Document and Entity Information |
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Jun. 30, 2019
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Document And Entity Information [Abstract] | |
Entity Registrant Name | MANITOWOC CO INC |
Entity Central Index Key | 0000061986 |
Trading Symbol | MTW |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Shares Outstanding | 35,347,546 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 1-11978 |
Entity Tax Identification Number | 390448110 |
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 | Wisconsin |
Entity Address, Postal Zip Code | 53224 |
City Area Code | 414 |
Local Phone Number | 760-4600 |
Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Millions |
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Income Statement [Abstract] | ||||
Loss from discontinued operations, income taxes | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 46.0 | $ 9.7 | $ 19.3 | $ (0.3) |
Other comprehensive income (loss), net of income tax | ||||
Unrealized income (expense) on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively | 0.6 | (3.3) | 0.7 | (3.4) |
Employee pension and postretirement benefits, net of income tax benefit (provision) of $0.0, $(0.1), $0.0 and $0.0, respectively | 0.5 | 0.7 | 1.0 | 1.3 |
Foreign currency translation adjustments | 1.2 | (26.8) | (1.3) | (15.2) |
Total other comprehensive income (loss), net of income tax | 2.3 | (29.4) | 0.4 | (17.3) |
Comprehensive income (loss) | $ 48.3 | $ (19.7) | $ 19.7 | $ (17.6) |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions |
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized income (expense) on derivatives, net of income tax benefit | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Employee pension and post retirement benefits, net of income tax benefit (Provision) | $ 0.0 | $ (0.1) | $ 0.0 | $ 0.0 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Statement Of Financial Position [Abstract] | ||
Accounts Receivable, allowances (in dollars) | $ 10.1 | $ 10.3 |
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) | 35,347,546 | 35,588,833 |
Treasury stock (in shares) | 5,446,437 | 5,205,150 |
Accounting Policies and Basis of Presentation |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation |
1. Accounting Policies and Basis of Presentation The Manitowoc Company, Inc. (“Manitowoc,” “MTW” or the “Company”) was founded in 1902 and has over a 116-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names. The Company has three reportable segments, the Americas segment, Europe and Africa (“EURAF”) segment and Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 14, “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 and comprehensive income for the three and six months ended June 30, 2019 and 2018, the cash flows for the same six-month periods and the financial position and equity at June 30, 2019 and December 31, 2018, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2018. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, 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. During the fourth quarter of 2018, the Company identified an adjustment to the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2018. The adjustment related to the treatment of cash receipts on sold accounts receivable, whereby the Company had overstated cash flows provided by investing activities and understated cash flows used for operating activities by approximately $12.7 million. In evaluating whether the Company’s previously issued consolidated financial statements were materially misstated, the Company considered the guidance in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections” and ASC Topic 250-10-S99-1, “Assessing Materiality.” The Company determined that this error was not material to the Company’s prior period consolidated financial statements and therefore, amending the previously filed report was not required, however this adjustment has been reflected in this filing. Certain prior period amounts have been reclassified to conform to the current period presentation. All dollar amounts, except share amounts, are in millions of dollars throughout the tables in these notes unless otherwise indicated. |
Revenues |
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Revenue From Contract With Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues |
2. Revenues
The Company records deferred revenues when cash payments are received or due in advance of performance, including amounts which are refundable. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2019 and 2018.
Disaggregation of the Company’s revenue sources are disclosed in Note 14, “Segments.” |
Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
3. Inventories The components of inventories as of June 30, 2019 and December 31, 2018 are summarized as follows:
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Notes Receivable |
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Jun. 30, 2019 | |
Receivables [Abstract] | |
Notes Receivable |
4. Notes Receivable The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other long-term assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China. The Company also has a long-term note receivable balance related to the 2014 sale of Manitowoc Dong Yue. As of June 30, 2019, the Company had current and long-term notes receivable in the amount of $17.9 million and $20.8 million, respectively. As of December 31, 2018, the Company had current and long-term notes receivable in the amount of $19.4 million and $17.0 million, respectively. |
Property, Plant and Equipment |
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Property, Plant and Equipment |
5. Property, Plant and Equipment The components of property, plant and equipment at June 30, 2019 and December 31, 2018 are summarized as follows:
Assets Held for Sale
The Company has classified the Manitowoc, Wisconsin manufacturing buildings and land as held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018. The net book value of assets held for sale were $8.8 million and $12.9 million as of June 30, 2019 and December 31, 2018, respectively, and are included in other current assets on the Condensed Consolidated Balance Sheets. During the first quarter of 2019, a portion of the manufacturing site was sold which resulted in a decrease in assets held for sale.
