10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2020

OR

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

For the transition period from          to

Commission File Number: 1-11978

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

Wisconsin	39-0448110
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification Number)

11270 West Park Place Suite 1000
Milwaukee, Wisconsin	53224
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value	MTW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

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

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

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

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

As of September 30, 2020, the registrant had 34,558,608 shares of common stock, $.01 par value per share, outstanding.

1

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Operations

For the three and nine months ended September 30, 2020 and 2019

(Unaudited)

($ in millions, except per share and average share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net sales	$	355.6		$	448.0		$	1,013.1		$	1,370.7
Cost of sales		290.5			359.6			836.4			1,106.9
Gross profit		65.1			88.4			176.7			263.8
Operating costs and expenses:
Engineering, selling and administrative expenses		49.5			54.8			155.1			164.7
Amortization of intangible assets		—			—			0.2			0.2
Restructuring expense		3.9			1.1			5.6			8.3
Total operating costs and expenses		53.4			55.9			160.9			173.2
Operating income		11.7			32.5			15.8			90.6
Other income (expense):
Interest expense		(7.3	)		(7.2	)		(21.7	)		(25.6	)
Amortization of deferred financing fees		(0.4	)		(0.4	)		(1.1	)		(1.2	)
Loss on debt extinguishment		—			—			—			(25.0	)
Other income (expense) - net		2.6			(3.8	)		(4.3	)		8.8
Total other income (expense)		(5.1	)		(11.4	)		(27.1	)		(43.0	)
Income (loss) before income taxes		6.6			21.1			(11.3	)		47.6
Provision for income taxes		7.0			3.1			9.6			10.3
Net income (loss)	$	(0.4	)	$	18.0		$	(20.9	)	$	37.3
Per Share Data
Basic income (loss) per common share	$	(0.01	)	$	0.51		$	(0.60	)	$	1.05
Diluted income (loss) per common share	$	(0.01	)	$	0.51		$	(0.60	)	$	1.05
Weighted average shares outstanding - basic		34,538,814			35,348,597			34,730,623			35,527,971
Weighted average shares outstanding - diluted		34,538,814			35,458,956			34,730,623			35,686,831

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

2

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three and nine months ended September 30, 2020 and 2019

(Unaudited)

($ in millions)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net income (loss)	$	(0.4	)	$	18.0		$	(20.9	)	$	37.3
Other comprehensive income (loss), net of income tax
Unrealized gain (loss) on derivatives,    net of income tax		—			(1.3	)		0.1			(0.6	)
Employee pension and postretirement benefit     income (expense), net of income tax		(0.5	)		0.4			1.3			1.4
Foreign currency translation adjustments		15.5			(13.9	)		10.5			(15.2	)
Total other comprehensive income (loss), net of income tax		15.0			(14.8	)		11.9			(14.4	)
Comprehensive income (loss)	$	14.6		$	3.2		$	(9.0	)	$	22.9

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

3

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Balance Sheets

As of September 30, 2020 and December 31, 2019

(Unaudited)

($ in millions, except per share amounts)

	September 30, 2020			December 31, 2019
Assets
Current Assets:
Cash and cash equivalents	$	101.1		$	199.3
Accounts receivable, less allowances of $8.4 and $7.9, respectively		184.1			168.3
Inventories — net		526.7			461.4
Notes receivable — net		14.3			17.4
Other current assets		32.3			26.0
Total current assets		858.5			872.4
Property, plant and equipment — net		281.3			289.9
Operating lease right-of-use assets		41.7			47.6
Goodwill		233.2			232.5
Other intangible assets — net		118.8			116.3
Other non-current assets		57.4			59.0
Total assets	$	1,590.9		$	1,617.7
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	342.2		$	340.8
Short-term borrowings and current portion of long-term debt		3.7			3.8
Product warranties		46.1			47.2
Customer advances		23.1			25.8
Other liabilities		22.8			23.3
Total current liabilities		437.9			440.9
Non-Current Liabilities:
Long-term debt		306.8			308.4
Operating lease liabilities		32.4			37.6
Deferred income taxes		7.5			5.5
Pension obligations		84.8			86.4
Postretirement health and other benefit obligations		15.4			16.4
Long-term deferred revenue		28.8			30.3
Other non-current liabilities		47.6			46.3
Total non-current liabilities		523.3			530.9
Commitments and contingencies (Note 18)
Stockholders' Equity:
Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)		—			—
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 34,558,608    and 35,374,537 shares outstanding, respectively)		0.4			0.4
Additional paid-in capital		594.9			592.2
Accumulated other comprehensive loss		(109.1	)		(121.0	)
Retained earnings		215.1			236.2
Treasury stock, at cost (6,235,375 and 5,419,446 shares, respectively)		(71.6	)		(61.9	)
Total stockholders' equity		629.7			645.9
Total liabilities and stockholders' equity	$	1,590.9		$	1,617.7

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

4

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

For the nine months ended September 30, 2020 and 2019

(Unaudited)

($ in millions)

	Nine Months Ended September 30,
	2020			2019
Cash Flows from Operating Activities:
Net income (loss)	$	(20.9	)	$	37.3
Adjustments to reconcile net income (loss) to cash used for operating activities:
Depreciation		27.3			26.3
Amortization of intangible assets		0.2			0.2
Amortization of deferred financing fees		1.1			1.2
Loss on debt extinguishment		—			25.0
Gain on sale of property, plant and equipment		—			(3.5	)
Other		5.5			8.7
Changes in operating assets and liabilities:
Accounts receivable		(13.9	)		(184.2	)
Inventories		(55.3	)		(87.4	)
Notes receivable		6.2			(0.5	)
Other assets		(7.1	)		14.8
Accounts payable		(5.2	)		(37.4	)
Accrued expenses and other liabilities		(8.8	)		1.6
Net cash used for operating activities		(70.9	)		(197.9	)
Cash Flows from Investing Activities:
Capital expenditures		(15.3	)		(22.4	)
Proceeds from sale of property, plant and equipment		0.2			17.2
Cash receipts on sold accounts receivable		—			126.3
Net cash provided by (used for) investing activities		(15.1	)		121.1
Cash Flows from Financing Activities:
Proceeds from revolving credit facility		50.0			131.4
Payments on revolving credit facility		(50.0	)		(131.4	)
Payments on long-term debt		—			(276.6	)
Proceeds from long-term debt		—			300.0
Other debt - net		(2.7	)		(2.8	)
Debt issuance costs		—			(8.3	)
Exercises of stock options		0.1			0.2
Common stock repurchases		(12.0	)		(7.4	)
Net cash provided by (used for) financing activities		(14.6	)		5.1
Effect of exchange rate changes on cash and cash equivalents		2.4			(1.1	)
Net decrease in cash and cash equivalents		(98.2	)		(72.8	)
Cash and cash equivalents at beginning of period		199.3			140.3
Cash and cash equivalents at end of period	$	101.1		$	67.5

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

5

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

For the three and nine months ended September 30, 2020 and 2019

(Unaudited)

($ in millions, except share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Common Stock - Par Value
Balance at beginning of period	$	0.4		$	0.4		$	0.4		$	0.4
Balance at end of period	$	0.4		$	0.4		$	0.4		$	0.4
Additional Paid-in Capital
Balance at beginning of period	$	596.0		$	588.8		$	592.2		$	584.8
Stock options exercised and issuance of other stock awards		(0.6	)		—			(2.7	)		(2.1	)
Stock-based compensation		(0.5	)		2.2			5.4			8.3
Balance at end of period	$	594.9		$	591.0		$	594.9		$	591.0
Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(124.1	)	$	(116.2	)	$	(121.0	)	$	(116.6	)
Other comprehensive income (loss)		15.0			(14.8	)		11.9			(14.4	)
Balance at end of period	$	(109.1	)	$	(131.0	)	$	(109.1	)	$	(131.0	)
Retained Earnings
Balance at beginning of period	$	215.5		$	208.9		$	236.2		$	189.6
Adoption of accounting standards update		—			—			(0.2	)		—
Net income (loss)		(0.4	)		18.0			(20.9	)		37.3
Balance at end of period	$	215.1		$	226.9		$	215.1		$	226.9
Treasury Stock
Balance at beginning of period	$	(72.1	)	$	(62.2	)	$	(61.9	)	$	(56.9	)
Stock options exercised and issuance of other stock awards		0.5			—			2.3			2.1
Common stock repurchases		—			—			(12.0	)		(7.4	)
Balance at end of period	$	(71.6	)	$	(62.2	)	$	(71.6	)	$	(62.2	)
Total equity	$	629.7		$	625.1		$	629.7		$	625.1

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

6

THE MANITOWOC COMPANY, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three and nine months ended September 30, 2020 and 2019

1.  Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc,” “MTW” or the “Company”) was founded in 1902 and has over a 117-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world’s leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Additionally, the Company’s Manitowoc Crane Care offering leverages Manitowoc's installed base of approximately 149,000 cranes to provide aftermarket parts and services to enable its customers to manage their fleets more effectively and improve their return on investment. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc Crane Care provides the Company with a consistent stream of recurring revenue.

The Company has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 17, “Segments” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations, comprehensive income and equity for the three and nine months ended September 30, 2020 and 2019, the cash flows for the same nine-month periods and the financial position at September 30, 2020 and December 31, 2019, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2019. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

Impact of COVID-19 Pandemic

There is considerable uncertainty regarding the future impact and expected duration of the COVID-19 pandemic which could include restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations impacting its customers, dealers and suppliers. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s third quarter financial results, including, but not limited to, impairment of goodwill and other long-lived assets, income tax provision, recoverability of inventory and hedge accounting with respect to forecasted future transactions.  

2.  Recent Accounting Changes and Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (“Topic 740”) (“ASU 2019-12”).” ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-12 will not have a material impact on the Company’s condensed consolidated financial statements.

7

In August 2018, the FASB issued ASU No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”).” The amendments in ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (“ASU 2016-13”),” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2016-13 resulted in a $0.2 million reduction in beginning retained earnings and a corresponding reduction in accounts receivable on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2020. There was no material impact to the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows.

3. Revenues

The Company records deferred revenue when cash payments are received in advance of satisfying the performance obligation. The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2020 and 2019 which are included in current liabilities in the Condensed Consolidated Balance Sheets.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	15.8		$	10.6		$	25.8		$	9.6
Cash received in advance of satisfying    performance obligation		26.9			25.4			71.7			75.6
Revenue recognized		(19.8	)		(26.1	)		(73.9	)		(75.5	)
Currency translation		0.2			(0.2	)		(0.5	)		—
Balance at end of period	$	23.1		$	9.7		$	23.1		$	9.7

Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.”

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of September 30, 2020
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets

	Fair Value as of December 31, 2019
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets
Forward currency exchange contracts		—		0.1		—		0.1	Accounts payable and    accrued expenses

The fair value of the senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $310.5 million as of September 30, 2020. See Note 11, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. The Company estimates the fair value of its 2026 Notes based on quoted market prices; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt approximate fair value, without being discounted as of September 30, 2020 and December 31, 2019, due to the short-term nature of these instruments.

8

Forward currency exchange contracts (“FX Forward Contracts”) are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.

5.  Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive loss. These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to these types of transactions during the three and nine months ended September 30, 2020 and 2019, respectively.

The Company had FX Forward Contracts with an aggregate notional amount of $2.2 million and $32.6 million outstanding as of September 30, 2020 and December 31, 2019, respectively. The aggregate notional amount outstanding as of September 30, 2020 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. As of September 30, 2020 and December 31, 2019, the net fair value of these contracts was a net current asset of $0.1 million and a net zero balance, respectively. There was $0.1 million and zero unrealized gains, net of income tax, recorded in accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019, respectively.  

The following table provides the amount of gain or loss recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2020 and September 30, 2019.

		Three Months Ended September 30,					Nine Months Ended September 30,
	Recognized Location	2020			2019		2020			2019
Designated	Cost of sales	$	—		$	0.9	$	0.3		$	2.4
Non-Designated	Other income (expense) - net	$	(0.1	)	$	0.3	$	(0.5	)	$	(1.9	)

6.  Inventories

The components of inventories as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Raw materials	$	134.6		$	156.3
Work-in-process		123.8			116.3
Finished goods		321.6			239.4
Total inventories		580.0			512.0
Excess and obsolete inventory reserve		(53.3	)		(50.6	)
Inventories — net	$	526.7		$	461.4

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7.  Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. As of September 30, 2020, the Company had current and long-term notes receivable in the amount of $14.3 million and $13.1 million, respectively. As of December 31, 2019, the Company had current and long-term notes receivable in the amount of $17.4 million and $16.3 million, respectively.

8.  Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Land	$	23.9		$	24.0
Building and improvements		201.1			197.3
Machinery, equipment and tooling		282.3			274.2
Furniture and fixtures		19.5			18.5
Computer hardware and software		118.2			119.3
Rental cranes		79.9			77.7
Construction in progress		11.2			11.2
Total cost		736.1			722.2
Less accumulated depreciation		(454.8	)		(432.3	)
Property, plant and equipment — net	$	281.3		$	289.9

Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

9.  Goodwill and Other Intangible Assets

The Company performs an annual impairment review of goodwill and indefinite-lived intangible assets during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. During the three months ended March 31, 2020, the Company considered the decline in its market capitalization due to the COVID-19 pandemic as an interim triggering event. The Company’s interim test results as of March 31, 2020 indicated that the fair values of all reporting units exceeded their carrying values and thus, no impairment of goodwill existed. No additional triggers for an interim impairment test have been identified since March 31, 2020. However, the Company is unable to predict future impacts of the COVID-19 pandemic, including a prolonged and/or more severe pandemic than anticipated, or future changes in management’s judgements and assumptions used to assess the fair value of the reporting units, which could result in a non-cash impairment charge in the future.

The changes in the carrying amount of goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	Americas		MEAP			Consolidated
Balance as of January 1, 2019	$	166.5	$	66.3		$	232.8
Foreign currency impact		—		(0.3	)		(0.3	)
Balance as of December 31, 2019		166.5		66.0			232.5
Foreign currency impact		—		0.7			0.7
Balance as of September 30, 2020	$	166.5	$	66.7		$	233.2

10

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020							December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Definite lived intangible assets:
Customer relationships	$	9.8	$	(8.5	)	$	1.3	$	10.0	$	(8.5	)	$	1.5
Patents		30.2		(29.4	)		0.8		29.5		(28.7	)		0.8
Total		40.0		(37.9	)		2.1		39.5		(37.2	)		2.3
Indefinite lived intangible assets:
Trademarks and tradenames		97.6		—			97.6		95.3		—			95.3
Distribution network		19.1		—			19.1		18.7		—			18.7
Total		116.7		—			116.7		114.0		—			114.0
Total other intangible assets	$	156.7	$	(37.9	)	$	118.8	$	153.5	$	(37.2	)	$	116.3

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended September 30, 2020 and 2019 was zero. Amortization expense for the nine months ended September 30, 2020 and 2019 was $0.2 million.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company considered the impact of the COVID-19 pandemic on each of the Company’s definite lived intangible assets and long-lived assets. The Company determined there was not a triggering event during the third quarter of 2020.

