TENNANT CO, 10-Q filed on 11/1/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-16191  
Entity Registrant Name TENNANT CO  
Entity Incorporation, State or Country Code MN  
Entity Tax Identification Number 41-0572550  
Entity Address, Address Line One 10400 Clean Street  
Entity Address, City or Town Eden Prairie  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55344  
City Area Code 763  
Local Phone Number 540-1200  
Title of 12(b) Security Common Stock, par value $0.375 per share  
Trading Symbol TNC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   18,872,792
Entity Central Index Key 0000097134  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 315.8 $ 304.7 $ 957.8 $ 932.2
Cost of sales 182.0 172.7 543.8 535.2
Gross profit 133.8 132.0 414.0 397.0
Selling and administrative expense 92.7 88.2 275.5 256.9
Research and development expense 10.5 9.1 31.8 26.0
Operating income 30.6 34.7 106.7 114.1
Interest expense, net (2.7) (3.3) (7.5) (11.0)
Net foreign currency transaction (loss) gain (0.4) (0.4) 0.1 0.5
Other (expense) income, net 0.0 (1.1) 0.2 (1.8)
Income before income taxes 27.5 29.9 99.5 101.8
Income tax expense 6.7 7.0 22.4 23.3
Net income $ 20.8 $ 22.9 $ 77.1 $ 78.5
Net income per share        
Basic (in dollars per share) $ 1.11 $ 1.23 $ 4.10 $ 4.25
Diluted (in dollars per share) $ 1.09 $ 1.21 $ 4.03 $ 4.19
Weighted average shares outstanding        
Basic (in shares) 18,810,267 18,570,293 18,790,824 18,485,806
Diluted (in shares) 19,093,873 18,878,311 19,120,455 18,747,128
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 20.8 $ 22.9 $ 77.1 $ 78.5
Other comprehensive income (loss):        
Foreign currency translation adjustments (net of related tax benefit (expense) of $0.5, $(0.2), $0.4, and $0.1, respectively) 12.9 (10.6) (2.4) (5.2)
Pension and postretirement medical benefits (net of related tax expense of $0, $0, $0, and $0, respectively) (0.2) 0.0 (0.2) 0.0
Derivative financial instruments (net of related tax benefit (expense) of $0.5, $(0.4), $0.1, and $(0.2), respectively) (1.7) 0.2 (0.4) 0.7
Total other comprehensive income (loss), net of tax 11.0 (10.4) (3.0) (4.5)
Total comprehensive income $ 31.8 $ 12.5 $ 74.1 $ 74.0
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustments tax (expense) benefit $ 0.5 $ (0.2) $ 0.4 $ 0.1
Pension and postretirement medical benefits, tax expense 0.0 0.0 0.0 0.0
Cash flow hedge tax benefit (expense) $ 0.5 $ (0.4) $ 0.1 $ (0.2)
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash, cash equivalents, and restricted cash $ 91.3 $ 117.1
Receivables, less allowances of $6.8 and $7.2, respectively 260.2 247.6
Inventories 201.8 175.9
Prepaid and other current assets 40.6 28.5
Total current assets 593.9 569.1
Property, plant and equipment, less accumulated depreciation of $316.4 and $304.0, respectively 183.7 187.7
Operating lease assets 52.1 41.7
Goodwill 198.4 187.4
Intangible assets, net 66.4 63.1
Other assets 121.6 64.4
Total assets 1,216.1 1,113.4
LIABILITIES AND EQUITY    
Current portion of long-term debt 0.6 6.4
Accounts payable 128.0 111.4
Employee compensation and benefits 59.4 67.3
Other current liabilities 85.5 88.6
Total current liabilities 273.5 273.7
Long-term debt 208.6 194.2
Long-term operating lease liabilities 35.2 27.4
Employee benefits 13.8 13.3
Deferred income taxes 7.9 5.0
Other liabilities 28.6 21.5
Total long-term liabilities 294.1 261.4
Total liabilities 567.6 535.1
Commitments and contingencies (Note 12)
Common Stock, $0.375 par value; 60,000,000 shares authorized; 18,872,792 and 18,631,384 shares issued and outstanding, respectively 7.1 7.0
Additional paid-in capital 76.8 64.9
Retained earnings 608.6 547.4
Accumulated other comprehensive loss (45.3) (42.3)
Total Tennant Company shareholders' equity 647.2 577.0
Noncontrolling interest 1.3 1.3
Total equity 648.5 578.3
Total liabilities and total equity $ 1,216.1 $ 1,113.4
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for credit loss $ 6.8 $ 7.2
Accumulated depreciation $ 316.4 $ 304.0
Common stock, par value (in dollars per share) $ 0.375 $ 0.375
Common stock, shares authorized (in shares) 60,000,000 60,000,000
Common stock, shares issued (in shares) 18,872,792 18,872,792
Common stock, shares outstanding (in shares) 18,631,384 18,631,384
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 77.1 $ 78.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 29.6 26.4
Amortization expense 11.4 11.0
Deferred income tax benefit (1.8) (7.4)
Share-based compensation expense 9.4 8.6
Bad debt and returns expense 1.8 3.2
Other, net 0.5 0.5
Changes in operating assets and liabilities:    
Receivables (12.3) 7.9
Inventories (35.7) 3.5
Accounts payable 17.9 (25.1)
Employee compensation and benefits (8.1) 18.3
Other assets and liabilities (37.6) (0.8)
Net cash provided by operating activities 52.2 124.6
INVESTING ACTIVITIES    
Purchases of property, plant and equipment (11.5) (15.3)
Purchase of investment (32.1) 0.0
Payments made in connection with business acquisition, net of cash acquired (25.7) 0.0
Investment in leased assets (0.4) (0.5)
Cash received from leased assets 0.6 0.6
Net cash used in investing activities (69.1) (15.2)
FINANCING ACTIVITIES    
Proceeds from borrowings 40.0 20.0
Repayments of borrowings (32.5) (98.7)
Payment of debt financing costs (2.2) 0.0
Proceeds from exercise of stock options, net of employee tax withholdings obligations 19.6 18.1
Repurchases of common stock (17.1) (11.7)
Dividends paid (15.9) (14.8)
Net cash used in financing activities (8.1) (87.1)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (0.8) (2.7)
Net (decrease) increase in cash, cash equivalents and restricted cash (25.8) 19.6
Cash, cash equivalents and restricted cash at beginning of period 117.1 77.4
Cash, cash equivalents and restricted cash at end of period 91.3 97.0
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for income taxes 27.9 29.1
Cash paid for interest 11.3 14.7
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 15.1 13.9
Financing cash flows from financing leases 0.1 0.0
Lease assets obtained in exchange for new operating lease liabilities 24.0 13.0
Lease assets obtained in exchange for new financing lease liabilities 1.0 0.6
Supplemental non-cash investing and financing activities:    
Capital expenditures in accounts payable $ 1.6 $ 1.9
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Tennant Company Shareholders' Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022     18,521,485        
Beginning balance at Dec. 31, 2022 $ 472.1 $ 470.8 $ 7.0 $ 56.0 $ 458.0 $ (50.2) $ 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 24.3 24.3     24.3    
Other comprehensive income 4.7 4.7       4.7  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     93,073        
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings 0.8 0.8   0.8      
Share-based compensation 1.2 1.2   1.2      
Repurchases of common stock (in shares)     (73,525)        
Repurchases of common stock (5.0) (5.0)   (5.0)      
Dividends paid per common share (4.9) (4.9)     (4.9)    
Ending balance (in shares) at Mar. 31, 2023     18,541,033        
Ending balance at Mar. 31, 2023 493.2 491.9 $ 7.0 53.0 477.4 (45.5) 1.3
Beginning balance (in shares) at Dec. 31, 2022     18,521,485        
Beginning balance at Dec. 31, 2022 472.1 470.8 $ 7.0 56.0 458.0 (50.2) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 78.5            
Ending balance (in shares) at Sep. 30, 2023     18,741,371        
Ending balance at Sep. 30, 2023 546.3 545.0 $ 7.0 71.0 521.7 (54.7) 1.3
Beginning balance (in shares) at Mar. 31, 2023     18,541,033        
Beginning balance at Mar. 31, 2023 493.2 491.9 $ 7.0 53.0 477.4 (45.5) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 31.3 31.3     31.3    
Other comprehensive income 1.2 1.2       1.2  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     69,345        
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings 3.4 3.4   3.4      
Share-based compensation 2.7 2.7   2.7      
Repurchases of common stock (in shares)     (69,780)        
Repurchases of common stock (5.0) (5.0)   (5.0)      
Dividends paid per common share (4.9) (4.9)     (4.9)    
Ending balance (in shares) at Jun. 30, 2023     18,540,598        
Ending balance at Jun. 30, 2023 521.9 520.6 $ 7.0 54.1 503.8 (44.3) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 22.9 22.9     22.9    
Other comprehensive income (10.4) (10.4)       (10.4)  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     222,566        
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings 13.9 13.9   13.9      
Share-based compensation 4.7 4.7   4.7      
Repurchases of common stock (in shares)     (21,793)        
Repurchases of common stock (1.7) (1.7)   (1.7)      
Dividends paid per common share (5.0) (5.0)     (5.0)    
Ending balance (in shares) at Sep. 30, 2023     18,741,371        
Ending balance at Sep. 30, 2023 $ 546.3 545.0 $ 7.0 71.0 521.7 (54.7) 1.3
Beginning balance (in shares) at Dec. 31, 2023 18,631,384   18,631,384        
Beginning balance at Dec. 31, 2023 $ 578.3 577.0 $ 7.0 64.9 547.4 (42.3) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 28.4 28.4     28.4    
Other comprehensive income (7.2) (7.2)       (7.2)  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     388,179        
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings 19.6 19.6 $ 0.1 19.5      
Share-based compensation 3.2 3.2   3.2      
Repurchases of common stock (in shares)     (12,725)        
Repurchases of common stock (1.1) (1.1)   (1.1)      
Dividends paid per common share (5.3) (5.3)     (5.3)    
Ending balance (in shares) at Mar. 31, 2024     19,006,838        
Ending balance at Mar. 31, 2024 $ 615.9 614.6 $ 7.1 86.5 570.5 (49.5) 1.3
Beginning balance (in shares) at Dec. 31, 2023 18,631,384   18,631,384        
Beginning balance at Dec. 31, 2023 $ 578.3 577.0 $ 7.0 64.9 547.4 (42.3) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 77.1            
Ending balance (in shares) at Sep. 30, 2024 18,631,384   18,872,792        
Ending balance at Sep. 30, 2024 $ 648.5 647.2 $ 7.1 76.8 608.6 (45.3) 1.3
Beginning balance (in shares) at Mar. 31, 2024     19,006,838        
Beginning balance at Mar. 31, 2024 615.9 614.6 $ 7.1 86.5 570.5 (49.5) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 27.9 27.9     27.9    
