MANITOWOC CO INC, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 28, 2024
Cover [Abstract]      
Entity Registrant Name The Manitowoc Company, Inc.    
Entity Central Index Key 0000061986    
Trading Symbol MTW    
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 389.2
Entity Shares Outstanding   35,134,245  
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity File Number 1-11978    
Entity Tax Identification Number 39-0448110    
Entity Address, Address Line One 11270 West Park Place    
Entity Address, Address Line Two Suite 1000    
Entity Address, City or Town Milwaukee    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 53224    
City Area Code 414    
Local Phone Number 760-4600    
Entity Incorporation, State or Country Code WI    
Title of 12(b) Security Common Stock, $.01 Par Value    
Security Exchange Name NYSE    
Entity Interactive Data Current Yes    
Document Annual Report true    
Document Transition Report false    
Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders, are incorporated by reference in Part III of this Annual Report on Form 10-K    
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Location Milwaukee, Wisconsin    
Auditor Firm ID 34    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of The Manitowoc Company, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15(a)(2) (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 21, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

    
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 2,178.0 $ 2,227.8 $ 2,032.5
Cost of sales 1,803.0 [1] 1,802.6 [1] 1,668.0
Gross profit 375.0 425.2 364.5
Operating costs and expenses:      
Engineering, selling and administrative expenses 315.7 328.3 281.0
Asset impairment expense 0.0 0.0 171.9
Amortization of intangible assets 2.9 3.2 3.1
Restructuring expense 4.6 1.3 1.5
Total operating costs and expenses 323.2 332.8 457.5
Operating income (loss) 51.8 92.4 (93.0)
Other income (expense):      
Interest expense (38.3) (33.9) (31.6)
Amortization of deferred financing fees (1.4) (1.3) (1.4)
Other income (expense) — net (0.4) (13.0) 5.8
Total other expense - net (40.1) (48.2) (27.2)
Income (loss) before income taxes 11.7 44.2 (120.2)
Provision (benefit) for income taxes (44.1) 5.0 3.4
Net income (loss) $ 55.8 $ 39.2 $ (123.6)
Per Share Data      
Basic income (loss) per common share $ 1.58 $ 1.12 $ (3.51)
Diluted income (loss) per share $ 1.56 $ 1.09 $ (3.51)
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 55.8 $ 39.2 $ (123.6)
Other comprehensive income (loss), net of income tax:      
Unrealized gain (loss) on derivatives, net of income tax benefit of $1.0, $0.0 and $0.0, respectively (3.0) (4.1) 5.4
Employee pension and postretirement benefit income, net of income tax (provision) benefit of $(1.3), $0.7 and $(1.1), respectively 2.6 5.0 17.0
Foreign currency translation adjustments, net of income tax (provision) benefit of $2.1, $0.1 and $(0.4), respectively (20.8) 20.6 (27.9)
Total other comprehensive income (loss), net of income tax (21.2) 21.5 (5.5)
Comprehensive income (loss) $ 34.6 $ 60.7 $ (129.1)
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Unrealized gain (loss) on derivatives, net of income tax benefit $ 1.0 $ 0.0 $ 0.0
Employee pension and postretirement benefit income, net of income tax (provision) benefit (1.3) 0.7 (1.1)
Foreign currency translation adjustments, net of income tax (provision) benefit $ 2.1 $ 0.1 $ (0.4)
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 48.0 $ 34.4
Accounts receivable, less allowances of $5.9 and $6.1, respectively 260.3 278.8
Inventories 609.4 666.5
Other current assets 41.2 53.3
Total current assets 958.9 1,033.0
Property, plant and equipment - net 346.2 366.1
Operating lease right-of-use assets 59.3 59.7
Goodwill 77.8 79.6
Intangible assets - net 118.5 125.6
Other non-current assets 99.3 42.7
Total assets 1,660.0 1,706.7
Current Liabilities:    
Accounts payable and accrued expenses 389.4 457.4
Customer advances 18.0 19.2
Short-term borrowings and current portion of long-term debt 13.1 13.4
Product warranties 37.0 47.1
Other liabilities 16.8 26.2
Total current liabilities 474.3 563.3
Non-Current Liabilities:    
Long-term debt 377.1 358.7
Operating lease liabilities 47.0 47.2
Deferred income taxes 2.1 7.5
Pension obligations 47.1 55.8
Postretirement health and other benefit obligations 4.7 5.6
Long-term deferred revenue 17.5 24.1
Other non-current liabilities 50.1 41.2
Total non-current liabilities 545.6 540.1
Commitments and contingencies (Note 17)
Stockholders' equity:    
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) 0.0 0.0
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,134,245 and 35,094,993 shares outstanding, respectively) 0.4 0.4
Additional paid-in capital 615.1 613.1
Accumulated other comprehensive loss (107.6) (86.4)
Retained earnings 199.3 143.5
Treasury stock, at cost (5,659,738 and 5,698,990 shares, respectively) (67.1) (67.3)
Total stockholders’ equity 640.1 603.3
Total liabilities and stockholders' equity $ 1,660.0 $ 1,706.7
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Accounts Receivable, allowances (in dollars) $ 5.9 $ 6.1
Preferred stock authorized (in shares) 3,500,000 3,500,000
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 75,000,000 75,000,000
Common stock, shares issued (in shares) 40,793,983 40,793,983
Common stock, shares outstanding (in shares) 35,134,245 35,094,993
Treasury Stock, Common, Shares 5,659,738 5,698,990
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income (loss) $ 55.8 $ 39.2 $ (123.6)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Asset impairment expense 0.0 0.0 171.9
Depreciation expense 60.0 56.6 60.6
Amortization of intangible assets 2.9 3.2 3.1
Loss on debt extinguishment 1.1 0.0 0.0
Stock-based compensation expense 10.9 11.5 8.5
Amortization of deferred financing fees 1.4 1.3 1.4
Gain on sale of property, plant, and equipment 0.0 0.0 (0.9)
Net unrealized foreign currency transaction gains 0.0 0.0 (3.2)
Income tax benefit from change in reserve of uncertain tax positions 0.0 0.0 (11.0)
Deferred income tax expense (benefit) - net (55.6) (6.0) 4.4
Other 0.0 9.3 0.9
Changes in operating assets and liabilities      
Accounts receivable 9.0 (9.3) (36.4)
Inventories 21.4 (46.7) (42.0)
Notes receivable 0.0 0.0 8.3
Other assets 8.5 (4.0) 5.8
Accounts payable (39.1) (28.5) 40.4
Accrued expenses and other liabilities (27.1) 36.4 (11.3)
Net cash provided by operating activities 49.2 63.0 76.9
Cash Flows From Investing Activities      
Capital expenditures (45.7) (77.4) (61.8)
Proceeds from sale of fixed assets 4.8 5.6 1.5
Acquisition of business 0.0 0.0 2.3
Other 0.5 0.0 0.0
Net cash used for investing activities (40.4) (71.8) (58.0)
Cash Flows From Financing Activities      
Payments on revolving credit facility (20.0) (20.0) (20.0)
Proceeds from revolving credit facility 40.7 0.0 0.0
Payments on long-term debt (300.0) 0.0 0.0
Proceeds from long-term debt (300.0) 0.0 0.0
Proceeds from (payments on) other debt - net 6.6 3.8 (5.1)
Debt issuance and other debt related costs (7.4) 0.0 (1.9)
Exercises of stock options 0.0 0.3 0.1
Common stock repurchases (5.7) (5.5) (3.0)
Other financing activities (7.5) 0.0 0.0
Net cash provided by (used for) financing activities 6.7 (21.4) (29.9)
Effect of exchange rate changes on cash and cash equivalents (1.9) 0.2 0.0
Net increase (decrease) in cash and cash equivalents 13.6 (30.0) (11.0)
Cash and cash equivalents at beginning of period 34.4 64.4 75.4
Cash and cash equivalents at end of period 48.0 34.4 64.4
Supplemental Cash Flow Information      
Interest paid 36.6 34.0 30.8
Income taxes paid $ 12.9 $ 10.1 $ 7.3
v3.25.0.1
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury stock common member
Balance at beginning of year at Dec. 31, 2021   $ 0.4 $ 602.4 $ (102.4) $ 227.9 $ (65.9)
Increase (Decrease) in Stockholders' Equity            
Stock options exercised and issuance of other stock awards     (4.2)     3.2
Common stock repurchases           (3.0)
Stock-based compensation expense     8.5      
Other comprehensive income (loss)       (5.5)    
Net income (loss) $ (123.6)       (123.6)  
Balance at end of year at Dec. 31, 2022 537.8 0.4 606.7 (107.9) 104.3 (65.7)
Increase (Decrease) in Stockholders' Equity            
Stock options exercised and issuance of other stock awards     (5.1)     3.9
Common stock repurchases           (5.5)
Stock-based compensation expense     11.5      
Other comprehensive income (loss)       21.5    
Net income (loss) 39.2       39.2  
Balance at end of year at Dec. 31, 2023 603.3 0.4 613.1 (86.4) 143.5 (67.3)
Increase (Decrease) in Stockholders' Equity            
Stock options exercised and issuance of other stock awards     (8.9)     5.9
Common stock repurchases           (5.7)
Stock-based compensation expense     10.9      
Other comprehensive income (loss)       (21.2)    
Net income (loss) 55.8       55.8  
Balance at end of year at Dec. 31, 2024 $ 640.1 $ 0.4 $ 615.1 $ (107.6) $ 199.3 $ (67.1)
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. CYBERSECURITY

The Company’s risk management program includes procedures, systems, and processes for assessing, identifying, and managing material risks from cybersecurity threats. Overall, we address cybersecurity risks through the Board of Directors (the "Board") and management oversight and a system of controls and procedures designed to protect the confidentiality, integrity, and availability of the Company’s information assets. The Company employs a comprehensive system of monitoring, detection, internal reporting, and prompt escalation of certain cybersecurity incidents, plans for incident response and recovery, technical safeguards, third-party risk management, and mandatory training and awareness campaigns.

Governance and Management Oversight

The Board, in conjunction with the Audit Committee of the Board (“Audit Committee”), oversees the Company’s Enterprise Risk Management process, which includes cybersecurity risks. The Board and the Audit Committee receive regular presentations and discuss topics on cybersecurity risks with management, including the Director of Cybersecurity and the Senior Vice President Global Information Systems. The presentations and discussions address a range of topics, including recent cybersecurity developments, the threat environment, evolving standards and technology, vulnerability assessments and related remediation plans, education and training programs, and cybersecurity insurance. The Board also receives periodic training on recent developments and trends in cybersecurity from a third-party advisor. Based on the Company’s procedures, the Board and Audit Committee receive prompt and timely information regarding any cybersecurity threat or incident that meets established reporting thresholds, and regular updates until such threat or incident has been addressed.

The Director of Cybersecurity and the Senior Vice President Global Information Systems work closely with the CEO, CFO, General Counsel and other members of management to design, implement and maintain policies, procedures and practices to protect the Company’s information systems and promptly respond to any cybersecurity threats or incidents, consistent with the Company’s response and recovery plans. The Global Information Services team monitors the prevention, detection, and mitigation systems in real time and reports such threats and incidents to the Director of Cybersecurity, Senior Vice President Global Information Systems, the CEO, CFO, General Counsel, and other members of management, when appropriate. The process provides for prompt escalation of certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management in a timely manner.

The Global Information Services team has relevant educational and industry experience. The Director of Cybersecurity has served in various roles in information technology and security at Manitowoc for over 30 years, including the last six years overseeing cybersecurity. The Senior Vice President Global Information Systems has been with Manitowoc for over 24 years, leading the Global IS team since 2022.

Controls, Procedures and Technical Safeguards

The Company has enterprise security policies, controls and procedures designed to protect the confidentiality, integrity, and availability of our information assets. Among other areas, the comprehensive system addresses intrusion detection, encryption, device hardening, and monitoring through various controls, including phishing protection solutions, administrative password management tools, system patching, encryption, and intrusion prevention and detection systems.

The Company regularly engages in assessments, testing and subsequent remediation of our policies, procedures and practices that are designed to address cybersecurity threats and incidents. These efforts include a variety of third-party vendors and activities, including audits, assessments, penetration tests, threat modeling, tabletop exercises and vulnerability testing. We have also engaged a third party to perform an independent review of our information security environment. The results of such assessments, audits and reviews, along with remediation and development plans, are reported by management to the Board and Audit Committee.

The Company deploys technical safeguards designed to protect the Company’s information systems, including firewalls and systems for anti-malware, intrusion detection and prevention. The technical safeguards are regularly evaluated, tested, and

improved through vulnerability assessments and updated cybersecurity intelligence. The Company also maintains incident response and recovery plans that address the Company's response to a cybersecurity incident and such plans are tested, evaluated and updated on a regular basis.

The company evaluates and oversees cybersecurity risks presented by third parties, including vendors, and service providers, and the systems of third parties that could impact our business. We seek vendor partners who are reliable, reputable and maintain cybersecurity programs. We also rely on contractual terms for indemnification and to ensure vendors and service providers employ industry best practices to protect confidential information.

The Company uses employee training and education as part of the comprehensive system designed to protect the Company’s information systems. Through mandatory training and ongoing awareness campaigns, including phishing simulations, we are educating our personnel about cybersecurity risks and providing them with the tools to identify, prevent and report potential cybersecurity threats.

Cybersecurity threats, including as a result of previous cybersecurity incidents, have not materially affected or are not reasonably likely to affect the Company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

Cybersecurity threats, including as a result of previous cybersecurity incidents, have not materially affected or are not reasonably likely to affect the Company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance and Management Oversight

The Board, in conjunction with the Audit Committee of the Board (“Audit Committee”), oversees the Company’s Enterprise Risk Management process, which includes cybersecurity risks. The Board and the Audit Committee receive regular presentations and discuss topics on cybersecurity risks with management, including the Director of Cybersecurity and the Senior Vice President Global Information Systems. The presentations and discussions address a range of topics, including recent cybersecurity developments, the threat environment, evolving standards and technology, vulnerability assessments and related remediation plans, education and training programs, and cybersecurity insurance. The Board also receives periodic training on recent developments and trends in cybersecurity from a third-party advisor. Based on the Company’s procedures, the Board and Audit Committee receive prompt and timely information regarding any cybersecurity threat or incident that meets established reporting thresholds, and regular updates until such threat or incident has been addressed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board, in conjunction with the Audit Committee of the Board (“Audit Committee”), oversees the Company’s Enterprise Risk Management process, which includes cybersecurity risks. The Board and the Audit Committee receive regular presentations and discuss topics on cybersecurity risks with management, including the Director of Cybersecurity and the Senior Vice President Global Information Systems. The presentations and discussions address a range of topics, including recent cybersecurity developments, the threat environment, evolving standards and technology, vulnerability assessments and related remediation plans, education and training programs, and cybersecurity insurance. The Board also receives periodic training on recent developments and trends in cybersecurity from a third-party advisor.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Based on the Company’s procedures, the Board and Audit Committee receive prompt and timely information regarding any cybersecurity threat or incident that meets established reporting thresholds, and regular updates until such threat or incident has been addressed.
Cybersecurity Risk Role of Management [Text Block]

The Director of Cybersecurity and the Senior Vice President Global Information Systems work closely with the CEO, CFO, General Counsel and other members of management to design, implement and maintain policies, procedures and practices to protect the Company’s information systems and promptly respond to any cybersecurity threats or incidents, consistent with the Company’s response and recovery plans. The Global Information Services team monitors the prevention, detection, and mitigation systems in real time and reports such threats and incidents to the Director of Cybersecurity, Senior Vice President Global Information Systems, the CEO, CFO, General Counsel, and other members of management, when appropriate. The process provides for prompt escalation of certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management in a timely manner.

The Global Information Services team has relevant educational and industry experience. The Director of Cybersecurity has served in various roles in information technology and security at Manitowoc for over 30 years, including the last six years overseeing cybersecurity. The Senior Vice President Global Information Systems has been with Manitowoc for over 24 years, leading the Global IS team since 2022.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Director of Cybersecurity and the Senior Vice President Global Information Systems work closely with the CEO, CFO, General Counsel and other members of management to design, implement and maintain policies, procedures and practices to protect the Company’s information systems and promptly respond to any cybersecurity threats or incidents, consistent with the Company’s response and recovery plans
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The Global Information Services team has relevant educational and industry experience. The Director of Cybersecurity has served in various roles in information technology and security at Manitowoc for over 30 years, including the last six years overseeing cybersecurity. The Senior Vice President Global Information Systems has been with Manitowoc for over 24 years, leading the Global IS team since 2022.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Director of Cybersecurity and the Senior Vice President Global Information Systems work closely with the CEO, CFO, General Counsel and other members of management to design, implement and maintain policies, procedures and practices to protect the Company’s information systems and promptly respond to any cybersecurity threats or incidents, consistent with the Company’s response and recovery plans.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 55.8 $ 39.2 $ (123.6)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Company and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Company and Basis of Presentation

1. Company and Basis of Presentation

The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue. Manitowoc's principal executive offices are located at 11270 West Park Place Suite 1000, Milwaukee, Wisconsin 53224.

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

All amounts, except per share data and share amounts, are in millions throughout the tables in these notes unless otherwise indicated.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

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

Allowance for Credit Losses Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company's allowance for credit losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecasts that affect the collectability of the related receivable and any specific customer collection issues the Company has identified.

The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2024, 2023, and 2022.

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

6.1

 

 

$

5.3

 

 

$

7.3

 

Bad debt expenses

 

 

1.2

 

 

 

2.3

 

 

 

0.1

 

Use of reserve

 

 

(1.2

)

 

 

(1.4

)

 

 

(1.8

)

Currency translation

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.3

)

Balance at end of period

 

$

5.9

 

 

$

6.1

 

 

$

5.3

 

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

Business Combinations The Company accounts for business combinations under the acquisition method in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“Topic 805”). The acquisition method requires identifiable assets acquired and liabilities assumed and any non-controlling interest in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the Company obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The Company expenses transaction costs in a business combination.

Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other” (“Topic 350”). Under ASC Topic 350, goodwill is not amortized; instead, the

Company performs an annual impairment test. The date for the annual impairment test is October 31 or more frequently if events or changes in circumstances indicate that the assets might be impaired. To perform its goodwill impairment test, the Company uses a combination of the income approach and market approach with a weighting of 70/30, respectively, to determine the fair value of the Middle East and Asia Pacific (“MEAP”) reporting unit. The Company uses only the income approach to determine the fair value of the Americas - Distribution reporting unit due to a lack of comparable peer companies to determine fair value under the market approach. Impairment is determined based on the amount in which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill at the reporting unit. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

The Company’s indefinite-lived intangible assets are not amortized but are subject to an annual impairment test. To perform its indefinite-lived intangible assets impairment test, the Company uses a fair-value method based on a relief of royalty valuation approach to determine the fair value of its indefinite-lived intangible assets. Management’s judgments and assumptions about the amounts of those cash flows and the discount rates are inputs to the annual impairment test. Impairment is determined based on the amount in which the carrying value of the indefinite-lived intangible asset exceeds its fair value, not to exceed the carrying amount of the indefinite-lived intangible asset. Refer to Note 8, “Goodwill and Intangible Assets,” for further details on the Company's impairment assessments. The Company’s definite-lived intangible assets subject to amortization are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If an indicator of impairment is identified, the Company would use the undiscounted cash flow model.

The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy:

 

 

Years

Patents

 

20

Customer relationships

 

12 - 18

Trademarks and tradenames

 

5

Noncompetition agreements

 

5

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

Property, plant, and equipment are generally depreciated over the following estimated useful lives according to the Company's policy:

 

 

Years

Building and improvements

 

10 - 50

Machinery, equipment, and tooling

 

5 - 20

Furniture and fixtures

 

5 - 10

Computer hardware and software

 

3 - 5

Rental cranes

 

5 - 10

Property, plant, and equipment also includes cranes accounted for as operating leases which are included in rental cranes. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of rental cranes included in property, plant, and equipment - net amounted to $142.1 million and $153.3 million, net of accumulated depreciation, as of December 31, 2024 and 2023, respectively.

The Company reviews property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant, and Equipment” (“Topic 360”). Topic 360 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows are less than the net book value of the assets, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets.

Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances, or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred. Costs associated with other warranty activity not related to a manufacturer's standard or extended warranty are recorded in the period a loss is probable and can be reasonably estimated in accordance with ASC Topic 450-20 “Loss Contingencies.”

Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates. Insurance recoveries related to a product liability case are recorded as an asset in the period it is determined that the gain has been realized or realizable. Refer to Note 17, “Commitments and Contingencies,” for further information.

Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC Topic 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge.

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

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

Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for non-performance stock-based awards on a straight-line basis over the vesting period of the entire award. The Company recognizes expense net of estimated future forfeitures for stock-based awards with performance goals based on actual or estimated achievement of those goals on a straight-line basis over the vesting period of the entire award. Estimated future forfeiture rates are based on the Company's historical experience. Refer to Note 15, “Stock-Based Compensation,” for more information on stock-based compensation plans.

Research and Development Research and development costs are charged to expense as incurred and amounted to $41.1 million, $35.3 million and $33.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Research and

development costs include salaries, materials, contractor fees and other administrative costs. These costs are recorded within engineering, selling, and administrative expenses in the Consolidated Statement of Operations.

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

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

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

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

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

Performance Obligations

The following is a description of principal activities from which the Company generates sales. Disaggregation of the Company’s revenue sources are disclosed in Note 16, “Segments.”

Crane Sales

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

From time to time, the Company enters into agreements where the customer has the right to exercise a put option requiring the Company to buyback a crane at an agreed upon price. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise that right. If it is determined that the customer has a significant economic incentive to exercise that right, the agreement is accounted for as a lease in accordance with ASC Topic 842 “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the asset is transferred to the customer. Refer to Note 18, “Guarantees,” for additional information.

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

Crane Attachment Sales

Crane attachment sales are generated through the sale of new or used crane attachments such as luffing jibs, ecomats and counterweights. Crane attachment sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier.

Aftermarket Part Sales

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

Other Sales

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

•
Repair and field service work;
•
Remanufacturing; and
•
Rental of cranes.

The Company’s performance obligations for other sales generally relates to performing specific agreed upon services. Depending on the nature of the contract, sales are recognized upon the completion of those services or over the service period based on a measure of progress.

Practical Expedients and Exemptions

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

The Company accounts for shipping and handling activities performed after control of a product has been transferred to the customer as a fulfillment cost. As such, we have applied the practical expedient and we accrue for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.

Recent Accounting Changes and Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures”. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this ASU as of December 31, 2024, which did not have a material impact on the Company’s consolidated financial statements. Refer to Note 16, “Segments” for the additional disclosures required by the adoption of this ASU.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense". The amendments in this ASU require public companies to disclose more information about their expenses in their financial statements. The standard is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning

after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the adoption this ASU will have on its consolidated financial statements.
v3.25.0.1
Net Sales
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the years ended December 31, 2024 and 2023.