10.  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020		December 31, 2019
Trade accounts payable	$	181.8	$	187.1
Employee-related expenses		36.2		56.6
Accrued vacation		23.8		20.2
Miscellaneous accrued expenses		100.4		76.9
Total accounts payable and accrued expenses	$	342.2	$	340.8

11.  Debt

Outstanding debt as of September 30, 2020 and December 31, 2019 is summarized as follows:

	September 30, 2020			December 31, 2019
Borrowings under senior secured asset based revolving    credit facility	$	—		$	—
Senior secured second lien notes due 2026		300.0			300.0
Other		14.5			16.7
Deferred financing costs		(4.0	)		(4.5	)
Total debt		310.5			312.2
Short-term borrowings and current portion of long-term    debt		(3.7	)		(3.8	)
Long-term debt	$	306.8		$	308.4

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount senior secured second lien notes due on April 1, 2026 with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries

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that is either a guarantor or a borrower under the ABL Revolving Credit Facility (as defined below) or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The 2026 Notes were sold pursuant to exemptions from registration under the Securities Act of 1933.

Additionally, on March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or the Eurodollar and Overnight London Interbank Offered Rate (“LIBOR”). The variable interest rate is based upon the average availability as of the most recent determination date as follows:

Average quarterly availability	Alternative base rate spread	Eurodollar and overnight LIBOR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

The Company used the initial extension of credit under the ABL Revolving Credit Facility, together with the net proceeds from the offering of the 2026 Notes, to (i) redeem all of the Company’s $260.0 million in outstanding 12.750% Senior Secured Second Lien Notes due 2021 (the “Prior 2021 Notes”); (ii) repay all obligations outstanding, and terminate all commitments, under (x) the Company’s previous $225.0 million ABL Revolving Credit Facility (“Prior ABL Facility”) and (y) $75.0 million AR Securitization Facility; and (iii) pay related fees and expenses, including $16.6 million of call premium on the Prior 2021 Notes, $5.0 million of closing costs and $4.6 million of accrued interest.

During the nine months ended September 30, 2019, the Company recorded a $25.0 million charge in the Condensed Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge was composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

As of September 30, 2020, the Company had other indebtedness outstanding of $14.5 million that had a weighted-average interest rate of approximately 3.96%. This debt includes balances on local credit lines and other financing arrangements.

As of September 30, 2020 and December 31, 2019 the Company had no borrowings on the ABL Revolving Credit Facility. During the quarter ended September 30, 2020, the highest daily borrowing under the ABL Revolving Credit Facility was $50.0 million and the average amount borrowed was $25.5 million, while the average annual interest rate was 1.71%. The interest rate spread of the ABL Revolving Credit Facility fluctuates based on excess availability. As of September 30, 2020, the spreads for LIBOR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $258.2 million, which represents revolver borrowing capacity of $261.2 million less U.S. letters of credit outstanding of $3.0 million.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018.

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Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of September 30, 2020, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

12.  Accounts Receivable Securitization and Other Factoring Arrangements

The Company had maintained a Receivables Purchase Agreement (“RPA”) among Manitowoc Funding, LLC (“MTW Funding”), as Seller, The Manitowoc Company, Inc., as Servicer, and Wells Fargo Bank, N.A., as Purchaser and as Agent, with a commitment size of $75.0 million. Under the RPA (and the related Purchase and Sale Agreements referenced in the RPA), the Company’s domestic trade accounts receivable were sold to MTW Funding which, in turn, sold, conveyed, transferred and assigned to a third-party financial institution (“Purchaser”), all of MTW Funding’s rights, title and interest in a pool of receivables to the Purchaser. Transactions under the program were accounted for as sales in accordance with Accounting Standards Codification Topic 860, “Transfers and Servicing,” (“Topic 860”). This program was terminated on March 25, 2019.

Trade accounts receivable sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million for the three and nine months ended September 30, 2019, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and nine months ended September 30, 2019 were zero and $182.8 million, respectively.

Proceeds received from the sale of trade receivables under the program were included in cash flows from operating activities; whereas cash collections related to the deferred purchase price were classified as cash flows from investing activities in the accompanying Condensed Consolidated Statements of Cash Flows.

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million. Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected. During the nine months ended September 30, 2020, the Company sold receivables and received cash of €103.5 million. The Company also has one U.S. accounts receivable financing program with maximum availability of $35.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Topic 860.

13.  Income Taxes

For the three months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $7.0 million and $3.1 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $9.6 million and $10.3 million, respectively. The year-over-year increase in the Company’s provision for income taxes for the three months ended September 30, 2020 primarily relates to additional tax expense in foreign jurisdictions. The decrease in the Company’s tax expense for the nine months ended September 30, 2020 relative to the prior year relates primarily to the year-to-date discrete tax benefit recorded. This was partially offset by additional tax expense in foreign jurisdictions.

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act allowed the Company to implement certain U.S. tax planning strategies which resulted in the Company filing an amended 2018 tax return during the quarter ended June 30, 2020 and recognized a net tax benefit of $3.7 million for the nine months ended September 30, 2020.

The Company will continue to evaluate its valuation allowance requirements on an ongoing basis considering changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes will be reflected in the Company’s income tax provision and could have a material effect on financial results.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $22.7 million and $11.5 million as of September 30, 2020 and December 31, 2019, respectively. The increase primarily relates to $10.9 million from the uncertainty of a portion of the U.S. federal tax planning strategies implemented as a result of the CARES Act recorded year-to-date. It is reasonably possible that the Company will reverse a portion of its unrecognized tax benefits in the future. Such changes will be reflected in the Company’s income tax provision and could have a material effect on financial results.

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14.  Net Income (Loss) Per Share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic weighted average common shares outstanding		34,538,814		35,348,597		34,730,623		35,527,971
Effect of dilutive securities		—		110,359		—		158,860
Diluted weighted average common shares outstanding		34,538,814		35,458,956		34,730,623		35,686,831

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Due to the net loss incurred during the three and nine months ended September 30, 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted weighted average common shares outstanding for those periods. Anti-dilutive equity instruments of 1,528,910 and 1,544,379 common shares were excluded from diluted weighted average common shares outstanding for the three and nine months ended September 30, 2019, respectively.

No cash dividends were declared or paid during the three and nine months ended September 30, 2020 and 2019.

15.  Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock.  None of the preferred shares have been issued.

As of September 30, 2020, the Company has authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the nine months ended September 30, 2020, the Company repurchased 1,061,711 of the Company’s common shares for $12.0 million under this authorization. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program to preserve its liquidity and manage cash flows. As of September 30, 2020, the Company has $10.6 million remaining under this authorization.

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)
Other comprehensive loss before    reclassifications		(2.2	)		—			(13.9	)		(16.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income (loss)		(1.3	)		0.4			(13.9	)		(14.8	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of June 30, 2020	$	0.1		$	(38.1	)	$	(86.1	)	$	(124.1	)
Other comprehensive income (loss) before    reclassifications		—			(1.1	)		15.5			14.4
Amounts reclassified from accumulated other    comprehensive loss		—			0.6			—			0.6
Net other comprehensive income (loss)		—			(0.5	)		15.5			15.0
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

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A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(3.0	)		0.2			(15.2	)		(18.0	)
Amounts reclassified from accumulated    other comprehensive loss		2.4			1.2			—			3.6
Net other comprehensive income (loss)		(0.6	)		1.4			(15.2	)		(14.4	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of December 31, 2019		—			(39.9	)		(81.1	)		(121.0	)
Other comprehensive income (loss) before    reclassifications		(0.2	)		(0.1	)		10.5			10.2
Amounts reclassified from accumulated other    comprehensive loss		0.3			1.4			—			1.7
Net other comprehensive income		0.1			1.3			10.5			11.9
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019				Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)		Cost of sales
Total before income taxes		—			(0.9	)		(0.3	)		(2.4	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.2	)	$	(1.1	)	$	(3.4	)	$	(3.3	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.6			0.7			2.0			2.1		(a)	Other income (expense) - net
Total before income taxes		(0.6	)		(0.4	)		(1.4	)		(1.2	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	(0.6	)	$	(0.4	)	$	(1.4	)	$	(1.2	)
Total reclassifications for the period,    net of income taxes	$	(0.6	)	$	(1.3	)	$	(1.7	)	$	(3.6	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

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16.  Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2020 is included in the Company’s 2019 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan (“2013 Plan”) is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of September 30, 2020 is 4,726,107 shares.

During the three months ended September 30, 2020, the Company recorded stock-based compensation (income) expense of $(0.5) million of which $2.0 million of expense was recorded in engineering, selling and administrative expense and $2.5 million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2020, the Company recorded stock-based compensation of $5.4 million, of which $7.9 million of expense was recorded in engineering, selling and administrative expense and $2.5 million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. Income recorded in restructuring expense was primarily related to the forfeiture of grants associated with employee separation agreements. Stock-based compensation for the three and nine months ended September 30, 2019 was $2.2 million and $8.3 million, respectively, which was recorded in engineering, selling and administrative expense in the Condensed Consolidated Statement of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Plan.

No options to acquire shares of common stock were granted to employees during the three months ended September 30, 2020 and 2019. Options to acquire 250,432 and 210,243 shares of common stock were granted to employees during the nine months ended September 30, 2020 and 2019, respectively. The options granted become exercisable in three annual increments over a three-year period beginning on the grant date and expire 10 years subsequent to the grant date. 

During the three months ended September 30, 2020 and 2019, no restricted stock units were granted to employees. A total of 305,519 and 178,371 restricted stock units, respectively, were granted to employees during the nine months ended September 30, 2020 and 2019, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date.

No performance shares were granted to employees during the three months ended September 30, 2020 and 2019. A total of 328,310 and 228,037 performance shares were granted during the nine months ended September 30, 2020 and 2019, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2020 are based on the 3-year average of the Company’s adjusted EBITDA percentage from continuing operations from 2020 to 2022 with a +/-20% modifier based on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. The performance goals for the performance shares granted in 2019 are based 50% on total shareholder return relative to a defined peer group of companies during the three-year performance period and 50% on the Company’s adjusted EBITDA percentage from continuing operations in 2021. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding on the vesting date.

No equity compensation awards were granted to directors during the three months ended September 30, 2020 and 2019. A total of 77,608 and 50,673 equity compensation awards were granted to directors during the nine months ended September 30, 2020 and 2019, respectively. The 2020 and 2019 equity compensation awards vested immediately upon the grant date.

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17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments.

The following table shows information by reportable segment for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Sales
Americas	$	150.7	$	251.0	$	456.5	$	721.7
EURAF		154.7		139.2		413.1		476.0
MEAP		50.2		57.8		143.5		173.0
Total	$	355.6	$	448.0	$	1,013.1	$	1,370.7
Segment Operating Income
Americas	$	7.5	$	34.5	$	21.4	$	85.4
EURAF		7.3		1.9		2.5		7.0
MEAP		7.8		5.9		20.7		18.3
Total	$	22.6	$	42.3	$	44.6	$	110.7
Depreciation
Americas	$	3.8	$	3.7	$	11.8	$	10.8
EURAF		4.1		3.9		11.8		11.3
MEAP		0.5		0.5		1.5		1.9
Corporate		0.8		0.8		2.2		2.3
Total	$	9.2	$	8.9	$	27.3	$	26.3
Capital Expenditures
Americas	$	0.9	$	5.3	$	2.4	$	11.3
EURAF		5.6		6.2		12.0		8.6
MEAP		0.8		1.2		0.9		2.5
Corporate		—		—		—		—
Total	$	7.3	$	12.7	$	15.3	$	22.4

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A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Segment operating income	$	22.6		$	42.3		$	44.6		$	110.7
Unallocated corporate expenses		(7.2	)		(9.8	)		(25.1	)		(20.0	)
Unallocated restructuring expense		(3.7	)		—			(3.7	)		(0.1	)
Total operating income (loss)	$	11.7		$	32.5		$	15.8		$	90.6

Net sales by geographic area for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
United States	$	135.2	$	226.6	$	411.4	$	644.3
Europe		150.8		134.8		403.8		458.0
Other		69.6		86.6		197.9		268.4
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

Net sales by product for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cranes	$	275.4	$	365.4	$	783.5	$	1,116.9
Aftermarket parts and other*		80.2		82.6		229.6		253.8
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

18.  Commitments and Contingencies

The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

As of September 30, 2020, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of September 30, 2020, the largest self-insured retention level for new occurrences currently maintained by the Company is $2.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States.

Product liability reserves, recorded within other liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 were $12.2 million and $12.8 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

The Company is involved in numerous lawsuits involving asbestos-related claims in which the Company is one of numerous defendants. After taking into consideration legal counsel’s evaluation of such actions, the current political environment with respect to asbestos related claims, and the liabilities accrued with respect to such matters, in the opinion of management, ultimate resolution is not expected to have a material adverse effect on the financial condition, results of operations, or cash flows of the Company.

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As of September 30, 2020 and December 31, 2019, the Company had reserved $59.8 million and $60.6 million, respectively, for warranty claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve legal matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 19, “Guarantees,” for further information.

During the nine months ended September 30, 2019, the Company settled a legal matter resulting in a net $24.4 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) - net and a benefit of $8.9 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations.

It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes.  

19.  Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Accounting Standards Codification Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of September 30, 2020 and December 31, 2019 was $32.8 million and $34.1 million, respectively.  The total amount of buyback commitments given by the Company and outstanding as of September 30, 2020 and December 31, 2019 was $23.6 million and $17.3 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2030. The Company also has various loss guarantees with maximum liabilities of $26.2 million and $11.3 million as of September 30, 2020 and December 31, 2019, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its standard warranty period at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of September 30, 2020 and December 31, 2019 was $7.2 million and $8.3 million, respectively. Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	60.1		$	51.3		$	60.6		$	47.8
Accruals for warranties issued during the    period		8.2			8.9			24.3			29.0
Settlements made (in cash or in kind)    during the period		(9.6	)		(9.4	)		(26.2	)		(25.9	)
Currency translation		1.1			(0.9	)		1.1			(1.0	)
Balance at end of period		59.8			49.9			59.8			49.9
Long-term warranty reserve		(13.7	)		(8.5	)		(13.7	)		(8.5	)
Product warranties	$	46.1		$	41.4		$	46.1		$	41.4

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20.  Restructuring

During the three months ended September 30, 2020 and 2019, the Company recorded $3.9 million and $1.1 million of restructuring expense, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded $5.6 million and $8.3 million of restructuring expense, respectively. Restructuring expense for the three months ended September 30, 2020 primarily related to costs associated with headcount reductions in North America, partially offset by $2.5 million of income related to the forfeiture of equity compensation awards associated with employee separation agreements. Expenses for the nine months ended September 30, 2020 related primarily to costs associated with headcount reductions in Europe and North America, partially offset by $2.5 million of income primarily related to the forfeiture of equity compensation awards associated with employee separation agreements. Expenses for the three months ended September 30, 2019 related primarily to costs associated with headcount reductions in Europe. Expenses for the nine months ended September 30, 2019 related primarily to costs associated with headcount reductions in India, Europe and North America.

The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	1.9		$	3.1		$	2.0		$	3.1
Restructuring expenses*		6.4			1.1			8.1			8.3
Use of reserve		(2.1	)		(1.9	)		(3.9	)		(9.1	)
Reserve reclassification		—			—			—			—
Currency translation		—			(0.1	)		—			(0.1	)
Balance at end of period	$	6.2		$	2.2		$	6.2		$	2.2

*Restructuring expense within the rollforward excludes income recorded related to the forfeiture of equity compensation awards associated with employee separation agreements which was recorded directly to restructuring expense in the Condensed Consolidated Statement of Operations and, therefore, did not impact the restructuring accrual.

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21.  Employee Benefit Plans

The Company provides certain pension, health care and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications for each of the related plans. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by country specific laws or regulations.  