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Goodwill and Other Intangible Assets |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets |
6. Goodwill and Other Intangible Assets The Company performs an annual impairment review during the fourth quarter of every year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no impairment indicators since the fourth quarter of 2018; therefore, no impairment review has occurred during the six months ended June 30, 2019. The changes in the carrying amount of goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are summarized as follows:
Other intangible assets with definite lives are amortized over their estimated useful lives. Definite lived intangible assets are also subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill at June 30, 2019 and December 31, 2018 are summarized as follows:
Amortization expense for the three months ended June 30, 2019 and 2018 was $0.1 million and $0.1 million, respectively. Amortization expense for the six months ended June 30, 2019 and 2018 was $0.2 million and $0.2 million, respectively.
The Company also reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset's carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC Topic 360-10-5, “Property, Plant and Equipment.” ASC Topic 360-10-5 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. Property, plant and equipment are depreciated over the estimated useful lives of the assets using the straight-line depreciation method for financial reporting and on accelerated methods for income tax purposes. |
Accounts Payable and Accrued Expenses |
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Accounts Payable and Accrued Expenses |
7. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 are summarized as follows:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
8. Debt Outstanding debt at June 30, 2019 and December 31, 2018 is summarized as follows:
On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount senior secured second lien notes due on April 1, 2026 with an annual coupon rate of 9.000% (the “2026 Notes”). Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility (as defined below) or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The 2026 Notes were sold pursuant to exemptions from registration under the Securities Act of 1933.
Additionally, on March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority bases, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.
The Company used the initial extension of credit under the ABL Revolving Credit Facility, together with the net proceeds from the offering of the 2026 Notes, to (i) redeem all of the Company’s $260.0 million in outstanding 12.750% Senior Secured Second Lien Notes due 2021 (the “Prior 2021 Notes”); (ii) repay all obligations outstanding, and terminate all commitments, under (x) the Company’s previous $225.0 million ABL Revolving Credit Facility (“Prior ABL Facility”) and (y) $75.0 million AR Securitization Facility; and (iii) pay related fees and expenses, including $16.6 million of call premium on the Prior 2021 Notes, $5.0 million of closing costs and $4.6 million of accrued interest.
During the six months ended June 30, 2019, the Company recorded a $25.0 million charge in the Condensed Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2026 Notes. The charge is composed of $16.6 million of call premium on the Prior 2021 Notes, $5.3 million of unamortized discount on the Prior 2021 Notes and $3.1 million of unamortized debt issuance costs. As of June 30, 2019, the Company had other indebtedness outstanding of $23.2 million that had a weighted-average interest rate of approximately 4.625%. This debt includes balances on local credit lines and other financing arrangements.
The Company had no borrowings on the ABL Revolving Credit Facility as of June 30, 2019 and no borrowings on the Prior ABL Facility as of December 31, 2018. During the quarter ended June 30, 2019, the highest daily borrowing under either the ABL Revolving Credit Facility or the Prior ABL Facility was $39.7 million and the average amount borrowed was $23.0 million, while the average annual interest rate was 3.982%. The interest rate of the ABL Revolving Credit Facility fluctuates based on excess availability. As of June 30, 2019, the spreads for London Interbank Offered Rate and prime rate borrowings were 1.25% and 0.00%, respectively, with excess availability of approximately $271.0 million, which represents revolver borrowing capacity of $275.0 million less U.S. letters of credit outstanding of $4.0 million. Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. 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 June 30, 2019, 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. |
Accounts Receivable Securitization and Other Factoring Arrangements |
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Transfers And Servicing [Abstract] | |
Accounts Receivable Securitization and Other Factoring Arrangements |
9. Accounts Receivable Securitization and Other Factoring Arrangements The Company had maintained a Receivables Purchase Agreement (“RPA”) among Manitowoc Funding, LLC (“MTW Funding”), as Seller, The Manitowoc Company, Inc., as Servicer, and Wells Fargo Bank, N.A., as Purchaser and as Agent, with a commitment size of $75.0 million. Under the RPA (and the related Purchase and Sale Agreements referenced in the RPA), the Company’s domestic trade accounts receivable were sold to MTW Funding which, in turn, sold, conveyed, transferred and assigned to a third-party financial institution (“Purchaser”), all of MTW Funding’s rights, title and interest in a pool of receivables to the Purchaser. Transactions under the program are accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” This program was terminated on March 25, 2019. Trade accounts receivable sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million for the three and six months ended June 30, 2019, respectively. Trade receivables sold to the Purchaser and being serviced by the Company totaled $223.4 million and $384.3 million for the three and six months ended June 30, 2018, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2019 were zero and $182.8 million, respectively. Cash proceeds received from customers related to the receivables previously sold for the three and six months ended June 30, 2018 were $179.9 million and $343.0 million, respectively. Sales of trade receivables under the program reflected as a reduction of accounts receivable in the accompanying Condensed Consolidated Balance Sheets were zero and $75.0 million as of June 30, 2019 and December 31, 2018, respectively. The proceeds received from the sale of trade receivables under the program were included in cash flows from