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s

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-11978

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

Wisconsin |  | 39-0448110
(State or other jurisdiction |  | (I.R.S. Employer
of incorporation or organization) |  | Identification Number)

11270 West Park Place Suite 1000 |  |
Milwaukee, Wisconsin |  | 53224
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common Stock, $.01 Par Value |  | MTW |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ☐ |  | Accelerated filer |  | ☒
Non-accelerated filer |  | ☐ |  | Smaller reporting company |  | ☐
Emerging growth company |  | ☐ |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2024, the registrant had 35,116,857 shares of common stock, $.01 par value per share, outstanding.

PART I. FINANCI AL INFORMATION

Item 1. Financ ial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated S tatements of Operations

For the three and six months ended June 30, 2024 and 2023

(Unaudited)

($ in millions, except per share and share amounts)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |
Cost of sales |  |  | 462.4 |  |  |  | 479.8 |  |  |  | 865.0 |  |  |  | 881.8 |
Gross profit |  |  | 99.7 |  |  |  | 123.0 |  |  |  | 192.2 |  |  |  | 229.3 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Engineering, selling and administrative expenses |  |  | 83.7 |  |  |  | 87.6 |  |  |  | 159.7 |  |  |  | 162.7 |
Amortization of intangible assets |  |  | 0.8 |  |  |  | 0.7 |  |  |  | 1.5 |  |  |  | 1.7 |
Restructuring expense |  |  | 2.3 |  |  |  | 0.3 |  |  |  | 2.9 |  |  |  | 0.3 |
Total operating costs and expenses |  |  | 86.8 |  |  |  | 88.6 |  |  |  | 164.1 |  |  |  | 164.7 |
Operating income |  |  | 12.9 |  |  |  | 34.4 |  |  |  | 28.1 |  |  |  | 64.6 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (9.6 | ) |  |  | (9.0 | ) |  |  | (18.8 | ) |  |  | (17.1 | )
Amortization of deferred financing fees |  |  | (0.4 | ) |  |  | (0.4 | ) |  |  | (0.7 | ) |  |  | (0.7 | )
Other income (expense) - net |  |  | 0.3 |  |  |  | (10.0 | ) |  |  | 1.0 |  |  |  | (11.1 | )
Total other expense |  |  | (9.7 | ) |  |  | (19.4 | ) |  |  | (18.5 | ) |  |  | (28.9 | )
Income before income taxes |  |  | 3.2 |  |  |  | 15.0 |  |  |  | 9.6 |  |  |  | 35.7 |
Provision (benefit) for income taxes |  |  | 1.6 |  |  |  | (5.2 | ) |  |  | 3.5 |  |  |  | (1.0 | )
Net income |  | $ | 1.6 |  |  | $ | 20.2 |  |  | $ | 6.1 |  |  | $ | 36.7 |
Per Share Data and Share Amounts: |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per common share |  | $ | 0.05 |  |  | $ | 0.58 |  |  | $ | 0.17 |  |  | $ | 1.05 |
Diluted net income per common share |  | $ | 0.04 |  |  | $ | 0.57 |  |  | $ | 0.17 |  |  | $ | 1.03 |
Weighted average shares outstanding - basic |  |  | 35,368,492 |  |  |  | 35,084,580 |  |  |  | 35,316,971 |  |  |  | 35,102,924 |
Weighted average shares outstanding - diluted |  |  | 35,738,322 |  |  |  | 35,650,143 |  |  |  | 35,899,481 |  |  |  | 35,766,952 |

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

2

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statement s of Comprehensive Income (Loss)

For the three and six months ended June 30, 2024 and 2023

(Unaudited)

($ in millions)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 1.6 |  |  | $ | 20.2 |  |  | $ | 6.1 |  |  | $ | 36.7 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively |  |  | (0.3 | ) |  |  | (2.5 | ) |  |  | (1.9 | ) |  |  | (5.8 | )
Employee pension and postretirement benefit income (expense), net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively |  |  | — |  |  |  | (0.9 | ) |  |  | 0.1 |  |  |  | (1.9 | )
Foreign currency translation adjustments, net of income tax benefit of $0.3, $0.7, $0.9, and $0.9, respectively |  |  | (1.3 | ) |  |  | 9.5 |  |  |  | (12.3 | ) |  |  | 13.7 |
Total other comprehensive income (loss), net of income tax |  |  | (1.6 | ) |  |  | 6.1 |  |  |  | (14.1 | ) |  |  | 6.0 |
Comprehensive income (loss) |  | $ | — |  |  | $ | 26.3 |  |  | $ | (8.0 | ) |  | $ | 42.7 |

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

3

THE MANITOWOC COMPANY, INC.

Condensed Consolida ted Balance Sheets

As of June 30, 2024 and December 31, 2023

(Unaudited)

($ in millions, except per share amounts)

|  | June 30, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 38.1 |  |  | $ | 34.4 |
Accounts receivable, less allowances of $5.6 and $6.1, respectively |  |  | 257.3 |  |  |  | 278.8 |
Inventories - net |  |  | 759.4 |  |  |  | 666.5 |
Notes receivable — net |  |  | 4.7 |  |  |  | 6.7 |
Other current assets |  |  | 33.0 |  |  |  | 46.6 |
Total current assets |  |  | 1,092.5 |  |  |  | 1,033.0 |
Property, plant and equipment — net |  |  | 355.5 |  |  |  | 366.1 |
Operating lease right-of-use assets |  |  | 56.1 |  |  |  | 59.7 |
Goodwill |  |  | 78.9 |  |  |  | 79.6 |
Intangible assets — net |  |  | 122.1 |  |  |  | 125.6 |
Other non-current assets |  |  | 42.8 |  |  |  | 42.7 |
Total assets |  | $ | 1,747.9 |  |  | $ | 1,706.7 |
Liabilities and Stockholders' Equity |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 481.8 |  |  | $ | 457.4 |
Customer advances |  |  | 17.8 |  |  |  | 19.2 |
Short-term borrowings and current portion of long-term debt |  |  | 21.4 |  |  |  | 13.4 |
Product warranties |  |  | 38.5 |  |  |  | 47.1 |
Other liabilities |  |  | 19.1 |  |  |  | 26.2 |
Total current liabilities |  |  | 578.6 |  |  |  | 563.3 |
Non-Current Liabilities: |  |  |  |  |  |
Long-term debt |  |  | 406.3 |  |  |  | 358.7 |
Operating lease liabilities |  |  | 44.0 |  |  |  | 47.2 |
Deferred income taxes |  |  | 7.4 |  |  |  | 7.5 |
Pension obligations |  |  | 51.2 |  |  |  | 55.8 |
Postretirement health and other benefit obligations |  |  | 5.3 |  |  |  | 5.6 |
Long-term deferred revenue |  |  | 19.6 |  |  |  | 24.1 |
Other non-current liabilities |  |  | 43.2 |  |  |  | 41.2 |
Total non-current liabilities |  |  | 577.0 |  |  |  | 540.1 |
Commitments and contingencies (Note 17) |  |  |  |  |  |
Stockholders' Equity: |  |  |  |  |  |
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding) |  |  | — |  |  |  | — |
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,116,857 and 35,094,993 shares outstanding, respectively) |  |  | 0.4 |  |  |  | 0.4 |
Additional paid-in capital |  |  | 610.1 |  |  |  | 613.1 |
Accumulated other comprehensive loss |  |  | (100.5 | ) |  |  | (86.4 | )
Retained earnings |  |  | 149.6 |  |  |  | 143.5 |
Treasury stock, at cost (5,677,126 and 5,698,990 shares, respectively) |  |  | (67.3 | ) |  |  | (67.3 | )
Total stockholders' equity |  |  | 592.3 |  |  |  | 603.3 |
Total liabilities and stockholders' equity |  | $ | 1,747.9 |  |  | $ | 1,706.7 |

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

4

THE MANITOWOC COMPANY, INC.

