v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Text Block] Business Segments
The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the chief operating decision maker ("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.
Financial information for each reportable segment is presented in the following table:
THREE MONTHS ENDEDSIX MONTHS ENDED
JUNE 30JUNE 30
2026202520262025
Revenues from external customers
Americas$596.2 $707.5 $1,174.6 $1,406.4 
EMEA118.2 148.3 244.2 266.5 
JAPIC41.1 48.4 76.4 95.7 
Lift truck business755.5 904.2 1,495.2 1,768.6 
Bolzoni81.9 90.6 164.8 170.9 
  Eliminations(24.5)(38.2)(51.9)(72.5)
Total$812.9 $956.6 $1,608.1 $1,867.0 
Cost of Sales
Americas$504.5 $577.6 $989.2 $1,134.0 
EMEA107.9 133.5 225.3 238.8 
JAPIC37.6 46.3 70.9 90.2 
Lift truck business650.0 757.4 1,285.4 1,463.0 
Bolzoni59.9 69.2 122.3 131.0 
Eliminations(24.6)(38.2)(52.0)(72.9)
Total$685.3 $788.4 $1,355.7 $1,521.1 
Gross profit
Americas$91.7 $129.9 $185.4 $272.4 
EMEA10.3 14.8 18.9 27.7 
JAPIC3.5 2.1 5.5 5.5 
Lift truck business105.5 146.8 209.8 305.6 
Bolzoni22.0 21.4 42.5 39.9 
Eliminations0.1 — 0.1 0.4 
Total$127.6 $168.2 $252.4 $345.9 
Selling, general and administrative expenses
Americas$86.4 $102.3 $180.2 $201.6 
EMEA28.7 30.1 56.4 59.2 
JAPIC9.2 9.6 18.3 19.5 
Lift truck business124.3 142.0 254.9 280.3 
Bolzoni20.0 19.0 40.6 36.9 
Total$144.3 $161.0 $295.5 $317.2 
Adjustments(a)
Americas$1.7 $15.9 $3.3 $16.6 
EMEA— (0.3)— (1.6)
JAPIC— 0.1 — 0.9 
Lift truck business1.7 15.7 3.3 15.9 
Bolzoni— — — — 
Eliminations— — — — 
Total$1.7 $15.7 $3.3 $15.9 
THREE MONTHS ENDEDSIX MONTHS ENDED
JUNE 30JUNE 30
2026202520262025
Operating profit (loss)
Americas$3.6 $11.7 $1.9 $54.2 
EMEA(18.4)(15.0)(37.5)(29.9)
JAPIC(5.7)(7.6)(12.8)(14.9)
Lift truck business(20.5)(10.9)(48.4)9.4 
Bolzoni2.0 2.4 1.9 3.0 
     Eliminations0.1 — 0.1 0.4 
Total$(18.4)$(8.5)$(46.4)$12.8 
Interest expense
Americas$7.4 $7.3 $14.2 $14.5 
EMEA0.2 0.3 0.4 0.4 
JAPIC0.3 0.3 0.5 0.6 
Eliminations(0.6)(0.2)(1.0)(0.4)
Lift truck business7.3 7.7 14.1 15.1 
Bolzoni0.7 0.6 1.3 1.1 
Eliminations(0.2)(0.4)(0.4)(0.6)
Total$7.8 $7.9 $15.0 $15.6 
Depreciation and amortization
Americas$4.5 $5.0 $8.8 $9.1 
EMEA2.0 2.2 4.2 4.3 
JAPIC1.8 1.6 3.4 3.3 
Lift truck business8.3 8.8 16.4 16.7 
Bolzoni2.6 3.0 5.8 6.1 
Total$10.9 $11.8 $22.2 $22.8 
Capital expenditures
Americas$(10.3)$(8.3)$(16.3)$(14.4)
EMEA(0.9)(3.3)(3.2)(4.4)
JAPIC(1.1)(1.1)(1.5)(2.3)
Lift truck business(12.3)(12.7)(21.0)(21.1)
Bolzoni(2.4)(1.1)(3.5)(3.3)
Total$(14.7)$(13.8)$(24.5)$(24.4)
(a) Consists of restructuring charges (reversals) recognized during the three and six months ended June 30, 2026 and 2025 related to programs initiated in 2025 and 2024 and the strategic realignment of Nuvera in 2025. See Note 14, Restructuring and Impairment Charges, of the Company's unaudited condensed consolidated financial statements for further discussion.
JUNE 30
2026
DECEMBER 31 2025
Total assets
Americas$1,557.7 $1,619.7 
EMEA630.0 668.7 
JAPIC270.2 263.2 
Eliminations(675.1)(667.6)
Lift truck business1,782.8 1,884.0 
Bolzoni326.7 325.3 
Eliminations(181.3)(188.7)
Total$1,928.2 $2,020.6