operating activities; whereas cash collections related to the deferred purchase price were classified as cash flows from investing activities in the accompanying Condensed Consolidated Statements of Cash Flows. The Company deemed the interest rate risk related to the deferred purchase price notes to be de minimis, primarily because the average collection cycle of the related receivables is less than 60 days; and as such, the fair value of the Company’s deferred purchase price notes approximates book value. The fair value of the deferred purchase price notes recorded as of June 30, 2019 and December 31, 2018 was zero and $71.5 million, respectively, and is included in accounts receivable in the accompanying Condensed Consolidated Balance Sheets. For the six months ended June 30, 2019 and 2018 non-cash investing activities related to the increase in the deferred purchase price was zero and $263.8 million, respectively. The Company has two non-U.S. accounts receivable financing programs. Under these financing programs, the Company sold €27.0 million of receivables and received €27.0 million of cash on the sold receivables for the three and six months ended June 30, 2019. The maximum availability under these programs is €45 million. |
Income Taxes |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes |
10. Income Taxes For the three months ended June 30, 2019 and 2018, the Company recorded income tax expense of $3.9 million and income tax benefit of $1.2 million, respectively. For the six months ended June 30, 2019 and 2018, the Company recorded income tax expense of $7.2 million and $2.7 million, respectively. The increase in the Company’s tax expense for the six months ended June 30, 2019 relative to the prior year relates primarily to the discrete tax benefit of $4.8 million recorded during the prior year. The Company will continue to evaluate its valuation allowance requirements on an ongoing basis in light of changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly, and it is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s income tax provision and could have a material effect on operating results. The Company’s unrecognized tax benefits, excluding interest and penalties, were $12.9 million and $12.8 million as of June 30, 2019 and December 31, 2018, respectively. |
Earnings Per Share |
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Earnings Per Share |
11. Earnings Per Share Basic income (loss) per common share is computed as net income (loss) divided by the basic weighted average common shares outstanding of 35.6 million shares for the three and six months ended June 30, 2019 and 35.5 million and 35.4 million shares for the three and six months ended June 30, 2018, respectively. The calculation of diluted income (loss) per common share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of the amount the employee must pay upon exercise of the award and the amount of unearned stock-based compensation costs attributable to future services. Equity incentive instruments for which the 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 income per common share during periods with net income, and accordingly, the Company excludes them from the calculation. Anti-dilutive equity instruments of approximately 1,515,430 and 188,885 common shares were excluded from the computation of diluted net income per common share for the three months ended June 30, 2019 and 2018, respectively. Anti-dilutive equity instruments of approximately 1,556,298 were excluded from the computation of diluted net income per common share for the six months ended June 30, 2019. Due to the net loss incurred during the six months ended June 30, 2018, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per common share calculation for those periods. The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:
No cash dividends were paid during the three and six months ended June 30, 2019 and 2018. |
Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
12. Stockholders’ Equity
Authorized capital consists of 75 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 June 30, 2019, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2019, the Company purchased $7.4 million of the Company’s common stock under this authorization. A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
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Stock-Based Compensation |
6 Months Ended |
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Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation |
13. Stock-Based Compensation The Company’s 2013 Omnibus Incentive Plan (the “2013 Plan”) was approved by shareholders on May 7, 2013 and replaced several of the Company's incentive plans (collectively referred to as the “Prior Plans”). No new awards may be granted under the Prior Plans; however, outstanding awards under the Prior Plans will continue in force and effect pursuant to their terms. The 2013 Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”) and performance shares or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of June 30, 2019 is 4,981,582 shares. Stock-based compensation expense was $3.0 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively. Stock-based compensation expense was $6.1 million and $4.1 million for the six months ended June 30, 2019 and 2018, respectively. The Company recognizes stock-based compensation expense over the awards' vesting period. No options to acquire shares of common stock were granted to employees during the three months ended June 30, 2019. Options to acquire 24,208 shares of common stock were granted to employees during the three months ended June 30, 2018. Options to acquire 210,243 and 187,484 shares of common stock were granted to employees during the six months ended June 30, 2019 and 2018, respectively. The options granted in 2019 and 2018 become exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. During the three months ended June 30, 2019 and 2018, 2,000 and 26,710 RSUs, respectively, were issued by the Company to employees. A total of 178,371 and 57,930 RSUs were issued by the Company to employees during the six months ended June 30, 2019 and 2018, respectively. The RSUs granted to employees in 2019 vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. RSUs granted prior to 2019 vest on the third anniversary of the grant date. No performance shares were issued during the three months ended June 30, 2019. During the three months ended June 30, 2018, 15,425 performance shares were issued. A total of 228,037 and 93,298 performance shares were issued during the sixmonths ended June 30, 2019 and 2018, respectively. Performance shares are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2019 and 2018 are based on 50% on total shareholder return relative to peers during the three-year performance period and 50% on Adjusted EBITDA percentage from continuing operations in 2021 and 2020, respectively. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding. The Company did not issue any equity grants to directors during the three months ended June 30, 2019 and 2018, respectively. A total of 50,673 and 22,936 equity grants were issued to directors during the six months ended June 30, 2019 and 2018, respectively. The 2019 and 2018 equity grants vested immediately upon the grant date. |