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

19.2

 

 

$

21.9

 

Cash received in advance of satisfying
   performance obligations

 

 

113.0

 

 

 

147.7

 

Revenue recognized

 

 

(113.3

)

 

 

(150.8

)

Currency translation

 

 

(0.9

)

 

 

0.4

 

Balance at end of period

 

$

18.0

 

 

$

19.2

 

The Company recognizes a contract asset for certain remanufacturing, repair, and field service work when the service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Consolidated Balance Sheets. Contract assets are immaterial as of December 31, 2024 and 2023.
v3.25.0.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

ASC Topic 820-10 ("ASC 820") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 classifies the inputs used to measure fair value into the following hierarchy:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or

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

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

Level 3 Unobservable inputs for the asset or liability

The following tables set forth the Company’s financial assets and liabilities related to FX Forward Contracts and the Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of December 31, 2024 and 2023.

 

 

Fair Value as of December 31, 2024

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

 Other current assets

Deferred Compensation Plan - Program B

 

 

8.8

 

 

 

—

 

 

 

—

 

 

 

8.8

 

 

 Other non-current assets

Total current assets at fair value

 

$

8.8

 

 

$

0.1

 

 

$

—

 

 

$

8.9

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

3.4

 

 

$

—

 

 

$

3.4

 

 

 Accounts payable and
 accrued expenses

 

 

 

Fair Value as of December 31, 2023

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

1.6

 

 

$

—

 

 

$

1.6

 

 

 Other current assets

Deferred Compensation Plan - Program B

 

 

8.1

 

 

 

—

 

 

 

—

 

 

 

8.1

 

 

 Other non-current assets

Total current assets at fair value

 

$

8.1

 

 

$

1.6

 

 

$

—

 

 

$

9.7

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

0.6

 

 

$

—

 

 

$

0.6

 

 

 Accounts payable and
 accrued expenses

 

The fair value of the $300.0 million senior secured second lien notes due on October 1, 2031, with an annual coupon rate of 9.25% (the “2031 Notes”), was approximately $309.4 million as of December 31, 2024. Refer to Note 10, “Debt,” for a description of the 2031 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 2031 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 December 31, 2024 due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. Refer to Note 5, “Derivative Financial Instruments,” for additional information.

The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company's corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1. Refer to Note 19, "Employee Benefit Plans," for additional information on the Deferred Compensation Plan.
v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

5. Derivative Financial Instruments

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

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in AOCI. These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the years ended December 31, 2024, 2023 or 2022.

The Company had FX Forward Contracts with an aggregate notional amount of $129.7 million and $140.1 million outstanding as of December 31, 2024 and 2023, respectively. The aggregate notional amount outstanding as of December 31, 2024 is scheduled to mature within 13 months. The FX Forward Contracts purchased are denominated in various foreign currencies. As of December 31, 2024 and 2023, the net fair value of these contracts was a net short-term liability of $3.3 million and a net short-term asset of $1.0 million, respectively. The net long-term liability was immaterial as of December 31, 2024 and zero as of December 31, 2023. Net unrealized gains (losses), net of income tax, recorded in AOCI were $(1.7) million as of December 31, 2024 and $1.3 million as of December 31, 2023.

The gains (losses) recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

Recognized Location

 

2024

 

 

2023

 

 

2022

 

Designated

 

Cost of sales

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

Non-Designated

 

Other income (expense) - net

 

 

2.4

 

 

 

(3.3

)

 

 

7.2

 
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories

6. Inventories

The components of inventories as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Raw materials

 

$

121.4

 

 

$

164.7

 

Work-in-process

 

 

114.8

 

 

 

111.3

 

Finished goods

 

 

373.2

 

 

 

390.5

 

Total Inventories

 

$

609.4

 

 

$

666.5

 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Land

 

$

14.3

 

 

$

14.9

 

Building and improvements

 

 

203.3

 

 

 

201.5

 

Machinery, equipment, and tooling

 

 

318.3

 

 

 

318.4

 

Furniture and fixtures

 

 

13.3

 

 

 

13.8

 

Computer hardware and software

 

 

129.6

 

 

 

135.8

 

Rental cranes

 

 

185.7

 

 

 

201.9

 

Construction in progress

 

 

6.9

 

 

 

7.2

 

Total cost

 

 

871.4

 

 

 

893.5

 

Less accumulated depreciation

 

 

(525.2

)

 

 

(527.4

)

Property, plant, and equipment — net

 

$

346.2

 

 

$

366.1

 

 

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

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Consolidated Balance Sheets as of December 31, 2024 and 2023 was $5.3 million and $7.0 million, respectively.

Assets Held for Sale

As of December 31, 2023, the Company had $3.0 million of property, plant, and equipment classified as assets held for sale recorded in other current assets in the Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal. As of December 31, 2024, the Company had sold the property, plant, and equipment previously classified as assets held for sale.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are summarized as follows:

 

 

Americas - Distribution

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2023

 

$

14.4

 

 

$

65.7

 

 

$

80.1

 

Foreign currency impact

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Net balance as of December 31, 2023

 

 

14.4

 

 

 

65.2

 

 

 

79.6

 

Foreign currency impact

 

 

—

 

 

 

(1.8

)

 

 

(1.8

)

Net balance as of December 31, 2024

 

$

14.4

 

 

$

63.4

 

 

$

77.8

 

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reportable segment are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Carrying Amount

 

 

Accumulated Impairment Amount

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Impairment Amount

 

 

Net Book Value

 

Americas

 

$

180.9

 

 

$

(166.5

)

 

$

14.4

 

 

$

180.9

 

 

$

(166.5

)

 

$

14.4

 

EURAF

 

 

82.2

 

 

 

(82.2

)

 

 

—

 

 

 

82.2

 

 

 

(82.2

)

 

 

—

 

MEAP

 

 

63.4

 

 

 

—

 

 

 

63.4

 

 

 

65.2

 

 

 

—

 

 

 

65.2

 

Total

 

$

326.5

 

 

$

(248.7

)

 

$

77.8

 

 

$

328.3

 

 

$

(248.7

)

 

$

79.6

 

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. As of October 31, 2024, the Company performed its annual goodwill impairment test. The fair values of the Americas - Distribution and MEAP reporting units were in excess of their carrying values by 13% and 69%, respectively, as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2024.

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2024 and 2023 are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

26.3

 

 

$

(13.0

)

 

$

13.3

 

 

$

26.5

 

 

$

(11.6

)

 

$

14.9

 

Patents

 

 

28.1

 

 

 

(27.8

)

 

 

0.3

 

 

 

29.2

 

 

 

(28.8

)

 

 

0.4

 

Noncompetition agreements

 

 

4.2

 

 

 

(2.8

)

 

 

1.4

 

 

 

4.2

 

 

 

(2.0

)

 

 

2.2

 

Trademarks and tradenames

 

 

2.2

 

 

 

(1.5

)

 

 

0.7

 

 

 

2.2

 

 

 

(1.0

)

 

 

1.2

 

Other intangibles

 

 

0.7

 

 

 

(0.7

)

 

 

—

 

 

 

0.7

 

 

 

(0.7

)

 

 

—

 

Total

 

 

61.5

 

 

 

(45.8

)

 

 

15.7

 

 

 

62.8

 

 

 

(44.1

)

 

 

18.7

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

89.2

 

 

 

—

 

 

 

89.2

 

 

 

92.6

 

 

 

—

 

 

 

92.6

 

Distribution network

 

 

13.6

 

 

 

—

 

 

 

13.6

 

 

 

14.3

 

 

 

—

 

 

 

14.3

 

Total

 

 

102.8

 

 

 

—

 

 

 

102.8

 

 

 

106.9

 

 

 

—

 

 

 

106.9

 

Total intangible assets

 

$

164.3

 

 

$

(45.8

)

 

$

118.5

 

 

$

169.7

 

 

$

(44.1

)

 

$

125.6

 

Definite lived intangible assets are amortized over their estimated useful lives.

Amortization expense of intangible assets for the years ended December 31, 2024, 2023, and 2022 was $2.9 million, $3.2 million, and $3.1 million, respectively.

Excluding the impact of any future acquisitions, divestitures or impairments, the Company's anticipated future amortization of intangible assets as of December 31, 2024 is summarized as follows:

Year

 

Amortization

 

2025

 

$

2.9

 

2026

 

 

2.5

 

2027

 

 

1.5

 

2028

 

 

1.4

 

2029

 

 

1.4

 

Thereafter

 

 

6.0

 

Total

 

$

15.7

 

Long-lived assets, which are primarily made up of property, plant, and equipment and definite lived intangible 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 during the year ended December 31, 2024, with the exception of one asset group located in Europe. Based on the results of the recoverability test, it was determined that the undiscounted cash flows were in excess of the carrying value of that asset group.

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company has two indefinite-lived intangible assets subject to an annual impairment test: the Potain trademark, tradename, and distribution network assets (“Potain Tradename”) and the Grove trademark, tradename, and distribution network assets (“Grove Tradename”). As of October 31, 2024, the Company performed its annual indefinite-lived intangible assets impairment test. The fair value of the Potain and Grove Tradenames were substantially in excess of their carrying values as of the date of the annual impairment test and, therefore, were not impaired as of December 31, 2024.

A considerable amount of management judgment and assumptions are required in performing the goodwill and indefinite-lived asset impairment tests as it relates to the forecast of future revenues and margins, especially considering the limited operating history of Americas – Distribution, and the discount rate, as applicable. While the Company believes the judgments and assumptions are reasonable, different assumptions could change the estimated fair value and, therefore, additional impairments could be required. Weakening industry or economic trends, disruptions to the Company's business, unexpected significant changes or planned changes in the use of the assets or in entity structure are all factors which may adversely impact the assumptions used in the valuations.

The Company continually monitors market conditions and determines if any additional interim reviews of other intangibles or long-lived assets are warranted. In the event the Company determines that assets are impaired in the future, the Company would recognize a non-cash impairment charge, which could have a material adverse effect on the Company’s Consolidated Balance Sheets and Results of Operations.
v3.25.0.1
Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Trade accounts payable

 

$

205.5

 

 

$

254.7

 

Employee-related expenses

 

 

43.2

 

 

 

57.9

 

Accrued vacation

 

 

23.3

 

 

 

23.7

 

Miscellaneous accrued expenses

 

 

117.4

 

 

 

121.1

 

Total accounts payable and accrued expenses

 

$

389.4

 

 

$

457.4

 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

10. Debt

Outstanding debt as of December 31, 2024 and 2023 is summarized as follows:

 

 

2024

 

 

2023

 

Borrowing under senior secured asset based revolving
   credit facility

 

$

79.0

 

 

$

60.0

 

Senior secured second lien notes due 2026

 

 

—

 

 

 

300.0

 

Senior secured second lien notes due 2031

 

 

300.0

 

 

 

—

 

Other debt

 

 

16.4

 

 

 

13.7

 

Deferred financing costs

 

 

(5.2

)

 

 

(1.6

)

Total debt

 

 

390.2

 

 

 

372.1

 

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

 

 

(13.1

)

 

 

(13.4

)

Long-term debt

 

$

377.1

 

 

$

358.7

 

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A. as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2031 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of

which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility (the “German Borrower”).

On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company’s ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if our senior secured lien notes due April 1, 2026 have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).

On September 18, 2024, the Company further amended the ABL Credit Agreement to (i) increase the aggregate commitment by $50.0 million to a total aggregate commitment of up to $325.0 million, of which $100.0 million is available to the German Borrower, (ii) increase the swingline sublimit by $20.0 million to an aggregate $50.0 million, of which $20.0 million is available to the German Borrower, and (iii) extend the maturity date to September 18, 2029.

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternate Base Rate or Term Benchmark, Applicable Overnight Rate, Central Bank Rate ("CBR") or RFR rate (each as defined in the ABL Credit Agreement) plus the applicable spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:

 

Average quarterly availability

Alternative Base Rate spread

Term Benchmark, Applicable Overnight Rate, CBR and RFR spread

Category 1

≥ 66% of Aggregate Commitment

0.25%

1.25%

Category 2

< 66% but ≥ 33% of Aggregate Commitment

0.50%

1.50%

Category 3

< 33% of Aggregate Commitment

0.75%

1.75%

As of December 31, 2024 and 2023, the Company had $79.0 million and $60.0 million, respectively, of borrowings outstanding under the ABL Revolving Credit Facility. During the period from September 18, 2024 to June 30, 2025, the spreads for Term Benchmark, Applicable Overnight Rate, CBR and RFR spread and Alternative Base Rate borrowings are deemed to be in Category 2. Excess availability as of December 31, 2024 was $242.6 million, which represents revolver borrowing capacity of $325.0 million less $79.0 million in borrowings outstanding and U.S. letters of credit outstanding of $3.4 million.

During the year ended December 31, 2024, the highest daily borrowing under the ABL Revolving Credit Facility was $173.0 million and the average borrowing was $120.5 million, while the weighted-average annual interest rate was 6.47%. During the year ended December 31, 2023, the highest daily borrowing under the ABL Revolving Credit Facility was $119.6 million and the average borrowing was $103.4 million, while the weighted-average annual interest rate was 5.21%.

As of December 31, 2024, the Company had outstanding $16.4 million of other indebtedness that has a weighted-average interest rate of approximately 4.90%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements. The overdraft facilities are composed of five Euro facilities totaling €37.0 million and one Chinese Yuan facility totaling ¥30.0 million. Total U.S. dollar availability as of December 31, 2024 for the six overdraft facilities is $42.4 million, with $12.1 million outstanding.

On September 19, 2024, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank Trust Company, National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2031 Notes with an annual coupon rate of 9.25%. Interest on the 2031 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2031 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 2031 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the

personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The Company used the net proceeds from this offering, together with cash on hand, to redeem all of its outstanding 9.00% senior secured second lien notes due 2026.

For the year ended December 31, 2024, the Company recorded a $1.1 million non-cash charge in other income (expense) – net in the Consolidated Statement of Operations associated with the Company’s refinancing of the ABL Revolving Credit Facility and 2031 Notes. The charge is related to unamortized debt issuance costs on the prior $300.0 million senior secured second lien notes due April 1, 2026.

Both the ABL Revolving Credit Facility and the 2031 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 2031 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, 2021.

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

The aggregate scheduled future maturities of outstanding debt obligations as of December 31, 2024 is summarized as follows:

Year

 

Maturities

 

2025

 

$

13.1

 

2026

 

 

0.8

 

2027

 

 

0.9

 

2028

 

 

0.9

 

2029

 

 

79.7

 

Thereafter

 

 

300.0

 

Total

 

$

395.4

 

 

The table of scheduled maturities above does not agree to the Company’s total debt as of December 31, 2024 as shown on the Consolidated Balance Sheet due to $5.2 million of deferred financing costs associated with the 2031 Notes.

As of December 31, 2024, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and the 2031 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.

v3.25.0.1
Accounts Receivable Factoring
 12 Months Ended
Dec. 31, 2024
Transfers and Servicing [Abstract]  
Accounts Receivable Factoring

11. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with no maximum availability. Transactions under the non-U.S. programs were accounted for as sales in accordance with ASC 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the customer's maximum limit.

For the years ended December 31, 2024 and 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $169.8 million and $163.5 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the year ended December 31, 2024, 2023, and 2022 were immaterial.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

12. Income Taxes

Income (loss) before income taxes for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

United States

 

$

7.5

 

 

$

(32.7

)

 

$

(203.8

)

Foreign

 

 

4.2

 

 

 

76.9

 

 

 

83.6

 

Total

 

$

11.7

 

 

$

44.2

 

 

$

(120.2

)

Provision (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

United States federal and state

 

$

0.4

 

 

$

0.3

 

 

$

(11.7

)

Foreign

 

 

11.1

 

 

 

10.7

 

 

 

10.9

 

Total current

 

 

11.5

 

 

 

11.0

 

 

 

(0.8

)

Deferred:

 

 

 

 

 

 

 

 

 

United States federal and state

 

 

(55.1

)

 

 

—

 

 

 

(2.4

)

Foreign

 

 

(0.5

)

 

 

(6.0

)

 

 

6.6

 

Total deferred

 

 

(55.6

)

 

 

(6.0

)

 

$

4.2

 

Provision (benefit) for income taxes

 

$

(44.1

)

 

$

5.0

 

 

$

3.4

 

The items accounting for the difference between income taxes computed at the United States federal statutory rate and the Company's effective rate for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Federal income tax at statutory rate

 

$

2.5

 

 

$

9.3

 

 

$

(25.2

)

State income tax provision

 

 

1.0

 

 

 

2.0

 

 

 

0.9

 

Manufacturing and research incentives

 

 

(1.4

)

 

 

(1.3

)

 

 

(0.5

)

Taxes on foreign income which differ from the federal
   statutory rate

 

 

(0.1

)

 

 

9.1

 

 

 

(1.9

)

Adjustments for unrecognized tax benefits

 

 

5.6

 

 

 

0.2

 

 

 

(11.0

)

Adjustments to valuation allowances

 

 

(61.0

)

 

 

(28.6

)

 

 

5.2

 

United States tax reform

 

 

0.4

 

 

 

10.1

 

 

 

4.8

 

Goodwill and indefinite-lived intangible asset impairment

 

 

—

 

 

 

—

 

 

 

31.7

 

Audit settlements

 

 

—

 

 

 

(3.0

)

 

 

—

 

Non-deductible expenses

 

 

8.8

 

 

 

8.2

 

 

 

1.6

 

Other items

 

 

0.1

 

 

 

(1.0

)

 

 

(2.2

)

Provision (benefit) for income taxes

 

$

(44.1

)

 

$

5.0

 

 

$

3.4

 

 

For the year ended December 31, 2024, the benefit for income taxes was primarily driven by a $57.5 million net reduction of the valuation allowance. The benefit was partially offset by an increase of $5.6 million in the reserve for unrecognized tax benefits. For the year ended December 31, 2023, the provision for income taxes was favorably impacted by the release of a $19.0 million valuation allowance and a $3.2 million tax benefit for the favorable resolution of a previously reserved foreign income tax matter. These benefits were partially offset by the tax effect of $8.2 million related to non-deductible expenses. For the year ended December 31, 2022, the benefit for income taxes related to unrecognized tax benefits was primarily driven by a release of a $12.1 million uncertain tax position, inclusive of $1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the Coronavirus Aid, Relief and Economic Security Act. There were no significant items included in “other items” for the years ended December 31, 2024, 2023, 2022.

 

For the years ended December 31, 2024, 2023, and 2022, the Company recorded a net income tax inclusion for global intangible low-taxed income (“GILTI”) in the amount of $2.1 million, $48.0 million, and $22.9 million respectively. The GILTI inclusion for each respective year is reflective of the final regulations issued in 2020 relating to Internal Revenue Code Section 951A and the treatment of foreign income subject to a high tax rate.

 

As of each reporting date, the Company considers new evidence, both positive and negative, that could impact its assessment related to future realization of deferred tax assets. The benefit for income taxes for the year ended December 31, 2024 includes

a $57.5 million income tax benefit from the reduction of a valuation allowance. The provision for income taxes for the year ended December 31, 2023 includes a $19.0 million income tax benefit for the release of a valuation allowance. The income tax provision for the year ended December 31, 2022 includes a $1.2 million income tax benefit for the release of a valuation allowance. As of December 31, 2024, the Company has recorded valuation allowances on deferred tax assets for certain legal entities in Brazil, Chile, Russia, the U.K. and the United States as it is more likely than not that the assets will not be realized.

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are summarized as follows:

 

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Inventories

 

$

15.8

 

 

$

14.7

 

Deferred employee benefits

 

 

25.6

 

 

 

27.8

 

Product warranty reserves

 

 

6.3

 

 

 

7.8

 

Product liability reserves

 

 

0.2

 

 

 

2.6

 

Tax credits

 

 

8.5

 

 

 

7.9

 

Loss and other tax attribute carryforwards

 

 

111.0

 

 

 

114.1

 

Deferred revenue

 

 

2.0

 

 

 

3.9

 

Capitalized research costs

 

 

13.5

 

 

 

10.5

 

Other

 

 

17.5

 

 

 

12.5

 

Total deferred income tax assets

 

 

200.4

 

 

 

201.8

 

Less valuation allowance

 

 

(73.4

)

 

 

(130.8

)

Net deferred income tax assets

 

$

127.0

 

 

$

71.0

 

Deferred income tax liabilities

 

 

 

 

 

 

Property, plant, and equipment

 

$

23.5

 

 

$

25.6

 

Intangible assets

 

 

27.2

 

 

 

28.5

 

Total deferred income tax liabilities

 

$

50.7

 

 

$

54.1

 

Net deferred income tax assets

 

$

76.3

 

 

$

16.9

 

 

 

 

 

 

 

 

The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

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

 

$

78.4

 

 

$

24.4

 

Long-term deferred income tax liability

 

 

(2.1

)

 

 

(7.5

)

Net deferred income tax asset

 

$

76.3

 

 

$

16.9

 

 

The Company believes that certain offshore cash can be accessed in a tax efficient manner and therefore, as of December 31, 2024, deferred taxes were not provided on approximately $182.7 million of unremitted earnings of foreign subsidiaries that may be remitted to the United States without material tax cost. The Company had approximately $403.1 million and $397.4 million of cumulative foreign earnings as of December 31, 2024 and December 31, 2023, respectively, which are asserted to be permanently reinvested. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.

 

As of December 31, 2024, the Company had approximately $72.1 million of federal net operating loss carryforwards, which are available to reduce future federal tax liabilities. The full amount is not subject to any time restrictions for future use. As of December 31, 2023, the Company had approximately $96.4 million of federal net operating loss carryforwards, which were available to reduce future federal tax liabilities. However, utilization of the 2024 and 2023 indefinite lived loss carryforwards is limited annually to 80% of adjusted taxable income. The carryforward was previously offset by a valuation allowance as of December 31, 2023 and 2022.

As of December 31, 2024 and 2023, the Company had approximately $40.7 million and $43.2 million, respectively, of federal interest expense carryforward that is not subject to any time restrictions for future use. The utilization of the interest expense carryforward is limited annually to 30% of adjusted taxable income. The carryforward is offset by a full valuation allowance as of December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the Company had approximately $682.7 million and $616.1 million, respectively, of state net operating loss carryforwards, which are available to reduce future state tax liabilities. As of December 31, 2024, these state net operating loss carryforwards expire at various times through 2044, respectively. As of December 31, 2024, $669.2 million of the carryforward is offset by a partial valuation allowance. As of December 31, 2023, the full amount is offset by a valuation allowance.

As of December 31, 2024 and 2023, the Company had approximately $208.5 million and $212.4 million, respectively, of foreign loss carryforwards, which are available to reduce future foreign tax liabilities. Substantially all the foreign loss carryforwards have an indefinite carryforward period of which $55.5 million is offset by a valuation allowance as of December 31, 2024 and $48.8 million as of December 31, 2023.

 

The Company or one of its subsidiaries files income tax returns in the United States and certain foreign jurisdictions. The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions:

Jurisdiction

 

Open Years

U.S. federal

 

2016 — 2024

China

 

2015 — 2024

France

 

2021 — 2024

Germany

 

2018 — 2024

 

The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of December 31, 2024, the Company believes that it is more likely than not that the tax positions taken will be sustained upon the resolution of audits resulting in no material impact on its consolidated financial position and the results of operations and cashflows. However, the final determination with respect to any tax audits, including any related litigation costs, settlements, penalties and/or interest assessments, could be materially different from the Company’s accruals and could have a material effect on its financial position, results of operations, and/or cashflows in the periods for which that determination is made.

During the years ended December 31, 2024, 2023, and 2022, the Company recorded an increase (decrease) to the gross unrecognized tax benefits including interest and penalties of $5.4 million, $0.2 million, and $(11.0) million, respectively, of which $0.6 million, $0.2 million, and $(1.7) million, respectively, are a result of adjustments to interest and penalties. Interest and penalties are recognized as a component of income tax expense.

 

A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties as of December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of year

 

$

9.1

 

 

$

9.1

 

 

$

18.4

 

Additions for tax positions of current year

 

 

2.2

 

 

 

0.1

 

 

 

0.1

 

Additions for tax positions of prior years

 

 

3.3

 

 

 

0.1

 

 

 

3.6

 

Reductions for tax positions of prior years

 

 

(0.2

)

 

 

—

 

 

 

(11.0

)

Reductions based on settlements with tax
   authorities

 

 

—

 

 

 

—

 

 

 

—

 

Reductions for lapse of statute of limitations

 

 

(0.5

)

 

 

(0.2

)

 

 

(2.0

)

Balance at end of year

 

$

13.9

 

 

$

9.1

 

 

$

9.1

 

 

As of December 31, 2024, 2023, and 2022, the Company recorded interest and penalties of $2.0 million, $1.4 million, and $1.2 million, respectively.

The amount of the unrecognized tax benefits that would affect the effective tax rate, if recognized, was approximately $11.9 million as of December 31, 2024.

It is reasonably possible that the unrecognized tax benefits could significantly change over the next 12 months. However, due to the highly uncertain nature of resolution and closure on audits, we are unable to estimate the range of impact at this time.
v3.25.0.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share

13. 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:

 

 

2024

 

 

2023

 

 

2022

 

Basic weighted average common shares outstanding

 

 

35,221,758

 

 

 

35,093,963

 

 

 

35,184,336

 

Effect of dilutive securities - equity
   compensation awards

 

 

487,024

 

 

 

868,815

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

35,708,782

 

 

 

35,962,778

 

 

 

35,184,336

 

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 1,037,975 and 431,392 common shares were excluded from the computation of diluted net income per share for the years ended December 31, 2024 and 2023, respectively. Due to the net loss during the year ended December 31, 2022, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the diluted loss per share calculation for the period.

No cash dividends were declared or paid as of December 31, 2024, 2023, and 2022.
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity

14. Equity

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

As of December 31, 2024, the Company has authorization from the Board of Directors to purchase up to $35.0 million of the Company's common stock at management's discretion. During 2024, the Company repurchased 455,942 shares of the Company's common stock for $5.7 million under this authorization. As of December 31, 2024, the Company has $29.3 million remaining under this authorization.

As of December 31, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets to other income (expense) – net in the Consolidated Statement of Operations as a result of the substantial curtailment of its Russia operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation.”

The components of accumulated other comprehensive loss as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Foreign currency translation, net of income tax
   benefit of $2.3 and $0.2

 

$

(98.2

)

 

$

(77.4

)

Derivative instrument fair market value, net of income
   tax benefit of $1.0 and $0.0

 

 

(1.7

)

 

 

1.3

 

Employee pension and postretirement benefit adjustments,
   net of income tax benefit of $12.3 and $13.6

 

 

(7.7

)

 

 

(10.3

)

Total accumulated other comprehensive loss

 

$

(107.6

)

 

$

(86.4

)

 

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2024 and 2023 are summarized as follows:

 

 

Gains (Losses) on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign
Currency
Translation

 

 

Total

 

Balance as of December 31, 2022

 

$

5.4

 

 

$

(15.3

)

 

$

(98.0

)

 

$

(107.9

)

Other comprehensive income (loss) before
   reclassifications

 

 

(1.8

)

 

 

2.4

 

 

 

11.3

 

 

 

11.9

 

Amounts reclassified from accumulated other
   comprehensive loss

 

 

(2.3

)

 

 

2.6

 

 

 

9.3

 

 

 

9.6

 

Net other comprehensive income (loss)

 

 

(4.1

)

 

 

5.0

 

 

 

20.6

 

 

 

21.5

 

Balance as of December 31, 2023

 

 

1.3

 

 

 

(10.3

)

 

 

(77.4

)

 

 

(86.4

)

Other comprehensive income (loss) before
   reclassifications

 

 

(4.7

)

 

 

2.4

 

 

 

(20.8

)

 

 

(23.1

)

Amounts reclassified from accumulated other
   comprehensive loss

 

 

1.7

 

 

 

0.2

 

 

 

—

 

 

 

1.9

 

Net other comprehensive income (loss)

 

 

(3.0

)

 

 

2.6

 

 

 

(20.8

)

 

 

(21.2

)

Balance as of December 31, 2024

 

$

(1.7

)

 

$

(7.7

)

 

$

(98.2

)

 

$

(107.6

)

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

 

Recognized
Location

Gain (losses) on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

 

Cost of sales

Total before income taxes

 

 

(1.7

)

 

 

2.3

 

 

 

(5.8

)

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

 

 

Amortization of pension and
   postretirement items

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(0.3

)

 

$

(2.6

)

 

$

(2.9

)

(a)

Other income (expense) - net

Amortization of prior service cost

 

 

(0.1

)

 

 

(0.1

)

 

 

1.3

 

(a)

Other income (expense) - net

Pension settlement gain

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

(a)

Other income (expense) - net

Total before income taxes

 

 

(0.3

)

 

 

(2.6

)

 

 

(1.5

)

 

 

Benefit for income taxes

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(0.2

)

 

$

(2.6

)

 

$

(1.5

)

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

Losses on foreign currency translation

 

$

—

 

 

$

(9.3

)

 

$

—

 

 

 

Total before income taxes

 

 

—

 

 

 

(9.3

)

 

 

—

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

—

 

 

$

(9.3

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period, net
   of income taxes

 

$

(1.9

)

 

$

(9.6

)

 

$

(7.3

)

 

 
(a)
These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details).
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

15. Stock-Based Compensation

The Company’s 2013 Omnibus Incentive Plan (the “2013 Omnibus Plan”) was approved by shareholders on May 7, 2013. The 2013 Omnibus Plan provides for both short-term and long-term incentive awards for employees and non-employee directors.

Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and performance share or performance unit awards.

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

During the years ended December 31, 2024, 2023, and 2022, the Company recorded stock-based compensation expense of $10.9 million, $11.5 million, and $8.5 million, respectively, in engineering, selling, and administrative expense in the Consolidated Statement of Operations. 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.

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

 

Stock Options

Stock option grants to employees are exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date.

The Company did not grant employees stock options in 2024, 2023, or 2022. Stock-based compensation expense is calculated by estimating the fair value of non-qualified stock options at the time of grant and is amortized over the stock options’ vesting period. The Company recognized no expense before income taxes associated with stock options during the years ended December 31, 2024 and 2023 and $0.1 million of expense during the year ended December 31, 2022.

The activity for stock options is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Exercise Price Per Share

 

 

Aggregate
Intrinsic
Value

 

Options outstanding as of December 31, 2023

 

 

494,370

 

 

$

21.47

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

Cancelled

 

 

(23,906

)

 

 

23.47

 

 

 

 

Options outstanding as of December 31, 2024

 

 

470,464

 

 

$

21.37

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Options exercisable as of December 31, 2024

 

 

470,464

 

 

$

21.37

 

 

$

—

 

Restricted Stock Units

The Company granted 461,632, 520,132, and 413,543 restricted stock units inclusive of director awards in 2024, 2023, and 2022, respectively. A total of 78,894, 77,576, and 56,640 equity compensation awards were granted to directors in 2024, 2023, and 2022, respectively, which vested immediately upon the grant date. The Company recognized $6.4 million, $6.3 million, and $5.2 million of compensation expense associated with restricted stock units during the years ended December 31, 2024, 2023, and 2022, respectively.

With the exception of director grants, the restricted stock units are earned based on service over the vesting period. Restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. The expense is based on the fair value of the Company's shares as of the grant date which is the grant date closing stock price.

The activity for restricted stock units is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value Per Share

 

Unvested as of December 31, 2023

 

 

805,462

 

 

$

15.37

 

Granted

 

 

461,632

 

 

 

13.38

 

Vested

 

 

(405,309

)

 

 

15.73

 

Forfeited

 

 

(21,991

)

 

 

16.06

 

Unvested as of December 31, 2024

 

 

839,794

 

 

$

14.07

 

As of December 31, 2024, the Company has $5.7 million of unrecognized compensation expense before income tax and net of estimated forfeitures related to restricted stock units which will be recognized over a weighted average period of 1.7 years.

Performance Share Units

The Company granted 365,174, 316,022, and 122,280 of performance share units in 2024, 2023, and 2022, respectively. The performance share units are earned based on service over the vesting period and only to the extent to which performance goals are met over the applicable three-year performance period. The performance goals vary for performance share units each grant year. The Company recognized $4.5 million, $5.2 million, and $3.2 million of compensation expense associated with performance share units during the years ended December 31, 2024, 2023, and 2022, respectively.

 

The performance goals for the performance share units granted in 2024 are weighted 60% on the 3-year average of the Company's adjusted return on invested capital ("Adjusted ROIC") percentage from 2024 to 2026 and 40% on cumulative non-new machine sales from January 1, 2024 through December 31, 2026. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue, and other revenue. The 2024 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

 

The performance goals for the performance share units granted in 2023 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40% on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The 2023 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

The performance goals for the performance share units granted in 2022 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40% on non-new machine sales for the year ending December 31, 2024. The 2022 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

The 2024 activity for performance share units is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Grant Date Fair Value
Per Share

 

Unvested as of December 31, 2023

 

 

630,395

 

 

$

17.39

 

Granted (1)

 

 

365,174

 

 

 

14.34

 

Adjustment for performance results achieved (2)

 

 

154,145

 

 

 

16.39

 

Vested

 

 

(302,479

)

 

 

16.39

 

Forfeited

 

 

(21,121

)

 

 

16.12

 

Unvested as of December 31, 2024

 

 

826,114

 

 

$

15.95

 
(1)
Performance shares granted assuming achievement of performance goals at target.
(2)
Adjustment due to performance share units granted in 2021 and vested in 2024 where the number of shares achieved based on the three-year performance period ended December 31, 2023 were higher than target.

As of December 31, 2024, the Company has $5.7 million of unrecognized compensation expense before income tax and net of estimated forfeitures related to performance share units expected to be recognized over a weighted average period of 1.7 years.

The Company uses the Monte Carlo valuation model to determine fair value of the performance share unit grants. The Company used an average of historical stock prices of selected peers for its volatility assumption. The assumed risk-free rates were based on three-year U.S. Treasury rates in effect at the time of grant. The fair value of each performance share unit was estimated at the date of grant using the following assumptions:

 

 

2024

 

 

2023

 

 

2022

 

Correlation

 

 

22.8

%

 

 

28.2

%

 

 

25.9

%

Risk-free interest rate

 

 

4.5

%

 

 

4.1

%

 

 

1.7

%

Expected volatility

 

 

51.2

%

 

 

60.3

%

 

 

59.5

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments

16. Segments

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

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

The 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. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations 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 and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the years ended December 31, 2024, 2023, and 2022:

 

 

Year Ended December 31, 2024

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

Revenues from external customers

 

$

1,197.6

 

 

$

616.0

 

 

$

364.4

 

 

$

2,178.0

 

 

$

1,211.2

 

 

$

669.6

 

 

$

347.0

 

 

$

2,227.8

 

 

$

1,013.0

 

 

$

761.5

 

 

$

258.0

 

 

$

2,032.5

 

Less: (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

962.1

 

 

 

541.1

 

 

 

299.8

 

 

 

1,803.0

 

 

 

973.6

 

 

 

557.8

 

 

 

271.2

 

 

 

1,802.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineering, selling, and administration costs

 

 

127.8

 

 

 

119.0

 

 

 

24.4

 

 

 

271.2

 

 

 

123.0

 

 

 

118.8

 

 

 

23.2

 

 

 

265.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment items (b)

 

 

4.0

 

 

 

2.5

 

 

 

0.8

 

 

 

7.3

 

 

 

2.9

 

 

 

0.9

 

 

 

0.3

 

 

 

4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss)

 

 

103.7

 

 

 

(46.6

)

 

 

39.4

 

 

 

96.5

 

 

 

111.7

 

 

 

(7.9

)

 

 

52.3

 

 

 

156.1

 

 

 

(88.8

)

 

 

(3.2

)

 

 

40.2

 

 

 

(51.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(38.3

)

 

 

 

 

 

 

 

 

 

 

 

(33.9

)

 

 

 

 

 

 

 

 

 

 

 

(31.6

)

Amortization of deferred financing fees

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

Other (income) expense - net

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

(13.0

)

 

 

 

 

 

 

 

 

 

 

 

5.8

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

(44.7

)

 

 

 

 

 

 

 

 

 

 

 

(63.6

)

 

 

 

 

 

 

 

 

 

 

 

(41.3

)

Restructuring (income) expense

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

11.7

 

 

 

 

 

 

 

 

 

 

 

$

44.2

 

 

 

 

 

 

 

 

 

 

 

$

(120.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Segment Disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (c)

 

 

33.4

 

 

 

23.6

 

 

 

2.8

 

 

 

59.8

 

 

 

32.1

 

 

 

22.1

 

 

 

2.4

 

 

 

56.6

 

 

 

35.4

 

 

 

20.1

 

 

 

2.2

 

 

 

57.7

 

Capital expenditures

 

 

17.7

 

 

 

25.1

 

 

 

2.9

 

 

 

45.7

 

 

 

46.5

 

 

 

28.5

 

 

 

2.4

 

 

 

77.4

 

 

 

32.0

 

 

 

27.7

 

 

 

2.1

 

 

 

61.8

 
(a)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(b)
Other segment items for each reportable segment includes:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

MEAP — restructuring expense.

(c)
The amount of depreciation and amortization disclosed by reportable segment are included within cost of sales or engineering, selling, and administration costs, as applicable.

Net sales by geographic area for the years ended December 31, 2024, 2023, and 2022 and property, plant, and equipment as of December 31, 2024 and 2023 are summarized as follows:

 

 

Net Sales

 

 

Property, Plant, and Equipment

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

United States

 

$

1,060.7

 

 

$

1,039.9

 

 

$

906.4

 

 

$

170.5

 

 

$

158.1

 

Europe

 

 

598.7

 

 

 

641.9

 

 

 

740.1

 

 

 

154.3

 

 

 

183.8

 

Other

 

 

518.6

 

 

 

546.0

 

 

 

386.0

 

 

 

21.4

 

 

 

24.2

 

Total

 

$

2,178.0

 

 

$

2,227.8

 

 

$

2,032.5

 

 

$

346.2

 

 

$

366.1

 

New machine and non-new machine sales for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

New machine sales

 

$

1,548.9

 

 

$

1,615.1

 

 

$

1,487.2

 

Non-new machine sales

 

 

629.1

 

 

 

612.7

 

 

 

545.3

 

Total net sales

 

$

2,178.0

 

 

$

2,227.8

 

 

$

2,032.5

 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

17. Commitments and Contingencies

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

As of December 31, 2024, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these are insured with self-insurance retention levels. The Company’s self-insurance retention levels have varied over the last 10 years. As of December 31, 2024, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.

As of December 31, 2024, current and long-term product liability reserves were $1.4 million and $5.0 million, respectively. As of December 31, 2023, current and long-term product liabilities reserves were $11.4 million and $5.1 million, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of December 31, 2024 and December 31, 2023, the Company had zero and $3.9 million, respectively, of estimated insurance recoveries included in the other current assets in the Consolidated Balance Sheets.

Reserves for product-related lawsuits were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

As of December 31, 2024 and 2023, the Company had reserved $45.3 million and $56.8 million, respectively, for warranty and other related claims included in product warranties and other non-current liabilities in the Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. Refer to Note 18, “Guarantees,” for further information.

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

In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions.

As of December 31, 2024, the Company agreed to the terms of a Consent Decree with the U.S. EPA and the U.S. Department of Justice regarding alleged violations of the TPEM. The Consent Decree has been lodged in the federal district court for the Eastern District of Wisconsin and the public comment period has ended. The proposed Consent Decree provides that the Company pay a civil penalty of $42.6 million and complete an emissions mitigation project upgrading a short-line locomotive engine in Maryland. Completion of the terms in the Consent Decree will settle this matter and release the Company from civil claims under the Clean Air Act related to the Company’s participation in the TPEM program.

As a result of the settlement, the Company recorded an additional charge of $8.9 million for the year ended December 31, 2024. The total recorded liability in accounts payable and accrued expenses in the Company’s Consolidated Balance Sheets was $45.0 million as of December 31, 2024, which accounts for the civil penalty and emissions mitigation project.

v3.25.0.1
Guarantees
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Guarantees

18. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with Topic 842. If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of December 31, 2024 and 2023 was $14.9 million and $32.2 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of December 31, 2024 and 2023 was $29.9 million and $43.4 million, respectively. These amounts are not reduced for amounts the Company would recover from repossession and subsequent resale of the units. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $14.3 million and $13.0 million as of December 31, 2024 and 2023, respectively. These amounts are not reduced for amounts the Company would recover from repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the years ended December 31, 2024, 2023, and 2022:

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

56.8

 

 

$

58.0

 

 

$

60.2

 

Adjustments to accruals for warranties

 

 

25.5

 

 

 

28.9

 

 

 

27.3

 

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

 

 

(35.5

)

 

 

(31.0

)

 

 

(27.8

)

Currency translation

 

 

(1.5

)

 

 

0.9

 

 

 

(1.7

)

Balance at end of period

 

$

45.3

 

 

$

56.8

 

 

$

58.0

 

The long-term portion of the warranty liability is recorded in other non-current liabilities in the Consolidated Balance Sheets.

The Company sells extended warranty contracts, which it accounts for as a service type warranty under ASC Topic 606 – “Revenue from Contracts with Customers.” Revenue associated with extended warranty contracts is deferred and amortized on a straight-line basis over the duration of the extended warranty period. As of December 31, 2024 and 2023, there was $8.6 million and $6.1 million, respectively, of deferred revenue included in other current and non-current liabilities in the Consolidated Balance Sheets.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

19. Employee Benefit Plans

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

Defined contribution plans

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

The Company also has various other non-U.S. defined contribution plans that allow eligible employees to contribute a portion of their salary to the plans. In most cases, the Company provides a matching contribution to the funds contributed by the employees. Company contributions to the plans are generally based upon formulas contained in the plans. Total costs incurred under the Non-U.S. defined contribution plans, and reported within the Consolidated Statement of Operations were $2.0 million, $1.7 million, and $1.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Manitowoc 401(k) Plan

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

The Manitowoc 401(k) Plan allows employees to make both pre and after-tax elective deferrals, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Tax Code”). The Company also has the right to make the following additional contributions: (1) a safe harbor matching contribution and (2) an additional contribution, which may or may not be made, at the full discretion of the Company and for which the value will be fully determined by the Company based on its performance. Each participant in the Manitowoc 401(k) Plan is allowed to direct the investment of that participant’s account among a diverse mix of investment funds, including a Company stock alternative. To the extent that any funds are invested in the Company’s stock, that portion of the Manitowoc 401(k) Plan is an employee stock ownership plan, as defined under the Tax Code (an “ESOP”).

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

Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, were $9.3 million, $8.7 million and $11.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

 

Manitowoc Deferred Compensation Plan

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

The Manitowoc Deferred Compensation Plan accounts are credited with: (1) elective deferrals made at the request of the individual participant; (2) a matching contribution for eligible wages above IRS employee compensation limits for 401(k) retirement plans; and/or (3) an additional contribution from the Company for each individual participant, which may or may not be made, at the full discretion of the Company based on its performance. Although unfunded within the meaning of the Tax Code, the Manitowoc Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. Each participant in the Manitowoc Deferred Compensation Plan is credited with earnings based upon individual elections from a diverse mix of investment funds that are intended to reflect investment funds similar to those offered under the Manitowoc 401(k) Plan, including the Company’s stock. Participants do not receive preferential or above-market rates of return under the Manitowoc Deferred Compensation Plan.

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

Program A is accounted for as a plan that does not permit diversification. As a result, the Company stock held by Program A is classified in equity in a manner similar to accounting for treasury stock. The deferred compensation obligation is classified as an equity instrument. Changes in the fair value of the Company’s stock and the compensation obligation are not recognized. The fair market value of the asset and corresponding obligation for Program A were $0.7 million and $1.2 million as of December 31, 2024 and 2023, respectively.

Program B is accounted for as a plan that permits diversification. As a result, the assets held by Program B are classified as an asset in the Consolidated Balance Sheets and changes in the fair value of the assets are recognized in earnings. The deferred compensation obligation is classified as a liability in the Consolidated Balance Sheets and adjusted to reflect changes in the fair value of the obligation. The assets, which are included in other non-current assets, and obligations, which are included in other non-current liabilities, were $8.8 million and $8.1 million as of December 31, 2024 and 2023, respectively.

Total costs incurred under this plan, and reported within the Consolidated Statement of Operations, for the years ended December 31, 2024, 2023, and 2022 were $0.4 million, $0.2 million and $0.4 million, respectively.

Pension, Postretirement Medical and Other Benefit Plans

The Company provides certain pension, postretirement medical, and other benefits (death benefits) for eligible retirees and their dependents in the U.S. under various frozen plans. Pension benefits are provided under the Manitowoc U.S. Pension Plan (“U.S. Pension Plan”). Certain pension benefits are funded, the postretirement medical benefits are not funded but are paid as incurred, and the death benefits are fully insured. Eligibility for coverage is based on meeting certain years of service and retirement qualifications. The healthcare benefits may be subject to deductibles, co-payment provisions, and other limitations. The Company has reserved the right to modify these benefits which have been frozen.

