(Mark One) | |||||||||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
For the fiscal year ended: |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Zip code) | ||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
PAGE | |||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Lift trucks | 76 | % | 75 | % | 77 | % | ||||||||||||||
Parts | 14 | % | 12 | % | 13 | % | ||||||||||||||
Service, rental and other | 5 | % | 8 | % | 4 | % | ||||||||||||||
Bolzoni | 5 | % | 5 | % | 5 | % | ||||||||||||||
Nuvera | less than 1% | less than 1% | 1 | % |
Hyster® | Yale® | Dual-Branded | Maximal® | |||||||||||||||||||||||
Americas | 13 | 27 | 32 | 5 | ||||||||||||||||||||||
EMEA | 72 | 74 | 10 | 16 | ||||||||||||||||||||||
JAPIC | 111 | 8 | 5 | 65 | ||||||||||||||||||||||
196 | 109 | 47 | 86 |
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||
Units (in thousands) | 40.6 | 33.6 | 41.2 | |||||||||||||||||
Backlog, approximate sales value (in millions) | $ | 1,070 | $ | 910 | $ | 1,070 |
Lift Truck | 6,100 | |||||||
Bolzoni | 1,300 | |||||||
Nuvera | 200 |
Segment | Facility Location | Owned/Leased | Function(s) | |||||||||||||||||
Lift Truck | ||||||||||||||||||||
Americas | Berea, Kentucky | Owned | Assembly of lift trucks and manufacture of component parts | |||||||||||||||||
Charlotte, North Carolina | Leased | Customer experience and training center | ||||||||||||||||||
Cleveland, Ohio | Leased | Global headquarters | ||||||||||||||||||
Danville, Illinois | Owned | Americas parts distribution center | ||||||||||||||||||
Fairview, Oregon | Owned | Counterbalanced development center for design and testing of lift trucks, prototype equipment and component parts | ||||||||||||||||||
Greenville, North Carolina | Owned | Divisional headquarters and marketing and sales operations for Hyster® and Yale® in the Americas; Americas warehouse development center; assembly of lift trucks and manufacture of component parts | ||||||||||||||||||
Itu, Brazil | Owned | Assembly of lift trucks and parts distribution center | ||||||||||||||||||
Ramos Arizpe, Mexico | Owned | Assembly of lift trucks and manufacture of component parts | ||||||||||||||||||
EMEA | Craigavon, Northern Ireland | Owned | Manufacture of lift trucks and cylinders; frame and mast fabrication for EMEA | |||||||||||||||||
Frimley, Surrey, UK | Leased | Divisional headquarters and marketing and sales operations for Hyster® and Yale® in EMEA | ||||||||||||||||||
Irvine, Scotland | Leased | European administrative center | ||||||||||||||||||
Masate, Italy | Leased | Assembly of lift trucks; European warehouse development center | ||||||||||||||||||
Nijmegen, the Netherlands | Owned | Big trucks development center; manufacture and assembly of big trucks and component parts; European parts distribution center | ||||||||||||||||||
JAPIC | Fuyang, China | Owned | Manufacture and assembly of lift trucks | |||||||||||||||||
Pune, India | Leased | Engineering design services | ||||||||||||||||||
Shanghai, China | Owned | Assembly of lift trucks, sale of parts and marketing operations of China | ||||||||||||||||||
Sydney, Australia | Leased | Divisional headquarters and sales and marketing for JAPIC; JAPIC parts distribution center | ||||||||||||||||||
Bolzoni | Helsinki, Finland | Leased | Manufacture and distribution of Bolzoni products | |||||||||||||||||
Hebei, China | Owned | Manufacture and distribution of Bolzoni products | ||||||||||||||||||
Piacenza, Italy | Owned | Bolzoni headquarters; manufacture and distribution of Bolzoni products | ||||||||||||||||||
Salzgitter, Germany | Owned | Manufacture and distribution of Bolzoni products | ||||||||||||||||||
Sulligent, Alabama | Owned | Manufacture of Bolzoni products and manufacture of component parts for lift trucks | ||||||||||||||||||
Wuxi, China | Owned | Manufacture and distribution of Bolzoni products | ||||||||||||||||||
Nuvera | Billerica, Massachusetts | Leased | Nuvera research and development laboratory |
Name | Age | Current Position | Other Positions | |||||||||||||||||
Alfred M. Rankin, Jr. | 79 | Chairman and Chief Executive Officer of Hyster-Yale (from February 2021), Chairman of HYG (from prior to 2016). | Chairman, President and Chief Executive Officer of Hyster-Yale (from prior to 2016 to February 2021). | |||||||||||||||||
Rajiv K. Prasad | 57 | President of Hyster-Yale (from February 2021), President and Chief Executive Officer of HYG (from January 2020). | Chief Product and Operations Officer of HYG (February 2018 to December 2019), Senior Vice President, Global Product Development, Manufacturing and Supply Chain Strategy of HYG (from prior to 2016 to February 2018). | |||||||||||||||||
Gregory J. Breier | 55 | Vice President, Tax of Hyster-Yale (from prior to 2016), Vice President, Tax of HYG (from prior to 2016). | ||||||||||||||||||
Brian K. Frentzko | 60 | Vice President, Treasurer of Hyster-Yale (from prior to 2016), Vice President, Treasurer of HYG (from prior to 2016). | ||||||||||||||||||
Stephen J. Karas | 51 | Senior Vice President, President APIC (from February 2020). | Vice President, Global Supply Chain of HYG (from prior to 2016 to January 2020). | |||||||||||||||||
Jennifer M. Langer | 47 | Vice President, Controller of Hyster-Yale (from prior to 2016), Vice President, Controller of HYG (from prior to 2016). | ||||||||||||||||||
David M. LeBlanc | 56 | Vice President, Strategy, Planning and Business Development of HYG (from August 2018). | Group President, International Engineered Support Structures, Valmont Industries, Inc. (an industrial company) (from prior to 2016 to February 2018). | |||||||||||||||||
Stewart D. Murdoch | 50 | Senior Vice President, Managing Director, Europe, Middle East and Africa of HYG (from October 2020). | General Manager, Director and Head of EMEA North and Australasia, Habasit (UK), Ltd. (an industrial company) (from prior to 2016 to September 2020). | |||||||||||||||||
Charles F. Pascarelli | 61 | Senior Vice President, President, Americas of HYG (from prior to 2016). | ||||||||||||||||||
Anthony J. Salgado | 50 | Chief Operating Officer of HYG (from July 2019). | Senior Vice President, JAPIC of HYG (from January 2016 to June 2019), Vice President, Corporate Officer, UniCarriers Corporation (an industrial company) (from prior to 2016 to January 2016), President, UniCarriers Americas Corporation (from prior to 2016 to January 2016). | |||||||||||||||||
Kenneth C. Schilling | 61 | Senior Vice President and Chief Financial Officer of Hyster-Yale (from prior to 2016), Senior Vice President and Chief Financial Officer of HYG (from prior to 2016). | ||||||||||||||||||
Patric Schroeter | 47 | Vice President Finance, APIC of HYG (from September 2019). | Vice President and CFO Asia-Pacific, KION Group (a materials handling company) (from October 2016 to September 2019), Director, Cost Transformation Asia, Middle-East, Africa and Australia, BT Group (a telecommunications company) (from prior to 2016 to September 2016). | |||||||||||||||||
Gopichand Somayajula | 64 | Vice President, Global Product Development of HYG (from prior to 2016). | ||||||||||||||||||
Suzanne S. Taylor | 58 | Senior Vice President, General Counsel and Secretary of Hyster-Yale (from May 2016), Senior Vice President, General Counsel and Secretary of HYG (from May 2016). | Vice President, Deputy General Counsel and Assistant Secretary of Hyster-Yale (from prior to 2016 to May 2016), Vice President, Deputy General Counsel and Assistant Secretary of HYG (from prior to 2016 to May 2016). | |||||||||||||||||
Mark H. Trivett | 51 | Vice President Finance, Europe, Middle East and Africa of HYG (from prior to 2016). | ||||||||||||||||||
Raymond C. Ulmer | 57 | Vice President Finance, Americas of HYG (from prior to 2016). |
Assumption | Change | Increase (decrease) 2021 net pension expense | Increase (decrease) 2020 projected benefit obligation | |||||||||||||||||
Discount rate | 1% increase | $(0.2) | $(30.1) | |||||||||||||||||
1% decrease | 0.6 | 34.8 | ||||||||||||||||||
Return on plan assets | 1% increase | (2.3) | N/A | |||||||||||||||||
1% decrease | 2.3 | N/A |
Revenues | Gross Profit | Operating Profit | Net Income Attributable to Stockholders | |||||||||||||||||||||||
2019 | $ | 3,291.8 | $ | 541.8 | $ | 53.9 | $ | 35.8 | ||||||||||||||||||
Increase (decrease) in 2020 | ||||||||||||||||||||||||||
Americas | (232.1) | (36.7) | 13.3 | 10.4 | ||||||||||||||||||||||
EMEA | (162.6) | (24.1) | (7.6) | (3.4) | ||||||||||||||||||||||
JAPIC | (56.6) | (9.4) | (5.7) | (2.4) | ||||||||||||||||||||||
Lift truck business | (451.3) | (70.2) | — | 4.6 | ||||||||||||||||||||||
Bolzoni | (61.7) | (4.7) | (3.7) | (2.6) | ||||||||||||||||||||||
Nuvera | (6.2) | (1.0) | 0.2 | (0.4) | ||||||||||||||||||||||
Eliminations | 39.5 | (0.5) | (0.5) | (0.3) | ||||||||||||||||||||||
2020 | $ | 2,812.1 | $ | 465.4 | $ | 49.9 | $ | 37.1 |
Favorable / (Unfavorable) % Change | |||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | |||||||||||||||
Lift truck unit shipments (in thousands) | |||||||||||||||||
Americas | 53.1 | 59.3 | (10.5) | % | |||||||||||||
EMEA | 21.1 | 28.4 | (25.7) | % | |||||||||||||
JAPIC | 11.3 | 12.6 | (10.3) | % | |||||||||||||
85.5 | 100.3 | (14.8) | % | ||||||||||||||
Revenues | |||||||||||||||||
Americas | $ | 1,891.2 | $ | 2,123.3 | (10.9) | % | |||||||||||
EMEA | 588.6 | 751.2 | (21.6) | % | |||||||||||||
JAPIC | 193.1 | 249.7 | (22.7) | % | |||||||||||||
Lift truck business | 2,672.9 | 3,124.2 | (14.4) | % | |||||||||||||
Bolzoni | 283.7 | 345.4 | (17.9) | % | |||||||||||||
Nuvera | 3.9 | 10.1 | n.m. | ||||||||||||||
Eliminations | (148.4) | (187.9) | n.m. | ||||||||||||||
$ | 2,812.1 | $ | 3,291.8 | (14.6) | % | ||||||||||||
Gross profit (loss) | |||||||||||||||||
Americas | $ | 318.1 | $ | 354.8 | (10.3) | % | |||||||||||
EMEA | 86.4 | 110.5 | (21.8) | % | |||||||||||||
JAPIC | 20.3 | 29.7 | (31.6) | % | |||||||||||||
Lift truck business | 424.8 | 495.0 | (14.2) | % | |||||||||||||
Bolzoni | 53.4 | 58.1 | (8.1) | % | |||||||||||||
Nuvera | (12.2) | (11.2) | (8.9) | % | |||||||||||||
Eliminations | (0.6) | (0.1) | n.m. | ||||||||||||||
$ | 465.4 | $ | 541.8 | (14.1) | % | ||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Americas | $ | 216.0 | $ | 266.0 | 18.8 | % | |||||||||||
EMEA | 83.3 | 99.8 | 16.5 | % | |||||||||||||
JAPIC | 39.9 | 43.6 | 8.5 | % | |||||||||||||
Lift truck business | 339.2 | 409.4 | 17.1 | % | |||||||||||||
Bolzoni | 52.4 | 53.4 | 1.9 | % | |||||||||||||
Nuvera | 23.9 | 25.1 | 4.8 | % | |||||||||||||
$ | 415.5 | $ | 487.9 | 14.8 | % | ||||||||||||
Operating profit (loss) | |||||||||||||||||
Americas | $ | 102.1 | $ | 88.8 | 15.0 | % | |||||||||||
EMEA | 3.1 | 10.7 | (71.0) | % | |||||||||||||
JAPIC | (19.6) | (13.9) | (41.0) | % | |||||||||||||
Lift truck business | 85.6 | 85.6 | — | % | |||||||||||||
Bolzoni | 1.0 | 4.7 | (78.7) | % | |||||||||||||
Nuvera | (36.1) | (36.3) | 0.6 | % | |||||||||||||
Eliminations | (0.6) | (0.1) | n.m. | ||||||||||||||
$ | 49.9 | $ | 53.9 | (7.4) | % | ||||||||||||
Interest expense | $ | 13.7 | $ | 19.8 | 30.8 | % | |||||||||||
Other income | $ | (6.0) | $ | (13.8) | (56.5) | % | |||||||||||
Income before income taxes | $ | 42.2 | $ | 47.9 | (11.9) | % | |||||||||||
Favorable / (Unfavorable) % Change | |||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | |||||||||||||||
Net income (loss) attributable to stockholders | |||||||||||||||||
Americas | $ | 71.6 | $ | 61.2 | 17.0 | % | |||||||||||
EMEA | 5.6 | 9.0 | (37.8) | % | |||||||||||||
JAPIC | (14.3) | (11.9) | (20.2) | % | |||||||||||||
Lift truck business | 62.9 | 58.3 | 7.9 | % | |||||||||||||
Bolzoni | 0.2 | 2.8 | (92.9) | % | |||||||||||||
Nuvera | (25.6) | (25.2) | (1.6) | % | |||||||||||||
Eliminations | (0.4) | (0.1) | n.m. | ||||||||||||||
$ | 37.1 | $ | 35.8 | 3.6 | % | ||||||||||||
Diluted earnings per share | $ | 2.21 | $ | 2.14 | 3.3 | % | |||||||||||
Reported income tax rate | 8.8 | % | 23.6 | % | |||||||||||||
n.m. - not meaningful |
YEAR ENDED | NINE MONTHS ENDED | YEAR ENDED | ||||||||||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||
Unit backlog, beginning of period | 41.2 | 41.2 | 43.9 | |||||||||||||||||
Unit shipments | (85.5) | (64.0) | (100.3) | |||||||||||||||||
Unit bookings | 84.9 | 56.4 | 97.6 | |||||||||||||||||
Unit backlog, end of period | 40.6 | 33.6 | 41.2 |
YEAR ENDED | NINE MONTHS ENDED | YEAR ENDED | ||||||||||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||
Bookings, approximate sales value | $ | 2,020 | $ | 1,360 | $ | 2,240 | ||||||||||||||
Backlog, approximate sales value | $ | 1,070 | $ | 910 | $ | 1,070 |
Revenues | ||||||||
2019 | $ | 3,291.8 | ||||||
Increase (decrease) in 2020 from: | ||||||||
Unit volume and product mix | (437.2) | |||||||
Bolzoni revenues | (61.7) | |||||||
Parts | (22.5) | |||||||
Other | (10.5) | |||||||
Nuvera revenues | (6.2) | |||||||
Foreign currency | (4.6) | |||||||
Eliminations | 39.5 | |||||||
Unit price | 23.5 | |||||||
2020 | $ | 2,812.1 |
Operating Profit | |||||
2019 | $ | 53.9 | |||
Increase (decrease) in 2020 from: | |||||
Lift truck gross profit | (70.7) | ||||
Bolzoni operations | (3.7) | ||||
Lift truck selling, general and administrative expenses | 70.2 | ||||
Nuvera operations | 0.2 | ||||
2020 | $ | 49.9 |
2020 | 2019 | |||||||||||||
Income before income taxes | $ | 42.2 | $ | 47.9 | ||||||||||
Statutory taxes at 21% | $ | 8.9 | $ | 10.1 | ||||||||||
Permanent adjustments: | ||||||||||||||
Federal income tax credits | (2.2) | (2.8) | ||||||||||||
Equity interest earnings | (1.0) | (1.5) | ||||||||||||
Non-U.S. rate differences | (0.1) | (0.9) | ||||||||||||
Valuation allowance | 2.1 | 0.5 | ||||||||||||
Global intangible low-taxed income | 1.9 | 1.6 | ||||||||||||
Base-erosion and anti-abuse tax | 0.8 | 1.4 | ||||||||||||
Other | 0.4 | 3.1 | ||||||||||||
State income taxes | 0.3 | (0.2) | ||||||||||||
$ | 2.2 | $ | 1.2 | |||||||||||
Discrete items: | ||||||||||||||
Tax controversy resolution | (5.8) | (1.4) | ||||||||||||
Other | (1.5) | 2.1 | ||||||||||||
Provision to return adjustments | (0.9) | (1.0) | ||||||||||||
Valuation allowance | 0.8 | 0.3 | ||||||||||||
$ | (7.4) | $ | — | |||||||||||
Income tax provision | $ | 3.7 | $ | 11.3 | ||||||||||
Reported income tax rate | 8.8 | % | 23.6 | % | ||||||||||
2020 | 2019 | Change | |||||||||||||||
Operating activities: | |||||||||||||||||
Net income | $ | 38.5 | $ | 36.6 | $ | 1.9 | |||||||||||
Depreciation and amortization | 42.9 | 43.3 | (0.4) | ||||||||||||||
Stock-based compensation | 1.3 | 8.2 | (6.9) | ||||||||||||||
Dividends from unconsolidated affiliates | 7.3 | 5.1 | 2.2 | ||||||||||||||
Other | 6.0 | 10.1 | (4.1) | ||||||||||||||
Working capital changes | 70.9 | (26.6) | 97.5 | ||||||||||||||
Net cash provided by operating activities | 166.9 | 76.7 | 90.2 | ||||||||||||||
Investing activities: | |||||||||||||||||
Expenditures for property, plant and equipment | (51.7) | (49.7) | (2.0) | ||||||||||||||
Proceeds from the sale of property, plant and equipment | 8.0 | 7.7 | 0.3 | ||||||||||||||
