XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

Business Segments | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | Business Segments The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni. Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business. The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated. During the second quarter of 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the Company's unaudited condensed consolidated financial statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Financial information for each reportable segment is presented in the following table:
| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from external customers |  |  |  |  |  |  |
Americas | $ | 707.5 |  |  | $ | 881.5 |  |  | $ | 1,406.4 |  |  | $ | 1,651.4 |
EMEA | 148.3 |  |  | 187.8 |  |  | 266.5 |  |  | 387.2 |
JAPIC | 48.4 |  |  | 48.7 |  |  | 95.7 |  |  | 86.4 |
Lift truck business | 904.2 |  |  | 1,118.0 |  |  | 1,768.6 |  |  | 2,125.0 |
Bolzoni | 90.6 |  |  | 102.4 |  |  | 170.9 |  |  | 198.6 |
Eliminations | (38.2) |  |  | (52.3) |  |  | (72.5) |  |  | (99.0) |
Total | $ | 956.6 |  |  | $ | 1,168.1 |  |  | $ | 1,867.0 |  |  | $ | 2,224.6 |
Cost of Sales |  |  |  |  |  |  |
Americas | $ | 577.6 |  |  | $ | 681.9 |  |  | $ | 1,134.0 |  |  | $ | 1,276.0 |
EMEA | 133.5 |  |  | 155.3 |  |  | 238.8 |  |  | 320.8 |
JAPIC | 46.3 |  |  | 43.9 |  |  | 90.2 |  |  | 78.0 |
Lift truck business | 757.4 |  |  | 881.1 |  |  | 1,463.0 |  |  | 1,674.8 |
Bolzoni | 69.2 |  |  | 80.0 |  |  | 131.0 |  |  | 154.4 |
Eliminations | (38.2) |  |  | (52.3) |  |  | (72.9) |  |  | (99.6) |
Total | $ | 788.4 |  |  | $ | 908.8 |  |  | $ | 1,521.1 |  |  | $ | 1,729.6 |
Gross profit (loss) |  |  |  |  |  |  |
Americas | $ | 129.9 |  |  | $ | 199.6 |  |  | $ | 272.4 |  |  | $ | 375.4 |
EMEA | 14.8 |  |  | 32.5 |  |  | 27.7 |  |  | 66.4 |
JAPIC | 2.1 |  |  | 4.8 |  |  | 5.5 |  |  | 8.4 |
Lift truck business | 146.8 |  |  | 236.9 |  |  | 305.6 |  |  | 450.2 |
Bolzoni | 21.4 |  |  | 22.4 |  |  | 39.9 |  |  | 44.2 |
Eliminations | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Total | $ | 168.2 |  |  | $ | 259.3 |  |  | $ | 345.9 |  |  | $ | 495.0 |
Selling, general and administrative expenses |  |  |  |  |  |  |
Americas | $ | 102.3 |  |  | $ | 107.1 |  |  | $ | 201.6 |  |  | $ | 202.7 |
EMEA | 30.1 |  |  | 27.7 |  |  | 59.2 |  |  | 56.4 |
JAPIC | 9.6 |  |  | 10.5 |  |  | 19.5 |  |  | 19.6 |
Lift truck business | 142.0 |  |  | 145.3 |  |  | 280.3 |  |  | 278.7 |
Bolzoni | 19.0 |  |  | 18.4 |  |  | 36.9 |  |  | 36.9 |
Total | $ | 161.0 |  |  | $ | 163.7 |  |  | $ | 317.2 |  |  | $ | 315.6 |
Adjustments(a) |  |  |  |  |  |  |
Americas | $ | 15.9 |  |  | $ | — |  |  | $ | 16.6 |  |  | $ | — |
EMEA | (0.3) |  |  | — |  |  | (1.6) |  |  | — |
JAPIC | 0.1 |  |  | — |  |  | 0.9 |  |  | — |
Lift truck business | 15.7 |  |  | — |  |  | 15.9 |  |  | — |