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

The components of periodic benefit costs for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

U.S. Pension Plan

 

 

Non-U.S. Pension Plans

 

 

Postretirement Medical
and Other

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Service cost - benefits earned
   during the year

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1.3

 

 

$

1.2

 

 

$

1.6

 

 

$

—

 

 

$

0.1

 

 

$

0.1

 

Interest cost of projected
   benefit obligation

 

 

5.2

 

 

 

5.5

 

 

 

3.2

 

 

 

2.7

 

 

 

3.0

 

 

 

1.7

 

 

 

0.3

 

 

 

0.4

 

 

 

0.2

 

Expected return on assets

 

 

(3.9

)

 

 

(3.9

)

 

 

(5.2

)

 

 

(1.7

)

 

 

(1.6

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of prior service
   cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

(1.4

)

Amortization of actuarial net
   loss (gain)

 

 

1.8

 

 

 

2.2

 

 

 

1.9

 

 

 

0.1

 

 

 

1.6

 

 

 

1.5

 

 

 

(1.6

)

 

 

(1.2

)

 

 

(0.5

)

Pension settlement gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit cost

 

$

3.1

 

 

$

3.8

 

 

$

(0.1

)

 

$

2.4

 

 

$

4.2

 

 

$

3.6

 

 

$

(1.3

)

 

$

(0.7

)

 

$

(1.6

)

Weighted average
   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective discount rate for
   benefit obligations

 

 

5.1

%

 

 

5.4

%

 

 

2.8

%

 

 

3.7

%

 

 

4.7

%

 

 

1.4

%

 

 

5.0

%

 

 

5.4

%

 

 

2.5

%

Expected return on
   plan assets

 

 

4.9

%

 

 

5.0

%

 

 

4.7

%

 

 

4.4

%

 

 

5.4

%

 

 

2.9

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation
   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

2.9

%

 

 

3.7

%

 

 

4.1

%

 

N/A

 

 

N/A

 

 

N/A

 

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

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

The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2024 and 2023:

 

 

U.S. Pension Plan

 

 

Non-U.S. Pension Plans

 

 

Postretirement
Medical and Other

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

106.4

 

 

$

106.4

 

 

$

61.9

 

 

$

59.0

 

 

$

6.6

 

 

$

9.5

 

Service cost

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

1.2

 

 

 

—

 

 

 

0.1

 

Interest cost

 

 

5.2

 

 

 

5.5

 

 

 

2.7

 

 

 

3.0

 

 

 

0.3

 

 

 

0.4

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Actuarial (gain) loss

 

 

(4.4

)

 

 

2.5

 

 

 

(1.9

)

 

 

(0.3

)

 

 

(0.7

)

 

 

(2.4

)

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

(2.6

)

 

 

2.6

 

 

 

—

 

 

 

—

 

Pension settlement

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

Benefits paid

 

 

(8.0

)

 

 

(8.0

)

 

 

(3.3

)

 

 

(3.5

)

 

 

(0.7

)

 

 

(1.1

)

Benefit obligation, end of year

 

$

99.2

 

 

$

106.4

 

 

$

57.5

 

 

$

61.9

 

 

$

5.5

 

 

$

6.6

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

82.2

 

 

$

82.3

 

 

$

31.3

 

 

$

29.7

 

 

$

—

 

 

$

—

 

Actual return on plan assets

 

 

3.3

 

 

 

7.4

 

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

4.9

 

 

 

0.5

 

 

 

3.5

 

 

 

3.6

 

 

 

0.7

 

 

 

1.0

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

1.6

 

 

 

—

 

 

 

—

 

Pension settlement

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

Benefits paid

 

 

(8.0

)

 

 

(8.0

)

 

 

(3.3

)

 

 

(3.5

)

 

 

(0.7

)

 

 

(1.1

)

Fair value of plan assets, end of year

 

 

82.4

 

 

 

82.2

 

 

 

29.2

 

 

 

31.3

 

 

 

—

 

 

 

—

 

Funded status

 

$

(16.8

)

 

$

(24.2

)

 

$

(28.3

)

 

$

(30.6

)

 

$

(5.5

)

 

$

(6.6

)

Amounts recognized in the Consolidated
   Balance Sheets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension asset

 

$

—

 

 

$

—

 

 

$

3.8

 

 

$

2.7

 

 

$

—

 

 

$

—

 

Short-term pension obligation

 

 

(0.5

)

 

 

(0.5

)

 

 

(1.3

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

Long-term pension obligation

 

 

(16.3

)

 

 

(23.7

)

 

 

(30.8

)

 

 

(32.1

)

 

 

—

 

 

 

—

 

Short-term postretirement medical and other
   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.8

)

 

 

(1.0

)

Long-term postretirement medical and other
   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4.7

)

 

 

(5.6

)

Net amount recognized

 

$

(16.8

)

 

$

(24.2

)

 

$

(28.3

)

 

$

(30.6

)

 

$

(5.5

)

 

$

(6.6

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.6

%

 

 

5.1

%

 

 

4.4

%

 

 

4.2

%

 

 

5.3

%

 

 

5.0

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

3.8

%

 

 

3.8

%

 

N/A

 

 

N/A

 

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

Amounts recognized in accumulated other comprehensive loss as of December 31, 2024 and 2023, are summarized as follows:

 

 

Pensions

 

 

Postretirement
Medical and Other

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net actuarial gain (loss)

 

$

(27.2

)

 

$

(32.0

)

 

$

7.3

 

 

$

8.3

 

Prior service cost

 

 

(0.2

)

 

 

(0.2

)

 

 

—

 

 

 

—

 

Total amount recognized

 

$

(27.4

)

 

$

(32.2

)

 

$

7.3

 

 

$

8.3

 

For measurement purposes, a 7.70% annual rate of increase in the per capita cost of covered health care benefits was assumed for the postretirement medical and other plan for 2024. The rate was assumed to decrease gradually to 4.00% in 2048 and remain at that level thereafter.

The weighted-average asset allocation of the U.S. Pension Plan as of December 31, 2024 and 2023, by asset category are summarized as follows:

 

 

2024

 

 

2023

 

Equity

 

 

50.3

%

 

 

53.3

%

Fixed income

 

 

43.6

%

 

 

39.7

%

Other

 

 

6.1

%

 

 

7.0

%

Total

 

 

100.0

%

 

 

100.0

%

The weighted-average asset allocation of the Non-U.S. Pension Plans as of December 31, 2024 and 2023, by asset category are summarized as follows:

 

 

2024

 

 

2023

 

Equity

 

 

—

%

 

 

—

%

Fixed income

 

 

52.0

%

 

 

39.4

%

Other(1)

 

 

48.0

%

 

 

60.6

%

Total

 

 

100.0

%

 

 

100.0

%
(1)
Includes diversified investments that have equity and fixed income holdings.

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

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

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

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

The actual and target allocations for the pension assets as of December 31, 2024, by asset class, are summarized as follows:

 

 

Target Allocations

 

 

Weighted Average Asset
Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

46.2

%

 

 

—

%

 

 

50.3

%

 

 

—

%

Debt Securities

 

 

45.0

%

 

 

63.0

%

 

 

43.6

%

 

 

52.0

%

Other

 

 

8.8

%

 

 

37.0

%

 

 

6.1

%

 

 

48.0

%

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

Fair Value Measurements The following tables present the Company’s plan assets using the fair value hierarchy as of December 31, 2024 and 2023. The fair value hierarchy has three levels based on the reliability of the inputs used to determine

fair value. Refer to Note 4, “Fair Value of Financial Instruments,” for definitions of each fair value level. The plan assets may consist of a combination of investments and are allocated based on the predominant asset class.

 

 

December 31, 2024

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

20.8

 

 

$

20.8

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20.3

 

 

 

20.3

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.8

 

 

 

14.8

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28.1

 

 

 

28.1

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12.9

 

 

 

12.9

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.4

 

 

 

4.4

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.8

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

6.0

 

 

 

—

 

 

 

6.0

 

Other

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

2.8

 

 

 

3.5

 

Total

 

$

1.5

 

 

$

—

 

 

$

6.0

 

 

$

104.1

 

 

$

111.6

 

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

 

 

 

December 31, 2023

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.7

 

 

$

21.7

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.1

 

 

 

22.1

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.6

 

 

 

16.6

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25.5

 

 

 

25.5

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11.1

 

 

 

11.1

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.7

 

 

 

4.7

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.0

 

Money market funds

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.7

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

7.4

 

 

 

—

 

 

 

7.4

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.7

 

 

 

2.7

 

Total

 

$

1.7

 

 

$

-

 

 

$

7.4

 

 

$

104.4

 

 

$

113.5

 

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

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

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

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

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

 

 

Annuity Contracts
Year Ended December 31,

 

 

 

2024

 

 

2023

 

Beginning Balance

 

$

7.4

 

 

$

8.5

 

Additions

 

 

—

 

 

 

0.5

 

Actual return on assets

 

 

0.1

 

 

 

(1.2

)

Benefit payments

 

 

(1.4

)

 

 

(0.9

)

Foreign currency impact

 

 

(0.1

)

 

 

0.5

 

Ending Balance

 

$

6.0

 

 

$

7.4

 

The expected 2025 minimum contributions for the U.S. pension plan are $3.0 million and there are no planned discretionary or non-cash contributions. The expected 2025 minimum contributions for the non-U.S. pension plans are $1.4 million and there are no planned discretionary or non-cash contributions. Expected Company paid claims for the postretirement medical and other plans are $0.8 million for 2025. Projected future benefit payments from the plans as of December 31, 2024 are estimated as follows:

 

 

U.S. Pension
Plan

 

 

Non-U.S.
Pension
Plans

 

 

Postretirement
Medical and
Other

 

2025

 

$

8.8

 

 

$

3.0

 

 

$

0.8

 

2026

 

 

8.7

 

 

 

3.1

 

 

 

0.8

 

2027

 

 

8.7

 

 

 

3.4

 

 

 

0.7

 

2028

 

 

8.7

 

 

 

3.9

 

 

 

0.7

 

2029

 

 

8.6

 

 

 

3.9

 

 

 

0.6

 

Thereafter

 

 

40.2

 

 

 

19.7

 

 

 

2.3

 

Total

 

$

83.7

 

 

$

37.0

 

 

$

5.9

 

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2024 and 2023 is summarized as follows:

 

 

U.S. Pension Plan

 

 

Non U.S. Pension Plans

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Projected benefit obligation

 

$

99.2

 

 

$

106.4

 

 

$

32.1

 

 

$

33.8

 

Accumulated benefit obligation

 

 

99.2

 

 

 

106.4

 

 

 

29.2

 

 

 

30.6

 

Fair value of plan assets

 

 

82.4

 

 

 

82.2

 

 

 

—

 

 

 

0.5

 

The measurement date for all plans is December 31, 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

20. Leases

The Company has operating leases for offices, warehouses, land for storage of cranes, vehicles, information technology equipment, and manufacturing equipment. The remaining lease terms are up to 19 years, some of which include multiple renewal options which would extend the lease term for up to an additional 10 years, and some which include options to terminate the lease within one year. Certain leases include one or more options to renew; the exercise of lease renewal options is at the Company’s discretion. The Company includes renewal option periods in the lease term when it is determined that the

options are reasonably certain to be exercised. The Company’s financing leases have an immaterial impact on the consolidated financial statements.

The components of lease expense for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

16.9

 

 

$

15.5

 

 

$

14.0

 

Variable lease cost*

 

 

1.5

 

 

 

1.2

 

 

 

1.4

 

Total lease cost

 

$

18.4

 

 

$

16.7

 

 

$

15.4

 

   *Includes short-term leases, which are immaterial.

 

 

 

 

 

 

 

Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Operating lease right-of-use assets

 

$

59.3

 

 

$

59.7

 

 

 

 

 

 

 

 

Other liabilities

 

$

12.9

 

 

$

13.0

 

Operating lease liabilities

 

 

47.0

 

 

 

47.2

 

Total operating lease liabilities

 

$

59.9

 

 

$

60.2

 

Cash paid for operating leases included in operating cash flows was $30.6 million, $29.5 million, and $26.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Operating lease right-of-use assets obtained in exchange for lease obligations were $14.9 million for the year ended December 31, 2024 and $26.0 million for the year ended December 31, 2023.

As of December 31, 2024, the Company’s operating leases have a weighted-average remaining lease term of 6.3 years and a weighted average discount rate of 6.1%. As of December 31, 2023, the Company's leases had a weighted-average remaining lease term of 6.4 years and a weighted average discount rate of 5.9%. Topic 842 requires a lessee to discount its unpaid lease obligations using the interest rate implicit in the lease, or if not readily determinable, the incremental borrowing rate at the time of lease commencement. Generally, the Company uses its incremental borrowing rate as the implicit rate cannot be determined. The Company’s incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms in a similar region.

Maturities of operating lease liabilities as of December 31, 2024 are summarized as follows:

Year

 

Lease Payments

 

2025

 

$

15.8

 

2026

 

 

12.9

 

2027

 

 

11.5

 

2028

 

 

9.4

 

2029

 

 

7.1

 

Thereafter

 

 

15.8

 

Total lease payments

 

 

72.5

 

Less: imputed interest

 

 

(12.6

)

Present value of lease liabilities

 

$

59.9

 

 

As of December 31, 2024, we have additional operating leases for facilities that have not yet commenced with undiscounted lease obligations of approximately $9.5 million. These leases are expected to commence during the year ending December 31, 2025 and have terms of up to approximately 10 years.

Lessor Accounting

The Company rents cranes to its customers and actively manages the size, quality, age and composition of its rental fleet to meet customer demands and trends. The rental fleet is serviced through the Company’s parts and service team. The rental activities create cross-selling opportunities in crane sales including rent-to-own purchase options whereby customers are given a period of time to exercise an option to purchase the related equipment at an established price with any rental payments paid applied to reduce the purchase price.

Substantially all of the Company's leasing arrangements are classified as operating leases. Rental revenue is recognized on a straight-line basis over the rental period.

In most cases, the Company's rental arrangements include non-lease components, including delivery and pick-up services. The Company accounts for these non-lease components separate from the rental arrangement and recognizes the revenue associated with these components when the service is performed. The Company has elected to exclude from rental revenue all taxes collected from customers related to rental activities. The Company manages the residual value risk of its rented assets by (i) monitoring the quality, aging and anticipated retail market value of the rental fleet assets to determine the optimal period to remove an asset from the rental fleet, (ii) maintaining the quality of assets through parts and service support and (iii) requiring physical damage insurance of customers. The Company primarily disposes of the rental assets through its rent to own program or sale of the asset.

Refer to Note 7, “Property, Plant, and Equipment,” for the balance of rental cranes included in property, plant, and equipment in the Consolidated Balance Sheets.
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Cash and Cash Equivalents

Cash and Cash Equivalents The Company considers all cash, bankers acceptance, and short-term investments purchased with an original maturity of three months or less as cash and cash equivalents.
Allowance for Credit Losses

Allowance for Credit Losses Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The Company's allowance for credit losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecasts that affect the collectability of the related receivable and any specific customer collection issues the Company has identified.

The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2024, 2023, and 2022.

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

6.1

 

 

$

5.3

 

 

$

7.3

 

Bad debt expenses

 

 

1.2

 

 

 

2.3

 

 

 

0.1

 

Use of reserve

 

 

(1.2

)

 

 

(1.4

)

 

 

(1.8

)

Currency translation

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.3

)

Balance at end of period

 

$

5.9

 

 

$

6.1

 

 

$

5.3

 
Inventories

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

Business Combinations The Company accounts for business combinations under the acquisition method in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“Topic 805”). The acquisition method requires identifiable assets acquired and liabilities assumed and any non-controlling interest in the business acquired be recognized and measured at fair value on the acquisition date, which is the date that the Company obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The Company expenses transaction costs in a business combination.
Goodwill and Intangible Assets

Goodwill and Intangible Assets The Company accounts for goodwill and intangible assets under the guidance of ASC Topic 350-10, “Intangibles — Goodwill and Other” (“Topic 350”). Under ASC Topic 350, goodwill is not amortized; instead, the

Company performs an annual impairment test. The date for the annual impairment test is October 31 or more frequently if events or changes in circumstances indicate that the assets might be impaired. To perform its goodwill impairment test, the Company uses a combination of the income approach and market approach with a weighting of 70/30, respectively, to determine the fair value of the Middle East and Asia Pacific (“MEAP”) reporting unit. The Company uses only the income approach to determine the fair value of the Americas - Distribution reporting unit due to a lack of comparable peer companies to determine fair value under the market approach. Impairment is determined based on the amount in which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill at the reporting unit. In addition, goodwill of a reporting unit is tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

The Company’s indefinite-lived intangible assets are not amortized but are subject to an annual impairment test. To perform its indefinite-lived intangible assets impairment test, the Company uses a fair-value method based on a relief of royalty valuation approach to determine the fair value of its indefinite-lived intangible assets. Management’s judgments and assumptions about the amounts of those cash flows and the discount rates are inputs to the annual impairment test. Impairment is determined based on the amount in which the carrying value of the indefinite-lived intangible asset exceeds its fair value, not to exceed the carrying amount of the indefinite-lived intangible asset. Refer to Note 8, “Goodwill and Intangible Assets,” for further details on the Company's impairment assessments. The Company’s definite-lived intangible assets subject to amortization are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If an indicator of impairment is identified, the Company would use the undiscounted cash flow model.

The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy:

 

 

Years

Patents

 

20

Customer relationships

 

12 - 18

Trademarks and tradenames

 

5

Noncompetition agreements

 

5

Property, Plant and Equipment

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

Property, plant, and equipment are generally depreciated over the following estimated useful lives according to the Company's policy:

 

 

Years

Building and improvements

 

10 - 50

Machinery, equipment, and tooling

 

5 - 20

Furniture and fixtures

 

5 - 10

Computer hardware and software

 

3 - 5

Rental cranes

 

5 - 10

Property, plant, and equipment also includes cranes accounted for as operating leases which are included in rental cranes. Equipment accounted for as operating leases includes rental cranes leased directly to the customer and cranes for which the Company has assisted in the financing arrangement, whereby the Company has made a buyback commitment in which the customer at the time of the order had a significant economic incentive to exercise. Equipment that is leased directly to the customer is accounted for as an operating lease with the related assets capitalized and depreciated over their estimated economic life. Equipment involved in a financing arrangement is depreciated over the life of the underlying arrangement to the buyback amount at the end of the lease period. The amount of rental cranes included in property, plant, and equipment - net amounted to $142.1 million and $153.3 million, net of accumulated depreciation, as of December 31, 2024 and 2023, respectively.

The Company reviews property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable. The Company conducts its impairment analyses in accordance with ASC Topic 360-10-5 “Property, Plant, and Equipment” (“Topic 360”). Topic 360 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and to evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows are less than the net book value of the assets, any related impairment loss is calculated based upon comparison of the fair value to the net book value of the assets.
Warranties

Warranties Estimated manufacturing warranty costs are recorded in cost of sales at the time of sale of the warranted products based on historical warranty experience for the related product or estimates of projected costs due to specific warranty issues on new products. These estimates are reviewed periodically and are adjusted based on changes in facts, circumstances, or actual experience. When a customer purchases an extended warranty, revenue associated with the extended warranty is deferred and recognized over the life of the extended warranty period. Costs during the extended warranty period are expensed as incurred. Costs associated with other warranty activity not related to a manufacturer's standard or extended warranty are recorded in the period a loss is probable and can be reasonably estimated in accordance with ASC Topic 450-20 “Loss Contingencies.”
Product Liabilities

Product Liabilities The Company records product liability reserves for its self-insured portion of any outstanding product liability cases when losses are probable and reasonably estimable. The reserve is based upon two estimates. First, the Company tracks the population of all outstanding product liability cases to determine an appropriate case reserve for each based upon the Company’s best judgment with the advice of legal counsel. These estimates are continually evaluated and adjusted based upon changes to facts and circumstances surrounding the case. Second, the Company determines the amount of additional reserve required to cover incurred, but not reported, product liability obligations and to account for possible adverse development of the established case reserves utilizing actuarially developed estimates. Insurance recoveries related to a product liability case are recorded as an asset in the period it is determined that the gain has been realized or realizable. Refer to Note 17, “Commitments and Contingencies,” for further information.

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments and Hedging Activities The Company has policies and procedures that place all financial instruments under the direction of corporate treasury and restrict all derivative transactions to those intended for hedging purposes. The use of financial instruments for trading purposes is strictly prohibited. The Company uses financial instruments to manage the market risk from changes in foreign exchange rates, commodities and interest rates. The Company follows the guidance in accordance with ASC Topic 815 “Derivatives and Hedging” (“Topic 815”). The fair values of all outstanding derivatives are recorded in the Consolidated Balance Sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive income (loss) (“AOCI”) depending on whether the derivative is designated and qualifies as a cash flow hedge.

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

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

Stock-Based Compensation The Company recognizes expense net of estimated future forfeitures for non-performance stock-based awards on a straight-line basis over the vesting period of the entire award. The Company recognizes expense net of estimated future forfeitures for stock-based awards with performance goals based on actual or estimated achievement of those goals on a straight-line basis over the vesting period of the entire award. Estimated future forfeiture rates are based on the Company's historical experience. Refer to Note 15, “Stock-Based Compensation,” for more information on stock-based compensation plans.
Research and Development

Research and Development Research and development costs are charged to expense as incurred and amounted to $41.1 million, $35.3 million and $33.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Research and

development costs include salaries, materials, contractor fees and other administrative costs. These costs are recorded within engineering, selling, and administrative expenses in the Consolidated Statement of Operations.
Income Taxes

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

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

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

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

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

Performance Obligations

The following is a description of principal activities from which the Company generates sales. Disaggregation of the Company’s revenue sources are disclosed in Note 16, “Segments.”

Crane Sales

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

From time to time, the Company enters into agreements where the customer has the right to exercise a put option requiring the Company to buyback a crane at an agreed upon price. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise that right. If it is determined that the customer has a significant economic incentive to exercise that right, the agreement is accounted for as a lease in accordance with ASC Topic 842 “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the asset is transferred to the customer. Refer to Note 18, “Guarantees,” for additional information.

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

Crane Attachment Sales

Crane attachment sales are generated through the sale of new or used crane attachments such as luffing jibs, ecomats and counterweights. Crane attachment sales are recognized when control of the product is transferred to the customer. Control transfers to the customer generally upon delivery to the carrier.

Aftermarket Part Sales

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

Other Sales

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

•
Repair and field service work;
•
Remanufacturing; and
•
Rental of cranes.

The Company’s performance obligations for other sales generally relates to performing specific agreed upon services. Depending on the nature of the contract, sales are recognized upon the completion of those services or over the service period based on a measure of progress.

Practical Expedients and Exemptions

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

The Company accounts for shipping and handling activities performed after control of a product has been transferred to the customer as a fulfillment cost. As such, we have applied the practical expedient and we accrue for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed.
Recent Accounting Changes and Pronouncements

Recent Accounting Changes and Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures”. The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this ASU as of December 31, 2024, which did not have a material impact on the Company’s consolidated financial statements. Refer to Note 16, “Segments” for the additional disclosures required by the adoption of this ASU.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense". The amendments in this ASU require public companies to disclose more information about their expenses in their financial statements. The standard is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning

after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the adoption this ASU will have on its consolidated financial statements.
Fair Value Measurement

ASC Topic 820-10 ("ASC 820") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 classifies the inputs used to measure fair value into the following hierarchy:

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or

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

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

Level 3 Unobservable inputs for the asset or liability
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Rollforward of the Allowance for Credit Losses

The following table is a rollforward of the allowance for credit losses for the years ended December 31, 2024, 2023, and 2022.

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

6.1

 

 

$

5.3

 

 

$

7.3

 

Bad debt expenses

 

 

1.2

 

 

 

2.3

 

 

 

0.1

 

Use of reserve

 

 

(1.2

)

 

 

(1.4

)

 

 

(1.8

)

Currency translation

 

 

(0.2

)

 

 

(0.1

)

 

 

(0.3

)

Balance at end of period

 

$

5.9

 

 

$

6.1

 

 

$

5.3

 
Schedule of Estimated Useful Lives of Intangible Assets Subject to Amortization

The Company’s intangible assets subject to amortization are amortized straight-line over the following minimum and maximum estimated useful lives according to the Company's policy:

 

 

Years

Patents

 

20

Customer relationships

 

12 - 18

Trademarks and tradenames

 

5

Noncompetition agreements

 

5

Schedule of Estimated Useful Lives of Property, Plant and Equipment

Property, plant, and equipment are generally depreciated over the following estimated useful lives according to the Company's policy:

 

 

Years

Building and improvements

 

10 - 50

Machinery, equipment, and tooling

 

5 - 20

Furniture and fixtures

 

5 - 10

Computer hardware and software

 

3 - 5

Rental cranes

 

5 - 10
v3.25.0.1
Net Sales (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Change In Customer Advances Balance The table below shows the change in the customer advances balance for the years ended December 31, 2024 and 2023.

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

19.2

 

 

$

21.9

 

Cash received in advance of satisfying
   performance obligations

 

 

113.0

 

 

 

147.7

 

Revenue recognized

 

 

(113.3

)

 

 

(150.8

)

Currency translation

 

 

(0.9

)

 

 

0.4

 

Balance at end of period

 

$

18.0

 

 

$

19.2

 
v3.25.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value

The following tables set forth the Company’s financial assets and liabilities related to FX Forward Contracts and the Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of December 31, 2024 and 2023.

 

 

Fair Value as of December 31, 2024

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

0.1

 

 

$

—

 

 

$

0.1

 

 

 Other current assets

Deferred Compensation Plan - Program B

 

 

8.8

 

 

 

—

 

 

 

—

 

 

 

8.8

 

 

 Other non-current assets

Total current assets at fair value

 

$

8.8

 

 

$

0.1

 

 

$

—

 

 

$

8.9

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

3.4

 

 

$

—

 

 

$

3.4

 

 

 Accounts payable and
 accrued expenses

 

 

 

Fair Value as of December 31, 2023

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Recognized Location

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

1.6

 

 

$

—

 

 

$

1.6

 

 

 Other current assets

Deferred Compensation Plan - Program B

 

 

8.1

 

 

 

—

 

 

 

—

 

 

 

8.1

 

 

 Other non-current assets

Total current assets at fair value

 

$

8.1

 

 

$

1.6

 

 

$

—

 

 

$

9.7

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

—

 

 

$

0.6

 

 

$

—

 

 

$

0.6

 

 

 Accounts payable and
 accrued expenses

 
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Foreign Currency Exchange Contracts  
Derivative Instruments, Gain (Loss) [Line Items]  
Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts

The gains (losses) recorded in the Consolidated Statement of Operations for FX Forward Contracts for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

Recognized Location

 

2024

 

 

2023

 

 

2022

 

Designated

 

Cost of sales

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

Non-Designated

 

Other income (expense) - net

 

 

2.4

 

 

 

(3.3

)

 

 

7.2

 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of the components of inventories

The components of inventories as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Raw materials

 

$

121.4

 

 

$

164.7

 

Work-in-process

 

 

114.8

 

 

 

111.3

 

Finished goods

 

 

373.2

 

 

 

390.5

 

Total Inventories

 

$

609.4

 

 

$

666.5

 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Components of Property, Plant and Equipment

The components of property, plant, and equipment as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Land

 

$

14.3

 

 

$

14.9

 

Building and improvements

 

 

203.3

 

 

 

201.5

 

Machinery, equipment, and tooling

 

 

318.3

 

 

 

318.4

 

Furniture and fixtures

 

 

13.3

 

 

 

13.8

 

Computer hardware and software

 

 

129.6

 

 

 

135.8

 

Rental cranes

 

 

185.7

 

 

 

201.9

 

Construction in progress

 

 

6.9

 

 

 

7.2

 

Total cost

 

 

871.4

 

 

 

893.5

 

Less accumulated depreciation

 

 

(525.2

)

 

 

(527.4

)

Property, plant, and equipment — net

 

$

346.2

 

 

$

366.1

 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in goodwill by reportable segment

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are summarized as follows:

 

 

Americas - Distribution

 

 

MEAP

 

 

Consolidated

 

Balance as of January 1, 2023

 

$

14.4

 

 

$

65.7

 

 

$

80.1

 

Foreign currency impact

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Net balance as of December 31, 2023

 

 

14.4

 

 

 

65.2

 

 

 

79.6

 

Foreign currency impact

 

 

—

 

 

 

(1.8

)

 

 

(1.8

)

Net balance as of December 31, 2024

 

$

14.4

 

 

$

63.4

 

 

$

77.8

 
Schedule of Goodwill Balances by Reportable Segment

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reportable segment are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Carrying Amount

 

 

Accumulated Impairment Amount

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Impairment Amount

 

 

Net Book Value

 

Americas

 

$

180.9

 

 

$

(166.5

)

 

$

14.4

 

 

$

180.9

 

 

$

(166.5

)

 

$

14.4

 

EURAF

 

 

82.2

 

 

 

(82.2

)

 

 

—

 

 

 

82.2

 

 

 

(82.2

)

 

 

—

 

MEAP

 

 

63.4

 

 

 

—

 

 

 

63.4

 

 

 

65.2

 

 

 

—

 

 

 

65.2

 

Total

 

$

326.5

 

 

$

(248.7

)

 

$

77.8

 

 

$

328.3

 

 

$

(248.7

)

 

$

79.6

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

The gross carrying amount, accumulated amortization and net book value of the Company’s intangible assets other than goodwill as of December 31, 2024 and 2023 are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization
Amount

 

 

Net
Book
Value

 

Definite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

26.3

 

 

$

(13.0

)

 

$

13.3

 

 

$

26.5

 

 

$

(11.6

)

 

$

14.9

 

Patents

 

 

28.1

 

 

 

(27.8

)

 

 

0.3

 

 

 

29.2

 

 

 

(28.8

)

 

 

0.4

 

Noncompetition agreements

 

 

4.2

 

 

 

(2.8

)

 

 

1.4

 

 

 

4.2

 

 

 

(2.0

)

 

 

2.2

 

Trademarks and tradenames

 

 

2.2

 

 

 

(1.5

)

 

 

0.7

 

 

 

2.2

 

 

 

(1.0

)

 

 

1.2

 

Other intangibles

 

 

0.7

 

 

 

(0.7

)

 

 

—

 

 

 

0.7

 

 

 

(0.7

)

 

 

—

 

Total

 

 

61.5

 

 

 

(45.8

)

 

 

15.7

 

 

 

62.8

 

 

 

(44.1

)

 

 

18.7

 

Indefinite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks and tradenames

 

 

89.2

 

 

 

—

 

 

 

89.2

 

 

 

92.6

 

 

 

—

 

 

 

92.6

 

Distribution network

 

 

13.6

 

 

 

—

 

 

 

13.6

 

 

 

14.3

 

 

 

—

 

 

 

14.3

 

Total

 

 

102.8

 

 

 

—

 

 

 

102.8

 

 

 

106.9

 

 

 

—

 

 

 

106.9

 

Total intangible assets

 

$

164.3

 

 

$

(45.8

)

 

$

118.5

 

 

$

169.7

 

 

$

(44.1

)

 

$

125.6

 
Estimated Amortization Expense

Excluding the impact of any future acquisitions, divestitures or impairments, the Company's anticipated future amortization of intangible assets as of December 31, 2024 is summarized as follows:

Year

 

Amortization

 

2025

 

$

2.9

 

2026

 

 

2.5

 

2027

 

 

1.5

 

2028

 

 

1.4

 

2029

 

 

1.4

 

Thereafter

 

 

6.0

 

Total

 

$

15.7

 
v3.25.0.1
Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Trade accounts payable

 

$

205.5

 

 

$

254.7

 

Employee-related expenses

 

 

43.2

 

 

 

57.9

 

Accrued vacation

 

 

23.3

 

 

 

23.7

 

Miscellaneous accrued expenses

 

 

117.4

 

 

 

121.1

 

Total accounts payable and accrued expenses

 

$

389.4

 

 

$

457.4

 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

Outstanding debt as of December 31, 2024 and 2023 is summarized as follows:

 

 

2024

 

 

2023

 

Borrowing under senior secured asset based revolving
   credit facility

 

$

79.0

 

 

$

60.0

 

Senior secured second lien notes due 2026

 

 

—

 

 

 

300.0

 

Senior secured second lien notes due 2031

 

 

300.0

 

 

 

—

 

Other debt

 

 

16.4

 

 

 

13.7

 

Deferred financing costs

 

 

(5.2

)

 

 

(1.6

)

Total debt

 

 

390.2

 

 

 

372.1

 

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

 

 

(13.1

)

 

 

(13.4

)

Long-term debt

 

$

377.1

 

 

$

358.7

 
Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability

 

Average quarterly availability

Alternative Base Rate spread

Term Benchmark, Applicable Overnight Rate, CBR and RFR spread

Category 1

≥ 66% of Aggregate Commitment

0.25%

1.25%

Category 2

< 66% but ≥ 33% of Aggregate Commitment

0.50%

1.50%

Category 3

< 33% of Aggregate Commitment

0.75%

1.75%
Schedule of Aggregate Future Maturities of Outstanding Debt Obligations

The aggregate scheduled future maturities of outstanding debt obligations as of December 31, 2024 is summarized as follows:

Year

 

Maturities

 

2025

 

$

13.1

 

2026

 

 

0.8

 

2027

 

 

0.9

 

2028

 

 

0.9

 

2029

 

 

79.7

 

Thereafter

 

 

300.0

 

Total

 

$

395.4

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) before income taxes for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

United States

 

$

7.5

 

 

$

(32.7

)

 

$

(203.8

)

Foreign

 

 

4.2

 

 

 

76.9

 

 

 

83.6

 

Total

 

$

11.7

 

 

$

44.2

 

 

$

(120.2

)
Schedule of Provision (benefit) for Income Taxes

Provision (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

United States federal and state

 

$

0.4

 

 

$

0.3

 

 

$

(11.7

)

Foreign

 

 

11.1

 

 

 

10.7

 

 

 

10.9

 

Total current

 

 

11.5

 

 

 

11.0

 

 

 

(0.8

)

Deferred:

 

 

 

 

 

 

 

 

 

United States federal and state

 

 

(55.1

)

 

 

—

 

 

 

(2.4

)

Foreign

 

 

(0.5

)

 

 

(6.0

)

 

 

6.6

 

Total deferred

 

 

(55.6

)

 

 

(6.0

)

 

$

4.2

 

Provision (benefit) for income taxes

 

$

(44.1

)

 

$

5.0

 

 

$

3.4

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

The items accounting for the difference between income taxes computed at the United States federal statutory rate and the Company's effective rate for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Federal income tax at statutory rate

 

$

2.5

 

 

$

9.3

 

 

$

(25.2

)

State income tax provision

 

 

1.0

 

 

 

2.0

 

 

 

0.9

 

Manufacturing and research incentives

 

 

(1.4

)

 

 

(1.3

)

 

 

(0.5

)

Taxes on foreign income which differ from the federal
   statutory rate

 

 

(0.1

)

 

 

9.1

 

 

 

(1.9

)

Adjustments for unrecognized tax benefits

 

 

5.6

 

 

 

0.2

 

 

 

(11.0

)

Adjustments to valuation allowances

 

 

(61.0

)

 

 

(28.6

)

 

 

5.2

 

United States tax reform

 

 

0.4

 

 

 

10.1

 

 

 

4.8

 

Goodwill and indefinite-lived intangible asset impairment

 

 

—

 

 

 

—

 

 

 

31.7

 

Audit settlements

 

 

—

 

 

 

(3.0

)

 

 

—

 

Non-deductible expenses

 

 

8.8

 

 

 

8.2

 

 

 

1.6

 

Other items

 

 

0.1

 

 

 

(1.0

)

 

 

(2.2

)

Provision (benefit) for income taxes

 

$

(44.1

)

 

$

5.0

 

 

$

3.4

 
Schedules of Deferred Tax Assets (Liabilities)

Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are summarized as follows:

 

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Inventories

 

$

15.8

 

 

$

14.7

 

Deferred employee benefits

 

 

25.6

 

 

 

27.8

 

Product warranty reserves

 

 

6.3

 

 

 

7.8

 

Product liability reserves

 

 

0.2

 

 

 

2.6

 

Tax credits

 

 

8.5

 

 

 

7.9

 

Loss and other tax attribute carryforwards

 

 

111.0

 

 

 

114.1

 

Deferred revenue

 

 

2.0

 

 

 

3.9

 

Capitalized research costs

 

 

13.5

 

 

 

10.5

 

Other

 

 

17.5

 

 

 

12.5

 

Total deferred income tax assets

 

 

200.4

 

 

 

201.8

 

Less valuation allowance

 

 

(73.4

)

 

 

(130.8

)

Net deferred income tax assets

 

$

127.0

 

 

$

71.0

 

Deferred income tax liabilities

 

 

 

 

 

 

Property, plant, and equipment

 

$

23.5

 

 

$

25.6

 

Intangible assets

 

 

27.2

 

 

 

28.5

 

Total deferred income tax liabilities

 

$

50.7

 

 

$

54.1

 

Net deferred income tax assets

 

$

76.3

 

 

$

16.9

 

 

 

 

 

 

 

 

The net deferred tax assets reflected in the Consolidated Balance Sheets for the years ended December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

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

 

$

78.4

 

 

$

24.4

 

Long-term deferred income tax liability

 

 

(2.1

)

 

 

(7.5

)

Net deferred income tax asset

 

$

76.3

 

 

$

16.9

 
Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination The following table provides the open tax years for which the Company could be subject to income tax examination by the tax authorities in its major jurisdictions:

Jurisdiction

 

Open Years

U.S. federal

 

2016 — 2024

China

 

2015 — 2024

France

 

2021 — 2024

Germany

 

2018 — 2024
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits excluding interest and penalties as of December 31, 2024, 2023, and 2022 is summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of year

 

$

9.1

 

 

$

9.1

 

 

$

18.4

 

Additions for tax positions of current year

 

 

2.2

 

 

 

0.1

 

 

 

0.1

 

Additions for tax positions of prior years

 

 

3.3

 

 

 

0.1

 

 

 

3.6

 

Reductions for tax positions of prior years

 

 

(0.2

)

 

 

—

 

 

 

(11.0

)

Reductions based on settlements with tax
   authorities

 

 

—

 

 

 

—

 

 

 

—

 

Reductions for lapse of statute of limitations

 

 

(0.5

)

 

 

(0.2

)

 

 

(2.0

)

Balance at end of year

 

$

13.9

 

 

$

9.1

 

 

$

9.1

 
v3.25.0.1
Net Income (Loss) Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Reconciliation of the weighted average 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:

 

 

2024

 

 

2023

 

 

2022

 

Basic weighted average common shares outstanding

 

 

35,221,758

 

 

 

35,093,963

 

 

 

35,184,336

 

Effect of dilutive securities - equity
   compensation awards

 

 

487,024

 

 

 

868,815

 

 

 

—

 

Diluted weighted average common shares outstanding

 

 

35,708,782

 

 

 

35,962,778

 

 

 

35,184,336

 
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Foreign currency translation, net of income tax
   benefit of $2.3 and $0.2

 

$

(98.2

)

 

$

(77.4

)

Derivative instrument fair market value, net of income
   tax benefit of $1.0 and $0.0

 

 

(1.7

)

 

 

1.3

 

Employee pension and postretirement benefit adjustments,
   net of income tax benefit of $12.3 and $13.6

 

 

(7.7

)

 

 

(10.3

)

Total accumulated other comprehensive loss

 

$

(107.6

)

 

$

(86.4

)

 

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2024 and 2023 are summarized as follows:

 

 

Gains (Losses) on
Cash Flow Hedges

 

 

Pension &
Postretirement

 

 

Foreign
Currency
Translation

 

 

Total

 

Balance as of December 31, 2022

 

$

5.4

 

 

$

(15.3

)

 

$

(98.0

)

 

$

(107.9

)

Other comprehensive income (loss) before
   reclassifications

 

 

(1.8

)

 

 

2.4

 

 

 

11.3

 

 

 

11.9

 

Amounts reclassified from accumulated other
   comprehensive loss

 

 

(2.3

)

 

 

2.6

 

 

 

9.3

 

 

 

9.6

 

Net other comprehensive income (loss)

 

 

(4.1

)

 

 

5.0

 

 

 

20.6

 

 

 

21.5

 

Balance as of December 31, 2023

 

 

1.3

 

 

 

(10.3

)

 

 

(77.4

)

 

 

(86.4

)

Other comprehensive income (loss) before
   reclassifications

 

 

(4.7

)

 

 

2.4

 

 

 

(20.8

)

 

 

(23.1

)

Amounts reclassified from accumulated other
   comprehensive loss

 

 

1.7

 

 

 

0.2

 

 

 

—

 

 

 

1.9

 

Net other comprehensive income (loss)

 

 

(3.0

)

 

 

2.6

 

 

 

(20.8

)

 

 

(21.2

)

Balance as of December 31, 2024

 

$

(1.7

)

 

$

(7.7

)

 

$

(98.2

)

 

$

(107.6

)
Reconciliation of Reclassifications Out of Accumulated Other Comprehensive loss, Net of Income Taxes

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

 

Recognized
Location

Gain (losses) on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

FX Forward Contracts

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

 

Cost of sales

Total before income taxes

 

 

(1.7

)

 

 

2.3

 

 

 

(5.8

)

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(1.7

)

 

$

2.3

 

 

$

(5.8

)

 

 

Amortization of pension and
   postretirement items

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

$

(0.3

)

 

$

(2.6

)

 

$

(2.9

)

(a)

Other income (expense) - net

Amortization of prior service cost

 

 

(0.1

)

 

 

(0.1

)

 

 

1.3

 

(a)

Other income (expense) - net

Pension settlement gain

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

(a)

Other income (expense) - net

Total before income taxes

 

 

(0.3

)

 

 

(2.6

)

 

 

(1.5

)

 

 

Benefit for income taxes

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

(0.2

)

 

$

(2.6

)

 

$

(1.5

)

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

Losses on foreign currency translation

 

$

—

 

 

$

(9.3

)

 

$

—

 

 

 

Total before income taxes

 

 

—

 

 

 

(9.3

)

 

 

—

 

 

 

Provision for income taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total, net of income taxes

 

$

—

 

 

$

(9.3

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period, net
   of income taxes

 

$

(1.9

)

 

$

(9.6

)

 

$

(7.3

)

 

 
(a)
These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details).
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of the Company's Stock Option Activity

The activity for stock options is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Exercise Price Per Share

 

 

Aggregate
Intrinsic
Value

 

Options outstanding as of December 31, 2023

 

 

494,370

 

 

$

21.47

 

 

 

 

Granted

 

 

—

 

 

 

—

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

Forfeited

 

 

—

 

 

 

—

 

 

 

 

Cancelled

 

 

(23,906

)

 

 

23.47

 

 

 

 

Options outstanding as of December 31, 2024

 

 

470,464

 

 

$

21.37

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

Options exercisable as of December 31, 2024

 

 

470,464

 

 

$

21.37

 

 

$

—

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

The activity for restricted stock units is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value Per Share

 

Unvested as of December 31, 2023

 

 

805,462

 

 

$

15.37

 

Granted

 

 

461,632

 

 

 

13.38

 

Vested

 

 

(405,309

)

 

 

15.73

 

Forfeited

 

 

(21,991

)

 

 

16.06

 

Unvested as of December 31, 2024

 

 

839,794

 

 

$

14.07

 
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Nonvested Share Activity

The 2024 activity for performance share units is summarized as follows:

 

 

Shares

 

 

Weighted
Average
Grant Date Fair Value
Per Share

 

Unvested as of December 31, 2023

 

 

630,395

 

 

$

17.39

 

Granted (1)

 

 

365,174

 

 

 

14.34

 

Adjustment for performance results achieved (2)

 

 

154,145

 

 

 

16.39

 

Vested

 

 

(302,479

)

 

 

16.39

 

Forfeited

 

 

(21,121

)

 

 

16.12

 

Unvested as of December 31, 2024

 

 

826,114

 

 

$

15.95

 
(1)
Performance shares granted assuming achievement of performance goals at target.
(2)
Adjustment due to performance share units granted in 2021 and vested in 2024 where the number of shares achieved based on the three-year performance period ended December 31, 2023 were higher than target.
Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant The fair value of each performance share unit was estimated at the date of grant using the following assumptions:

 

 

2024

 

 

2023

 

 

2022

 

Correlation

 

 

22.8

%

 

 

28.2

%

 

 

25.9

%

Risk-free interest rate

 

 

4.5

%

 

 

4.1

%

 

 

1.7

%

Expected volatility

 

 

51.2

%

 

 

60.3

%

 

 

59.5

%

Expected dividend yield

 

 

—

%

 

 

—

%

 

 

—

%
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the years ended December 31, 2024, 2023, and 2022:

 

 

Year Ended December 31, 2024

 

 

Year Ended December 31, 2023

 

 

Year Ended December 31, 2022

 

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

 

Americas

 

 

EURAF

 

 

MEAP

 

 

Total

 

Revenues from external customers

 

$

1,197.6

 

 

$

616.0

 

 

$

364.4

 

 

$

2,178.0

 

 

$

1,211.2

 

 

$

669.6

 

 

$

347.0

 

 

$

2,227.8

 

 

$

1,013.0

 

 

$

761.5

 

 

$

258.0

 

 

$

2,032.5

 

Less: (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

962.1

 

 

 

541.1

 

 

 

299.8

 

 

 

1,803.0

 

 

 

973.6

 

 

 

557.8

 

 

 

271.2

 

 

 

1,802.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineering, selling, and administration costs

 

 

127.8

 

 

 

119.0

 

 

 

24.4

 

 

 

271.2

 

 

 

123.0

 

 

 

118.8

 

 

 

23.2

 

 

 

265.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Other segment items (b)

 

 

4.0

 

 

 

2.5

 

 

 

0.8

 

 

 

7.3

 

 

 

2.9

 

 

 

0.9

 

 

 

0.3

 

 

 

4.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss)

 

 

103.7

 

 

 

(46.6

)

 

 

39.4

 

 

 

96.5

 

 

 

111.7

 

 

 

(7.9

)

 

 

52.3

 

 

 

156.1

 

 

 

(88.8

)

 

 

(3.2

)

 

 

40.2

 

 

 

(51.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

(38.3

)

 

 

 

 

 

 

 

 

 

 

 

(33.9

)

 

 

 

 

 

 

 

 

 

 

 

(31.6

)

Amortization of deferred financing fees

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

Other (income) expense - net

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

(13.0

)

 

 

 

 

 

 

 

 

 

 

 

5.8

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

(44.7

)

 

 

 

 

 

 

 

 

 

 

 

(63.6

)

 

 

 

 

 

 

 

 

 

 

 

(41.3

)

Restructuring (income) expense

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

$

11.7

 

 

 

 

 

 

 

 

 

 

 

$

44.2

 

 

 

 

 

 

 

 

 

 

 

$

(120.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Segment Disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (c)

 

 

33.4

 

 

 

23.6

 

 

 

2.8

 

 

 

59.8

 

 

 

32.1

 

 

 

22.1

 

 

 

2.4

 

 

 

56.6

 

 

 

35.4

 

 

 

20.1

 

 

 

2.2

 

 

 

57.7

 

Capital expenditures

 

 

17.7

 

 

 

25.1

 

 

 

2.9

 

 

 

45.7

 

 

 

46.5

 

 

 

28.5

 

 

 

2.4

 

 

 

77.4

 

 

 

32.0

 

 

 

27.7

 

 

 

2.1

 

 

 

61.8

 
(a)
The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(b)
Other segment items for each reportable segment includes:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

MEAP — restructuring expense.