Other comprehensive income (6.8) (6.8)       (6.8)  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     21,337        
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings 0.1 0.1   0.1      
Share-based compensation 2.1 2.1   2.1      
Repurchases of common stock (in shares)     (77,514)        
Repurchases of common stock (8.0) (8.0)   (8.0)      
Dividends paid per common share (5.3) (5.3)     (5.3)    
Ending balance (in shares) at Jun. 30, 2024     18,950,661        
Ending balance at Jun. 30, 2024 625.9 624.6 $ 7.1 80.7 593.1 (56.3) 1.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 20.8 20.8     20.8    
Other comprehensive income 11.0 11.0       11.0  
Issue stock for directors, employee benefit and stock plans, net of related tax withholdings (in shares)     2,246        
Share-based compensation 4.1 4.1   4.1      
Repurchases of common stock (in shares)     (80,115)        
Repurchases of common stock (8.0) (8.0)   (8.0)      
Dividends paid per common share $ (5.3) (5.3)     (5.3)    
Ending balance (in shares) at Sep. 30, 2024 18,631,384   18,872,792        
Ending balance at Sep. 30, 2024 $ 648.5 $ 647.2 $ 7.1 $ 76.8 $ 608.6 $ (45.3) $ 1.3
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]            
Shares withheld for taxes (in shares) 1,026 5,132 27,808 148 4,258 18,468
Dividends paid per common share (in dollars per share) $ 0.280 $ 0.280 $ 0.280 $ 0.265 $ 0.265 $ 0.265
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Tennant Company ("the Company", "we", "us", or "our") is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce environmental impact and help create a cleaner, safer, healthier world. The Company is committed to creating and commercializing breakthrough, sustainable cleaning innovations to enhance its broad suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, and asset management solutions.
Our products are used in many types of environments, including retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, and more.
Customers include contract cleaners to whom organizations outsource facilities maintenance as well as businesses that perform facilities maintenance themselves. The Company reaches these customers through the industry's largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide.
Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for interim reporting. In our opinion, the consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations.
These statements should be read in conjunction with the consolidated financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
v3.24.3
Newly Adopted Accounting Pronouncements
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Newly Adopted Accounting Pronouncements Newly Adopted Accounting Pronouncements
There are no newly adopted accounting pronouncements during the nine months ended September 30, 2024 that impacted the Company.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels:
Net sales by geographic area
Three Months Ended
September 30,		Nine Months Ended
September 30,
20242023% Change20242023% Change
Americas$218.7 $211.2 3.6 %$662.1 $632.2 4.7 %
Europe, Middle East and Africa76.3 72.0 6.0 %234.6 234.1 0.2 %
Asia Pacific20.8 21.5 (3.3)%61.1 65.9 (7.3)%
Total$315.8 $304.7 3.6 %$957.8 $932.2 2.7 %
Net sales are attributed to each geographic area based on the end-user country and are net of intercompany sales.
Net sales by groups of similar products and services
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Equipment$196.6 $189.5 $597.1 $579.1 
Parts and consumables68.0 68.3 207.5 212.7 
Service and other51.2 46.9 153.2 140.4 
Total$315.8 $304.7 $957.8 $932.2 
Net sales by sales channel
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Sales direct to consumer$222.6 $214.6 $673.7 $638.4 
Sales to distributors93.2 90.1 284.1 293.8 
Total$315.8 $304.7 $957.8 $932.2 
Contract Liabilities
Sales Returns
The right of return may exist explicitly or implicitly with our customers. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns using the expected value method by assessing historical sales levels and the timing and magnitude of historical sales return levels as a percent of sales and projecting this experience into the future.
Sales Incentives
Our sales contracts may contain various customer incentives, such as volume-based rebates or other promotions. We reduce the transaction price for certain customer programs and incentive offerings that represent variable consideration. Sales incentives given to our customers are recorded using the most likely amount approach for estimating the amount of consideration to which the Company will be entitled. We forecast the most likely amount of the incentive to be paid at the time of sale, update this forecast quarterly, and adjust the transaction price accordingly to reflect the new amount of incentives expected to be earned by the customer. A majority of our customer incentives are settled within one year. We record our accruals for volume-based rebates and other promotions in other current liabilities on our consolidated balance sheets.
The change in our sales incentive accrual balance was as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$21.2 $20.0 
Additions to sales incentive accrual20.5 21.9 
Contract payments(20.9)(20.4)
Foreign currency fluctuations0.1 (0.1)
Ending balance$20.9 $21.4 
Deferred Revenue
We sell separately priced prepaid contracts to our customers where we receive payment at the inception of the contract and defer recognition of the consideration received because we have to satisfy future performance obligations. Our deferred revenue balance includes autonomous subscription sales and prepaid maintenance contracts on our machines ranging from 12 months to 60 months. In circumstances where prepaid contracts are bundled with machines, we use an observable price to determine stand-alone selling price for separate performance obligations.
The change in the deferred revenue balance was as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$10.3 $9.3 
Increase in deferred revenue representing our obligation to satisfy future performance obligations21.8 13.5 
Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations(15.3)(14.0)
Foreign currency fluctuations(0.5)— 
Ending balance$16.3 $8.8 
At September 30, 2024, $8.3 million and $8.0 million of deferred revenue was reported in other current liabilities and other liabilities, respectively, on our consolidated balance sheets. Of these amounts, we expect to recognize the following approximate amounts in net sales in the following periods:
Remaining 2024
$4.4 
20254.3 
20263.6 
20272.1 
20281.3 
Thereafter0.6 
Total$16.3 
At December 31, 2023, $7.9 million and $2.4 million of deferred revenue was reported in other current liabilities and other liabilities, respectively, on our consolidated balance sheets.
v3.24.3
Management Actions
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Management Actions Management Actions
Restructuring Actions
During the three and nine months ended September 30, 2024 and September 30, 2023, we incurred restructuring expenses as part of our ongoing global reorganization efforts. The following pre-tax restructuring charges were included in selling and administrative expense in the consolidated statements of income.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Severance-related costs$— $— $0.6 $1.2 
Total pre-tax restructuring costs$— $— $0.6 $1.2 
The expense in 2024 impacted the Europe, Middle East and Africa (EMEA) operating segment. The expense in 2023 impacted the EMEA and Asia Pacific (APAC) operating segments.
A reconciliation of the beginning and ending liability balances for severance-related costs is as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$2.4 $1.7 
New charges1.2 1.1 
Cash payments(1.3)(1.6)
Foreign currency fluctuations(0.1)— 
Adjustments to accrual(0.6)0.1 
Ending balance$1.6 $1.3 
v3.24.3
Acquisitions
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On February 29, 2024, we acquired 100% of M&F Management and Financing GmbH ("M&F"), the parent company of TCS EMEA GmbH ("TCS"), as we seek to accelerate growth in the EMEA region.
Based in Austria, TCS was Tennant Company's largest Central and Eastern Europe distributor. The acquisition gives Tennant a knowledgeable and experienced sales force and an established direct channel into countries including Romania, Hungary, Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, Poland, and other nations in the region, as well as the Middle East and Africa.
Our consolidated financial results for the three months ended September 30, 2024 include $7.5 million of revenue and $1.1 million of net income related to TCS. Our consolidated financial results for the nine months ended September 30, 2024 include $16.6 million of revenue and $2.3 million of net income related to TCS. The proforma impact of this acquisition is immaterial to our operations.
The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the acquisition. The preliminary purchase price allocation is subject to further refinement and may require adjustments to arrive at the final purchase price allocation. These changes will
primarily relate to the impacts associated with income taxes. Such finalization may result in material changes from the preliminary purchase price allocation.
The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:
March 31,
2024		AdjustmentsJune 30,
2024
Components of purchase price:
Cash paid$30.8 $0.2 $31.0 
Settlement of preexisting transactions3.9 — 3.9 
Total purchase price34.7 0.2 34.9 
ASSETS
Cash5.3 0.1 5.4 
Other current assets8.0 (0.7)7.3 
Intangible assets subject to amortization
Customer lists13.6 (0.4)13.2 
Backlog0.6 — 0.6 
Other assets5.3 0.3 5.6 
Total identifiable assets acquired32.8 (0.7)32.1 
LIABILITIES
Current liabilities(1.5)— (1.5)
Long-term liabilities(5.0)(0.2)(5.2)
Total identifiable liabilities assumed(6.5)(0.2)(6.7)
Net assets acquired26.3 (0.9)25.4 
Goodwill$8.4 $1.1 $9.5 
Included in the total purchase price is cash paid of $31.0 million and the settlement of $3.9 million of preexisting transactions. In connection with the acquisition, we paid cash totaling $30.8 million on the acquisition date of February 29, 2024 and $0.2 million in the second quarter of 2024. There were no adjustments to purchase price allocation in the third quarter of 2024.
