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(Mark One)
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☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended:
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June 30, 2019
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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HYSTER-YALE MATERIALS HANDLING, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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31-1637659
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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5875 LANDERBROOK DRIVE, SUITE 300
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CLEVELAND
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(440)
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OH
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449-9600
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44124-4069
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(Address of principal executive offices)
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(Registrant's telephone number, including area code)
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(Zip code)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A Common Stock, $0.01 Par Value Per Share
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HY
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New York Stock Exchange
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Large accelerated filer
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☑
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page Number
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JUNE 30
2019 |
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DECEMBER 31
2018 |
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(In millions, except share data)
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||||||
ASSETS
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Current Assets
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Cash and cash equivalents
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$
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50.3
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$
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83.7
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Accounts receivable, net
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530.8
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465.5
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Inventories, net
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599.0
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533.6
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Prepaid expenses and other
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52.5
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48.8
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Total Current Assets
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1,232.6
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1,131.6
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Property, Plant and Equipment, Net
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296.8
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296.2
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Intangible Assets, Net
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63.9
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67.7
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Goodwill
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108.0
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108.3
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Deferred Income Taxes
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27.3
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26.3
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Investment in Unconsolidated Affiliates
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76.4
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75.6
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Other Non-current Assets
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115.8
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36.4
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Total Assets
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$
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1,920.8
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$
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1,742.1
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LIABILITIES AND EQUITY
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Current Liabilities
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Accounts payable
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$
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429.2
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$
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415.5
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Accounts payable, affiliates
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20.9
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21.3
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Revolving credit facilities
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76.2
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13.3
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Current maturities of long-term debt
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91.3
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78.1
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Accrued payroll
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45.6
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56.3
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Deferred revenue
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50.1
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37.6
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Other current liabilities
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175.0
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154.1
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Total Current Liabilities
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888.3
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776.2
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Long-term Debt
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203.4
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210.1
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Self-insurance Liabilities
|
26.6
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25.2
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Pension Obligations
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18.7
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23.1
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Deferred Income Taxes
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16.6
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17.8
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Other Long-term Liabilities
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197.1
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130.2
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Total Liabilities
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1,350.7
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1,182.6
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Stockholders' Equity
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Common stock:
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Class A, par value $0.01 per share, 12,782,819 shares outstanding (2018 - 12,682,755 shares outstanding)
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0.1
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0.1
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Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,873,443 shares outstanding (2018 - 3,877,967 shares outstanding)
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0.1
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0.1
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Capital in excess of par value
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318.7
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321.5
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Treasury stock
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(16.7
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(24.1
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)
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Retained earnings
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421.8
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407.3
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Accumulated other comprehensive loss
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(186.4
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)
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(177.5
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)
|
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Total Stockholders' Equity
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537.6
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527.4
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Noncontrolling Interests
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32.5
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32.1
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Total Equity
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570.1
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559.5
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Total Liabilities and Equity
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$
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1,920.8
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$
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1,742.1
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THREE MONTHS ENDED
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SIX MONTHS ENDED
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||||||||||||
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JUNE 30
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JUNE 30
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2019
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2018
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2019
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2018
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(In millions, except per share data)
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||||||||||||||
Revenues
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$
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856.2
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$
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765.9
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$
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1,691.0
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$
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1,554.4
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Cost of sales
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716.8
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640.6
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1,425.4
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1,297.0
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Gross Profit
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139.4
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125.3
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265.6
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257.4
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Operating Expenses
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Selling, general and administrative expenses
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116.5
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114.5
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239.3
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227.4
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Operating Profit
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22.9
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10.8
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26.3
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30.0
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Other (income) expense
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Interest expense
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5.1
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4.0
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9.6
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8.0
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Income from unconsolidated affiliates
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(3.1
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)
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(2.4
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)
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(5.8
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)
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(5.2
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)
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Other, net
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(0.4
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)
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(0.3