Net cash used for investing activities | (43.7) | (42.0) | (1.7) | ||||||||||||||
Cash flow before financing activities | $ | 123.2 | $ | 34.7 | $ | 88.5 |
2020 | 2019 | Change | |||||||||||||||
Financing Activities: | |||||||||||||||||
Net reduction of long-term debt and revolving credit agreements | $ | (18.9) | $ | (29.8) | $ | 10.9 | |||||||||||
Cash dividends paid | (21.3) | (21.0) | (0.3) | ||||||||||||||
Other | (0.4) | (0.8) | 0.4 | ||||||||||||||
Net cash used for financing activities | $ | (40.6) | $ | (51.6) | $ | 11.0 |
Payments Due by Period | |||||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||||
Term Loan | $ | 165.0 | $ | 10.0 | $ | 10.0 | $ | 145.0 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Variable interest payments on Term Loan | 12.9 | 5.6 | 5.2 | 2.1 | — | — | — | ||||||||||||||||||||||||||||||||||
Revolving credit agreements | 0.7 | 0.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Variable interest payments on revolving credit agreements | 0.1 | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other debt | 96.7 | 65.6 | 7.9 | 7.8 | 12.9 | 2.5 | — | ||||||||||||||||||||||||||||||||||
Variable interest payments on other debt | 3.2 | 1.9 | 0.8 | 0.4 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||
Finance lease obligations including principal and interest | 28.9 | 10.0 | 6.9 | 5.5 | 3.7 | 2.8 | — | ||||||||||||||||||||||||||||||||||
Operating leases | 89.1 | 20.5 | 17.1 | 13.1 | 9.6 | 6.4 | 22.4 | ||||||||||||||||||||||||||||||||||
Tax Reform Act transition tax liability | 13.1 | 1.2 | 1.4 | 2.6 | 3.5 | 4.4 | — | ||||||||||||||||||||||||||||||||||
Purchase and other obligations | 575.4 | 569.4 | 3.0 | 3.0 | — | — | — | ||||||||||||||||||||||||||||||||||
Total contractual cash obligations | $ | 985.1 | $ | 685.0 | $ | 52.3 | $ | 179.5 | $ | 29.8 | $ | 16.1 | $ | 22.4 |
Planned 2021 | Actual 2020 | Actual 2019 | ||||||||||||||||||
Lift truck business | $ | 57.1 | $ | 44.2 | $ | 37.8 | ||||||||||||||
Bolzoni | 10.8 | 5.3 | 5.6 | |||||||||||||||||
Nuvera | 3.4 | 2.2 | 6.3 | |||||||||||||||||
$ | 71.3 | $ | 51.7 | $ | 49.7 |
December 31 | |||||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Cash and cash equivalents | $ | 151.4 | $ | 64.6 | $ | 86.8 | |||||||||||
Other net tangible assets | 615.7 | 632.6 | (16.9) | ||||||||||||||
Intangible assets | 58.5 | 60.1 | (1.6) | ||||||||||||||
Goodwill | 114.7 | 106.7 | 8.0 | ||||||||||||||
Net assets | 940.3 | 864.0 | 76.3 | ||||||||||||||
Total debt | (289.2) | (287.0) | (2.2) | ||||||||||||||
Total equity | $ | 651.1 | $ | 577.0 | $ | 74.1 | |||||||||||
Debt to total capitalization | 31 | % | 33 | % | (2) | % |
Plan Category | Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column(a)) | |||||||||||||||||
Class A Shares: | (a) | (b) | (c) | |||||||||||||||||
Equity compensation plans approved by security holders | — | N/A | 1,069,593 | |||||||||||||||||
Equity compensation plans not approved by security holders | — | N/A | — | |||||||||||||||||
Total | — | N/A | 1,069,593 | |||||||||||||||||
Class B Shares: | ||||||||||||||||||||
Equity compensation plans approved by security holders | — | N/A | — | |||||||||||||||||
Equity compensation plans not approved by security holders | — | N/A | — | |||||||||||||||||
Total | — | N/A | — |
3.1(i) | ||||||||
3.1(ii) |
4.1 | ||||||||
4.2 | ||||||||
4.3 |
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 |
24.1 | ||||||||
24.2 | ||||||||
24.3 | ||||||||
24.4 | ||||||||
24.5 | ||||||||
24.6 | ||||||||
24.7 | ||||||||
24.8 | ||||||||
24.9 | ||||||||
24.10 | ||||||||
24.11 |
31(i)(1) | ||||||||
31(i)(2) | ||||||||
(32) | ||||||||
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 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
* | Management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of this Annual Report on Form 10-K. |
Hyster-Yale Materials Handling, Inc. | ||||||||||||||
By: | /s/ Kenneth C. Schilling | |||||||||||||
Kenneth C. Schilling | ||||||||||||||
Senior Vice President and Chief Financial Officer (principal financial and accounting officer) |
/s/ Alfred M. Rankin, Jr. | Chairman and Chief Executive Officer (principal executive officer), Director | February 24, 2021 | ||||||||||||
Alfred M. Rankin, Jr. | ||||||||||||||
/s/ Kenneth C. Schilling | Senior Vice President and Chief Financial Officer (principal financial and accounting officer) | February 24, 2021 | ||||||||||||
Kenneth C. Schilling | ||||||||||||||
* James B. Bemowski | Director | February 24, 2021 | ||||||||||||
James B. Bemowski | ||||||||||||||
* J.C. Butler, Jr. | Director | February 24, 2021 | ||||||||||||
J.C. Butler, Jr. | ||||||||||||||
* Carolyn Corvi | Director | February 24, 2021 | ||||||||||||
Carolyn Corvi | ||||||||||||||
* Edward T. Eliopoulos | Director | February 24, 2021 | ||||||||||||
Edward T. Eliopoulos | ||||||||||||||
* John P. Jumper | Director | February 24, 2021 | ||||||||||||
John P. Jumper | ||||||||||||||
* Dennis W. LaBarre | Director | February 24, 2021 | ||||||||||||
Dennis W. LaBarre | ||||||||||||||
* H. Vincent Poor | Director | February 24, 2021 | ||||||||||||
H. Vincent Poor | ||||||||||||||
* Claiborne R. Rankin | Director | February 24, 2021 | ||||||||||||
Claiborne R. Rankin | ||||||||||||||
* Britton T. Taplin | Director | February 24, 2021 | ||||||||||||
Britton T. Taplin | ||||||||||||||
* David B. H. Williams | Director | February 24, 2021 | ||||||||||||
David B. H. Williams | ||||||||||||||
* Eugene Wong | Director | February 24, 2021 | ||||||||||||
Eugene Wong |
/s/ Kenneth C. Schilling | February 24, 2021 | |||||||
Kenneth C. Schilling, Attorney-in-Fact |
Valuation of Goodwill | ||||||||
Description of the Matter | At December 31, 2020, the Company’s goodwill balance was $114.7 million. As discussed in Note 13, Goodwill and Intangible Assets, to the consolidated financial statements, the Company evaluates the carrying amount of goodwill for impairment annually as of May 1st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company applied a quantitative assessment for all material reporting units in fiscal 2020. As part of the quantitative approach, the Company estimates the fair value of the reporting unit using a discounted cash flow approach from the perspective of a market participant. Significant estimates within the discounted cash flow analysis include cash flow forecasts, the discount rate and the terminal business value. | |||||||
Auditing management’s annual goodwill impairment assessment relating to goodwill amounts was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular, the fair value estimate was sensitive to significant assumptions, such as changes in the discount rate applied, revenue growth rates, including the terminal growth rate, and operating margins, which are affected by expectations about future market or economic conditions. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding and evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment process, including controls over the forecasts used in the analysis, whereby the Company develops significant assumptions that are used as inputs to the annual goodwill impairment test. This included controls over management's review of the valuation model and the significant assumptions (e.g., revenue, operating margin and terminal growth rate) used to develop the prospective financial information. | |||||||
To test the implied fair value of the Company’s reporting units, we performed audit procedures that included, among others, assessing use of the discounted cash flow methodology and directly testing the significant assumptions and the underlying data used by the Company in its analysis, including assessing the completeness and accuracy of such underlying data. We utilized internal valuation specialists in assessing the fair value methodologies applied and evaluating the reasonableness of the discount rate selected by management. We compared the significant assumptions used by management to current industry and economic trends, historical performance, guideline public companies in the same industry and strategic plans. We considered whether the assumptions were consistent with evidence obtained in other areas of the audit. We assessed the historical accuracy of management’s estimates, and we performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. Furthermore, we assessed the appropriateness of the disclosures in the consolidated financial statements. |
Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In millions, except per share data) | |||||||||||||||||
Revenues | $ | $ | $ | ||||||||||||||
Cost of sales | |||||||||||||||||
Gross Profit | |||||||||||||||||
Operating Expenses | |||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Operating Profit | |||||||||||||||||
Other (income) expense | |||||||||||||||||
Interest expense | |||||||||||||||||
Income from unconsolidated affiliates | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | |||||||||||||||
Income Before Income Taxes | |||||||||||||||||
Income tax provision | |||||||||||||||||
Net Income | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest | ( | ( | |||||||||||||||
Net Income Attributable to Stockholders | $ | $ | $ | ||||||||||||||
Basic Earnings per Share Attributable to Stockholders | $ | $ | $ | ||||||||||||||
Diluted Earnings per Share Attributable to Stockholders | $ | $ | $ |
Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In millions) | |||||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||
Current period cash flow hedging activity, net of $7.3 tax expense in 2020, net of $5.9 tax benefit in 2019 and net of $4.6 tax benefit in 2018 | ( | ( | |||||||||||||||
Reclassification of hedging activities into earnings, net of $4.0 tax expense in 2020, net of $4.5 tax expense in 2019 and net of $0.8 tax benefit in 2018 | ( | ||||||||||||||||
Current period pension adjustment, net of $3.2 tax benefit in 2020, net of $0.1 tax expense in 2019 and net of $4.3 tax benefit in 2018 | ( | ( | |||||||||||||||
Reclassification of pension into earnings, net of $0.8 tax expense in 2020, net of $0.8 tax expense in 2019 and net of $0.7 tax expense in 2018 | |||||||||||||||||
Comprehensive Income (Loss) | $ | $ | $ | ( | |||||||||||||
Other comprehensive income (loss) attributable to noncontrolling interests | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests | ( | ( | |||||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interests | ( | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Stockholders | $ | $ | $ | ( |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
(In millions, except share data) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowances of $5.8 in 2020 and $5.6 in 2019 | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total Current Assets | |||||||||||
Property, Plant and Equipment, Net | |||||||||||
Intangible Assets | |||||||||||
Goodwill | |||||||||||
Deferred Income Taxes | |||||||||||
Investment in Unconsolidated Affiliates | |||||||||||
Other Non-current Assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable, affiliates | |||||||||||
Revolving credit facilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Accrued payroll | |||||||||||
Deferred revenue | |||||||||||
Other current liabilities | |||||||||||
Total Current Liabilities | |||||||||||
Long-term Debt | |||||||||||
Self-insurance Liabilities | |||||||||||
Pension Obligations | |||||||||||
Deferred Income Taxes | |||||||||||
Other Long-term Liabilities | |||||||||||
Total Liabilities | |||||||||||
Stockholders’ Equity | |||||||||||
Common stock: | |||||||||||
Class A, par value $0.01 per share, 12,956,301 shares outstanding (2019 - 12,802,455 shares outstanding) | |||||||||||
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,849,136 shares outstanding (2019 - 3,864,462 shares outstanding) | |||||||||||
Capital in excess of par value | |||||||||||
Treasury stock | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Stockholders’ Equity | |||||||||||
Noncontrolling Interest | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Year Ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Amortization of deferred financing fees | |||||||||||||||||
Deferred income taxes | ( | ( | ( | ||||||||||||||
Gain on sale of assets | ( | ( | |||||||||||||||
Stock-based compensation | |||||||||||||||||
Dividends from unconsolidated affiliates | |||||||||||||||||
Other non-current liabilities | ( | ( | ( | ||||||||||||||
Other | |||||||||||||||||
Working capital changes, excluding the effect of business acquisitions: | |||||||||||||||||
Accounts receivable | ( | ||||||||||||||||
Inventories | ( | ( | |||||||||||||||
Other current assets | ( | ( | |||||||||||||||
Accounts payable | |||||||||||||||||
Other liabilities | ( | ||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing Activities | |||||||||||||||||
Expenditures for property, plant and equipment | ( | ( | ( | ||||||||||||||
Proceeds from the sale of assets | |||||||||||||||||
Business acquisitions, net of cash acquired | ( | ||||||||||||||||
Net cash used for investing activities | ( | ( | ( | ||||||||||||||
Financing Activities | |||||||||||||||||
Additions to long-term debt | |||||||||||||||||
Reductions of long-term debt | ( | ( | ( | ||||||||||||||
Net additions (reductions) to revolving credit agreements | ( | ( | |||||||||||||||
Cash dividends paid | ( | ( | ( | ||||||||||||||
Cash dividends paid to noncontrolling interest | ( | ( | ( | ||||||||||||||
Financing fees paid | ( | ( | |||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Net cash used for financing activities | ( | ( | ( | ||||||||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Increase (decrease) for the year | ( | ( | |||||||||||||||
Balance at the beginning of the year | |||||||||||||||||
Balance at the end of the year | $ | $ | $ |
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 on AFS Securities | Deferred Gain (Loss) on Cash Flow Hedging | Pension Adjustment | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting | — | — | — | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under stock compensation plans | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | ( | — | — | — | — | — | — | (0.6) | — | (0.6) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | — | — | — | — | ( | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | — | — | — | — | — | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income | — | — | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of business | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation on noncontrolling interest | — | — | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under stock compensation plans | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | ( | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | — | — | — | — | ( | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | — | — | — | — | — | ( | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under stock compensation plans | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | ( | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | — | — | — | — | ( | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | — | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation on noncontrolling interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ |
