MANITOWOC CO INC, 10-K filed on 2/12/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Jan. 31, 2021
Jun. 30, 2020
Cover [Abstract]      
Entity Registrant Name The Manitowoc Company, Inc.    
Entity Central Index Key 0000061986    
Trading Symbol MTW    
Document Type 10-K    
Document Period End Date Dec. 31, 2020    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 367.3
Entity Shares Outstanding   34,580,888  
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity File Number 1-11978    
Entity Tax Identification Number 39-0448110    
Entity Address, Address Line One 11270 West Park Place    
Entity Address, Address Line Two Suite 1000    
Entity Address, City or Town Milwaukee    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 53224    
City Area Code 414    
Local Phone Number 760-4600    
Entity Incorporation, State or Country Code WI    
Title of 12(b) Security Common Stock, $.01 Par Value    
Security Exchange Name NYSE    
Entity Interactive Data Current Yes    
Document Annual Report true    
Document Transition Report false    
Documents Incorporated by Reference

Portions of the registrant’s Proxy Statement for the 2021 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K.

 

 

    
v3.20.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Net sales $ 1,443.4 $ 1,834.1 $ 1,846.8
Cost of sales 1,188.7 1,490.0 1,518.7
Gross profit 254.7 344.1 328.1
Operating costs and expenses:      
Engineering, selling and administrative expenses 208.8 225.6 251.6
Asset impairment expense 0.0 0.0 82.6
Amortization of intangible assets 0.3 0.3 0.3
Restructuring expense 7.0 9.8 12.9
Total operating costs and expenses 216.1 235.7 347.4
Operating income (loss) 38.6 108.4 (19.3)
Other income (expense):      
Interest expense (29.1) (32.7) (39.1)
Amortization of deferred financing fees (1.5) (1.5) (1.8)
Loss on debt extinguishment 0.0 (25.0) 0.0
Other income (expense) — net (10.0) 9.8 (11.5)
Total other expense (40.6) (49.4) (52.4)
Income (loss) from continuing operations before income taxes (2.0) 59.0 (71.7)
Provision (benefit) for income taxes 17.1 12.4 (4.8)
Net income (loss) from continuing operations (19.1) 46.6 (66.9)
Discontinued operations:      
Loss from discontinued operations, net of income taxes of $0.0, $0.0 and $0.0, respectively 0.0 0.0 (0.2)
Net income (loss) $ (19.1) $ 46.6 $ (67.1)
Basic net income (loss) per common share:      
Net income (loss) from continuing operations $ (0.55) $ 1.31 $ (1.88)
Loss from discontinued operations 0 0 (0.01)
Basic net income (loss) per share (0.55) 1.31 (1.89)
Diluted net income (loss) per common share:      
Net income (loss) from continuing operations (0.55) 1.31 (1.88)
Loss from discontinued operations 0 0 (0.01)
Diluted net income (loss) per share $ (0.55) $ 1.31 $ (1.89)
v3.20.4
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Loss from discontinued operations, income taxes $ 0.0 $ 0.0 $ 0.0
v3.20.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]      
Net income (loss) $ (19.1) $ 46.6 $ (67.1)
Other comprehensive income (loss), net of income tax:      
Unrealized gains (losses) on derivatives, net of income tax   0.3 (0.4)
Employee pension and postretirement benefit income (expense), net of income tax 8.0 3.7 (8.9)
Foreign currency translation adjustments 31.5 (1.0) (27.7)
Total other comprehensive income (loss), net of income tax 23.5 (4.4) (19.2)
Comprehensive income (loss) $ 4.4 $ 42.2 $ (86.3)
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 128.7 $ 199.3
Accounts receivable, less allowances of $8.5 and $7.9, respectively 215.1 168.3
Inventories — net 473.1 461.4
Notes receivable — net 13.6 17.4
Other current assets 35.5 26.0
Total current assets 866.0 872.4
Property, plant and equipment — net 294.3 289.9
Operating lease right-of-use assets 37.9 47.6
Goodwill 235.1 232.5
Other intangible assets — net 121.6 116.3
Other non-current assets 48.6 59.0
Total assets 1,603.5 1,617.7
Current Liabilities:    
Accounts payable and accrued expenses 329.4 340.8
Short-term borrowings and current portion of long-term debt 10.5 3.8
Product warranties 50.2 47.2
Customer advances 25.5 25.8
Other liabilities 20.2 23.3
Total current liabilities 435.8 440.9
Non-Current Liabilities:    
Long-term debt 300.4 308.4
Operating lease liabilities 28.4 37.6
Deferred income taxes 5.9 5.5
Pension obligations 89.3 86.4
Postretirement health and other benefit obligations 14.0 16.4
Long-term deferred revenue 32.4 30.3
Other non-current liabilities 53.8 46.3
Total non-current liabilities 524.2 530.9
Commitments and contingencies (Note 18)
Total stockholders' equity:    
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding)
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 34,580,638 and 35,374,537 shares outstanding, respectively) 0.4 0.4
Additional paid-in capital 595.1 592.2
Accumulated other comprehensive loss (97.5) (121.0)
Retained earnings 216.9 236.2
Treasury stock, at cost (6,213,345 and 5,419,446 shares, respectively) (71.4) (61.9)
Total stockholders’ equity 643.5 645.9
Total liabilities and stockholders' equity $ 1,603.5 $ 1,617.7
v3.20.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Statement Of Financial Position [Abstract]    
Accounts Receivable, allowances (in dollars) $ 8.5 $ 7.9
Preferred stock authorized (in shares) 3,500,000 3,500,000
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 75,000,000 75,000,000
Common stock, shares issued (in shares) 40,793,983 40,793,983
Common stock, shares outstanding (in shares) 34,580,638 35,374,537
Treasury stock (in shares) 6,213,345 5,419,446
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities      
Net income (loss) $ (19.1) $ 46.6 $ (67.1)
Adjustments to reconcile net income (loss) to cash used for operating activities of continuing operations:      
Asset impairment expense 0.0 0.0 82.6
Loss from discontinued operations, net of income taxes     0.2
Depreciation expense 37.2 35.0 36.1
Amortization of intangible assets 0.3 0.3 0.3
Amortization of deferred financing fees 1.5 1.5 1.8
Deferred income tax (benefit) - net 4.8 1.5 (11.1)
Loss on early extinguishment of debt 0.0 25.0 0.0
Loss (gain) on sale of property, plant and equipment   (3.5) 0.9
Stock-based compensation expense and other 6.5 10.1 7.4
Changes in operating assets and liabilities, excluding the effects of business divestitures:      
Accounts receivable (37.7) (124.2) (553.4)
Inventories 8.3 (18.3) (72.7)
Notes receivable 7.4 2.9 18.6
Other assets (3.5) 23.9 2.7
Accounts payable (20.1) (59.7) 56.5
Accrued expenses and other liabilities (20.7) 5.6 (15.6)
Net cash used for operating activities of continuing operations (35.1) (53.3) (512.8)
Net cash used for operating activities of discontinued operations     (0.2)
Net cash used for operating activities (35.1) (53.3) (513.0)
Cash Flows From Investing Activities      
Capital expenditures (26.3) (35.1) (31.7)
Proceeds from sale of property, plant and equipment 0.5 17.2 13.0
Cash receipts on sold accounts receivable   126.3 553.1
Net cash provided by (used for) investing activities (25.8) 108.4 534.4
Cash Flows From Financing Activities      
Proceeds from revolving credit facility 50.0 139.7  
Payments on revolving credit facility (50.0) (139.7)  
Payments on long-term debt   (276.6) (3.8)
Proceeds from long-term debt   300.0  
Other debt - net (2.9) (4.4)  
Debt issuance costs   (8.3)  
Exercises of stock options including windfall tax benefits 0.1 0.4 2.5
Common stock repurchases (12.0) (7.4)  
Net cash provided by (used for) financing activities (14.8) 3.7 (1.3)
Effect of exchange rate changes on cash 5.1 0.2 (2.8)
Net increase (decrease) in cash and cash equivalents (70.6) 59.0 17.3
Cash and cash equivalents at beginning of period 199.3 140.3 123.0
Cash and cash equivalents at end of period 128.7 199.3 140.3
Supplemental Cash Flow Information      
Interest paid 28.8 36.0 36.8
Income taxes paid $ 13.6 $ 10.5 $ 2.6
v3.20.4
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Retained Earnings
Cumulative Effect Period Of Adoption Adjustment
Treasury Stock
Balance at beginning of year at Dec. 31, 2017   $ 0.4 $ 577.6 $ (97.4) $ 256.7   $ (59.8)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     (1.0)       2.9
Stock-based compensation     8.2        
Other comprehensive income (loss)       (19.2)      
Net income (loss) $ (67.1)       (67.1)    
Balance at end of year at Dec. 31, 2018 601.3 0.4 584.8 (116.6) 189.6   (56.9)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     (2.1)       2.4
Common stock repurchases             (7.4)
Stock-based compensation     9.5        
Other comprehensive income (loss)       (4.4)      
Net income (loss) 46.6       46.6    
Balance at end of year at Dec. 31, 2019 645.9 0.4 592.2 (121.0) 236.2 $ (0.2) (61.9)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     (3.1)       2.5
Common stock repurchases   12.0         (12.0)
Stock-based compensation     6.0        
Other comprehensive income (loss)       23.5      
Net income (loss) (19.1)       (19.1)    
Balance at end of year at Dec. 31, 2020 $ 643.5 $ 0.4 $ 595.1 $ (97.5) $ 216.9   $ (71.4)
v3.20.4
Company and Basis of Presentation
 12 Months Ended
Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Company and Basis of Presentation

1. Company and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc” and the “Company”) was founded in 1902 and has over a 118-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 hydraulic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Additionally, the Company leverages its installed base of approximately 152,000 cranes to provide aftermarket parts and services to enable its customers to manage their fleets more effectively and improve their return on investment. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue. The Company also recently started to expand its tower crane rental fleet in Europe to directly serve its customers in the region. Manitowoc is a Wisconsin corporation and its principal executive offices are located at 11270 West Park Place Suite 1000, Milwaukee, Wisconsin 53224.

Basis of Presentation The consolidated financial statements include the accounts of The Manitowoc Company, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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

Impact of COVID-19 Pandemic

 

During 2020 and continuing into 2021, the Company has been, and continues to be, impacted by the COVID-19 pandemic. There is considerable uncertainty regarding the impact and duration of the COVID-19 pandemic in 2021 which could include additional or new restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations impacting its customers, dealers and suppliers. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s year-end financial results, including, but not limited to, impairment of goodwill and other long-lived assets, income tax provision and recoverability of inventory.
v3.20.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with an original maturity of three months or less as cash and cash equivalents.

Allowance for Doubtful Accounts Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Our estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where we have information that the customer may have an inability to meet its financial obligations together with a general provision for unknown but existing doubtful accounts based on historical experience, which are subject to change if experience improves or deteriorates.

Inventories Inventories are valued at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company determines inventory value using the first-in, first-out method.

Goodwill and Other Intangible Assets The Company accounts for goodwill and other intangible assets under the guidance of Accounting Standards Codification (“ASC”) Topic 350-10, “Intangibles — Goodwill and Other.” Under ASC Topic 350-10, goodwill is not amortized; instead, the Company performs an annual impairment review. The date for the annual impairment review is October 31, or more frequently if events or changes in circumstances indicate that the assets might be impaired. To test goodwill, the Company estimates the fair values of its reporting units using the income approach based on the present value of expected future cash flows, subject to a comparison for reasonableness to its market capitalization at the date of valuation. If the carrying amount exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed

the carrying amount of the goodwill. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

The Company’s other intangible assets with indefinite lives, including trademarks and tradenames and distribution networks, are not amortized but are tested for impairment annually, or more frequently, as events dictate. For other indefinite lived intangible assets, the impairment test consists of a comparison of the fair value of the intangible assets to their carrying amount. See Note 9, “Goodwill and Other Intangible Assets,” for further details on our impairment assessments. The Company’s intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. 

The Company’s other intangible assets subject to amortization are amortized straight-line over the following estimated useful lives:

 

 

 

Useful lives

Patents

 

20 years

Customer relationships

 

20 years

 

Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and depreciated over the remaining estimated useful life. The cost and accumulated depreciation for property, plant and equipment sold, retired or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Property, plant and equipment are depreciated over the following estimated useful lives:

 

 

 

Years

Building and improvements

 

2 - 43

Machinery, equipment and tooling

 

3 - 18

Furniture and fixtures

 

3 - 10

Computer hardware and software

 

2 - 10

Rental cranes

 

5 - 15

 

Property, plant and equipment also includes cranes accounted for as operating leases. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of buyback and rental equipment included in property, plant and equipment amounted to $59.9 million and $51.2 million, net of accumulated depreciation, as of December 31, 2020 and 2019, respectively.

The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant and Equipment” (“Topic 360”). Topic 360 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. If an impairment is determined to exist, any related impairment loss is calculated based upon comparison of the expected undiscounted future cash flows to the net book value of the assets.

Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred.

Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates.

Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC No. 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge.

The Company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure or variable interest rate exposure, primarily using foreign currency exchange contracts (“FX Forward Contracts”), commodity contracts and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with Topic 815 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices or interest rates.

The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts designated as cash flow hedges, net of income taxes.

Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for all stock-based compensation on a straight-line basis over the vesting period of the entire award. Estimated future forfeitures are based on the Company’s historical experience. Stock-based compensation plans are described more fully in Note 16, “Stock-Based Compensation.”

Research and Development Research and development costs are charged to expense as incurred and amounted to $30.6 million, $31.1 million and $35.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. 

Income Taxes The Company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority.

Net Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year or period. The calculation of diluted net income (loss) per share reflects the effect of all potential dilutive shares that were outstanding during the respective periods, unless the effect of doing so would be antidilutive. The Company uses the treasury stock method to calculate the effect of outstanding stock-based compensation awards.

Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net income (loss), other items that are reported as direct adjustments to Manitowoc stockholders’ equity. These items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments.

Recent Accounting Changes and Pronouncements

 

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

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

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (“ASU 2016-13”),” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2016-13 resulted in a $0.2 million reduction in beginning retained earnings and a corresponding reduction in accounts receivable on the Company’s Consolidated Balance Sheets as of December 31, 2020. There was no material impact to the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows.

 
v3.20.4
Sales
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Sales

3. Sales

Significant Accounting Policy

Sales are recognized when obligations under the terms of a contract with the Company’s customer are satisfied; generally this occurs with the transfer of control of the Company’s cranes or aftermarket parts or completion of performance of services. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company recognizes sales for extended warranties over the life of the extended warranty period.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from sales.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are categorized as a fulfillment cost and are included in cost of sales on the Consolidated Statement of Operations.

Performance Obligations

The following is a description of principle activities from which the Company generates sales. Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.”

Crane Sales

Crane sales are primarily generated through the sale of new and used cranes. Contracts with customers are generally in the form of a purchase order. Based on the nature of the Company’s contracts, the Company does not have any significant financing terms. Contracts may have variable consideration in the form of early pay discounts or rebates, however variable consideration is not material to the overall contract with the customer. Sales are earned under these contracts when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier or acceptance through an independent inspection company that acts as an agent of the customer.

From time to time, the Company enters into agreements where the customer has the right to exercise a put option requiring the Company to buyback a crane at an agreed upon price. The Company evaluates each agreement at inception to determine if the

customer has a significant economic incentive to exercise that right. If it is determined that the customer has a significant economic incentive to exercise that right, the agreement is accounted for as a lease in accordance with ASC Topic 842 “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the asset is transferred to the customer. Refer to Note 19, “Guarantees” for additional information.

Given the nature of the Company’s products, the customer may request that the product be held until a delivery location is identified. Under these “bill and hold” arrangements, sales are recognized when all of the following criteria are met: 1) the reason for the bill-and-hold arrangement is substantive, 2) the product is separately identified as belonging to the customer, 3) the product is ready for transfer to the customer, and 4) the Company does not have the ability to use the product or direct it to another customer.

Aftermarket Part Sales

Aftermarket part sales are generated through the sale of new and used parts to end customers and distributors. Aftermarket parts sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier. Customers generally have a right of return which the Company estimates using historical information. The amount of estimated returns is deducted from net sales.

Other Sales

The Company’s other sales consist primarily of sales from:

 

•

Repair and field service work; and

 

•

Training and technical publications.

The Company’s performance obligations for other sales generally relates to performing specific agreed upon services. Sales are earned upon the completion of those services.

Customer Advances

The Company records deferred revenue when cash payments are received in advance of performance, including amounts which are refundable. The table below shows the change in the customer advances balance for the year ended December 31, 2020 and 2019 which are included in current liabilities in the Consolidated Balance Sheets.

 

 

 

2020

 

 

2019

 

Balance at beginning of period

 

$

25.8

 

 

$

9.6

 

Cash received in advance of satisfying

   performance obligation

 

 

108.0

 

 

 

112.2

 

Revenue recognized

 

 

(108.5

)

 

 

(96.3

)

Currency translation

 

 

0.2

 

 

 

0.3

 

Balance at end of period

 

$

25.5

 

 

$

25.8

 

 

Practical Expedients and Exemptions

The Company expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within engineering, selling and administrative expenses in the Consolidated Statement of Operations.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.
v3.20.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

ASC Topic 820-10 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:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2

Unadjusted quoted prices in active markets for similar assets or liabilities, or

           

Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or

           

Inputs other than quoted prices that are observable for the asset or liability

Level 3

Unobservable inputs for the asset or liability

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

 

 

 

Fair Value as of December 31, 2020

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Forward currency exchange contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

Other current assets

Forward currency exchange contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

Accounts payable and accrued expenses

 

 

 

Fair Value as of December 31, 2019

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Forward currency exchange contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

Other current assets

Forward currency exchange contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

Accounts payable and accrued expenses

The fair value of the senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $324.9 million as of December 31, 2020.

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 fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under our revolving credit facility, approximate fair value, without being discounted as of December 31, 2020 due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.
v3.20.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

 


 

5. Derivative Financial Instruments

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

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to these types of transactions during the years ended December 31, 2020, 2019 and 2018.

The Company had FX Forward Contracts with an aggregate notional amount of $9.3 million and $32.6 million outstanding as of December 31, 2020 and 2019, respectively. The aggregate notional amount outstanding as of December 31, 2020 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. As of December 31, 2020 and 2019, the net fair value of these contracts was a net zero balance. Net unrealized gains (losses), net of income tax, recorded in accumulated other comprehensive income (loss) were zero as of December 31, 2020 and 2019.

The gains or losses recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2020 and 2019 are summarized as follows:

 

 

Recognized Location

 

2020

 

 

2019

 

 

2018

 

Designated

 

Cost of sales

 

$

0.3

 

 

$

3.1

 

 

$

5.0

 

Non-Designated

 

Other income (expense) - net

 

 

0.6

 

 

 

3.9

 

 

 

(1.9

)

 
v3.20.4
Inventories
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Inventories

6. Inventories

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

 

 

2020

 

 

2019

 

Raw materials

 

$

114.9

 

 

$

156.3

 

Work-in-process

 

 

105.5

 

 

 

116.3

 

Finished goods

 

 

305.8

 

 

 

239.4

 

Total inventories

 

 

526.2

 

 

 

512.0

 

Excess and obsolete inventory reserve

 

 

(53.1

)

 

 

(50.6

)

Inventories — net

 

$

473.1

 

 

$

461.4

 

 
v3.20.4
Notes Receivable
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Notes Receivable

7. Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of the amounts due. Long-term notes receivable are included within other non-current assets on the Consolidated Balance Sheet. Current and long-term notes receivable balances primarily relate to the Company's captive finance entity in China. As of December 31, 2020, the Company had current and long-term notes receivable in the amounts of $13.6 million and $12.7 million, respectively. As of December 31, 2019, the Company had current and long-term notes receivable in the amounts of $17.4 million and $16.3 million, respectively.
v3.20.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

8. Property, Plant and Equipment

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

 

 

2020

 

 

2019

 

Land

 

$

20.3

 

 

$

24.0

 

Building and improvements

 

 

203.7

 

 

 

197.3

 

Machinery, equipment and tooling

 

 

292.6

 

 

 

274.2

 

Furniture and fixtures

 

 

21.0

 

 

 

18.5

 

Computer hardware and software

 

 

119.3

 

 

 

119.3

 

Rental cranes

 

 

90.2

 

 

 

77.7

 

Construction in progress

 

 

9.0

 

 

 

11.2

 

Total cost

 

 

756.1

 

 

 

722.2

 

Less accumulated depreciation

 

 

(461.8

)

 

 

(432.3

)

Property, plant and equipment — net

 

$

294.3

 

 

$

289.9

 

The Company recorded no asset impairment charges for the year ended December 31, 2020 and 2019.

 

Assets Held for Sale

During 2020, the Company recorded $3.3 million in assets held for sale related to the Fanzeres, Portugal manufacturing building and land.

During 2019, the Company sold the Manitowoc, Wisconsin manufacturing buildings and land previously classified as assets held for sale, which resulted in a $3.5 million gain recorded within other income (expense) – net on the Consolidated Statements of Operations.

v3.20.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

The Company performs its annual goodwill and indefinite lived assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. During the first quarter of 2020, the Company considered the decline in its market capitalization due to the COVID-19 pandemic as an interim triggering event. The Company’s interim test results as of March 31, 2020 indicated that the fair values of all reporting units exceeded their carrying values and thus, no impairment of goodwill existed. The Company again tested goodwill for impairment in the fourth quarter as part of its annual testing, and based on the results of that test, no impairment was indicated. As the Company is unable to predict future impacts of the COVID-19 pandemic, including a more prolonged and/or severe pandemic than anticipated, or future changes in management’s judgements and assumptions used to assess the fair value of the reporting units, which would result in a non-cash impairment charge in the future, it will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired.

A considerable amount of management judgment and assumptions are required in performing the impairment tests as it relates to revenue growth rates and projected operating income. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairment charges could be required. Weakening industry or economic trends, disruptions to our business, unexpected significant changes or planned changes in the use of the assets or in entity structure may adversely impact the assumptions used in the valuations. The Company continually monitors market conditions and determines if any additional interim reviews of goodwill, other intangibles or long-lived assets are warranted. In the event the Company determines that assets are impaired in the future, the Company would recognize a non-cash impairment charge, which could have a material adverse effect on the Company’s Consolidated Balance Sheets and Results of Operations.

The changes in carrying amount of goodwill for the years ended December 31, 2020 and 2019 are as follows: 

 

 

Americas

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2019

 

$

166.5

 

 

$

66.3

 

 

$

232.8

 

Foreign currency impact

 

 

—

 

 

 

(0.3

)

 

 

(0.3

)

Net balance as of December 31, 2019

 

 

166.5

 

 

 

66.0

 

 

 

232.5

 

Foreign currency impact

 

 

—

 

 

 

2.6

 

 

 

2.6

 

Net balance as of December 31, 2020

 

$

166.5

 

 

$

68.6

 

 

$

235.1

 

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

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

Amount

 

 

Net

Book

Value

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

Amount

 

 

Net

Book

Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

9.9

 

 

$

(8.6

)

 

$

1.3

 

 

$

10.0

 

 

$

(8.5

)

 

$

1.5

 

Patents

 

 

31.0

 

 

 

(30.3

)

 

 

0.7

 

 

 

29.5

 

 

 

(28.7

)

 

 

0.8

 

Total

 

 

40.9

 

 

 

(38.9

)

 

 

2.0

 

 

 

39.5

 

 

 

(37.2

)

 

 

2.3

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

100.0

 

 

 

—

 

 

 

100.0

 

 

 

95.3

 

 

 

—

 

 

 

95.3

 

Distribution network

 

 

19.6

 

 

 

—

 

 

 

19.6

 

 

 

18.7

 

 

 

—

 

 

 

18.7

 

Total

 

 

119.6

 

 

 

—

 

 

 

119.6

 

 

 

114.0

 

 

 

—

 

 

 

114.0

 

Total other intangible assets

 

$

160.5

 

 

$

(38.9

)

 

$

121.6

 

 

$

153.5

 

 

$

(37.2

)

 

$

116.3

 

Amortization of intangible assets for the years ended December 31, 2020, 2019 and 2018 was $0.3 million, $0.3 million and $0.3 million, respectively. Excluding the impact of any future acquisitions, divestitures or impairments, the Company anticipates amortization will be approximately $0.3 million per year through 2022.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company considered the impact of the COVID-19 pandemic on each of the Company’s indefinite lived intangible assets, definite lived intangible assets and long-lived assets. The Company determined there was not a triggering event during the year ended December 31, 2020.
v3.20.4
Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]  
Accounts Payable and Accrued Expenses

10. Accounts Payable and Accrued Expenses

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

 

 

2020

 

 

2019

 

Trade accounts payable

 

$

178.1

 

 

$

187.1

 

Employee-related expenses

 

 

38.5

 

 

 

56.6

 

Accrued vacation

 

 

22.4

 

 

 

20.2

 

Miscellaneous accrued expenses

 

 

90.4

 

 

 

76.9

 

Total accounts payable and accrued expenses

 

$

329.4

 

 

$

340.8

 

 

 
v3.20.4
Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt

11. Debt

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

 

 

2020

 

 

2019

 

Borrowing under senior secured asset based revolving

   credit facility

 

$

—

 

 

$

—

 

Senior secured second lien notes due 2026

 

 

300.0

 

 

 

300.0

 

Other

 

 

14.7

 

 

 

16.7

 

Deferred financing costs

 

 

(3.8

)

 

 

(4.5

)

Total debt

 

 

310.9

 

 

 

312.2

 

Short-term borrowings and current portion of

   long-term debt

 

 

(10.5

)

 

 

(3.8

)

Long-term debt

 

$

300.4

 

 

$

308.4

 

 

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annual 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.

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

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

Average quarterly availability

Alternative base rate spread

 

Eurodollar and overnight LIBOR spread

 

≥ 50% of Aggregate Commitment

0.25%

 

1.25%

 

< 50% of Aggregate Commitment

0.50%

 

1.50%

 

The Company used the initial extension 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 year ended December 31, 2019, the Company recorded a $25.0 million charge in the 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 December 31, 2020, the Company had outstanding $14.7 million of other indebtedness that has a weighted-average interest rate of approximately 4.1%. This debt includes balances on local credit lines and other financing arrangements obligations.

As of December 31, 2020, the Company had no borrowings outstanding under the ABL Revolving Credit Facility and no borrowings under the Prior ABL Facility as of December 31, 2019. During the year ended December 31, 2020, the highest daily borrowing under the ABL Revolving Credit Facility was $50.0 million and the average borrowing was $13.3 million, while the weighted-average annual interest rate was 1.77%. The interest rate of the ABL Revolving Credit Facility fluctuates based on excess availability. As of December 31, 2020, the spreads for LIBOR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $240.8 million, which represents revolver borrowing capacity of $243.8 million less U.S. letters of credit outstanding of $3.0 million.

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

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

The aggregate scheduled future maturities of outstanding debt obligations as of December 31, 2020 is as follows: 

Year

 

 

 

 

2021

 

$

10.5

 

2022

 

 

2.5

 

2023

 

 

1.0

 

2024

 

 

—

 

2025

 

 

—

 

Thereafter

 

 

300.7

 

Total

 

$

314.7

 

 

 

•

The table of scheduled maturities above does not agree to the Company’s total debt as of December 31, 2020 as shown on the Consolidated Balance Sheet due to $3.8 million of deferred financing costs.

As of December 31, 2020, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.
v3.20.4
Accounts Receivable Securitization and Other Factoring Arrangements
 12 Months Ended
Dec. 31, 2020
Transfers And Servicing [Abstract]  
Accounts Receivable Securitization and Other Factoring Arrangements

12. Accounts Receivable Securitization and Other Factoring Arrangements

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

Trade accounts receivables sold to the Purchaser and being serviced by the Company totaled zero and $149.0 million as of December 31, 2020 and 2019, respectively. Cash proceeds received from customers related to the receivables previously sold for the years ended December 31, 2020 and 2019 were zero and $182.8 million, respectively.

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

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55 million. Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold are collected. During the year ended December 31, 2020, the Company sold receivables and received cash of €161.0 million. The Company also has one U.S. accounts receivable financing program with maximum availability of $35.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Topic 860.

v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

Income (loss) from continuing operations before income taxes for the years ended December 31, 2020, 2019 and 2018 is summarized as follows: 

 

 

2020

 

 

2019

 

 

2018

 

Income (loss) from continuing operations before

   income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

(51.6

)

 

$

(10.0

)

 

$

(76.4

)

Non-U.S.

 

 

49.6

 

 

 

69.0

 

 

 

4.7

 

Total

 

$

(2.0

)

 

$

59.0

 

 

$

(71.7

)

Income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018 is summarized as follows:

 

 

2020

 

 

2019

 

 

2018

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

(4.3

)

 

$

(0.7

)

 

$

(7.3

)

Non-U.S.

 

 

16.6

 

 

 

11.6

 

 

 

13.6

 

Total current

 

$

12.3

 

 

$

10.9

 

 

$

6.3

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

0.3

 

 

$

0.2

 

 

$

(6.2

)

Non-U.S.

 

 

4.5

 

 

 

1.3

 

 

 

(4.9

)

Total deferred

 

$

4.8

 

 

$

1.5

 

 

$

(11.1

)

Income tax provision (benefit)

 

$

17.1

 

 

$

12.4

 

 

$

(4.8

)

The calculated U.S. federal income tax amount at the statutory rate of 21% is reconciled to the Company’s income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018. The Company updated 2019 and 2018 from the previously presented rate-based reconciliation.  

 

 

2020

 

 

2019

 

 

2018

 

U.S. federal income tax at statutory rate

 

$

(0.4

)

 

$

12.4

 

 

$

(15.1

)

U.S. state income tax provision

 

 

1.9

 

 

 

(0.1

)

 

 

(3.1

)

Manufacturing & research incentives

 

 

(0.8

)

 

 

(3.0

)

 

 

(1.7

)

Taxes on non-U.S. income which differ from the U.S.

   statutory rate

 

 

—

 

 

 

(2.6

)

 

 

2.3

 

Adjustments for unrecognized tax benefits

 

 

10.7

 

 

 

(1.3

)

 

 

(6.9

)

Adjustments for valuation allowances

 

 

22.2

 

 

 

4.5

 

 

 

1.3

 

U.S. tax reform

 

 

(14.6

)

 

 

4.0

 

 

 

(1.8

)

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

17.6

 

Other items

 

 

(1.9

)

 

 

(1.5

)

 

 

2.6

 

Income tax provision (benefit)

 

$

17.1

 

 

$

12.4

 

 

$

(4.8

)

 

 

The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) provided for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits through the year ended December 31, 2017. The Transition Tax, which was completed in 2018, resulted in recording a total Transition Tax obligation of $57.2 million, however there was no U.S. cash tax impact due to net operating loss utilization.

Beginning in 2018, the Tax Reform Act included two new U.S. corporate tax provisions, the global intangible low-taxed income (“GILTI”) and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provision requires the Company to include in its U.S. income tax return non-U.S. subsidiary earnings in excess of an allowable return on the non-U.S. subsidiary’s tangible assets. Upon adoption, the Company elected to treat GILTI as a period cost. During 2020, final regulations were issued under Internal Revenue Code Section 951A relating to the treatment of income that is subject to a high rate of tax under the GILTI regime. Final regulations are effective for 2021 and the Company has elected to apply them to 2020 and 2019. While GILTI resulted in an inclusion of non-U.S. earnings of $0.0, $22.7 and $19.0 million, for the years ended December 31, 2020, 2019 and 2018, respectively, due to the Company’s net operating losses and valuation allowance, there was no net impact to the consolidated financial statements.

The BEAT provision in the Tax Reform Act eliminates the deduction of certain base-erosion payments made to related non-U.S. corporations, and imposes a minimum tax if the amount is greater than the regular tax. The Company evaluated the BEAT provisions, resulting in no net financial statement impact for the years ended December 31, 2020, 2019 and 2018.

As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view related to future realization of deferred tax assets.

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act allowed the Company to implement certain U.S. tax planning strategies which resulted in the Company filing an amended 2018 tax return during 2020 and recognizing a net income tax benefit of $3.7 million for the year ended December 31, 2020.

The Company has recorded valuation allowances on the deferred tax assets for certain of the legal entities in Brazil, China, Germany, India, U.K., and the U.S. as it is more likely than not that they will not be utilized. During 2018, the Company partially released the valuation allowance in the U.K. resulting in a $12.3 million income tax benefit. The 2018 income tax provision was impacted by a net increase of $ 1.3 million primarily related to additional valuation allowances recorded in the U.S., partially offset by the U.K. valuation allowance release. The 2019 and 2020 income tax provisions were impacted by a net increase of $ 4.5 million and $22.2 million respectively, related to additional valuation allowances recorded in the various jurisdictions.

The Company will continue to periodically evaluate its valuation allowance requirements in light of changing facts and circumstances and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes 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.

For 2020, there were no significant items included in other items in the reconciliation of the U.S. federal statutory rate table. For 2019, the only significant item included in other items was the favorable resolution of the German income tax audit. For 2018, the only significant item included in other items was the $1.7 million of deferred taxes related to the impact of updating the Company’s permanent reinvestment of foreign earnings assertion.

 


 

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items:

 

 

 

2020

 

 

2019

 

Non-current deferred income tax assets (liabilities):

 

 

 

 

 

 

 

 

Inventories

 

$

22.8

 

 

$

24.3

 

Accounts receivable

 

 

(2.7

)

 

 

(3.7

)

Property, plant and equipment

 

 

(17.2

)

 

 

(8.2

)

Intangible assets

 

 

(36.0

)

 

 

(34.1

)

Deferred employee benefits

 

 

34.7

 

 

 

39.8

 

Product warranty reserves

 

 

9.3

 

 

 

8.6

 

Product liability reserves

 

 

2.0

 

 

 

3.0

 

Tax credits

 

 

7.7

 

 

 

5.4

 

Loss and other tax attribute carryforwards

 

 

142.6

 

 

 

125.7

 

Deferred revenue

 

 

3.9

 

 

 

5.8

 

Other

 

 

18.0

 

 

 

11.9

 

Total non-current deferred income tax assets

 

 

185.1

 

 

 

178.5

 

Less valuation allowance

 

 

(171.4

)

 

 

(157.1

)

Net deferred income tax assets, non-current

 

$

13.7

 

 

$

21.4

 

 

The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Long-term income tax assets, included in other non-current

   assets

 

$

19.6

 

 

$

26.9

 

Long-term deferred income tax liability

 

 

(5.9

)

 

 

(5.5

)

Net deferred income tax asset

 

$

13.7

 

 

$

21.4

 

 

With the enactment of the Tax Reform Act, the Company believes that its offshore cash can be accessed in a more tax efficient manner. In 2018, the Company updated its assertion that foreign earnings are permanently reinvested such that jurisdictions where cash can be tax efficiently repatriated are no longer permanently reinvested. As of December 31, 2020, $0.9 million of deferred taxes were provided on approximately $239.4 million of unremitted earnings of non-U.S. subsidiaries that may be remitted to the U.S. As of December 31, 2019, $1.8 million of deferred taxes were provided on approximately $255.3 million of unremitted earnings of Non-U.S. subsidiaries that may be remitted to the U.S. As of December 31, 2020, the Company has approximately $463.0 million of additional unremitted earnings of non-U.S. subsidiaries for which it has not currently provided deferred taxes. These earnings, if repatriated to the U.S., would not result in a material income tax expense.

The Company has approximately $148.2 million of U.S. federal loss carryforwards, which are available to reduce future U.S. federal tax liabilities. $24.4 million of the federal net operating loss carryforward expire in 2036 and the remaining $123.8 million is not subject to any time restrictions for future use.  However, utilization of these indefinite lived loss carryforwards is annually limited to 80% of adjusted taxable income.  The carryforward is offset by a valuation allowance.

The Company has approximately $728.2 million of U.S. state net operating loss carryforwards, which are available to reduce future U.S. state tax liabilities. These U.S. state net operating loss carryforwards expire at various times through 2040. The Company has recorded a full valuation allowance related to the U.S. state net operating losses. 

The Company has approximately $303.6 million of non-U.S. loss carryforwards, which are available to reduce future non-U.S. tax liabilities. Substantially all of the non-U.S. loss carryforwards are not subject to any time restrictions on their future use, and $165.6 million are offset by a valuation allowance.

The Company or one of its subsidiaries files income tax returns in the U.S. federal, U.S. state and non-U.S. jurisdictions. The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions:

 

Jurisdiction

 

Open Years

U.S. federal

 

2016 — 2020

China

 

2010 — 2020

France

 

2017 — 2020

Germany

 

2015 — 2020

 

Among other regular and ongoing examinations by U.S. federal, U.S. state and non- U.S. jurisdictions globally, the Company agreed to the results of a Mutually Agreed upon Procedure for 2006 with the Italian tax authorities. There have been no significant developments with respect to the Company’s ongoing tax audits in other jurisdictions.

The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of December 31, 2020, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cashflows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates and/or from its historical income tax provisions and accruals and could have a material effect on operating results and/or cashflows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments.

During the years ended December 31, 2020, 2019 and 2018, the Company recorded a change to gross unrecognized tax benefits including interest and penalties of $5.5 million, $1.7 million, and $7.6 million, respectively.

During the years ended December 31, 2020, 2019 and 2018, the Company recognized benefit for income taxes in the Consolidated Statements of Operations of $(3.1) million, $(0.3) million, and $(1.0) million, respectively, for net reductions to interest and penalties related to uncertain tax liabilities. As of December 31, 2020, 2019, and 2018, the Company has accrued interest and penalties of $3.3 million and $6.4 million, and $6.7 million, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of year

 

$

11.5

 

 

$

12.8

 

 

$

19.5

 

Additions for tax positions of current year

 

 

0.3

 

 

 

0.5

 

 

 

0.3

 

Additions for tax positions of prior years

 

 

10.9

 

 

 

0.3

 

 

 

0.5

 

Reductions for tax positions of prior years

 

 

(0.4

)

 

 

—

 

 

 

(1.7

)

Reductions based on settlements with tax

   authorities

 

 

(2.1

)

 

 

(0.6

)

 

 

(0.6

)

Reductions for lapse of statute of limitations

 

 

(0.1

)

 

 

(1.5

)

 

 

(5.2

)

Balance at end of year

 

$

20.1

 

 

$

11.5

 

 

$

12.8

 

 

The increase in unrecognized tax benefits primarily relates to $10.9 million from the uncertainty of a portion of the U.S. federal tax planning strategies implemented as a result of the CARES Act.

Approximately $15.4 million, $7.2 million, and $7.2 million of the Company’s unrecognized tax benefits as of December 31, 2020, 2019, and 2018, respectively, would impact the effective tax rate.

During the next twelve months, the unrecognized tax benefits are not expected to significantly increase or decrease because the Company’s tax positions are sustained on audit or settled, or the applicable statute of limitations closes.
v3.20.4
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share

14. Net Income (Loss) Per Share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share:

 

 

 

2020

 

 

2019

 

 

2018

 

Basic weighted average common shares outstanding

 

 

34,691,063

 

 

 

35,487,358

 

 

 

35,513,162

 

Effect of dilutive securities - stock awards

 

 

—

 

 

 

154,442

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

34,691,063

 

 

 

35,641,800

 

 

 

35,513,162

 

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net earnings, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 1,527,645 common shares were excluded from the computation of diluted net earnings per share for the years ended December 31, 2019. Due to the net loss during the years ended December 31, 2020 and 2018, the assumed exercise of all equity incentive instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for this period.
v3.20.4
Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Equity

15. Equity

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

As of December 31, 2020, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program in the first quarter of 2020 to preserve its liquidity and manage cash flows. Prior to the suspension of the share repurchase program, the Company repurchased 1,061,711 of the Company’s common shares for $12.0 million under this authorization. As of December 31, 2020, the Company has $10.6 million remaining under this authorization.

The amount and timing of any dividends are determined by the Board of Directors at its regular meetings each year, subject to limitations within the indenture governing the Company’s 2026 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2020, 2019, and 2018.

The components of accumulated other comprehensive loss as of December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Foreign currency translation, net of income tax provision

   of $4.6 and $0.0

 

$

(49.6

)

 

$

(81.1

)

Derivative instrument fair market value, net of income

   tax provision of $0.0 and $0.0

 

 

—

 

 

 

—

 

Employee pension and postretirement benefit adjustments,

   net of income benefit of $14.4 and $13.7

 

 

(47.9

)

 

 

(39.9

)

Total accumulated other comprehensive loss

 

$

(97.5

)

 

$

(121.0

)

 

 

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the years ended December 31, 2019 and 2020 are as follows:

 

 

 

Gains

(Losses) on

Cash Flow

Hedges

 

 

Pension &

Postretirement

 

 

Foreign

Currency

Translation

 

 

Total

 

Balance as of December 31, 2018

 

$

(0.3

)

 

$

(36.2

)

 

$

(80.1

)

 

$

(116.6

)

Other comprehensive loss before

   reclassifications

 

 

(2.8

)

 

 

(5.5

)

 

 

(1.0

)

 

 

(9.3

)

Amounts reclassified from accumulated other

   comprehensive income

 

 

3.1

 

 

 

1.8

 

 

 

—

 

 

 

4.9

 

Net current period other comprehensive income (loss)

 

 

0.3

 

 

 

(3.7

)

 

 

(1.0

)

 

 

(4.4

)

Balance as of December 31, 2019

 

 

—

 

 

 

(39.9

)

 

 

(81.1

)

 

 

(121.0

)

Other comprehensive income (loss) before

   reclassifications

 

 

(0.3

)

 

 

(9.9

)

 

 

31.5

 

 

 

21.3

 

Amounts reclassified from accumulated other

   comprehensive income

 

 

0.3

 

 

 

1.9

 

 

 

—

 

 

 

2.2

 

Net current period other comprehensive income (loss)

 

 

—

 

 

 

(8.0

)

 

 

31.5

 

 

 

23.5

 

Balance as of December 31, 2020

 

$

—

 

 

$

(47.9

)

 

$

(49.6

)

 

$

(97.5

)

 

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

 

 

Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

 

Recognized

Location

Losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(0.3

)

 

$

(3.1

)

 

$

(5.0

)

 

Cost of sales

Total before income taxes

 

 

(0.3

)

 

 

(3.1

)

 

 

(5.0

)

 

 

Income tax provision

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(0.3

)

 

$

(3.1

)

 

$

(5.0

)

 

 

Amortization of pension and

   postretirement items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(4.5

)

 

$

(4.6

)

 

$

(5.0

)

(a)

Other expense - net

Amortization of prior service cost

 

 

2.6

 

 

 

2.8

 

 

 

2.7

 

(a)

Other expense - net

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

(4.5

)

(a)

Other expense - net

Total before income taxes

 

 

(1.9

)

 

 

(1.8

)

 

 

(6.8

)

 

 

Income tax benefit

 

 

—

 

 

 

—

 

 

 

1.4

 

 

 

Total, net of income taxes

 

$

(1.9

)

 

$

(1.8

)

 

$

(5.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period, net

   of income taxes

 

$

(2.2

)

 

$

(4.9

)

 

$

(10.4

)

 

 

 

(a)

These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details). 
v3.20.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

16. Stock-Based Compensation

The Company’s 2013 Omnibus Incentive Plan (the “2013 Omnibus Plan”) was approved by shareholders on May 7, 2013 and replaced the 2003 Incentive Stock and Awards Plan (the “2003 Stock Plan”). The 2013 Omnibus Plan also replaced the Company’s Short-Term Incentive Plan (the “STIP”) as of December 31, 2013. The 2003 Stock Plan and the STIP are referred to cumulatively as the “Prior Plans.”  No new awards may be granted under the Prior Plans after the respective termination dates, but the Prior Plans continue to govern awards outstanding issued thereunder; outstanding awards will continue in force and effect until vested, exercised or forfeited pursuant to their terms. The 2013 Omnibus 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, restricted stock units, and performance share or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Omnibus Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of December 31, 2020 is 4,691,191 shares.

The Company recognizes expense net of estimated future forfeitures for all stock-based compensation on a straight-line basis over the vesting period of the entire award. Estimated future forfeitures are based on the Company’s historical experience.

During the year ended December 31, 2020, the Company recorded stock-based compensation expense of $6.0 million of which $8.5 million of expense was included in engineering, selling and administrative expense and $2.5 million of income was included in restructuring expense in the Consolidated Statement of Operations. Income recorded in restructuring expense was primarily related to the forfeiture of grants associated with employee separation agreements. Total stock-based compensation expense recognized within engineering, selling and administrative expenses in the Consolidated Statements of Operations was $9.5 million and $7.5 million during the years ended December 31, 2019 and 2018, respectively. In 2018, the Company recognized $0.7 million of expense related to the modification of stock awards associated with employee severance which is included in restructuring expense in the Consolidated Statements of Operations.

Shares are issued out of treasury stock upon exercise for stock options and vesting of restricted stock units and performance share units.

 

Stock Options

Stock option grants to employees are 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.

The Company granted stock options to employees to acquire 250,432, 210,243 and 187,484 shares of common stock during the years ended December 31, 2020, 2019 and 2018, respectively. Stock-based compensation expense is calculated by estimating the fair value of non-qualified stock options at the time of grant and is amortized over the stock options’ vesting period. The Company recognized $1.3 million, $2.7 million and $2.4 million of expense before income taxes associated with stock options during 2020, 2019 and 2018, respectively.

A summary of the Company’s stock option activity is as follows:

 

 

 

Shares

 

 

Weighted

Average

Exercise Price Per Share

 

 

Aggregate

Intrinsic

Value

 

Options outstanding as of December 31, 2019

 

 

1,058,652

 

 

$

21.82

 

 

 

 

 

Granted

 

 

250,432

 

 

 

12.37

 

 

 

 

 

Exercised

 

 

(11,250

)

 

 

9.27

 

 

 

 

 

Forfeited

 

 

(220,714

)

 

 

16.44

 

 

 

 

 

Cancelled

 

 

(9,240

)

 

 

14.78

 

 

 

 

 

Options outstanding as of December 31, 2020

 

 

1,067,880

 

 

$

20.91

 

 

$

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable as of December 31, 2020

 

 

844,952

 

 

$

21.94

 

 

$

—

 

 

The Company uses the Black-Scholes valuation model to value stock options. The Company’s volatility assumption was based on a blend of its historical stock price and an average of historical stock prices of selected peers. The assumed risk-free rate was based on U.S. Treasury rates in effect at the time of grant with varying maturities weighted commensurately with the expected life assumption. The expected option life represents the period of time options are expected to be outstanding and is based on historical experience.

The weighted average fair value per share of options granted during the years ended December 31, 2020, 2019 and 2018 was $5.35, $8.07 and $15.66, respectively. The fair value of each option grant was estimated at the date of grant using the following assumptions:

 

 

 

2020

 

 

2019

 

 

2018

 

Expected life (years)

 

 

6.5

 

 

 

6.5

 

 

 

6.5

 

Risk-free interest rate

 

 

1.2

%

 

 

2.6

%

 

 

2.8

%

Expected volatility

 

 

42.3

%

 

 

39.8

%

 

 

43.7

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

As of December 31, 2020, the Company has $0.8 million of unrecognized compensation expense before income tax related to stock options, which will be recognized over a weighted average period of 1.4 years.

 

Restricted Stock Units

The Company granted 333,269, 178,371 and 86,692 restricted stock units in 2020, 2019 and 2018, respectively. The Company recognized $3.5 million, $2.4 million and $1.5 million of compensation expense associated with restricted stock units during 2020, 2019 and 2018, respectively. 

The restricted stock units are earned based on service over the vesting period. Beginning in 2019, restrictions on restricted stock units granted to employees lapse in three annual increments over a three-year period beginning on the first anniversary of the grant date. Prior to 2019, restrictions on restricted stock units granted to employees lapse 100% on the third anniversary of the grant date, assuming continued employment. The expense is based on the fair value of the Company's shares as of the grant date which is the grant date closing stock price.

A summary of activity for restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value Per Share

 

Unvested as of December 31, 2019

 

 

290,563

 

 

$

22.55

 

Granted

 

 

333,269

 

 

 

11.64

 

Vested

 

 

(177,307

)

 

 

21.66

 

Forfeited

 

 

(84,232

)

 

 

14.27

 

Unvested as of December 31, 2020

 

 

362,293

 

 

$

14.87

 

 

As of December 31, 2020, the Company has $2.6 million of unrecognized compensation expense before income tax related to restricted stock units which will be recognized over a weighted average period of 1.8 years.

Performance Share Units

The Company granted 328,310, 228,037 and 93,298 of performance share units in 2020, 2019 and 2018, respectively. The performance share units are earned based on service over the vesting period and on the extent to which performance goals are met over the applicable three-year performance period. The performance goals vary for performance share units each grant year. The Company recognized $0.2 million, $3.4 million and $2.5 million of compensation expense associated with performance share units during 2020, 2019 and 2018, respectively. 

The performance share units granted in 2020 are earned based on the extent to which performance goals are met by the Company over a three-year period from January 1, 2020 to December 31, 2022. The performance goals for the performance share units granted in 2020 are based on the 3-year average of the Company’s adjusted EBITDA percentage from continuing operations from 2020 to 2022 with a +/-20% modifier based on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. Depending on the forgoing factors, the number of shares earned could range from zero to two times the amount of performance share units outstanding on the vesting date.

The performance share units granted in 2019 are earned based on the extent to which performance goals are met by the Company over a three-year period from January 1, 2019 to December 31, 2021. The performance goals were based fifty percent (50%) on total shareholder return relative to a peer group of companies over the three-year period and fifty percent (50%) on meeting targeted adjusted EBITDA margin at the end of the three-year period. Depending on the foregoing factors, the current number of shares awarded could range from zero to two times the amount of performance share units outstanding on the vesting date.

The performance share units granted in 2018 are earned based on the extent to which performance goals are met by the Company over a three-year period from January 1, 2018 to December 31, 2020. The performance goals were based fifty percent (50%) on total shareholder return relative to a peer group of companies over the three-year period and fifty percent (50%) on meeting targeted adjusted EBITDA margin at the end of the three-year period. Depending on the foregoing factors, the current number of shares awarded could range from zero to two times the amount of performance share units outstanding on the vesting date.

 

A summary of activity for performance share units is as follows:

 

 

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

Per Share

 

Unvested as of December 31, 2019

 

 

457,583

 

 

$

26.25

 

Granted

 

 

328,310

 

 

 

12.67

 

Vested

 

 

(97,135

)

 

 

26.11

 

Forfeited

 

 

(330,423

)

 

 

21.05

 

Unvested as of December 31, 2020

 

 

358,335

 

 

$

18.64

 

 

As of December 31, 2020, the Company has $2.2 million of unrecognized compensation expense before income tax related to performance share units which will be recognized over a weighted average period of 1.9 years.

 

The expense for the adjusted EBITDA performance share units is based on the fair value of the Company's shares as of the grant date which is the grant date closing stock price. For total shareholder return performance share units, the Company uses the Monte Carlo valuation model to determine fair value of the grants. The Company used an average of historical stock prices of selected peers for its volatility assumption. The assumed risk-free rates were based on three-year U.S. Treasury rates in effect at the time of grant. The fair value of each total shareholder return performance share unit was estimated at the date of grant using the following assumptions:

 

 

 

2020

 

 

2019

 

 

2018

 

Correlation

 

 

32.2

%

 

 

32.5

%

 

 

29.5

%

Risk-free interest rate

 

 

1.1

%

 

 

2.5

%

 

 

2.4

%

Expected volatility

 

 

47.5

%

 

 

47.0

%

 

 

33.8

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

Director Compensation Awards

A total of 77,608, 50,673 and 25,021 equity compensation awards were granted to directors in 2020, 2019, and 2018, respectively. The equity compensation awards vested immediately upon the grant date. The Company recognized $1.0 million, $1.0 million and $1.1 million of compensation expense associated with equity compensation awards to directors in 2020, 2019 and 2018, respectively. The expense is based on the fair value of the Company's shares as of the grant date which is the grant date closing stock price.

 
v3.20.4
Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segments

17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the 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 operating segments.

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

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

The following table shows information by reportable segment for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

626.1

 

 

$

969.7

 

 

$

882.7

 

EURAF

 

 

598.7

 

 

 

644.9

 

 

 

680.6

 

MEAP

 

 

218.6

 

 

 

219.5

 

 

 

283.5

 

Total

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

Segment Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

32.1

 

 

$

113.4

 

 

$

58.8

 

EURAF

 

 

12.0

 

 

 

3.8

 

 

 

(68.2

)

MEAP

 

 

30.4

 

 

 

22.6

 

 

 

31.5

 

Total

 

$

74.5

 

 

$

139.8

 

 

$

22.1

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

15.7

 

 

$

14.5

 

 

$

14.0

 

EURAF

 

 

16.5

 

 

 

15.1

 

 

 

15.3

 

MEAP

 

 

2.1

 

 

 

2.4

 

 

 

3.7

 

Corporate

 

 

2.9

 

 

 

3.0

 

 

 

3.1

 

Total

 

$

37.2

 

 

$

35.0

 

 

$

36.1

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

6.0

 

 

$

13.2

 

 

$

9.4

 

EURAF

 

 

19.0

 

 

 

19.0

 

 

 

16.3

 

MEAP

 

 

1.2

 

 

 

2.9

 

 

 

3.4

 

Corporate

 

 

0.1

 

 

 

—

 

 

 

2.6

 

Total

 

$

26.3

 

 

$

35.1

 

 

$

31.7

 

 

A reconciliation of the Company’s segment operating income to operating income (loss) in the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Segment operating income

 

$

74.5

 

 

$

139.8

 

 

$

22.1

 

Unallocated corporate expenses

 

 

(32.2

)

 

 

(31.3

)

 

 

(37.5

)

Unallocated restructuring expense

 

 

(3.7

)

 

 

(0.1

)

 

 

(3.9

)

Total operating income (loss)

 

$

38.6

 

 

$

108.4

 

 

$

(19.3

)

 

Net sales and property, plant and equipment by geographic area as of and for the years ended December 31 are summarized as follows:

 

 

 

Net Sales

 

 

Property, Plant and Equipment

 

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

United States

 

$

564.9

 

 

$

860.4

 

 

$

796.9

 

 

$

97.9

 

 

$

109.3

 

Europe

 

 

585.4

 

 

 

619.8

 

 

 

659.9

 

 

 

167.8

 

 

 

150.4

 

Other

 

 

293.1

 

 

 

353.9

 

 

 

390.0

 

 

 

28.6

 

 

 

30.2

 

Total

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

 

$

294.3

 

 

$

289.9

 

 

Net sales by product for the years ended December 31, 2020, 2019 and 2018 are summarized as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

New crane sales

 

$

1,065.3

 

 

$

1,423.2

 

 

$

1,443.0

 

Used crane sales, aftermarket parts and other*

 

 

378.1

 

 

 

410.9

 

 

 

403.8

 

Total net sales

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

* Other sales consist of miscellaneous services such as training and field service work.

 
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

18. Commitments and Contingencies

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

As of December 31, 2020, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these are insured with self-insurance retention levels. The Company’s self-insurance retention levels have fluctuated over the last 10 years.  As of December 31, 2020, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States.

Product liability reserves are recorded as current liabilities in the Consolidated Balance Sheets as of December 31, 2020 and 2019 and were $9.2 million and $12.8 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

As of December 31, 2020 and 2019, the Company had reserved $63.2 million and $60.6 million, respectively, for warranty claims included in product warranties and other non-current liabilities in the Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 19, “Guarantees,” for further information.

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

In 2019, the Company settled a legal matter which resulted in a net $24.4 million gain. The Company recorded this settlement by recognizing income of $15.5 million in other income (expense) and a benefit of $8.9 million in engineering, selling and administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2019.

It is reasonably possible that the estimates for warranty costs, product liability, asbestos-related claims and other various legal matters may change in the near future 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.
v3.20.4
Guarantees
 12 Months Ended
Dec. 31, 2020
Guarantees [Abstract]  
Guarantees

19. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Accounting Standards Codification Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of December 31, 2020 and 2019 was $35.9 million and $34.1 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of December 31, 2020 and 2019 was $31.7 million and $17.3 million, respectively. These amounts are not reduced for amounts the Company would recover from repossessing and subsequent resale of the units. The buyback commitments expire at various times through 2030. The Company also has various loss guarantees with maximum liabilities of $31.8 million and $11.3 million as of December 31, 2020 and 2019, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects for periods ranging from 12 months to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective product. 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. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of December 31, 2020 and 2019 was $6.2 million and $8.3 million, respectively. Below is a table summarizing the warranty activity for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of period

 

$

60.6

 

 

$

47.8

 

 

$

44.5

 

Accruals for warranties issued during the

   period

 

 

33.9

 

 

 

47.3

 

 

 

38.0

 

Settlements made (in cash or in kind) during

   the period

 

 

(33.6

)

 

 

(34.2

)

 

 

(33.8

)

Currency translation

 

 

2.3

 

 

 

(0.3

)

 

 

(0.9

)

Balance at end of period

 

$

63.2

 

 

$

60.6

 

 

$

47.8

 

 

Included in the balance at end of period as of December 31, 2020 and 2019 is $13.0 million and $13.4 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Consolidated Balance Sheets.

v3.20.4
Restructuring
 12 Months Ended
Dec. 31, 2020
Restructuring And Related Activities [Abstract]  
Restructuring

20. Restructuring

During the years ended December 31, 2020, 2019 and 2018, the Company incurred $7.0 million, $9.8 million and $12.9 million of restructuring expense, respectively. Expenses for 2020 related primarily to costs associated with headcount reductions in Europe and North America, partially offset by $2.5 million of income primarily related to the forfeiture of equity compensation awards associated with employee separation agreements. The costs for 2019 related primarily to severance costs for headcount reductions in Europe, North America and India. The costs for 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 production to Shady Grove, PA and costs associated with headcount reductions in Europe. Restructuring expense for the years ended December 31, 2020, 2019 and 2018 included $2.2 million, zero and $2.0 million, respectively, of expense related to executive severance.

The following is a summary of the Company's restructuring activities for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of period

 

$

2.0

 

 

$

3.3

 

 

$

5.6

 

Restructuring expenses*

 

 

9.5

 

 

 

9.8

 

 

 

12.9

 

Use of reserve

 

 

(6.2

)

 

 

(10.9

)

 

 

(15.1

)

Reserve reclassification

 

 

—

 

 

 

(0.2

)

 

 

—

 

Currency translation

 

 

—

 

 

 

—

 

 

 

(0.1

)

Balance at end of period

 

$

5.3

 

 

$

2.0

 

 

$

3.3

 

 

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

v3.20.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

21. Employee Benefit Plans

The Company provides defined benefit pension plans, defined contribution plans and/or other postretirement benefit plans to employees in many of the Company’s locations throughout the world. The Company’s defined benefit plans provide a benefit based on years of service and/or the employee’s average earnings near retirement. The Company’s defined contribution plans allow employees to contribute a portion of their salary to help save for retirement, and in most cases, the Company provides a matching contribution. The benefit obligation related to the Company’s non-U.S. defined benefit pension plans are for employees located primarily in Europe. For postretirement medical and other benefit plans, all of the Company’s benefit obligation is for employees located in the United States.

Defined contribution plans

The Company maintains two defined contribution retirement plans for its employees in the United States: (1) The Manitowoc Company, Inc. 401(k) Retirement Plan (the “Manitowoc 401(k) Retirement Plan”) and (2) The Manitowoc Company, Inc. Deferred Compensation Plan (the “Manitowoc Deferred Compensation Plan”). During 2019, the Manitowoc Retirement Savings Plan merged with The Manitowoc 401(k) Retirement Plan, with The Manitowoc 401(k) Retirement Plan being the surviving plan. Each plan results in individual participant balances that reflect a combination of amounts contributed by the Company or deferred by the participant, amounts invested at the direction of either the Company or the participant, and the continuing reinvestment of returns until the accounts are distributed.

The Company also has various other non-U.S. defined contribution plans that allow eligible employees to contribute a portion of their salary to the plans. In most cases, the Company provides a matching contribution to the funds. Company contributions to the plans are generally based upon formulas contained in the plans. Total costs incurred under the Non-U.S. defined contribution plans, and reported within the Consolidated Statement of Operations, were $1.7 million, $1.2 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Manitowoc 401(k) Retirement Plan 

The Manitowoc 401(k) Retirement Plan is a tax-qualified retirement plan that is available to substantially all U.S. employees of Manitowoc, its subsidiaries and related entities. 

The Manitowoc 401(k) Retirement Plan allows employees to make both pre and after-tax elective deferrals, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Tax Code”). The Company also has the right to make the following additional contributions: (1) a safe harbor matching contribution and (2) an additional contribution, which may or

may not be made, at the full discretion of the Company and for which the value will be fully determined by the Company based on its performance. Each participant in the Manitowoc 401(k) Retirement Plan is allowed to direct the investment of that participant’s account among a diverse mix of investment funds, including a Company stock alternative. To the extent that any funds are invested in the Company’s stock, that portion of the Manitowoc 401(k) Retirement Plan is an employee stock ownership plan, as defined under the Tax Code (an “ESOP”).

The terms governing the retirement benefits under the Manitowoc 401(k) Retirement Plan are the same for the Company’s executive officers as they are for other eligible employees in the U.S.

Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, were $5.9 million, $6.3 million and $6.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.

 

Manitowoc Deferred Compensation Plan 

The Manitowoc Deferred Compensation Plan is a non-qualified supplemental deferred compensation plan for highly compensated and key management employees and for non-employee directors of the Company. The Company maintains the Manitowoc Deferred Compensation Plan to allow eligible individuals to save for retirement in a tax-efficient manner despite Tax Code restrictions that would otherwise impair their ability to do so under the Manitowoc 401(k) Retirement Plan. The Manitowoc Deferred Compensation Plan also assists the Company in retaining those key employees and directors.

The Manitowoc Deferred Compensation Plan accounts are credited with: (1) elective deferrals made at the request of the individual participant; and/or (2) an additional contribution from the Company for each individual participant, which may or may not be made, at the full discretion of the Company based on its performance. Although unfunded within the meaning of the Tax Code, the Manitowoc Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. Each participant in the Manitowoc Deferred Compensation Plan is credited with earnings based upon individual elections from a diverse mix of investment funds that are intended to reflect investment funds similar to those offered under the Manitowoc 401(k) Retirement Plan, including the Company’s stock. Participants do not receive preferential or above-market rates of return under the Manitowoc Deferred Compensation Plan.

The Company has two separate investment programs: Program A and B, which allows participants to direct deferrals and Company contributions and restricts the Company’s use and access to the funds, but are subject to the claims of the Company’s general creditors in rabbi trusts. Program A invests solely in the Company’s stock; dividends paid on the Company’s stock are automatically reinvested; and all distributions must be made in Company stock. Program B offers a variety of investment options but does not include Company stock as an investment option. All distributions from Program B must be made in cash. Participants cannot transfer assets between programs.

Program A is accounted for as a plan that does not permit diversification. As a result, the Company stock held by Program A is classified in equity in a manner similar to accounting for treasury stock. The deferred compensation obligation is classified as an equity instrument. Changes in the fair value of the Company’s stock and the compensation obligation are not recognized. The asset and obligation for Program A were $0.6 million and $0.5 million as of December 31, 2020 and 2019, respectively.

Program B is accounted for as a plan that permits diversification. As a result, the assets held by Program B are classified as an asset in the Consolidated Balance Sheets and changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is classified as a liability in the Consolidated Balance Sheets and adjusted, with a charge or credit to compensation cost, to reflect changes in the fair value of the obligation. The assets, which are included in other non-current assets, and obligations, which are included in other non-current liabilities, were $9.0 million and $8.4 million as of December 31, 2020 and 2019, respectively. Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, for the years ended December 31, 2020, 2019 and 2018 were $0.4 million, $0.5 million and $0.3 million, respectively.

Pension, Postretirement Medical and Other Benefit Plans

The Company provides certain pension, postretirement medical and other benefits (death benefits) for eligible retirees and their dependents. Certain pension benefits are funded, the postretirement medical benefits are not funded but are paid as incurred, and the death benefits are fully insured. Eligibility for coverage is based on meeting certain years of service and retirement qualifications. The healthcare benefits may be subject to deductibles, co-payment provisions, and other limitations. The Company has reserved the right to modify these benefits which have been frozen. As of December 31, 2010, all of the

remaining U.S. defined benefit pension plans were merged into a single plan: the Manitowoc U.S. Pension Plan (“U.S. Pension Plans”). All merged plans had benefit accruals frozen prior to the merger of the plans.

In September 2018, the U.S. Pension Plans entered into and closed on a definitive agreement with an insurance company to purchase a group annuity contract to transfer $18.6 million of the Company’s outstanding pension benefit obligations related to certain U.S. retirees and beneficiaries. As a result of the transaction, the insurance company is required to pay and administer the retirement benefits owed to 622 retirees and beneficiaries of the U.S. Pension Plans starting on December 1, 2018. There was no change to their monthly benefit payment amounts. In connection with this transaction, the Company recognized a non-cash pension settlement charge of $4.5 million in other income (expense) net primarily related to the accelerated recognition of actuarial losses included in accumulated other comprehensive loss for the U.S. Pension Plans.

In addition to the U.S. Pension Plans, the Company also maintains defined benefit pension plans for various Non-US subsidiaries which are sponsored directly by the Company or its subsidiaries and offered only to employees or retirees of those subsidiaries (“Non-U.S. Pension Plans”). Certain Non-U.S. Pension Plans have frozen benefit accruals.

The components of periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement Medical

and Other

 

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

Service cost - benefits earned

   during the year

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2.1

 

 

$

1.8

 

 

$

1.8

 

 

$

0.2

 

 

$

0.2

 

 

$

0.2

 

Interest cost of projected

   benefit obligation

 

 

4.0

 

 

 

5.1

 

 

 

5.2

 

 

 

1.8

 

 

 

2.2

 

 

 

2.1

 

 

 

0.4

 

 

 

0.8

 

 

 

0.8

 

Expected return on assets

 

 

(5.2

)

 

 

(4.3

)

 

 

(5.7

)

 

 

(1.1

)

 

 

(1.4

)

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of prior service

   cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

(2.7

)

 

 

(2.8

)

 

 

(2.8

)

Amortization of actuarial net

   loss (gain)

 

 

2.8

 

 

 

3.3

 

 

 

2.9

 

 

 

1.7

 

 

 

1.3

 

 

 

1.3

 

 

 

0.0

 

 

 

—

 

 

 

0.8

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit cost

 

$

1.6

 

 

$

4.1

 

 

$

6.9

 

 

$

4.6

 

 

$

4.0

 

 

$

3.9

 

 

$

(2.1

)

 

$

(1.8

)

 

$

(1.0

)

Weighted average

   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective discount rate for

   benefit obligations

 

 

3.3

%

 

 

4.3

%

 

 

3.8

%

 

 

1.6

%

 

 

2.5

%

 

 

2.2

%

 

 

2.9

%

 

 

4.1

%

 

 

3.3

%

Effective interest rate on

   benefit obligation

 

 

2.9

%

 

 

4.0

%

 

 

3.5

%

 

 

1.6

%

 

 

2.5

%

 

 

2.2

%

 

 

2.6

%

 

 

3.7

%

 

 

2.9

%

Expected return on plan assets

 

 

5.2

%

 

 

5.2

%

 

 

5.3

%

 

 

2.3

%

 

 

3.5

%

 

 

2.7

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation

   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

3.1

%

 

 

3.6

%

 

 

3.5

%

 

N/A

 

 

N/A

 

 

N/A

 

 

The prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants.

To develop the expected long-term rate of return on assets assumptions, the Company considered the historical returns and future expectations for returns in each asset class net of fees, as well as targeted asset allocation percentages within the pension portfolio.

