HYSTER-YALE MATERIALS HANDLING, INC., 10-Q filed on 8/1/2017
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2017
Jul. 28, 2017
Common Class A [Member]
Jul. 28, 2017
Common Class B [Member]
Document Information [Line Items]
 
 
 
Entity Registrant Name
HYSTER-YALE MATERIALS HANDLING, INC. 
 
 
Entity Central Index Key
0001173514 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-Q 
 
 
Document Period End Date
Jun. 30, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
Q2 
 
 
Amendment Flag
false 
 
 
Shares Outstanding
 
12,544,343 
3,913,971 
Unaudited Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Current Assets
 
 
Cash and cash equivalents
$ 239.9 
$ 43.2 
Accounts receivable, net
386.8 
375.3 
Inventories, net
382.5 
352.2 
Prepaid expenses and other
41.0 
39.3 
Total Current Assets
1,050.2 
810.0 
Property, Plant and Equipment, Net
253.7 
255.1 
Intangible Assets
57.4 
56.2 
Goodwill
55.7 
50.7 
Deferred Income Taxes
38.0 
43.9 
Investment in Unconsolidated Affiliates
55.3 
45.9 
Other Non-current Assets
27.3 
25.3 
Total Assets
1,537.6 
1,287.1 
Current Liabilities
 
 
Accounts payable
355.2 
242.4 
Accounts payable, affiliate
19.7 
16.5 
Revolving credit facilities
3.9 
79.0 
Current maturities of long-term debt
66.1 
50.0 
Accrued payroll
36.6 
43.7 
Accrued warranty obligations
27.4 
27.8 
Other current liabilities
119.5 
117.1 
Total Current Liabilities
628.4 
576.5 
Long-term Debt
230.4 
82.2 
Self-insurance Liabilities
19.3 
19.7 
Pension Obligations
33.5 
37.2 
Long-term Deferred Tax Liabilities
12.6 
11.4 
Other Long-term Liabilities
83.2 
89.7 
Total Liabilities
1,007.4 
816.7 
Stockholders' Equity:
 
 
Capital in excess of par value
318.6 
319.6 
Treasury stock
(32.2)
(36.9)
Retained earnings
384.9 
360.3 
Accumulated other comprehensive loss
(148.4)
(179.4)
Total Stockholders' Equity
523.1 
463.8 
Noncontrolling Interest
7.1 
6.6 
Total Equity
530.2 
470.4 
Total Liabilities and Equity
1,537.6 
1,287.1 
Common Class A [Member]
 
 
Stockholders' Equity:
 
 
Common stock
0.1 
0.1 
Common Class B [Member]
 
 
Stockholders' Equity:
 
 
Common stock
$ 0.1 
$ 0.1 
Balance Sheet Parenthetical (USD $)
Jun. 30, 2017
Dec. 31, 2016
Common Class A [Member]
 
 
Class A Common stock, par value
$ 0.01 
$ 0.01 
Class A Common stock, shares outstanding
12,537,912 
12,466,463 
Common Class B [Member]
 
 
Class A Common stock, par value
$ 0.01 
$ 0.01 
Class A Common stock, shares outstanding
3,916,117 
3,924,291 
Unaudited Condensed Consolidated Statements of Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues
$ 685.5 
$ 645.6 
$ 1,398.6 
$ 1,249.8 
Cost of sales
563.8 
531.6 
1,150.8 
1,037.9 
Gross Profit
121.7 
114.0 
247.8 
211.9 
Operating Expenses
 
 
 
 
Selling, general and administrative expenses
103.4 
102.6 
206.1 
190.8 
Operating Profit
18.3 
11.4 
41.7 
21.1 
Other (income) expense
 
 
 
 
Interest expense
2.6 
2.0 
4.4 
3.1 
Income from unconsolidated affiliates
(1.9)
(1.7)
(4.0)
(3.0)
Other
(0.7)
(0.7)
(1.3)
0.3 
Other (income) expense
0 
(0.4)
(0.9)
0.4 
Income Before Income Taxes
18.3 
11.8 
42.6 
20.7 
Income tax provision
1.9 
3.5 
8.1 
2.5 
Net income
16.4 
8.3 
34.5 
18.2 
Net (income) loss attributable to noncontrolling interest
0 
0 
0 
0.1 
Net Income Attributable to Stockholders
$ 16.4 
$ 8.3 
$ 34.5 
$ 18.3 
Basic Earnings per Share
$ 1.00 
$ 0.51 
$ 2.10 
$ 1.12 
Diluted Earnings per Share
$ 0.99 
$ 0.51 
$ 2.09 
$ 1.12 
Dividends per Share
$ 0.3025 
$ 0.2950 
$ 0.5975 
$ 0.5800 
Basic Weighted Average Shares Outstanding
16,453 
16,381 
16,435 
16,365 
Diluted Weighted Average Shares Outstanding
16,503 
16,420 
16,490 
16,410 
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) Statement (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 16.4 
$ 8.3 
$ 34.5 
$ 18.2 
Other comprehensive income (loss)
 
 
 
 
Foreign currency translation adjustment
13.0 
(2.7)
20.5 
14.6 
Unrealized gain on available for sale securities
1.4 
0 
1.4 
0 
Current period cash flow hedging activity
2.5 
(2.2)
7.0 
5.5 
Reclassification of hedging activities into earnings
0.6 
(0.7)
0.7 
(0.2)
Reclassification of pension into earnings
0.7 
0.4 
1.4 
1.0 
Comprehensive Income (Loss)
34.6 
3.1 
65.5 
39.1 
Net (income) loss attributable to noncontrolling interest
0 
0 
0 
0.1 
Foreign currency translation adjustment attributable to noncontrolling interests
(0.1)
1.0 
(0.4)
1.0 
Comprehensive Income (Loss) Attributable to Stockholders
$ 34.5 
$ 4.1 
$ 65.1 
$ 40.2 
Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 34.5 
$ 18.2 
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
 
 
Depreciation and amortization
21.3 
17.1 
Amortization of deferred financing fees
0.6 
0.5 
Deferred income taxes
(1.1)
1.1 
Stock-based compensation
3.7 
2.7 
Dividends from unconsolidated affiliates
2.8 
5.1 
Other non-current liabilities
(4.5)
(2.2)
Other
1.3 
(11.5)
Working capital changes:
 
 
Accounts receivable
1.7 
(11.3)
Inventories
(19.1)
(5.4)
Other current assets
0.9 
(9.2)
Accounts payable
103.9 
9.0 
Other current liabilities
(5.7)
(37.0)
Net cash provided by (used for) operating activities
140.3 
(22.9)
Investing Activities
 
 
Expenditures for property, plant and equipment
(16.9)
(17.2)
Proceeds from the sale of assets
0.8 
8.7 
Payments to Acquire Available-for-sale Securities, Equity
(5.6)
0 
Payments to Acquire Businesses, Net of Cash Acquired
1.0 
107.7 
Net cash provided by (used for) investing activities
(22.7)
(116.2)
Financing Activities
 
 
Additions to long-term debt
236.3 
19.2 
Reductions of long-term debt
(31.7)
(20.2)
Net change to revolving credit agreements
(113.4)
43.3 
Cash dividends paid
(9.9)
(9.5)
Payments of Ordinary Dividends, Noncontrolling Interest
0.2 
0.2 
Payments of Financing Costs
5.0 
1.6 
Proceeds from (Payments for) Other Financing Activities
(0.1)
0 
Net cash provided by (used for) financing activities
76.0 
31.0 
Effect of exchange rate changes on cash
3.1 
4.5 
Cash and Cash Equivalents
 
 
Increase (decrease) for the period
196.7 
(103.6)
Balance at the beginning of the period
43.2 
155.1 
Balance at the end of the period
$ 239.9 
$ 51.5 
Unaudited Condensed Consolidated Statements of Changes in Equity (USD $)
In Millions, unless otherwise specified
Total
Parent [Member]
Common Stock [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Treasury Stock [Member]
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Foreign Currency Translation Adjustment [Member]
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Deferred Gain (Loss) on Cash Flow Hedging [Member]
Pension Adjustment [Member]
Noncontrolling Interest [Member]
Balance at Dec. 31, 2015
$ 462.7 
$ 460.8 
$ 0.1 
$ 0.1 
$ (42.5)
$ 320.3 
$ 336.7 
$ (90.1)
$ 0 
$ (4.0)
$ (59.8)
$ 1.9 
Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
2.7 
2.7 
 
 
 
2.7 
 
 
 
 
 
 
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures
0 
0 
 
 
4.9 
(4.9)
 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Stockholders
18.3 
18.3 
 
 
 
 
18.3 
 
 
 
 
 
Cash dividends
(9.5)
(9.5)
 
 
 
 
(9.5)
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
14.6 
 
 
 
 
 
 
14.6 
 
 
 
 
Unrealized gain on available for sale securities
0 
 
 
 
 
 
 
 
0 
 
 
 
Deferred gain (loss) on cash flow hedging
5.5 
 
 
 
 
 
 
 
 
5.5 
 
 
Current period pension adjustment
 
 
 
 
 
 
 
 
 
 
0 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
20.1 
20.1 
 
 
 
 
 
 
 
 
 
 
Reclassification of hedging activities into earnings
(0.2)
 
 
 
 
 
 
 
 
(0.2)
 
 
Reclassification of pension into earnings
1.0 
 
 
 
 
 
 
 
 
 
1.0 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0.8 
0.8 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
18.2 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest Items [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interest
(0.1)
 
 
 
 
 
 
 
 
 
 
(0.1)
Noncontrolling Interest, Increase from Business Combination
69.8 
 
 
 
 
 
 
 
 
 
 
69.8 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
(62.2)
 
 
 
 
 
 
 
 
 
 
(62.2)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
(0.2)
 
 
 
 
 
 
 
 
 
 
(0.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest
(1.0)
 
 
 
 
 
 
 
 
 
