10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

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 1-16191

____________________________________

TENNANT COMPANY

(Exact name of registrant as specified in its charter)

Minnesota	41-0572550
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

10400 Clean Street

Eden Prairie, Minnesota 55344

(Address of principal executive offices)

(Zip Code)

(763) 540-1200

(Registrant’s telephone number, including area code)

______________________________________________

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.375 per share	TNC	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, 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 ☑

As of April 23, 2021, there were 18,610,727 shares of Common Stock outstanding.

1

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		Page
Item 1.	Financial Statements	3
	Consolidated Statements of Income	3
	Consolidated Statements of Comprehensive Income	3
	Consolidated Balance Sheets	4
	Consolidated Statements of Cash Flows	5
	Consolidated Statements of Equity	7
	Notes to Consolidated Financial Statements	8
	1. Summary of Significant Accounting Policies	8
	2. Newly Adopted Accounting Pronouncements	8
	3. Revenue	9
	4. Management Actions	11
	5. Acquisition and Divestiture	11
	6. Inventories	12
	7. Goodwill and Intangible Assets	12
	8. Debt	13
	9. Warranty	14
	10. Derivatives	14
	11. Fair Value Measurements	16
	12. Commitments and Contingencies	17
	13. Accumulated Other Comprehensive Loss	17
	14. Income Taxes	17
	15. Share-Based Compensation	18
	16. Earnings Attributable to Tennant Company Per Share	18
	17. Subsequent Event	19
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 6.	Exhibits	25
Signatures		26

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In millions, except shares and per share data)	March 31
	2021			2020
Net Sales	$	263.3		$	252.1
Cost of Sales		150.0			149.3
Gross Profit		113.3			102.8
Operating Expense:
Research and Development Expense		7.4			7.4
Selling and Administrative Expense		69.6			81.0
Total Operating Expense		77.0			88.4
Operating Income		36.3			14.4
Other Income (Expense):
Interest Income		0.7			0.9
Interest Expense		(4.6	)		(5.1	)
Net Foreign Currency Transaction Gain (Loss)		0.5			(4.1	)
Other Income, Net		0.1			0.2
Total Other Expense, Net		(3.3	)		(8.1	)
Income Before Taxes		33.0			6.3
Income Tax Expense		7.3			1.1
Net Income Including Noncontrolling Interest		25.7			5.2
Net Income Attributable to Tennant Company		25.7			5.2
Net Income Attributable to Tennant Company per Share:
Basic	$	1.39		$	0.28
Diluted	$	1.37		$	0.28
Weighted Average Shares Outstanding:
Basic		18,456,079			18,286,816
Diluted		18,831,423			18,666,238

See accompanying Notes to Consolidated Financial Statements.

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended
(In millions)	March 31
	2021			2020
Net Income Including Noncontrolling Interest	$	25.7		$	5.2
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments (net of related tax benefit of $0.1 million and $0 million, respectively)		(10.7	)		(11.3	)
Cash Flow Hedge (net of related tax expense of $0 million and $1.1 million, respectively)		—			3.7
Total Other Comprehensive Loss, Net of Tax		(10.7	)		(7.6	)
Total Comprehensive Income (Loss) Including Noncontrolling Interest		15.0			(2.4	)
Comprehensive Income (Loss) Attributable to Tennant Company	$	15.0		$	(2.4	)

See accompanying Notes to Consolidated Financial Statements.