The goodwill is not expected to be deductible for income tax purposes. The expected lives of the acquired intangible assets is 3 months and 10 years for backlog and customer lists, respectively, and are being amortized on a straight-line basis.
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are valued at the lower of cost or net realizable value and consisted of the following:
September 30,
2024		December 31,
2023
Inventories carried at LIFO:
Finished goods(a)
$87.9 $74.7 
Raw materials and work-in-process38.8 38.5 
Excess of FIFO over LIFO cost(b)
(49.4)(47.7)
Total LIFO inventories$77.3 $65.5 
Inventories carried at FIFO:
Finished goods(a)
$62.9 $52.8 
Raw materials and work-in-process61.6 57.6 
Total FIFO inventories$124.5 $110.4 
Total inventories$201.8 $175.9 
(a)Finished goods include machines, parts and consumables and component parts that are used in our products.
(b)The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.
v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
Goodwill
Accumulated
Impairment
Losses
Total
Balance as of December 31, 2023
$220.7 $(33.3)$187.4 
Additions9.5 — 9.5 
Foreign currency fluctuations3.0 (1.5)1.5 
Balance as of September 30, 2024
$233.2 $(34.8)$198.4 
The additions to goodwill recorded during the first nine months of 2024 were related to our acquisition of TCS, as described further in Note 5.
The balances of acquired intangible assets, excluding goodwill, were as follows:
Customer ListsTrade NamesTechnologyTotal
Balance as of September 30, 2024
Original cost$165.5 $29.6 $16.6 $211.7 
Accumulated amortization(109.7)(21.6)(14.0)(145.3)
Carrying value$55.8 $8.0 $2.6 $66.4 
Weighted average original life (in years)141012
Balance as of December 31, 2023
Original cost$150.6 $29.3 $16.3 $196.2 
Accumulated amortization(100.8)(19.2)(13.1)(133.1)
Carrying value$49.8 $10.1 $3.2 $63.1 
Weighted average original life (in years)151111
As part of our acquisition of TCS, we acquired customer lists and backlog with a combined fair value of $13.8 million. Further details regarding the preliminary purchase price allocation of TCS are described further in Note 5.
Amortization expense on intangible assets for the three and nine months ended September 30, 2024 was $3.6 million and $11.4 million, respectively. Amortization expense on intangible assets for the three and nine months ended September 30, 2023 was $3.5 million and $11.0 million, respectively.
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for each of the five succeeding years and thereafter is as follows:
Remaining 2024
$4.5 
202513.2 
202612.0 
20278.8 
20287.0 
Thereafter20.9 
Total$66.4 
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
On April 5, 2021, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the “2021 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent. The 2021 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until April 3, 2026, consisting of a term loan facility in an amount up to $100.0 million and a revolving facility in an amount up to $450.0 million with an option to expand the credit facility by up to $275.0 million, with the consent of the lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies.
On November 10, 2022, we amended the 2021 Credit Agreement (the "Amendment") to update the benchmark provisions to replace LIBOR with Term SOFR (as defined in the Amendment) as the reference rate for purposes of calculating interest under the 2021 Credit Agreement. Pursuant to the Amendment, borrowings denominated in U.S. dollars bear interest at a rate per annum equal to (a) the Term SOFR Rate (as defined in the Amendment) plus a credit spread adjustment of 0.10% per annum, but in any case, not less than 0%, plus an additional spread of 1.10% to 1.70%, depending on our leverage ratio, or (b) the Alternate Base Rate (as defined in the Amendment), which is the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and
(iii) the adjusted Term SOFR Rate for a one month period, but in any case, not less than 1.0%, plus, in any such case, 1.0%, plus an additional spread of 0.10% to 0.70%, depending on our leverage ratio. All other material terms included in the 2021 Credit Agreement remain unchanged as a result of the Amendment.
On August 7, 2024, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the "2024 Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent, which amends and restates the 2021 Credit Agreement as amended by the Amendment. The 2024 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until August 7, 2029, consisting of a revolving facility in an amount up to $650.0 million, with an option to expand the revolving facility or obtain incremental term loans by up to $325.0 million, with the consent of the lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies.
The fee for undrawn committed funds under the revolving facility of the 2024 Credit Agreement ranges from an annual rate of 0.15% to 0.30%, depending on our leverage ratio. Borrowings denominated in U.S. dollars under the 2024 Credit Agreement bear interest at a rate per annum equal to (a) the greatest of (i) the prime rate, (ii) the NYFRB Rate (as defined in the 2024 Credit Agreement) plus 0.50% and (iii) the Adjusted Term SOFR Rate (as defined in the 2024 Credit Agreement) for a one month period plus 1%; but in any case not less than 1%, plus an additional spread of 0.25% to 1%, depending on our leverage ratio, (b) the Adjusted Term SOFR Rate plus an additional spread of 1.25% to 2%, depending on our leverage ratio, or (c) the Adjusted Daily Simple RFR (as defined in the 2024 Credit Agreement) plus an additional spread of 1.25% to 2%, depending on our leverage ratio.
In connection with the 2024 Credit Agreement, we reaffirmed our security interest in favor of the lenders in substantially all its personal property and pledged the stock of certain of its domestic and foreign subsidiaries. The obligations under the 2024 Credit Agreement are also guaranteed by certain of the Company’s subsidiaries and those subsidiaries also provided a security interest in their similar personal property.
The 2024 Credit Agreement contains customary representations, warranties and covenants, including but not limited to covenants restricting the Company’s ability to incur indebtedness and liens and merge or consolidate with another entity. Further, the 2024 Credit Agreement contains the following covenants:
•a covenant requiring us to maintain an indebtedness to EBITDA ratio, determined as of the end of each of its fiscal quarters, of no greater than 3.75 to 1.00, with certain alternative requirements for permitted acquisitions of at least $50.0 million;
•a covenant requiring us to maintain an EBITDA to interest expense ratio for a period of four consecutive fiscal quarters as of the end of each quarter of no less than 3.00 to 1; and
•a covenant restricting us from paying dividends or repurchasing stock if, after giving effect to such payments and assuming no default exists or would result from such payment, our leverage ratio is greater than 2.50 to 1, in such case limiting such payments to the greater of 10% of consolidated total assets and $100.0 million during any fiscal year.
We are in compliance with the covenants as of September 30, 2024.
Debt Outstanding
Debt outstanding consisted of the following:
September 30, 2024December 31, 2023
Credit facility borrowings:
Revolving credit facility borrowings$207.5 $110.0 
Term loan facility borrowings— 90.0 
Finance lease liabilities1.7 0.6 
Total debt209.2 200.6 
Less: current portion of long-term debt(a)
(0.6)(6.4)
Long-term debt$208.6 $194.2 
(a)As of September 30, 2024, the Company was required to repay $0.6 million of finance lease liabilities, and no amounts in outstanding credit facility borrowings, over the next 12 months.
As of September 30, 2024, we had outstanding borrowings of $207.5 million under our revolving credit facility. We had letters of credit and bank guarantees outstanding in the amount of $3.2 million, leaving approximately $439.3 million of unused borrowing capacity on our revolving facility. Commitment fees on unused lines of credit for the nine months ended September 30, 2024 were $0.4 million. The overall weighted average cost of debt was approximately 6.6% and net of related cross-currency swap instruments and fixed rate interest rate swap instruments was approximately 5.1%. Further details regarding the cross-currency swap instrument and fixed rate interest rate swap instrument are discussed in Note 10.
v3.24.3
Warranty
 9 Months Ended
Sep. 30, 2024
Guarantees [Abstract]  
Warranty Warranty
We record a liability for warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. Warranty terms on machines generally range from one to four years. The majority of the liability for estimated warranty claims represents amounts to be paid out in the near term for qualified warranty issues.
The changes in warranty reserves were as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$11.1 $10.9 
Additions charged to expense7.9 9.5 
Foreign currency fluctuations— 0.1 
Claims paid(8.3)(9.3)
Ending balance$10.7 $11.2 
v3.24.3
Derivatives
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Hedge Accounting and Hedging Programs
We recognize all derivative instruments as either assets or liabilities in our consolidated balance sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting.
We evaluate hedge effectiveness on our hedges that are designated and qualify for hedge accounting at the inception of the hedge prospectively, as well as retrospectively, and record any ineffective portion of the hedging instruments along with the time value of purchased contracts in the same line item of the income statement as the item being hedged on our consolidated statements of income.
Our hedging policy establishes maximum limits for each counterparty to minimize concentration of risk.
Balance Sheet Hedges
We hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value as either assets or liabilities on the consolidated balance sheets with changes in the fair value recorded to net foreign currency transaction gain (loss) in our consolidated statements of income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. At September 30, 2024 and December 31, 2023, the notional amounts of foreign currency forward exchange contracts outstanding not designated as hedging instruments were $77.0 million and $73.0 million, respectively.
Cash Flow Hedges
We manage our floating rate debt exposure using interest rate swaps. Fixed rate swaps are used to reduce our risk of the possibility of increased interest costs. We entered into an aggregate $120 million notional amount of interest rate swaps effective December 1, 2022, that exchange a variable rate of interest for a fixed rate of interest of 4.076%. These interest rate swaps are designated as cash flow hedges. These swaps are scheduled to mature on December 1, 2026.