 
(1.0)
Balance at Jun. 30, 2016
501.4 
493.2 
0.1 
0.1 
(37.6)
318.1 
345.5 
(75.5)
0 
1.3 
(58.8)
8.2 
Balance at Dec. 31, 2016
470.4 
463.8 
0.1 
0.1 
(36.9)
319.6 
360.3 
(92.0)
0 
(12.2)
(75.2)
6.6 
Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
3.7 
3.7 
 
 
 
3.7 
 
 
 
 
 
 
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures
0 
0 
 
 
4.7 
(4.7)
 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Stockholders
34.5 
34.5 
 
 
 
 
34.5 
 
 
 
 
 
Cash dividends
(9.9)
(9.9)
 
 
 
 
(9.9)
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
20.5 
 
 
 
 
 
 
20.5 
 
 
 
 
Unrealized gain on available for sale securities
1.4 
 
 
 
 
 
 
 
1.4 
 
 
 
Deferred gain (loss) on cash flow hedging
7.0 
 
 
 
 
 
 
 
 
7.0 
 
 
Current period pension adjustment
 
 
 
 
 
 
 
 
 
 
0 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
28.9 
28.9 
 
 
 
 
 
 
 
 
 
 
Reclassification of hedging activities into earnings
0.7 
 
 
 
 
 
 
 
 
0.7 
 
 
Reclassification of pension into earnings
1.4 
 
 
 
 
 
 
 
 
 
1.4 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
2.1 
2.1 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
34.5 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest Items [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interest
0 
 
 
 
 
 
 
 
 
 
 
0 
Noncontrolling Interest, Increase from Business Combination
0.3 
 
 
 
 
 
 
 
 
 
 
0.3 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
(0.2)
 
 
 
 
 
 
 
 
 
 
(0.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest
0.4 
 
 
 
 
 
 
 
 
 
 
0.4 
Balance at Jun. 30, 2017
$ 530.2 
$ 523.1 
$ 0.1 
$ 0.1 
$ (32.2)
$ 318.6 
$ 384.9 
$ (71.5)
$ 1.4 
$ (4.5)
$ (73.8)
$ 7.1 
Basis of Presentation
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.
 
The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, Mexico, Italy, the Netherlands, Vietnam, Japan, the Philippines, Brazil and China.

The Company also operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni Auramo and Meyer brand names. Bolzoni products are manufactured in Italy, China, Germany, Finland and the United States. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift-truck attachments and industrial material handling.

The Company also operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on fuel-cell stacks and engines. Nuvera also supports on-site hydrogen production and dispensing systems that are designed to deliver clean energy solutions to customers. 

Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20%-owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. ("Sumitomo") owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” portion of the unaudited condensed consolidated statements of operations.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of June 30, 2017 and the results of its operations for the three and six months ended June 30, 2017 and 2016 and the results of its cash flows and changes in equity for the six months ended June 30, 2017 and 2016 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. generally accepted accounting principles for complete financial statements.

Recently Issued Accounting Standards
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Recently Issued Accounting Standards

The following table provides a brief description of recent accounting pronouncements adopted January 1, 2017. The adoption of these standards did not have a material effect on the Company's financial position, results of operations, cash flows or related disclosures.
Standard
 
Description
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
 
The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships
 
The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met.
ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323)
 
The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.
ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
 
The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.

The following table provides a brief description of recent accounting pronouncements not yet adopted:
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015 and 2016 to update or clarify this guidance)
 
The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
 
January 1, 2018
 
The Company's evaluation process of the new standard includes, but is not limited to, identifying contracts within the scope of the guidance, reviewing and documenting the accounting for these contracts and identifying and determining the accounting for any related contract costs. The Company has identified relevant revenue streams and substantially completed the review of a sample of contracts for the lift truck business within the scope of the guidance. The Company's evaluation of revenue streams and contracts at Bolzoni will continue in the third quarter of 2017. The Company plans to adopt the standard for the first quarter of 2018 using the modified retrospective approach and will record a cumulative adjustment to equity for open contracts as of January 1, 2018. The Company is continuing to evaluate the impact of the standard on its financial statements, business processes and internal controls over financial reporting. At this time, an estimate of the impact to the consolidated financial statements cannot be made. In addition, the standard requires new substantial disclosures and the Company continues to evaluate these requirements.
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
 
The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance for available-for-sale equity securities.
ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
 
The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-16, Income Taxes (Topic 740)
 
The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash
 
The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business
 
The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition
 
The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement
 
The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2016-02, Leases (Topic 842)
 
The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
 
January 1, 2019
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes.
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)
 
The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
 
January 1, 2020
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017.
 
January 1, 2020
 
The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process.
Business Segments
Segment Reporting Disclosure [Text Block]
Business Segments

The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.

The Company reports the results of both Bolzoni and Nuvera as separate segments. Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated. Bolzoni was acquired on April 1, 2016 and its results of operations have been included since the acquisition date.

Financial information for each reportable segment is presented in the following table:
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Revenues from external customers
 
 
 
 
 
 
 
Americas
$
432.9

 
$
414.9

 
$
898.9


$
832.1

EMEA
172.6

 
155.6

 
335.0


302.6

JAPIC
42.2

 
39.1

 
86.0


78.8

Lift truck business
647.7

 
609.6

 
1,319.9

 
1,213.5

Bolzoni
41.9

 
38.9

 
83.5


38.9

Nuvera
0.4

 
0.2

 
3.0


0.5

  Eliminations
(4.5
)
 
(3.1
)
 
(7.8
)

(3.1
)
Total
$
685.5

 
$
645.6

 
$
1,398.6

 
$
1,249.8

Gross profit (loss)
 

 
 

 
 
 
 
Americas
$
82.7

 
$
72.8

 
$
167.6

 
$
145.0

EMEA
23.6

 
24.3

 
46.1

 
46.4

JAPIC
4.2

 
4.5

 
9.7

 
8.7

Lift truck business
110.5

 
101.6

 
223.4

 
200.1

Bolzoni
12.4


12.8

 
26.2


12.8

Nuvera
(0.9
)

(0.4
)
 
(1.5
)

(1.0
)
     Eliminations
(0.3
)

—

 
(0.3
)

—

Total
$
121.7

 
$
114.0

 
$
247.8

 
$
211.9

Operating profit (loss)
 

 
 

 
 
 
 
Americas
$
27.9

 
$
16.3

 
$
57.7

 
$
31.7

EMEA
2.9

 
3.6

 
4.4

 
5.6

JAPIC
(2.2
)
 
(0.9
)
 
(2.9
)
 
(2.5
)
Lift truck business
28.6

 
19.0

 
59.2

 
34.8

Bolzoni
0.5


0.7

 
2.8


0.7

Nuvera
(10.5
)

(8.3
)
 
(20.0
)

(14.4
)
     Eliminations
(0.3
)

—

 
(0.3
)

—

Total
$
18.3

 
$
11.4

 
$
41.7

 
$
21.1

 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Net income (loss) attributable to stockholders
 

 
 

 
 

 
 

Americas
$
23.8

 
$
9.9

 
$
44.3

 
$
23.0

EMEA
2.2

 
3.1

 
3.3

 
4.5

JAPIC
(2.2
)
 
0.1

 
(1.5
)
 
(0.7
)
Lift truck business
23.8

 
13.1

 
46.1

 
26.8

Bolzoni
(0.1
)
 
0.1

 
1.4

 
0.1

Nuvera
(6.3
)
 
(4.9
)
 
(12.0
)
 
(8.6
)
     Eliminations
(1.0
)
 
—

 
(1.0
)
 
—

Total
$
16.4

 
$
8.3

 
$
34.5

 
$
18.3

Income Taxes
Income Tax Disclosure [Text Block]
The income tax provision includes U.S. federal, state and local, and foreign income taxes and is based on the application of a
forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the
estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's
annual earnings, taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the
Company's ability to use tax credits and net operating loss carryforwards and capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or non-recurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated effective annual income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit, as reflected in the interim adjustment line in the table below.

A reconciliation of the consolidated federal statutory to reported income tax rate is as follows: 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
JUNE 30
 
JUNE 30
 
 
2017
 
2016
 
2017
 
2016
Income before income taxes
 
$
18.3

 
$
11.8

 
$
42.6

 
$
20.7

Statutory taxes at 35%
 
$
6.4

 
$
4.1

 
$
14.9

 
$
7.2

Interim adjustment
 
0.3

 
—

 
0.3

 
—

Permanent adjustments:
 
 
 
 
 
 
 
 
Non-U.S. rate differences
 
(2.4
)
 
(1.9
)
 
(4.8
)
 
(2.7
)
Other
 
—

 
(0.5
)
 
(0.5
)
 
(0.3
)
 
 
$
(2.4
)
 
$
(2.4
)
 
$
(5.3
)
 
$
(3.0
)
Discrete items
 
$
(2.4
)
 
$
1.8

 
$
(1.8
)
 
$
(1.7
)
Income tax provision
 
$
1.9

 
$
3.5

 
$
8.1

 
$
2.5

Reported income tax rate
 
10.4
%
 
29.7
%
 
19.0
%
 
12.1
%


During the second quarter of 2017, the Company recognized a net discrete tax benefit of $4.4 million from an internal sale of a subsidiary between consolidated companies resulting in the repatriation of non-U.S. accumulated earnings taxed at higher rates, partially offset by a $1.6 million valuation allowance provided against deferred tax assets in China where the Company has determined that such deferred tax assets no longer meet the more likely than not standard for realization.