Segments |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments |
14. Segments The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North American and South American continents. The EURAF operating segment includes the continents of Europe and Africa, excluding the Middle East region. The MEAP operating segment includes the Asia and Australian continents and the Middle East region. The CODM evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are based on the geographic region that sells the products. 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 reportable 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 reportable operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The following table shows information by reportable segment for the three and six months ended June 30, 2019 and 2018:
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
Net sales by geographic area for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
Net sales by product for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
*Other revenue consists of revenue related to CraneCare services such as training and field service work. |
Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
15. Fair Value of Financial Instruments ASC Topic 820-10, “Fair Value Measurement,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy:
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The fair value of the Company's 2026 Notes was approximately $299.9 million as of June 30, 2019. The fair value of the Company’s Prior 2021 Notes was approximately $278.1 million as of December 31, 2018. See Note 8, “Debt,” for a description of the debt instruments and their related carrying values. 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 Prior 2021 Notes and 2026 Notes based on quoted market prices; because these markets are typically thinly traded, the liabilities are classified as Level 2 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, deferred purchase price notes on receivables sold (see Note 9, “Accounts Receivable Securitization”) and short-term variable debt, including any amounts outstanding under the ABL Revolving Credit Facility, approximate fair value, without being discounted as of June 30, 2019 and December 31, 2018, due to the short-term nature of these instruments. Assets held for sale, included in other assets in the Condensed Consolidated Balance Sheets, were carried at the lesser of the original cost or fair value, less the estimated costs to sell. The fair values were determined by the Company to be Level 3 under the fair value hierarchy and were estimated based on broker quotes and other information related to current marketplace conditions. See Note 5, “Property, Plant and Equipment,” for a description of the assets held for sale and their related net book values. As a result of its global operating and financing activities, the Company is exposed to market risks from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect the Company’s operating results and financial position. When deemed appropriate, the Company attempts to minimize these risks through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes, and the Company does not use leveraged derivative financial instruments. Foreign currency exchange, commodity and interest rate contracts are valued through an independent valuation source that uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 21, “Derivative Financial Instruments” for additional information. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies |
16. Commitments and Contingencies The Company is involved in various legal actions arising out of the normal course of business, which, taking into account the liabilities accrued and legal counsel’s evaluation of such actions, in the opinion of management, the ultimate resolution, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. It is reasonably possible that the estimates for warranty costs, product liability, environmental remediation, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes.
Product liability reserves in the Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 were $13.7 million and $16.3 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers. On March 19, 2019, the Company agreed to settle a legal matter. During the three months ended June 30, 2019, the terms of the settlement were finalized resulting in a net $24.7 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) and a benefit of $9.2 million in engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations during the three months ended June 30, 2019. |
Guarantees |
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Guarantees |
17. Guarantees The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at the inception of the order 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 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 deferred revenue included in other current and non-current liabilities as of June 30, 2019 and December 31, 2018 was $37.9 million and $34.4 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of June 30, 2019 and December 31, 2018 was $30.0 million and $30.9 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the units. The buyback commitments expire at various times through 2025. As of June 30, 2019 and December 31, 2018, the Company had reserved $40.3 million and $38.5 million, respectively, for warranty claims included in product warranties as well as other non-current liabilities in the Condensed Consolidated Balance Sheets. 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 to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its warranty at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. Below is a table summarizing the warranty activity for the three and six months ended June 30, 2019 and 2018:
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Employee Benefit Plans |
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans |
18. 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 retiree resides and receives benefits. 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 periodic benefit costs for the three and six months ended June 30, 2019 and June 30, 2018 are summarized as follows:
The components of net periodic benefit cost other than the service cost component are included in the line item “other income (expense) - net” in the Condensed Consolidated Statement of Operations. |
Restructuring |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring |
19. Restructuring During the three months ended June 30, 2019 and 2018, the Company incurred $2.7 million and $3.8 million of restructuring expense, respectively. During the six months ended June 30, 2019 and 2018, the Company incurred $7.2 million and $10.0 million of restructuring expense, respectively. The costs for the three months ended June 30, 2019 related primarily to costs associated with headcount reductions in India and Europe. Costs for the six months ended June 30, 2019 related primarily to headcount reductions in India, Europe and North America. Costs for the three and six months ended June 30, 2018 related primarily to severance costs for the departure of an executive officer, costs associated with training of skilled labor as a result of the transfer of crawler crane production to Shady Grove, PA and costs associated with headcount reductions in Europe. The following is a rollforward of the Company's restructuring accrual for the three and six months ended June 30, 2019 and 2018:
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Leases |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
20. Leases As of January 1, 2019, the Company adopted Topic 842 and elected to use the modified prospective approach, which does not require a retrospective restatement of prior years. The adoption of Topic 842 resulted in no cumulative catch-up to retained earnings. As part of the adoption, the Company applied the package of practical expedients which does not require the Company to reassess the lease classification for any expired or existing leases upon adoption of Topic 842. The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment, and manufacturing equipment. The remaining lease terms are up to 24 years, some of which include options to extend the lease term for up to 10 years, and some which include options to terminate the lease within 1 year. Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the condensed consolidated financial statements. The components of lease expense for the three and six months ended June 30, 2019 are summarized as follows:
Supplemental cash flow information related to leases for the six months ended June 30, 2019 are summarized as follows:
Supplemental balance sheet information related to leases as of June 30, 2019 are summarized as follows:
As of June 30, 2019, the Company’s operating leases have a weighted-average remaining lease term of 6.9 years and a weighted-average discount rate of 4.97%. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest, from within the applicable location of the leased asset, it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.
Maturities of operating lease liabilities as of June 30, 2019 are summarized as follows:
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Derivative Financial Instruments |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
21. 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 foreign currency exchange 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 foreign currency exchange 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). These changes in fair value are reclassified into earnings as a component of cost of products sold, 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. To the extent a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.
The Company had foreign currency exchange contracts with an aggregate notional amount of $99.4 million and $76.8 million outstanding as of June 30, 2019 and December 31, 2018, respectively with all of the $99.4 million scheduled to mature within one year. The aggregate notional amount of foreign currency exchange contracts hedges purchases denominated in Euros. As of June 30, 2019 and December 31, 2018, the fair value of these contracts were a current asset of $0.5 million and a net current liability of $1.7 million, respectively. The unrealized gains (losses), net of taxes, recorded in accumulated other comprehensive income (loss) were $0.3 million and $(0.4) million as of June 30, 2019 and December 31, 2018, respectively. We anticipate reclassifying the unrealized gains as of June 30, 2019 to cost of goods sold over the next 12 months.
The following table provides the amount of gain or losses recorded in the Condensed Consolidated Statement of Operations for foreign currency exchange contracts for the three and six months ended June 30, 2019 and 2018.
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Recent Accounting Changes and Pronouncements |
6 Months Ended |
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Jun. 30, 2019 | |
Recent Accounting Changes And Pronouncements [Abstract] | |
Recent Accounting Changes and Pronouncements |
22. Recent Accounting Changes and Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive income (loss) as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from accumulated other comprehensive income (loss) to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in accumulated other comprehensive income (loss).
In August 2017, the FASB issued ASU No. 2017-12 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - “Leases,” which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.” |
Recent Accounting Changes and Pronouncements (Policies) |
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Recent Accounting Changes And Pronouncements [Abstract] | |||||||||||||||||||||||||||||||
Fair Value Measurement |
ASC Topic 820-10, “Fair Value Measurement,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820-10 classifies the inputs used to measure fair value into the following hierarchy:
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Recent Accounting Changes and Pronouncements |
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in accumulated other comprehensive income (loss) as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from accumulated other comprehensive income (loss) to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in accumulated other comprehensive income (loss).
In August 2017, the FASB issued ASU No. 2017-12 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - “Leases,” which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.” |
Revenues (Tables) |
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Revenue From Contract With Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change In Customer Advances Balance | The table below shows the change in the customer advances balance for the three and six months ended June 30, 2019 and 2018.