Bolzoni | — |  |  | — |  |  | — |  |  | — |
Eliminations | — |  |  | — |  |  | — |  |  | — |
Total | $ | 15.7 |  |  | $ | — |  |  | $ | 15.9 |  |  | $ | — |
| THREE MONTHS ENDED |  | SIX MONTHS ENDED
| JUNE 30 |  | JUNE 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating profit (loss) |  |  |  |  |  |  |
Americas | $ | 11.7 |  |  | $ | 92.5 |  |  | $ | 54.2 |  |  | $ | 172.7 |
EMEA | (15.0) |  |  | 4.8 |  |  | (29.9) |  |  | 10.0 |
JAPIC | (7.6) |  |  | (5.7) |  |  | (14.9) |  |  | (11.2) |
Lift truck business | (10.9) |  |  | 91.6 |  |  | 9.4 |  |  | 171.5 |
Bolzoni | 2.4 |  |  | 4.0 |  |  | 3.0 |  |  | 7.3 |
Eliminations | — |  |  | — |  |  | 0.4 |  |  | 0.6 |
Total | $ | (8.5) |  |  | $ | 95.6 |  |  | $ | 12.8 |  |  | $ | 179.4 |
Interest expense |  |  |  |  |  |  |
Americas | $ | 7.3 |  |  | $ | 8.0 |  |  | $ | 14.5 |  |  | $ | 16.0 |
EMEA | 0.3 |  |  | 0.7 |  |  | 0.4 |  |  | 1.3 |
JAPIC | 0.3 |  |  | 0.3 |  |  | 0.6 |  |  | 0.6 |
Eliminations | (0.2) |  |  | (0.3) |  |  | (0.4) |  |  | (0.5) |
Lift truck business | 7.7 |  |  | 8.7 |  |  | 15.1 |  |  | 17.4 |
Bolzoni | 0.6 |  |  | 0.5 |  |  | 1.1 |  |  | 0.9 |
Eliminations | (0.4) |  |  | (0.4) |  |  | (0.6) |  |  | (0.6) |
Total | $ | 7.9 |  |  | $ | 8.8 |  |  | $ | 15.6 |  |  | $ | 17.7 |
Depreciation and amortization |  |  |  |  |  |  |
Americas | $ | 5.0 |  |  | $ | 5.2 |  |  | $ | 9.1 |  |  | $ | 10.0 |
EMEA | 2.2 |  |  | 2.1 |  |  | 4.3 |  |  | 4.2 |
JAPIC | 1.6 |  |  | 2.0 |  |  | 3.3 |  |  | 3.9 |
Lift truck business | 8.8 |  |  | 9.3 |  |  | 16.7 |  |  | 18.1 |
Bolzoni | 3.0 |  |  | 3.1 |  |  | 6.1 |  |  | 6.0 |
Total | $ | 11.8 |  |  | $ | 12.4 |  |  | $ | 22.8 |  |  | $ | 24.1 |
Capital expenditures |  |  |  |  |  |  |
Americas | $ | (8.3) |  |  | $ | (8.4) |  |  | $ | (14.4) |  |  | $ | (14.4) |
EMEA | (3.3) |  |  | (1.0) |  |  | (4.4) |  |  | (1.2) |
JAPIC | (1.1) |  |  | (1.7) |  |  | (2.3) |  |  | (2.1) |
Lift truck business | (12.7) |  |  | (11.1) |  |  | (21.1) |  |  | (17.7) |
Bolzoni | (1.1) |  |  | (1.1) |  |  | (3.3) |  |  | (2.0) |
Total | $ | (13.8) |  |  | $ | (12.2) |  |  | $ | (24.4) |  |  | $ | (19.7) |
(a) Consists of restructuring charges (reversals) recognized during the three and six months ended June 30, 2025 related to programs initiated in 2024 and the strategic realignment of Nuvera in 2025. See Note 15, Restructuring and Impairment Charges, of the Company's unaudited condensed consolidated financial statements for further discussion.
| JUNE 30 2025 |  | DECEMBER 31 2024
Total assets |  |  |
Americas | $ | 1,936.9 |  |  | $ | 1,938.6 |
EMEA | 701.6 |  |  | 678.5 |
JAPIC | 255.2 |  |  | 252.9 |
Eliminations | (929.9) |  |  | (928.3) |
Lift truck business | 1,963.8 |  |  | 1,941.7 |
Bolzoni | 336.1 |  |  | 290.8 |
Eliminations | (224.8) |  |  | (203.3) |
Total | 2,075.1 |  |  | 2,029.2 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration