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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 March 31, 2024
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)
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Wisconsin |
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39-0448110 |
(State or other jurisdiction |
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(I.R.S. Employer |
of incorporation or organization) |
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Identification Number) |
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11270 West Park Place Suite 1000 |
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Milwaukee, Wisconsin |
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53224 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (414) 760-4600
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $.01 Par Value |
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MTW |
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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.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☒ |
Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
Emerging growth company |
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☐ |
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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 March 31, 2024, the registrant had 35,540,950 shares of common stock, $.01 par value per share, outstanding.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE MANITOWOC COMPANY, INC.
Condensed Consolidated Statements of Operations
For the three months ended March 31, 2024 and 2023
(Unaudited)
(In millions, except per share and share amounts)
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Three Months Ended
March 31, |
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2024 |
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2023 |
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Net sales |
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$ |
495.1 |
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$ |
508.3 |
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Cost of sales |
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402.6 |
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402.0 |
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Gross profit |
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92.5 |
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106.3 |
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Operating costs and expenses: |
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Engineering, selling, and administrative expenses |
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76.0 |
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75.1 |
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Amortization of intangible assets |
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0.7 |
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1.0 |
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Restructuring expense |
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0.6 |
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— |
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Total operating costs and expenses |
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77.3 |
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76.1 |
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Operating income |
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15.2 |
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30.2 |
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Other income (expense): |
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Interest expense |
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(9.2 |
) |
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(8.1 |
) |
Amortization of deferred financing fees |
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(0.3 |
) |
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(0.3 |
) |
Other income (expense) - net |
|
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0.7 |
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|
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(1.1 |
) |
Total other expense |
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(8.8 |
) |
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(9.5 |
) |
Income before income taxes |
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6.4 |
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20.7 |
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Provision for income taxes |
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1.9 |
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4.2 |
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Net income |
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$ |
4.5 |
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$ |
16.5 |
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Per Share Data and Share Amounts |
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Basic net income per common share |
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$ |
0.13 |
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$ |
0.47 |
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Diluted net income per common share |
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$ |
0.12 |
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$ |
0.46 |
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Weighted average shares outstanding - basic |
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35,265,449 |
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35,121,473 |
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Weighted average shares outstanding - diluted |
|
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36,060,640 |
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35,748,021 |
|
The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.
THE MANITOWOC COMPANY, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2024 and 2023
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
4.5 |
|
|
$ |
16.5 |
|
Other comprehensive income (loss), net of income tax: |
|
|
|
|
|
|
Unrealized losses on derivatives, net of income tax
provision of $0.0 and $0.0, respectively |
|
|
(1.6 |
) |
|
|
(3.3 |
) |
Employee pension and postretirement benefit income (expense), net of
income tax provision of $0.0 and $0.0, respectively |
|
|
0.1 |
|
|
|
(1.0 |
) |
Foreign currency translation adjustments, net of income tax benefit
of $0.6 and $0.2, respectively |
|
|
(11.0 |
) |
|
|
4.2 |
|
Total other comprehensive loss, net of income tax |
|
|
(12.5 |
) |
|
|
(0.1 |
) |
Comprehensive income (loss) |
|
$ |
(8.0 |
) |
|
$ |
16.4 |
|
The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.
THE MANITOWOC COMPANY, INC.
Condensed Consolidated Balance Sheets
As of March 31, 2024 and December 31, 2023
(Unaudited)
(In millions, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Assets |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
31.5 |
|
|
$ |
34.4 |
|
Accounts receivable, less allowances of $5.9 and $6.1, respectively |
|
|
290.3 |
|
|
|
278.8 |
|
Inventories - net |
|
|
748.0 |
|
|
|
666.5 |
|
Notes receivable - net |
|
|
5.7 |
|
|
|
6.7 |
|
Other current assets |
|
|
43.9 |
|
|
|
46.6 |
|
Total current assets |
|
|
1,119.4 |
|
|
|
1,033.0 |
|
Property, plant, and equipment - net |
|
|
357.5 |
|
|
|
366.1 |
|
Operating lease right-of-use assets |
|
|
58.8 |
|
|
|
59.7 |
|
Goodwill |
|
|
78.7 |
|
|
|
79.6 |
|
Intangible assets - net |
|
|
123.3 |
|
|
|
125.6 |
|
Other non-current assets |
|
|
42.9 |
|
|
|
42.7 |
|
Total assets |
|
$ |
1,780.6 |
|
|
$ |
1,706.7 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
509.4 |
|
|
$ |
457.4 |
|
Customer advances |
|
|
20.3 |
|
|
|
19.2 |
|
Short-term borrowings and current portion of long-term debt |
|
|
42.5 |
|
|
|
13.4 |
|
Product warranties |
|
|
41.3 |
|
|
|
47.1 |
|
Other liabilities |
|
|
18.7 |
|
|
|
26.2 |
|
Total current liabilities |
|
|
632.2 |
|
|
|
563.3 |
|
Non-Current Liabilities: |
|
|
|
|
|
|
Long-term debt |
|
|
372.7 |
|
|
|
358.7 |
|
Operating lease liabilities |
|
|
46.6 |
|
|
|
47.2 |
|
Deferred income taxes |
|
|
7.4 |
|
|
|
7.5 |
|
Pension obligations |
|
|
54.9 |
|
|
|
55.8 |
|
Postretirement health and other benefit obligations |
|
|
5.4 |
|
|
|
5.6 |
|
Long-term deferred revenue |
|
|
21.1 |
|
|
|
24.1 |
|
Other non-current liabilities |
|
|
44.3 |
|
|
|
41.2 |
|
Total non-current liabilities |
|
|
552.4 |
|
|
|
540.1 |
|
Commitments and contingencies (Note 17) |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
Preferred stock (3,500,000 shares authorized of $.01 par value;
none outstanding) |
|
|
— |
|
|
|
— |
|
Common stock (75,000,000 shares authorized, 40,793,983 shares issued,
35,540,950 and 35,094,993 shares outstanding, respectively) |
|
|
0.4 |
|
|
|
0.4 |
|
Additional paid-in capital |
|
|
608.5 |
|
|
|
613.1 |
|
Accumulated other comprehensive loss |
|
|
(98.9 |
) |
|
|
(86.4 |
) |
Retained earnings |
|
|
148.0 |
|
|
|
143.5 |
|
Treasury stock, at cost (5,253,033 and 5,698,990 shares, respectively) |
|
|
(62.0 |
) |
|
|
(67.3 |
) |
Total stockholders' equity |
|
|
596.0 |
|
|
|
603.3 |
|
Total liabilities and stockholders' equity |
|
$ |
1,780.6 |
|
|
$ |
1,706.7 |
|
The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.
THE MANITOWOC COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2024 and 2023
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
Net income |
|
$ |
4.5 |
|
|
$ |
16.5 |
|
Adjustments to reconcile net income to cash provided by (used for) operating activities: |
|
|
|
|
|
|
Depreciation expense |
|
|
14.7 |
|
|
|
13.9 |
|
Amortization of intangible assets |
|
|
0.7 |
|
|
|
1.0 |
|
Stock-based compensation expense |
|
|
3.7 |
|
|
|
3.1 |
|
Amortization of deferred financing fees |
|
|
0.3 |
|
|
|
0.3 |
|
Loss on sale of property, plant, and equipment |
|
|
0.2 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(15.3 |
) |
|
|
17.1 |
|
Inventories |
|
|
(89.1 |
) |
|
|
(100.6 |
) |
Notes receivable |
|
|
1.5 |
|
|
|
1.7 |
|
Other assets |
|
|
1.1 |
|
|
|
1.6 |
|
Accounts payable |
|
|
56.6 |
|
|
|
56.2 |
|
Accrued expenses and other liabilities |
|
|
(9.5 |
) |
|
|
4.6 |
|
Net cash provided by (used for) operating activities |
|
|
(30.6 |
) |
|
|
15.4 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
(12.2 |
) |
|
|
(10.6 |
) |
Proceeds from sale of fixed assets |
|
|
0.2 |
|
|
|
2.0 |
|
Net cash used for investing activities |
|
|
(12.0 |
) |
|
|
(8.6 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
Proceeds from (payments on) revolving credit facility - net |
|
|
14.0 |
|
|
|
(10.0 |
) |
Proceeds from (payments on) other debt - net |
|
|
29.1 |
|
|
|
(1.9 |
) |
Exercises of stock options |
|
|
— |
|
|
|
0.3 |
|
Common stock repurchases |
|
|
— |
|
|
|
(3.5 |
) |
Other financing activities |
|
|
(2.9 |
) |
|
|
— |
|
Net cash provided by (used for) financing activities |
|
|
40.2 |
|
|
|
(15.1 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(0.5 |
) |
|
|
0.4 |
|
Net decrease in cash and cash equivalents |
|
|
(2.9 |
) |
|
|
(7.9 |
) |
Cash and cash equivalents at beginning of period |
|
|
34.4 |
|
|
|
64.4 |
|
Cash and cash equivalents at end of period |
|
$ |
31.5 |
|
|
$ |
56.5 |
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
Interest paid |
|
$ |
2.1 |
|
|
$ |
1.3 |
|
Income taxes paid |
|
|
1.8 |
|
|
|
1.7 |
|
The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.
THE MANITOWOC COMPANY, INC.
Condensed Consolidated Statements of Equity
For the three months ended March 31, 2024 and 2023
(Unaudited)
(In millions)
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
March 31,
2023 |
|
Common Stock - Par Value |
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
0.4 |
|
|
$ |
0.4 |
|
Balance at end of period |
|
$ |
0.4 |
|
|
$ |
0.4 |
|
Additional Paid-in Capital |
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
613.1 |
|
|
$ |
606.7 |
|
Stock compensation plans |
|
|
(8.3 |
) |
|
|
(4.0 |
) |
Stock-based compensation expense |
|
|
3.7 |
|
|
|
3.1 |
|
Balance at end of period |
|
$ |
608.5 |
|
|
$ |
605.8 |
|
Accumulated Other Comprehensive Loss |
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
(86.4 |
) |
|
$ |
(107.9 |
) |
Other comprehensive loss |
|
|
(12.5 |
) |
|
|
(0.1 |
) |
Balance at end of period |
|
$ |
(98.9 |
) |
|
$ |
(108.0 |
) |
Retained Earnings |
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
143.5 |
|
|
$ |
104.3 |
|
Net income |
|
|
4.5 |
|
|
|
16.5 |
|
Balance at end of period |
|
$ |
148.0 |
|
|
$ |
120.8 |
|
Treasury Stock |
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
(67.3 |
) |
|
$ |
(65.7 |
) |
Stock compensation plans |
|
|
5.3 |
|
|
|
3.0 |
|
Common stock repurchases |
|
|
— |
|
|
|
(3.5 |
) |
Balance at end of period |
|
$ |
(62.0 |
) |
|
$ |
(66.2 |
) |
Total stockholders' equity |
|
$ |
596.0 |
|
|
$ |
552.8 |
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
THE MANITOWOC COMPANY, INC.
Notes to Unaudited Condensed Consolidated Financial Statements
For the three months ended March 31, 2024 and 2023
1. Company and Basis of Presentation
The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift 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. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue.
The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. 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 16, “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 for the three months ended March 31, 2024 and 2023, the cash flows for the same three-month periods, and the financial position as of March 31, 2024 and December 31, 2023, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The audited balance sheet as of December 31, 2023, was derived from the audited annual financial statements. 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, 2023. 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 per share data and share amounts, are in millions throughout the tables in these notes unless otherwise indicated.
2. Recent Accounting Changes and Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures.” The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced footnote disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.
3. Net Sales
The Company defers revenue when cash payments are received in advance of satisfying the related performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three months ended March 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
19.2 |
|
|
$ |
21.9 |
|
Cash received in advance of satisfying
performance obligations |
|
|
39.1 |
|
|
|
34.4 |
|
Revenue recognized |
|
|
(37.7 |
) |
|
|
(32.4 |
) |
Currency translation |
|
|
(0.3 |
) |
|
|
0.1 |
|
Balance at end of period |
|
$ |
20.3 |
|
|
$ |
24.0 |
|
Disaggregation of the Company’s revenue sources are disclosed in Note 16, “Segments.”
4. Fair Value of Financial Instruments
The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts ("FX Forward Contracts") and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of March 31, 2024 and December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of March 31, 2024 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.9 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.9 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
Accounts payable and
accrued expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2023 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
1.6 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.1 |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.1 |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
Accounts payable and
accrued expenses |
The fair value of the $300.0 million senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $300.2 million as of March 31, 2024 and $302.7 million as of December 31, 2023. Refer to Note 10, “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. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; 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, including any amounts outstanding under the
Company’s revolving credit facility, approximate fair value, without being discounted as of March 31, 2024, due to the short-term nature of these instruments.
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. Refer to Note 5, “Derivative Financial Instruments,” for additional information.
The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1.
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 income (loss) ("AOCI"). 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 forecasted transactions no longer being probable during the three months ended March 31, 2024 and 2023.
The Company had FX Forward Contracts with aggregate notional amounts of $124.8 million and $140.1 million in U.S. dollar equivalent as of March 31, 2024 and December 31, 2023, respectively. The aggregate notional amount outstanding as of March 31, 2024, is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $(0.3) million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively.
The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
Recognized Location |
|
2024 |
|
|
2023 |
|
Designated |
|
Cost of sales |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
Non-Designated |
|
Other income (expense) - net |
|
$ |
1.4 |
|
|
$ |
(2.3 |
) |
6. Inventories
The components of inventories as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Raw materials |
|
$ |
203.4 |
|
|
$ |
164.7 |
|
Work-in-process |
|
|
154.0 |
|
|
|
111.3 |
|
Finished goods |
|
|
390.6 |
|
|
|
390.5 |
|
Total Inventories |
|
$ |
748.0 |
|
|
$ |
666.5 |
|
7. Property, Plant, and Equipment
The components of property, plant, and equipment as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Land |
|
$ |
14.7 |
|
|
$ |
14.9 |
|
Building and improvements |
|
|
199.6 |
|
|
|
201.5 |
|
Machinery, equipment, and tooling |
|
|
320.7 |
|
|
|
318.4 |
|
Furniture and fixtures |
|
|
13.3 |
|
|
|
13.8 |
|
Computer hardware and software |
|
|
134.8 |
|
|
|
135.8 |
|
Rental cranes |
|
|
199.3 |
|
|
|
201.9 |
|
Construction in progress |
|
|
6.7 |
|
|
|
7.2 |
|
Total cost |
|
|
889.1 |
|
|
|
893.5 |
|
Less: accumulated depreciation |
|
|
(531.6 |
) |
|
|
(527.4 |
) |
Property, plant, and equipment - net |
|
$ |
357.5 |
|
|
$ |
366.1 |
|
Property, plant, and equipment is depreciated over the estimated useful life of the asset using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.
Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were $5.8 million and $7.0 million, respectively.
Assets Held for Sale
As of March 31, 2024 and December 31, 2023, the Company had $3.5 million and $3.0 million, respectively, of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal.
8. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the three months ended March 31, 2024 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
MEAP |
|
|
Consolidated |
|
Balance as of December 31, 2023 |
|
$ |
14.4 |
|
|
$ |
65.2 |
|
|
$ |
79.6 |
|
Foreign currency impact |
|
|
— |
|
|
|
(0.9 |
) |
|
|
(0.9 |
) |
Balance as of March 31, 2024 |
|
$ |
14.4 |
|
|
$ |
64.3 |
|
|
$ |
78.7 |
|
The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
|
Net Book Value |
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
Net Book Value |
|
Americas |
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
|
$ |
14.4 |
|
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
$ |
14.4 |
|
EURAF |
|
|
82.2 |
|
|
|
(82.2 |
) |
|
|
— |
|
|
|
82.2 |
|
|
|
(82.2 |
) |
|
— |
|
MEAP |
|
|
64.3 |
|
|
|
— |
|
|
|
64.3 |
|
|
|
65.2 |
|
|
|
— |
|
|
65.2 |
|
Total |
|
$ |
327.4 |
|
|
$ |
(248.7 |
) |
|
$ |
78.7 |
|
|
$ |
328.3 |
|
|
$ |
(248.7 |
) |
$ |
79.6 |
|
The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three months ended March 31, 2024.
The gross carrying amount, accumulated amortization, and net book value of the Company’s intangible assets other than goodwill as of March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
Definite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
26.4 |
|
|
$ |
(12.0 |
) |
|
$ |
14.4 |
|
|
$ |
26.5 |
|
|
$ |
(11.6 |
) |
|
$ |
14.9 |
|
Patents |
|
|
28.8 |
|
|
|
(28.4 |
) |
|
|
0.4 |
|
|
|
29.2 |
|
|
|
(28.8 |
) |
|
|
0.4 |
|
Noncompetition agreements |
|
|
4.2 |
|
|
|
(2.2 |
) |
|
|
2.0 |
|
|
|
4.2 |
|
|
|
(2.0 |
) |
|
|
2.2 |
|
Trademarks and tradenames |
|
|
2.2 |
|
|
|
(1.1 |
) |
|
|
1.1 |
|
|
|
2.2 |
|
|
|
(1.0 |
) |
|
|
1.2 |
|
Other intangibles |
|
|
0.6 |
|
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.7 |
|
|
|
(0.7 |
) |
|
|
— |
|
Total |
|
$ |
62.2 |
|
|
$ |
(44.3 |
) |
|
$ |
17.9 |
|
|
$ |
62.8 |
|
|
$ |
(44.1 |
) |
|
$ |
18.7 |
|
Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks and tradenames |
|
$ |
91.3 |
|
|
$ |
— |
|
|
$ |
91.3 |
|
|
$ |
92.6 |
|
|
$ |
— |
|
|
$ |
92.6 |
|
Distribution network |
|
|
14.1 |
|
|
|
— |
|
|
|
14.1 |
|
|
|
14.3 |
|
|
|
— |
|
|
|
14.3 |
|
Total |
|
|
105.4 |
|
|
|
— |
|
|
|
105.4 |
|
|
|
106.9 |
|
|
|
— |
|
|
|
106.9 |
|
Total intangible assets |
|
$ |
167.6 |
|
|
$ |
(44.3 |
) |
|
$ |
123.3 |
|
|
$ |
169.7 |
|
|
$ |
(44.1 |
) |
|
$ |
125.6 |
|
The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three months ended March 31, 2024.
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 determined there was no triggering event for the three months ended March 31, 2024.
Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended March 31, 2024 and 2023 was $0.7 million and $1.0 million, respectively.
9. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Trade accounts payable |
|
$ |
306.9 |
|
|
$ |
254.7 |
|
Employee-related expenses |
|
|
47.0 |
|
|
|
57.9 |
|
Accrued vacation |
|
|
24.7 |
|
|
|
23.7 |
|
Miscellaneous accrued expenses |
|
|
130.8 |
|
|
|
121.1 |
|
Total accounts payable and accrued expenses |
|
$ |
509.4 |
|
|
$ |
457.4 |
|
10. Debt
Outstanding debt as of March 31, 2024 and December 31, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Borrowings under senior secured asset-based
revolving credit facility |
|
$ |
74.0 |
|
|
$ |
60.0 |
|
Senior secured second lien notes due 2026 |
|
|
300.0 |
|
|
|
300.0 |
|
Other debt |
|
|
42.7 |
|
|
|
13.7 |
|
Deferred financing costs |
|
|
(1.5 |
) |
|
|
(1.6 |
) |
Total debt |
|
|
415.2 |
|
|
|
372.1 |
|
Short-term borrowings and current portion of long-term
debt |
|
|
(42.5 |
) |
|
|
(13.4 |
) |
Long-term debt |
|
$ |
372.7 |
|
|
$ |
358.7 |
|
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 certain 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 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.
On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company’s ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).
Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. 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 |
SOFR spread |
≥ 50% of Aggregate Commitment |
0.25% |
1.25% |
< 50% of Aggregate Commitment |
0.50% |
1.50% |
As of March 31, 2024 and December 31, 2023, the Company had borrowings on the ABL Revolving Credit Facility of $74.0 million and $60.0 million, respectively. As of March 31, 2024, the spreads for SOFR and Eurodollar, and Alternative Base Rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $197.6 million, which represents revolver borrowing capacity of $275.0 million less $74.0 million of borrowings outstanding and $3.4 million of U.S. letters of credit outstanding.
As of March 31, 2024, the Company had $42.7 million of other indebtedness outstanding that has a weighted-average interest rate of approximately 5.4%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements.
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 of the 2026 Notes 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 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.
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 March 31, 2024, 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.
11. Accounts Receivable Factoring
The Company has two non-U.S. accounts receivable financing programs with no maximum availability. Transactions under the non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification (“ASC”) Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit.
For the three months ended March 31, 2024 and 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $36.0 million.
Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three months ended March 31, 2024 and 2023 were immaterial.
12. Income Taxes
The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.
For the three months ended March 31, 2024 and 2023, the Company recorded a provision for income taxes of $1.9 million and $4.2 million, respectively.
As of March 31, 2024 and December 31, 2023, the Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million, respectively.
13. Net Income Per Common Share
The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Basic weighted average common shares outstanding |
|
|
35,265,449 |
|
|
|
35,121,473 |
|
Effect of dilutive securities - equity
compensation awards |
|
|
795,191 |
|
|
|
626,548 |
|
Diluted weighted average common shares outstanding |
|
|
36,060,640 |
|
|
|
35,748,021 |
|
Equity compensation awards 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. Anti-dilutive equity instruments of 497,801 and 682,930 common shares were excluded from the computation of diluted net earnings per share for the three months ended March 31, 2024 and 2023, respectively.
No cash dividends were declared or paid during the three months ended March 31, 2024 and 2023.
14. 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 March 31, 2024, the Company has $35.0 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. The Company’s share repurchase program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company’s 2013 Omnibus Incentive Plan.
A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedges |
|
|
Pension &
Postretirement |
|
|
Foreign Currency
Translation |
|
|
Total |
|
Balance as of December 31, 2022 |
|
$ |
5.4 |
|
|
$ |
(15.3 |
) |
|
$ |
(98.0 |
) |
|
$ |
(107.9 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
0.1 |
|
|
|
(1.7 |
) |
|
|
4.2 |
|
|
|
2.6 |
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
(3.4 |
) |
|
|
0.7 |
|
|
|
— |
|
|
|
(2.7 |
) |
Net other comprehensive income (loss) |
|
|
(3.3 |
) |
|
|
(1.0 |
) |
|
|
4.2 |
|
|
|
(0.1 |
) |
Balance as of March 31, 2023 |
|
$ |
2.1 |
|
|
$ |
(16.3 |
) |
|
$ |
(93.8 |
) |
|
$ |
(108.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
$ |
1.3 |
|
|
$ |
(10.3 |
) |
|
$ |
(77.4 |
) |
|
$ |
(86.4 |
) |
Other comprehensive loss before
reclassifications |
|
|
(2.5 |
) |
|
|
— |
|
|
|
(11.0 |
) |
|
|
(13.5 |
) |
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
1.0 |
|
Net other comprehensive income (loss) |
|
|
(1.6 |
) |
|
|
0.1 |
|
|
|
(11.0 |
) |
|
|
(12.5 |
) |
Balance as of March 31, 2024 |
|
$ |
(0.3 |
) |
|
$ |
(10.2 |
) |
|
$ |
(88.4 |
) |
|
$ |
(98.9 |
) |
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss |
|
|
|
|
|
Three Months Ended March 31,
2024 |
|
|
Three Months Ended March 31,
2023 |
|
|
Recognized
Location |
Gains (losses) on cash flow hedges |
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
Cost of sales |
Total before income taxes |
|
|
(0.9 |
) |
|
|
3.4 |
|
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
|
Amortization of pension and
postretirement items |
|
|
|
|
|
|
|
|
Actuarial losses |
|
$ |
(0.1 |
) |
|
$ |
(1.0 |
) |
(a) |
Other income (expense) - net |
Amortization of prior service cost |
|
|
— |
|
|
|
0.3 |
|
(a) |
Other income (expense) - net |
Total before income taxes |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.1 |
) |
|
$ |
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period,
net of income taxes |
|
$ |
(1.0 |
) |
|
$ |
2.7 |
|
|
|
(a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details)
15. 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 2024 is included in the Company’s 2023 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 is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of March 31, 2024 is 2,338,858 shares.
Stock-based compensation expense was $3.7 million for the three months ended March 31, 2024 and $3.1 million for the three months ended March 31, 2023. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to the retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.
The Company granted 443,019 and 478,411 restricted stock units inclusive of 78,894 and 77,576 director awards during the three months ended March 31, 2024 and 2023, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date.
A total of 365,174 and 233,409 performance shares units were granted by the Company to employees during the three months ended March 31, 2024 and 2023, respectively. Performance share units 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 share units granted in 2024 are weighted 60% on the 3-year average of the Company’s adjusted return on invested capital ("Adjusted ROIC") percentage from 2024 to 2026 and 40% on cumulative non-new machine sales from January 1, 2024 through December 31, 2026. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2024 performance share units include a +/-20% modifier weighted 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 share units granted in 2023 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40% on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The 2023 performance share units include a +/-20% modifier weighted 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.
16. 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 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 expense, 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 CODM does not evaluate performance of the reportable segments based on total assets.