During the second quarter of 2016, the Company recognized a discrete tax expense of $1.6 million related to non-deductible acquisition expenses. In addition, during the first quarter of 2016, the Company recognized a discrete tax benefit of $4.0 million. As a result of the acquisition of Bolzoni, the Company changed its previous reinvestment assertion; and consequently, all of the earnings of its European operations were considered permanently reinvested and the previously provided deferred tax liability was no longer required.
Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)
Reclassifications Out of Accumulated Comprehensive Income (Loss) [Text Block]
Reclassifications from OCI

The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") as recorded in the unaudited condensed consolidated statements of operations:
Details about OCI Components
 
Amount Reclassified from OCI
 
Affected Line Item in the Statement Where Net Income Is Presented
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
 
JUNE 30
 
JUNE 30
 
 
 
 
2017
 
2016
 
2017
 
2016
 
 
Gain (loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
Cost of sales
Total before tax
 
(1.3
)
 
0.7

 
(1.5
)
 
(0.9
)
 
Income before income taxes
Tax benefit
 
0.7

 
—

 
0.8

 
1.1

 
Income tax provision (benefit)
Net of tax
 
$
(0.6
)
 
$
0.7

 
$
(0.7
)
 
$
0.2

 
Net income
Amortization of defined benefit pension items:
 
 
 
 
 
 
 
 
 
 
Actuarial loss
 
$
(1.2
)
 
$
(0.8
)
 
$
(2.2
)
 
$
(1.6
)
 
(a)
Prior service credit
 
0.1

 
0.1

 
0.2

 
0.2

 
(a)
Total before tax
 
(1.1
)
 
(0.7
)
 
(2.0
)
 
(1.4
)
 
Income before income taxes
Tax benefit
 
0.4

 
0.3

 
0.6

 
0.4

 
Income tax provision (benefit)
Net of tax
 
$
(0.7
)
 
$
(0.4
)
 
$
(1.4
)
 
$
(1.0
)
 
Net income
Total reclassifications for the period
 
$
(1.3
)
 
$
0.3

 
$
(2.1
)
 
$
(0.8
)
 
 
(a) These OCI components are included in the computation of net pension cost (see Note 7 for additional details).
Financial Instruments and Derivative Financial Instruments
Derivative Instruments and Hedging Activities Disclosure [Text Block]
Financial Instruments and Derivative Financial Instruments

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding capital leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At June 30, 2017, the fair value and book value of revolving credit agreements and long-term debt, excluding capital leases, was $277.2 million. At December 31, 2016, the fair value and book value of revolving credit agreements and long-term debt, excluding capital leases, was $184.5 million.

Derivative Financial Instruments

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the unaudited condensed consolidated statement of operations in the same period as the change.

During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in other (income) expense.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line "Other" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $768.5 million at June 30, 2017, primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Swedish kroner and Mexican pesos. The Company held forward foreign currency exchange contracts with total notional amounts of $592.9 million at December 31, 2016, primarily denominated in euros, U.S. dollars, Japanese yen, British pounds, Swedish kroner and Mexican pesos. The fair value of these contracts approximated a net liability of $5.9 million and $22.7 million at June 30, 2017 and December 31, 2016, respectively.

Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 36 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at June 30, 2017, $3.5 million of the amount of net deferred loss included in OCI at June 30, 2017 is expected to be reclassified as a loss into the unaudited condensed consolidated statement of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on the Term Loan (as defined below) borrowings and one and three-month LIBOR borrowings. The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at June 30, 2017 and December 31, 2016:

Notional Amount
 
Average Fixed Rate
 
 
June 30
 
December 31
 
June 30
 
December 31
 
 
2017
 
2016
 
2017
 
2016
 
Term at June 30, 2017
$
100.0

 
$
100.0

 
1.47
%
 
1.47
%
 
Extending to December 2018
56.5

 
—

 
1.94
%
 
—

 
November 2017 to November 2022
83.5

 
—

 
2.20
%
 
—

 
December 2018 to May 2023


The Company does not apply hedge accounting to the interest rate derivatives which expire December 2018. The fair value of all interest rate swap agreements was a net liability of $0.5 million and $0.3 million at June 30, 2017 and December 31, 2016, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at June 30, 2017, $0.1 million of the amount included in OCI is expected to be reclassified as expense in the unaudited condensed consolidated statement of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
JUNE 30
2017
 
DECEMBER 31
2016
 
Balance Sheet Location
 
JUNE 30
2017
 
DECEMBER 31
2016
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
 
 
 
 
 
 
 
 
 
Current
Other current liabilities
 
$
—

 
$
—

 
Other current liabilities
 
$
0.2

 
$
—

Long-term
Other long-term liabilities
 
0.2

 
—

 
Other long-term liabilities
 
0.4

 
—

Foreign currency exchange contracts
 
 
 
 
 
 
 
 
 
 
Current
Prepaid expenses and other
 
$
1.3

 
$
—

 
Prepaid expenses and other
 
$
0.9

 
$
—

 
Other current liabilities
 
3.3

 
3.7

 
Other current liabilities
 
7.4

 
14.0

Long-term
Other non-current assets
 
3.1

 
—

 
Other non-current assets
 
0.9

 
—

 
Other long-term liabilities
 
0.1

 
—

 
Other long-term liabilities
 
3.0

 
10.1

Total derivatives designated as hedging instruments
 
$
8.0

 
$
3.7

 
 
 
$
12.8

 
$
24.1

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
 
 
 
 
 
 
 
 
 
Current
Other current liabilities
 
$
—

 
$
—

 
Other current liabilities
 
$
—

 
$
0.3

Long-term
Other non-current assets
 
—

 
0.2

 
Other non-current assets
 
—

 
—

 
Other long-term liabilities
 
0.1

 
—

 
Other long-term liabilities
 
0.2

 
0.2

Foreign currency exchange contracts
 
 
 
 
 
 
 
 
 
 
Current
Prepaid expenses and other
 
—

 
—

 
Prepaid expenses and other
 
—

 
—

 
Other current liabilities
 
0.8

 
1.6

 
Other current liabilities
 
2.3

 
3.9

Total derivatives not designated as hedging instruments
 
$
0.9

 
$
1.8

 
 
 
$
2.5

 
$
4.4

Total derivatives
 
$
8.9

 
$
5.5

 
 
 
$
15.3

 
$
28.5



The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:
 
 
Derivative Assets as of June 30, 2017
 
Derivative Liabilities as of June 30, 2017
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
—

 
$
—

 
$
—

 
$
—

 
$
0.5

 
$
—

 
$
0.5

 
$
0.5

Foreign currency exchange contracts
 
2.6

 
(2.6
)
 
—

 
—

 
8.5

 
(2.6
)
 
5.9

 
5.9

Total derivatives
 
$
2.6

 
$
(2.6
)
 
$
—

 
$
—

 
$
9.0

 
$
(2.6
)
 
$
6.4

 
$
6.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets as of December 31, 2016
 
Derivative Liabilities as of December 31, 2016
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
0.2

 
$
(0.2
)
 
$
—

 
$
—

 
$
0.5

 
$
(0.2
)
 
$
0.3

 
$
0.3

Foreign currency exchange contracts
 
—

 
—

 
—

 
—

 
22.7

 
—

 
22.7

 
22.7

Total derivatives
 
$
0.2

 
$
(0.2
)
 
$
—

 
$
—

 
$
23.2


$
(0.2
)
 
$
23.0

 
$
23.0



The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:
 
 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
 
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
JUNE 30
 
 
 
JUNE 30
 
 
 
JUNE 30
Derivatives designated as hedging instruments
 
2017
 
2016
 
2017
 
2016
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
2017

2016
 
2017
 
2016
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
(0.4
)
 
$
—

 
$
(0.4
)
 
$
—

 
Interest expense
 
$
—

 
$
—

 
$
—

 
$
—

 
Other
 
$
—


$
—

 
$
—


$
—

Foreign currency exchange contracts
 
$
6.7

 
$
(4.6
)
 
$
13.7

 
$
8.4

 
Cost of sales
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
Cost of sales
 
$
—


$
(0.1
)
 
$
—


$
(0.1
)
Total
 
$
6.3


$
(4.6
)
 
$
13.3

 
$
8.4

 
 
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
 
 
$
—

 
$
(0.1
)
 
$
—

 
$
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Gain or (Loss) Recognized in Income on Derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JUNE 30
Derivatives Not Designated as Hedging Instruments
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
2017
 
2016
 
2017
 
2016
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
Other
 
$
(0.2
)
 
$
—

 
$
(0.1
)
 
$
(1.5
)
Foreign currency exchange contracts
 
Cost of sales
 
2.4

 
0.1

 
1.7

 
0.5

Total
 
 
 
$
2.2

 
$
0.1

 
$
1.6

 
$
(1.0
)
Retirement Benefit Plans
Pension and Other Postretirement Benefits Disclosure [Text Block]
Retirement Benefit Plans

The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.
Pension benefits for employees covered under the Company's U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

The Company previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2016 that it expected to make no contributions to its U.S. pension plans and contribute approximately $3.0 million to its non-U.S. pension plans in 2017. The Company now expects to contribute approximately $0.5 million and $9.3 million to its U.S. and non-U.S. pension plans, respectively, in 2017.