Condensed Consolidated S tatements of Cash Flows

For the six months ended June 30, 2024 and 2023

(Unaudited)

($ in millions)

|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Cash Flows from Operating Activities: |  |  |  |  |  |
Net income |  | $ | 6.1 |  |  | $ | 36.7 |
Adjustments to reconcile net income to cash used for operating activities: |  |  |  |  |  |
Depreciation expense |  |  | 29.3 |  |  |  | 28.1 |
Amortization of intangible assets |  |  | 1.5 |  |  |  | 1.7 |
Stock-based compensation expense |  |  | 5.6 |  |  |  | 5.4 |
Amortization of deferred financing fees |  |  | 0.7 |  |  |  | 0.7 |
Gain (loss) on sale of property, plant and equipment |  |  | 0.3 |  |  |  | (0.2 | )
Deferred income tax benefit |  |  | — |  |  |  | (14.0 | )
Loss on foreign currency translation adjustments |  |  | — |  |  |  | 9.3 |
Changes in operating assets and liabilities |  |  |  |  |  |
Accounts receivable |  |  | 16.9 |  |  |  | (7.1 | )
Inventories |  |  | (104.2 | ) |  |  | (107.4 | )
Notes receivable |  |  | 2.1 |  |  |  | 3.9 |
Other assets |  |  | 10.0 |  |  |  | 7.9 |
Accounts payable |  |  | 32.3 |  |  |  | 19.5 |
Accrued expenses and other liabilities |  |  | (20.2 | ) |  |  | 12.4 |
Net cash used for operating activities |  |  | (19.6 | ) |  |  | (3.1 | )
Cash Flows from Investing Activities: |  |  |  |  |  |
Capital expenditures |  |  | (25.1 | ) |  |  | (36.3 | )
Proceeds from sale of property, plant and equipment |  |  | 3.5 |  |  |  | 5.1 |
Net cash used for investing activities |  |  | (21.6 | ) |  |  | (31.2 | )
Cash Flows from Financing Activities: |  |  |  |  |  |
Proceeds from revolving credit facility - net |  |  | 37.5 |  |  |  | 12.0 |
Payments on revolving credit facility |  |  | — |  |  |  | (10.0 | )
Proceeds from revolving credit facility |  |  | 10.0 |  |  |  | — |
Proceeds from (payments on) other debt - net |  |  | 10.1 |  |  |  | (1.2 | )
Exercises of stock options |  |  | — |  |  |  | 0.3 |
Common stock repurchases |  |  | (5.7 | ) |  |  | (5.5 | )
Other financing activities |  |  | (6.2 | ) |  |  | — |
Net cash provided by (used for) financing activities |  |  | 45.7 |  |  |  | (4.4 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.8 | ) |  |  | 0.2 |
Net decrease in cash and cash equivalents |  |  | 3.7 |  |  |  | (38.5 | )
Cash and cash equivalents at beginning of period |  |  | 34.4 |  |  |  | 64.4 |
Cash and cash equivalents at end of period |  | $ | 38.1 |  |  | $ | 25.9 |
Supplemental Cash Flow Information |  |  |  |  |  |
Interest paid |  | $ | 18.2 |  |  | $ | 17.0 |
Income taxes paid |  |  | 3.9 |  |  |  | 3.6 |

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

5

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

For the three and six months ended June 30, 2024 and 2023

(Unaudited)

($ in millions, except share amounts)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Common Stock - Par Value |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Balance at end of period |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Additional Paid-in Capital |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 608.5 |  |  | $ | 605.8 |  |  | $ | 613.1 |  |  | $ | 606.7 |
Stock compensation plans |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (8.6 | ) |  |  | (4.3 | )
Stock-based compensation expense |  |  | 1.9 |  |  |  | 2.3 |  |  |  | 5.6 |  |  |  | 5.4 |
Balance at end of period |  | $ | 610.1 |  |  | $ | 607.8 |  |  | $ | 610.1 |  |  | $ | 607.8 |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (98.9 | ) |  | $ | (108.0 | ) |  | $ | (86.4 | ) |  | $ | (107.9 | )
Other comprehensive income (loss) |  |  | (1.6 | ) |  |  | 6.1 |  |  |  | (14.1 | ) |  |  | 6.0 |
Balance at end of period |  | $ | (100.5 | ) |  | $ | (101.9 | ) |  | $ | (100.5 | ) |  | $ | (101.9 | )
Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 148.0 |  |  | $ | 120.8 |  |  | $ | 143.5 |  |  | $ | 104.3 |
Net income |  |  | 1.6 |  |  |  | 20.2 |  |  |  | 6.1 |  |  |  | 36.7 |
Balance at end of period |  | $ | 149.6 |  |  | $ | 141.0 |  |  | $ | 149.6 |  |  | $ | 141.0 |
Treasury Stock |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (62.0 | ) |  | $ | (66.2 | ) |  | $ | (67.3 | ) |  | $ | (65.7 | )
Stock compensation plans |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 5.7 |  |  |  | 3.3 |
Common stock repurchases |  |  | (5.7 | ) |  |  | (2.0 | ) |  |  | (5.7 | ) |  |  | (5.5 | )
Balance at end of period |  | $ | (67.3 | ) |  | $ | (67.9 | ) |  | $ | (67.3 | ) |  | $ | (67.9 | )
Total stockholders' equity |  | $ | 592.3 |  |  | $ | 579.4 |  |  | $ | 592.3 |  |  | $ | 579.4 |

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

6

THE MANITOWOC COMPANY, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2024 and 2023

1. Accounting Policies and Basis of Presentation

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

The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refe r to Note 16, “Segments,” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations for the three and six months ended June 30, 2024 and 2023, the cash flows for the same six month periods and the financial positions as of June 30, 2024 and December 31, 2023, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The audited balance sheet as of December 31, 2023 was derived from the audited annual financial statements. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2023. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except per share data and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

2. Recent Accounting Changes and Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting - Improvements to Reportable Segments Disclosures.” The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced footnote disclosures about significant segment expenses. The standard is effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU enhance the transparency and decision usefulness of income tax disclosures. The standard is effective for annual periods beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements.

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2024 and 2023.

7

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 20.3 |  |  | $ | 24.0 |  |  | $ | 19.2 |  |  | $ | 21.9 |
Cash received in advance of satisfying performance obligations |  |  | 24.4 |  |  |  | 38.0 |  |  |  | 63.5 |  |  |  | 72.4 |
Revenue recognized |  |  | (26.7 | ) |  |  | (41.9 | ) |  |  | (64.4 | ) |  |  | (74.3 | )
Currency translation |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | (0.5 | ) |  |  | 0.2 |
Balance at end of period |  | $ | 17.8 |  |  | $ | 20.2 |  |  | $ | 17.8 |  |  | $ | 20.2 |

Disaggregation of the Company’s revenue sources are disclosed in Note 16, “Se gments.”

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of June 30, 2024 and December 31, 2023.

|  | Fair Value as of June 30, 2024 |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Recognized Location
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred Compensation Plan - Program B |  | $ | 8.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.8 |  |  | Other non-current assets
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |  |  | Accounts payable and accrued expenses

|  | Fair Value as of December 31, 2023 |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Recognized Location
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |  |  | Other current assets
Deferred Compensation Plan - Program B |  |  | 8.1 |  |  |  | — |  |  |  | — |  |  |  | 8.1 |  |  | Other non-current assets
Total current assets at fair value |  | $ | 8.1 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 9.7 |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | Accounts payable and accrued expenses

The fair value of the $300.0 million senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was approximately $300.2 million as of June 30, 2024. See Note 10, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of June 30, 2024 and December 31, 2023, due to the short-term nature of these instruments.

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

The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1.

8

5. Derivative Financial Instruments

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

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss) ("AOCI"). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and six months ended June 30, 2024 and 2023.

The Company had FX Forward Contracts with aggregate notional amounts of $107.8 million and $140.1 million in U.S. dollar equivalent as of June 30, 2024 and December 31, 2023, respectively. The aggregate notional amount outstanding as of June 30, 2024 is scheduled to mature within one year. The FX Forward Contracts are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $0.6 million of losses and $1.3 million of gains as of June 30, 2024 and December 31, 2023, respectively.

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | Recognized Location |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Designated |  | Cost of sales |  | $ | (0.4 | ) |  | $ | 1.8 |  |  | $ | (1.3 | ) |  | $ | 5.2 |
Non-designated |  | Other income (expense) - net |  | $ | 0.9 |  |  | $ | (2.9 | ) |  | $ | 2.3 |  |  | $ | (5.2 | )

6. Inventories

The components of inventories as of June 30, 2024 and December 31, 2023 are summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 189.5 |  |  | $ | 164.7 |
Work-in-process |  |  | 157.4 |  |  |  | 111.3 |
Finished goods |  |  | 412.5 |  |  |  | 390.5 |
Total inventories |  | $ | 759.4 |  |  | $ | 666.5 |

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of June 30, 2024 and December 31, 2023 are summarized as follows:

9

|  | June 30, 2024 |  |  | December 31, 2023 |
Land |  | $ | 14.6 |  |  | $ | 14.9 |
Building and improvements |  |  | 198.9 |  |  |  | 201.5 |
Machinery, equipment, and tooling |  |  | 323.0 |  |  |  | 318.4 |
Furniture and fixtures |  |  | 13.3 |  |  |  | 13.8 |
Computer hardware and software |  |  | 136.6 |  |  |  | 135.8 |
Rental cranes |  |  | 202.6 |  |  |  | 201.9 |
Construction in progress |  |  | 8.7 |  |  |  | 7.2 |
Total cost |  |  | 897.7 |  |  |  | 893.5 |
Less accumulated depreciation |  |  | (542.2 | ) |  |  | (527.4 | )
Property, plant, and equipment — net |  | $ | 355.5 |  |  | $ | 366.1 |

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

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 were $2.9 million and $7.0 million, respectively.

Assets Held for Sale

As of December 31, 2023, the Company had $3.0 million of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2024, the Company had sold the property, plant, and equipment previously classified as assets held for sale.

8. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of June 30, 2024 is summarized as follows:

|  | Americas |  |  | MEAP |  |  | Consolidated |
Balance as of December 31, 2023 |  | $ | 14.4 |  |  | $ | 65.2 |  |  | $ | 79.6 |
Foreign currency impact |  |  | — |  |  |  | (0.7 | ) |  |  | (0.7 | )
Balance as of June 30, 2024 |  | $ | 14.4 |  |  | $ | 64.5 |  |  | $ | 78.9 |

The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of June 30, 2024 and December 31, 2023, are summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Impairment Amount |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Impairment Amount |  |  | Net Book Value |
Americas |  | $ | 180.9 |  |  | $ | (166.5 | ) |  | $ | 14.4 |  |  | $ | 180.9 |  |  | $ | (166.5 | ) |  | $ | 14.4 |
EURAF |  |  | 82.2 |  |  |  | (82.2 | ) |  |  | — |  |  |  | 82.2 |  |  |  | (82.2 | ) |  |  | — |
MEAP |  |  | 64.5 |  |  |  | — |  |  |  | 64.5 |  |  |  | 65.2 |  |  |  | — |  |  |  | 65.2 |
Total |  | $ | 327.6 |  |  | $ | (248.7 | ) |  | $ | 78.9 |  |  | $ | 328.3 |  |  | $ | (248.7 | ) |  | $ | 79.6 |

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in

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circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of June 30, 2024 and December 31, 2023, are summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization Amount |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization Amount |  |  | Net Book Value |
Definite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 26.4 |  |  | $ | (12.4 | ) |  | $ | 14.0 |  |  | $ | 26.5 |  |  | $ | (11.6 | ) |  | $ | 14.9 |
Patents |  |  | 28.7 |  |  |  | (28.3 | ) |  |  | 0.4 |  |  |  | 29.2 |  |  |  | (28.8 | ) |  |  | 0.4 |
Noncompetition agreements |  |  | 4.2 |  |  |  | (2.4 | ) |  |  | 1.8 |  |  |  | 4.2 |  |  |  | (2.0 | ) |  |  | 2.2 |
Trademarks and tradenames |  |  | 2.2 |  |  |  | (1.2 | ) |  |  | 1.0 |  |  |  | 2.2 |  |  |  | (1.0 | ) |  |  | 1.2 |
Other intangibles |  |  | 0.6 |  |  |  | (0.6 | ) |  |  | — |  |  |  | 0.7 |  |  |  | (0.7 | ) |  |  | — |
Total |  | $ | 62.1 |  |  | $ | (44.9 | ) |  | $ | 17.2 |  |  | $ | 62.8 |  |  | $ | (44.1 | ) |  | $ | 18.7 |
Indefinite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and tradenames |  | $ | 91.0 |  |  | $ | — |  |  | $ | 91.0 |  |  | $ | 92.6 |  |  | $ | — |  |  | $ | 92.6 |
Distribution network |  |  | 13.9 |  |  |  | — |  |  |  | 13.9 |  |  |  | 14.3 |  |  |  | — |  |  |  | 14.3 |
Total |  |  | 104.9 |  |  |  | — |  |  |  | 104.9 |  |  |  | 106.9 |  |  |  | — |  |  |  | 106.9 |
Total other intangible assets |  | $ | 167.0 |  |  | $ | (44.9 | ) |  | $ | 122.1 |  |  | $ | 169.7 |  |  | $ | (44.1 | ) |  | $ | 125.6 |

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event during the three and six months ended June 30, 2024.

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended June 30, 2024 and 2023 was $0.8 million and $0.7 million, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $1.5 million and $1.7 million, respectively.

9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2024 and December 31, 2023 are summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
Trade accounts payable |  | $ | 278.5 |  |  | $ | 254.7 |
Employee-related expenses |  |  | 43.2 |  |  |  | 57.9 |
Accrued vacation |  |  | 25.6 |  |  |  | 23.7 |
Miscellaneous accrued expenses |  |  | 134.5 |  |  |  | 121.1 |
Total accounts payable and accrued expenses |  | $ | 481.8 |  |  | $ | 457.4 |

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10. Debt

Outstanding debt as of June 30, 2024 and December 31, 2023 is summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
Borrowings under senior secured asset based revolving credit facility |  | $ | 107.5 |  |  | $ | 60.0 |
Senior secured second lien notes due 2026 |  |  | 300.0 |  |  |  | 300.0 |
Other debt |  |  | 21.5 |  |  |  | 13.7 |
Deferred financing costs |  |  | (1.3 | ) |  |  | (1.6 | )
Total debt |  |  | 427.7 |  |  |  | 372.1 |
Short-term borrowings and current portion of long-term debt |  |  | (21.4 | ) |  |  | (13.4 | )
Long-term debt |  | $ | 406.3 |  |  | $ | 358.7 |

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A. as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

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

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:

Average quarterly availability | Alternative base rate spread | SOFR spread
≥ 50% of Aggregate Commitment | 0.25% | 1.25%
< 50% of Aggregate Commitment | 0.50% | 1.50%

As of June 30, 2024 and December 31, 2023, the Company had borrowings on the ABL Revolving Credit Facility of $107.5 million and $60.0 million, respectively. As of June 30, 2024, the spreads for SOFR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of $164.1 million, which represents revolver borrowing capacity of $275.0 million less $107.5 million of borrowings outstanding and $3.4 million of U.S. letters of credit outstanding.

As of June 30, 2024, the Company had other indebtedness outstanding of $21.5 million that had a weighted-average interest rate of approximately 5.1%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements.

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens,

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by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018.

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

As of June 30, 2024, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

11. Accounts Receivable Factoring

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

For the three and six months ended June 30, 2024, cash proceeds from the factoring of accounts receivable qualifying as sales were $51.7 million and $87.7 million, respectively. For the three and six months ended June 30, 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $41.3 million and $82.7 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and six months ended June 30, 2024 and 2023 were immaterial.

12. Income Taxes

The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.

For the three months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $1.6 million and $(5.2) million, respectively. For the six months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $3.5 million and $(1.0) million, respectively. During the three and six months ended June 30,

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2023, a discrete net tax benefit of $13.5 million was recorded, mainly attributable to the release of a valuation allowance. There were no material discrete items recorded for the three months ended June 30, 2024.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million as of June 30, 2024, and December 31, 2023, respectively.

13. Net Income Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic weighted average common shares outstanding |  |  | 35,368,492 |  |  |  | 35,084,580 |  |  |  | 35,316,971 |  |  |  | 35,102,924 |
Effect of dilutive securities - equity compensation awards |  |  | 369,830 |  |  |  | 565,563 |  |  |  | 582,510 |  |  |  | 664,028 |
Diluted weighted average common shares outstanding |  |  | 35,738,322 |  |  |  | 35,650,143 |  |  |  | 35,899,481 |  |  |  | 35,766,952 |

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 1,129,475 and 813,638 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2024, respectively. Anti-dilutive equity instruments of 440,355 and 479,723 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2023, respectively.

No cash dividends were declared or paid during the three and six months ended June 30, 2024 and 2023.

14. Equity

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

As of June 30, 2024, the Company has $29.3 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2024, the Company repurchased $5.7 million of common stock under this authorization. The Company’s share repurchase program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company’s 2013 Omnibus Incentive Plan.

The Company’s operations in Russia were substantially curtailed during the year ended December 31, 2023. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other income (expense) – net in the Condensed Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation."

A reconciliation of the changes in accumulated other comprehensive income (loss), net o f income tax, by component for the three months ended June 30, 2024 and 2023 are summarized as follows:

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|  | Cash Flow Hedges |  |  | Pension & Postretirement |  |  | Foreign Currency Translation |  |  | Total |
Balance as of March 31, 2023 |  | $ | 2.1 |  |  | $ | (16.3 | ) |  | $ | (93.8 | ) |  | $ | (108.0 | )
Other comprehensive income (loss) before reclassifications |  |  | (0.7 | ) |  |  | (1.6 | ) |  |  | 0.2 |  |  |  | (2.1 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | (1.8 | ) |  |  | 0.7 |  |  |  | 9.3 |  |  |  | 8.2 |
Net other comprehensive income (loss) |  |  | (2.5 | ) |  |  | (0.9 | ) |  |  | 9.5 |  |  |  | 6.1 |
Balance as of June 30, 2023 |  | $ | (0.4 | ) |  | $ | (17.2 | ) |  | $ | (84.3 | ) |  | $ | (101.9 | )
Balance as of March 31, 2024 |  | $ | (0.3 | ) |  | $ | (10.2 | ) |  | $ | (88.4 | ) |  | $ | (98.9 | )
Other comprehensive loss before reclassifications |  |  | (0.7 | ) |  |  | — |  |  |  | (1.3 | ) |  |  | (2.0 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 0.4 |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Net other comprehensive loss |  |  | (0.3 | ) |  |  | — |  |  |  | (1.3 | ) |  |  | (1.6 | )
Balance as of June 30, 2024 |  | $ | (0.6 | ) |  | $ | (10.2 | ) |  | $ | (89.7 | ) |  | $ | (100.5 | )