The following table shows information by reportable segment for the three months ended March 31, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net Sales |
|
|
|
|
|
|
Americas |
|
$ |
283.2 |
|
|
$ |
264.4 |
|
EURAF |
|
|
143.0 |
|
|
|
178.2 |
|
MEAP |
|
|
68.9 |
|
|
|
65.7 |
|
Total |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
Segment Operating Income (Loss) |
|
|
|
|
|
|
Americas |
|
$ |
29.5 |
|
|
$ |
28.5 |
|
EURAF |
|
|
(11.8 |
) |
|
|
3.6 |
|
MEAP |
|
|
8.2 |
|
|
|
8.6 |
|
Total |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Depreciation |
|
|
|
|
|
|
Americas |
|
$ |
7.3 |
|
|
$ |
7.2 |
|
EURAF |
|
|
5.9 |
|
|
|
5.4 |
|
MEAP |
|
|
0.8 |
|
|
|
0.6 |
|
Corporate |
|
|
0.7 |
|
|
|
0.7 |
|
Total |
|
$ |
14.7 |
|
|
$ |
13.9 |
|
Capital Expenditures |
|
|
|
|
|
|
Americas |
|
$ |
4.2 |
|
|
$ |
4.4 |
|
EURAF |
|
|
7.2 |
|
|
|
4.7 |
|
MEAP |
|
|
0.8 |
|
|
|
1.5 |
|
Corporate |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
12.2 |
|
|
$ |
10.6 |
|
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Segment operating income |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Unallocated corporate expenses |
|
|
(10.7 |
) |
|
|
(10.4 |
) |
Unallocated restructuring expense |
|
|
— |
|
|
|
(0.1 |
) |
Total operating income |
|
$ |
15.2 |
|
|
$ |
30.2 |
|
Net sales by geographic area for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
249.2 |
|
|
$ |
213.8 |
|
Europe |
|
|
138.2 |
|
|
|
174.4 |
|
Other |
|
|
107.7 |
|
|
|
120.1 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
New machine and non-new machine sales for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
New machine sales |
|
$ |
349.9 |
|
|
$ |
357.3 |
|
Non-new machine sales |
|
|
145.2 |
|
|
|
151.0 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
17. Commitments and Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter.
As of March 31, 2024, 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 have varied over the last 10 years. As of March 31, 2024, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.
As of March 31, 2024, current and long-term product liability reserves were $4.1 million and $5.8 million, respectively. As of December 31, 2023, current and long-term product liability reserves were $11.4 million and $5.1 million, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of March 31, 2024 and December 31, 2023, the Company had $0.5 million and $3.9 million, respectively, of estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets.
Reserves for product-related lawsuits 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 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.
As of March 31, 2024 and December 31, 2023, the Company had reserves of $52.6 million and $56.8 million, respectively, for warranty and other related 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 matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. Refer to Note 18, “Guarantees,” for further information.
It is reasonably possible that the estimates for warranty and other related claims, product liability, 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. The ultimate resolution of these matters, 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.
In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters.
Based on management's current assessment of the facts underlying these matters, the total recorded estimated liability in accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets was $36.1 million as of March 31, 2024 and December 31, 2023. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows.
18. 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 ASC 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 March 31, 2024 and December 31, 2023 was $30.4 million and $32.2 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of March 31, 2024 and December 31, 2023 was $40.9 million and $43.4 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 2032. The Company also has various loss guarantees with maximum liabilities of $13.5 million and $13.0 million as of March 31, 2024 and December 31, 2023, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.
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. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the three months ended March 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
56.8 |
|
|
$ |
58.0 |
|
Adjustments to accruals for warranties |
|
|
5.3 |
|
|
|
6.6 |
|
Settlements made (in cash or in kind) during
the period |
|
|
(8.8 |
) |
|
|
(8.5 |
) |
Currency translation |
|
|
(0.7 |
) |
|
|
0.3 |
|
Balance at end of period |
|
$ |
52.6 |
|
|
$ |
56.4 |
|
The long-term portion of the warranty liability is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets.
The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of March 31, 2024 and December 31, 2023 was $7.3 million and $6.1 million, respectively.
19. 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. Healthcare benefits may be subject to deductibles, co-payments, and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.
The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of actuarial net (gain) loss |
|
|
0.5 |
|
|
|
— |
|
|
|
(0.4 |
) |
Net periodic benefit cost |
|
$ |
0.8 |
|
|
$ |
0.6 |
|
|
$ |
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.4 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Amortization of actuarial net loss |
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
Net periodic benefit cost |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
(0.2 |
) |
The components of net periodic benefit cost other than the service cost component are included in other income (expense) - net in the Condensed Consolidated Statements of Operations.
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, 2023, 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.
All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Conditions and Results of Operations unless otherwise indicated.
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,” “may,” “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:
•Macroeconomic conditions, including inflation, high interest rates and recessionary concerns, as well as continuing global supply chain constraints, labor constraints, logistics constraints and cost pressures such as changes in raw material and commodity costs, have had, and may continue to have, a negative impact on Manitowoc’s ability to convert backlog into revenue which could, and has, impacted its financial condition, cash flows, and results of operations (including future uncertain impacts);
•changes in economic or industry conditions generally or in the markets served by Manitowoc;
•geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, other political and economic conditions and risks and other geographic factors, has had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), raw material and component costs, energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
•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 including changes in government approval and funding of projects;
•the ability to convert backlog, orders and order activity into sales and the timing of those sales;
•failure to comply with regulatory requirements related to the products and aftermarket services the Company sells;
•the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
•impairment of goodwill and/or intangible assets;
•changes in revenues, margins and costs;
•the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
•the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
•work stoppages, labor negotiations, labor rates and labor costs;
•the Company’s ability to attract and retain qualified personnel;
•changes in the capital and financial markets;
•the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
•issues associated with the availability and viability of suppliers;
•the ability to significantly improve profitability;
•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 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;
•the replacement cycle of technologically obsolete products;
•risks associated with high debt leverage;
•foreign currency fluctuation and its impact on reported results;
•the ability of Manitowoc's customers to receive financing;
•risks associated with data security and technological systems and protections;
•the ability to direct resources to those areas that will deliver the highest returns;
•risks associated with manufacturing or design defects;
•natural disasters, other weather events, pandemics and other public health crises disrupting commerce in one or more regions of the world;
•issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies and capacity utilization of the Company’s facilities;
•the ability to focus and capitalize on product and service quality and reliability;
•issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;
•issues related to workforce reductions and potential subsequent rehiring;
•changes in laws throughout the world, including governmental regulations on climate change;
•the inability to defend against potential infringement claims on intellectual property rights;
•the ability to sell products and services through distributors and other third parties;
•issues affecting the effective tax rate for the year;
•other risk factors detailed in Manitowoc's 2023 Annual Report on Form 10-K, as such may be 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.
Current Events
Supply Chain and Logistics Constraints
The Company continues to actively monitor global supply chain and logistics constraints which had a negative impact on the Company’s ability to timely source parts, complete and ship units, and service cranes for the three months ended March 31, 2024. While the Company has experienced some relief of the supply chain and logistics constraints, supply chains for certain key components remain distressed. The Company continues to actively monitor and manage supply chain constraints through alternative sourcing of parts and adapting production to limit waste and inefficiencies in the facilities. Continuing or worsening
supply chain and logistics constraints may have a material adverse impact on the Company’s financial condition, results of operations, or cash flows.
Results of Operations for the three months ended March 31, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
Percentage Change |
|
Orders |
|
$ |
554.1 |
|
|
$ |
524.8 |
|
|
|
5.6 |
% |
Backlog |
|
|
971.3 |
|
|
|
1,075.7 |
|
|
|
(9.7 |
)% |
Net sales |
|
|
495.1 |
|
|
|
508.3 |
|
|
|
(2.6 |
)% |
Gross profit |
|
|
92.5 |
|
|
|
106.3 |
|
|
|
(13.0 |
)% |
Gross profit % |
|
|
18.7 |
% |
|
|
20.9 |
% |
|
|
|
Engineering, selling, and administrative
expenses |
|
|
76.0 |
|
|
75.1 |
|
|
|
1.2 |
% |
Interest expense |
|
|
9.2 |
|
|
|
8.1 |
|
|
|
13.6 |
% |
Provision for income taxes |
|
|
1.9 |
|
|
|
4.2 |
|
|
|
(54.8 |
)% |
*Measure not meaningful
Orders and Backlog
Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales. Orders and backlog are not measures defined by accounting principles generally accepted in the United States of America (“GAAP”) and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. We believe this information is useful to investors to provide an indication of our future revenues.
Orders for the three months ended March 31, 2024 increased 5.6% to $554.1 million from $524.8 million for the same period in 2023. The increase was primarily attributable to higher demand in the EURAF segment, mainly in the Company’s mobile product offering. Orders were favorably impacted by $2.0 million from changes in foreign currency exchange rates.
As of March 31, 2024, total backlog was $971.3 million, a 5.9% increase from the December 31, 2023 backlog of $917.2 million, and a 9.7% decrease from the March 31, 2023 backlog of $1,075.7 million. The decrease in backlog from March 31, 2023 is primarily attributable to higher shipments due to continuing easing of supply chain and logistics constraints. Backlog was unfavorably impacted by $7.6 million and $1.7 million from December 31, 2023 and March 31, 2023, respectively, from changes in foreign currency exchange rates.
Net Sales
Consolidated net sales for the three months ended March 31, 2024 decreased 2.6% to $495.1 million from $508.3 million for the same period in 2023. This decrease was primarily attributable to lower new and non-new machine sales in the EURAF segment, partially offset by higher new and non-new machine sales in the Americas and MEAP segments. Net sales were favorably impacted by $2.3 million from changes in foreign currency exchange rates.
Gross Profit
Gross profit for the three months ended March 31, 2024 was $92.5 million, a decrease of $13.8 million compared to $106.3 million for the same period in 2023. The decrease was primarily attributable to lower net sales, unfavorable product mix, and lower absorbed costs due to lower manufacturing volume in EURAF. Gross profit was favorably impacted by $0.3 million from changes in foreign currency exchange rates.
Engineering, Selling, and Administrative Expenses
Engineering, selling, and administrative expenses were $76.0 million for the three months ended March 31, 2024 compared to $75.1 million for the same period in 2023. Engineering, selling and administrative expenses were unfavorably impacted by $0.4 million from changes in foreign currency exchange rates.
Interest Expense
Interest expense for the three months ended March 31, 2024 totaled $9.2 million compared to $8.1 million for the same period in 2023. Interest expense increased year-over-year primarily due to higher debt and interest rates on borrowings from the Company’s ABL revolving credit facility.
Provision for Income Taxes
For the three months ended March 31, 2024 and 2023, the Company recorded a provision for income taxes of $1.9 million and $4.2 million, respectively. The decrease in the Company’s provision for income taxes for the three months ended March 31, 2024 compared to the prior year is due to lower year-to-date income partially offset by a change in jurisdictional mix. In addition, the Company’s effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates and losses in both the U.S. and foreign jurisdictions where no tax benefit can be realized.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company has three reportable segments: the Americas segment, EURAF segment, and MEAP segment. Further information regarding the Company’s reportable segments can be found in Note 16, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
Dollar Change |
|
|
Percentage Change |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
283.2 |
|
|
$ |
264.4 |
|
|
$ |
18.8 |
|
|
|
7.1 |
% |
EURAF |
|
|
143.0 |
|
|
|
178.2 |
|
|
|
(35.2 |
) |
|
|
(19.8 |
)% |
MEAP |
|
|
68.9 |
|
|
|
65.7 |
|
|
|
3.2 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating
Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
29.5 |
|
|
$ |
28.5 |
|
|
$ |
1.0 |
|
|
|
3.5 |
% |
EURAF |
|
|
(11.8 |
) |
|
|
3.6 |
|
|
|
(15.4 |
) |
|
* |
|
MEAP |
|
|
8.2 |
|
|
|
8.6 |
|
|
|
(0.4 |
) |
|
|
(4.7 |
)% |
*Measure not meaningful
Americas
Americas segment net sales increased 7.1% for the three months ended March 31, 2024 to $283.2 million from $264.4 million for the same period in 2023. The increase was primarily attributable to higher new machine sales, favorable product mix and pricing actions. Non-new machine sales were relatively flat year-over-year.
Americas segment operating income increased 3.5% for the three months ended March 31, 2024 to $29.5 million from $28.5 million for the three months ended March 31, 2023. The increase was primarily due to higher net sales.
EURAF
EURAF segment net sales decreased 19.8% for the three months ended March 31, 2024 to $143.0 million from $178.2 million for the same period in 2023. The decrease was primarily due to lower new machine sales in the Company's tower product offering and lower non-new machine sales. Segment net sales was favorably impacted by $2.2 million from changes in foreign currency exchange rates.
EURAF segment operating loss was $11.8 million for the three months ended March 31, 2024 compared to operating income of $3.6 million for the same period in 2023. The change was primarily due to lower net sales, unfavorable product mix, and higher
labor costs in engineering, selling and administrative expenses. Segment operating income was unfavorably impacted by $0.1 million from changes in foreign currency exchange rates.
MEAP
MEAP segment net sales increased 4.9% for the three months ended March 31, 2024 to $68.9 million from $65.7 million for the same period in 2023. The increase was primarily attributable to higher non-new machine sales. MEAP segment net sales was unfavorably impacted by $0.2 million from changes in foreign currency exchange rates.
MEAP segment operating income decreased 4.7% for the three months ended March 31, 2024 to $8.2 million from $8.6 million for the same period in 2023. The decrease was primarily due to unfavorable product mix. Segment operating income was favorably impacted by $0.1 million from changes in foreign currency exchange rates.
Financial Condition
Cash Flows
A summary of cash flows for the three months ended March 31, 2024 and 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net cash provided by (used for) operating activities |
|
$ |
(30.6 |
) |
|
$ |
15.4 |
|
Net cash used for investing activities |
|
|
(12.0 |
) |
|
|
(8.6 |
) |
Net cash provided by (used for) financing activities |
|
|
40.2 |
|
|
|
(15.1 |
) |
Cash and cash equivalents |
|
|
31.5 |
|
|
|
56.5 |
|
Cash Flows From Operating Activities
Net cash used for operating activities of $30.6 million for the three months ended March 31, 2024 increased $46.0 million from net cash provided by operating activities of $15.4 million for the same period in 2023. The increase in net cash used for operating activities was primarily due to lower net income adjusted for non-cash items, and higher use of cash driven by an increase in accounts receivable, and a decrease in accrued expenses and other liabilities. This was partially offset by a decrease in cash used for inventories.
Cash Flows From Investing Activities
Net cash used for investing activities of $12.0 million for the three months ended March 31, 2024 increased $3.4 million from net cash used for investing activities of $8.6 million for the same period in 2023. The increase in net cash used for investing activities is due to $1.6 million of additional capital expenditures and a $1.8 million reduction in proceeds from sale of property, plant, and equipment.
Cash Flows From Financing Activities
Net cash provided by financing activities of $40.2 million for the three months ended March 31, 2024 increased $55.3 million from net cash used for financing activities of $15.1 million for the same period in 2023. The increase is primarily driven by proceeds of $29.7 million and $14.0 million on the Company’s overdraft facilities and ABL revolving credit facility, respectively, as compared to payments of $11.9 million in the prior year.
Liquidity and Capital Resources
The Company’s liquidity position as of March 31, 2024 and December 31, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Cash and cash equivalents |
|
$ |
31.5 |
|
|
$ |
34.4 |
|
Revolver borrowing capacity |
|
|
275.0 |
|
|
|
275.0 |
|
Other debt availability |
|
|
44.1 |
|
|
|
45.2 |
|
Less: Borrowings on revolver |
|
|
(74.0 |
) |
|
|
(60.0 |
) |
Less: Borrowings on other debt |
|
|
(40.5 |
) |
|
|
(11.2 |
) |
Less: Outstanding letters of credit |
|
|
(3.4 |
) |
|
|
(3.4 |
) |
Total liquidity |
|
$ |
232.7 |
|
|
$ |
280.0 |
|
The Company believes its liquidity and expected cash flows from operations are sufficient to meet expected working capital, capital expenditure, and other general ongoing operational needs in the subsequent twelve months.
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 certain 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 senior secured second lien notes due on April 1, 2026 (the "2026 Notes") and the related guarantees. The ABL Revolving Credit Facility has a maturity date of May 19, 2027 (with a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), 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 five are denominated in Euros totaling €37.0 million and one denominated in Chinese Yuan totaling ¥30.0 million. Total U.S. dollar availability as of March 31, 2024 for the six overdraft facilities is $44.1 million, with $40.5 million outstanding.
Debt
Outstanding debt as of March 31, 2024 and December 31, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Borrowing under senior secured asset based
revolving credit facility |
|
$ |
74.0 |
|
|
$ |
60.0 |
|
Senior secured second lien notes due 2026 |
|
|
300.0 |
|
|
|
300.0 |
|
Other debt |
|
|
42.7 |
|
|
|
13.7 |
|
Deferred financing costs |
|
|
(1.5 |
) |
|
|
(1.6 |
) |
Total debt |
|
|
415.2 |
|
|
|
372.1 |
|
Short-term borrowings and current portion of long-term
debt |
|
|
(42.5 |
) |
|
|
(13.4 |
) |
Long-term debt |
|
$ |
372.7 |
|
|
$ |
358.7 |
|
Both the ABL Revolving Credit Facility and 2026 Notes include customary covenants and events of default. Refer to Note 10, “Debt,” to the Condensed Consolidated Financial Statements for additional discussions of the covenants for the ABL Revolving Credit Facility and the 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. From time to time, the Company seeks to opportunistically raise capital in the debt capital markets and bank credit markets.
Non-GAAP Measures
The Company uses EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC 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. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results 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.
Adjusted ROIC
Adjusted ROIC measures how efficiently the Company uses invested capital in its operations. Adjusted ROIC is not a measure defined by GAAP and the Company’s methodology for determining Adjusted ROIC may vary from the methodology used by
other companies. Management and the Board of Directors use Adjusted ROIC as a measure to assess operational performance and capital allocation. The Company believes this information is useful to investors as it provides a measure of value creation as a percentage of capital invested.
Adjusted ROIC is determined by dividing adjusted net operating profit after tax (“Adjusted NOPAT”) for the trailing twelve-months ended by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets and the addback or subtraction of restructuring expenses, certain other non-recurring items - net and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets/liabilities - net plus short-term and long-term debt. Income taxes are defined as income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC as of March 31, 2024 was 9.5%. Below is the calculation of Adjusted ROIC as of March 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
Trailing Twelve Months |
|
Operating income |
|
$ |
15.2 |
|
|
$ |
9.8 |
|
|
$ |
18.0 |
|
|
$ |
34.4 |
|
|
$ |
77.4 |
|
Amortization of intangible assets |
|
|
0.7 |
|
|
|
0.8 |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
2.9 |
|
Restructuring expense |
|
|
0.6 |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
|
0.3 |
|
|
|
1.9 |
|
Other non-recurring items - net1 |
|
|
0.1 |
|
|
|
10.8 |
|
|
|
0.2 |
|
|
|
10.8 |
|
|
|
21.9 |
|
Adjusted operating income |
|
|
16.6 |
|
|
|
21.7 |
|
|
|
19.6 |
|
|
|
46.2 |
|
|
|
104.1 |
|
Provision for income taxes |
|
|
(2.5 |
) |
|
|
(3.3 |
) |
|
|
(2.9 |
) |
|
|
(6.9 |
) |
|
|
(15.6 |
) |
Adjusted NOPAT |
|
$ |
14.1 |
|
|
$ |
18.4 |
|
|
$ |
16.7 |
|
|
$ |
39.3 |
|
|
$ |
88.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
5-Quarter Average |
|
Total assets |
|
$ |
1,780.6 |
|
|
$ |
1,706.7 |
|
|
$ |
1,692.2 |
|
|
$ |
1,701.1 |
|
|
$ |
1,691.1 |
|
|
|
1,714.3 |
|
Total liabilities |
|
|
(1,184.6 |
) |
|
|
(1,103.4 |
) |
|
|
(1,119.2 |
) |
|
|
(1,121.7 |
) |
|
|
(1,138.3 |
) |
|
|
(1,133.4 |
) |
Net total assets |
|
|
596.0 |
|
|
|
603.3 |
|
|
|
573.0 |
|
|
|
579.4 |
|
|
|
552.8 |
|
|
|
580.9 |
|
Cash and cash equivalents |
|
|
(31.5 |
) |
|
|
(34.4 |
) |
|
|
(40.0 |
) |
|
|
(25.9 |
) |
|
|
(56.5 |
) |
|
|
(37.7 |
) |
Short-term borrowings and current portion of long-term debt |
|
|
42.5 |
|
|
|
13.4 |
|
|
|
30.3 |
|
|
|
6.7 |
|
|
|
7.9 |
|
|
|
20.2 |
|
Long-term debt |
|
|
372.7 |
|
|
|
358.7 |
|
|
|
368.5 |
|
|
|
380.7 |
|
|
|
369.5 |
|
|
|
370.0 |
|
Income tax (assets) liabilities - net |
|
|
(3.4 |
) |
|
|
(2.6 |
) |
|
|
(4.3 |
) |
|
|
(2.1 |
) |
|
|
6.3 |
|
|
|
(1.2 |
) |
Invested capital |
|
$ |
976.3 |
|
|
$ |
938.4 |
|
|
$ |
927.5 |
|
|
$ |
938.8 |
|
|
$ |
880.0 |
|
|
$ |
932.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted ROIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.5 |
% |
(1) Other non-recurring items - net for the three months ended March 31, 2024 relate to $0.1 million of one-time costs. Other non-recurring items – net for the trailing twelve months relate to $21.2 million of costs associated with a legal matter with the U.S. EPA and $0.7 million of one-time costs. Refer to the Company’s previously filed Form 10-K and Form 10-Qs for a description of other non-recurring items - net for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023.
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other income (expense) - net, and certain other non-recurring items.
The reconciliation of net income to EBITDA, and further to adjusted EBITDA for the three months ended March 31, 2024 and 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
Trailing Twelve |
|
|
2024 |
|
|
2023 |
|
|
Months |
|
Net income |
$ |
4.5 |
|
|
$ |
16.5 |
|
|
$ |
27.2 |
|
Interest expense and amortization of deferred
financing fees |
|
9.5 |
|
|
|
8.4 |
|
|
|
36.3 |
|
Provision for income taxes |
|
1.9 |
|
|
|
4.2 |
|
|
|
2.7 |
|
Depreciation expense |
|
14.7 |
|
|
|
13.9 |
|
|
|
57.4 |
|
Amortization of intangible assets |
|
0.7 |
|
|
|
1.0 |
|
|
|
2.9 |
|
EBITDA |
|
31.3 |
|
|
|
44.0 |
|
|
|
126.5 |
|
Restructuring expense |
|
0.6 |
|
|
|
— |
|
|
|
1.9 |
|
Other non-recurring items - net (1) |
|
0.1 |
|
|
|
— |
|
|
|
21.9 |
|
Other (income) expense - net (2) |
|
(0.7 |
) |
|
|
1.1 |
|
|
|
11.2 |
|
Adjusted EBITDA |
$ |
31.3 |
|
|
$ |
45.1 |
|
|
$ |
161.5 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin percentage |
|
6.3 |
% |
|
|
8.9 |
% |
|
|
7.3 |
% |
(1)Other non-recurring items - net for the three months ended March 31, 2024 relate to $0.1 million of one-time costs. Other non-recurring items - net for the trailing twelve months relate to $21.2 million of costs associated with a legal matter with the U.S. EPA and $0.7 million of one-time costs.
(2)Other (income) expense - net includes net foreign currency gains (losses), other components of net periodic pension costs, and other items in the three and trailing twelve months ended March 31, 2024 and the three months ended March 31, 2023. Other (income) expense – net for the trailing twelve months includes a $9.3 million write-off of non-cash foreign currency translation adjustments from the curtailment of operations in Russia.
Free Cash Flows
Free cash flows is defined as net cash provided by (used for) operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net cash provided by (used for) operating activities |
|
$ |
(30.6 |
) |
|
$ |
15.4 |
|
Capital expenditures |
|
|
(12.2 |
) |
|
|
(10.6 |
) |
Free cash flows |
|
$ |
(42.8 |
) |
|
$ |
4.8 |
|
Critical Accounting Policies
The Company’s critical accounting policies have not materially changed since the 2023 Annual Report on 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, 2023 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 2023 Annual Report on 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, 2023.
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.
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, 2023, which was filed with the Securities and Exchange Commission on February 23, 2024.
Item 5. Other Information
(c) During the three months ended March 31, 2024, no director or Section 16 officer of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K.