Fair Value Hedges
On April 5, 2022, we entered into Euro to U.S. dollar foreign exchange cross-currency swaps associated with an intercompany loan from a wholly owned European subsidiary. We enter into these foreign exchange cross-currency swaps to hedge the foreign currency risk associated with this intercompany loan, and accordingly, they are not speculative in nature. These cross-currency swaps are designated as fair value hedges. As of September 30, 2024 and December 31, 2023, these cross-currency swaps included €75.0 million of total notional value. As of September 30, 2024, the aggregated scheduled interest payments over the course of the loan and related swaps amounted to €5.8 million. The scheduled maturity and principal payment of the loan of €75.0 million is due in April 2027.
Net Investment Hedges
On April 5, 2022, we entered into Euro to U.S. dollar foreign exchange cross-currency swaps to hedge our exposure to adverse foreign currency exchange rate movements between Tennant Company and a wholly owned European subsidiary. We enter into these fixed-to-fixed cross-currency swap agreements to protect a designated monetary amount of the Company’s net investment in its Euro functional currency subsidiary against the risk of changes in the Euro to U.S. dollar foreign exchange rate. These cross-currency swaps are designated as net investment hedges. As of September 30, 2024 and December 31, 2023, the cross-currency swaps included €75.0 million of total notional value. These swaps are scheduled to mature in April 2027.
The fair value of derivative instruments on our consolidated balance sheets was as follows:
Derivative AssetsDerivative Liabilities
Balance Sheet LocationSeptember 30, 2024December 31, 2023Balance Sheet LocationSeptember 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Interest rate swapsOther current assets$0.1 $0.8 Other current liabilities$0.3 $— 
Interest rate swapsOther assets— — Other liabilities1.5 1.9 
Derivatives designated as fair value hedges:
Cross-currency swapsOther current assets1.3 1.3 Other current liabilities— — 
Cross-currency swapsOther assets— — Other liabilities4.0 3.3 
Derivatives designated as net investment hedges:
Cross-currency swapsOther current assets1.2 1.2 Other current liabilities— — 
Cross-currency swapsOther assets— — Other liabilities4.0 3.4 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets$0.1 $— Other current liabilities$0.3 $1.6 
As of September 30, 2024, we anticipate reclassifying $2.3 million of gains from accumulated other comprehensive loss to net income during the next 12 months.
The following tables include the amounts in the consolidated statements of income in which the effects of derivatives designated as hedging instruments are recorded:
Three Months Ended September 30,
20242023
TotalGain (Loss) on HedgingTotalGain on Hedging
Derivatives designated as cash flow hedges:
Interest expense, net$(2.7)$0.3 $(3.3)$0.3 
Net foreign currency transaction loss(0.4)— (0.4)— 
Derivatives designated as fair value hedges:
Interest expense, net(2.7)0.2 (3.3)0.3 
Net foreign currency transaction (loss) gain(0.4)(2.5)(0.4)2.0 
Derivatives designated as net investment hedges:
Interest expense, net$(2.7)$0.2 $(3.3)$0.2 
Nine Months Ended September 30,
20242023
TotalGain (Loss) on HedgingTotalGain on Hedging
Derivatives designated as cash flow hedges:
Interest expense, net$(7.5)$0.9 $(11.0)$0.6 
Net foreign currency transaction gain0.1 — 0.5 — 
Derivatives designated as fair value hedges:
Interest expense, net(7.5)0.8 (11.0)1.7 
Net foreign currency transaction gain (loss)0.1 (0.6)0.5 2.8 
Derivatives designated as net investment hedges:
Interest expense, net$(7.5)$0.7 $(11.0)$1.4 

The effect of derivative instruments designated as hedges and derivative instruments not designated as hedges in our consolidated statements of income was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Derivatives designated as cash flow hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)
$(1.7)$1.2 $0.4 $2.6 
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.3 0.3 0.9 0.6 
Derivatives designated as fair value hedges:
Net gain (loss) recognized in other comprehensive income (loss), net of tax(a)
0.6 (0.5)0.9 (0.5)
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.3 0.2 0.8 0.8 
Derivatives designated as net investment hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)
(1.8)1.3 0.2 0.2 
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.2 0.2 0.7 0.7 
Derivatives not designated as hedging instruments:
Net (loss) gain recognized in income(b)
$(1.9)$0.1 $1.0 $1.0 
(a)Net change in the fair value of the effective portion classified in other comprehensive income (loss).
(b)Classified in net foreign currency transaction gain (loss).
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for
measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
Our population of assets and liabilities subject to fair value measurements at September 30, 2024 was as follows:
Fair
Value		Level 1Level 2Level 3
Assets:
Equity securities$20.0 $— $— $20.0 
Debt securities12.1 — — 12.1 
Foreign currency forward contracts0.1 — 0.1 — 
Cross-currency swaps2.5 — 2.5 — 
Interest rate swaps0.1 — 0.1 — 
Total assets34.8 — 2.7 32.1 
Liabilities:
Foreign currency forward contracts0.3 — 0.3 — 
Cross-currency swaps8.0 — 8.0 — 
Interest rate swaps1.8 — 1.8 — 
Total liabilities$10.1 $— $10.1 $— 
Our population of assets and liabilities subject to fair value measurements at December 31, 2023 was as follows:
Fair
Value		Level 1Level 2Level 3
Assets:
Cross-currency swaps$2.5 $— $2.5 $— 
Interest rate swaps0.8 — 0.8 — 
Total assets3.3 — 3.3 — 
Liabilities:
Foreign currency forward contracts1.6 — 1.6 — 
Cross-currency swaps6.7 — 6.7 — 
Interest rate swaps1.9 — 1.9 — 
Total liabilities$10.2 $— $10.2 $— 
Our foreign currency forward contracts, cross-currency swaps and interest rate swaps are valued using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present value amount. Further details regarding our derivative instruments are discussed in Note 10.
On February 21, 2024, the Company acquired certain investment securities in Brain Corp, a privately held autonomous technology company located in San Diego, California. The investment will drive the development and adoption of Brain Corp's next generation of robotic and AI technologies.
The investment securities include $12.1 million of redeemable convertible preferred stock, accounted for as available-for-sale debt instruments. The investment securities also include $12.2 million of non-redeemable convertible preferred stock and $7.8 million of warrants, accounted for as equity instruments under the elected measurement alternative.
The equity and debt securities were recorded at closing at their allocated fair values. For equity instruments, the carrying amount will be adjusted to fair value through net income each period based upon observable transactions for identical or similar investments of the same issuer and monitored for impairment. For debt instruments, the carrying amount will be adjusted to fair value each period through other comprehensive income. The securities will be measured to fair value based on Level 3 inputs. As of September 30, 2024, the total carrying value of our equity and debt instruments was $20.0 million and $12.1 million, respectively, which is recorded in other assets on the consolidated balance sheet. The debt instruments will mature on February 21, 2029. There have been no remeasurements of the equity securities as of September 30, 2024. Fair value adjustments for debt securities were not material as of September 30, 2024.
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and other current liabilities approximate fair value due to their short-term nature.
The fair value and carrying value of total debt, including current portion, was $209.2 million as of September 30, 2024. The fair value and carrying value of total debt, including current portion, was $198.2 million and $200.6 million, respectively, as of December 31, 2023. The fair value was estimated using Level 2 inputs based on the borrowing rates currently available to us for bank loans with similar terms and remaining maturities.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
In the ordinary course of business, we may become liable with respect to pending and threatened litigation, tax, environmental and other matters. While the ultimate results of current claims, investigations and lawsuits involving us are unknown at this time, we do not expect that these matters will have a material adverse effect on our consolidated financial position or results of operations. Legal costs associated with such matters are expensed as incurred.
v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Accumulated Other Comprehensive Loss
The changes in components of accumulated other comprehensive loss, net of tax, are as follows:
Nine Months Ended September 30, 2024
Foreign Currency
Translation
Adjustments		Pension and Post-
Retirement Medical
Benefits		Derivative Financial InstrumentsTotal
Beginning balance$(45.6)$3.7 $(0.4)$(42.3)
Other comprehensive (loss) income before reclassifications(1.7)(0.2)1.3 (0.6)
Amounts reclassified from accumulated other comprehensive loss(0.7)— (1.7)(2.4)
Net current period other comprehensive loss(2.4)(0.2)(0.4)(3.0)
Ending balance$(48.0)$3.5 $(0.8)$(45.3)
Nine Months Ended September 30, 2023
Foreign Currency
Translation
Adjustments		Pension and Post-
Retirement Medical
Benefits		Derivative Financial InstrumentsTotal
Beginning balance$(53.9)$2.7 $1.0 $(50.2)
Other comprehensive (loss) income before reclassifications(4.5)— 2.1 (2.4)
Amounts reclassified from accumulated other comprehensive loss(0.7)— (1.4)(2.1)
Net current period other comprehensive (loss) income(5.2)— 0.7 (4.5)
Ending balance$(59.1)$2.7 $1.7 $(54.7)
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We and our subsidiaries are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no longer subject to U.S. federal tax examinations for taxable years before 2018. The number of years which remain open for audit for U.S. state or foreign tax purposes varies by jurisdiction but generally ranges from three to five years. We are currently undergoing income tax examinations in various foreign jurisdictions. Although the outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations.