The components of periodic benefit cost for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30, 2020									Three Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.0			0.4			0.1			1.3			0.5			0.1
Expected return on plan assets		(1.3	)		(0.3	)		—			(1.1	)		(0.3	)		—
Amortization of prior service cost		—			—			(0.6	)		—			—			(0.7	)
Amortization of actuarial net loss		0.8			0.4			—			0.8			0.3			—
Net periodic benefit cost	$	0.5		$	1.0		$	(0.5	)	$	1.0		$	1.0		$	(0.5	)

	Nine Months Ended September 30, 2020									Nine Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	1.5		$	0.1		$	—		$	1.5		$	0.3
Interest cost of projected benefit obligations		3.0			1.2			0.3			3.9			1.5			0.5
Expected return on plan assets		(3.9	)		(0.7	)		—			(3.3	)		(0.9	)		—
Amortization of prior service cost		—			—			(2.0	)		—			—			(2.1	)
Amortization of actuarial net loss		2.2			1.2			—			2.4			0.9			—
Net periodic benefit cost	$	1.3		$	3.2		$	(1.6	)	$	3.0		$	3.0		$	(1.3	)

The components of net periodic benefit cost other than the service cost component are included in other income (expense) - net in the Condensed Consolidated Statement of Operations.

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

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to:

• The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);

• actions of competitors;

• changes in economic or industry conditions generally or in the markets served by Manitowoc;

• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;

• geographic factors and political and economic conditions and risks;  

• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;

• government approval and funding of projects and the effect of government-related issues or developments;

• unanticipated changes in the capital and financial markets;

• unanticipated changes in revenues, margins and costs;

• the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;  

• the ability to significantly improve profitability;

• the ability to focus on customers, new technologies, and innovation;  

• uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;

• issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to plant closings, new plant start-ups, and/or consolidations of existing facilities and operations, and the ability to achieve the expected benefits from such actions, as well as general efficiencies and capacity utilization of the Company’s facilities;

• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;

• the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;

• the ability to convert orders and order activity into sales and the timing of those sales;

• the ability to direct resources to those areas that will deliver the highest returns;

• changes in raw material and commodity prices;

• unexpected issues associated with the availability and viability of suppliers;

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• the Company’s ability to attract and retain qualified personnel;

• the replacement cycle of technologically obsolete products;

• natural disasters and other weather events disrupting commerce in one or more regions of the world;

• the ability of Manitowoc's customers to receive financing;

• the ability to focus and capitalize on product quality and reliability;

• risks associated with manufacturing or design defects;

• unexpected issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;

• changes in laws throughout the world;

• failure to comply with regulatory requirements related to the products the Company sells;

• risks associated with data security and technological systems and protections;

• the inability to defend against potential infringement claims on intellectual property rights;

• impairment of goodwill and/or intangible assets;

• foreign currency fluctuation and its impact on reported results;

• potential delays or failures to implement specific initiatives within the Company’s restructuring programs;

• the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives;

• issues related to workforce reductions and potential subsequent rehiring;

• the ability to sell products through distributors and other third parties;

• work stoppages, labor negotiations, labor rates, and temporary labor costs;

• risks associated with high debt leverage;

• unanticipated issues affecting the effective tax rate for the year;

• acts of terrorism; and

• other risk factors detailed in Manitowoc's 2019 Annual Report on Form 10-K, as such were previously supplemented and amended in Manitowoc’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and which may be further amended or supplemented in Manitowoc’s subsequently filed Quarterly Reports on 10-Q (including this report), and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

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COVID-19 Update

The Company continues to operate all its facilities across the globe with special preventative measures designed to mitigate the spread of COVID-19. Despite all facilities being operational, the Company has experienced a decline in demand for its products due to COVID-19. The Company has and will continue to manage the demand decline with rolling shutdowns and reduced work schedules as needed within its facilities. In addition, future outbreaks or government mandates in response to COVID-19 could result in plant shutdowns or other actions that limit productivity or prevent the Company from delivering finished products. The Company expects the reduced demand, primarily driven by the Americas segment, and production slowdowns to have an adverse effect on financial results for the remainder of 2020. Additionally, while the Company’s supply chain has recovered to meet current demand, uncertainty related to future impacts from the COVID-19 pandemic, including recent government actions in Europe, on the Company’s global supplier network could have an adverse effect on financial results for the remainder of 2020.

The future extent of the COVID-19 pandemic impact on the Company’s financial results is dependent on a number of factors, including the length and severity of the pandemic, associated government actions and the related effect on the global economy and markets in which the Company serves, all of which are highly uncertain and cannot be predicted.

Segment Operating Performance

The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments consist of the Americas, EURAF, and MEAP. Further information regarding the Company’s reportable segments can be found in Note 17, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020		2019		Dollar Change			Percentage Change			2020		2019		Dollar Change			Percentage Change
Net Sales
Americas	$	150.7	$	251.0	$	(100.3	)		(40.0	)%	$	456.5	$	721.7	$	(265.2	)		(36.7	)%
EURAF		154.7		139.2		15.5			11.1	%		413.1		476.0		(62.9	)		(13.2	)%
MEAP		50.2		57.8		(7.6	)		(13.1	)%		143.5		173.0		(29.5	)		(17.1	)%
Segment Operating Income
Americas	$	7.5	$	34.5	$	(27.0	)		(78.3	)%	$	21.4	$	85.4	$	(64.0	)		(74.9	)%
EURAF		7.3		1.9		5.4			284.2	%		2.5		7.0		(4.5	)		(64.3	)%
MEAP		7.8		5.9		1.9			32.2	%		20.7		18.3		2.4			13.1	%

Americas

Americas net sales decreased 40.0% for the three months ended September 30, 2020 to $150.7 million from $251.0 million for the three months ended September 30, 2019. The decrease was primarily from lower crane shipments due to a lower shippable backlog. The lower shippable backlog was due to lower orders in the first half of the year as a result of a decline in demand in the region primarily from the COVID-19 pandemic.

Americas operating income decreased $27.0 million for the three months ended September 30, 2020 to $7.5 million from $34.5 million for the three months ended September 30, 2019. The decrease was primarily due to the decrease in net sales.

Americas net sales decreased 36.7% for the nine months ended September 30, 2020 to $456.5 million from $721.7 million for the nine months ended September 30, 2019. The decrease was primarily from lower crane shipments due to lower demand primarily from the COVID-19 pandemic.

Americas operating income decreased $64.0 million for the nine months ended September 30, 2020 to $21.4 million from $85.4 million for the nine months ended September 30, 2019. The decrease was primarily due to lower net sales and additional expenses related to the triennial ConExpo tradeshow held in March 2020. This was partially offset by $4.3 million of lower other engineering, selling and administrative expenses and $1.8 million of lower restructuring expense.

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EURAF

EURAF net sales increased 11.1% for the three months ended September 30, 2020 to $154.7 million from $139.2 million for the three months ended September 30, 2019. The increase was primarily due to the timing of crane shipments as a result of the impact of the COVID-19 pandemic and $6.4 million from favorable changes in foreign currency exchange rates.

EURAF operating income increased $5.4 million for the three months ended September 30, 2020 to $7.3 million from $1.9 million for the three months ended September 30, 2019. This was primarily due to the increase in net sales.

EURAF net sales decreased 13.2% for the nine months ended September 30, 2020 to $413.1 million from $476.0 million for the nine months ended September 30, 2019. The decrease was primarily due to lower crane shipments as a result of the COVID-19 pandemic and $0.3 million from unfavorable changes in foreign currency exchange rates.

EURAF operating income decreased $4.5 million for the nine months ended September 30, 2020 to $2.5 million from $7.0 million for the nine months ended September 30, 2019. The decrease was primarily due to the decrease in net sales and $9.9 million of period costs recognized in the first half of the year from underutilized manufacturing facilities due to the COVID-19 pandemic. This was partially offset by $8.0 million of lower engineering, selling and administrative expenses and $2.4 million of lower restructuring expenses.

MEAP

MEAP net sales decreased 13.1% for the three months ended September 30, 2020 to $50.2 million from $57.8 million for the three months ended September 30, 2019. The decrease was primarily due to lower crane shipments within the commercial construction end market. This was partially offset by approximately $1.3 million in favorable changes in foreign currency exchange rates.

MEAP operating income increased $1.9 million for the three months ended September 30, 2020 to $7.8 million from $5.9 million for the three months ended September 30, 2019. The increase was primarily due to favorable product mix and $1.7 million in lower engineering, selling and administrative expenses, which was partially offset by the decrease in net sales.

MEAP net sales decreased 17.1% for the nine months ended September 30, 2020 to $143.5 million from $173.0 million for the nine months ended September 30, 2019. The decrease was primarily due to lower shipments of cranes due to the COVID-19 pandemic. MEAP net sales were also unfavorably impacted by approximately $1.5 million from changes in foreign currency exchange rates.

MEAP operating income increased $2.4 million for the nine months ended September 30, 2020 to $20.7 million from $18.3 million for the nine months ended September 30, 2019. The increase was primarily due to $5.1 million in lower engineering, selling and administrative expenses in addition to $2.2 million in lower restructuring expense. This was partially offset by the decrease in net sales.

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Consolidated Results of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

	Three Months Ended September 30,									Nine Months Ended September 30,
	2020			2019			% Change			2020			2019			% Change
Net sales	$	355.6		$	448.0			(20.6	)%	$	1,013.1		$	1,370.7			(26.1	)%
Gross profit		65.1			88.4			(26.4	)%		176.7			263.8			(33.0	)%
Gross profit %		18.3	%		19.7	%					17.4	%		19.2	%
Engineering, selling and    administrative expenses		49.5		54.8				(9.7	)%		155.1		164.7				(5.8	)%
Restructuring expense		3.9			1.1			254.5	%		5.6			8.3			(32.5	)%
Interest expense		7.3			7.2			1.4	%		21.7			25.6			(15.2	)%
Loss on debt extinguishment		—			—		*				—			25.0		*
Other income (expense) - net		2.6			(3.8	)		(168.4	)%		(4.3	)		8.8			(148.9	)%
Provision for income taxes		7.0			3.1			125.8	%		9.6			10.3			(6.8	)%
*Measure not meaningful

Net Sales, Orders and Backlog

Net sales for the three months ended September 30, 2020 decreased 20.6% to $355.6 million from $448.0 million in the same period in 2019. The decrease was primarily from lower crane shipments due to a lower shippable backlog. The lower shippable backlog was due to lower orders in the first half of the year as a result of a decline in demand from the COVID-19 pandemic. This was partially offset by $7.4 million from favorable changes in foreign currency exchange rates.

Net sales for the nine months ended September 30, 2020 decreased 26.1% to $1,013.1 million from $1,370.7 million for the same period in 2019. The decrease was primarily from lower crane shipments due to lower demand primarily from the COVID-19 pandemic. Net sales were unfavorably impacted by $2.2 million from unfavorable changes in foreign currency exchange rates.

Orders for the three months ended September 30, 2020 increased 10.5% to $389.9 million from $352.8 million for the same period in 2019. The increase in orders was primarily attributable to higher demand within the Americas and MEAP segments. Orders were favorably impacted by $6.2 million from favorable changes in foreign currency exchange rates.

As of September 30, 2020, total backlog was $464.8 million, a 0.4% decrease from the September 30, 2019 backlog of $466.5 million. Backlog was unfavorably impacted by a decline in demand in the Americas segment primarily due to the impact of the COVID-19 pandemic, partially offset by higher backlog in the EURAF and MEAP segments and $15.3 million from favorable changes in foreign currency exchange rates.

Gross Profit

Gross profit for the three months ended September 30, 2020 was $65.1 million, a decrease of $23.3 million compared to $88.4 million for the same period in 2019. This decrease was primarily due to the decrease in net sales. Gross profit was also impacted by $1.5 million from favorable changes in foreign currency exchange rates.

Gross profit percentage decreased in the three months ended September 30, 2020 to 18.3% from 19.7% in the same period in 2019 primarily due to lower production levels from reduced demand due to the COVID-19 pandemic.

Gross profit for the nine months ended September 30, 2020 was $176.7 million, a decrease of $87.1 million compared to $263.8 million for the same period in 2019. This decrease was primarily due to the decrease in net sales and period costs from underutilized manufacturing facilities due to the COVID-19 pandemic. Gross profit was also unfavorably impacted by $0.4 million from unfavorable changes in foreign currency exchange rates.

Gross profit percentage decreased in the nine months ended September 30, 2020 to 17.4% from 19.2% in the same period in 2019 primarily due to the underutilization of the Company’s manufacturing facilities from the COVID-19 pandemic.

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Engineering, Selling and Administrative Expenses

Engineering, selling and administrative expenses decreased 9.7% to $49.5 million for the three months ended September 30, 2020 compared to $54.8 million for the same period in 2019. The decrease was primarily due to lower short-term incentive compensation costs, reduced discretionary spending and a decrease in wages and benefits due to headcount reductions primarily in North America. Engineering, selling and administrative expenses were unfavorably impacted by $1.0 million from changes in foreign currency exchange rates.

Engineering, selling and administrative expenses decreased 5.8% to $155.1 million for the nine months ended September 30, 2020 compared to $164.7 million for the same period in 2019. The decrease was primarily due to lower short-term incentive compensation costs, reduced discretionary spending and a decrease in wages and benefits due to cost reductions primarily in North America. This was partially offset by a $8.9 million benefit recorded in 2019 related to the settlement of a legal matter. Engineering, selling and administrative expenses were also favorably impacted by $0.8 million from changes in foreign currency exchange rates.

Restructuring Expense

During the three months ended September 30, 2020 and 2019, the Company recorded $3.9 million and $1.1 million of restructuring expense, respectively. Restructuring expense for the three months ended September 30, 2020 related primarily to costs associated with headcount reductions in North America. Restructuring expense for the three months ended September 30, 2019 related primarily to costs associated with headcount reductions in Europe.

During the nine months ended September 30, 2020 and 2019, the Company recorded $5.6 million and $8.3 million of restructuring expense, respectively. Restructuring expense for the nine months ended September 30, 2020 related primarily to costs associated with headcount reductions in Europe and North America. Restructuring expense for the nine months ended September 30, 2019 related primarily to costs associated with headcount reductions in India, Europe and North America.

Interest Expense

Interest expense for the three months ended September 30, 2020 remained flat year-over-year.

Interest expense was $21.7 million during the nine months ended September 30, 2020 and $25.6 million during the nine months ended September 30, 2019. This decrease was primarily due to a reduction of the average effective interest rate from 10.4% for the nine months ended September 30, 2019 to 8.8% for the nine months ended September 30, 2020. The decrease in the average effective interest rate was primarily due to the refinancing of the Company’s senior secured high yield notes that occurred in the first quarter of 2019 as well as the reduction in interest rates on the Company’s variable rate debt.

Refer to Note 11, “Debt” for additional information.

Loss on Debt Extinguishment

During the nine months ended September 30, 2019, the Company recorded a $25.0 million charge associated with the Company’s refinancing of the Prior ABL Facility and Prior 2021 Notes. The charge is composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

Refer to Note 11, “Debt” for additional information.

Other Income (Expense) - Net

Other income (expense) - net was $2.6 million during the three months ended September 30, 2020 and $(3.8) million for the same period in 2019. Other income (expense) – net during the three months ended September 30, 2020 was primarily composed of $3.4 million of net foreign currency gains partially offset by $0.4 million of pension benefit and postretirement health costs. Other income (expense) – net during the three months ended September 30, 2019 was primarily composed of $6.2 million of net foreign currency losses and $1.0 million of pension benefit and postretirement health costs. This was partially offset by a $3.5 million gain on the sale of the Company’s Manitowoc, Wisconsin manufacturing facility during the period.

