v3.25.4
Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the CODM, which the Company has determined is the Chief Executive Officer. The Company uses operating profit (loss) to evaluate segment profitability. The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process and as the measure of segment profit or loss. The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments. The Company has four segments, which include three in the lift truck business, as well as Bolzoni.

Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business." Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China. Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarters' expenses and information technology infrastructure costs. These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.

The Company reports the results of Bolzoni as a separate segment. Intercompany sales between Bolzoni and the lift truck business have been eliminated.

During 2025, the Company announced a strategic business realignment of Nuvera designed both to increase near-term profits and to create an integrated energy solutions program in the Americas, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the CODM manages and evaluates the business. These changes did not impact the Company's Consolidated Financial Statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Comparative prior period amounts have been recast to reflect the segment change.

Financial information for each of the reportable segments is presented in the following table. See Note 1, Principles of Consolidation and Nature of Operations, for a discussion of the Company’s product lines. Refer to Note 2, Significant Accounting Policies, for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.
 202520242023
Revenues from external customers   
Americas$2,815.9 $3,223.4 $2,900.6 
EMEA569.9 707.6 820.5 
JAPIC183.5 183.7 201.1 
Lift truck business3,569.3 4,114.7 3,922.2 
Bolzoni333.1 379.1 375.3 
  Eliminations(133.1)(185.6)(179.2)
Total$3,769.3 $4,308.2 $4,118.3 
Cost of Sales
Americas$2,330.9 $2,538.0 $2,343.9 
EMEA515.8 599.5 699.5 
JAPIC170.9 167.1 175.6 
Lift truck business3,017.6 3,304.6 3,219.0 
Bolzoni253.7 293.7 293.1 
Eliminations(134.8)(185.6)(179.4)
Total$3,136.5 $3,412.7 $3,332.7 
Gross profit 
Americas$485.0 $685.4 $556.7 
EMEA54.1 108.1 121.0 
JAPIC12.6 16.6 25.5 
Lift truck business551.7 810.1 703.2 
Bolzoni79.4 85.4 82.2 
  Eliminations1.7 — 0.2 
Total$632.8 $895.5 $785.6 
Selling, general and administrative expenses 
Americas$387.9 $401.0 $360.0 
EMEA115.8 117.1 108.9 
JAPIC36.9 38.0 41.1 
Lift truck business540.6 556.1 510.0 
Bolzoni75.9 72.0 66.9 
Total$616.5 $628.1 $576.9 
Adjustments (a)
Americas$28.8 $7.3 $— 
EMEA4.5 2.4 — 
JAPIC1.9 8.6 — 
Lift truck business35.2 18.3 — 
Bolzoni3.2 4.3 — 
Total$38.4 $22.6 $— 
 202520242023
Operating profit (loss) 
Americas$68.3 $277.1 $196.7 
EMEA(66.2)(11.4)12.1 
JAPIC(26.2)(30.0)(15.6)
Lift truck business(24.1)235.7 193.2 
Bolzoni0.3 9.1 15.3 
  Eliminations1.7 — 0.2 
Total$(22.1)$244.8 $208.7 
Interest expense 
Americas$29.1 $30.8 $33.2 
EMEA0.7 1.9 3.2 
JAPIC1.2 1.2 1.4 
Eliminations(0.9)(1.1)(1.2)
Lift truck business30.1 32.8 36.6 
Bolzoni2.2 2.1 2.0 
  Eliminations(1.1)(1.1)(1.3)
Total$31.2 $33.8 $37.3 
Total assets 
Americas$1,619.7 $1,938.6 $1,740.8 
EMEA668.7 678.5 808.5 
JAPIC263.2 252.9 276.8 
Eliminations(667.6)(928.3)(836.2)
Lift truck business1,884.0 1,941.7 1,989.9 
Bolzoni325.3 290.8 303.8 
  Eliminations(188.7)(203.3)(214.6)
Total$2,020.6 $2,029.2 $2,079.1 
Depreciation and amortization 
Americas$18.0 $19.6 $17.3 
EMEA9.0 8.5 8.2 
JAPIC6.4 7.8 7.9 
Lift truck business33.4 35.9 33.4 
Bolzoni12.4 11.7 11.7 
Total$45.8 $47.6 $45.1 
Capital expenditures 
Americas$(37.5)$(29.9)$(20.4)
EMEA(10.9)(5.7)(6.6)
JAPIC(5.9)(5.3)(3.3)
Lift truck business(54.3)(40.9)(30.3)
Bolzoni(8.2)(6.9)(5.1)
Total$(62.5)$(47.8)$(35.4)
(a) Consists of restructuring and impairment charges recognized during the years ended December 31, 2025 and 2024 related to programs initiated in 2025 and 2024 as part of the Company's global workforce reduction, strategic realignment of Nuvera and manufacturing footprint optimization. See Note 19, Restructuring and Impairment Charges, of the Company's Consolidated Financial Statements for further discussion.
Data by Geographic Region
No single country outside of the U.S. comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions. In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.
 U.S.Europe, Middle East and AfricaOtherConsolidated
2025    
Revenues from unaffiliated customers, based on the customers’ location$2,529.9 $689.3 $550.1 $3,769.3 
Long-lived tangible assets$197.3 $98.8 $91.1 $387.2 
2024    
Revenues from unaffiliated customers, based on the customers’ location$2,874.4 $817.9 $615.9 $4,308.2 
Long-lived tangible assets$194.1 $82.6 $85.5 $362.2 
2023
Revenues from unaffiliated customers, based on the customers’ location$2,542.9 $930.5 $644.9 $4,118.3 
Long-lived tangible assets$179.1 $90.5 $101.1 $370.7