Significant Accounting Policy | Note | |||||||
Revenue Recognition | Revenue Recognition (Note 3) | |||||||
Reportable segments | Business Segments (Note 4) | |||||||
Stock-based compensation | Common Stock and Earnings per Share (Note 6) | |||||||
Income taxes | Income Taxes (Note 7) | |||||||
Derivatives and hedging activities | Financial Instruments and Derivative Financial Instruments (Note 9) | |||||||
Fair value of financial instruments | Financial Instruments and Derivative Financial Instruments (Note 9) and Retirement Benefit Plans (Note 10) | |||||||
Pension | Retirement Benefit Plans (Note 10) | |||||||
Inventories | Inventories (Note 11) | |||||||
Property, plant and equipment | Property, Plant and Equipment, Net (Note 12) | |||||||
Impairment or disposal of long-lived assets | Property, Plant and Equipment, Net (Note 12) | |||||||
Goodwill and intangible assets | Goodwill and Intangible Assets (Note 13) | |||||||
Contingencies | Contingencies (Note 17) |
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. |
Standard | Description | |||||||
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. |
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 adoption of the guidance will not have a material effect on the Company's 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 adoption of the guidance will not have a material effect on the Company's 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. |
YEAR ENDED | |||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Lift truck business | |||||||||||||||||||||||||||||||||||||||||
Americas | EMEA | JAPIC | Bolzoni | Nuvera | Elims | Total | |||||||||||||||||||||||||||||||||||
Dealer sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Direct customer sales | |||||||||||||||||||||||||||||||||||||||||
Aftermarket sales | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
YEAR ENDED | |||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Lift truck business | |||||||||||||||||||||||||||||||||||||||||
Americas | EMEA | JAPIC | Bolzoni | Nuvera | Elims | Total | |||||||||||||||||||||||||||||||||||
Dealer sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Direct customer sales | |||||||||||||||||||||||||||||||||||||||||
Aftermarket sales | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
YEAR ENDED | |||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Lift truck business | |||||||||||||||||||||||||||||||||||||||||
Americas | EMEA | JAPIC | Bolzoni | Nuvera | Elims | Total | |||||||||||||||||||||||||||||||||||
Dealer sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Direct customer sales | |||||||||||||||||||||||||||||||||||||||||
Aftermarket sales | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
Deferred Revenue | |||||
Balance, December 31, 2019 | $ | ||||
Customer deposits and billings | |||||
Revenue recognized | ( | ||||
Foreign currency effect | |||||
Balance, December 31, 2020 | $ |
2020 | 2019 | 2018 | |||||||||||||||
Revenues from external customers | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Eliminations | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Gross profit (loss) | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | ( | ( | ( | ||||||||||||||
Eliminations | ( | ( | |||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Operating profit (loss) | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | ( | ( | ( | ||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | ( | ( | ( | ||||||||||||||
Eliminations | ( | ( | |||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Interest expense | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | ( | ||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Eliminations | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ | ||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest income | |||||||||||||||||
Americas | $ | ( | $ | ( | $ | ( | |||||||||||
EMEA | ( | ( | ( | ||||||||||||||
JAPIC | ( | ( | ( | ||||||||||||||
Lift truck business | ( | ( | ( | ||||||||||||||
Bolzoni | ( | ||||||||||||||||
Nuvera | ( | ||||||||||||||||
Eliminations | |||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | |||||||||||
Other (income) expense | |||||||||||||||||
Americas | $ | ( | $ | ( | $ | ( | |||||||||||
EMEA | ( | ( | ( | ||||||||||||||
JAPIC | ( | ( | |||||||||||||||
Lift truck business | ( | ( | ( | ||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | ( | ( | |||||||||||||||
Total | $ | ( | $ | ( | $ | ( | |||||||||||
Income tax provision (benefit) | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | ( | ( | |||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | ( | ( | ( | ||||||||||||||
Eliminations | ( | ||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Net income (loss) attributable to stockholders | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | ( | ( | ( | ||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | ( | ( | ( | ||||||||||||||
Eliminations | ( | ( | |||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Total assets | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Eliminations | ( | ( | ( | ||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Eliminations | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ | ||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Depreciation and amortization | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Capital expenditures | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
Lift truck business | |||||||||||||||||
Bolzoni | |||||||||||||||||
Nuvera | |||||||||||||||||
Total | $ | $ | $ |
United States | Europe, Africa and Middle East | Other | Consolidated | ||||||||||||||||||||
2020 | |||||||||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | $ | $ | $ | |||||||||||||||||||
Long-lived tangible assets | $ | $ | $ | $ | |||||||||||||||||||
2019 | |||||||||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | $ | $ | $ | |||||||||||||||||||
Long-lived tangible assets | $ | $ | $ | $ | |||||||||||||||||||
2018 | |||||||||||||||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ | $ | $ | $ | |||||||||||||||||||
Long-lived tangible assets | $ | $ | $ | $ |
2020 | |||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Gross profit | $ | $ | $ | $ | |||||||||||||||||||
Operating profit | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to stockholders | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
2019 | |||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Gross profit | $ | $ | $ | $ | |||||||||||||||||||
Operating profit | $ | $ | $ | $ | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to stockholders | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||
Dilutive effect of restricted stock awards | |||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||
Basic earnings per share | $ | $ | $ | ||||||||||||||
Diluted earnings per share | $ | $ | $ | ||||||||||||||
Cash dividends per share | $ | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Income (loss) before income taxes | |||||||||||||||||
U.S. | $ | ( | $ | ( | $ | ( | |||||||||||
Non-U.S. | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Income tax provision | |||||||||||||||||
Current tax provision (benefit): | |||||||||||||||||
Federal | $ | $ | $ | ( | |||||||||||||
State | |||||||||||||||||
Non-U.S. | |||||||||||||||||
Total current | $ | $ | $ | ||||||||||||||
Deferred tax provision (benefit): | |||||||||||||||||
Federal | $ | ( | $ | ( | $ | ( | |||||||||||
State | ( | ( | |||||||||||||||
Non-U.S. | ( | ||||||||||||||||
Total deferred | $ | ( | $ | ( | $ | ( | |||||||||||
$ | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Income before income taxes | $ | $ | $ | ||||||||||||||
Statutory taxes at 21% | $ | $ | $ | ||||||||||||||
Tax controversy resolution | ( | ( | ( | ||||||||||||||
Federal income tax credits | ( | ( | ( | ||||||||||||||
Equity interest earnings | ( | ( | ( | ||||||||||||||
Unremitted non-U.S. earnings | ( | ||||||||||||||||
Base-erosion and anti-abuse tax | ( | ||||||||||||||||
Non-U.S. rate differences | ( | ( | |||||||||||||||
Valuation allowance | |||||||||||||||||
Global intangible low-taxed income | |||||||||||||||||
Other | ( | ||||||||||||||||
State income taxes | ( | ||||||||||||||||
Tax Reform Act | ( | ||||||||||||||||
Nondeductible compensation | |||||||||||||||||
Capitalized acquisition costs | |||||||||||||||||
Income tax provision | $ | $ | $ | ||||||||||||||
Reported income tax rate | % | % | % |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets | |||||||||||
Tax attribute carryforwards | $ | $ | |||||||||
Product warranties | |||||||||||
Accrued expenses and reserves | |||||||||||
Research and development capitalization | 7.2 | 2.5 | |||||||||
Accrued product liability | |||||||||||
Other employee benefits | |||||||||||
Accrued pension benefits | |||||||||||
Inventories | |||||||||||
Other | |||||||||||
Total deferred tax assets | |||||||||||
Less: Valuation allowance | |||||||||||
Deferred tax liabilities | |||||||||||
Depreciation and amortization | |||||||||||
Unremitted earnings | |||||||||||
Total deferred tax liabilities | |||||||||||
Net deferred tax asset | $ | $ |
December 31, 2020 | |||||||||||||||||
Net deferred tax asset | Valuation allowance | Carryforwards expire during: | |||||||||||||||
Non-U.S. net operating loss | $ | $ | |||||||||||||||
Non-U.S. capital losses | |||||||||||||||||
State net operating losses and credits | |||||||||||||||||
Less: Unrecognized tax benefits | ( | — | |||||||||||||||
Total | $ | $ |
December 31, 2019 | |||||||||||||||||
Net deferred tax asset | Valuation allowance | Carryforwards expire during: | |||||||||||||||
Non-U.S. net operating loss | $ | $ | |||||||||||||||
Non-U.S. capital losses | |||||||||||||||||
State net operating losses and credits | |||||||||||||||||
Less: Unrecognized tax benefits | ( | — | |||||||||||||||
Total | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Balance at January 1 | $ | $ | $ | ||||||||||||||
Additions based on tax positions related to the current year | |||||||||||||||||
Additions for tax positions of prior years | |||||||||||||||||
Additions for business acquisitions | |||||||||||||||||
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | ( | ( | ( | ||||||||||||||
Other changes in unrecognized tax benefits including foreign currency translation adjustments | ( | ( | |||||||||||||||
Balance at December 31 | $ | $ | $ |
Details about OCI Components | Amount Reclassified from OCI | Affected Line Item in the Statement Where Net Income Is Presented | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Gain (loss) on cash flow hedges: | ||||||||||||||||||||||||||
Interest rate contracts | $ | $ | ( | $ | ||||||||||||||||||||||
Foreign exchange contracts | ( | ( | ||||||||||||||||||||||||
Total before tax | ( | ( | ||||||||||||||||||||||||
Tax expense (benefit) | ( | |||||||||||||||||||||||||
Net of tax | $ | ( | $ | ( | $ | |||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||||||||
Actuarial loss | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Prior service (cost) credit | ( | |||||||||||||||||||||||||
Total before tax | ( | ( | ( | |||||||||||||||||||||||
Tax expense | ||||||||||||||||||||||||||
Net of tax | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( | $ | ( |
Notional Amount | Average Fixed Rate | |||||||||||||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Term at December 31, 2020 | ||||||||||||||||||||||
$ | $ | % | % | |||||||||||||||||||||||
% | % |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||
Balance sheet location | 2020 | 2019 | Balance sheet location | 2020 | 2019 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||||||||||||
Current | Other current liabilities | $ | $ | Other current liabilities | $ | $ | |||||||||||||||||||||||||||||
Long-term | Other long-term liabilities | Other long-term liabilities | |||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | Prepaid expenses and other | |||||||||||||||||||||||||||||||||
Other current liabilities | Other current liabilities | ||||||||||||||||||||||||||||||||||
Long-Term | Other non-current assets | Other non-current assets | |||||||||||||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | ||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||
Current | Prepaid expenses and other | $ | $ | Prepaid expenses and other | $ | $ | |||||||||||||||||||||||||||||
Other current liabilities | Other current liabilities | ||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Derivative Assets as of December 31, 2020 | Derivative Liabilities as of December 31, 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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion) | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | ( | $ | ( | $ | Interest expense | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | Cost of sales | ( | ( | |||||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | ||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Other | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Cost of sales | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | ( |
2020 | 2019 | 2018 | |||||||||||||||
United States Plans | |||||||||||||||||
Weighted average discount rates | |||||||||||||||||
Expected long-term rate of return on assets | |||||||||||||||||
Cash balance interest crediting rate | 3.50% | 3.50% | 3.50% | ||||||||||||||
Non-U.S. Plans | |||||||||||||||||
Weighted average discount rates | 0.50%-1.30% | 0.37%-1.85% | 1.13%-2.65% | ||||||||||||||
Rate of increase in compensation levels | 1.00%-2.50% | 1.00%-2.50% | 1.50%-2.50% | ||||||||||||||
Expected long-term rate of return on assets | 0.50%-6.00% | 1.00%-7.00% | 1.80%-7.00% |
2020 | 2019 | 2018 | |||||||||||||||
United States Plans | |||||||||||||||||
Interest cost | $ | $ | $ | ||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Amortization of actuarial loss | |||||||||||||||||
Amortization of prior service credit | ( | ||||||||||||||||
Settlements | |||||||||||||||||
Net periodic pension expense | $ | $ | $ | ||||||||||||||
Non-U.S. Plans | |||||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Amortization of actuarial loss | |||||||||||||||||
Amortization of prior service cost | |||||||||||||||||
Net periodic pension benefit | $ | ( | $ | ( | $ | ( |
2020 | 2019 | 2018 | |||||||||||||||
United States Plans | |||||||||||||||||
Current year actuarial (gain) loss | $ | $ | ( | $ | |||||||||||||
Amortization of actuarial loss | ( | ( | ( | ||||||||||||||
Amortization of prior service credit | |||||||||||||||||
Curtailments and Settlements | ( | ( | |||||||||||||||
Total recognized in other comprehensive income (loss) | $ | ( | $ | ( | $ | ||||||||||||
Non-U.S. Plans | |||||||||||||||||
Current year actuarial (gain) loss | $ | $ | ( | $ | |||||||||||||
Current year prior service (credit) cost | ( | ||||||||||||||||