3

TENNANT COMPANY

CONSOLIDATED BALANCE SHEETS

	(Unaudited)
	March 31,			December 31,
(In millions, except shares and per share data)	2021			2020
ASSETS
Current Assets:
Cash, Cash Equivalents, and Restricted Cash	$	175.2		$	141.0
Receivables:
Trade, less Allowances of $4.9 and $4.6, respectively		190.1			195.4
Other		4.5			4.5
Net Receivables		194.6			199.9
Inventories		137.5			127.7
Prepaid and Other Current Assets		23.2			25.0
Total Current Assets		530.5			493.6
Property, Plant and Equipment		425.6			437.5
Accumulated Depreciation		(254.7	)		(252.0	)
Property, Plant and Equipment, Net		170.9			185.5
Operating Lease Assets		43.3			44.5
Goodwill		199.2			207.8
Intangible Assets, Net		114.6			126.2
Other Assets		22.3			25.0
Total Assets	$	1,080.8		$	1,082.6
LIABILITIES AND TOTAL EQUITY
Current Liabilities:
Current Portion of Long-Term Debt	$	36.4		$	10.9
Accounts Payable		104.8			106.3
Employee Compensation and Benefits		49.0			53.7
Other Current Liabilities		87.0			83.4
Total Current Liabilities		277.2			254.3
Long-Term Liabilities:
Long-Term Debt		271.9			297.6
Long-Term Operating Lease Liabilities		27.7			28.7
Employee-Related Benefits		17.5			17.9
Deferred Income Taxes		33.8			39.1
Other Liabilities		31.3			38.9
Total Long-Term Liabilities		382.2			422.2
Total Liabilities		659.4			676.5
Commitments and Contingencies (Note 12)
Equity:
Common Stock, $0.375 par value; 60,000,000 shares authorized; 18,606,486 and 18,503,805 shares issued and outstanding, respectively		7.0			6.9
Additional Paid-In Capital		59.1			54.7
Retained Earnings		384.8			363.3
Accumulated Other Comprehensive Loss		(30.8	)		(20.1	)
Total Tennant Company Shareholders' Equity		420.1			404.8
Noncontrolling Interest		1.3			1.3
Total Equity		421.4			406.1
Total Liabilities and Total Equity	$	1,080.8		$	1,082.6

See accompanying Notes to Consolidated Financial Statements.

4

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
(In millions)	March 31
	2021			2020
OPERATING ACTIVITIES
Net Income Including Noncontrolling Interest	$	25.7		$	5.2
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation		8.3			8.1
Amortization of Intangible Assets		5.3			5.0
Deferred Income Taxes		(1.5	)		(2.5	)
Share-Based Compensation Expense		3.1			2.8
Allowance for Doubtful Accounts and Returns		0.6			0.1
Gain on Sale of Business		(9.8	)		—
Other, Net		1.4			0.7
Changes in Operating Assets and Liabilities:
Receivables, Net		(0.7	)		15.9
Inventories		(18.3	)		(11.6	)
Accounts Payable		3.2			4.3
Employee Compensation and Benefits		(5.7	)		(20.8	)
Other Current Liabilities		5.6			2.6
Other Assets and Liabilities		1.2			(1.1	)
Net Cash Provided by Operating Activities		18.4			8.7
INVESTING ACTIVITIES
Purchases of Property, Plant and Equipment		(4.8	)		(12.4	)
Proceeds from Disposals of Property, Plant and Equipment		—			0.1
Proceeds from Sale of Business, Net of Cash Divested		24.7			—
Purchase of Intangible Assets		(0.1	)		(0.1	)
Net Cash Provided by (Used in) Investing Activities		19.8			(12.4	)
FINANCING ACTIVITIES
Proceeds from Borrowings		—			125.0
Repayments of Debt		(0.2	)		(0.3	)
Contingent Consideration Payment		(0.5	)		—
Change in Finance Lease Obligations		—			(0.1	)
Proceeds from Issuance of Common Stock		3.1			2.4
Dividends Paid		(4.2	)		(4.0	)
Net Cash (Used in) Provided by Financing Activities		(1.8	)		123.0
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(2.2	)		(1.8	)
Net Increase in Cash, Cash Equivalents and Restricted Cash		34.2			117.5
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		141.0			74.6
Cash, Cash Equivalents and Restricted Cash at End of Period	$	175.2		$	192.1

5

SUPPLEMENTAL CASH FLOW INFORMATION	Three Months Ended
	March 31
	2021		2020
Cash Paid for Income Taxes	$	1.2	$	0.9
Cash Paid for Interest		0.3		0.2
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows from Operating Leases		5.1		5.2
Lease Assets Obtained in Exchange for New Operating Lease Liabilities		4.3		2.4
Supplemental Non-cash Investing and Financing Activities:
Capital Expenditures in Accounts Payable	$	1.3	$	0.7

See accompanying Notes to Consolidated Financial Statements.

