10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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:	September 30, 2023

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 000-54799

HYSTER-YALE MATERIALS HANDLING, INC.
	(Exact name of registrant as specified in its charter)
Delaware		31-1637659
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
5875 LANDERBROOK DRIVE, SUITE 300
CLEVELAND	(440)
OH	449-9600	44124-4069
(Address of principal executive offices)	(Registrant's telephone number, including area code)	(Zip code)
	N/A
	(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value Per Share	HY	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, a 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 ☑

Number of shares of Class A Common Stock outstanding at October 27, 2023: 13,715,705

Number of shares of Class B Common Stock outstanding at October 27, 2023: 3,469,925

HYSTER-YALE MATERIALS HANDLING, INC.

TABLE OF CONTENTS

			Page Number
Part I.	FINANCIAL INFORMATION
	Item 1	Financial Statements
		Unaudited Condensed Consolidated Balance Sheets	2
		Unaudited Condensed Consolidated Statements of Operations	3
		Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)	4
		Unaudited Condensed Consolidated Statements of Cash Flows	5
		Unaudited Condensed Consolidated Statements of Changes in Temporary and Permanent Equity	6
		Notes to Unaudited Condensed Consolidated Financial Statements	8
	Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 3	Quantitative and Qualitative Disclosures About Market Risk	33
	Item 4	Controls and Procedures	33
Part II.	OTHER INFORMATION
	Item 1	Legal Proceedings	33
	Item 1A	Risk Factors	33
	Item 2	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	33
	Item 3	Defaults Upon Senior Securities	33
	Item 4	Mine Safety Disclosures	33
	Item 5	Other Information	33
	Item 6	Exhibits	33
	Signatures		34

1

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	SEPTEMBER 30 2023		DECEMBER 31 2022
	(In millions, except share data)
ASSETS
Current Assets
Cash and cash equivalents	$	78.2	$	59.0
Accounts receivable, net	512.0		523.6
Inventories, net	815.4		799.5
Prepaid expenses and other	95.3		76.6
Total Current Assets	1,500.9		1,458.7
Property, Plant and Equipment, Net	298.7		310.0
Intangible Assets, Net	39.8		42.7
Goodwill	51.0		51.3
Deferred Income Taxes	2.6		2.6
Investments in Unconsolidated Affiliates	54.2		59.4
Other Non-current Assets	105.9		101.5
Total Assets	$	2,053.1	$	2,026.2
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	540.2	$	585.8
Accounts payable, affiliates	9.4		21.6
Revolving credit facilities	102.3		137.1
Short-term debt and current maturities of long-term debt	165.1		148.8
Accrued payroll	70.3		64.4
Deferred revenue	99.1		139.8
Other current liabilities	313.0		245.4
Total Current Liabilities	1,299.4		1,342.9
Long-term Debt	243.2		267.0
Self-insurance Liabilities	41.6		33.5
Pension Obligations	5.9		6.2
Deferred Income Taxes	11.7		13.4
Other Long-term Liabilities	130.7		138.1
Total Liabilities	1,732.5		1,801.1
Temporary Equity
Redeemable Noncontrolling Interest	14.4		14.2
Stockholders' Equity
Common stock:
Class A, par value $0.01 per share, 13,706,991 shares outstanding (2022 - 13,154,918 shares outstanding)	0.1		0.1
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,470,290 shares outstanding (2022 - 3,783,597 shares outstanding)	0.1		0.1
Capital in excess of par value	312.4		297.7
Treasury stock	—		—
Retained earnings	236.7		152.7
Accumulated other comprehensive loss	(244.9)		(246.2)
Total Stockholders' Equity	304.4		204.4
Noncontrolling Interests	1.8		6.5
Total Permanent Equity	306.2		210.9
Total Liabilities and Equity	$	2,053.1	$	2,026.2

See notes to unaudited condensed consolidated financial statements.

2

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
	(In millions, except per share data)
Revenues	$	1,001.2	$	840.1	$	3,091.1	$	2,563.1
Cost of sales	797.6		753.2		2,515.2		2,275.9
Gross Profit	203.6		86.9		575.9		287.2
Operating Expenses
Selling, general and administrative expenses	145.0		111.8		415.9		346.1
Operating Profit (Loss)	58.6		(24.9)		160.0		(58.9)
Other (income) expense
Interest expense	9.6		7.7		28.2		18.9
Income from unconsolidated affiliates	(2.9)		(2.6)		(7.8)		(9.6)
Other, net	(0.7)		2.4		0.3		7.3
	6.0		7.5		20.7		16.6
Income (Loss) Before Income Taxes	52.6		(32.4)		139.3		(75.5)
Income tax expense	16.2		4.2		36.9		4.0
Net Income (Loss)	36.4		(36.6)		102.4		(79.5)
Net income attributable to noncontrolling interests	(0.1)		(0.1)		(0.3)		(1.6)
Net income attributable to redeemable noncontrolling interests	(0.3)		(0.3)		(0.7)		(0.3)
Accrued dividend to redeemable noncontrolling interests	(0.2)		(0.3)		(0.7)		(0.3)
Net Income (Loss) Attributable to Stockholders	$	35.8	$	(37.3)	$	100.7	$	(81.7)
Basic Earnings (Loss) per Share	$	2.08	$	(2.20)	$	5.88	$	(4.84)
Diluted Earnings (Loss) per Share	$	2.06	$	(2.20)	$	5.82	$	(4.84)
Dividends per Share	$	0.3250	$	0.3225	$	0.9725	$	0.9675
Basic Weighted Average Shares Outstanding	17.175		16.920		17.122		16.890
Diluted Weighted Average Shares Outstanding	17.413		16.920		17.315		16.890

See notes to unaudited condensed consolidated financial statements.

3

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
	(In millions)
Net Income (Loss)	$	36.4	$	(36.6)	$	102.4	$	(79.5)
Other comprehensive income (loss)
Foreign currency translation adjustment	(12.0)		(30.2)		(6.4)		(75.1)
Current period cash flow hedging activity	(15.1)		(26.1)		(16.6)		(73.8)
Reclassification of hedging activities into earnings	6.8		12.8		22.1		20.2
Current period pension adjustment	—		(4.2)		—		(4.2)
Reclassification of pension into earnings	0.8		1.1		2.2		3.5
Comprehensive Income (Loss)	$	16.9	$	(83.2)	$	103.7	$	(208.9)
Net income attributable to noncontrolling interests	(0.1)		(0.1)		(0.3)		(1.6)
Net income attributable to redeemable noncontrolling interests	(0.3)		(0.3)		(0.7)		(0.3)
Accrued dividend to redeemable noncontrolling interests	(0.2)		(0.3)		(0.7)		(0.3)
Foreign currency translation adjustment attributable to noncontrolling interests	0.1		0.5		0.2		2.0
Comprehensive Income (Loss) Attributable to Stockholders	$	16.4	$	(83.4)	$	102.2	$	(209.1)

See notes to unaudited condensed consolidated financial statements.

4

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	NINE MONTHS ENDED
	SEPTEMBER 30
	2023		2022
	(In millions)
Operating Activities
Net income (loss)	$	102.4	$	(79.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	33.8		33.0
Amortization of deferred financing fees	1.0		1.0
Deferred income taxes	(0.7)		(2.1)
Stock-based compensation	14.0		3.7
Dividends from unconsolidated affiliates	10.5		15.6
Other non-current liabilities	5.6		(9.1)
Other	9.2		3.2
Working capital changes:
Accounts receivable	1.8		(41.3)
Inventories	(21.9)		(43.6)
Other current assets	(6.5)		(3.4)
Accounts payable	(50.0)		42.4
Other current liabilities	5.9		114.4
Net cash provided by operating activities	105.1		34.3
Investing Activities
Expenditures for property, plant and equipment	(18.9)		(19.7)
Proceeds from the sale of assets	1.2		0.9
Proceeds from the sale of business	1.1		—
Purchase of noncontrolling interest	(3.2)		(8.4)
Net cash used for investing activities	(19.8)		(27.2)
Financing Activities
Additions to debt	103.8		106.2
Reductions of debt	(119.9)		(63.5)
Net change to revolving credit agreements	(34.1)		(28.0)
Cash dividends paid	(16.7)		(16.4)
Cash dividends paid to noncontrolling interest	(1.3)		(0.2)
Financing fees paid	(0.8)		—
Purchase of treasury stock	(0.1)		—
Net cash used for financing activities	(69.1)		(1.9)
Effect of exchange rate changes on cash	3.0		(2.1)
Cash and Cash Equivalents
Increase for the period	19.2		3.1
Balance at the beginning of the period	59.0		65.5
Balance at the end of the period	$	78.2	$	68.6

See notes to unaudited condensed consolidated financial statements.

5

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY

	Temporary Equity		Permanent Equity
													Accumulated Other Comprehensive Income (Loss)
	Redeemable Noncontrolling Interest		Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Cash Flow Hedging			Pension Adjustment			Total Stockholders' Equity			Noncontrolling Interests			Total Permanent Equity
			(In millions)
Balance, June 30, 2022	$	15.9	$	0.1	$	0.1	$	—	$	291.2	$	193.3		$	(142.6)		$	(72.3)		$	(70.2)		$	199.6		$	7.9		$	207.5
Stock-based compensation	—		—		—		—		1.1		—			—			—			—			1.1			—			1.1
Stock issued under stock compensation plans	—		—		—		—		(0.1)		—			—			—			—			(0.1)			—			(0.1)
Net income (loss)	0.3		—		—		—		—		(37.3)			—			—			—			(37.3)			0.1			(37.2)
Cash dividends	—		—		—		—		—		(5.5)			—			—			—			(5.5)			—			(5.5)
Accrued dividends	0.3		—		—		—		—		—			—			—			—			—			—			—
Current period other comprehensive loss	—		—		—		—		—		—			(30.2)			(26.1)			(4.2)			(60.5)			—			(60.5)
Reclassification adjustment to net income	—		—		—		—		—		—			—			12.8			1.1			13.9			—			13.9
Reclassification from permanent equity to temporary equity	(2.8)		—		—		—		2.8		—			—			—			—			2.8			—			2.8
Foreign currency translation on noncontrolling interest	—		—		—		—		—		—			—			—			—			—			(0.5)			(0.5)
Balance, September 30, 2022	$	13.7	$	0.1	$	0.1	$	—	$	295.0	$	150.5		$	(172.8)		$	(85.6)		$	(73.3)		$	114.0		$	7.5		$	121.5
Balance, June 30, 2023	$	13.9	$	0.1	$	0.1	$	(0.1)	$	309.3	$	206.5		$	(131.4)		$	(23.9)		$	(70.1)		$	290.5		$	1.8		$	292.3
Stock-based compensation	—		—		—		—		3.2		—			—			—			—			3.2			—			3.2
Stock issued under stock compensation plans	—		—		—		0.1		(0.1)		—			—			—			—			—			—			—
Net income	0.3		—		—		—		—		35.8			—			—			—			35.8			0.1			35.9
Cash dividends	—		—		—		—		—		(5.6)			—			—			—			(5.6)			—			(5.6)
Accrued dividends	0.2		—		—		—		—		—			—			—			—			—			—			—
Current period other comprehensive loss	—		—		—		—		—		—			(12.0)			(15.1)			—			(27.1)			—			(27.1)
Reclassification adjustment to net income	—		—		—		—		—		—			—			6.8			0.8			7.6			—			7.6
Foreign currency translation on noncontrolling interest	—		—		—		—		—		—			—			—			—			—			(0.1)			(0.1)
Balance, September 30, 2023	$	14.4	$	0.1	$	0.1	$	—	$	312.4	$	236.7		$	(143.4)		$	(32.2)		$	(69.3)		$	304.4		$	1.8		$	306.2

See notes to unaudited condensed consolidated financial statements.

6

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY

	Temporary Equity		Permanent Equity
													Accumulated Other Comprehensive Income (Loss)
	Redeemable Noncontrolling Interest		Class A Common Stock		Class B Common Stock		Treasury Stock		Capital in Excess of Par Value		Retained Earnings		Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Cash Flow Hedging			Pension Adjustment			Total Stockholders' Equity			Noncontrolling Interests			Total Permanent Equity
			(In millions)
Balance, December 31, 2021	$	—	$	0.1	$	0.1	$	(4.5)	$	315.1	$	248.6		$	(97.7)		$	(32.0)		$	(72.6)		$	357.1		$	25.8		$	382.9
Stock-based compensation	—		—		—		—		3.7		—			—			—			—			3.7			—			3.7
Stock issued under stock compensation plans	—		—		—		4.5		(4.5)		—			—			—			—			—			—			—
Net income (loss)	0.3		—		—		—		—		(81.7)			—			—			—			(81.7)			1.6			(80.1)
Cash dividends	—		—		—		—		—		(16.4)			—			—			—			(16.4)			(0.2)			(16.6)
Accrued dividends	0.3		—		—		—		—		—			—			—			—			—			—			—
Current period other comprehensive loss	—		—		—		—		—		—			(75.1)			(73.8)			(4.2)			(153.1)			—			(153.1)
Reclassification adjustment to net income	—		—		—		—		—		—			—			20.2			3.5			23.7			—			23.7
Purchase of noncontrolling interest	—		—		—		—		(12.8)		—			—			—			—			(12.8)			(11.1)			(23.9)
Reclassification from permanent equity to temporary equity	13.1		—		—		—		(6.5)		—			—			—			—			(6.5)			(6.6)			(13.1)
Foreign currency translation on noncontrolling interest	—		—		—		—		—		—			—			—			—			—			(2.0)			(2.0)
Balance, September 30, 2022	$	13.7	$	0.1	$	0.1	$	—	$	295.0	$	150.5		$	(172.8)		$	(85.6)		$	(73.3)		$	114.0		$	7.5		$	121.5
Balance, December 31, 2022	$	14.2	$	0.1	$	0.1	$	—	$	297.7	$	152.7		$	(137.0)		$	(37.7)		$	(71.5)		$	204.4		$	6.5		$	210.9
Stock-based compensation	—		—		—		—		14.0		—			—			—			—			14.0			—			14.0
Stock issued under stock compensation plans	—		—		—		0.1		(0.1)		—			—			—			—			—			—			—
Purchase of treasury stock	—		—		—		(0.1)		—		—			—			—			—			(0.1)			—			(0.1)
Net income	0.7		—		—		—		—		100.7			—			—			—			100.7			0.3			101.0
Cash dividends	(0.9)		—		—		—		—		(16.7)			—			—			—			(16.7)			(0.4)			(17.1)
Accrued dividends	0.7		—		—		—		—		—			—			—			—			—			—			—
Current period other comprehensive loss	—		—		—		—		—		—			(6.4)			(16.6)			—			(23.0)			—			(23.0)
Reclassification adjustment to net income	—		—		—		—		—		—			—			22.1			2.2			24.3			—			24.3
Purchase of noncontrolling interest	—		—		—		—		0.8		—			—			—			—			0.8			(4.0)			(3.2)
Sale of noncontrolling interest	—		—		—		—		—		—			—			—			—			—			(0.7)			(0.7)
Foreign currency translation on noncontrolling interest	(0.3)		—		—		—		—		—			—			—			—			—			0.1			0.1
Balance, September 30, 2023	$	14.4	$	0.1	$	0.1	$	—	$	312.4	$	236.7		$	(143.4)		$	(32.2)		$	(69.3)		$	304.4		$	1.8		$	306.2

See notes to unaudited condensed consolidated financial statements.

7

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Note 1—Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.

Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20%-owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. ("Sumitomo") owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2023 and the results of its operations and changes in equity for the three and nine months ended September 30, 2023 and 2022, and the results of its cash flows for the nine months ended September 30, 2023 and 2022 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.

Note 2—Recently Issued Accounting Standards

In 2023, the Company did not adopt any recent accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

8

The following table provides a brief description of ASUs not yet adopted:

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2024	The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60)	The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.	January 1, 2025	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

Note 3—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 11 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 nine months ended September 30, 2023 and 2022.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed 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 reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category:

9

	THREE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	413.2	$	149.8	$	44.6	$	—	$	—	$	—	$	607.6
Direct customer sales	105.3		2.9		—		—		—		—		108.2
Aftermarket sales	170.5		26.0		7.0		—		—		—		203.5
Other	27.5		5.2		—		92.8		1.5		(45.1)		81.9
Total Revenues	$	716.5	$	183.9	$	51.6	$	92.8	$	1.5	$	(45.1)	$	1,001.2
	THREE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	288.7	$	128.6	$	57.1	$	—	$	—	$	—	$	474.4
Direct customer sales	104.0		1.8		—		—		—		—		105.8
Aftermarket sales	154.2		25.3		8.2		—		—		—		187.7
Other	24.4		3.7		0.2		82.2		1.2		(39.5)		72.2
Total Revenues	$	571.3	$	159.4	$	65.5	$	82.2	$	1.2	$	(39.5)	$	840.1
	NINE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	1,190.1	$	492.4	$	126.6	$	—	$	—	$	—	$	1,809.1
Direct customer sales	403.9		7.4		—		—		—		—		411.3
Aftermarket sales	536.4		83.1		22.0		—		—		—		641.5
Other	60.5		16.5		0.5		288.0		4.1		(140.4)		229.2
Total Revenues	$	2,190.9	$	599.4	$	149.1	$	288.0	$	4.1	$	(140.4)	$	3,091.1

	NINE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	880.2	$	409.8	$	159.9	$	—	$	—	$	—	$	1,449.9
Direct customer sales	323.4		11.2		—		—		—		—		334.6
Aftermarket sales	446.5		78.1		21.8		—		—		—		546.4
Other	75.5		14.8		0.4		263.7		2.1		(124.3)		232.2
Total Revenues	$	1,725.6	$	513.9	$	182.1	$	263.7	$	2.1	$	(124.3)	$	2,563.1

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 dealer. The majority of direct customer sales are to National Account 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. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket 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 United States, Bolzoni also has revenue for sales of lift truck components to the lift truck business. Nuvera's revenues include

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the sale of fuel cell stacks and engines to third parties and to the lift truck business. In all revenue transactions, the Company receives cash equal to the invoice price. The amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera 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.