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 |
|
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 |
|
X |
(1) |
|
|
|
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101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
|
X |
(1) |
|
|
|
|
|
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101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
X |
(1) |
|
|
|
|
|
|
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
X |
(1) |
|
|
|
|
|
|
101.LAB |
|
Inline XBRL Taxonomy Extension Labels Linkbase Document |
|
X |
(1) |
|
|
|
|
|
|
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
X |
(1) |
|
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|
X |
(1) |
|
|
|
|
|
|
(1) Filed Herewith
(2) Furnished Herewith
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: May 8, 2024 |
The Manitowoc Company, Inc. |
|
(Registrant) |
|
|
|
|
|
/s/ Aaron H. Ravenscroft |
|
Aaron H. Ravenscroft |
|
President and Chief Executive Officer |
|
(Principal Executive Officer and Director) |
|
|
|
/s/ Brian P. Regan |
|
Brian P. Regan |
|
Executive Vice President and Chief Financial Officer |
|
(Principal Financial Officer) |
|
|
|
/s/ Ryan M. Palmer |
|
Ryan M. Palmer |
|
Vice President, Corporate Controller and Principal Accounting Officer |
|
(Principal Accounting Officer) |
Exhibit 31
Certification of Principle 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: May 8, 2024
|
/s/ Aaron H. Ravenscroft |
Aaron H. Ravenscroft |
President and Chief Executive Officer |
Certification of Principle Financial Officer
I, Brian P. Regan, 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: May 8, 2024
|
/s/ Brian P. Regan |
Brian P. Regan |
Executive Vice President and Chief Financial Officer |
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 March 31, 2024, 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 |
May 8, 2024 |
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.
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 March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian P. Regan, 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/ Brian P. Regan |
Brian P. Regan |
Executive Vice President and Chief Financial Officer |
May 8, 2024 |
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.
v3.24.1.u1
Document and Entity Information
|
3 Months Ended |
|
Mar. 31, 2024
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 |
Mar. 31, 2024
|
| Document Fiscal Year Focus |
2024
|
| Amendment Flag |
false
|
| Current Fiscal Year End Date |
--12-31
|
| Entity Current Reporting Status |
Yes
|
| Entity Filer Category |
Accelerated Filer
|
| Entity Small Business |
false
|
| Entity Emerging Growth Company |
false
|
| Entity Shell Company |
false
|
| Entity Shares Outstanding |
35,540,950
|
| Document Fiscal Period Focus |
Q1
|
| 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, $.01 Par Value
|
| Security Exchange Name |
NYSE
|
| Entity Interactive Data Current |
Yes
|
| Document Quarterly Report |
true
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v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Income Statement [Abstract] |
|
|
| Net sales |
$ 495.1
|
$ 508.3
|
| Cost of sales |
402.6
|
402.0
|
| Gross profit |
92.5
|
106.3
|
| Operating costs and expenses: |
|
|
| Engineering, selling and administrative expenses |
76.0
|
75.1
|
| Amortization of intangible assets |
0.7
|
1.0
|
| Restructuring expense |
0.6
|
0.0
|
| Total operating costs and expenses |
77.3
|
76.1
|
| Operating income |
15.2
|
30.2
|
| Other income (expense): |
|
|
| Interest expense |
(9.2)
|
(8.1)
|
| Amortization of deferred financing fees |
(0.3)
|
(0.3)
|
| Other income (expense) - net |
0.7
|
(1.1)
|
| Total other expense |
(8.8)
|
(9.5)
|
| Income before income taxes |
6.4
|
20.7
|
| Provision for income taxes |
1.9
|
4.2
|
| Net income |
$ 4.5
|
$ 16.5
|
| Per Share Data |
|
|
| Basic net income per common share |
$ 0.13
|
$ 0.47
|
| Diluted net income per common share |
$ 0.12
|
$ 0.46
|
| Weighted average shares outstanding - basic |
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|
35,121,473
|
| Weighted average shares outstanding - diluted |
36,060,640
|
35,748,021
|
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v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Millions |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
| Net Income (Loss) |
$ 4.5
|
$ 16.5
|
| Other comprehensive income (loss), net of income tax: |
|
|
| Unrealized losses on derivatives, net of income tax provision of $0.0 and $0.0, respectively |
(1.6)
|
(3.3)
|
| Employee pension and postretirement benefit income (expense), net of income tax provision of $0.0 and $0.0, respectively |
0.1
|
(1.0)
|
| Foreign currency translation adjustments, net of income tax benefit of $0.6 and $0.2, respectively |
(11.0)
|
4.2
|
| Total other comprehensive loss, net of income tax |
(12.5)
|
(0.1)
|
| Comprehensive income (loss) |
$ (8.0)
|
$ 16.4
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 31.5
|
$ 34.4
|
| Accounts receivable, less allowances of $5.9 and $6.1, respectively |
290.3
|
278.8
|
| Inventories - net |
748.0
|
666.5
|
| Notes receivable — net |
5.7
|
6.7
|
| Other current assets |
43.9
|
46.6
|
| Total current assets |
1,119.4
|
1,033.0
|
| Property, plant and equipment — net |
357.5
|
366.1
|
| Operating lease right-of-use assets |
58.8
|
59.7
|
| Goodwill |
78.7
|
79.6
|
| Intangible assets - net |
123.3
|
125.6
|
| Other non-current assets |
42.9
|
42.7
|
| Total assets |
1,780.6
|
1,706.7
|
| Current Liabilities: |
|
|
| Accounts payable and accrued expenses |
509.4
|
457.4
|
| Customer advances |
20.3
|
19.2
|
| Short-term borrowings and current portion of long-term debt |
42.5
|
13.4
|
| Product warranties |
41.3
|
47.1
|
| Other liabilities |
18.7
|
26.2
|
| Total current liabilities |
632.2
|
563.3
|
| Non-Current Liabilities: |
|
|
| Long-term debt |
372.7
|
358.7
|
| Operating lease liabilities |
46.6
|
47.2
|
| Deferred income taxes |
7.4
|
7.5
|
| Pension obligations |
54.9
|
55.8
|
| Postretirement health and other benefit obligations |
5.4
|
5.6
|
| Long-term deferred revenue |
21.1
|
24.1
|
| Other non-current liabilities |
44.3
|
41.2
|
| Total non-current liabilities |
552.4
|
540.1
|
| Commitments and contingencies (Note 17) |
|
|
| Stockholders' Equity: |
|
|
| Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) |
0.0
|
0.0
|
| Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,540,950 and 35,094,993 shares outstanding, respectively) |
0.4
|
0.4
|
| Additional paid-in capital |
608.5
|
613.1
|
| Accumulated other comprehensive loss |
(98.9)
|
(86.4)
|
| Retained earnings |
148.0
|
143.5
|
| Treasury stock, at cost (5,253,033 and 5,698,990 shares, respectively) |
(62.0)
|
(67.3)
|
| Total stockholders' equity |
596.0
|
603.3
|
| Total liabilities and stockholders' equity |
$ 1,780.6
|
$ 1,706.7
|
| X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts Receivable, allowances (in dollars) |
$ 5.9
|
$ 6.1
|
| 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) |
35,540,950
|
35,094,993
|
| Treasury Stock, Common, Shares |
5,253,033
|
5,698,990
|
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v3.24.1.u1
Company and Basis of Presentation
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Company and Basis of Presentation |
1. Company and Basis of Presentation The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift 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. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue. The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. 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 16, “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 for the three months ended March 31, 2024 and 2023, the cash flows for the same three-month periods, and the financial position as of March 31, 2024 and December 31, 2023, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The audited balance sheet as of December 31, 2023, was derived from the audited annual financial statements. 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, 2023. 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 per share data and share amounts, are in millions throughout the tables in these notes unless otherwise indicated.
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v3.24.1.u1
Recent Accounting Changes and Pronouncements
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Accounting Standards Update and Change in Accounting Principle [Abstract] |
|
| Recent Accounting Changes and Pronouncements |
2. Recent Accounting Changes and Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures.” The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced footnote disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.
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v3.24.1.u1
Net Sales
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Net Sales |
3. Net Sales The Company defers revenue when cash payments are received in advance of satisfying the related performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three months ended March 31, 2024 and 2023.
|
|
|
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|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
19.2 |
|
|
$ |
21.9 |
|
Cash received in advance of satisfying
performance obligations |
|
|
39.1 |
|
|
|
34.4 |
|
Revenue recognized |
|
|
(37.7 |
) |
|
|
(32.4 |
) |
Currency translation |
|
|
(0.3 |
) |
|
|
0.1 |
|
Balance at end of period |
|
$ |
20.3 |
|
|
$ |
24.0 |
|
Disaggregation of the Company’s revenue sources are disclosed in Note 16, “Segments.”
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent
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v3.24.1.u1
Fair Value of Financial Instruments
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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 related to foreign currency exchange contracts ("FX Forward Contracts") and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of March 31, 2024 and December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of March 31, 2024 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.9 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.9 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
Accounts payable and
accrued expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2023 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
1.6 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.1 |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.1 |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
Accounts payable and
accrued expenses |
The fair value of the $300.0 million senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $300.2 million as of March 31, 2024 and $302.7 million as of December 31, 2023. Refer to Note 10, “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. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; 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, including any amounts outstanding under the Company’s revolving credit facility, approximate fair value, without being discounted as of March 31, 2024, due to the short-term nature of these instruments. 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. Refer to Note 5, “Derivative Financial Instruments,” for additional information. The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1.
|
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| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
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|
v3.24.1.u1
Derivative Financial Instruments
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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 income (loss) ("AOCI"). 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 forecasted transactions no longer being probable during the three months ended March 31, 2024 and 2023. The Company had FX Forward Contracts with aggregate notional amounts of $124.8 million and $140.1 million in U.S. dollar equivalent as of March 31, 2024 and December 31, 2023, respectively. The aggregate notional amount outstanding as of March 31, 2024, is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $(0.3) million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
Recognized Location |
|
2024 |
|
|
2023 |
|
Designated |
|
Cost of sales |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
Non-Designated |
|
Other income (expense) - net |
|
$ |
1.4 |
|
|
$ |
(2.3 |
) |
|
| X |
- References
+ Details
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| X |
- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//815/tableOfContent
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|
v3.24.1.u1
Inventories
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
6. Inventories The components of inventories as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Raw materials |
|
$ |
203.4 |
|
|
$ |
164.7 |
|
Work-in-process |
|
|
154.0 |
|
|
|
111.3 |
|
Finished goods |
|
|
390.6 |
|
|
|
390.5 |
|
Total Inventories |
|
$ |
748.0 |
|
|
$ |
666.5 |
|
|
| X |
- References
+ Details
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| Namespace Prefix: |
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| X |
- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent
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|
v3.24.1.u1
Property, Plant and Equipment
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property, Plant and Equipment |
7. Property, Plant, and Equipment The components of property, plant, and equipment as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Land |
|
$ |
14.7 |
|
|
$ |
14.9 |
|
Building and improvements |
|
|
199.6 |
|
|
|
201.5 |
|
Machinery, equipment, and tooling |
|
|
320.7 |
|
|
|
318.4 |
|
Furniture and fixtures |
|
|
13.3 |
|
|
|
13.8 |
|
Computer hardware and software |
|
|
134.8 |
|
|
|
135.8 |
|
Rental cranes |
|
|
199.3 |
|
|
|
201.9 |
|
Construction in progress |
|
|
6.7 |
|
|
|
7.2 |
|
Total cost |
|
|
889.1 |
|
|
|
893.5 |
|
Less: accumulated depreciation |
|
|
(531.6 |
) |
|
|
(527.4 |
) |
Property, plant, and equipment - net |
|
$ |
357.5 |
|
|
$ |
366.1 |
|
Property, plant, and equipment is depreciated over the estimated useful life of the asset using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes. Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were $5.8 million and $7.0 million, respectively. Assets Held for Sale As of March 31, 2024 and December 31, 2023, the Company had $3.5 million and $3.0 million, respectively, of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal.
