v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue
Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 15, Product Warranties, for further information on product warranties.
The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.
The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative
standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the years ended December 31, 2025, 2024 and 2023.
The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.
The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are included in “Cost of sales” in the Consolidated Statements of Operations.
The following table disaggregates revenue by category:
YEAR ENDED
DECEMBER 31, 2025
Lift truck business
AmericasEMEAJAPICBolzoniElimsTotal
Dealer sales$1,201.7 $444.0 $155.6 $— $— $1,801.3 
Direct customer sales695.2 5.4 — — — 700.6 
Service and parts sales758.3 98.5 26.5 — — 883.3 
Other160.7 22.0 1.4 333.1 (133.1)384.1 
Total Revenues$2,815.9 $569.9 $183.5 $333.1 $(133.1)$3,769.3 
YEAR ENDED
DECEMBER 31, 2024
Lift truck business
AmericasEMEAJAPICBolzoniElimsTotal
Dealer sales$1,690.8 $572.2 $157.3 $— $— $2,420.3 
Direct customer sales669.6 5.6 — — — 675.2 
Service and parts sales727.4 104.1 25.8 — — 857.3 
Other135.6 25.7 0.6 379.1 (185.6)355.4 
Total Revenues$3,223.4 $707.6 $183.7 $379.1 $(185.6)$4,308.2 
YEAR ENDED
DECEMBER 31, 2023
Lift truck business
AmericasEMEAJAPICBolzoniElimsTotal
Dealer sales$1,565.6 $679.2 $172.9 $— $— $2,417.7 
Direct customer sales541.3 9.4 — — — 550.7 
Service and parts sales700.0 110.7 27.9 — — 838.6 
Other93.7 21.2 0.3 375.3 (179.2)311.3 
Total Revenues$2,900.6 $820.5 $201.1 $375.3 $(179.2)$4,118.3 
Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealers. The majority of direct customer sales are to major customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Service and parts sales represent parts sales, extended warranty and maintenance services. For the sale of parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the U.S.,
Bolzoni also has revenue for sales of forklift components to HYMH plants. In all revenue transactions, the Company receives cash equal to the invoice price and amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni and the lift truck business have been eliminated.
Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Changes in the Company's deferred revenue are as follows:
20252024
Balance, January 1$71.3 $92.5 
Customer deposits and billings63.6 60.4 
Revenue recognized(69.8)(81.3)
Foreign currency effect0.5 (0.3)
Balance, December 31$65.6 $71.3