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Cash Flow Hedges |  |  | Pension & Postretirement |  |  | Foreign Currency Translation |  |  | Total |
Balance as of December 31, 2022 |  | $ | 5.4 |  |  | $ | (15.3 | ) |  | $ | (98.0 | ) |  | $ | (107.9 | )
Other comprehensive income (loss) before reclassifications |  |  | (0.6 | ) |  |  | (3.3 | ) |  |  | 4.4 |  |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive loss |  |  | (5.2 | ) |  |  | 1.4 |  |  |  | 9.3 |  |  |  | 5.5 |
Net other comprehensive income (loss) |  |  | (5.8 | ) |  |  | (1.9 | ) |  |  | 13.7 |  |  |  | 6.0 |
Balance as of June 30, 2023 |  | $ | (0.4 | ) |  | $ | (17.2 | ) |  | $ | (84.3 | ) |  | $ | (101.9 | )
Balance as of December 31, 2023 |  | $ | 1.3 |  |  | $ | (10.3 | ) |  | $ | (77.4 | ) |  | $ | (86.4 | )
Other comprehensive income (loss) before reclassifications |  |  | (3.2 | ) |  |  | — |  |  |  | (12.3 | ) |  |  | (15.5 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 1.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | 1.4 |
Net other comprehensive income (loss) |  |  | (1.9 | ) |  |  | 0.1 |  |  |  | (12.3 | ) |  |  | (14.1 | )
Balance as of June 30, 2024 |  | $ | (0.6 | ) |  | $ | (10.2 | ) |  | $ | (89.7 | ) |  | $ | (100.5 | )

15

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  |  |  |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  |  | Recognized Location
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | (0.4 | ) |  | $ | 1.8 |  |  | $ | (1.3 | ) |  | $ | 5.2 |  |  |  | Cost of sales
Total before income taxes |  |  | (0.4 | ) |  |  | 1.8 |  |  |  | (1.3 | ) |  |  | 5.2 |  |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | (0.4 | ) |  | $ | 1.8 |  |  | $ | (1.3 | ) |  | $ | 5.2 |  |  |  |
Amortization of pension and postretirement items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (0.1 | ) |  | $ | (1.4 | ) | (a) |  | Other income (expense) - net
Total before income taxes |  |  | — |  |  |  | (0.7 | ) |  |  | (0.1 | ) |  |  | (1.4 | ) |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (0.1 | ) |  | $ | (1.4 | ) |  |  |
Foreign currency translation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses on foreign currency translation |  | $ | — |  |  | $ | (9.3 | ) |  | $ | — |  |  | $ | (9.3 | ) |  |  | Other income (expense) - net
Total before income taxes |  |  | — |  |  |  | (9.3 | ) |  |  | — |  |  |  | (9.3 | ) |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | — |  |  | $ | (9.3 | ) |  | $ | — |  |  | $ | (9.3 | ) |  |  |
Total reclassifications for the period, net of income taxes |  | $ | (0.4 | ) |  | $ | (8.2 | ) |  | $ | (1.4 | ) |  | $ | (5.5 | ) |  |  |

(a)
These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information).

15. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2024 is included in the Company’s 2023 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of June 30, 2024 is 2,352,706 s hares.

Stock-based compensation expense was $1.9 million and $2.3 million for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation was $5.6 million and $5.4 million for the six months ended June 30, 2024 and 2023, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.

The Company granted 15,919 and 22,951 restricted stock units during the three months ended June 30, 2024 and 2023, respectively. The Company granted 458,938 and 500,283 restricted stock units, inclusive of 78,894 and 77,576 director awards, during the six months ended June 30, 2024 and 2023, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date.

No performance shares units were issued by the Company to employees during the three months ended June 30, 2024 and 2023, respectively. A total of 365,174 and 316,022 perfor mance shares units were issued by the Company to employees during the six months ended June 30, 2024 and 2023, respectively. Performance share units vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year.

16

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

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

16. Segments

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

The Company has three reportable segments: Americas, EURAF, and MEAP.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region where the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expense, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the three and six months ended June 30, 2024 and 2023:

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 296.7 |  |  | $ | 319.4 |  |  | $ | 579.9 |  |  | $ | 583.8 |
EURAF |  |  | 176.2 |  |  |  | 185.8 |  |  |  | 319.2 |  |  |  | 364.0 |
MEAP |  |  | 89.2 |  |  |  | 97.6 |  |  |  | 158.1 |  |  |  | 163.3 |
Total |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |
Segment Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 23.9 |  |  | $ | 29.6 |  |  | $ | 53.4 |  |  | $ | 58.1 |
EURAF |  |  | (6.8 | ) |  |  | 6.4 |  |  |  | (18.6 | ) |  |  | 10.0 |
MEAP |  |  | 9.3 |  |  |  | 19.0 |  |  |  | 17.5 |  |  |  | 27.6 |
Total |  | $ | 26.4 |  |  | $ | 55.0 |  |  | $ | 52.3 |  |  | $ | 95.7 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 7.3 |  |  | $ | 7.4 |  |  | $ | 14.6 |  |  | $ | 14.6 |
EURAF |  |  | 5.9 |  |  |  | 5.4 |  |  |  | 11.8 |  |  |  | 10.8 |
MEAP |  |  | 0.7 |  |  |  | 0.6 |  |  |  | 1.5 |  |  |  | 1.2 |
Corporate |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 1.4 |  |  |  | 1.5 |
Total |  | $ | 14.6 |  |  | $ | 14.2 |  |  | $ | 29.3 |  |  | $ | 28.1 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 6.8 |  |  | $ | 19.0 |  |  | $ | 11.0 |  |  | $ | 23.4 |
EURAF |  |  | 5.0 |  |  |  | 7.2 |  |  |  | 12.2 |  |  |  | 11.9 |
MEAP |  |  | 1.1 |  |  |  | 0.8 |  |  |  | 1.9 |  |  |  | 1.0 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 12.9 |  |  | $ | 27.0 |  |  | $ | 25.1 |  |  | $ | 36.3 |

17

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Segment operating income |  | $ | 26.4 |  |  | $ | 55.0 |  |  | $ | 52.3 |  |  | $ | 95.7 |
Unallocated corporate expenses |  |  | (13.5 | ) |  |  | (20.6 | ) |  |  | (24.2 | ) |  |  | (31.0 | )
Unallocated restructuring expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Total operating income |  | $ | 12.9 |  |  | $ | 34.4 |  |  | $ | 28.1 |  |  | $ | 64.6 |

Net sales by geographic area for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 258.1 |  |  | $ | 270.9 |  |  | $ | 507.3 |  |  | $ | 484.7 |
Europe |  |  | 171.9 |  |  |  | 178.0 |  |  |  | 310.1 |  |  |  | 352.4 |
Other |  |  | 132.1 |  |  |  | 153.9 |  |  |  | 239.8 |  |  |  | 274.0 |
Total net sales |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |

New machine and non-new machines sales for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
New machine sales |  | $ | 414.8 |  |  | $ | 452.4 |  |  | $ | 764.7 |  |  | $ | 808.9 |
Non-new machine sales |  |  | 147.3 |  |  |  | 150.4 |  |  |  | 292.5 |  |  |  | 302.2 |
Total net sales |  | $ | 562.1 |  |  | $ | 602.8 |  |  | $ | 1,057.2 |  |  | $ | 1,111.1 |

17. Commitments and Contingencies

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

As of June 30, 2024, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of June 30, 2024, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.

As of June 30, 2024, current and long-term product liability reserves were $4.0 million and $5.6 million, respectively. As of December 31, 2023, current and long-term product liability reserves were $11.4 million and $5.1 million, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of June 30, 2024 and December 31, 2023, the Company had $0.5 mill ion and $3.9 million, respectively, of estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets.

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

As of June 30, 2024 and December 31, 2023, the Company had reserves of $48.2 million and $56.8 million, respectively, for warranty and other related claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 18, “Guarantees,” for further information.

18

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

In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters.

Based on management's current assessment of the facts underlying these matters, the Company recorded an additional charge of $5.3 million for the three and six months ended June 30, 2024. The total recorded estimated liability in accounts payable and accrued expenses in the Company’s Condensed Consolidated Balance Sheets was $41.4 million as of June 30, 2024 and $36.1 million as of December 31, 2023. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows.

18. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of June 30, 2024 and December 31, 2023 was $28.5 million and $32.2 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of June 30, 2024 and December 31, 2023 was $39.2 million and $43.4 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $15.9 million and $13.0 million as of June 30, 2024 and December 31, 2023, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the three and six months ended June 30, 2024 and 2023.

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 52.6 |  |  | $ | 56.4 |  |  | $ | 56.8 |  |  | $ | 58.0 |
Adjustments to accruals for warranties |  |  | 3.8 |  |  |  | 4.4 |  |  |  | 9.1 |  |  |  | 11.0 |
Settlements made (in cash or in kind) during the period |  |  | (8.1 | ) |  |  | (7.1 | ) |  |  | (16.9 | ) |  |  | (15.6 | )
Currency translation |  |  | (0.1 | ) |  |  | — |  |  |  | (0.8 | ) |  |  | 0.3 |
Balance at end of period |  | $ | 48.2 |  |  | $ | 53.7 |  |  | $ | 48.2 |  |  | $ | 53.7 |

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

19

The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of June 30, 2024 and December 31, 2023 was $9.6 million and $6.1 million, respectively.