	Deferred Revenue
Balance, December 31, 2022	$	153.8
Customer deposits and billings	21.0
Revenue recognized	(64.1)
Foreign currency effect	0.1
Balance, September 30, 2023	$	110.8

Note 4—Business Segments

The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, 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, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units 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 management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each 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 both Bolzoni and Nuvera as separate segments. Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated.

Operating profit is the measure of segment profit or loss. Financial information for each reportable segment is presented in the following table:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues from external customers
Americas	$	716.5	$	571.3	$	2,190.9	$	1,725.6
EMEA	183.9		159.4		599.4		513.9
JAPIC	51.6		65.5		149.1		182.1
Lift truck business	952.0		796.2		2,939.4		2,421.6
Bolzoni	92.8		82.2		288.0		263.7
Nuvera	1.5		1.2		4.1		2.1
Eliminations	(45.1)		(39.5)		(140.4)		(124.3)
Total	$	1,001.2	$	840.1	$	3,091.1	$	2,563.1

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	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Operating profit (loss)
Americas	$	65.4	$	0.9	$	178.1	$	8.4
EMEA	2.4		(13.2)		6.1		(35.4)
JAPIC	(2.7)		(2.9)		(8.8)		(10.6)
Lift truck business	65.1		(15.2)		175.4		(37.6)
Bolzoni	2.9		(1.3)		12.7		4.2
Nuvera	(9.4)		(9.0)		(28.4)		(25.0)
Eliminations	—		0.6		0.3		(0.5)
Total	$	58.6	$	(24.9)	$	160.0	$	(58.9)

Note 5—Income Taxes

The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

A reconciliation of the U.S. federal statutory rate to the reported income tax rate is as follows:

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2023			2022			2023			2022
Income (loss) before income taxes	$	52.6		$	(32.4)		$	139.3		$	(75.5)
Statutory taxes (21%)	$	11.1		$	(6.8)		$	29.3		$	(15.9)
Interim adjustment	(0.2)			(2.3)			(0.5)			(3.8)
Permanent adjustments:
Valuation allowance	4.2			12.6			4.7			28.5
Other	2.3			0.1			6.7			(0.1)
Discrete items	(1.2)			0.6			(3.3)			(4.7)
Income tax expense	$	16.2		$	4.2		$	36.9		$	4.0
Reported income tax rate	30.8		%	(13.0)		%	26.5		%	(5.3)		%

The Company's estimated annual effective income tax rate assumes that a significant portion of its net operating loss carryforwards will be utilized in 2023 along with the release of the associated valuation allowances. This release will be more than offset by the capitalization of research and development expenses under current U.S. tax rules for which a valuation allowance will be provided. The net of these items is included in the valuation allowance line in the table above.

During the first nine months of 2023, the Company recorded other permanent adjustments primarily related to the unfavorable tax effects of non-U.S. rate differences, state income taxes, non-deductible compensation and global intangible low-taxed income, partially offset by favorable tax effects of foreign derived intangible income, federal income tax credits and equity interest earnings.

During the third quarter of 2023, the Company recognized a discrete tax benefit of $1.2 million primarily related to the expiration of the statute of limitations for uncertain tax positions.

During the second quarter of 2023 and 2022, the Company recognized discrete tax benefits of $2.3 million and $4.5 million, respectively, mainly resulting from the expiration of the statute of limitations for uncertain tax positions related to acquisitions. Of those amounts, an offsetting pre-tax indemnity receivable was recorded for $2.1 million and $3.8 million in the second

12

quarter of 2023 and 2022, respectively. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

Note 6—Reclassifications from OCI

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

OCI Components	Amount Reclassified from OCI								Affected Line Item
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Gain (loss) on cash flow hedges:
Interest rate contracts	$	1.8	$	0.1	$	4.5	$	1.8	Interest expense
Foreign exchange contracts	(8.7)		(12.9)		(26.7)		(21.8)		Cost of sales
Total before tax	(6.9)		(12.8)		(22.2)		(20.0)		Income (loss) before income taxes
Tax (expense) benefit	0.1		—		0.1		(0.2)		Income tax expense (benefit)
Net of tax	$	(6.8)	$	(12.8)	$	(22.1)	$	(20.2)	Net income (loss)
Amortization of defined benefit pension items:
Actuarial loss	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Other, net
Total before tax	(0.8)		(1.1)		(2.2)		(3.5)		Income (loss) before income taxes
Tax (expense) benefit	—		—		—		—		Income tax expense (benefit)
Net of tax	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Net income (loss)
Total reclassifications for the period	$	(7.6)	$	(13.9)	$	(24.3)	$	(23.7)

Note 7—Financial Instruments and Derivative Financial Instruments

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At September 30, 2023, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $476.1 million and $484.9 million, respectively. At December 31, 2022, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $486.4 million and $490.3 million, respectively.

Derivative Financial Instruments

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

13

The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in OCI as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate ("SOFR"). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $1.0 billion at September 30, 2023, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos, and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $0.8 billion at December 31, 2022, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars. The fair value of these contracts approximated a net liability of $45.7 million and $43.5 million at September 30, 2023 and December 31, 2022, respectively.

Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 24 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2023, $37.9 million of the amount of net deferred loss included in OCI at September 30, 2023 is expected to be reclassified as expense into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on its $225.0 million term loan borrowings. In addition, the Company holds certain contracts that hedge interest payments on Bolzoni's debt.

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2023 and December 31, 2022:

Notional Amount				Average Fixed Rate
SEPTEMBER 30		DECEMBER 31		SEPTEMBER 30		DECEMBER 31
2023		2022		2023		2022		Term at September 30, 2023
$	180.0	$	180.0	1.65	%	1.68	%	Extending to May 2027
$	8.3	$	22.4	0.47	%	0.18	%	Extending to May 2027

The fair value of all interest rate swap agreements was a net asset of $17.4 million and $16.1 million at September 30, 2023 and December 31, 2022, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2023, $7.1 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

14

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022		Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Prepaid expenses and other	$	6.8	$	5.9	Prepaid expenses and other	$	—	$	—
Long-term	Other non-current assets	10.6		10.2		Other non-current assets	—		—
Foreign currency exchange contracts
Current	Other current liabilities	5.0		2.6		Other current liabilities	41.6		32.1
Long-term	Other non-current assets	1.4		0.7		Other non-current assets	—		0.3
	Other long-term liabilities	0.5		1.0		Other long-term liabilities	8.4		17.3
Total derivatives designated as hedging instruments		$	24.3	$	20.4		$	50.0	$	49.7
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	0.1		—		Prepaid expenses and other	0.1		—
	Other current liabilities	1.9		4.9		Other current liabilities	4.5		3.0
Total derivatives not designated as hedging instruments		$	2.0	$	4.9		$	4.6	$	3.0
Total derivatives		$	26.3	$	25.3		$	54.6	$	52.7

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2023								Derivative Liabilities as of September 30, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	17.4	$	—	$	17.4	$	17.4	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	1.4		(1.4)		—		—		47.1		(1.4)		45.7		45.7
Total derivatives	$	18.8	$	(1.4)	$	17.4	$	17.4	$	47.1	$	(1.4)	$	45.7	$	45.7
	Derivative Assets as of December 31, 2022								Derivative Liabilities as of December 31, 2022
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	16.1	$	—	$	16.1	$	16.1	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	0.4		(0.4)		—		—		43.9		(0.4)		43.5		43.5
Total derivatives	$	16.5	$	(0.4)	$	16.1	$	16.1	$	43.9	$	(0.4)	$	43.5	$	43.5

15

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2023		2022		2023		2022			2023		2022		2023		2022
Cash Flow Hedges
Interest rate swap agreements	$	2.5	$	7.6	$	5.7	$	23.1	Interest expense	$	1.8	$	0.1	$	4.5	$	1.8
Foreign currency exchange contracts	(17.4)		(33.6)		(22.6)		(96.9)		Cost of sales	(8.7)		(12.9)		(26.7)		(21.8)
Total	$	(14.9)	$	(26.0)	$	(16.9)	$	(73.8)		$	(6.9)	$	(12.8)	$	(22.2)	$	(20.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2023		2022		2023		2022
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)
Total										$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)

Note 8—Retirement Benefit Plans

The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company's U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

During the third quarter of 2022, the Company recognized a settlement loss of $1.5 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S. pension plan. The Company remeasured the plan as of September 30, 2022 using a discount rate of 5.52% compared to the December 31, 2021 discount rate of 2.58%. As a result of the remeasurement, the funded status of the plan decreased by $4.3 million and accumulated other comprehensive income increased by $4.2 million ($4.2 million net of tax).

The Company presents the components of net benefit cost, other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension (income) expense are set forth below:

16

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
U.S. Pension
Interest cost	$	0.6	$	0.4	$	1.9	$	1.2
Expected return on plan assets	(0.7)		(0.9)		(2.0)		(2.7)
Settlement loss	—		1.5		—		1.5
Amortization of actuarial loss	0.6		0.5		1.6		1.4
Total	$	0.5	$	1.5	$	1.5	$	1.4
Non-U.S. Pension
Service cost	$	—	$	0.1	$	—	$	0.2
Interest cost	1.4		0.8		4.1		2.4
Expected return on plan assets	(1.9)		(1.8)		(5.6)		(5.7)
Amortization of actuarial loss	0.2		0.6		0.6		2.1
Total	$	(0.3)	$	(0.3)	$	(0.9)	$	(1.0)

Note 9—Inventories

Inventories are summarized as follows:

	SEPTEMBER 30 2023		DECEMBER 31 2022
Finished goods and service parts	$	382.3	$	335.8
Work in process	39.9		36.0
Raw materials	484.3		522.1
Total manufactured inventories	906.5		893.9
LIFO reserve	(91.1)		(94.4)
Total inventory	$	815.4	$	799.5

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2023 and December 31, 2022, 50% and 52%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

Note 10—Current and Long-Term Financing

On May 25, 2023, the Company entered into an amendment of its secured, floating-rate revolving credit facility (the "Facility"). As a result of the amendment, among other items, (i) a new tranche of revolving loans with aggregate commitments of $25.0 million (the "FILO Commitments") was established under the Facility and (ii) the benchmark interest rate for U.S. dollar-denominated borrowings under the Facility changed from LIBOR to Term SOFR, each as defined in the Facility.

The FILO Commitments will terminate on May 1, 2024 unless otherwise terminated prior to such date by the Company in accordance with the terms of the Facility. Commencing December 1, 2023, the FILO Commitments will amortize on a monthly basis in the amount of $4.2 million per month. Loans under the FILO Commitments ("FILO Loans") bear interest at a floating rate, which can be a base rate or Term SOFR, plus an applicable margin. The applicable margins for FILO Loans are 2.25% for base rate loans and 3.25% for Term SOFR loans. Subsequent to the amendment, existing U.S. Loans (as defined in the Facility) were reallocated to the FILO Commitment. As a result of such reallocation, the FILO Commitment was fully utilized as of the closing.

17

After giving effect to the amendment, the Facility consists of a domestic revolving credit facility in the amount of $210.0 million, a foreign revolving credit facility in the amount of $90.0 million and the FILO Commitments in the amount of $25.0 million.

The Company incurred approximately $0.8 million of additional deferred financing fees in connection with the amendment of the Facility.

Note 11—Product Warranties

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

	2023
Balance at December 31, 2022	$	56.7
Current year warranty expense	36.0
Change in estimate related to pre-existing warranties	(6.0)
Payments made	(20.3)
Balance at September 30, 2023	$	66.4

Note 12—Contingencies

Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

Note 13—Guarantees

Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at September 30, 2023 and December 31, 2022 were $138.7 million and $133.2 million, respectively. As of September 30, 2023, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements. The Company generally retains a security interest in

18

the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at September 30, 2023 was approximately $192.4 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of September 30, 2023, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $28.2 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $13.4 million as of September 30, 2023. The $28.2 million is included in the $138.7 million of total amounts subject to recourse or repurchase obligations at September 30, 2023.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At September 30, 2023, approximately $125.7 million of the Company's total recourse or repurchase obligations of $138.7 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At September 30, 2023, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $248.1 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $125.7 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $225.9 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $292.9 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.

Note 14—Equity and Debt Investments

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

The Company has a 50% ownership interest in SN, a limited liability company which was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®-branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment.

The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investments in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2023		December 31, 2022
HYGFS	$	20.0	$	21.8
SN	31.9		36.0
Bolzoni	0.4		0.4

19

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2023		2022
HYGFS	$	10.5	$	14.9
SN	—		0.7
	$	10.5	$	15.6

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues	$	106.0	$	101.2	$	335.3	$	311.7
Gross profit	$	40.3	$	39.2	$	123.7	$	125.7
Income from continuing operations	$	14.1	$	13.6	$	41.7	$	44.7
Net income	$	14.1	$	13.6	$	41.7	$	44.7

The Company has a non-U.S. equity investment in a third party valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of September 30, 2023 and December 31, 2022 was $1.1 million and $0.5 million, respectively. Any gain or loss on the investment is included on the line "Other, net" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Gain (loss) on equity investment	$	—	$	(0.3)	$	0.5	$	(0.9)

The Company has a debt investment in a third party, OneH2, Inc. The Company's investment was $0.8 million as of each September 30, 2023 and December 31, 2022.

20

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

(Tabular Amounts in Millions, Except Per Share and Percentage Data)

Hyster-Yale Materials Handling, Inc. ("Hyster-Yale" or the "Company") and its subsidiaries, including its operating company Hyster-Yale Group, Inc. ("HYG"), is a leading, globally integrated, full-line lift truck manufacturer. The Company offers a broad array of solutions aimed at meeting the specific materials handling needs of its customers, including attachments and hydrogen fuel cell power products, telematics, automation and fleet management services, as well as a variety of other power options for its lift trucks. The Company, through HYG, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. The materials handling business historically has been cyclical because the rate of orders for lift trucks fluctuates depending on the general level of economic activity in the various industries and countries its customers serve. Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Please refer to the discussion of Critical Accounting Policies and Estimates as disclosed on pages 15 through 17 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Critical Accounting Policies and Estimates have not materially changed since December 31, 2022.

FINANCIAL REVIEW

The results of operations for the Company were as follows:

	THREE MONTHS ENDED				Favorable / (Unfavorable)		NINE MONTHS ENDED				Favorable / (Unfavorable)
	SEPTEMBER 30						SEPTEMBER 30
	2023		2022		% Change		2023		2022		% Change
Lift truck unit shipments (in thousands)
Americas	17.1		13.9		23.0	%	51.5		42.4		21.5	%
EMEA	5.9		7.1		(16.9)	%	19.7		21.4		(7.9)	%
JAPIC	2.7		3.5		(22.9)	%	7.4		9.9		(25.3)	%
	25.7		24.5		4.9	%	78.6		73.7		6.6	%
Revenues
Americas	$	716.5	$	571.3	25.4	%	$	2,190.9	$	1,725.6	27.0	%
EMEA	183.9		159.4		15.4	%	599.4		513.9		16.6	%
JAPIC	51.6		65.5		(21.2)	%	149.1		182.1		(18.1)	%
Lift truck business	952.0		796.2		19.6	%	2,939.4		2,421.6		21.4	%
Bolzoni	92.8		82.2		12.9	%	288.0		263.7		9.2	%
Nuvera	1.5		1.2		25.0	%	4.1		2.1		95.2	%
Eliminations	(45.1)		(39.5)		14.2	%	(140.4)		(124.3)		13.0	%
	$	1,001.2	$	840.1	19.2	%	$	3,091.1	$	2,563.1	20.6	%

21

	THREE MONTHS ENDED						Favorable / (Unfavorable)		NINE MONTHS ENDED						Favorable / (Unfavorable)
	SEPTEMBER 30								SEPTEMBER 30
	2023			2022			% Change		2023			2022			% Change
Gross profit
Americas	$	149.2		$	60.2		147.8	%	$	413.8		$	193.3		114.1	%
EMEA	29.4			8.3			254.2	%	83.4			34.0			145.3	%
JAPIC	7.4			6.1			21.3	%	21.4			14.5			47.6	%
Lift truck business	186.0			74.6			149.3	%	518.6			241.8			114.5	%
Bolzoni	19.5			13.7			42.3	%	62.8			51.4			22.2	%
Nuvera	(1.9)			(2.0)			5.0	%	(5.8)			(5.5)			(5.5)	%
Eliminations	—			0.6			n.m.		0.3			(0.5)			n.m.
	$	203.6		$	86.9		134.3	%	$	575.9		$	287.2		100.5	%
Selling, general and administrative expenses
Americas	$	83.8		$	59.3		(41.3)	%	$	235.7		$	184.9		(27.5)	%
EMEA	27.0			21.5			(25.6)	%	77.3			69.4			(11.4)	%
JAPIC	10.1			9.0			(12.2)	%	30.2			25.1			(20.3)	%
Lift truck business	120.9			89.8			(34.6)	%	343.2			279.4			(22.8)	%
Bolzoni	16.6			15.0			(10.7)	%	50.1			47.2			(6.1)	%
Nuvera	7.5			7.0			(7.1)	%	22.6			19.5			(15.9)	%
	$	145.0		$	111.8		(29.7)	%	$	415.9		$	346.1		(20.2)	%
Operating profit (loss)
Americas	$	65.4		$	0.9		n.m.		$	178.1		$	8.4		n.m.
EMEA	2.4			(13.2)			n.m.		6.1			(35.4)			n.m.
JAPIC	(2.7)			(2.9)			6.9	%	(8.8)			(10.6)			17.0	%
Lift truck business	65.1			(15.2)			n.m.		175.4			(37.6)			n.m.
Bolzoni	2.9			(1.3)			n.m.		12.7			4.2			202.4	%
Nuvera	(9.4)			(9.0)			(4.4)	%	(28.4)			(25.0)			(13.6)	%
Eliminations	—			0.6			n.m.		0.3			(0.5)			n.m.
	$	58.6		$	(24.9)		n.m.		$	160.0		$	(58.9)		n.m.
Interest expense	$	9.6		$	7.7		(24.7)	%	$	28.2		$	18.9		(49.2)	%
Other (income) expense	$	(3.6)		$	(0.2)		n.m.		$	(7.5)		$	(2.3)		226.1	%
Net income (loss) attributable to stockholders	$	35.8		$	(37.3)		n.m.		$	100.7		$	(81.7)		n.m.
Diluted earnings (loss) per share	$	2.06		$	(2.20)		n.m.		$	5.82		$	(4.84)		n.m.
Reported income tax rate	30.8		%	(13.0)		%			26.5		%	(5.3)		%
n.m. - not meaningful

22

Following is the detail of the Company's unit shipments, bookings and backlog of unfilled orders placed with its manufacturing and assembly operations for new lift trucks, reflected in thousands of units. "Other adjustments" in the first nine months of 2022 below represents suspended orders for which the Company has no defined plans to fulfill. As of September 30, 2023, unit backlog excludes 2,300 of these suspended orders. As of September 30, 2023, substantially all of the Company's backlog is expected to be sold within the next twelve months.