6

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In millions, except shares and per share data)

	Tennant Company Shareholders
	Common Shares		Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Tennant Company Shareholders' Equity			Noncontrolling Interest		Total Equity
Balance, December 31, 2020		18,503,805	$	6.9	$	54.7	$	363.3		$	(20.1	)	$	404.8		$	1.3	$	406.1
Net Income				—		—		25.7			—			25.7			—		25.7
Other Comprehensive Loss				—		—		—			(10.7	)		(10.7	)		—		(10.7	)
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings and repurchases of 22,724 shares		102,681		0.1		1.3		—			—			1.4			—		1.4
Share-Based Compensation				—		3.1		—			—			3.1			—		3.1
Dividends paid $0.23 per Common Share				—		—		(4.2	)		—			(4.2	)		—		(4.2	)
Balance, March 31, 2021		18,606,486	$	7.0	$	59.1	$	384.8		$	(30.8	)	$	420.1		$	1.3	$	421.4

	Tennant Company Shareholders
	Common Shares		Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Tennant Company Shareholders' Equity			Noncontrolling Interest		Total Equity
Balance, December 31, 2019		18,336,010	$	6.9	$	45.5	$	346.0		$	(38.5	)	$	359.9		$	1.4	$	361.3
Net Income				—		—		5.2			—			5.2			—		5.2
Other Comprehensive Loss				—		—		—			(7.6	)		(7.6	)		—		(7.6	)
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings of 15,756 shares		98,805		—		1.1		—			—			1.1			—		1.1
Share-Based Compensation				—		2.8		—			—			2.8			—		2.8
Dividends paid $0.22 per Common Share				—		—		(4.0	)		—			(4.0	)		—		(4.0	)
Other				—		—		(0.1	)		—			(0.1	)		—		(0.1	)
Balance, March 31, 2020		18,434,815	$	6.9	$	49.4	$	347.1		$	(46.1	)	$	357.3		$	1.4	$	358.7

See accompanying Notes to Consolidated Financial Statements.

7

TENNANT COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(In millions, except shares and per share data)

1. Summary of Significant Accounting Policies

Tennant Company ("the Company, we, us or our") is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce environmental impact and help create a cleaner, safer, healthier world.

Basis of Presentation – The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the Securities and Exchange Commission (“SEC”) requirements for interim reporting. In our opinion, the Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations.

These statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our annual report on Form 10-K for the year ended December 31, 2020. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Reclassification – We reclassified $1.3 million of costs from Selling and Administrative Expense to Cost of Sales in the Consolidated Statements of Income for the three months ended March 31, 2020 as part of a global alignment of cost across all regions.

We documented the summary of significant accounting policies in the Notes to Consolidated Financial Statements of our annual report on Form 10-K for the fiscal year ended December 31, 2020. Other than the accounting policies noted above, there have been no material changes to our accounting policies since the filing of that report.

2. Newly Adopted Accounting Pronouncements

Income Taxes

On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The impact of this amended guidance on our consolidated financial statements and related disclosures was immaterial.

8

 

3. Revenue

Disaggregation of Revenue

The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels:

Net Sales by geographic area

	Three Months Ended
	March 31
	2021		2020
Americas	$	157.8	$	162.6
Europe, Middle East and Africa		80.9		72.0
Asia Pacific		24.6		17.5
Total	$	263.3	$	252.1

Net Sales are attributed to each geographic area based on the end user country and are net of intercompany sales.

Net Sales by groups of similar products and services

	Three Months Ended
	March 31
	2021		2020
Equipment	$	160.9	$	154.2
Parts and consumables		62.3		54.2
Specialty surface coatings(a)		1.5		6.1
Service and other		38.6		37.6
Total	$	263.3	$	252.1

^(a) On February 1, 2021, we sold our coatings business.  Further details regarding the sale are discussed in Note 5.

Net Sales by sales channel

	Three Months Ended
	March 31
	2021		2020
Sales direct to consumer	$	169.0	$	167.6
Sales to distributors		94.3		84.5
Total	$	263.3	$	252.1

Contract Liabilities

Sales Returns

The right of return may exist explicitly or implicitly with our customers. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns using the expected value method by assessing historical sales levels and the timing and magnitude of historical sales return levels as a percent of sales and projecting this experience into the future.

9

 

Sales Incentives

Our sales contracts may contain various customer incentives, such as volume-based rebates or other promotions. We reduce the transaction price for certain customer programs and incentive offerings that represent variable consideration. Sales incentives given to our customers are recorded using the most likely amount approach for estimating the amount of consideration to which the Company will be entitled. We forecast the most likely amount of the incentive to be paid at the time of sale, update this forecast quarterly, and adjust the transaction price accordingly to reflect the new amount of incentives expected to be earned by the customer. A majority of our customer incentives are settled within one year. We record our accruals for volume-based rebates and other promotions in Other Current Liabilities on our Consolidated Balance Sheets.