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)
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(3.5
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)
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(2.1
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)
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||||
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1.6
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1.3
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0.3
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0.7
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|
||||
Income Before Income Taxes
|
21.3
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|
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9.5
|
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|
26.0
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|
29.3
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|
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Income tax provision
|
4.4
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3.8
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5.9
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8.7
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||||
Net Income
|
16.9
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|
|
5.7
|
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|
20.1
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|
|
20.6
|
|
||||
Net income attributable to noncontrolling interests
|
(0.7
|
)
|
|
(0.1
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)
|
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(0.5
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)
|
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(0.1
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)
|
||||
Net Income Attributable to Stockholders
|
$
|
16.2
|
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$
|
5.6
|
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$
|
19.6
|
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$
|
20.5
|
|
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|||||||
Basic Earnings per Share
|
$
|
0.97
|
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$
|
0.34
|
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$
|
1.18
|
|
|
$
|
1.24
|
|
Diluted Earnings per Share
|
$
|
0.97
|
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|
$
|
0.34
|
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$
|
1.17
|
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$
|
1.24
|
|
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|
||||||||
Dividends per Share
|
$
|
0.3175
|
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|
$
|
0.3100
|
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$
|
0.6275
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$
|
0.6125
|
|
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|||||||
Basic Weighted Average Shares Outstanding
|
16.655
|
|
|
16.550
|
|
|
16.628
|
|
|
16.525
|
|
||||
Diluted Weighted Average Shares Outstanding
|
16.709
|
|
|
16.587
|
|
|
16.695
|
|
|
16.578
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(In millions)
|
||||||||||||||
Net Income
|
$
|
16.9
|
|
|
$
|
5.7
|
|
|
$
|
20.1
|
|
|
$
|
20.6
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
2.5
|
|
|
(28.2
|
)
|
|
0.2
|
|
|
(18.4
|
)
|
||||
Current period cash flow hedging activity
|
(0.3
|
)
|
|
(16.5
|
)
|
|
(10.1
|
)
|
|
(3.5
|
)
|
||||
Reclassification of hedging activities into earnings
|
2.5
|
|
|
(2.0
|
)
|
|
3.3
|
|
|
(1.2
|
)
|
||||
Current period pension adjustment
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
||||
Reclassification of pension into earnings
|
0.7
|
|
|
0.7
|
|
|
1.6
|
|
|
1.4
|
|
||||
Comprehensive Income (Loss)
|
$
|
22.3
|
|
|
$
|
(39.6
|
)
|
|
$
|
15.1
|
|
|
$
|
(0.4
|
)
|
Other comprehensive (income) loss attributable to noncontrolling interests
|
|
|
|
|
|
|
|
||||||||
Net income attributable to noncontrolling interests
|
(0.7
|
)
|
|
(0.1
|
)
|
|
(0.5
|
)
|
|
(0.1
|
)
|
||||
Foreign currency translation adjustment attributable to noncontrolling interests
|
—
|
|
|
1.3
|
|
|
—
|
|
|
1.1
|
|
||||
Comprehensive Income (Loss) Attributable to Stockholders
|
$
|
21.6
|
|
|
$
|
(38.4
|
)
|
|
$
|
14.6
|
|
|
$
|
0.6
|
|
|
SIX MONTHS ENDED
|
||||||
|
JUNE 30
|
||||||
|
2019
|
|
2018
|
||||
|
(In millions)
|
||||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
20.1
|
|
|
$
|
20.6
|
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
|
|
|
|
|||
Depreciation and amortization
|
22.0
|
|
|
20.8
|
|
||
Amortization of deferred financing fees
|
1.0
|
|
|
0.9
|
|
||
Deferred income taxes
|
(1.2
|
)
|
|
2.5
|
|
||
Stock-based compensation
|
4.8
|
|
|
1.9
|
|
||
Dividends from unconsolidated affiliates
|
5.1
|
|
|
22.2
|
|
||
Other non-current liabilities
|
(2.6
|
)
|
|
(2.6
|
)
|
||
Other
|
2.9
|
|
|
3.7
|
|
||
Working capital changes, excluding the effect of business acquisitions:
|
|
|
|
|
|||
Accounts receivable
|
(70.1
|
)
|
|
38.2
|
|
||
Inventories
|
(66.9
|
)
|
|
(48.2
|
)
|
||
Other current assets
|
(2.5
|
)
|
|
(6.3
|
)
|
||
Accounts payable
|
15.8
|
|
|
18.7
|
|
||
Other current liabilities
|
0.7
|
|
|
(20.4
|
)
|
||
Net cash provided by (used for) operating activities
|
(70.9
|
)
|
|
52.0
|
|
||
Investing Activities
|
|
|
|
||||
Expenditures for property, plant and equipment
|
(18.4
|
)
|
|
(16.0
|
)
|
||
Proceeds from the sale of assets
|
0.8
|
|
|
0.8
|
|
||
Business acquisitions, net of cash acquired
|
—
|
|
|
(74.3
|
)
|
||
Net cash used for investing activities
|
(17.6
|
)
|
|
(89.5
|
)
|
||
Financing Activities
|
|
|
|
||||
Additions to long-term debt
|
46.1
|
|
|
16.8
|
|
||
Reductions of long-term debt
|
(40.8
|
)
|
|
(34.6
|
)
|
||
Net change to revolving credit agreements
|
61.9
|
|
|
3.3
|
|
||
Cash dividends paid
|
(10.4
|
)
|
|
(10.1
|
)
|
||
Cash dividends paid to noncontrolling interest
|
(0.1
|
)
|
|
(0.3
|
)
|
||
Financing fees paid
|
(0.4
|
)
|
|
(0.6
|
)
|
||
Purchase of treasury stock
|
(0.2
|
)
|
|
(0.6
|
)
|
||
Net cash provided by (used for) financing activities
|
56.1
|
|
|
(26.1
|
)
|
||
Effect of exchange rate changes on cash
|
(1.0
|
)
|
|
(4.1
|
)
|
||
Cash and Cash Equivalents
|
|
|
|
|
|||
Decrease for the period
|
(33.4
|
)
|
|
(67.7
|
)
|
||
Balance at the beginning of the period
|
83.7
|
|
|
220.1
|
|
||
Balance at the end of the period
|
$
|
50.3
|
|
|
$
|
152.4
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Class A Common Stock
|
Class B Common Stock
|
Treasury Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Foreign Currency Translation Adjustment
|
|
Deferred Gain on AFS Securities
|
Deferred Gain (Loss) on Cash Flow Hedging
|
Pension Adjustment
|
Total Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2018
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(25.1
|
)
|
$
|
317.5
|
|
$
|
402.9
|
|
|
$
|
(48.7
|
)
|
|
$
|
—
|
|
|
$
|
12.3
|
|
|
$
|
(58.2
|
)
|
|
$
|
600.9
|
|
|
$
|
7.1
|
|
|
$
|
608.0
|
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
1.2
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
||||||||||||
Stock issued under stock compensation plans
|
—
|
|
—
|
|
0.3
|
|
(0.3
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
5.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
0.1
|
|
|
5.7
|
|
||||||||||||
Cash dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.1
|
)
|
|
(0.3
|
)
|
|
(5.4
|
)
|
||||||||||||
Current period other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(28.2
|
)
|
|
—
|
|
|
(16.5
|
)
|
|
0.7
|
|
|
(44.0
|
)
|
|
—
|
|
|
(44.0
|
)
|
||||||||||||
Reclassification adjustment to net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
|
0.7
|
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
||||||||||||
Acquisition of a business
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.0
|
|
|
27.0
|
|
||||||||||||
Foreign currency translation on noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
(1.3
|
)
|
||||||||||||
Balance, June 30, 2018
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(24.8
|
)
|
$
|
318.4
|
|
$
|
403.4
|
|
|
$
|
(76.9
|
)
|
|
$
|
—
|
|
|
$
|
(6.2
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
557.3
|
|
|
$
|
32.6
|
|
|
$
|
589.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance, March 31, 2019
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(17.1
|
)
|
$
|
317.4
|
|
$
|
410.8
|
|
|
$
|
(88.2
|
)
|
|
$
|
—
|
|
|
$
|
(23.6
|
)
|
|
$
|
(80.0
|
)
|
|
$
|
519.5
|
|
|
$
|
31.9
|
|
|
$
|
551.4
|
|
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
1.7
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
||||||||||||
Stock issued under stock compensation plans
|
—
|
|
—
|
|
0.4
|
|
(0.4
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
16.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|
0.7
|
|
|
16.9
|
|
||||||||||||
Cash dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.2
|
)
|
|
(0.1
|
)
|
|
(5.3
|
)
|
||||||||||||
Current period other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
||||||||||||
Reclassification adjustment to net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
0.7
|
|
|
3.2
|
|
|
—
|
|
|
3.2
|
|
||||||||||||
Balance, June 30, 2019
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(16.7
|
)
|
$
|
318.7
|
|
$
|
421.8
|
|
|
$
|
(85.7
|
)
|
|
$
|
—
|
|
|
$
|
(21.4
|
)
|
|
$
|
(79.3
|
)
|
|
$
|
537.6
|
|
|
$
|
32.5
|
|
|
$
|
570.1
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Class A Common Stock
|
Class B Common Stock
|
Treasury Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Foreign Currency Translation Adjustment
|
|
Deferred Gain on AFS Securities
|
Deferred Gain (Loss) on Cash Flow Hedging
|
Pension Adjustment
|
Total Stockholders' Equity
|
Noncontrolling Interests
|
Total Equity
|
||||||||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(31.5
|
)
|
$
|
323.8
|
|
$
|
389.1
|
|
|
$
|
(58.5
|
)
|
|
$
|
2.8
|
|
|
$
|
(1.5
|
)
|
|
$
|
(58.9
|
)
|
|
$
|
565.5
|
|
|
$
|
6.9
|
|
|
$
|
572.4
|
|
Cumulative effect of change in accounting
|
—
|
|
—
|
|
—
|
|
—
|
|
3.9
|
|
|
—
|
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
||||||||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
1.9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
||||||||||||
Stock issued under stock compensation plans
|
—
|
|
—
|
|
7.3
|
|
(7.3
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Purchase of treasury stock
|
—
|
|
—
|
|
(0.6
|
)
|
—
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
20.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.5
|
|
|
0.1
|
|
|
20.6
|
|
||||||||||||
Cash dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(10.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.1
|
)
|
|
(0.3
|
)
|
|
(10.4
|
)
|
||||||||||||
Current period other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(18.4
|
)
|
|
—
|
|
|
(3.5
|
)
|
|
0.7
|
|
|
(21.2
|
)
|
|
—
|
|
|
(21.2
|
)
|
||||||||||||
Reclassification adjustment to net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
1.4
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||||||
Acquisition of a business
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27.0
|
|
|
27.0
|
|
||||||||||||
Foreign currency translation on noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
(1.1
|
)
|
||||||||||||
Balance, June 30, 2018
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(24.8
|
)
|
$
|
318.4
|
|
$
|
403.4
|
|
|
$
|
(76.9
|
)
|
|
$
|
—
|
|
|
$
|
(6.2
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
557.3
|
|
|
$
|
32.6
|
|
|
$
|
589.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance, December 31, 2018
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(24.1
|
)
|
$
|
321.5
|
|
$
|
407.3
|
|
|
$
|
(85.9
|
)
|
|
$
|
—
|
|
|
$
|
(15.5
|
)
|
|
$
|
(76.1
|
)
|
|
$
|
527.4
|
|
|
$
|
32.1
|
|
|
$
|
559.5
|
|
Cumulative effect of change in accounting
|
—
|
|
—
|
|
—
|
|
—
|
|
5.3
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
(4.8
|
)
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
||||||||||||
Stock-based compensation
|
—
|
|
—
|
|
—
|
|
4.8
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.8
|
|
|
—
|
|
|
4.8
|
|
||||||||||||
Stock issued under stock compensation plans
|
—
|
|
—
|
|
7.6
|
|
(7.6
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Purchase of treasury stock
|
—
|
|
—
|
|
(0.2
|
)
|
—
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||||||||||||
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
19.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.6
|
|
|
0.5
|
|
|
20.1
|
|
||||||||||||
Cash dividends
|
—
|
|
—
|
|
—
|
|
—
|
|
(10.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.4
|
)
|
|
(0.1
|
)
|
|
(10.5
|
)
|
||||||||||||
Current period other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
(10.1
|
)
|
|
—
|
|
|
(9.9
|
)
|
|
—
|
|
|
(9.9
|
)
|
||||||||||||
Reclassification adjustment to net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
1.6
|
|
|
4.9
|
|
|
—
|
|
|
4.9
|
|
||||||||||||
Balance, June 30, 2019
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
(16.7
|
)
|
$
|
318.7
|
|
$
|
421.8
|
|
|
$
|
(85.7
|
)
|
|
$
|
—
|
|
|
$
|
(21.4
|
)
|
|
$
|
(79.3
|
)
|
|
$
|
537.6
|
|
|
$
|
32.5
|
|
|
$
|
570.1
|
|
Standard
|
|
Description
|
Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842)(Subsequent ASUs have been issued in 2017, 2018 and 2019 to update or clarify this guidance)
|
|
The guidance requires lessees (with the exception of short-term leases) to recognize, at the commencement date, a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. See Note 4 for additional information.