19. Employee Benefit Plans

The Company provides certain pension, health care, and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments, and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of net periodic benefit cost (income) for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

|  | Three Months Ended June 30, 2024 |  |  | Three Months Ended June 30, 2023 |
|  |  |  |  |  |  |  | Postretirement |  |  |  |  |  |  |  |  | Postretirement |
|  | U.S. |  |  | Non-U.S. |  |  | Health and |  |  | U.S. |  |  | Non-U.S. |  |  | Health and |
|  | Pension |  |  | Pension |  |  | Other |  |  | Pension |  |  | Pension |  |  | Other |
|  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |
Service cost - benefits earned during the period |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Interest cost of projected benefit obligations |  |  | 1.3 |  |  |  | 0.6 |  |  |  | 0.1 |  |  |  | 1.4 |  |  |  | 0.6 |  |  |  | 0.1 |
Expected return on plan assets |  |  | (1.0 | ) |  |  | (0.4 | ) |  |  | — |  |  |  | (0.9 | ) |  |  | (0.4 | ) |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of actuarial net (gain) loss |  |  | 0.4 |  |  |  | 0.1 |  |  |  | (0.5 | ) |  |  | 0.6 |  |  |  | 0.4 |  |  |  | (0.3 | )
Net periodic benefit cost (income) |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | (0.4 | ) |  | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | (0.2 | )

|  | Six Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2023 |
|  |  |  |  |  |  |  | Postretirement |  |  |  |  |  |  |  |  | Postretirement |
|  | U.S. |  |  | Non-U.S. |  |  | Health and |  |  | U.S. |  |  | Non-U.S. |  |  | Health and |
|  | Pension |  |  | Pension |  |  | Other |  |  | Pension |  |  | Pension |  |  | Other |
|  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |  |  | Plans |
Service cost - benefits earned during the period |  | $ | — |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |
Interest cost of projected benefit obligations |  |  | 2.6 |  |  |  | 1.3 |  |  |  | 0.2 |  |  |  | 2.8 |  |  |  | 1.3 |  |  |  | 0.2 |
Expected return on plan assets |  |  | (2.0 | ) |  |  | (0.8 | ) |  |  | — |  |  |  | (1.9 | ) |  |  | (0.8 | ) |  |  | — |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of actuarial net (gain) loss |  |  | 0.9 |  |  |  | 0.1 |  |  |  | (0.9 | ) |  |  | 1.2 |  |  |  | 0.8 |  |  |  | (0.6 | )
Net periodic benefit cost (income) |  | $ | 1.5 |  |  | $ | 1.3 |  |  | $ | (0.7 | ) |  | $ | 2.1 |  |  | $ | 1.9 |  |  | $ | (0.4 | )

The components of net periodic benefit cost (income) other than the service cost component are included in other income (expense) - net i n the Condensed Consolidated Statements of Operations.

20

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Conditions and Results of Operations unless otherwise indicated.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “may,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to:

•
Macroeconomic conditions, including inflation, high interest rates and recessionary concerns, as well as continuing global supply chain constraints, labor constraints, logistics constraints and cost pressures such as changes in raw material and commodity costs, have had, and may continue to have, a negative impact on Manitowoc’s ability to convert backlog into revenue which could, and has, impacted its financial condition, cash flows, and results of operations (including future uncertain impacts);
•
actions of competitors;
•
changes in economic or industry conditions generally or in the markets served by Manitowoc;
•
geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, other political and economic conditions and risks and other geographic factors, has had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), raw material and component costs, energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
•
changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;
•
the ability to convert backlog, orders and order activity into sales and the timing of those sales;
•
failure to comply with regulatory requirements related to the products and aftermarket services the Company sells;
•
the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
•
impairment of goodwill and/or intangible assets;
•
changes in revenues, margins and costs;
•
the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
•
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
•
work stoppages, labor negotiations, labor rates and labor costs;
•
the Company’s ability to attract and retain qualified personnel;
•
changes in the capital and financial markets;
•
the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
•
issues associated with the availability and viability of suppliers;

21

•
the ability to significantly improve profitability;
•
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies and options;
•
the ability to focus on customers, new technologies and innovation;
•
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
•
the replacement cycle of technologically obsolete products;
•
risks associated with high debt leverage;
•
foreign currency fluctuation and its impact on reported results;
•
the ability of Manitowoc's customers to receive financing;
•
risks associated with data security and technological systems and protections;
•
the ability to direct resources to those areas that will deliver the highest returns;
•
risks associated with manufacturing or design defects;
•
natural disasters, other weather events, pandemics and other public health crises disrupting commerce in one or more regions of the world;
•
issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies and capacity utilization of the Company’s facilities;
•
the ability to focus and capitalize on product and service quality and reliability;
•
issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;
•
issues related to workforce reductions and potential subsequent rehiring;
•
changes in laws throughout the world, including governmental regulations on climate change;
•
the inability to defend against potential infringement claims on intellectual property rights;
•
the ability to sell products and services through distributors and other third parties;
•
issues affecting the effective tax rate for the year;
•
acts of terrorism; and
•
other risk factors detailed in Manitowoc's 2023 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc’s subsequently filed Quarterly Reports on 10-Q (including this report), and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

Current Events

Supply Chain and Logistics Constraints

The Company continues to actively monitor global supply chain and logistics constraints which had a negative impact on the Company’s ability to timely source parts, complete and ship units, and service cranes for the three and six months ended June 30, 2024. While the Company has experienced some relief of the supply chain and logistics constraints in certain regions, the ongoing crisis in the Red Sea has caused logistic constraints and further disruptions for certain key components. The Company continues to actively monitor and manage supply chain constraints through alternative sourcing of parts and adapting production to limit waste and inefficiencies in the facilities. Continuing or worsening supply chain and logistics constraints may have a material adverse impact on the Company’s financial condition, results of operations, or cash flows.

22

Results of Operations For The Three and Six Months Ended June 30, 2024 and 2023:

|  | Three Months Ended June 30, |  |  |  |  |  | Six Months Ended June 30, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Percentage Change |  |  | 2024 |  |  | 2023 |  |  | Percentage Change |
Orders |  | $ | 428.4 |  |  | $ | 550.5 |  |  |  | (22.2 | )% |  | $ | 982.5 |  |  | $ | 1,075.3 |  |  |  | (8.6 | )%
Backlog |  |  | 836.3 |  |  |  | 1,024.6 |  |  |  | (18.4 | )% |  |  | 836.3 |  |  |  | 1,024.6 |  |  |  | (18.4 | )%
Net sales |  |  | 562.1 |  |  |  | 602.8 |  |  |  | (6.8 | )% |  |  | 1,057.2 |  |  |  | 1,111.1 |  |  |  | (4.9 | )%
Gross profit |  |  | 99.7 |  |  |  | 123.0 |  |  |  | (18.9 | )% |  |  | 192.2 |  |  |  | 229.3 |  |  |  | (16.2 | )%
Gross profit % |  |  | 17.7 | % |  |  | 20.4 | % |  |  |  |  |  | 18.2 | % |  |  | 20.6 | % |  |  |
Engineering, selling and administrative expenses |  |  | 83.7 |  |  | 87.6 |  |  |  | (4.5 | )% |  |  | 159.7 |  |  |  | 162.7 |  |  |  | (1.8 | )%
Interest expense |  |  | 9.6 |  |  |  | 9.0 |  |  |  | 6.7 | % |  |  | 18.8 |  |  |  | 17.1 |  |  |  | 9.9 | %
Other income (expense) - net |  |  | 0.3 |  |  |  | (10.0 | ) |  | * |  |  |  | 1.0 |  |  |  | (11.1 | ) |  | * |
Provision (benefit) for income taxes |  |  | 1.6 |  |  |  | (5.2 | ) |  | * |  |  |  | 3.5 |  |  |  | (1.0 | ) |  | * |
*Measure not meaningful |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Orders and Backlog

Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales. Orders and backlog are not measures defined by GAAP and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. We believe this information is useful to investors to provide an indication of our future revenues.

Orders for the three months ended June 30, 2024 decreased 22.2% to $428.4 million from $550.5 million for the same period in 2023. The decrease was primarily attributable to lower demand in the Americas and EURAF. The lower demand in EURAF was mainly in the Company’s tower crane product offering. Demand was impacted by higher interest rates and economic uncertainties. Orders were unfavorably impacted by $2.0 million from changes in foreign currency exchange rates.

Orders for the six months ended June 30, 2024 decreased 8.6% to $982.5 million from $1,075.3 million for the same period in 2023. The decrease was primarily attributable to lower demand in the Americas and EURAF. The lower demand in EURAF was mainly in the Company’s tower crane product offering. Demand was impacted by higher interest rates and economic uncertainties.

As of June 30, 2024, total backlog was $836.3 million, an 8.8% decrease from the December 31, 2023 backlog of $917.2 million, and a 18.4% decrease from the June 30, 2023 backlog of $1,024.6 million. The decrease in backlog from December 31, 2023, was primarily attributable to lower demand during the year. Backlog was unfavorably impacted from changes in foreign currency exchange rates by $8.0 million and $4.4 million from December 31, 2023 and June 30, 2023, respectively.

Net Sales

Consolidated net sales for the three months ended June 30, 2024 decreased 6.8% to $562.1 million from $602.8 million in the same period in 2023. The decrease was primarily attributable to a lower number of crane shipments in the EURAF segment, primarily in the Company’s tower crane product offering, and unfavorable product mix in the Americas segment. In addition, part shortages, logistic constraints and commercial issues impacted the Company’s ability to manufacture and ship products during the period. Non-new machine sales for the three months ended June 30, 2024 declined $3.1 million when compared to the same period for 2023, primarily due to lower aftermarket part shipments. Net sales were unfavorably impacted by $2.7 million from changes in foreign currency exchange rates.