|
| X |
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
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v3.24.1.u1
Goodwill and Intangible Assets
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Other Intangible Assets |
8. Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2024 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
MEAP |
|
|
Consolidated |
|
Balance as of December 31, 2023 |
|
$ |
14.4 |
|
|
$ |
65.2 |
|
|
$ |
79.6 |
|
Foreign currency impact |
|
|
— |
|
|
|
(0.9 |
) |
|
|
(0.9 |
) |
Balance as of March 31, 2024 |
|
$ |
14.4 |
|
|
$ |
64.3 |
|
|
$ |
78.7 |
|
The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
|
Net Book Value |
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
Net Book Value |
|
Americas |
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
|
$ |
14.4 |
|
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
$ |
14.4 |
|
EURAF |
|
|
82.2 |
|
|
|
(82.2 |
) |
|
|
— |
|
|
|
82.2 |
|
|
|
(82.2 |
) |
|
— |
|
MEAP |
|
|
64.3 |
|
|
|
— |
|
|
|
64.3 |
|
|
|
65.2 |
|
|
|
— |
|
|
65.2 |
|
Total |
|
$ |
327.4 |
|
|
$ |
(248.7 |
) |
|
$ |
78.7 |
|
|
$ |
328.3 |
|
|
$ |
(248.7 |
) |
$ |
79.6 |
|
The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three months ended March 31, 2024. The gross carrying amount, accumulated amortization, and net book value of the Company’s intangible assets other than goodwill as of March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
Definite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
26.4 |
|
|
$ |
(12.0 |
) |
|
$ |
14.4 |
|
|
$ |
26.5 |
|
|
$ |
(11.6 |
) |
|
$ |
14.9 |
|
Patents |
|
|
28.8 |
|
|
|
(28.4 |
) |
|
|
0.4 |
|
|
|
29.2 |
|
|
|
(28.8 |
) |
|
|
0.4 |
|
Noncompetition agreements |
|
|
4.2 |
|
|
|
(2.2 |
) |
|
|
2.0 |
|
|
|
4.2 |
|
|
|
(2.0 |
) |
|
|
2.2 |
|
Trademarks and tradenames |
|
|
2.2 |
|
|
|
(1.1 |
) |
|
|
1.1 |
|
|
|
2.2 |
|
|
|
(1.0 |
) |
|
|
1.2 |
|
Other intangibles |
|
|
0.6 |
|
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.7 |
|
|
|
(0.7 |
) |
|
|
— |
|
Total |
|
$ |
62.2 |
|
|
$ |
(44.3 |
) |
|
$ |
17.9 |
|
|
$ |
62.8 |
|
|
$ |
(44.1 |
) |
|
$ |
18.7 |
|
Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks and tradenames |
|
$ |
91.3 |
|
|
$ |
— |
|
|
$ |
91.3 |
|
|
$ |
92.6 |
|
|
$ |
— |
|
|
$ |
92.6 |
|
Distribution network |
|
|
14.1 |
|
|
|
— |
|
|
|
14.1 |
|
|
|
14.3 |
|
|
|
— |
|
|
|
14.3 |
|
Total |
|
|
105.4 |
|
|
|
— |
|
|
|
105.4 |
|
|
|
106.9 |
|
|
|
— |
|
|
|
106.9 |
|
Total intangible assets |
|
$ |
167.6 |
|
|
$ |
(44.3 |
) |
|
$ |
123.3 |
|
|
$ |
169.7 |
|
|
$ |
(44.1 |
) |
|
$ |
125.6 |
|
The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three months ended March 31, 2024. 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 determined there was no triggering event for the three months ended March 31, 2024. Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended March 31, 2024 and 2023 was $0.7 million and $1.0 million, respectively
|
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v3.24.1.u1
Accounts Payable and Accrued Expenses
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Accounts Payable and Accrued Expenses |
9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Trade accounts payable |
|
$ |
306.9 |
|
|
$ |
254.7 |
|
Employee-related expenses |
|
|
47.0 |
|
|
|
57.9 |
|
Accrued vacation |
|
|
24.7 |
|
|
|
23.7 |
|
Miscellaneous accrued expenses |
|
|
130.8 |
|
|
|
121.1 |
|
Total accounts payable and accrued expenses |
|
$ |
509.4 |
|
|
$ |
457.4 |
|
|
| X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-Publisher FASB
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v3.24.1.u1
Debt
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
10. Debt Outstanding debt as of March 31, 2024 and December 31, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Borrowings under senior secured asset-based
revolving credit facility |
|
$ |
74.0 |
|
|
$ |
60.0 |
|
Senior secured second lien notes due 2026 |
|
|
300.0 |
|
|
|
300.0 |
|
Other debt |
|
|
42.7 |
|
|
|
13.7 |
|
Deferred financing costs |
|
|
(1.5 |
) |
|
|
(1.6 |
) |
Total debt |
|
|
415.2 |
|
|
|
372.1 |
|
Short-term borrowings and current portion of long-term
debt |
|
|
(42.5 |
) |
|
|
(13.4 |
) |
Long-term debt |
|
$ |
372.7 |
|
|
$ |
358.7 |
|
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 certain 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 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. On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company’s ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”). Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. 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 |
SOFR spread |
≥ 50% of Aggregate Commitment |
0.25% |
1.25% |
< 50% of Aggregate Commitment |
0.50% |
1.50% |
As of March 31, 2024 and December 31, 2023, the Company had borrowings on the ABL Revolving Credit Facility of $74.0 million and $60.0 million, respectively. As of March 31, 2024, the spreads for SOFR and Eurodollar, and Alternative Base Rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $197.6 million, which represents revolver borrowing capacity of $275.0 million less $74.0 million of borrowings outstanding and $3.4 million of U.S. letters of credit outstanding. As of March 31, 2024, the Company had $42.7 million of other indebtedness outstanding that has a weighted-average interest rate of approximately 5.4%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements. 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 of the 2026 Notes 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 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. 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 March 31, 2024, 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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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
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-Subparagraph (b)
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-Section 50
-Paragraph 1I
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v3.24.1.u1
Accounts Receivable Factoring
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Transfers and Servicing [Abstract] |
|
| Accounts Receivable Factoring |
11. Accounts Receivable Factoring The Company has two non-U.S. accounts receivable financing programs with no maximum availability. Transactions under the non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification (“ASC”) Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit.
For the three months ended March 31, 2024 and 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $36.0 million. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three months ended March 31, 2024 and 2023 were immaterial.
|
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- DefinitionThe entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (b)(2)
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-Subparagraph (a)(7)
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-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)(ii)
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
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-Section 50
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-Subparagraph (a)
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-Topic 860
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-Section 50
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-Subparagraph (a)
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-Topic 860
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-Topic 860
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-Topic 860
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-Section 50
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-Subparagraph (c)
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-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2
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-Topic 860
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-Section 50
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-Subparagraph (d)
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v3.24.1.u1
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
12. Income Taxes The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized. For the three months ended March 31, 2024 and 2023, the Company recorded a provision for income taxes of $1.9 million and $4.2 million, respectively. As of March 31, 2024 and December 31, 2023, the Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million, respectively.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
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-Section 50
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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v3.24.1.u1
Net Income Per Common Share
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Income Per Share |
13. Net Income Per Common Share The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Basic weighted average common shares outstanding |
|
|
35,265,449 |
|
|
|
35,121,473 |
|
Effect of dilutive securities - equity
compensation awards |
|
|
795,191 |
|
|
|
626,548 |
|
Diluted weighted average common shares outstanding |
|
|
36,060,640 |
|
|
|
35,748,021 |
|
Equity compensation awards 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. Anti-dilutive equity instruments of 497,801 and 682,930 common shares were excluded from the computation of diluted net earnings per share for the three months ended March 31, 2024 and 2023, respectively. No cash dividends were declared or paid during the three months ended March 31, 2024 and 2023.
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-Topic 260
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-Section 50
-Paragraph 1
-Subparagraph (c)
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-Name Accounting Standards Codification
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v3.24.1.u1
Equity
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Equity |
14. 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 March 31, 2024, the Company has $35.0 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. The Company’s share repurchase program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company’s 2013 Omnibus Incentive Plan. A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedges |
|
|
Pension &
Postretirement |
|
|
Foreign Currency
Translation |
|
|
Total |
|
Balance as of December 31, 2022 |
|
$ |
5.4 |
|
|
$ |
(15.3 |
) |
|
$ |
(98.0 |
) |
|
$ |
(107.9 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
0.1 |
|
|
|
(1.7 |
) |
|
|
4.2 |
|
|
|
2.6 |
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
(3.4 |
) |
|
|
0.7 |
|
|
|
— |
|
|
|
(2.7 |
) |
Net other comprehensive income (loss) |
|
|
(3.3 |
) |
|
|
(1.0 |
) |
|
|
4.2 |
|
|
|
(0.1 |
) |
Balance as of March 31, 2023 |
|
$ |
2.1 |
|
|
$ |
(16.3 |
) |
|
$ |
(93.8 |
) |
|
$ |
(108.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
$ |
1.3 |
|
|
$ |
(10.3 |
) |
|
$ |
(77.4 |
) |
|
$ |
(86.4 |
) |
Other comprehensive loss before
reclassifications |
|
|
(2.5 |
) |
|
|
— |
|
|
|
(11.0 |
) |
|
|
(13.5 |
) |
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
1.0 |
|
Net other comprehensive income (loss) |
|
|
(1.6 |
) |
|
|
0.1 |
|
|
|
(11.0 |
) |
|
|
(12.5 |
) |
Balance as of March 31, 2024 |
|
$ |
(0.3 |
) |
|
$ |
(10.2 |
) |
|
$ |
(88.4 |
) |
|
$ |
(98.9 |
) |
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss |
|
|
|
|
|
Three Months Ended March 31,
2024 |
|
|
Three Months Ended March 31,
2023 |
|
|
Recognized
Location |
Gains (losses) on cash flow hedges |
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
Cost of sales |
Total before income taxes |
|
|
(0.9 |
) |
|
|
3.4 |
|
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
|
Amortization of pension and
postretirement items |
|
|
|
|
|
|
|
|
Actuarial losses |
|
$ |
(0.1 |
) |
|
$ |
(1.0 |
) |
(a) |
Other income (expense) - net |
Amortization of prior service cost |
|
|
— |
|
|
|
0.3 |
|
(a) |
Other income (expense) - net |
Total before income taxes |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.1 |
) |
|
$ |
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period,
net of income taxes |
|
$ |
(1.0 |
) |
|
$ |
2.7 |
|
|
|
(a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details) |
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-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 6
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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-URI https://asc.fasb.org//505/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 14
-Subparagraph (c)
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-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
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v3.24.1.u1
Stock-Based Compensation
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-Based Compensation |
15. 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 2024 is included in the Company’s 2023 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 is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of March 31, 2024 is 2,338,858 shares. Stock-based compensation expense was $3.7 million for the three months ended March 31, 2024 and $3.1 million for the three months ended March 31, 2023. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to the retirement, death or disability provisions of the 2013 Omnibus Incentive Plan. The Company granted 443,019 and 478,411 restricted stock units inclusive of 78,894 and 77,576 director awards during the three months ended March 31, 2024 and 2023, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date. A total of 365,174 and 233,409 performance shares units were granted by the Company to employees during the three months ended March 31, 2024 and 2023, respectively. Performance share units 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 share units granted in 2024 are weighted 60% on the 3-year average of the Company’s adjusted return on invested capital ("Adjusted ROIC") percentage from 2024 to 2026 and 40% on cumulative non-new machine sales from January 1, 2024 through December 31, 2026. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2024 performance share units include a +/-20% modifier weighted 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 share units granted in 2023 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40% on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The 2023 performance share units include a +/-20% modifier weighted 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.
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-Subparagraph (h)(2)
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v3.24.1.u1
Segments
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segments |
16. 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 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 expense, 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 CODM does not evaluate performance of the reportable segments based on total assets. The following table shows information by reportable segment for the three months ended March 31, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net Sales |
|
|
|
|
|
|
Americas |
|
$ |
283.2 |
|
|
$ |
264.4 |
|
EURAF |
|
|
143.0 |
|
|
|
178.2 |
|
MEAP |
|
|
68.9 |
|
|
|
65.7 |
|
Total |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
Segment Operating Income (Loss) |
|
|
|
|
|
|
Americas |
|
$ |
29.5 |
|
|
$ |
28.5 |
|
EURAF |
|
|
(11.8 |
) |
|
|
3.6 |
|
MEAP |
|
|
8.2 |
|
|
|
8.6 |
|
Total |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Depreciation |
|
|
|
|
|
|
Americas |
|
$ |
7.3 |
|
|
$ |
7.2 |
|
EURAF |
|
|
5.9 |
|
|
|
5.4 |
|
MEAP |
|
|
0.8 |
|
|
|
0.6 |
|
Corporate |
|
|
0.7 |
|
|
|
0.7 |
|
Total |
|
$ |
14.7 |
|
|
$ |
13.9 |
|
Capital Expenditures |
|
|
|
|
|
|
Americas |
|
$ |
4.2 |
|
|
$ |
4.4 |
|
EURAF |
|
|
7.2 |
|
|
|
4.7 |
|
MEAP |
|
|
0.8 |
|
|
|
1.5 |
|
Corporate |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
12.2 |
|
|
$ |
10.6 |
|
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Segment operating income |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Unallocated corporate expenses |
|
|
(10.7 |
) |
|
|
(10.4 |
) |
Unallocated restructuring expense |
|
|
— |
|
|
|
(0.1 |
) |
Total operating income |
|
$ |
15.2 |
|
|
$ |
30.2 |
|
Net sales by geographic area for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
249.2 |
|
|
$ |
213.8 |
|
Europe |
|
|
138.2 |
|
|
|
174.4 |
|
Other |
|
|
107.7 |
|
|
|
120.1 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
New machine and non-new machine sales for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
New machine sales |
|
$ |
349.9 |
|
|
$ |
357.3 |
|
Non-new machine sales |
|
|
145.2 |
|
|
|
151.0 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
17. Commitments and Contingencies The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. As of March 31, 2024, 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 have varied over the last 10 years. As of March 31, 2024, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America. As of March 31, 2024, current and long-term product liability reserves were $4.1 million and $5.8 million, respectively. As of December 31, 2023, current and long-term product liability reserves were $11.4 million and $5.1 million, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of March 31, 2024 and December 31, 2023, the Company had $0.5 million and $3.9 million, respectively, of estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets. Reserves for product-related lawsuits 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 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. As of March 31, 2024 and December 31, 2023, the Company had reserves of $52.6 million and $56.8 million, respectively, for warranty and other related 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 matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. Refer to Note 18, “Guarantees,” for further information. It is reasonably possible that the estimates for warranty and other related claims, product liability, 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. The ultimate resolution of these matters, 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. In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters. Based on management's current assessment of the facts underlying these matters, the total recorded estimated liability in accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets was $36.1 million as of March 31, 2024 and December 31, 2023. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows.