(c)
The amount of depreciation and amortization disclosed by reportable segment are included within cost of sales or engineering, selling, and administration costs, as applicable.
Schedule of Net Sales and Property, Plant and Equipment by Geographic Area

Net sales by geographic area for the years ended December 31, 2024, 2023, and 2022 and property, plant, and equipment as of December 31, 2024 and 2023 are summarized as follows:

 

 

Net Sales

 

 

Property, Plant, and Equipment

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

United States

 

$

1,060.7

 

 

$

1,039.9

 

 

$

906.4

 

 

$

170.5

 

 

$

158.1

 

Europe

 

 

598.7

 

 

 

641.9

 

 

 

740.1

 

 

 

154.3

 

 

 

183.8

 

Other

 

 

518.6

 

 

 

546.0

 

 

 

386.0

 

 

 

21.4

 

 

 

24.2

 

Total

 

$

2,178.0

 

 

$

2,227.8

 

 

$

2,032.5

 

 

$

346.2

 

 

$

366.1

 
Schedule of Net Sales By Product

New machine and non-new machine sales for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

New machine sales

 

$

1,548.9

 

 

$

1,615.1

 

 

$

1,487.2

 

Non-new machine sales

 

 

629.1

 

 

 

612.7

 

 

 

545.3

 

Total net sales

 

$

2,178.0

 

 

$

2,227.8

 

 

$

2,032.5

 
v3.25.0.1
Guarantees (Tables)
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Summary of Warranty Activity Below is a table summarizing the warranty and other warranty related work for the years ended December 31, 2024, 2023, and 2022:

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of period

 

$

56.8

 

 

$

58.0

 

 

$

60.2

 

Adjustments to accruals for warranties

 

 

25.5

 

 

 

28.9

 

 

 

27.3

 

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

 

 

(35.5

)

 

 

(31.0

)

 

 

(27.8

)

Currency translation

 

 

(1.5

)

 

 

0.9

 

 

 

(1.7

)

Balance at end of period

 

$

45.3

 

 

$

56.8

 

 

$

58.0

 
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Period Benefit Costs

The components of periodic benefit costs for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

U.S. Pension Plan

 

 

Non-U.S. Pension Plans

 

 

Postretirement Medical
and Other

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Service cost - benefits earned
   during the year

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1.3

 

 

$

1.2

 

 

$

1.6

 

 

$

—

 

 

$

0.1

 

 

$

0.1

 

Interest cost of projected
   benefit obligation

 

 

5.2

 

 

 

5.5

 

 

 

3.2

 

 

 

2.7

 

 

 

3.0

 

 

 

1.7

 

 

 

0.3

 

 

 

0.4

 

 

 

0.2

 

Expected return on assets

 

 

(3.9

)

 

 

(3.9

)

 

 

(5.2

)

 

 

(1.7

)

 

 

(1.6

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of prior service
   cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

(1.4

)

Amortization of actuarial net
   loss (gain)

 

 

1.8

 

 

 

2.2

 

 

 

1.9

 

 

 

0.1

 

 

 

1.6

 

 

 

1.5

 

 

 

(1.6

)

 

 

(1.2

)

 

 

(0.5

)

Pension settlement gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit cost

 

$

3.1

 

 

$

3.8

 

 

$

(0.1

)

 

$

2.4

 

 

$

4.2

 

 

$

3.6

 

 

$

(1.3

)

 

$

(0.7

)

 

$

(1.6

)

Weighted average
   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective discount rate for
   benefit obligations

 

 

5.1

%

 

 

5.4

%

 

 

2.8

%

 

 

3.7

%

 

 

4.7

%

 

 

1.4

%

 

 

5.0

%

 

 

5.4

%

 

 

2.5

%

Expected return on
   plan assets

 

 

4.9

%

 

 

5.0

%

 

 

4.7

%

 

 

4.4

%

 

 

5.4

%

 

 

2.9

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation
   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

2.9

%

 

 

3.7

%

 

 

4.1

%

 

N/A

 

 

N/A

 

 

N/A

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

The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2024 and 2023:

 

 

U.S. Pension Plan

 

 

Non-U.S. Pension Plans

 

 

Postretirement
Medical and Other

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

106.4

 

 

$

106.4

 

 

$

61.9

 

 

$

59.0

 

 

$

6.6

 

 

$

9.5

 

Service cost

 

 

—

 

 

 

—

 

 

 

1.3

 

 

 

1.2

 

 

 

—

 

 

 

0.1

 

Interest cost

 

 

5.2

 

 

 

5.5

 

 

 

2.7

 

 

 

3.0

 

 

 

0.3

 

 

 

0.4

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Actuarial (gain) loss

 

 

(4.4

)

 

 

2.5

 

 

 

(1.9

)

 

 

(0.3

)

 

 

(0.7

)

 

 

(2.4

)

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

(2.6

)

 

 

2.6

 

 

 

—

 

 

 

—

 

Pension settlement

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

Benefits paid

 

 

(8.0

)

 

 

(8.0

)

 

 

(3.3

)

 

 

(3.5

)

 

 

(0.7

)

 

 

(1.1

)

Benefit obligation, end of year

 

$

99.2

 

 

$

106.4

 

 

$

57.5

 

 

$

61.9

 

 

$

5.5

 

 

$

6.6

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

82.2

 

 

$

82.3

 

 

$

31.3

 

 

$

29.7

 

 

$

—

 

 

$

—

 

Actual return on plan assets

 

 

3.3

 

 

 

7.4

 

 

 

(1.2

)

 

 

—

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

4.9

 

 

 

0.5

 

 

 

3.5

 

 

 

3.6

 

 

 

0.7

 

 

 

1.0

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

Currency translation adjustment

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

1.6

 

 

 

—

 

 

 

—

 

Pension settlement

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.1

)

 

 

—

 

 

 

—

 

Benefits paid

 

 

(8.0

)

 

 

(8.0

)

 

 

(3.3

)

 

 

(3.5

)

 

 

(0.7

)

 

 

(1.1

)

Fair value of plan assets, end of year

 

 

82.4

 

 

 

82.2

 

 

 

29.2

 

 

 

31.3

 

 

 

—

 

 

 

—

 

Funded status

 

$

(16.8

)

 

$

(24.2

)

 

$

(28.3

)

 

$

(30.6

)

 

$

(5.5

)

 

$

(6.6

)

Amounts recognized in the Consolidated
   Balance Sheets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension asset

 

$

—

 

 

$

—

 

 

$

3.8

 

 

$

2.7

 

 

$

—

 

 

$

—

 

Short-term pension obligation

 

 

(0.5

)

 

 

(0.5

)

 

 

(1.3

)

 

 

(1.2

)

 

 

—

 

 

 

—

 

Long-term pension obligation

 

 

(16.3

)

 

 

(23.7

)

 

 

(30.8

)

 

 

(32.1

)

 

 

—

 

 

 

—

 

Short-term postretirement medical and other
   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.8

)

 

 

(1.0

)

Long-term postretirement medical and other
   benefit obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4.7

)

 

 

(5.6

)

Net amount recognized

 

$

(16.8

)

 

$

(24.2

)

 

$

(28.3

)

 

$

(30.6

)

 

$

(5.5

)

 

$

(6.6

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.6

%

 

 

5.1

%

 

 

4.4

%

 

 

4.2

%

 

 

5.3

%

 

 

5.0

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

3.8

%

 

 

3.8

%

 

N/A

 

 

N/A

 
Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss as of December 31, 2024 and 2023, are summarized as follows:

 

 

Pensions

 

 

Postretirement
Medical and Other

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net actuarial gain (loss)

 

$

(27.2

)

 

$

(32.0

)

 

$

7.3

 

 

$

8.3

 

Prior service cost

 

 

(0.2

)

 

 

(0.2

)

 

 

—

 

 

 

—

 

Total amount recognized

 

$

(27.4

)

 

$

(32.2

)

 

$

7.3

 

 

$

8.3

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

The weighted-average asset allocation of the U.S. Pension Plan as of December 31, 2024 and 2023, by asset category are summarized as follows:

 

 

2024

 

 

2023

 

Equity

 

 

50.3

%

 

 

53.3

%

Fixed income

 

 

43.6

%

 

 

39.7

%

Other

 

 

6.1

%

 

 

7.0

%

Total

 

 

100.0

%

 

 

100.0

%

The weighted-average asset allocation of the Non-U.S. Pension Plans as of December 31, 2024 and 2023, by asset category are summarized as follows:

 

 

2024

 

 

2023

 

Equity

 

 

—

%

 

 

—

%

Fixed income

 

 

52.0

%

 

 

39.4

%

Other(1)

 

 

48.0

%

 

 

60.6

%

Total

 

 

100.0

%

 

 

100.0

%
(1)
Includes diversified investments that have equity and fixed income holdings.
Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class

The actual and target allocations for the pension assets as of December 31, 2024, by asset class, are summarized as follows:

 

 

Target Allocations

 

 

Weighted Average Asset
Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

46.2

%

 

 

—

%

 

 

50.3

%

 

 

—

%

Debt Securities

 

 

45.0

%

 

 

63.0

%

 

 

43.6

%

 

 

52.0

%

Other

 

 

8.8

%

 

 

37.0

%

 

 

6.1

%

 

 

48.0

%
Schedule of Plan Assets Using the Fair Value Hierarchy The following tables present the Company’s plan assets using the fair value hierarchy as of December 31, 2024 and 2023. The fair value hierarchy has three levels based on the reliability of the inputs used to determine

fair value. Refer to Note 4, “Fair Value of Financial Instruments,” for definitions of each fair value level. The plan assets may consist of a combination of investments and are allocated based on the predominant asset class.

 

 

December 31, 2024

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

20.8

 

 

$

20.8

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20.3

 

 

 

20.3

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14.8

 

 

 

14.8

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28.1

 

 

 

28.1

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12.9

 

 

 

12.9

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.4

 

 

 

4.4

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.8

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.8

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

6.0

 

 

 

—

 

 

 

6.0

 

Other

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

2.8

 

 

 

3.5

 

Total

 

$

1.5

 

 

$

—

 

 

$

6.0

 

 

$

104.1

 

 

$

111.6

 

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

 

 

 

December 31, 2023

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

21.7

 

 

$

21.7

 

International equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.1

 

 

 

22.1

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16.6

 

 

 

16.6

 

Government and agency bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25.5

 

 

 

25.5

 

Commingled funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11.1

 

 

 

11.1

 

International fixed income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.7

 

 

 

4.7

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.0

 

Money market funds

 

 

0.7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.7

 

Annuity contracts

 

 

—

 

 

 

—

 

 

 

7.4

 

 

 

—

 

 

 

7.4

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.7

 

 

 

2.7

 

Total

 

$

1.7

 

 

$

-

 

 

$

7.4

 

 

$

104.4

 

 

$

113.5

 

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

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

 

 

Annuity Contracts
Year Ended December 31,

 

 

 

2024

 

 

2023

 

Beginning Balance

 

$

7.4

 

 

$

8.5

 

Additions

 

 

—

 

 

 

0.5

 

Actual return on assets

 

 

0.1

 

 

 

(1.2

)

Benefit payments

 

 

(1.4

)

 

 

(0.9

)

Foreign currency impact

 

 

(0.1

)

 

 

0.5

 

Ending Balance

 

$

6.0

 

 

$

7.4

 
Schedule of Projected Future Benefit Payments from the Plans Projected future benefit payments from the plans as of December 31, 2024 are estimated as follows:

 

 

U.S. Pension
Plan

 

 

Non-U.S.
Pension
Plans

 

 

Postretirement
Medical and
Other

 

2025

 

$

8.8

 

 

$

3.0

 

 

$

0.8

 

2026

 

 

8.7

 

 

 

3.1

 

 

 

0.8

 

2027

 

 

8.7

 

 

 

3.4

 

 

 

0.7

 

2028

 

 

8.7

 

 

 

3.9

 

 

 

0.7

 

2029

 

 

8.6

 

 

 

3.9

 

 

 

0.6

 

Thereafter

 

 

40.2

 

 

 

19.7

 

 

 

2.3

 

Total

 

$

83.7

 

 

$

37.0

 

 

$

5.9

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

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2024 and 2023 is summarized as follows:

 

 

U.S. Pension Plan

 

 

Non U.S. Pension Plans

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Projected benefit obligation

 

$

99.2

 

 

$

106.4

 

 

$

32.1

 

 

$

33.8

 

Accumulated benefit obligation

 

 

99.2

 

 

 

106.4

 

 

 

29.2

 

 

 

30.6

 

Fair value of plan assets

 

 

82.4

 

 

 

82.2

 

 

 

—

 

 

 

0.5

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense for the years ended December 31, 2024, 2023, and 2022 are summarized as follows:

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

 

$

16.9

 

 

$

15.5

 

 

$

14.0

 

Variable lease cost*

 

 

1.5

 

 

 

1.2

 

 

 

1.4

 

Total lease cost

 

$

18.4

 

 

$

16.7

 

 

$

15.4

 

   *Includes short-term leases, which are immaterial.

 

 

 

 

 

 

 
Summary of Supplemental Consolidated Balance Sheet Information Related to Leases

Supplemental Consolidated Balance Sheet information related to leases as of December 31, 2024 and 2023 are summarized as follows:

 

 

2024

 

 

2023

 

Operating lease right-of-use assets

 

$

59.3

 

 

$

59.7

 

 

 

 

 

 

 

 

Other liabilities

 

$

12.9

 

 

$

13.0

 

Operating lease liabilities

 

 

47.0

 

 

 

47.2

 

Total operating lease liabilities

 

$

59.9

 

 

$

60.2

 
Summary of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2024 are summarized as follows:

Year

 

Lease Payments

 

2025

 

$

15.8

 

2026

 

 

12.9

 

2027

 

 

11.5

 

2028

 

 

9.4

 

2029

 

 

7.1

 

Thereafter

 

 

15.8

 

Total lease payments

 

 

72.5

 

Less: imputed interest

 

 

(12.6

)

Present value of lease liabilities

 

