<SEC-DOCUMENT>0001005229-21-000009.txt : 20210315
<SEC-HEADER>0001005229-21-000009.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210203080521
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001005229-21-000009
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLUMBUS MCKINNON CORP
		CENTRAL INDEX KEY:			0001005229
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION MACHINERY & EQUIP [3531]
		IRS NUMBER:				160547600
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		205 CROSSPOINT PARKWAY
		CITY:			GETZVILLE
		STATE:			NY
		ZIP:			14068
		BUSINESS PHONE:		7166895400

	MAIL ADDRESS:	
		STREET 1:		205 CROSSPOINT PARKWAY
		CITY:			GETZVILLE
		STATE:			NY
		ZIP:			14068
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="id6fe1ca78e6f428181116fce9f9f43ed_32"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">February 3, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">United States</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Washington, D.C. 20549</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:78.044%"><tr><td style="width:1.0%"></td><td style="width:17.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:80.009%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Attention&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Ms. Brittany Ebbertt, Senior Staff Accountant</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Ms. Chris Dietz, Senior Staff Accountant</font></td></tr></table></div><div style="text-indent:72pt"><font><br></font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Re&#58; Columbus McKinnon Corporation</font></div><div style="text-indent:107.99pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Form 10-K for the Fiscal Year Ended March 31, 2020</font></div><div style="text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Filed May 27, 2020</font></div><div style="text-indent:107.99pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Form 8-K furnished May 27, 2020</font></div><div style="text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Form 8-K furnished October 29, 2020</font></div><div style="text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">File No. 001-34362</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Dear Ms. Ebbertt and Ms. Dietz&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">By this letter, Columbus McKinnon Corporation (the &#8220;Company&#8221;) is responding to the comments of the Staff of the Securities and Exchange Commission (the &#8220;Commission&#8221;) on the Columbus McKinnon filings referenced above.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Set forth below is the Company&#8217;s response to the letter of comments, dated January 25, 2021, to the Company from the Commission.  The responses noted below have been numbered to correspond to those of the comment letter.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Form 10-K for the Fiscal Year Ended March 31, 2020 </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Notes to Consolidated Financial Statements </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Note 13. Pension and Other Benefit Plans, page 62 </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;padding-left:9.75pt">We note you provide information about all of your defined benefit pension plans in the aggregate&#59; however, we also note that you acquired several foreign plans in your acquisition of STAHL. Please tell us what consideration was given to separately presenting information for your U.S. and foreign plans. Refer to ASC 715-20-50-4.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Company Response&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">The Company has considered the guidance in ASC 715-20-50-4 as it relates to its pension plan disclosures as follows&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:107%">At March 31, 2020, the Company&#8217;s total foreign plans&#8217; projected benefit obligation (PBO) is 22% of its consolidated total PBO.  Further, management considers the assumptions used for the foreign plans to be consistent with those used for all Company plans.  The most significant assumption used is the discount rate.  In the March 31, 2020 financial statements, the Company disclosed the weighted average discount rate used for all plans of 2.79%.  The Company does not consider this to be significantly different than the weighted average discount rate for all foreign plans of 1.21%.  Further, the foreign plan discount rates are calculated under the same methodology as the U.S. plans but use different bond rates applicable to the country where the plans reside.  All other disclosed assumptions were not significant to the determination of the foreign plans&#8217; PBO.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Given the above, the Company does not consider separate disclosure of its foreign plans under ASC 715-20-50-4 to be required as the plans are not significant relative to the Company&#8217;s total benefit obligation and the Company does not use significantly different assumptions when valuing its international plans.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Form 8-K furnished May 27, 2020</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Exhibit 99.1, page 1 </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;padding-left:9.75pt">We note several instances where you include a non-GAAP margin without providing the GAAP margin with greater prominence. For example, you disclose Adjusted EBITDA margin, Adjusted gross margin and Adjusted operating margin, but have not disclosed the corresponding GAAP margins. Refer to Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the Non-GAAP Compliance and Disclosure Interpretations. Similar concerns apply to subsequent earnings releases on Form 8-K.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Company Response&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:106%">In all future quarterly earnings press releases, the Company will present the GAAP margin along with all non-GAAP margins disclosed in its reconciliation pages.  The Company will present the GAAP figure more prominently than the non-GAAP figure and will also include a description of how the measure is calculated.  This will include the following disclosures&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:106%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:106%;padding-left:14.15pt">Net income margin will be presented in tables and reconciliations where adjusted EBITDA margin is disclosed</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:14.15pt">GAAP gross margin will be presented along with non-GAAP adjusted gross margin in the reconciliation tables</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;padding-left:14.15pt">GAAP operating margin will be presented along with non-GAAP operating margin in the reconciliation tables</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">In addition, the Company will now include a footnote in its press release that free cash flow is a non-GAAP metric and will reconcile cash from investing activities minus CAPEX to arrive at free cash flow.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Form 8-K furnished May 27, 2020</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Exhibit 99.1, page 1 </font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;padding-left:9.75pt">We note your presentation of return on invested capital (ROIC). It appears, based on information provided in Exhibit 99.2, that ROIC is a non-GAAP measure. Please revise to provide a description of the measure, label it as a non-GAAP measure, and provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:115%">Company Response&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:106%">The Company will no longer reference ROIC within its quarterly earnings press releases. The Company will continue to include ROIC in its earnings call slide deck, which will be filed under Item 7.01 of form 8K.  The Company will add a disclosure within the slide deck that ROIC is a non-GAAP measure and will provide a reconciliation indicating how ROIC is calculated.  </font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Form 8-K furnished October 29, 2020</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Exhibit 99.1, page 2</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%;padding-left:9.75pt">We note your disclosure of &#34;decremental adjusted operating income leverage.&#34; Please revise to provide a description of this measure, label it as a non-GAAP measure, and provide the disclosures required by Item 10(e)(1)(i) of Regulation S-K.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">CMCO Considerations</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:106%">The Company will no longer refer to decremental adjusted operating leverage within its quarterly earnings press releases.  The Company may include it in the earnings call slide deck, which will be filed under Item 7.01 of form 8K.  If the Company includes it in the earnings call slide deck, we will add disclosure within the slide deck indicating that decremental adjusted operating income leverage is a non-GAAP metric and will provide a table showing how it is calculated.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">****</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Pursuant to your request, the Company acknowledges that it and its management are responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the staff.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">The Company respectfully requests that the Staff provide any further comments or questions with regard to this inquiry as soon as possible by telephone, fax, or email to the undersigned at (412) 916-8839 or </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">Greg.Rustowicz&#64;cmworks.com</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        Yours Truly,</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        Columbus McKinnon Corporation</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%;text-decoration:underline">By&#58; &#47;s&#47; Gregory P. Rustowicz</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        Gregory P. Rustowicz</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        Vice President Finance and Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:115%">                                                                        (Principal Financial Officer)</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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