The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2020 and 2019:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement

Medical and Other

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

142.3

 

 

$

130.5

 

 

$

90.6

 

 

$

81.9

 

 

$

18.4

 

 

$

20.7

 

Service cost

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

1.8

 

 

 

0.2

 

 

 

0.2

 

Interest cost

 

 

4.0

 

 

 

5.1

 

 

 

1.8

 

 

 

2.2

 

 

 

0.4

 

 

 

0.8

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.4

 

Plan curtailment

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

—

 

Actuarial (gain) loss

 

 

13.4

 

 

 

13.8

 

 

 

9.7

 

 

 

8.3

 

 

 

(1.3

)

 

 

(1.5

)

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

5.3

 

 

 

1.1

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(7.8

)

 

 

(7.1

)

 

 

(4.5

)

 

 

(4.7

)

 

 

(2.2

)

 

 

(2.2

)

Benefit obligation, end of year

 

$

151.9

 

 

$

142.3

 

 

$

104.9

 

 

$

90.6

 

 

$

15.8

 

 

$

18.4

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

99.6

 

 

$

84.9

 

 

$

45.2

 

 

$

40.1

 

 

$

—

 

 

$

—

 

Actual return on plan assets

 

 

12.7

 

 

 

16.8

 

 

 

6.0

 

 

 

4.2

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

9.2

 

 

 

5.0

 

 

 

3.9

 

 

 

4.0

 

 

 

1.9

 

 

 

1.8

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.4

 

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

1.7

 

 

 

1.6

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(7.8

)

 

 

(7.1

)

 

 

(4.5

)

 

 

(4.7

)

 

 

(2.2

)

 

 

(2.2

)

Fair value of plan assets, end of year

 

 

113.7

 

 

 

99.6

 

 

 

52.3

 

 

 

45.2

 

 

 

(0.0

)

 

 

—

 

Funded status

 

$

(38.2

)

 

$

(42.7

)

 

$

(52.6

)

 

$

(45.4

)

 

$

(15.8

)

 

$

(18.4

)

Amounts recognized in the Consolidated

   Balance Sheets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term pension obligation

 

$

(0.5

)

 

$

(0.5

)

 

$

(1.1

)

 

$

(1.3

)

 

$

—

 

 

$

—

 

Long-term pension obligation

 

 

(37.7

)

 

 

(42.2

)

 

 

(51.5

)

 

 

(44.1

)

 

 

—

 

 

 

—

 

Short-term postretirement medical and other

   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.8

)

 

 

(2.1

)

Long-term postretirement medical and other

   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14.0

)

 

 

(16.3

)

Net amount recognized

 

$

(38.2

)

 

$

(42.7

)

 

$

(52.6

)

 

$

(45.4

)

 

$

(15.8

)

 

$

(18.4

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.4

%

 

 

3.3

%

 

 

1.1

%

 

 

1.5

%

 

 

2.0

%

 

 

2.9

%

Expected return on plan assets

 

 

5.2

%

 

 

5.2

%

 

 

2.3

%

 

 

3.5

%

 

N/A

 

 

N/A

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

3.1

%

 

 

3.6

%

 

N/A

 

 

N/A

 

 

The Company prepares its discount rates with advice from an independent third party. The Company uses different discount rates for each plan depending on the plan jurisdiction, the demographics of participants and the expected timing of benefit payments. For the qualified U.S. pension plan and postretirement medical plans, the Company uses a discount rate calculated based on an appropriate mix of high-quality corporate bonds. For the non-U.S. pension and postretirement plans, the Company consistently uses the relevant country specific benchmark indices for determining the various discount rates.

Amounts recognized in accumulated other comprehensive loss as of December 31, 2020 and 2019, are summarized as follows:

 

 

 

Pensions

 

 

Postretirement

Medical and Other

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net actuarial gain (loss)

 

$

(69.3

)

 

$

(61.9

)

 

$

3.3

 

 

$

1.9

 

Prior service credit (cost)

 

 

(0.4

)

 

 

(0.5

)

 

 

4.1

 

 

 

6.9

 

Total amount recognized

 

$

(69.7

)

 

$

(62.4

)

 

$

7.4

 

 

$

8.8

 

 

 

For measurement purposes, a 5.48% annual rate of increase in the per capita cost of covered health care benefits was assumed for the postretirement medical and other plan for 2020. The rate was assumed to decrease gradually to 4.50% in 2038 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement medical and other plan.

The following table summarizes the sensitivity of our December 31, 2020 retirement obligations and 2020 retirement benefit costs of our plans to changes in the key assumptions used to determine those results:

 

Change in assumption:

 

Estimated

increase

(decrease) in

2021 pension

cost

 

 

Estimated

increase

(decrease) in

Projected

Benefit

Obligation

for the

year ended

December

31, 2020

 

 

Estimated increase

(decrease) in

2021 Other

Postretirement

Benefit

costs

 

Estimated

increase

(decrease) in

Other

Postretirement

Benefit

Obligation for

the year ended

December 31,

2020

 

0.50% increase in discount rate

 

$

(1.0

)

 

$

(16.1

)

 

N/A

 

$

(0.5

)

0.50% decrease in discount rate

 

 

1.0

 

 

 

17.8

 

 

N/A

 

 

0.5

 

0.50% increase in long-term return on assets

 

 

(0.8

)

 

N/A

 

 

N/A

 

N/A

 

0.50% decrease in long-term return on assets

 

 

0.8

 

 

N/A

 

 

N/A

 

N/A

 

 

It is reasonably possible that the estimate for future retirement and medical costs may change in the near future due to changes in interest rates. Presently, there is no reliable means to estimate the amount of any such potential changes.

The weighted-average asset allocations of the U.S. pension plans as of December 31, 2020 and 2019, by asset category are as follows:

 

 

 

2020

 

 

2019

 

Equity

 

 

53.3

%

 

 

50.4

%

Fixed income

 

 

38.8

%

 

 

48.9

%

Other

 

 

7.9

%

 

 

0.7

%

Total

 

 

100.0

%

 

 

100.0

%

 

The weighted-average asset allocations of the Non-U.S. pension plans as of December 31, 2020 and 2019, by asset category are as follows:

 

 

 

2020

 

 

2019

 

Equity

 

 

0.0

%

 

 

0.0

%

Fixed income

 

 

45.6

%

 

 

41.6

%

Other*

 

 

54.4

%

 

 

58.4

%

Total

 

 

100.0

%

 

 

100.0

%

*Includes diversified investments that have equity and

   fixed income holdings.

 

 

 

 

 

 

 

 

 

The Board of Directors has established the Retirement Plan Committee (the “Committee”) to manage the operations and administration of all benefit plans and related trusts. On a quarterly basis, the Committee reviews progress toward achieving the pension plans’ and individual investment managers’ performance objectives.

Investment Strategy The overall objective of the Company's pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension funds. Specific investment objectives for the Company’s long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified.

The Company reviews its long-term, strategic asset allocations annually. The Company uses various analytics to determine the optimal asset mix and considers plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. The Company identifies investment benchmarks for the asset classes in the strategic asset allocation that are market-based.

Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced monthly.

The actual and target allocations for the pension assets as of December 31, 2020, by asset class, are as follows:

 

 

 

Target Allocations

 

 

Weighted Average Asset

Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

50

%

 

 

—

%

 

 

53.3

%

 

 

0.0

%

Debt Securities

 

 

40

%

 

40%

 

 

 

38.8

%

 

 

45.6

%

Other

 

 

10

%

 

60%

 

 

 

7.9

%

 

 

54.4

%

 

Risk Management In managing the plan assets, the Company reviews and manages risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability management and asset class diversification are central to the Company’s risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by industry or sector and by holding. Asset performance is monitored against benchmarked indices.

Fair Value Measurements The following table presents the Company’s plan assets using the fair value hierarchy as of December 31, 2020 and 2019. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See footnote 4, “Fair Value of Financial Instruments,” for definitions of each fair value level.

 

 

 

December 31, 2020

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV") (a)

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

32.3

 

 

$

32.3

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30.6

 

 

 

30.6

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35.7

 

 

 

35.7

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30.1

 

 

 

30.1

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17.8

 

 

 

17.8

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Money market funds

 

 

—

 

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

0.7

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

12.9

 

 

 

—

 

 

 

12.9

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.8

 

 

 

4.8

 

Total

 

$

0.6

 

 

$

0.7

 

 

$

12.9

 

 

$

151.8

 

 

$

166.0

 

a)

Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

 

 

 

December 31, 2019

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV") (a)

 

 

Total

 

Cash and cash equivalents

 

$

2.4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2.4

 

Insurance group annuity contracts

 

 

—

 

 

 

—

 

 

 

12.6

 

 

 

—

 

 

 

12.6

 

Common/collective trust funds — Corporate and other

   non-government debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.9

 

 

 

22.9

 

Common/collective trust funds — Government,

   corporate and other non-government debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40.2

 

 

 

40.2

 

Common/collective trust funds — Corporate equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

50.3

 

 

 

50.3

 

Common/collective trust funds — Customized strategy

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.4

 

 

 

16.4

 

Total

 

$

2.4

 

 

$

—

 

 

$

12.6

 

 

$

129.8

 

 

$

144.8

 

a)

Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

Cash and cash equivalents, which are used to pay benefits, are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash and cash equivalents are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments.

Insurance group annuity contracts are valued at the present value of the future benefit payments owed by the insurance Company to the Non-U.S. Pension Plans’ participants.

The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While the Company believes the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts.

A reconciliation of the fair value measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:

 

 

 

Insurance Contracts

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Beginning Balance

 

$

12.6

 

 

$

12.0

 

Actual return on assets

 

 

0.9

 

 

 

1.1

 

Benefit payments

 

 

(1.0

)

 

 

(1.0

)

Foreign currency impact

 

 

0.4

 

 

 

0.5

 

Ending Balance

 

$

12.9

 

 

$

12.6

 

 

 

The expected 2021 contributions for the U.S. pension plans are as follows: the minimum contribution for 2021 is $5.8 million; and no planned discretionary or non-cash contributions. The expected 2021 contributions for the non-U.S. pension plans are as follows: the minimum contribution for 2021 is $3.0 million; and no planned discretionary or non-cash contributions. Expected Company paid claims for the postretirement medical and other plans are $1.9 million for 2021. Projected future benefit payments from the plans as of December 31, 2020 are estimated as follows:

 

 

 

U.S Pension

Plans

 

 

Non-U.S.

Pension

Plans

 

 

Postretirement

Medical and

Other

 

2021

 

$

8.6

 

 

$

3.0

 

 

$

1.9

 

2022

 

 

8.7

 

 

 

3.1

 

 

 

1.7

 

2023

 

 

8.8

 

 

 

3.6

 

 

 

1.5

 

2024

 

 

8.8

 

 

 

3.7

 

 

 

1.4

 

2025

 

 

8.8

 

 

 

3.8

 

 

 

1.4

 

Thereafter

 

 

42.2

 

 

 

23.2

 

 

 

5.2

 

Total

 

$

85.9

 

 

$

40.4

 

 

$

13.1

 

 

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2020 and 2019 is as follows:

 

 

 

U.S Pension Plans

 

 

Non U.S. Pension Plans

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Projected benefit obligation

 

$

151.9

 

 

$

142.3

 

 

$

104.9

 

 

$

90.5

 

Accumulated benefit obligation

 

 

151.9

 

 

 

142.3

 

 

 

99.3

 

 

 

86.4

 

Fair value of plan assets

 

 

113.7

 

 

 

99.6

 

 

 

52.3

 

 

 

45.2

 

The measurement date for all plans is December 31, 2020.

In 2019, the Company made final benefit payments of $2.5 million from The Manitowoc Company, Inc. Supplemental Executive Retirement Plan, which terminated the plan. Expenses related to this plan were zero, $0.2 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

22. Leases   

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 23 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 consolidated financial statements.

The components of lease expense for the years ended December 31, 2020 and 2019 are summarized as follows:

 

 

2020

 

 

2019

 

Operating lease cost

 

$

13.2

 

 

$

14.4

 

Variable lease cost*

 

 

1.5

 

 

 

1.4

 

Total lease cost

 

$

14.7

 

 

$

15.8

 

   *Includes short-term leases, which are immaterial.

 

 

 

 

 

 

 

 

Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2020 and 2019 are summarized as follows:

 

 

2020

 

 

2019

 

Operating lease right-of-use assets

 

$

37.9

 

 

$

47.6

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

10.5

 

 

$

10.4

 

Operating lease liabilities

 

 

28.4

 

 

 

37.6

 

Total operating lease liabilities

 

$

38.9

 

 

$

48.0

 

 

Cash paid for operating leases included in operating cash flows was $24.5 million and $27.4 million for the years ended December 31, 2020 and 2019, respectively.

As of December 31, 2020, the Company’s operating leases have a weighted-average remaining lease term of 6.5 years and a weighted average discount rate of 3.81%. 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 the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms in a similar region.

Maturities of operating lease liabilities as of December 31, 2020 are summarized as follows:

 

Year

 

 

 

 

2021

 

$

13.0

 

2022

 

 

11.6

 

2023

 

 

9.3

 

2024

 

 

6.6

 

2025

 

 

4.4

 

Thereafter

 

 

12.5

 

Total lease payments

 

 

57.4

 

Less: imputed interest

 

 

(18.5

)

Present value of lease liabilities

 

$

38.9

 

 
v3.20.4
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

23. Quarterly Financial Data (Unaudited)

The following tables present select quarterly financial data for 2020 and 2019:

 

 

 

2020

 

 

2019

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

Statements of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

329.2

 

 

$

328.3

 

 

$

355.6

 

 

$

430.3

 

 

$

418.0

 

 

$

504.7

 

 

$

448.0

 

 

$

463.4

 

Cost of sales

 

 

266.0

 

 

 

279.9

 

 

 

290.5

 

 

 

352.3

 

 

 

337.8

 

 

 

409.5

 

 

 

359.6

 

 

 

383.1

 

Gross profit

 

 

63.2

 

 

 

48.4

 

 

 

65.1

 

 

 

78.0

 

 

 

80.2

 

 

 

95.2

 

 

 

88.4

 

 

 

80.3

 

Operating income (loss)

 

 

5.7

 

 

 

(1.6

)

 

 

11.7

 

 

 

22.8

 

 

 

16.2

 

 

 

41.9

 

 

 

32.5

 

 

 

17.8

 

Income (loss) before income taxes

 

 

(5.9

)

 

 

(12.0

)

 

 

6.6

 

 

 

9.3

 

 

 

(23.4

)

 

 

49.9

 

 

 

21.2

 

 

 

11.3

 

Provision for income taxes

 

 

1.9

 

 

 

0.7

 

 

 

7.0

 

 

 

7.5

 

 

 

3.3

 

 

 

3.9

 

 

 

3.1

 

 

 

2.1

 

Net income (loss)

 

$

(7.8

)

 

$

(12.7

)

 

$

(0.4

)

 

$

1.8

 

 

$

(26.7

)

 

$

46.0

 

 

$

18.1

 

 

$

9.2

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

$

(0.22

)

 

$

(0.37

)

 

$

(0.01

)

 

$

0.05

 

 

$

(0.75

)

 

$

1.29

 

 

$

0.51

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share

 

$

(0.22

)

 

$

(0.37

)

 

$

(0.01

)

 

$

0.05

 

 

$

(0.75

)

 

$

1.29

 

 

$

0.51

 

 

$

0.26

 

Dividends per common share

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 
v3.20.4
Schedule II: Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2020
Valuation And Qualifying Accounts [Abstract]  
Schedule II: Valuation and Qualifying Accounts

 

(c)

Financial Statement Schedule

 

THE MANITOWOC COMPANY, INC

AND SUBSIDIARIES

Schedule II: Valuation and Qualifying Accounts

For the Years Ended December 31, 2020, 2019 and 2018

(dollars in millions)

 

 

 

Balance at

Beginning

of Year

 

 

Charge to

Costs and

Expenses

 

 

Utilization

of Reserve

 

 

Other,

Primarily

Impact of

Foreign

Exchange

Rates

 

 

Balance

at end

of Year

 

Year End December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

10.9

 

 

$

2.6

 

 

$

(2.4

)

 

$

(0.8

)

 

$

10.3

 

Deferred tax valuation allowance

 

$

162.3

 

 

$

14.4

 

 

$

(13.1

)

 

$

(10.5

)

 

$

153.1

 

Year End December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

10.3

 

 

$

1.4

 

 

$

(3.9

)

 

$

0.1

 

 

$

7.9

 

Deferred tax valuation allowance

 

$

153.1

 

 

$

11.7

 

 

$

(7.2

)

 

$

(0.5

)

 

$

157.1

 

Year End December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

7.9

 

 

$

3.6

 

 

$

(2.7

)

 

$

(0.3

)

 

$

8.5

 

Deferred tax valuation allowance

 

$

157.1

 

 

$

23.3

 

 

$

(1.1

)

 

$

(7.9

)

 

$

171.4

 
v3.20.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Cash and Cash Equivalents Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with an original maturity of three months or less as cash and cash equivalents.
Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Our estimate for the allowance for doubtful accounts related to trade receivables includes evaluation of specific accounts where we have information that the customer may have an inability to meet its financial obligations together with a general provision for unknown but existing doubtful accounts based on historical experience, which are subject to change if experience improves or deteriorates.
Inventories Inventories Inventories are valued at the lower of cost or net realizable value. Finished goods and work-in-process inventories include material, labor and manufacturing overhead costs. The Company determines inventory value using the first-in, first-out method.
Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets The Company accounts for goodwill and other intangible assets under the guidance of Accounting Standards Codification (“ASC”) Topic 350-10, “Intangibles — Goodwill and Other.” Under ASC Topic 350-10, goodwill is not amortized; instead, the Company performs an annual impairment review. The date for the annual impairment review is October 31, or more frequently if events or changes in circumstances indicate that the assets might be impaired. To test goodwill, the Company estimates the fair values of its reporting units using the income approach based on the present value of expected future cash flows, subject to a comparison for reasonableness to its market capitalization at the date of valuation. If the carrying amount exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed

the carrying amount of the goodwill. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

The Company’s other intangible assets with indefinite lives, including trademarks and tradenames and distribution networks, are not amortized but are tested for impairment annually, or more frequently, as events dictate. For other indefinite lived intangible assets, the impairment test consists of a comparison of the fair value of the intangible assets to their carrying amount. See Note 9, “Goodwill and Other Intangible Assets,” for further details on our impairment assessments. The Company’s intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. 

The Company’s other intangible assets subject to amortization are amortized straight-line over the following estimated useful lives:

 

 

 

Useful lives

Patents

 

20 years

Customer relationships

 

20 years

 
Property, Plant and Equipment

Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Expenditures for major renewals and improvements that substantially extend the capacity or useful life of an asset are capitalized and depreciated over the remaining estimated useful life. The cost and accumulated depreciation for property, plant and equipment sold, retired or otherwise disposed of are relieved from the accounts, and resulting gains or losses are reflected in earnings. Property, plant and equipment are depreciated over the asset’s estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Property, plant and equipment are depreciated over the following estimated useful lives:

 

 

 

Years

Building and improvements

 

2 - 43

Machinery, equipment and tooling

 

3 - 18

Furniture and fixtures

 

3 - 10

Computer hardware and software

 

2 - 10

Rental cranes

 

5 - 15

 

Property, plant and equipment also includes cranes accounted for as operating leases. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of buyback and rental equipment included in property, plant and equipment amounted to $59.9 million and $51.2 million, net of accumulated depreciation, as of December 31, 2020 and 2019, respectively.

The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant and Equipment” (“Topic 360”). Topic 360 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. If an impairment is determined to exist, any related impairment loss is calculated based upon comparison of the expected undiscounted future cash flows to the net book value of the assets.

Warranties

Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred.

Product Liabilities

Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates.

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC No. 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge.

The Company selectively hedges anticipated transactions that are subject to foreign exchange exposure, commodity price exposure or variable interest rate exposure, primarily using foreign currency exchange contracts (“FX Forward Contracts”), commodity contracts and interest rate contracts, respectively. These instruments are designated as cash flow hedges in accordance with Topic 815 and are recorded in the Consolidated Balance Sheets at fair value. The effective portion of the contracts’ gains or losses due to changes in fair value are initially recorded as a component of AOCI and are subsequently reclassified into earnings when the hedged transactions, typically sales and costs related to sales and interest expense, occur and affect earnings. These contracts are highly effective in hedging the variability in future cash attributable to changes in currency exchange rates, commodity prices or interest rates.

The amount reported as derivative instrument fair market value adjustment in the AOCI account within the Consolidated Statements of Comprehensive Income (Loss) represents the net gain (loss) on foreign currency exchange contracts designated as cash flow hedges, net of income taxes.
Stock-Based Compensation

Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for all stock-based compensation on a straight-line basis over the vesting period of the entire award. Estimated future forfeitures are based on the Company’s historical experience. Stock-based compensation plans are described more fully in Note 16, “Stock-Based Compensation.”
Research and Development

Research and Development Research and development costs are charged to expense as incurred and amounted to $30.6 million, $31.1 million and $35.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Research and development costs include salaries, materials, contractor fees and other administrative costs. 
Income Taxes

Income Taxes The Company utilizes the liability method to recognize deferred tax assets and liabilities for the expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary difference between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Valuation allowances are provided for deferred tax assets where it is considered more likely than not that the Company will not realize the benefit of such assets. The Company evaluates its uncertain tax positions as new information becomes available. Tax benefits are recognized to the extent a position is more likely than not to be sustained upon examination by the taxing authority.
Net Income (Loss) Per Share

Net Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year or period. The calculation of diluted net income (loss) per share reflects the effect of all potential dilutive shares that were outstanding during the respective periods, unless the effect of doing so would be antidilutive. The Company uses the treasury stock method to calculate the effect of outstanding stock-based compensation awards.
Comprehensive Income (Loss)

Comprehensive Income (Loss) Comprehensive income (loss) includes, in addition to net income (loss), other items that are reported as direct adjustments to Manitowoc stockholders’ equity. These items are foreign currency translation adjustments, employee postretirement benefit adjustments and the change in fair value of certain derivative instruments.
Recent Accounting Changes and Pronouncements

Recent Accounting Changes and Pronouncements

 

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

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

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (“ASU 2016-13”),” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard was effective for annual periods beginning after December 15, 2019. The adoption of ASU 2016-13 resulted in a $0.2 million reduction in beginning retained earnings and a corresponding reduction in accounts receivable on the Company’s Consolidated Balance Sheets as of December 31, 2020. There was no material impact to the Company’s Consolidated Statements of Operations or Consolidated Statements of Cash Flows.

 
Fair Value Measurement

ASC Topic 820-10 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:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2

Unadjusted quoted prices in active markets for similar assets or liabilities, or

           

Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or

           

Inputs other than quoted prices that are observable for the asset or liability

Level 3

Unobservable inputs for the asset or liability
v3.20.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Other Intangible Assets Subject to Amortization The Company’s other intangible assets subject to amortization are amortized straight-line over the following estimated useful lives:

 

 

 

Useful lives

Patents

 

20 years

Customer relationships

 

20 years

 
Schedule of Estimated Useful Lives of Property, Plant and Equipment

Property, plant and equipment are depreciated over the following estimated useful lives:

 

 

 

Years

Building and improvements

 

2 - 43

Machinery, equipment and tooling

 

3 - 18

Furniture and fixtures

 

3 - 10

Computer hardware and software

 

2 - 10

Rental cranes

 

5 - 15

 
v3.20.4
Sales (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Schedule of Change In Customer Advances Balance The table below shows the change in the customer advances balance for the year ended December 31, 2020 and 2019 which are included in current liabilities in the Consolidated Balance Sheets.

