
Entity Address, City or Town	CLEVELAND
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124-4069
City Area Code	(440)
Local Phone Number	449-9600
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value Per Share
Trading Symbol	HY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001173514
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,953,446
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,851,991

XML

Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

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.

The Company previously filed legal actions in Brazil to recover certain social integration and social contribution taxes paid over gross sales, including ICMS receipts, which is a form of state value added tax. During 2019, the Company’s Brazil legal advisors notified the Company that they received judicial notification that the Superior Judicial Court rendered a favorable decision on the case granting the Company the right to recover, through offset of federal tax liabilities, amounts of overpayments collected by the government from 1999 to date. The judicial court decision is final and not subject to appeals. Based on analysis performed to date, the current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $18 million as of September 30, 2020.    

The amount and ultimate timing of realization of these recoveries is dependent upon administrative approvals, generation of federal tax liabilities in Brazil eligible for offset and potential impacts of future legislative actions within Brazil, all of which are uncertain. Based upon a probability weighted analysis, including a review of historical earnings and trends, forecasted earnings, the relevant expiration of carryforwards and the potential of selling the credits at a significant discount, the Company determined the net realizable value of the credits is approximately 8 million Brazilian reais, or $1.4 million as of September 30, 2020. The Company currently expects to realize this amount within the next one to five years. Future legislative changes in Brazil, changes in the Company’s forecasted earnings or resolution of other uncertainties could impact the estimate of the amount realizable for these tax credits.  The Brazilian tax authorities have sought clarification before the Brazilian Supreme Court of certain matters, including the amount of these credits (i.e., the gross rate or net credit amount), and certain other matters that could affect the rights of Brazilian taxpayers regarding these credits, all of which would materially impact the realization of the credits. Based on the opinions of our tax and legal advisors, we have not accrued any amounts related to potential future litigation regarding these credits.

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Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 89.9	$ 64.6
Accounts receivable, net	398.1	468.3
Inventories, net	490.3	559.9
Prepaid expenses and other	53.1	63.0
Total Current Assets	1,031.4	1,155.8
Property, Plant and Equipment, Net	329.2	308.5
Intangible Assets	57.0	60.1
Goodwill	109.9	106.7
Deferred Income Tax Assets, Net	25.3	30.8
Investment in Unconsolidated Affiliates	75.8	80.0
Other Non-current Assets	105.3	105.3
Total Assets	1,733.9	1,847.2
Current Liabilities
Accounts payable	361.8	401.5
Accounts payable, affiliate	9.1	15.6
Revolving credit facilities	0.6	7.7
Current maturities of long-term debt	80.2	74.6
Accrued payroll	40.0	66.1
Deferred revenue	39.7	49.1
Other current liabilities	146.4	202.4
Total Current Liabilities	677.8	817.0
Long-term Debt	216.9	204.7
Self-insurance Liabilities	30.8	31.4
Pension Obligations	12.7	13.5
Deferred Income Tax Liabilities, Net	14.8	15.4
Other Long-term Liabilities	178.3	188.2
Total Liabilities	1,131.3	1,270.2
Common stock:
Capital in excess of par value	312.7	321.3
Treasury stock	(6.5)	(15.9)
Retained earnings	435.4	427.4
Accumulated other comprehensive loss	(172.4)	(188.7)
Total Stockholders' Equity	569.4	544.3
Noncontrolling Interest	33.2	32.7
Total Equity	602.6	577.0
Total Liabilities and Equity	1,733.9	1,847.2
Common Class A [Member]
Common stock:
Common stock	0.1	0.1
Common Class B [Member]
Common stock:
Common stock	$ 0.1	$ 0.1

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Balance Sheet Parenthetical - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common Class A [Member]
Class A Common stock, par value	$ 0.01	$ 0.01
Class A Common stock, shares outstanding	12,941,147	12,802,455
Common Class B [Member]
Class A Common stock, par value	$ 0.01	$ 0.01
Class A Common stock, shares outstanding	3,855,790	3,864,462

XML

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 652.4	$ 766.0	$ 2,092.5	$ 2,457.0
Cost of sales	549.0	631.0	1,748.8	2,056.4
Gross Profit	103.4	135.0	343.7	400.6
Operating Expenses
Selling, general and administrative expenses	96.1	115.5	307.5	354.8
Operating Profit	7.3	19.5	36.2	45.8
Other (income) expense
Interest expense	3.1	5.3	10.7	14.9
Income from unconsolidated affiliates	(1.6)	(2.1)	(4.0)	(7.9)
Other	(0.6)	(1.7)	1.7	(5.2)
Other (income) expense	0.9	1.5	8.4	1.8
Income Before Income Taxes	6.4	18.0	27.8	44.0
Income tax provision	0.7	4.9	2.5	10.8
Net Income	5.7	13.1	25.3	33.2
Net (income) loss attributable to noncontrolling interest	(0.6)	(0.3)	(1.3)	(0.8)
Net Income Attributable to Stockholders	$ 5.1	$ 12.8	$ 24.0	$ 32.4
Basic Earnings per Share	$ 0.30	$ 0.77	$ 1.43	$ 1.95
Diluted Earnings per Share	0.30	0.76	1.43	1.94
Dividends per Share	$ 0.3175	$ 0.3175	$ 0.9525	$ 0.9450
Basic Weighted Average Shares Outstanding	16,795	16,660	16,766	16,638
Diluted Weighted Average Shares Outstanding	16,803	16,735	16,796	16,709

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Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Income	$ 5.7	$ 13.1	$ 25.3	$ 33.2
Other comprehensive income (loss)
Foreign currency translation adjustment	21.9	(23.3)	4.7	(23.1)
Current period cash flow hedging activity	15.8	(15.6)	1.2	(25.7)
Reclassification of hedging activities into earnings	2.0	1.8	10.4	5.1
Current period pension adjustment	(2.8)	0.0	(2.8)	0.0
Reclassification of pension into earnings	1.0	0.8	2.8	2.4
Comprehensive Income (Loss)	43.6	(23.2)	41.6	(8.1)
Net (income) loss attributable to noncontrolling interests	(0.6)	(0.3)	(1.3)	(0.8)
Foreign currency translation adjustment attributable to noncontrolling interests	(0.4)	0.3	0.5	0.3
Comprehensive Income (Loss) Attributable to Stockholders	$ 42.6	$ (23.2)	$ 40.8	$ (8.6)

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net Income	$ 25.3	$ 33.2
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	31.8	32.3
Amortization of deferred financing fees	1.3	1.4
Deferred income taxes	(0.2)	(1.3)
Stock-based compensation	0.9	6.1
Dividends from unconsolidated affiliates	7.3	5.1
Other non-current liabilities	(11.9)	(3.7)
Other	17.4	2.6
Working capital changes:
Accounts receivable	60.2	(3.5)
Inventories	71.1	(73.6)
Other current assets	(7.4)	(4.2)
Accounts payable	(44.7)	(18.3)
Other current liabilities	(75.0)	6.6
Net cash provided by (used for) operating activities	76.1	(17.3)
Investing Activities
Expenditures for property, plant and equipment	(37.2)	(31.4)
Proceeds from the sale of assets	7.4	6.9
Net Cash Provided by (Used in) Investing Activities	(29.8)	(24.5)
Financing Activities
Additions to long-term debt	70.0	52.1
Reductions of long-term debt	(65.5)	(63.5)
Net change to revolving credit agreements	(7.2)	52.9
Cash dividends paid	(16.0)	(15.7)
Net cash provided by (used for) financing activities	(19.1)	25.0
Effect of exchange rate changes on cash	(1.9)	(4.1)
Cash and Cash Equivalents
Decrease for the period	25.3	(20.9)
Balance at the beginning of the period	64.6	83.7
Balance at the end of the period	89.9	62.8
Payments of Ordinary Dividends, Noncontrolling Interest	(0.3)	(0.2)
Payments of Financing Costs	0.0	(0.4)
Payments for Repurchase of Common Stock	$ (0.1)	$ (0.2)