	THREE MONTHS ENDED		NINE MONTHS ENDED
	SEPTEMBER 30		SEPTEMBER 30
	2023	2022	2023	2022
Unit backlog, beginning of period	92.8	112.0	102.1	105.3
Unit shipments	(25.7)	(24.5)	(78.6)	(73.7)
Unit bookings	18.2	20.7	61.8	79.8
Other adjustments	—	—	—	(3.2)
Unit backlog, end of period	85.3	108.2	85.3	108.2

The following is the detail of the approximate sales value of the Company's lift truck unit bookings and backlog. The dollar value of bookings and backlog is calculated using the current unit bookings and backlog and the forecasted average sales price per unit.

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Bookings, approximate sales value	$	580	$	680	$	1,950	$	2,390
Backlog, approximate sales value	$	3,540	$	3,700	$	3,540	$	3,700

Third Quarter of 2023 Compared with Third Quarter of 2022

The following table identifies the components of change in revenues for the third quarter of 2023 compared with the third quarter of 2022:

	Revenues
			Lift truck
	HY		Americas		EMEA		JAPIC
2022	$	840.1	$	571.3	$	159.4	$	65.5
Increase (decrease) in 2023 from:
Unit volume and product mix	65.7		91.5		(14.0)		(11.8)
Price	58.7		33.2		25.1		0.4
Foreign currency	14.7		1.6		14.4		(1.3)
Parts	14.2		16.2		(1.2)		(0.8)
Other	2.5		2.7		0.2		(0.4)
Bolzoni revenues	10.6		—		—		—
Nuvera revenues	0.3		—		—		—
Eliminations	(5.6)		—		—		—
2023	$	1,001.2	$	716.5	$	183.9	$	51.6

Revenues increased 19.2% to $1,001.2 million in the third quarter of 2023 from $840.1 million in the third quarter of 2022. The increase in Lift Truck revenues was primarily due to higher unit and parts volumes in the Americas and improved pricing in all geographic regions. The improvement in revenue was partially offset by a decline in unit shipments in EMEA and JAPIC.

Bolzoni revenues increased in the third quarter of 2023 compared with the third quarter of 2022 mainly from higher volume and improved pricing.

23

The following table identifies the components of change in operating profit (loss) for the third quarter of 2023 compared with the third quarter of 2022:

	Operating Profit (Loss)
			Lift truck
	HY		Americas		EMEA		JAPIC
2022	$	(24.9)	$	0.9	$	(13.2)	$	(2.9)
Increase (decrease) in 2023 from:
Lift truck gross profit	110.8		89.0		21.1		1.3
Lift truck selling, general and administrative expenses	(31.1)		(24.5)		(5.5)		(1.1)
Bolzoni operations	4.2		—		—		—
Nuvera operations	(0.4)		—		—		—
2023	$	58.6	$	65.4	$	2.4	$	(2.7)

The Company recognized operating profit of $58.6 million in the third quarter of 2023 compared with an operating loss of $24.9 million in the third quarter of 2022. The increase in Lift Truck operating profit was primarily due to improved gross profit from higher pricing of $58.7 million, mainly in the Americas and EMEA, favorable material costs in the Americas, a shift in sales to higher margin lift trucks and higher unit and parts volumes in the Americas. The increase in gross profit was partially offset by higher selling, general and administrative expenses primarily due to increased employee-related costs, including incentive compensation, as well as higher product development, product liability and marketing costs.

Operating profit in the Americas increased primarily due to improved gross profit from higher pricing of $33.2 million, favorable material costs and higher unit and parts sales. The increase in gross profit was partially offset by higher selling, general and administrative expenses primarily related to increased employee-related costs, including incentive compensation, as well as higher product development, product liability and marketing costs.

EMEA recognized operating profit of $2.4 million in the third quarter of 2023 compared with an operating loss of $13.2 million in the third quarter of 2022, primarily from higher gross profit from improved pricing of $25.1 million, partially offset by lower unit volume and higher selling, general and administrative expenses.

Bolzoni recognized operating profit of $2.9 million in the third quarter of 2023 compared with an operating loss of $1.3 million in the third quarter of 2022 primarily due to higher gross profit from higher sales volume and improved pricing.

The Company recognized net income attributable to stockholders of $35.8 million in the third quarter of 2023 compared with a net loss of $37.3 million in the third quarter of 2022. The improvement was primarily the result of higher operating profit (loss), partially offset by increased income tax and interest expense. See Note 5 of the Company's condensed consolidated financial statements for further discussion of the Company's income tax provision.

24

First Nine Months of 2023 Compared with First Nine Months of 2022

The following table identifies the components of change in revenues for the first nine months of 2023 compared with the first nine months of 2022:

	Revenues
			Lift truck
	HY		Americas		EMEA		JAPIC
2022	$	2,563.1	$	1,725.6	$	513.9	$	182.1
Increase (decrease) in 2023 from:
Unit volume and product mix	230.1		259.4		2.9		(32.2)
Price	210.9		129.8		78.2		2.9
Parts	78.3		72.9		4.3		1.1
Bolzoni revenues	24.3		—		—		—
Nuvera revenues	2.0		—		—		—
Other	1.2		1.8		(0.5)		(0.1)
Eliminations	(16.1)		—		—		—
Foreign currency	(2.7)		1.4		0.6		(4.7)
2023	$	3,091.1	$	2,190.9	$	599.4	$	149.1

Revenues increased 20.6% to $3,091.1 million in the first nine months of 2023 from $2,563.1 million in the first nine months of 2022. The increase was primarily due to higher unit and parts volumes in the Americas, improved pricing and a shift in sales to higher-priced lift trucks in the Americas and EMEA.

Bolzoni revenues increased in the first nine months of 2023 compared with the first nine months of 2022 mainly from improved pricing and higher volume.

The following table identifies the components of change in operating profit for the first nine months of 2023 compared with the first nine months of 2022:

	Operating Profit (Loss)
			Lift truck
	HY		Americas		EMEA		JAPIC
2022	$	(58.9)	$	8.4	$	(35.4)	$	(10.6)
Increase (decrease) in 2023 from:
Lift truck gross profit	277.6		220.5		49.4		6.9
Lift truck selling, general and administrative expenses	(63.8)		(50.8)		(7.9)		(5.1)
Bolzoni operations	8.5		—		—		—
Nuvera operations	(3.4)		—		—		—
2023	$	160.0	$	178.1	$	6.1	$	(8.8)

The Company recognized an operating profit of $160.0 million in the first nine months of 2023 compared with an operating loss of $58.9 million in the first nine months of 2022. The increase in Lift Truck operating profit was primarily due to improved gross profit from higher pricing of $210.9 million, mainly in the Americas and EMEA, a shift in sales to higher margin lift trucks and higher unit and parts sales compared with the first nine months of 2022. These items were partially offset by higher selling, general and administrative expenses primarily due to increased employee-related costs, including incentive compensation, as well as higher product development, product liability and marketing costs.

Operating profit in the Americas increased primarily due to improved gross profit from higher pricing of $129.8 million, a shift in sales to higher margin lift trucks and increased unit and parts sales. These improvements were partially offset by higher selling, general and administrative expenses, primarily related to higher employee costs, including incentive compensation, as well as higher product development, product liability and marketing costs.

EMEA's operating profit improved mainly due to improved gross profit from improved pricing of $78.2 million, partially offset by material cost inflation and manufacturing inefficiencies.

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JAPIC's operating loss improved to $8.8 million in the first nine months of 2023 from $10.6 million in the first nine months of 2022, primarily due to higher gross profit from a shift in mix to higher-margin products, partially offset by higher selling, general and administrative expenses.

Bolzoni's operating profit increased to $12.7 million in the first nine months of 2023 compared with $4.2 million in the first nine months of 2022 primarily due to higher gross profit from improved pricing, lower material costs and higher volumes. The increase in gross profit was partially offset by higher selling, general and administrative expenses, primarily related to higher employee costs, including incentive compensation.

Nuvera's operating loss increased to $28.4 million in the first nine months of 2023 compared with $25.0 million in the first nine months of 2022 primarily from higher selling, general and administrative expenses primarily related to product development and increased employee-related costs, including incentive compensation.

The Company recognized net income attributable to stockholders of $100.7 million in the first nine months of 2023 compared with a net loss of $81.7 million in the first nine months of 2022. The improvement was primarily the result of the factors affecting operating profit (loss), partially offset by higher income taxes and interest expense. See Note 5 of the Company's condensed consolidated financial statements for further discussion of the Company's income tax provision.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The following tables detail the changes in cash flow for the nine months ended September 30:

	2023		2022		Change
Operating activities:
Net income (loss)	$	102.4	$	(79.5)	$	181.9
Depreciation and amortization	33.8		33.0		0.8
Dividends from unconsolidated affiliates	10.5		15.6		(5.1)
Working capital changes
Accounts receivable	1.8		(41.3)		43.1
Inventories	(21.9)		(43.6)		21.7
Accounts payable and other liabilities	(44.1)		156.8		(200.9)
Other current assets	(6.5)		(3.4)		(3.1)
Other operating activities	29.1		(3.3)		32.4
Net cash provided by operating activities	105.1		34.3		70.8
Investing activities:
Expenditures for property, plant and equipment	(18.9)		(19.7)		0.8
Proceeds from the sale of assets and business	2.3		0.9		1.4
Purchase of noncontrolling interest	(3.2)		(8.4)		5.2
Net cash used for investing activities	(19.8)		(27.2)		7.4
Cash flow before financing activities	$	85.3	$	7.1	$	78.2

Net cash provided by operating activities increased $70.8 million in the first nine months of 2023 compared with the first nine months of 2022, primarily as a result of higher net income partially offset by changes in working capital items. The changes in working capital were mainly due to a decrease in accounts payable and customer deposits received related to down payments on orders in the first nine months of 2023 compared with the first nine months of 2022.

The change in net cash used for investing activities during the first nine months of 2023 compared with the first nine months of 2022 was mainly due to the purchase of Bolzoni's noncontrolling interest in 2023 compared with the first installment purchase of the noncontrolling interest of Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. in 2022.

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	2023		2022		Change
Financing activities:
Net increase (decrease) of long-term debt and revolving credit agreements	$	(50.2)	$	14.7	$	(64.9)
Cash dividends paid	(16.7)		(16.4)		(0.3)
Other	(2.2)		(0.2)		(2.0)
Net cash used for financing activities	$	(69.1)	$	(1.9)	$	(67.2)

The change in net cash used for financing activities was primarily due to debt repayments during the first nine months of 2023 compared with additional borrowings in the first nine months of 2022.

Financing Activities

The Company has a $325.0 million secured, floating-rate revolving credit facility (the "Facility") that expires in June 2026 and a $225.0 million term loan (the "Term Loan"), which matures in May 2028. The Facility was amended in the second quarter of 2023 for the purpose of, among other items, (i) establishing a new tranche of revolving loans with aggregate commitments of $25.0 million under the Facility and (ii) changing the benchmark interest rate for U.S. dollar-denominated borrowings under the Facility from LIBOR to Term SOFR, each as defined in the Facility. The Term Loan was amended in the second quarter of 2023 for the purpose of changing the benchmark interest rate for borrowings under the Term Loan from LIBOR to Term SOFR, each as defined in the Facility. See Note 10 of the Company's condensed consolidated financial statements for further discussion.

The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property. The approximate book value of assets held as collateral under the Facility was $1.2 billion as of September 30, 2023.

The Facility includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Facility. The Facility limits the payment of dividends and other restricted payments the Company may make unless certain total excess availability and/or fixed charge coverage ratio thresholds, each as set forth in the Facility, are satisfied. The Facility also requires the Company to achieve a minimum fixed charge coverage ratio when total excess availability is less than the greater of 10% of the total borrowing base, as defined in the Facility, and $20.0 million. At September 30, 2023, the Company was in compliance with the covenants in the Facility.

The new $25.0 million tranche will terminate on May 1, 2024 unless otherwise terminated prior to such date by the Company in accordance with the terms of the Facility. Commencing December 1, 2023, the new $25.0 million tranche will amortize on a monthly basis in the amount of $4.2 million per month.

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Key terms of the Facility as of September 30, 2023 were as follows:

			FACILITY
U.S. borrowing capacity			$	235.0
Non-U.S. borrowing capacity			90.0
Outstanding			97.4
Availability restrictions			4.5
Availability			$	223.1
	FILO LOANS		LOANS OTHER THAN FILO LOANS
Applicable margins, as defined in agreement
U.S. base rate loans	2.25%		0.25% to 0.75%
SOFR, EURIBOR and non-U.S. base rate loans	3.25%		1.25% to 1.75%
SOFR adjustment, as defined in agreement	0.10%		0.10%
Applicable margins, for amounts outstanding
U.S. base rate loans	—		0.50%
SOFR loans	3.25	%	1.50		%
Non-U.S. base rate loans	—		1.50%
Applicable interest rate, for amounts outstanding
SOFR	8.67	%	6.93%
EURIBOR	—		5.35%
Facility fee, per annum on unused commitment	—		0.25%

The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $562,500 and the final principal repayment is due in May 2028. The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.

The obligations under the Term Loan are generally secured by a first priority lien on the present and future shares of capital stock, material real property, fixtures and general intangibles consisting of intellectual property and a second priority lien on working capital assets of the borrowers and guarantors of the Facility, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory. The approximate book value of assets held as collateral under the Term Loan was $800 million as of September 30, 2023.

In addition, the Term Loan includes restrictive covenants, which, among other things, limit additional borrowings and investments of the Company subject to certain thresholds, as provided in the Term Loan. The Term Loan limits the payment of dividends and other restricted payments the Company may make in any fiscal year, unless the consolidated total net leverage ratio, as defined in the Term Loan, does not exceed 2.50 to 1.00 at the time of the payment. At September 30, 2023, the Company was in compliance with the covenants in the Term Loan.

Key terms of the Term Loan as of September 30, 2023 were as follows:

	TERM LOAN
Outstanding	$	219.9
Discounts and unamortized deferred financing fees	3.5
Net amount outstanding	$	216.4
Applicable margins, as defined in agreement
U.S. base rate loans	2.50%
SOFR	3.50%
SOFR adjustment, as defined in agreement	0.11%
SOFR floor	0.50%
Applicable interest rate, for amounts outstanding	8.93%

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The Company had other debt outstanding, excluding finance leases, of approximately $171.1 million at September 30, 2023. In addition to the excess availability under the Facility of $223.1 million, the Company had remaining availability of $30.6 million related to other non-U.S. revolving credit agreements at September 30, 2023.

The Company believes funds available from cash on hand, the Facility, other available lines of credit and operating cash flows will provide sufficient liquidity to meet its operating needs and commitments during the next twelve months and until the expiration of the Facility in June 2026.