 

 

 

2020

 

 

2019

 

Balance at beginning of period

 

$

25.8

 

 

$

9.6

 

Cash received in advance of satisfying

   performance obligation

 

 

108.0

 

 

 

112.2

 

Revenue recognized

 

 

(108.5

)

 

 

(96.3

)

Currency translation

 

 

0.2

 

 

 

0.3

 

Balance at end of period

 

$

25.5

 

 

$

25.8

 

 
v3.20.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Accounted for at Fair Value on a Recurring Basis by Level within the Fair Value Hierarchy

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

 

 

 

Fair Value as of December 31, 2020

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Forward currency exchange contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

Other current assets

Forward currency exchange contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

Accounts payable and accrued expenses

 

 

 

Fair Value as of December 31, 2019

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Forward currency exchange contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

Other current assets

Forward currency exchange contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

Accounts payable and accrued expenses
v3.20.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Foreign Currency Exchange Contracts  
Derivative Instruments Gain Loss [Line Items]  
Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts

The gains or losses recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2020 and 2019 are summarized as follows:

 

 

Recognized Location

 

2020

 

 

2019

 

 

2018

 

Designated

 

Cost of sales

 

$

0.3

 

 

$

3.1

 

 

$

5.0

 

Non-Designated

 

Other income (expense) - net

 

 

0.6

 

 

 

3.9

 

 

 

(1.9

)

 
v3.20.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Schedule of the components of inventories

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

 

 

2020

 

 

2019

 

Raw materials

 

$

114.9

 

 

$

156.3

 

Work-in-process

 

 

105.5

 

 

 

116.3

 

Finished goods

 

 

305.8

 

 

 

239.4

 

Total inventories

 

 

526.2

 

 

 

512.0

 

Excess and obsolete inventory reserve

 

 

(53.1

)

 

 

(50.6

)

Inventories — net

 

$

473.1

 

 

$

461.4

 
v3.20.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Components of Property, Plant and Equipment

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

 

 

2020

 

 

2019

 

Land

 

$

20.3

 

 

$

24.0

 

Building and improvements

 

 

203.7

 

 

 

197.3

 

Machinery, equipment and tooling

 

 

292.6

 

 

 

274.2

 

Furniture and fixtures

 

 

21.0

 

 

 

18.5

 

Computer hardware and software

 

 

119.3

 

 

 

119.3

 

Rental cranes

 

 

90.2

 

 

 

77.7

 

Construction in progress

 

 

9.0

 

 

 

11.2

 

Total cost

 

 

756.1

 

 

 

722.2

 

Less accumulated depreciation

 

 

(461.8

)

 

 

(432.3

)

Property, plant and equipment — net

 

$

294.3

 

 

$

289.9

 
v3.20.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Changes in goodwill by reportable segment

The changes in carrying amount of goodwill for the years ended December 31, 2020 and 2019 are as follows: 

 

 

Americas

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2019

 

$

166.5

 

 

$

66.3

 

 

$

232.8

 

Foreign currency impact

 

 

—

 

 

 

(0.3

)

 

 

(0.3

)

Net balance as of December 31, 2019

 

 

166.5

 

 

 

66.0

 

 

 

232.5

 

Foreign currency impact

 

 

—

 

 

 

2.6

 

 

 

2.6

 

Net balance as of December 31, 2020

 

$

166.5

 

 

$

68.6

 

 

$

235.1

 
Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill

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

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

Amount

 

 

Net

Book

Value

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

Amount

 

 

Net

Book

Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

9.9

 

 

$

(8.6

)

 

$

1.3

 

 

$

10.0

 

 

$

(8.5

)

 

$

1.5

 

Patents

 

 

31.0

 

 

 

(30.3

)

 

 

0.7

 

 

 

29.5

 

 

 

(28.7

)

 

 

0.8

 

Total

 

 

40.9

 

 

 

(38.9

)

 

 

2.0

 

 

 

39.5

 

 

 

(37.2

)

 

 

2.3

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

100.0

 

 

 

—

 

 

 

100.0

 

 

 

95.3

 

 

 

—

 

 

 

95.3

 

Distribution network

 

 

19.6

 

 

 

—

 

 

 

19.6

 

 

 

18.7

 

 

 

—

 

 

 

18.7

 

Total

 

 

119.6

 

 

 

—

 

 

 

119.6

 

 

 

114.0

 

 

 

—

 

 

 

114.0

 

Total other intangible assets

 

$

160.5

 

 

$

(38.9

)

 

$

121.6

 

 

$

153.5

 

 

$

(37.2

)

 

$

116.3

 
v3.20.4
Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

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

 

 

2020

 

 

2019

 

Trade accounts payable

 

$

178.1

 

 

$

187.1

 

Employee-related expenses

 

 

38.5

 

 

 

56.6

 

Accrued vacation

 

 

22.4

 

 

 

20.2

 

Miscellaneous accrued expenses

 

 

90.4

 

 

 

76.9

 

Total accounts payable and accrued expenses

 

$

329.4

 

 

$

340.8

 
v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of outstanding debt

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

 

 

2020

 

 

2019

 

Borrowing under senior secured asset based revolving

   credit facility

 

$

—

 

 

$

—

 

Senior secured second lien notes due 2026

 

 

300.0

 

 

 

300.0

 

Other

 

 

14.7

 

 

 

16.7

 

Deferred financing costs

 

 

(3.8

)

 

 

(4.5

)

Total debt

 

 

310.9

 

 

 

312.2

 

Short-term borrowings and current portion of

   long-term debt

 

 

(10.5

)

 

 

(3.8

)

Long-term debt

 

$

300.4

 

 

$

308.4

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

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

Average quarterly availability

Alternative base rate spread

 

Eurodollar and overnight LIBOR spread

 

≥ 50% of Aggregate Commitment

0.25%

 

1.25%

 

< 50% of Aggregate Commitment

0.50%

 

1.50%

 
Schedule of aggregate future maturities of outstanding debt obligations

The aggregate scheduled future maturities of outstanding debt obligations as of December 31, 2020 is as follows: 

Year

 

 

 

 

2021

 

$

10.5

 

2022

 

 

2.5

 

2023

 

 

1.0

 

2024

 

 

—

 

2025

 

 

—

 

Thereafter

 

 

300.7

 

Total

 

$

314.7

 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes for the years ended December 31, 2020, 2019 and 2018 is summarized as follows: 

 

 

2020

 

 

2019

 

 

2018

 

Income (loss) from continuing operations before

   income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

(51.6

)

 

$

(10.0

)

 

$

(76.4

)

Non-U.S.

 

 

49.6

 

 

 

69.0

 

 

 

4.7

 

Total

 

$

(2.0

)

 

$

59.0

 

 

$

(71.7

)
Schedule of Income Tax Expense (Benefit)

Income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018 is summarized as follows:

 

 

2020

 

 

2019

 

 

2018

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

(4.3

)

 

$

(0.7

)

 

$

(7.3

)

Non-U.S.

 

 

16.6

 

 

 

11.6

 

 

 

13.6

 

Total current

 

$

12.3

 

 

$

10.9

 

 

$

6.3

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

0.3

 

 

$

0.2

 

 

$

(6.2

)

Non-U.S.

 

 

4.5

 

 

 

1.3

 

 

 

(4.9

)

Total deferred

 

$

4.8

 

 

$

1.5

 

 

$

(11.1

)

Income tax provision (benefit)

 

$

17.1

 

 

$

12.4

 

 

$

(4.8

)
Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate for Continuing Operations

The calculated U.S. federal income tax amount at the statutory rate of 21% is reconciled to the Company’s income tax provision (benefit) for the years ended December 31, 2020, 2019 and 2018. The Company updated 2019 and 2018 from the previously presented rate-based reconciliation.  

 

 

2020

 

 

2019

 

 

2018

 

U.S. federal income tax at statutory rate

 

$

(0.4

)

 

$

12.4

 

 

$

(15.1

)

U.S. state income tax provision

 

 

1.9

 

 

 

(0.1

)

 

 

(3.1

)

Manufacturing & research incentives

 

 

(0.8

)

 

 

(3.0

)

 

 

(1.7

)

Taxes on non-U.S. income which differ from the U.S.

   statutory rate

 

 

—

 

 

 

(2.6

)

 

 

2.3

 

Adjustments for unrecognized tax benefits

 

 

10.7

 

 

 

(1.3

)

 

 

(6.9

)

Adjustments for valuation allowances

 

 

22.2

 

 

 

4.5

 

 

 

1.3

 

U.S. tax reform

 

 

(14.6

)

 

 

4.0

 

 

 

(1.8

)

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

17.6

 

Other items

 

 

(1.9

)

 

 

(1.5

)

 

 

2.6

 

Income tax provision (benefit)

 

$

17.1

 

 

$

12.4

 

 

$

(4.8

)
Schedules of Deferred Tax Assets (Liabilities)

 


 

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items:

 

 

 

2020

 

 

2019

 

Non-current deferred income tax assets (liabilities):

 

 

 

 

 

 

 

 

Inventories

 

$

22.8

 

 

$

24.3

 

Accounts receivable

 

 

(2.7

)

 

 

(3.7

)

Property, plant and equipment

 

 

(17.2

)

 

 

(8.2

)

Intangible assets

 

 

(36.0

)

 

 

(34.1

)

Deferred employee benefits

 

 

34.7

 

 

 

39.8

 

Product warranty reserves

 

 

9.3

 

 

 

8.6

 

Product liability reserves

 

 

2.0

 

 

 

3.0

 

Tax credits

 

 

7.7

 

 

 

5.4

 

Loss and other tax attribute carryforwards

 

 

142.6

 

 

 

125.7

 

Deferred revenue

 

 

3.9

 

 

 

5.8

 

Other

 

 

18.0

 

 

 

11.9

 

Total non-current deferred income tax assets

 

 

185.1

 

 

 

178.5

 

Less valuation allowance

 

 

(171.4

)

 

 

(157.1

)

Net deferred income tax assets, non-current

 

$

13.7

 

 

$

21.4

 

The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Long-term income tax assets, included in other non-current

   assets

 

$

19.6

 

 

$

26.9

 

Long-term deferred income tax liability

 

 

(5.9

)

 

 

(5.5

)

Net deferred income tax asset

 

$

13.7

 

 

$

21.4

 
Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination

The Company or one of its subsidiaries files income tax returns in the U.S. federal, U.S. state and non-U.S. jurisdictions. The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions:

 

Jurisdiction

 

Open Years

U.S. federal

 

2016 — 2020

China

 

2010 — 2020

France

 

2017 — 2020

Germany

 

2015 — 2020
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of year

 

$

11.5

 

 

$

12.8

 

 

$

19.5

 

Additions for tax positions of current year

 

 

0.3

 

 

 

0.5

 

 

 

0.3

 

Additions for tax positions of prior years

 

 

10.9

 

 

 

0.3

 

 

 

0.5

 

Reductions for tax positions of prior years

 

 

(0.4

)

 

 

—

 

 

 

(1.7

)

Reductions based on settlements with tax

   authorities

 

 

(2.1

)

 

 

(0.6

)

 

 

(0.6

)

Reductions for lapse of statute of limitations

 

 

(0.1

)

 

 

(1.5

)

 

 

(5.2

)

Balance at end of year

 

$

20.1

 

 

$

11.5

 

 

$

12.8

 
v3.20.4
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share

The following is a reconciliation of the average shares outstanding used to compute basic and diluted earnings per share:

 

 

 

2020

 

 

2019

 

 

2018

 

Basic weighted average common shares outstanding

 

 

34,691,063

 

 

 

35,487,358

 

 

 

35,513,162

 

Effect of dilutive securities - stock awards

 

 

—

 

 

 

154,442

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

34,691,063

 

 

 

35,641,800

 

 

 

35,513,162

 
v3.20.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Foreign currency translation, net of income tax provision

   of $4.6 and $0.0

 

$

(49.6

)

 

$

(81.1

)

Derivative instrument fair market value, net of income

   tax provision of $0.0 and $0.0

 

 

—

 

 

 

—

 

Employee pension and postretirement benefit adjustments,

   net of income benefit of $14.4 and $13.7

 

 

(47.9

)

 

 

(39.9

)

Total accumulated other comprehensive loss

 

$

(97.5

)

 

$

(121.0

)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the years ended December 31, 2019 and 2020 are as follows:

 

 

 

Gains

(Losses) on

Cash Flow

Hedges

 

 

Pension &

Postretirement

 

 

Foreign

Currency

Translation

 

 

Total

 

Balance as of December 31, 2018

 

$

(0.3

)

 

$

(36.2

)

 

$

(80.1

)

 

$

(116.6

)

Other comprehensive loss before

   reclassifications

 

 

(2.8

)

 

 

(5.5

)

 

 

(1.0

)

 

 

(9.3

)

Amounts reclassified from accumulated other

   comprehensive income

 

 

3.1

 

 

 

1.8

 

 

 

—

 

 

 

4.9

 

Net current period other comprehensive income (loss)

 

 

0.3

 

 

 

(3.7

)

 

 

(1.0

)

 

 

(4.4

)

Balance as of December 31, 2019

 

 

—

 

 

 

(39.9

)

 

 

(81.1

)

 

 

(121.0

)

Other comprehensive income (loss) before

   reclassifications

 

 

(0.3

)

 

 

(9.9

)

 

 

31.5

 

 

 

21.3

 

Amounts reclassified from accumulated other

   comprehensive income

 

 

0.3

 

 

 

1.9

 

 

 

—

 

 

 

2.2

 

Net current period other comprehensive income (loss)

 

 

—

 

 

 

(8.0

)

 

 

31.5

 

 

 

23.5

 

Balance as of December 31, 2020

 

$

—

 

 

$

(47.9

)

 

$

(49.6

)

 

$

(97.5

)
Reconciliation of reclassifications out of accumulated other comprehensive income (loss), net of income taxes

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

 

Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

 

Recognized

Location

Losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(0.3

)

 

$

(3.1

)

 

$

(5.0

)

 

Cost of sales

Total before income taxes

 

 

(0.3

)

 

 

(3.1

)

 

 

(5.0

)

 

 

Income tax provision

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(0.3

)

 

$

(3.1

)

 

$

(5.0

)

 

 

Amortization of pension and

   postretirement items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(4.5

)

 

$

(4.6

)

 

$

(5.0

)

(a)

Other expense - net

Amortization of prior service cost

 

 

2.6

 

 

 

2.8

 

 

 

2.7

 

(a)

Other expense - net

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

(4.5

)

(a)

Other expense - net

Total before income taxes

 

 

(1.9

)

 

 

(1.8

)

 

 

(6.8

)

 

 

Income tax benefit

 

 

—

 

 

 

—

 

 

 

1.4

 

 

 

Total, net of income taxes

 

$

(1.9

)

 

$

(1.8

)

 

$

(5.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period, net

   of income taxes

 

$

(2.2

)

 

$

(4.9

)

 

$

(10.4

)

 

 

 

These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).
v3.20.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of the Company's Stock Option Activity

A summary of the Company’s stock option activity is as follows:

 

 

 

Shares

 

 

Weighted

Average

Exercise Price Per Share

 

 

Aggregate

Intrinsic

Value

 

Options outstanding as of December 31, 2019

 

 

1,058,652

 

 

$

21.82

 

 

 

 

 

Granted

 

 

250,432

 

 

 

12.37

 

 

 

 

 

Exercised

 

 

(11,250

)

 

 

9.27

 

 

 

 

 

Forfeited

 

 

(220,714

)

 

 

16.44

 

 

 

 

 

Cancelled

 

 

(9,240

)

 

 

14.78

 

 

 

 

 

Options outstanding as of December 31, 2020

 

 

1,067,880

 

 

$

20.91

 

 

$

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable as of December 31, 2020

 

 

844,952

 

 

$

21.94

 

 

$

—

 

 
Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant The fair value of each option grant was estimated at the date of grant using the following assumptions:

 

 

2020

 

 

2019

 

 

2018

 

Expected life (years)

 

 

6.5

 

 

 

6.5

 

 

 

6.5

 

Risk-free interest rate

 

 

1.2

%

 

 

2.6

%

 

 

2.8

%

Expected volatility

 

 

42.3

%

 

 

39.8

%

 

 

43.7

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Share Activity

A summary of activity for restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value Per Share

 

Unvested as of December 31, 2019

 

 

290,563

 

 

$

22.55

 

Granted

 

 

333,269

 

 

 

11.64

 

Vested

 

 

(177,307

)

 

 

21.66

 

Forfeited

 

 

(84,232

)

 

 

14.27

 

Unvested as of December 31, 2020

 

 

362,293

 

 

$

14.87

 
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant The fair value of each total shareholder return performance share unit was estimated at the date of grant using the following assumptions:

 

 

2020

 

 

2019

 

 

2018

 

Correlation

 

 

32.2

%

 

 

32.5

%

 

 

29.5

%

Risk-free interest rate

 

 

1.1

%

 

 

2.5

%

 

 

2.4

%

Expected volatility

 

 

47.5

%

 

 

47.0

%

 

 

33.8

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%
Schedule of Nonvested Share Activity

 

A summary of activity for performance share units is as follows:

 

 

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

Per Share

 

Unvested as of December 31, 2019

 

 

457,583

 

 

$

26.25

 

Granted

 

 

328,310

 

 

 

12.67

 

Vested

 

 

(97,135

)

 

 

26.11

 

Forfeited

 

 

(330,423

)

 

 

21.05

 

Unvested as of December 31, 2020

 

 

358,335

 

 

$

18.64

 
v3.20.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

626.1

 

 

$

969.7

 

 

$

882.7

 

EURAF

 

 

598.7

 

 

 

644.9

 

 

 

680.6

 

MEAP

 

 

218.6

 

 

 

219.5

 

 

 

283.5

 

Total

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

Segment Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

32.1

 

 

$

113.4

 

 

$

58.8

 

EURAF

 

 

12.0

 

 

 

3.8

 

 

 

(68.2

)

MEAP

 

 

30.4

 

 

 

22.6

 

 

 

31.5

 

Total

 

$

74.5

 

 

$

139.8

 

 

$

22.1

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

15.7

 

 

$

14.5

 

 

$

14.0

 

EURAF

 

 

16.5

 

 

 

15.1

 

 

 

15.3

 

MEAP

 

 

2.1

 

 

 

2.4

 

 

 

3.7

 

Corporate

 

 

2.9

 

 

 

3.0

 

 

 

3.1

 

Total

 

$

37.2

 

 

$

35.0

 

 

$

36.1

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

6.0

 

 

$

13.2

 

 

$

9.4

 

EURAF

 

 

19.0

 

 

 

19.0

 

 

 

16.3

 

MEAP

 

 

1.2

 

 

 

2.9

 

 

 

3.4

 

Corporate

 

 

0.1

 

 

 

—

 

 

 

2.6

 

Total

 

$

26.3

 

 

$

35.1

 

 

$

31.7

 

 
Schedule of Reconciliation of the Company's Segment Operating Income (Loss)

A reconciliation of the Company’s segment operating income to operating income (loss) in the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Segment operating income

 

$

74.5

 

 

$

139.8

 

 

$

22.1

 

Unallocated corporate expenses

 

 

(32.2

)

 

 

(31.3

)

 

 

(37.5

)

Unallocated restructuring expense

 

 

(3.7

)

 

 

(0.1

)

 

 

(3.9

)

Total operating income (loss)

 

$

38.6

 

 

$

108.4

 

 

$

(19.3

)
Schedule of Net Sales and Property, Plant and Equipment by Geographic Area

Net sales and property, plant and equipment by geographic area as of and for the years ended December 31 are summarized as follows:

 

 

 

Net Sales

 

 

Property, Plant and Equipment

 

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

United States

 

$

564.9

 

 

$

860.4

 

 

$

796.9

 

 

$

97.9

 

 

$

109.3

 

Europe

 

 

585.4

 

 

 

619.8

 

 

 

659.9

 

 

 

167.8

 

 

 

150.4

 

Other

 

 

293.1

 

 

 

353.9

 

 

 

390.0

 

 

 

28.6

 

 

 

30.2

 

Total

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

 

$

294.3

 

 

$

289.9

 
Schedule of Net Sales By Product

Net sales by product for the years ended December 31, 2020, 2019 and 2018 are summarized as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

New crane sales

 

$

1,065.3

 

 

$

1,423.2

 

 

$

1,443.0

 

Used crane sales, aftermarket parts and other*

 

 

378.1

 

 

 

410.9

 

 

 

403.8

 

Total net sales

 

$

1,443.4

 

 

$

1,834.1

 

 

$

1,846.8

 

* Other sales consist of miscellaneous services such as training and field service work.

v3.20.4
Guarantees (Tables)
 12 Months Ended
Dec. 31, 2020
Guarantees [Abstract]  
Summary of Warranty Activity Below is a table summarizing the warranty activity for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of period

 

$

60.6

 

 

$

47.8

 

 

$

44.5

 

Accruals for warranties issued during the

   period

 

 

33.9

 

 

 

47.3

 

 

 

38.0

 

Settlements made (in cash or in kind) during

   the period

 

 

(33.6

)

 

 

(34.2

)

 

 

(33.8

)

Currency translation

 

 

2.3

 

 

 

(0.3

)

 

 

(0.9

)

Balance at end of period

 

$

63.2

 

 

$

60.6

 

 

$

47.8

 
v3.20.4
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2020
Restructuring And Related Activities [Abstract]  
Summary of all restructuring activities

The following is a summary of the Company's restructuring activities for the years ended December 31, 2020, 2019 and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at beginning of period

 

$

2.0

 

 

$

3.3

 

 

$

5.6

 

Restructuring expenses*

 

 

9.5

 

 

 

9.8

 

 

 

12.9

 

Use of reserve

 

 

(6.2

)

 

 

(10.9

)

 

 

(15.1

)

Reserve reclassification

 

 

—

 

 

 

(0.2

)

 

 

—

 

Currency translation

 

 

—

 

 

 

—

 

 

 

(0.1

)

Balance at end of period

 

$

5.3

 

 

$

2.0

 

 

$

3.3

 
v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Schedule of Components of Period Benefit Costs

The components of periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 are as follows:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement Medical

and Other

 

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

Service cost - benefits earned

   during the year

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2.1

 

 

$

1.8

 

 

$

1.8

 

 

$

0.2

 

 

$

0.2

 

 

$

0.2

 

Interest cost of projected

   benefit obligation

 

 

4.0

 

 

 

5.1

 

 

 

5.2

 

 

 

1.8

 

 

 

2.2

 

 

 

2.1

 

 

 

0.4

 

 

 

0.8

 

 

 

0.8

 

Expected return on assets

 

 

(5.2

)

 

 

(4.3

)

 

 

(5.7

)

 

 

(1.1

)

 

 

(1.4

)

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of prior service

   cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

(2.7

)

 

 

(2.8

)

 

 

(2.8

)

Amortization of actuarial net

   loss (gain)

 

 

2.8

 

 

 

3.3

 

 

 

2.9

 

 

 

1.7

 

 

 

1.3

 

 

 

1.3

 

 

 

0.0

 

 

 

—

 

 

 

0.8

 

Pension settlement charge

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit cost

 

$

1.6

 