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Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Revision of Prior Period, Adjustment	Aftermarket sales [Member]	Other revenue [Member]	Americas [Member]	Americas [Member] Aftermarket sales [Member]	Americas [Member] Other revenue [Member]	Sales Channel, Through Intermediary [Member]	Sales Channel, Through Intermediary [Member] Americas [Member]	Sales Channel, Directly to Consumer [Member]	Sales Channel, Directly to Consumer [Member] Americas [Member]	Parent [Member]	Parent [Member] Revision of Prior Period, Adjustment	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Treasury Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment	Foreign Currency Translation Adjustment [Member]	Deferred Gain (Loss) on Cash Flow Hedging [Member]	Deferred Gain (Loss) on Cash Flow Hedging [Member] Revision of Prior Period, Adjustment	Pension Adjustment [Member]	Pension Adjustment [Member] Revision of Prior Period, Adjustment	Noncontrolling Interest [Member]
Balance at Dec. 31, 2018	$ 559.5	$ 1.4										$ 527.4	$ 1.4	$ 0.1	$ 0.1	$ (24.1)	$ 321.5	$ 407.3	$ 5.3	$ (85.9)	$ (15.5)	$ 0.9	$ (76.1)	$ (4.8)	$ 32.1
Capital in Excess of Par Value
Stock-based compensation												6.1					6.1
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0											0.0				8.0	(8.0)
Treasury Stock, Value, Acquired, Cost Method	(0.2)											(0.2)				(0.2)
Retained Earnings
Net Income Attributable to Stockholders	32.4				$ 50.6							32.4						32.4
Cash dividends	(15.9)											(15.7)						(15.7)
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustment	(23.1)																			(23.1)
Deferred gain (loss) on cash flow hedging	(25.7)																				(25.7)
Current period pension adjustment	0.0																						0.0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(48.8)											(48.8)
Reclassification of hedging activities into earnings	5.1																				5.1
Reclassification of pension into earnings	2.4																						2.4
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	7.5											7.5
Net Income	33.2
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.8																								0.8
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders																									(0.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.3)																								(0.3)
Balance at Sep. 30, 2019	542.5											510.1		0.1	0.1	(16.3)	319.6	429.3		(109.0)	(35.2)		(78.5)		32.4
Noncontrolling Interest Items [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0		$ 397.5	$ 248.3		$ 298.9	$ 99.5	$ 1,408.4	$ 787.1	$ 402.8	$ 392.5
Revenues	2,457.0				1,578.0
Balance at Jun. 30, 2019	570.1											537.6		0.1	0.1	(16.7)	318.7	421.8		(85.7)	(21.4)		(79.3)		32.5
Capital in Excess of Par Value
Stock-based compensation	1.3											1.3					1.3
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0											0.0				0.4	(0.4)
Retained Earnings
Net Income Attributable to Stockholders	12.8				20.8							12.8						12.8
Cash dividends	(5.4)											(5.3)						(5.3)
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustment	(23.3)																			(23.3)
Deferred gain (loss) on cash flow hedging	(15.6)																				(15.6)
Current period pension adjustment	0.0																						0.0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(38.9)											(38.9)
Reclassification of hedging activities into earnings	1.8																				1.8
Reclassification of pension into earnings	0.8																						0.8
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2.6											2.6
Net Income	13.1
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.3																								0.3
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders																									(0.1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.3)
Balance at Sep. 30, 2019	542.5											510.1		0.1	0.1	(16.3)	319.6	429.3		(109.0)	(35.2)		(78.5)		32.4
Noncontrolling Interest Items [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0		132.8	82.0		100.0	35.3	434.6	256.4	116.6	114.1
Revenues	766.0				505.8
Balance at Dec. 31, 2019	577.0											544.3		0.1	0.1	(15.9)	321.3	427.4		(92.9)	(18.5)		(77.3)		32.7
Capital in Excess of Par Value
Stock-based compensation	0.9											0.9					0.9
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0											0.0				9.5	(9.5)
Treasury Stock, Value, Acquired, Cost Method	(0.1)											(0.1)				(0.1)
Retained Earnings
Net Income Attributable to Stockholders	24.0				52.0							24.0						24.0
Cash dividends	(16.3)											(16.0)						(16.0)
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustment	4.7																			4.7
Deferred gain (loss) on cash flow hedging	1.2																				1.2
Current period pension adjustment	(2.8)																						(2.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	3.1											3.1
Reclassification of hedging activities into earnings	10.4																				10.4
Reclassification of pension into earnings	2.8																						2.8
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	13.2											13.2
Net Income	25.3
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	1.3																								1.3
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders																									(0.3)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.5)																								(0.5)
Balance at Sep. 30, 2020	602.6											569.4		0.1	0.1	(6.5)	312.7	435.4		(88.2)	(6.9)		(77.3)		33.2
Noncontrolling Interest Items [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0		381.2	199.1		294.9	81.6	1,136.8	686.9	375.4	369.0
Revenues	2,092.5				1,432.4
Balance at Jun. 30, 2020	563.7											531.5		0.1	0.1	(7.2)	313.1	435.7		(110.1)	(24.7)		(75.5)		32.2
Capital in Excess of Par Value
Stock-based compensation	0.3											0.3					0.3
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	0.0											0.0				0.7	(0.7)
Retained Earnings
Net Income Attributable to Stockholders	5.1				10.7							5.1						5.1
Cash dividends	(5.4)											(5.4)						(5.4)
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustment	21.9																			21.9
Deferred gain (loss) on cash flow hedging	15.8																				15.8
Current period pension adjustment	(2.8)																						(2.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	34.9											34.9
Reclassification of hedging activities into earnings	2.0																				2.0
Reclassification of pension into earnings	1.0																						1.0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3.0											3.0
Net Income	5.7
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.6																								0.6
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders																									0.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	0.4																								0.4
Balance at Sep. 30, 2020	602.6											$ 569.4		$ 0.1	$ 0.1	$ (6.5)	$ 312.7	$ 435.4		$ (88.2)	$ (6.9)		$ (77.3)		$ 33.2
Noncontrolling Interest Items [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0		$ 127.4	$ 66.5		$ 96.5	$ 27.9	$ 344.8	$ 189.2	$ 113.7	$ 113.3
Revenues	$ 652.4				$ 426.9

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Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All 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"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments 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, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Japan, Vietnam and Brazil.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on hydrogen fuel-cell stacks and engines.

Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), 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. ("Sumitomo") 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 prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), 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” section of the unaudited condensed consolidated statements of operations.

During the first nine months of 2020, broad measures taken by governments, businesses and others across the globe to limit the spread of novel coronavirus ("COVID-19") adversely affected the Company. The resulting significant decline in economic activity also reduced the demand for the Company's products and limited the availability of components from certain suppliers. Production was significantly reduced or suspended at the Company's Chinese and European facilities for certain periods during the first and early second quarter of 2020. The Company also initiated several cost reduction measures designed to ease liquidity pressure. These cost containment actions included spending and travel restrictions, significant reductions in temporary personnel, furloughs, suspension of incentive compensation and profit sharing, benefit reductions and salary reductions. In addition, the Company adjusted production levels at its manufacturing plants to align more closely with the reduced levels of demand, and worked closely with suppliers to help ensure current needs are met while also ensuring continuity as the market improves.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2020 and the results of its operations and changes in equity for the three and nine months ended September 30, 2020 and 2019, and the results of its cash flows for the nine months ended September 30, 2020 and 2019 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. generally accepted accounting principles for complete financial statements.

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Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2020

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Recently Issued Accounting Standards

The following table provides a brief description of recent accounting standard updates ("ASU") adopted January 1, 2020. Unless otherwise noted, 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. 2016-13, Financial Instruments-Credit Losses (Topic 326)(Subsequent ASUs have been issued in 2018, 2019 and 2020 to update or clarify this guidance)	The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities	The guidance provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests.
ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606	The guidance clarifies the accounting for collaborative arrangements in conjunction with the adoption of "Revenue from Contracts with Customers (Topic 606)."
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	The guidance removes the second step of the two-step test for the measurement of goodwill impairment.
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement	The guidance removes, modifies and adds certain disclosures relating to fair value measurements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting agreement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

The following table provides a brief description of ASUs not yet adopted:

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes	The guidance eliminates certain exceptions to the income tax guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815	The guidance clarifies certain interactions between the guidance to account for certain equity securities and investments under the equity method of accounting.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2022	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

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Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Text Block]

Revenue

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11 for further information on product warranties.