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Inventories (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the components of inventories |
The components of inventories as of June 30, 2019 and December 31, 2018 are summarized as follows:
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Property, Plant and Equipment (Tables) |
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Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property, Plant and Equipment |
The components of property, plant and equipment at June 30, 2019 and December 31, 2018 are summarized as follows:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in goodwill by reportable segment |
The changes in the carrying amount of goodwill for the year ended December 31, 2018 and the six months ended June 30, 2019 are summarized as follows:
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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 at June 30, 2019 and December 31, 2018 are summarized as follows:
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Accounts Payable and Accrued Expenses (Tables) |
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Payables And Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts payable and accrued expenses |
Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018 are summarized as follows:
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding debt |
Outstanding debt at June 30, 2019 and December 31, 2018 is summarized as follows:
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share |
The following is a reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share:
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income (Loss) |
A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
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Reconciliation of reclassifications out of accumulated other comprehensive income (loss), net of tax |
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
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Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information by Reportable Segment |
The following table shows information by reportable segment for the three and six months ended June 30, 2019 and 2018:
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Schedule of Reconciliation of the Company's Segment Operating Income (Loss) |
A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
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Schedule of Net Sales by Geographic Area |
Net sales by geographic area for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
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Schedule of Net Sales By Product |
Net sales by product for the three and six months ended June 30, 2019 and 2018 are summarized as follows:
*Other revenue consists of revenue related to CraneCare services such as training and field service work. |
Fair Value of Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis by Level within the Fair Value Hierarchy |
The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Guarantees (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Warranty Activity | Below is a table summarizing the warranty activity for the three and six months ended June 30, 2019 and 2018:
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of period benefit costs |
The components of periodic benefit costs for the three and six months ended June 30, 2019 and June 30, 2018 are summarized as follows:
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Restructuring (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of all restructuring accrual |
The following is a rollforward of the Company's restructuring accrual for the three and six months ended June 30, 2019 and 2018:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Lease Expense |
The components of lease expense for the three and six months ended June 30, 2019 are summarized as follows:
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Summary of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the six months ended June 30, 2019 are summarized as follows:
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Summary of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases as of June 30, 2019 are summarized as follows:
|
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Summary of Maturities of Operating Lease Liabilities |
Maturities of operating lease liabilities as of June 30, 2019 are summarized as follows:
|
Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Exchange Contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for Foreign Currency Exchange Contracts |
The following table provides the amount of gain or losses recorded in the Condensed Consolidated Statement of Operations for foreign currency exchange contracts for the three and six months ended June 30, 2019 and 2018.
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Accounting Policies and Basis of Presentation - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
segment
| |
Accounting Policies [Abstract] | |
Period of providing high-quality, customer-focused products and support services | 116 years |
Number of reportable segments | 3 |
Revenues - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenue From Contract With Customer [Abstract] | ||||
Balance at beginning of period | $ 13.3 | $ 14.4 | $ 9.6 | $ 12.7 |
Cash received or due in advance of satisfying performance obligation | 18.3 | 30.5 | 50.2 | 56.8 |
Revenue recognized | (21.1) | (28.8) | (49.4) | (53.6) |
Currency translation | 0.1 | (0.8) | 0.2 | (0.6) |
Balance at end of period | $ 10.6 | $ 15.3 | $ 10.6 | $ 15.3 |
Inventories - Components of Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 180.3 | $ 159.2 |
Work-in-process | 150.1 | 112.0 |
Finished goods | 280.3 | 238.0 |
Total inventories | 610.7 | 509.2 |
Excess and obsolete inventory reserve | (58.4) | (56.1) |
Inventories — net | $ 552.3 | $ 453.1 |