The components of pension (income) expense are set forth below:
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
U.S. Pension
 
 
 
 
 
 
 
Interest cost
$
0.7

 
$
0.8

 
$
1.4

 
$
1.5

Expected return on plan assets
(1.3
)
 
(1.2
)
 
(2.5
)
 
(2.4
)
Amortization of actuarial loss
0.5

 
0.4

 
0.9

 
0.8

Amortization of prior service credit
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
Total
$
(0.2
)
 
$
(0.1
)
 
$
(0.4
)
 
$
(0.3
)
Non-U.S. Pension
 
 
 
 
 
 
 
Service cost
$
—

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
1.0

 
1.3

 
2.0

 
2.6

Expected return on plan assets
(2.3
)
 
(2.3
)
 
(4.5
)
 
(4.6
)
Amortization of actuarial loss
0.7

 
0.4

 
1.3

 
0.8

Total
$
(0.6
)
 
$
(0.5
)
 
$
(1.1
)
 
$
(1.1
)
Inventories
Inventory Disclosure [Text Block]
Inventories

Inventories are summarized as follows:
 
JUNE 30
2017
 
DECEMBER 31
2016
Finished goods and service parts
$
185.5

 
$
171.9

Work in process
18.1

 
26.1

Raw materials
217.8

 
191.4

Total manufactured inventories
421.4

 
389.4

LIFO reserve
(38.9
)
 
(37.2
)
Total inventory
$
382.5

 
$
352.2



The cost of certain manufactured inventories, including service parts, has been determined using the last-in-first-out (“LIFO”) method. At June 30, 2017 and December 31, 2016, 48% and 54%, respectively, of total inventories were determined using the LIFO method. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.
Current and Long-Term Financing (Notes)
Debt Disclosure [Text Block]
Current and Long-Term Financing

The Company has a $200.0 million secured, floating-rate revolving credit facility (the "Facility”) that expires in April 2022. On May 30, 2017, the Company amended the Facility to, among other things, permit term loans and related liens, reduce the availability from $240.0 million and extend the expiration of the Facility from April 2021. There were no borrowings outstanding under the Facility at June 30, 2017. The excess availability under the Facility, at June 30, 2017, was $194.0 million, which reflects reductions of $6.0 million for letters of credit and other restrictions. The Facility consists of a U.S. revolving credit facility in the maximum initial amount of $120.0 million and a non-U.S. revolving credit facility in the maximum initial amount of $80.0 million. The Facility can be increased up to the total aggregate amount of $300.0 million over the term of the agreement in minimum increments of $10.0 million subject to certain conditions. The obligations under the Facility are generally secured by a first priority lien on the working capital assets of the borrowers in the Facility, which include but are not limited to, cash and cash equivalents, accounts receivable and inventory and a second priority lien on the Term Loan Collateral (defined below). The approximate book value of assets held as collateral under the Facility was $950 million as of June 30, 2017.
    
Borrowings bear interest at a floating rate based on a base rate or LIBOR, as defined in the Facility, plus an applicable margin. The applicable margins, effective June 30, 2017, for U.S. base rate loans and LIBOR loans were 0.50% and 1.50%, respectively. The applicable margins, effective June 30, 2017, for non-U.S. base rate loans and LIBOR loans was 1.50%. The applicable LIBOR interest rates under the Facility on June 30, 2017 were 2.75% and 1.50%, respectively, for the U.S. and non-U.S. facility including the applicable floating rate margin. The Facility also required the payment of a fee of 0.350% per annum on the unused commitment as of June 30, 2017.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company and its subsidiaries subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If availability for both total and U.S. revolving credit facilities on a pro forma basis, is greater than fifteen percent and less than or equal to twenty percent, the Company may pay dividends subject to achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the availability is greater than twenty percent for both total and U.S. revolving credit facilities on a pro forma basis, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At June 30, 2017, the Company was in compliance with the covenants in the Facility.

On May 30, 2017, the Company entered into an agreement for a $200.0 million term loan (the “Term Loan”), which matures on May 30, 2023. The Term Loan requires quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2017 in an amount equal to $2.5 million and the final principal repayment due on the May 30, 2023. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan. At June 30, 2017, there was $200.0 million of principal outstanding under the Term Loan which has been reduced by $4.8 million of discounts and unamortized deferred financing fees in the unaudited condensed consolidated balance sheet.

The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property (collectively, the "Term Loan Collateral") and a second priority lien on the remaining collateral of the U.S. borrowers in the Facility. The approximate book value of assets held as collateral under the Term Loan was $650 million as of June 30, 2017, which includes the book value of the assets securing the Facility.

Borrowings under the Term Loan bear interest at a floating rate, which can be a base rate or Eurodollar rate, as defined in the Term Loan, plus an applicable margin. The applicable margin is based on the consolidated leverage ratio, as provided in the Term Loan, and ranges from 2.75% to 3.00% for U.S. base rate loans and 3.75% to 4.00% for Eurodollar loans. The weighted average interest rate on the amount outstanding under the Term Loan at June 30, 2017 was 5.23%. In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of regularly scheduled dividends and other restricted payments to $50.0 million in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 1.75 to 1.00 at the time of the payment. The Term Loan also contains a provision requiring a premium to be paid in the event of a repricing of the borrowings under the Term Loan, whether by amendment or entry into new loans, within the six month period following entry into the Term Loan. At June 30, 2017, the Company was in compliance with the covenants in the Term Loan.

The Company incurred fees and expenses of $5.0 million in 2017 related to the amendment to the Facility and entry into the Term Loan. These fees were deferred and are being amortized as interest expense over the term of the applicable debt agreements. Fees related to the Term Loan are presented as a direct deduction of the corresponding debt.

The Company had other debt outstanding, excluding capital leases, of approximately $82.0 million at June 30, 2017.
Product Warranties
Product Warranty Disclosure [Text Block]
Product Warranties

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately-priced extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:
 
2017
Balance at January 1
$
52.3

Current year warranty expense
18.6

Change in estimate related to pre-existing warranties
(4.2
)
Payments made
(13.8
)
Foreign currency effect
1.1

Balance at June 30
$
54.0

Contingencies
Commitments and Contingencies Disclosure [Text Block]
Contingencies

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.
Guarantees
Schedule of Guarantor Obligations [Text Block]
Guarantees

Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at June 30, 2017 and December 31, 2016 were $148.2 million and $149.3 million, respectively. As of June 30, 2017, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements. The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at June 30, 2017 was approximately $194.2 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of June 30, 2017, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $33.8 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $7.8 million as of June 30, 2017. The $33.8 million is included in the $148.2 million of total amounts subject to recourse or repurchase obligations at June 30, 2017.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At June 30, 2017, approximately $128.3 million of the Company's total recourse or repurchase obligations of $148.2 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At June 30, 2017, loans from WF to HYGFS totaled $943.3 million. Although the Company’s contractual guarantee was $188.7 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $128.3 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $168.2 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $247.8 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.

The following table includes the exposure amounts related to the Company's guarantees at June 30, 2017:
 
 
HYGFS
 
Total
Total recourse or repurchase obligations
 
$
128.3

 
$
148.2

Less: exposure limited for certain dealers
 
33.8

 
33.8

Plus: 7.5% of original loan balance
 
7.8

 
7.8

 
 
102.3

 
122.2

Incremental obligation related to guarantee to WF
 
168.2

 
168.2

Total exposure related to guarantees
 
$
270.5

 
$
290.4


Equity Investments
Equity Method Investments Disclosure [Text Block]
Equity Investments

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

The Company has a 50% ownership interest in SN, a limited liability company which was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®-branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment.

The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investment in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets. At June 30, 2017 and December 31, 2016, the Company's investment in HYGFS was $13.2 million and $13.8 million, respectively. The Company's investment in SN was $34.3 million and $31.6 million at June 30, 2017 and December 31, 2016, respectively. Bolzoni's investment in unconsolidated affiliates was $0.4 million and $0.5 million at June 30, 2017 and December 31, 2016, respectively.

During the second quarter of 2017, the Company acquired an equity investment in a third party for $5.6 million. This investment is accounted for as an available-for-sale security and valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of June 30, 2017 was $7.4 million, which includes a $1.8 million unrealized gain that was recorded in OCI in the unaudited condensed consolidated balance sheet.

Summarized financial information for HYGFS and SN is as follows:
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Revenues
$
92.9

 
$
85.6

 
$
178.0

 
$
169.8

Gross profit
$
28.1

 
$
26.5

 
$
55.1

 
$
51.8

Income from continuing operations
$
6.7

 
$
5.7

 
$
13.2

 
$
11.1

Net income
$
6.7

 
$
5.7

 
$
13.2

 
$
11.1

Acquisitions
Business Combination Disclosure [Text Block]
Acquisitions

Subsequent to the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company finalized its analysis of the fair value of contingent obligations and income taxes for the Bolzoni acquisition on April 1, 2016. As a result of this analysis, the Company recorded a decrease to deferred tax assets and a corresponding increase to goodwill of $1.0 million in the first quarter of 2017.
Basis of Presentation (Policies)
Use of Estimates, Policy [Policy Text Block]
These financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of June 30, 2017 and the results of its operations for the three and six months ended June 30, 2017 and 2016 and the results of its cash flows and changes in equity for the six months ended June 30, 2017 and 2016 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information or notes required by U.S. generally accepted accounting principles for complete financial statements.
Recently Issued Accounting Standards Recently Issued Accounting Standards (Policies)
New Accounting Pronouncements, Policy [Policy Text Block] 
Standard
 
Description
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
 
The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships
 
The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met.
ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323)
 
The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.
ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
 
The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.
Description of New Accounting Pronouncements Not yet Adopted [Policy Text Block] 
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015 and 2016 to update or clarify this guidance)
 
The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
 
January 1, 2018
 
The Company's evaluation process of the new standard includes, but is not limited to, identifying contracts within the scope of the guidance, reviewing and documenting the accounting for these contracts and identifying and determining the accounting for any related contract costs. The Company has identified relevant revenue streams and substantially completed the review of a sample of contracts for the lift truck business within the scope of the guidance. The Company's evaluation of revenue streams and contracts at Bolzoni will continue in the third quarter of 2017. The Company plans to adopt the standard for the first quarter of 2018 using the modified retrospective approach and will record a cumulative adjustment to equity for open contracts as of January 1, 2018. The Company is continuing to evaluate the impact of the standard on its financial statements, business processes and internal controls over financial reporting. At this time, an estimate of the impact to the consolidated financial statements cannot be made. In addition, the standard requires new substantial disclosures and the Company continues to evaluate these requirements.
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
 
The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance for available-for-sale equity securities.
ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
 
The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-16, Income Taxes (Topic 740)
 
The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash
 
The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business
 
The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition
 
The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement
 
The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2016-02, Leases (Topic 842)
 
The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
 
January 1, 2019
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes.
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)
 
The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
 
January 1, 2020
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017.
 