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Other income (expense) - net was $(4.3) million during the nine months ended September 30, 2020 and $8.8 million for the same period in 2019. Other income (expense) – net during the nine months ended September 30, 2020 was primarily composed of $2.6 million of net foreign currency losses and $1.2 million of pension benefit and postretirement health costs. Other income (expense) – net during the nine months ended September 30, 2019 was primarily composed of a $15.5 million benefit related to the settlement of a legal matter and a $3.5 million gain on the sale of the Company’s Manitowoc, Wisconsin manufacturing facility. This was partially offset by $3.1 million of pension benefit and postretirement health costs and $7.2 million of net foreign currency losses.

Income Taxes

For the three months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $7.0 million and $3.1 million, respectively.  The year-over-year increase in the Company’s provision for income taxes primarily relates to additional tax expense in certain foreign jurisdictions. In addition, the Company’s effective tax rate varies from the U.S. federal statutory rate of 21% due to the results of foreign operations that are subject to income taxes at different statutory rates.

For the nine months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $9.6 million and $10.3 million, respectively. The decrease in the Company’s tax expense relates primarily to the year-to-date discrete tax benefit recorded as a result of the CARES Act, which was partially offset by additional tax expense in certain foreign jurisdictions. In addition, the Company’s effective tax rate varies from the U.S. federal statutory rate of 21% due to the results of foreign operations that are subject to income taxes at different statutory rates.

Financial Condition

Cash Flows

The table below shows a summary of cash flows for the nine months ended September 30, 2020 and 2019:

	Nine Months Ended September 30,
	2020			2019
Net cash used for operating activities	$	(70.9	)	$	(197.9	)
Net cash provided by (used for) investing activities		(15.1	)		121.1
Net cash provided by (used for) financing activities		(14.6	)		5.1
Cash and cash equivalents		101.1			67.5

Cash Flows From Operating Activities

Cash flows used for operating activities for the nine months ended September 30, 2020 were $70.9 million and were primarily driven by a net increase in working capital of $84.1 million. The increase in working capital was primarily due to an increase in inventory of $55.3 million from December 31, 2019 and payments of incentive compensation earned in the prior year. This was partially offset by a net $13.2 million which is composed of a net loss of $20.9 million less $34.1 million of adjustments to reconcile net loss to operating cash flows from operating activities.

Cash flows used for operating activities for the nine months ended September 30, 2019 were $197.9 million and were primarily driven by trade receivables sold to the Company’s prior securitization program resulting in $126.3 million of cash flows being reported in cash provided by investing activities, $75.0 million of purchases of accounts receivable previously sold to the prior accounts receivable securitization program and net investments in working capital. This was primarily offset by $24.4 million of net cash received from the settlement of a legal matter.

Cash Flows From Investing Activities

Cash flows used for investing activities were $15.1 million for the nine months ended September 30, 2020 and consisted of $15.3 million of capital expenditures, partially offset by $0.2 million in proceeds from sales of property, plant and equipment.

Cash flows provided by investing activities were $121.1 million for nine months ended September 30, 2019 and consisted of $126.3 million of cash collections on accounts receivable sold to the prior accounts receivable securitization program and proceeds from sales of property, plant and equipment of $17.2 million. This was partially offset by capital expenditures of $22.4 million.

28

Cash Flows From Financing Activities

Cash flows used for financing activities were $14.6 million for the nine months ended September 30, 2020 and consisted primarily of $12.0 million of repurchases of the Company’s common stock and $2.7 million of payments on other debt.

Cash flows provided by financing activities were $5.1 million for the nine months ended September 30, 2019 and consisted of $300.0 million of proceeds from long-term debt and $131.4 million of proceeds from borrowings under the ABL Revolving Credit Facility. This was partially offset by payments of $276.6 million to terminate the Prior 2021 Notes, $131.4 million of payments on the ABL Revolving Credit Facility, $8.3 million of debt issuance costs on the ABL Revolving Credit Facility and 2026 Notes and $7.4 million from the repurchase of common stock.

Liquidity and Capital Resources

The Company’s liquidity position as of September 30, 2020, December 31, 2019 and September 30, 2019 is summarized as follows:

	September 30, 2020			December 31, 2019			September 30, 2019
Cash and cash equivalents	$	101.1		$	199.3		$	67.5
Revolver borrowing capacity		261.2			210.4			253.8
Other debt availability		37.4			38.8			37.1
Less: Borrowings on revolver		—			—			—
Less: Borrowings on other debt		—			—			—
Less: Outstanding letters of credit		(3.0	)		(4.0	)		(4.0	)
Total liquidity	$	396.7		$	444.5		$	354.4

Outlook

The Company continues to assess its business operations to ensure its liquidity is sufficient to meet expected working capital and other ongoing operational needs for the subsequent twelve months. The Company has and continues to preserve its liquidity in response to the COVID-19 pandemic by managing its cash flow, such as reducing discretionary spending, suspending its share repurchase program and reducing capital expenditures. In addition, the Company suspended 2020 base salary increases for its employees and executive officers. Globally, the Company has made use of available government subsidies and other programs to aid with liquidity and employee retention and will continue to review additional programs as they become available.

Cash Sources

The Company has historically relied primarily on cash flows from operations, borrowings under revolving credit facilities, issuances of notes and other forms of debt financing as its sources of cash.

The maximum availability under the Company’s current ABL Revolving Credit Facility is $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

In addition to the ABL Revolving Credit Facility, the Company has access to non-committed overdraft facilities to fund working capital in Europe and China. There are six facilities, of which four are denominated in Euros totaling €20.0 million, one denominated in U.S. dollars totaling $9.5 million and one denominated in Chinese Yuan totaling ¥30.0 million. Total availability as of September 30, 2020 for the six overdraft facilities is $37.4 million.

29

Debt

Outstanding debt as of September 30, 2020 and December 31, 2019 is summarized as follows:

	September 30, 2020			December 31, 2019
Senior secured asset based revolving credit facility	$	—		$	—
Senior secured second lien notes due 2026		300.0			300.0
Other debt		14.5			16.7
Deferred financing costs		(4.0	)		(4.5	)
Total debt		310.5			312.2
Short-term borrowings and current portion of long-term    debt		(3.7	)		(3.8	)
Long-term debt	$	306.8		$	308.4

Both the ABL Revolving Credit Facility and 2026 Notes include customary covenants and events of default. Refer to Note 11, “Debt,” to the Condensed Consolidated Financial Statements for additional discussions of covenants for the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

30

Non-GAAP Measures

The Company uses EBITDA, adjusted EBITDA and adjusted operating income, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company defines EBITDA as net income (loss) before interest, taxes, depreciation and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback of certain restructuring and other charges. The Company defines adjusted operating income as adjusted EBITDA excluding the addback of depreciation and amortization. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results of operations because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA and to adjusted operating income for the three and nine months ended September 30, 2020 and 2019 is summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,						Trailing Twelve
	2020			2019			2020			2019			Months
Net income (loss)	$	(0.4	)	$	18.0		$	(20.9	)	$	37.3		$	(11.7	)
Interest expense and amortization of deferred    financing fees		7.7			7.6			22.8			26.8			30.2
Provision for income taxes		7.0			3.1			9.6			10.3			11.7
Depreciation expense		9.2			8.9			27.3			26.3			36.0
Amortization of intangible assets		—			—			0.2			0.2			0.3
EBITDA		23.5			37.6			39.0			100.9			66.5
Restructuring expense		3.9			1.1			5.6			8.3			7.1
Loss on debt extinguishment		—			—			—			25.0			—
Other non-recurring charges (1)		—			0.3			—			0.3			2.8
Other (income) expense - net (2)		(2.6	)		3.8			4.3			(8.8	)		3.4
Adjusted EBITDA		24.8			42.8			48.9			125.7			79.8
Depreciation expense		(9.2	)		(8.9	)		(27.3	)		(26.3	)		(36.0	)
Amortization of intangible assets		—			—			(0.2	)		(0.2	)		(0.3	)
Adjusted operating income		15.6			33.9			21.4			99.2			43.5
Restructuring expense		(3.9	)		(1.1	)		(5.6	)		(8.3	)		(7.1	)
Other non-recurring charges		—			(0.3	)		—			(0.3	)		(2.8	)
Operating income	$	11.7		$	32.5		$	15.8		$	90.6		$	33.6
Adjusted EBITDA margin percentage		7.0	%		9.6	%		4.8	%		9.2	%		5.4	%
Adjusted operating income margin percentage		4.4	%		7.6	%		2.1	%		7.2	%		2.9	%

(1) Other non-recurring charges for the trailing twelve months includes losses from a long-term note receivable resulting from the 2014 divesture of the Company’s Chinese joint venture recorded in the fourth quarter of 2019. Other non-recurring charges for the three and nine months ended September 30, 2019 includes other charges included in engineering, selling and administrative expenses.

(2) Other (income) expense - net includes the settlement of a legal matter in 2019, along with net foreign currency gains (losses), other components of net periodic pension costs and other miscellaneous items recorded in 2020 and 2019.

31

The Company uses adjusted operating cash flows and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. Adjusted operating cash flows is defined as cash flows provided by (used for) operating activities plus cash receipts on sold accounts receivable and other one-time items. Free cash flows is defined as adjusted operating cash flows less capital expenditures. Adjusted operating cash flows and free cash flows for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net cash provided by (used for) operating    activities	$	27.8		$	37.5		$	(70.9	)	$	(197.9	)
Cash receipts on sold accounts receivable		—			—			—			126.3
Net payments on accounts    receivable securitization program		—			—			—			75.0
Adjusted operating cash flows		27.8			37.5			(70.9	)		3.4
Capital expenditures		(7.3	)		(12.7	)		(15.3	)		(22.4	)
Free cash flows	$	20.5		$	24.8		$	(86.2	)	$	(19.0	)

Critical Accounting Policies

The Company's critical accounting policies have not materially changed since the 2019 Form 10-K was filed. Refer to the Critical Accounting Policies in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K for the year ended December 31, 2019 for information about the Company’s policies, methodology and assumptions related to critical accounting policies.

Item 3.  Quantitative and Qualitative Disclosure about Market Risk

The Company’s market risk disclosures have not materially changed since the 2019 Form 10-K was filed.  The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Item 4.  Controls and Procedures

Disclosure Controls and Procedures:  The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.

Changes in Internal Control Over Financial Reporting:  The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the period covered by this report, the Company made no changes that have materially affected, or that are reasonably likely to materially affect, its internal control over financial reporting.

32

PART II.  OTHER INFORMATION

Item 1A.  Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on February 14, 2020, other than as such were previously supplemented and amended by Part II, Item 1A, “Risk Factors,” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020, which was filed with the Securities and Exchange Commission on May 8, 2020.

Item 6.  Exhibits

Exhibit No.	Description	Filed/Furnished Herewith
31	Rule 13a - 14(a)/15d - 14(a) Certifications	X	(1)
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350	X	(2)
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350	X	(2)
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	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. Inline XBRL Taxonomy Extension Schema Document Inline XBRL Taxonomy Extension Calculation Linkbase Document Inline XBRL Taxonomy Extension Definition Linkbase Document Inline XBRL Taxonomy Extension Labels Linkbase Document Inline XBRL Taxonomy Extension Presentation Linkbase Document	X X X X X X	(1) (1) (1) (1) (1) (1)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	X	(1)

(1) Filed Herewith

(2) Furnished Herewith

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  November 5, 2020	The Manitowoc Company, Inc.
	(Registrant)
	/s/ Aaron H. Ravenscroft
	Aaron H. Ravenscroft
	President and Chief Executive Officer
	(Principle Executive Officer)
	/s/ David J. Antoniuk
	David J. Antoniuk
	Executive Vice President and Chief Financial Officer
	(Principle Financial Officer)
	/s/ Brian P. Regan
	Brian P. Regan
	Vice President and Corporate Controller (Principle Accounting Officer)

34

EX-31

Exhibit 31

Certification of Principal Executive Officer

I, Aaron H. Ravenscroft, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2020

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

Certification of Principal Financial Officer

I, David J. Antoniuk, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.  

Date: November 5, 2020

/s/ David J. Antoniuk

David J. Antoniuk

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aaron H. Ravenscroft, President and Chief Executive Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

November 5, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Antoniuk, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ David J. Antoniuk

David J. Antoniuk

Executive Vice President and Chief Financial Officer

November 5, 2020

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2020 shares
Cover [Abstract]
Entity Registrant Name	The Manitowoc Company, Inc.
Entity Central Index Key	0000061986
Trading Symbol	MTW
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares Outstanding	34,558,608
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity File Number	1-11978
Entity Tax Identification Number	39-0448110
Entity Address, Address Line One	11270 West Park Place
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53224
City Area Code	414
Local Phone Number	760-4600
Entity Incorporation, State or Country Code	WI
Title of 12(b) Security	Common Stock, $.01 Par Value
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 355.6	$ 448.0	$ 1,013.1	$ 1,370.7
Cost of sales	290.5	359.6	836.4	1,106.9
Gross profit	65.1	88.4	176.7	263.8
Operating costs and expenses:
Engineering, selling and administrative expenses	49.5	54.8	155.1	164.7
Amortization of intangible assets			0.2	0.2
Restructuring expense	3.9	1.1	5.6	8.3
Total operating costs and expenses	53.4	55.9	160.9	173.2
Operating income	11.7	32.5	15.8	90.6
Other income (expense):
Interest expense	(7.3)	(7.2)	(21.7)	(25.6)
Amortization of deferred financing fees	(0.4)	(0.4)	(1.1)	(1.2)
Loss on debt extinguishment				(25.0)
Other income (expense) - net	2.6	(3.8)	(4.3)	8.8
Total other income (expense)	(5.1)	(11.4)	(27.1)	(43.0)
Income (loss) before income taxes	6.6	21.1	(11.3)	47.6
Provision for income taxes	7.0	3.1	9.6	10.3
Net income (loss)	$ (0.4)	$ 18.0	$ (20.9)	$ 37.3
Per Share Data
Basic income (loss) per common share	$ (0.01)	$ 0.51	$ (0.60)	$ 1.05
Diluted income (loss) per common share	$ (0.01)	$ 0.51	$ (0.60)	$ 1.05
Weighted average shares outstanding - basic	34,538,814	35,348,597	34,730,623	35,527,971
Weighted average shares outstanding - diluted	34,538,814	35,458,956	34,730,623	35,686,831

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (0.4)	$ 18.0	$ (20.9)	$ 37.3
Other comprehensive income (loss), net of income tax
Unrealized gain (loss) on derivatives, net of income tax		(1.3)	0.1	(0.6)
Employee pension and postretirement benefit income (expense), net of income tax	(0.5)	0.4	1.3	1.4
Foreign currency translation adjustments	15.5	(13.9)	10.5	(15.2)
Total other comprehensive income (loss), net of income tax	15.0	(14.8)	11.9	(14.4)
Comprehensive income (loss)	$ 14.6	$ 3.2	$ (9.0)	$ 22.9