Amortization of actuarial loss | ( | ( | ( | ||||||||||||||
Amortization of prior service (cost) credit | ( | ||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | $ | ( | $ |
2020 | 2019 | ||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Actuarial (gain) loss | |||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Employee contributions | |||||||||||||||||||||||
Lump sum payments | ( | ||||||||||||||||||||||
Foreign currency exchange rate changes | |||||||||||||||||||||||
Projected benefit obligation at end of year | $ | $ | $ | $ | |||||||||||||||||||
Accumulated benefit obligation at end of year | $ | $ | $ | $ | |||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | $ | $ | $ | |||||||||||||||||||
Actual return on plan assets | |||||||||||||||||||||||
Employer contributions | |||||||||||||||||||||||
Employee contributions | |||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Settlements | ( | ||||||||||||||||||||||
Foreign currency exchange rate changes | |||||||||||||||||||||||
Fair value of plan assets at end of year | $ | $ | $ | $ | |||||||||||||||||||
Funded status at end of year | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||||||||
Noncurrent liabilities | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Components of accumulated other comprehensive income (loss) consist of: | |||||||||||||||||||||||
Actuarial loss | $ | $ | $ | $ | |||||||||||||||||||
Prior service cost (credit) | |||||||||||||||||||||||
Deferred taxes | ( | ( | ( | ( | |||||||||||||||||||
Change in statutory tax rate | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustment | |||||||||||||||||||||||
$ | $ | $ | $ |
U.S. Plans | Non-U.S. Plans | ||||||||||
2021 | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 - 2030 | |||||||||||
$ | $ |
2020 Actual Allocation | 2019 Actual Allocation | Target Allocation | |||||||||||||||
U.S. equity securities | |||||||||||||||||
Non-U.S. equity securities | |||||||||||||||||
Fixed income securities | |||||||||||||||||
Money market |
2020 Actual Allocation | 2019 Actual Allocation | Target Allocation | |||||||||||||||
U.K. equity securities | |||||||||||||||||
Non-U.K. equity securities | |||||||||||||||||
Fixed income securities | |||||||||||||||||
Money market |
Level 1 | Level 2 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
U.S. equity securities | $ | $ | $ | $ | |||||||||||||||||||
U.K. equity securities | |||||||||||||||||||||||
Non-U.S., non-U.K. equity securities | |||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||
Money market | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
Finished goods and service parts | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials | |||||||||||
Total manufactured inventories | |||||||||||
LIFO reserve | ( | ( | |||||||||
Total inventory | $ | $ |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
Land and land improvements | $ | $ | |||||||||
Plant and equipment | |||||||||||
Property, plant and equipment, at cost | |||||||||||
Allowances for depreciation and amortization | ( | ( | |||||||||
$ | $ |
December 31, 2020 | Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||||
Intangible assets not subject to amortization | ||||||||||||||||||||
Trademarks | $ | $ | — | $ | ||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||||
Customer and contractual relationships | ( | |||||||||||||||||||
Patents and technology | ( | |||||||||||||||||||
Trademarks | ( | |||||||||||||||||||
Total | $ | $ | ( | $ | ||||||||||||||||
December 31, 2019 | Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||||
Intangible assets not subject to amortization | ||||||||||||||||||||
Trademarks | $ | $ | — | $ | ||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||||
Customer and contractual relationships | ( | |||||||||||||||||||
Patents and technology | ( | |||||||||||||||||||
Trademarks | ( | |||||||||||||||||||
Total | $ | $ | ( | $ |
Intangible assets subject to amortization | Weighted-Average Useful Lives (Years) | |||||||
Customer relationships | ||||||||
Engineering drawings | ||||||||
Patents | ||||||||
Trademarks |
Carrying Amount of Goodwill | ||||||||||||||||||||||||||||||||
Americas | EMEA | JAPIC | Bolzoni | Total | ||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ |
December 31 | |||||||||||
2020 | 2019 | ||||||||||
Total outstanding borrowings: | |||||||||||
Revolving credit agreements | $ | $ | |||||||||
Term loan, net | |||||||||||
Other debt | |||||||||||
Finance lease obligations | |||||||||||
Total debt outstanding | $ | $ | |||||||||
Plus: discount on term loan and unamortized deferred financing fees | |||||||||||
Total debt outstanding, gross | $ | $ | |||||||||
Current portion of borrowings outstanding | $ | $ | |||||||||
Long-term portion of borrowings outstanding | $ | $ | |||||||||
Total available borrowings, net of limitations, under revolving credit agreements | $ | $ | |||||||||
Unused revolving credit agreements | $ | $ | |||||||||
Weighted average stated interest rate on total borrowings | % | % | |||||||||
Weighted average effective interest rate on total borrowings (including interest rate swap agreements) | % | % |
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
$ |
Location on Balance Sheet | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Operating lease assets | $ | $ | ||||||||||||||||||
Finance lease assets | ||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||
Long-term | ||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||
Total | $ | $ |
Operating Leases | Finance Leases | |||||||||||||
Weighted-average remaining lease term in years | 6.68 | 2.92 | ||||||||||||
Weighted-average discount rate | % | % |
Year Ended | Year Ended | |||||||||||||||||||
Location on Income Statement | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
Operating lease cost | Cost of sales | $ | $ | |||||||||||||||||
Operating lease cost | Selling, general and administrative expenses | |||||||||||||||||||
Finance lease cost | ||||||||||||||||||||
Amortization of leased assets | Cost of sales | |||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
Sublease income | Revenues | ( | ( | |||||||||||||||||
Total | $ | $ | ||||||||||||||||||
Year Ended | Year Ended | |||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||
Cash paid for lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Financing cash flows from finance leases | ||||||||||||||
Non-cash amounts related to right-of-use assets obtained in exchange for lease obligations | ||||||||||||||
Operating | ||||||||||||||
Finance |
Operating Leases | Finance Leases | Total | ||||||||||||||||||
2021 | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Less: Interest | ( | ( | ( | |||||||||||||||||
Net | $ | $ | $ |
2020 | 2019 | ||||||||||
Balance at January 1 | $ | $ | |||||||||
Current year warranty expense | |||||||||||
Change in estimate related to pre-existing warranties | |||||||||||
Payments made | ( | ( | |||||||||
Foreign currency effect | ( | ||||||||||
Balance at December 31 | $ | $ |
HYGFS | Total | |||||||||||||
Total recourse or repurchase obligations | $ | $ | ||||||||||||
Less: exposure limited for certain dealers | ||||||||||||||
Plus: 7.5% of original loan balance | ||||||||||||||
Incremental obligation related to guarantee to WF | ||||||||||||||
Total exposure related to guarantees | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Statement of Operations | |||||||||||||||||
Revenues | $ | $ | $ | ||||||||||||||
Gross profit | $ | $ | $ | ||||||||||||||
Income from continuing operations | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Balance Sheet | |||||||||||||||||
Current assets | $ | $ | |||||||||||||||
Non-current assets | $ | $ | |||||||||||||||
Current liabilities | $ | $ | |||||||||||||||
Non-current liabilities | $ | $ |
December 31, 2020 | December 31, 2019 | ||||||||||
HYGFS | $ | $ | |||||||||
SN | |||||||||||
Bolzoni |
2020 | 2019 | 2018 | |||||||||||||||
HYGFS | $ | $ | $ | ||||||||||||||
SN | |||||||||||||||||
$ | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Loss on equity investment | $ | ( | $ | ( | $ | ( |
Total charges incurred in 2020 | Severance | Other cash charges | |||||||||||||||
Americas | $ | $ | $ | ||||||||||||||
EMEA | |||||||||||||||||
JAPIC | |||||||||||||||||
$ | $ | $ |
Additions | ||||||||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts — Describe (A) | Deductions — Describe | Balance at End of Period | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts (B) | $ | $ | $ | $ | (C) | $ | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts (B) | $ | $ | $ | ( | $ | (C) | $ | |||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||
Reserves deducted from asset accounts: | ||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts (B) | $ | $ | $ | ( | $ | (C) | $ |
Name | Incorporation | ||||
Auramo OY | Finland | ||||
Bolzoni Auramo AB | Sweden | ||||
Bolzoni Auramo B.V. | Holland (51%) | ||||
Bolzoni Auramo Canada Ltd. | Canada | ||||
Bolzoni Auramo Inc. | South Carolina | ||||
Bolzoni Auramo Polska SP Zoo | Poland (60%) | ||||
Bolzoni Auramo Pty Ltd. | Australia | ||||
Bolzoni Auramo (Shanghai) Forklift Truck Attachment Co. Ltd. | China (60%) | ||||
Bolzoni Auramo SL Sociedad Unipersonal | Spain | ||||
Bolzoni Auramo (Wuxi) Forklift Truck Attachment Co. Ltd. | China (80%) | ||||
Bolzoni Capital Holding B.V. | Netherlands | ||||
Bolzoni Capital UK, Limited | United Kingdom | ||||
Bolzoni Italia Srl | Italy | ||||
Bolzoni (Hebei) Forks | China (80%) | ||||
Bolzoni Holdings LLC | Delaware | ||||
Bolzoni Holding Hong Kong | Hong Kong (PRC)(80%) | ||||
Bolzoni Holding SpA | Italy | ||||
Bolzoni Ltd. | United Kingdom | ||||
Bolzoni Portugal Lda. | Portugal (31%) | ||||
Bolzoni Sarl | France | ||||
Bolzoni South America Acessorios Para Empilhadeiras Ltda. | Brazil | ||||
Bolzoni SpA | Italy | ||||
G2A | France (75%) | ||||
Hiroshima Yale Co., Ltd. | Japan (10%) | ||||
HYG Financial Services, Inc. | Delaware (20%) | ||||
HYG Telematics Solutions Limited | United Kingdom | ||||
Hyster (H.K.) Limited | Hong Kong (PRC) | ||||
Hyster Overseas Capital Corporation, LLC | Delaware | ||||
Hyster-Yale Acquisition Holding Limited | United Kingdom | ||||
Hyster-Yale Australia Holding Pty Ltd. | Australia | ||||
Hyster-Yale Asia-Pacific Pty, Ltd. | Australia | ||||
Hyster-Yale Brasil Empilhadeiras Ltda. | Brazil | ||||
Hyster-Yale Canada ULC | Canada | ||||
Hyster-Yale Deutschland GmbH | Germany | ||||
Hyster-Yale France S.A.R.L. | France | ||||
Hyster-Yale Group, Inc. | Delaware | ||||
Hyster-Yale Group Limited | United Kingdom | ||||
Hyster-Yale Holding B.V. | Netherlands | ||||
Hyster-Yale International B.V. | Netherlands | ||||
Hyster-Yale Italia SpA | Italy | ||||
Hyster-Yale Lift Trucks India Private Limited | India | ||||
Hyster-Yale Lift Trucks Singapore Pte. Ltd. | Singapore | ||||
Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. | China (75%) | ||||
Hyster-Yale Mauritius | Mauritius | ||||
Hyster-Yale Mexico S.A. de C.V. | Mexico | ||||
Hyster-Yale Nederland B.V. | Netherlands | ||||
Hyster-Yale UK Limited | United Kingdom | ||||
Hyster-Yale UK Pension Co. Limited | United Kingdom | ||||
LLC Hans H. Meyer OOO | Russia (80%) |
Name | Incorporation | ||||
Maximal Forklift (Zhejiang) Co., Ltd. | China (75%) | ||||
Meyer GmbH | Germany | ||||
Nuvera Fuel Cells, LLC. | Delaware | ||||
Nuvera Fuel Cells (Zhejiang) Company Limited | China | ||||
Onoda Industry Co. Ltd. | Japan (20%) | ||||
Shanghai Hyster Forklift, Ltd. | China | ||||
SNP Estate Corporation | Philippines (50%) | ||||
Suminac Philippines, Inc. | Philippines (50%) | ||||
Sumitomo NACCO Forklift Co., Ltd. | Japan (50%) | ||||
Sumitomo NACCO Forklift Sales Co., Ltd. | Japan (50%) | ||||
Sumitomo NACCO Forklift Vietnam Co., Ltd. | Vietnam (50%) | ||||
Tohoku Shinko Co., Ltd. | Japan (47%) | ||||
Tokai Shinko Co., Ltd. | Japan (15%) | ||||
Weil Corporation | Philippines (47%) | ||||
Yale Materials Handling UK Ltd. | United Kingdom | ||||
Yale SLT Fordertechnik GmBH | Germany |
/s/ Ernst & Young LLP | |||||||||||
Cleveland, Ohio | |||||||||||
February 24, 2021 |
/s/ James B. Bemowski | February 24, 2021 | ||||||||||
James B. Bemowski | Date |
/s/ J.C. Butler, Jr. | February 24, 2021 | ||||||||||
John C. Butler, Jr. | Date |
/s/ Carolyn Corvi | February 24, 2021 | ||||||||||
Carolyn Corvi | Date |
/s/ Edward T. Eliopoulos | February 24, 2021 | ||||||||||
Edward T. Eliopoulos | Date |
/s/ John P. Jumper | February 24, 2021 | ||||||||||
John P. Jumper | Date |
/s/ Dennis W. LaBarre | February 24, 2021 | ||||||||||
Dennis W. LaBarre | Date |
/s/ H. Vincent Poor | February 24, 2021 | ||||||||||
H. Vincent Poor | Date |
/s/ Claiborne R. Rankin | February 24, 2021 | ||||||||||
Claiborne R. Rankin | Date |
/s/ Britton T. Taplin | February 24, 2021 | ||||||||||
Britton T. Taplin | Date |
/s/ David B. H. Williams | February 24, 2021 | ||||||||||
David B. H. Williams | Date |
/s/ Eugene Wong | February 24, 2021 | ||||||||||
Eugene Wong | Date |
Date: | February 24, 2021 | /s/ Alfred M. Rankin, Jr. | ||||||||||||
Alfred M. Rankin, Jr. | ||||||||||||||
Chairman and Chief Executive Officer (principal executive officer) |
Date: | February 24, 2021 | /s/ Kenneth C. Schilling | ||||||||||||
Kenneth C. Schilling | ||||||||||||||
Senior Vice President and Chief Financial Officer (principal financial and accounting officer) |
Date: | February 24, 2021 | /s/ Alfred M. Rankin, Jr. | ||||||||||||
Alfred M. Rankin, Jr. | ||||||||||||||
Chairman and Chief Executive Officer (principal executive officer) |
Date: | February 24, 2021 | /s/ Kenneth C. Schilling | ||||||||||||
Kenneth C. Schilling | ||||||||||||||
Senior Vice President and Chief Financial Officer (principal financial and accounting officer) |
Consolidated Statements of Operations - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues | $ 2,812.1 | $ 3,291.8 | $ 3,179.1 |
Cost of Goods and Services Sold | 2,346.7 | 2,750.0 | 2,682.1 |
Gross Profit | 465.4 | 541.8 | 497.0 |
Selling, general and administrative expenses | 415.5 | 487.9 | 458.2 |
Operating Expenses | 415.5 | 487.9 | 458.2 |
Operating Profit | 49.9 | 53.9 | 38.8 |
Interest Expense | 13.7 | 19.8 | 16.0 |
Income from unconsolidated affiliates | (6.6) | (9.3) | (10.0) |
Other, net | 0.6 | (4.5) | (3.8) |
Other (Income) Expense | 7.7 | 6.0 | 2.2 |
Income Before Income Taxes | 42.2 | 47.9 | 36.6 |
Income tax provision | 3.7 | 11.3 | 2.3 |
Net Income | 38.5 | 36.6 | 34.3 |
Net (income) loss attributable to noncontrolling interest | (1.4) | (0.8) | 0.4 |
Net Income Attributable to Stockholders | $ 37.1 | $ 35.8 | $ 34.7 |
Basic Earnings per Share Attributable to Stockholders: | |||
Basic Earnings per Share | $ 2.21 | $ 2.15 | $ 2.10 |
Diluted Earnings per Share Attributable to Stockholders | |||
Diluted earnings per share | $ 2.21 | $ 2.14 | $ 2.09 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Net Income | $ 38.5 | $ 36.6 | $ 34.3 |
Foreign currency translation adjustment | 35.3 | (7.0) | (27.4) |
Current period cash flow hedging activity, net | (19.4) | 15.9 | 12.2 |