$

59.9

 
v3.25.0.1
Company and Basis of Presentation - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Period of providing high-quality, customer-focused products and support services 120 years
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Rollforward of the Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]      
Balance at beginning of period $ 6.1 $ 5.3 $ 7.3
Bad debt expense 1.2 2.3 0.1
Use of reserve (1.2) (1.4) (1.8)
Currency translation (0.2) (0.1) (0.3)
Balance at end of period $ 5.9 $ 6.1 $ 5.3
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets Subject to Amortization (Details)
Dec. 31, 2024
Patents  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 20 years
Customer Relationships | Minimum [Member]  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 12 years
Customer Relationships | Maximum [Member]  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 18 years
Trademarks and Tradenames  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 5 years
Noncompetition Agreements  
Estimated useful lives of other intangible assets  
Finite-lived intangible asset, useful life 5 years
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Details)
Dec. 31, 2024
Building and Improvements | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 10 years
Building and Improvements | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 50 years
Machinery, Equipment and Tooling | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 5 years
Machinery, Equipment and Tooling | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 20 years
Furniture and Fixtures | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 5 years
Furniture and Fixtures | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 10 years
Computer Hardware and Software | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 3 years
Computer Hardware and Software | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 5 years
Rental Cranes | Minimum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 5 years
Rental Cranes | Maximum  
Property, Plant and Equipment  
Property, plant and equipment, useful lives 10 years
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Property, plant and equipment - net $ 346.2 $ 366.1  
Research and development costs 41.1 35.3 $ 33.5
Assets Leased to Others      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Property, plant and equipment - net $ 142.1 $ 153.3  
v3.25.0.1
Recent Accounting Changes and Pronouncements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Reduction in beginning retained earnings $ 199.3 $ 143.5  
Reduction in accounts receivable $ (9.0) $ 9.3 $ 36.4
v3.25.0.1
Net Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Balance at beginning of period $ 19.2 $ 21.9
Cash received in advance of satisfying performance obligations 113.0 147.7
Revenue recognized (113.3) (150.8)
Currency translation (0.9) 0.4
Balance at end of period $ 18.0 $ 19.2
v3.25.0.1
Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current $ 8.9 $ 9.7
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Other Assets, Current Other Assets, Current
Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current $ 8.8 $ 8.1
Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.1 1.6
Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.0 0.0
Foreign Currency Exchange Contracts    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.1 1.6
Derivative liabilities, current 3.4 0.6
Foreign Currency Exchange Contracts | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.0 0.0
Derivative liabilities, current 0.0 0.0
Foreign Currency Exchange Contracts | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.1 1.6
Derivative liabilities, current 3.4 0.6
Foreign Currency Exchange Contracts | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.0 0.0
Derivative liabilities, current 0.0 0.0
Deferred Compensation Plan - Program B    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 8.8 8.1
Deferred Compensation Plan - Program B | Level 1    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 8.8 8.1
Deferred Compensation Plan - Program B | Level 2    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current 0.0 0.0
Deferred Compensation Plan - Program B | Level 3    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Derivatives assets, current $ 0.0 $ 0.0
v3.25.0.1
Fair Value of Financial Instruments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Senior Notes Due 2031  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Debt instruments at fair value $ 309.4
Interest rate, stated percentage (as a percent) 9.25%
Debt instrument maturity date Oct. 01, 2031
Senior secured second lien notes  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Debt instruments at fair value $ 300.0
v3.25.0.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives Fair Value [Line Items]    
Net unrealized gain (losses) net of income tax $ (1.7) $ 1.3
Foreign Exchange Forward    
Derivatives Fair Value [Line Items]    
Derivative, notional amount $ 129.7 140.1
Derivative remaining maturity period 13 months  
Derivative net current asset (liability) $ 3.3 1.0
Net derivative long - term liability   $ 0.0
v3.25.0.1
Derivative Financial Instruments - Summary of Gains or Losses Recorded in Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Designated | Cost of Sales      
Derivative Instruments, Gain Loss [Line Items]      
Gains (loss) on foreign currency exchange contracts $ (1.7) $ 2.3 $ (5.8)
Non-Designated | Other Income (Expense) - Net      
Derivative Instruments, Gain Loss [Line Items]      
Gains (loss) on foreign currency exchange contracts $ 2.4 $ (3.3) $ 7.2
v3.25.0.1
Inventories - Components of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 121.4 $ 164.7
Work-in-process 114.8 111.3
Finished goods 373.2 390.5
Total Inventories $ 609.4 $ 666.5
v3.25.0.1
Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment    
Total cost $ 871.4 $ 893.5
Less accumulated depreciation (525.2) (527.4)
Property, plant and equipment — net 346.2 366.1
Land    
Property, Plant and Equipment    
Total cost 14.3 14.9
Building and Improvements    
Property, Plant and Equipment    
Total cost 203.3 201.5
Machinery, Equipment and Tooling    
Property, Plant and Equipment    
Total cost 318.3 318.4
Furniture and Fixtures    
Property, Plant and Equipment    
Total cost 13.3 13.8
Computer Hardware and Software    
Property, Plant and Equipment    
Total cost 129.6 135.8
Rental Cranes    
Property, Plant and Equipment    
Total cost 185.7 201.9
Property, plant and equipment — net 142.1 153.3
Construction in Progress    
Property, Plant and Equipment    
Total cost $ 6.9 $ 7.2
v3.25.0.1
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment    
Additions of property, plant and equipment $ 5.3 $ 7.0
Other Current Assets    
Property, Plant and Equipment    
Assets held for sale   $ 3.0
v3.25.0.1
Goodwill and Intangible Assets - Changes in goodwill by reportable segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill    
Balance at the beginning of the period $ 79.6 $ 80.1
Foreign currency impact (1.8) (0.5)
Net balance at the end of the period 77.8 79.6
Americas - Distribution    
Goodwill    
Balance at the beginning of the period 14.4 14.4
Foreign currency impact 0.0 0.0
Net balance at the end of the period 14.4 14.4
MEAP    
Goodwill    
Balance at the beginning of the period 65.2 65.7
Foreign currency impact (1.8) (0.5)
Net balance at the end of the period $ 63.4 $ 65.2
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Goodwill Balances by Reportable Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Gross Amount $ 326.5 $ 328.3  
Accumulated Impairment Amount (248.7) (248.7)  
Net Amount 77.8 79.6 $ 80.1
Americas      
Goodwill [Line Items]      
Gross Amount 180.9 180.9  
Accumulated Impairment Amount (166.5) (166.5)  
Net Amount 14.4 14.4 14.4
EURAF      
Goodwill [Line Items]      
Gross Amount 82.2 82.2  
Accumulated Impairment Amount (82.2) (82.2)  
Net Amount 0.0 0.0  
MEAP      
Goodwill [Line Items]      
Gross Amount 63.4 65.2  
Accumulated Impairment Amount 0.0 0.0  
Net Amount $ 63.4 $ 65.2 $ 65.7
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Goodwill [Line Items]        
Amortization of intangible assets $ 2.9 $ 3.2 $ 3.1  
Goodwill impairment 248.7 248.7    
Americas Distribution        
Goodwill [Line Items]        
Percentage of fair value of reporting unit in excess of carrying amount       13.00%
Goodwill impairment 0.0      
Middle East and Asia Pacific ("MEAP")        
Goodwill [Line Items]        
Percentage of fair value of reporting unit in excess of carrying amount       69.00%
Goodwill impairment $ 0.0 $ 0.0    
v3.25.0.1
Goodwill and Intangible Assets - Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Intangible asset balances by major asset class    
Intangible assets, gross (excluding goodwill) $ 164.3 $ 169.7
Finite-lived intangible assets, amortization amount (45.8) (44.1)
Finite-lived intangible assets, book value 15.7  
Intangible assets, book value 118.5 125.6
Indefinite-lived Intangible Assets    
Intangible asset balances by major asset class    
Intangible assets, gross (excluding goodwill) 102.8 106.9
Finite-lived intangible assets, amortization amount 0.0 0.0
Intangible assets, book value 102.8 106.9
Indefinite-lived Intangible Assets | Distribution Network    
Intangible asset balances by major asset class    
Indefinite-lived intangible assets, book value 13.6 14.3
Finite-lived intangible assets, amortization amount 0.0 0.0
Indefinite-lived Intangible Assets | Trademarks and Tradenames    
Intangible asset balances by major asset class    
Indefinite-lived intangible assets, book value 89.2 92.6
Finite-lived intangible assets, amortization amount 0.0 0.0
Finite-Lived Intangible Assets    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 61.5 62.8
Finite-lived intangible assets, amortization amount (45.8) (44.1)
Finite-lived intangible assets, book value 15.7 18.7
Finite-Lived Intangible Assets | Customer Relationships    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 26.3 26.5
Finite-lived intangible assets, amortization amount (13.0) (11.6)
Finite-lived intangible assets, book value 13.3 14.9
Finite-Lived Intangible Assets | Patents    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 28.1 29.2
Finite-lived intangible assets, amortization amount (27.8) (28.8)
Finite-lived intangible assets, book value 0.3 0.4
Finite-Lived Intangible Assets | Noncompetition Agreements    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 4.2 4.2
Finite-lived intangible assets, amortization amount (2.8) (2.0)
Finite-lived intangible assets, book value 1.4 2.2
Finite-Lived Intangible Assets | Other Intangibles    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 0.7 0.7
Finite-lived intangible assets, amortization amount (0.7) (0.7)
Finite-lived intangible assets, book value 0.0 0.0
Finite-Lived Intangible Assets | Trademarks and Tradenames    
Intangible asset balances by major asset class    
Finite-lived intangible assets, carrying amount 2.2 2.2
Finite-lived intangible assets, amortization amount (1.5) (1.0)
Finite-lived intangible assets, book value $ 0.7 $ 1.2
v3.25.0.1
Goodwill and Intangible Assets - Estimated Amortization Expense (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 2.9
2026 2.5
2027 1.5
2028 1.4
2029 1.4
Thereafter 6.0
Total $ 15.7
v3.25.0.1
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Trade accounts payable $ 205.5 $ 254.7
Employee-related expenses 43.2 57.9
Accrued vacation 23.3 23.7
Miscellaneous accrued expenses 117.4 121.1
Total accounts payable and accrued expenses $ 389.4 $ 457.4
v3.25.0.1
Debt - Schedule of Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 390.2 $ 372.1
Deferred financing costs (5.2) (1.6)
Short-term borrowings and current portion of long-term debt (13.1) (13.4)
Long-term debt 377.1 358.7
ABL Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing under senior secured asset based revolving credit facility 79.0 60.0
Senior Secured Second Lien Notes Due 2026    
Debt Instrument [Line Items]    
Total debt 300.0  
Senior secured second lien notes due 2026    
Debt Instrument [Line Items]    
Total debt 0.0 300.0
Senior secured second lien notes due 2031    
Debt Instrument [Line Items]    
Total debt 300.0 0.0
Other Debt    
Debt Instrument [Line Items]    
Total debt $ 16.4 $ 13.7
v3.25.0.1
Debt - Narrative (Details)
€ in Millions, ¥ in Millions, $ in Millions
 12 Months Ended
Sep. 19, 2024
USD ($)
Sep. 18, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
CNY (¥)
Mar. 25, 2019
USD ($)
Debt Instrument [Line Items]                
Debt instrument charge from refinancing     $ 1.1 $ 0.0 $ 0.0      
Unamortized debt issuance costs     5.2 1.6        
Carrying amount     390.2 $ 372.1        
Overdraft Facilities     42.4     € 37.0 ¥ 30.0  
Bank Overdraft outsatanding     $ 12.1          
Period for which the entity will be able to comply with the financial covenants     12 months          
Senior Secured Second Lien Notes Due 2026                
Debt Instrument [Line Items]                
Face amount of debt $ 300.0              
Debt instrument interest rate 9.25%   9.00%     9.00% 9.00%  
Interest on the notes Interest on the 2031 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year.              
Carrying amount     $ 300.0          
ABL Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility   $ 325.0           $ 275.0
Aggregate commitment   50.0            
Weighted average interest rate (as a percent)     6.47% 5.21%   6.47% 6.47%  
Line of credit outstanding     $ 79.0 $ 60.0        
Highest daily borrowing     173.0 119.6        
Average borrowing     120.5 103.4        
Excess capacity     242.6          
Line of credit borrowing capacity     325.0          
ABL Revolving Credit Facility | German Borrowers                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility   100.0            
ABL Revolving Credit Facility | Letter of Credit                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility               75.0
Line of credit outstanding     3.4          
ABL Revolving Credit Facility | Letter of Credit | German Borrowers                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility               $ 10.0
ABL Revolving Credit Facility | Swingline Sublimit                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility   50.0            
Aggregate commitment   20.0            
ABL Revolving Credit Facility | Swingline Sublimit | German Borrowers                
Debt Instrument [Line Items]                
Maximum borrowing capacity under revolving credit facility   $ 20.0            
ABL Revolving Credit Facility and 2031 Notes                
Debt Instrument [Line Items]                
Refinancing Charges     1.1          
Other Debt                
Debt Instrument [Line Items]                
Carrying amount     $ 16.4 $ 13.7        
Weighted average interest rate (as a percent)     4.90%     4.90% 4.90%  
v3.25.0.1
Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility
 12 Months Ended
Dec. 31, 2024
Greater Than or Equal to 66% 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 66% of Aggregate Commitment | Term Benchmark Applicable Overnight Rate Central Bank Rate and Risk Free Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.25%
Less Than 66% but Greater Than or Equal to 33% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.50%
Less Than 66% but Greater Than or Equal to 33% of Aggregate Commitment | Term Benchmark Applicable Overnight Rate Central Bank Rate and Risk Free Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.50%
Less Than 33% of Aggregate Commitment | Alternative Base Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 0.75%
Less Than 33% of Aggregate Commitment | Term Benchmark Applicable Overnight Rate Central Bank Rate and Risk Free Rate Spread  
Debt Instrument [Line Items]  
Basis spread on variable rate (as a percent) 1.75%
v3.25.0.1
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Aggregate scheduled future maturities of outstanding debt obligations  
2025 $ 13.1
2026 0.8
2027 0.9
2028 0.9
2029 79.7
Thereafter 300.0
Total $ 395.4
v3.25.0.1
Debt - Schedule of Aggregate Future Maturities of Outstanding Debt Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Deferred financing costs $ 5.2 $ 1.6
v3.25.0.1
Accounts Receivable Factoring - Narrative (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Transfers and Servicing [Abstract]      
Proceeds from factoring of accounts receivable | $   $ 169.8 $ 163.5
Non U S maximum availability under these programs | € € 0    
v3.25.0.1
Income Taxes - Summary of Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income (loss) from continuing operations before income taxes:      
United States $ 7.5 $ (32.7) $ (203.8)
Foreign 4.2 76.9 83.6
Income (loss) before income taxes $ 11.7 $ 44.2 $ (120.2)
v3.25.0.1
Income Taxes - Schedule of Provision (benefit) for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
United States federal and state $ 0.4 $ 0.3 $ (11.7)
Foreign 11.1 10.7 10.9
Total current 11.5 11.0 (0.8)
Deferred:      
United States federal and state (55.1) 0.0 (2.4)
Foreign (0.5) (6.0) 6.6
Total deferred (55.6) (6.0) 4.2
Provision (benefit) for income taxes $ (44.1) $ 5.0 $ 3.4
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
Tax effect of non-deductible legal reserves   $ 8.2    
Tax cuts and jobs act of 2017 change in net operating losses and valuation allowance $ 2.1 48.0 $ 22.9  
Deferred tax assets, valuation allowance 73.4 130.8    
Tax cuts and jobs act, unremitted earnings of non-United States subsidiaries 182.7      
Tax cuts and jobs act, additional unremitted earnings of non-United States subsidiaries 403.1 397.4    
Federal income tax at statutory rate 2.5 9.3 (25.2)  
Interest expense carryforwards $ 40.7 $ 43.2    
Percentage of tax adjustable 30.00% 30.00%    
Change to gross unrecognized tax (expense) benefits including interest and penalties $ 5.4 $ 0.2 (11.0)  
Uncertain tax liabilities interest and penalties 0.6 0.2 (1.7)  
Uncertain tax liabilities interest and penalties 13.9 9.1 9.1 $ 18.4
Uncertain tax liabilities interest and penalties accrued 2.0 1.4 1.2  
Unrecognized tax benefits due to the closing of statues of limitations 0.5 0.2 2.0  
Unrecognized tax benefits that would impact effective tax rate 11.9      
Coronavirus aid relief and economic security act        
Operating Loss Carryforwards [Line Items]        
Uncertain tax liabilities interest and penalties 5.6   12.1  
Interest on uncertain tax position     1.2  
Domestic Tax Authority        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 72.1 96.4    
Maximum annual utilization percentage of indefinite lived loss carryforwards 80.00%      
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 682.7 616.1    
Operating loss carryforwards expiration period 2044      
Net operating loss carryforwards, valuation allowance $ 669.2      
Non-U.S. Tax Authority        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 208.5 212.4    
Net operating loss carryforwards, valuation allowance 55.5 48.8    
Ministry of Foreign Countries        
Operating Loss Carryforwards [Line Items]        
Discrete tax benefit foreign   3.2    
Deferred tax assets, valuation allowance $ 57.5 $ 19.0 $ 1.2  
v3.25.0.1
Income Taxes - Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate for Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal income tax at statutory rate $ 2.5 $ 9.3 $ (25.2)
State income tax provision 1.0 2.0 0.9
Manufacturing and research incentives (1.4) (1.3) (0.5)
Taxes on foreign income which differ from the federal statutory rate (0.1) 9.1 (1.9)
Adjustments for unrecognized tax benefits 5.6 0.2 (11.0)
Adjustments to valuation allowances (61.0) (28.6) 5.2
United States tax reform 0.4 10.1 4.8
Goodwill and indefinite-lived intangible asset impairment 0.0 0.0 31.7
Audit settlements 0.0 (3.0) 0.0
Non-deductible expenses 8.8 8.2 1.6
Other items 0.1 (1.0) (2.2)
Provision (benefit) for income taxes $ (44.1) $ 5.0 $ 3.4
v3.25.0.1
Income Taxes - Schedules of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Non-current deferred income tax assets (liabilities):    
Inventories $ 15.8 $ 14.7
Deferred employee benefits 25.6 27.8
Product warranty reserves 6.3 7.8
Product liability reserves 0.2 2.6
Tax credits 8.5 7.9
Loss and other tax attribute carryforwards 111.0 114.1
Deferred revenue 2.0 3.9
Capitalized research costs 13.5 10.5
Other 17.5 12.5
Total deferred income tax assets 200.4 201.8
Less valuation allowance (73.4) (130.8)
Net deferred income tax assets 127.0 71.0
Property, plant and equipment 23.5 25.6
Intangible assets 27.2 28.5
Total deferred income tax liabilities 50.7 54.1
Net deferred income tax assets 76.3 16.9
Components of Deferred Tax Assets and Liabilities [Abstract]    
Long-term income tax assets, included in other non-current assets 78.4 24.4
Long-term deferred income tax liability (2.1) (7.5)
Net deferred income tax asset $ 76.3 $ 16.9
v3.25.0.1
Income Taxes - Schedule of Open Tax Years for Which the Company could be Subject to Income Tax Examination (Details)
 12 Months Ended
Dec. 31, 2024
United States  
Income Tax Examination [Line Items]  
Year under examination 2016 2017 2018 2019 2020 2021 2022 2023 2024
China  
Income Tax Examination [Line Items]  
Year under examination 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
France  
Income Tax Examination [Line Items]  
Year under examination 2021 2022 2023 2024
Germany  
Income Tax Examination [Line Items]  
Year under examination 2018 2019 2020 2021 2022 2023 2024
v3.25.0.1
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 9.1 $ 9.1 $ 18.4
Additions for tax positions of current year 2.2 0.1 0.1
Additions for tax positions of prior years 3.3 0.1 3.6
Reductions for tax positions of prior years (0.2) 0.0 (11.0)
Reductions based on settlements with tax authorities 0.0 0.0 0.0
Reductions for lapse of statute of limitations (0.5) (0.2) (2.0)
Balance at end of year $ 13.9 $ 9.1 $ 9.1
v3.25.0.1
Net Income (Loss) Per Common Share - Reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Basic weighted average common shares outstanding (in shares) 35,221,758 35,093,963 35,184,336
Effect of dilutive securities - equity compensation awards 487,024 868,815 0
Diluted weighted average common shares outstanding (in shares) 35,708,782 35,962,778 35,184,336
v3.25.0.1
Net Income (Loss) Per Common Share - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Number of anti-dilutive shares excluded from the calculation of diluted earnings per share 1,037,975 431,392  
Cash dividends declared or paid $ 0 $ 0 $ 0
v3.25.0.1
Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Class Of Stock [Line Items]    
Common stock, shares authorized (in shares) 75,000,000 75,000,000
Par value of common stock (in dollars per share) $ 0.01  
Preferred stock, shares authorized (in shares) 3,500,000 3,500,000
Par value of preferred stock per share (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares issued (in shares) 0  
Common stock repurchased, shares 455,942  
Gain (Loss), Foreign Currency Transaction, after Tax, Total $ (9.3)  
Common Stock    
Class Of Stock [Line Items]    
Stock repurchase program, authorized amount 5.7  
Stock repurchase program, remaining authorized amount 29.3  
Maximum | Common Stock    
Class Of Stock [Line Items]    
Stock repurchase program, authorized amount $ 35.0  
v3.25.0.1
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]    
Foreign currency translation, net of income tax benefit of $2.3 and $0.2 $ (98.2) $ (77.4)
Derivative instrument fair market value, net of income tax benefit of $1.0 and $0.0 (1.7) 1.3
Employee pension and postretirement benefit adjustments, net of income tax benefit of $12.3 and $13.6 (7.7) (10.3)
Total accumulated other comprehensive loss $ (107.6) $ (86.4)
v3.25.0.1
Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]    
Foreign currency translation, tax provision $ 2.3 $ 0.2
Derivative instrument fair market value, tax benefit 1.0 0.0
Employee pension and postretirement benefit adjustments, tax benefit $ 12.3 $ 13.6
v3.25.0.1
Equity - Reconciliation of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance $ 603.3    
Total other comprehensive income (loss), net of income tax (21.2) $ 21.5 $ (5.5)
Ending balance 640.1 603.3  
Gains (Losses) on Cash Flow Hedges      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance 1.3 5.4  
Other comprehensive income (loss) before reclassifications (4.7) (1.8)  
Amounts reclassified from accumulated other comprehensive loss 1.7 (2.3)  
Total other comprehensive income (loss), net of income tax (3.0) (4.1)  
Ending balance (1.7) 1.3 5.4
Pension & Postretirement      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (10.3) (15.3)  
Other comprehensive income (loss) before reclassifications 2.4 2.4  
Amounts reclassified from accumulated other comprehensive loss 0.2 2.6  
Total other comprehensive income (loss), net of income tax 2.6 5.0  
Ending balance (7.7) (10.3) (15.3)
Foreign Currency Translation      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (77.4) (98.0)  
Other comprehensive income (loss) before reclassifications (20.8) 11.3  
Amounts reclassified from accumulated other comprehensive loss 0.0 9.3  
Total other comprehensive income (loss), net of income tax (20.8) 20.6  
Ending balance (98.2) (77.4) (98.0)
Accumulated Other Comprehensive Loss      
Increase (Decrease) in Equity [Roll Forward]      
Beginning balance (86.4) (107.9)  
Other comprehensive income (loss) before reclassifications (23.1) 11.9  
Amounts reclassified from accumulated other comprehensive loss 1.9 9.6  
Total other comprehensive income (loss), net of income tax (21.2) 21.5  
Ending balance $ (107.6) $ (86.4) $ (107.9)
v3.25.0.1
Equity - Reconciliation of Reclassifications Out of Accumulated Other Comprehensive loss, Net of Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Cost of sales $ 1,803.0 [1] $ 1,802.6 [1] $ 1,668.0
Total before income taxes 11.7 44.2 (120.2)
Income tax benefit (provision) 44.1 (5.0) (3.4)
Net income (loss) 55.8 39.2 (123.6)
Other income (expense) — net (0.4) (13.0) 5.8
Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Net income (loss) (1.9) (9.6) (7.3)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Total before income taxes (1.7) 2.3 (5.8)
Income tax benefit (provision) 0.0 0.0 0.0
Net income (loss) (1.7) 2.3 (5.8)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Cost of sales (1.7) 2.3 (5.8)
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Other income (expense) — net (0.3) (2.6) (2.9)
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 (0.1) (0.1) 1.3
Pension Settlement Charge | Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Other income (expense) — net 0.1 0.1 0.1
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Total before income taxes (0.3) (2.6) (1.5)
Income tax benefit (provision) 0.1 0.0 0.0
Net income (loss) (0.2) (2.6) (1.5)
Foreign currency translation | Reclassification out of Accumulated Other Comprehensive Income      
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]      
Total before income taxes 0.0 (9.3) 0.0
Income tax benefit (provision) 0.0 0.0 0.0
Net income (loss) 0.0 (9.3) 0.0
Losses on foreign currency translation $ 0.0 $ (9.3) $ 0.0
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Engineering, Selling and Administrative Expense      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 10.9 $ 11.5 $ 8.5
Restricted Stock | Director      
Stock-Based Compensation      
Granted (in shares) 78,894 77,576 56,640
Employee Stock Option      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 0.0 $ 0.0 $ 0.1
Number of share options granted during the period (in shares) 0    
Employee Stock Option | Employees      
Stock-Based Compensation      
Vesting period (in years) 3 years    
Expiration period (in years) 10 years    
Number of share options granted during the period (in shares) 0 0 0
Restricted Stock Units      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 6.4 $ 6.3 $ 5.2
Unrecognized compensation expense before income tax (in dollars) $ 5.7    
Recognition period for unrecognized compensation expense (in years) 1 year 8 months 12 days    
Granted (in shares) 461,632 520,132 413,543
Restricted Stock Units | Employees      
Stock-Based Compensation      
Vesting period (in years) 3 years    
Performance Shares      
Stock-Based Compensation      
Stock-based compensation expense (in dollars) $ 4.5 $ 5.2 $ 3.2
Unrecognized compensation expense before income tax (in dollars) $ 5.7    
Recognition period for unrecognized compensation expense (in years) 1 year 8 months 12 days    
Performance period (in years) 3 years    
Period of U.S. Treasury rates as a basis for assumed risk-free rates (in years) 3 years    
Granted (in shares) 365,174 [1] 316,022 122,280
Performance Shares 2024 | Performance Shares      
Stock-Based Compensation      
Performance period (in years) 3 years    
Percentage of shares paid based on total shareholder return relative to peer group (as a percent) 60.00%    
Percentage of shares paid based on adjusted EBITDA (as a percent) 40.00%    
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group 20.00%    
Percentage of shares of other than options granted during the period 200.00%    
Performance Shares 2023 | Performance Shares      
Stock-Based Compensation      
Performance period (in years)   3 years  
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)   60.00%  
Percentage of shares paid based on adjusted EBITDA (as a percent)   40.00%  
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group   20.00%  
Percentage of shares of other than options granted during the period   200.00%  
Performance Shares 2022 | Performance Shares      
Stock-Based Compensation      
Performance period (in years)     3 years
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)     60.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)     40.00%
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group     20.00%
Percentage of shares of other than options granted during the period     200.00%
[1] Performance shares granted assuming achievement of performance goals at target.
v3.25.0.1
Stock-Based Compensation - Summary of the Company's Stock Option Activity (Details) - Employee Stock Option
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Shares  
Options outstanding as of December 31, 2023 | shares 494,370
Granted | shares 0
Exercised | shares 0
Forfeited | shares 0
Canceled | shares (23,906)
Options outstanding as of December 31, 2024 | shares 470,464
Options exercisable as of December 31, 2024 | shares 470,464
Weighted Average Exercise Price Per Share  
Options outstanding as of December 31, 2023 | $ / shares $ 21.47
Granted | $ / shares 0
Exercised | $ / shares 0
Options forfeited weighted average cost | $ / shares 0
Options canceled weighted average cost | $ / shares 23.47
Options outstanding as of December 31, 2024 | $ / shares 21.37
Options exercisable as of December 31, 2024 | $ / shares $ 21.37
Aggregate Intrinsic Value  
Options outstanding | $ $ 0
Options exercisable | $ $ 0
v3.25.0.1
Stock-Based Compensation - Schedule of Nonvested Share Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units      
Shares      
Unvested as of December 31, 2023 (in shares) 805,462    
Granted (in shares) 461,632 520,132 413,543
Vested (in shares) (405,309)    
Forfeited (in shares) (21,991)    
Unvested as of December 31, 2024 (in shares) 839,794 805,462  
Weighted Average Grant Date Fair Value Per Share      
Weighted average grant date fair value as of December 31, 2023 (in dollars per share) $ 15.37    
Granted (in dollars per share) 13.38    
Vested (in dollars per share) 15.73    
Cancelled (in dollars per share) 16.06    
Weighted average grant date fair value as of December 31, 2024 (in dollars per share) $ 14.07 $ 15.37  
Performance Shares      
Shares      
Unvested as of December 31, 2023 (in shares) 630,395    
Granted (in shares) 365,174 [1] 316,022 122,280
Adjustment for performance results achieved [2] 154,145    
Vested (in shares) (302,479)    
Forfeited (in shares) (21,121)    
Unvested as of December 31, 2024 (in shares) 826,114 630,395  
Weighted Average Grant Date Fair Value Per Share      
Weighted average grant date fair value as of December 31, 2023 (in dollars per share) $ 17.39    
Granted (in dollars per share) [1] 14.34    
Adjustment for performance results achieved [2] 16.39    
Vested (in dollars per share) 16.39    
Cancelled (in dollars per share) 16.12    
Weighted average grant date fair value as of December 31, 2024 (in dollars per share) $ 15.95 $ 17.39  
[1] Performance shares granted assuming achievement of performance goals at target.
[2] Adjustment due to performance share units granted in 2021 and vested in 2024 where the number of shares achieved based on the three-year performance period ended December 31, 2023 were higher than target.
v3.25.0.1
Stock-Based Compensation - Schedule of Nonvested Share Activity (Parenthetical) (Details) - Performance Shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Stock-Based Compensation    
Performance period (in years) 3 years  
Performance Share Granted 2021 and Vested 2024    
Stock-Based Compensation    
Performance period (in years)   3 years
v3.25.0.1
Stock-Based Compensation - Schedule of the Assumptions Used to Estimate the Fair Value of Each Option Grant (Details) - Performance Shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assumptions used to estimate the fair value of each option grant      
Correlation (as a percent) 22.80% 28.20% 25.90%
Risk-free Interest rate (as a percent) 4.50% 4.10% 1.70%
Expected volatility (as a percent) 51.20% 60.30% 59.50%
Expected dividend yield (as a percent) 0.00% 0.00% 0.00%
v3.25.0.1
Segments - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefOperatingOfficerMember, srt:PresidentMember
v3.25.0.1
Segments - Schedule of Information by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues from external customers $ 2,178.0 $ 2,227.8 $ 2,032.5
Less:      
Cost of sales 1,803.0 [1] 1,802.6 [1] 1,668.0
Engineering, selling, and administration costs [1] 271.2 265.0  
Other segment items [2] 7.3 4.1  
Operating (loss) income 51.8 92.4 (93.0)
Income (loss) before income taxes 11.7 44.2 (120.2)
Other Segment Disclosures      
Depreciation and amortization [3] 59.8 56.6 57.7
Capital Expenditures 45.7 77.4 61.8
Operating Segments      
Less:      
Operating (loss) income 96.5 156.1 (51.8)
Operating Segments | Americas      
Segment Reporting Information [Line Items]      
Revenues from external customers 1,197.6 1,211.2 1,013.0
Less:      
Cost of sales [1] 962.1 973.6  
Engineering, selling, and administration costs [1] 127.8 123.0  
Other segment items [2] 4.0 2.9  
Operating (loss) income 103.7 111.7 (88.8)
Other Segment Disclosures      
Depreciation and amortization [3] 33.4 32.1 35.4
Capital Expenditures 17.7 46.5 32.0
Operating Segments | EURAF      
Segment Reporting Information [Line Items]      
Revenues from external customers 616.0 669.6 761.5
Less:      
Cost of sales [1] 541.1 557.8  
Engineering, selling, and administration costs [1] 119.0 118.8  
Other segment items [2] 2.5 0.9  
Operating (loss) income (46.6) (7.9) (3.2)
Other Segment Disclosures      
Depreciation and amortization [3] 23.6 22.1 20.1
Capital Expenditures 25.1 28.5 27.7
Operating Segments | MEAP      
Segment Reporting Information [Line Items]      
Revenues from external customers 364.4 347.0 258.0
Less:      
Cost of sales [1] 299.8 271.2  
Engineering, selling, and administration costs [1] 24.4 23.2  
Other segment items [2] 0.8 0.3  
Operating (loss) income 39.4 52.3 40.2
Other Segment Disclosures      
Depreciation and amortization [3] 2.8 2.4 2.2
Capital Expenditures 2.9 2.4 2.1
Unallocated Amounts      
Less:      
Other corporate expenses (44.7) (63.6) (41.3)
Restructuring (Income) Expense 0.0 (0.1) 0.1
Reconciliation of Segment Operating Income (Loss)      
Less:      
Interest expense (38.3) (33.9) (31.6)
Amortization of deferred financing fees (1.4) (1.3) (1.4)
Other (income) expense - net $ (0.4) $ (13.0) $ 5.8
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other segment items for each reportable segment includes:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