January 1, 2020
 
The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process.
Financial Instruments and Derivative Financial Instruments (Policies)
Derivatives, Policy [Policy Text Block]

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the unaudited condensed consolidated statement of operations in the same period as the change.

During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in other (income) expense.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line "Other" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

Product Warranties (Policies)
Standard Product Warranty, Policy [Policy Text Block] 

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

Extended Product Warranty, Policy [Policy Text Block] 
In addition, the Company sells separately-priced extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.
Equity Investments (Policies)
Consolidation, Variable Interest Entity, Policy [Policy Text Block]
The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.
Recently Issued Accounting Standards Recently Issued Accounting Standards (Tables)
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
Standard
 
Description
ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
 
The guidance requires inventory to be measured at the lower of cost or net realizable value. The guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships
 
The guidance clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship, provided that all other hedge accounting criteria continue to be met.
ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323)
 
The guidance eliminates the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.
ASU No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
 
The guidance simplifies several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.

The following table provides a brief description of recent accounting pronouncements not yet adopted:
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (Subsequent ASUs have been issued in 2015 and 2016 to update or clarify this guidance)
 
The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.
 
January 1, 2018
 
The Company's evaluation process of the new standard includes, but is not limited to, identifying contracts within the scope of the guidance, reviewing and documenting the accounting for these contracts and identifying and determining the accounting for any related contract costs. The Company has identified relevant revenue streams and substantially completed the review of a sample of contracts for the lift truck business within the scope of the guidance. The Company's evaluation of revenue streams and contracts at Bolzoni will continue in the third quarter of 2017. The Company plans to adopt the standard for the first quarter of 2018 using the modified retrospective approach and will record a cumulative adjustment to equity for open contracts as of January 1, 2018. The Company is continuing to evaluate the impact of the standard on its financial statements, business processes and internal controls over financial reporting. At this time, an estimate of the impact to the consolidated financial statements cannot be made. In addition, the standard requires new substantial disclosures and the Company continues to evaluate these requirements.
Standard
 
Description
 
Required Date of Adoption
 
Effect on the financial statements or other significant matters
ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
 
The guidance requires equity investments previously accounted for under the cost method of accounting to be measured at fair value and recognized in net income. In addition, the guidance defines measurement and presentation of financial instruments.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will increase the volatility of other (income) expense as a result of applying the guidance for available-for-sale equity securities.
ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
 
The guidance clarifies the classification of certain types of cash receipts and cash payments. In addition, the guidance provides for the application of the predominance principle when certain cash receipts and payments have aspects of more than one class of cash flows.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-16, Income Taxes (Topic 740)
 
The guidance allows for recognition of current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The guidance allows for more accurate representation of the economics of an intra-entity asset transfer which will require income tax consequences of the transfer, including income taxes payable or paid.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash
 
The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business
 
The guidance clarifies the definition of a business to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of businesses.
 
January 1, 2018
 
The Company does not expect the adoption of the guidance to have a material effect on its financial position, results of operations, cash flows or related disclosures.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition
 
The guidance clarifies the scope and accounting of a financial asset that meets the definition of an "in-substance nonfinancial asset" and defines the term, "in-substance nonfinancial asset," in addition to partial sales of nonfinancial assets.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement
 
The guidance requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations.
 
January 1, 2018
 
The Company is currently evaluating the adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2016-02, Leases (Topic 842)
 
The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
 
January 1, 2019
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures. The Company anticipates the adoption will materially affect the consolidated balance sheets and will require changes to the Company's systems and processes.
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)
 
The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
 
January 1, 2020
 
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
The guidance removes the second step of the two-step test for the measurement of goodwill impairment. The guidance allows for early adoption for impairment testing dates after January 1, 2017.
 
January 1, 2020
 
The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process.
Business Segments (Tables)
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Financial information for each reportable segment is presented in the following table:
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Revenues from external customers
 
 
 
 
 
 
 
Americas
$
432.9

 
$
414.9

 
$
898.9


$
832.1

EMEA
172.6

 
155.6

 
335.0


302.6

JAPIC
42.2

 
39.1

 
86.0


78.8

Lift truck business
647.7

 
609.6

 
1,319.9

 
1,213.5

Bolzoni
41.9

 
38.9

 
83.5


38.9

Nuvera
0.4

 
0.2

 
3.0


0.5

  Eliminations
(4.5
)
 
(3.1
)
 
(7.8
)

(3.1
)
Total
$
685.5

 
$
645.6

 
$
1,398.6

 
$
1,249.8

Gross profit (loss)
 

 
 

 
 
 
 
Americas
$
82.7

 
$
72.8

 
$
167.6

 
$
145.0

EMEA
23.6

 
24.3

 
46.1

 
46.4

JAPIC
4.2

 
4.5

 
9.7

 
8.7

Lift truck business
110.5

 
101.6

 
223.4

 
200.1

Bolzoni
12.4


12.8

 
26.2


12.8

Nuvera
(0.9
)

(0.4
)
 
(1.5
)

(1.0
)
     Eliminations
(0.3
)

—

 
(0.3
)

—

Total
$
121.7

 
$
114.0

 
$
247.8

 
$
211.9

Operating profit (loss)
 

 
 

 
 
 
 
Americas
$
27.9

 
$
16.3

 
$
57.7

 
$
31.7

EMEA
2.9

 
3.6

 
4.4

 
5.6

JAPIC
(2.2
)
 
(0.9
)
 
(2.9
)
 
(2.5
)
Lift truck business
28.6

 
19.0

 
59.2

 
34.8

Bolzoni
0.5


0.7

 
2.8


0.7

Nuvera
(10.5
)

(8.3
)
 
(20.0
)

(14.4
)
     Eliminations
(0.3
)

—

 
(0.3
)

—

Total
$
18.3

 
$
11.4

 
$
41.7

 
$
21.1

 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Net income (loss) attributable to stockholders
 

 
 

 
 

 
 

Americas
$
23.8

 
$
9.9

 
$
44.3

 
$
23.0

EMEA
2.2

 
3.1

 
3.3

 
4.5

JAPIC
(2.2
)
 
0.1

 
(1.5
)
 
(0.7
)
Lift truck business
23.8

 
13.1

 
46.1

 
26.8

Bolzoni
(0.1
)
 
0.1

 
1.4

 
0.1

Nuvera
(6.3
)
 
(4.9
)
 
(12.0
)
 
(8.6
)
     Eliminations
(1.0
)
 
—

 
(1.0
)
 
—

Total
$
16.4

 
$
8.3

 
$
34.5

 
$
18.3

Income Taxes (Tables)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
JUNE 30
 
JUNE 30
 
 
2017
 
2016
 
2017
 
2016
Income before income taxes
 
$
18.3

 
$
11.8

 
$
42.6

 
$
20.7

Statutory taxes at 35%
 
$
6.4

 
$
4.1

 
$
14.9

 
$
7.2

Interim adjustment
 
0.3

 
—

 
0.3

 
—

Permanent adjustments:
 
 
 
 
 
 
 
 
Non-U.S. rate differences
 
(2.4
)
 
(1.9
)
 
(4.8
)
 
(2.7
)
Other
 
—

 
(0.5
)
 
(0.5
)
 
(0.3
)
 
 
$
(2.4
)
 
$
(2.4
)
 
$
(5.3
)
 
$
(3.0
)
Discrete items
 
$
(2.4
)
 
$
1.8

 
$
(1.8
)
 
$
(1.7
)
Income tax provision
 
$
1.9

 
$
3.5

 
$
8.1

 
$
2.5

Reported income tax rate
 
10.4
%
 
29.7
%
 
19.0
%
 
12.1
%
Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Tables)
Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") as recorded in the unaudited condensed consolidated statements of operations:
Details about OCI Components
 
Amount Reclassified from OCI
 
Affected Line Item in the Statement Where Net Income Is Presented
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
 
JUNE 30
 
JUNE 30
 
 
 
 
2017
 
2016
 
2017
 
2016
 
 
Gain (loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
Cost of sales
Total before tax
 
(1.3
)
 
0.7

 
(1.5
)
 
(0.9
)
 
Income before income taxes
Tax benefit
 
0.7

 
—

 
0.8

 
1.1

 
Income tax provision (benefit)
Net of tax
 
$
(0.6
)
 
$
0.7

 
$
(0.7
)
 
$
0.2

 
Net income
Amortization of defined benefit pension items:
 
 
 
 
 
 
 
 
 
 
Actuarial loss
 
$
(1.2
)
 
$
(0.8
)
 
$
(2.2
)
 
$
(1.6
)
 
(a)
Prior service credit
 
0.1

 
0.1

 
0.2

 
0.2

 
(a)
Total before tax
 
(1.1
)
 
(0.7
)
 
(2.0
)
 
(1.4
)
 
Income before income taxes
Tax benefit
 
0.4

 
0.3

 
0.6

 
0.4

 
Income tax provision (benefit)
Net of tax
 
$
(0.7
)
 
$
(0.4
)
 
$
(1.4
)
 
$
(1.0
)
 
Net income
Total reclassifications for the period
 
$
(1.3
)
 
$
0.3

 
$
(2.1
)
 
$
(0.8
)
 
 
(a) These OCI components are included in the computation of net pension cost (see Note 7 for additional details).
Financial Instruments and Derivative Financial Instruments (Tables)
Schedule of Interest Rate Derivatives [Table Text Block] 
Notional Amount
 
Average Fixed Rate
 
 
June 30
 
December 31
 
June 30
 
December 31
 
 
2017
 
2016
 
2017
 
2016
 
Term at June 30, 2017
$
100.0

 
$
100.0

 
1.47
%
 
1.47
%
 
Extending to December 2018
56.5

 
—

 
1.94
%
 
—

 
November 2017 to November 2022
83.5

 
—

 
2.20
%
 
—

 
December 2018 to May 2023
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] 
The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
JUNE 30
2017
 