 

$

4.1

 

 

$

6.9

 

 

$

4.6

 

 

$

4.0

 

 

$

3.9

 

 

$

(2.1

)

 

$

(1.8

)

 

$

(1.0

)

Weighted average

   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective discount rate for

   benefit obligations

 

 

3.3

%

 

 

4.3

%

 

 

3.8

%

 

 

1.6

%

 

 

2.5

%

 

 

2.2

%

 

 

2.9

%

 

 

4.1

%

 

 

3.3

%

Effective interest rate on

   benefit obligation

 

 

2.9

%

 

 

4.0

%

 

 

3.5

%

 

 

1.6

%

 

 

2.5

%

 

 

2.2

%

 

 

2.6

%

 

 

3.7

%

 

 

2.9

%

Expected return on plan assets

 

 

5.2

%

 

 

5.2

%

 

 

5.3

%

 

 

2.3

%

 

 

3.5

%

 

 

2.7

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation

   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

3.1

%

 

 

3.6

%

 

 

3.5

%

 

N/A

 

 

N/A

 

 

N/A

 
Reconciliation of the Changes in Benefit Obligation, the Changes in Plan Assets, and the Funded Status

The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2020 and 2019:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement

Medical and Other

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

142.3

 

 

$

130.5

 

 

$

90.6

 

 

$

81.9

 

 

$

18.4

 

 

$

20.7

 

Service cost

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

1.8

 

 

 

0.2

 

 

 

0.2

 

Interest cost

 

 

4.0

 

 

 

5.1

 

 

 

1.8

 

 

 

2.2

 

 

 

0.4

 

 

 

0.8

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.4

 

Plan curtailment

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

—

 

Actuarial (gain) loss

 

 

13.4

 

 

 

13.8

 

 

 

9.7

 

 

 

8.3

 

 

 

(1.3

)

 

 

(1.5

)

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

5.3

 

 

 

1.1

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(7.8

)

 

 

(7.1

)

 

 

(4.5

)

 

 

(4.7

)

 

 

(2.2

)

 

 

(2.2

)

Benefit obligation, end of year

 

$

151.9

 

 

$

142.3

 

 

$

104.9

 

 

$

90.6

 

 

$

15.8

 

 

$

18.4

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

99.6

 

 

$

84.9

 

 

$

45.2

 

 

$

40.1

 

 

$

—

 

 

$

—

 

Actual return on plan assets

 

 

12.7

 

 

 

16.8

 

 

 

6.0

 

 

 

4.2

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

9.2

 

 

 

5.0

 

 

 

3.9

 

 

 

4.0

 

 

 

1.9

 

 

 

1.8

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.3

 

 

 

0.4

 

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

1.7

 

 

 

1.6

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(7.8

)

 

 

(7.1

)

 

 

(4.5

)

 

 

(4.7

)

 

 

(2.2

)

 

 

(2.2

)

Fair value of plan assets, end of year

 

 

113.7

 

 

 

99.6

 

 

 

52.3

 

 

 

45.2

 

 

 

(0.0

)

 

 

—

 

Funded status

 

$

(38.2

)

 

$

(42.7

)

 

$

(52.6

)

 

$

(45.4

)

 

$

(15.8

)

 

$

(18.4

)

Amounts recognized in the Consolidated

   Balance Sheets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term pension obligation

 

$

(0.5

)

 

$

(0.5

)

 

$

(1.1

)

 

$

(1.3

)

 

$

—

 

 

$

—

 

Long-term pension obligation

 

 

(37.7

)

 

 

(42.2

)

 

 

(51.5

)

 

 

(44.1

)

 

 

—

 

 

 

—

 

Short-term postretirement medical and other

   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.8

)

 

 

(2.1

)

Long-term postretirement medical and other

   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14.0

)

 

 

(16.3

)

Net amount recognized

 

$

(38.2

)

 

$

(42.7

)

 

$

(52.6

)

 

$

(45.4

)

 

$

(15.8

)

 

$

(18.4

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.4

%

 

 

3.3

%

 

 

1.1

%

 

 

1.5

%

 

 

2.0

%

 

 

2.9

%

Expected return on plan assets

 

 

5.2

%

 

 

5.2

%

 

 

2.3

%

 

 

3.5

%

 

N/A

 

 

N/A

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

3.1

%

 

 

3.6

%

 

N/A

 

 

N/A

 
Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss as of December 31, 2020 and 2019, are summarized as follows:

 

 

 

Pensions

 

 

Postretirement

Medical and Other

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net actuarial gain (loss)

 

$

(69.3

)

 

$

(61.9

)

 

$

3.3

 

 

$

1.9

 

Prior service credit (cost)

 

 

(0.4

)

 

 

(0.5

)

 

 

4.1

 

 

 

6.9

 

Total amount recognized

 

$

(69.7

)

 

$

(62.4

)

 

$

7.4

 

 

$

8.8

 
Summary of the Sensitivity of Retirement Obligations and Retirement Benefit Costs of Plans to Changes in the Key Assumptions The following table summarizes the sensitivity of our December 31, 2020 retirement obligations and 2020 retirement benefit costs of our plans to changes in the key assumptions used to determine those results:

 

Change in assumption:

 

Estimated

increase

(decrease) in

2021 pension

cost

 

 

Estimated

increase

(decrease) in

Projected

Benefit

Obligation

for the

year ended

December

31, 2020

 

 

Estimated increase

(decrease) in

2021 Other

Postretirement

Benefit

costs

 

Estimated

increase

(decrease) in

Other

Postretirement

Benefit

Obligation for

the year ended

December 31,

2020

 

0.50% increase in discount rate

 

$

(1.0

)

 

$

(16.1

)

 

N/A

 

$

(0.5

)

0.50% decrease in discount rate

 

 

1.0

 

 

 

17.8

 

 

N/A

 

 

0.5

 

0.50% increase in long-term return on assets

 

 

(0.8

)

 

N/A

 

 

N/A

 

N/A

 

0.50% decrease in long-term return on assets

 

 

0.8

 

 

N/A

 

 

N/A

 

N/A

 
Schedule of the Weighted-Average Asset Allocations of the Pension Plans

The weighted-average asset allocations of the U.S. pension plans as of December 31, 2020 and 2019, by asset category are as follows:

 

 

 

2020

 

 

2019

 

Equity

 

 

53.3

%

 

 

50.4

%

Fixed income

 

 

38.8

%

 

 

48.9

%

Other

 

 

7.9

%

 

 

0.7

%

Total

 

 

100.0

%

 

 

100.0

%

The weighted-average asset allocations of the Non-U.S. pension plans as of December 31, 2020 and 2019, by asset category are as follows:

 

 

 

2020

 

 

2019

 

Equity

 

 

0.0

%

 

 

0.0

%

Fixed income

 

 

45.6

%

 

 

41.6

%

Other*

 

 

54.4

%

 

 

58.4

%

Total

 

 

100.0

%

 

 

100.0

%

*Includes diversified investments that have equity and

   fixed income holdings.

 

 

 

 

 

 

 

 
Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class

The actual and target allocations for the pension assets as of December 31, 2020, by asset class, are as follows:

 

 

 

Target Allocations

 

 

Weighted Average Asset

Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

50

%

 

 

—

%

 

 

53.3

%

 

 

0.0

%

Debt Securities

 

 

40

%

 

40%

 

 

 

38.8

%

 

 

45.6

%

Other

 

 

10

%

 

60%

 

 

 

7.9

%

 

 

54.4

%
Schedule of Plan Assets Using the Fair Value Hierarchy The following table presents the Company’s plan assets using the fair value hierarchy as of December 31, 2020 and 2019. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See footnote 4, “Fair Value of Financial Instruments,” for definitions of each fair value level.

 

 

 

December 31, 2020

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV") (a)

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

32.3

 

 

$

32.3

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30.6

 

 

 

30.6

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35.7

 

 

 

35.7

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30.1

 

 

 

30.1

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17.8

 

 

 

17.8

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.6

 

Money market funds

 

 

—

 

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

0.7

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

12.9

 

 

 

—

 

 

 

12.9

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.8

 

 

 

4.8

 

Total

 

$

0.6

 

 

$

0.7

 

 

$

12.9

 

 

$

151.8

 

 

$

166.0

 

a)

Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

 

 

 

December 31, 2019

 

Assets

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Unobservable

Inputs

(Level 3)

 

 

Net Asset Value ("NAV") (a)

 

 

Total

 

Cash and cash equivalents

 

$

2.4

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2.4

 

Insurance group annuity contracts

 

 

—

 

 

 

—

 

 

 

12.6

 

 

 

—

 

 

 

12.6

 

Common/collective trust funds — Corporate and other

   non-government debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.9

 

 

 

22.9

 

Common/collective trust funds — Government,

   corporate and other non-government debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40.2

 

 

 

40.2

 

Common/collective trust funds — Corporate equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

50.3

 

 

 

50.3

 

Common/collective trust funds — Customized strategy

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.4

 

 

 

16.4

 

Total

 

$

2.4

 

 

$

—

 

 

$

12.6

 

 

$

129.8

 

 

$

144.8

 

a)

Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.
Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year

A reconciliation of the fair value measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:

 

 

 

Insurance Contracts

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Beginning Balance

 

$

12.6

 

 

$

12.0

 

Actual return on assets

 

 

0.9

 

 

 

1.1

 

Benefit payments

 

 

(1.0

)

 

 

(1.0

)

Foreign currency impact

 

 

0.4

 

 

 

0.5

 

Ending Balance

 

$

12.9

 

 

$

12.6

 
Schedule of Projected Future Benefit Payments from the Plans Projected future benefit payments from the plans as of December 31, 2020 are estimated as follows:

 

 

 

U.S Pension

Plans

 

 

Non-U.S.

Pension

Plans

 

 

Postretirement

Medical and

Other

 

2021

 

$

8.6

 

 

$

3.0

 

 

$

1.9

 

2022

 

 

8.7

 

 

 

3.1

 

 

 

1.7

 

2023

 

 

8.8

 

 

 

3.6

 

 

 

1.5

 

2024

 

 

8.8

 

 

 

3.7

 

 

 

1.4

 

2025

 

 

8.8

 

 

 

3.8

 

 

 

1.4

 

Thereafter

 

 

42.2

 

 

 

23.2

 

 

 

5.2

 

Total

 

$

85.9

 

 

$

40.4

 

 

$

13.1

 
Schedule of Fair Value of Plan Assets for which the Accumulated Benefit Obligation is in Excess of Plan Assets

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2020 and 2019 is as follows:

 

 

 

U.S Pension Plans

 

 

Non U.S. Pension Plans

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Projected benefit obligation

 

$

151.9

 

 

$

142.3

 

 

$

104.9

 

 

$

90.5

 

Accumulated benefit obligation

 

 

151.9

 

 

 

142.3

 

 

 

99.3

 

 

 

86.4

 

Fair value of plan assets

 

 

113.7

 

 

 

99.6

 

 

 

52.3

 

 

 

45.2

 
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense for the years ended December 31, 2020 and 2019 are summarized as follows:

 

 

2020

 

 

2019

 

Operating lease cost

 

$

13.2

 

 

$

14.4

 

Variable lease cost*

 

 

1.5

 

 

 

1.4

 

Total lease cost

 

$

14.7

 

 

$

15.8

 

   *Includes short-term leases, which are immaterial.

 

 

 

 

 

 

 

 
Summary of Supplemental Consolidated Balance Sheet Information Related to Leases

Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2020 and 2019 are summarized as follows:

 

 

2020

 

 

2019

 

Operating lease right-of-use assets

 

$

37.9

 

 

$

47.6

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

10.5

 

 

$

10.4

 

Operating lease liabilities

 

 

28.4

 

 

 

37.6

 

Total operating lease liabilities

 

$

38.9

 

 

$

48.0

 
Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2020 are summarized as follows:

 

Year

 

 

 

 

2021

 

$

13.0

 

2022

 

 

11.6

 

2023

 

 

9.3

 

2024

 

 

6.6

 

2025

 

 

4.4

 

Thereafter

 

 

12.5

 

Total lease payments

 

 

57.4

 

Less: imputed interest

 

 

(18.5

)

Present value of lease liabilities

 

$

38.9

 
v3.20.4
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Data

The following tables present select quarterly financial data for 2020 and 2019:

 

 

 

2020

 

 

2019

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

Statements of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

329.2

 

 

$

328.3

 

 

$

355.6

 

 

$

430.3

 

 

$

418.0

 

 

$

504.7

 

 

$

448.0

 

 

$

463.4

 

Cost of sales

 

 

266.0

 

 

 

279.9

 

 

 

290.5

 

 

 

352.3

 

 

 

337.8

 

 

 

409.5

 

 

 

359.6

 

 

 

383.1

 

Gross profit

 

 

63.2

 

 

 

48.4

 

 

 

65.1

 

 

 

78.0

 

 

 

80.2

 

 

 

95.2

 

 

 

88.4

 

 

 

80.3

 

Operating income (loss)

 

 

5.7

 

 

 

(1.6

)

 

 

11.7

 

 

 

22.8

 

 

 

16.2

 

 

 

41.9

 

 

 

32.5

 

 

 

17.8

 

Income (loss) before income taxes

 

 

(5.9

)

 

 

(12.0

)

 

 

6.6

 

 

 

9.3

 

 

 

(23.4

)

 

 

49.9

 

 

 

21.2

 

 

 

11.3

 

Provision for income taxes

 

 

1.9

 

 

 

0.7

 

 

 

7.0

 

 

 

7.5

 

 

 

3.3

 

 

 

3.9

 

 

 

3.1

 

 

 

2.1

 

Net income (loss)

 

$

(7.8

)

 

$

(12.7

)

 

$

(0.4

)

 

$

1.8

 

 

$

(26.7

)

 

$

46.0

 

 

$

18.1

 

 

$

9.2

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

$

(0.22

)

 

$

(0.37

)

 

$

(0.01

)

 

$

0.05

 

 

$

(0.75

)

 

$

1.29

 

 

$

0.51

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share

 

$

(0.22

)

 

$

(0.37

)

 

$

(0.01

)

 

$

0.05

 

 

$

(0.75

)

 

$

1.29

 

 

$

0.51

 

 

$

0.26

 