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 101.1	$ 199.3
Accounts receivable, less allowances of $8.4 and $7.9, respectively	184.1	168.3
Inventories — net	526.7	461.4
Notes receivable — net	14.3	17.4
Other current assets	32.3	26.0
Total current assets	858.5	872.4
Property, plant and equipment — net	281.3	289.9
Operating lease right-of-use assets	41.7	47.6
Goodwill	233.2	232.5
Other intangible assets — net	118.8	116.3
Other non-current assets	57.4	59.0
Total assets	1,590.9	1,617.7
Current Liabilities:
Accounts payable and accrued expenses	342.2	340.8
Short-term borrowings and current portion of long-term debt	3.7	3.8
Product warranties	46.1	47.2
Customer advances	23.1	25.8
Other liabilities	22.8	23.3
Total current liabilities	437.9	440.9
Non-Current Liabilities:
Long-term debt	306.8	308.4
Operating lease liabilities	32.4	37.6
Deferred income taxes	7.5	5.5
Pension obligations	84.8	86.4
Postretirement health and other benefit obligations	15.4	16.4
Long-term deferred revenue	28.8	30.3
Other non-current liabilities	47.6	46.3
Total non-current liabilities	523.3	530.9
Commitments and contingencies (Note 18)
Stockholders' Equity:
Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 34,558,608 and 35,374,537 shares outstanding, respectively)	0.4	0.4
Additional paid-in capital	594.9	592.2
Accumulated other comprehensive loss	(109.1)	(121.0)
Retained earnings	215.1	236.2
Treasury stock, at cost (6,235,375 and 5,419,446 shares, respectively)	(71.6)	(61.9)
Total stockholders' equity	629.7	645.9
Total liabilities and stockholders' equity	$ 1,590.9	$ 1,617.7

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts Receivable, allowances (in dollars)	$ 8.4	$ 7.9
Preferred stock authorized (in shares)	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,793,983	40,793,983
Common stock, shares outstanding (in shares)	34,558,608	35,374,537
Treasury stock (in shares)	6,235,375	5,419,446

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ (20.9)	$ 37.3
Adjustments to reconcile net income (loss) to cash used for operating activities:
Depreciation	27.3	26.3
Amortization of intangible assets	0.2	0.2
Amortization of deferred financing fees	1.1	1.2
Loss on debt extinguishment		25.0
Gain on sale of property, plant and equipment		(3.5)
Other	5.5	8.7
Changes in operating assets and liabilities:
Accounts receivable	(13.9)	(184.2)
Inventories	(55.3)	(87.4)
Notes receivable	6.2	(0.5)
Other assets	(7.1)	14.8
Accounts payable	(5.2)	(37.4)
Accrued expenses and other liabilities	(8.8)	1.6
Net cash used for operating activities	(70.9)	(197.9)
Cash Flows from Investing Activities:
Capital expenditures	(15.3)	(22.4)
Proceeds from sale of property, plant and equipment	0.2	17.2
Cash receipts on sold accounts receivable		126.3
Net cash provided by (used for) investing activities	(15.1)	121.1
Cash Flows from Financing Activities:
Proceeds from revolving credit facility	50.0	131.4
Payments on revolving credit facility	(50.0)	(131.4)
Payments on long-term debt		(276.6)
Proceeds from long-term debt		300.0
Other debt - net	(2.7)	(2.8)
Debt issuance costs		(8.3)
Exercises of stock options	0.1	0.2
Common stock repurchases	(12.0)	(7.4)
Net cash provided by (used for) financing activities	(14.6)	5.1
Effect of exchange rate changes on cash and cash equivalents	2.4	(1.1)
Net decrease in cash and cash equivalents	(98.2)	(72.8)
Cash and cash equivalents at beginning of period	199.3	140.3
Cash and cash equivalents at end of period	$ 101.1	$ 67.5

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Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect Period Of Adoption Adjustment	Treasury Stock
Balance at beginning of period at Dec. 31, 2018		$ 0.4	$ 584.8	$ (116.6)	$ 189.6		$ (56.9)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(2.1)				2.1
Stock-based compensation			8.3
Other comprehensive income (loss)				(14.4)
Net income (loss)	$ 37.3				37.3
Common stock repurchases							(7.4)
Balance at end of period at Sep. 30, 2019	625.1	0.4	591.0	(131.0)	226.9		(62.2)
Balance at beginning of period at Jun. 30, 2019		0.4	588.8	(116.2)	208.9		(62.2)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			2.2
Other comprehensive income (loss)				(14.8)
Net income (loss)	18.0				18.0
Balance at end of period at Sep. 30, 2019	625.1	0.4	591.0	(131.0)	226.9		(62.2)
Balance at beginning of period at Dec. 31, 2019		0.4	592.2	(121.0)	236.2	$ (0.2)	(61.9)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(2.7)				2.3
Stock-based compensation			5.4
Other comprehensive income (loss)				11.9
Net income (loss)	(20.9)				(20.9)
Common stock repurchases		(12.0)					(12.0)
Balance at end of period at Sep. 30, 2020	629.7	0.4	594.9	(109.1)	215.1		(71.6)
Balance at beginning of period at Jun. 30, 2020		0.4	596.0	(124.1)	215.5		(72.1)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(0.6)				0.5
Stock-based compensation			(0.5)
Other comprehensive income (loss)				15.0
Net income (loss)	(0.4)				(0.4)
Balance at end of period at Sep. 30, 2020	$ 629.7	$ 0.4	$ 594.9	$ (109.1)	$ 215.1		$ (71.6)

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Accounting Policies and Basis of Presentation

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Accounting Policies and Basis of Presentation

1.  Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc,” “MTW” or the “Company”) was founded in 1902 and has over a 117-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world’s leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Additionally, the Company’s Manitowoc Crane Care offering leverages Manitowoc's installed base of approximately 149,000 cranes to provide aftermarket parts and services to enable its customers to manage their fleets more effectively and improve their return on investment. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc Crane Care provides the Company with a consistent stream of recurring revenue.

The Company has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 17, “Segments” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations, comprehensive income and equity for the three and nine months ended September 30, 2020 and 2019, the cash flows for the same nine-month periods and the financial position at September 30, 2020 and December 31, 2019, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2019. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

Impact of COVID-19 Pandemic

There is considerable uncertainty regarding the future impact and expected duration of the COVID-19 pandemic which could include restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations impacting its customers, dealers and suppliers. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s third quarter financial results, including, but not limited to, impairment of goodwill and other long-lived assets, income tax provision, recoverability of inventory and hedge accounting with respect to forecasted future transactions.  

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Recent Accounting Changes and Pronouncements

9 Months Ended

Sep. 30, 2020

Recent Accounting Changes And Pronouncements [Abstract]

Recent Accounting Changes and Pronouncements

2.  Recent Accounting Changes and Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (“Topic 740”) (“ASU 2019-12”).” ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-12 will not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”).” The amendments in ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (“ASU 2016-13”),” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2016-13 resulted in a $0.2 million reduction in beginning retained earnings and a corresponding reduction in accounts receivable on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2020. There was no material impact to the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows.

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Revenues

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenues

3. Revenues

The Company records deferred revenue when cash payments are received in advance of satisfying the performance obligation. The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2020 and 2019 which are included in current liabilities in the Condensed Consolidated Balance Sheets.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	15.8		$	10.6		$	25.8		$	9.6
Cash received in advance of satisfying    performance obligation		26.9			25.4			71.7			75.6
Revenue recognized		(19.8	)		(26.1	)		(73.9	)		(75.5	)
Currency translation		0.2			(0.2	)		(0.5	)		—
Balance at end of period	$	23.1		$	9.7		$	23.1		$	9.7

Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.”

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of September 30, 2020
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets

	Fair Value as of December 31, 2019
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets
Forward currency exchange contracts		—		0.1		—		0.1	Accounts payable and    accrued expenses

The fair value of the senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $310.5 million as of September 30, 2020. See Note 11, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. The Company estimates the fair value of its 2026 Notes based on quoted market prices; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt approximate fair value, without being discounted as of September 30, 2020 and December 31, 2019, due to the short-term nature of these instruments.

Forward currency exchange contracts (“FX Forward Contracts”) are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5.  Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive loss. These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to these types of transactions during the three and nine months ended September 30, 2020 and 2019, respectively.

The Company had FX Forward Contracts with an aggregate notional amount of $2.2 million and $32.6 million outstanding as of September 30, 2020 and December 31, 2019, respectively. The aggregate notional amount outstanding as of September 30, 2020 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. As of September 30, 2020 and December 31, 2019, the net fair value of these contracts was a net current asset of $0.1 million and a net zero balance, respectively. There was $0.1 million and zero unrealized gains, net of income tax, recorded in accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019, respectively.  

The following table provides the amount of gain or loss recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2020 and September 30, 2019.

		Three Months Ended September 30,					Nine Months Ended September 30,
	Recognized Location	2020			2019		2020			2019
Designated	Cost of sales	$	—		$	0.9	$	0.3		$	2.4
Non-Designated	Other income (expense) - net	$	(0.1	)	$	0.3	$	(0.5	)	$	(1.9	)

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Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

6.  Inventories

The components of inventories as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Raw materials	$	134.6		$	156.3
Work-in-process		123.8			116.3
Finished goods		321.6			239.4
Total inventories		580.0			512.0
Excess and obsolete inventory reserve		(53.3	)		(50.6	)
Inventories — net	$	526.7		$	461.4

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Notes Receivable

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Notes Receivable

7.  Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. As of September 30, 2020, the Company had current and long-term notes receivable in the amount of $14.3 million and $13.1 million, respectively. As of December 31, 2019, the Company had current and long-term notes receivable in the amount of $17.4 million and $16.3 million, respectively.

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Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

8.  Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Land	$	23.9		$	24.0
Building and improvements		201.1			197.3
Machinery, equipment and tooling		282.3			274.2
Furniture and fixtures		19.5			18.5
Computer hardware and software		118.2			119.3
Rental cranes		79.9			77.7
Construction in progress		11.2			11.2
Total cost		736.1			722.2
Less accumulated depreciation		(454.8	)		(432.3	)
Property, plant and equipment — net	$	281.3		$	289.9

Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9.  Goodwill and Other Intangible Assets

The Company performs an annual impairment review of goodwill and indefinite-lived intangible assets during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. During the three months ended March 31, 2020, the Company considered the decline in its market capitalization due to the COVID-19 pandemic as an interim triggering event. The Company’s interim test results as of March 31, 2020 indicated that the fair values of all reporting units exceeded their carrying values and thus, no impairment of goodwill existed. No additional triggers for an interim impairment test have been identified since March 31, 2020. However, the Company is unable to predict future impacts of the COVID-19 pandemic, including a prolonged and/or more severe pandemic than anticipated, or future changes in management’s judgements and assumptions used to assess the fair value of the reporting units, which could result in a non-cash impairment charge in the future.

The changes in the carrying amount of goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	Americas		MEAP			Consolidated
Balance as of January 1, 2019	$	166.5	$	66.3		$	232.8
Foreign currency impact		—		(0.3	)		(0.3	)
Balance as of December 31, 2019		166.5		66.0			232.5
Foreign currency impact		—		0.7			0.7
Balance as of September 30, 2020	$	166.5	$	66.7		$	233.2

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020							December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Definite lived intangible assets:
Customer relationships	$	9.8	$	(8.5	)	$	1.3	$	10.0	$	(8.5	)	$	1.5
Patents		30.2		(29.4	)		0.8		29.5		(28.7	)		0.8
Total		40.0		(37.9	)		2.1		39.5		(37.2	)		2.3
Indefinite lived intangible assets:
Trademarks and tradenames		97.6		—			97.6		95.3		—			95.3
Distribution network		19.1		—			19.1		18.7		—			18.7
Total		116.7		—			116.7		114.0		—			114.0
Total other intangible assets	$	156.7	$	(37.9	)	$	118.8	$	153.5	$	(37.2	)	$	116.3

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended September 30, 2020 and 2019 was zero. Amortization expense for the nine months ended September 30, 2020 and 2019 was $0.2 million.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company considered the impact of the COVID-19 pandemic on each of the Company’s definite lived intangible assets and long-lived assets. The Company determined there was not a triggering event during the third quarter of 2020.

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Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

10.  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020		December 31, 2019
Trade accounts payable	$	181.8	$	187.1
Employee-related expenses		36.2		56.6
Accrued vacation		23.8		20.2
Miscellaneous accrued expenses		100.4		76.9
Total accounts payable and accrued expenses	$	342.2	$	340.8

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Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

11.  Debt

Outstanding debt as of September 30, 2020 and December 31, 2019 is summarized as follows:

	September 30, 2020			December 31, 2019
Borrowings under senior secured asset based revolving    credit facility	$	—		$	—
Senior secured second lien notes due 2026		300.0			300.0
Other		14.5			16.7
Deferred financing costs		(4.0	)		(4.5	)
Total debt		310.5			312.2
Short-term borrowings and current portion of long-term    debt		(3.7	)		(3.8	)
Long-term debt	$	306.8		$	308.4

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount senior secured second lien notes due on April 1, 2026 with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries

that is either a guarantor or a borrower under the ABL Revolving Credit Facility (as defined below) or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The 2026 Notes were sold pursuant to exemptions from registration under the Securities Act of 1933.

Additionally, on March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or the Eurodollar and Overnight London Interbank Offered Rate (“LIBOR”). The variable interest rate is based upon the average availability as of the most recent determination date as follows:

Average quarterly availability	Alternative base rate spread	Eurodollar and overnight LIBOR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

The Company used the initial extension of credit under the ABL Revolving Credit Facility, together with the net proceeds from the offering of the 2026 Notes, to (i) redeem all of the Company’s $260.0 million in outstanding 12.750% Senior Secured Second Lien Notes due 2021 (the “Prior 2021 Notes”); (ii) repay all obligations outstanding, and terminate all commitments, under (x) the Company’s previous $225.0 million ABL Revolving Credit Facility (“Prior ABL Facility”) and (y) $75.0 million AR Securitization Facility; and (iii) pay related fees and expenses, including $16.6 million of call premium on the Prior 2021 Notes, $5.0 million of closing costs and $4.6 million of accrued interest.

During the nine months ended September 30, 2019, the Company recorded a $25.0 million charge in the Condensed Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge was composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs.

As of September 30, 2020, the Company had other indebtedness outstanding of $14.5 million that had a weighted-average interest rate of approximately 3.96%. This debt includes balances on local credit lines and other financing arrangements.

As of September 30, 2020 and December 31, 2019 the Company had no borrowings on the ABL Revolving Credit Facility. During the quarter ended September 30, 2020, the highest daily borrowing under the ABL Revolving Credit Facility was $50.0 million and the average amount borrowed was $25.5 million, while the average annual interest rate was 1.71%. The interest rate spread of the ABL Revolving Credit Facility fluctuates based on excess availability. As of September 30, 2020, the spreads for LIBOR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $258.2 million, which represents revolver borrowing capacity of $261.2 million less U.S. letters of credit outstanding of $3.0 million.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of September 30, 2020, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

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Accounts Receivable Securitization and Other Factoring Arrangements

9 Months Ended

Sep. 30, 2020

Transfers And Servicing [Abstract]

Accounts Receivable Securitization and Other Factoring Arrangements

12.  Accounts Receivable Securitization and Other Factoring Arrangements

The Company had maintained a Receivables Purchase Agreement (“RPA”) among Manitowoc Funding, LLC (“MTW Funding”), as Seller, The Manitowoc Company, Inc., as Servicer, and Wells Fargo Bank, N.A., as Purchaser and as Agent, with a commitment size of $75.0 million. Under the RPA (and the related Purchase and Sale Agreements referenced in the RPA), the Company’s domestic trade accounts receivable were sold to MTW Funding which, in turn, sold, conveyed, transferred and assigned to a third-party financial institution (“Purchaser”), all of MTW Funding’s rights, title and interest in a pool of receivables to the Purchaser. Transactions under the program were accounted for as sales in accordance with Accounting Standards Codification Topic 860, “Transfers and Servicing,” (“Topic 860”). This program was terminated on March 25, 2019.

Trade accounts receivable sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million for the three and nine months ended September 30, 2019, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and nine months ended September 30, 2019 were zero and $182.8 million, respectively.