The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.

The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis 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.

For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2020 and 2019, respectively.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed consolidated statements of operations.

The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations.

The following table disaggregates revenue by category:

	THREE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	189.2	$	115.6	$	40.0	$	—	$	—	$	—	$	344.8
Direct customer sales	113.3		0.4		—		—		—		—		113.7
Aftermarket sales	96.5		23.0		7.9		—		—		—		127.4
Other	27.9		4.8		0.1		63.3		0.7		(30.3)		66.5
Total Revenues	$	426.9	$	143.8	$	48.0	$	63.3	$	0.7	$	(30.3)	$	652.4

	THREE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	256.4	$	130.3	$	47.9	$	—	$	—	$	—	$	434.6
Direct customer sales	114.1		2.5		—		—		—		—		116.6
Aftermarket sales	100.0		23.3		9.5		—		—		—		132.8
Other	35.3		5.6		0.4		75.8		2.4		(37.5)		82.0
Total Revenues	$	505.8	$	161.7	$	57.8	$	75.8	$	2.4	$	(37.5)	$	766.0

	NINE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	686.9	$	332.7	$	117.2	$	—	$	—	$	—	$	1,136.8
Direct customer sales	369.0		6.4		—		—		—		—		375.4
Aftermarket sales	294.9		64.0		22.3		—		—		—		381.2
Other	81.6		12.9		1.1		215.4		2.8		(114.7)		199.1
Total Revenues	$	1,432.4	$	416.0	$	140.6	$	215.4	$	2.8	$	(114.7)	$	2,092.5

	NINE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	787.1	$	454.3	$	167.0	$	—	$	—	$	—	$	1,408.4
Direct customer sales	392.5		10.3		—		—		—		—		402.8
Aftermarket sales	298.9		72.5		26.1		—		—		—		397.5
Other	99.5		16.8		1.0		258.4		9.1		(136.5)		248.3
Total Revenues	$	1,578.0	$	553.9	$	194.1	$	258.4	$	9.1	$	(136.5)	$	2,457.0

Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealer. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of lift truck components to HYG plants. Nuvera's revenues include development funding from third-party development agreements and the sale of battery box replacement units, fuel cell stacks and engines to third parties and to HYG. In all revenue transactions, the Company receives cash equal to the invoice price and amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera and the lift truck business have been eliminated.

Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer.

	Deferred Revenue
Balance, December 31, 2019	$	73.3
Customer deposits and billings	21.0
Revenue recognized	(26.0)
Balance, September 30, 2020	$	68.3

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Business Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

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.

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				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues from external customers
Americas	$	426.9	$	505.8	$	1,432.4	$	1,578.0
EMEA	143.8		161.7		416.0		553.9
JAPIC	48.0		57.8		140.6		194.1
Lift truck business	618.7		725.3		1,989.0		2,326.0
Bolzoni	63.3		75.8		215.4		258.4
Nuvera	0.7		2.4		2.8		9.1
Eliminations	(30.3)		(37.5)		(114.7)		(136.5)
Total	$	652.4	$	766.0	$	2,092.5	$	2,457.0
Gross profit (loss)
Americas	$	65.7	$	90.3	$	240.3	$	261.8
EMEA	22.4		26.1		57.4		79.6
JAPIC	6.2		8.6		14.9		23.1
Lift truck business	94.3		125.0		312.6		364.5
Bolzoni	12.1		13.0		40.5		44.1
Nuvera	(2.7)		(3.1)		(8.5)		(7.6)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	103.4	$	135.0	$	343.7	$	400.6

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Operating profit (loss)
Americas	$	16.1	$	29.5	$	77.9	$	71.0
EMEA	3.3		1.0		(4.0)		5.7
JAPIC	(3.2)		(2.5)		(12.7)		(8.8)
Lift truck business	16.2		28.0		61.2		67.9
Bolzoni	0.1		0.7		2.3		4.2
Nuvera	(8.7)		(9.3)		(26.4)		(25.9)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	7.3	$	19.5	$	36.2	$	45.8
Net income (loss) attributable to stockholders
Americas	$	10.7	$	20.8	$	52.0	$	50.6
EMEA	3.7		1.0		(0.9)		5.0
JAPIC	(2.8)		(2.3)		(8.5)		(6.2)
Lift truck business	11.6		19.5		42.6		49.4
Bolzoni	0.1		0.7		2.2		2.6
Nuvera	(6.1)		(5.8)		(18.6)		(17.9)
Eliminations	(0.5)		(1.6)		(2.2)		(1.7)
Total	$	5.1	$	12.8	$	24.0	$	32.4

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Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The income tax provision includes U.S. federal, state and local, and foreign income taxes and is based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings, taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards and capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or 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 estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

The Tax Cuts and Jobs Act ("Tax Reform Act") includes anti-deferral and anti-base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include non-U.S. earnings in excess of an allowable return on the Company’s non-U.S. subsidiary’s tangible assets in its U.S. income tax return. The Company has elected to account for GILTI tax in the period in which it is incurred. The BEAT provisions in the Tax Reform Act created a minimum tax where a lower tax rate is applied to pre-tax income determined without the benefit of certain base-erosion payments made to related non-U.S. corporations. The Company is taxed under this regime if such minimum tax exceeds the regular U.S. corporate income tax. The GILTI and BEAT provisions are included in permanent adjustments in the table below.

A reconciliation of the consolidated federal statutory rate to the reported income tax rate is as follows:

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2020			2019			2020			2019
Income before income taxes	$	6.4		$	18.0		$	27.8		$	44.0
Statutory taxes (21%)	$	1.3		$	3.8		$	5.8		$	9.2
Interim adjustment	3.4			(0.6)			0.8			(0.2)
Permanent adjustments	(3.1)			1.6			2.2			1.3
Discrete items	(0.9)			0.1			(6.3)			0.5
Income tax provision	$	0.7		$	4.9		$	2.5		$	10.8
Reported income tax rate	10.9		%	27.2		%	9.0		%	24.5		%

During the third quarter of 2020, the Company recognized a discrete tax benefit of $1.0 million, related to domestic provision-to-return items, which was primarily related to BEAT.

During the second quarter of 2020, the Company recognized a discrete tax benefit of $4.3 million related to the expiration of the statute of limitations for uncertain tax positions related to acquisitions for which an offsetting pre-tax indemnity receivable was also recorded. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

During the third quarter of 2019, the Company recognized a discrete tax charge of $0.8 million related to foreign law changes and settlements including the tax impact of the pretax Brazilian court settlement contingency. See Note 12 for additional information. This was mostly offset by discrete tax benefits recognized of $0.3 million and $0.4 million related to tax contingencies and return to provision items, respectively.

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Abstract]

Reclassifications Out of Accumulated Comprehensive Income (Loss) [Text Block]

Reclassifications from OCI

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

Details about OCI Components	Amount Reclassified from OCI								Affected Line Item in the Statement Where Net Income Is Presented
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Gain (loss) on cash flow hedges:
Interest rate contracts	$	0.7	$	—	$	1.3	$	(0.3)	Interest expense
Foreign exchange contracts	(3.5)		(2.3)		(15.4)		(6.7)		Cost of sales
Total before tax	(2.8)		(2.3)		(14.1)		(7.0)		Income before income taxes
Tax benefit	0.8		0.5		3.7		1.9		Income tax provision
Net of tax	$	(2.0)	$	(1.8)	$	(10.4)	$	(5.1)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(1.1)	$	(0.9)	$	(3.4)	$	(2.9)	Other, net
Total before tax	(1.1)		(0.9)		(3.4)		(2.9)		Income before income taxes
Tax benefit	0.1		0.1		0.6		0.5		Income tax provision
Net of tax	$	(1.0)	$	(0.8)	$	(2.8)	$	(2.4)	Net income
Total reclassifications for the period	$	(3.0)	$	(2.6)	$	(13.2)	$	(7.5)

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Financial Instruments and Derivative Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Financial Instruments and Derivative Financial Instruments

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 September 30, 2020, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $264.2 million and $268.8 million, respectively. At December 31, 2019, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $265.1 million and $266.0 million, respectively.

Derivative Financial 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 unaudited condensed 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 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 periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is 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.