Reclassification of hedging activities into earnings, net | 11.6 | 12.0 | (1.8) |
Current period pension adjustment, net | (14.6) | 0.4 | (20.1) |
Reclassification of pension into earnings, net | (3.9) | (3.2) | (2.9) |
Comprehensive Income (Loss) | 94.1 | 29.3 | (24.3) |
Net income attributable to noncontrolling interest | (1.4) | (0.8) | 0.4 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | (0.4) | 0.0 | 2.3 |
Comprehensive Income (Loss) Attributable to Stockholders | $ 92.3 | $ 28.5 | $ (21.6) |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2017 |
|
Tax expense on unrealized gain on available-for-sale securities | $ 0.0 | $ 0.0 | $ 0.0 |
Tax expense (benefit) on current period cash flow hedging activity | 7.3 | (5.9) | (4.6) |
Tax expense (benefit) on reclassification of hedging activities into earnings | 4.0 | 4.5 | (0.8) |
Tax expense (benefit) on current period pension adjustments | (3.2) | 0.1 | (4.3) |
Tax expense on reclassification of pension and postretirement into earnings | $ (0.8) | $ (0.8) | $ (0.7) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for Doubtful Accounts Receivable | $ 5.8 | $ 5.6 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 12,956,301 | 12,802,455 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 3,849,136 | 3,864,462 |
Principles of Consolidation |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and 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 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, Japan, Italy, Brazil and Vietnam. The sale of service parts represents approximately 14%, 12% and 13% of total revenues as reported in 2020, 2019 and 2018, respectively. On June 1, 2018, the Company completed the acquisition of a 75% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal"). Hyster-Yale Maximal is a Chinese manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. The results of Hyster-Yale Maximal are included in the JAPIC segment since the date of acquisition. 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 the design, manufacture and sale of 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. owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo Heavy Industries, Ltd. prior to a vote of SN’s board of directors. 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” portion of the Consolidated Statements of Operations.
|
Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability or unwillingness of customers to make required payments. These allowances are based on historical experience, existing economic trends and both recent trends of specific customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. The Company also has insurance for certain historic product liability claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $7.6 million, $10.7 million and $14.6 million in 2020, 2019 and 2018, respectively. Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $100.5 million, $115.3 million and $110.9 million in 2020, 2019 and 2018, respectively. Foreign Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. The following table includes other significant accounting policies that are described in other notes to the consolidated financial statements, including the footnote number:
Recently Issued Accounting Standards The following table provides a brief description of recent accounting pronouncements 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.
The following table provides a brief description of recent accounting pronouncements not yet adopted:
|
Revenue Recognition |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 16 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 year ended December 31, 2020 and 2019. 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 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 Consolidated Statements of Operations. The following table disaggregates revenue by category:
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 dealers. 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 forklift components to HYG plants. Nuvera's revenues include the sale of battery box replacement ("BBR") units to HYG for sale to a dealer and development funding from third-party development agreements. 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. During the fourth quarter of 2018, Nuvera recognized revenue which had previously been deferred related to BBR units due to the inability to estimate total future warranty costs. The BBRs are new technology and the design of the product continues to evolve. The Company determined sufficient data was available in the fourth quarter of 2018 to reasonably estimate the future costs related to the sale of BBR units, including warranty costs, which were also recorded during the fourth quarter of 2018. 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.
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes lift truck operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes lift truck operations in Europe, the Middle East and Africa. JAPIC includes lift truck operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. In 2018, the Company completed the acquisition of the majority interest in Hyster-Yale Maximal, which is also included in the JAPIC segment from the date of acquisition. 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 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 of the reportable segments is presented in the following table. See Note 1 for a discussion of the Company’s product lines. Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.
Data by Geographic Region No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.
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Quarterly Results of Operations |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Results of Operations | Quarterly Results of Operations (Unaudited) A summary of the unaudited results of operations for the year ended December 31 is as follows:
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Common Stock and Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Earnings Per Share | Common Stock and Earnings per Share The Company's Class A common stock is traded on the New York Stock Exchange under the ticker symbol “HY.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2020 was 125 million shares and 35 million shares, respectively. Treasury shares of Class A common stock totaling 82,670 and 221,190 at December 31, 2020 and 2019, respectively, have been deducted from shares outstanding. Stock Compensation: The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) four, seven or ten years from the award date, as defined in the award, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 111,148 and 88,172 shares related to the years ended December 31, 2019 and 2018, respectively. There were no shares issued related to 2020. After the issuance of these shares, there were 208,570 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $7.0 million ($5.5 million net of tax) and $4.5 million ($3.6 million net of tax) for the years ended 2019 and 2018, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2020, $124,000 of each non-employee director's retainer of $184,000 was to be paid in restricted shares of Class A common stock. The non-employee directors' retainer was reduced by 10% from May through December of 2020. For the year ended December 31, 2019, $118,000 of $178,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2018, $113,000 of $173,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 28,323, 18,954 and 16,196 shares related to the years ended December 31, 2020, 2019 and 2018, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,610, 1,711 and 2,182 in 2020, 2019 and 2018, respectively. After the issuance of these shares, there were 54,320 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.3 million ($1.0 million net of tax), $1.2 million ($0.9 million net of tax) and $1.2 million ($0.9 million net of tax) for the years ended December 31, 2020, 2019 and 2018, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. Earnings per Share: For purposes of calculating earnings per share, no adjustments have been made to the reported amounts of net income attributable to stockholders. In addition, basic and diluted earnings per share for Class A common stock are the same as Class B common stock. The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income before income taxes and provision for income taxes for the years ended December 31 are as follows:
The Company made income tax payments of $15.3 million, $12.5 million and $16.8 million during 2020, 2019 and 2018, respectively. The Company received income tax refunds of $0.2 million, $3.7 million and $0.8 million during 2020, 2019 and 2018, respectively. A reconciliation of the federal statutory and reported income tax rate for the year ended December 31 is as follows:
As a result of the Tax Reform Act in 2017, the Company recorded provisional tax effects due to the transition tax on the unremitted earnings and profits of non-U.S. subsidiaries and the Company’s deferred tax assets and liabilities as of December 31, 2017. The Company has since finalized its calculation of earnings and profits, including the amounts held in cash or other specified assets and its calculation of available foreign tax credits consistent with the additional regulatory guidance issued during 2018 and 2019, resulting in a reduction in tax expense of $4.4 million and an increase in tax expense of $0.1 million in 2018 and 2019, respectively. After the utilization of existing tax credits, the Company will pay cash taxes, including state income taxes, of $17.7 million with respect to the transition tax payable over an installment period of eight years, beginning in 2018. The Company has provided for the anticipated withholding taxes on unremitted non-U.S. earnings for which no reinvestment plan has been identified and that may be repatriated in the foreseeable future. As such, the Company has provided a deferred tax liability with respect to these earnings of $1.0 million and $1.7 million at December 31, 2020 and 2019, respectively. While the Tax Reform Act provides for a territorial system, beginning in 2018, it includes new 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, and therefore has not provided any deferred tax amounts for GILTI. The BEAT provisions in the Tax Reform Act create a minimum tax where a lower tax rate is applied to taxable income determined without the benefit of certain base-erosion payments made to related non-U.S. corporations. The base-erosion payments primarily consist of reimbursements for research and development performed by the Company's non-U.S. engineering centers. The Company will only be taxed under this regime if such minimum tax exceeds the regular U.S. corporate income tax. During 2020, the Company recorded a favorable adjustment of $0.4 million for BEAT which consisted of a current provision of $0.8 million offset by a favorable return to provision adjustment of $1.2 million. The Company continually evaluates its deferred tax assets to determine if a valuation allowance is required. A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard. A detailed summary of the total deferred tax assets and liabilities in the Consolidated Balance Sheets resulting from differences in the book and tax basis of assets and liabilities follows:
The following table summarizes the tax carryforwards and associated carryforward periods and related valuation allowances where the Company has determined that realization is uncertain:
The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods. The tax net operating losses attributable to Brazil, Australia and China comprise a substantial portion of the non-U.S. net operating loss deferred tax assets. The Brazilian and Australian net operating losses do not expire under local law, while Chinese losses expire after five years. During 2020 and 2019, the valuation allowance provided against deferred tax assets decreased by $3.2 million and increased by $0.5 million, respectively. The change in the total valuation allowance in 2020 and 2019 included a net increase in tax expense of $2.9 million and $0.8 million, respectively. The change also included a net decrease of $5.5 million in 2020 for the write-down of the Australian losses recorded directly against the associated valuation allowance where such losses were no longer available under Australian tax rules and a net decrease of $0.6 million and $0.3 million in 2020 and 2019 recorded directly in equity. Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate. At December 31, 2020, the Company had gross net operating loss carryforwards in U.S. state jurisdictions of $11.1 million and non-U.S. jurisdictions of $43.7 million. The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between the Company's tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2020, 2019 and 2018. Approximately $10.7 million, $13.5 million and $15.1 million of these amounts as of December 31, 2020, 2019 and 2018, respectively, relate to permanent items that, if recognized, would impact the reported income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below due to the increase in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net decrease of $2.3 million during 2020, and a net increase of $0.1 million and $0.5 million during 2019 and 2018, respectively, in interest and penalties. As a result of foreign currency translation into U.S. dollars, the total amount of interest and penalties increased by $0.4 million during 2020 and decreased by $0.5 million during 2018. The total amount of interest and penalties accrued was $6.7 million, $8.6 million and $8.5 million as of December 31, 2020, 2019 and 2018, respectively. The Company expects the amount of unrecognized tax benefits will change within the next twelve months. It is reasonably possible the Company will record unrecognized tax benefits, including interest and penalties, within the next twelve months up to $7.0 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the interim period in which the items are effectively settled. Approximately $3.2 million of the amount that may be recognized in the next twelve months relates to prior business acquisitions, and such amounts will be offset with the pretax reduction of the related indemnity receivable. The tax returns of the Company and its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The Company is currently under examination by the Internal Revenue Service for its 2018 U.S. tax filings. The Company expects this examination to be completed during 2021. The examination of U.S. federal tax returns for all years prior to 2017 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations. However, the Company has elected to voluntarily extend the statute of limitations for the U.S. federal tax return for 2012 at the request of its prior parent company such that attributes may be adjusted in limited circumstances. The Company is routinely under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.