Consolidated net sales for the six months ended June 30, 2024 decreased 4.9% to $1,057.2 million from $1,111.1 million for the same period in 2023. The decrease was primarily attributable to a lower number of crane shipments in the EURAF segment, primarily in the Company’s tower crane product offering. In addition, part shortages, logistic constraints and commercial issues impacted the Company’s ability to manufacture and ship products during the period. Non-new machine sales for the six months ended June 30, 2024 declined $9.7 million when compared to the same period for 2023, primarily due to lower aftermarket parts and used crane shipments. Net sales were unfavorably impacted by $0.3 million from changes in foreign currency exchange rates.

23

Gross Profit

Gross profit for the three months ended June 30, 2024 was $99.7 million, a decrease of $23.3 million as compared to $123.0 million for the same period in 2023. The decrease was primarily attributable to the lower net sales, unfavorable product mix, and lower absorbed costs due to lower manufacturing volume in the EURAF segment. Gross profit was unfavorably impacted by $0.3 million from changes in foreign currency exchange rates.

Gross profit percentage decreased in the three months ended June 30, 2024 to 17.7% from 20.4% for the same period in 2023 primarily due to unfavorable product mix and lower absorbed costs due to lower manufacturing volume in the EURAF segment.

Gross profit for the six months ended June 30, 2024 was $192.2 million, a decrease of $37.1 million as compared to $229.3 million for the same period in 2023. The decrease was primarily attributable to the lower net sales, unfavorable product mix, and lower absorbed costs due to lower manufacturing volume in the EURAF segment.

Gross profit percentage decreased during the six months ended June 30, 2024 to 18.2% from 20.6% for the same period in 2023 primarily due to unfavorable product mix and lower absorbed costs due to lower manufacturing volume in the EURAF segment.

Engineering, Selling, and Administrative Expenses

Engineering, selling, and administrative expenses decreased 4.5% to $83.7 million for the three months ended June 30, 2024 as compared to $87.6 million for the same period in 2023. The decrease was primarily attributable to a $10.8 million charge related to a legal matter with the U.S. EPA in the prior year, compared to a $5.3 million charge in the current year. This was partially offset by higher trade show costs related to the Company’s Crane Days event. Engineering, selling, and administrative expenses were favorably impacted by $0.4 million from changes in foreign currency exchange rates.

Engineering, selling and administrative expenses decreased 1.8% to $159.7 million for the six months ended June 30, 2024 as compared to $162.7 million for the same period in 2023. The decrease was primarily attributable to a $10.8 million charge related to a legal matter with the U.S. EPA in the prior year, compared to a $5.3 million charge in the current year. This was partially offset by higher trade show costs related to the Company’s Crane Days event.

Interest Expense

Interest expense for the three months ended June 30, 2024 was $9.6 million as compared to $9.0 million for the same period in 2023. Interest expense increased year-over-year primarily due to higher average debt during the period and higher interest rates on borrowings from the Company's ABL revolving credit facility. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Interest expense for the six months ended June 30, 2024 was $18.8 million as compared to $17.1 million for the same period in 2023. Interest expense increased year-over-year primarily due to higher average debt during the period and higher interest rates on borrowings from the Company's ABL revolving credit facility. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Other Income (Expense) - Net

Other income (expense) - net was $0.3 million during the three months ended June 30, 2024 and $(10.0) million for the same period in 2023. Other income (expense) – net during the three months ended June 30, 2024 was primarily composed of $0.7 million of currency gain, partially offset by $0.7 million of pension related costs. Other income (expense) – net during the three months ended June 30, 2023 was primarily composed of a $9.3 million non-cash write-off of foreign currency translation adjustments related to the curtailment of operations in Russia and $1.5 million of pension benefit and postretirement health costs. This was partially offset by $1.4 million of net foreign currency gains and a $0.2 million gain on disposal of property, plant and equipment.

Other income (expense) - net was $1.0 million during the six months ended June 30, 2024 and $(11.1) million for the same period in 2023. Other income (expense) - net during the six months ended June 30, 2024 was primarily composed of $1.8 million of currency gain. This was partially offset by $1.5 million of pension related costs. Other income (expense) – net during the six months ended June 30, 2023 was primarily composed of a $9.3 million non-cash write-off of foreign currency translation adjustments related to the curtailment of operations in Russia and $3.1 million of pension benefit and postretirement health costs. This was partially offset by $1.8 million of net foreign currency gains and a $0.2 million gain on disposal of property, plant and equipment.

24

Provision (Benefit) for Income Taxes

For the three months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $1.6 million and $(5.2) million, respectively. For the six months ended June 30, 2024, and 2023, the Company recorded a provision (benefit) for income taxes of $3.5 million and a provision (benefit) for income taxes of $(1.0) million, respectively. During the three and six months ended June 30, 2023, a discrete net tax benefit of $13.5 million was recorded, mainly attributable to the release of a valuation allowance. There were no material discrete items recorded for the three and six months ended June 30, 2024. The increase in the Company’s tax provision (benefit) for the three and six months ended June 30, 2024, relative to the prior year primarily relates to a decrease in the discrete tax benefit recorded year over year. In addition, the Company’s effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates and losses in jurisdictions where no tax benefit can be realized.

Segment Operating Performance

The Company manages its business primarily on a geographic basis. The Company has three reportable segments: the Americas segment, EURAF segment and MEAP segment. Further information regarding the Company’s reportable segments can be found in Note 16, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

|  | Three Months Ended June 30, |  |  |  |  |  |  |  |  | Six Months Ended June 30, |  |  |  |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Dollar Change |  |  | Percentage Change |  |  | 2024 |  |  | 2023 |  |  | Dollar Change |  |  | Percentage Change |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 296.7 |  |  | $ | 319.4 |  |  | $ | (22.7 | ) |  |  | (7.1 | )% |  | $ | 579.9 |  |  | $ | 583.8 |  |  | $ | (3.9 | ) |  |  | (0.7 | )%
EURAF |  |  | 176.2 |  |  |  | 185.8 |  |  |  | (9.6 | ) |  |  | (5.2 | )% |  |  | 319.2 |  |  |  | 364.0 |  |  |  | (44.8 | ) |  |  | (12.3 | )%
MEAP |  |  | 89.2 |  |  |  | 97.6 |  |  |  | (8.4 | ) |  |  | (8.6 | )% |  |  | 158.1 |  |  |  | 163.3 |  |  |  | (5.2 | ) |  |  | (3.2 | )%
Segment Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 23.9 |  |  | $ | 29.6 |  |  | $ | (5.7 | ) |  |  | (19.3 | )% |  | $ | 53.4 |  |  | $ | 58.1 |  |  | $ | (4.7 | ) |  |  | (8.1 | )%
EURAF |  |  | (6.8 | ) |  |  | 6.4 |  |  |  | (13.2 | ) |  | * |  |  |  | (18.6 | ) |  |  | 10.0 |  |  |  | (28.6 | ) |  | * |
MEAP |  |  | 9.3 |  |  |  | 19.0 |  |  |  | (9.7 | ) |  |  | (51.1 | )% |  |  | 17.5 |  |  |  | 27.6 |  |  |  | (10.1 | ) |  |  | (36.6 | )%
*Measure not meaningful |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Americas

Americas segment net sales decreased 7.1% for the three months ended June 30, 2024 to $296.7 million from $319.4 million for the same period in 2023. The decrease was primarily attributable to unfavorable product mix. In addition, part shortages, logistic constraints and commercial issues impacted the Company’s ability to manufacture and ship products during the period. Non-new machine sales for the three months ended June 30, 2024 declined $3.4 million when compared to the same period in 2023, primarily due to lower aftermarket parts and used crane shipments.

Americas segment operating income decreased $5.7 million for the three months ended June 30, 2024 to $23.9 million from $29.6 million for the same period in 2023. The decrease was primarily attributable to lower net sales and higher trade show costs recorded in engineering, selling and administrative expenses.

Americas segment net sales for the six months ended June 30, 2024 was $579.9 million as compared to the $583.8 million for the same period in 2023. Non-new machine sales for the six months ended June 30, 2024 declined $2.8 million when compared to the same period in 2023, primarily due to lower aftermarket parts and used crane shipments.

Americas segment operating income decreased $4.7 million for the six months ended June 30, 2024 to $53.4 million from $58.1 million for the same period in 2023. The decrease was primarily attributable to lower net sales and higher costs in engineering, selling and administrative expenses.

EURAF

EURAF segment net sales decreased 5.2% for the three months ended June 30, 2024 to $176.2 million from $185.8 million for the same period in 2023. The decrease was primarily attributable to a lower number of crane shipments, primarily in the Company’s tower crane product offering. This was partially offset by a higher number of crane shipments in the Company’s mobile product offering. Non-new machine sales for the three months ended June 30, 2024 increased $0.5 million when compared to the same period in 2023, primarily due to an increase in rental utilization and higher used crane shipments. This

25

was partially offset by lower aftermarket part shipments. Segment net sales was unfavorably impacted by $1.6 million from changes in foreign currency exchange rates.