We recognize potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. In addition to the liability of $4.7 million for unrecognized tax benefits as of September 30, 2024, there was approximately $0.6 million for accrued interest and penalties. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of September 30, 2024 was $4.1 million. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be revised and reflected as an adjustment of the income tax expense.
v3.24.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Our share-based compensation plans are described in Note 18 of our annual report on Form 10-K for the year ended December 31, 2023. During the three months ended September 30, 2024 and 2023, we recognized total share-based compensation expense of $4.1 million and $4.7 million, respectively. During the nine months ended September 30, 2024 and 2023, we recognized total share-based compensation expense of $9.4 million and $8.6 million, respectively. The total excess tax recognized for share-based compensation arrangements during the nine months ended September 30, 2024 and 2023 was a tax benefit of $3.0 million and tax expense of $0.1 million, respectively.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The computations of basic and diluted earnings per share were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net income$20.8 $22.9 $77.1 $78.5 
Denominator:
Basic - weighted average shares outstanding18,810,26718,570,29318,790,82418,485,806
Effect of dilutive securities283,606308,018329,631261,322
Diluted - weighted average shares outstanding19,093,87318,878,31119,120,45518,747,128
Basic earnings per share$1.11 $1.23 $4.10 $4.25 
Diluted earnings per share$1.09 $1.21 $4.03 $4.19 
Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 4,124 and 169,458 shares of common stock during the three months ended September 30, 2024 and 2023, respectively. Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 88,992 and 325,862 shares of common stock during the nine months ended September 30, 2024 and 2023, respectively. These exclusions were made if the exercise prices of the options are greater than the average market price of our common stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted average shares outstanding in the options or if we have a net loss, as these effects would be anti-dilutive.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income $ 20.8 $ 22.9 $ 77.1 $ 78.5
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation – The accompanying unaudited consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for interim reporting. In our opinion, the consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations.
These statements should be read in conjunction with the consolidated financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Newly Adopted Accounting Pronouncements Newly Adopted Accounting Pronouncements
There are no newly adopted accounting pronouncements during the nine months ended September 30, 2024 that impacted the Company.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels:
Net sales by geographic area
Three Months Ended
September 30,		Nine Months Ended
September 30,
20242023% Change20242023% Change
Americas$218.7 $211.2 3.6 %$662.1 $632.2 4.7 %
Europe, Middle East and Africa76.3 72.0 6.0 %234.6 234.1 0.2 %
Asia Pacific20.8 21.5 (3.3)%61.1 65.9 (7.3)%
Total$315.8 $304.7 3.6 %$957.8 $932.2 2.7 %
Net sales are attributed to each geographic area based on the end-user country and are net of intercompany sales.
Net sales by groups of similar products and services
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Equipment$196.6 $189.5 $597.1 $579.1 
Parts and consumables68.0 68.3 207.5 212.7 
Service and other51.2 46.9 153.2 140.4 
Total$315.8 $304.7 $957.8 $932.2 
Net sales by sales channel
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Sales direct to consumer$222.6 $214.6 $673.7 $638.4 
Sales to distributors93.2 90.1 284.1 293.8 
Total$315.8 $304.7 $957.8 $932.2 
Schedule of Change in Sales Incentive Accrual Balance and Deferred Revenue Balance
The change in our sales incentive accrual balance was as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$21.2 $20.0 
Additions to sales incentive accrual20.5 21.9 
Contract payments(20.9)(20.4)
Foreign currency fluctuations0.1 (0.1)
Ending balance$20.9 $21.4 
The change in the deferred revenue balance was as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$10.3 $9.3 
Increase in deferred revenue representing our obligation to satisfy future performance obligations21.8 13.5 
Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations(15.3)(14.0)
Foreign currency fluctuations(0.5)— 
Ending balance$16.3 $8.8 
Schedule of Recognition of Net Sales in Future Periods Of these amounts, we expect to recognize the following approximate amounts in net sales in the following periods:
Remaining 2024
$4.4 
20254.3 
20263.6 
20272.1 
20281.3 
Thereafter0.6 
Total$16.3 
v3.24.3
Management Actions (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Pre-tax Restructuring Charges The following pre-tax restructuring charges were included in selling and administrative expense in the consolidated statements of income.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Severance-related costs$— $— $0.6 $1.2 
Total pre-tax restructuring costs$— $— $0.6 $1.2 
Schedule of Reconciliation of Liability Balance of Severance and Related Costs
A reconciliation of the beginning and ending liability balances for severance-related costs is as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$2.4 $1.7 
New charges1.2 1.1 
Cash payments(1.3)(1.6)
Foreign currency fluctuations(0.1)— 
Adjustments to accrual(0.6)0.1 
Ending balance$1.6 $1.3 
v3.24.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:
March 31,
2024		AdjustmentsJune 30,
2024
Components of purchase price:
Cash paid$30.8 $0.2 $31.0 
Settlement of preexisting transactions3.9 — 3.9 
Total purchase price34.7 0.2 34.9 
ASSETS
Cash5.3 0.1 5.4 
Other current assets8.0 (0.7)7.3 
Intangible assets subject to amortization
Customer lists13.6 (0.4)13.2 
Backlog0.6 — 0.6 
Other assets5.3 0.3 5.6 
Total identifiable assets acquired32.8 (0.7)32.1 
LIABILITIES
Current liabilities(1.5)— (1.5)
Long-term liabilities(5.0)(0.2)(5.2)
Total identifiable liabilities assumed(6.5)(0.2)(6.7)
Net assets acquired26.3 (0.9)25.4 
Goodwill$8.4 $1.1 $9.5 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are valued at the lower of cost or net realizable value and consisted of the following:
September 30,
2024		December 31,
2023
Inventories carried at LIFO:
Finished goods(a)
$87.9 $74.7 
Raw materials and work-in-process38.8 38.5 
Excess of FIFO over LIFO cost(b)
(49.4)(47.7)
Total LIFO inventories$77.3 $65.5 
Inventories carried at FIFO:
Finished goods(a)
$62.9 $52.8 
Raw materials and work-in-process61.6 57.6 
Total FIFO inventories$124.5 $110.4 
Total inventories$201.8 $175.9 
(a)Finished goods include machines, parts and consumables and component parts that are used in our products.
(b)The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.
v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 were as follows:
Goodwill
Accumulated
Impairment
Losses
Total
Balance as of December 31, 2023
$220.7 $(33.3)$187.4 
Additions9.5 — 9.5 
Foreign currency fluctuations3.0 (1.5)1.5 
Balance as of September 30, 2024
$233.2 $(34.8)$198.4 
Schedule of Balances of Acquired Intangible Assets, Excluding Goodwill
The balances of acquired intangible assets, excluding goodwill, were as follows:
Customer ListsTrade NamesTechnologyTotal
Balance as of September 30, 2024
Original cost$165.5 $29.6 $16.6 $211.7 
Accumulated amortization(109.7)(21.6)(14.0)(145.3)
Carrying value$55.8 $8.0 $2.6 $66.4 
Weighted average original life (in years)141012
Balance as of December 31, 2023
Original cost$150.6 $29.3 $16.3 $196.2 
Accumulated amortization(100.8)(19.2)(13.1)(133.1)
Carrying value$49.8 $10.1 $3.2 $63.1 
Weighted average original life (in years)151111
Schedule of Estimated Aggregate Amortization Expense
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets for each of the five succeeding years and thereafter is as follows:
Remaining 2024
$4.5 
202513.2 
202612.0 
20278.8 
20287.0 
Thereafter20.9 
Total$66.4 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Outstanding
Debt outstanding consisted of the following:
September 30, 2024December 31, 2023
Credit facility borrowings:
Revolving credit facility borrowings$207.5 $110.0 
Term loan facility borrowings— 90.0 
Finance lease liabilities1.7 0.6 
Total debt209.2 200.6 
Less: current portion of long-term debt(a)
(0.6)(6.4)
Long-term debt$208.6 $194.2 
(a)As of September 30, 2024, the Company was required to repay $0.6 million of finance lease liabilities, and no amounts in outstanding credit facility borrowings, over the next 12 months.
