MANITOWOC CO INC, 10-Q filed on 11/4/2021
Quarterly Report
v3.21.2
Document and Entity Information
 9 Months Ended
Sep. 30, 2021
shares
Cover [Abstract]  
Entity Registrant Name The Manitowoc Company, Inc.
Entity Central Index Key 0000061986
Trading Symbol MTW
Document Type 10-Q
Document Period End Date Sep. 30, 2021
Document Fiscal Year Focus 2021
Amendment Flag false
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Filer Category Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Shares Outstanding 35,041,379
Document Fiscal Period Focus Q3
Entity File Number 1-11978
Entity Tax Identification Number 39-0448110
Entity Address, Address Line One 11270 West Park Place
Entity Address, Address Line Two Suite 1000
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53224
City Area Code 414
Local Phone Number 760-4600
Entity Incorporation, State or Country Code WI
Title of 12(b) Security Common Stock, $.01 Par Value
Security Exchange Name NYSE
Entity Interactive Data Current Yes
Document Quarterly Report true
Document Transition Report false
v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Net sales $ 404.5 $ 355.6 $ 1,222.4 $ 1,013.1
Cost of sales 335.5 290.5 994.6 836.4
Gross profit 69.0 65.1 227.8 176.7
Operating costs and expenses:        
Engineering, selling and administrative expenses 59.7 49.5 181.0 155.1
Asset impairment expense 1.9   1.9
Amortization of intangible assets 0.5 0.0 0.7 0.2
Restructuring (income) expense (0.4) 3.9 (0.5) 5.6
Total operating costs and expenses 61.7 53.4 183.1 160.9
Operating income 7.3 11.7 44.7 15.8
Other income (expense):        
Interest expense (7.1) (7.3) (21.5) (21.7)
Amortization of deferred financing fees (0.4) (0.4) (1.1) (1.1)
Other income (expense) - net (0.9) 2.6 (0.2) (4.3)
Total other expense - net (8.4) (5.1) (22.8) (27.1)
Income (loss) before income taxes (1.1) 6.6 21.9 (11.3)
Provision (benefit) for income taxes (0.9) 7.0 7.3 9.6
Net income (loss) $ 0.2 $ (0.4) $ 14.6 $ (20.9)
Per Share Data        
Basic income (loss) per common share $ 0.01 $ (0.01) $ 0.42 $ (0.60)
Diluted income (loss) per common share $ 0.01 $ (0.01) $ 0.41 $ (0.60)
Weighted average shares outstanding - basic 35,029,175 34,538,814 34,914,989 34,730,623
Weighted average shares outstanding - diluted 35,029,175 34,538,814 35,555,077 34,730,623
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]        
Net income (loss) $ 0.2 $ (0.4) $ 14.6 $ (20.9)
Other comprehensive income (loss), net of income tax        
Unrealized gain (loss) on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively (0.5)   (0.7) 0.1
Employee pension and postretirement benefit income (expense), net of income tax benefit of $0.0, $0.3, $0.0 and $0.0, respectively (0.3) (0.5) (2.1) 1.3
Foreign currency translation adjustments, net of income tax benefit (provision) of $(0.5), $(1.1), $2.7 and $(3.8), respectively (8.3) 15.5 (18.3) 10.5
Total other comprehensive income (loss), net of income tax (9.1) 15.0 (21.1) 11.9
Comprehensive income (loss) $ (9.3) $ 14.6 $ (6.5) $ (9.0)
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]        
Unrealized gain (loss) on derivatives, net of income tax provision $ 0.0 $ 0.0 $ 0.0 $ 0.0
Employee pension and post retirement benefits costs, net of income tax benefit (provision) 0.0 0.0 0.0 0.0
Foreign currency translation adjustments, net of income tax provision (benefit) $ (0.2) $ (0.1) $ 2.5 $ (3.9)
v3.21.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 222.3 $ 128.7
Accounts receivable, less allowances of $8.6 and $8.5, respectively 202.3 215.1
Inventories — net 567.2 473.1
Notes receivable — net 17.6 13.6
Other current assets 43.1 35.5
Total current assets 1,052.5 866.0
Property, plant and equipment — net 301.8 294.3
Operating lease right-of-use assets 31.9 37.9
Goodwill 239.7 235.1
Other intangible assets — net 124.2 121.6
Other non-current assets 35.5 48.6
Total assets 1,785.6 1,603.5
Current Liabilities:    
Accounts payable and accrued expenses 424.2 329.4
Short-term borrowings and current portion of long-term debt 8.4 10.5
Product warranties 45.4 50.2
Customer advances 27.6 25.5
Other liabilities 21.3 20.2
Total current liabilities 526.9 435.8
Non-Current Liabilities:    
Long-term debt 399.9 300.4
Operating lease liabilities 23.1 28.4
Deferred income taxes 1.5 5.9
Pension obligations 88.3 89.3
Postretirement health and other benefit obligations 13.0 14.0
Long-term deferred revenue 29.0 32.4
Other non-current liabilities 54.9 53.8
Total non-current liabilities 609.7 524.2
Commitments and contingencies (Note 19)
Stockholders' Equity:    
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) 0.0 0.0
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,041,379 and 34,580,638 shares outstanding, respectively) 0.4 0.4
Additional paid-in capital 601.8 595.1
Accumulated other comprehensive loss (118.6) (97.5)
Retained earnings 231.5 216.9
Treasury stock, at cost (5,752,604 and 6,213,345 shares, respectively) (66.1) (71.4)
Total stockholders' equity 649.0 643.5
Total liabilities and stockholders' equity $ 1,785.6 $ 1,603.5
v3.21.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Statement Of Financial Position [Abstract]    
Accounts Receivable, allowances (in dollars) $ 8.6 $ 8.5
Preferred stock authorized (in shares) 3,500,000 3,500,000
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 75,000,000 75,000,000
Common stock, shares issued (in shares) 40,793,983 40,793,983
Common stock, shares outstanding (in shares) 35,041,379 34,580,638
Treasury stock (in shares) 5,752,604 6,213,345
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 14.6 $ (20.9)
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:    
Asset impairment expense 1.9
Depreciation 29.5 27.3
Amortization of intangible assets 0.7 0.2
Amortization of deferred financing fees 1.1 1.1
Deferred income taxes 0.9
Gain on sale of property, plant and equipment (0.1)
Net unrealized foreign currency transaction losses 1.1 2.8
Stock-based compensation expense 6.4 5.4
Other 3.6
Changes in operating assets and liabilities, net of effects of business acquired    
Accounts receivable 13.0 (13.9)
Inventories (94.4) (55.3)
Notes receivable (1.0) 6.2
Other assets (10.3) (9.9)
Accounts payable 77.1 (5.2)
Accrued expenses and other liabilities 24.0 (8.8)
Net cash provided by (used for) operating activities 68.1 (70.9)
Cash Flows from Investing Activities:    
Capital expenditures (22.3) (15.3)
Proceeds from sale of fixed assets 0.1 0.2
Acquisition of business (Note 9) (50.9)
Net cash used for investing activities (73.1) (15.1)
Cash Flows from Financing Activities:    
Proceeds from revolving credit facility 100.0 50.0
Payments on revolving credit facility 50.0
Other debt - net (3.4) (2.7)
Exercises of stock options 5.8 0.1
Common stock repurchases (12.0)
Net cash provided by (used for) financing activities 102.4 (14.6)
Effect of exchange rate changes on cash and cash equivalents (3.8) 2.4
Net increase (decrease) in cash and cash equivalents 93.6 (98.2)
Cash and cash equivalents at beginning of period 128.7 199.3
Cash and cash equivalents at end of period $ 222.3 $ 101.1
v3.21.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Retained Earnings
Cumulative Effect Period Of Adoption Adjustment
Treasury Stock
Balance at beginning of period at Dec. 31, 2019   $ 0.4 $ 592.2 $ (121.0) $ 236.2 $ (0.2) $ (61.9)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     (2.7)       2.3
Stock-based compensation     5.4        
Other comprehensive income (loss)       11.9      
Net income (loss) $ (20.9)       (20.9)    
Common stock repurchases             (12.0)
Balance at end of period at Sep. 30, 2020 629.7 0.4 594.9 (109.1) 215.1   (71.6)
Balance at beginning of period at Jun. 30, 2020   0.4 596.0 (124.1) 215.5 (72.1)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     (0.6)       0.5
Stock-based compensation     (0.5)        
Other comprehensive income (loss)       15.0      
Net income (loss) (0.4)       (0.4)    
Balance at end of period at Sep. 30, 2020 629.7 0.4 594.9 (109.1) 215.1   (71.6)
Balance at beginning of period at Dec. 31, 2020   0.4 595.1 (97.5) 216.9 (71.4)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     0.3       5.3
Stock-based compensation     6.4        
Other comprehensive income (loss)       (21.1)      
Net income (loss) 14.6       14.6    
Common stock repurchases   (10.6)          
Balance at end of period at Sep. 30, 2021 649.0 0.4 601.8 (118.6) 231.5   (66.1)
Balance at beginning of period at Jun. 30, 2021   0.4 600.1 (109.5) 231.7 (66.5)
Increase (Decrease) in Stockholders' Equity              
Stock options exercised and issuance of other stock awards     0.1       0.4
Stock-based compensation     1.6        
Other comprehensive income (loss)       (9.1)      
Net income (loss) 0.2       0.2    
Balance at end of period at Sep. 30, 2021 $ 649.0 $ 0.4 $ 601.8 $ (118.6) $ 231.5   $ (66.1)
v3.21.2
Basis of Presentation
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

The Manitowoc Company, Inc. ("Manitowoc" or the "Company") was founded in 1902 and has over a 118-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Additionally, the Company leverages its installed base of approximately 152,000 cranes to provide aftermarket parts and services to enable its customers to manage their fleets more effectively and improve their return on investment. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provides the Company with a consistent stream of recurring revenue. The Company continues to expand its tower crane rental fleet in the Europe and Africa (“EURAF”) segment to directly service its customers in the region.