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Reclassification from AOCI |
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Disclosure of Reclassification Amount [Text Block] | Reclassifications from OCI The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations:
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Financial Instruments and Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Derivative Financial Instruments | Financial Instruments and Derivative Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At December 31, 2020, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding finance leases, was $260.5 million and $257.2 million, respectively. At December 31, 2019, the total carrying value and total fair value of revolving credit agreements and long-term debt, excluding finance leases, was $266.0 million and $265.1 million, respectively. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable and derivatives. The large number of customers comprising the Company’s customer base and their dispersion across many different industries and geographies mitigates concentration of credit risk on accounts receivable. To further reduce credit risk associated with accounts receivable, the Company performs periodic credit evaluations of its customers, and in certain circumstances may require advance payments or collateral. The Company enters into derivative contracts with high-quality financial institutions and limits the amount of credit exposure to any one institution. Derivative Financial Instruments Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The 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 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 its variable rate financings are predominately based upon 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 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 Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation. 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 a total notional amount of $840.5 million at December 31, 2020, primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Chinese renminbi, Mexican pesos, Swedish kroner and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $1.0 billion 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 asset of $23.5 million and a net liability $19.8 million at December 31, 2020 and 2019, respectively. For the years ended December 31, 2020 and 2019, there was no material ineffectiveness of forward foreign currency exchange contracts that qualify for hedge accounting. Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at December 31, 2020, $6.1 million of the amount of net deferred gain included in OCI at December 31, 2020 is expected to be reclassified as expense into the Consolidated Statements 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 December 31, 2020 and 2019:
The fair value of all interest rate swap agreements was a net liability of $4.9 million and $2.1 million at December 31, 2020 and 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 December 31, 2020, $1.8 million of the net deferred loss included in OCI is expected to be reclassified as expense in the 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 at December 31 as recorded in the Consolidated Balance Sheets:
The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2020 and 2019 as recorded in the Consolidated Balance Sheets:
The following table summarizes the pre-tax impact of derivative instruments for each year ended December 31 as recorded in the Consolidated Statements of Operations:
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Retirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds. Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2020 and 2018, the Company recognized a settlement loss of $1.2 million and $1.1 million, respectively, resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S. pension plan. The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year. Set forth below is a detail of the net periodic pension expense for the defined benefit plans for the years ended December 31:
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31:
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
The projected benefit obligation included in the table above represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. In 2021, the Company expects to contribute $3.1 million to its non-U.S. pension plans. The Company does not expect to contribute to its U.S. pension plan in 2021. Pension benefit payments are made from assets of the pension plans. Future pension benefit payments expected to be paid from assets of the pension plans are:
The expected long-term rate of return on defined benefit plan assets reflects management’s expectations of long-term rates of return on funds invested to provide for benefits included in the projected benefit obligations. The Company has established the expected long-term rate of return assumption for plan assets by considering the historical rates of return over a period of time that is consistent with the long-term nature of the underlying obligations of these plans as well as a forward-looking rate of return. The historical and forward-looking rates of return for each of the asset classes used to determine the Company's estimated rate of return assumption were based upon the rates of return earned or expected to be earned by investments in the equivalent benchmark market indices for each of the asset classes. Expected returns for the U.K. pension plan is based on a calculated market-related value of assets. Under this methodology, asset gains and losses resulting from actual returns that differ from the Company’s expected returns are recognized in the market-related value of assets ratably over three years. The pension plans maintain an investment policy that, among other things, establishes a portfolio asset allocation methodology with percentage allocation bands for individual asset classes. The investment policy provides that investments are reallocated between asset classes as balances exceed or fall below the appropriate allocation bands. The following is the actual allocation percentage and target allocation percentage for the Company's U.S. pension plan assets at December 31:
The following is the actual allocation percentage and target allocation percentage for the Company's U.K. pension plan assets at December 31:
The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations. The defined benefit pension plans do not have any direct ownership of Hyster-Yale common stock. The fair value of each major category of U.S. plan assets for the Company’s pension plan are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. Following are the values as of December 31:
Defined Contribution Plans: The Company has defined contribution (401(k)) plans for substantially all U.S. employees and similar plans for employees outside of the United States. The Company generally matches employee contributions based on plan provisions. In addition, in the United States and United Kingdom, the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants. Total costs, including Company contributions, for these plans were $10.0 million, $26.6 million and $26.5 million in 2020, 2019 and 2018, respectively. Company contributions to these plans were suspended from May through December of 2020.
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure | Inventories 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 December 31, 2020 and 2019, 42% and 53%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. Inventories are summarized as follows:
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Property, Plant and Equpment, Net |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure | Property, Plant and Equipment, Net Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under finance leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. The Company periodically evaluates long-lived assets, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Property, plant and equipment, net includes the following:
Total depreciation and amortization expense on property, plant and equipment was $36.8 million, $36.7 million and $37.4 million during 2020, 2019, and 2018, respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets The Company evaluates the carrying amount of goodwill and indefinite-lived intangible assets for impairment annually as of May 1st and between annual evaluations if changes in circumstances or the occurrence of certain events indicate potential impairment. The Company uses either a qualitative or quantitative analysis to determine whether fair value exceeds carrying value. Goodwill impairment testing for 2020 was performed using a quantitative analysis for each reporting unit. As part of the quantitative testing process for goodwill, the Company estimated fair values using a discounted cash flow approach from the perspective of a market participant. Significant estimates in the discounted cash flow approach are cash flow forecasts of the reporting units, the discount rate, the terminal business value and the projected income tax rate. The cash flow forecasts of the reporting units are based upon management’s long-term view of markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The projected income tax rates utilized are the statutory tax rates for the countries where each reporting unit operates. The terminal business value is determined by applying a business growth factor to the latest year for which a forecast exists. As part of the goodwill quantitative testing process, the Company evaluates whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing. The Company completed an interim impairment test as of March 31, 2020 and the annual testing of impairment of goodwill as of May 1, 2020 at the reporting unit level for the related goodwill. The fair value of each reporting unit was in excess of its carrying value and thus, no impairment exists. The indefinite-lived intangible assets are the Bolzoni trademarks. Fair values used in testing for potential impairment of the trademarks are calculated by applying an estimated market value royalty rate to the forecasted revenues of the businesses that utilize those assets. The assumed cash flows from this calculation are discounted using Bolzoni’s weighted average cost of capital. The Company completed an interim impairment test as of March 31, 2020 and the annual testing of impairment as of May 1, 2020. The fair value of the indefinite-lived intangible assets was in excess of its carrying value and thus, no impairment exists. The following table summarizes intangible assets, other than goodwill, recorded in the consolidated balance sheets:
Amortization expense for intangible assets, which is recognized on a straight-line basis over the estimated useful life of the related asset, was $6.1 million and $6.6 million in 2020 and 2019, respectively. Expected annual amortization expense of other intangible assets, based upon December 31, 2020 U.S. dollar values, for the next five years is as follows: $5.1 million in 2021, $4.6 million in 2022, $4.5 million in 2023, $4.5 million in 2024 and $4.1 million in 2025. The weighted-average amortization period for intangible assets is as follows:
The following table summarizes goodwill by segment as of December 31, 2020 and 2019:
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Current and Long-Term Financing |
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Current and Long-Term Financing | Current and Long-Term Financing The following table summarizes available and outstanding borrowings:
Annual maturities of total debt, excluding finance leases, are as follows:
Interest paid on total debt was $13.0 million, $19.5 million and $15.0 million during 2020, 2019 and 2018, respectively. 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 December 31, 2020. The availability under the Facility, at December 31, 2020, was $234.3 million, which reflects reductions of $5.7 million for letters of credit and other restrictions. As of December 31, 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 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 $900 million as of December 31, 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 December 31, 2020, for U.S. base rate loans and LIBOR loans were 0.25% and 1.25%, respectively. The applicable margin, as of December 31, 2020, for non-U.S. base rate loans and LIBOR loans was 1.25%. The Facility also required the payment of a fee of 0.250% per annum on the unused commitment as of December 31, 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 December 31, 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 December 31, 2020, there was $165.0 million of principal outstanding under the Term Loan which has been reduced in the Consolidated Balance Sheet by $1.9 million of 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 $600 million as of December 31, 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 U.S. base rate loans and 3.25% for Eurodollar loans. The interest rate on the amount outstanding under the Term Loan at December 31, 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 December 31, 2020, the Company was in compliance with the covenants in the Term Loan. The Company incurred fees of $0.4 million and $0.6 million in 2019 and 2018, respectively. No fees were incurred in 2020. These fees related to amending the Facility and the Term Loan. These fees were deferred and are being amortized as interest expense over the term of the applicable debt agreements. Fees related to the Term Loan are presented as a direct deduction of the corresponding debt.The Company had other debt outstanding, excluding finance leases, of approximately $97.4 million at December 31, 2020. In addition to the excess availability under the Facility of $234.3 million, the Company had remaining availability of $32.1 million related to other non-U.S. revolving credit agreements.
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Leasing Arrangements |
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Lessee, Operating Leases [Text Block] | Leasing Arrangements The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. The Company has elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with an initial term of twelve months or less). For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the operating leases are generally not determinable and the Company has obtained rates from third-party financiers for relevant geographies, currencies and lease terms to determine the incremental borrowing rate at the date of adoption of the new lease standard and at the inception of new leases. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company's leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain the Company will exercise that option. An option to terminate is also considered in connection with determining the ROU asset and lease liability unless it is reasonably certain the Company will not exercise the option. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. As of December 31, 2020 and 2019, the Company had the following amounts recorded on the Company's unaudited condensed consolidated balance sheet:
Finance lease assets are recorded net of accumulated amortization of $18.4 million and $13.5 million as of December 31, 2020 and 2019, respectively. Amortization of plant and equipment under finance leases is included in depreciation expense. Finance lease obligations of $17.0 million, $7.9 million and $4.7 million were incurred in connection with lease agreements to acquire machinery and equipment during 2020, 2019 and 2018, respectively. In addition, leases with HYGFS included in the unaudited condensed consolidated balance sheet at December 31, 2020 and 2019, include $17.8 million and $17.7 million of ROU assets and $17.9 million and $17.8 million of lease liabilities. As of December 31, 2020, the Company had the following remaining lease term and weighted average discount rates:
For the December 31, 2020, the Company recorded the following amounts:
The Company recognizes sublease income primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2020 were $32.2 million. For the year ended December 31, 2020, the Company recorded the following amounts:
Annual maturities of lease liabilities are as follows:
The Company leases certain office, manufacturing and warehouse facilities and machinery and equipment under noncancellable finance and operating leases that expire at various dates through 2037. Many leases include renewal and/or fair value purchase options.
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Product Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties | Product Warranties The Company provides a standard warranty on its lift trucks, generally for six to twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized. In addition, the Company sells separately priced extended warranty agreements that generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts. The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical costs. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim. Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:
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Contingencies |
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Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized. 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. The current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $19 million based on exchange rates as of December 31, 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. During 2019, 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 was approximately 8 million Brazilian reais, or $1.5 million based on exchange rates as of December 31, 2020. 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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Guarantees |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | Guarantees Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at December 31, 2020 and 2019 were $119.7 million and $179.7 million, respectively. As of December 31, 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 consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at December 31, 2020 was approximately $183.3 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of December 31, 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 $22.3 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $11.4 million as of December 31, 2020. The $22.3 million is included in the $119.7 million of total amounts subject to recourse or repurchase obligations at December 31, 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 December 31, 2020, approximately $97.8 million of the Company's total recourse or repurchase obligations of $119.7 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 December 31, 2020, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $239.4 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $97.8 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 $222.0 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $288.4 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 December 31, 2020:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Equity Investments and Related Party Transactions 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 has concluded that 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. 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 financing to dealers and lease financing to both dealers and customers. HYGFS’ total purchases of Hyster® and Yale® lift trucks from dealers, and directly from the Company such that HYGFS could provide retail lease financing to customers for the years ended December 31, 2020, 2019 and 2018 were $452.9 million, $514.1 million and $536.2 million, respectively. Of these amounts, $99.6 million, $126.4 million and $79.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, were invoiced directly from the Company to HYGFS so that the customer could obtain operating lease financing from HYGFS. Amounts receivable from HYGFS were $5.7 million and $9.0 million at December 31, 2020 and 2019, respectively. At December 31, 2020, the Company had $10.0 million of notes payable to HYGFS for advance funding of inventory that will be financed by HYGFS upon sale. The Company provides recourse for certain financing provided by HYGFS to its dealers and customers. In addition, the Company also provides a guarantee to WF for their portion of HYGFS' debt. Refer to Note 18 for additional details relating to the guarantees provided to WF. In addition to providing financing to dealers, HYGFS provides operating lease financing to the Company. Operating lease obligations primarily relate to specific sale-leaseback-sublease transactions for certain customers whereby the Company sells lift trucks to HYGFS, leases these lift trucks back under an operating lease agreement and then subleases those lift trucks to customers under an operating lease agreement. Total obligations to HYGFS under the operating lease agreements were $19.9 million and $21.2 million at December 31, 2020 and 2019, respectively. In addition, the Company provides certain subsidies to its dealers that are paid directly to HYGFS. Total subsidies were $3.1 million, $6.0 million and $5.0 million for 2020, 2019 and 2018, respectively. The Company provides certain services to HYGFS for which it receives compensation under the terms of the joint venture agreement. The services consist primarily of administrative functions and remarketing services. Total income recorded by the Company related to these services was $4.9 million in 2020, $7.0 million in 2019 and $8.0 million in 2018. The Company has a 50% ownership interest in SN, a limited liability company that was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®- branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company’s ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment. The Company purchases products from SN under normal trade terms based on current market prices. In 2020, 2019 and 2018, purchases from SN were $23.9 million, $45.5 million and $65.4 million, respectively. Amounts payable to SN at December 31, 2020 and 2019 were $16.1 million and $15.6 million, respectively. The Company recognized income of $0.3 million, $0.3 million and $0.4 million for payments from SN for use of technology developed by the Company which is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, respectively. Summarized unaudited financial information for equity investments is as follows:
The Company's equity investments in unconsolidated affiliates are included in “Investment in Unconsolidated Affiliates” in the Consolidated Balance Sheets as follows:
Dividends received from unconsolidated affiliates for the year ended December 31, are summarized below:
The Company had an approximately 19% ownership interest through common and redeemable preferred shares in a third party, OneH2, Inc. ("OneH2"). The Company's investment was $11.9 million and $10.6 million as of December 31, 2020 and December 31, 2019, respectively. The Company recorded $1.3 million of accrued dividend income related to this investment in both 2020 and 2019. During January 2021, the Company sold its investment in preferred shares of OneH2 for $15.7 million, including accrued dividends, and recognized a gain of $4.6 million. The Company expects to sell its remaining investment in common shares in the first quarter of 2021. 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 December 31, 2020 and December 31, 2019 was $2.1 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 Consolidated Statements of Operations for the years ended December 31, as follows:
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Restructuring |
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Restructuring and Related Activities Disclosure [Text Block] | RestructuringDuring 2020, the Company performed an in-depth global review to help establish a more sustainable long-term cost structure. As a result, the Company restructured operations to optimize global commercial operations. The Company recognized a charge of approximately $4.4 million during the year ended December 31, 2020. These charges primarily related to severance, which was recorded on the line "Selling, general and administrative expenses" in the Consolidated Statements of Operations. Severance payments incurred are expected to be paid in 2021. In addition to the restructuring charge recorded during 2020, the Company anticipates it will incur subsequent charges, which were not eligible for accrual at December 31, 2020, of approximately $1.4 million for additional costs related to the restructuring, which the Company expects to incur during 2021. Following is the detail of the cash charges incurred by reporting segment:
In 2019, as part of a plan to expand Bolzoni's capabilities in the United States, Bolzoni's North America attachment manufacturing was moved into HYG's Sulligent, Alabama manufacturing facility. Consequently, effective January 1, 2019, the Sulligent facility became a Bolzoni facility. As a result of this restructuring, Bolzoni recognized charges totaling approximately $2.5 million during the year ended December 31, 2019. The Company incurred $0.4 million related to severance, which was recorded on the line "Selling, general and administrative expenses," and $2.1 million related to plant rearrangement and moving costs, which was recorded in "Cost of sales." Severance payments of $0.4 million were made during 2019. Cash payments related to this restructuring plan were completed in 2019.