The change in our sales incentive accrual balance was as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	12.1		$	13.7
Additions to sales incentive accrual		5.2			5.4
Contract payments		(5.7	)		(8.2	)
Foreign currency fluctuations		(0.2	)		(0.2	)
Divestiture of business		(0.1	)		—
Ending balance	$	11.3		$	10.7

Deferred Revenue

We sell separately priced prepaid contracts to our customers where we receive payment at the inception of the contract and defer recognition of the consideration received because we have to satisfy future performance obligations. Our deferred revenue balance is primarily attributed to prepaid maintenance contracts on our machines ranging from 12 months to 60 months. In circumstances where prepaid contracts are bundled with machines, we use an observable price to determine stand-alone selling price for separate performance obligations.

The change in the deferred revenue balance was as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	9.3		$	10.7
Increase in deferred revenue representing our obligation to satisfy future performance obligations		4.1			2.7
Decrease in deferred revenue for amounts recognized in Net Sales for satisfied performance obligations		(3.4	)		(2.5	)
Foreign currency fluctuations		—			(0.1	)
Ending balance	$	10.0		$	10.8

At March 31, 2021, $6.5 million and $3.5 million of deferred revenue was reported in Other Current Liabilities and Other Liabilities, respectively, on our Consolidated Balance Sheets. Of this, we expect to recognize the following approximate amounts in Net Sales in the following periods:

Remaining 2021	$	5.7
2022		2.3
2023		1.2
2024		0.6
2025		0.2
Thereafter		—
Total	$	10.0

At December 31, 2020, $5.9 million and $3.4 million of deferred revenue was reported in Other Current Liabilities and Other Liabilities, respectively, on our Consolidated Balance Sheets.

10

 

4. Management Actions

Restructuring Actions

In the fourth quarter of 2020, we implemented a restructuring action as part of our global reorganization efforts. The pre-tax charge of $3.5 million consisted of severance-related costs included in Selling and Administrative Expense in the Consolidated Statements of Income in 2020. The charge primarily impacted our Europe, Middle East and Africa ("EMEA") operating segment but also impacted the Americas and Asia Pacific ("APAC") operating segments. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

In the third quarter of 2020, we implemented a restructuring action to consolidate our Gaomei business and our existing China business in order to deliver cost synergies and improve profitability. The pre-tax charge of $3.1 million consisted of $1.4 million of severance-related costs and $1.7 million of other costs in 2020. Of the restructuring costs, $1.2 million were included in Cost of Sales and $1.9 million in Selling and Administrative Expense in the Consolidated Statements of Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

In the first quarter of 2020, we implemented a restructuring action in an effort to streamline our operating model in Japan. The pre-tax charge of $2.0 million consisted of $1.3 million of severance-related costs and $0.7 million of other costs in 2020. Of the restructuring costs, $0.3 million were included in Cost of Sales and $1.7 million in Selling and Administrative Expense in the Consolidated Statements of Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

A reconciliation of the beginning and ending liability balances is as follows:

	Severance-related Costs
December 31, 2019 balance	$	4.5
2020 activity:
New charges		6.2
Cash payments		(5.4	)
Foreign currency adjustments		0.2
Adjustments to accrual		(1.0	)
December 31, 2020 balance	$	4.5
2021 activity:
Cash payments		(0.9	)
Foreign currency fluctuations		(0.1	)
March 31, 2021 balance	$	3.5

Other Actions

In 2019, we made the decision to discontinue certain product lines. In the first quarter of 2020, we recorded an additional $1.7 million in Cost of Sales in the Consolidated Statements of Income to reflect our estimate of inventory that will not be sold.

5. Acquisition and Divestiture

Coatings

During the first quarter of 2021, we sold the Coatings business. The resulting pre-tax gain was $9.8 million and is reflected within Selling and Administrative Expense in our Consolidated Statements of Income.

Gaomei

On January 4, 2019, we completed the acquisition of Hefei Gaomei Cleaning Machines Co., Ltd. and Anhui Rongen Environmental Protection Technology Co., Ltd. (collectively "Gaomei"), privately held designers and manufacturers of commercial cleaning solutions based in China. The financial results for Gaomei have been included in the consolidated financial results since the date of closing. The purchase price included contingent consideration. A payment of $0.5 million was paid in the first quarter of 2021. The final payment of $1.3 million is expected to be paid in the second quarter of 2021.