The Company has three reportable segments, the Americas segment, the EURAF segment and the Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 18, “Segments” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of operations, comprehensive income (loss) and equity for the three and nine months ended September 30, 2021 and 2020, the cash flows for the same nine-month periods and the balance sheet as of September 30, 2021 and December 31, 2020, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2020. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

Certain prior period amounts have been reclassified to conform to the current period presentation. All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

Impact of COVID-19 Pandemic

The uncertainty of the future impact of the COVID-19 pandemic may have an adverse effect on the Company's business, which could include continuing or new restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations impacting its customers, dealers and suppliers. The Company continues to monitor supply chain disruptions and associated cost and labor pressures as a result of the pandemic. The Company is working with its suppliers to minimize supply chain disruptions. Contingency plans are continuously modified to minimize supply chain challenges that may impact the Company's ability to meet increasing customer demand. The extent to which the COVID-19 pandemic impacts the Company’s business, financial condition, results of operations, cash flows and/or liquidity may differ from management’s current estimates due to this uncertainty.
v3.21.2
Recent Accounting Changes and Pronouncements
 9 Months Ended
Sep. 30, 2021
Recent Accounting Changes And Pronouncements [Abstract]  
Recent Accounting Changes and Pronouncements

2. Recent Accounting Changes and Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (Topic 740).” The amendments in this ASU simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-02 did not have a material impact on the Company’s consolidated financial statements. 
v3.21.2
Net Sales
 9 Months Ended
Sep. 30, 2021
Revenue From Contract With Customer [Abstract]  
Net Sales

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the related performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2021 and 2020.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

21.0

 

 

$

15.8

 

 

$

25.5

 

 

$

25.8

 

Cash received in advance of satisfying
   performance obligations

 

 

33.9

 

 

 

26.9

 

 

 

93.7

 

 

 

71.7

 

Revenue recognized

 

 

(27.1

)

 

 

(19.8

)

 

 

(91.3

)

 

 

(73.9

)

Currency translation

 

 

(0.2

)

 

 

0.2

 

 

 

(0.3

)

 

 

(0.5

)

Balance at end of period

 

$

27.6

 

 

$

23.1

 

 

$

27.6

 

 

$

23.1

 

 

Disaggregation of the Company’s revenue sources are disclosed in Note 18, “Segments.”
v3.21.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of September 30, 2021 and December 31, 2020.

 

 

 

Fair Value as of September 30, 2021

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

FX Forward Contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

 Other current assets

FX Forward Contracts

 

 

—

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

 

 Accounts payable and
   accrued expenses

 

 

 

Fair Value as of December 31, 2020

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

FX Forward Contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 Other current assets

FX Forward Contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 Accounts payable and
   accrued expenses

The fair value of the senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $321.6 million as of September 30, 2021. See Note 12, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of September 30, 2021 and December 31, 2020, due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.
v3.21.2
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

5. Derivative Financial Instruments

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

 

From time to time, the Company enters into FX Forward Contracts to manage the currency risks associated with forecasted transactions and assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and nine months ended September 30, 2021 and 2020, respectively.

 

The Company had FX Forward Contracts with an aggregate notional amount of $66.8 million and $9.3 million in U.S. dollar equivalent outstanding as of September 30, 2021 and December 31, 2020, respectively. The aggregate notional amount outstanding as of September 30, 2021 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. As of September 30, 2021 and December 31, 2020, the net fair value of these contracts was a net short-term liability of $1.0 million and a net zero balance, respectively. There was $(0.5) million and zero unrealized gains (losses), net of income tax, recorded in accumulated other comprehensive loss as of September 30, 2021 and December 31, 2020, respectively.

 

The net gains (losses) recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2021 and September 30, 2020 are summarized as follows:

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

Recognized Location

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Designated

 

 Cost of sales

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

Non-designated

 

 Other income (expense) - net

 

$

—

 

 

$

0.1

 

 

$

(0.4

)

 

$

0.5

 
v3.21.2
Inventories
 9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Inventories

6. Inventories

The components of inventories as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Raw materials

 

$

170.3

 

 

$

114.9

 

Work-in-process

 

 

152.8

 

 

 

105.5

 

Finished goods

 

 

299.0

 

 

 

305.8

 

Total inventories

 

 

622.1

 

 

 

526.2

 

Excess and obsolete inventory reserve

 

 

(54.9

)

 

 

(53.1

)

Inventories — net

 

$

567.2

 

 

$

473.1

 
v3.21.2
Notes Receivable
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Notes Receivable

7. Notes Receivable

The Company's notes receivable balances are classified as current or long-term based on the timing of amounts due. Long-term notes receivable is included within other non-current assets on the Condensed Consolidated Balance Sheets. Current and long-term notes receivable balances primarily relate to the Company’s captive finance entity in China and entity in Mexico. The Company had a long-term note receivable balance related to the 2014 sale of Manitowoc Dong Yue. During the second quarter of 2021, the Company recorded $3.6 million of expense in engineering, selling and administrative expenses in the Condensed Consolidated Statement of Operations to fully reserve for the remaining net value of the note with Manitowoc Dong Yue. As of September 30, 2021, the Company had current and long-term notes receivable in the amount of $17.6 million and $6.2 million, respectively. As of December 31, 2020, the Company had current and long-term notes receivable in the amount of $13.6 million and $12.7 million, respectively.

v3.21.2
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2021
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

8. Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Land

 

$

19.6

 

 

$

20.3

 

Building and improvements

 

 

200.4

 

 

 

203.7

 

Machinery, equipment and tooling

 

 

293.6

 

 

 

292.6

 

Furniture and fixtures

 

 

15.1

 

 

 

21.0

 

Computer hardware and software

 

 

125.7

 

 

 

119.3

 

Rental cranes

 

 

94.4

 

 

 

90.2

 

Construction in progress

 

 

13.8

 

 

 

9.0

 

Total cost

 

 

762.6

 

 

 

756.1

 

Less accumulated depreciation

 

 

(460.8

)

 

 

(461.8

)

Property, plant and equipment — net

 

$

301.8

 

 

$

294.3

 

 

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

Assets Held for Sale

As of September 30, 2021 and December 31, 2020, the Company had $3.1 million and $3.3 million, respectively, classified as other current assets in the Condensed Consolidated Balance Sheets. These amounts relate to a building and land in Fanzeres, Portugal that are held for sale.

Asset Impairment

During the three months ended September 30, 2021, the Company recorded an asset impairment of $1.9 million to write-down one of the Company's Brazilian entities to its expected sale price.
v3.21.2
Business Combination
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Business Combinations

9. Business Combinations

On September 1, 2021, the Company completed the acquisition of substantially all of the assets of Aspen Equipment Company ("Aspen"), a diversified crane dealer and a leading final stage purpose built work truck upfitter for a purchase price of approximately $50.9 million. The purchase price is subject to adjustments based on the final calculation of working capital and the net book value of the rental fleet as of the date of the acquisition. The acquisition of Aspen was funded from existing cash resources and is expected to expand Manitowoc's direct-to-customer footprint in Iowa, Nebraska and Minnesota with new sales, used sales, parts, service and rentals to a variety of end markets.

The acquisition of Aspen was accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations,” which requires allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed in the transaction. Included in the purchase price was $14.1 million of net working capital, $4.7 million of property, plant and equipment, $19.5 million of rental fleet, $5.5 million of goodwill and $7.1 million of intangible assets. Refer to Note 10, "Goodwill and Other Intangible Assets," for additional information on the class of intangibles acquired and goodwill recorded. Given the timing of the closing of the acquisition and the time necessary to complete the allocation of the purchase price to the identified assets, the initial accounting for the business combination was not complete at the time the third-quarter financial statements were issued. The total purchase price of approximately $50.9 million is provisional and is based upon estimates and assumptions that are subject to change upon completion of acquisition accounting.

The financial results of Aspen as of September 1, 2021 are included in the Company's condensed consolidated financial statements and are reported in the Americas segment. The amount of revenue and income from operations associated with the acquisition from the acquisition date to September 30, 2021 did not have a material impact on the consolidated financial statements. In addition, assuming the acquisition had occurred on January 1, 2021, the consolidated pro forma results would not have been materially different from the reported results.
 
v3.21.2
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

10. Goodwill and Other Intangible Assets

The Company performs its annual goodwill and indefinite lived assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no impairment indicators since the fourth quarter of 2020; therefore, no impairment review has occurred as of September 30, 2021.

The changes in the carrying amount of goodwill as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

Americas

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2020

 

$

166.5

 

 

$

66.0

 

 

$

232.5

 

Foreign currency impact

 

 

—

 

 

 

2.6

 

 

 

2.6

 

Balance as of December 31, 2020

 

 

166.5

 

 

 

68.6

 

 

 

235.1

 

Foreign currency impact

 

 

—

 

 

 

(0.9

)

 

 

(0.9

)

Acquisition of business

 

 

5.5

 

 

 

—

 

 

 

5.5

 

Balance as of September 30, 2021

 

$

172.0

 

 

$

67.7

 

 

$

239.7

 

 

During the three months ended September 30, 2021, the Company recorded goodwill of approximately $5.5 million from the acquisition of Aspen. Goodwill related to the Aspen acquisition is subject to change as part of completion of acquisition accounting. The total goodwill related to this acquisition is deductible for tax purposes. Refer to Note 9, “Business Combinations,” for additional information.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

12.2

 

 

$

(8.7

)

 

$

3.5

 

 

$

9.9

 

 

$

(8.6

)

 

$

1.3

 

Patents

 

 

30.0

 

 

 

(29.4

)

 

 

0.6

 

 

 

31.0

 

 

 

(30.3

)

 

 

0.7

 

Other intangibles

 

 

2.5

 

 

 

(0.5

)

 

 

2.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

44.7

 

 

 

(38.6

)

 

 

6.1

 

 

 

40.9

 

 

 

(38.9

)

 

 

2.0

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

99.1

 

 

 

—

 

 

 

99.1

 

 

 

100.0

 

 

 

—

 

 

 

100.0

 

Distribution network

 

 

19.0

 

 

 

—

 

 

 

19.0

 

 

 

19.6

 

 

 

—

 

 

 

19.6

 

Total

 

 

118.1

 

 

 

—

 

 

 

118.1

 

 

 

119.6

 

 

 

—

 

 

 

119.6

 

Total other intangible assets

 

$

162.8

 

 

$

(38.6

)

 

$

124.2

 

 

$

160.5

 

 

$

(38.9

)

 

$

121.6

 

 

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended September 30, 2021 and 2020 was $0.5 million and zero, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was $0.7 and $0.2 million, respectively.

As a result of the acquisition of Aspen during the three months ended September 30, 2021, intangible assets of approximately $7.1 million related to customer relationships, backlog, trade names and noncompete agreements were acquired. The fair value of identifiable intangible assets has been determined using the income approach which involves significant unobservable inputs (Level 3 inputs). The allocation of purchase price to intangible assets is subject to change upon completion of acquisition accounting.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was not a triggering event as of September 30, 2021.
v3.21.2
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 2021
Payables And Accruals [Abstract]  
Accounts Payable and Accrued Expenses

11. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Trade accounts payable

 

$

250.2

 

 

$

178.1

 

Employee-related expenses

 

 

54.1

 

 

 

38.5

 

Accrued vacation

 

 

23.1

 

 

 

22.4

 

Miscellaneous accrued expenses

 

 

96.8

 

 

 

90.4

 

Total accounts payable and accrued expenses

 

$

424.2

 

 

$

329.4

 
v3.21.2
Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt

12. Debt

Outstanding debt as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Borrowings under senior secured asset based revolving
   credit facility

 

$

100.0

 

 

$

—

 

Senior secured second lien notes due 2026

 

 

300.0

 

 

 

300.0

 

Other

 

 

11.6

 

 

 

14.7

 

Deferred financing costs

 

 

(3.3

)

 

 

(3.8

)

Total debt

 

 

408.3

 

 

 

310.9

 

Short-term borrowings and current portion of long-term
   debt

 

 

(8.4

)

 

 

(10.5

)

Long-term debt

 

$

399.9

 

 

$

300.4

 

 

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

On June 17, 2021, the Company amended its ABL Credit Agreement to adjust certain negative covenants reducing restrictions on the Company’s ability to expand its rental business.