DECEMBER 31
2016
 
Balance Sheet Location
 
JUNE 30
2017
 
DECEMBER 31
2016
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
 
 
 
 
 
 
 
 
 
Current
Other current liabilities
 
$
—

 
$
—

 
Other current liabilities
 
$
0.2

 
$
—

Long-term
Other long-term liabilities
 
0.2

 
—

 
Other long-term liabilities
 
0.4

 
—

Foreign currency exchange contracts
 
 
 
 
 
 
 
 
 
 
Current
Prepaid expenses and other
 
$
1.3

 
$
—

 
Prepaid expenses and other
 
$
0.9

 
$
—

 
Other current liabilities
 
3.3

 
3.7

 
Other current liabilities
 
7.4

 
14.0

Long-term
Other non-current assets
 
3.1

 
—

 
Other non-current assets
 
0.9

 
—

 
Other long-term liabilities
 
0.1

 
—

 
Other long-term liabilities
 
3.0

 
10.1

Total derivatives designated as hedging instruments
 
$
8.0

 
$
3.7

 
 
 
$
12.8

 
$
24.1

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
 
 
 
 
 
 
 
 
 
Current
Other current liabilities
 
$
—

 
$
—

 
Other current liabilities
 
$
—

 
$
0.3

Long-term
Other non-current assets
 
—

 
0.2

 
Other non-current assets
 
—

 
—

 
Other long-term liabilities
 
0.1

 
—

 
Other long-term liabilities
 
0.2

 
0.2

Foreign currency exchange contracts
 
 
 
 
 
 
 
 
 
 
Current
Prepaid expenses and other
 
—

 
—

 
Prepaid expenses and other
 
—

 
—

 
Other current liabilities
 
0.8

 
1.6

 
Other current liabilities
 
2.3

 
3.9

Total derivatives not designated as hedging instruments
 
$
0.9

 
$
1.8

 
 
 
$
2.5

 
$
4.4

Total derivatives
 
$
8.9

 
$
5.5

 
 
 
$
15.3

 
$
28.5

Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block] 
The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:
 
 
Derivative Assets as of June 30, 2017
 
Derivative Liabilities as of June 30, 2017
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
—

 
$
—

 
$
—

 
$
—

 
$
0.5

 
$
—

 
$
0.5

 
$
0.5

Foreign currency exchange contracts
 
2.6

 
(2.6
)
 
—

 
—

 
8.5

 
(2.6
)
 
5.9

 
5.9

Total derivatives
 
$
2.6

 
$
(2.6
)
 
$
—

 
$
—

 
$
9.0

 
$
(2.6
)
 
$
6.4

 
$
6.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Assets as of December 31, 2016
 
Derivative Liabilities as of December 31, 2016
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset
 
Net Amounts Presented
 
Net Amount
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
0.2

 
$
(0.2
)
 
$
—

 
$
—

 
$
0.5

 
$
(0.2
)
 
$
0.3

 
$
0.3

Foreign currency exchange contracts
 
—

 
—

 
—

 
—

 
22.7

 
—

 
22.7

 
22.7

Total derivatives
 
$
0.2

 
$
(0.2
)
 
$
—

 
$
—

 
$
23.2


$
(0.2
)
 
$
23.0

 
$
23.0

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] 
 
 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
 
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
JUNE 30
 
 
 
JUNE 30
 
 
 
JUNE 30
Derivatives designated as hedging instruments
 
2017
 
2016
 
2017
 
2016
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
2017

2016
 
2017
 
2016
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
$
(0.4
)
 
$
—

 
$
(0.4
)
 
$
—

 
Interest expense
 
$
—

 
$
—

 
$
—

 
$
—

 
Other
 
$
—


$
—

 
$
—


$
—

Foreign currency exchange contracts
 
$
6.7

 
$
(4.6
)
 
$
13.7

 
$
8.4

 
Cost of sales
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
Cost of sales
 
$
—


$
(0.1
)
 
$
—


$
(0.1
)
Total
 
$
6.3


$
(4.6
)
 
$
13.3

 
$
8.4

 
 
 
$
(1.3
)
 
$
0.7

 
$
(1.5
)
 
$
(0.9
)
 
 
 
$
—

 
$
(0.1
)
 
$
—

 
$
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Gain or (Loss) Recognized in Income on Derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JUNE 30
Derivatives Not Designated as Hedging Instruments
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
2017
 
2016
 
2017
 
2016
Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
Other
 
$
(0.2
)
 
$
—

 
$
(0.1
)
 
$
(1.5
)
Foreign currency exchange contracts
 
Cost of sales
 
2.4

 
0.1

 
1.7

 
0.5

Total
 
 
 
$
2.2

 
$
0.1

 
$
1.6

 
$
(1.0
)
Retirement Benefit Plans (Tables)
Schedule of Costs of Retirement Plans [Table Text Block]
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
U.S. Pension
 
 
 
 
 
 
 
Interest cost
$
0.7

 
$
0.8

 
$
1.4

 
$
1.5

Expected return on plan assets
(1.3
)
 
(1.2
)
 
(2.5
)
 
(2.4
)
Amortization of actuarial loss
0.5

 
0.4

 
0.9

 
0.8

Amortization of prior service credit
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
Total
$
(0.2
)
 
$
(0.1
)
 
$
(0.4
)
 
$
(0.3
)
Non-U.S. Pension
 
 
 
 
 
 
 
Service cost
$
—

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
1.0

 
1.3

 
2.0

 
2.6

Expected return on plan assets
(2.3
)
 
(2.3
)
 
(4.5
)
 
(4.6
)
Amortization of actuarial loss
0.7

 
0.4

 
1.3

 
0.8

Total
$
(0.6
)
 
$
(0.5
)
 
$
(1.1
)
 
$
(1.1
)
Inventories (Tables)
Schedule of Inventory, Current [Table Text Block]
 
JUNE 30
2017
 
DECEMBER 31
2016
Finished goods and service parts
$
185.5

 
$
171.9

Work in process
18.1

 
26.1

Raw materials
217.8

 
191.4

Total manufactured inventories
421.4

 
389.4

LIFO reserve
(38.9
)
 
(37.2
)
Total inventory
$
382.5

 
$
352.2

Product Warranties (Tables)
Schedule of Product Warranty Liability [Table Text Block]
 
2017
Balance at January 1
$
52.3

Current year warranty expense
18.6

Change in estimate related to pre-existing warranties
(4.2
)
Payments made
(13.8
)
Foreign currency effect
1.1

Balance at June 30
$
54.0



Guarantees (Tables)
Schedule of Guarantor Obligations [Table Text Block]
 
 
HYGFS
 
Total
Total recourse or repurchase obligations
 
$
128.3

 
$
148.2

Less: exposure limited for certain dealers
 
33.8

 
33.8

Plus: 7.5% of original loan balance
 
7.8

 
7.8

 
 
102.3

 
122.2

Incremental obligation related to guarantee to WF
 
168.2

 
168.2

Total exposure related to guarantees
 
$
270.5

 
$
290.4

Equity Investments (Tables)
Equity Method Investments [Table Text Block]
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2017
 
2016
 
2017
 
2016
Revenues
$
92.9

 
$
85.6

 
$
178.0

 
$
169.8

Gross profit
$
28.1

 
$
26.5

 
$
55.1

 
$
51.8

Income from continuing operations
$
6.7

 
$
5.7

 
$
13.2

 
$
11.1

Net income
$
6.7

 
$
5.7

 
$
13.2

 
$
11.1

Basis of Presentation (Details)
Jun. 30, 2017
HYGFS [Member]
 
Equity Method Investment, Ownership Percentage
20.00% 
SN [Member]
 
Equity Method Investment, Ownership Percentage
50.00% 
Business Segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
$ 685.5 
$ 645.6 
$ 1,398.6 
$ 1,249.8 
Gross profit (loss)
121.7 
114.0 
247.8 
211.9 
Operating profit (loss)
18.3 
11.4 
41.7 
21.1 
Net income (loss) attributable to stockholders
16.4 
8.3 
34.5 
18.3 
Consolidation, Eliminations [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
(4.5)
(3.1)
(7.8)
(3.1)
Gross profit (loss)
(0.3)
0 
(0.3)
0 
Operating profit (loss)
(0.3)
0 
(0.3)
0 
Net income (loss) attributable to stockholders
(1.0)
0 
(1.0)
0 
Americas [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
432.9 
414.9 
898.9 
832.1 
Gross profit (loss)
82.7 
72.8 
167.6 
145.0 
Operating profit (loss)
27.9 
16.3 
57.7 
31.7 
Net income (loss) attributable to stockholders
23.8 
9.9 
44.3 
23.0 
EMEA [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
172.6 
155.6 
335.0 
302.6 
Gross profit (loss)
23.6 
24.3 
46.1 
46.4 
Operating profit (loss)
2.9 
3.6 
4.4 
5.6 
Net income (loss) attributable to stockholders
2.2 
3.1 
3.3 
4.5 
JAPIC [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
42.2 
39.1 
86.0 
78.8 
Gross profit (loss)
4.2 
4.5 
9.7 
8.7 
Operating profit (loss)
(2.2)
(0.9)
(2.9)
(2.5)
Net income (loss) attributable to stockholders
(2.2)
0.1 
(1.5)
(0.7)
Lift truck business [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
647.7 
609.6 
1,319.9 
1,213.5 
Gross profit (loss)
110.5 
101.6 
223.4 
200.1 
Operating profit (loss)
28.6 
19.0 
59.2 
34.8 
Net income (loss) attributable to stockholders
23.8 
13.1 
46.1 
26.8 
Bolzoni [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
41.9 
38.9 
83.5 
38.9 
Gross profit (loss)
12.4 
12.8 
26.2 
12.8 
Operating profit (loss)
0.5 
0.7 
2.8 
0.7 
Net income (loss) attributable to stockholders
(0.1)
0.1 
1.4 
0.1 
Nuvera [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues
0.4 
0.2 
3.0 
0.5 
Gross profit (loss)
(0.9)
(0.4)
(1.5)
(1.0)
Operating profit (loss)
(10.5)
(8.3)
(20.0)
(14.4)
Net income (loss) attributable to stockholders
$ (6.3)
$ (4.9)
$ (12.0)
$ (8.6)
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest
$ 18.3 
$ 11.8 
$ 42.6 
$ 20.7 
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount
6.4 
4.1 
14.9 
7.2 
Effective Income Tax Rate Reconciliation, Interim Adjustment, Amount
0.3 
0 
0.3 
0 
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount
(2.4)
(1.9)
(4.8)
(2.7)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount
0 
(0.5)
(0.5)
(0.3)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
(2.4)
(2.4)
(5.3)
(3.0)
Other Tax Expense (Benefit)
(2.4)
1.8 
(1.8)
(1.7)
Income tax provision
1.9 
3.5 
8.1 
2.5 
Effective Income Tax Rate Reconciliation, Percent
10.40% 
29.70% 
19.00% 
12.10% 
Effective Income Tax Rate Reconciliation, Other Discrete Amount
4.4 
 