11

 

6. Inventories

Inventories are valued at the lower of cost or net realizable value, and consisted of the following:

	March 31,			December 31,
	2021			2020
Inventories carried at LIFO:
Finished goods	$	42.4		$	42.4
Raw materials, production parts and work-in-process		26.2			21.6
Excess of FIFO over LIFO cost(a)		(32.2	)		(31.4	)
Total LIFO inventories	$	36.4		$	32.6
Inventories carried at FIFO:
Finished goods	$	56.2		$	55.0
Raw materials, production parts and work-in-process		44.9			40.1
Total FIFO inventories	$	101.1		$	95.1
Total inventories	$	137.5		$	127.7

^(a) Inventories of $36.4 million as of March 31, 2021, and $32.6 million as of December 31, 2020, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

7. Goodwill and Intangible Assets

The changes in the carrying value of Goodwill for the three months ended March 31, 2021 were as follows:

				Accumulated
				Impairment
	Goodwill			Losses			Total
Balance as of December 31, 2020	$	249.5		$	(41.7	)	$	207.8
Divestitures		(1.7	)		—			(1.7	)
Foreign currency fluctuations		(6.9	)		—			(6.9	)
Balance as of March 31, 2021	$	240.9		$	(41.7	)	$	199.2

The balances of acquired Intangible Assets, excluding Goodwill, were as follows:

	Customer Lists			Trade Names			Technology			Total
Balance as of March 31, 2021
Original cost	$	159.1		$	31.2		$	17.5		$	207.8
Accumulated amortization		(71.3	)		(12.0	)		(9.9	)		(93.2	)
Carrying value	$	87.8		$	19.2		$	7.6		$	114.6
Weighted average original life (in years)		15			11			11
Balance as of December 31, 2020
Original cost	$	166.2		$	34.4		$	17.9		$	218.5
Accumulated amortization		(70.3	)		(12.3	)		(9.7	)		(92.3	)
Carrying value	$	95.9		$	22.1		$	8.2		$	126.2
Weighted average original life (in years)		15			11			11

The divestiture of Goodwill during the first quarter of 2021 was the result of the sale of the coatings business disclosed in Note 5.

During the first quarter of 2021, we divested Identified Intangible Assets, excluding Goodwill, with a carrying value of $0.9 million and $1.4 million in the categories of Customer Lists and Trade Names, respectively, as a result of the sale of the coatings business disclosed in Note 5.

Amortization expense on Intangible Assets for the three months ended March 31, 2021 and March 31, 2020 was $5.3 million and $5.0 million, respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable Intangible Assets for each of the five succeeding years and thereafter is as follows:

Remaining 2021	$	14.4
2022	17.4
2023		15.8
2024		14.2
2025		12.8
Thereafter		40.0
Total	$	114.6

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8. Debt

Financial Covenants

In 2017, the Company and certain of our foreign subsidiaries entered into a secured Credit Agreement (the "2017 Credit Agreement") with JPMorgan, as administrative agent, Goldman Sachs Bank USA, as syndication agent, Wells Fargo National Association, U.S. Bank National Association, and HSBC Bank USA, National Association, as co-documentation agents, and the lenders (including JPMorgan) from time to time party thereto. The 2017 Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, covenants restricting the Company’s ability to incur indebtedness and liens and merge or consolidate with another entity, and expires in April 2022. The 2017 Credit Agreement also contains financial covenants requiring us to maintain a net leverage ratio of consolidated net indebtedness to consolidated earnings before income, taxes, depreciation and amortization, subject to certain adjustments ("Adjusted EBITDA") of not greater than 4.00 to 1, as well as requiring us to maintain an interest coverage ratio of consolidated Adjusted EBITDA to consolidated interest expense of no less than 3.50 to 1 for the quarter ended March 31, 2021. The 2017 Credit Agreement also contains a financial covenant requiring us to maintain a senior secured net leverage ratio of consolidated senior secured net indebtedness to consolidated Adjusted EBITDA ratio of not greater than 3.50 to 1. These financial covenants may restrict our ability to pay dividends and purchase outstanding shares of our common stock. We were in compliance with our financial covenants at March 31, 2021.

Senior Notes Guarantees

Our Senior Notes (the "Notes") are unconditionally and jointly and severally guaranteed by Tennant Sales and Service Company (the "Guarantor" or "Guarantor Subsidiary"), which is a 100% owned subsidiary of the Company.