Proceeds received from the sale of trade receivables under the program were included in cash flows from operating activities; whereas cash collections related to the deferred purchase price were classified as cash flows from investing activities in the accompanying Condensed Consolidated Statements of Cash Flows.

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million. Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected. During the nine months ended September 30, 2020, the Company sold receivables and received cash of €103.5 million. The Company also has one U.S. accounts receivable financing program with maximum availability of $35.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Topic 860.

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Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

13.  Income Taxes

For the three months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $7.0 million and $3.1 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded a provision for income taxes of $9.6 million and $10.3 million, respectively. The year-over-year increase in the Company’s provision for income taxes for the three months ended September 30, 2020 primarily relates to additional tax expense in foreign jurisdictions. The decrease in the Company’s tax expense for the nine months ended September 30, 2020 relative to the prior year relates primarily to the year-to-date discrete tax benefit recorded. This was partially offset by additional tax expense in foreign jurisdictions.

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act allowed the Company to implement certain U.S. tax planning strategies which resulted in the Company filing an amended 2018 tax return during the quarter ended June 30, 2020 and recognized a net tax benefit of $3.7 million for the nine months ended September 30, 2020.

The Company will continue to evaluate its valuation allowance requirements on an ongoing basis considering changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes will be reflected in the Company’s income tax provision and could have a material effect on financial results.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $22.7 million and $11.5 million as of September 30, 2020 and December 31, 2019, respectively. The increase primarily relates to $10.9 million from the uncertainty of a portion of the U.S. federal tax planning strategies implemented as a result of the CARES Act recorded year-to-date. It is reasonably possible that the Company will reverse a portion of its unrecognized tax benefits in the future. Such changes will be reflected in the Company’s income tax provision and could have a material effect on financial results.

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Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

14.  Net Income (Loss) Per Share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic weighted average common shares outstanding		34,538,814		35,348,597		34,730,623		35,527,971
Effect of dilutive securities		—		110,359		—		158,860
Diluted weighted average common shares outstanding		34,538,814		35,458,956		34,730,623		35,686,831

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Due to the net loss incurred during the three and nine months ended September 30, 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted weighted average common shares outstanding for those periods. Anti-dilutive equity instruments of 1,528,910 and 1,544,379 common shares were excluded from diluted weighted average common shares outstanding for the three and nine months ended September 30, 2019, respectively.

No cash dividends were declared or paid during the three and nine months ended September 30, 2020 and 2019.

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Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Equity

15.  Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock.  None of the preferred shares have been issued.

As of September 30, 2020, the Company has authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the nine months ended September 30, 2020, the Company repurchased 1,061,711 of the Company’s common shares for $12.0 million under this authorization. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program to preserve its liquidity and manage cash flows. As of September 30, 2020, the Company has $10.6 million remaining under this authorization.

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)
Other comprehensive loss before    reclassifications		(2.2	)		—			(13.9	)		(16.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income (loss)		(1.3	)		0.4			(13.9	)		(14.8	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of June 30, 2020	$	0.1		$	(38.1	)	$	(86.1	)	$	(124.1	)
Other comprehensive income (loss) before    reclassifications		—			(1.1	)		15.5			14.4
Amounts reclassified from accumulated other    comprehensive loss		—			0.6			—			0.6
Net other comprehensive income (loss)		—			(0.5	)		15.5			15.0
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(3.0	)		0.2			(15.2	)		(18.0	)
Amounts reclassified from accumulated    other comprehensive loss		2.4			1.2			—			3.6
Net other comprehensive income (loss)		(0.6	)		1.4			(15.2	)		(14.4	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of December 31, 2019		—			(39.9	)		(81.1	)		(121.0	)
Other comprehensive income (loss) before    reclassifications		(0.2	)		(0.1	)		10.5			10.2
Amounts reclassified from accumulated other    comprehensive loss		0.3			1.4			—			1.7
Net other comprehensive income		0.1			1.3			10.5			11.9
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019				Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)		Cost of sales
Total before income taxes		—			(0.9	)		(0.3	)		(2.4	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.2	)	$	(1.1	)	$	(3.4	)	$	(3.3	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.6			0.7			2.0			2.1		(a)	Other income (expense) - net
Total before income taxes		(0.6	)		(0.4	)		(1.4	)		(1.2	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	(0.6	)	$	(0.4	)	$	(1.4	)	$	(1.2	)
Total reclassifications for the period,    net of income taxes	$	(0.6	)	$	(1.3	)	$	(1.7	)	$	(3.6	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

16.  Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2020 is included in the Company’s 2019 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan (“2013 Plan”) is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of September 30, 2020 is 4,726,107 shares.

During the three months ended September 30, 2020, the Company recorded stock-based compensation (income) expense of $(0.5) million of which $2.0 million of expense was recorded in engineering, selling and administrative expense and $2.5 million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2020, the Company recorded stock-based compensation of $5.4 million, of which $7.9 million of expense was recorded in engineering, selling and administrative expense and $2.5 million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. Income recorded in restructuring expense was primarily related to the forfeiture of grants associated with employee separation agreements. Stock-based compensation for the three and nine months ended September 30, 2019 was $2.2 million and $8.3 million, respectively, which was recorded in engineering, selling and administrative expense in the Condensed Consolidated Statement of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Plan.

No options to acquire shares of common stock were granted to employees during the three months ended September 30, 2020 and 2019. Options to acquire 250,432 and 210,243 shares of common stock were granted to employees during the nine months ended September 30, 2020 and 2019, respectively. The options granted become exercisable in three annual increments over a three-year period beginning on the grant date and expire 10 years subsequent to the grant date. 

During the three months ended September 30, 2020 and 2019, no restricted stock units were granted to employees. A total of 305,519 and 178,371 restricted stock units, respectively, were granted to employees during the nine months ended September 30, 2020 and 2019, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date.

No performance shares were granted to employees during the three months ended September 30, 2020 and 2019. A total of 328,310 and 228,037 performance shares were granted during the nine months ended September 30, 2020 and 2019, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2020 are based on the 3-year average of the Company’s adjusted EBITDA percentage from continuing operations from 2020 to 2022 with a +/-20% modifier based on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. The performance goals for the performance shares granted in 2019 are based 50% on total shareholder return relative to a defined peer group of companies during the three-year performance period and 50% on the Company’s adjusted EBITDA percentage from continuing operations in 2021. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding on the vesting date.

No equity compensation awards were granted to directors during the three months ended September 30, 2020 and 2019. A total of 77,608 and 50,673 equity compensation awards were granted to directors during the nine months ended September 30, 2020 and 2019, respectively. The 2020 and 2019 equity compensation awards vested immediately upon the grant date.

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Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segments

17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments.

The following table shows information by reportable segment for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Sales
Americas	$	150.7	$	251.0	$	456.5	$	721.7
EURAF		154.7		139.2		413.1		476.0
MEAP		50.2		57.8		143.5		173.0
Total	$	355.6	$	448.0	$	1,013.1	$	1,370.7
Segment Operating Income
Americas	$	7.5	$	34.5	$	21.4	$	85.4
EURAF		7.3		1.9		2.5		7.0
MEAP		7.8		5.9		20.7		18.3
Total	$	22.6	$	42.3	$	44.6	$	110.7
Depreciation
Americas	$	3.8	$	3.7	$	11.8	$	10.8
EURAF		4.1		3.9		11.8		11.3
MEAP		0.5		0.5		1.5		1.9
Corporate		0.8		0.8		2.2		2.3
Total	$	9.2	$	8.9	$	27.3	$	26.3
Capital Expenditures
Americas	$	0.9	$	5.3	$	2.4	$	11.3
EURAF		5.6		6.2		12.0		8.6
MEAP		0.8		1.2		0.9		2.5
Corporate		—		—		—		—
Total	$	7.3	$	12.7	$	15.3	$	22.4

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Segment operating income	$	22.6		$	42.3		$	44.6		$	110.7
Unallocated corporate expenses		(7.2	)		(9.8	)		(25.1	)		(20.0	)
Unallocated restructuring expense		(3.7	)		—			(3.7	)		(0.1	)
Total operating income (loss)	$	11.7		$	32.5		$	15.8		$	90.6

Net sales by geographic area for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
United States	$	135.2	$	226.6	$	411.4	$	644.3
Europe		150.8		134.8		403.8		458.0
Other		69.6		86.6		197.9		268.4
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

Net sales by product for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cranes	$	275.4	$	365.4	$	783.5	$	1,116.9
Aftermarket parts and other*		80.2		82.6		229.6		253.8
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

18.  Commitments and Contingencies

The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

As of September 30, 2020, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of September 30, 2020, the largest self-insured retention level for new occurrences currently maintained by the Company is $2.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States.

Product liability reserves, recorded within other liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 were $12.2 million and $12.8 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

The Company is involved in numerous lawsuits involving asbestos-related claims in which the Company is one of numerous defendants. After taking into consideration legal counsel’s evaluation of such actions, the current political environment with respect to asbestos related claims, and the liabilities accrued with respect to such matters, in the opinion of management, ultimate resolution is not expected to have a material adverse effect on the financial condition, results of operations, or cash flows of the Company.

As of September 30, 2020 and December 31, 2019, the Company had reserved $59.8 million and $60.6 million, respectively, for warranty claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve legal matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 19, “Guarantees,” for further information.

During the nine months ended September 30, 2019, the Company settled a legal matter resulting in a net $24.4 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) - net and a benefit of $8.9 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations.

It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes.  

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Guarantees

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

Guarantees

19.  Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Accounting Standards Codification Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of September 30, 2020 and December 31, 2019 was $32.8 million and $34.1 million, respectively.  The total amount of buyback commitments given by the Company and outstanding as of September 30, 2020 and December 31, 2019 was $23.6 million and $17.3 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2030. The Company also has various loss guarantees with maximum liabilities of $26.2 million and $11.3 million as of September 30, 2020 and December 31, 2019, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its standard warranty period at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of September 30, 2020 and December 31, 2019 was $7.2 million and $8.3 million, respectively. Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	60.1		$	51.3		$	60.6		$	47.8
Accruals for warranties issued during the    period		8.2			8.9			24.3			29.0
Settlements made (in cash or in kind)    during the period		(9.6	)		(9.4	)		(26.2	)		(25.9	)
Currency translation		1.1			(0.9	)		1.1			(1.0	)
Balance at end of period		59.8			49.9			59.8			49.9
Long-term warranty reserve		(13.7	)		(8.5	)		(13.7	)		(8.5	)
Product warranties	$	46.1		$	41.4		$	46.1		$	41.4

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Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring And Related Activities [Abstract]

Restructuring

20.  Restructuring

During the three months ended September 30, 2020 and 2019, the Company recorded $3.9 million and $1.1 million of restructuring expense, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded $5.6 million and $8.3 million of restructuring expense, respectively. Restructuring expense for the three months ended September 30, 2020 primarily related to costs associated with headcount reductions in North America, partially offset by $2.5 million of income related to the forfeiture of equity compensation awards associated with employee separation agreements. Expenses for the nine months ended September 30, 2020 related primarily to costs associated with headcount reductions in Europe and North America, partially offset by $2.5 million of income primarily related to the forfeiture of equity compensation awards associated with employee separation agreements. Expenses for the three months ended September 30, 2019 related primarily to costs associated with headcount reductions in Europe. Expenses for the nine months ended September 30, 2019 related primarily to costs associated with headcount reductions in India, Europe and North America.

The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	1.9		$	3.1		$	2.0		$	3.1
Restructuring expenses*		6.4			1.1			8.1			8.3
Use of reserve		(2.1	)		(1.9	)		(3.9	)		(9.1	)
Reserve reclassification		—			—			—			—
Currency translation		—			(0.1	)		—			(0.1	)
Balance at end of period	$	6.2		$	2.2		$	6.2		$	2.2

*Restructuring expense within the rollforward excludes income recorded related to the forfeiture of equity compensation awards associated with employee separation agreements which was recorded directly to restructuring expense in the Condensed Consolidated Statement of Operations and, therefore, did not impact the restructuring accrual.

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Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

21.  Employee Benefit Plans

The Company provides certain pension, health care and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications for each of the related plans. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by country specific laws or regulations.  

The components of periodic benefit cost for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30, 2020									Three Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.0			0.4			0.1			1.3			0.5			0.1
Expected return on plan assets		(1.3	)		(0.3	)		—			(1.1	)		(0.3	)		—
Amortization of prior service cost		—			—			(0.6	)		—			—			(0.7	)
Amortization of actuarial net loss		0.8			0.4			—			0.8			0.3			—
Net periodic benefit cost	$	0.5		$	1.0		$	(0.5	)	$	1.0		$	1.0		$	(0.5	)

	Nine Months Ended September 30, 2020									Nine Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	1.5		$	0.1		$	—		$	1.5		$	0.3
Interest cost of projected benefit obligations		3.0			1.2			0.3			3.9			1.5			0.5
Expected return on plan assets		(3.9	)		(0.7	)		—			(3.3	)		(0.9	)		—
Amortization of prior service cost		—			—			(2.0	)		—			—			(2.1	)
Amortization of actuarial net loss		2.2			1.2			—			2.4			0.9			—
Net periodic benefit cost	$	1.3		$	3.2		$	(1.6	)	$	3.0		$	3.0		$	(1.3	)

The components of net periodic benefit cost other than the service cost component are included in other income (expense) - net in the Condensed Consolidated Statement of Operations.

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Recent Accounting Changes and Pronouncements (Policies)

9 Months Ended

Sep. 30, 2020

Recent Accounting Changes And Pronouncements [Abstract]

Recent Accounting Changes and Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (“Topic 740”) (“ASU 2019-12”).” ASU 2019-12 simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance, including the recognition of deferred taxes for goodwill, the allocation of taxes to members of a consolidated group and requiring that an entity reflect the effect of enacted changes in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-12 will not have a material impact on the Company’s condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”).” The amendments in ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2018-15 did not have a material impact on the Company’s condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (“ASU 2016-13”),” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2016-13 resulted in a $0.2 million reduction in beginning retained earnings and a corresponding reduction in accounts receivable on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2020. There was no material impact to the Company’s Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows.

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Revenues (Tables)

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Change In Customer Advances Balance

The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2020 and 2019 which are included in current liabilities in the Condensed Consolidated Balance Sheets.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	15.8		$	10.6		$	25.8		$	9.6
Cash received in advance of satisfying    performance obligation		26.9			25.4			71.7			75.6
Revenue recognized		(19.8	)		(26.1	)		(73.9	)		(75.5	)
Currency translation		0.2			(0.2	)		(0.5	)		—
Balance at end of period	$	23.1		$	9.7		$	23.1		$	9.7

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis by Level within the Fair Value Hierarchy

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	Fair Value as of September 30, 2020
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets

	Fair Value as of December 31, 2019
	Level 1		Level 2		Level 3		Total		Recognized Location
Forward currency exchange contracts	$	—	$	0.1	$	—	$	0.1	Other current assets
Forward currency exchange contracts		—		0.1		—		0.1	Accounts payable and    accrued expenses

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Foreign Currency Exchange Contracts

Derivative Instruments Gain Loss [Line Items]

Summary of Gains or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts

The following table provides the amount of gain or loss recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2020 and September 30, 2019.