EURAF segment operating loss increased $13.2 million for the three months ended June 30, 2024 to $6.8 million from operating income of $6.4 million for the same period in 2023. The increase in the operating loss was primarily attributable to the lower net sales and lower absorbed costs due to lower manufacturing volume. Segment operating loss was favorably impacted by $0.1 million from changes in foreign currency exchange rates.

EURAF segment net sales decreased 12.3% for the six months ended June 30, 2024 to $319.2 million from $364.0 million for the same period in 2023. The decrease was primarily attributable to a lower number of crane shipments, primarily in the Company’s tower crane product offering. This was partially offset by a higher number of crane shipments in the Company’s mobile product offering. Non-new machine sales for the six months ended June 30, 2024 declined $9.0 million when compared to the same period in 2023, primarily due to lower aftermarket parts and used crane shipments. Segment net sales was favorably impacted by $0.6 million from changes in foreign currency exchange rates.

EURAF segment operating loss increased $28.6 million for the six months ended June 30, 2024 to $18.6 million from operating income of $10.0 million for the same period in 2023. The increase in the operating loss was primarily attributable to the lower net sales and lower absorbed costs due to lower manufacturing volume.

MEAP

MEAP segment net sales decreased 8.6% for the three months ended June 30, 2024 to $89.2 million from $97.6 million for the same period in 2023. The decrease was primarily attributable to lower crane shipments. Non-new machine sales for the three months ended June 30, 2024 was flat when compared to the same period. Segment net sales was unfavorably impacted by $1.2 million from changes in foreign currency exchange rates.

MEAP segment operating income decreased $9.7 million for the three months ended June 30, 2024 to $9.3 million from $19.0 million for the same period in 2023. The decrease was primarily attributable to the lower net sales, higher manufacturing costs, and price attrition. Segment operating income was unfavorably impacted by $0.1 million from changes in foreign currency exchange rates.

MEAP segment net sales decreased 3.2% for the six months ended June 30, 2024 to $158.1 million from $163.3 million for the same period in 2023. The decrease was primarily attributable to a lower number of crane shipments. Non-new machine sales for the six months ended June 30, 2024 increased $2.1 million when compared to the same period in 2023, primarily due to higher used crane shipments, partially offset by lower aftermarket part shipments. Segment net sales was unfavorably impacted by $1.4 million from changes in foreign currency exchange rates.

MEAP segment operating income decreased $10.1 million for the six months ended June 30, 2024 to $17.5 million from $27.6 million for the same period in 2023. The decrease was primarily attributable to the lower net sales, higher manufacturing costs, and price attrition.

Financial Condition

Cash Flows

A summary of cash flows for the six months ended June 30, 2024 and 2023 are as follows:

|  | Six Months Ended June 30, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | Dollar Change |
Net cash used for operating activities |  | $ | (19.6 | ) |  | $ | (3.1 | ) |  | $ | (16.5 | )
Net cash used for investing activities |  |  | (21.6 | ) |  |  | (31.2 | ) |  |  | 9.6 |
Net cash provided by (used for) financing activities |  |  | 45.7 |  |  |  | (4.4 | ) |  |  | 50.1 |
Cash and cash equivalents |  |  | 38.1 |  |  |  | 25.9 |  |  |  | 12.2 |

Cash Flows From Operating Activities

Cash flows used for operating activities of $19.6 million for the six months ended June 30, 2024 increased $16.5 million from $3.1 million for the same period in 2023. The increase in net cash used for operating activities was primarily due to lower net income adjusted for non-cash items.

26

Cash Flows From Investing Activities

Net cash used for investing activities of $21.6 million for the six months ended June 30, 2024 decreased $9.6 million from $31.2 million for the same period in 2023. The decrease in net cash used for investing activities was primarily due to $11.2 million of lower capital expenditures. This was partially offset by $1.6 million of lower proceeds from the sale of property, plant and equipment.

Cash Flows From Financing Activities

Net cash provided by financing activities of $45.7 million for the six months ended June 30, 2024 increased $50.1 million from net cash used for financing activities of $4.4 million for the same period in 2023. The increase in net cash provided by financing activities was primarily due to $35.5 million of additional proceeds from the revolving credit facility when compared to the prior year, $10.1 million of proceeds from other debt – net compared to $1.2 million of payments in the prior year, and $10.0 million of payments on the revolving credit facility in the prior year compared to zero in the current year. This was partially offset by $6.2 million of payments for other financing activities.

Liquidity and Capital Resources

The Company’s liquidity position as of June 30, 2024, December 31, 2023 and June 30, 2023 is summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |  |  | June 30, 2023 |
Cash and cash equivalents |  | $ | 38.1 |  |  | $ | 34.4 |  |  | $ | 25.9 |
Revolver borrowing capacity |  |  | 275.0 |  |  |  | 275.0 |  |  |  | 275.0 |
Other debt availability |  |  | 43.8 |  |  |  | 45.2 |  |  |  | 43.4 |
Less: Borrowings on revolver |  |  | (107.5 | ) |  |  | (60.0 | ) |  |  | (82.0 | )
Less: Borrowings on other debt |  |  | (20.3 | ) |  |  | (11.2 | ) |  |  | (4.2 | )
Less: Outstanding letters of credit |  |  | (3.4 | ) |  |  | (3.4 | ) |  |  | (3.2 | )
Total liquidity |  | $ | 225.7 |  |  | $ | 280.0 |  |  | $ | 254.9 |

The Company believes its liquidity and expected cash flows from operations are sufficient to meet expected working capital, capital expenditure, and other general ongoing operational needs in the subsequent twelve months.

Cash Sources

The Company has historically relied primarily on cash flows from operations, borrowings under revolving credit facilities and overdraft facilities, issuances of notes, and other forms of debt financing as its sources of cash.

The maximum availability under the Company’s current ABL Revolving Credit Facility is $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a maturity date of May 19, 2027 (with a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

In addition to the ABL Revolving Credit Facility, the Company has access to committed and non-committed lines of credit to fund working capital in Europe and China. There are six lines of credit, of which five are denominated in Euros totaling €37.0 million and one denominated in Chinese Yuan for ¥30.0 million. Total U.S. dollar availability as of June 30, 2024 for the six lines of credit is $43.8 million, with $20.3 million outstanding.

27

Debt

Outstanding debt as of June 30, 2024 and December 31, 2023 is summarized as follows:

|  | June 30, 2024 |  |  | December 31, 2023 |
Borrowings under senior secured asset based revolving credit facility |  | $ | 107.5 |  |  | $ | 60.0 |
Senior secured second lien notes due 2026 |  |  | 300.0 |  |  |  | 300.0 |
Other debt |  |  | 21.5 |  |  |  | 13.7 |
Deferred financing costs |  |  | (1.3 | ) |  |  | (1.6 | )
Total debt |  |  | 427.7 |  |  |  | 372.1 |
Short-term borrowings and current portion of long-term debt |  |  | (21.4 | ) |  |  | (13.4 | )
Long-term debt |  | $ | 406.3 |  |  | $ | 358.7 |

Both the ABL Revolving Credit Facility and 2026 Notes include customary covenants and events of default. Refer to Note 10, “Debt,” to the Condensed Consolidated Financial Statements for additional discussions of covenants for the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months. From time to time, the Company seeks to opportunistically raise capital in the debt capital markets and bank credit markets.

Non-GAAP Measures

The Company uses EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

Adjusted ROIC

Adjusted ROIC measures how efficiently the Company uses invested capital in its operations. Adjusted ROIC is not a measure defined by GAAP and the Company’s methodology for determining Adjusted ROIC may vary from the methodology used by other companies. Management and the Board of Directors use Adjusted ROIC as a measure to assess operational performance and capital allocation. The Company believes this information is useful to investors as it provides a measure of value creation as a percentage of capital invested.

Adjusted ROIC is determined by dividing adjusted net operating profit after tax (“Adjusted NOPAT”) for the trailing twelve-months ended by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets, and the addback or subtraction of restructuring expenses, other non-recurring items – net, and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets - net plus short-term and long-term debt. Income taxes are defined as income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.