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v3.24.1.u1
Guarantees
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Guarantees [Abstract] |
|
| Guarantees |
18. 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 ASC 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 March 31, 2024 and December 31, 2023 was $30.4 million and $32.2 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of March 31, 2024 and December 31, 2023 was $40.9 million and $43.4 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 2032. The Company also has various loss guarantees with maximum liabilities of $13.5 million and $13.0 million as of March 31, 2024 and December 31, 2023, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees. 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. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the three months ended March 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
56.8 |
|
|
$ |
58.0 |
|
Adjustments to accruals for warranties |
|
|
5.3 |
|
|
|
6.6 |
|
Settlements made (in cash or in kind) during
the period |
|
|
(8.8 |
) |
|
|
(8.5 |
) |
Currency translation |
|
|
(0.7 |
) |
|
|
0.3 |
|
Balance at end of period |
|
$ |
52.6 |
|
|
$ |
56.4 |
|
The long-term portion of the warranty liability is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of March 31, 2024 and December 31, 2023 was $7.3 million and $6.1 million, respectively.
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- DefinitionThe entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Employee Benefit Plans
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Employee Benefit Plans |
19. 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. Healthcare benefits may be subject to deductibles, co-payments, and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations. The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of actuarial net (gain) loss |
|
|
0.5 |
|
|
|
— |
|
|
|
(0.4 |
) |
Net periodic benefit cost |
|
$ |
0.8 |
|
|
$ |
0.6 |
|
|
$ |
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.4 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Amortization of actuarial net loss |
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
Net periodic benefit cost |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
(0.2 |
) |
|
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-Subparagraph (r)(1)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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v3.24.1.u1
Net Sales (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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 months ended March 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
19.2 |
|
|
$ |
21.9 |
|
Cash received in advance of satisfying
performance obligations |
|
|
39.1 |
|
|
|
34.4 |
|
Revenue recognized |
|
|
(37.7 |
) |
|
|
(32.4 |
) |
Currency translation |
|
|
(0.3 |
) |
|
|
0.1 |
|
Balance at end of period |
|
$ |
20.3 |
|
|
$ |
24.0 |
|
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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v3.24.1.u1
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value |
The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts ("FX Forward Contracts") and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of March 31, 2024 and December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of March 31, 2024 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.9 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.9 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
Accounts payable and
accrued expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2023 |
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Recognized Location |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
1.6 |
|
|
Other current assets |
Deferred Compensation Plan - Program B |
|
|
8.1 |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
Other non-current assets |
Total current assets at fair value |
|
$ |
8.1 |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
Accounts payable and
accrued expenses |
|
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| X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
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v3.24.1.u1
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E
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| X |
- DefinitionTabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
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v3.24.1.u1
Inventories (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of the components of inventories |
The components of inventories as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Raw materials |
|
$ |
203.4 |
|
|
$ |
164.7 |
|
Work-in-process |
|
|
154.0 |
|
|
|
111.3 |
|
Finished goods |
|
|
390.6 |
|
|
|
390.5 |
|
Total Inventories |
|
$ |
748.0 |
|
|
$ |
666.5 |
|
|
| X |
- References
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| X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483489/210-10-50-1
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|
v3.24.1.u1
Property, Plant and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Components of Property, Plant and Equipment |
The components of property, plant, and equipment as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31,
2024 |
|
|
December 31,
2023 |
|
Land |
|
$ |
14.7 |
|
|
$ |
14.9 |
|
Building and improvements |
|
|
199.6 |
|
|
|
201.5 |
|
Machinery, equipment, and tooling |
|
|
320.7 |
|
|
|
318.4 |
|
Furniture and fixtures |
|
|
13.3 |
|
|
|
13.8 |
|
Computer hardware and software |
|
|
134.8 |
|
|
|
135.8 |
|
Rental cranes |
|
|
199.3 |
|
|
|
201.9 |
|
Construction in progress |
|
|
6.7 |
|
|
|
7.2 |
|
Total cost |
|
|
889.1 |
|
|
|
893.5 |
|
Less: accumulated depreciation |
|
|
(531.6 |
) |
|
|
(527.4 |
) |
Property, plant, and equipment - net |
|
$ |
357.5 |
|
|
$ |
366.1 |
|
|
| X |
- References
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| X |
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
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v3.24.1.u1
Goodwill and Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Changes in goodwill by reportable segment |
The changes in the carrying amount of goodwill for the three months ended March 31, 2024 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
MEAP |
|
|
Consolidated |
|
Balance as of December 31, 2023 |
|
$ |
14.4 |
|
|
$ |
65.2 |
|
|
$ |
79.6 |
|
Foreign currency impact |
|
|
— |
|
|
|
(0.9 |
) |
|
|
(0.9 |
) |
Balance as of March 31, 2024 |
|
$ |
14.4 |
|
|
$ |
64.3 |
|
|
$ |
78.7 |
|
|
| Schedule of Goodwill Balances by Reporting Unit |
The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
|
Net Book Value |
|
|
Gross Carrying Amount |
|
|
Accumulated Impairment Amount |
|
Net Book Value |
|
Americas |
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
|
$ |
14.4 |
|
|
$ |
180.9 |
|
|
$ |
(166.5 |
) |
$ |
14.4 |
|
EURAF |
|
|
82.2 |
|
|
|
(82.2 |
) |
|
|
— |
|
|
|
82.2 |
|
|
|
(82.2 |
) |
|
— |
|
MEAP |
|
|
64.3 |
|
|
|
— |
|
|
|
64.3 |
|
|
|
65.2 |
|
|
|
— |
|
|
65.2 |
|
Total |
|
$ |
327.4 |
|
|
$ |
(248.7 |
) |
|
$ |
78.7 |
|
|
$ |
328.3 |
|
|
$ |
(248.7 |
) |
$ |
79.6 |
|
|
| 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 March 31, 2024 and December 31, 2023, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization
Amount |
|
|
Net
Book
Value |
|
Definite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
26.4 |
|
|
$ |
(12.0 |
) |
|
$ |
14.4 |
|
|
$ |
26.5 |
|
|
$ |
(11.6 |
) |
|
$ |
14.9 |
|
Patents |
|
|
28.8 |
|
|
|
(28.4 |
) |
|
|
0.4 |
|
|
|
29.2 |
|
|
|
(28.8 |
) |
|
|
0.4 |
|
Noncompetition agreements |
|
|
4.2 |
|
|
|
(2.2 |
) |
|
|
2.0 |
|
|
|
4.2 |
|
|
|
(2.0 |
) |
|
|
2.2 |
|
Trademarks and tradenames |
|
|
2.2 |
|
|
|
(1.1 |
) |
|
|
1.1 |
|
|
|
2.2 |
|
|
|
(1.0 |
) |
|
|
1.2 |
|
Other intangibles |
|
|
0.6 |
|
|
|
(0.6 |
) |
|
|
— |
|
|
|
0.7 |
|
|
|
(0.7 |
) |
|
|
— |
|
Total |
|
$ |
62.2 |
|
|
$ |
(44.3 |
) |
|
$ |
17.9 |
|
|
$ |
62.8 |
|
|
$ |
(44.1 |
) |
|
$ |
18.7 |
|
Indefinite-lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks and tradenames |
|
$ |
91.3 |
|
|
$ |
— |
|
|
$ |
91.3 |
|
|
$ |
92.6 |
|
|
$ |
— |
|
|
$ |
92.6 |
|
Distribution network |
|
|
14.1 |
|
|
|
— |
|
|
|
14.1 |
|
|
|
14.3 |
|
|
|
— |
|
|
|
14.3 |
|
Total |
|
|
105.4 |
|
|
|
— |
|
|
|
105.4 |
|
|
|
106.9 |
|
|
|
— |
|
|
|
106.9 |
|
Total intangible assets |
|
$ |
167.6 |
|
|
$ |
(44.3 |
) |
|
$ |
123.3 |
|
|
$ |
169.7 |
|
|
$ |
(44.1 |
) |
|
$ |
125.6 |
|
|
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- DefinitionTabular disclosure of indefinite-lived and finite-lived intangibles assets, in total and by major class, including the gross carrying amount and accumulated amortization. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.
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| X |
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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v3.24.1.u1
Accounts Payable and Accrued Expenses (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Payables and Accruals [Abstract] |
|
| Schedule of accounts payable and accrued expenses |
Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
Trade accounts payable |
|
$ |
306.9 |
|
|
$ |
254.7 |
|
Employee-related expenses |
|
|
47.0 |
|
|
|
57.9 |
|
Accrued vacation |
|
|
24.7 |
|
|
|
23.7 |
|
Miscellaneous accrued expenses |
|
|
130.8 |
|
|
|
121.1 |
|
Total accounts payable and accrued expenses |
|
$ |
509.4 |
|
|
$ |
457.4 |
|
|
| X |
- References
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- DefinitionTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.
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v3.24.1.u1
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- DefinitionSchedule of revolving credit facility bear interest at variable rate based upon average quarterly availability.
