Guarantees

9 Months Ended

Sep. 30, 2025

Guarantees [Abstract]

Guarantees

19. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback

option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of September 30, 2025 and December 31, 2024 was $18.5 million and $14.9 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of September 30, 2025 and December 31, 2024 was $33.5 million and $29.9 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $23.6 million and $14.3 million as of September 30, 2025 and December 31, 2024, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

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

As of September 30, 2025 and December 31, 2024, the Company had reserves of $45.1 million and $45.3 million, respectively, for warranty and other warranty related work included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, and litigation.

Below is a table summarizing the warranty and other warranty related work for the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Balance at beginning of period	$	47.6		$	48.2		$	45.3		$	56.8
Adjustments to accruals for warranties		8.4			4.8			28.6			13.9
Settlements made (in cash or in kind) during    the period		(10.8	)		(7.2	)		(31.2	)		(24.1	)
Currency translation		(0.1	)		0.8			2.4			—
Balance at end of period	$	45.1		$	46.6		$	45.1		$	46.6

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

The Company sells extended warranty contracts, which it accounts for as a service type warranty under ASC Topic 606 – “Revenue from Contracts with Customers.” Revenue associated with extended warranty contracts is deferred and amortized on a straight-line basis over the duration of the extended warranty period. As of both September 30, 2025 and December 31, 2024, there was $8.6 million of deferred revenue included in both other liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.