|
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
|
|
The guidance makes targeted changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify the application of hedge accounting. Changes include expanding the types of risk management strategies eligible for hedge accounting, easing the documentation and effectiveness assessment requirements, changing how ineffectiveness is measured and changing the presentation and disclosure requirements for hedge accounting activities.
|
ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("OCI")
|
|
The guidance provides an election to reclassify the stranded tax effects resulting from the Tax Reform Act from OCI to retained earnings. In addition, the guidance requires new disclosures regarding the election to adopt and the manner in which tax effects remaining in OCI are released. The Company adopted the standard on January 1, 2019 and recorded a cumulative adjustment to retained earnings of $3.9 million for income tax benefits stranded in OCI resulting from the Tax Reform Act.
|
ASU 2018-07, Compensation-Stock Compensation (Topic 718)
|
|
The guidance addresses the accounting for non-employee share-based payment transactions.
|
ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
|
|
The guidance permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes in addition to treasury obligations of the U.S. government, the LIBOR swap rate, the OIS rate based on the Federal Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate.
|
Standard
|
|
Description
|
|
Required Date of Adoption
|
|
Effect on the financial statements or other significant matters
|
ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)(Subsequent ASUs have been issued in 2018 and 2019 to update or clarify this guidance)
|
|
The guidance eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The guidance also requires additional disclosures in certain circumstances.
|
|
January 1, 2020
|
|
The Company is currently evaluating the alternative methods of adoption and the effect on its financial position, results of operations, cash flows and related disclosures.
|
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
|
|
The guidance provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests.
|
|
January 1, 2020
|
|
The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
|
Standard
|
|
Description
|
|
Required Date of Adoption
|
|
Effect on the financial statements or other significant matters
|
ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
|
|
The guidance clarifies the accounting for collaborative arrangements in conjunction with the adoption of "Revenue from Contracts with Customers (Topic 606)."
|
|
January 1, 2020
|
|
The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
|
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
|
|
The guidance removes the second step of the two-step test for the measurement of goodwill impairment.
|
|
January 1, 2020
|
|
The Company is currently evaluating the timing of adoption and the effect on its current impairment testing process.
|
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
|
|
The guidance removes, modifies and adds certain disclosures relating to fair value measurements.
|
|
January 1, 2020
|
|
The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
|
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
|
|
The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting agreement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.
|
|
January 1, 2021
|
|
The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
|
|
THREE MONTHS ENDED
|
||||||||||||||||||||||||||
|
JUNE 30, 2019
|
||||||||||||||||||||||||||
|
Lift truck business
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
JAPIC
|
|
Bolzoni
|
|
Nuvera
|
|
Elims
|
|
Total
|
||||||||||||||
Dealer sales
|
$
|
246.2
|
|
|
$
|
170.2
|
|
|
$
|
64.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
480.7
|
|
Direct customer sales
|
158.3
|
|
|
3.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
162.1
|
|
|||||||
Aftermarket sales
|
98.0
|
|
|
23.3
|
|
|
8.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129.6
|
|
|||||||
Other
|
35.2
|
|
|
4.8
|
|
|
0.3
|
|
|
90.8
|
|
|
2.2
|
|
|
(49.5
|
)
|
|
83.8
|
|
|||||||
Total Revenues
|
$
|
537.7
|
|
|
$
|
202.1
|
|
|
$
|
72.9
|
|
|
$
|
90.8
|
|
|
$
|
2.2
|
|
|
$
|
(49.5
|
)
|
|
$
|
856.2
|
|
|
THREE MONTHS ENDED
|
||||||||||||||||||||||||||
|
JUNE 30, 2018
|
||||||||||||||||||||||||||
|
Lift truck business
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
JAPIC
|
|
Bolzoni
|
|
Nuvera
|
|
Elims
|
|
Total
|
||||||||||||||
Dealer sales
|
$
|
280.6
|
|
|
$
|
159.5
|
|
|
$
|
47.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
488.0
|
|
Direct customer sales
|
74.4
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75.6
|
|
|||||||
Aftermarket sales
|
91.7
|
|
|
26.7
|
|
|
9.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127.6
|
|
|||||||
Other
|
24.9
|
|
|
3.6
|
|
|
0.4
|
|
|
88.0
|
|
|
0.7
|
|
|
(42.9
|
)
|
|
74.7
|
|
|||||||
Total Revenues
|
$
|
471.6
|
|
|
$
|
191.0
|
|
|
$
|
57.5
|
|
|
$
|
88.0
|
|
|
$
|
0.7
|
|
|
$
|
(42.9
|
)
|
|
$
|
765.9
|
|
|
SIX MONTHS ENDED
|
||||||||||||||||||||||||||
|
JUNE 30, 2019
|
||||||||||||||||||||||||||
|
Lift truck business
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
JAPIC
|
|
Bolzoni
|
|
Nuvera
|
|
Elims
|
|
Total
|
||||||||||||||
Dealer sales
|
$
|
530.7
|
|
|
$
|
324.0
|
|
|
$
|
119.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
973.8
|
|
Direct customer sales
|
278.4
|
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286.2
|
|
|||||||
Aftermarket sales
|
198.9
|
|
|
49.2
|
|
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
264.7
|
|
|||||||
Other
|
64.2
|
|
|
11.2
|
|
|
0.6
|
|
|
182.6
|
|
|
6.7
|
|
|
(99.0
|
)
|
|
166.3