		Three Months Ended September 30,					Nine Months Ended September 30,
	Recognized Location	2020			2019		2020			2019
Designated	Cost of sales	$	—		$	0.9	$	0.3		$	2.4
Non-Designated	Other income (expense) - net	$	(0.1	)	$	0.3	$	(0.5	)	$	(1.9	)

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Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of the components of inventories

The components of inventories as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Raw materials	$	134.6		$	156.3
Work-in-process		123.8			116.3
Finished goods		321.6			239.4
Total inventories		580.0			512.0
Excess and obsolete inventory reserve		(53.3	)		(50.6	)
Inventories — net	$	526.7		$	461.4

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Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property Plant And Equipment [Abstract]

Components of Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020			December 31, 2019
Land	$	23.9		$	24.0
Building and improvements		201.1			197.3
Machinery, equipment and tooling		282.3			274.2
Furniture and fixtures		19.5			18.5
Computer hardware and software		118.2			119.3
Rental cranes		79.9			77.7
Construction in progress		11.2			11.2
Total cost		736.1			722.2
Less accumulated depreciation		(454.8	)		(432.3	)
Property, plant and equipment — net	$	281.3		$	289.9

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in goodwill by reportable segment

The changes in the carrying amount of goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	Americas		MEAP			Consolidated
Balance as of January 1, 2019	$	166.5	$	66.3		$	232.8
Foreign currency impact		—		(0.3	)		(0.3	)
Balance as of December 31, 2019		166.5		66.0			232.5
Foreign currency impact		—		0.7			0.7
Balance as of September 30, 2020	$	166.5	$	66.7		$	233.2

Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020							December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Definite lived intangible assets:
Customer relationships	$	9.8	$	(8.5	)	$	1.3	$	10.0	$	(8.5	)	$	1.5
Patents		30.2		(29.4	)		0.8		29.5		(28.7	)		0.8
Total		40.0		(37.9	)		2.1		39.5		(37.2	)		2.3
Indefinite lived intangible assets:
Trademarks and tradenames		97.6		—			97.6		95.3		—			95.3
Distribution network		19.1		—			19.1		18.7		—			18.7
Total		116.7		—			116.7		114.0		—			114.0
Total other intangible assets	$	156.7	$	(37.9	)	$	118.8	$	153.5	$	(37.2	)	$	116.3

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Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses as of September 30, 2020 and December 31, 2019 are summarized as follows:

	September 30, 2020		December 31, 2019
Trade accounts payable	$	181.8	$	187.1
Employee-related expenses		36.2		56.6
Accrued vacation		23.8		20.2
Miscellaneous accrued expenses		100.4		76.9
Total accounts payable and accrued expenses	$	342.2	$	340.8

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Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of outstanding debt

Outstanding debt as of September 30, 2020 and December 31, 2019 is summarized as follows:

	September 30, 2020			December 31, 2019
Borrowings under senior secured asset based revolving    credit facility	$	—		$	—
Senior secured second lien notes due 2026		300.0			300.0
Other		14.5			16.7
Deferred financing costs		(4.0	)		(4.5	)
Total debt		310.5			312.2
Short-term borrowings and current portion of long-term    debt		(3.7	)		(3.8	)
Long-term debt	$	306.8		$	308.4

Schedule of revolving credit facility bear interest at variable rate based upon average availability

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or the Eurodollar and Overnight London Interbank Offered Rate (“LIBOR”). The variable interest rate is based upon the average availability as of the most recent determination date as follows:

Average quarterly availability	Alternative base rate spread	Eurodollar and overnight LIBOR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

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Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic weighted average common shares outstanding		34,538,814		35,348,597		34,730,623		35,527,971
Effect of dilutive securities		—		110,359		—		158,860
Diluted weighted average common shares outstanding		34,538,814		35,458,956		34,730,623		35,686,831

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Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)
Other comprehensive loss before    reclassifications		(2.2	)		—			(13.9	)		(16.1	)
Amounts reclassified from accumulated other    comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income (loss)		(1.3	)		0.4			(13.9	)		(14.8	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of June 30, 2020	$	0.1		$	(38.1	)	$	(86.1	)	$	(124.1	)
Other comprehensive income (loss) before    reclassifications		—			(1.1	)		15.5			14.4
Amounts reclassified from accumulated other    comprehensive loss		—			0.6			—			0.6
Net other comprehensive income (loss)		—			(0.5	)		15.5			15.0
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2020 and 2019 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before    reclassifications		(3.0	)		0.2			(15.2	)		(18.0	)
Amounts reclassified from accumulated    other comprehensive loss		2.4			1.2			—			3.6
Net other comprehensive income (loss)		(0.6	)		1.4			(15.2	)		(14.4	)
Balance as of September 30, 2019	$	(0.9	)	$	(34.8	)	$	(95.3	)	$	(131.0	)
Balance as of December 31, 2019		—			(39.9	)		(81.1	)		(121.0	)
Other comprehensive income (loss) before    reclassifications		(0.2	)		(0.1	)		10.5			10.2
Amounts reclassified from accumulated other    comprehensive loss		0.3			1.4			—			1.7
Net other comprehensive income		0.1			1.3			10.5			11.9
Balance as of September 30, 2020	$	0.1		$	(38.6	)	$	(70.6	)	$	(109.1	)

Reconciliation of reclassifications from accumulated other comprehensive income (loss), net of income tax

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019				Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)		Cost of sales
Total before income taxes		—			(0.9	)		(0.3	)		(2.4	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	—		$	(0.9	)	$	(0.3	)	$	(2.4	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.2	)	$	(1.1	)	$	(3.4	)	$	(3.3	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.6			0.7			2.0			2.1		(a)	Other income (expense) - net
Total before income taxes		(0.6	)		(0.4	)		(1.4	)		(1.2	)
Income tax provision		—			—			—			—
Total, net of income taxes	$	(0.6	)	$	(0.4	)	$	(1.4	)	$	(1.2	)
Total reclassifications for the period,    net of income taxes	$	(0.6	)	$	(1.3	)	$	(1.7	)	$	(3.6	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

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Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Sales
Americas	$	150.7	$	251.0	$	456.5	$	721.7
EURAF		154.7		139.2		413.1		476.0
MEAP		50.2		57.8		143.5		173.0
Total	$	355.6	$	448.0	$	1,013.1	$	1,370.7
Segment Operating Income
Americas	$	7.5	$	34.5	$	21.4	$	85.4
EURAF		7.3		1.9		2.5		7.0
MEAP		7.8		5.9		20.7		18.3
Total	$	22.6	$	42.3	$	44.6	$	110.7
Depreciation
Americas	$	3.8	$	3.7	$	11.8	$	10.8
EURAF		4.1		3.9		11.8		11.3
MEAP		0.5		0.5		1.5		1.9
Corporate		0.8		0.8		2.2		2.3
Total	$	9.2	$	8.9	$	27.3	$	26.3
Capital Expenditures
Americas	$	0.9	$	5.3	$	2.4	$	11.3
EURAF		5.6		6.2		12.0		8.6
MEAP		0.8		1.2		0.9		2.5
Corporate		—		—		—		—
Total	$	7.3	$	12.7	$	15.3	$	22.4

Schedule of Reconciliation of the Company's Segment Operating Income

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Segment operating income	$	22.6		$	42.3		$	44.6		$	110.7
Unallocated corporate expenses		(7.2	)		(9.8	)		(25.1	)		(20.0	)
Unallocated restructuring expense		(3.7	)		—			(3.7	)		(0.1	)
Total operating income (loss)	$	11.7		$	32.5		$	15.8		$	90.6

Schedule of Net Sales by Geographic Area

Net sales by geographic area for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
United States	$	135.2	$	226.6	$	411.4	$	644.3
Europe		150.8		134.8		403.8		458.0
Other		69.6		86.6		197.9		268.4
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

Schedule of Net Sales By Product

Net sales by product for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cranes	$	275.4	$	365.4	$	783.5	$	1,116.9
Aftermarket parts and other*		80.2		82.6		229.6		253.8
Total net sales	$	355.6	$	448.0	$	1,013.1	$	1,370.7

*Other revenue consists of revenue related to CraneCare services such as training and

   field service work.

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Guarantees (Tables)

9 Months Ended

Sep. 30, 2020

Guarantees [Abstract]

Summary of Warranty Activity

Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	60.1		$	51.3		$	60.6		$	47.8
Accruals for warranties issued during the    period		8.2			8.9			24.3			29.0
Settlements made (in cash or in kind)    during the period		(9.6	)		(9.4	)		(26.2	)		(25.9	)
Currency translation		1.1			(0.9	)		1.1			(1.0	)
Balance at end of period		59.8			49.9			59.8			49.9
Long-term warranty reserve		(13.7	)		(8.5	)		(13.7	)		(8.5	)
Product warranties	$	46.1		$	41.4		$	46.1		$	41.4

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Restructuring (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring And Related Activities [Abstract]

Rollforward of all restructuring accrual

The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Balance at beginning of period	$	1.9		$	3.1		$	2.0		$	3.1
Restructuring expenses*		6.4			1.1			8.1			8.3
Use of reserve		(2.1	)		(1.9	)		(3.9	)		(9.1	)
Reserve reclassification		—			—			—			—
Currency translation		—			(0.1	)		—			(0.1	)
Balance at end of period	$	6.2		$	2.2		$	6.2		$	2.2

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Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of components of period benefit costs

The components of periodic benefit cost for the three and nine months ended September 30, 2020 and 2019 are summarized as follows:

	Three Months Ended September 30, 2020									Three Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	0.5		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.0			0.4			0.1			1.3			0.5			0.1
Expected return on plan assets		(1.3	)		(0.3	)		—			(1.1	)		(0.3	)		—
Amortization of prior service cost		—			—			(0.6	)		—			—			(0.7	)
Amortization of actuarial net loss		0.8			0.4			—			0.8			0.3			—
Net periodic benefit cost	$	0.5		$	1.0		$	(0.5	)	$	1.0		$	1.0		$	(0.5	)

	Nine Months Ended September 30, 2020									Nine Months Ended September 30, 2019
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during the period	$	—		$	1.5		$	0.1		$	—		$	1.5		$	0.3
Interest cost of projected benefit obligations		3.0			1.2			0.3			3.9			1.5			0.5
Expected return on plan assets		(3.9	)		(0.7	)		—			(3.3	)		(0.9	)		—
Amortization of prior service cost		—			—			(2.0	)		—			—			(2.1	)
Amortization of actuarial net loss		2.2			1.2			—			2.4			0.9			—
Net periodic benefit cost	$	1.3		$	3.2		$	(1.6	)	$	3.0		$	3.0		$	(1.3	)

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Accounting Policies and Basis of Presentation - Narrative (Details) crane in Thousands	9 Months Ended
	Sep. 30, 2020 crane segment
Accounting Policies [Abstract]
Period of providing high-quality, customer-focused products and support services	117 years
Number of cranes serviced | crane	149
Number of reportable segments | segment	3

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Recent Accounting Changes and Pronouncements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in beginning retained earnings	$ 215.1		$ 236.2
Reduction in accounts receivable	13.9	$ 184.2
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in accounts receivable	0.2
Cumulative Effect Period Of Adoption Adjustment | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Reduction in beginning retained earnings	$ 0.2

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Revenues - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Balance at beginning of period	$ 15.8	$ 10.6	$ 25.8	$ 9.6
Cash received in advance of satisfying performance obligation	26.9	25.4	71.7	75.6
Revenue recognized	(19.8)	(26.1)	(73.9)	(75.5)
Currency translation	0.2	(0.2)	(0.5)
Balance at end of period	$ 23.1	$ 9.7	$ 23.1	$ 9.7

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Fair Value of Financial Instruments - Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Foreign Currency Exchange Contracts | Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	$ 0.1
Forward Currency Exchange Contracts | Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current		$ 0.1
Forward Currency Exchange Contracts | Accounts Payable and Accrued Expenses
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities, current		0.1
Level 2 | Foreign Currency Exchange Contracts | Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	$ 0.1
Level 2 | Forward Currency Exchange Contracts | Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current		0.1
Level 2 | Forward Currency Exchange Contracts | Accounts Payable and Accrued Expenses
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities, current		$ 0.1

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Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Mar. 25, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instruments at fair value	$ 310.5
Interest rate, stated percentage (as a percent)	9.00%	9.00%
Debt instrument maturity date	Apr. 01, 2026

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Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Unrealized gain (losses) net of income tax	$ 0.1	$ 0.0
Foreign Exchange Forward
Derivatives Fair Value [Line Items]
Derivative, notional amount	$ 2.2	32.6
Derivative remaining maturity period	1 year
Derivative net current liability	$ 0.1	$ 0.0

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Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Designated | Cost of Sales
Derivative Instruments Gain Loss [Line Items]
Designated		$ 0.9	$ 0.3	$ 2.4
Non-Designated | Other Income (Expense) - Net
Derivative Instruments Gain Loss [Line Items]
Designated	$ (0.1)	$ 0.3	$ (0.5)	$ (1.9)

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Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 134.6	$ 156.3
Work-in-process	123.8	116.3
Finished goods	321.6	239.4
Total inventories	580.0	512.0
Excess and obsolete inventory reserve	(53.3)	(50.6)
Inventories — net	$ 526.7	$ 461.4

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Notes Receivable - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Notes receivable, current	$ 14.3	$ 17.4
Notes receivable, long term	$ 13.1	$ 16.3

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Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment
Total cost	$ 736.1	$ 722.2
Less accumulated depreciation	(454.8)	(432.3)
Property, plant and equipment — net	281.3	289.9
Land
Property, Plant and Equipment
Total cost	23.9	24.0
Building and Improvements
Property, Plant and Equipment
Total cost	201.1	197.3
Machinery, Equipment and Tooling
Property, Plant and Equipment
Total cost	282.3	274.2
Furniture and Fixtures
Property, Plant and Equipment
Total cost	19.5	18.5
Computer Hardware and Software
Property, Plant and Equipment
Total cost	118.2	119.3
Rental Cranes
Property, Plant and Equipment
Total cost	79.9	77.7
Construction in Progress
Property, Plant and Equipment
Total cost	$ 11.2	$ 11.2

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.0	$ 0.0	$ 0.2	$ 0.2

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Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Goodwill
Balance at the beginning of the period	$ 232.5	$ 232.8
Foreign currency impact	0.7	(0.3)
Balance at the end of the period	233.2	232.5
Americas
Goodwill
Balance at the beginning of the period	166.5	166.5
Balance at the end of the period	166.5	166.5
Middle East and Asia Pacific ("MEAP")
Goodwill
Balance at the beginning of the period	66.0	66.3
Foreign currency impact	0.7	(0.3)
Balance at the end of the period	$ 66.7	$ 66.0

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Goodwill and Other Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	$ 156.7	$ 153.5
Finite-lived intangible assets, amortization amount	(37.9)	(37.2)
Intangible assets, book value	118.8	116.3
Indefinite-lived Intangible Assets
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	116.7	114.0
Intangible assets, book value	116.7	114.0
Indefinite-lived Intangible Assets | Distribution Network
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	19.1	18.7
Finite-lived intangible assets, book value	19.1	18.7
Indefinite-lived Intangible Assets | Trademarks and Tradenames
Intangible asset balances by major asset class
Indefinite-lived intangible assets, book value	97.6	95.3
Finite-Lived Intangible Assets
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	40.0	39.5
Finite-lived intangible assets, amortization amount	(37.9)	(37.2)
Intangible assets, book value	2.1	2.3
Finite-Lived Intangible Assets | Customer Relationships
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	9.8	10.0
Finite-lived intangible assets, amortization amount	(8.5)	(8.5)
Finite-lived intangible assets, book value	1.3	1.5
Finite-Lived Intangible Assets | Patents
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	30.2	29.5
Finite-lived intangible assets, amortization amount	(29.4)	(28.7)
Finite-lived intangible assets, book value	$ 0.8	$ 0.8