The Company periodically enters into cross-currency swaps, which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with 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.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $870.7 million at September 30, 2020, primarily denominated in euros, U.S. dollars, Japanese yen, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $960.9 million at December 31, 2019, primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Mexican pesos, Australian dollars, Swedish kroner, Brazilian real and Chinese renminbi. The fair value of these contracts approximated a net liability of $3.3 million and $19.8 million at September 30, 2020 and December 31, 2019, respectively.

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 September 30, 2020, $4.1 million of the amount of net deferred loss included in OCI at September 30, 2020 is expected to be reclassified as expense into the unaudited condensed consolidated statement of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on its $200.0 million term loan (the "Term Loan") borrowings. The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2020 and December 31, 2019:

Notional Amount				Average Fixed Rate
September 30		December 31		September 30		December 31
2020		2019		2020		2019		Term at September 30, 2020
$	56.5	$	56.5	1.94	%	1.94	%	Extending to November 2022
$	67.9	$	74.6	2.20	%	2.20	%	Extending to May 2023

The fair value of all interest rate swap agreements was a net liability of $5.5 million and $2.1 million at September 30, 2020 and December 31, 2019, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2020, $1.8 million of the amount included in OCI as net deferred loss is expected to be reclassified as expense in the unaudited condensed consolidated statement of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019		Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	2.5	$	0.7
Long-term	Other long-term liabilities	—		—		Other long-term liabilities	3.0		1.4
Foreign currency exchange contracts
Current	Prepaid expenses and other	3.7		3.1		Prepaid expenses and other	1.5		1.5
	Other current liabilities	3.4		1.7		Other current liabilities	8.7		17.1
Long-term	Other non-current assets	4.7		—		Other non-current assets	1.7		—
	Other long-term liabilities	—		3.5		Other long-term liabilities	1.8		9.6
Total derivatives designated as hedging instruments		$	11.8	$	8.3		$	19.2	$	30.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.5		0.4		Prepaid expenses and other	1.9		0.2
	Other current liabilities	0.4		2.3		Other current liabilities	1.4		2.4
Total derivatives not designated as hedging instruments		$	1.9	$	2.7		$	3.3	$	2.6
Total derivatives		$	13.7	$	11.0		$	22.5	$	32.9

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2020								Derivative Liabilities as of September 30, 2020
	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	$	—	$	—	$	—	$	—	$	5.5	$	—	$	5.5	$	5.5
Foreign currency exchange contracts	4.8		(4.8)		—		—		8.1		(4.8)		3.3		3.3
Total derivatives	$	4.8	$	(4.8)	$	—	$	—	$	13.6	$	(4.8)	$	8.8	$	8.8
	Derivative Assets as of December 31, 2019								Derivative Liabilities as of December 31, 2019
	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	$	—	$	—	$	—	$	—	$	2.1	$	—	$	2.1	$	2.1
Foreign currency exchange contracts	1.8		(1.8)		—		—		21.6		(1.8)		19.8		19.8
Total derivatives	$	1.8	$	(1.8)	$	—	$	—	$	23.7	$	(1.8)	$	21.9	$	21.9

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

	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)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2020		2019		2020		2019			2020		2019		2020		2019
Cash Flow Hedges
Interest rate swap agreements	$	1.2	$	(0.7)	$	(2.2)	$	(4.7)	Interest expense	$	0.7	$	—	$	1.3	$	(0.3)
Foreign currency exchange contracts	20.1		(19.7)		4.2		(29.6)		Cost of sales	(3.5)		(2.3)		(15.4)		(6.7)
Total	$	21.3	$	(20.4)	$	2.0	$	(34.3)		$	(2.8)	$	(2.3)	$	(14.1)	$	(7.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2020		2019		2020		2019
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)
Total										$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)

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Retirement Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

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. 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 a defined benefit pension plan. 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 2020, 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, 2020 using a discount rate of 2.27%, compared to the December 31, 2019 discount

rate of 3.02%. As a result of the remeasurement, the funded status of the plan decreased by $2.7 million and accumulated other comprehensive income increased by $3.6 million ($2.8 million net of tax).

The Company presents the components of net benefit cost, other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plans is reported in operating profit. The components of pension (income) expense are set forth below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
U.S. Pension
Interest cost	$	0.5	$	0.6	$	1.5	$	1.9
Expected return on plan assets	(1.3)		(1.1)		(3.6)		(3.4)
Settlement loss	1.2		—		1.2		—
Amortization of actuarial loss	0.5		0.5		1.5		1.5
Total	$	0.9	$	—	$	0.6	$	—
Non-U.S. Pension
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.8		1.1		2.3		3.1
Expected return on plan assets	(2.7)		(2.5)		(8.1)		(7.7)
Amortization of actuarial loss	0.6		0.4		1.9		1.4
Total	$	(1.2)	$	(1.0)	$	(3.8)	$	(3.1)

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Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventories

Inventories are summarized as follows:

	SEPTEMBER 30 2020		DECEMBER 31 2019
Finished goods and service parts	$	268.6	$	276.2
Work in process	23.3		22.1
Raw materials	248.3		310.5
Total manufactured inventories	540.2		608.8
LIFO reserve	(49.9)		(48.9)
Total inventory	$	490.3	$	559.9

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2020 and December 31, 2019, 43% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

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Intangible Assets, Goodwill and Other	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure	Goodwill and Intangible AssetsDuring the first nine months of 2020, broad measures taken by governments, businesses and others across the globe to limit the spread of COVID-19 adversely affected the Company. Production was significantly reduced or suspended at the Company's Chinese and European facilities for certain periods during the first and early second quarter of 2020. The significant decline in economic activity also reduced the demand for the Company's products from customers and limited the availability of components from suppliers. In addition, the Company’s stock price was volatile and declined significantly during the first quarter of 2020, consistent with broad trends in the global financial markets. These items, among others, were indicators of impairment and therefore, the Company performed interim goodwill and indefinite-lived intangible asset impairment tests as of March 31, 2020. The interim impairment analysis for goodwill and indefinite-lived intangible assets indicated the values of these assets were not impaired as of March 31, 2020. In addition, the Company performed an impairment analysis of its tangible, right-of-use and other intangible assets that indicated the values of these assets were not impaired as of March 31, 2020. During the second quarter of 2020, the annual testing of goodwill for impairment was conducted as of May 1, 2020. The fair value of each reporting unit was in excess of its carrying value and thus no impairment existed. There were no further indicators of impairment during the third quarter of 2020.

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Product Warranties

9 Months Ended

Sep. 30, 2020

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

Product Warranties

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 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 for its lift trucks, which 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 and anticipated 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:

	2020
Balance at December 31, 2019	$	65.2
Current year warranty expense	21.9
Change in estimate related to pre-existing warranties	0.9
Payments made	(24.9)
Foreign currency effect	0.2
Balance at September 30, 2020	$	63.3

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Guarantees

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

Schedule of Guarantor Obligations [Text Block]

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 September 30, 2020 and December 31, 2019 were $147.0 million and $179.7 million, respectively. As of September 30, 2020, 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 unaudited condensed 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 September 30, 2020 was approximately $208.8 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 September 30, 2020, 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 WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $33.5 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $11.9 million as of September 30, 2020. The $33.5 million is included in the $147.0 million of total amounts subject to recourse or repurchase obligations at September 30, 2020.

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 HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At September 30, 2020, approximately $121.9 million of the Company's total recourse or repurchase obligations of $147.0 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At September 30, 2020, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $242.9 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $121.9 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $222.9 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $296.3 million. HYGFS 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 HYGFS to default in future periods.