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Schedule II - Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES YEAR ENDED DECEMBER 31, 2020, 2019 AND 2018
(A)Foreign currency translation adjustments and other. (B)Includes allowance of receivables classified as long-term of $4.6 million, $4.1 million and $4.3 million in 2020, 2019 and 2018, respectively. (C)Write-offs, net of recoveries.
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Significant Accounting Policies (Policies) |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents include cash in banks and highly liquid investments with original maturities of three months or less. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable [Policy Text Block] | Accounts Receivable, Net of Allowances: Allowances are maintained against accounts receivable for doubtful accounts. Allowances for doubtful accounts are maintained for estimated losses resulting from the inability or unwillingness of customers to make required payments. These allowances are based on historical experience, existing economic trends and both recent trends of specific customers estimated to be a greater credit risk as well as general trends of the entire customer pool. Accounts are written off against the allowance when it becomes evident collection will not occur. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability Reserve Estimate, Policy [Policy Text Block] | Self-insurance Liabilities: The Company is generally self-insured for product liability, environmental liability and medical and workers’ compensation claims. For product liability, catastrophic insurance coverage is retained for potentially significant individual claims. The Company also has insurance for certain historic product liability claims. An estimated provision for claims reported and for claims incurred but not yet reported under the self-insurance programs is recorded and revised periodically based on industry trends, historical experience and management judgment. In addition, industry trends are considered within management judgment for valuing claims. Changes in assumptions for such matters as legal judgments and settlements, legal defense costs, inflation rates, medical costs and actual experience could cause estimates to change in the near term. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising Cost [Policy Text Block] | Advertising Costs: Advertising costs are expensed as incurred. Total advertising expense was $7.6 million, $10.7 million and $14.6 million in 2020, 2019 and 2018, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Product Development Costs: Expenses associated with the development of new products and changes to existing products are charged to expense as incurred. These costs amounted to $100.5 million, $115.3 million and $110.9 million in 2020, 2019 and 2018, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency: Assets and liabilities of non-U.S. operations are translated into U.S. dollars at the fiscal year-end exchange rate. The related translation adjustments are recorded as a separate component of equity, except for the Company’s Mexican operations. The U.S. dollar is considered the functional currency for the Company’s Mexican operations and, therefore, the effect of translating assets and liabilities from the Mexican peso to the U.S. dollar is recorded in results of operations. Revenues and expenses of all non-U.S. operations are translated using average monthly exchange rates prevailing during the year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] |
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
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Common Stock and Earnings per Share (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Share-based Payment Arrangement [Policy Text Block] | The Company has stock compensation plans for certain employees in the U.S. that allow the grant of shares of Class A common stock, subject to restrictions, as a means of retaining and rewarding them for long-term performance and to increase ownership in the Company. Shares awarded under the plans are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) five years after the participant's retirement date, (ii) four, seven or ten years from the award date, as defined in the award, or (iii) the participant's death or permanent disability. Pursuant to the plans, the Company issued 111,148 and 88,172 shares related to the years ended December 31, 2019 and 2018, respectively. There were no shares issued related to 2020. After the issuance of these shares, there were 208,570 shares of Class A common stock available for issuance under these plans. Compensation expense related to these share awards was $7.0 million ($5.5 million net of tax) and $4.5 million ($3.6 million net of tax) for the years ended 2019 and 2018, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. |
Share-based Payment Arrangement, Director [Policy Text Block] | The Company also has a stock compensation plan for non-employee directors of the Company under which a portion of the non-employee directors’ annual retainer is paid in restricted shares of Class A common stock. For the year ended December 31, 2020, $124,000 of each non-employee director's retainer of $184,000 was to be paid in restricted shares of Class A common stock. The non-employee directors' retainer was reduced by 10% from May through December of 2020. For the year ended December 31, 2019, $118,000 of $178,000 was paid in restricted shares of Class A common stock. For the year ended December 31, 2018, $113,000 of $173,000 was paid in restricted shares of Class A common stock. Shares awarded under the plan are fully vested and entitle the stockholder to all rights of common stock ownership except that shares may not be assigned, pledged or otherwise transferred during the restriction period. In general, the restriction period ends at the earliest of (i) ten years from the award date, (ii) the date of the director's death or permanent disability, (iii) five years (or earlier with the approval of the Board of Directors) after the director's date of retirement from the Board of Directors, or (iv) the date on which the director has both retired from the Board of Directors and reached 70 years of age. Pursuant to this plan, the Company issued 28,323, 18,954 and 16,196 shares related to the years ended December 31, 2020, 2019 and 2018, respectively. In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees. These voluntary shares are not subject to any restrictions. Total shares issued under voluntary elections were 1,610, 1,711 and 2,182 in 2020, 2019 and 2018, respectively. After the issuance of these shares, there were 54,320 shares of Class A common stock available for issuance under this directors' plan. Compensation expense related to these awards was $1.3 million ($1.0 million net of tax), $1.2 million ($0.9 million net of tax) and $1.2 million ($0.9 million net of tax) for the years ended December 31, 2020, 2019 and 2018, respectively. Compensation expense at the grant date represents fair value based on the market price of the shares of Class A common stock. |
Income Taxes (Policies) |
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Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Uncertainties, Policy [Policy Text Block] | The following is a reconciliation of total gross unrecognized tax benefits, defined as the aggregate tax effect of differences between the Company's tax return positions and the benefits recognized in the consolidated financial statements for the years ended December 31, 2020, 2019 and 2018. Approximately $10.7 million, $13.5 million and $15.1 million of these amounts as of December 31, 2020, 2019 and 2018, respectively, relate to permanent items that, if recognized, would impact the reported income tax rate. This amount differs from gross unrecognized tax benefits presented in the table below due to the increase in U.S. federal income taxes which would occur upon the recognition of the state tax benefits included herein.
The Company records interest and penalties on uncertain tax positions as a component of the income tax provision. The Company recorded a net decrease of $2.3 million during 2020, and a net increase of $0.1 million and $0.5 million during 2019 and 2018, respectively, in interest and penalties. As a result of foreign currency translation into U.S. dollars, the total amount of interest and penalties increased by $0.4 million during 2020 and decreased by $0.5 million during 2018. The total amount of interest and penalties accrued was $6.7 million, $8.6 million and $8.5 million as of December 31, 2020, 2019 and 2018, respectively. The Company expects the amount of unrecognized tax benefits will change within the next twelve months. It is reasonably possible the Company will record unrecognized tax benefits, including interest and penalties, within the next twelve months up to $7.0 million resulting from the possible expiration of certain statutes of limitation and settlement of audits. If recognized, the previously unrecognized tax benefits will be recorded as discrete tax benefits in the interim period in which the items are effectively settled. Approximately $3.2 million of the amount that may be recognized in the next twelve months relates to prior business acquisitions, and such amounts will be offset with the pretax reduction of the related indemnity receivable. The tax returns of the Company and its non-U.S. subsidiaries are routinely examined by various taxing authorities. The Company has not been informed of any material assessment for which an accrual has not been previously provided and the Company would vigorously contest any material assessment. Management believes any potential adjustment would not materially affect the Company's financial condition or results of operations. In general, the Company operates in taxing jurisdictions that provide a statute of limitations period ranging from three to five years for the taxing authorities to review the applicable tax filings. The Company is currently under examination by the Internal Revenue Service for its 2018 U.S. tax filings. The Company expects this examination to be completed during 2021. The examination of U.S. federal tax returns for all years prior to 2017 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations. However, the Company has elected to voluntarily extend the statute of limitations for the U.S. federal tax return for 2012 at the request of its prior parent company such that attributes may be adjusted in limited circumstances. The Company is routinely under examination in various state and non-U.S. jurisdictions and in most cases the statute of limitations has not been extended. The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.
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Financial Instruments and Derivative Financial Instruments (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Derivative [Line Items] | |
Derivatives, Policy [Policy Text Block] | Financial instruments held by the Company include cash and cash equivalents, accounts receivable, accounts payable, revolving credit agreements, long-term debt, interest rate swap agreements and forward foreign currency exchange contracts. The Company does not hold or issue financial instruments or derivative financial instruments for trading purposes. The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The 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 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 its variable rate financings are predominately based upon 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 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 Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations.