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

 

Average quarterly availability

Alternative base rate spread

Eurodollar and overnight LIBOR spread

≥ 50% of Aggregate Commitment

0.25%

1.25%

< 50% of Aggregate Commitment

0.50%

1.50%

As of September 30, 2021, the Company had other indebtedness outstanding of $11.6 million that had a weighted-average interest rate of approximately 3.5%. This debt includes balances on local credit lines and other financing arrangements.

 

As of September 30, 2021, the Company had $100.0 million of borrowings outstanding under the ABL Revolving Credit Facility and no borrowings outstanding as of December 31, 2020 As of September 30, 2021, the spreads for LIBOR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of approximately $123.6 million, which represents revolver borrowing capacity of $226.6 million less U.S. letters of credit outstanding of $3.0 million and $100.0 million in borrowings.

Additionally, on March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility.

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

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

As of September 30, 2021, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.
v3.21.2
Accounts Receivable Factoring
 9 Months Ended
Sep. 30, 2021
Transfers And Servicing [Abstract]  
Accounts Receivable Factoring

13. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with maximum availability of €55.0 million and one U.S. accounts receivable financing program with maximum availability of $35.0 million. Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit and can sell additional receivables as previously sold receivables are collected. During the three months ended September 30, 2021, the Company sold $48.1 million of receivables and received cash of $48.1 million. During the nine months ended September 30, 2021, the Company sold $159.1 million of receivables and received cash of $159.1 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.”
v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

14. Income Taxes

For the three months ended September 30, 2021 and 2020, the Company recorded an income tax benefit of $0.9 million and expense of $7.0 million, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded a provision for income taxes of $7.3 million and $9.6 million, respectively. The year-over-year decrease in the Company’s provision for income taxes for the three and nine months ended September 30, 2021 primarily relates to a change in the jurisdictional mix of pre-tax income compared to the previous year and a discrete tax benefit recorded in 2021 related to refund of French income taxes as a result of a Mutually Agreed upon Procedure for 2006 with Italian and French tax authorities.

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

The Company’s unrecognized tax benefits, excluding interest and penalties, were $20.0 million and $20.1 million as of September 30, 2021 and December 31, 2020, respectively.
 
v3.21.2
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share

15. Net Income (Loss) Per Share

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

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic weighted average common shares outstanding

 

 

35,029,175

 

 

 

34,538,814

 

 

 

34,914,989

 

 

 

34,730,623

 

Effect of dilutive securities - stock awards

 

 

—

 

 

 

—

 

 

 

640,088

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

35,029,175

 

 

 

34,538,814

 

 

 

35,555,077

 

 

 

34,730,623

 

 

Equity incentive instruments for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 386,178 common shares were excluded from the diluted weighted average common shares outstanding for the nine months ended September 30, 2021. Due to the net loss incurred during the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2020, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted income (loss) per share calculations for those periods.

No cash dividends were declared or paid during the three and nine months ended September 30, 2021 and 2020.
v3.21.2
Equity
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Equity

16. Equity

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

As of September 30, 2021, the Company had authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. As of September 30, 2021, the Company had $10.6 million remaining under this authorization.

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Gains and Losses on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign Currency
Translation

 

 

Total

 

Balance as of June 30, 2020

 

$

0.1

 

 

$

(38.1

)

 

$

(86.1

)

 

$

(124.1

)

Other comprehensive income (loss) before
   reclassifications

 

 

—

 

 

 

(1.1

)

 

 

15.5

 

 

 

14.4

 

Amounts reclassified from accumulated other
   comprehensive income

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Net other comprehensive income (loss)

 

 

—

 

 

 

(0.5

)

 

 

15.5

 

 

 

15.0

 

Balance as of September 30, 2020

 

$

0.1

 

 

$

(38.6

)

 

$

(70.6

)

 

$

(109.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

$

(0.2

)

 

$

(49.7

)

 

$

(59.6

)

 

$

(109.5

)

Other comprehensive loss before
   reclassifications

 

 

(0.8

)

 

 

(0.8

)

 

 

(8.3

)

 

 

(9.9

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

0.3

 

 

 

0.5

 

 

 

—

 

 

 

0.8

 

Net other comprehensive loss

 

 

(0.5

)

 

 

(0.3

)

 

 

(8.3

)

 

 

(9.1

)

Balance as of September 30, 2021

 

$

(0.7

)

 

$

(50.0

)

 

$

(67.9

)

 

$

(118.6

)

 

 

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Gains and Losses on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign Currency
Translation

 

 

Total

 

Balance as of December 31, 2019

 

$

—

 

 

$

(39.9

)

 

$

(81.1

)

 

$

(121.0

)

Other comprehensive income (loss) before
   reclassifications

 

 

(0.2

)

 

 

(0.1

)

 

 

10.5

 

 

 

10.2

 

Amounts reclassified from accumulated
   other comprehensive income

 

 

0.3

 

 

 

1.4

 

 

 

—

 

 

 

1.7

 

Net other comprehensive income

 

 

0.1

 

 

 

1.3

 

 

 

10.5

 

 

 

11.9

 

Balance as of September 30, 2020

 

$

0.1

 

 

$

(38.6

)

 

$

(70.6

)

 

$

(109.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

$

—

 

 

$

(47.9

)

 

$

(49.6

)

 

$

(97.5

)

Other comprehensive loss before
   reclassifications

 

 

(0.9

)

 

 

(3.6

)

 

 

(18.3

)

 

 

(22.8

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

0.2

 

 

 

1.5

 

 

 

—

 

 

 

1.7

 

Net other comprehensive loss

 

 

(0.7

)

 

 

(2.1

)

 

 

(18.3

)

 

 

(21.1

)

Balance as of September 30, 2021

 

$

(0.7

)

 

$

(50.0

)

 

$

(67.9

)

 

$

(118.6

)

 

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Amount Reclassified from Accumulated Other
Comprehensive Loss

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Recognized
Location

Losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

 

 

Cost of sales

Total before income taxes

 

 

(0.3

)

 

 

—

 

 

 

(0.2

)

 

 

(0.3

)

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Total, net of income taxes

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

 

 

 

Amortization of pension and
   postretirement items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(1.2

)

 

$

(1.2

)

 

$

(3.6

)

 

$

(3.4

)

(a)

 

Other income (expense) - net

Amortization of prior service cost

 

 

0.7

 

 

 

0.6

 

 

 

2.1

 

 

 

2.0

 

(a)

 

Other income (expense) - net

Total before income taxes

 

 

(0.5

)

 

 

(0.6

)

 

 

(1.5

)

 

 

(1.4

)

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Total, net of income taxes

 

$

(0.5

)

 

$

(0.6

)

 

$

(1.5

)

 

$

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period,
   net of income taxes

 

$

(0.8

)

 

$

(0.6

)

 

$

(1.7

)

 

$

(1.7

)

 

 

 

 

(a)
These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details). 
v3.21.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

17. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2021 is included in the Company’s 2020 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan (“2013 Plan”) is 7,477,395 shares. The total number of shares of the Company’s common stock still available for award issuance as of September 30, 2021 is 4,247,700 shares.

During the three months ended September 30, 2021, the Company recorded stock-based compensation expense of $1.6 million. In 2021, the Company recorded stock-based compensation in engineering, selling and administrative expense in the Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2021, the Company recorded stock-based compensation of $6.4 million. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.

During the three months ended September 30, 2020, the Company recorded stock-based compensation income of $(0.5) million. Of the $(0.5) million recorded in 2020, $2.0 million of expense was recorded in engineering, selling, and administrative expense and $(2.5) million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2020, the Company recorded stock-based compensation expense of $5.4 million. Of the $5.4 million recorded in 2020, $7.9 million of expense was recorded in engineering, selling, and administrative expense and $(2.5) million of income was recorded in restructuring expense in the Condensed Consolidated Statement of Operations. Income recorded in restructuring expense in 2020 was primarily related to the forfeiture of grants associated with employee separation agreements.

No options to acquire shares of common stock were granted to employees during the three months ended September 30, 2021 and 2020. Options to acquire zero and 250,432 shares of common stock were granted to employees during the nine months ended September 30, 2021 and 2020, respectively. The options granted become exercisable in three annual increments over a three-year period beginning on the grant date and expire 10 years subsequent to the grant date.

During the three months ended September 30, 2021 and 2020, 22,581 and zero restricted stock units were granted to employees, respectively. A total of 340,305 and 305,519 restricted stock units, respectively, were granted to employees during the nine months ended September 30, 2021 and 2020. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date.

During the three months ended September 30, 2021 and 2020, no performance shares were granted to employees. During the nine months ended September 30, 2021 and 2020, 203,697 and 328,310 performance shares were granted to employees, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance share granted in 2021 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40% on non-new machines sales as of the year ended December 31, 2023. The 2021 performance share include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. The performance goals for the performance shares granted in 2020 are based 100% on the 3-year average of the Company’s adjusted EBITDA percentage from continuing operations from 2020 to 2022 with a +/-20% modifier based on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

No equity compensation awards were granted to non-employee directors during the three months ended September 30, 2021 and 2020. A total of 56,672 and 77,608 equity compensation awards were granted to non-employee directors during the nine months ended September 30, 2021 and 2020, respectively. The 2021 and 2020 equity compensation awards vested immediately upon issuance at the grant date.
v3.21.2
Segments
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segments

18. Segments

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

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas operating segment includes the North America and South America continents. The EURAF operating segment includes Europe and Africa continents, excluding the Middle East region. The MEAP operating segment includes the Asia and Australia continents and the Middle East region. The results of the acquired Aspen business are included in the Americas segment.