Contractual Obligations, Contingent Liabilities and Commitments

Since December 31, 2022, there have been no significant changes in the total amount of the Company's contractual obligations or commercial commitments, or the timing of cash flows in accordance with those obligations, as reported on pages 23 and 24 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Capital Expenditures

The following table summarizes actual and planned capital expenditures:

	Nine Months Ended September 30, 2023		Planned for Remainder of 2023		Planned 2023 Total		Actual 2022
Lift truck business	$	14.0	$	19.2	$	33.2	$	20.3
Bolzoni	3.2		2.0		5.2		5.5
Nuvera	1.7		2.0		3.7		3.0
	$	18.9	$	23.2	$	42.1	$	28.8

Planned expenditures for the remainder of 2023 are primarily for product development, improvements to information technology infrastructure and improvements at manufacturing locations and manufacturing equipment. The principal sources of financing for these capital expenditures are expected to be internally generated funds and bank financing.

Capital Structure

The Company's capital structure is presented below:

	SEPTEMBER 30 2023			DECEMBER 31 2022			Change
Cash and cash equivalents	$	78.2		$	59.0		$	19.2
Other net tangible assets	662.2			625.0			37.2
Intangible assets	39.8			42.7			(2.9)
Goodwill	51.0			51.3			(0.3)
Net assets	831.2			778.0			53.2
Total debt	(510.6)			(552.9)			42.3
Total temporary and permanent equity	$	320.6		$	225.1		$	95.5
Debt to total capitalization	61		%	71		%	(10)		%

PERSPECTIVES AND OUTLOOK

Market Commentary

Many external market factors, including geopolitical instability, most recently evidenced by the Israel/Gaza conflict, continue to create a significant amount of uncertainty within the global economic environment. As a result of this, as well as abnormally high volumes during the 2020 to 2022 pandemic period, market activity has been moderating in certain parts of the world across 2023, particularly in EMEA.

The latest publicly available lift truck market data indicates that new unit, second-quarter 2023 booking activity decreased in all major geographies except China and India compared with the robust prior-year levels. Internal company estimates suggest that third-quarter 2023 global lift truck market bookings continued to decrease compared with the prior year, with the pace of decline accelerating in the Americas and decelerating in EMEA.

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Looking ahead, the fourth-quarter 2023 global lift truck market is expected to decline from fourth-quarter 2022. In 2024, global market bookings are expected to be generally comparable to 2023 levels, with an anticipated first-half decline expected to be offset by a second-half increase. For both full-year 2023 and 2024, market unit volumes are projected to remain strong and above pre-pandemic levels in most regions.

Consolidated Strategic Perspective

The Company believes the improving 2023 results are due to actions taken since the global pandemic began. These actions include the implementation of key strategies, projects and significant process improvements, all of which better position the Company for substantial longer-term growth. The Company believes that its mature Lift Truck and Bolzoni businesses are the foundation for this improvement, while the Nuvera Fuel Cell business' substantial growth prospects are expected to be realized in future years.

Operational Perspectives - Lift Truck Business

The Company's third-quarter 2023 lift truck bookings decreased 15% from second-quarter 2023 and 12% from prior-year levels due to solid, but declining, global market demand and a continued company focus on booking orders with strong margins. Looking forward, fourth-quarter bookings are projected to increase year-over-year due to projected market share gains. In 2024, the Company expects bookings increases compared with 2023, after a moderate first-quarter 2024 decline, as a result of continued market share gains despite an overall flat global lift truck market. These anticipated increases are primarily the result of the Company's maturing strategic initiatives. Planned production increases combined with anticipated market level decreases in the first half of 2024 are expected to help the Company reduce its extended lead times and backlog closer to pre-pandemic levels over the course of 2024. However, given current expectations, improving lead times and backlog levels will likely remain above optimal levels for some time on some product lines. Certain lines, such as warehouse products, are expected to return to more normal lead time and backlog levels in 2024. The Company's extended backlog, valued at $3.5 billion, is almost a full year of revenue and should serve as an initial shock absorber for the business if bookings decline more than anticipated in 2024.

Consolidated fourth-quarter 2023 shipments are anticipated to decrease modestly compared with the prior-year period, with a moderate increase in Americas, led by anticipated higher production rates, expected to be more than offset by fewer EMEA shipments as a result of continuing product launch issues. Full-year 2024 production and shipment rates are expected to increase compared with 2023 as component constraints dissipate and the Company focuses on maintaining a full production pipeline across its facilities in a moderated market environment.

The trend of higher average unit backlog prices and margins continued in the third quarter largely due to benefits from prior-year pricing implemented to offset inflation. Third-quarter 2023 average booking prices were flat compared with second-quarter 2023 and declined modestly versus the prior year largely due to product mix. Material costs have generally stabilized. Forward economic indicators suggest some nominal inflationary increases, particularly for labor costs, in fourth-quarter 2023 and full-year 2024. The Company expects to maintain its strong price-to-cost ratio in the remainder of 2023 and into 2024 as the higher-priced backlog is shipped. Overall, the Company believes average unit margins will improve in fourth-quarter 2023 over the prior-year and remain at sound levels throughout 2024. Anticipated increases in labor and overhead costs are projected to erode the favorable price-to-cost ratio over 2024, resulting in modestly lower gross margins compared with 2023. The Company continues to monitor labor and material costs closely, as well as the impact of tariffs and competition, and will adjust forward pricing accordingly.

The factors outlined above, as well as the benefits from the Company's maturing strategic initiatives, are expected to lead to an increase in fourth-quarter 2023 Lift Truck revenues and operating profit compared with the prior year. Fourth-quarter 2023 operating profit is expected to decrease from the strong third-quarter due to an anticipated mix shift toward lower margin sales channels, higher labor and manufacturing costs and increased operating expenses. Looking forward, the Lift Truck business expects an increase in 2024 revenues, while operating profit is expected to be similar to 2023. These forecasts, however, are highly sensitive to, in particular, the impact of global supply chain adjustments and the Company's production capabilities.

Strategic Perspectives - Lift Truck

From a broad perspective, the Lift Truck business has three core strategies that are expected to transform the Company’s competitiveness, market position and economic performance over time:

•Provide products that improve customer productivity at the lowest cost of ownership, including for low-intensity applications. The Lift Truck business' capabilities in this area are expected to be enhanced by bringing to market a wide variety of vehicle innovations, including new modular and scalable product families, truck electrification projects and technology advancements in operator assist systems (OAS), power options and vehicle automation;

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•Be the leader in the delivery of industry- and customer-focused solutions by transforming the Company's sales approach to ensure it meets a wide variety of customer needs across a broad set of end markets; and

•Be the leader in independent distribution by focusing on effectively coordinating dealer and major account coverage, enhancing dealer excellence and ensuring outstanding dealer ownership globally.

The Company continues to make progress on its high priority projects. Over the past two years, the Company launched its heart-of-the-line modular, scalable 2- to 3.5-ton internal combustion engine lift trucks in the EMEA and Americas markets. The production ramp-up is occurring gradually given the current extended backlog. However, bookings and shipments accelerated in 2023. A fourth-quarter 2023 launch is expected for the JAPIC market. Similar enhancements to the 2- to 3.5-ton electric truck platforms are also expected over 2024 and 2025. The modular, scalable product platform is expected to enhance multiple areas of the business, including reducing supply chain costs, improving working capital levels and helping optimize the Company's manufacturing footprint, while providing customers with a more customizable product that better meets their needs.

The Lift Truck business has key projects which include electrifying trucks used for applications now dominated by internal combustion engine trucks that capitalize on advancements in electric powertrain options. The Company currently has its first electrified fuel cell Container Handler operating at the Port of Los Angeles. During the 2023 third quarter, the Company delivered an electrified fuel cell Reach Stacker to the Port of Valencia, Spain. Hyster-Yale anticipates delivering a new electrified fuel cell Terminal Tractor and an electrified fuel cell Empty Container Handler to a customer in Hamburg, Germany in the first half of 2024. The Company is exploring options for additional electrification projects within the European Union and the United States. The Company also has key projects focused on applying its technology advancements to additional OAS and automated product options. Notably, during third-quarter 2023, the Company entered into an agreement with a technology-service provider to co-develop further robotics software technology for automated lift truck solutions.

Operational and Strategic Perspectives - Bolzoni

Bolzoni anticipates a modest revenue decline in fourth-quarter 2023 compared with fourth-quarter 2022 resulting from a projected market decline. Despite the anticipated revenue decrease, operating profit is expected to increase over the prior year fourth quarter due to ongoing strict cost controls. Fourth-quarter 2023 operating profit is projected to be comparable to third-quarter 2023. In 2024, Bolzoni expects comparable revenues to 2023. Operating profit is expected to increase year-over-year as improved unit margins are anticipated to more than offset higher costs.

Bolzoni's core strategy is to be the leader in the attachments business. In this context, Bolzoni continues to concentrate on driving its "One Company - 3 Brands" approach globally, increasing its Americas business and focusing on strengthening its ability to serve key attachment industries and customers in global markets. As part of this approach, Bolzoni also intends to increase its sales, marketing and product capabilities in North America and Europe to support its industry-specific sales strategy.

Operational and Strategic Perspectives - Nuvera

Nuvera's core strategy is to be a leader in the heavy-duty fuel cell market. Nuvera continues to focus on placing 45kW and 60kW fuel cell engines in heavy-duty vehicle applications for which battery-only electrification does not provide an adequate solution. As a result, these applications are expected to have significant and nearer-term fuel cell adoption potential. Nuvera has announced several projects with various third parties to test Nuvera® engines in targeted applications, including the Port of Los Angeles and the Port of Valencia. Nuvera expects to have additional products being tested in bus applications in China and India, in marine applications in the Netherlands, and in a German port by mid-2024. Nuvera is also developing a new, larger 125kW fuel cell engine for heavier-duty applications, which is projected to be available in 2025, and plans to sell modular fuel cells for stationary and mobile generator applications.

During the fourth quarter of 2023 and in 2024, Nuvera plans to focus on increasing customer product demonstrations and customer bookings. Nuvera is expanding its presence in Europe and China. Recurring orders from current customers have been booked and are expected to result in higher sales in fourth-quarter 2023 and in 2024 compared with the prior year periods. The business also expects to generate a lower loss in fourth-quarter 2023 compared with 2022 largely due to anticipated higher shipments combined with lower costs due to the expected receipt of government funding for fuel-cell research and development. In 2024, Nuvera expects higher sales with moderately higher development costs, resulting in comparable operating results compared with 2023. The increased volume of engine demonstrations should significantly enhance the foundation for future fuel cell engine technology adoption and improved financial returns.

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Consolidated Outlook

At the consolidated level, fourth-quarter 2023 operating profit and net income are expected to improve significantly over a profitable fourth-quarter 2022, although not to the level of third-quarter 2023. In 2024, the Company expects operating profit and net income to be similar to 2023. The Company made solid progress toward its 7% operating profit margin and greater than 20% return on total capital employed goals at both the Lift Truck and Bolzoni businesses in 2023, and further progress is expected in 2024. To meet these expectations, however, the Company will have to effectively manage its ongoing component and labor costs and achieve increased production levels.

The programs to reduce inventory and generate cash are anticipated to show further progress in fourth-quarter 2023 and 2024. The Company is committed to reducing its leverage and enhancing its cash flows through ongoing working capital action plans and continued discipline over capital expenditures and operating expenses. Capital expenditures are expected to be approximately $42 million for full-year 2023. Working capital control continues to be an area of intense focus for the Company. Inventory levels remain elevated and above pre-pandemic levels but are slowly declining. Efforts to maximize the use of on-hand inventory are expected to help reduce excess inventory levels, especially in 2024. Supply constraints continue to be an issue intermittently, and labor constraints periodically cause certain production and inventory usage disruptions. However, the Company anticipates continued inventory improvements over the remainder of 2023 and 2024. As a result of these actions, the Company expects a significant increase in cash flow before financing activities for full-year 2023 compared with 2022, and further progress is expected in 2024.

EFFECTS OF FOREIGN CURRENCY

The Company operates internationally and enters into transactions denominated in foreign currencies. As a result, the Company is subject to the variability that arises from exchange rate movements. The effects of foreign currency fluctuations on revenues, operating profit and net income (loss) are addressed in the previous discussions of operating results. See also Item 3, "Quantitative and Qualitative Disclosures About Market Risk,” in Part I of this Quarterly Report on Form 10-Q.

FORWARD-LOOKING STATEMENTS

The statements contained in this Form 10-Q that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Among the factors that could cause plans, actions and results to differ materially from current expectations are, without limitation: (1) delays in delivery and other supply chain disruptions, or increases in costs as a result of inflation or otherwise, including materials, critical components and transportation costs and shortages, the imposition of tariffs, or the renewal of tariff exclusions, on raw materials or sourced products, and labor, or changes in or unavailability of quality suppliers or transporters, including the impacts of the foregoing risks on the Company's liquidity, (2) delays in manufacturing and delivery schedules, (3) customer acceptance of pricing, (4) the ability of the Company and its dealers, suppliers and end-users to access credit in the current economic environment, or obtain financing at reasonable rates, or at all, as a result of interest rate volatility and current economic and market conditions, including inflation, (5) reduction in demand for lift trucks, attachments and related aftermarket parts and service on a global basis, including any reduction in demand as a result of an economic recession, (6) unfavorable effects of geopolitical and legislative developments on global operations, including without limitation the entry into new trade agreements and the imposition of tariffs and/or economic sanctions, including the Uyghur Forced Labor Prevention Act (the “UFLPA”) which could impact our imports from China, as well as armed conflicts, including the Russia/Ukraine conflict and/or the Israel and Gaza conflict, and their regional effects, (7) exchange rate fluctuations, interest rate volatility and monetary policies and other changes in the regulatory climate in the countries in which the Company operates and/or sells products, (8) the effectiveness of the cost reduction programs implemented globally, including the successful implementation of procurement and sourcing initiatives, (9) the successful commercialization of Nuvera's technology, (10) the political and economic uncertainties in the countries where the Company does business, as well as the effects of any withdrawals from such countries, (11) bankruptcy of or loss of major dealers, retail customers or suppliers, (12) customer acceptance of, changes in the costs of, or delays in the development of new products, (13) introduction of new products by, more favorable product pricing offered by or shorter lead times available through competitors, (14) product liability or other litigation, warranty claims or returns of products, (15) changes mandated by federal, state and other regulation, including tax, health, safety or environmental legislation, (16) the ability to attract, retain, and replace workforce and administrative employees, (17) disruptions resulting from natural disasters, public health crises, political crises or other catastrophic events, and (18) the ability to protect the Company’s information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network breaches.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

See pages 27 and 28 and F-22 through F-25 of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of the Company's derivative hedging policies and use of financial instruments. There have been no material changes in the Company's market risk exposures since December 31, 2022.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures: An evaluation was carried out under the supervision and with the participation of the Company's management, including the principal executive officer and the principal financial officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, these officers have concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in internal control over financial reporting: During the third quarter of 2023, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1    Legal Proceedings

    None

Item 1A     Risk Factors

There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 in the section entitled “Risk Factors.”

Item 2    Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

    None

Item 3    Defaults Upon Senior Securities

    None

Item 4    Mine Safety Disclosures

    Not applicable

Item 5    Other Information

None of the Company’s directors or officers (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934) adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K) during the Company’s fiscal quarter ended September 30, 2023.

Item 6    Exhibits

The following exhibits are filed as part of this report:

Exhibit
Number*	Description of Exhibits
31(i)(1)	Certification of Rajiv K. Prasad. pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
31(i)(2)	Certification of Scott A. Minder pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act
32	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Rajiv K. Prasad and Scott A. Minder
101.INS	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
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL and contained in Exhibit 101
*    Numbered in accordance with Item 601 of Regulation S-K.

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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.

		Hyster-Yale Materials Handling, Inc.
Date:	October 31, 2023	/s/ Jennifer M. Langer
		Jennifer M. Langer
		Vice President, Controller and Chief Accounting Officer (principal accounting officer)

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EX-31.1

Exhibit 31(i)(1)

Certifications

I, Rajiv K. Prasad, certify that:

1.I have reviewed this quarterlyreport on Form 10-Q of Hyster-Yale Materials Handling, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in thisreport, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	October 31, 2023	/s/ Rajiv K. Prasad
		Rajiv K. Prasad
		President and Chief Executive Officer (principal executive officer)

.