The Company’s Adjusted ROIC as of June 30, 2024 was 7.1%. Below is the calculation of Adjusted ROIC as of June 30, 2024.

| Three Months Ended |  |  |  |
| June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | Trailing Twelve Months |
Operating income | $ | 12.9 |  |  | $ | 15.2 |  |  | $ | 9.8 |  |  | $ | 18.0 |  |  | $ | 55.9 |
Amortization of intangible assets |  | 0.8 |  |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 0.7 |  |  |  | 3.0 |
Restructuring expense |  | 2.3 |  |  |  | 0.6 |  |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 3.9 |
Other non-recurring items - net 1 |  | 5.4 |  |  |  | 0.1 |  |  |  | 10.8 |  |  |  | 0.2 |  |  |  | 16.5 |
Adjusted operating income |  | 21.4 |  |  |  | 16.6 |  |  |  | 21.7 |  |  |  | 19.6 |  |  |  | 79.3 |
Provision for income taxes |  | (3.2 | ) |  |  | (2.5 | ) |  |  | (3.3 | ) |  |  | (2.9 | ) |  |  | (11.9 | )
Adjusted NOPAT | $ | 18.2 |  |  | $ | 14.1 |  |  | $ | 18.4 |  |  | $ | 16.7 |  |  | $ | 67.4 |

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| June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | September 30, 2023 |  |  | June 30, 2023 |  |  | 5-Quarter Average |
Total assets | $ | 1,747.9 |  |  | $ | 1,780.6 |  |  | $ | 1,706.7 |  |  | $ | 1,692.2 |  |  | $ | 1,701.1 |  |  | $ | 1,725.7 |
Total liabilities |  | (1,155.6 | ) |  |  | (1,184.6 | ) |  |  | (1,103.4 | ) |  |  | (1,119.2 | ) |  |  | (1,121.7 | ) |  |  | (1,136.9 | )
Net total assets |  | 592.3 |  |  |  | 596.0 |  |  |  | 603.3 |  |  |  | 573.0 |  |  |  | 579.4 |  |  |  | 588.8 |
Cash and cash equivalents |  | (38.1 | ) |  |  | (31.5 | ) |  |  | (34.4 | ) |  |  | (40.0 | ) |  |  | (25.9 | ) |  |  | (34.0 | )
Short-term borrowings and current portion of long-term debt |  | 21.4 |  |  |  | 42.5 |  |  |  | 13.4 |  |  |  | 30.3 |  |  |  | 6.7 |  |  |  | 22.9 |
Long-term debt |  | 406.3 |  |  |  | 372.7 |  |  |  | 358.7 |  |  |  | 368.5 |  |  |  | 380.7 |  |  |  | 377.4 |
Income tax assets - net |  | (4.4 | ) |  |  | (3.4 | ) |  |  | (2.6 | ) |  |  | (4.3 | ) |  |  | (2.1 | ) |  |  | (3.3 | )
Invested capital | $ | 977.5 |  |  | $ | 976.3 |  |  | $ | 938.4 |  |  | $ | 927.5 |  |  | $ | 938.8 |  |  | $ | 951.7 |
Adjusted ROIC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.1 | %

(1) Other non-recurring items - net for the three months ended June 30, 2024 relate to $5.3 million of costs associated with a legal matter with the U.S. EPA and $0.1 million of one-time costs. Other non-recurring items – net for the trailing twelve months relate to $15.7 million of costs associated with a legal matter with the U.S. EPA and $0.8 million of one-time costs. Refer to the Company’s previously filed Form 10-K and Form 10-Qs for a description of other non-recurring items - net for the three months ended March 31, 2024, December 31, 2023, and September 30, 2023.

EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other (income) expense - net, and other non-recurring items. The reconciliation of net income to EBITDA, and further to adjusted EBITDA for the three and six months ended June 30, 2024 and 2023 and trailing twelve months is summarized as follows.

| Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Trailing Twelve |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | Months |
Net income | $ | 1.6 |  |  | $ | 20.2 |  |  | $ | 6.1 |  |  | $ | 36.7 |  |  | $ | 8.6 |
Interest expense and amortization of deferred financing fees |  | 10.0 |  |  |  | 9.4 |  |  |  | 19.5 |  |  |  | 17.8 |  |  |  | 36.9 |
Provision (benefit) for income taxes |  | 1.6 |  |  |  | (5.2 | ) |  |  | 3.5 |  |  |  | (1.0 | ) |  |  | 9.5 |
Depreciation expense |  | 14.6 |  |  |  | 14.2 |  |  |  | 29.3 |  |  |  | 28.1 |  |  |  | 57.8 |
Amortization of intangible assets |  | 0.8 |  |  |  | 0.7 |  |  |  | 1.5 |  |  |  | 1.7 |  |  |  | 3.0 |
EBITDA |  | 28.6 |  |  |  | 39.3 |  |  |  | 59.9 |  |  |  | 83.3 |  |  |  | 115.8 |
Restructuring expense |  | 2.3 |  |  |  | 0.3 |  |  |  | 2.9 |  |  |  | 0.3 |  |  |  | 3.9 |
Other non-recurring items - net (1) |  | 5.4 |  |  |  | 10.8 |  |  |  | 5.5 |  |  |  | 10.8 |  |  |  | 16.5 |
Other (income) expense - net (2) |  | (0.3 | ) |  |  | 10.0 |  |  |  | (1.0 | ) |  |  | 11.1 |  |  |  | 0.9 |
Adjusted EBITDA | $ | 36.0 |  |  | $ | 60.4 |  |  | $ | 67.3 |  |  | $ | 105.5 |  |  | $ | 137.1 |
Adjusted EBITDA margin percentage |  | 6.4 | % |  |  | 10.0 | % |  |  | 6.4 | % |  |  | 9.5 | % |  |  | 6.3 | %

(1)
Other non-recurring items - net for the three months ended June 30, 2024 relate to $5.3 million of costs associated with a legal matter with the U.S. EPA and $0.1 million of one-time costs. Other non-recurring items - net for the six months ended June 30, 2024 relate to $5.3 million of costs associated with a legal matter with the U.S. EPA and $0.2 million of one-time costs. Other non-recurring items - net for the three and six months ended June 30, 2023 relate to $10.8 million of costs associated with a legal matter with the U.S. EPA. Other non-recurring items – net for the trailing twelve months relate to $15.7 million of costs associated with a legal matter with the U.S. EPA and $0.8 million of one-time costs.
(2)
Other (income) expense - net includes net foreign currency gains (losses), other components of net periodic pension costs, and other items in the three and trailing twelve months ended June 30, 2024 and the three months ended June 30, 2023. Other expense – net for the three and six months ended June 30, 2023 includes a $9.3 million write-off of non-cash foreign currency translation adjustments from the curtailment of operations in Russia.

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Free Cash Flows

Free cash flows is defined as net cash used for operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash used for operating activities to f ree cash flows for the six months ended June 30, 2024 and 2023 is summarized as follows.

|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Net cash used for operating activities |  | $ | (19.6 | ) |  | $ | (3.1 | )
Capital expenditures |  |  | (25.1 | ) |  |  | (36.3 | )
Free cash flows |  | $ | (44.7 | ) |  | $ | (39.4 | )

Critical Accounting Policies

The Company's critical accounting policies have not materially changed since the 2023 Annual Report on Form 10-K was filed. Refer to the Critical Accounting Policies in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K for the year ended December 31, 2023 for information about the Company’s policies, methodology and assumptions related to critical accounting policies.

Item 3. Quantitative and Qualita tive Disclosure about Market Risk

The Company’s market risk disclosures have not materially changed since the 2023 Annual Report on Form 10-K was filed. The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures

Disclosure Controls and Procedures: The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.

Changes in Internal Control Over Financial Reporting: The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the period covered by this report, the Company made no changes that have materially affected, or that are reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHE R INFORMATION

Item 1A. Ri sk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on February 23, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities

As of June 30, 2024, the Company has $29.3 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. The Company's share repurchases program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company's 2013 Omnibus Incentive Plan.

The Company's purchases of equity securities in the second quarter of 2024 are summarized as follows:

Periods |  | Total Number of Shares Purchased |  |  | Average Price Paid Per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Program |  |  | Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Program |
April 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 35.0 |
May 2024 |  |  | 400,510 |  |  | $ | 12.43 |  |  |  | 400,510 |  |  | $ | 30.0 |
June 2024 |  |  | 55,432 |  |  | $ | 11.96 |  |  |  | 55,432 |  |  | $ | 29.3 |
Total |  |  | 455,942 |  |  |  |  |  |  | 455,942 |  |  |  |

Shares withheld to satisfy statutory tax withholding requirements related to the vesting of stock-based awards are not issued or considered share repurchases under the Company's share repurchase program and, therefore, are excluded from the table above.

Item 5. Other Information

(c) During the three months ended June 30, 2024, no director or Section 16 officer of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

31

Exhibit No. |  | Description |  | Filed/Furnished Herewith |
31 |  | Rule 13a - 14(a)/15d - 14(a) Certifications |  | X | (1)
32.1 |  | Certification of CEO pursuant to 18 U.S.C. Section 1350 |  | X | (2)
32.2 |  | Certification of CFO pursuant to 18 U.S.C. Section 1350 |  | X | (2)
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE |  | Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Inline XBRL Taxonomy Extension Schema Document Inline XBRL Taxonomy Extension Calculation Linkbase Document Inline XBRL Taxonomy Extension Definition Linkbase Document Inline XBRL Taxonomy Extension Labels Linkbase Document Inline XBRL Taxonomy Extension Presentation Linkbase Document |  | X X X X X X | (1) (1) (1) (1) (1) (1)
104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document) |  | X | (1)

(1) Filed Herewith

(2) Furnished Herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 8, 2024 | The Manitowoc Company, Inc.
| (Registrant)
| /s/ Aaron H. Ravenscroft
| Aaron H. Ravenscroft
| President and Chief Executive Officer
| (Principal Executive Officer and Director)
| /s/ Brian P. Regan
| Brian P. Regan
| Executive Vice President and Chief Financial Officer (Principal Financial Officer)
| /s/ Ryan M. Palmer
| Ryan M. Palmer
| Vice President, Corporate Controller and Principal Accounting Officer
| (Principal Accounting Officer)

33