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

The following table shows information by reportable segment for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

190.6

 

 

$

150.7

 

 

$

516.0

 

 

$

456.5

 

EURAF

 

 

150.0

 

 

 

154.7

 

 

 

485.3

 

 

 

413.1

 

MEAP

 

 

63.9

 

 

 

50.2

 

 

 

221.1

 

 

 

143.5

 

Total

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 

Segment Operating
   Income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

15.3

 

 

$

7.5

 

 

$

44.2

 

 

$

21.4

 

EURAF

 

 

(5.4

)

 

 

7.3

 

 

 

6.6

 

 

 

2.5

 

MEAP

 

 

6.5

 

 

 

7.8

 

 

 

23.1

 

 

 

20.7

 

Total

 

$

16.4

 

 

$

22.6

 

 

$

73.9

 

 

$

44.6

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

3.6

 

 

$

3.8

 

 

$

10.9

 

 

$

11.8

 

EURAF

 

 

4.9

 

 

 

4.1

 

 

 

14.8

 

 

 

11.8

 

MEAP

 

 

0.6

 

 

 

0.5

 

 

 

1.6

 

 

 

1.5

 

Corporate

 

 

0.7

 

 

 

0.8

 

 

 

2.2

 

 

 

2.2

 

Total

 

$

9.8

 

 

$

9.2

 

 

$

29.5

 

 

$

27.3

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

2.9

 

 

$

0.9

 

 

$

5.8

 

 

$

2.4

 

EURAF

 

 

3.7

 

 

 

5.6

 

 

 

15.4

 

 

 

12.0

 

MEAP

 

 

0.3

 

 

 

0.8

 

 

 

1.0

 

 

 

0.9

 

Corporate

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Total

 

$

6.9

 

 

$

7.3

 

 

$

22.3

 

 

$

15.3

 

 

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Segment operating income

 

$

16.4

 

 

$

22.6

 

 

$

73.9

 

 

$

44.6

 

Unallocated corporate expenses

 

 

(9.1

)

 

 

(7.2

)

 

 

(29.2

)

 

 

(25.1

)

Unallocated restructuring
   expense

 

 

—

 

 

 

(3.7

)

 

 

—

 

 

 

(3.7

)

Total operating income

 

$

7.3

 

 

$

11.7

 

 

$

44.7

 

 

$

15.8

 

Net sales by geographic area for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

United States

 

$

158.7

 

 

$

135.2

 

 

$

445.2

 

 

$

411.4

 

Europe

 

 

147.4

 

 

 

150.8

 

 

 

472.3

 

 

 

403.8

 

Other

 

 

98.4

 

 

 

69.6

 

 

 

304.9

 

 

 

197.9

 

Total net sales

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 

 

Net sales by product for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

New equipment sales

 

$

304.2

 

 

$

260.2

 

 

$

898.6

 

 

$

737.9

 

Used equipment sales,
   aftermarket parts and
   other sales*

 

 

100.3

 

 

 

95.4

 

 

 

323.8

 

 

 

275.2

 

Total net sales

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 

*Other sales consist of miscellaneous services such as training and field service work.
v3.21.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

19. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter.

As of September 30, 2021, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of September 30, 2021, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims for cranes manufactured in the United States.

Product liability reserves, including asbestos related claims, recorded within other liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 were $10.2 million and $9.2 million, respectively. These reserves were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the current reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

As of September 30, 2021 and December 31, 2020, the Company had reserves of $57.1 million and $63.2 million, respectively, for warranty and other related claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve legal matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 20, “Guarantees,” for further information.

It is reasonably possible that the estimates for warranty costs, product liability, asbestos-related claims and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. The ultimate resolution of these matters, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The Company is engaged in confidential discussions with the United States government concerning the Company’s participation in the Environmental Protection Agency’s Transition Program for Equipment Manufacturers (the “TPEM” program) and related matters. It is too early in the process to reasonably estimate the fines or penalties to which the Company may be subject to as a result of this matter. Resolution of this matter may have a material impact on the Company’s financial condition, results of operations or cash flows.
 

The Company is subject to risks and uncertainties as a result of a cybersecurity incident that occurred in June 2021. Due to the cybersecurity incident, the Company experienced delays and disruptions to its business during the quarter ended June 30, 2021. The Company has insurance for this matter with a self-insured retention of $100,000. Because the Company is unable at this time to reasonably estimate any insurance recoveries, all associated costs are being expensed as incurred.
v3.21.2
Guarantees
 9 Months Ended
Sep. 30, 2021
Guarantees [Abstract]  
Guarantees

20. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of September 30, 2021 was $33.6 million. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of December 31, 2020 was $35.9 million. The total amount of buyback commitments outstanding as of September 30, 2021 and December 31, 2020 was $35.2 million and $31.7 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2031. The Company also has various loss guarantees with maximum liabilities of $15.7 million and $31.8 million as of September 30, 2021 and December 31, 2020, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. If a product fails to comply with the Company’s warranty, the Company may be obligated, at its expense, to correct any defect by repairing or replacing such defective products. The Company provides for an estimate of costs that may be incurred under its standard warranty period at the time product revenue is recognized. These costs primarily include labor and materials, as necessary, associated with repair or replacement. The primary factors that affect the Company’s warranty liability include the number of units shipped and historical and anticipated warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of September 30, 2021 was $7.0 million. The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of December 31, 2020 was $6.2 million. Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

59.5

 

 

$

60.1

 

 

$

63.2

 

 

$

60.6

 

Accruals for warranties issued during the
   period

 

 

5.9

 

 

 

8.2

 

 

 

19.3

 

 

 

24.3

 

Settlements made (in cash or in kind)
   during the period

 

 

(7.9

)

 

 

(9.6

)

 

 

(24.1

)

 

 

(26.2

)

Currency translation

 

 

(0.4

)

 

 

1.1

 

 

 

(1.3

)

 

 

1.1

 

Balance at end of period

 

$

57.1

 

 

$

59.8

 

 

$

57.1

 

 

$

59.8

 

 

Included in the warranty balance as of September 30, 2021 and December 31, 2020 is $11.7 million and $13.0 million, respectively, of long-term warranty which is recorded in other noncurrent liabilities on the Condensed Consolidated Balance Sheets.
v3.21.2
Restructuring
 9 Months Ended
Sep. 30, 2021
Restructuring And Related Activities [Abstract]  
Restructuring

21. Restructuring

During the three months ended September 30, 2021 and 2020, the Company recorded $(0.4) million and $3.9 million of restructuring (income) expense, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded $(0.5) million of restructuring income and $5.6 million of restructuring expense, respectively. Restructuring income for the three months ended September 30, 2021 primarily related to the sale of Brazilian tax credits. Restructuring income for the nine months ended September 30, 2021 primarily related to adjustments of previously recorded costs associated with headcount reductions in Europe and the sale of Brazilian tax credits. Restructuring expenses for the three months ended September 30, 2020 related primarily to costs associated with headcount reductions in North America. Restructuring expenses for the nine months ended September 30, 2020 related primarily to costs associated with headcount reductions in Europe and North America.

The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

3.1

 

 

$

1.9

 

 

$

5.3

 

 

$

2.0

 

Restructuring (income) expenses*

 

 

(0.4

)

 

 

6.4

 

 

 

(0.5

)

 

 

8.1

 

Use of reserve

 

 

(0.3

)

 

 

(2.1

)

 

 

(2.6

)

 

 

(3.9

)

Currency translation

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Balance at end of period

 

$

2.4

 

 

$

6.2

 

 

$

2.4

 

 

$

6.2

 

 

*Restructuring expense within the 2020 rollforward excludes income recorded related to the forfeiture of equity compensation awards associated with employee separation agreements which was recorded directly to restructuring expense in the Condensed Consolidated Statement of Operations and, therefore, did not impact the restructuring accrual.  
v3.21.2
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

22. Employee Benefit Plans

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

In March 2021, the Company applied provisions from the American Rescue Plan Act of 2021 (the “Act”) that changed the interest rates used to calculate the U.S. pension plans funded status. The Company elected to apply the new interest rates in the Act retroactively to 2020, which has resulted in no required minimum contributions to the U.S. pension plan for 2021.

The components of periodic benefit cost for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended September 30, 2021

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

Postretirement

 

 

 

 

 

 

 

 

Postretirement

 

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

 

Pension

 

 

Pension

 

 

Other

 

 

Pension

 

 

Pension

 

 

Other

 

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

Service cost - benefits earned during the period

 

$

—

 

 

$

0.5

 

 

$

—

 

 

$

—

 

 

$

0.5

 

 

$

—

 

Interest cost of projected benefit obligations

 

 

0.8

 

 

 

0.4

 

 

 

—

 

 

 

1.0

 

 

 

0.4

 

 

 

0.1

 

Expected return on plan assets

 

 

(1.2

)

 

 

(0.3

)

 

 

—

 

 

 

(1.3

)

 

 

(0.3

)

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(0.7

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

Amortization of actuarial net loss

 

 

0.8

 

 

 

0.4

 

 

 

—

 

 

 

0.8

 

 

 

0.4

 

 

 

—

 

Net periodic benefit cost

 

$

0.4

 

 

$

1.0

 

 

$

(0.7

)

 

$

0.5

 

 

$

1.0

 

 

$

(0.5

)

 

 

 

Nine Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

Postretirement

 

 

 

 

 

 

 

 

Postretirement

 

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

 

Pension

 

 

Pension

 

 

Other

 

 

Pension

 

 

Pension

 

 

Other

 

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

Service cost - benefits earned during the period

 

$

—

 

 

$

1.7

 

 

$

0.1

 

 

$

—

 

 

$

1.5

 

 

$

0.1

 

Interest cost of projected benefit obligations

 

 

2.2

 

 

 

1.0

 

 

 

0.1

 

 

 

3.0

 

 

 

1.2

 

 

 

0.3

 

Expected return on plan assets

 

 

(3.6

)

 

 

(0.8

)

 

 

—

 

 

 

(3.9

)

 

 

(0.7

)

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(2.1

)

 

 

—

 

 

 

—

 

 

 

(2.0

)

Amortization of actuarial net loss

 

 

2.4

 

 

 

1.4

 

 

 

(0.2

)

 

 

2.2

 

 

 

1.2

 

 

 

—

 

Net periodic benefit cost

 

$

1.0

 

 

$

3.3

 

 

$

(2.1

)

 

$

1.3

 

 

$

3.2

 

 

$

(1.6

)

 

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

v3.21.2
Subsequent Event
 9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

23. Subsequent Event

On October 1, 2021, the Company completed the acquisition of substantially all of the assets and liabilities of the crane business of H&E Equipment Services, Inc. (“H&E”) for a preliminary purchase price of $130.0 million. The purchase price is subject to customary adjustments for, among other things, finalization of net working capital and other transaction adjustments. The acquisition was funded from existing cash resources, including the use of the ABL revolver of which $100.0 million was outstanding as of September 30, 2021. The H&E's crane business will operate with eleven full-service branch locations under the Company's new wholly owned subsidiary, MGX Equipment Services, LLC ("MGX") and will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end market customers. MGX will be reported in the Americas segment.
v3.21.2
Recent Accounting Changes and Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2021
Recent Accounting Changes And Pronouncements [Abstract]  
Recent Accounting Changes and Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (Topic 740).” The amendments in this ASU simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-02 did not have a material impact on the Company’s consolidated financial statements. 
v3.21.2
Net Sales (Tables)
 9 Months Ended
Sep. 30, 2021
Revenue From Contract With Customer [Abstract]  
Schedule of Change In Customer Advances Balance The table below shows the change in the customer advances balance for the three and nine months ended September 30, 2021 and 2020.