 
 
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Discrete Amount
1.6 
 
 
 
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Discrete Amount
 
 
 
4.0 
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount
 
$ 1.6 
 
 
Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax
$ (1.3)
$ 0.7 
$ (1.5)
$ (0.9)
Derivative Instruments, Gain (Loss) Reclassified From Accumulated OCI into Income, Effective Portion, Tax
0.7 
0 
0.8 
1.1 
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax
(0.6)
0.7 
(0.7)
0.2 
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax
(1.2)1
(0.8)1
(2.2)1
(1.6)1
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax
0.1 1
0.1 1
0.2 1
0.2 1
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax
(1.1)
(0.7)
(2.0)
(1.4)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax
0.4 
0.3 
0.6 
0.4 
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax
(0.7)
(0.4)
(1.4)
(1.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
(1.3)
0.3 
(2.1)
(0.8)
Cost of Sales [Member] |
Foreign Exchange Contract [Member]
 
 
 
 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax
$ (1.3)
$ 0.7 
$ (1.5)
$ (0.9)
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements
 
 
Cost of sales 
 
Gross Pension Costs Reclassified to Net Income [Member]
 
 
 
 
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI
 
 
(a) 
 
Income Before Taxes [Member]
 
 
 
 
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI
 
 
Income before income taxes 
 
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI
 
 
Income before income taxes 
 
Tax (Expense) Benefit [Member]
 
 
 
 
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI
 
 
Income tax provision (benefit) 
 
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI
 
 
Income tax provision (benefit) 
 
Net Income (Loss) [Member]
 
 
 
 
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI
 
 
Net income 
 
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI
 
 
Net income 
 
Financial Instruments and Derivative Financial Instruments (Balance Sheet) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments in Hedges, Assets, at Fair Value
$ 8.0 
$ 3.7 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
0.9 
1.8 
Derivative Asset, Fair Value, Gross Asset
8.9 
5.5 
Derivative Instruments in Hedges, Liabilities, at Fair Value
12.8 
24.1 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
2.5 
4.4 
Derivative Liability, Fair Value, Gross Liability
15.3 
28.5 
Designated as Hedging Instrument [Member] |
Prepaid expenses and other [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Foreign Currency Cash Flow Hedge Asset at Fair Value
1.3 
0 
Foreign Currency Cash Flow Hedge Liability at Fair Value
0.9 
0 
Designated as Hedging Instrument [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest Rate Cash Flow Hedge Asset at Fair Value
0 
0 
Foreign Currency Cash Flow Hedge Asset at Fair Value
3.3 
3.7 
Interest Rate Cash Flow Hedge Liability at Fair Value
0.2 
0 
Foreign Currency Cash Flow Hedge Liability at Fair Value
7.4 
14.0 
Designated as Hedging Instrument [Member] |
Other Noncurrent Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Foreign Currency Cash Flow Hedge Asset at Fair Value
3.1 
0 
Foreign Currency Cash Flow Hedge Liability at Fair Value
0.9 
0 
Designated as Hedging Instrument [Member] |
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest Rate Cash Flow Hedge Asset at Fair Value
0.2 
0 
Foreign Currency Cash Flow Hedge Asset at Fair Value
0.1 
0 
Interest Rate Cash Flow Hedge Liability at Fair Value
0.4 
0 
Foreign Currency Cash Flow Hedge Liability at Fair Value
3.0 
10.1 
Not Designated as Hedging Instrument [Member] |
Prepaid expenses and other [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Foreign Currency Cash Flow Hedge Asset at Fair Value
0 
0 
Foreign Currency Cash Flow Hedge Liability at Fair Value
0 
0 
Not Designated as Hedging Instrument [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest Rate Cash Flow Hedge Asset at Fair Value
0 
0 
Foreign Currency Cash Flow Hedge Asset at Fair Value
0.8 
1.6 
Interest Rate Cash Flow Hedge Liability at Fair Value
0 
0.3 
Foreign Currency Cash Flow Hedge Liability at Fair Value
2.3 
3.9 
Not Designated as Hedging Instrument [Member] |
Other Noncurrent Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest Rate Cash Flow Hedge Asset at Fair Value
0 
0.2 
Interest Rate Cash Flow Hedge Liability at Fair Value
0 
0 
Not Designated as Hedging Instrument [Member] |
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Interest Rate Cash Flow Hedge Asset at Fair Value
0.1 
0 
Interest Rate Cash Flow Hedge Liability at Fair Value
$ 0.2 
$ 0.2 
Financial Instruments and Derivative Financial Instruments (Offsetting) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Derivative [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset by Counterparty
$ 2.6 
$ 0.2 
Derivative Asset, Fair Value, Amount Offset Against Collateral
(2.6)
(0.2)
Derivative Assets
0 
0 
Derivative Liability, Fair Value, Gross Liability by Counterparty
9.0 
23.2 
Derivative Liability, Fair Value, Amount Offset Against Collateral
(2.6)
(0.2)
Derivative Liabilities
6.4 
23.0 
Cash Flow Hedging [Member] |
Interest Rate Contract [Member]
 
 
Derivative [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset by Counterparty
0 
0.2 
Derivative Asset, Fair Value, Amount Offset Against Collateral
0 
(0.2)
Derivative Assets
0 
0 
Derivative Liability, Fair Value, Gross Liability by Counterparty
0.5 
0.5 
Derivative Liability, Fair Value, Amount Offset Against Collateral
0 
(0.2)
Derivative Liabilities
0.5 
0.3 
Cash Flow Hedging [Member] |
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset by Counterparty
2.6 
0 
Derivative Asset, Fair Value, Amount Offset Against Collateral
(2.6)
0 
Derivative Assets
0 
0 
Derivative Liability, Fair Value, Gross Liability by Counterparty
8.5 
22.7 
Derivative Liability, Fair Value, Amount Offset Against Collateral
(2.6)
0 
Derivative Liabilities
$ 5.9 
$ 22.7 
Financial Instruments and Derivative Financial Instruments (Income Statement) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Foreign Exchange Contract [Member] |
Cost of Sales [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements
 
 
Cost of sales 
 
Cash Flow Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
$ 6.3 
$ (4.6)
$ 13.3 
$ 8.4 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(1.3)
0.7 
(1.5)
(0.9)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net
0 
(0.1)
0 
(0.1)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
2.2 
0.1 
1.6 
(1.0)
Cash Flow Hedging [Member] |
Interest Rate Contract [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
(0.4)
0 
(0.4)
0 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
0 
0 
0 
0 
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net
0 
0 
0 
0 
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments
(0.2)
0 
(0.1)
(1.5)
Cash Flow Hedging [Member] |
Interest Rate Contract [Member] |
Interest Expense [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement
 
 
Interest expense 
 
Cash Flow Hedging [Member] |
Interest Rate Contract [Member] |
Other Expense [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement
 
 
Other 
 
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements
 
 
Other 
 
Cash Flow Hedging [Member] |
Foreign Exchange Contract [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
6.7 
(4.6)
13.7 
8.4 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(1.3)
0.7 
(1.5)
(0.9)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net
0 
(0.1)
0 
(0.1)
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
$ 2.4 
$ 0.1 
$ 1.7 
$ 0.5 
Cash Flow Hedging [Member] |
Foreign Exchange Contract [Member] |
Cost of Sales [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements
 
 
Cost of sales 
 
Description of Location of Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments in Financial Statements
 
 
Cost of sales 
 
Financial Instruments and Derivative Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Derivative [Line Items]
 
 
Long-term Debt
$ 277.2 
$ 184.5 
Long-term Debt, Fair Value
277.2 
184.5 
Objectives for Using Net Investment Hedging Instruments
The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in other comprehensive income as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness. Any ineffective portion of net investment hedges would be recognized in the unaudited condensed consolidated statement of operations in the same period as the change. 
 
Discussion of Objectives for Using Interest Rate Derivative Instruments
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and its variable rate financings are predominately based upon the one or three-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and included on the line "Other" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations.  
 
Interest Rate Derivatives, at Fair Value, Net
0.5 
0.3 
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net
(0.1)
 
Cross Currency Interest Rate Contract [Member]
 
 
Derivative [Line Items]
 
 
Discussion of Objectives for Using Foreign Currency Derivative Instruments
During 2017, the Company entered into cross-currency swaps which hedge the variability of expected future cash flows that are attributable to foreign currency risk of certain intercompany loans. These agreements include initial and final exchanges of principal and associated interest payments from fixed euro denominated to fixed U.S.-denominated amounts. Changes in the fair value of cross-currency swaps that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in other (income) expense and interest expense. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in other (income) expense. 
 