The Notes and the guarantees constitute senior unsecured obligations of the Company and the Guarantor, respectively. The Notes and the guarantees, respectively, are: (a) equal in right of payment with all of the Company's and the Guarantor senior debt, without giving effect to collateral arrangements; (b) senior in right of payment to all of the Company's and the Guarantor future subordinated debt, if any; (c) effectively subordinated in right of payment to all of the Company's and the Guarantor debt and obligations that are secured, including borrowings under the Company's senior secured credit facilities for so long as the senior secured credit facilities are secured, to the extent of the value of the assets securing such liens, and (d) structurally subordinated in right of payment to all liabilities (including trade payables) of the Company's and the Guarantor subsidiary that do not guarantee the Notes.

In the second quarter of 2020, the Company early adopted the SEC's rule titled "Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities," which simplifies the disclosure requirements related to the Notes under Rule 3-10 of Regulation S-X. Under this amended rule, the Company is not required to disclose separate financial statements for the guarantee as it no longer has a reporting requirement. The Company has filed a Form 15 for the Guarantor to suspend the Company's duty to file reports on the guarantor financial statements.

Debt Outstanding

Debt outstanding consisted of the following:

	March 31,			December 31,
	2021			2020
Senior unsecured notes	$	300.0		$	300.0
Credit facility borrowings		10.0			10.0
Secured borrowings		1.2			1.5
Finance lease liabilities		0.1			0.1
Unamortized debt issuance costs		(3.0	)		(3.1	)
Total debt		308.3			308.5
Less: current portion of long-term debt(a)		(36.4	)		(10.9	)
Long-term debt	$	271.9		$	297.6

^(a) The Company has the ability and intent to repay $35.6 million in outstanding credit facility borrowings, $0.7 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities over the next 12 months. Therefore, $36.4 million of debt has been classified as a current liability on the Consolidated Balance Sheet at March 31, 2021.

As of March 31, 2021, we had outstanding borrowings under our Senior Unsecured Notes of $300.0 million. In addition, we had outstanding borrowings of $10.0 million under our revolving facility and had letters of credit and bank guarantees outstanding in the amount of $3.2 million, leaving approximately $186.8 million of unused borrowing capacity on our revolving facility. Commitment fees on unused lines of credit for the three months ended March 31, 2021 were $0.2 million. The overall weighted average cost of debt is approximately 5.5% and net of a related cross-currency swap instrument is approximately 4.4%. Further details regarding the cross-currency swap instrument are discussed in Note 10.

In April 2021, we signed an agreement that restructured our existing credit agreement. In May 2021, we plan to use the proceeds from the amended agreement to retire our Senior Notes. See Note 17 to the Consolidated Financial Statements for more detail on the amended credit agreement. 

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9. Warranty

We record a liability for warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. Warranty terms on machines generally range from one to four years. However, the majority of our claims are paid out within the first six to nine months following a sale. The majority of the liability for estimated warranty claims represents amounts to be paid out in the near term for qualified warranty issues, with immaterial amounts reserved to be paid for older equipment warranty issues.

The changes in warranty reserves were as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	11.1		$	12.7
Additions charged to expense		2.6			2.4
Foreign currency fluctuations		(0.1	)		(0.2	)
Claims paid		(2.9	)		(3.1	)
Ending balance	$	10.7		$	11.8

10. Derivatives

Hedge Accounting and Hedging Programs

We recognize all derivative instruments as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting.

We evaluate hedge effectiveness on our hedges that are designated and qualify for hedge accounting at the inception of the hedge prospectively, as well as retrospectively, and record any ineffective portion of the hedging instruments along with the time value of purchased contracts in the same line item of the income statement as the item being hedged on our Consolidated Statements of Income.

Our hedging policy establishes maximum limits for each counterparty to mitigate any concentration of risk.

Balance Sheet Hedging

Hedges of Foreign Currency Assets and Liabilities

We hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value as either assets or liabilities on the Consolidated Balance Sheets with changes in the fair value recorded to Net Foreign Currency Transaction Gain (Loss) in our Consolidated Statements of Income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. At March 31, 2021 and December 31, 2020, the notional amounts of foreign currency forward exchange contracts outstanding not designated as hedging instruments were $50.7 million and $57.3 million, respectively.