v3.24.3
Warranty (Tables)
 9 Months Ended
Sep. 30, 2024
Guarantees [Abstract]  
Schedule of Changes in Warranty Reserves
The changes in warranty reserves were as follows:
Nine Months Ended
September 30,
20242023
Beginning balance$11.1 $10.9 
Additions charged to expense7.9 9.5 
Foreign currency fluctuations— 0.1 
Claims paid(8.3)(9.3)
Ending balance$10.7 $11.2 
v3.24.3
Derivatives (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments
The fair value of derivative instruments on our consolidated balance sheets was as follows:
Derivative AssetsDerivative Liabilities
Balance Sheet LocationSeptember 30, 2024December 31, 2023Balance Sheet LocationSeptember 30, 2024December 31, 2023
Derivatives designated as cash flow hedges:
Interest rate swapsOther current assets$0.1 $0.8 Other current liabilities$0.3 $— 
Interest rate swapsOther assets— — Other liabilities1.5 1.9 
Derivatives designated as fair value hedges:
Cross-currency swapsOther current assets1.3 1.3 Other current liabilities— — 
Cross-currency swapsOther assets— — Other liabilities4.0 3.3 
Derivatives designated as net investment hedges:
Cross-currency swapsOther current assets1.2 1.2 Other current liabilities— — 
Cross-currency swapsOther assets— — Other liabilities4.0 3.4 
Derivatives not designated as hedging instruments:
Foreign currency forward contractsOther current assets$0.1 $— Other current liabilities$0.3 $1.6 
Schedule of Effects of Derivatives Designated as Hedging Instruments
The following tables include the amounts in the consolidated statements of income in which the effects of derivatives designated as hedging instruments are recorded:
Three Months Ended September 30,
20242023
TotalGain (Loss) on HedgingTotalGain on Hedging
Derivatives designated as cash flow hedges:
Interest expense, net$(2.7)$0.3 $(3.3)$0.3 
Net foreign currency transaction loss(0.4)— (0.4)— 
Derivatives designated as fair value hedges:
Interest expense, net(2.7)0.2 (3.3)0.3 
Net foreign currency transaction (loss) gain(0.4)(2.5)(0.4)2.0 
Derivatives designated as net investment hedges:
Interest expense, net$(2.7)$0.2 $(3.3)$0.2 
Nine Months Ended September 30,
20242023
TotalGain (Loss) on HedgingTotalGain on Hedging
Derivatives designated as cash flow hedges:
Interest expense, net$(7.5)$0.9 $(11.0)$0.6 
Net foreign currency transaction gain0.1 — 0.5 — 
Derivatives designated as fair value hedges:
Interest expense, net(7.5)0.8 (11.0)1.7 
Net foreign currency transaction gain (loss)0.1 (0.6)0.5 2.8 
Derivatives designated as net investment hedges:
Interest expense, net$(7.5)$0.7 $(11.0)$1.4 

The effect of derivative instruments designated as hedges and derivative instruments not designated as hedges in our consolidated statements of income was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Derivatives designated as cash flow hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)
$(1.7)$1.2 $0.4 $2.6 
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.3 0.3 0.9 0.6 
Derivatives designated as fair value hedges:
Net gain (loss) recognized in other comprehensive income (loss), net of tax(a)
0.6 (0.5)0.9 (0.5)
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.3 0.2 0.8 0.8 
Derivatives designated as net investment hedges:
Net (loss) gain recognized in other comprehensive income (loss), net of tax(a)
(1.8)1.3 0.2 0.2 
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net0.2 0.2 0.7 0.7 
Derivatives not designated as hedging instruments:
Net (loss) gain recognized in income(b)
$(1.9)$0.1 $1.0 $1.0 
(a)Net change in the fair value of the effective portion classified in other comprehensive income (loss).
(b)Classified in net foreign currency transaction gain (loss).
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Subject to Fair Value Measurements
Our population of assets and liabilities subject to fair value measurements at September 30, 2024 was as follows:
Fair
Value		Level 1Level 2Level 3
Assets:
Equity securities$20.0 $— $— $20.0 
Debt securities12.1 — — 12.1 
Foreign currency forward contracts0.1 — 0.1 — 
Cross-currency swaps2.5 — 2.5 — 
Interest rate swaps0.1 — 0.1 — 
Total assets34.8 — 2.7 32.1 
Liabilities:
Foreign currency forward contracts0.3 — 0.3 — 
Cross-currency swaps8.0 — 8.0 — 
Interest rate swaps1.8 — 1.8 — 
Total liabilities$10.1 $— $10.1 $— 
Our population of assets and liabilities subject to fair value measurements at December 31, 2023 was as follows:
Fair
Value		Level 1Level 2Level 3
Assets:
Cross-currency swaps$2.5 $— $2.5 $— 
Interest rate swaps0.8 — 0.8 — 
Total assets3.3 — 3.3 — 
Liabilities:
Foreign currency forward contracts1.6 — 1.6 — 
Cross-currency swaps6.7 — 6.7 — 
Interest rate swaps1.9 — 1.9 — 
Total liabilities$10.2 $— $10.2 $— 
v3.24.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Loss, Net of Tax
The changes in components of accumulated other comprehensive loss, net of tax, are as follows:
Nine Months Ended September 30, 2024
Foreign Currency
Translation
Adjustments		Pension and Post-
Retirement Medical
Benefits		Derivative Financial InstrumentsTotal
Beginning balance$(45.6)$3.7 $(0.4)$(42.3)
Other comprehensive (loss) income before reclassifications(1.7)(0.2)1.3 (0.6)
Amounts reclassified from accumulated other comprehensive loss(0.7)— (1.7)(2.4)
Net current period other comprehensive loss(2.4)(0.2)(0.4)(3.0)
Ending balance$(48.0)$3.5 $(0.8)$(45.3)
Nine Months Ended September 30, 2023
Foreign Currency
Translation
Adjustments		Pension and Post-
Retirement Medical
Benefits		Derivative Financial InstrumentsTotal
Beginning balance$(53.9)$2.7 $1.0 $(50.2)
Other comprehensive (loss) income before reclassifications(4.5)— 2.1 (2.4)
Amounts reclassified from accumulated other comprehensive loss(0.7)— (1.4)(2.1)
Net current period other comprehensive (loss) income(5.2)— 0.7 (4.5)
Ending balance$(59.1)$2.7 $1.7 $(54.7)
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computations of Basic and Diluted Earnings per Share
The computations of basic and diluted earnings per share were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net income$20.8 $22.9 $77.1 $78.5 
Denominator:
Basic - weighted average shares outstanding18,810,26718,570,29318,790,82418,485,806
Effect of dilutive securities283,606308,018329,631261,322
Diluted - weighted average shares outstanding19,093,87318,878,31119,120,45518,747,128
Basic earnings per share$1.11 $1.23 $4.10 $4.25 
Diluted earnings per share$1.09 $1.21 $4.03 $4.19 
v3.24.3
Revenue -Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 315.8 $ 304.7 $ 957.8 $ 932.2
Net sales, percent change 3.60%   2.70%  
Sales direct to consumer        
Disaggregation of Revenue [Line Items]        
Net sales $ 222.6 214.6 $ 673.7 638.4
Sales to distributors        
Disaggregation of Revenue [Line Items]        
Net sales 93.2 90.1 284.1 293.8
Equipment        
Disaggregation of Revenue [Line Items]        
Net sales 196.6 189.5 597.1 579.1
Parts and consumables        
Disaggregation of Revenue [Line Items]        
Net sales 68.0 68.3 207.5 212.7
Service and other        
Disaggregation of Revenue [Line Items]        
Net sales 51.2 46.9 153.2 140.4
Americas        
Disaggregation of Revenue [Line Items]        
Net sales $ 218.7 211.2 $ 662.1 632.2
Net sales, percent change 3.60%   4.70%  
Europe, Middle East and Africa        
Disaggregation of Revenue [Line Items]        
Net sales $ 76.3 72.0 $ 234.6 234.1
Net sales, percent change 6.00%   0.20%  
Asia Pacific        
Disaggregation of Revenue [Line Items]        
Net sales $ 20.8 $ 21.5 $ 61.1 $ 65.9
Net sales, percent change (3.30%)   (7.30%)  
v3.24.3
Revenue - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sales Incentives    
Movement in Deferred Sales Inducements [Roll Forward]    
Beginning balance $ 21.2 $ 20.0
Additions to sales incentive accrual 20.5 21.9
Contract payments (20.9) (20.4)
Foreign currency fluctuations 0.1 (0.1)
Ending balance 20.9 21.4
Movement in Deferred Revenue [Roll Forward]    
Foreign currency fluctuations 0.1 (0.1)
Maintenance    
Movement in Deferred Sales Inducements [Roll Forward]    
Foreign currency fluctuations (0.5) 0.0
Movement in Deferred Revenue [Roll Forward]    
Beginning balance 10.3 9.3
Increase in deferred revenue representing our obligation to satisfy future performance obligations 21.8 13.5
Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations (15.3) (14.0)
Foreign currency fluctuations (0.5) 0.0
Ending balance $ 16.3 $ 8.8
v3.24.3
Revenue - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Other current liabilities | Maintenance    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current $ 8.3 $ 7.9
Other liabilities | Maintenance    
Disaggregation of Revenue [Line Items]    
Deferred revenue, noncurrent $ 8.0 $ 2.4
Minimum    
Disaggregation of Revenue [Line Items]    
Standard prepaid maintenance contract time period (months) 12 months  
Maximum    
Disaggregation of Revenue [Line Items]    
Standard prepaid maintenance contract time period (months) 60 months  
v3.24.3
Revenue -Schedule of Remaining Performance Obligation (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 16.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 4.4
Remaining performance obligation, expected timing of satisfaction period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 4.3
Remaining performance obligation, expected timing of satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 3.6
Remaining performance obligation, expected timing of satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 2.1
Remaining performance obligation, expected timing of satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 1.3
Remaining performance obligation, expected timing of satisfaction period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total remaining performance obligation $ 0.6
Remaining performance obligation, expected timing of satisfaction period
v3.24.3
Management Actions - Schedule of Pre-tax Severance Related Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring and Related Activities [Abstract]        
Severance-related costs $ 0.0 $ 0.0 $ 0.6 $ 1.2
Total pre-tax restructuring costs $ 0.0 $ 0.0 $ 0.6 $ 1.2
v3.24.3
Management Actions - Schedule of Reconciliation of Liability Balance of Severance and Related Costs (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Restructuring Reserve [Roll Forward]    
Beginning balance $ 2.4 $ 1.7
New charges 1.2 1.1
Cash payments (1.3) (1.6)
Foreign currency fluctuations (0.1) 0.0
Adjustments to accrual (0.6) 0.1
Ending balance $ 1.6 $ 1.3
v3.24.3
Acquisitions - Narrative (Details) - Management and Financing GmbH - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2024