Notes Receivable - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Receivables [Abstract] | ||
Notes receivable, current | $ 17.9 | $ 19.4 |
Notes receivable, long term | $ 20.8 | $ 17.0 |
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Property, Plant and Equipment | ||
Total cost | $ 714.6 | $ 715.9 |
Less accumulated depreciation | (431.1) | (427.0) |
Property, plant and equipment — net | 283.5 | 288.9 |
Land | ||
Property, Plant and Equipment | ||
Total cost | 24.1 | 24.1 |
Building and Improvements | ||
Property, Plant and Equipment | ||
Total cost | 197.4 | 195.3 |
Machinery, Equipment and Tooling | ||
Property, Plant and Equipment | ||
Total cost | 269.0 | 269.4 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Total cost | 16.9 | 16.4 |
Computer Hardware and Software | ||
Property, Plant and Equipment | ||
Total cost | 117.7 | 117.1 |
Rental Cranes | ||
Property, Plant and Equipment | ||
Total cost | 81.7 | 84.0 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Total cost | $ 7.8 | $ 9.6 |
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Other Current Assets | ||
Property, Plant and Equipment | ||
Net book value of assets held for sale | $ 8.8 | $ 12.9 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 10 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Oct. 31, 2018 |
|
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill and intangible asset impairment | $ 0 | $ (82,200,000) | |||
Amortization of intangible assets | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 |
Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($) |
6 Months Ended | 10 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2019 |
Oct. 31, 2018 |
Dec. 31, 2018 |
|
Goodwill | |||
Balance at the beginning of the period | $ 232,800,000 | $ 321,300,000 | $ 321,300,000 |
Foreign currency impact | (100,000) | (6,300,000) | |
Goodwill impairment | 0 | (82,200,000) | |
Balance at the end of the period | 232,700,000 | 232,800,000 | |
Americas | |||
Goodwill | |||
Balance at the beginning of the period | 166,500,000 | 166,500,000 | 166,500,000 |
Balance at the end of the period | 166,500,000 | 166,500,000 | |
Europe and Africa ("EURAF") | |||
Goodwill | |||
Balance at the beginning of the period | 85,900,000 | 85,900,000 | |
Foreign currency impact | (3,700,000) | ||
Goodwill impairment | (82,200,000) | ||
Middle East and Asia Pacific ("MEAP") | |||
Goodwill | |||
Balance at the beginning of the period | 66,300,000 | $ 68,900,000 | 68,900,000 |
Foreign currency impact | (100,000) | (2,600,000) | |
Balance at the end of the period | $ 66,200,000 | $ 66,300,000 |
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Payables And Accruals [Abstract] | ||
Trade accounts payable | $ 265.1 | $ 249.2 |
Employee-related expenses | 49.6 | 59.5 |
Accrued vacation | 25.9 | 24.3 |
Miscellaneous accrued expenses | 81.3 | 92.2 |
Total | $ 421.9 | $ 425.2 |
Debt - Schedule of outstanding debt (Details) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 318,300,000 | $ 273,100,000 |
Deferred financing costs | (4,900,000) | (2,300,000) |
Short-term borrowings and current portion of long-term debt | (8,700,000) | (6,400,000) |
Long-term debt | 309,600,000 | 266,700,000 |
ABL Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Senior secured asset based revolving credit facility | 0 | 0 |
Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 254,200,000 | |
Deferred financing costs | (3,100,000) | |
Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000,000.0 | |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 23,200,000 | $ 21,200,000 |
Accounts Receivable Securitization and Other Factoring Arrangements - Narrative (Details) € in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
EUR (€)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
EUR (€)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Accounts Receivable Securitization | |||||||
Accounts receivable balance sold | $ 0 | € 27.0 | $ 223,400,000 | $ 149,000,000.0 | € 27.0 | $ 384,300,000 | |
Proceeds from collection of receivables | 0 | € 27.0 | $ 179,900,000 | 182,800,000 | € 27.0 | 343,000,000.0 | |
Sales of trade receivables | 0 | $ 0 | $ 75,000,000.0 | ||||
Average collection cycle for accounts receivable (in days) (less than) | 60 days | 60 days | |||||
Fair value of deferred purchase price notes | 0 | $ 0 | $ 71,500,000 | ||||
Non-cash investing activities related to increase in deferred purchase price | 0 | $ 263,800,000 | |||||
Maximum availability under these programs | € | € 45.0 | ||||||
Maximum | |||||||
Accounts Receivable Securitization | |||||||
Capacity of securitization program | $ 75,000,000.0 | $ 75,000,000.0 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||||
Tax expense (benefit) | $ 3.9 | $ (1.2) | $ 7.2 | $ 2.7 | |
Discrete tax benefit | $ 4.8 | ||||
Unrecognized tax benefits | $ 12.9 | $ 12.9 | $ 12.8 |
Earnings Per Share - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 35,595,718 | 35,530,356 | 35,619,145 | 35,449,298 |
Number of anti-dilutive shares excluded from the calculation of diluted net income per common share | 1,515,430 | 188,885 | 1,556,298 | |
Dividends | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted income (loss) per common share (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding (in shares) | 35,595,718 | 35,530,356 | 35,619,145 | 35,449,298 |
Effect of dilutive securities (in shares) | 130,190 | 533,752 | 179,944 | 0 |
Diluted weighted average common shares outstanding (in shares) | 35,725,908 | 36,064,108 | 35,799,089 | 35,449,298 |
Stockholders' Equity - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Class Of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 | 75,000,000 |
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 3,500,000 | 3,500,000 | 3,500,000 |
Par value of preferred stock per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock repurchased | $ 7,400,000 | $ 7,400,000 | |