Dividends per common share

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
v3.20.4
Company and Basis of Presentation - Narrative (Details)
crane in Thousands
 12 Months Ended
Dec. 31, 2020
crane
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Period of providing high-quality, customer-focused products and support services 118 years
Number of cranes serviced 152
v3.20.4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Other Intangible Assets Subject to Amortization (Details)
 12 Months Ended
Dec. 31, 2020
Patents  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 20 years
Customer Relationships  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 20 years
v3.20.4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Details)
 12 Months Ended
Dec. 31, 2020
Building and Improvements | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 2 years
Building and Improvements | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 43 years
Machinery, Equipment and Tooling | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 3 years
Machinery, Equipment and Tooling | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 18 years
Furniture and Fixtures | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 3 years
Furniture and Fixtures | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 10 years
Computer Hardware and Software | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 2 years
Computer Hardware and Software | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 10 years
Rental Cranes | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 5 years
Rental Cranes | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 15 years
v3.20.4
Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
estimate
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Property, plant and equipment — net $ 294.3 $ 289.9  
Number of estimates upon which the product liability reserves are based | estimate 2    
Research and development costs $ 30.6 31.1 $ 35.2
Assets Leased to Others      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Property, plant and equipment — net $ 59.9 $ 51.2  
v3.20.4
Recent Accounting Changes and Pronouncements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reduction in beginning retained earnings $ 216.9 $ 236.2  
Reduction in accounts receivable 37.7 $ 124.2 $ 553.4
ASU 2016-13      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reduction in accounts receivable 0.2    
Cumulative Effect Period Of Adoption Adjustment | ASU 2016-13      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reduction in beginning retained earnings $ 0.2    
v3.20.4
Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenue From Contract With Customer [Abstract]    
Balance at beginning of period $ 25.8 $ 9.6
Cash received in advance of satisfying performance obligation 108.0 112.2
Revenue recognized (108.5) (96.3)
Currency translation 0.2 0.3
Balance at end of period $ 25.5 $ 25.8
v3.20.4
Fair Value of Financial Instruments - Financial assets and liabilities accounted for at fair value on a recurring basis by level within the fair value hierarchy (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - Foreign Exchange Forward
$ in Millions
Dec. 31, 2019
USD ($)
Other Current Assets  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivatives assets, current $ 0.1
Accounts Payable and Accrued Expenses  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivative liabilities, current 0.1
Level 2 | Other Current Assets  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivatives assets, current 0.1
Level 2 | Accounts Payable and Accrued Expenses  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivative liabilities, current $ 0.1
v3.20.4
Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Mar. 25, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Debt instruments at fair value $ 324.9  
Interest rate, stated percentage (as a percent) 9.00% 9.00%
Debt instrument maturity date Apr. 01, 2026  
v3.20.4
Derivative Financial Instruments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Derivatives Fair Value [Line Items]    
Net unrealized gain (losses) net of income tax $ 0 $ 0
Foreign Exchange Forward    
Derivatives Fair Value [Line Items]    
Derivative, notional amount $ 9,300,000 32,600,000
Derivative remaining maturity period 1 year  
Derivative net current liability $ 0 $ 0
v3.20.4
Derivative Financial Instruments - Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Designated | Cost of Sales      
Derivative Instruments Gain Loss [Line Items]      
Gains (loss) on foreign currency exchange contracts $ 0.3 $ 3.1 $ 5.0
Non-Designated | Other Income (Expense) - Net      
Derivative Instruments Gain Loss [Line Items]      
Gains (loss) on foreign currency exchange contracts $ 0.6 $ 3.9 $ (1.9)
v3.20.4
Inventories - Components of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Raw materials $ 114.9 $ 156.3
Work-in-process 105.5 116.3
Finished goods 305.8 239.4
Total inventories 526.2 512.0
Excess and obsolete inventory reserve (53.1) (50.6)
Inventories — net $ 473.1 $ 461.4
v3.20.4
Notes Receivable - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Receivables [Abstract]    
Notes receivable, current $ 13.6 $ 17.4
Notes receivable, long term $ 12.7 $ 16.3
v3.20.4
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment    
Total cost $ 756.1 $ 722.2
Less accumulated depreciation (461.8) (432.3)
Property, plant and equipment — net 294.3 289.9
Land    
Property, Plant and Equipment    
Total cost 20.3 24.0
Building and Improvements    
Property, Plant and Equipment    
Total cost 203.7 197.3
Machinery, Equipment and Tooling    
Property, Plant and Equipment    
Total cost 292.6 274.2
Furniture and Fixtures    
Property, Plant and Equipment    
Total cost 21.0 18.5
Computer Hardware and Software    
Property, Plant and Equipment    
Total cost 119.3 119.3
Rental Cranes    
Property, Plant and Equipment    
Total cost 90.2 77.7
Property, plant and equipment — net 59.9 51.2
Construction in Progress    
Property, Plant and Equipment    
Total cost $ 9.0 $ 11.2
v3.20.4
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment    
Asset impairment expense $ 0.0 $ 0.0
Assets held for sale $ 3.3  
Other Income (Expense) ? Net    
Property, Plant and Equipment    
Gain on assets held for sale   $ 3.5
v3.20.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]        
Goodwill and intangible asset impairment $ 0      
Amortization of intangible assets   $ 300,000 $ 300,000 $ 300,000
Future amortization expense, 2020   300,000    
Future amortization expense, 2021   300,000    
Future amortization expense, 2022   $ 300,000    
v3.20.4
Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill    
Balance at the beginning of the period $ 232.5 $ 232.8
Foreign currency impact 2.6 (0.3)
Net balance at the end of the period 235.1 232.5
Americas    
Goodwill    
Balance at the beginning of the period 166.5 166.5
Net balance at the end of the period 166.5 166.5
Middle East and Asia Pacific ("MEAP")    
Goodwill    
Balance at the beginning of the period 66.0 66.3
Foreign currency impact 2.6 (0.3)
Net balance at the end of the period $ 68.6 $ 66.0
v3.20.4
Goodwill and Other Intangible Assets - Gross carrying amount and accumulated amortization of the company's intangible assets other than goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Intangible asset balances by major asset class    
Finite-lived intangible assets, amortization amount $ (38.9) $ (37.2)
Intangible assets, gross (excluding goodwill) 160.5 153.5
Intangible assets, book value 121.6 116.3
Indefinite-lived Intangible Assets    
Intangible asset balances by major asset class    
Intangible assets, gross (excluding goodwill) 119.6 114.0
Intangible assets, book value 119.6 114.0
Indefinite-lived Intangible Assets | Distribution Network    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 19.6 18.7
Intangible assets, gross (excluding goodwill) 19.6 18.7
Finite-Lived Intangible Assets    
Intangible asset balances by major asset class    
Finite-lived intangible assets, amortization amount (38.9) (37.2)
Intangible assets, gross (excluding goodwill) 40.9 39.5
Intangible assets, book value 2.0 2.3
Finite-Lived Intangible Assets | Customer Relationships    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 9.9 10.0
Finite-lived intangible assets, amortization amount (8.6) (8.5)
Intangible assets, gross (excluding goodwill) 1.3 1.5
Finite-Lived Intangible Assets | Patents    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 31.0 29.5
Finite-lived intangible assets, amortization amount (30.3) (28.7)
Intangible assets, gross (excluding goodwill) 0.7 0.8
Trademarks and Tradenames | Indefinite-lived Intangible Assets    
Intangible asset balances by major asset class    
Indefinite-lived intangible assets, book value $ 100.0 $ 95.3
v3.20.4
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Payables And Accruals [Abstract]    
Trade accounts payable $ 178.1 $ 187.1
Employee-related expenses 38.5 56.6
Accrued vacation 22.4 20.2
Miscellaneous accrued expenses 90.4 76.9
Total accounts payable and accrued expenses $ 329.4 $ 340.8
v3.20.4
Debt - Schedule of outstanding debt (Details) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Total debt $ 310,900,000 $ 312,200,000
Deferred financing costs (3,800,000) (4,500,000)
Short-term borrowings and current portion of long-term debt (10,500,000) (3,800,000)
Long-term debt 300,400,000 308,400,000
ABL Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing under senior secured asset based revolving credit facility 0 0
Senior Notes Due 2026    
Debt Instrument [Line Items]    
Total debt 300,000,000.0 300,000,000.0
Other    
Debt Instrument [Line Items]    
Total debt $ 14,700,000 $ 16,700,000
v3.20.4
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Mar. 25, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Mar. 03, 2016
Debt Instrument [Line Items]          
Debt instrument charge from refinancing   $ 0 $ 25,000,000.0 $ 0  
Unamortized debt issuance costs   3,800,000 4,500,000    
Carrying amount   $ 310,900,000 312,200,000    
Period for which the entity will be able to comply with the financial covenants   12 months      
Senior Notes Due 2026          
Debt Instrument [Line Items]          
Face amount of debt $ 300,000,000.0        
Debt instrument interest rate 9.00% 9.00%      
Interest on the notes   Interest on the 2026 Notes is payable in cash semi-annual in arrears on April 1 and October 1 of each year.      
Carrying amount   $ 300,000,000.0 300,000,000.0    
ABL Revolving Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity under revolving credit facility $ 275,000,000.0       $ 225,000,000.0
Weighted average interest rate (as a percent)   1.77%      
Line of credit outstanding   $ 0 0    
Highest daily borrowing   50,000,000.0      
Average borrowing   13,300,000      
Excess capacity   240,800,000      
Line of credit borrowing capacity   $ 243,800,000      
ABL Revolving Credit Facility | LIBOR          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   1.25%      
ABL Revolving Credit Facility | Prime Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent)   0.25%      
ABL Revolving Credit Facility | Line of Credit          
Debt Instrument [Line Items]          
Debt term (in years) 5 years        
ABL Revolving Credit Facility | Letter of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity under revolving credit facility $ 75,000,000.0        
Line of credit outstanding   $ 3,000,000.0      
ABL Revolving Credit Facility | Letter of Credit | German Borrowers          
Debt Instrument [Line Items]          
Maximum borrowing capacity under revolving credit facility $ 10,000,000.0        
Senior Notes Due 2021          
Debt Instrument [Line Items]          
Debt instrument interest rate 12.75%        
Maximum borrowing capacity under revolving credit facility $ 260,000,000.0        
Debt instrument call premium 16,600,000   16,600,000    
Closing costs of debt 5,000,000.0        
Accrued interest of debt 4,600,000        
Debt instrument unamortized discount     5,300,000    
Unamortized debt issuance costs     3,100,000    
AR Securitization Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity under revolving credit facility $ 75,000,000.0        
Other          
Debt Instrument [Line Items]          
Carrying amount   $ 14,700,000 $ 16,700,000    
Weighted average interest rate (as a percent)   4.10%      
v3.20.4
Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility
 12 Months Ended
Dec. 31, 2020
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.25%
Greater Than or Equal to 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.25%
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.50%
Less Than 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.50%
v3.20.4
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Aggregate scheduled future maturities of outstanding debt obligations  
2021 $ 10.5
2022 2.5
2023 1.0
Thereafter 300.7
Total $ 314.7
v3.20.4
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]    
Deferred financing costs $ 3.8 $ 4.5
v3.20.4
Accounts Receivable Securitization and Other Factoring Arrangements - Narrative (Details)
€ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2020
EUR (€)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
EUR (€)
Accounts Receivable Securitization        
Accounts receivable balance sold $ 0 € 161.0 $ 149,000,000.0  
Proceeds from collection of receivables 0   $ 182,800,000  
Maximum availability under these programs | €   € 55.0   € 35.0
Maximum        
Accounts Receivable Securitization        
Capacity of securitization program $ 75,000,000.0      
v3.20.4
Income Taxes - Summary of Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income (loss) from continuing operations before income taxes:                      
U.S.                 $ (51.6) $ (10.0) $ (76.4)
Non-U.S.                 49.6 69.0 4.7
Income (loss) from continuing operations before income taxes $ 9.3 $ 6.6 $ (12.0) $ (5.9) $ 11.3 $ 21.2 $ 49.9 $ (23.4) $ (2.0) $ 59.0 $ (71.7)
v3.20.4
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current:                      
U.S. federal and state                 $ (4.3) $ (0.7) $ (7.3)
Non-U.S.                 16.6 11.6 13.6
Total current                 12.3 10.9 6.3
Deferred:                      
U.S. federal and state                 0.3 0.2 (6.2)
Non-U.S.                 4.5 1.3 (4.9)
Total deferred                 4.8 1.5 (11.1)
Income tax provision (benefit) $ 7.5 $ 7.0 $ 0.7 $ 1.9 $ 2.1 $ 3.1 $ 3.9 $ 3.3 $ 17.1 $ 12.4 $ (4.8)
v3.20.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Loss Carryforwards [Line Items]      
Federal income tax at statutory rate (as a percent) 21.00% 21.00% 21.00%
Tax cuts and jobs act of 2017 total transition tax obligation     $ 57,200,000
Tax cuts and jobs act of 2017 related to GILTI provisional income tax expense $ 0 $ 0 0
Tax cuts and jobs act of 2017 base erosion and anti abuse tax income tax expense 0 0 0
Recognized tax benefit 3,700,000    
Change in valuation allowance, deferred tax asset 22,200,000 4,500,000 1,300,000
Deferred tax assets, valuation allowance 171,400,000 157,100,000  
Tax cuts and jobs act, deferred tax assets 900,000 1,800,000 1,700,000
Tax cuts and jobs act, unremitted earnings of non-United States subsidiaries 239,400,000 255,300,000  
Tax cuts and jobs act, additional unremitted earnings of non-United States subsidiaries 463,000,000.0    
Change to gross unrecognized tax expense (benefits) including interest and penalties 5,500,000 1,700,000 7,600,000
Uncertain tax liabilities interest and penalties (3,100,000) (300,000) (1,000,000.0)
Uncertain tax liabilities interest and penalties accrued 3,300,000 6,400,000 6,700,000
Increase in uncertainty portion of discrete tax benefit 10,900,000    
Unrecognized tax benefits that would impact effective tax rate 15,400,000 7,200,000 7,200,000
Domestic Tax Authority      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 148,200,000    
Operating loss carryforwards with specific expiration period 24,400,000    
Operating loss carryforwards without time restrictions for future use $ 123,800,000    
Operating loss carryforwards expiration period 2036    
Maximum annual utilization percentage of indefinite lived loss carryforwards 80.00%    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards $ 728,200,000    
Operating loss carryforwards expiration period 2040    
Non-U.S. Tax Authority      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards $ 303,600,000    
Net operating loss carryforwards, valuation allowance 165,600,000    
U.K      
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, valuation allowance   12,300,000  
Non-U.S.      
Operating Loss Carryforwards [Line Items]      
Tax cuts and jobs act of 2017 change in net operating losses and valuation allowance $ 0.0 $ 22,700,000 $ 19,000,000.0
v3.20.4
Income Taxes - Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate for Continuing Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]                      
U.S. federal income tax at statutory rate                 $ (0.4) $ 12.4 $ (15.1)
U.S. state income tax provision                 1.9 (0.1) (3.1)
Manufacturing & research incentives                 (0.8) (3.0) (1.7)
Taxes on non-U.S. income which differ from the U.S. statutory rate                   (2.6) 2.3
Adjustments for unrecognized tax benefits                 10.7 (1.3) (6.9)
Adjustments for valuation allowances                 22.2 4.5 1.3
U.S. tax reform                 (14.6) 4.0 (1.8)
Goodwill impairment                     17.6
Other items                 (1.9) (1.5) 2.6
Income tax provision (benefit) $ 7.5 $ 7.0 $ 0.7 $ 1.9 $ 2.1 $ 3.1 $ 3.9 $ 3.3 $ 17.1 $ 12.4 $ (4.8)
v3.20.4
Income Taxes - Schedules of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Non-current deferred income tax assets (liabilities):    
Inventories $ 22.8 $ 24.3
Accounts receivable (2.7) (3.7)
Property, plant and equipment (17.2) (8.2)
Intangible assets (36.0) (34.1)
Deferred employee benefits 34.7 39.8
Product warranty reserves 9.3 8.6
Product liability reserves 2.0 3.0
Tax credits 7.7 5.4
Loss and other tax attribute carryforwards 142.6 125.7
Deferred revenue 3.9 5.8
Other 18.0 11.9
Total non-current deferred income tax assets 185.1 178.5
Less valuation allowance (171.4) (157.1)
Net deferred income tax assets, non-current 13.7 21.4
Components of Deferred Tax Assets and Liabilities [Abstract]    
Long-term income tax assets, included in other non-current assets 19.6 26.9
Long-term deferred income tax liability (5.9) (5.5)
Net deferred income tax assets, non-current $ 13.7 $ 21.4
v3.20.4
Income Taxes - Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination (Details)
 12 Months Ended
Dec. 31, 2020
United States | Earliest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2016
United States | Latest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2020
China | Earliest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2010
China | Latest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2020
France | Earliest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2017
France | Latest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2020
Germany | Earliest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2015
Germany | Latest Tax Year  
Income Tax Examination [Line Items]  
Year under examination 2020
v3.20.4
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 11.5 $ 12.8 $ 19.5
Additions for tax positions of current year 0.3 0.5 0.3
Additions for tax positions of prior years 10.9 0.3 0.5
Reductions for tax positions of prior years (0.4) 0.0 (1.7)
Reductions based on settlements with tax authorities (2.1) (0.6) (0.6)
Reductions for lapse of statute of limitations (0.1) (1.5) (5.2)
Balance at end of year $ 20.1 $ 11.5 $ 12.8
v3.20.4
Net Income (Loss) Per Share - Reconciliation of the average shares outstanding used to compute basic and diluted earnings per share (Details) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Abstract]      
Basic weighted average common shares outstanding (in shares) 34,691,063 35,487,358 35,513,162
Effect of dilutive securities - stock awards (in shares) 0 154,442 0
Diluted weighted average common shares outstanding (in shares) 34,691,063 35,641,800 35,513,162
v3.20.4
Net Income (Loss) Per Share - Narrative (Details)
 12 Months Ended
Dec. 31, 2019
shares
Earnings Per Share [Abstract]  
Number of anti-dilutive shares excluded from the calculation of diluted earnings per share 1,527,645
v3.20.4
Equity - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Class Of Stock [Line Items]      
Common stock, shares authorized (in shares) 75,000,000 75,000,000  
Par value of common stock (in dollars per share) $ 0.01    
Preferred stock, shares authorized (in shares) 3,500,000 3,500,000  
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares issued (in shares) 0    
Stock repurchase program, remaining authorized amount $ 10,600,000    
Cash dividends declared or paid $ 0 $ 0 $ 0
Common Stock      
Class Of Stock [Line Items]      
Common stock repurchased, shares 1,061,711    
Common stock repurchased, value $ 12,000,000.0    
Maximum | Common Stock      
Class Of Stock [Line Items]      
Stock repurchase program, authorized amount $ 30,000,000.0    
v3.20.4
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Equity [Abstract]    
Foreign currency translation, net of income tax provision of $4.6 and $0.0 $ (49.6) $ (81.1)
Employee pension and postretirement benefit adjustments, net of income benefit of $14.4 and $13.7 (47.9) (39.9)
Total accumulated other comprehensive loss $ (97.5) $ (121.0)
v3.20.4
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Equity [Abstract]    
Foreign currency translation, tax provision $ 4.6 $ 0.0
Derivative instrument fair market value, tax provision 0.0 0.0
Employee pension and postretirement benefit adjustments, tax benefit $ 14.4 $ 13.7
v3.20.4
Equity - Reconciliation of accumulated other comprehensive loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance $ 645.9    
Total other comprehensive income (loss), net of income tax 23.5 $ (4.4) $ (19.2)
Ending balance 643.5 645.9  
Gains (Losses) on Cash Flow Hedges      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance   (0.3)  
Other comprehensive income (loss) before reclassifications (0.3) (2.8)  
Amounts reclassified from accumulated other comprehensive income 0.3 3.1  
Total other comprehensive income (loss), net of income tax   0.3  
Ending balance     (0.3)
Pension & Postretirement      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (39.9) (36.2)  
Other comprehensive income (loss) before reclassifications (9.9) (5.5)  
Amounts reclassified from accumulated other comprehensive income 1.9 1.8  
Total other comprehensive income (loss), net of income tax (8.0) (3.7)  
Ending balance (47.9) (39.9) (36.2)
Foreign Currency Translation      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (81.1) (80.1)  
Other comprehensive income (loss) before reclassifications 31.5 (1.0)  
Total other comprehensive income (loss), net of income tax 31.5 (1.0)  
Ending balance (49.6) (81.1) (80.1)
Accumulated Other Comprehensive Loss      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (121.0) (116.6)  
Other comprehensive income (loss) before reclassifications 21.3 (9.3)  
Amounts reclassified from accumulated other comprehensive income 2.2 4.9  
Total other comprehensive income (loss), net of income tax 23.5 (4.4)  
Ending balance $ (97.5) $ (121.0) $ (116.6)
v3.20.4
Equity - Reconciliation of Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Cost of sales $ 352.3 $ 290.5 $ 279.9 $ 266.0 $ 383.1 $ 359.6 $ 409.5 $ 337.8 $ 1,188.7 $ 1,490.0 $ 1,518.7
Total before income taxes 9.3 6.6 (12.0) (5.9) 11.3 21.2 49.9 (23.4) (2.0) 59.0 (71.7)
Income tax provision (7.5) (7.0) (0.7) (1.9) (2.1) (3.1) (3.9) (3.3) (17.1) (12.4) 4.8
Net income (loss) $ 1.8 $ (0.4) $ (12.7) $ (7.8) $ 9.2 $ 18.1 $ 46.0 $ (26.7) (19.1) 46.6 (67.1)
Other expense - net                 (10.0) 9.8 (11.5)
Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Net income (loss)                 (2.2) (4.9) (10.4)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Total before income taxes                 (0.3) (3.1) (5.0)
Net income (loss)                 (0.3) (3.1) (5.0)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Cost of sales                 (0.3) (3.1) (5.0)
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Other expense - net                 (4.5) (4.6) (5.0)
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Other expense - net                 2.6 2.8 2.7
Pension Settlement Charge | Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Other expense - net                     (4.5)
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income                      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]                      
Total before income taxes                 (1.9) (1.8) (6.8)
Income tax provision                     1.4
Net income (loss)                 $ (1.9) $ (1.8) $ (5.4)
v3.20.4
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock-Based Compensation      
Share-based compensation, remaining shares available for issuance (in shares) 4,691,191    
Stock-based compensation expense (in dollars) $ 6.0    
Director      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 1.0 $ 1.0 $ 1.1
Number of share options granted during the period (in shares) 77,608 50,673 25,021
Engineering Selling and Administrative Expenses      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 8.5 $ 9.5 $ 7.5
Restricted Stock | Restructuring Charges      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) 2.5 0.7  
Stock Options      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 1.3 $ 2.7 $ 2.4
Number of share options granted during the period (in shares) 250,432 210,243 187,484
Weighted average grant date fair value, options (in dollars per share) $ 5.35 $ 8.07 $ 15.66
Unrecognized compensation expense before income tax (in dollars) $ 0.8    
Recognition period for unrecognized compensation expense (in years) 1 year 4 months 24 days    
Stock Options | Employees      
Stock-Based Compensation      
Vesting period (in years) 3 years    
Expiration period (in years) 10 years    
Restricted Stock Units      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 3.5 $ 2.4 $ 1.5
Unrecognized compensation expense before income tax (in dollars) $ 2.6    
Recognition period for unrecognized compensation expense (in years) 1 year 9 months 18 days    
Number of shares of other than options granted during the period (in shares) 333,269 178,371 86,692
Restricted Stock Units | Employees      
Stock-Based Compensation      
Vesting period (in years) 3 years    
Options vesting percentage 100.00%    
Vesting rights, annual increments beginning on the grant date 100% on the third anniversary of the grant date    
Anniversary period from grant date, for grants made prior to 2019 (in years) 3 years    
Performance Shares      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 0.2 $ 3.4 $ 2.5
Unrecognized compensation expense before income tax (in dollars) $ 2.2    
Recognition period for unrecognized compensation expense (in years) 1 year 10 months 24 days    
Number of shares of other than options granted during the period (in shares) 328,310 228,037 93,298
Performance period (in years) 3 years    
Period of U.S. Treasury rates as a basis for assumed risk-free rates (in years) 3 years    
2013 Omnibus Plan      
Stock-Based Compensation      
Share-based compensation, shares authorized (in shares) 7,477,395    
Performance Shares 2020 | Performance Shares      
Stock-Based Compensation      
Performance period (in years) 3 years    
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) 50.00%    
Percentage of shares paid based on adjusted EBITDA (as a percent) 50.00%    
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group 20.00%    
Percentage of shares of other than options granted during the period 200.00%    
Performance Shares 2020 | Performance Shares | Minimum      
Stock-Based Compensation      
Number of shares of other than options granted during the period (in shares) 0    
Performance Shares 2019 | Performance Shares      
Stock-Based Compensation      
Performance period (in years)   3 years  
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)   50.00%  
Percentage of shares paid based on adjusted EBITDA (as a percent)   50.00%  
Performance Shares 2019 | Performance Shares | Minimum      
Stock-Based Compensation      
Number of shares of other than options granted during the period (in shares)   0  
Performance Shares 2018 | Performance Shares      
Stock-Based Compensation      
Performance period (in years)     3 years
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)     50.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)     50.00%
Performance Shares 2018 | Performance Shares | Minimum      
Stock-Based Compensation      
Number of shares of other than options granted during the period (in shares)     0
v3.20.4
Stock-Based Compensation - Summary of the Company's Stock Option Activity (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Shares      
Options outstanding at the beginning of the period (in shares) 1,058,652    
Granted (in shares) 250,432 210,243 187,484
Exercised (in shares) (11,250)    
Forfeited (in shares) (220,714)    
Canceled (in shares) (9,240)    
Options outstanding at the end of the period (in shares) 1,067,880 1,058,652  
Options exercisable (in shares) 844,952    
Weighted Average Exercise Price Per Share      
Options outstanding at the beginning of the period (in dollars per share) $ 21.82    
Granted (in dollars per share) 12.37    
Exercised (in dollars per share) 9.27    
Options forfeited weighted average cost (in dollars per share) 16.44    
Options canceled weighted average cost (in dollars per share) 14.78    
Options outstanding at the end of the period (in dollars per share) 20.91 $ 21.82  
Options exercisable (in dollars per share) $ 21.94    
Aggregate Intrinsic Value      
Options outstanding (in dollars) $ 0.1    
v3.20.4
Stock-Based Compensation - Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock Options      
Assumptions used to estimate the fair value of each option grant      
Expected life (years) 6 years 6 months 6 years 6 months 6 years 6 months
Risk-free Interest rate (as a percent) 1.20% 2.60% 2.80%
Expected volatility (as a percent) 42.30% 39.80% 43.70%
Performance Shares      
Assumptions used to estimate the fair value of each option grant      
Correlation (as a percent) 32.20% 32.50% 29.50%
Risk-free Interest rate (as a percent) 1.10% 2.50% 2.40%
Expected volatility (as a percent) 47.50% 47.00% 33.80%
v3.20.4
Stock-Based Compensation - Schedule of Nonvested Share Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restricted Stock Units      
Shares      
Unvested beginning balance (in shares) 290,563    
Granted (in shares) 333,269 178,371 86,692
Vested (in shares) (177,307)    
Forfeited (in shares) (84,232)    