Foreign Exchange Contract [Member]
 
 
Derivative [Line Items]
 
 
Discussion of Objectives for Using Foreign Currency Derivative Instruments
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales. The ineffective portion of derivatives that are classified as hedges is immediately recognized in earnings and is also generally recognized in cost of sales.  
 
Derivative, Notional Amount
768.5 
592.9 
Derivative, Fair Value, Net
5.9 
22.7 
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months
3.5 
 
Not Designated as Hedging Instrument [Member] |
Interest Rate Contract [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
100.0 
100.0 
Derivative, Average Fixed Interest Rate
1.47% 
1.47% 
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge
Extending to December 2018 
 
Designated as Hedging Instrument [Member] |
Interest Rate Contract [Member] |
Short [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
56.5 
0 
Derivative, Average Fixed Interest Rate
1.94% 
0.00% 
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge
November 2017 to November 2022 
 
Designated as Hedging Instrument [Member] |
Interest Rate Contract [Member] |
Long [Member]
 
 
Derivative [Line Items]
 
 
Derivative, Notional Amount
$ 83.5 
$ 0 
Derivative, Average Fixed Interest Rate
2.20% 
0.00% 
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge
December 2018 to May 2023 
 
Retirement Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
United States Pension Plan of US Entity [Member]
 
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
 
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year
 
 
 
 
$ 0 
Defined Benefit Plan, Expected Contributions in Current Fiscal Year
 
 
0.5 
 
 
Interest cost
0.7 
0.8 
1.4 
1.5 
 
Expected return on plan assets
(1.3)
(1.2)
(2.5)
(2.4)
 
Amortization of actuarial loss
0.5 
0.4 
0.9 
0.8 
 
Amortization of prior service credit
(0.1)
(0.1)
(0.2)
(0.2)
 
Total
(0.2)
(0.1)
(0.4)
(0.3)
 
Foreign Pension Plan [Member]
 
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
 
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year
 
 
 
 
3.0 
Defined Benefit Plan, Expected Contributions in Current Fiscal Year
 
 
9.3 
 
 
Service cost
0 
0.1 
0.1 
0.1 
 
Interest cost
1.0 
1.3 
2.0 
2.6 
 
Expected return on plan assets
(2.3)
(2.3)
(4.5)
(4.6)
 
Amortization of actuarial loss
0.7 
0.4 
1.3 
0.8 
 
Total
$ (0.6)
$ (0.5)
$ (1.1)
$ (1.1)
 
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Inventory, Finished Goods, Net of Reserves
$ 185.5 
$ 171.9 
Inventory, Work in Process, Net of Reserves
18.1 
26.1 
Inventory, Raw Materials and Purchased Parts, Net of Reserves
217.8 
191.4 
Total manufactured inventories
421.4 
389.4 
LIFO reserve
(38.9)
(37.2)
Total inventory
$ 382.5 
$ 352.2 
Percentage of LIFO Inventory
48.00% 
54.00% 
Current and Long-Term Financing (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Debt Instrument [Line Items]
 
 
Payments of Financing Costs
$ 5.0 
$ 1.6 
Other Borrowings
82.0 
 
Secured Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Collateral Amount
650 
 
Secured Debt
200.0 
 
Debt Instrument, Payment Terms
quarterly principal payments on the last day of each March, June, September and December commencing September 30, 2017 in an amount equal to $2.5 million and the final principal repayment due on the May 30, 2023 
 
Debt Issuance Costs, Gross
4.8 
 
Debt, Weighted Average Interest Rate
5.23% 
 
Debt Instrument, Restrictive Covenants
In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of regularly scheduled dividends and other restricted payments to $50.0 million in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 1.75 to 1.00 at the time of the payment. 
 
Secured Debt [Member] |
Base Rate [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
2.75% 
 
Secured Debt [Member] |
Base Rate [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.00% 
 
Secured Debt [Member] |
Eurodollar [Member] |
Minimum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.75% 
 
Secured Debt [Member] |
Eurodollar [Member] |
Maximum [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.00% 
 
Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Line of Credit Facility, Maximum Borrowing Capacity
200.0 
 
Long-term Line of Credit
0 
 
Line of Credit Facility, Remaining Borrowing Capacity
194.0 
 
Letters of Credit Outstanding, Amount
6.0 
 
Line of Credit Facility, Borrowing Capacity, Description
The Facility consists of a U.S. revolving credit facility in the maximum initial amount of $120.0 million and a non-U.S. revolving credit facility in the maximum initial amount of $80.0 million. The Facility can be increased up to the total aggregate amount of $300.0 million over the term of the agreement in minimum increments of $10.0 million subject to certain conditions. 
 
Debt Instrument, Collateral Amount
$ 950 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
0.35% 
 
Dividend Payment Restrictions Schedule, Description
limit additional borrowings and investments of the Company and its subsidiaries subject to certain thresholds, as defined in the Facility, and limits the payment of dividends. If availability for both total and U.S. revolving credit facilities on a pro forma basis, is greater than fifteen percent and less than or equal to twenty percent, the Company may pay dividends subject to achieving a minimum fixed charge coverage ratio of 1.00 to 1.00, as defined in the Facility. If the availability is greater than twenty percent for both total and U.S. revolving credit facilities on a pro forma basis, the Company may pay dividends without any minimum fixed charge coverage ratio requirement. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio in certain circumstances in which total excess availability is less than ten percent of the total commitments under the Facility or excess availability under the U.S. revolving credit facility is less than ten percent of the U.S. revolver commitments, as defined in the Facility. At June 30, 2017, the Company was in compliance with the covenants in the Facility. 
 
Domestic Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Line of Credit Facility, Interest Rate at Period End
2.75% 
 
Domestic Line of Credit [Member] |
Prime Rate [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
0.50% 
 
Domestic Line of Credit [Member] |
London Interbank Offered Rate (LIBOR) [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.50% 
 
Foreign Line of Credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Line of Credit Facility, Interest Rate at Period End
1.50% 
 
Foreign Line of Credit [Member] |
London Interbank Offered Rate (LIBOR) [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
1.50% 
 
Product Warranties (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Product Liability Contingency [Line Items]
 
 
Product Warranty Accrual
$ 54.0 
$ 52.3 
Product Warranties Issued
18.6 
 
Product Warranty Accrual, Preexisting, Increase (Decrease)
(4.2)
 
Product Warranties Payments
(13.8)
 
Product Warranties Currency Translation, Increase (Decrease)
$ 1.1 
 
Standard warranty [Member]
 
 
Product Liability Contingency [Line Items]
 
 
Standard Product Warranty Description
twelve months or 1,000 to 2,000 hours 
 
Certain Truck Series Standard Warranty [Member]
 
 
Product Liability Contingency [Line Items]
 
 
Standard Product Warranty Description
one to two years or 2,000 or 4,000 hours 
 
Additional Component Standard Warranty [Member]
 
 
Product Liability Contingency [Line Items]
 
 
Standard Product Warranty Description
two to three years or 4,000 to 6,000 hours 
 
Extended warranty [Member]
 
 
Product Liability Contingency [Line Items]
 
 
Extended Product Warranty Description
two to five years or up to 2,400 to 10,000 hours 
 
Guarantees (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Guarantor Obligations [Line Items]
 
 
Guarantor Obligations, Term
Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
$ 148.2 
$ 149.3 
Guarantor Obligations, Collateral
194.2 
 
Percentage of loan losses guaranteed
7.50% 
 
Loan losses guaranteed
7.8 
 
Net guarantee of outstanding debt
122.2 
 
Guarantor Obligations, Related Party Disclosures
128.3 
 
Guarantees, Fair Value Disclosure
290.4 
 
Property Lease Guarantee [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor Obligations, Maximum Exposure, Undiscounted
33.8 
 
Financial Guarantee [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor Obligations, Related Party Disclosures
168.2 
 
Receivable [Domain]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor Obligations, Collateral
247.8 
 
HYGFS [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Net guarantee of outstanding debt
102.3 
 
Percentage of loans guaranteed to joint venture
20.00% 
 
Notes Payable, Related Party Due to Parent
943.3 
 
Contractual Obligation
188.7 
 
Guarantees, Fair Value Disclosure
$ 270.5 
 
Equity Investments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Revenues
$ 92.9 
$ 85.6 
$ 178.0 
$ 169.8 
 
Gross profit
28.1 
26.5 
55.1 
51.8 
 
Income from continuing operations
6.7 
5.7 
13.2 
11.1 
 
Net income
6.7 
5.7 
13.2 
11.1 
 
Equity Method Investments
55.3 
 
55.3 
 
45.9 
Payments to Acquire Available-for-sale Securities
 
 
5.6 
 
 
Available-for-sale Securities, Noncurrent
7.4 
 
7.4 
 
 
Available-for-sale Equity Securities, Gross Unrealized Gain
 
 
1.8 
 
 
HYGFS [Member]
 
 
 
 
 
Equity Method Investment, Ownership Percentage
20.00% 
 
20.00% 
 
 
Equity Method Investments
13.2 
 
13.2 
 
13.8 
SN [Member]
 
 
 
 
 
Equity Method Investment, Ownership Percentage
50.00% 
 
50.00% 
 
 
Equity Method Investments
34.3 
 
34.3 
 
31.6 
Bolzoni [Member]
 
 
 
 
 
Equity Method Investments
$ 0.4 
 
$ 0.4 
 
$ 0.5 
Acquisitions Acquisitions (Details)
6 Months Ended
Jun. 30, 2017
Business Acquisition [Line Items]
 
Business Combination, Provisional Information, Initial Accounting Incomplete, Nature of Adjustments
Subsequent to the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company finalized its analysis of the fair value of contingent obligations and income taxes for the Bolzoni acquisition on April 1, 2016. As a result of this analysis, the Company recorded a decrease to deferred tax assets and a corresponding increase to goodwill of $1.0 million in the first quarter of 2017.