The following table includes the exposure amounts related to the Company's guarantees at September 30, 2020:

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Equity and Debt Investments

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Equity and Debt Investments

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF 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 HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

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's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investment in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2020		December 31, 2019
HYGFS	$	19.8	$	22.8
SN	42.5		43.9
Bolzoni	0.4		0.3

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2020		2019
HYGFS	$	6.4	$	4.1
SN	0.9		1.0
	$	7.3	$	5.1

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues	$	93.8	$	103.8	$	290.8	$	323.8
Gross profit	$	34.1	$	35.0	$	98.0	$	109.9
Income from continuing operations	$	12.3	$	8.3	$	23.2	$	30.1
Net income	$	12.3	$	8.3	$	23.2	$	30.1

The Company has an equity investment in a third party valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of September 30, 2020 and December 31, 2019 was $1.5 million and $2.4 million, respectively. Any gain or loss on the investment is included on the line "Other" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Gain (loss) on equity investment	$	0.2	$	(0.7)	$	(1.0)	$	(1.1)

The Company has an approximately 19% ownership interest through common and redeemable preferred shares in a third party, OneH2, Inc. The Company's investment was $11.6 million and $10.6 million as of September 30, 2020 and December 31, 2019, respectively.

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Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Use of Estimates, Policy [Policy Text Block]	These financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2020 and the results of its operations and changes in equity for the three and nine months ended September 30, 2020 and 2019, and the results of its cash flows for the nine months ended September 30, 2020 and 2019 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.The accompanying unaudited condensed consolidated balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. generally accepted accounting principles for complete financial statements.

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Financial Instruments and Derivative Financial Instruments (Policies)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

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 periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is 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.

The Company periodically enters into cross-currency swaps, which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with 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.

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Inventories (Policy)	9 Months Ended
	Sep. 30, 2020
Inventory [Line Items]
Inventory, Policy [Policy Text Block]	Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2020 and December 31, 2019, 43% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

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Product Warranties (Policies)	9 Months Ended
	Sep. 30, 2020
Product Liability Contingency [Line Items]
Standard Product Warranty, Policy [Policy Text Block]	The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 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.
Extended Product Warranty, Policy [Policy Text Block]	In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which 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.

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Contingencies Contingencies (Policies)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies, Policy [Policy Text Block]	The Company previously filed legal actions in Brazil to recover certain social integration and social contribution taxes paid over gross sales, including ICMS receipts, which is a form of state value added tax. During 2019, the Company’s Brazil legal advisors notified the Company that they received judicial notification that the Superior Judicial Court rendered a favorable decision on the case granting the Company the right to recover, through offset of federal tax liabilities, amounts of overpayments collected by the government from 1999 to date. The judicial court decision is final and not subject to appeals. Based on analysis performed to date, the current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $18 million as of September 30, 2020.    The amount and ultimate timing of realization of these recoveries is dependent upon administrative approvals, generation of federal tax liabilities in Brazil eligible for offset and potential impacts of future legislative actions within Brazil, all of which are uncertain. Based upon a probability weighted analysis, including a review of historical earnings and trends, forecasted earnings, the relevant expiration of carryforwards and the potential of selling the credits at a significant discount, the Company determined the net realizable value of the credits is approximately 8 million Brazilian reais, or $1.4 million as of September 30, 2020. The Company currently expects to realize this amount within the next one to five years. Future legislative changes in Brazil, changes in the Company’s forecasted earnings or resolution of other uncertainties could impact the estimate of the amount realizable for these tax credits.  The Brazilian tax authorities have sought clarification before the Brazilian Supreme Court of certain matters, including the amount of these credits (i.e., the gross rate or net credit amount), and certain other matters that could affect the rights of Brazilian taxpayers regarding these credits, all of which would materially impact the realization of the credits. Based on the opinions of our tax and legal advisors, we have not accrued any amounts related to potential future litigation regarding these credits.

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Equity and Debt Investments (Policies)	9 Months Ended
	Sep. 30, 2020
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF 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 HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

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Recently Issued Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Standards Update and Change in Accounting Principle [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Standard	Description
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)(Subsequent ASUs have been issued in 2018, 2019 and 2020 to update or clarify this guidance)	The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities	The guidance provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests.
ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606	The guidance clarifies the accounting for collaborative arrangements in conjunction with the adoption of "Revenue from Contracts with Customers (Topic 606)."
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	The guidance removes the second step of the two-step test for the measurement of goodwill impairment.
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement	The guidance removes, modifies and adds certain disclosures relating to fair value measurements.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting agreement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

Description of New Accounting Pronouncements Not yet Adopted [Table Text Block]

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes	The guidance eliminates certain exceptions to the income tax guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815	The guidance clarifies certain interactions between the guidance to account for certain equity securities and investments under the equity method of accounting.	January 1, 2021	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2022	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

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Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Disaggregation of Revenue

	THREE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	189.2	$	115.6	$	40.0	$	—	$	—	$	—	$	344.8
Direct customer sales	113.3		0.4		—		—		—		—		113.7
Aftermarket sales	96.5		23.0		7.9		—		—		—		127.4
Other	27.9		4.8		0.1		63.3		0.7		(30.3)		66.5
Total Revenues	$	426.9	$	143.8	$	48.0	$	63.3	$	0.7	$	(30.3)	$	652.4

	THREE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	256.4	$	130.3	$	47.9	$	—	$	—	$	—	$	434.6
Direct customer sales	114.1		2.5		—		—		—		—		116.6
Aftermarket sales	100.0		23.3		9.5		—		—		—		132.8
Other	35.3		5.6		0.4		75.8		2.4		(37.5)		82.0
Total Revenues	$	505.8	$	161.7	$	57.8	$	75.8	$	2.4	$	(37.5)	$	766.0

	NINE MONTHS ENDED
	SEPTEMBER 30, 2020
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	686.9	$	332.7	$	117.2	$	—	$	—	$	—	$	1,136.8
Direct customer sales	369.0		6.4		—		—		—		—		375.4
Aftermarket sales	294.9		64.0		22.3		—		—		—		381.2
Other	81.6		12.9		1.1		215.4		2.8		(114.7)		199.1
Total Revenues	$	1,432.4	$	416.0	$	140.6	$	215.4	$	2.8	$	(114.7)	$	2,092.5

	NINE MONTHS ENDED
	SEPTEMBER 30, 2019
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	787.1	$	454.3	$	167.0	$	—	$	—	$	—	$	1,408.4
Direct customer sales	392.5		10.3		—		—		—		—		402.8
Aftermarket sales	298.9		72.5		26.1		—		—		—		397.5
Other	99.5		16.8		1.0		258.4		9.1		(136.5)		248.3
Total Revenues	$	1,578.0	$	553.9	$	194.1	$	258.4	$	9.1	$	(136.5)	$	2,457.0

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

	Deferred Revenue
Balance, December 31, 2019	$	73.3
Customer deposits and billings	21.0
Revenue recognized	(26.0)
Balance, September 30, 2020	$	68.3

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

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

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues from external customers
Americas	$	426.9	$	505.8	$	1,432.4	$	1,578.0
EMEA	143.8		161.7		416.0		553.9
JAPIC	48.0		57.8		140.6		194.1
Lift truck business	618.7		725.3		1,989.0		2,326.0
Bolzoni	63.3		75.8		215.4		258.4
Nuvera	0.7		2.4		2.8		9.1
Eliminations	(30.3)		(37.5)		(114.7)		(136.5)
Total	$	652.4	$	766.0	$	2,092.5	$	2,457.0
Gross profit (loss)
Americas	$	65.7	$	90.3	$	240.3	$	261.8
EMEA	22.4		26.1		57.4		79.6
JAPIC	6.2		8.6		14.9		23.1
Lift truck business	94.3		125.0		312.6		364.5
Bolzoni	12.1		13.0		40.5		44.1
Nuvera	(2.7)		(3.1)		(8.5)		(7.6)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	103.4	$	135.0	$	343.7	$	400.6

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Operating profit (loss)
Americas	$	16.1	$	29.5	$	77.9	$	71.0
EMEA	3.3		1.0		(4.0)		5.7
JAPIC	(3.2)		(2.5)		(12.7)		(8.8)
Lift truck business	16.2		28.0		61.2		67.9
Bolzoni	0.1		0.7		2.3		4.2
Nuvera	(8.7)		(9.3)		(26.4)		(25.9)
Eliminations	(0.3)		0.1		(0.9)		(0.4)
Total	$	7.3	$	19.5	$	36.2	$	45.8
Net income (loss) attributable to stockholders
Americas	$	10.7	$	20.8	$	52.0	$	50.6
EMEA	3.7		1.0		(0.9)		5.0
JAPIC	(2.8)		(2.3)		(8.5)		(6.2)
Lift truck business	11.6		19.5		42.6		49.4
Bolzoni	0.1		0.7		2.2		2.6
Nuvera	(6.1)		(5.8)		(18.6)		(17.9)
Eliminations	(0.5)		(1.6)		(2.2)		(1.7)
Total	$	5.1	$	12.8	$	24.0	$	32.4