|
|
|||||||
Total Revenues
|
$
|
1,072.2
|
|
|
$
|
392.2
|
|
|
$
|
136.3
|
|
|
$
|
182.6
|
|
|
$
|
6.7
|
|
|
$
|
(99.0
|
)
|
|
$
|
1,691.0
|
|
|
SIX MONTHS ENDED
|
||||||||||||||||||||||||||
|
JUNE 30, 2018
|
||||||||||||||||||||||||||
|
Lift truck business
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
JAPIC
|
|
Bolzoni
|
|
Nuvera
|
|
Elims
|
|
Total
|
||||||||||||||
Dealer sales
|
$
|
582.5
|
|
|
$
|
324.8
|
|
|
$
|
87.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
995.2
|
|
Direct customer sales
|
156.1
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
159.0
|
|
|||||||
Aftermarket sales
|
179.3
|
|
|
53.7
|
|
|
18.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
251.4
|
|
|||||||
Other
|
49.6
|
|
|
7.5
|
|
|
0.7
|
|
|
177.5
|
|
|
1.3
|
|
|
(87.8
|
)
|
|
148.8
|
|
|||||||
Total Revenues
|
$
|
967.5
|
|
|
$
|
388.9
|
|
|
$
|
107.0
|
|
|
$
|
177.5
|
|
|
$
|
1.3
|
|
|
$
|
(87.8
|
)
|
|
$
|
1,554.4
|
|
|
Deferred Revenue
|
||
Balance, December 31, 2018
|
$
|
61.8
|
|
Customer deposits and billings
|
38.2
|
|
|
Revenue recognized
|
(23.2
|
)
|
|
Balance, June 30, 2019
|
$
|
76.8
|
|
|
Balance at December 31, 2018
|
|
Adjustments due to New Lease Standard
|
|
Balance at January 1, 2019
|
||||||
Other non-current assets
|
$
|
36.4
|
|
|
$
|
82.7
|
|
|
$
|
119.1
|
|
Deferred income tax assets
|
26.3
|
|
|
(0.5
|
)
|
|
25.8
|
|
|||
Other current liabilities
|
154.1
|
|
|
16.3
|
|
|
170.4
|
|
|||
Other long-term liabilities
|
130.2
|
|
|
64.5
|
|
|
194.7
|
|
|||
Retained earnings
|
407.3
|
|
|
1.4
|
|
|
408.7
|
|
|
|
Location on Balance Sheet
|
|
June 30, 2019
|
||
Assets
|
|
|
|
|
||
Operating lease assets
|
|
Other non-current assets
|
|
$
|
81.2
|
|
Finance lease assets
|
|
Property, plant and equipment, net
|
|
22.0
|
|
|
Total
|
|
|
|
$
|
103.2
|
|
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating lease liabilities
|
|
Other current liabilities
|
|
19.0
|
|
|
Finance lease liabilities
|
|
Current maturities of long-term debt
|
|
6.9
|
|
|
Long-term
|
|
|
|
|
||
Operating lease liabilities
|
|
Other long-term liabilities
|
|
66.7
|
|
|
Finance lease liabilities
|
|
Long-term debt
|
|
8.9
|
|
|
Total
|
|
|
|
$
|
101.5
|
|
|
|
Operating Leases
|
|
Finance Leases
|
||
Weighted-average remaining lease term in years
|
|
6.37
|
|
|
2.62
|
|
Weighted-average discount rate
|
|
5.12
|
%
|
|
3.36
|
%
|
|
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||
|
|
Location on Income Statement
|
|
June 30, 2019
|
|
June 30, 2019
|
||||
Operating lease cost
|
|
Cost of sales
|
|
$
|
2.1
|
|
|
$
|
4.0
|
|
Operating lease cost
|
|
Selling, general and administrative expenses
|
|
4.0
|
|
|
8.0
|
|
||
Finance lease cost
|
|
|
|
|
|
|
||||
Amortization of leased assets
|
|
Cost of sales
|
|
1.8
|
|
|
3.6
|
|
||
Interest on lease liabilities
|
|
Interest expense
|
|
0.3
|
|
|
0.4
|
|
||
Other lease costs1
|
|
Selling, general and administrative expenses
|
|
0.1
|
|
|
0.5
|
|
||
Sublease income
|
|
Revenues
|
|
(3.7
|
)
|
|
(5.4
|
)
|
||
Total
|
|
|
|
$
|
4.6
|
|
|
$
|
11.1
|
|
1 - Includes short-term and variable lease costs.
|
|
|
|
|
|
|
|
|
SIX MONTHS ENDED
|
||
|
|
June 30, 2019
|
||
Cash paid for lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
11.6
|
|
Operating cash flows from finance leases
|
|
0.4
|
|
|
Financing cash flows from finance leases
|
|
3.7
|
|
|
Non-cash amounts related to right-of-use assets obtained in exchange for lease obligations
|
|
|
||
Operating
|
|
8.7
|
|
|
Finance
|
|
1.6
|
|
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
Amounts remaining in 2019
|
|
$
|
11.8
|
|
|
$
|
3.8
|
|
|
$
|
15.6
|
|
2020
|
|
20.4
|
|
|
6.7
|
|
|
27.1
|
|
|||
2021
|
|
16.1
|
|
|
4.0
|
|
|
20.1
|
|
|||
2022
|
|
12.8
|
|
|
1.2
|
|
|
14.0
|
|
|||
2023
|
|
9.6
|
|
|
0.8
|
|
|
10.4
|
|
|||
Thereafter
|
|
31.2
|
|
|
0.1
|
|
|
31.3
|
|
|||
|
|
101.9
|
|
|
16.6
|
|
|
118.5
|
|
|||
Less: Interest
|
|
(16.2
|
)
|
|
(0.8
|
)
|
|
(17.0
|
)
|
|||
Net
|
|
$
|
85.7
|
|
|
$
|
15.8
|
|
|
$
|
101.5
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues from external customers
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
537.7
|
|
|
$
|
471.6
|
|
|
$
|
1,072.2
|
|
|
$
|
967.5
|
|
EMEA
|
202.1
|
|
|
191.0
|
|
|
392.2
|
|
|
388.9
|
|
||||
JAPIC
|
72.9
|
|
|
57.5
|
|
|
136.3
|
|
|
107.0
|
|
||||
Lift truck business
|
812.7
|
|
|
720.1
|
|
|
1,600.7
|
|
|
1,463.4
|
|
||||
Bolzoni
|
90.8
|
|
|
88.0
|
|
|
182.6
|
|
|
177.5
|
|
||||
Nuvera
|
2.2
|
|
|
0.7
|
|
|
6.7
|
|
|
1.3
|
|
||||
Eliminations
|
(49.5
|
)
|
|
(42.9
|
)
|
|
(99.0
|
)
|
|
(87.8
|
)
|
||||
Total
|
$
|
856.2
|
|
|
$
|
765.9
|
|
|
$
|
1,691.0
|
|
|
$
|
1,554.4
|
|
Gross profit (loss)
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
90.1
|
|
|
$
|
79.1
|
|
|
$
|
171.5
|
|
|
$
|
164.9
|
|
EMEA
|
28.4
|
|
|
25.1
|
|
|
53.5
|
|
|
50.9
|
|
||||
JAPIC
|
8.4
|
|
|
6.1
|
|
|
14.5
|
|
|
10.6
|
|
||||
Lift truck business
|
126.9
|
|
|
110.3
|
|
|
239.5
|
|
|
226.4
|
|
||||
Bolzoni
|
15.5
|
|
|
16.8
|
|
|
31.1
|
|
|
33.8
|
|
||||
Nuvera
|
(2.7
|
)
|
|
(1.6
|
)
|
|
(4.5
|
)
|
|
(2.5
|
)
|
||||
Eliminations
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.3
|
)
|
||||
Total
|
$
|
139.4
|
|
|
$
|
125.3
|
|
|
$
|
265.6
|
|
|
$
|
257.4
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating profit (loss)
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
26.2
|
|
|
$
|
18.0
|
|
|
$
|
41.5
|
|
|
$
|
45.9
|
|
EMEA
|
4.7
|
|
|
1.4
|
|
|
4.7
|
|
|
2.3
|
|
||||
JAPIC
|
(1.8
|
)
|
|
(2.1
|
)
|
|
(6.3
|
)
|
|
(4.3
|
)
|
||||
Lift truck business
|
29.1
|
|
|
17.3
|
|
|
39.9
|
|
|
43.9
|
|
||||
Bolzoni
|
2.3
|
|
|
3.2
|
|
|
3.5
|
|
|
5.9
|
|
||||
Nuvera
|
(8.2
|
)
|
|
(9.5
|
)
|
|
(16.6
|
)
|
|
(19.5
|
)
|
||||
Eliminations
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.3
|
)
|
||||
Total
|
$
|
22.9
|
|