EX-31.2

Exhibit 31(i)(2)

Certifications

I, Scott A. Minder, certify that:

1.I have reviewed this quarterlyreport on Form 10-Q of Hyster-Yale Materials Handling, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in thisreport, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	October 31, 2023	/s/ Scott A. Minder
		Scott A. Minder
		Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hyster-Yale Materials Handling, Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date:	October 31, 2023	/s/ Rajiv K. Prasad
		Rajiv K. Prasad
		President and Chief Executive Officer (principal executive officer)

Date:	October 31, 2023	/s/ Scott A. Minder
		Scott A. Minder
		Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer)

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-54799
Entity Registrant Name	HYSTER-YALE MATERIALS HANDLING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1637659
Entity Address, Address Line One	5875 LANDERBROOK DRIVE, SUITE 300
Entity Address, City or Town	CLEVELAND
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44124-4069
City Area Code	(440)
Local Phone Number	449-9600
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value Per Share
Trading Symbol	HY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001173514
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		13,715,705
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,469,925

XML

Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Contingencies Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

XML

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash	$ 78.2	$ 59.0
Accounts receivable, net	512.0	523.6
Inventories, net	815.4	799.5
Prepaid expenses and other	95.3	76.6
Total Current Assets	1,500.9	1,458.7
Property, Plant and Equipment, Net	298.7	310.0
Intangible Assets	39.8	42.7
Goodwill	51.0	51.3
Deferred Income Tax Assets, Net	2.6	2.6
Investment in Unconsolidated Affiliates	54.2	59.4
Other Non-current Assets	105.9	101.5
Total Assets	2,053.1	$ 2,026.2
Current Liabilities
Accounts payable	$ 540.2
Accounts Payable, Current, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party	Related Party
Revolving credit facilities	$ 102.3	$ 137.1
Current maturities of long-term debt	165.1	148.8
Accrued payroll	70.3	64.4
Deferred revenue	99.1	139.8
Other current liabilities	313.0	245.4
Total Current Liabilities	1,299.4	1,342.9
Long-term Debt	243.2	267.0
Self-insurance Liabilities	41.6	33.5
Pension Obligations	5.9	6.2
Deferred Income Tax Liabilities, Net	11.7	13.4
Other Long-term Liabilities	130.7	138.1
Total Liabilities	1,732.5	1,801.1
Redeemable Noncontrolling Interest, Equity, Carrying Amount	14.4	14.2
Common stock:
Capital in excess of par value	312.4	297.7
Treasury stock	0.0	0.0
Retained earnings	236.7	152.7
Accumulated other comprehensive loss	(244.9)	(246.2)
Total Stockholders' Equity	304.4	204.4
Noncontrolling Interest	1.8	6.5
Total Equity	306.2	210.9
Total Liabilities and Equity	2,053.1	2,026.2
Related Party
Current Liabilities
Accounts payable		585.8
Common Class A [Member]
Common stock:
Common stock	$ 0.1	$ 0.1
Class A Common stock, par value	$ 0.01
Class A Common stock, shares outstanding	13,706,991	13,154,918
Common Class B [Member]
Common stock:
Common stock	$ 0.1	$ 0.1
Class A Common stock, par value	$ 0.01
Class A Common stock, shares outstanding	3,470,290	3,783,597

XML

Balance Sheet Parenthetical - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common Class A [Member]
Class A Common stock, par value	$ 0.01
Class A Common stock, shares outstanding	13,706,991	13,154,918
Common Class B [Member]
Class A Common stock, par value	$ 0.01
Class A Common stock, shares outstanding	3,470,290	3,783,597

XML

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 1,001.2	$ 840.1	$ 3,091.1	$ 2,563.1
Cost of sales	797.6	753.2	2,515.2	2,275.9
Gross Profit	203.6	86.9	575.9	287.2
Operating Expenses
Selling, general and administrative expenses	145.0	111.8	415.9	346.1
Operating Profit	58.6	(24.9)	160.0	(58.9)
Other (income) expense
Interest expense	9.6	7.7	28.2	18.9
Income from unconsolidated affiliates	(2.9)	(2.6)	(7.8)	(9.6)
Other	(0.7)	2.4	0.3	7.3
Other (income) expense	6.0	7.5	20.7	16.6
Income Before Income Taxes	52.6	(32.4)	139.3	(75.5)
Income Tax Expense (Benefit)	16.2	4.2	36.9	4.0
Net Income (Loss)	36.4	(36.6)	102.4	(79.5)
Net (income) loss attributable to noncontrolling interest	(0.1)	(0.1)	(0.3)	(1.6)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.3)	(0.3)	(0.7)	(0.3)
Accrued dividend to redeemable noncontrolling interests	0.2	0.3	0.7	0.3
Net Income Attributable to Stockholders	$ 35.8	$ (37.3)	$ 100.7	$ (81.7)
Basic Earnings per Share	$ 2.08	$ (2.20)	$ 5.88	$ (4.84)
Diluted Earnings per Share	2.06	(2.20)	5.82	(4.84)
Dividends per Share	$ 0.3250	$ 0.3225	$ 0.9725	$ 0.9675
Basic Weighted Average Shares Outstanding	17,175	16,920	17,122	16,890
Diluted Weighted Average Shares Outstanding	17,413	16,920	17,315	16,890

XML

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) Statement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss)	$ 36.4	$ (36.6)	$ 102.4	$ (79.5)
Current period pension adjustment	0.0	(4.2)	0.0	(4.2)
Other comprehensive income (loss)
Foreign currency translation adjustment	(12.0)	(30.2)	(6.4)	(75.1)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(15.1)	(26.1)	(16.6)	(73.8)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(6.8)	(12.8)	(22.1)	(20.2)
Reclassification of pension into earnings	0.8	1.1	2.2	3.5
Comprehensive Income (Loss)	16.9	(83.2)	103.7	(208.9)
Net (income) loss attributable to noncontrolling interests	(0.1)	(0.1)	(0.3)	(1.6)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.3)	(0.3)	(0.7)	(0.3)
Accrued dividend to redeemable noncontrolling interests	(0.2)	(0.3)	(0.7)	(0.3)
Foreign currency translation adjustment attributable to noncontrolling interests	0.1	0.5	0.2	2.0
Comprehensive Income (Loss) Attributable to Stockholders	$ 16.4	$ (83.4)	$ 102.2	$ (209.1)

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net Income (Loss)	$ 102.4	$ (79.5)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	33.8	33.0
Amortization of deferred financing fees	1.0	1.0
Deferred income taxes	(0.7)	(2.1)
Stock-based compensation	14.0	3.7
Dividends from unconsolidated affiliates	10.5	15.6
Other non-current liabilities	5.6	(9.1)
Other	9.2	3.2
Working capital changes:
Accounts receivable	1.8	(41.3)
Inventories	(21.9)	(43.6)
Other current assets	(6.5)	(3.4)
Accounts payable	(50.0)	42.4
Other current liabilities	5.9	114.4
Net cash provided by (used for) operating activities	105.1	34.3
Investing Activities
Expenditures for property, plant and equipment	(18.9)	(19.7)
Proceeds from the sale of assets	1.2	0.9
Proceeds from Sale of Debt Securities, Available-for-sale	1.1	0.0
Payments to Acquire Additional Interest in Subsidiaries	(3.2)	(8.4)
Net Cash Provided by (Used in) Investing Activities	(19.8)	(27.2)
Financing Activities
Additions to long-term debt	103.8	106.2
Reductions of long-term debt	(119.9)	(63.5)
Net change to revolving credit agreements	(34.1)	(28.0)
Cash dividends paid	(16.7)	(16.4)
Payments of Ordinary Dividends, Noncontrolling Interest	(1.3)	(0.2)
Payments of Financing Costs	(0.8)	0.0
Payments for Repurchase of Common Stock	(0.1)	0.0
Net cash provided by (used for) financing activities	(69.1)	(1.9)
Cash and Cash Equivalents
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	3.0	(2.1)
Decrease for the period	19.2	3.1
Cash	$ 78.2	$ 68.6

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Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Temporary Equity [Member]	Parent [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Treasury Stock, Common	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Foreign Currency Translation Adjustment [Member]	Deferred Gain (Loss) on Cash Flow Hedging [Member]	Pension Adjustment [Member]	Noncontrolling Interest [Member]	Permanent Equity
Noncontrolling Interest Items [Abstract]
Redeemable Noncontrolling Interest, Equity, Carrying Amount		$ 0.0
Balance at Dec. 31, 2021			$ 357.1	$ 0.1	$ 0.1	$ (4.5)	$ 315.1	$ 248.6	$ (97.7)	$ (32.0)	$ (72.6)	$ 25.8	$ 382.9
Capital in Excess of Par Value
Stock-based compensation			3.7				3.7						3.7
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			0.0			4.5	(4.5)						0.0
Retained Earnings
Net Income Attributable to Stockholders	$ (81.7)		(81.7)					(81.7)		(20.2)
Cash dividends			(16.4)					(16.4)					(16.6)
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(153.1)						(75.1)	(73.8)	(4.2)		(153.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			23.7							20.2	3.5		23.7
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(11.1)		(12.8)				(12.8)						(23.9)
Reclassifications Between Temporary and Permanent Equity	(6.5)	13.1	(6.5)									(6.6)	(13.1)
Payments to Acquire Additional Interest in Subsidiaries	8.4
Net Income (Loss)	(79.5)												(80.1)
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	1.6											1.6
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		0.0										(0.2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(2.0)											(2.0)	(2.0)
Balance at Sep. 30, 2022			114.0	0.1	0.1	0.0	295.0	150.5	(172.8)	(85.6)	(73.3)	7.5	121.5
Noncontrolling Interest Items [Abstract]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.3)	0.3
Accrued dividend to redeemable noncontrolling interests	0.3	0.3
Redeemable Noncontrolling Interest, Equity, Carrying Amount		15.9
Balance at Jun. 30, 2022			199.6	0.1	0.1	0.0	291.2	193.3	(142.6)	(72.3)	(70.2)	7.9	207.5
Capital in Excess of Par Value
Stock-based compensation			1.1				1.1						1.1
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			(0.1)			0.0	(0.1)						(0.1)
Retained Earnings
Net Income Attributable to Stockholders	(37.3)		(37.3)					(37.3)		(12.8)
Cash dividends			(5.5)					(5.5)					(5.5)
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(60.5)						(30.2)	(26.1)	(4.2)		(60.5)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			13.9							12.8	1.1		13.9
Reclassifications Between Temporary and Permanent Equity	2.8	(2.8)	2.8									0.0	2.8
Net Income (Loss)	(36.6)												(37.2)
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.1											0.1
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		0.0										0.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.5)											(0.5)	(0.5)
Balance at Sep. 30, 2022			114.0	0.1	0.1	0.0	295.0	150.5	(172.8)	(85.6)	(73.3)	7.5	121.5
Noncontrolling Interest Items [Abstract]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.3)	0.3
Accrued dividend to redeemable noncontrolling interests	0.3	0.3
Redeemable Noncontrolling Interest, Equity, Carrying Amount		13.7
Redeemable Noncontrolling Interest, Equity, Carrying Amount	14.2	14.2
Balance at Dec. 31, 2022	210.9		204.4	0.1	0.1	0.0	297.7	152.7	(137.0)	(37.7)	(71.5)	6.5	210.9
Capital in Excess of Par Value
Stock-based compensation			14.0				14.0						14.0
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			0.0			0.1	(0.1)						0.0
Retained Earnings
Net Income Attributable to Stockholders	100.7		100.7					100.7		(22.1)
Cash dividends			(16.7)					(16.7)					(17.1)
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(23.0)						(6.4)	(16.6)	0.0		(23.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			24.3							22.1	2.2		24.3
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			0.8				0.8					(4.0)	(3.2)
Noncontrolling Interest, Decrease from Sale	(0.7)											(0.7)
Payments to Acquire Additional Interest in Subsidiaries	3.2
Net Income (Loss)	102.4												101.0
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.3											0.3
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		(0.9)										(0.4)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.2)	(0.3)										0.1	0.1
Balance at Sep. 30, 2023	306.2		304.4	0.1	0.1	0.0	312.4	236.7	(143.4)	(32.2)	(69.3)	1.8	306.2
Noncontrolling Interest Items [Abstract]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.7)	0.7
Accrued dividend to redeemable noncontrolling interests	0.7	0.7
Treasury Stock, Value, Acquired, Cost Method			(0.1)			(0.1)							(0.1)
Redeemable Noncontrolling Interest, Equity, Carrying Amount		13.9
Balance at Jun. 30, 2023			290.5	0.1	0.1	(0.1)	309.3	206.5	(131.4)	(23.9)	(70.1)	1.8	292.3
Capital in Excess of Par Value
Stock-based compensation			3.2				3.2						3.2
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			0.0			0.1	(0.1)						0.0
Retained Earnings
Net Income Attributable to Stockholders	35.8		35.8					35.8		(6.8)
Cash dividends			(5.6)					(5.6)					(5.6)
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(27.1)						(12.0)	(15.1)	0.0		(27.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			7.6							6.8	0.8		7.6
Net Income (Loss)	36.4												35.9
Noncontrolling Interest Items [Abstract]
Net (income) loss attributable to noncontrolling interest	0.1											0.1
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		0.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	(0.1)	0.0	0.0									(0.1)	(0.1)
Balance at Sep. 30, 2023	306.2		$ 304.4	$ 0.1	$ 0.1	$ 0.0	$ 312.4	$ 236.7	$ (143.4)	$ (32.2)	$ (69.3)	$ 1.8	$ 306.2
Noncontrolling Interest Items [Abstract]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(0.3)	0.3
Accrued dividend to redeemable noncontrolling interests	0.2	0.2
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 14.4	$ 14.4

XML

Basis of Presentation

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation.

The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc. ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally, primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States, China, Northern Ireland, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.

The Company operates Bolzoni S.p.A. ("Bolzoni"). Bolzoni is a leading worldwide producer and distributor of attachments, forks and lift tables marketed under the Bolzoni®, Auramo® and Meyer® brand names. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the market niche of lift truck attachments and industrial material handling.

The Company operates Nuvera Fuel Cells, LLC ("Nuvera"). Nuvera is an alternative-power technology company focused on the design, manufacture and sale of hydrogen fuel cell stacks and engines.

Investments in Sumitomo NACCO Forklift Co., Ltd. (“SN”), a 50%-owned joint venture, and HYG Financial Services, Inc. ("HYGFS"), a 20%-owned joint venture, are accounted for by the equity method. SN operates manufacturing facilities in Japan, the Philippines and Vietnam from which the Company purchases certain components, service parts and lift trucks. Sumitomo Heavy Industries, Ltd. ("Sumitomo") owns the remaining 50% interest in SN. Each stockholder of SN is entitled to appoint directors representing 50% of the vote of SN’s board of directors. All matters related to policies and programs of operation, manufacturing and sales activities require mutual agreement between the Company and Sumitomo prior to a vote of SN’s board of directors. HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc. (“WF”), formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States. National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories. The Company’s percentage share of the net income or loss from these equity investments is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2023 and the results of its operations and changes in equity for the three and nine months ended September 30, 2023 and 2022, and the results of its cash flows for the nine months ended September 30, 2023 and 2022 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.

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Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Recently Issued Accounting Standards In 2023, the Company did not adopt any recent accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.The following table provides a brief description of ASUs not yet adopted:

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2024	The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60)	The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.	January 1, 2025	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

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Revenue Recognition

9 Months Ended

Sep. 30, 2023

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 11 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 nine months ended September 30, 2023 and 2022.

The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are reported on the line “Selling, general and administrative expenses” in the unaudited condensed 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 reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category:

	THREE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	413.2	$	149.8	$	44.6	$	—	$	—	$	—	$	607.6
Direct customer sales	105.3		2.9		—		—		—		—		108.2
Aftermarket sales	170.5		26.0		7.0		—		—		—		203.5
Other	27.5		5.2		—		92.8		1.5		(45.1)		81.9
Total Revenues	$	716.5	$	183.9	$	51.6	$	92.8	$	1.5	$	(45.1)	$	1,001.2
	THREE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	288.7	$	128.6	$	57.1	$	—	$	—	$	—	$	474.4
Direct customer sales	104.0		1.8		—		—		—		—		105.8
Aftermarket sales	154.2		25.3		8.2		—		—		—		187.7
Other	24.4		3.7		0.2		82.2		1.2		(39.5)		72.2
Total Revenues	$	571.3	$	159.4	$	65.5	$	82.2	$	1.2	$	(39.5)	$	840.1
	NINE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	1,190.1	$	492.4	$	126.6	$	—	$	—	$	—	$	1,809.1
Direct customer sales	403.9		7.4		—		—		—		—		411.3
Aftermarket sales	536.4		83.1		22.0		—		—		—		641.5
Other	60.5		16.5		0.5		288.0		4.1		(140.4)		229.2
Total Revenues	$	2,190.9	$	599.4	$	149.1	$	288.0	$	4.1	$	(140.4)	$	3,091.1

	NINE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	880.2	$	409.8	$	159.9	$	—	$	—	$	—	$	1,449.9
Direct customer sales	323.4		11.2		—		—		—		—		334.6
Aftermarket sales	446.5		78.1		21.8		—		—		—		546.4
Other	75.5		14.8		0.4		263.7		2.1		(124.3)		232.2
Total Revenues	$	1,725.6	$	513.9	$	182.1	$	263.7	$	2.1	$	(124.3)	$	2,563.1

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 dealer. The majority of direct customer sales are to National Account 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. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket 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 United States, Bolzoni also has revenue for sales of lift truck components to the lift truck business. Nuvera's revenues include

the sale of fuel cell stacks and engines to third parties and to the lift truck business. In all revenue transactions, the Company receives cash equal to the invoice price. The amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera 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.

	Deferred Revenue
Balance, December 31, 2022	$	153.8
Customer deposits and billings	21.0
Revenue recognized	(64.1)
Foreign currency effect	0.1
Balance, September 30, 2023	$	110.8

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Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Business Segments

The Company’s reportable segments for the lift truck business include the following three management units: the Americas, EMEA and JAPIC. Americas includes operations in the United States, 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, as well as the equity earnings of SN operations. Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and certain information technology infrastructure costs. These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations. In addition, other costs are incurred directly by these geographic management units 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 management unit of the ultimate end user sales location where revenues and margins are reported. Therefore, the reported results of each 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 both Bolzoni and Nuvera as separate segments. Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated.