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

21.0

 

 

$

15.8

 

 

$

25.5

 

 

$

25.8

 

Cash received in advance of satisfying
   performance obligations

 

 

33.9

 

 

 

26.9

 

 

 

93.7

 

 

 

71.7

 

Revenue recognized

 

 

(27.1

)

 

 

(19.8

)

 

 

(91.3

)

 

 

(73.9

)

Currency translation

 

 

(0.2

)

 

 

0.2

 

 

 

(0.3

)

 

 

(0.5

)

Balance at end of period

 

$

27.6

 

 

$

23.1

 

 

$

27.6

 

 

$

23.1

 
v3.21.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of September 30, 2021 and December 31, 2020.

 

 

 

Fair Value as of September 30, 2021

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

FX Forward Contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

 Other current assets

FX Forward Contracts

 

 

—

 

 

 

1.1

 

 

 

—

 

 

 

1.1

 

 

 Accounts payable and
   accrued expenses

 

 

 

Fair Value as of December 31, 2020

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

FX Forward Contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 Other current assets

FX Forward Contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 Accounts payable and
   accrued expenses

v3.21.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Foreign Currency Exchange Contracts  
Derivative Instruments Gain Loss [Line Items]  
Summary of Gains or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts

The net gains (losses) recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2021 and September 30, 2020 are summarized as follows:

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

Recognized Location

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Designated

 

 Cost of sales

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

Non-designated

 

 Other income (expense) - net

 

$

—

 

 

$

0.1

 

 

$

(0.4

)

 

$

0.5

 
v3.21.2
Inventories (Tables)
 9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Schedule of the components of inventories

The components of inventories as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Raw materials

 

$

170.3

 

 

$

114.9

 

Work-in-process

 

 

152.8

 

 

 

105.5

 

Finished goods

 

 

299.0

 

 

 

305.8

 

Total inventories

 

 

622.1

 

 

 

526.2

 

Excess and obsolete inventory reserve

 

 

(54.9

)

 

 

(53.1

)

Inventories — net

 

$

567.2

 

 

$

473.1

 
v3.21.2
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2021
Property Plant And Equipment [Abstract]  
Components of Property, Plant and Equipment

The components of property, plant and equipment as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Land

 

$

19.6

 

 

$

20.3

 

Building and improvements

 

 

200.4

 

 

 

203.7

 

Machinery, equipment and tooling

 

 

293.6

 

 

 

292.6

 

Furniture and fixtures

 

 

15.1

 

 

 

21.0

 

Computer hardware and software

 

 

125.7

 

 

 

119.3

 

Rental cranes

 

 

94.4

 

 

 

90.2

 

Construction in progress

 

 

13.8

 

 

 

9.0

 

Total cost

 

 

762.6

 

 

 

756.1

 

Less accumulated depreciation

 

 

(460.8

)

 

 

(461.8

)

Property, plant and equipment — net

 

$

301.8

 

 

$

294.3

 
v3.21.2
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Changes in goodwill by reportable segment

The changes in the carrying amount of goodwill as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

Americas

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2020

 

$

166.5

 

 

$

66.0

 

 

$

232.5

 

Foreign currency impact

 

 

—

 

 

 

2.6

 

 

 

2.6

 

Balance as of December 31, 2020

 

 

166.5

 

 

 

68.6

 

 

 

235.1

 

Foreign currency impact

 

 

—

 

 

 

(0.9

)

 

 

(0.9

)

Acquisition of business

 

 

5.5

 

 

 

—

 

 

 

5.5

 

Balance as of September 30, 2021

 

$

172.0

 

 

$

67.7

 

 

$

239.7

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

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Book
Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

12.2

 

 

$

(8.7

)

 

$

3.5

 

 

$

9.9

 

 

$

(8.6

)

 

$

1.3

 

Patents

 

 

30.0

 

 

 

(29.4

)

 

 

0.6

 

 

 

31.0

 

 

 

(30.3

)

 

 

0.7

 

Other intangibles

 

 

2.5

 

 

 

(0.5

)

 

 

2.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

44.7

 

 

 

(38.6

)

 

 

6.1

 

 

 

40.9

 

 

 

(38.9

)

 

 

2.0

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

99.1

 

 

 

—

 

 

 

99.1

 

 

 

100.0

 

 

 

—

 

 

 

100.0

 

Distribution network

 

 

19.0

 

 

 

—

 

 

 

19.0

 

 

 

19.6

 

 

 

—

 

 

 

19.6

 

Total

 

 

118.1

 

 

 

—

 

 

 

118.1

 

 

 

119.6

 

 

 

—

 

 

 

119.6

 

Total other intangible assets

 

$

162.8

 

 

$

(38.6

)

 

$

124.2

 

 

$

160.5

 

 

$

(38.9

)

 

$

121.6

 
v3.21.2
Accounts Payable and Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2021
Payables And Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Trade accounts payable

 

$

250.2

 

 

$

178.1

 

Employee-related expenses

 

 

54.1

 

 

 

38.5

 

Accrued vacation

 

 

23.1

 

 

 

22.4

 

Miscellaneous accrued expenses

 

 

96.8

 

 

 

90.4

 

Total accounts payable and accrued expenses

 

$

424.2

 

 

$

329.4

 
v3.21.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of outstanding debt

Outstanding debt as of September 30, 2021 and December 31, 2020 are summarized as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Borrowings under senior secured asset based revolving
   credit facility

 

$

100.0

 

 

$

—

 

Senior secured second lien notes due 2026

 

 

300.0

 

 

 

300.0

 

Other

 

 

11.6

 

 

 

14.7

 

Deferred financing costs

 

 

(3.3

)

 

 

(3.8

)

Total debt

 

 

408.3

 

 

 

310.9

 

Short-term borrowings and current portion of long-term
   debt

 

 

(8.4

)

 

 

(10.5

)

Long-term debt

 

$

399.9

 

 

$

300.4

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

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

 

Average quarterly availability

Alternative base rate spread

Eurodollar and overnight LIBOR spread

≥ 50% of Aggregate Commitment

0.25%

1.25%

< 50% of Aggregate Commitment

0.50%

1.50%
v3.21.2
Net Income (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share

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

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic weighted average common shares outstanding

 

 

35,029,175

 

 

 

34,538,814

 

 

 

34,914,989

 

 

 

34,730,623

 

Effect of dilutive securities - stock awards

 

 

—

 

 

 

—

 

 

 

640,088

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

35,029,175

 

 

 

34,538,814

 

 

 

35,555,077

 

 

 

34,730,623

 
v3.21.2
Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income (Loss)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Gains and Losses on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign Currency
Translation

 

 

Total

 

Balance as of June 30, 2020

 

$

0.1

 

 

$

(38.1

)

 

$

(86.1

)

 

$

(124.1

)

Other comprehensive income (loss) before
   reclassifications

 

 

—

 

 

 

(1.1

)

 

 

15.5

 

 

 

14.4

 

Amounts reclassified from accumulated other
   comprehensive income

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Net other comprehensive income (loss)

 

 

—

 

 

 

(0.5

)

 

 

15.5

 

 

 

15.0

 

Balance as of September 30, 2020

 

$

0.1

 

 

$

(38.6

)

 

$

(70.6

)

 

$

(109.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

$

(0.2

)

 

$

(49.7

)

 

$

(59.6

)

 

$

(109.5

)

Other comprehensive loss before
   reclassifications

 

 

(0.8

)

 

 

(0.8

)

 

 

(8.3

)

 

 

(9.9

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

0.3

 

 

 

0.5

 

 

 

—

 

 

 

0.8

 

Net other comprehensive loss

 

 

(0.5

)

 

 

(0.3

)

 

 

(8.3

)

 

 

(9.1

)

Balance as of September 30, 2021

 

$

(0.7

)

 

$

(50.0

)

 

$

(67.9

)

 

$

(118.6

)

 

 

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Gains and Losses on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign Currency
Translation

 

 

Total

 

Balance as of December 31, 2019

 

$

—

 

 

$

(39.9

)

 

$

(81.1

)

 

$

(121.0

)

Other comprehensive income (loss) before
   reclassifications

 

 

(0.2

)

 

 

(0.1

)

 

 

10.5

 

 

 

10.2

 

Amounts reclassified from accumulated
   other comprehensive income

 

 

0.3

 

 

 

1.4

 

 

 

—

 

 

 

1.7

 

Net other comprehensive income

 

 

0.1

 

 

 

1.3

 

 

 

10.5

 

 

 

11.9

 

Balance as of September 30, 2020

 

$

0.1

 

 

$

(38.6

)

 

$

(70.6

)

 

$

(109.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

$

—

 

 

$

(47.9

)

 

$

(49.6

)

 

$

(97.5

)

Other comprehensive loss before
   reclassifications

 

 

(0.9

)

 

 

(3.6

)

 

 

(18.3

)

 

 

(22.8

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

0.2

 

 

 

1.5

 

 

 

—

 

 

 

1.7

 

Net other comprehensive loss

 

 

(0.7

)

 

 

(2.1

)

 

 

(18.3

)

 

 

(21.1

)

Balance as of September 30, 2021

 

$

(0.7

)

 

$

(50.0

)

 

$

(67.9

)

 

$

(118.6

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

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Amount Reclassified from Accumulated Other
Comprehensive Loss

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Recognized
Location

Losses on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

 

 

Cost of sales

Total before income taxes

 

 

(0.3

)

 

 

—

 

 

 

(0.2

)

 

 

(0.3

)

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Total, net of income taxes

 

$

(0.3

)

 

$

—

 

 

$

(0.2

)

 

$

(0.3

)

 

 

 

Amortization of pension and
   postretirement items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(1.2

)

 

$

(1.2

)

 

$

(3.6

)

 

$

(3.4

)

(a)

 

Other income (expense) - net

Amortization of prior service cost

 

 

0.7

 

 

 

0.6

 

 

 

2.1

 

 

 

2.0

 

(a)

 

Other income (expense) - net

Total before income taxes

 

 

(0.5

)

 

 

(0.6

)

 

 

(1.5

)

 

 

(1.4

)

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Total, net of income taxes

 

$

(0.5

)

 

$

(0.6

)

 

$

(1.5

)

 

$

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period,
   net of income taxes

 

$

(0.8

)

 