|
$
|
10.8
|
|
|
$
|
26.3
|
|
|
$
|
30.0
|
|
Net income (loss) attributable to stockholders
|
|
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
17.7
|
|
|
$
|
10.2
|
|
|
$
|
29.8
|
|
|
$
|
30.6
|
|
EMEA
|
4.1
|
|
|
1.3
|
|
|
4.0
|
|
|
2.3
|
|
||||
JAPIC
|
(1.5
|
)
|
|
(0.5
|
)
|
|
(3.9
|
)
|
|
(1.2
|
)
|
||||
Lift truck business
|
20.3
|
|
|
11.0
|
|
|
29.9
|
|
|
31.7
|
|
||||
Bolzoni
|
1.6
|
|
|
2.1
|
|
|
1.9
|
|
|
4.0
|
|
||||
Nuvera
|
(6.0
|
)
|
|
(6.9
|
)
|
|
(12.1
|
)
|
|
(14.2
|
)
|
||||
Eliminations
|
0.3
|
|
|
(0.6
|
)
|
|
(0.1
|
)
|
|
(1.0
|
)
|
||||
Total
|
$
|
16.2
|
|
|
$
|
5.6
|
|
|
$
|
19.6
|
|
|
$
|
20.5
|
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income before income taxes
|
|
$
|
21.3
|
|
|
$
|
9.5
|
|
|
$
|
26.0
|
|
|
$
|
29.3
|
|
Statutory taxes (21%)
|
|
$
|
4.5
|
|
|
$
|
2.0
|
|
|
$
|
5.5
|
|
|
$
|
6.2
|
|
Interim adjustment
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
0.5
|
|
||||
Permanent adjustments
|
|
(0.4
|
)
|
|
0.4
|
|
|
(0.4
|
)
|
|
0.7
|
|
||||
Discrete items
|
|
0.3
|
|
|
1.2
|
|
|
0.4
|
|
|
1.3
|
|
||||
Income tax provision
|
|
$
|
4.4
|
|
|
$
|
3.8
|
|
|
$
|
5.9
|
|
|
$
|
8.7
|
|
Reported income tax rate
|
|
20.7
|
%
|
|
40.0
|
%
|
|
22.7
|
%
|
|
29.7
|
%
|
Details about OCI Components
|
|
Amount Reclassified from OCI
|
|
Affected Line Item in the Statement Where Net Income Is Presented
|
||||||||||||||
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
|
|
||||||||||||
|
|
JUNE 30
|
|
JUNE 30
|
|
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
||||||||
Gain (loss) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
|
Interest expense
|
Foreign exchange contracts
|
|
(3.3
|
)
|
|
3.1
|
|
|
(4.4
|
)
|
|
2.1
|
|
|
Cost of sales
|
||||
Total before tax
|
|
(3.4
|
)
|
|
3.0
|
|
|
(4.7
|
)
|
|
2.0
|
|
|
Income before income taxes
|
||||
Tax expense (benefit)
|
|
0.9
|
|
|
(1.0
|
)
|
|
1.4
|
|
|
(0.8
|
)
|
|
Income tax provision
|
||||
Net of tax
|
|
$
|
(2.5
|
)
|
|
$
|
2.0
|
|
|
$
|
(3.3
|
)
|
|
$
|
1.2
|
|
|
Net income
|
Amortization of defined benefit pension items:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Actuarial loss
|
|
$
|
(1.0
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(1.9
|
)
|
|
Other, net
|
Prior service credit
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
|
Other, net
|
||||
Total before tax
|
|
(1.0
|
)
|
|
(0.8
|
)
|
|
(2.0
|
)
|
|
(1.7
|
)
|
|
Income before income taxes
|
||||
Tax expense
|
|
0.3
|
|
|
0.1
|
|
|
0.4
|
|
|
0.3
|
|
|
Income tax provision
|
||||
Net of tax
|
|
$
|
(0.7
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
(1.4
|
)
|
|
Net income
|
Total reclassifications for the period
|
|
$
|
(3.2
|
)
|
|
$
|
1.3
|
|
|
$
|
(4.9
|
)
|
|
$
|
(0.2
|
)
|
|
|
Notional Amount
|
|
Average Fixed Rate
|
|
|
||||||||||
June 30
|
|
December 31
|
|
June 30
|
|
December 31
|
|
|
||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Term at June 30, 2019
|
||||||
$
|
56.5
|
|
|
$
|
56.5
|
|
|
1.94
|
%
|
|
1.94
|
%
|
|
Extending to November 2022
|
$
|
79.1
|
|
|
$
|
83.5
|
|
|
2.20
|
%
|
|
2.20
|
%
|
|
Extending to May 2023
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
Balance Sheet Location
|
|
JUNE 30
2019 |
|
DECEMBER 31
2018 |
|
Balance Sheet Location
|
|
JUNE 30
2019 |
|
DECEMBER 31
2018 |
||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swap agreements
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Current
|
Prepaid expenses and other
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
Prepaid expenses and other
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other current liabilities
|
|
—
|
|
|
—
|
|
|
Other current liabilities
|
|
0.3
|
|
|
—
|
|
||||
Long-term
|
Other non-current assets
|
|
—
|
|
|
1.0
|
|
|
Other non-current assets
|
|
—
|
|
|
—
|
|
||||
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
Other long-term liabilities
|
|
1.9
|
|
|
—
|
|
||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Current
|
Prepaid expenses and other
|
|
3.2
|
|
|
2.1
|
|
|
Prepaid expenses and other
|
|
2.4
|
|
|
0.4
|
|
||||
|
Other current liabilities
|
|
1.2
|
|
|
3.3
|
|
|
Other current liabilities
|
|
14.9
|
|
|
12.8
|
|
||||
Long-term
|
Other non-current assets
|
|
0.9
|
|
|
1.0
|
|
|
Other non-current assets
|
|
0.6
|
|
|
0.6
|
|
||||
|
Other long-term liabilities
|
|
0.8
|
|
|
0.5
|
|
|
Other long-term liabilities
|
|
12.5
|
|
|
13.8
|
|
||||
Total derivatives designated as hedging instruments
|
|
$
|
6.1
|
|
|
$
|
8.5
|
|
|
|
|
$
|
32.6
|
|
|
$
|
27.6
|
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Current
|
Prepaid expenses and other
|
|
2.1
|
|
|
0.4
|
|
|
Prepaid expenses and other
|
|
0.4
|
|
|
0.2
|
|
||||
|
Other current liabilities
|
|
0.2
|
|
|
1.5
|
|
|
Other current liabilities
|
|
1.2
|
|
|
0.5
|
|
||||
Total derivatives not designated as hedging instruments
|
|
$
|
2.3
|
|
|
$
|
1.9
|
|
|
|
|
$
|
1.6
|
|
|
$
|
0.7
|
|
|
Total derivatives
|
|
$
|
8.4
|
|
|
$
|
10.4
|
|
|
|
|
$
|
34.2
|
|
|
$
|
28.3
|
|
|
|
Derivative Assets as of June 30, 2019
|
|
Derivative Liabilities as of June 30, 2019
|
||||||||||||||||||||||||||||
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Net Amount
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Net Amount
|
||||||||||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap agreements
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
2.2
|
|
Foreign currency exchange contracts
|
|
2.8
|
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
26.4
|
|
|
(2.8
|
)
|
|
23.6
|
|
|
23.6
|
|
||||||||
Total derivatives
|
|
$
|
2.8
|
|
|
$
|
(2.8
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28.6
|
|
|
$
|
(2.8
|
)
|
|
$
|
25.8
|
|
|
$
|
25.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Derivative Assets as of December 31, 2018
|
|
Derivative Liabilities as of December 31, 2018