Operating profit is the measure of segment profit or loss. Financial information for each reportable segment is presented in the following table:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues from external customers
Americas	$	716.5	$	571.3	$	2,190.9	$	1,725.6
EMEA	183.9		159.4		599.4		513.9
JAPIC	51.6		65.5		149.1		182.1
Lift truck business	952.0		796.2		2,939.4		2,421.6
Bolzoni	92.8		82.2		288.0		263.7
Nuvera	1.5		1.2		4.1		2.1
Eliminations	(45.1)		(39.5)		(140.4)		(124.3)
Total	$	1,001.2	$	840.1	$	3,091.1	$	2,563.1

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Operating profit (loss)
Americas	$	65.4	$	0.9	$	178.1	$	8.4
EMEA	2.4		(13.2)		6.1		(35.4)
JAPIC	(2.7)		(2.9)		(8.8)		(10.6)
Lift truck business	65.1		(15.2)		175.4		(37.6)
Bolzoni	2.9		(1.3)		12.7		4.2
Nuvera	(9.4)		(9.0)		(28.4)		(25.0)
Eliminations	—		0.6		0.3		(0.5)
Total	$	58.6	$	(24.9)	$	160.0	$	(58.9)

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Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

A reconciliation of the U.S. federal statutory rate to the reported income tax rate is as follows:

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2023			2022			2023			2022
Income (loss) before income taxes	$	52.6		$	(32.4)		$	139.3		$	(75.5)
Statutory taxes (21%)	$	11.1		$	(6.8)		$	29.3		$	(15.9)
Interim adjustment	(0.2)			(2.3)			(0.5)			(3.8)
Permanent adjustments:
Valuation allowance	4.2			12.6			4.7			28.5
Other	2.3			0.1			6.7			(0.1)
Discrete items	(1.2)			0.6			(3.3)			(4.7)
Income tax expense	$	16.2		$	4.2		$	36.9		$	4.0
Reported income tax rate	30.8		%	(13.0)		%	26.5		%	(5.3)		%

The Company's estimated annual effective income tax rate assumes that a significant portion of its net operating loss carryforwards will be utilized in 2023 along with the release of the associated valuation allowances. This release will be more than offset by the capitalization of research and development expenses under current U.S. tax rules for which a valuation allowance will be provided. The net of these items is included in the valuation allowance line in the table above.

During the first nine months of 2023, the Company recorded other permanent adjustments primarily related to the unfavorable tax effects of non-U.S. rate differences, state income taxes, non-deductible compensation and global intangible low-taxed income, partially offset by favorable tax effects of foreign derived intangible income, federal income tax credits and equity interest earnings.

During the third quarter of 2023, the Company recognized a discrete tax benefit of $1.2 million primarily related to the expiration of the statute of limitations for uncertain tax positions.

During the second quarter of 2023 and 2022, the Company recognized discrete tax benefits of $2.3 million and $4.5 million, respectively, mainly resulting from the expiration of the statute of limitations for uncertain tax positions related to acquisitions. Of those amounts, an offsetting pre-tax indemnity receivable was recorded for $2.1 million and $3.8 million in the second

quarter of 2023 and 2022, respectively. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Abstract]

Reclassifications Out of Accumulated Comprehensive Income (Loss) [Text Block]

Reclassifications from OCI The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

OCI Components	Amount Reclassified from OCI								Affected Line Item
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Gain (loss) on cash flow hedges:
Interest rate contracts	$	1.8	$	0.1	$	4.5	$	1.8	Interest expense
Foreign exchange contracts	(8.7)		(12.9)		(26.7)		(21.8)		Cost of sales
Total before tax	(6.9)		(12.8)		(22.2)		(20.0)		Income (loss) before income taxes
Tax (expense) benefit	0.1		—		0.1		(0.2)		Income tax expense (benefit)
Net of tax	$	(6.8)	$	(12.8)	$	(22.1)	$	(20.2)	Net income (loss)
Amortization of defined benefit pension items:
Actuarial loss	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Other, net
Total before tax	(0.8)		(1.1)		(2.2)		(3.5)		Income (loss) before income taxes
Tax (expense) benefit	—		—		—		—		Income tax expense (benefit)
Net of tax	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Net income (loss)
Total reclassifications for the period	$	(7.6)	$	(13.9)	$	(24.3)	$	(23.7)

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Financial Instruments and Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Financial Instruments and Derivative Financial Instruments

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturities of these instruments. The fair values of revolving credit agreements and long-term debt, excluding finance leases, were determined using current rates offered for similar obligations taking into account company credit risk. This valuation methodology is Level 2 as defined in the fair value hierarchy. At September 30, 2023, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $476.1 million and $484.9 million, respectively. At December 31, 2022, the fair value and carrying value of revolving credit agreements and long-term debt, excluding finance leases, was $486.4 million and $490.3 million, respectively.

Derivative Financial Instruments

The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in OCI as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate ("SOFR"). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

The Company does not currently hold any nonderivative instruments designated as hedges or any derivatives designated as fair value hedges.

Foreign Currency Derivatives: The Company held forward foreign currency exchange contracts with total notional amounts of $1.0 billion at September 30, 2023, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos, and Australian dollars. The Company held forward foreign currency exchange contracts with total notional amounts of $0.8 billion at December 31, 2022, primarily denominated in euros, Japanese yen, U.S. dollars, Chinese renminbi, British pounds, Mexican pesos, Swedish kroner and Australian dollars. The fair value of these contracts approximated a net liability of $45.7 million and $43.5 million at September 30, 2023 and December 31, 2022, respectively.

Forward foreign currency exchange contracts that qualify for hedge accounting are generally used to hedge transactions expected to occur within the next 24 months. The mark-to-market effect of forward foreign currency exchange contracts that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2023, $37.9 million of the amount of net deferred loss included in OCI at September 30, 2023 is expected to be reclassified as expense into the unaudited condensed consolidated statements of operations over the next twelve months, as the transactions occur.

Interest Rate Derivatives: The Company holds certain contracts that hedge interest payments on its $225.0 million term loan borrowings. In addition, the Company holds certain contracts that hedge interest payments on Bolzoni's debt.

The following table summarizes the notional amounts, related rates, excluding spreads, and remaining terms of interest rate swap agreements at September 30, 2023 and December 31, 2022:

Notional Amount				Average Fixed Rate
SEPTEMBER 30		DECEMBER 31		SEPTEMBER 30		DECEMBER 31
2023		2022		2023		2022		Term at September 30, 2023
$	180.0	$	180.0	1.65	%	1.68	%	Extending to May 2027
$	8.3	$	22.4	0.47	%	0.18	%	Extending to May 2027

The fair value of all interest rate swap agreements was a net asset of $17.4 million and $16.1 million at September 30, 2023 and December 31, 2022, respectively. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in OCI. Based on market valuations at September 30, 2023, $7.1 million of the amount included in OCI as net deferred gain is expected to be reclassified as income in the unaudited condensed consolidated statements of operations over the next twelve months, as cash flow payments are made in accordance with the interest rate swap agreements.

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022		Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Prepaid expenses and other	$	6.8	$	5.9	Prepaid expenses and other	$	—	$	—
Long-term	Other non-current assets	10.6		10.2		Other non-current assets	—		—
Foreign currency exchange contracts
Current	Other current liabilities	5.0		2.6		Other current liabilities	41.6		32.1
Long-term	Other non-current assets	1.4		0.7		Other non-current assets	—		0.3
	Other long-term liabilities	0.5		1.0		Other long-term liabilities	8.4		17.3
Total derivatives designated as hedging instruments		$	24.3	$	20.4		$	50.0	$	49.7
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	0.1		—		Prepaid expenses and other	0.1		—
	Other current liabilities	1.9		4.9		Other current liabilities	4.5		3.0
Total derivatives not designated as hedging instruments		$	2.0	$	4.9		$	4.6	$	3.0
Total derivatives		$	26.3	$	25.3		$	54.6	$	52.7

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2023								Derivative Liabilities as of September 30, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	17.4	$	—	$	17.4	$	17.4	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	1.4		(1.4)		—		—		47.1		(1.4)		45.7		45.7
Total derivatives	$	18.8	$	(1.4)	$	17.4	$	17.4	$	47.1	$	(1.4)	$	45.7	$	45.7
	Derivative Assets as of December 31, 2022								Derivative Liabilities as of December 31, 2022
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	16.1	$	—	$	16.1	$	16.1	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	0.4		(0.4)		—		—		43.9		(0.4)		43.5		43.5
Total derivatives	$	16.5	$	(0.4)	$	16.1	$	16.1	$	43.9	$	(0.4)	$	43.5	$	43.5

The following table summarizes the pre-tax impact of derivative instruments as recorded in the unaudited condensed consolidated statements of operations:

	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2023		2022		2023		2022			2023		2022		2023		2022
Cash Flow Hedges
Interest rate swap agreements	$	2.5	$	7.6	$	5.7	$	23.1	Interest expense	$	1.8	$	0.1	$	4.5	$	1.8
Foreign currency exchange contracts	(17.4)		(33.6)		(22.6)		(96.9)		Cost of sales	(8.7)		(12.9)		(26.7)		(21.8)
Total	$	(14.9)	$	(26.0)	$	(16.9)	$	(73.8)		$	(6.9)	$	(12.8)	$	(22.2)	$	(20.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2023		2022		2023		2022
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)
Total										$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)

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Retirement Benefit Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

Retirement Benefit Plans

The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company's policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company's U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under a defined benefit pension plan. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.

During the third quarter of 2022, the Company recognized a settlement loss of $1.5 million resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S. pension plan. The Company remeasured the plan as of September 30, 2022 using a discount rate of 5.52% compared to the December 31, 2021 discount rate of 2.58%. As a result of the remeasurement, the funded status of the plan decreased by $4.3 million and accumulated other comprehensive income increased by $4.2 million ($4.2 million net of tax).

The Company presents the components of net benefit cost, other than service cost, in other (income) expense in the unaudited condensed consolidated statements of operations for its pension plans. Service cost for the Company's pension plan is reported in operating profit. The components of pension (income) expense are set forth below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
U.S. Pension
Interest cost	$	0.6	$	0.4	$	1.9	$	1.2
Expected return on plan assets	(0.7)		(0.9)		(2.0)		(2.7)
Settlement loss	—		1.5		—		1.5
Amortization of actuarial loss	0.6		0.5		1.6		1.4
Total	$	0.5	$	1.5	$	1.5	$	1.4
Non-U.S. Pension
Service cost	$	—	$	0.1	$	—	$	0.2
Interest cost	1.4		0.8		4.1		2.4
Expected return on plan assets	(1.9)		(1.8)		(5.6)		(5.7)
Amortization of actuarial loss	0.2		0.6		0.6		2.1
Total	$	(0.3)	$	(0.3)	$	(0.9)	$	(1.0)

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Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventories Inventories are summarized as follows:

	SEPTEMBER 30 2023		DECEMBER 31 2022
Finished goods and service parts	$	382.3	$	335.8
Work in process	39.9		36.0
Raw materials	484.3		522.1
Total manufactured inventories	906.5		893.9
LIFO reserve	(91.1)		(94.4)
Total inventory	$	815.4	$	799.5

Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2023 and December 31, 2022, 50% and 52%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

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Product Warranties

9 Months Ended

Sep. 30, 2023

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

Product Warranties

The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.

In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

The Company also maintains a quality enhancement program under which it provides for specifically identified field product improvements in its warranty obligation. Accruals under this program are determined based on estimates of the potential number of claims and the cost of those claims based on historical and anticipated costs.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Factors that affect the warranty liability include the number of units sold, historical and anticipated rates of warranty claims and the cost per claim.

Changes in the Company's current and long-term warranty obligations, including deferred revenue on extended warranty contracts, are as follows:

	2023
Balance at December 31, 2022	$	56.7
Current year warranty expense	36.0
Change in estimate related to pre-existing warranties	(6.0)
Payments made	(20.3)
Balance at September 30, 2023	$	66.4

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Guarantees

9 Months Ended

Sep. 30, 2023

Guarantees [Abstract]

Schedule of Guarantor Obligations [Text Block]

Guarantees Under various financing arrangements for certain customers, including independent retail dealerships, the Company provides recourse or repurchase obligations such that it would be obligated in the event of default by the customer. Terms of the third-party financing arrangements for which the Company is providing recourse or repurchase obligations generally range from one to five years. Total amounts subject to recourse or repurchase obligations at September 30, 2023 and December 31, 2022 were $138.7 million and $133.2 million, respectively. As of September 30, 2023, losses anticipated under the terms of the recourse or repurchase obligations were not significant and reserves have been provided for such losses based on historical experience in the accompanying unaudited condensed consolidated financial statements. The Company generally retains a security interest in

the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed. The fair value of collateral held at September 30, 2023 was approximately $192.4 million based on Company estimates. The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks. The Company also regularly monitors the external credit ratings of the entities for which it has provided recourse or repurchase obligations. As of September 30, 2023, the Company did not believe there was a significant risk of non-payment or non-performance of the obligations by these entities; however, there can be no assurance that the risk may not increase in the future. In addition, the Company has an agreement with WF to limit its exposure to losses at certain eligible dealers. Under this agreement, losses related to $28.2 million of recourse or repurchase obligations for these certain eligible dealers are limited to 7.5% of their original loan balance, or $13.4 million as of September 30, 2023. The $28.2 million is included in the $138.7 million of total amounts subject to recourse or repurchase obligations at September 30, 2023.

Generally, the Company sells lift trucks through its independent dealer network or directly to customers. These dealers and customers may enter into a financing transaction with HYGFS or other unrelated third parties. HYGFS provides debt and lease financing to both dealers and customers. On occasion, the credit quality of a customer or credit concentration issues within WF may require the Company to provide recourse or repurchase obligations of the lift trucks purchased by customers and financed through HYGFS. At September 30, 2023, approximately $125.7 million of the Company's total recourse or repurchase obligations of $138.7 million related to transactions with HYGFS. In connection with the joint venture agreement, the Company also provides a guarantee to WF for 20% of HYGFS’ debt with WF, such that the Company would become liable under the terms of HYGFS’ debt agreements with WF in the case of default by HYGFS. At September 30, 2023, loans from WF to HYGFS totaled $1.2 billion. Although the Company’s contractual guarantee was $248.1 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $125.7 million. Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $225.9 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $292.9 million. HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.

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Equity and Debt Investments

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

Equity and Debt Investments

The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

The Company has a 50% ownership interest in SN, a limited liability company which was formed primarily to manufacture and distribute Sumitomo-branded lift trucks in Japan and export Hyster®- and Yale®-branded lift trucks and related components and service parts outside of Japan. The Company purchases products from SN under agreed-upon terms. The Company's ownership in SN is also accounted for using the equity method of accounting and is included in the JAPIC segment.

The Company's percentage share of the net income or loss from its equity investments in HYGFS and SN is reported on the line “Income from unconsolidated affiliates” in the “Other (income) expense” section of the unaudited condensed consolidated statements of operations. The Company's equity investments are included on the line “Investments in Unconsolidated Affiliates” in the unaudited condensed consolidated balance sheets.

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2023		December 31, 2022
HYGFS	$	20.0	$	21.8
SN	31.9		36.0
Bolzoni	0.4		0.4

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2023		2022
HYGFS	$	10.5	$	14.9
SN	—		0.7
	$	10.5	$	15.6

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues	$	106.0	$	101.2	$	335.3	$	311.7
Gross profit	$	40.3	$	39.2	$	123.7	$	125.7
Income from continuing operations	$	14.1	$	13.6	$	41.7	$	44.7
Net income	$	14.1	$	13.6	$	41.7	$	44.7

The Company has a non-U.S. equity investment in a third party valued using a quoted market price in an active market, or Level 1 in the fair value hierarchy. The Company's investment as of September 30, 2023 and December 31, 2022 was $1.1 million and $0.5 million, respectively. Any gain or loss on the investment is included on the line "Other, net" in the "Other (income) expense" section of the unaudited condensed consolidated statements of operations as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Gain (loss) on equity investment	$	—	$	(0.3)	$	0.5	$	(0.9)

The Company has a debt investment in a third party, OneH2, Inc. The Company's investment was $0.8 million as of each September 30, 2023 and December 31, 2022.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income Attributable to Stockholders	$ 35.8	$ (37.3)	$ 100.7	$ (81.7)

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Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2023

Use of Estimates, Policy [Policy Text Block]

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2023 and the results of its operations and changes in equity for the three and nine months ended September 30, 2023 and 2022, and the results of its cash flows for the nine months ended September 30, 2023 and 2022 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.

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Financial Instruments and Derivative Financial Instruments (Policies)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting. These derivatives are used to reduce the Company's exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements. Gains and losses on these derivatives are generally recognized in cost of sales.

The Company periodically enters into forward foreign currency contracts that are designated as net investment hedges of the Company's net investment in its foreign subsidiaries. For derivative instruments that are designated and qualified as a hedge of a net investment in foreign currency, the gain or loss is reported in OCI as part of the cumulative translation adjustment to the extent it is effective. The Company utilizes the forward-rate method of assessing hedge effectiveness.

The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate ("SOFR"). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.

Cash flows from hedging activities are reported in the unaudited condensed consolidated statements of cash flows with the same classification as the hedged item, generally as a component of cash flows from operations.