Business Acquisition [Line Items]            
Business acquisition, percentage of voting interests acquired     100.00%      
Revenues       $ 7.5   $ 16.6
Business acquisition, pro forma net income (loss)       $ 1.1   2.3
Cash paid $ 31.0 $ 30.8 $ 30.8     31.0
Settlement of preexisting transactions $ 3.9 $ 3.9       $ 3.9
Adjustments, cash paid         $ 0.2  
Business acquisition, goodwill, expected tax deductible amount     $ 0.0      
Backlog            
Business Acquisition [Line Items]            
Finite-lived intangible asset, expected useful life (in years)     3 months      
Customer lists            
Business Acquisition [Line Items]            
Finite-lived intangible asset, expected useful life (in years)     10 years      
v3.24.3
Acquisitions -Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
LIABILITIES            
Goodwill         $ 198.4 $ 187.4
Management and Financing GmbH            
Components of purchase price:            
Cash paid $ 31.0 $ 30.8 $ 30.8   31.0  
Adjustments, cash paid       $ 0.2    
Settlement of preexisting transactions 3.9 3.9     3.9  
Adjustments, settlement of preexisting transactions       0.0    
Total purchase price $ 34.9 34.7        
Total adjustments purchase price       0.2    
ASSETS            
Cash   5.3     5.4  
Adjustments, Cash       0.1    
Other current assets   8.0     7.3  
Adjustments, Other current assets       (0.7)    
Intangible assets subject to amortization     $ 13.8      
Other assets   5.3     5.6  
Adjustments, Other assets       0.3    
Total identifiable assets acquired   32.8     32.1  
Total identifiable assets acquired       (0.7)    
LIABILITIES            
Current liabilities   (1.5)     (1.5)  
Adjustments, Current liabilities       0.0    
Long-term liabilities   (5.0)     (5.2)  
Adjustments, Long-term liabilities       (0.2)    
Total identifiable liabilities assumed   (6.5)     (6.7)  
Total adjustments, identifiable liabilities assumed       (0.2)    
Net assets acquired   26.3     25.4  
Total adjustments net assets acquired       (0.9)    
Goodwill   8.4     9.5  
Goodwill measurement period adjustments       1.1    
Management and Financing GmbH | Customer lists            
ASSETS            
Intangible assets subject to amortization   13.6     13.2  
Adjustments, Intangibles assets       (0.4)    
Management and Financing GmbH | Backlog            
ASSETS            
Intangible assets subject to amortization   $ 0.6     $ 0.6  
Adjustments, Intangibles assets       $ 0.0    
v3.24.3
Inventories - Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventory [Line Items]    
Excess of FIFO over LIFO cost $ (49.4) $ (47.7)
Total LIFO inventories 77.3 65.5
Total FIFO inventories 124.5 110.4
Total inventories 201.8 175.9
Inventories carried at LIFO:    
Inventory [Line Items]    
Finished goods 87.9 74.7
Raw materials and work-in-process 38.8 38.5
Inventories carried at FIFO:    
Inventory [Line Items]    
Finished goods 62.9 52.8
Raw materials and work-in-process $ 61.6 $ 57.6
v3.24.3
Goodwill and Intangible Assets -Schedule of Changes in Carrying Amount of Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 220.7
Beginning balance, accumulated impairment losses (33.3)
Beginning balance, net 187.4
Additions 9.5
Foreign currency fluctuations 3.0
Foreign currency fluctuations, accumulated impairment losses (1.5)
Foreign currency fluctuations, net 1.5
Ending balance 233.2
Ending balance, accumulated impairment losses (34.8)
Ending balance, net $ 198.4
v3.24.3
Goodwill and Intangible Assets - Schedule of Balances of Acquired Intangible Assets, Excluding Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Original cost   $ 211.7 $ 196.2
Accumulated amortization   (145.3) (133.1)
Carrying value   66.4 63.1
Customer Lists      
Finite-Lived Intangible Assets [Line Items]      
Original cost   165.5 150.6
Accumulated amortization   (109.7) (100.8)
Carrying value   $ 55.8 49.8
Weighted average original life (in years) 15 years 14 years  
Trade Names      
Finite-Lived Intangible Assets [Line Items]      
Original cost   $ 29.6 29.3
Accumulated amortization   (21.6) (19.2)
Carrying value   $ 8.0 10.1
Weighted average original life (in years) 11 years 10 years  
Technology      
Finite-Lived Intangible Assets [Line Items]      
Original cost   $ 16.6 16.3
Accumulated amortization   (14.0) (13.1)
Carrying value   $ 2.6 $ 3.2
Weighted average original life (in years) 11 years 12 years  
v3.24.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Amortization expense $ 3.6 $ 3.5 $ 11.4 $ 11.0  
Management and Financing GmbH          
Finite-Lived Intangible Assets [Line Items]          
Intangible assets subject to amortization         $ 13.8
v3.24.3
Goodwill and Intangible Assets -Schedule of Estimated Aggregate Amortization Expense (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]  
Remaining 2024 $ 4.5
2025 13.2
2026 12.0
2027 8.8
2028 7.0
Thereafter 20.9
Total $ 66.4
v3.24.3
Debt - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Aug. 07, 2024
Nov. 10, 2022
Sep. 30, 2024
Dec. 31, 2023
Apr. 05, 2021
Debt Instrument [Line Items]          
Cross-currency swap instruments, net     5.10%    
The 2021 Credit Agreement          
Debt Instrument [Line Items]          
Letters of credit outstanding     $ 3.2    
Commitment fees on unused lines of credit     0.4    
The 2021 Credit Agreement | Secured Overnight Financing Rate Adjustment          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.10%      
The 2021 Credit Agreement | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Variable rate floor   0.00%      
The 2021 Credit Agreement | Adjusted Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.50%      
Variable rate floor   1.00%      
The 2021 Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.10%      
The 2021 Credit Agreement | Minimum | Adjusted Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.10%      
The 2021 Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.70%      
The 2021 Credit Agreement | Maximum | Adjusted Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.70%      
The 2021 Credit Agreement | Revolving credit facility borrowings          
Debt Instrument [Line Items]          
Credit facility         $ 450.0
Credit facility         275.0
Outstanding borrowings     207.5 $ 110.0  
Unused borrowing capacity     439.3    
The 2021 Credit Agreement | Term loan facility borrowings          
Debt Instrument [Line Items]          
Outstanding principal amount         $ 100.0
Outstanding borrowings     $ 0.0 $ 90.0  
Debt Including Related Cross-currency Swap Instrument          
Debt Instrument [Line Items]          
Weighted average cost of debt     6.60%    
The 2024 Credit Agreement          
Debt Instrument [Line Items]          
EBITDA ratio, maximum 3.75        
Permitted acquisitions $ 50.0        
Maximum EBITDA to interest expense ratio 3.00        
Leverage ratio minimum 2.50        
Dividends payout $ 100.0        
The 2024 Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 0.50%        
The 2024 Credit Agreement | Adjusted Secured Overnight Financing Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.00%        
Variable rate floor 1.00%        
The 2024 Credit Agreement | Minimum | Adjusted Secured Overnight Financing Rate | Variable Rate Component One          
Debt Instrument [Line Items]          
Basis spread on variable rate 0.25%        
The 2024 Credit Agreement | Minimum | Adjusted Secured Overnight Financing Rate | Variable Rate Component Two          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.25%        
The 2024 Credit Agreement | Minimum | Adjusted Risk Free Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.25%        
The 2024 Credit Agreement | Maximum | Adjusted Secured Overnight Financing Rate | Variable Rate Component One          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.00%        
The 2024 Credit Agreement | Maximum | Adjusted Secured Overnight Financing Rate | Variable Rate Component Two          
Debt Instrument [Line Items]          
Basis spread on variable rate 2.00%        
The 2024 Credit Agreement | Maximum | Adjusted Risk Free Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 2.00%        
The 2024 Credit Agreement | Revolving credit facility borrowings | Minimum          
Debt Instrument [Line Items]          
Commitment fee (as a percent) 0.15%        
The 2024 Credit Agreement | Revolving credit facility borrowings | Maximum          
Debt Instrument [Line Items]          
Commitment fee (as a percent) 0.30%        
The 2024 Credit Agreement | Line of Credit | Revolving credit facility borrowings          
Debt Instrument [Line Items]          
Credit facility $ 650.0        
Credit facility $ 325.0        
v3.24.3
Debt - Schedule of Debt Outstanding (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Finance lease liabilities $ 1.7 $ 0.6
Total debt 209.2 200.6
Less: current portion of long-term debt (0.6) (6.4)
Long-term debt 208.6 194.2
The 2021 Credit Agreement    
Debt Instrument [Line Items]    
Finance lease liabilities current 0.6  
The 2021 Credit Agreement | Term loan facility borrowings    
Debt Instrument [Line Items]    
Outstanding borrowings 0.0 90.0
The 2021 Credit Agreement | Revolving credit facility borrowings    
Debt Instrument [Line Items]    
Outstanding borrowings $ 207.5 $ 110.0
v3.24.3
Warranty - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
Minimum  
Guarantor Obligations [Line Items]  
Machine warranty, period (Year) 1 year
Maximum  
Guarantor Obligations [Line Items]  
Machine warranty, period (Year) 4 years
v3.24.3
Warranty -Schedule of Changes in Warranty Reserves (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]    
Beginning balance $ 11.1 $ 10.9
Additions charged to expense 7.9 9.5
Foreign currency fluctuations 0.0 0.1
Claims paid (8.3) (9.3)
Ending balance $ 10.7 $ 11.2
v3.24.3
Derivatives - Narrative (Details)
€ in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 01, 2022
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]            
Derivate gains to be reclassified within the next twelve months $ 2.3          
Derivatives not designated as hedging instruments:            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount       $ 73.0    
Foreign currency forward contracts | Derivatives not designated as hedging instruments:            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount $ 77.0          
Interest rate swaps | Derivatives designated as hedging instruments | Derivatives designated as cash flow hedges:            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount           $ 120.0