|
||||||||||||||||||||||||||||
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Net Amount
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Net Amount
|
||||||||||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap agreements
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency exchange contracts
|
|
2.3
|
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
21.8
|
|
|
(2.3
|
)
|
|
19.5
|
|
|
19.5
|
|
||||||||
Total derivatives
|
|
$
|
3.9
|
|
|
$
|
(2.3
|
)
|
|
$
|
1.6
|
|
|
$
|
1.6
|
|
|
$
|
21.8
|
|
|
$
|
(2.3
|
)
|
|
$
|
19.5
|
|
|
$
|
19.5
|
|
|
|
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
|
|
Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
|
|
Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
|
||||||||||||||||||||||||||||
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||||||||||||||
|
|
JUNE 30
|
|
|
|
JUNE 30
|
||||||||||||||||||||||||||||
Derivatives designated as hedging instruments
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap agreements
|
|
$
|
(2.5
|
)
|
|
$
|
0.7
|
|
|
$
|
(4.0
|
)
|
|
$
|
2.7
|
|
|
Interest expense
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
Foreign currency exchange contracts
|
|
2.1
|
|
|
(24.1
|
)
|
|
(9.9
|
)
|
|
(8.5
|
)
|
|
Cost of sales
|
|
(3.3
|
)
|
|
3.1
|
|
|
(4.4
|
)
|
|
2.1
|
|
||||||||
Total
|
|
$
|
(0.4
|
)
|
|
$
|
(23.4
|
)
|
|
$
|
(13.9
|
)
|
|
$
|
(5.8
|
)
|
|
|
|
$
|
(3.4
|
)
|
|
$
|
3.0
|
|
|
$
|
(4.7
|
)
|
|
$
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
Location of Gain or (Loss) Recognized in Income on Derivative
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap agreements
|
|
|
|
|
|
|
|
|
|
Other
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
||||||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
1.9
|
|
|
(1.5
|
)
|
|
(2.4
|
)
|
|
(1.2
|
)
|
||||||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.9
|
|
|
$
|
(1.5
|
)
|
|
$
|
(2.4
|
)
|
|
$
|
(0.9
|
)
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
U.S. Pension
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
$
|
0.6
|
|
|
$
|
0.7
|
|
|
$
|
1.3
|
|
|
$
|
1.3
|
|
Expected return on plan assets
|
(1.2
|
)
|
|
(1.3
|
)
|
|
(2.3
|
)
|
|
(2.5
|
)
|
||||
Settlement loss
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
||||
Amortization of actuarial loss
|
0.5
|
|
|
0.4
|
|
|
1.0
|
|
|
0.9
|
|
||||
Amortization of prior service credit
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Total
|
$
|
(0.1
|
)
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Non-U.S. Pension
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
0.9
|
|
|
1.1
|
|
|
2.0
|
|
|
2.1
|
|
||||
Expected return on plan assets
|
(2.5
|
)
|
|
(2.7
|
)
|
|
(5.2
|
)
|
|
(5.4
|
)
|
||||
Amortization of actuarial loss
|
0.5
|
|
|
0.5
|
|
|
1.0
|
|
|
1.0
|
|
||||
Total
|
$
|
(1.0
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
(2.2
|
)
|
|
JUNE 30
2019 |
|
DECEMBER 31
2018 |
||||
Finished goods and service parts
|
$
|
285.6
|
|
|
$
|
248.6
|
|
Work in process
|
32.2
|
|
|
30.0
|
|
||
Raw materials
|
334.9
|
|
|
307.0
|
|
||
Total manufactured inventories
|
652.7
|
|
|
585.6
|
|
||
LIFO reserve
|
(53.7
|
)
|
|
(52.0
|
)
|
||
Total inventory
|
$
|
599.0
|
|
|
$
|
533.6
|
|
|
2019
|
||
Balance at December 31, 2018
|
$
|
56.9
|
|
Current year warranty expense
|
22.8
|
|
|
Change in estimate related to pre-existing warranties
|
(0.5
|
)
|
|
Payments made
|
(17.3
|
)
|
|
Balance at June 30, 2019
|
$
|
61.9
|
|
|
|
HYGFS
|
|
Total
|
||||
Total recourse or repurchase obligations
|
|
$
|
130.6
|
|
|
$
|
164.1
|
|
Less: exposure limited for certain dealers
|
|
28.6
|
|
|
28.6
|
|
||
Plus: 7.5% of original loan balance
|
|
11.3
|
|
|
11.3
|
|
||
|
|
113.3
|
|
|
146.8
|
|
||
Incremental obligation related to guarantee to WF
|
|
219.1
|
|
|
219.1
|
|
||
Total exposure related to guarantees
|
|
$
|
332.4
|
|
|
$
|
365.9
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
HYGFS
|
$
|
20.0
|
|
|
$
|
20.6
|
|
SN
|
43.6
|
|
|
41.3
|
|
||
Bolzoni
|
0.4
|
|
|
0.5
|
|
|
SIX MONTHS ENDED
|
||||||
|
JUNE 30
|
||||||
|
2019
|
|
2018
|
||||
HYGFS
|
$
|
4.1
|
|
|
$
|
20.1
|
|
SN
|
1.0
|
|
|
2.1
|
|
||
|
$
|
5.1
|
|
|
$
|
22.2
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
$
|
110.6
|
|
|
$
|
105.0
|
|
|
$
|
220.0
|
|
|
$
|
205.5
|
|
Gross profit
|
$
|
37.2
|
|
|
$
|
31.4
|
|
|
$
|
74.9
|
|
|
$
|
63.3
|
|
Income from continuing operations
|
$
|
11.0
|
|
|
$
|
8.5
|
|
|
$
|
21.8
|
|
|
$
|
18.7
|
|
Net income
|
$
|
11.0
|
|
|
$
|
8.5
|
|
|
$
|
21.8
|
|
|
$
|
18.7
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gain (loss) on equity investment
|
$
|
(1.2
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(3.0
|
)
|
|
THREE MONTHS ENDED
|
|
Favorable / (Unfavorable)
|
|
SIX MONTHS ENDED
|
|
Favorable / (Unfavorable)
|
||||||||||||||
|
JUNE 30
|
|
|
JUNE 30
|
|
||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Lift truck unit shipments (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
14.5
|
|
|
14.1
|
|
|
2.8
|
%
|
|
29.7
|
|
|
29.7
|
|
|
—
|
%
|
||||
EMEA
|
8.0
|
|
|
7.4
|
|
|
8.1
|
%
|
|
15.6
|
|
|
14.9
|
|
|
4.7
|
%
|
||||
JAPIC (1)
|
3.8
|
|
|
2.4
|
|
|
58.3
|
%
|
|
6.7
|
|
|
4.1
|
|
|
63.4
|
%
|
||||
|
26.3
|
|
|
23.9
|
|
|
10.0
|
%
|
|
52.0
|
|
|
48.7
|
|
|
6.8
|
%
|
||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
537.7
|
|
|
$
|
471.6
|
|
|
14.0
|
%
|
|
$
|
1,072.2
|
|
|
$
|
967.5
|
|
|
10.8
|
%
|
EMEA
|
202.1
|
|
|
191.0
|
|
|
5.8
|
%
|
|
392.2
|
|
|
388.9
|
|
|
0.8
|
%
|
||||
JAPIC (1)
|
72.9
|
|
|
57.5
|
|
|
26.8
|
%
|
|
136.3
|
|
|
107.0
|
|
|
27.4
|
%
|
||||
Lift truck business
|
812.7
|
|
|
720.1
|
|
|
12.9
|
%
|
|
1,600.7
|
|
|
1,463.4
|
|
|
9.4
|
%
|
||||
Bolzoni
|
90.8
|
|
|
88.0
|
|
|
3.2
|
%
|
|
182.6
|
|
|
177.5
|
|
|
2.9
|
%
|
||||
Nuvera
|
2.2
|
|
|
0.7
|
|
|
n.m.