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| X |
- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7
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v3.24.1.u1
Net Income Per Common Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share |
The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Basic weighted average common shares outstanding |
|
|
35,265,449 |
|
|
|
35,121,473 |
|
Effect of dilutive securities - equity
compensation awards |
|
|
795,191 |
|
|
|
626,548 |
|
Diluted weighted average common shares outstanding |
|
|
36,060,640 |
|
|
|
35,748,021 |
|
|
| X |
- References
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
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v3.24.1.u1
Equity (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Components of Accumulated Other Comprehensive Income (Loss) |
A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedges |
|
|
Pension &
Postretirement |
|
|
Foreign Currency
Translation |
|
|
Total |
|
Balance as of December 31, 2022 |
|
$ |
5.4 |
|
|
$ |
(15.3 |
) |
|
$ |
(98.0 |
) |
|
$ |
(107.9 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
0.1 |
|
|
|
(1.7 |
) |
|
|
4.2 |
|
|
|
2.6 |
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
(3.4 |
) |
|
|
0.7 |
|
|
|
— |
|
|
|
(2.7 |
) |
Net other comprehensive income (loss) |
|
|
(3.3 |
) |
|
|
(1.0 |
) |
|
|
4.2 |
|
|
|
(0.1 |
) |
Balance as of March 31, 2023 |
|
$ |
2.1 |
|
|
$ |
(16.3 |
) |
|
$ |
(93.8 |
) |
|
$ |
(108.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
$ |
1.3 |
|
|
$ |
(10.3 |
) |
|
$ |
(77.4 |
) |
|
$ |
(86.4 |
) |
Other comprehensive loss before
reclassifications |
|
|
(2.5 |
) |
|
|
— |
|
|
|
(11.0 |
) |
|
|
(13.5 |
) |
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
|
0.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
1.0 |
|
Net other comprehensive income (loss) |
|
|
(1.6 |
) |
|
|
0.1 |
|
|
|
(11.0 |
) |
|
|
(12.5 |
) |
Balance as of March 31, 2024 |
|
$ |
(0.3 |
) |
|
$ |
(10.2 |
) |
|
$ |
(88.4 |
) |
|
$ |
(98.9 |
) |
|
| 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 months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss |
|
|
|
|
|
Three Months Ended March 31,
2024 |
|
|
Three Months Ended March 31,
2023 |
|
|
Recognized
Location |
Gains (losses) on cash flow hedges |
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
Cost of sales |
Total before income taxes |
|
|
(0.9 |
) |
|
|
3.4 |
|
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.9 |
) |
|
$ |
3.4 |
|
|
|
Amortization of pension and
postretirement items |
|
|
|
|
|
|
|
|
Actuarial losses |
|
$ |
(0.1 |
) |
|
$ |
(1.0 |
) |
(a) |
Other income (expense) - net |
Amortization of prior service cost |
|
|
— |
|
|
|
0.3 |
|
(a) |
Other income (expense) - net |
Total before income taxes |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(0.1 |
) |
|
$ |
(0.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period,
net of income taxes |
|
$ |
(1.0 |
) |
|
$ |
2.7 |
|
|
|
(a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details)
|
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
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|
v3.24.1.u1
Segments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Information by Reportable Segment |
The following table shows information by reportable segment for the three months ended March 31, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net Sales |
|
|
|
|
|
|
Americas |
|
$ |
283.2 |
|
|
$ |
264.4 |
|
EURAF |
|
|
143.0 |
|
|
|
178.2 |
|
MEAP |
|
|
68.9 |
|
|
|
65.7 |
|
Total |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
Segment Operating Income (Loss) |
|
|
|
|
|
|
Americas |
|
$ |
29.5 |
|
|
$ |
28.5 |
|
EURAF |
|
|
(11.8 |
) |
|
|
3.6 |
|
MEAP |
|
|
8.2 |
|
|
|
8.6 |
|
Total |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Depreciation |
|
|
|
|
|
|
Americas |
|
$ |
7.3 |
|
|
$ |
7.2 |
|
EURAF |
|
|
5.9 |
|
|
|
5.4 |
|
MEAP |
|
|
0.8 |
|
|
|
0.6 |
|
Corporate |
|
|
0.7 |
|
|
|
0.7 |
|
Total |
|
$ |
14.7 |
|
|
$ |
13.9 |
|
Capital Expenditures |
|
|
|
|
|
|
Americas |
|
$ |
4.2 |
|
|
$ |
4.4 |
|
EURAF |
|
|
7.2 |
|
|
|
4.7 |
|
MEAP |
|
|
0.8 |
|
|
|
1.5 |
|
Corporate |
|
|
— |
|
|
|
— |
|
Total |
|
$ |
12.2 |
|
|
$ |
10.6 |
|
|
| 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 Statements of Operations for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Segment operating income |
|
$ |
25.9 |
|
|
$ |
40.7 |
|
Unallocated corporate expenses |
|
|
(10.7 |
) |
|
|
(10.4 |
) |
Unallocated restructuring expense |
|
|
— |
|
|
|
(0.1 |
) |
Total operating income |
|
$ |
15.2 |
|
|
$ |
30.2 |
|
|
| Schedule of Net Sales by Geographic Area |
Net sales by geographic area for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
249.2 |
|
|
$ |
213.8 |
|
Europe |
|
|
138.2 |
|
|
|
174.4 |
|
Other |
|
|
107.7 |
|
|
|
120.1 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
|
| Schedule of Net Sales By Product |
New machine and non-new machine sales for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
New machine sales |
|
$ |
349.9 |
|
|
$ |
357.3 |
|
Non-new machine sales |
|
|
145.2 |
|
|
|
151.0 |
|
Total net sales |
|
$ |
495.1 |
|
|
$ |
508.3 |
|
|
| X |
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-Publisher FASB
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- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
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-Name Accounting Standards Codification
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v3.24.1.u1
Guarantees (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Guarantees [Abstract] |
|
| Summary of Warranty Activity |
Below is a table summarizing the warranty and other warranty related work for the three months ended March 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2024 |
|
|
2023 |
|
Balance at beginning of period |
|
$ |
56.8 |
|
|
$ |
58.0 |
|
Adjustments to accruals for warranties |
|
|
5.3 |
|
|
|
6.6 |
|
Settlements made (in cash or in kind) during
the period |
|
|
(8.8 |
) |
|
|
(8.5 |
) |
Currency translation |
|
|
(0.7 |
) |
|
|
0.3 |
|
Balance at end of period |
|
$ |
52.6 |
|
|
$ |
56.4 |
|
|
| X |
- References
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-Topic 460
-SubTopic 10
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-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
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|
v3.24.1.u1
Employee Benefit Plans (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of components of net periodic benefit costs |
The components of net periodic benefit cost for the three months ended March 31, 2024 and 2023 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.3 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of actuarial net (gain) loss |
|
|
0.5 |
|
|
|
— |
|
|
|
(0.4 |
) |
Net periodic benefit cost |
|
$ |
0.8 |
|
|
$ |
0.6 |
|
|
$ |
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
Postretirement |
|
|
|
U.S. |
|
|
Non-U.S. |
|
|
Health and |
|
|
|
Pension |
|
|
Pension |
|
|
Other |
|
|
|
Plan |
|
|
Plans |
|
|
Plans |
|
Service cost - benefits earned during the period |
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
— |
|
Interest cost of projected benefit obligations |
|
|
1.4 |
|
|
|
0.7 |
|
|
|
0.1 |
|
Expected return on plan assets |
|
|
(1.0 |
) |
|
|
(0.4 |
) |
|
|
— |
|
Amortization of prior service cost |
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Amortization of actuarial net loss |
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
Net periodic benefit cost |
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
(0.2 |
) |
|
| X |
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-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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v3.24.1.u1
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- DefinitionPeriod of providing high-quality, customer-focused products and support services.
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| X |
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-Topic 280
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-Section 50
-Paragraph 18
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| X |
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-Topic 606
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
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-Topic 606
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-Section 45
-Paragraph 2
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-Topic 606
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-Section 50
-Paragraph 8
-Subparagraph (b)
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v3.24.1.u1
Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair Value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - USD ($)
$ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
$ 9.2
|
$ 9.7
|
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] |
Other Assets, Current
|
Other Assets, Current
|
| Level 1 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
$ 8.9
|
$ 8.1
|
| Level 2 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.3
|
1.6
|
| Level 3 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.0
|
0.0
|
| Foreign Currency Exchange Contracts |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.3
|
1.6
|
| Derivative liabilities, current |
1.1
|
0.6
|
| Foreign Currency Exchange Contracts | Level 1 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.0
|
0.0
|
| Derivative liabilities, current |
0.0
|
0.0
|
| Foreign Currency Exchange Contracts | Level 2 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.3
|
1.6
|
| Derivative liabilities, current |
1.1
|
0.6
|
| Foreign Currency Exchange Contracts | Level 3 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.0
|
0.0
|
| Derivative liabilities, current |
0.0
|
0.0
|
| Deferred Compensation Plan - Program B |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
8.9
|
8.1
|
| Deferred Compensation Plan - Program B | Level 1 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
8.9
|
8.1
|
| Deferred Compensation Plan - Program B | Level 2 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
0.0
|
0.0
|
| Deferred Compensation Plan - Program B | Level 3 |
|
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] |
|
|
| Derivatives assets, current |
$ 0.0
|
$ 0.0
|
| X |
- DefinitionIndicates line item in statement of financial position that includes derivative asset classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Subparagraph (a)
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-Topic 820
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| X |
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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v3.24.1.u1
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($)
$ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Property, Plant and Equipment |
|
|
| Total cost |
$ 889.1
|
$ 893.5
|
| Less accumulated depreciation |
(531.6)
|
(527.4)
|
| Property, plant and equipment — net |
357.5
|
366.1
|
| Land |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
14.7
|
14.9
|
| Building and Improvements |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
199.6
|
201.5
|
| Machinery, Equipment, and Tooling |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
320.7
|
318.4
|
| Furniture and Fixtures |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
13.3
|
13.8
|
| Computer Hardware and Software |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
134.8
|
135.8
|
| Rental cranes |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
199.3
|
201.9
|
| Construction in Progress |
|
|
| Property, Plant and Equipment |
|
|
| Total cost |
$ 6.7
|
$ 7.2
|
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v3.24.1.u1
Goodwill and Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($)
$ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Intangible asset balances by major asset class |
|
|
| Intangible assets, gross (excluding goodwill) |
$ 167.6
|
$ 169.7
|
| Finite-lived intangible assets, amortization amount |
(44.3)
|
(44.1)
|
| Intangible assets, book value |
123.3
|
125.6
|
| Indefinite-lived Intangible Assets |
|
|
| Intangible asset balances by major asset class |
|
|
| Intangible assets, gross (excluding goodwill) |
105.4
|
106.9
|
| Finite-lived intangible assets, amortization amount |
0.0
|
0.0
|
| Intangible assets, book value |
105.4
|
106.9
|
| Indefinite-lived Intangible Assets | Distribution Network |
|
|
| Intangible asset balances by major asset class |
|
|
| Indefinite-lived intangible assets, book value |
14.1
|
14.3
|
| Finite-lived intangible assets, amortization amount |
0.0
|
0.0
|
| Indefinite-lived Intangible Assets | Trademarks and Tradenames |
|
|
| Intangible asset balances by major asset class |
|
|
| Indefinite-lived intangible assets, book value |
91.3
|
92.6
|
| Finite-lived intangible assets, amortization amount |
0.0
|
0.0
|
| Finite-Lived Intangible Assets |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
62.2
|
62.8
|
| Finite-lived intangible assets, amortization amount |
(44.3)
|
(44.1)
|
| Finite-lived intangible assets, book value |
17.9
|
18.7
|
| Finite-Lived Intangible Assets | Customer Relationships |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
26.4
|
26.5
|
| Finite-lived intangible assets, amortization amount |
(12.0)
|
(11.6)
|
| Finite-lived intangible assets, book value |
14.4
|
14.9
|
| Finite-Lived Intangible Assets | Patents |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
28.8
|
29.2
|
| Finite-lived intangible assets, amortization amount |
(28.4)
|
(28.8)
|
| Finite-lived intangible assets, book value |
0.4
|
0.4
|
| Finite-Lived Intangible Assets | Noncompetition Agreements |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
4.2
|
4.2
|
| Finite-lived intangible assets, amortization amount |
(2.2)
|
(2.0)
|
| Finite-lived intangible assets, book value |
2.0
|
2.2
|
| Finite-Lived Intangible Assets | Other Intangibles |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
0.6
|
0.7
|
| Finite-lived intangible assets, amortization amount |
(0.6)
|
(0.7)
|
| Finite-lived intangible assets, book value |
0.0
|
0.0
|
| Finite-Lived Intangible Assets | Trademarks and Tradenames |
|
|
| Intangible asset balances by major asset class |
|
|
| Finite-lived intangible assets, carrying amount |
2.2
|
2.2
|
| Finite-lived intangible assets, amortization amount |
(1.1)
|
(1.0)
|
| Finite-lived intangible assets, book value |
$ 1.1
|
$ 1.2
|
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Net Income Per Common Share - Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Earnings Per Share [Abstract] |
|
|
| Basic weighted average common shares outstanding (in shares) |
35,265,449
|
35,121,473
|
| Effect of dilutive securities - stock awards |
795,191
|
626,548
|
| Diluted weighted average common shares outstanding (in shares) |
36,060,640
|
35,748,021
|
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Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
| 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
|
|
| Common Stock |
|
|
| Class Of Stock [Line Items] |
|
|
| Stock repurchase program, remaining authorized amount |
$ 35.0
|
|
| Maximum | Common Stock |
|
|
| Class Of Stock [Line Items] |
|
|
| Stock repurchase program, authorized amount |
$ 35.0
|
|
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v3.24.1.u1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Stock-Based Compensation |
|
|
| Share-based compensation, remaining shares available for issuance (in shares) |
2,338,858
|
|
| Engineering, Selling and Administrative Expense |
|
|
| Stock-Based Compensation |
|
|
| Stock-based compensation expense (in dollars) |
$ 3.7
|
$ 3.1
|
| Restricted Stock Units |
|
|
| Stock-Based Compensation |
|
|
| Granted (in shares) |
443,019
|
478,411
|
| Restricted Stock Units | Director |
|
|
| Stock-Based Compensation |
|
|
| Granted (in shares) |
78,894
|
77,576
|
| Performance Shares |
|
|
| Stock-Based Compensation |
|
|
| Granted (in shares) |
365,174
|
233,409
|
| 2013 Omnibus Plan |
|
|
| Stock-Based Compensation |
|
|
| Share-based compensation, shares authorized (in shares) |
7,477,395
|
|
| Performance Shares 2024 | Performance Shares |
|
|
| Stock-Based Compensation |
|
|
| Percentage of shares paid based on total shareholder return relative to peer group (as a percent) |
60.00%
|
|
| Percentage of shares paid based on adjusted EBITDA (as a percent) |
40.00%
|
|
| Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group |
20.00%
|
|
| Performance period (in years) |
3 years
|
|
| Percentage of shares of other than options granted during the period |
200.00%
|
|
| Performance Shares 2023 | Performance Shares |
|
|
| Stock-Based Compensation |
|
|
| Percentage of shares paid based on total shareholder return relative to peer group (as a percent) |
|
60.00%
|
| Percentage of shares paid based on adjusted EBITDA (as a percent) |
|
40.00%
|
| Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group |
|
20.00%
|
| Performance period (in years) |
|
3 years
|
| Percentage of shares of other than options granted during the period |
|
200.00%
|
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