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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2020			2019			2020			2019
Income before income taxes	$	6.4		$	18.0		$	27.8		$	44.0
Statutory taxes (21%)	$	1.3		$	3.8		$	5.8		$	9.2
Interim adjustment	3.4			(0.6)			0.8			(0.2)
Permanent adjustments	(3.1)			1.6			2.2			1.3
Discrete items	(0.9)			0.1			(6.3)			0.5
Income tax provision	$	0.7		$	4.9		$	2.5		$	10.8
Reported income tax rate	10.9		%	27.2		%	9.0		%	24.5		%

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Abstract]

Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

Details about OCI Components	Amount Reclassified from OCI								Affected Line Item in the Statement Where Net Income Is Presented
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Gain (loss) on cash flow hedges:
Interest rate contracts	$	0.7	$	—	$	1.3	$	(0.3)	Interest expense
Foreign exchange contracts	(3.5)		(2.3)		(15.4)		(6.7)		Cost of sales
Total before tax	(2.8)		(2.3)		(14.1)		(7.0)		Income before income taxes
Tax benefit	0.8		0.5		3.7		1.9		Income tax provision
Net of tax	$	(2.0)	$	(1.8)	$	(10.4)	$	(5.1)	Net income
Amortization of defined benefit pension items:
Actuarial loss	$	(1.1)	$	(0.9)	$	(3.4)	$	(2.9)	Other, net
Total before tax	(1.1)		(0.9)		(3.4)		(2.9)		Income before income taxes
Tax benefit	0.1		0.1		0.6		0.5		Income tax provision
Net of tax	$	(1.0)	$	(0.8)	$	(2.8)	$	(2.4)	Net income
Total reclassifications for the period	$	(3.0)	$	(2.6)	$	(13.2)	$	(7.5)

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Financial Instruments and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative [Line Items]

Schedule of Interest Rate Derivatives [Table Text Block]

Notional Amount				Average Fixed Rate
September 30		December 31		September 30		December 31
2020		2019		2020		2019		Term at September 30, 2020
$	56.5	$	56.5	1.94	%	1.94	%	Extending to November 2022
$	67.9	$	74.6	2.20	%	2.20	%	Extending to May 2023

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019		Balance Sheet Location	SEPTEMBER 30 2020		DECEMBER 31 2019
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Other current liabilities	$	—	$	—	Other current liabilities	$	2.5	$	0.7
Long-term	Other long-term liabilities	—		—		Other long-term liabilities	3.0		1.4
Foreign currency exchange contracts
Current	Prepaid expenses and other	3.7		3.1		Prepaid expenses and other	1.5		1.5
	Other current liabilities	3.4		1.7		Other current liabilities	8.7		17.1
Long-term	Other non-current assets	4.7		—		Other non-current assets	1.7		—
	Other long-term liabilities	—		3.5		Other long-term liabilities	1.8		9.6
Total derivatives designated as hedging instruments		$	11.8	$	8.3		$	19.2	$	30.3
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	1.5		0.4		Prepaid expenses and other	1.9		0.2
	Other current liabilities	0.4		2.3		Other current liabilities	1.4		2.4
Total derivatives not designated as hedging instruments		$	1.9	$	2.7		$	3.3	$	2.6
Total derivatives		$	13.7	$	11.0		$	22.5	$	32.9

Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block]

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2020								Derivative Liabilities as of September 30, 2020
	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	$	—	$	—	$	—	$	—	$	5.5	$	—	$	5.5	$	5.5
Foreign currency exchange contracts	4.8		(4.8)		—		—		8.1		(4.8)		3.3		3.3
Total derivatives	$	4.8	$	(4.8)	$	—	$	—	$	13.6	$	(4.8)	$	8.8	$	8.8
	Derivative Assets as of December 31, 2019								Derivative Liabilities as of December 31, 2019
	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	$	—	$	—	$	—	$	—	$	2.1	$	—	$	2.1	$	2.1
Foreign currency exchange contracts	1.8		(1.8)		—		—		21.6		(1.8)		19.8		19.8
Total derivatives	$	1.8	$	(1.8)	$	—	$	—	$	23.7	$	(1.8)	$	21.9	$	21.9

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	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)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2020		2019		2020		2019			2020		2019		2020		2019
Cash Flow Hedges
Interest rate swap agreements	$	1.2	$	(0.7)	$	(2.2)	$	(4.7)	Interest expense	$	0.7	$	—	$	1.3	$	(0.3)
Foreign currency exchange contracts	20.1		(19.7)		4.2		(29.6)		Cost of sales	(3.5)		(2.3)		(15.4)		(6.7)
Total	$	21.3	$	(20.4)	$	2.0	$	(34.3)		$	(2.8)	$	(2.3)	$	(14.1)	$	(7.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2020		2019		2020		2019
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)
Total										$	(5.6)	$	(1.9)	$	(4.3)	$	(4.3)

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Retirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans [Table Text Block]

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
U.S. Pension
Interest cost	$	0.5	$	0.6	$	1.5	$	1.9
Expected return on plan assets	(1.3)		(1.1)		(3.6)		(3.4)
Settlement loss	1.2		—		1.2		—
Amortization of actuarial loss	0.5		0.5		1.5		1.5
Total	$	0.9	$	—	$	0.6	$	—
Non-U.S. Pension
Service cost	$	0.1	$	—	$	0.1	$	0.1
Interest cost	0.8		1.1		2.3		3.1
Expected return on plan assets	(2.7)		(2.5)		(8.1)		(7.7)
Amortization of actuarial loss	0.6		0.4		1.9		1.4
Total	$	(1.2)	$	(1.0)	$	(3.8)	$	(3.1)

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Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Inventory, Current [Table Text Block]

	SEPTEMBER 30 2020		DECEMBER 31 2019
Finished goods and service parts	$	268.6	$	276.2
Work in process	23.3		22.1
Raw materials	248.3		310.5
Total manufactured inventories	540.2		608.8
LIFO reserve	(49.9)		(48.9)
Total inventory	$	490.3	$	559.9

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Product Warranties (Tables)

9 Months Ended

Sep. 30, 2020

Product Liability Contingency [Line Items]

Schedule of Product Warranty Liability [Table Text Block]

	2020
Balance at December 31, 2019	$	65.2
Current year warranty expense	21.9
Change in estimate related to pre-existing warranties	0.9
Payments made	(24.9)
Foreign currency effect	0.2
Balance at September 30, 2020	$	63.3

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Guarantees (Tables)

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

Schedule of Guarantor Obligations [Table Text Block]

	HYGFS		Total
Total recourse or repurchase obligations	$	121.9	$	147.0
Less: exposure limited for certain dealers	33.5		33.5
Plus: 7.5% of original loan balance	11.9		11.9
	100.3		125.4
Incremental obligation related to guarantee to WF	222.9		222.9
Total exposure related to guarantees	$	323.2	$	348.3

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Equity and Debt Investments (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2020		December 31, 2019
HYGFS	$	19.8	$	22.8
SN	42.5		43.9
Bolzoni	0.4		0.3

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2020		2019
HYGFS	$	6.4	$	4.1
SN	0.9		1.0
	$	7.3	$	5.1

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2020		2019		2020		2019
Revenues	$	93.8	$	103.8	$	290.8	$	323.8
Gross profit	$	34.1	$	35.0	$	98.0	$	109.9
Income from continuing operations	$	12.3	$	8.3	$	23.2	$	30.1
Net income	$	12.3	$	8.3	$	23.2	$	30.1

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Basis of Presentation (Details)	Sep. 30, 2020
HYGFS [Member]
Equity Method Investment, Ownership Percentage	20.00%
SN [Member]
Equity Method Investment, Ownership Percentage	50.00%