Cash Flow Hedging

Hedges of Forecasted Foreign Currency Transactions

In countries outside the U.S., we transact business in U.S. dollars and in various other currencies. We may use foreign exchange option contracts or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to one year. We enter into these foreign exchange contracts to hedge a portion of our forecasted foreign currency denominated revenue in the normal course of business, and accordingly, they are not speculative in nature. The notional amounts of outstanding foreign currency forward contracts designated as cash flow hedges were $2.8 million as of March 31, 2021 and $2.7 million as of December 31, 2020. The notional amounts of outstanding foreign currency option contracts designated as cash flow hedges were $7.6 million and $8.2 million as of March 31, 2021 and December 31, 2020, respectively.

Foreign Currency Derivatives

We use foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between Tennant Company and its subsidiaries. We entered into Euro to U.S. dollar foreign exchange cross-currency swaps for all of the anticipated cash flows associated with an intercompany loan from a wholly-owned European subsidiary. We enter into these foreign exchange cross-currency swaps to hedge the foreign currency denominated cash flows associated with this intercompany loan, and accordingly, they are not speculative in nature. These cross-currency swaps are designated as cash flow hedges. The hedged cash flows as of March 31, 2021 and December 31, 2020 included €157.8 million and €159.6 million of total notional values, respectively. As of March 31, 2021, the aggregate scheduled interest payments over the course of the loan and related swaps amounted to €7.8 million. The scheduled maturity and principal payment of the loan and related swaps of €150.0 million are due in April 2022. There were no new cross-currency swaps designated as cash flow hedges as of March 31, 2021.

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The fair value of derivative instruments on our Consolidated Balance Sheets was as follows:

	Derivative Assets					Derivative Liabilities
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets	$	2.2	$	1.9	Other Current Liabilities	$	—	$	—
Foreign currency forward contracts	Other Assets		—		—	Other Liabilities		17.2		24.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets		1.0		0.4	Other Current Liabilities		0.1		0.7

As of March 31, 2021, we anticipate reclassifying approximately $2.1 million of gains from Accumulated Other Comprehensive Loss to net income during the next 12 months.

The following tables include the amounts in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:

	Three Months Ended
	March 31
	2021					2020
	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Net Sales	$	263.3	$	(0.1	)	$	252.1		$	—
Interest Income		0.7		0.6			0.9			0.7
Net Foreign Currency Transaction (Loss) Gain		0.5		7.3			(4.1	)		2.7

The effect of foreign currency derivative instruments designated as hedges and of foreign currency derivative instruments not designated as hedges in our Consolidated Statements of Income was as follows:

	Three Months Ended
	March 31, 2021
	Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Loss, net of tax(a)	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		0.4
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain		5.6
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		2.1

	Three Months Ended
	March 31, 2020
	Foreign Currency Option Contracts		Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Income (Loss), net of tax(a)	$	0.3	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		—		0.5
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss		—		2.1
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		—		2.2

^(a) Net change in the fair value of the effective portion classified in Other Comprehensive Loss.

^(b) Classified in Net Foreign Currency Transaction Gain (Loss).

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11. Fair Value Measurements

Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•  Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•  Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•  Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Our population of assets and liabilities subject to fair value measurements at March 31, 2021 is as follows:

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.4	$	—	$	3.4	$	—
Total Assets	$	3.4	$	—	$	3.4	$	—
Liabilities:
Foreign currency forward exchange contracts	$	17.5	$	—	$	17.5	$	—
Total Liabilities	$	17.5	$	—	$	17.5	$	—

Our population of assets and liabilities subject to fair value measurements at  December 31, 2020 is as follows:

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.0	$	—	$	3.0	$	—
Total Assets	$	3.0	$	—	$	3.0	$	—
Liabilities:
Foreign currency forward exchange contracts	$	25.5	$	—	$	25.5	$	—
Contingent consideration		1.8		—		—		1.8
Total Liabilities	$	27.3	$	—	$	25.5	$	1.8

Our foreign currency forward exchange contracts are valued using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present value amount. Further details regarding our foreign currency forward exchange and option contracts are discussed in Note 10.

Contingent consideration is valued using a probability-weighted analysis of projected gross profit and integration milestones. Actual results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur.

The carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Other Current Assets, Accounts Payable and Other Current Liabilities approximate fair value due to their short-term nature.