MEAP — restructuring expense.
[3] The amount of depreciation and amortization disclosed by reportable segment are included within cost of sales or engineering, selling, and administration costs, as applicable.
v3.25.0.1
Segments - Schedule of Net Sales and Property, Plant and Equipment by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 2,178.0 $ 2,227.8 $ 2,032.5
Property, Plant and Equipment 346.2 366.1  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 1,060.7 1,039.9 906.4
Property, Plant and Equipment 170.5 158.1  
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 598.7 641.9 740.1
Property, Plant and Equipment 154.3 183.8  
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 518.6 546.0 $ 386.0
Property, Plant and Equipment $ 21.4 $ 24.2  
v3.25.0.1
Segments - Schedule of Net Sales By Product (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Product Information [Line Items]      
Total net sales $ 2,178.0 $ 2,227.8 $ 2,032.5
New Machine Sales [Member]      
Product Information [Line Items]      
Total net sales 1,548.9 1,615.1 1,487.2
Non-new Machine Sales [Member]      
Product Information [Line Items]      
Total net sales $ 629.1 $ 612.7 $ 545.3
v3.25.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments And Contingencies [Line Items]    
Period over which product liability self-insurance retention levels have varied (in years) 10 years  
Product liability reserves - Current $ 1.4 $ 11.4
Product liability reserves - Non-Current 5.0 5.1
Estimated insurance recoveries 0.0 3.9
Warranty claims reserves 45.3 $ 56.8
Civil penalty 42.6  
Commitment expense 8.9  
Accounts Payable and Accrued Expenses    
Commitments And Contingencies [Line Items]    
Commitment liability 45.0  
Maximum    
Commitments And Contingencies [Line Items]    
Product liability self-insurance maximum retention level for new occurrence $ 3.0  
v3.25.0.1
Guarantees - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Product Warranty Liability [Line Items]    
Revenue deferred related to buyback obligations included in other current and non-current liabilities $ 14.9 $ 32.2
Amount of residual value buyback commitments and given by the company 29.9 43.4
Amount of loss guarantees with maximum liabilities 14.3 13.0
Revenue deferred related to extended warranties included in other current and non-current liabilities $ 8.6 $ 6.1
Standard product warranties, low end of range (in months) 12 months  
Standard product warranties, high end of range (in months) 60 months  
v3.25.0.1
Guarantees - Summary of Warranty Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Warranty activity      
Balance at beginning of period $ 56.8 $ 58.0 $ 60.2
Adjustments to accruals for warranties 25.5 28.9 27.3
Settlements made (in cash or in kind) during the period (35.5) (31.0) (27.8)
Currency translation (1.5) 0.9 (1.7)
Balance at end of period $ 45.3 $ 56.8 $ 58.0
v3.25.0.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring expense $ 4.6 $ 1.3 $ 1.5
v3.25.0.1
Employee Benefit Plans - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Manitowoc Deferred Compensation Plan      
Total cost incurred under defined contribution plan $ 9.3 $ 8.7 $ 11.9
Defined contribution plan, Plan name Manitowoc 401(k) Plan Manitowoc 401(k) Plan Manitowoc 401(k) Plan
Amortization of gains and losses in excess of specified percentage (as a percent) 10.00%    
Postretirement Medical and Other      
Manitowoc Deferred Compensation Plan      
Annual rate of increase in the per capita cost of covered health care benefits assumed for measurement purposes (as a percent) 7.70%    
Ultimate health care cost trend rate (as a percent) 4.00%    
Estimated future employer contributions $ 0.8    
Deferred Compensation Plan      
Manitowoc Deferred Compensation Plan      
Number of investment programs | Plan 2    
Deferred Compensation Plan | Program A      
Manitowoc Deferred Compensation Plan      
Program asset $ 0.7 $ 1.2  
Program obligation 0.7 1.2  
Deferred Compensation Plan | Program B      
Manitowoc Deferred Compensation Plan      
Total cost incurred under defined contribution plan 0.4 0.2 $ 0.4
Program asset 8.8 8.1  
Program obligation $ 8.8 8.1  
U.S. Pension Plans      
Manitowoc Deferred Compensation Plan      
Number of defined contribution retirement plans for the employees | Plan 2    
Estimated future employer contributions $ 3.0    
Non-U.S. Pension Plans      
Manitowoc Deferred Compensation Plan      
Total cost incurred under defined contribution plan 2.0 $ 1.7 $ 1.7
Estimated future employer contributions $ 1.4    
v3.25.0.1
Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 0.0 $ 0.0  
Interest cost of projected benefit obligation 5.2 5.5  
Non-US Pension Plans      
Components of periodic benefit costs      
Service cost - benefits earned during the year 1.3 1.2  
Interest cost of projected benefit obligation 2.7 3.0  
Pension Plan | United States      
Components of periodic benefit costs      
Service cost - benefits earned during the year 0.0 0.0 $ 0.0
Interest cost of projected benefit obligation 5.2 5.5 3.2
Expected return on assets (3.9) (3.9) (5.2)
Amortization of prior service cost 0.0 0.0 0.0
Amortization of actuarial net loss (gain) 1.8 2.2 1.9
Pension settlement gain 0.0 0.0 0.0
Net periodic benefit cost $ 3.1 $ 3.8 $ (0.1)
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 5.10% 5.40% 2.80%
Expected return on plan assets (as a percent) 4.90% 5.00% 4.70%
Pension Plan | Non-US Pension Plans      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 1.3 $ 1.2 $ 1.6
Interest cost of projected benefit obligation 2.7 3.0 1.7
Expected return on assets (1.7) (1.6) (1.2)
Amortization of prior service cost 0.1 0.1 0.1
Amortization of actuarial net loss (gain) 0.1 1.6 1.5
Pension settlement gain (0.1) (0.1) (0.1)
Net periodic benefit cost $ 2.4 $ 4.2 $ 3.6
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 3.70% 4.70% 1.40%
Expected return on plan assets (as a percent) 4.40% 5.40% 2.90%
Rate of compensation increase (as a percent) 2.90% 3.70% 4.10%
Postretirement Medical and Other      
Components of periodic benefit costs      
Service cost - benefits earned during the year $ 0.0 $ 0.1 $ 0.1
Interest cost of projected benefit obligation 0.3 0.4 0.2
Expected return on assets 0.0 0.0 0.0
Amortization of prior service cost 0.0 0.0 (1.4)
Amortization of actuarial net loss (gain) (1.6) (1.2) (0.5)
Pension settlement gain 0.0 0.0 0.0
Net periodic benefit cost $ (1.3) $ (0.7) $ (1.6)
Weighted average assumptions:      
Effective discount rate for benefit obligations (as a percent) 5.00% 5.40% 2.50%
v3.25.0.1
Employee Benefit Plans - Reconciliation of the Changes in Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in Plan Assets      
Fair value of plan assets, beginning of year $ 113.5    
Fair value of plan assets, end of year 111.6 $ 113.5  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Long-term pension obligation (47.1) (55.8)  
Long-term postretirement medical and other benefit obligations (4.7) (5.6)  
United States      
Change in Benefit Obligation      
Benefit obligation, beginning of year 106.4 106.4  
Service cost 0.0 0.0  
Interest cost 5.2 5.5  
Participant contributions 0.0 0.0  
Actuarial (gain) loss (4.4) 2.5  
Currency translation adjustment 0.0 0.0  
Pension Settlement 0.0 0.0  
Benefits paid (8.0) (8.0)  
Benefit obligation, end of year 99.2 106.4 $ 106.4
Change in Plan Assets      
Fair value of plan assets, beginning of year 82.2 82.3  
Actual return on plan assets 3.3 7.4  
Employer contributions 4.9 0.5  
Participant contributions 0.0 0.0  
Currency translation adjustment 0.0 0.0  
Pension settlement 0.0 0.0  
Benefits paid (8.0) (8.0)  
Fair value of plan assets, end of year 82.4 82.2 82.3
Funded status (16.8) (24.2)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Pension asset 0.0 0.0  
Short-term pension obligation (0.5) (0.5)  
Long-term pension obligation (16.3) (23.7)  
Short-term postretirement medical and other benefit obligations 0.0 0.0  
Long-term postretirement medical and other benefit obligations 0.0 0.0  
Net amount recognized $ (16.8) $ (24.2)  
Weighted-Average Assumptions      
Discount rate 5.60% 5.10%  
Non-US Pension Plans      
Change in Benefit Obligation      
Benefit obligation, beginning of year $ 61.9 $ 59.0  
Service cost 1.3 1.2  
Interest cost 2.7 3.0  
Participant contributions 0.0 0.0  
Actuarial (gain) loss (1.9) (0.3)  
Currency translation adjustment (2.6) 2.6  
Pension Settlement (0.6) (0.1)  
Benefits paid (3.3) (3.5)  
Benefit obligation, end of year 57.5 61.9 59.0
Change in Plan Assets      
Fair value of plan assets, beginning of year 31.3 29.7  
Actual return on plan assets (1.2) 0.0  
Employer contributions 3.5 3.6  
Participant contributions 0.0 0.0  
Currency translation adjustment (0.5) 1.6  
Pension settlement (0.6) (0.1)  
Benefits paid (3.3) (3.5)  
Fair value of plan assets, end of year 29.2 31.3 29.7
Funded status (28.3) (30.6)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Pension asset 3.8 2.7  
Short-term pension obligation (1.3) (1.2)  
Long-term pension obligation (30.8) (32.1)  
Short-term postretirement medical and other benefit obligations 0.0 0.0  
Long-term postretirement medical and other benefit obligations 0.0 0.0  
Net amount recognized $ (28.3) $ (30.6)  
Weighted-Average Assumptions      
Discount rate 4.40% 4.20%  
Rate of compensation increase 3.80% 3.80%  
Postretirement Medical and Other      
Change in Benefit Obligation      
Benefit obligation, beginning of year $ 6.6 $ 9.5  
Service cost 0.0 0.1 0.1
Interest cost 0.3 0.4 0.2
Participant contributions 0.0 0.1  
Actuarial (gain) loss (0.7) (2.4)  
Currency translation adjustment 0.0 0.0  
Pension Settlement 0.0 0.0  
Benefits paid (0.7) (1.1)  
Benefit obligation, end of year 5.5 6.6 9.5
Change in Plan Assets      
Fair value of plan assets, beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Employer contributions 0.7 1.0  
Participant contributions 0.0 0.1  
Currency translation adjustment 0.0 0.0  
Pension settlement 0.0 0.0  
Benefits paid (0.7) (1.1)  
Fair value of plan assets, end of year 0.0 0.0 $ 0.0
Funded status (5.5) (6.6)  
Amounts recognized in the Consolidated Balance Sheets as of December 31      
Pension asset 0.0 0.0  
Short-term pension obligation 0.0 0.0  
Long-term pension obligation 0.0 0.0  
Short-term postretirement medical and other benefit obligations (0.8) (1.0)  
Long-term postretirement medical and other benefit obligations (4.7) (5.6)  
Net amount recognized $ (5.5) $ (6.6)  
Weighted-Average Assumptions      
Discount rate 5.30% 5.00%  
v3.25.0.1
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial gain (loss) $ (27.2) $ (32.0)
Prior service cost (0.2) (0.2)
Total amount recognized (27.4) (32.2)
Postretirement Medical and Other    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial gain (loss) 7.3 8.3
Prior service cost 0.0 0.0
Total amount recognized $ 7.3 $ 8.3
v3.25.0.1
Employee Benefit Plans - Schedule of the Weighted-Average Asset Allocation of the Pension Plans (Details)
Dec. 31, 2024
Dec. 31, 2023
United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 100.00% 100.00%
Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 100.00% 100.00%
Equity Securities | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 50.30% 53.30%
Equity Securities | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 0.00% 0.00%
Fixed Income | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 43.60% 39.70%
Fixed Income | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 52.00% 39.40%
Other | United States    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total 6.10% 7.00%
Other | Non-US Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent), Total [1] 48.00% 60.60%
[1] Includes diversified investments that have equity and fixed income holdings.
v3.25.0.1
Employee Benefit Plans - Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class (Details)
Dec. 31, 2024
Dec. 31, 2023
U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent) 100.00% 100.00%
Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocation (as a percent) 100.00% 100.00%
Equity Securities | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 46.20%  
Weighted-average asset allocation (as a percent) 50.30% 53.30%
Equity Securities | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 0.00%  
Weighted-average asset allocation (as a percent) 0.00% 0.00%
Debt Securities | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 45.00%  
Weighted-average asset allocation (as a percent) 43.60%  
Debt Securities | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 63.00%  
Weighted-average asset allocation (as a percent) 52.00%  
Other | U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 8.80%  
Weighted-average asset allocation (as a percent) 6.10% 7.00%
Other | Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocations (as a percent) 37.00%  
Weighted-average asset allocation (as a percent) [1] 48.00% 60.60%
[1] Includes diversified investments that have equity and fixed income holdings.
v3.25.0.1
Employee Benefit Plans - Schedule of Plan Assets Using the Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 111.6 $ 113.5  
Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 104.1 104.4  
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1.5 1.7  
Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6.0 7.4  
U.S. equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 20.8 21.7  
U.S. equity | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 20.8 21.7  
U.S. equity | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. equity | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. equity | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International equity      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 20.3 22.1  
International equity | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 20.3 22.1  
International equity | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International equity | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International equity | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Corporate bonds and notes      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 14.8 16.6  
Corporate bonds and notes | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 14.8 16.6  
Corporate bonds and notes | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Corporate bonds and notes | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Corporate bonds and notes | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Government and agency bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 28.1 25.5  
Government and agency bonds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 28.1 25.5  
Government and agency bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Government and agency bonds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Government and agency bonds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Commingled funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 12.9 11.1  
Commingled funds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 12.9 11.1  
Commingled funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Commingled funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Commingled funds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4.4 4.7  
International fixed income | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 4.4 4.7  
International fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International fixed income | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
International fixed income | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.8 1.0  
Cash and cash equivalents | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.0 0.0  
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.8 1.0  
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Cash and cash equivalents | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Money market funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.7  
Money market funds | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1]   0.0  
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.7  
Money market funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Money market funds | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets   0.0  
Insurance Group Annuity Contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6.0 7.4 $ 8.5
Insurance Group Annuity Contracts | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 0.0 0.0  
Insurance Group Annuity Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Insurance Group Annuity Contracts | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Insurance Group Annuity Contracts | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6.0 7.4  
Other      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3.5 2.7  
Other | Net Asset Value ("NAV")      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets [1] 2.8 2.7  
Other | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.7 0.0  
Other | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Other | Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0.0 $ 0.0  
[1] Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.
v3.25.0.1
Employee Benefit Plans - Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of fair value measurements of plan assets using significant observable inputs    
Fair value of plan assets, beginning of year $ 113.5  
Fair value of plan assets, end of year 111.6 $ 113.5
Insurance Group Annuity Contracts    
Reconciliation of fair value measurements of plan assets using significant observable inputs    
Fair value of plan assets, beginning of year 7.4 8.5
Additions 0.0 0.5
Actual return on assets 0.1 (1.2)
Benefit payments (1.4) (0.9)
Foreign currency impact (0.1) 0.5
Fair value of plan assets, end of year $ 6.0 $ 7.4
v3.25.0.1
Employee Benefit Plans - Schedule of Projected Future Benefit Payments from the Plans (Details)
$ in Millions
Dec. 31, 2024
USD ($)
U.S. Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 8.8
2026 8.7
2027 8.7
2028 8.7
2029 8.6
Thereafter 40.2
Total 83.7
Non-U.S. Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 3.0
2026 3.1
2027 3.4
2028 3.9
2029 3.9
Thereafter 19.7
Total 37.0
Postretirement Medical and Other  
Defined Benefit Plan Disclosure [Line Items]  
2025 0.8
2026 0.8
2027 0.7
2028 0.7
2029 0.6
Thereafter 2.3
Total $ 5.9
v3.25.0.1
Employee Benefit Plans - Schedule of Fair Value of Plan Assets for Which the Accumulated Benefit Obligation is in Excess of the Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
United States    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 99.2 $ 106.4
Accumulated benefit obligation 99.2 106.4
Fair value of plan assets 82.4 82.2
Non-U.S. Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 32.1 33.8
Accumulated benefit obligation 29.2 30.6
Fair value of plan assets $ 0.0 $ 0.5
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Line Items]      
Operating leases, existence of option to extend   true  
Operating leases, existence of option to terminate   true  
Cash payment for operating leases $ 30.6 $ 29.5 $ 26.8
Operating lease right-of-use asset obtained in exchange for lease obligations $ 14.9 $ 26.0  
Operating leases, weighted-average remaining lease term 6 years 3 months 18 days 6 years 4 months 24 days  
Operating leases, weighted-average discount rate 6.10% 5.90%  
Undiscounted lease obligations $ 12.6    
Additional Operating Lease Facility      
Leases [Line Items]      
Undiscounted lease obligations $ 9.5    
Maximum      
Leases [Line Items]      
Operating leases, remaining lease term 19 years    
Operating leases, renewal lease term 10 years    
Maximum | Additional Operating Lease Facility      
Leases [Line Items]      
Term of contract 10 years    
v3.25.0.1
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 16.9 $ 15.5 $ 14.0
Variable lease cost 1.5 1.2 1.4
Total lease cost $ 18.4 $ 16.7 $ 15.4
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Leases - Summary of Supplemental Consolidated Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 59.3 $ 59.7
Other liabilities $ 12.9 $ 13.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating lease liabilities $ 47.0 $ 47.2
Total operating lease liabilities $ 59.9 $ 60.2
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Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 15.8  
2026 12.9  
2027 11.5  
2028 9.4  
2029 7.1  
Thereafter 15.8  
Total lease payments 72.5  
Less: imputed interest (12.6)  
Present value of lease liabilities $ 59.9 $ 60.2
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Schedule II: Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation and Qualifying Accounts      
Utilization of Reserve $ 1.2 $ 1.4 $ 1.8
Other, Primarily Impact of Foreign Exchange Rates (0.2) (0.1) (0.3)
Allowance for Doubtful Accounts      
Valuation and Qualifying Accounts      
Balance at Beginning of Year 6.1 5.3 7.3
Charge to Costs and Expenses 1.2 2.3 0.1
Utilization of Reserve (1.2) (1.4) (1.8)
Other, Primarily Impact of Foreign Exchange Rates (0.2) (0.1) (0.3)
Balance at end of Year 5.9 6.1 5.3
Deferred Tax Valuation Allowance      
Valuation and Qualifying Accounts      
Balance at Beginning of Year 130.8 174.1 170.5
Charge to Costs and Expenses 1.2 1.7 10.6
Utilization of Reserve (57.2) (30.2) (4.9)
Other, Primarily Impact of Foreign Exchange Rates (1.4) (14.8) (2.1)
Balance at end of Year $ 73.4 $ 130.8 $ 174.1