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Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue, Performance Obligation, Description of Timing			Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 11 for further information on product warranties.
Revenue, Information Used to Assess Variable Consideration Constraint			The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis 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.
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control			The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealer. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of forklift components to HYG plants. Nuvera's revenues include development funding from third-party development agreements and the sale of battery box replacement units, fuel cell stacks and engines to HYG for the manufacture of lift trucks.
Revenue, Performance Obligation, Description of Returns and Other Similar Obligations			When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.
Revenues	$ 652.4	$ 766.0	$ 2,092.5	$ 2,457.0
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Deferred Revenue	68.3		68.3		$ 73.3
Deferred Revenue, Additions			21.0
Deferred Revenue, Revenue Recognized			$ (26.0)
Revenue, Performance Obligation Satisfied over Time, Method Used, Description			Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer.The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer.
Americas [Member]
Revenues	426.9	505.8	$ 1,432.4	1,578.0
EMEA [Member]
Revenues	143.8	161.7	416.0	553.9
JAPIC [Member]
Revenues	48.0	57.8	140.6	194.1
Bolzoni [Member]
Revenues	63.3	75.8	215.4	258.4
Nuvera [Member]
Revenues	0.7	2.4	2.8	9.1
Consolidation, Eliminations [Member]
Revenues	(30.3)	(37.5)	(114.7)	(136.5)
Other revenue [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	66.5	82.0	199.1	248.3
Other revenue [Member] | Americas [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	27.9	35.3	81.6	99.5
Other revenue [Member] | EMEA [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	4.8	5.6	12.9	16.8
Other revenue [Member] | JAPIC [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.1	0.4	1.1	1.0
Other revenue [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	63.3	75.8	215.4	258.4
Other revenue [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.7	2.4	2.8	9.1
Other revenue [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	(30.3)	(37.5)	(114.7)	(136.5)
Aftermarket sales [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	127.4	132.8	381.2	397.5
Aftermarket sales [Member] | Americas [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	96.5	100.0	294.9	298.9
Aftermarket sales [Member] | EMEA [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	23.0	23.3	64.0	72.5
Aftermarket sales [Member] | JAPIC [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	7.9	9.5	22.3	26.1
Aftermarket sales [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Aftermarket sales [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	113.7	116.6	375.4	402.8
Sales Channel, Directly to Consumer [Member] | Americas [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	113.3	114.1	369.0	392.5
Sales Channel, Directly to Consumer [Member] | EMEA [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.4	2.5	6.4	10.3
Sales Channel, Directly to Consumer [Member] | JAPIC [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Through Intermediary [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	344.8	434.6	1,136.8	1,408.4
Sales Channel, Through Intermediary [Member] | Americas [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	189.2	256.4	686.9	787.1
Sales Channel, Through Intermediary [Member] | EMEA [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	115.6	130.3	332.7	454.3
Sales Channel, Through Intermediary [Member] | JAPIC [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	40.0	47.9	117.2	167.0
Sales Channel, Through Intermediary [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Through Intermediary [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Through Intermediary [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.0	$ 0.0	$ 0.0	$ 0.0

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Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 652.4	$ 766.0	$ 2,092.5	$ 2,457.0
Gross profit (loss)	103.4	135.0	343.7	400.6
Operating profit (loss)	7.3	19.5	36.2	45.8
Net income (loss) attributable to stockholders	5.1	12.8	$ 24.0	32.4
Document Period End Date			Sep. 30, 2020
Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(30.3)	(37.5)	$ (114.7)	(136.5)
Gross profit (loss)	(0.3)	0.1	(0.9)	(0.4)
Operating profit (loss)	(0.3)	0.1	(0.9)	(0.4)
Net income (loss) attributable to stockholders	(0.5)	(1.6)	(2.2)	(1.7)
Americas [Member]
Segment Reporting Information [Line Items]
Revenues	426.9	505.8	1,432.4	1,578.0
Gross profit (loss)	65.7	90.3	240.3	261.8
Operating profit (loss)	16.1	29.5	77.9	71.0
Net income (loss) attributable to stockholders	10.7	20.8	52.0	50.6
EMEA [Member]
Segment Reporting Information [Line Items]
Revenues	143.8	161.7	416.0	553.9
Gross profit (loss)	22.4	26.1	57.4	79.6
Operating profit (loss)	3.3	1.0	(4.0)	5.7
Net income (loss) attributable to stockholders	3.7	1.0	(0.9)	5.0
JAPIC [Member]
Segment Reporting Information [Line Items]
Revenues	48.0	57.8	140.6	194.1
Gross profit (loss)	6.2	8.6	14.9	23.1
Operating profit (loss)	(3.2)	(2.5)	(12.7)	(8.8)
Net income (loss) attributable to stockholders	(2.8)	(2.3)	(8.5)	(6.2)
Lift truck business [Member]
Segment Reporting Information [Line Items]
Revenues	618.7	725.3	1,989.0	2,326.0
Gross profit (loss)	94.3	125.0	312.6	364.5
Operating profit (loss)	16.2	28.0	61.2	67.9
Net income (loss) attributable to stockholders	11.6	19.5	42.6	49.4
Bolzoni [Member]
Segment Reporting Information [Line Items]
Revenues	63.3	75.8	215.4	258.4
Gross profit (loss)	12.1	13.0	40.5	44.1
Operating profit (loss)	0.1	0.7	2.3	4.2
Net income (loss) attributable to stockholders	0.1	0.7	2.2	2.6
Nuvera [Member]
Segment Reporting Information [Line Items]
Revenues	0.7	2.4	2.8	9.1
Gross profit (loss)	(2.7)	(3.1)	(8.5)	(7.6)
Operating profit (loss)	(8.7)	(9.3)	(26.4)	(25.9)
Net income (loss) attributable to stockholders	$ (6.1)	$ (5.8)	$ (18.6)	$ (17.9)

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Before Income Taxes	$ 6.4		$ 18.0	$ 27.8	$ 44.0
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	1.3		3.8	5.8	9.2
Effective Income Tax Rate Reconciliation, Interim Adjustment, Amount	3.4		(0.6)	0.8	(0.2)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(3.1)		1.6	2.2	1.3
Other Tax Expense (Benefit)	0.9	$ (4.3)	(0.1)	6.3	(0.5)
Income tax provision	$ 0.7		$ 4.9	$ 2.5	$ 10.8
Effective Income Tax Rate Reconciliation, Percent	10.90%		27.20%	9.00%	24.50%
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Amount	$ 1.0
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount			$ 0.8
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount			0.3
Tax Adjustments, Settlements, and Unusual Provisions			$ 0.4

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ (2.8)	$ (2.3)	$ (14.1)	$ (7.0)
Derivative Instruments, Gain (Loss) Reclassified From Accumulated OCI into Income, Effective Portion, Tax	0.8	0.5	3.7	1.9
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	(2.0)	(1.8)	(10.4)	(5.1)
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax	(1.1)	(0.9)	(3.4)	(2.9)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	(1.1)	(0.9)	(3.4)	(2.9)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	0.1	0.1	0.6	0.5
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	(1.0)	(0.8)	(2.8)	(2.4)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(3.0)	(2.6)	(13.2)	(7.5)
Interest Expense [Member] | Interest Rate Contract [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	0.7	0.0	$ 1.3	(0.3)
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement			Interest expense
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement			Interest expense
Cost of Sales [Member] | Foreign Exchange Contract [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ (3.5)	$ (2.3)	$ (15.4)	$ (6.7)
Gross Pension Costs Reclassified to Net Income [Member]
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Other, net
Income Before Taxes [Member]
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]
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Income tax provision
Net Income (Loss) [Member]
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

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Financial Instruments and Derivative Financial Instruments (Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Instruments in Hedges, Assets, at Fair Value	$ 11.8	$ 8.3
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	1.9	2.7
Derivative Asset, Fair Value, Gross Asset	13.7	11.0
Derivative Instruments in Hedges, Liabilities, at Fair Value	19.2	30.3
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	3.3	2.6
Derivative Liability, Fair Value, Gross Liability	22.5	32.9
Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	3.7	3.1
Foreign Currency Cash Flow Hedge Liability at Fair Value	1.5	1.5
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
Foreign Currency Cash Flow Hedge Asset at Fair Value	3.4	1.7
Interest Rate Cash Flow Hedge Liability at Fair Value	2.5	0.7
Foreign Currency Cash Flow Hedge Liability at Fair Value	8.7	17.1
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	4.7	0.0
Foreign Currency Cash Flow Hedge Liability at Fair Value	1.7	0.0
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	0.0	0.0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0.0	3.5
Interest Rate Cash Flow Hedge Liability at Fair Value	3.0	1.4
Foreign Currency Cash Flow Hedge Liability at Fair Value	1.8	9.6
Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	1.5	0.4
Foreign Currency Cash Flow Hedge Liability at Fair Value	1.9	0.2
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	0.4	2.3
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 1.4	$ 2.4