Unvested ending balance (in shares) 362,293 290,563  
Weighted Average Grant Date Fair Value Per Share      
Weighted average grant date fair value beginning (in dollars per share) $ 22.55    
Granted (in dollars per share) 11.64    
Vested (in dollars per share) 21.66    
Cancelled (in dollars per share) 14.27    
Weighted average grant date fair value ending (in dollars per share) $ 14.87 $ 22.55  
Performance Shares      
Shares      
Unvested beginning balance (in shares) 457,583    
Granted (in shares) 328,310 228,037 93,298
Vested (in shares) (97,135)    
Forfeited (in shares) (330,423)    
Unvested ending balance (in shares) 358,335 457,583  
Weighted Average Grant Date Fair Value Per Share      
Weighted average grant date fair value beginning (in dollars per share) $ 26.25    
Granted (in dollars per share) 12.67    
Vested (in dollars per share) 26.11    
Cancelled (in dollars per share) 21.05    
Weighted average grant date fair value ending (in dollars per share) $ 18.64 $ 26.25  
v3.20.4
Segments - Narrative (Details)
 12 Months Ended
Dec. 31, 2020
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.20.4
Segments - Schedule of Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Net Sales $ 430.3 $ 355.6 $ 328.3 $ 329.2 $ 463.4 $ 448.0 $ 504.7 $ 418.0 $ 1,443.4 $ 1,834.1 $ 1,846.8
Operating (loss) income $ 22.8 $ 11.7 $ (1.6) $ 5.7 $ 17.8 $ 32.5 $ 41.9 $ 16.2 38.6 108.4 (19.3)
Depreciation                 37.2 35.0 36.1
Capital Expenditures                 26.3 35.1 31.7
Segment Operating Income (Loss)                      
Segment Reporting Information [Line Items]                      
Operating (loss) income                 74.5 139.8 22.1
Segment Operating Income (Loss) | Americas                      
Segment Reporting Information [Line Items]                      
Net Sales                 626.1 969.7 882.7
Operating (loss) income                 32.1 113.4 58.8
Depreciation                 15.7 14.5 14.0
Capital Expenditures                 6.0 13.2 9.4
Segment Operating Income (Loss) | EURAF                      
Segment Reporting Information [Line Items]                      
Net Sales                 598.7 644.9 680.6
Operating (loss) income                 12.0 3.8 (68.2)
Depreciation                 16.5 15.1 15.3
Capital Expenditures                 19.0 19.0 16.3
Segment Operating Income (Loss) | Middle East and Asia Pacific ("MEAP")                      
Segment Reporting Information [Line Items]                      
Net Sales                 218.6 219.5 283.5
Operating (loss) income                 30.4 22.6 31.5
Depreciation                 2.1 2.4 3.7
Capital Expenditures                 1.2 2.9 3.4
Corporate                      
Segment Reporting Information [Line Items]                      
Operating (loss) income                 (32.2) (31.3) (37.5)
Depreciation                 2.9 $ 3.0 3.1
Capital Expenditures                 $ 0.1   $ 2.6
v3.20.4
Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]                      
Total operating income (loss) $ 22.8 $ 11.7 $ (1.6) $ 5.7 $ 17.8 $ 32.5 $ 41.9 $ 16.2 $ 38.6 $ 108.4 $ (19.3)
Unallocated restructuring expense                 7.0 9.8 12.9
Segment Operating Income (Loss)                      
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]                      
Total operating income (loss)                 74.5 139.8 22.1
Corporate                      
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]                      
Total operating income (loss)                 (32.2) (31.3) (37.5)
Reconciliation of Company's Segment Operating Income                      
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]                      
Total operating income (loss)                 38.6 108.4 (19.3)
Unallocated restructuring expense                 $ (3.7) $ (0.1) $ (3.9)
v3.20.4
Segments - Schedule of Net Sales and Property, Plant and Equipment by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales $ 430.3 $ 355.6 $ 328.3 $ 329.2 $ 463.4 $ 448.0 $ 504.7 $ 418.0 $ 1,443.4 $ 1,834.1 $ 1,846.8
Property, Plant and Equipment 294.3       289.9       294.3 289.9  
United States                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 564.9 860.4 796.9
Property, Plant and Equipment 97.9       109.3       97.9 109.3  
Europe                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 585.4 619.8 659.9
Property, Plant and Equipment 167.8       150.4       167.8 150.4  
Other                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net Sales                 293.1 353.9 $ 390.0
Property, Plant and Equipment $ 28.6       $ 30.2       $ 28.6 $ 30.2  
v3.20.4
Segments - Schedule of Net Sales By Product (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Product Information [Line Items]                      
Total net sales $ 430.3 $ 355.6 $ 328.3 $ 329.2 $ 463.4 $ 448.0 $ 504.7 $ 418.0 $ 1,443.4 $ 1,834.1 $ 1,846.8
New Crane Sales                      
Product Information [Line Items]                      
Total net sales                 1,065.3 1,423.2 1,443.0
Used Crane Sales, Aftermarket Parts and Other                      
Product Information [Line Items]                      
Total net sales                 $ 378.1 $ 410.9 $ 403.8
v3.20.4
Commitments and Contingencies - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Commitments And Contingencies [Line Items]    
Period over which product liability self-insurance retention levels have fluctuated (in years) 10 years  
Product liability reserves $ 9,200,000 $ 12,800,000
Warranty claims reserves 63,200,000 60,600,000
Gain on settlement   24,400,000
Other Income (Expense)    
Commitments And Contingencies [Line Items]    
Gain on settlement   15,500,000
Engineering, Selling and Administrative Expenses    
Commitments And Contingencies [Line Items]    
Gain on settlement   $ 8,900,000
Maximum    
Commitments And Contingencies [Line Items]    
Product liability self-insurance maximum retention level for new occurrence $ 3,000,000.0  
v3.20.4
Guarantees - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Product Warranty Liability [Line Items]    
Revenue deferred related to buyback obligations included in other current and non-current liabilities $ 35.9 $ 34.1
Amount of residual value buyback commitments and given by the company 31.7 17.3
Amount of loss guarantees with maximum liabilities 31.8 11.3
Revenue deferred related to extended warranties included in other current and non-current liabilities $ 6.2 8.3
Standard product warranties, low end of range (in months) 12 months  
Standard product warranties, high end of range (in months) 60 months  
Other Noncurrent Liabilities    
Product Warranty Liability [Line Items]    
Revenue deferred related to extended warranties included in other current and non-current liabilities $ 13.0 $ 13.4
v3.20.4
Guarantees - Summary of Warranty Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Warranty activity      
Balance at beginning of period $ 60.6 $ 47.8 $ 44.5
Accruals for warranties issued during the period 33.9 47.3 38.0
Settlements made (in cash or in kind) during the period (33.6) (34.2) (33.8)
Currency translation 2.3 (0.3) (0.9)
Balance at end of period $ 63.2 $ 60.6 $ 47.8
v3.20.4
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]      
Restructuring expense $ 7.0 $ 9.8 $ 12.9
Restructuring Charges      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation (income) expense (in dollars) 2.5    
Employee Severance      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense $ 2.2    
Tansfer of Crawler Production to Shady Grove, PA      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense   $ 0.0  
Closure of Manitowoc, WI Facility      
Restructuring Cost and Reserve [Line Items]      
Restructuring expense     $ 2.0
v3.20.4
Restructuring - Summary of all restructuring activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Summary of all restructuring accrual      
Balance at beginning of period $ 2.0 $ 3.3 $ 5.6
Restructuring expenses* 9.5 9.8 12.9
Use of reserve (6.2) (10.9) (15.1)
Reserve reclassification   (0.2)  
Currency translation     (0.1)
Balance at end of period $ 5.3 $ 2.0 $ 3.3
v3.20.4
Employee Benefit Plans - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
Employee
Dec. 31, 2020
USD ($)
plan
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Manitowoc Deferred Compensation Plan        
Total cost incurred under defined contribution plan   $ 5.9 $ 6.3 $ 6.2
Defined contribution plan, Plan name   Manitowoc 401(k) Retirement Plan Manitowoc 401(k) Retirement Plan Manitowoc 401(k) Retirement Plan
Other income (expense) - net   $ (10.0) $ 9.8 $ (11.5)
Amortization of gains and losses in excess of specified percentage (as a percent)   10.00%    
Postretirement Medical and Other        
Manitowoc Deferred Compensation Plan        
Annual rate of increase in the per capita cost of covered health care benefits assumed for measurement purposes (as a percent)   5.48%    
Ultimate health care cost trend rate (as a percent)   4.50%    
Estimated future employer contributions   $ 1.9    
Supplemental Executive Retirement Plan        
Manitowoc Deferred Compensation Plan        
Final benefit payments     2.5  
Expenses related to retirement plan   $ 0.0 0.2 1.2
Pension Settlement Charge | Reclassification out of Accumulated Other Comprehensive Income        
Manitowoc Deferred Compensation Plan        
Other income (expense) - net       (4.5)
Deferred Compensation Plan        
Manitowoc Deferred Compensation Plan        
Number of investment programs | plan   2    
Deferred Compensation Plan | Program A        
Manitowoc Deferred Compensation Plan        
Program asset   $ 0.6 0.5  
Program obligation   0.6 0.5  
Deferred Compensation Plan | Program B        
Manitowoc Deferred Compensation Plan        
Total cost incurred under defined contribution plan   0.4 0.5 0.3
Program asset   9.0 8.4  
Program obligation   $ 9.0 8.4  
U.S. Pension Plans        
Manitowoc Deferred Compensation Plan        
Number of defined contribution retirement plans for the employees | plan   2    
Defined benefit plan obligation transfer $ 18.6      
Number of retirees and beneficiaries | Employee 622      
Estimated future employer contributions   $ 5.8    
U.S. Pension Plans | Pension Settlement Charge | Reclassification out of Accumulated Other Comprehensive Income        
Manitowoc Deferred Compensation Plan        
Other income (expense) - net $ 4.5      
Non-U.S. Pension Plans        
Manitowoc Deferred Compensation Plan        
Total cost incurred under defined contribution plan   1.7 $ 1.2 $ 1.3
Estimated future employer contributions   $ 3.0    
v3.20.4
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
United States      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 0.0 $ 0.0  
Interest cost of projected benefit obligation $ 4.0 $ 5.1  
Weighted average assumptions:      
Expected return on plan assets (as a percent) 5.20% 5.20%  
Non-US Pension Plans      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 2.1 $ 1.8  
Interest cost of projected benefit obligation $ 1.8 $ 2.2  
Weighted average assumptions:      
Expected return on plan assets (as a percent) 2.30% 3.50%  
Pension Plan | United States      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 0.0 $ 0.0 $ 0.0
Interest cost of projected benefit obligation 4.0 5.1 5.2
Expected return on assets (5.2) (4.3) (5.7)
Amortization of prior service cost 0.0 0.0 0.0
Amortization of actuarial net loss (gain) 2.8 3.3 2.9
Pension settlement charge 0.0 0.0 4.5
Net periodic benefit cost $ 1.6 $ 4.1 $ 6.9
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 3.30% 4.30% 3.80%
Effective interest rate on benefit obligation (as a percent) 2.90% 4.00% 3.50%
Expected return on plan assets (as a percent) 5.20% 5.20% 5.30%
Rate of compensation increase (as a percent) 0.00% 0.00% 0.00%
Pension Plan | Non-US Pension Plans      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 2.1 $ 1.8 $ 1.8
Interest cost of projected benefit obligation 1.8 2.2 2.1
Expected return on assets (1.1) (1.4) (1.4)
Amortization of prior service cost 0.1 0.1 0.1
Amortization of actuarial net loss (gain) 1.7 1.3 1.3
Pension settlement charge 0.0 0.0 0.0
Net periodic benefit cost $ 4.6 $ 4.0 $ 3.9
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 1.60% 2.50% 2.20%
Effective interest rate on benefit obligation (as a percent) 1.60% 2.50% 2.20%
Expected return on plan assets (as a percent) 2.30% 3.50% 2.70%
Rate of compensation increase (as a percent) 3.10% 3.60% 3.50%
Postretirement Medical and Other      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 0.2 $ 0.2 $ 0.2
Interest cost of projected benefit obligation 0.4 0.8 0.8
Expected return on assets 0.0 0.0 0.0
Amortization of prior service cost (2.7) (2.8) (2.8)
Amortization of actuarial net loss (gain) (0.0) 0.0 0.8
Pension settlement charge 0.0 0.0 0.0
Net periodic benefit cost $ (2.1) $ (1.8) $ (1.0)
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 2.90% 4.10% 3.30%
Effective interest rate on benefit obligation (as a percent) 2.60% 3.70% 2.90%
Expected return on plan assets (as a percent) 0.00% 0.00% 0.00%
Rate of compensation increase (as a percent) 0.00% 0.00% 0.00%
v3.20.4
Employee Benefit Plans - Reconciliation of the Changes in Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in Plan Assets      
Fair value of plan assets, beginning of year $ 144.8    
Fair value of plan assets, end of year 166.0 $ 144.8  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Long-term pension obligation (89.3) (86.4)  
Long-term postretirement medical and other benefit obligations (14.0) (16.4)  
United States      
Change in Benefit Obligation      
Benefit obligation, beginning of year 142.3 130.5  
Service cost 0.0 0.0  
Interest cost 4.0 5.1  
Participant contributions 0.0 0.0  
Plan curtailment 0.0 0.0  
Actuarial (gain) loss 13.4 13.8  
Currency translation adjustment 0.0 0.0  
Benefits paid (7.8) (7.1)  
Benefit obligation, end of year 151.9 142.3 $ 130.5
Change in Plan Assets      
Fair value of plan assets, beginning of year 99.6 84.9  
Actual return on plan assets 12.7 16.8  
Employer contributions 9.2 5.0  
Participant contributions 0.0 0.0  
Currency translation adjustment 0.0 0.0  
Benefits paid (7.8) (7.1)  
Fair value of plan assets, end of year 113.7 99.6 84.9
Funded status (38.2) (42.7)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Short-term pension obligation (0.5) (0.5)  
Long-term pension obligation (37.7) (42.2)  
Short-term postretirement medical and other benefit obligations 0.0 0.0  
Long-term postretirement medical and other benefit obligations 0.0 0.0  
Net amount recognized $ (38.2) $ (42.7)  
Weighted-Average Assumptions      
Discount rate 2.40% 3.30%  
Expected return on plan assets (as a percent) 5.20% 5.20%  
Rate of compensation increase 0.00% 0.00%  
Non-US Pension Plans      
Change in Benefit Obligation      
Benefit obligation, beginning of year $ 90.6 $ 81.9  
Service cost 2.1 1.8  
Interest cost 1.8 2.2  
Participant contributions 0.0 0.0  
Plan curtailment (0.1) 0.0  
Actuarial (gain) loss 9.7 8.3  
Currency translation adjustment 5.3 1.1  
Benefits paid (4.5) (4.7)  
Benefit obligation, end of year 104.9 90.6 81.9
Change in Plan Assets      
Fair value of plan assets, beginning of year 45.2 40.1  
Actual return on plan assets 6.0 4.2  
Employer contributions 3.9 4.0  
Participant contributions 0.0 0.0  
Currency translation adjustment 1.7 1.6  
Benefits paid (4.5) (4.7)  
Fair value of plan assets, end of year 52.3 45.2 40.1
Funded status (52.6) (45.4)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Short-term pension obligation (1.1) (1.3)  
Long-term pension obligation (51.5) (44.1)  
Short-term postretirement medical and other benefit obligations 0.0 0.0  
Long-term postretirement medical and other benefit obligations 0.0 0.0  
Net amount recognized $ (52.6) $ (45.4)  
Weighted-Average Assumptions      
Discount rate 1.10% 1.50%  
Expected return on plan assets (as a percent) 2.30% 3.50%  
Rate of compensation increase 3.10% 3.60%  
Postretirement Medical and Other      
Change in Benefit Obligation      
Benefit obligation, beginning of year $ 18.4 $ 20.7  
Service cost 0.2 0.2 0.2
Interest cost 0.4 0.8 0.8
Participant contributions 0.3 0.4  
Plan curtailment 0.0 0.0  
Actuarial (gain) loss (1.3) (1.5)  
Currency translation adjustment 0.0 0.0  
Benefits paid (2.2) (2.2)  
Benefit obligation, end of year 15.8 18.4 20.7
Change in Plan Assets      
Fair value of plan assets, beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Employer contributions 1.9 1.8  
Participant contributions 0.3 0.4  
Currency translation adjustment 0.0 0.0  
Benefits paid (2.2) (2.2)  
Fair value of plan assets, end of year 0.0 0.0 $ 0.0
Funded status (15.8) (18.4)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Short-term pension obligation 0.0 0.0  
Long-term pension obligation 0.0 0.0  
Short-term postretirement medical and other benefit obligations (1.8) (2.1)  
Long-term postretirement medical and other benefit obligations (14.0) (16.3)  
Net amount recognized $ (15.8) $ (18.4)  
Weighted-Average Assumptions      
Discount rate 2.00% 2.90%  
Expected return on plan assets (as a percent) 0.00% 0.00% 0.00%
Rate of compensation increase 0.00% 0.00%  
v3.20.4
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial gain (loss) $ (69.3) $ (61.9)
Prior service credit (cost) (0.4) (0.5)
Total amount recognized (69.7) (62.4)
Postretirement Medical and Other    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial gain (loss) 3.3 1.9
Prior service credit (cost) 4.1 6.9
Total amount recognized $ 7.4 $ 8.8
v3.20.4
Employee Benefit Plans - Summary of the Sensitivity of Retirement Obligations and Retirement Benefit Costs of Plans to Changes in the Key Assumptions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Pension Plan  
Estimated increase (decrease) in 2021 pension cost  
0.50% increase in discount rate $ (1.0)
0.50% decrease in discount rate 1.0
0.50% increase in long-term return on assets (0.8)
0.50% decrease in long-term return on assets 0.8
Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2019  
0.50% increase in discount rate (16.1)
0.50% decrease in discount rate 17.8
Postretirement Medical and Other  
Estimated increase (decrease) in Projected Benefit Obligation for the year ended December 31, 2019  
0.50% increase in discount rate (0.5)
0.50% decrease in discount rate $ 0.5
v3.20.4
Employee Benefit Plans - Schedule of the Weighted-Average Asset Allocations of the Pension Plans (Details)
Dec. 31, 2020
Dec. 31, 2019
United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 100.00% 100.00%
Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 100.00% 100.00%
Equity Securities | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 53.30% 50.40%
Equity Securities | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 0.00% 0.00%
Fixed Income | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 38.80% 48.90%
Fixed Income | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 45.60% 41.60%
Other | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 7.90% 0.70%
Other | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 54.40% 58.40%
v3.20.4
Employee Benefit Plans - Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class (Details)
Dec. 31, 2020
Dec. 31, 2019
U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent) 100.00% 100.00%
Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent) 100.00% 100.00%
Equity Securities | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 50.00%  
Weighted-average asset allocation (as a percent) 53.30% 50.40%
Equity Securities | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 0.00%  
Weighted-average asset allocation (as a percent) 0.00% 0.00%
Debt Securities | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 40.00%  
Weighted-average asset allocation (as a percent) 38.80%  
Debt Securities | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 40.00%  
Weighted-average asset allocation (as a percent) 45.60%  
Other | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 10.00%  
Weighted-average asset allocation (as a percent) 7.90% 0.70%
Other | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 60.00%  
Weighted-average asset allocation (as a percent) 54.40% 58.40%
v3.20.4
Employee Benefit Plans - Schedule of Plan Assets Using the Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 166.0 $ 144.8  
Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 151.8 129.8  
Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.7 0.0  
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.6 2.4  
Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 12.9 12.6  
U.S. equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 32.3    
U.S. equity | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 32.3    
U.S. equity | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
U.S. equity | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
U.S. equity | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 30.6    
International equity | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 30.6    
International equity | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International equity | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International equity | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Corporate bonds and notes      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35.7    
Corporate bonds and notes | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 35.7    
Corporate bonds and notes | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Corporate bonds and notes | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Corporate bonds and notes | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Government and agency bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 30.1    
Government and agency bonds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 30.1    
Government and agency bonds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Government and agency bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Government and agency bonds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Commingled funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 17.8    
Commingled funds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 17.8    
Commingled funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Commingled funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Commingled funds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.5    
International fixed income | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.5    
International fixed income | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
International fixed income | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.6 2.4  
Cash and cash equivalents | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.0 0.0  
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.6 2.4  
Cash and cash equivalents | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.7    
Money market funds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.0    
Money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.7    
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Money market funds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Other      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4.8    
Other | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 4.8    
Other | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Other | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Other | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
Insurance Group Annuity Contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 12.9 12.6 $ 12.0
Insurance Group Annuity Contracts | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.0 0.0  
Insurance Group Annuity Contracts | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Insurance Group Annuity Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Insurance Group Annuity Contracts | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 12.9 12.6  
Common/Collective Trust Funds - Corporate and Other Non-government Debt      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   22.9  
Common/Collective Trust Funds - Corporate and Other Non-government Debt | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1]   22.9  
Common/Collective Trust Funds - Corporate and Other Non-government Debt | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Corporate and Other Non-government Debt | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Corporate and Other Non-government Debt | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Government, Corporate and Other Non-government Debt      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   40.2  
Common/Collective Trust Funds - Government, Corporate and Other Non-government Debt | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1]   40.2  
Common/Collective Trust Funds - Government, Corporate and Other Non-government Debt | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Government, Corporate and Other Non-government Debt | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Government, Corporate and Other Non-government Debt | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Corporate Equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   50.3  
Common/Collective Trust Funds - Corporate Equity | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1]   50.3  
Common/Collective Trust Funds - Corporate Equity | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Corporate Equity | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Corporate Equity | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Customized Strategy      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   16.4  
Common/Collective Trust Funds - Customized Strategy | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1]   16.4  
Common/Collective Trust Funds - Customized Strategy | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Customized Strategy | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Common/Collective Trust Funds - Customized Strategy | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   $ 0.0  
[1] Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.
v3.20.4
Employee Benefit Plans - Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of fair value measurements of plan assets using significant observable inputs    
Fair value of plan assets, beginning of year $ 144.8  
Fair value of plan assets, end of year 166.0 $ 144.8
Insurance Group Annuity Contracts    
Reconciliation of fair value measurements of plan assets using significant observable inputs    
Fair value of plan assets, beginning of year $ 12.6 $ 12.0
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] us-gaap:FairValueInputsLevel3Member us-gaap:FairValueInputsLevel3Member
Actual return on assets $ 0.9 $ 1.1
Benefit payments (1.0) (1.0)
Foreign currency impact 0.4 0.5
Fair value of plan assets, end of year $ 12.9 $ 12.6
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] us-gaap:FairValueInputsLevel3Member us-gaap:FairValueInputsLevel3Member
v3.20.4
Employee Benefit Plans - Schedule of Projected Future Benefit Payments from the Plans (Details)
$ in Millions
Dec. 31, 2020
USD ($)
U.S. Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2021 $ 8.6
2022 8.7
2023 8.8
2024 8.8
2025 8.8
Thereafter 42.2
Total 85.9
Non-U.S. Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2021 3.0
2022 3.1
2023 3.6
2024 3.7
2025 3.8
Thereafter 23.2
Total 40.4
Postretirement Medical and Other  
Defined Benefit Plan Disclosure [Line Items]  
2021 1.9
2022 1.7
2023 1.5
2024 1.4
2025 1.4
Thereafter 5.2
Total $ 13.1
v3.20.4
Employee Benefit Plans - Schedule of Fair Value of Plan Assets for Which the Accumulated Benefit Obligation is in Excess of the Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
United States    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 151.9 $ 142.3
Accumulated benefit obligation 151.9 142.3
Fair value of plan assets 113.7 99.6
Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 104.9 90.5
Accumulated benefit obligation 99.3 86.4
Fair value of plan assets $ 52.3 $ 45.2
v3.20.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Line Items]    
Operating leases, existence of option to extend true  
Operating leases, existence of option to terminate true  
Operating leases, termination term 1 year  
Cash payment for operating leases $ 24.5 $ 27.4
Operating leases, weighted-average remaining lease term 6 years 6 months  
Operating leases, weighted-average discount rate 3.81%  
Maximum    
Leases [Line Items]    
Operating leases, remaining lease term 23 years  
Operating leases, renewal lease term 10 years  
v3.20.4
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease cost $ 13.2 $ 14.4
Variable lease cost 1.5 1.4
Total lease cost $ 14.7 $ 15.8
v3.20.4
Leases - Summary of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease right-of-use assets $ 37.9 $ 47.6
Other liabilities $ 10.5 10.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesCurrent  
Operating lease liabilities $ 28.4 37.6
Total operating lease liabilities $ 38.9 $ 48.0
v3.20.4
Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
2021 $ 13.0  
2022 11.6  
2023 9.3  
2024 6.6  
2025 4.4  
Thereafter 12.5  
Total lease payments 57.4  
Less: imputed interest (18.5)  
Present value of lease liabilities $ 38.9 $ 48.0
v3.20.4
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 430.3 $ 355.6 $ 328.3 $ 329.2 $ 463.4 $ 448.0 $ 504.7 $ 418.0 $ 1,443.4 $ 1,834.1 $ 1,846.8
Cost of sales 352.3 290.5 279.9 266.0 383.1 359.6 409.5 337.8 1,188.7 1,490.0 1,518.7
Gross profit 78.0 65.1 48.4 63.2 80.3 88.4 95.2 80.2 254.7 344.1 328.1
Operating (loss) income 22.8 11.7 (1.6) 5.7 17.8 32.5 41.9 16.2 38.6 108.4 (19.3)
Total before income taxes 9.3 6.6 (12.0) (5.9) 11.3 21.2 49.9 (23.4) (2.0) 59.0 (71.7)
Provision for income taxes 7.5 7.0 0.7 1.9 2.1 3.1 3.9 3.3 17.1 12.4 (4.8)
Net income (loss) $ 1.8 $ (0.4) $ (12.7) $ (7.8) $ 9.2 $ 18.1 $ 46.0 $ (26.7) $ (19.1) $ 46.6 $ (67.1)
Per Share Data                      
Basic income (loss) per common share $ 0.05 $ (0.01) $ (0.37) $ (0.22) $ 0.26 $ 0.51 $ 1.29 $ (0.75) $ (0.55) $ 1.31 $ (1.89)
Diluted income (loss) per common share $ 0.05 $ (0.01) $ (0.37) $ (0.22) $ 0.26 $ 0.51 $ 1.29 $ (0.75) $ (0.55) $ 1.31 $ (1.89)
v3.20.4
Schedule II: Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Allowance for Doubtful Accounts      
Valuation and Qualifying Accounts      
Balance at Beginning of Year $ 7.9 $ 10.3 $ 10.9
Charge to Costs and Expenses 3.6 1.4 2.6
Utilization of Reserve (2.7) (3.9) (2.4)
Other, Primarily Impact of Foreign Exchange Rates (0.3) 0.1 (0.8)
Balance at end of Year 8.5 7.9 10.3
Deferred Tax Valuation Allowance      
Valuation and Qualifying Accounts      
Balance at Beginning of Year 157.1 153.1 162.3
Charge to Costs and Expenses 23.3 11.7 14.4
Utilization of Reserve (1.1) (7.2) (13.1)
Other, Primarily Impact of Foreign Exchange Rates (7.9) (0.5) (10.5)
Balance at end of Year $ 171.4 $ 157.1 $ 153.1