$

(0.6

)

 

$

(1.7

)

 

$

(1.7

)

 

 

 

 

(a)
These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details). 
v3.21.2
Segments (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

190.6

 

 

$

150.7

 

 

$

516.0

 

 

$

456.5

 

EURAF

 

 

150.0

 

 

 

154.7

 

 

 

485.3

 

 

 

413.1

 

MEAP

 

 

63.9

 

 

 

50.2

 

 

 

221.1

 

 

 

143.5

 

Total

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 

Segment Operating
   Income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

15.3

 

 

$

7.5

 

 

$

44.2

 

 

$

21.4

 

EURAF

 

 

(5.4

)

 

 

7.3

 

 

 

6.6

 

 

 

2.5

 

MEAP

 

 

6.5

 

 

 

7.8

 

 

 

23.1

 

 

 

20.7

 

Total

 

$

16.4

 

 

$

22.6

 

 

$

73.9

 

 

$

44.6

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

3.6

 

 

$

3.8

 

 

$

10.9

 

 

$

11.8

 

EURAF

 

 

4.9

 

 

 

4.1

 

 

 

14.8

 

 

 

11.8

 

MEAP

 

 

0.6

 

 

 

0.5

 

 

 

1.6

 

 

 

1.5

 

Corporate

 

 

0.7

 

 

 

0.8

 

 

 

2.2

 

 

 

2.2

 

Total

 

$

9.8

 

 

$

9.2

 

 

$

29.5

 

 

$

27.3

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

2.9

 

 

$

0.9

 

 

$

5.8

 

 

$

2.4

 

EURAF

 

 

3.7

 

 

 

5.6

 

 

 

15.4

 

 

 

12.0

 

MEAP

 

 

0.3

 

 

 

0.8

 

 

 

1.0

 

 

 

0.9

 

Corporate

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Total

 

$

6.9

 

 

$

7.3

 

 

$

22.3

 

 

$

15.3

 

 
Schedule of Reconciliation of the Company's Segment Operating Income

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Segment operating income

 

$

16.4

 

 

$

22.6

 

 

$

73.9

 

 

$

44.6

 

Unallocated corporate expenses

 

 

(9.1

)

 

 

(7.2

)

 

 

(29.2

)

 

 

(25.1

)

Unallocated restructuring
   expense

 

 

—

 

 

 

(3.7

)

 

 

—

 

 

 

(3.7

)

Total operating income

 

$

7.3

 

 

$

11.7

 

 

$

44.7

 

 

$

15.8

 
Schedule of Net Sales by Geographic Area

Net sales by geographic area for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

United States

 

$

158.7

 

 

$

135.2

 

 

$

445.2

 

 

$

411.4

 

Europe

 

 

147.4

 

 

 

150.8

 

 

 

472.3

 

 

 

403.8

 

Other

 

 

98.4

 

 

 

69.6

 

 

 

304.9

 

 

 

197.9

 

Total net sales

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 
Schedule of Net Sales By Product

Net sales by product for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

New equipment sales

 

$

304.2

 

 

$

260.2

 

 

$

898.6

 

 

$

737.9

 

Used equipment sales,
   aftermarket parts and
   other sales*

 

 

100.3

 

 

 

95.4

 

 

 

323.8

 

 

 

275.2

 

Total net sales

 

$

404.5

 

 

$

355.6

 

 

$

1,222.4

 

 

$

1,013.1

 

*Other sales consist of miscellaneous services such as training and field service work.
v3.21.2
Guarantees (Tables)
 9 Months Ended
Sep. 30, 2021
Guarantees [Abstract]  
Summary of Warranty Activity Below is a table summarizing the warranty activity for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

59.5

 

 

$

60.1

 

 

$

63.2

 

 

$

60.6

 

Accruals for warranties issued during the
   period

 

 

5.9

 

 

 

8.2

 

 

 

19.3

 

 

 

24.3

 

Settlements made (in cash or in kind)
   during the period

 

 

(7.9

)

 

 

(9.6

)

 

 

(24.1

)

 

 

(26.2

)

Currency translation

 

 

(0.4

)

 

 

1.1

 

 

 

(1.3

)

 

 

1.1

 

Balance at end of period

 

$

57.1

 

 

$

59.8

 

 

$

57.1

 

 

$

59.8

 

 
v3.21.2
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2021
Restructuring And Related Activities [Abstract]  
Rollforward of all restructuring accrual

The following is a rollforward of the Company's restructuring accrual, which is included within accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2021 and 2020:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

3.1

 

 

$

1.9

 

 

$

5.3

 

 

$

2.0

 

Restructuring (income) expenses*

 

 

(0.4

)

 

 

6.4

 

 

 

(0.5

)

 

 

8.1

 

Use of reserve

 

 

(0.3

)

 

 

(2.1

)

 

 

(2.6

)

 

 

(3.9

)

Currency translation

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Balance at end of period

 

$

2.4

 

 

$

6.2

 

 

$

2.4

 

 

$

6.2

 

 

*Restructuring expense within the 2020 rollforward excludes income recorded related to the forfeiture of equity compensation awards associated with employee separation agreements which was recorded directly to restructuring expense in the Condensed Consolidated Statement of Operations and, therefore, did not impact the restructuring accrual.  
v3.21.2
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
Schedule of components of period benefit costs

The components of periodic benefit cost for the three and nine months ended September 30, 2021 and 2020 are summarized as follows:

 

 

 

Three Months Ended September 30, 2021

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

Postretirement

 

 

 

 

 

 

 

 

Postretirement

 

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

 

Pension

 

 

Pension

 

 

Other

 

 

Pension

 

 

Pension

 

 

Other

 

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

Service cost - benefits earned during the period

 

$

—

 

 

$

0.5

 

 

$

—

 

 

$

—

 

 

$

0.5

 

 

$

—

 

Interest cost of projected benefit obligations

 

 

0.8

 

 

 

0.4

 

 

 

—

 

 

 

1.0

 

 

 

0.4

 

 

 

0.1

 

Expected return on plan assets

 

 

(1.2

)

 

 

(0.3

)

 

 

—

 

 

 

(1.3

)

 

 

(0.3

)

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(0.7

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

Amortization of actuarial net loss

 

 

0.8

 

 

 

0.4

 

 

 

—

 

 

 

0.8

 

 

 

0.4

 

 

 

—

 

Net periodic benefit cost

 

$

0.4

 

 

$

1.0

 

 

$

(0.7

)

 

$

0.5

 

 

$

1.0

 

 

$

(0.5

)

 

 

 

Nine Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

Postretirement

 

 

 

 

 

 

 

 

Postretirement

 

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

U.S.

 

 

Non-U.S.

 

 

Health and

 

 

 

Pension

 

 

Pension

 

 

Other

 

 

Pension

 

 

Pension

 

 

Other

 

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

 

Plans

 

Service cost - benefits earned during the period

 

$

—

 

 

$

1.7

 

 

$

0.1

 

 

$

—

 

 

$

1.5

 

 

$

0.1

 

Interest cost of projected benefit obligations

 

 

2.2

 

 

 

1.0

 

 

 

0.1

 

 

 

3.0

 

 

 

1.2

 

 

 

0.3

 

Expected return on plan assets

 

 

(3.6

)

 

 

(0.8

)

 

 

—

 

 

 

(3.9

)

 

 

(0.7

)

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(2.1

)

 

 

—

 

 

 

—

 

 

 

(2.0

)

Amortization of actuarial net loss

 

 

2.4

 

 

 

1.4

 

 

 

(0.2

)

 

 

2.2

 

 

 

1.2

 

 

 

—

 

Net periodic benefit cost

 

$

1.0

 

 

$

3.3

 

 

$

(2.1

)

 

$

1.3

 

 

$

3.2

 

 