The Company measures its derivatives at fair value on a recurring basis using significant observable inputs. This valuation methodology is Level 2 as defined in the fair value hierarchy. The Company uses a present value technique that incorporates yield curves and foreign currency spot rates to value its derivatives and also incorporates the effect of the Company's and its counterparties' credit risk into the valuation.

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Inventories (Policy)	9 Months Ended
	Sep. 30, 2023
Inventory [Line Items]
Inventory, Policy [Policy Text Block]	Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory. At September 30, 2023 and December 31, 2022, 50% and 52%, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts, for the lift truck business in the United States. The FIFO method is used with respect to all other inventories. An actual valuation of inventory under the LIFO method can be made only at the end of the year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on management's estimates of expected year-end inventory levels and costs. Because these estimates are subject to change and may be different than the actual inventory levels and costs at the end of the year, interim results are subject to the final year-end LIFO inventory valuation.

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Product Warranties (Policies)	9 Months Ended
	Sep. 30, 2023
Product Liability Contingency [Line Items]
Standard Product Warranty, Policy [Policy Text Block]	The Company provides a standard warranty on its lift trucks, generally for twelve months or 1,000 to 2,000 hours. For certain series of lift trucks, the Company provides a standard warranty of one to two years or 2,000 or 4,000 hours. For certain components in some series of lift trucks, the Company provides a standard warranty of two to three years or 4,000 to 6,000 hours. The Company estimates the costs which may be incurred under its standard warranty programs and records a liability for such costs at the time product revenue is recognized.
Extended Product Warranty, Policy [Policy Text Block]	In addition, the Company sells separately priced, extended warranty agreements for its lift trucks, which generally provide a warranty for an additional two to five years or up to 2,400 to 10,000 hours. The specific terms and conditions of those warranties vary depending upon the product sold and the country in which the Company does business. Revenue received for the sale of extended warranty contracts is deferred and recognized in the same manner as the costs incurred to perform under the warranty contracts.

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Contingencies Contingencies (Policies)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies, Policy [Policy Text Block]	Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.

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Equity and Debt Investments (Policies)	9 Months Ended
	Sep. 30, 2023
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	The Company maintains an interest in one variable interest entity, HYGFS. HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster® and Yale® lift truck dealers and National Account customers in the United States and is included in the Americas segment. The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS. Therefore, the Company is not the primary beneficiary and uses the equity method to account for its 20% interest in HYGFS. The Company does not consider its variable interest in HYGFS to be significant.

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Recently Issued Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

Description of New Accounting Pronouncements Not yet Adopted [Table Text Block]

Standard	Description	Required Date of Adoption	Effect on the financial statements or other significant matters
ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848)	The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	From the date of issuance through December 31, 2024	The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60)	The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.	January 1, 2025	The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.

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Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue

	THREE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	413.2	$	149.8	$	44.6	$	—	$	—	$	—	$	607.6
Direct customer sales	105.3		2.9		—		—		—		—		108.2
Aftermarket sales	170.5		26.0		7.0		—		—		—		203.5
Other	27.5		5.2		—		92.8		1.5		(45.1)		81.9
Total Revenues	$	716.5	$	183.9	$	51.6	$	92.8	$	1.5	$	(45.1)	$	1,001.2
	THREE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	288.7	$	128.6	$	57.1	$	—	$	—	$	—	$	474.4
Direct customer sales	104.0		1.8		—		—		—		—		105.8
Aftermarket sales	154.2		25.3		8.2		—		—		—		187.7
Other	24.4		3.7		0.2		82.2		1.2		(39.5)		72.2
Total Revenues	$	571.3	$	159.4	$	65.5	$	82.2	$	1.2	$	(39.5)	$	840.1
	NINE MONTHS ENDED
	SEPTEMBER 30, 2023
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	1,190.1	$	492.4	$	126.6	$	—	$	—	$	—	$	1,809.1
Direct customer sales	403.9		7.4		—		—		—		—		411.3
Aftermarket sales	536.4		83.1		22.0		—		—		—		641.5
Other	60.5		16.5		0.5		288.0		4.1		(140.4)		229.2
Total Revenues	$	2,190.9	$	599.4	$	149.1	$	288.0	$	4.1	$	(140.4)	$	3,091.1

	NINE MONTHS ENDED
	SEPTEMBER 30, 2022
	Lift truck business
	Americas		EMEA		JAPIC		Bolzoni		Nuvera		Elims		Total
Dealer sales	$	880.2	$	409.8	$	159.9	$	—	$	—	$	—	$	1,449.9
Direct customer sales	323.4		11.2		—		—		—		—		334.6
Aftermarket sales	446.5		78.1		21.8		—		—		—		546.4
Other	75.5		14.8		0.4		263.7		2.1		(124.3)		232.2
Total Revenues	$	1,725.6	$	513.9	$	182.1	$	263.7	$	2.1	$	(124.3)	$	2,563.1

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

	Deferred Revenue
Balance, December 31, 2022	$	153.8
Customer deposits and billings	21.0
Revenue recognized	(64.1)
Foreign currency effect	0.1
Balance, September 30, 2023	$	110.8

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Operating profit is the measure of segment profit or loss. Financial information for each reportable segment is presented in the following table:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues from external customers
Americas	$	716.5	$	571.3	$	2,190.9	$	1,725.6
EMEA	183.9		159.4		599.4		513.9
JAPIC	51.6		65.5		149.1		182.1
Lift truck business	952.0		796.2		2,939.4		2,421.6
Bolzoni	92.8		82.2		288.0		263.7
Nuvera	1.5		1.2		4.1		2.1
Eliminations	(45.1)		(39.5)		(140.4)		(124.3)
Total	$	1,001.2	$	840.1	$	3,091.1	$	2,563.1

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Operating profit (loss)
Americas	$	65.4	$	0.9	$	178.1	$	8.4
EMEA	2.4		(13.2)		6.1		(35.4)
JAPIC	(2.7)		(2.9)		(8.8)		(10.6)
Lift truck business	65.1		(15.2)		175.4		(37.6)
Bolzoni	2.9		(1.3)		12.7		4.2
Nuvera	(9.4)		(9.0)		(28.4)		(25.0)
Eliminations	—		0.6		0.3		(0.5)
Total	$	58.6	$	(24.9)	$	160.0	$	(58.9)

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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30						SEPTEMBER 30
	2023			2022			2023			2022
Income (loss) before income taxes	$	52.6		$	(32.4)		$	139.3		$	(75.5)
Statutory taxes (21%)	$	11.1		$	(6.8)		$	29.3		$	(15.9)
Interim adjustment	(0.2)			(2.3)			(0.5)			(3.8)
Permanent adjustments:
Valuation allowance	4.2			12.6			4.7			28.5
Other	2.3			0.1			6.7			(0.1)
Discrete items	(1.2)			0.6			(3.3)			(4.7)
Income tax expense	$	16.2		$	4.2		$	36.9		$	4.0
Reported income tax rate	30.8		%	(13.0)		%	26.5		%	(5.3)		%

The Company's estimated annual effective income tax rate assumes that a significant portion of its net operating loss carryforwards will be utilized in 2023 along with the release of the associated valuation allowances. This release will be more than offset by the capitalization of research and development expenses under current U.S. tax rules for which a valuation allowance will be provided. The net of these items is included in the valuation allowance line in the table above.

During the first nine months of 2023, the Company recorded other permanent adjustments primarily related to the unfavorable tax effects of non-U.S. rate differences, state income taxes, non-deductible compensation and global intangible low-taxed income, partially offset by favorable tax effects of foreign derived intangible income, federal income tax credits and equity interest earnings.

During the third quarter of 2023, the Company recognized a discrete tax benefit of $1.2 million primarily related to the expiration of the statute of limitations for uncertain tax positions.

During the second quarter of 2023 and 2022, the Company recognized discrete tax benefits of $2.3 million and $4.5 million, respectively, mainly resulting from the expiration of the statute of limitations for uncertain tax positions related to acquisitions. Of those amounts, an offsetting pre-tax indemnity receivable was recorded for $2.1 million and $3.8 million in the second

quarter of 2023 and 2022, respectively. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) [Abstract]

Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes reclassifications out of Accumulated Other Comprehensive Income ("OCI") as recorded in the unaudited condensed consolidated statements of operations:

OCI Components	Amount Reclassified from OCI								Affected Line Item
	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Gain (loss) on cash flow hedges:
Interest rate contracts	$	1.8	$	0.1	$	4.5	$	1.8	Interest expense
Foreign exchange contracts	(8.7)		(12.9)		(26.7)		(21.8)		Cost of sales
Total before tax	(6.9)		(12.8)		(22.2)		(20.0)		Income (loss) before income taxes
Tax (expense) benefit	0.1		—		0.1		(0.2)		Income tax expense (benefit)
Net of tax	$	(6.8)	$	(12.8)	$	(22.1)	$	(20.2)	Net income (loss)
Amortization of defined benefit pension items:
Actuarial loss	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Other, net
Total before tax	(0.8)		(1.1)		(2.2)		(3.5)		Income (loss) before income taxes
Tax (expense) benefit	—		—		—		—		Income tax expense (benefit)
Net of tax	$	(0.8)	$	(1.1)	$	(2.2)	$	(3.5)	Net income (loss)
Total reclassifications for the period	$	(7.6)	$	(13.9)	$	(24.3)	$	(23.7)

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Financial Instruments and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative [Line Items]

Schedule of Interest Rate Derivatives [Table Text Block]

Notional Amount				Average Fixed Rate
SEPTEMBER 30		DECEMBER 31		SEPTEMBER 30		DECEMBER 31
2023		2022		2023		2022		Term at September 30, 2023
$	180.0	$	180.0	1.65	%	1.68	%	Extending to May 2027
$	8.3	$	22.4	0.47	%	0.18	%	Extending to May 2027

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table summarizes the fair value of derivative instruments reflected on a gross basis by contract as recorded in the unaudited condensed consolidated balance sheets:

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022		Balance Sheet Location	SEPTEMBER 30 2023		DECEMBER 31 2022
Derivatives designated as hedging instruments
Cash Flow Hedges
Interest rate swap agreements
Current	Prepaid expenses and other	$	6.8	$	5.9	Prepaid expenses and other	$	—	$	—
Long-term	Other non-current assets	10.6		10.2		Other non-current assets	—		—
Foreign currency exchange contracts
Current	Other current liabilities	5.0		2.6		Other current liabilities	41.6		32.1
Long-term	Other non-current assets	1.4		0.7		Other non-current assets	—		0.3
	Other long-term liabilities	0.5		1.0		Other long-term liabilities	8.4		17.3
Total derivatives designated as hedging instruments		$	24.3	$	20.4		$	50.0	$	49.7
Derivatives not designated as hedging instruments
Cash Flow Hedges
Foreign currency exchange contracts
Current	Prepaid expenses and other	0.1		—		Prepaid expenses and other	0.1		—
	Other current liabilities	1.9		4.9		Other current liabilities	4.5		3.0
Total derivatives not designated as hedging instruments		$	2.0	$	4.9		$	4.6	$	3.0
Total derivatives		$	26.3	$	25.3		$	54.6	$	52.7

Schedule of Derivative Instruments in the Statement of Financial Position by Counterparty [Table Text Block]

The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty as recorded in the unaudited condensed consolidated balance sheets:

	Derivative Assets as of September 30, 2023								Derivative Liabilities as of September 30, 2023
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	17.4	$	—	$	17.4	$	17.4	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	1.4		(1.4)		—		—		47.1		(1.4)		45.7		45.7
Total derivatives	$	18.8	$	(1.4)	$	17.4	$	17.4	$	47.1	$	(1.4)	$	45.7	$	45.7
	Derivative Assets as of December 31, 2022								Derivative Liabilities as of December 31, 2022
	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts Presented		Net Amount		Gross Amounts of Recognized Liabilities		Gross Amounts Offset		Net Amounts Presented		Net Amount
Cash Flow Hedges
Interest rate swap agreements	$	16.1	$	—	$	16.1	$	16.1	$	—	$	—	$	—	$	—
Foreign currency exchange contracts	0.4		(0.4)		—		—		43.9		(0.4)		43.5		43.5
Total derivatives	$	16.5	$	(0.4)	$	16.1	$	16.1	$	43.9	$	(0.4)	$	43.5	$	43.5

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)								Location of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
	THREE MONTHS ENDED				NINE MONTHS ENDED					THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30									SEPTEMBER 30
Derivatives Designated as Hedging Instruments	2023		2022		2023		2022			2023		2022		2023		2022
Cash Flow Hedges
Interest rate swap agreements	$	2.5	$	7.6	$	5.7	$	23.1	Interest expense	$	1.8	$	0.1	$	4.5	$	1.8
Foreign currency exchange contracts	(17.4)		(33.6)		(22.6)		(96.9)		Cost of sales	(8.7)		(12.9)		(26.7)		(21.8)
Total	$	(14.9)	$	(26.0)	$	(16.9)	$	(73.8)		$	(6.9)	$	(12.8)	$	(22.2)	$	(20.0)
Derivatives Not Designated as Hedging Instruments									Location of Gain or (Loss) Recognized in Income on Derivative	2023		2022		2023		2022
Cash Flow Hedges
Foreign currency exchange contracts									Cost of sales	$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)
Total										$	(3.1)	$	(8.3)	$	(7.8)	$	(26.4)

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Retirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans [Table Text Block]

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
U.S. Pension
Interest cost	$	0.6	$	0.4	$	1.9	$	1.2
Expected return on plan assets	(0.7)		(0.9)		(2.0)		(2.7)
Settlement loss	—		1.5		—		1.5
Amortization of actuarial loss	0.6		0.5		1.6		1.4
Total	$	0.5	$	1.5	$	1.5	$	1.4
Non-U.S. Pension
Service cost	$	—	$	0.1	$	—	$	0.2
Interest cost	1.4		0.8		4.1		2.4
Expected return on plan assets	(1.9)		(1.8)		(5.6)		(5.7)
Amortization of actuarial loss	0.2		0.6		0.6		2.1
Total	$	(0.3)	$	(0.3)	$	(0.9)	$	(1.0)

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Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	SEPTEMBER 30 2023		DECEMBER 31 2022
Finished goods and service parts	$	382.3	$	335.8
Work in process	39.9		36.0
Raw materials	484.3		522.1
Total manufactured inventories	906.5		893.9
LIFO reserve	(91.1)		(94.4)
Total inventory	$	815.4	$	799.5

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Product Warranties (Tables)

9 Months Ended

Sep. 30, 2023

Product Liability Contingency [Line Items]

Schedule of Product Warranty Liability [Table Text Block]

	2023
Balance at December 31, 2022	$	56.7
Current year warranty expense	36.0
Change in estimate related to pre-existing warranties	(6.0)
Payments made	(20.3)
Balance at September 30, 2023	$	66.4

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Equity and Debt Investments (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

The Company's equity investments in unconsolidated affiliates recorded on the unaudited condensed consolidated balance sheets are as follows:

	September 30, 2023		December 31, 2022
HYGFS	$	20.0	$	21.8
SN	31.9		36.0
Bolzoni	0.4		0.4

Dividends received from unconsolidated affiliates are summarized below:

	NINE MONTHS ENDED
	SEPTEMBER 30
	2023		2022
HYGFS	$	10.5	$	14.9
SN	—		0.7
	$	10.5	$	15.6

Summarized financial information for HYGFS and SN is as follows:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2023		2022		2023		2022
Revenues	$	106.0	$	101.2	$	335.3	$	311.7
Gross profit	$	40.3	$	39.2	$	123.7	$	125.7
Income from continuing operations	$	14.1	$	13.6	$	41.7	$	44.7
Net income	$	14.1	$	13.6	$	41.7	$	44.7

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Basis of Presentation (Details)	Sep. 30, 2023
HYGFS [Member]
Equity Method Investment, Ownership Percentage	20.00%
SN [Member]
Equity Method Investment, Ownership Percentage	50.00%