Maximum | Common Stock | |||
Class Of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 30,000,000.0 | $ 30,000,000.0 |
Segments - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenues from External Customers [Line Items] | ||||
Net sales | $ 504.7 | $ 495.3 | $ 922.7 | $ 881.4 |
United States | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | 233.0 | 203.5 | 417.7 | 347.8 |
Europe | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | 174.1 | 188.7 | 323.2 | 339.0 |
Other | ||||
Revenues from External Customers [Line Items] | ||||
Net sales | $ 97.6 | $ 103.1 | $ 181.8 | $ 194.6 |
Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Product Information [Line Items] | ||||
Total net sales | $ 504.7 | $ 495.3 | $ 922.7 | $ 881.4 |
Cranes | ||||
Product Information [Line Items] | ||||
Total net sales | 418.0 | 409.2 | 751.5 | 716.7 |
Aftermarket Parts and Other | ||||
Product Information [Line Items] | ||||
Total net sales | $ 86.7 | $ 86.1 | $ 171.2 | $ 164.7 |
Fair Value of Financial Instruments - Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy (Details) - Foreign Currency Exchange Contracts - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 0.5 | |
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | 0.5 | $ 0.1 |
Derivative liabilities, current | 1.8 | |
Estimate of Fair Value Measurement | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives assets, current | $ 0.5 | 0.1 |
Derivative liabilities, current | $ 1.8 |
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Senior Notes Due 2026 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 299.9 | |
Senior Notes Due 2021 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt instruments at fair value | $ 278.1 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Commitments And Contingencies [Line Items] | ||
Product liability reserves | $ 13.7 | $ 16.3 |
Gain on settlement | 24.7 | |
Other Income (Expense) | ||
Commitments And Contingencies [Line Items] | ||
Gain on settlement | 15.5 | |
Engineering, Selling and Administrative Expenses | ||
Commitments And Contingencies [Line Items] | ||
Gain on settlement | $ 9.2 |
Guarantees - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Guarantees [Abstract] | ||
Deferred revenue included in other current and non-current liabilities | $ 37.9 | $ 34.4 |
Amount of residual value guarantees and buyback commitments given by the company | 30.0 | 30.9 |
Warranty claims reserves | $ 40.3 | $ 38.5 |
Standard product warranties, low end of range (in months) | 12 months | |
Standard product warranties, high end of range (in months) | 60 months |
Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Warranty activity | ||||
Balance at beginning of period | $ 37.2 | $ 35.2 | $ 38.5 | $ 35.2 |
Accruals for warranties issued during the period | 10.0 | 12.4 | 16.5 | 12.4 |
Settlements made (in cash or in kind) during the period | (7.1) | (11.3) | (14.6) | (11.3) |
Currency translation | 0.2 | (0.4) | (0.1) | (0.4) |
Balance at end of period | $ 40.3 | $ 35.9 | $ 40.3 | $ 35.9 |
Restructuring - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 2.7 | $ 3.8 | $ 7.2 | $ 10.0 |
Tansfer of Crawler Crane production to Shady Grove, PA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 3.8 | $ 10.0 | ||
Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 2.7 | $ 7.2 |
Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Rollforward of all restructuring accrual | ||||
Balance at beginning of period | $ 4.6 | $ 5.4 | $ 3.1 | $ 5.6 |
Restructuring expense | 2.7 | 3.8 | 7.2 | 10.0 |
Use of reserve | (4.2) | (4.7) | (7.2) | (10.7) |
Reserve reclassification | (0.3) | |||
Currency translation | (0.1) | (0.2) | ||
Balance at end of period | $ 3.1 | $ 4.4 | $ 3.1 | $ 4.4 |
Leases - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Leases [Line Items] | |
Lease, practical expedients, package | true |
Operating leases, existence of option to extend | true |
Operating leases, existence of option to terminate | true |
Operating leases, termination term | 1 year |
Operating leases, weighted-average remaining lease term | 6 years 10 months 24 days |
Operating leases, weighted-average discount rate | 4.97% |
Maximum | |
Leases [Line Items] | |
Operating leases, remaining lease term | 24 years |
Operating leases, renewal lease term | 10 years |
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||
Operating lease cost | $ 3.7 | $ 7.6 |
Variable lease cost | 0.4 | 0.8 |
Total lease cost | $ 4.1 | $ 8.4 |
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 13.9 |
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Operating lease right-of-use assets | $ 47.6 |
Other liabilities | $ 11.6 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities | $ 37.0 |
Total operating lease liabilities | $ 48.6 |
Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 6.6 |
2020 | 11.4 |
2021 | 9.7 |
2022 | 7.3 |
2023 | 4.5 |
Thereafter | 16.1 |
Total lease payments | 55.6 |
Less: imputed interest | (7.0) |
Present value of lease liabilities | $ 48.6 |
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Derivatives Fair Value [Line Items] | ||
Unrealized gain (losses) net of taxes | $ 0.3 | $ (0.4) |
Foreign Currency Exchange Contracts | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 99.4 | 76.8 |
Derivative remaining maturity period | 1 year | |
Derivatives assets, current | $ 0.5 | |
Derivative net current liability | $ 1.7 |
Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for Foreign Currency Exchange Contracts (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Designated | Cost of Goods Sold | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (loss) on foreign currency exchange contracts | $ 0.7 | $ 0.3 | $ 1.5 | $ 0.3 |
Non-Designated | Other Income (Expense), Net | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (loss) on foreign currency exchange contracts | $ (1.6) | $ (0.1) | $ (2.3) |