$

(1.6

)
v3.21.2
Basis of Presentation - Narrative (Details)
 9 Months Ended
Sep. 30, 2021
Segment
Jun. 30, 2020
Crane
Accounting Policies [Abstract]    
Number of cranes serviced | Crane   152,000
Number of reportable segments | Segment 3  
v3.21.2
Net Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue From Contract With Customer [Abstract]        
Balance at beginning of period $ 21.0 $ 15.8 $ 25.5 $ 25.8
Cash received in advance of satisfying performance obligations 33.9 26.9 93.7 71.7
Revenue recognized (27.1) (19.8) (91.3) (73.9)
Currency translation (0.2) 0.2 (0.3) (0.5)
Balance at end of period $ 27.6 $ 23.1 $ 27.6 $ 23.1
v3.21.2
Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair Value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - Foreign Currency Exchange Contracts
$ in Millions
Sep. 30, 2021
USD ($)
Other Current Assets  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivatives assets, current $ 0.1
Accounts Payable and Accrued Expenses  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivative liabilities, current 1.1
Level 2 | Other Current Assets  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivatives assets, current 0.1
Level 2 | Accounts Payable and Accrued Expenses  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Derivative liabilities, current $ 1.1
v3.21.2
Fair Value of Financial Instruments - Narrative (Details) - Senior Notes Due 2026 - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Mar. 25, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Debt instruments at fair value $ 321.6  
Interest rate, stated percentage (as a percent) 9.00% 9.00%
Debt instrument maturity date Apr. 01, 2026  
v3.21.2
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Derivatives Fair Value [Line Items]    
Unrealized gain (losses) net of income tax $ (0.5) $ 0.0
Foreign Exchange Forward    
Derivatives Fair Value [Line Items]    
Derivative, notional amount $ 66.8 9.3
Derivative remaining maturity period 1 year  
Derivative net current liability $ 1.0 $ 0.0
v3.21.2
Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Designated | Cost of Sales        
Derivative Instruments Gain Loss [Line Items]        
Gains (loss) on foreign currency exchange contracts $ (0.3)   $ (0.2) $ 0.3
Non-Designated | Other Income (Expense) - Net        
Derivative Instruments Gain Loss [Line Items]        
Gains (loss) on foreign currency exchange contracts   $ 0.1 $ (0.4) $ 0.5
v3.21.2
Inventories - Components of Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 170.3 $ 114.9
Work-in-process 152.8 105.5
Finished goods 299.0 305.8
Total inventories 622.1 526.2
Excess and obsolete inventory reserve (54.9) (53.1)
Inventories — net $ 567.2 $ 473.1
v3.21.2
Notes Receivable - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Receivables [Abstract]    
Notes receivable, current $ 17.6 $ 13.6
Notes receivable, long term 6.2 $ 12.7
Reserve for the remaining net value of the note $ 3.6  
v3.21.2
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment    
Total cost $ 762.6 $ 756.1
Less accumulated depreciation (460.8) (461.8)
Property, plant and equipment — net 301.8 294.3
Land    
Property, Plant and Equipment    
Total cost 19.6 20.3
Building and Improvements    
Property, Plant and Equipment    
Total cost 200.4 203.7
Machinery, Equipment and Tooling    
Property, Plant and Equipment    
Total cost 293.6 292.6
Furniture and Fixtures    
Property, Plant and Equipment    
Total cost 15.1 21.0
Computer Hardware and Software    
Property, Plant and Equipment    
Total cost 125.7 119.3
Rental Cranes    
Property, Plant and Equipment    
Total cost 94.4 90.2
Construction in Progress    
Property, Plant and Equipment    
Total cost $ 13.8 $ 9.0
v3.21.2
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Property, Plant and Equipment        
Asset impairment expense $ 1.9 $ 1.9  
Other Current Assets        
Property, Plant and Equipment        
Assets held for sale $ 3.1 $ 3.1   $ 3.3
v3.21.2
Business Combinations (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 01, 2021
Sep. 30, 2021
Sep. 30, 2021
Business Acquisition [Line Items]      
Goodwill Amount Included In Purchase Price     $ 5.5
Aspen      
Business Acquisition [Line Items]      
Business acquisition purchase price $ 50.9    
Goodwill Amount Included In Purchase Price   $ 5.5  
Intangible asset acquired   $ 7.1  
Aspen | ASC 805      
Business Acquisition [Line Items]      
Net Working Capital Amount Included In Purchase Price 14.1    
Property, Plant and Equipment Amount Included In Purchase Price 4.7    
Rental Fleet Amount Included In Purchase Price 19.5    
Goodwill Amount Included In Purchase Price 5.5    
Intangible Assets Amount Included In Purchase Price 7.1    
Purchase Price Provisional $ 50.9    
v3.21.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Goodwill [Line Items]          
Goodwill and intangible asset impairment   $ 0.0   $ 0.0  
Acquisition of business       5.5  
Amortization of intangible assets $ 0.5   $ 0.0 $ 0.7 $ 0.2
Aspen          
Goodwill [Line Items]          
Acquisition of business 5.5        
Intangible asset acquired $ 7.1        
v3.21.2
Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Goodwill    
Balance at the beginning of the period $ 235.1 $ 232.5
Foreign currency impact (0.9) 2.6
Acquisition of business 5.5  
Balance at the end of the period 239.7 235.1
Americas    
Goodwill    
Balance at the beginning of the period 166.5 166.5
Acquisition of business 5.5  
Balance at the end of the period 172.0 166.5
Middle East and Asia Pacific ("MEAP")    
Goodwill    
Balance at the beginning of the period 68.6 66.0
Foreign currency impact (0.9) 2.6
Balance at the end of the period $ 67.7 $ 68.6
v3.21.2
Goodwill and Other Intangible Assets - Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Intangible asset balances by major asset class    
Indefinite-lived intangible assets, book value $ 124.2 $ 121.6
Intangible assets, gross (excluding goodwill) 162.8 160.5
Finite-lived intangible assets, amortization amount (38.6) (38.9)
Intangible assets, book value 124.2 121.6
Indefinite-lived Intangible Assets    
Intangible asset balances by major asset class    
Intangible assets, gross (excluding goodwill) 118.1 119.6
Intangible assets, book value 118.1 119.6
Indefinite-lived Intangible Assets | Distribution Network    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 19.0 19.6
Finite-lived intangible assets, book value 19.0 19.6
Indefinite-lived Intangible Assets | Trademarks and Tradenames    
Intangible asset balances by major asset class    
Indefinite-lived intangible assets, book value 99.1 100.0
Finite-Lived Intangible Assets    
Intangible asset balances by major asset class    
Intangible assets, gross (excluding goodwill) 44.7 40.9
Finite-lived intangible assets, amortization amount (38.6) (38.9)
Intangible assets, book value 6.1 2.0
Finite-Lived Intangible Assets | Customer Relationships    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 12.2 9.9
Finite-lived intangible assets, amortization amount (8.7) (8.6)
Finite-lived intangible assets, book value 3.5 1.3
Finite-Lived Intangible Assets | Patents    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 30.0 31.0
Finite-lived intangible assets, amortization amount (29.4) (30.3)
Finite-lived intangible assets, book value 0.6 $ 0.7
Finite-Lived Intangible Assets | Other Intangibles    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 2.5  
Finite-lived intangible assets, amortization amount (0.5)  
Finite-lived intangible assets, book value $ 2.0  
v3.21.2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Payables And Accruals [Abstract]    
Trade accounts payable $ 250.2 $ 178.1
Employee-related expenses 54.1 38.5
Accrued vacation 23.1 22.4
Miscellaneous accrued expenses 96.8 90.4
Total accounts payable and accrued expenses $ 424.2 $ 329.4
v3.21.2
Debt - Schedule of outstanding debt (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 408.3 $ 310.9
Deferred financing costs (3.3) (3.8)
Short-term borrowings and current portion of long-term debt (8.4) (10.5)
Long-term debt 399.9 300.4
ABL Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowings under senior secured asset based revolving credit facility 100.0 0.0
Senior Notes Due 2026    
Debt Instrument [Line Items]    
Total debt 300.0 300.0
Other    
Debt Instrument [Line Items]    
Total debt $ 11.6 $ 14.7
v3.21.2
Debt - Narrative (Details) - USD ($)
 9 Months Ended
Mar. 25, 2019
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Carrying amount   $ 408,300,000 $ 310,900,000
Period for which the entity will be able to comply with the financial covenants   12 months  
Senior Notes Due 2026      
Debt Instrument [Line Items]      
Face amount of debt $ 300,000,000.0    
Debt instrument interest rate 9.00% 9.00%  
Interest on the notes Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year.    
Carrying amount   $ 300,000,000.0 300,000,000.0
ABL Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity under revolving credit facility $ 275,000,000.0    
Line of credit outstanding   100,000,000.0 0
Excess capacity   123,600,000  
Line of credit borrowing capacity   $ 226,600,000  
ABL Revolving Credit Facility | LIBOR      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   1.25%  
ABL Revolving Credit Facility | Prime Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent)   0.25%  
ABL Revolving Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Debt term (in years) 5 years    
ABL Revolving Credit Facility | Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity under revolving credit facility $ 75,000,000.0    
Line of credit outstanding   $ 3,000,000.0  
ABL Revolving Credit Facility | Letter of Credit | German Borrowers      
Debt Instrument [Line Items]      
Maximum borrowing capacity under revolving credit facility $ 10,000,000.0    
Other      
Debt Instrument [Line Items]      
Carrying amount   $ 11,600,000 $ 14,700,000
Weighted average interest rate (as a percent)   3.50%  
v3.21.2
Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility
 9 Months Ended
Sep. 30, 2021
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.25%
Greater Than or Equal to 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.25%
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.50%
Less Than 50% of Aggregate Commitment | Eurodollar and Overnight LIBOR Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.50%
v3.21.2
Accounts Receivable Factoring - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2021
EUR (€)
Sep. 30, 2021
USD ($)
Transfers And Servicing [Abstract]      
Accounts receivable balance sold $ 48.1   $ 159.1
Proceeds from collection of receivables $ 48.1   159.1
Maximum availability under these programs   € 55.0 $ 35.0
v3.21.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Income Tax Disclosure [Abstract]          
Provision (benefit) for income taxes $ (0.9) $ 7.0 $ 7.3 $ 9.6  
Unrecognized tax benefits $ 20.0   $ 20.0   $ 20.1
v3.21.2
Net Income (Loss) Per Share - Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings Per Share [Abstract]        
Basic weighted average common shares outstanding (in shares) 35,029,175 34,538,814 34,914,989 34,730,623
Effect of dilutive securities - stock awards 0 0 640,088 0
Diluted weighted average common shares outstanding (in shares) 35,029,175 34,538,814 35,555,077 34,730,623
v3.21.2
Net Income (Loss) Per Share - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings Per Share [Abstract]        
Number of anti-dilutive shares excluded from diluted weighted average common shares outstanding     386,178  
Dividends $ 0 $ 0 $ 0 $ 0
v3.21.2
Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Class Of Stock [Line Items]    
Common stock, shares authorized (in shares) 75,000,000 75,000,000
Par value of common stock (in dollars per share) $ 0.01  
Preferred stock, shares authorized (in shares) 3,500,000 3,500,000
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0  
Stock repurchase program, remaining authorized amount $ 10.6  
Common Stock    
Class Of Stock [Line Items]    
Common stock repurchased, Value 10.6  
Maximum | Common Stock    
Class Of Stock [Line Items]    
Stock repurchase program, authorized amount $ 30.0  
v3.21.2
Equity - Reconciliation of accumulated other comprehensive loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Increase (Decrease) in Equity [Roll Forward]        
Beginning balance     $ 643.5  
Total other comprehensive income (loss), net of income tax $ (9.1) $ 15.0 (21.1) $ 11.9
Ending balance 649.0   649.0  
Gains and Losses on Cash Flow Hedges        