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Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue, Performance Obligation, Description of Timing			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 11 for further information on product warranties.
Revenue, Information Used to Assess Variable Consideration Constraint			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.
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control			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
Revenue, Performance Obligation, Description of Returns and Other Similar Obligations			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.
Revenues	$ 1,001.2	$ 840.1	$ 3,091.1	$ 2,563.1
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Deferred Revenue	110.8		110.8		$ 153.8
Deferred Revenue, Additions			21.0
Deferred Revenue, Revenue Recognized			$ (64.1)
Revenue, Performance Obligation Satisfied over Time, Method Used, Description			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.
Deferred Revenue, Period Increase (Decrease)			$ 0.1
Americas HY
Revenues	716.5	571.3	2,190.9	1,725.6
EMEA HY
Revenues	183.9	159.4	599.4	513.9
JAPIC HY
Revenues	51.6	65.5	149.1	182.1
Bolzoni [Member]
Revenues	92.8	82.2	288.0	263.7
Nuvera [Member]
Revenues	1.5	1.2	4.1	2.1
Consolidation, Eliminations [Member]
Revenues	(45.1)	(39.5)	$ (140.4)	(124.3)
Other revenue [Member]
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control			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 United States, Bolzoni also has revenue for sales of lift truck components to the lift truck business. Nuvera's revenues include the sale of fuel cell stacks and engines to third parties and to the lift truck business.
Revenue from Contract with Customer, Excluding Assessed Tax	81.9	72.2	$ 229.2	232.2
Other revenue [Member] | Americas HY
Revenue from Contract with Customer, Excluding Assessed Tax	27.5	24.4	60.5	75.5
Other revenue [Member] | EMEA HY
Revenue from Contract with Customer, Excluding Assessed Tax	5.2	3.7	16.5	14.8
Other revenue [Member] | JAPIC HY
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.2	0.5	0.4
Other revenue [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	92.8	82.2	288.0	263.7
Other revenue [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	1.5	1.2	4.1	2.1
Other revenue [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	(45.1)	(39.5)	(140.4)	(124.3)
Aftermarket sales [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	203.5	187.7	641.5	546.4
Aftermarket sales [Member] | Americas HY
Revenue from Contract with Customer, Excluding Assessed Tax	170.5	154.2	536.4	446.5
Aftermarket sales [Member] | EMEA HY
Revenue from Contract with Customer, Excluding Assessed Tax	26.0	25.3	83.1	78.1
Aftermarket sales [Member] | JAPIC HY
Revenue from Contract with Customer, Excluding Assessed Tax	7.0	8.2	22.0	21.8
Aftermarket sales [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Aftermarket sales [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	$ 0.0	0.0
Sales Channel, Directly to Consumer [Member]
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control			The majority of direct customer sales are to National Account 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.
Revenue from Contract with Customer, Excluding Assessed Tax	108.2	105.8	$ 411.3	334.6
Sales Channel, Directly to Consumer [Member] | Americas HY
Revenue from Contract with Customer, Excluding Assessed Tax	105.3	104.0	403.9	323.4
Sales Channel, Directly to Consumer [Member] | EMEA HY
Revenue from Contract with Customer, Excluding Assessed Tax	2.9	1.8	7.4	11.2
Sales Channel, Directly to Consumer [Member] | JAPIC HY
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Directly to Consumer [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	$ 0.0	0.0
Sales Channel, Through Intermediary [Member]
Revenue, Performance Obligation Satisfied at Point in Time, Transfer of Control			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 dealer.
Revenue from Contract with Customer, Excluding Assessed Tax	607.6	474.4	$ 1,809.1	1,449.9
Sales Channel, Through Intermediary [Member] | Americas HY
Revenue from Contract with Customer, Excluding Assessed Tax	413.2	288.7	1,190.1	880.2
Sales Channel, Through Intermediary [Member] | EMEA HY
Revenue from Contract with Customer, Excluding Assessed Tax	149.8	128.6	492.4	409.8
Sales Channel, Through Intermediary [Member] | JAPIC HY
Revenue from Contract with Customer, Excluding Assessed Tax	44.6	57.1	126.6	159.9
Sales Channel, Through Intermediary [Member] | Bolzoni [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Through Intermediary [Member] | Nuvera [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0	0.0
Sales Channel, Through Intermediary [Member] | Consolidation, Eliminations [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.0	$ 0.0	$ 0.0	$ 0.0

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Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,001.2	$ 840.1	$ 3,091.1	$ 2,563.1
Gross profit (loss)	203.6	86.9	575.9	287.2
Operating profit (loss)	58.6	(24.9)	160.0	(58.9)
Net income (loss) attributable to stockholders	35.8	(37.3)	$ 100.7	(81.7)
Document Period End Date			Sep. 30, 2023
Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(45.1)	(39.5)	$ (140.4)	(124.3)
Operating profit (loss)	0.0	0.6	0.3	(0.5)
Americas HY
Segment Reporting Information [Line Items]
Revenues	716.5	571.3	2,190.9	1,725.6
Operating profit (loss)	65.4	0.9	178.1	8.4
EMEA HY
Segment Reporting Information [Line Items]
Revenues	183.9	159.4	599.4	513.9
Operating profit (loss)	2.4	(13.2)	6.1	(35.4)
JAPIC HY
Segment Reporting Information [Line Items]
Revenues	51.6	65.5	149.1	182.1
Operating profit (loss)	(2.7)	(2.9)	(8.8)	(10.6)
Lift truck business [Member]
Segment Reporting Information [Line Items]
Revenues	952.0	796.2	2,939.4	2,421.6
Operating profit (loss)	65.1	(15.2)	175.4	(37.6)
Bolzoni [Member]
Segment Reporting Information [Line Items]
Revenues	92.8	82.2	288.0	263.7
Operating profit (loss)	2.9	(1.3)	12.7	4.2
Nuvera [Member]
Segment Reporting Information [Line Items]
Revenues	1.5	1.2	4.1	2.1
Operating profit (loss)	$ (9.4)	$ (9.0)	$ (28.4)	$ (25.0)

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Before Income Taxes	$ 52.6		$ (32.4)		$ 139.3	$ (75.5)
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	11.1		(6.8)		29.3	(15.9)
Effective Income Tax Rate Reconciliation, Interim Adjustment, Amount	(0.2)		(2.3)		(0.5)	(3.8)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	4.2		12.6		4.7	28.5
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	2.3		0.1		6.7	(0.1)
Effective Income Tax Rate Reconciliation, Discrete Adjustments, Amount	1.2	$ 2.3	(0.6)	$ 4.5	3.3	4.7
Income tax provision	$ 16.2		$ 4.2		$ 36.9	$ 4.0
Effective Income Tax Rate Reconciliation, Percent	30.80%		(13.00%)		26.50%	(5.30%)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations		2.1		3.8
Effective Income Tax Rate Reconciliation, Discrete Adjustments, Amount	$ 1.2	$ 2.3	$ (0.6)	$ 4.5	$ 3.3	$ 4.7

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Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest expense	$ 9.6	$ 7.7	$ 28.2	$ 18.9
Cost of sales	797.6	753.2	2,515.2	2,275.9
Other	(0.7)	2.4	0.3	7.3
Income Before Income Taxes	52.6	(32.4)	139.3	(75.5)
Income Tax Expense (Benefit)	16.2	4.2	36.9	4.0
Net Income Attributable to Stockholders	35.8	(37.3)	100.7	(81.7)
Deferred Gain (Loss) on Cash Flow Hedging [Member]
Income Before Income Taxes	(6.9)	(12.8)	(22.2)	(20.0)
Income Tax Expense (Benefit)	0.1	0.0	0.1	(0.2)
Net Income Attributable to Stockholders	(6.8)	(12.8)	(22.1)	(20.2)
Pension Adjustment [Member]
Income Before Income Taxes		(1.1)
Income Tax Expense (Benefit)		0.0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Other	(0.8)	(1.1)	(2.2)	(3.5)
Income Before Income Taxes	(0.8)		(2.2)	(3.5)
Income Tax Expense (Benefit)	0.0		0.0	0.0
Net Income Attributable to Stockholders	(0.8)	(1.1)	(2.2)	(3.5)
AOCI Attributable to Parent
Net Income Attributable to Stockholders	(7.6)	(13.9)	(24.3)	(23.7)
Interest Rate Contract [Member] | Deferred Gain (Loss) on Cash Flow Hedging [Member]
Interest expense	1.8	0.1	4.5	1.8
Foreign Exchange Contract [Member] | Deferred Gain (Loss) on Cash Flow Hedging [Member]
Cost of sales	$ (8.7)	$ (12.9)	$ (26.7)	$ (21.8)
Interest Expense [Member] | Interest Rate Contract [Member]
Description of Location of Gain (Loss) on Interest Rate Derivative on Income Statement			Interest expense
Gross Pension Costs Reclassified to Net Income [Member]
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Other, net
Income Before Taxes [Member]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI			Income (loss) before income taxes
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Income (loss) before income taxes
Tax (Expense) Benefit [Member]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI			Income tax expense (benefit)
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Income tax expense (benefit)
Net Income (Loss) [Member]
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI			Net income (loss)
Pension and Postretirement Plans, Income Statement Location of Net Periodic Pension Expense Reclassified from Accumulated OCI			Net income (loss)

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Financial Instruments and Derivative Financial Instruments (Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Instruments in Hedges, Assets, at Fair Value	$ 24.3	$ 20.4
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	2.0	4.9
Derivative Asset, Fair Value, Gross Asset	26.3	25.3
Derivative Instruments in Hedges, Liabilities, at Fair Value	50.0	49.7
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	4.6	3.0
Derivative Liability, Fair Value, Gross Liability	54.6	52.7
Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	6.8	5.9
Interest Rate Cash Flow Hedge Liability at Fair Value	0.0	0.0
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	5.0	2.6
Foreign Currency Cash Flow Hedge Liability at Fair Value	41.6	32.1
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value	10.6	10.2
Foreign Currency Cash Flow Hedge Asset at Fair Value	1.4	0.7
Interest Rate Cash Flow Hedge Liability at Fair Value	0.0	0.0
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.0	0.3
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	0.5	1.0
Foreign Currency Cash Flow Hedge Liability at Fair Value	8.4	17.3
Not Designated as Hedging Instrument [Member] | Prepaid expenses and other [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	0.1	0.0
Foreign Currency Cash Flow Hedge Liability at Fair Value	0.1	0.0
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value	1.9	4.9
Foreign Currency Cash Flow Hedge Liability at Fair Value	$ 4.5	$ 3.0

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Financial Instruments and Derivative Financial Instruments (Offsetting) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	$ 18.8	$ 16.5
Derivative Asset, Fair Value, Amount Offset Against Collateral	(1.4)	(0.4)
Derivative Assets	17.4	16.1
Derivative Liability, Fair Value, Gross Liability by Counterparty	47.1	43.9
Derivative Liability, Fair Value, Amount Offset Against Collateral	(1.4)	(0.4)
Derivative Liabilities	45.7	43.5
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	17.4	16.1
Derivative Asset, Fair Value, Amount Offset Against Collateral	0.0	0.0
Derivative Assets	17.4	16.1
Derivative Liability, Fair Value, Gross Liability by Counterparty	0.0	0.0
Derivative Liability, Fair Value, Amount Offset Against Collateral	0.0	0.0
Derivative Liabilities	0.0	0.0
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset by Counterparty	1.4	0.4
Derivative Asset, Fair Value, Amount Offset Against Collateral	(1.4)	(0.4)
Derivative Assets	0.0	0.0
Derivative Liability, Fair Value, Gross Liability by Counterparty	47.1	43.9
Derivative Liability, Fair Value, Amount Offset Against Collateral	(1.4)	(0.4)
Derivative Liabilities	$ 45.7	$ 43.5

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Financial Instruments and Derivative Financial Instruments (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (3.1)	$ (8.3)	$ (7.8)	$ (26.4)
Interest expense	9.6	7.7	28.2	18.9
Cost of sales	797.6	753.2	2,515.2	2,275.9
Income Before Income Taxes	52.6	(32.4)	139.3	(75.5)
Deferred Gain (Loss) on Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income Before Income Taxes	(6.9)	(12.8)	(22.2)	(20.0)
Interest Rate Contract [Member] | Deferred Gain (Loss) on Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	1.8	0.1	4.5	1.8
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(3.1)	(8.3)	(7.8)	(26.4)
Foreign Exchange Contract [Member] | Deferred Gain (Loss) on Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cost of sales	(8.7)	(12.9)	$ (26.7)	(21.8)
Foreign Exchange Contract [Member] | Interest Expense [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Cost of sales
Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Cost of sales
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	14.9	26.0	$ 16.9	73.8
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(2.5)	(7.6)	(5.7)	(23.1)
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 17.4	$ 33.6	$ 22.6	$ 96.9
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Interest expense
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
3. Description of Location of Gain (Loss) on Foreign Currency Derivative in Financial Statements			Cost of sales

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Financial Instruments and Derivative Financial Instruments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Long-term Debt	$ 484.9	$ 490.3
Long-term Debt, Fair Value	$ 476.1	486.4
Discussion of Objectives for Using Interest Rate Derivative Instruments	The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month Secured Overnight Financing Rate ("SOFR"). Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.
Interest Rate Derivatives, at Fair Value, Net	$ 17.4	16.1
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 7.1
Foreign Exchange Contract [Member]
Derivative [Line Items]
Discussion of Objectives for Using Foreign Currency Derivative Instruments	The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
Derivative, Notional Amount	$ 1,000.0	800.0
Derivative, Fair Value, Net	45.7	43.5
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	(37.9)
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 180.0	$ 180.0
Derivative, Average Fixed Interest Rate	1.65%	1.68%
Term of Interest Rate Cash Flow Hedge	Extending to May 2027
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Bolzoni [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 8.3	$ 22.4
Derivative, Average Fixed Interest Rate	0.47%	0.18%
Term of Interest Rate Cash Flow Hedge	Extending to May 2027
Secured Debt [Member]
Derivative [Line Items]
Long-term Debt, Gross	$ 225.0

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Retirement Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment				$ 1.5
Defined benefit plan, change in funded (unfunded) status of plan due to remeasurement		$ 4.3		4.3
Other Comprehensive Income (Loss), Finalization of Pension Plan Valuation, Before Tax				4.2
Other Comprehensive Income (Loss), Finalization of Pension Plan Valuation, Net of Tax				$ 4.2
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		5.52%		5.52%	2.58%
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 1.4	$ 0.8	$ 4.1	$ 2.4
Expected return on plan assets	(1.9)	(1.8)	(5.6)	(5.7)
Amortization of actuarial loss	0.2	0.6	0.6	2.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	(0.3)	(0.3)	(0.9)	(1.0)
Defined Benefit Plan, Service Cost	0.0	0.1	0.0	0.2
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.6	0.4	1.9	1.2
Expected return on plan assets	(0.7)	(0.9)	(2.0)	(2.7)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	0.0	1.5	0.0	1.5
Amortization of actuarial loss	0.6	0.5	1.6	1.4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 0.5	$ 1.5	$ 1.5	$ 1.4

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Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory, Finished Goods, Net of Reserves	$ 382.3	$ 335.8
Inventory, Work in Process, Net of Reserves	39.9	36.0
Inventory, Raw Materials and Purchased Parts, Net of Reserves	484.3	522.1
Total manufactured inventories	906.5	893.9
LIFO reserve	(91.1)	(94.4)
Total inventory	$ 815.4	$ 799.5
Percentage of LIFO Inventory	50.00%	52.00%
Percentage of LIFO Inventory	50.00%	52.00%

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Debt (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Domestic Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 210.0
Foreign Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	90.0
DomesticLineOfCreditMemberFILOCommitments
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25.0
Debt Instrument, Payment Terms	Commencing December 1, 2023, the FILO Commitments will amortize on a monthly basis in the amount of $4.2 million per month.
DomesticLineOfCreditMemberFILOCommitments | Base Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
DomesticLineOfCreditMemberFILOCommitments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.25%

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Product Warranties (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Product Liability Contingency [Line Items]
Product Warranty Accrual	$ 66.4	$ 56.7
Product Warranties Issued	36.0
Product Warranty Accrual, Preexisting, Increase (Decrease)	(6.0)
Product Warranties Payments	$ (20.3)
Standard warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	twelve months or 1,000 to 2,000 hours
Certain Truck Series Standard Warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	one to two years or 2,000 or 4,000 hours
Additional Component Standard Warranty [Member]
Product Liability Contingency [Line Items]
Standard Product Warranty Description	two to three years or 4,000 to 6,000 hours
Extended warranty [Member]
Product Liability Contingency [Line Items]
Extended Product Warranty Description	two to five years or up to 2,400 to 10,000 hours

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Guarantees (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 138.7	$ 133.2
Guarantor Obligations, Collateral	$ 192.4
Percentage of loan losses guaranteed	7.50%
Loan losses guaranteed	$ 13.4
Guarantor Obligations, Related Party Disclosures	125.7
Property Lease Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	28.2
Financial Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Related Party Disclosures	225.9
Receivable [Domain]
Guarantor Obligations [Line Items]
Guarantor Obligations, Collateral	$ 292.9
HYGFS [Member]
Guarantor Obligations [Line Items]
Percentage of loans guaranteed to joint venture	20.00%
Notes Payable, Related Party Due to Parent	$ 1,200.0
Contractual Obligation	$ 248.1
Minimum [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Contractual Term	1 year
Maximum [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Contractual Term	5 years

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Equity and Debt Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity Method Investments	$ 54.2		$ 54.2		$ 59.4
Dividends from unconsolidated affiliates			10.5	$ 15.6
Revenues	1,001.2	$ 840.1	3,091.1	2,563.1
Gross Profit	203.6	86.9	575.9	287.2
Net Income Attributable to Stockholders	35.8	(37.3)	100.7	(81.7)
Proceeds from Sale of Debt Securities, Available-for-sale			1.1	0.0
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Revenues	106.0	101.2	335.3	311.7
Gross Profit	40.3	39.2	123.7	125.7
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	14.1	13.6	41.7	44.7
Net Income Attributable to Stockholders	$ 14.1	13.6	$ 41.7	44.7
HYGFS [Member]
Equity Method Investment, Ownership Percentage	20.00%		20.00%
Equity Method Investments	$ 20.0		$ 20.0		21.8
Dividends from unconsolidated affiliates			$ 10.5	14.9
SN [Member]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity Method Investments	$ 31.9		$ 31.9		36.0
Dividends from unconsolidated affiliates			0.0	0.7
Bolzoni [Member]
Equity Method Investments	0.4		0.4		0.4
Equity Investment 3 [Member]
Equity Method Investments	1.1		1.1		0.5
Debt Securities	0.8		0.8		$ 0.8
Gain (Loss) on Investments	$ 0.0	$ (0.3)	$ 0.5	$ (0.9)

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Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 59,000,000.0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 65,500,000