|
|
|
6.7
|
|
|
1.3
|
|
|
n.m.
|
|
||||
Eliminations
|
(49.5
|
)
|
|
(42.9
|
)
|
|
n.m.
|
|
|
(99.0
|
)
|
|
(87.8
|
)
|
|
n.m.
|
|
||||
|
$
|
856.2
|
|
|
$
|
765.9
|
|
|
11.8
|
%
|
|
$
|
1,691.0
|
|
|
$
|
1,554.4
|
|
|
8.8
|
%
|
Gross profit (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Americas
|
$
|
90.1
|
|
|
$
|
79.1
|
|
|
13.9
|
%
|
|
$
|
171.5
|
|
|
$
|
164.9
|
|
|
4.0
|
%
|
EMEA
|
28.4
|
|
|
25.1
|
|
|
13.1
|
%
|
|
53.5
|
|
|
50.9
|
|
|
5.1
|
%
|
||||
JAPIC (1)
|
8.4
|
|
|
6.1
|
|
|
37.7
|
%
|
|
14.5
|
|
|
10.6
|
|
|
36.8
|
%
|
||||
Lift truck business
|
126.9
|
|
|
110.3
|
|
|
15.0
|
%
|
|
239.5
|
|
|
226.4
|
|
|
5.8
|
%
|
||||
Bolzoni
|
15.5
|
|
|
16.8
|
|
|
(7.7
|
)%
|
|
31.1
|
|
|
33.8
|
|
|
(8.0
|
)%
|
||||
Nuvera
|
(2.7
|
)
|
|
(1.6
|
)
|
|
n.m.
|
|
|
(4.5
|
)
|
|
(2.5
|
)
|
|
n.m.
|
|
||||
Eliminations
|
(0.3
|
)
|
|
(0.2
|
)
|
|
n.m.
|
|
|
(0.5
|
)
|
|
(0.3
|
)
|
|
n.m.
|
|
||||
|
$
|
139.4
|
|
|
$
|
125.3
|
|
|
11.3
|
%
|
|
$
|
265.6
|
|
|
$
|
257.4
|
|
|
3.2
|
%
|
Selling, general and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
$
|
63.9
|
|
|
$
|
61.1
|
|
|
(4.6
|
)%
|
|
$
|
130.0
|
|
|
$
|
119.0
|
|
|
(9.2
|
)%
|
EMEA
|
23.7
|
|
|
23.7
|
|
|
—
|
%
|
|
48.8
|
|
|
48.6
|
|
|
(0.4
|
)%
|
||||
JAPIC (1)
|
10.2
|
|
|
8.2
|
|
|
(24.4
|
)%
|
|
20.8
|
|
|
14.9
|
|
|
(39.6
|
)%
|
||||
Lift truck business
|
97.8
|
|
|
93.0
|
|
|
(5.2
|
)%
|
|
199.6
|
|
|
182.5
|
|
|
(9.4
|
)%
|
||||
Bolzoni
|
13.2
|
|
|
13.6
|
|
|
2.9
|
%
|
|
27.6
|
|
|
27.9
|
|
|
1.1
|
%
|
||||
Nuvera
|
5.5
|
|
|
7.9
|
|
|
30.4
|
%
|
|
12.1
|
|
|
17.0
|
|
|
28.8
|
%
|
||||
|
$
|
116.5
|
|
|
$
|
114.5
|
|
|
(1.7
|
)%
|
|
$
|
239.3
|
|
|
$
|
227.4
|
|
|
(5.2
|
)%
|
Operating profit (loss)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Americas
|
$
|
26.2
|
|
|
$
|
18.0
|
|
|
45.6
|
%
|
|
$
|
41.5
|
|
|
$
|
45.9
|
|
|
(9.6
|
)%
|
EMEA
|
4.7
|
|
|
1.4
|
|
|
n.m.
|
|
|
4.7
|
|
|
2.3
|
|
|
104.3
|
%
|
||||
JAPIC (1)
|
(1.8
|
)
|
|
(2.1
|
)
|
|
n.m.
|
|
|
(6.3
|
)
|
|
(4.3
|
)
|
|
(46.5
|
)%
|
||||
Lift truck business
|
29.1
|
|
|
17.3
|
|
|
68.2
|
%
|
|
39.9
|
|
|
43.9
|
|
|
(9.1
|
)%
|
||||
Bolzoni
|
2.3
|
|
|
3.2
|
|
|
(28.1
|
)%
|
|
3.5
|
|
|
5.9
|
|
|
(40.7
|
)%
|
||||
Nuvera
|
(8.2
|
)
|
|
(9.5
|
)
|
|
13.7
|
%
|
|
(16.6
|
)
|
|
(19.5
|
)
|
|
14.9
|
%
|
||||
Eliminations
|
(0.3
|
)
|
|
(0.2
|
)
|
|
n.m.
|
|
|
(0.5
|
)
|
|
(0.3
|
)
|
|
n.m.
|
|
||||
|
$
|
22.9
|
|
|
$
|
10.8
|
|
|
112.0
|
%
|
|
$
|
26.3
|
|
|
$
|
30.0
|
|
|
(12.3
|
)%
|
Interest expense
|
$
|
5.1
|
|
|
$
|
4.0
|
|
|
(27.5
|
)%
|
|
$
|
9.6
|
|
|
$
|
8.0
|
|
|
(20.0
|
)%
|
Other income
|
$
|
(3.5
|
)
|
|
$
|
(2.7
|
)
|
|
29.6
|
%
|
|
$
|
(9.3
|
)
|
|
$
|
(7.3
|
)
|
|
27.4
|
%
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||
|
|
JUNE 30
|
|
JUNE 30
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Unit backlog, beginning of period
|
|
40.2
|
|
|
36.1
|
|
|
43.9
|
|
|
33.8
|
|
Unit shipments
|
|
(26.3
|
)
|
|
(23.9
|
)
|
|
(52.0
|
)
|
|
(48.7
|
)
|
Unit bookings
|
|
30.2
|
|
|
29.5
|
|
|
52.2
|
|
|
56.6
|
|
Unit backlog, end of period
|
|
44.1
|
|
|
41.7
|
|
|
44.1
|
|
|
41.7
|
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
||||||||||||
|
|
JUNE 30
|
|
JUNE 30
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Bookings, approximate sales value
|
|
$
|
620
|
|
|
$
|
720
|
|
|
$
|
1,150
|
|
|
$
|
1,340
|
|
Backlog, approximate sales value
|
|
$
|
1,130
|
|
|
$
|
1,080
|
|
|
$
|
1,130
|
|
|
$
|
1,080
|
|
|
Revenues
|
||
2018
|
$
|
765.9
|
|
Increase (decrease) in 2019 from:
|
|
||
Unit volume and product mix
|
50.5
|
|
|
Price
|
27.8
|
|
|
Hyster-Yale Maximal revenues
|
16.3
|
|
|
Other
|
7.3
|
|
|
Bolzoni revenues
|
2.8
|
|
|
Parts
|
2.7
|
|
|
Nuvera revenues
|
1.5
|
|
|
Foreign currency
|
(18.6
|
)
|
|
2019
|
$
|
856.2
|
|
|
Operating Profit
|
||
2018
|
$
|
10.8
|
|
Increase (decrease) in 2019 from:
|
|
||
Lift truck gross profit
|
16.5
|
|
|
Nuvera operations
|
1.3
|
|
|
Bolzoni operations
|
(0.9
|
)
|
|
Lift truck selling, general and administrative expenses
|
(4.8
|
)
|
|
2019
|
$
|
22.9
|
|
|
|
Revenues
|
||
2018
|
|
$
|
1,554.4
|
|
Increase (decrease) in 2019 from:
|
|
|
||
Unit price
|
|
51.9
|
|
|
Unit volume and product mix
|
|
50.1
|
|
|
Maximal revenues
|
|
32.7
|
|
|
Other
|
|
15.3
|
|
|
Parts
|
|
11.8
|
|
|
Nuvera revenues
|
|
5.4
|
|
|
Bolzoni revenues
|
|
5.1
|
|
|
Foreign currency
|
|
(35.7
|
)
|
|
2019
|
|
$
|
1,691.0
|
|
|
Operating Profit
|
||
2018
|
$
|
30.0
|
|
Increase (decrease) in 2019 from:
|
|
||
Lift truck selling, general and administrative expenses
|
(17.1
|
)
|
|
Bolzoni operations
|
(2.4
|
)
|
|
Lift truck gross profit
|
12.9
|
|
|
Nuvera operations
|
2.9
|
|
|
2019
|
$
|
26.3
|
|
|
2019
|
|
2018
|
|
Change
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
20.1
|
|
|
$
|
20.6
|
|
|