Fixed interest rate           4.076%
Cross-currency swaps | Derivatives designated as hedging instruments | Derivatives designated as fair value hedges:            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount | €     € 75.0   € 75.0  
Debt instrument, periodic payment, interest | €   € 5.8        
Cross-currency swaps | Derivatives designated as hedging instruments | Derivatives designated as net investment hedges:            
Derivative Instruments, Gain (Loss) [Line Items]            
Derivative, notional amount | €     € 75.0   € 75.0  
v3.24.3
Derivatives -Schedule of Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments | Interest rate swaps | Derivatives designated as cash flow hedges:    
Derivatives, Fair Value [Line Items]    
Derivative Assets $ 0.1 $ 0.8
Derivative Liabilities 0.3 0.0
Derivative other asset, before offset 0.0 0.0
Derivative other liability, asset offset 1.5 1.9
Derivatives designated as hedging instruments | Cross-currency swaps | Derivatives designated as fair value hedges:    
Derivatives, Fair Value [Line Items]    
Derivative Assets 1.3 1.3
Derivative Liabilities 0.0 0.0
Derivative other asset, before offset 0.0 0.0
Derivative other liability, asset offset 4.0 3.3
Derivatives designated as hedging instruments | Cross-currency swaps | Derivatives designated as net investment hedges:    
Derivatives, Fair Value [Line Items]    
Derivative Assets 1.2 1.2
Derivative Liabilities 0.0 0.0
Derivative other asset, before offset 0.0 0.0
Derivative other liability, asset offset 4.0 3.4
Derivatives not designated as hedging instruments: | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Derivative Assets 0.1 0.0
Derivative Liabilities $ 0.3 $ 1.6
v3.24.3
Derivatives - Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Net foreign currency transaction (loss) gain $ (0.4) $ (0.4) $ 0.1 $ 0.5
Net gain (loss) recognized in other comprehensive (loss) income, net of tax (1.7) 0.2 (0.4) 0.7
Derivatives designated as hedging instruments | Derivatives designated as cash flow hedges:        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Interest expense, net (2.7) (3.3) (7.5) (11.0)
Net foreign currency transaction (loss) gain (0.4) (0.4) 0.1 0.5
Derivatives designated as hedging instruments | Derivatives designated as cash flow hedges: | Interest expense, net        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Gain on Hedging 0.3 0.3 0.9 0.6
Derivatives designated as hedging instruments | Derivatives designated as cash flow hedges: | Net foreign currency transaction loss        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Gain on Hedging 0.0 0.0 0.0 0.0
Derivatives designated as hedging instruments | Derivatives designated as cash flow hedges: | Foreign Exchange Option        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Net gain (loss) recognized in other comprehensive (loss) income, net of tax (1.7) 1.2 0.4 2.6
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net 0.3 0.3 0.9 0.6
Derivatives designated as hedging instruments | Derivatives designated as fair value hedges:        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Interest expense, net (2.7) (3.3) (7.5) (11.0)
Net foreign currency transaction (loss) gain (0.4) (0.4) 0.1 0.5
Derivatives designated as hedging instruments | Derivatives designated as fair value hedges: | Interest expense, net        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Gain on Hedging 0.2 0.3 0.8 1.7
Derivatives designated as hedging instruments | Derivatives designated as fair value hedges: | Net foreign currency transaction loss        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Gain on Hedging (2.5) 2.0 (0.6) 2.8
Derivatives designated as hedging instruments | Derivatives designated as fair value hedges: | Foreign Exchange Option        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Net gain (loss) recognized in other comprehensive (loss) income, net of tax 0.6 (0.5) 0.9 (0.5)
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net 0.3 0.2 0.8 0.8
Derivatives designated as hedging instruments | Derivatives designated as net investment hedges:        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Interest expense, net (2.7) (3.3) (7.5) (11.0)
Derivatives designated as hedging instruments | Derivatives designated as net investment hedges: | Interest expense, net        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Gain on Hedging 0.2 0.2 0.7 1.4
Derivatives designated as hedging instruments | Derivatives designated as net investment hedges: | Foreign Exchange Option        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Net gain (loss) recognized in other comprehensive (loss) income, net of tax (1.8) 1.3 0.2 0.2
Net gain reclassified from accumulated other comprehensive loss into income, net of tax, effective portion to interest expense, net 0.2 0.2 0.7 0.7
Derivatives not designated as hedging instruments: | Foreign Exchange Option        
Foreign Currency Fair Value Hedge Derivative [Line Items]        
Net gain recognized in income $ (1.9) $ 0.1 $ 1.0 $ 1.0
v3.24.3
Fair Value Measurements -Schedule of Assets and Liabilities Subject to Fair Value Measurements (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities $ 20.0  
Debt securities 12.1  
Total assets 34.8 $ 3.3
Total liabilities 10.1 10.2
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0.0  
Debt securities 0.0  
Total assets 0.0 0.0
Total liabilities 0.0 0.0
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 0.0  
Debt securities 0.0  
Total assets 2.7 3.3
Total liabilities 10.1 10.2
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 20.0  
Debt securities 12.1  
Total assets 32.1 0.0
Total liabilities 0.0 0.0
Foreign currency forward contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency forward contracts 0.1  
Foreign currency forward contracts 0.3 1.6
Foreign currency forward contracts | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency forward contracts 0.0  
Foreign currency forward contracts 0.0 0.0
Foreign currency forward contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency forward contracts 0.1  
Foreign currency forward contracts 0.3 1.6
Foreign currency forward contracts | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Foreign currency forward contracts 0.0  
Foreign currency forward contracts 0.0 0.0
Cross-currency swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 2.5 2.5
Derivative liability 8.0 6.7
Cross-currency swaps | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.0 0.0
Derivative liability 0.0 0.0
Cross-currency swaps | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 2.5 2.5
Derivative liability 8.0 6.7
Cross-currency swaps | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.0 0.0
Derivative liability 0.0 0.0
Interest rate swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.1 0.8
Derivative liability 1.8 1.9
Interest rate swaps | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.0 0.0
Derivative liability 0.0 0.0
Interest rate swaps | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.1 0.8
Derivative liability 1.8 1.9
Interest rate swaps | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative asset 0.0 0.0
Derivative liability $ 0.0 $ 0.0
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt securities $ 12.1  
Equity securities 20.0  
Fair value of total debt 209.2 $ 198.2
Carrying value of total debt 209.2 $ 200.6
Redeemable Preferred Stock    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt securities 12.1  
Nonredeemable Preferred Stock    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities 12.2  
Warrant    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities $ 7.8  
v3.24.3
Shareholders' Equity - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 625.9 $ 521.9 $ 578.3 $ 472.1
Other comprehensive (loss) income before reclassifications     (0.6) (2.4)
Amounts reclassified from accumulated other comprehensive loss     (2.4) (2.1)
Total other comprehensive income (loss), net of tax 11.0 (10.4) (3.0) (4.5)
Ending balance 648.5 546.3 648.5 546.3
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (56.3) (44.3) (42.3) (50.2)
Ending balance (45.3) (54.7) (45.3) (54.7)
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (45.6) (53.9)
Other comprehensive (loss) income before reclassifications     (1.7) (4.5)
Amounts reclassified from accumulated other comprehensive loss     (0.7) (0.7)
Total other comprehensive income (loss), net of tax     (2.4) (5.2)
Ending balance (48.0) (59.1) (48.0) (59.1)
Pension and Post- Retirement Medical Benefits        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     3.7 2.7
Other comprehensive (loss) income before reclassifications     (0.2) 0.0
Amounts reclassified from accumulated other comprehensive loss     0.0 0.0
Total other comprehensive income (loss), net of tax     (0.2) 0.0
Ending balance 3.5 2.7 3.5 2.7
Derivative Financial Instruments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (0.4) 1.0
Other comprehensive (loss) income before reclassifications     1.3 2.1
Amounts reclassified from accumulated other comprehensive loss     (1.7) (1.4)
Total other comprehensive income (loss), net of tax     (0.4) 0.7
Ending balance $ (0.8) $ 1.7 $ (0.8) $ 1.7
v3.24.3
Income Taxes (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Income Tax Contingency [Line Items]  
Unrecognized tax benefits, ending balance $ 4.7
Unrecognized tax benefits, income tax penalties and interest accrued, total 0.6
Unrecognized tax benefits $ 4.1
Minimum  
Income Tax Contingency [Line Items]  
Open tax year, term (year) 3 years
Maximum  
Income Tax Contingency [Line Items]  
Open tax year, term (year) 5 years
v3.24.3
Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Share-based payment arrangement, expense $ 4.1 $ 4.7 $ 9.4 $ 8.6
Share-based payment arrangement, tax benefit (expense)     $ 3.0 $ (0.1)
v3.24.3
Earnings Per Share -Schedule of Computations of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Numerator:        
Net income $ 20.8 $ 22.9 $ 77.1 $ 78.5
Denominator:        
Basic - weighted average shares outstanding (in shares) 18,810,267 18,570,293 18,790,824 18,485,806
Effect of dilutive securities 283,606 308,018 329,631 261,322
Diluted - weighted average shares outstanding (in shares) 19,093,873 18,878,311 19,120,455 18,747,128
Basic earnings per share (in dollars per share) $ 1.11 $ 1.23 $ 4.10 $ 4.25
Diluted earnings per share (in dollars per share) $ 1.09 $ 1.21 $ 4.03 $ 4.19
v3.24.3
Earnings Per Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive securities (in shares) 4,124 169,458 88,992 325,862