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Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Trade accounts payable	$ 181.8	$ 187.1
Employee-related expenses	36.2	56.6
Accrued vacation	23.8	20.2
Miscellaneous accrued expenses	100.4	76.9
Total accounts payable and accrued expenses	$ 342.2	$ 340.8

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Debt - Schedule of outstanding debt (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 310,500,000	$ 312,200,000
Deferred financing costs	(4,000,000.0)	(4,500,000)
Short-term borrowings and current portion of long-term debt	(3,700,000)	(3,800,000)
Long-term debt	306,800,000	308,400,000
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under senior secured asset based revolving credit facility	0	0
Senior Notes Due 2026
Debt Instrument [Line Items]
Total debt	300,000,000.0	300,000,000.0
Other
Debt Instrument [Line Items]
Total debt	$ 14,500,000	$ 16,700,000

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Debt - Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended
	Mar. 25, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 03, 2016
Debt Instrument [Line Items]
Debt instrument charge from refinancing				$ 25,000,000.0
Unamortized debt issuance costs		$ 4,000,000.0	$ 4,000,000.0		$ 4,500,000
Carrying amount		$ 310,500,000	$ 310,500,000		312,200,000
Period for which the entity will be able to comply with the financial covenants			12 months
Senior Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000.0
Debt instrument interest rate	9.00%	9.00%	9.00%
Debt instrument maturity date			Apr. 01, 2026
Interest on the notes			Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year.
Carrying amount		$ 300,000,000.0	$ 300,000,000.0		300,000,000.0
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 275,000,000.0					$ 225,000,000.0
Weighted average interest rate (as a percent)		1.71%	1.71%
Line of credit outstanding		$ 0	$ 0		0
Highest daily borrowing		50,000,000.0
Average borrowing		25,500,000
Excess capacity		258,200,000	258,200,000
Line of credit borrowing capacity		261,200,000	$ 261,200,000
ABL Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.25%
ABL Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.25%
ABL Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt term (in years)	5 years
ABL Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 75,000,000.0
Line of credit outstanding		3,000,000.0	$ 3,000,000.0
ABL Revolving Credit Facility | Letter of Credit | German Borrowers
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 10,000,000.0
Senior Notes Due 2021
Debt Instrument [Line Items]
Debt instrument interest rate	12.75%
Maximum borrowing capacity under revolving credit facility	$ 260,000,000.0
Debt instrument call premium	16,600,000			16,600,000
Closing costs of debt	5,000,000.0
Accrued interest of debt	4,600,000
Debt instrument unamortized discount				5,300,000
Unamortized debt issuance costs				$ 3,100,000
AR Securitization Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 75,000,000.0
Other
Debt Instrument [Line Items]
Carrying amount		$ 14,500,000	$ 14,500,000		$ 16,700,000
Weighted average interest rate (as a percent)		3.96%	3.96%

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Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Availability (Details) - ABL Revolving Credit Facility	9 Months Ended
	Sep. 30, 2020
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.25%
Greater Than or Equal to 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Less Than 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%

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Accounts Receivable Securitization and Other Factoring Arrangements - Narrative (Details) € in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Sep. 30, 2019 USD ($)
Accounts Receivable Securitization
Accounts receivable balance sold	$ 0			$ 149,000,000.0
Proceeds from collection of receivables	$ 0		€ 103.5	$ 182,800,000
Maximum availability under these programs		$ 35,000,000.0	€ 55.0
Maximum
Accounts Receivable Securitization
Capacity of securitization program		$ 75,000,000.0

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 7.0	$ 7.0	$ 3.1	$ 3.1	$ 9.6	$ 10.3
Recognized tax benefit					3.7
Unrecognized tax benefits	22.7				22.7		$ 11.5
Increase in uncertainty portion of discrete tax benefit	$ 10.9				$ 10.9

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Net Income (Loss) Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share (Details) - shares	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	34,538,814	34,538,814	35,348,597	35,348,597	34,730,623	35,527,971
Effect of dilutive securities (in shares)	0		110,359		0	158,860
Diluted weighted average common shares outstanding (in shares)	34,538,814	34,538,814	35,458,956	35,458,956	34,730,623	35,686,831

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Net Income (Loss) Per Share - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Number of anti-dilutive shares excluded from diluted weighted average common shares outstanding		1,528,910		1,544,379
Dividends	$ 0	$ 0	$ 0	$ 0

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Equity - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Par value of common stock (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0
Stock repurchase program, remaining authorized amount	$ 10,600,000
Common Stock
Class Of Stock [Line Items]
Common stock repurchased, shares	1,061,711
Common stock repurchased, value	$ 12,000,000.0
Maximum | Common Stock
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 30,000,000.0

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Equity - Reconciliation of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Increase (Decrease) in Equity [Roll Forward]
Beginning balance			$ 645.9
Total other comprehensive income (loss), net of income tax	$ 15.0	$ (14.8)	11.9	$ (14.4)
Ending balance	629.7		629.7
Gains and Losses on Cash Flow Hedges
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	0.1	0.4		(0.3)
Other comprehensive income (loss) before reclassifications		(2.2)	(0.2)	(3.0)
Amounts reclassified from accumulated other comprehensive loss		0.9	0.3	2.4
Total other comprehensive income (loss), net of income tax		(1.3)	0.1	(0.6)
Ending balance	0.1	(0.9)	0.1	(0.9)
Pension & Postretirement
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(38.1)	(35.2)	(39.9)	(36.2)
Other comprehensive income (loss) before reclassifications	(1.1)		(0.1)	0.2
Amounts reclassified from accumulated other comprehensive loss	0.6	0.4	1.4	1.2
Total other comprehensive income (loss), net of income tax	(0.5)	0.4	1.3	1.4
Ending balance	(38.6)	(34.8)	(38.6)	(34.8)
Foreign Currency Translation
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(86.1)	(81.4)	(81.1)	(80.1)
Other comprehensive income (loss) before reclassifications	15.5	(13.9)	10.5	(15.2)
Total other comprehensive income (loss), net of income tax	15.5	(13.9)	10.5	(15.2)
Ending balance	(70.6)	(95.3)	(70.6)	(95.3)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(124.1)	(116.2)	(121.0)	(116.6)
Other comprehensive income (loss) before reclassifications	14.4	(16.1)	10.2	(18.0)
Amounts reclassified from accumulated other comprehensive loss	0.6	1.3	1.7	3.6
Total other comprehensive income (loss), net of income tax	15.0	(14.8)	11.9	(14.4)
Ending balance	$ (109.1)	$ (131.0)	$ (109.1)	$ (131.0)

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Equity - Reconciliation of Reclassifications from Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales		$ 290.5		$ 359.6	$ 836.4	$ 1,106.9
Total before income taxes		6.6		21.1	(11.3)	47.6
Income tax benefit (provision)	$ (7.0)	(7.0)	$ (3.1)	(3.1)	(9.6)	(10.3)
Net income (loss)	(0.4)	(0.4)	18.0	18.0	(20.9)	37.3
Other income (expense) - net		2.6		(3.8)	(4.3)	8.8
Provision for income taxes	7.0	$ 7.0	3.1	$ 3.1	9.6	10.3
Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Net income (loss)	(0.6)		(1.3)		(1.7)	(3.6)
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes			(0.9)		(0.3)	(2.4)
Net income (loss)			(0.9)		(0.3)	(2.4)
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales			(0.9)		(0.3)	(2.4)
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other income (expense) - net	(1.2)		(1.1)		(3.4)	(3.3)
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other income (expense) - net	0.6		0.7		2.0	2.1
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes	(0.6)		(0.4)		(1.4)	(1.2)
Net income (loss)	$ (0.6)		$ (0.4)		$ (1.4)	$ (1.2)

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-Based Compensation
Share-based compensation, remaining shares available for issuance (in shares)	4,726,107		4,726,107
Stock-based compensation (income) expense (in dollars)	$ (0.5)		$ 5.4
Director
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	0	77,608	50,673
Stock Options
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	0	250,432	210,243
Vesting period (in years)			3 years
Expiration period (in years)			10 years
Restricted Stock Units
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	0	305,519	178,371
Vesting period (in years)			3 years
Performance Shares
Stock-Based Compensation
Number of share options granted during the period (in shares)	0	0	328,310	228,037
Vesting period (in years)			3 years
Engineering, Selling and Administrative Expense
Stock-Based Compensation
Stock-based compensation (income) expense (in dollars)	$ 2.0	$ 2.2	$ 7.9	$ 8.3
Restructuring Charges
Stock-Based Compensation
Stock-based compensation (income) expense (in dollars)	$ (2.5)		$ (2.5)
2013 Omnibus Plan
Stock-Based Compensation
Share-based compensation, shares authorized (in shares)	7,477,395		7,477,395
Performance Shares 2020 | Performance Shares
Stock-Based Compensation
Performance period (in years)			3 years
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group			20.00%
Performance Shares 2020 | Performance Shares | Maximum
Stock-Based Compensation
Percentage of shares of other than options granted during the period			200.00%
Performance Shares 2019 | Performance Shares
Stock-Based Compensation
Performance period (in years)				3 years
Percentage of shares paid based on total shareholder return relative to defined peer group (as a percent)				50.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)				50.00%

XML

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segments - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net Sales	$ 355.6	$ 355.6	$ 448.0	$ 448.0	$ 1,013.1	$ 1,370.7
Operating Income	11.7	$ 11.7	32.5	$ 32.5	15.8	90.6
Depreciation	9.2		8.9		27.3	26.3
Capital Expenditures	7.3		12.7		15.3	22.4
Segment Operating Income
Segment Reporting Information [Line Items]
Operating Income	22.6		42.3		44.6	110.7
Segment Operating Income | Americas
Segment Reporting Information [Line Items]
Net Sales	150.7		251.0		456.5	721.7
Operating Income	7.5		34.5		21.4	85.4
Depreciation	3.8		3.7		11.8	10.8
Capital Expenditures	0.9		5.3		2.4	11.3
Segment Operating Income | EURAF
Segment Reporting Information [Line Items]
Net Sales	154.7		139.2		413.1	476.0
Operating Income	7.3		1.9		2.5	7.0
Depreciation	4.1		3.9		11.8	11.3
Capital Expenditures	5.6		6.2		12.0	8.6
Segment Operating Income | Middle East and Asia Pacific ("MEAP")
Segment Reporting Information [Line Items]
Net Sales	50.2		57.8		143.5	173.0
Operating Income	7.8		5.9		20.7	18.3
Depreciation	0.5		0.5		1.5	1.9
Capital Expenditures	0.8		1.2		0.9	2.5
Corporate
Segment Reporting Information [Line Items]
Operating Income	(7.2)		(9.8)		(25.1)	(20.0)
Depreciation	$ 0.8		$ 0.8		$ 2.2	$ 2.3

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Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	$ 11.7	$ 11.7	$ 32.5	$ 32.5	$ 15.8	$ 90.6
Unallocated restructuring expense	3.9	$ 3.9	1.1	$ 1.1	5.6	8.3
Segment Operating Income
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	22.6		42.3		44.6	110.7
Corporate
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income (loss)	(7.2)		$ (9.8)		(25.1)	(20.0)
Reconciliation of Company's Segment Operating Income
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Unallocated restructuring expense	$ (3.7)				$ (3.7)	$ (0.1)

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Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues from External Customers [Line Items]
Net sales	$ 355.6	$ 355.6	$ 448.0	$ 448.0	$ 1,013.1	$ 1,370.7
United States
Revenues from External Customers [Line Items]
Net sales	135.2		226.6		411.4	644.3
Europe
Revenues from External Customers [Line Items]
Net sales	150.8		134.8		403.8	458.0
Other
Revenues from External Customers [Line Items]
Net sales	$ 69.6		$ 86.6		$ 197.9	$ 268.4

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Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Product Information [Line Items]
Total net sales	$ 355.6	$ 355.6	$ 448.0	$ 448.0	$ 1,013.1	$ 1,370.7
Cranes
Product Information [Line Items]
Total net sales	275.4		365.4		783.5	1,116.9
Aftermarket Parts and Other
Product Information [Line Items]
Total net sales	$ 80.2		$ 82.6		$ 229.6	$ 253.8

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Commitments and Contingencies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commitments And Contingencies [Line Items]
Period over which product liability self-insurance retention levels have fluctuated (in years)	10 years
Product liability reserves	$ 12,200,000	$ 12,800,000
Warranty claims reserves	59,800,000	$ 60,600,000
Gain on settlement	24,400,000
Other Income (Expense) - Net
Commitments And Contingencies [Line Items]
Gain on settlement	15,500,000
Engineering, Selling and Administrative Expense
Commitments And Contingencies [Line Items]
Gain on settlement	8,900,000
Maximum
Commitments And Contingencies [Line Items]
Product liability self-insurance maximum retention level for new occurrence	$ 2,000,000.0

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Guarantees - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Guarantees [Abstract]
Revenue deferred related to buyback obligations included in other current and non-current liabilities	$ 32.8	$ 34.1
Amount of residual value buyback commitments and given by the company	23.6	17.3
Amount of loss guarantees with maximum liabilities	26.2	11.3
Revenue deferred related to extended warranties included in other current and non-current liabilities	$ 7.2	$ 8.3
Standard product warranties, low end of range (in months)	12 months
Standard product warranties, high end of range (in months)	60 months

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Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Warranty activity
Balance at beginning of period	$ 60.1	$ 51.3	$ 60.6	$ 47.8
Accruals for warranties issued during the period	8.2	8.9	24.3	29.0
Settlements made (in cash or in kind) during the period	(9.6)	(9.4)	(26.2)	(25.9)
Currency translation	1.1	(0.9)	1.1	(1.0)
Balance at end of period	59.8	49.9	59.8	49.9
Long-term warranty reserve	(13.7)	(8.5)	(13.7)	(8.5)
Product warranties	$ 46.1	$ 41.4	$ 46.1	$ 41.4	$ 47.2

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 3.9	$ 3.9	$ 1.1	$ 1.1	$ 5.6	$ 8.3
Stock-based compensation (income) expense (in dollars)	(0.5)				5.4
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Stock-based compensation (income) expense (in dollars)	$ (2.5)				$ (2.5)

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Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Rollforward of all restructuring accrual
Balance at beginning of period	$ 1.9	$ 3.1	$ 2.0	$ 3.1
Restructuring expenses	6.4	1.1	8.1	8.3
Use of reserve	(2.1)	(1.9)	(3.9)	(9.1)
Currency translation		(0.1)		(0.1)
Balance at end of period	$ 6.2	$ 2.2	$ 6.2	$ 2.2

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Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Plans | U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Interest cost of projected benefit obligations	1.0	1.3	3.0	3.9
Expected return on plan assets	(1.3)	(1.1)	(3.9)	(3.3)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net loss	0.8	0.8	2.2	2.4
Net periodic benefit cost	0.5	1.0	1.3	3.0
Pension Plans | Non-US Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	0.5	0.5	1.5	1.5
Interest cost of projected benefit obligations	0.4	0.5	1.2	1.5
Expected return on plan assets	(0.3)	(0.3)	(0.7)	(0.9)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net loss	0.4	0.3	1.2	0.9
Net periodic benefit cost	1.0	1.0	3.2	3.0
Postretirement Health and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	0.0	0.1	0.1	0.3
Interest cost of projected benefit obligations	0.1	0.1	0.3	0.5
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service cost	(0.6)	(0.7)	(2.0)	(2.1)
Amortization of actuarial net loss	0.0	0.0	0.0	0.0
Net periodic benefit cost	$ (0.5)	$ (0.5)	$ (1.6)	$ (1.3)