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Retirement Benefit Plans (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair value of each major category of U.S. plan assets for the Company’s pension plan are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. The fair value of each major category of Non-U.S. plan assets for the Company’s pension plans are valued using observable inputs, either directly or indirectly, other than quoted market prices in active markets for identical assets, or Level 2 in the fair value hierarchy. |
Inventories (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Inventory, Policy [Policy Text Block] | The FIFO method is used with respect to all other inventories.The cost components of inventory include raw materials, purchased components, direct and indirect labor, utilities, depreciation, inbound freight charges, purchasing and receiving costs, inspection costs and warehousing costs. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs. |
Property, Plant and Equipment, Net (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are recorded at cost. Depreciation and amortization are provided in amounts sufficient to amortize the cost of the assets, including assets recorded under finance leases, over their estimated useful lives using the straight-line method. Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. Capital grants received for the acquisition of equipment are recorded as reductions of the related equipment cost and reduce future depreciation expense. Repairs and maintenance costs are expensed when incurred. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company periodically evaluates long-lived assets, including intangible assets with finite lives, for impairment when changes in circumstances or the occurrence of certain events indicate the carrying amount of an asset may not be recoverable. Upon identification of indicators of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets or liabilities. The asset group would be considered impaired when the estimated future undiscounted cash flows generated by the asset group are less than carrying value. If the carrying value of an asset group is considered impaired, an impairment charge is recorded for the amount that the carrying value of the asset group exceeds its fair value. Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Leasing Arrangements (Policies) |
12 Months Ended |
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Dec. 31, 2020 | |
Lessor, Leases [Policy Text Block] | The Company recognizes sublease income primarily related to lift trucks in which the Company records revenues over the term of the lease in accordance with the rental agreements with its customers. Aggregate future minimum rentals to be received under noncancellable subleases of lift trucks as of December 31, 2020 were $32.2 million. |
Lessee, Leases [Policy Text Block] | The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. The Company has elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with an initial term of twelve months or less). For contracts with lease and non-lease components, the Company has elected not to allocate the contract consideration, and to account for the lease and non-lease components as a single lease component. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the operating leases are generally not determinable and the Company has obtained rates from third-party financiers for relevant geographies, currencies and lease terms to determine the incremental borrowing rate at the date of adoption of the new lease standard and at the inception of new leases. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company's leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain the Company will exercise that option. An option to terminate is also considered in connection with determining the ROU asset and lease liability unless it is reasonably certain the Company will not exercise the option. Lease expense for operating lease payments is recognized on a straight-line basis over the term of the lease. |
Significant Accounting Policies (Tables) |
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
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Revenue Recognition (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
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Deferred Revenue, by Arrangement, Disclosure [Table Text Block] |
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Business Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Quarterly Results of Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
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Common Stock and Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
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Summary of Tax Credit Carryforwards [Table Text Block] |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Reclassifications from AOCI (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
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Financial Instruments and Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | l
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Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block] |
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
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Retirement Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defined Benefit Plan, Assumptions [Table Text Block] |
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Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
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Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] |
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Schedule of Expected Benefit Payments [Table Text Block] |
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Defined Benefit Plan, Plan Assets, Allocation |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
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Foreign Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Plan Assets, Allocation |
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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Property, Plant and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Table [Table Text Block] |
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] |
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Schedule of Acquired Indefinite-lived Intangible Assets by Major Class [Table Text Block] |
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Schedule of Goodwill [Table Text Block] |
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Current and Long-Term Financing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] |
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Schedule of Maturities of Long-term Debt [Table Text Block] |
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Leasing Arrangements 842 (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Lease, Cost [Table Text Block] |
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Remaining Lease Term and Weighted Average Discount Rates [Table Text Block] |
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Operating and Finance Leases Recognized on the Balance Sheet [Table Text Block] |
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Cash Flows of Operating and Finance Leases [Table Text Block] |
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Product Warranties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] |
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Guarantees (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] |
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] |
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Schedule II - Valuation and Qualifying Accounts (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] |
|
Principles of Consolidation (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Service parts as percentage of revenue | 14.00% | 12.00% |
HYGFS [Member] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
SN [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Significant Accounting Policies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Advertising Expense | $ 7.6 | $ 10.7 | $ 14.6 |
Research and Development Expense | $ 100.5 | $ 115.3 | $ 110.9 |
Revenue Recognition (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues | $ 719.6 | $ 652.4 | $ 654.4 | $ 785.7 | $ 834.8 | $ 766.0 | $ 856.2 | $ 834.8 | $ 2,812.1 | $ 3,291.8 | $ 3,179.1 |
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 16 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. 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. Revenue 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 dealers. 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 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. Nuvera's revenues are primarily the sale of battery box replacement ("BBR") units to HYG for sale to a dealer. | ||||||||||
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. | ||||||||||
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. | ||||||||||
Deferred Revenue | $ 70.5 | $ 73.3 | $ 70.5 | 73.3 | |||||||
Deferred Revenue, Additions | 41.2 | ||||||||||
Deferred Revenue, Revenue Recognized | (44.6) | ||||||||||
Deferred Revenue, Period Increase (Decrease) | $ 0.6 | ||||||||||
Deferred Revenue, Description 606 | 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. | ||||||||||
Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 272.8 | 324.0 | 314.3 | ||||||||
Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 516.1 | 525.9 | 515.1 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues | (148.4) | (187.9) | (185.3) | ||||||||
Consolidation, Eliminations [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (148.4) | (187.9) | (185.3) | ||||||||
Consolidation, Eliminations [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.0 | 0.0 | 0.0 | ||||||||
Americas [Member] | |||||||||||
Revenues | 1,891.2 | 2,123.3 | 1,987.5 | ||||||||
Americas [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 113.6 | 133.6 | 113.3 | ||||||||
Americas [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 397.4 | 396.4 | 370.9 | ||||||||
EMEA [Member] | |||||||||||
Revenues | 588.6 | 751.2 | 768.8 | ||||||||
EMEA [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18.6 | 21.8 | 18.1 | ||||||||
EMEA [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 88.8 | 95.3 | 107.4 | ||||||||
JAPIC [Member] | |||||||||||
Revenues | 193.1 | 249.7 | 242.1 | ||||||||
JAPIC [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.4 | 1.0 | 2.2 | ||||||||
JAPIC [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 29.9 | 34.2 | 36.8 | ||||||||
Bolzoni [Member] | |||||||||||
Revenues | 283.7 | 345.4 | 349.0 | ||||||||
Bolzoni [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 283.7 | 345.4 | 349.0 | ||||||||
Bolzoni [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.0 | 0.0 | 0.0 | ||||||||
Nuvera [Member] | |||||||||||
Revenues | 3.9 | 10.1 | 17.0 | ||||||||
Nuvera [Member] | Other revenue [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.9 | 10.1 | 17.0 | ||||||||
Nuvera [Member] | Aftermarket sales [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.0 | 0.0 | 0.0 | ||||||||
Sales Channel, Through Intermediary [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,516.7 | 1,884.8 | 1,987.8 | ||||||||
Sales Channel, Through Intermediary [Member] | Consolidation, Eliminations [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.0 | 0.0 | 0.0 | ||||||||
Sales Channel, Through Intermediary [Member] | Americas [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 882.9 | 1,051.2 | 1,156.6 | ||||||||
Sales Channel, Through Intermediary [Member] | EMEA [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 472.0 | 619.1 | 628.1 | ||||||||
Sales Channel, Through Intermediary [Member] | JAPIC [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 161.8 | 214.5 | 203.1 | ||||||||
Sales Channel, Through Intermediary [Member] | Bolzoni [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 | ||||||||
Sales Channel, Directly to Consumer [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 506.5 | 557.1 | 361.9 | ||||||||
Sales Channel, Directly to Consumer [Member] | Consolidation, Eliminations [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.0 | 0.0 | 0.0 | ||||||||
Sales Channel, Directly to Consumer [Member] | Americas [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 497.3 | 542.1 | 346.7 | ||||||||
Sales Channel, Directly to Consumer [Member] | EMEA [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.2 | 15.0 | 15.2 | ||||||||
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 | ||||||||
Sales Channel, Directly to Consumer [Member] | Nuvera [Member] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0.0 | $ 0.0 | $ 0.0 |
Business Segments - Geographic (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ 719.6 | $ 652.4 | $ 654.4 | $ 785.7 | $ 834.8 | $ 766.0 | $ 856.2 | $ 834.8 | $ 2,812.1 | $ 3,291.8 | $ 3,179.1 |
Long-lived assets | 420.6 | 464.7 | $ 420.6 | 464.7 | 371.8 | ||||||
Disclosure on Geographic Areas, Description of Revenue from External Customers | No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. | ||||||||||
Segment Reporting, Disclosure of Major Customers | In addition, no single customer comprised 10% or more of revenues from unaffiliated customers. | ||||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | $ 1,640.8 | 1,794.6 | 1,655.0 | ||||||||
Long-lived assets | 198.4 | 232.9 | 198.4 | 232.9 | 180.9 | ||||||
EMEA [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | 736.7 | 923.6 | 940.5 | ||||||||
Long-lived assets | 102.8 | 103.9 | 102.8 | 103.9 | 72.6 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers, based on the customers’ location | 434.6 | 573.6 | 583.6 | ||||||||
Long-lived assets | $ 119.4 | $ 127.9 | $ 119.4 | $ 127.9 | $ 118.3 |
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues | $ 719.6 | $ 652.4 | $ 654.4 | $ 785.7 | $ 834.8 | $ 766.0 | $ 856.2 | $ 834.8 | $ 2,812.1 | $ 3,291.8 | $ 3,179.1 |
Gross profit | 121.7 | 103.4 | 103.6 | 136.7 | 141.2 | 135.0 | 139.4 | 126.2 | 465.4 | 541.8 | 497.0 |
Operating profit (loss) | 13.7 | 7.3 | 8.7 | 20.2 | 8.1 | 19.5 | 22.9 | 3.4 | 49.9 | 53.9 | 38.8 |
Net income (loss) | 13.2 | 5.7 | 4.0 | 15.6 | 3.4 | 13.1 | 16.9 | 3.2 | 38.5 | 36.6 | 34.3 |
Net income (loss) attributable to stockholders | $ 13.1 | $ 5.1 | $ 3.6 | $ 15.3 | $ 3.4 | $ 12.8 | $ 16.2 | $ 3.4 | $ 37.1 | $ 35.8 | $ 34.7 |
Basic Earnings per Share | $ 0.78 | $ 0.30 | $ 0.21 | $ 0.91 | $ 0.20 | $ 0.77 | $ 0.97 | $ 0.20 | $ 2.21 | $ 2.15 | $ 2.10 |
Diluted earnings per share | $ 0.78 | $ 0.30 | $ 0.21 | $ 0.91 | $ 0.20 | $ 0.76 | $ 0.97 | $ 0.20 | $ 2.21 | $ 2.14 | $ 2.09 |
Income Taxes - Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
U.S. | $ (0.6) | $ (18.2) | $ (7.5) |
Non-U.S. | 42.8 | 66.1 | 44.1 |
Income Before Income Taxes | 42.2 | 47.9 | 36.6 |
Federal | 0.4 | 3.2 | (4.2) |
State | 0.8 | 1.9 | 0.8 |
Non-U.S. | 5.0 | 13.0 | 8.9 |
Total current | 6.2 | 18.1 | 5.5 |
Federal | (2.6) | (7.6) | (2.6) |
State | (0.6) | (1.9) | 0.3 |
Non-U.S. | 0.7 | 2.7 | (0.9) |
Deferred income taxes | (2.5) | (6.8) | (3.2) |
Income tax provision | $ 3.7 | $ 11.3 | $ 2.3 |
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accrued expenses and reserves | $ 9.0 | $ 16.4 |
Accrued product liability | 6.2 | 8.9 |
Product warranties | 12.2 | 11.2 |
Accrued pension benefits | 3.3 | 2.4 |
Deferred Tax Assets, Inventory | 2.9 | 1.7 |
Tax attribute carryforwards | 21.2 | 25.3 |
Other employee benefits | 5.7 | 7.1 |
Other deferred tax assets | 2.9 | 0.6 |
Total deferred tax assets | 70.6 | 76.1 |
Less: Valuation allowance | 28.2 | 31.4 |
Deferred tax assets, net of valuation allowance | 42.4 | 44.7 |
Depreciation | 31.9 | 27.6 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1.0 | 1.7 |
Total deferred tax liabilities | 32.9 | 29.3 |
Net deferred tax asset | $ 9.5 | $ 15.4 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Unrecognized Tax Benefits | $ 13.6 | $ 15.2 | $ 10.9 |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 0.0 | 0.0 | 6.0 |
Additions for tax positions of prior years | 0.1 | 0.2 | 0.3 |
Additions based on tax positions related to the current year | 0.3 | 0.3 | 0.4 |
Reductions due to settlements with taxing authorities and the lapse of the applicable statute of limitations | (3.9) | (2.0) | (1.6) |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 0.7 | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (0.1) | (0.8) | |
Unrecognized Tax Benefits | $ 10.8 | $ 13.6 | $ 15.2 |
Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Derivative [Line Items] | ||
Discussion of Objectives for Using Foreign Currency Derivative Instruments | The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. | |
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 its variable rate financings are predominately based upon 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 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. | |
Long-term Debt | $ 260.5 | $ 266.0 |
Long-term Debt, Fair Value | 257.2 | 265.1 |
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 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. | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 840.5 | 1,000.0 |
Derivative, Fair Value, Net | 23.5 | 19.8 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 6.1 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ (4.9) | $ 2.1 |
Retirement Benefit Plans - Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Americas [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.09% | 3.02% | 4.10% |
Expected long-term rate of return on assets | 7.00% | 7.50% | 7.50% |
Foreign Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.50% | 0.37% | 1.13% |
Rate of increase in compensation levels - maximum | 1.00% | 2.10% | 2.20% |
Expected long-term rate of return on assets | 0.50% | 1.70% | 1.80% |
Foreign Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.30% | 2.68% | 2.65% |
Rate of increase in compensation levels - maximum | 2.50% | 2.50% | 2.50% |
Expected long-term rate of return on assets | 6.00% | 7.00% | 7.00% |
Retirement Benefit Plans - Net Periodic Pension Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Americas [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1.2) | $ (1.1) | |
Service cost | 0.0 | $ 0.0 | |
Interest cost | 1.9 | 2.6 | 2.5 |
Expected return on plan assets | (4.7) | (4.5) | (4.9) |
Amortization of actuarial loss | 2.1 | 2.0 | 1.8 |
Amortization of prior service cost (credit) | 0.0 | 0.0 | (0.2) |
Settlements | 1.2 | 0.0 | 1.1 |
Net periodic pension expense | 0.5 | 0.1 | 0.3 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.1 | 0.2 |
Interest cost | 3.1 | 4.1 | 4.0 |
Expected return on plan assets | (10.9) | (10.2) | (10.5) |
Amortization of actuarial loss | 2.6 | 1.9 | 2.0 |
Amortization of prior service cost (credit) | 0.0 | 0.1 | 0.0 |
Net periodic pension expense | $ (5.0) | $ (4.0) | $ (4.3) |
Retirement Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost | $ 10.0 | $ 26.6 | $ 26.5 |
Americas [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1.2) | $ (1.1) | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.09% | 3.02% | 4.10% |
Settlements | $ (1.2) | $ 0.0 | $ (1.1) |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 0.0 | ||
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 3.1 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Finished goods and service parts | $ 269.0 | $ 276.2 |
Work in process | 21.0 | 22.1 |
Raw materials | 269.4 | 310.5 |
Total manufactured inventories | 559.4 | 608.8 |
LIFO reserve | (50.0) | (48.9) |
Inventories, net | $ 509.4 | $ 559.9 |
Percentage of LIFO Inventory | 42.00% | 53.00% |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Depreciation Methods | Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years. | ||
Land and land improvements | $ 33.6 | $ 31.8 | |
Plant and equipment | 842.9 | 764.0 | |
Property, plant and equipment, at cost | 876.5 | 795.8 | |
Less allowances for depreciation, depletion and amortization | (536.1) | (487.3) | |
Property, Plant and Equipment, Net | 340.4 | 308.5 | |
Depreciation | $ 36.8 | $ 36.7 | $ 37.4 |
Current and Long-Term Financing - Annual Maturities (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 76.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 17.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 152.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 12.9 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 2.5 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0.0 |
Total principle payments of debt, excluding capital leases | $ 262.4 |
Current and Long-Term Financing Term Loan (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 291.1 | $ 289.8 |
Secured Debt | 163.1 | 172.2 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1.9 | $ 2.8 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 200.0 | |
Secured Debt | 165.0 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1.9 | |
Assets held as collateral | $ 600.0 | |
Debt, Weighted Average Interest Rate | 3.40% | |
Secured Debt [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |
Secured Debt [Member] | Eurodollar [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
Product Warranties (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Product Liability Contingency [Line Items] | ||
Standard Product Warranty Description | six to twelve months or 1,000 to 2,000 hours | |
Extended Product Warranty Description | two to five years or up to 2,400 to 10,000 hours | |
Product Warranty Accrual | $ 65.2 | $ 56.9 |
Warranties issued | 25.4 | 42.1 |
Product Warranty Accrual, Preexisting, Increase (Decrease) | 5.3 | 2.5 |
Settlements made | (32.3) | (36.1) |
Foreign currency effect | 1.1 | (0.2) |
Product Warranty Accrual | $ 64.7 | $ 65.2 |
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 |
Contingencies Contingencies (Details) - 12 months ended Dec. 31, 2020 R$ in Millions |
BRL (R$) |
USD ($) |
---|---|---|
Gain Contingency, Description | The current estimate of the refund calculated on a gross basis is approximately 100 million Brazilian reais, or approximately $19 million based on exchange rates as of December 31, 2020. | |
Former Gain Contingency, Recognized in Current Period | R$ 8 | $ 1,500,000 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
SEC Schedule, 12-09, Allowance, Uncollectible Customer's Liability for Acceptances [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Beginning Balance | $ 4.1 | $ 4.3 | |
Valuation Allowances and Reserves, Ending Balance | 4.6 | 4.1 | $ 4.3 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Beginning Balance | 9.7 | 9.7 | 8.7 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 1.0 | 1.2 | 1.9 |
Valuation Allowances and Reserves, Adjustments | 0.3 | (1.2) | (0.9) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0.6 | 0.0 | 0.0 |
Valuation Allowances and Reserves, Ending Balance | $ 10.4 | $ 9.7 | $ 9.7 |
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