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Financial Instruments and Derivative Financial Instruments (Offsetting) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	$ 4.8	$ 1.8
Derivative Asset, Fair Value, Amount Offset Against Collateral	(4.8)	(1.8)
Derivative Assets	0.0	0.0
Derivative Liability, Fair Value, Gross Liability by Counterparty	13.6	23.7
Derivative Liability, Fair Value, Amount Offset Against Collateral	(4.8)	(1.8)
Derivative Liabilities	8.8	21.9
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	0.0	0.0
Derivative Asset, Fair Value, Amount Offset Against Collateral	0.0	0.0
Derivative Assets	0.0	0.0
Derivative Liability, Fair Value, Gross Liability by Counterparty	5.5	2.1
Derivative Liability, Fair Value, Amount Offset Against Collateral	0.0	0.0
Derivative Liabilities	5.5	2.1
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	4.8	1.8
Derivative Asset, Fair Value, Amount Offset Against Collateral	(4.8)	(1.8)
Derivative Assets	0.0	0.0
Derivative Liability, Fair Value, Gross Liability by Counterparty	8.1	21.6
Derivative Liability, Fair Value, Amount Offset Against Collateral	(4.8)	(1.8)
Derivative Liabilities	$ 3.3	$ 19.8

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Financial Instruments and Derivative Financial Instruments (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (5.6)	$ (1.9)	$ (4.3)	$ (4.3)
Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements			Cost of sales
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
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(5.6)	(1.9)	$ (4.3)	(4.3)
Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Cost of sales
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	21.3	(20.4)	$ 2.0	(34.3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2.8)	(2.3)	(14.1)	(7.0)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	1.2	(0.7)	(2.2)	(4.7)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.7	0.0	$ 1.3	(0.3)
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] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	20.1	(19.7)	$ 4.2	(29.6)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (3.5)	$ (2.3)	$ (15.4)	$ (6.7)
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Cost of sales

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Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Long-term Debt		$ 266.0
Long-term Debt, Fair Value	$ 264.2	265.1
Discussion of Objectives for Using Interest Rate Derivative Instruments	The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.
Interest Rate Derivatives, at Fair Value, Net	$ 5.5	2.1
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 1.8
Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Discussion of Objectives for Using Foreign Currency Derivative Instruments	The Company periodically enters into cross-currency swaps, which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense.
Foreign Exchange Contract [Member]
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 unaudited condensed 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.
Derivative, Notional Amount	$ 870.7	960.9
Derivative, Fair Value, Net	(3.3)	(19.8)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(4.1)
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Short [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 56.5	$ 56.5
Derivative, Average Fixed Interest Rate	1.94%	1.94%
Term of Interest Rate Cash Flow Hedge	Extending to November 2022
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Long [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 67.9	$ 74.6
Derivative, Average Fixed Interest Rate	2.20%	2.20%
Term of Interest Rate Cash Flow Hedge	Extending to May 2023
Secured Debt [Member]
Derivative [Line Items]
Long-term Debt, Gross	$ 200.0

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Retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Effective Income Tax Rate Reconciliation, Percent	10.90%	27.20%	9.00%	24.50%
Defined Benefit Plan, Change in Funded (Unfunded) Status of Plan Due to Remeasurement	$ 2.7		$ 2.7
Other Comprehensive Income (Loss), Finalization of Pension Plan Valuation, Before Tax			3.6
Other Comprehensive Income (Loss), Finalization of Pension Plan Valuation, Net of Tax			$ 2.8
Americas [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate			2.27%		3.02%
Interest cost	0.5	$ 0.6	$ 1.5	$ 1.9
Expected return on plan assets	(1.3)	(1.1)	(3.6)	(3.4)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	1.2	0.0	1.2	0.0
Amortization of actuarial loss	0.5	0.5	1.5	1.5
Total	0.9	0.0	0.6	0.0
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	0.1	0.0	0.1	0.1
Interest cost	0.8	1.1	2.3	3.1
Expected return on plan assets	(2.7)	(2.5)	(8.1)	(7.7)
Amortization of actuarial loss	0.6	0.4	1.9	1.4
Total	$ (1.2)	$ (1.0)	$ (3.8)	$ (3.1)

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Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory, Finished Goods, Net of Reserves	$ 268.6	$ 276.2
Inventory, Work in Process, Net of Reserves	23.3	22.1
Inventory, Raw Materials and Purchased Parts, Net of Reserves	248.3	310.5
Total manufactured inventories	540.2	608.8
LIFO reserve	(49.9)	(48.9)
Total inventory	$ 490.3	$ 559.9
Percentage of LIFO Inventory	43.00%	53.00%

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Product Warranties (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Product Liability Contingency [Line Items]
Product Warranty Accrual	$ 63.3	$ 65.2
Product Warranties Issued	21.9
Product Warranty Accrual, Preexisting, Increase (Decrease)	0.9
Product Warranties Payments	(24.9)
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	$ 0.2
Standard warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	twelve months or 1,000 to 2,000 hours
Certain Truck Series Standard Warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	one to two years or 2,000 or 4,000 hours
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
Extended warranty [Member]
Product Liability Contingency [Line Items]
Extended Product Warranty Description	two to five years or up to 2,400 to 10,000 hours

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Contingencies Contingencies (Details) - 9 months ended Sep. 30, 2020 R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Gain Contingency, Unrecorded Amount	the current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $18 million as of September 30, 2020.
Former Gain Contingency, Recognized in Current Period	R$ 8.0	$ 1.4

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Guarantees (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 147.0	$ 179.7
Guarantor Obligations, Collateral	$ 208.8
Percentage of loan losses guaranteed	7.50%
Loan losses guaranteed	$ 11.9
Net guarantee of outstanding debt	125.4
Guarantor Obligations, Related Party Disclosures	121.9
Guarantees, Fair Value Disclosure	348.3
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	33.5
Financial Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Related Party Disclosures	222.9
Receivable [Domain]
Guarantor Obligations [Line Items]
Guarantor Obligations, Collateral	296.3
HYGFS [Member]
Guarantor Obligations [Line Items]
Net guarantee of outstanding debt	$ 100.3
Percentage of loans guaranteed to joint venture	20.00%
Notes Payable, Related Party Due to Parent	$ 1,200.0
Contractual Obligation	242.9
Guarantees, Fair Value Disclosure	$ 323.2
Minimum [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Contractual Term	1 year

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Equity and Debt Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity Method Investments	$ 75.8		$ 75.8		$ 80.0
Dividends from unconsolidated affiliates			7.3	$ 5.1
Available-for-sale Securities, Noncurrent	1.5		1.5		2.4
Available-for-sale Equity Securities, Gross Unrealized Gain	0.2	$ (0.7)	(1.0)	(1.1)
Revenues	652.4	766.0	2,092.5	2,457.0
Gross Profit	103.4	135.0	343.7	400.6
Net Income Attributable to Stockholders	5.1	12.8	24.0	32.4
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Revenues	93.8	103.8	290.8	323.8
Gross Profit	34.1	35.0	98.0	109.9
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	12.3	8.3	23.2	30.1
Net Income Attributable to Stockholders	$ 12.3	$ 8.3	$ 23.2	30.1
HYGFS [Member]
Equity Method Investment, Ownership Percentage	20.00%		20.00%
Equity Method Investments	$ 19.8		$ 19.8		22.8
Dividends from unconsolidated affiliates			$ 6.4	4.1
SN [Member]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity Method Investments	$ 42.5		$ 42.5		43.9
Dividends from unconsolidated affiliates			0.9	$ 1.0
Bolzoni [Member]
Equity Method Investments	0.4		0.4		0.3
Equity Investment 3 [Member]
Debt Securities	$ 11.6		$ 11.6		$ 10.6