$
|
(0.5
|
)
|
Depreciation and amortization
|
22.0
|
|
|
20.8
|
|
|
1.2
|
|
|||
Dividends from unconsolidated affiliates
|
5.1
|
|
|
22.2
|
|
|
(17.1
|
)
|
|||
Working capital changes
|
(123.0
|
)
|
|
(18.0
|
)
|
|
(105.0
|
)
|
|||
Other
|
4.9
|
|
|
6.4
|
|
|
(1.5
|
)
|
|||
Net cash provided by (used for) operating activities
|
(70.9
|
)
|
|
52.0
|
|
|
(122.9
|
)
|
|||
Investing activities:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(18.4
|
)
|
|
(16.0
|
)
|
|
(2.4
|
)
|
|||
Business acquisitions, net of cash acquired
|
—
|
|
|
(74.3
|
)
|
|
74.3
|
|
|||
Proceeds from the sale of assets
|
0.8
|
|
|
0.8
|
|
|
—
|
|
|||
Net cash used for investing activities
|
(17.6
|
)
|
|
(89.5
|
)
|
|
71.9
|
|
|||
Cash flow before financing activities
|
$
|
(88.5
|
)
|
|
$
|
(37.5
|
)
|
|
$
|
(51.0
|
)
|
|
2019
|
|
2018
|
|
Change
|
||||||
Financing activities:
|
|
|
|
|
|
||||||
Net increases (decreases) of long-term debt and revolving credit agreements
|
$
|
67.2
|
|
|
$
|
(14.5
|
)
|
|
$
|
81.7
|
|
Cash dividends paid
|
(10.4
|
)
|
|
(10.1
|
)
|
|
(0.3
|
)
|
|||
Other
|
(0.7
|
)
|
|
(1.5
|
)
|
|
0.8
|
|
|||
Net cash provided by (used for) financing activities
|
$
|
56.1
|
|
|
$
|
(26.1
|
)
|
|
$
|
82.2
|
|
|
|
Six Months Ended June 30, 2019
|
|
Planned for Remainder of 2019
|
|
Planned 2019 Total
|
|
Actual 2018
|
||||||||
Lift truck business
|
|
$
|
12.6
|
|
|
$
|
37.2
|
|
|
$
|
49.8
|
|
|
$
|
31.8
|
|
Bolzoni
|
|
2.8
|
|
|
5.3
|
|
|
8.1
|
|
|
4.2
|
|
||||
Nuvera
|
|
3.0
|
|
|
5.6
|
|
|
8.6
|
|
|
2.8
|
|
||||
|
|
$
|
18.4
|
|
|
$
|
48.1
|
|
|
$
|
66.5
|
|
|
$
|
38.8
|
|
|
JUNE 30
2019 |
|
DECEMBER 31
2018 |
|
Change
|
||||||
Cash and cash equivalents
|
$
|
50.3
|
|
|
$
|
83.7
|
|
|
$
|
(33.4
|
)
|
Other net tangible assets
|
718.8
|
|
|
601.3
|
|
|
117.5
|
|
|||
Intangible assets
|
63.9
|
|
|
67.7
|
|
|
(3.8
|
)
|
|||
Goodwill
|
108.0
|
|
|
108.3
|
|
|
(0.3
|
)
|
|||
Net assets
|
941.0
|
|
|
861.0
|
|
|
80.0
|
|
|||
Total debt
|
(370.9
|
)
|
|
(301.5
|
)
|
|
(69.4
|
)
|
|||
Total equity
|
$
|
570.1
|
|
|
$
|
559.5
|
|
|
$
|
10.6
|
|
Debt to total capitalization
|
39
|
%
|
|
35
|
%
|
|
4
|
%
|
|
|
Hyster-Yale Materials Handling, Inc.
|
|
|
|
|
|
Date:
|
July 30, 2019
|
/s/ Kenneth C. Schilling
|
|
|
|
Kenneth C. Schilling
|
|
|
|
Senior Vice President and Chief Financial Officer (principal financial and accounting officer)
|
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ R.T.S. Tyler
|
By:
|
/s/ R.T.S. Tyler
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Suzanne Schulze Taylor
|
By:
|
/s/ Thomas Herron
|
By:
|
/s/ Thomas Herron
|
By:
|
/s/ Allister Chan
|
By:
|
/s/ Jacob Streit
|
By:
|
/s/ Moses Harris
|
By:
|
/s/ Patricia Del Busto
|
By:
|
/s/ Nadine M. Eames
|
By:
|
/s/ Jeffrey S. Cox
|
By:
|
/s/ Francesco Calcara
|
By:
|
/s/ John R. LePage
|
By:
|
/s/ James Horn
|
By:
|
/s/ Suzanne Schulze Taylor
|
Foreign Lender
|
Foreign Revolver Commitment
|
Bank of America, N.A. (acting through its London Branch)
|
$21,187,500.00
|
Citibank, N.A.
|
$17,906,250.00
|
HSBC Bank USA, National Association
|
$14,062,500.00
|
Wells Fargo Bank, National Association, London Branch
|
$12,187,500.00
|
KeyBank National Association
|
$8,437,500.00
|
Fifth Third Bank
|
$7,500,000.00
|
U.S. Bank National Association
|
$5,625,000.00
|
Intesa SanPaolo S.P.A. – New York Branch
|
$3,093,750.00
|
Total:
|
$90,000,000.00
|
U.S. Lender
|
U.S. Revolver Commitment
|
Bank of America, N.A.
|
$35,312,500.00
|
Citibank, N.A.
|
$29,843,750.00
|
HSBC Bank USA, National Association
|
$23,437,500.00
|
Wells Fargo Bank, N.A.
|
$20,312,500.00
|
KeyBank National Association
|
$14,062,500.00
|
Fifth Third Bank
|
$12,500,000.00
|
U.S. Bank National Association
|
$9,375,000.00
|
Intesa SanPaolo S.P.A.—New York Branch
|
$5,156,250.00
|
Total:
|
$150,000,000.00
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Hyster-Yale Materials Handling, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
July 30, 2019
|
/s/ Alfred M. Rankin, Jr.
|
|
|
|
Alfred M. Rankin, Jr.
|
|
|
|
Chairman, President and Chief Executive Officer (principal executive officer)
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Hyster-Yale Materials Handling, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
July 30, 2019
|
/s/ Kenneth C. Schilling
|
|
|
|
Kenneth C. Schilling
|
|
|
|
Senior Vice President and Chief Financial Officer (principal financial officer)
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
|
Date:
|
July 30, 2019
|
/s/ Alfred M. Rankin, Jr.
|
|
|
|
Alfred M. Rankin, Jr.
|
|
|
|
Chairman, President and Chief Executive Officer (principal executive officer)
|
|
Date:
|
July 30, 2019
|
/s/ Kenneth C. Schilling
|
|
|
|
Kenneth C. Schilling
|
|
|
|
Senior Vice President and Chief Financial Officer (principal financial officer)
|
|