Increase (Decrease) in Equity [Roll Forward]        
Beginning balance (0.2) 0.1    
Other comprehensive income (loss) before reclassifications (0.8)   (0.9) (0.2)
Amounts reclassified from accumulated other comprehensive income (loss) 0.3   0.2 0.3
Total other comprehensive income (loss), net of income tax (0.5)   (0.7) 0.1
Ending balance (0.7) 0.1 (0.7) 0.1
Pension & Postretirement        
Increase (Decrease) in Equity [Roll Forward]        
Beginning balance (49.7) (38.1) (47.9) (39.9)
Other comprehensive income (loss) before reclassifications (0.8) (1.1) (3.6) (0.1)
Amounts reclassified from accumulated other comprehensive income (loss) 0.5 0.6 1.5 1.4
Total other comprehensive income (loss), net of income tax (0.3) (0.5) (2.1) 1.3
Ending balance (50.0) (38.6) (50.0) (38.6)
Foreign Currency Translation        
Increase (Decrease) in Equity [Roll Forward]        
Beginning balance (59.6) (86.1) (49.6) (81.1)
Other comprehensive income (loss) before reclassifications (8.3) 15.5 (18.3) 10.5
Total other comprehensive income (loss), net of income tax (8.3) 15.5 (18.3) 10.5
Ending balance (67.9) (70.6) (67.9) (70.6)
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Equity [Roll Forward]        
Beginning balance (109.5) (124.1) (97.5) (121.0)
Other comprehensive income (loss) before reclassifications (9.9) 14.4 (22.8) 10.2
Amounts reclassified from accumulated other comprehensive income (loss) 0.8 0.6 1.7 1.7
Total other comprehensive income (loss), net of income tax (9.1) 15.0 (21.1) 11.9
Ending balance $ (118.6) $ (109.1) $ (118.6) $ (109.1)
v3.21.2
Equity - Reconciliation of Reclassifications From Accumulated Other Comprehensive Income (Loss), Net of Income Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Cost of sales $ 335.5 $ 290.5 $ 994.6 $ 836.4
Total before income taxes (1.1) 6.6 21.9 (11.3)
Provision income tax 0.9 (7.0) (7.3) (9.6)
Net income (loss) 0.2 (0.4) 14.6 (20.9)
Other income (expense) - net (0.9) 2.6 (0.2) (4.3)
Provision (benefit) for income taxes (0.9) 7.0 7.3 9.6
Reclassification out of Accumulated Other Comprehensive Income        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Net income (loss) (0.8) (0.6) (1.7) (1.7)
Losses on cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Total before income taxes (0.3) (0.2) (0.3)
Net income (loss) (0.3) (0.2) (0.3)
Losses on cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Cost of sales 0.3 0.2 0.3
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Other income (expense) - net (1.2) (1.2) (3.6) (3.4)
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Other income (expense) - net 0.7 0.6 2.1 2.0
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income        
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]        
Total before income taxes (0.5) (0.6) (1.5) (1.4)
Net income (loss) $ (0.5) $ (0.6) $ (1.5) $ (1.4)
v3.21.2
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Stock-Based Compensation        
Share-based compensation, remaining shares available for issuance (in shares) 4,247,700   4,247,700  
Stock-based compensation expense (in dollars) $ 1.6 $ (0.5) $ 6.4 $ 5.4
Engineering, Selling and Administrative Expense        
Stock-Based Compensation        
Stock-based compensation expense (in dollars)   2.0   7.9
Restructuring Charges        
Stock-Based Compensation        
Stock-based compensation expense (in dollars)   $ 2.5   $ 2.5
Director        
Stock-Based Compensation        
Number of share options granted during the period (in shares) 0 0 56,672 77,608
Stock Options        
Stock-Based Compensation        
Number of share options granted during the period (in shares) 0 0 0 250,432
Stock Options | Options Granted in 2020        
Stock-Based Compensation        
Vesting period (in years)     3 years  
Expiration period (in years)     10 years  
Stock Options | Options Granted in 2019        
Stock-Based Compensation        
Vesting period (in years)       3 years
Expiration period (in years)       10 years
Restricted Stock Units        
Stock-Based Compensation        
Number of share options granted during the period (in shares) 22,581 0 340,305 305,519
Vesting period (in years)     3 years  
Performance Shares        
Stock-Based Compensation        
Number of share options granted during the period (in shares) 0 0 203,697 328,310
Vesting period (in years)     3 years  
2013 Omnibus Plan        
Stock-Based Compensation        
Share-based compensation, shares authorized (in shares) 7,477,395   7,477,395  
Performance Shares 2020 | Performance Shares        
Stock-Based Compensation        
Percentage of shares paid based on total shareholder return relative to defined peer group (as a percent)     60.00%  
Percentage of shares paid based on adjusted EBITDA (as a percent)     40.00%  
Performance period (in years)     3 years  
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group     20.00% 20.00%
Performance Shares 2019 | Performance Shares        
Stock-Based Compensation        
Percentage of shares paid based on total shareholder return relative to defined peer group (as a percent)     200.00% 200.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)       100.00%
Performance period (in years)     3 years 3 years
v3.21.2
Segments - Narrative (Details)
 9 Months Ended
Sep. 30, 2021
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.21.2
Segments - Schedule of Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting Information [Line Items]        
Net sales $ 404.5 $ 355.6 $ 1,222.4 $ 1,013.1
Operating income (loss) 7.3 11.7 44.7 15.8
Depreciation 9.8 9.2 29.5 27.3
Capital Expenditures 6.9 7.3 22.3 15.3
Operating income (loss)        
Segment Reporting Information [Line Items]        
Operating income (loss) 16.4 22.6 73.9 44.6
Operating income (loss) | Americas        
Segment Reporting Information [Line Items]        
Net sales 190.6 150.7 516.0 456.5
Operating income (loss) 15.3 7.5 44.2 21.4
Depreciation 3.6 3.8 10.9 11.8
Capital Expenditures 2.9 0.9 5.8 2.4
Operating income (loss) | EURAF        
Segment Reporting Information [Line Items]        
Net sales 150.0 154.7 485.3 413.1
Operating income (loss) (5.4) 7.3 6.6 2.5
Depreciation 4.9 4.1 14.8 11.8
Capital Expenditures 3.7 5.6 15.4 12.0
Operating income (loss) | Middle East and Asia Pacific ("MEAP")        
Segment Reporting Information [Line Items]        
Net sales 63.9 50.2 221.1 143.5
Operating income (loss) 6.5 7.8 23.1 20.7
Depreciation 0.6 0.5 1.6 1.5
Capital Expenditures 0.3 0.8 1.0 0.9
Corporate        
Segment Reporting Information [Line Items]        
Operating income (loss) (9.1) (7.2) (29.2) (25.1)
Depreciation 0.7 0.8 2.2 2.2
Capital Expenditures $ 0.1
v3.21.2
Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]        
Total operating income (loss) $ 7.3 $ 11.7 $ 44.7 $ 15.8
Restructuring        
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]        
Total operating income (loss) (3.7) (3.7)
Operating income (loss)        
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]        
Total operating income (loss) 16.4 22.6 73.9 44.6
Corporate        
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]        
Total operating income (loss) $ (9.1) $ (7.2) $ (29.2) $ (25.1)
v3.21.2
Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues from External Customers [Line Items]        
Net sales $ 404.5 $ 355.6 $ 1,222.4 $ 1,013.1
United States        
Revenues from External Customers [Line Items]        
Net sales 158.7 135.2 445.2 411.4
Europe        
Revenues from External Customers [Line Items]        
Net sales 147.4 150.8 472.3 403.8
Other        
Revenues from External Customers [Line Items]        
Net sales $ 98.4 $ 69.6 $ 304.9 $ 197.9
v3.21.2
Segments - Schedule of Net Sales By Product (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Product Information [Line Items]        
Total net sales $ 404.5 $ 355.6 $ 1,222.4 $ 1,013.1
New Equipment Sales [Member]        
Product Information [Line Items]        
Total net sales 304.2 260.2 898.6 737.9
Used Equipment Sales, Aftermarket Parts and Other Sales        
Product Information [Line Items]        
Total net sales [1] $ 100.3 $ 95.4 $ 323.8 $ 275.2
[1] Other sales consist of miscellaneous services such as training and field service work.
v3.21.2
Commitments and Contingencies - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Commitments And Contingencies [Line Items]    
Period over which product liability self-insurance retention levels have fluctuated (in years) 10 years  
Product liability reserves $ 10,200,000 $ 9,200,000
Warranty claims reserves 57,100,000 $ 63,200,000
Self-insured retention 100,000  
Maximum    
Commitments And Contingencies [Line Items]    
Product liability self-insurance maximum retention level for new occurrence $ 3,000,000.0  
v3.21.2
Guarantees - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Product Warranty Liability [Line Items]    
Revenue deferred related to buyback obligations included in other current and non-current liabilities $ 33.6 $ 35.9
Amount of residual value buyback commitments and given by the company 35.2 31.7
Amount of loss guarantees with maximum liabilities 15.7 31.8
Revenue deferred related to extended warranties included in other current and non-current liabilities $ 7.0 6.2
Standard product warranties, low end of range (in months) 12 months  
Standard product warranties, high end of range (in months) 60 months  
Other Noncurrent Liabilities    
Product Warranty Liability [Line Items]    
Revenue deferred related to extended warranties included in other current and non-current liabilities $ 11.7 $ 13.0
v3.21.2
Guarantees - Summary of Warranty Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Warranty activity        
Balance at beginning of period $ 59.5 $ 60.1 $ 63.2 $ 60.6
Accruals for warranties issued during the period 5.9 8.2 19.3 24.3
Settlements made (in cash or in kind) during the period (7.9) (9.6) (24.1) (26.2)
Currency translation (0.4) 1.1 (1.3) 1.1
Balance at end of period $ 57.1 $ 59.8 $ 57.1 $ 59.8
v3.21.2
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Restructuring And Related Activities [Abstract]        
Restructuring (income) expense $ (0.4) $ 3.9 $ (0.5) $ 5.6
v3.21.2
Restructuring - Rollforward of all restructuring accrual (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Rollforward of all restructuring accrual        
Balance at beginning of period $ 3.1 $ 1.9 $ 5.3 $ 2.0
Restructuring (income) expense (0.4) 3.9 (0.5) 5.6
Restructuring (income) expense   6.4   8.1
Use of reserve (0.3) (2.1) (2.6) (3.9)
Currency translation   (0.0) 0.2  
Balance at end of period $ 2.4 $ 6.2 $ 2.4 $ 6.2
v3.21.2
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Pension Plans | United States        
Defined Benefit Plan Disclosure [Line Items]        
Service cost - benefits earned during the period $ 0.0 $ 0.0 $ 0.0 $ 0.0
Interest cost of projected benefit obligations 0.8 1.0 2.2 3.0
Expected return on plan assets 1.2 1.3 3.6 3.9
Amortization of prior service cost 0.0 0.0 0.0 0.0
Amortization of actuarial net loss (0.8) (0.8) (2.4) (2.2)
Net periodic benefit cost 0.4 0.5 1.0 1.3
Pension Plans | Non-U.S. Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost - benefits earned during the period 0.5 0.5 1.7 1.5
Interest cost of projected benefit obligations 0.4 0.4 1.0 1.2
Expected return on plan assets (0.3) (0.3) (0.8) (0.7)
Amortization of prior service cost 0.0 0.0 0.0 0.0
Amortization of actuarial net loss 0.4 0.4 1.4 1.2
Net periodic benefit cost 1.0 1.0 3.3 3.2
Postretirement Health and Other Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost - benefits earned during the period 0.0 0.0 0.1 0.1
Interest cost of projected benefit obligations 0.0 0.1 0.1 0.3
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of prior service cost (0.7) (0.6) (2.1) (2.0)
Amortization of actuarial net loss 0.0 0.0 (0.2) 0.0
Net periodic benefit cost $ (0.7) $ (0.5) $ (2.1) $ (1.6)
v3.21.2
Subsequent Event - Narrative (Details) - H&E Equipment Services, Inc
$ in Millions
Oct. 01, 2021
USD ($)
Subsequent Event [Line Items]  
Acquisition Preliminary Purchase Price $ 130.0
Acquisition Reason and Description The H&E's crane business will operate with eleven full-service branch locations under the Company's new wholly owned subsidiary, MGX Equipment Services, LLC ("MGX") and will expand Manitowoc’s ability to provide new sales, used sales, aftermarket parts, service, and crane financing options to a variety of end market customers.
ABL revolver  
Subsequent Event [Line Items]  
Outstanding Amount of Acquisition Funded From Cash And Other Facility $ 100.0