The fair value and carrying value of total debt, including current portion, were $320.3 million and $308.3 million, respectively, as of March 31, 2021. The fair value and carrying value of total debt, including current portion, were $323.4 million and $308.5 million, respectively, as of December 31, 2020. The fair value was calculated based on the borrowing rates currently available to us for bank loans with similar terms and remaining maturities, which is a Level 2 in the fair value hierarchy.

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12. Commitments and Contingencies

In the ordinary course of business, we may become liable with respect to pending and threatened litigation, tax, environmental and other matters. While the ultimate results of current claims, investigations and lawsuits involving us are unknown at this time, we do not expect that these matters will have a material adverse effect on our consolidated financial position or results of operations. Legal costs associated with such matters are expensed as incurred.

13. Accumulated Other Comprehensive Loss

Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets, are as follows:

	March 31, 2021			December 31, 2020
Foreign currency translation adjustments	$	(29.8	)	$	(19.1	)
Pension and postretirement medical benefits		(1.7	)		(1.7	)
Cash flow hedge		0.7			0.7
Total Accumulated Other Comprehensive Loss	$	(30.8	)	$	(20.1	)

The changes in components of Accumulated Other Comprehensive Loss, net of tax, are as follows:

	Foreign Currency Translation Adjustments			Pension and Post-Retirement Medical Benefits			Cash Flow Hedge			Total
December 31, 2020	$	(19.1	)	$	(1.7	)	$	0.7		$	(20.1	)
Other comprehensive (loss) income before reclassifications		(10.7	)		—			6.0			(4.7	)
Amounts reclassified from Accumulated Other Comprehensive Loss		—			—			(6.0	)		(6.0	)
Net current period other comprehensive (loss) income		(10.7	)		—			—			(10.7	)
March 31, 2021	$	(29.8	)	$	(1.7	)	$	0.7		$	(30.8	)

14. Income Taxes

We and our subsidiaries are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no longer subject to U.S. federal tax examinations for taxable years before 2018 and, with limited exceptions, state and foreign income tax examinations for taxable years before 2015. We are currently undergoing income tax examinations in various foreign jurisdictions. Although the final outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations.

We recognize potential accrued interest and penalties related to unrecognized tax benefits in Income Tax Expense. In addition to the liability of $5.4 million for unrecognized tax benefits as of March 31, 2021, there was approximately $0.7 million for accrued interest and penalties. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of March 31, 2021 was $5.3 million. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be revised and reflected as an adjustment of the Income Tax Expense.

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15. Share-Based Compensation

Our share-based compensation plans are described in Note 18 of our annual report on Form 10-K for the year ended December 31, 2020. During the three months ended March 31, 2021 and 2020, we recognized total Share-Based Compensation Expense of $3.1 million and $2.8 million, respectively. The total excess tax benefit recognized for share-based compensation arrangements during the three months ended March 31, 2021 and 2020 was $0.2 million and $0.4 million, respectively.

16. Earnings Attributable to Tennant Company Per Share

The computations of Basic and Diluted Earnings per Share were as follows:

	Three Months Ended
	March 31
	2021		2020
Numerator:
Net Income Attributable to Tennant Company	$	25.7	$	5.2
Denominator:
Basic - Weighted Average Shares Outstanding		18,456,079		18,286,816
Effect of dilutive securities:
Share-based compensation plans		375,344		379,422
Diluted - Weighted Average Shares Outstanding		18,831,423		18,666,238
Basic Earnings per Share	$	1.39	$	0.28
Diluted Earnings per Share	$	1.37	$	0.28

Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 142,027 and 206,680 shares of common stock during the three months ended March 31, 2021 and 2020, respectively. These exclusions were made if the exercise prices of the options are greater than the average market price of our common stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted average shares outstanding in the options or if we have a net loss, as these effects are anti-dilutive.

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17. Subsequent Event

Credit Facility

On April 5, 2021, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the “2021 Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent, U.S. Bank National Association, and HSBC Bank USA, National Association, as co-syndication agents, Bank of the West, BMO Harris Bank, N.A., and Wells Fargo Bank, National Association, as co-documentation agents, and the Lenders (including JPMorgan) as defined in the 2021 Credit Agreement (the “Lenders”). The 2021 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until April 3, 2026, consisting of a term loan facility in an amount up to $100.0 million and a revolving facility in an amount up to $450.0 million with an option to expand the credit facility by up to $275.0 million, with the consent of the Lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies.

The fee for committed funds under the revolving facility of the 2021 Credit Agreement ranges from an annual rate of 0.15% to 0.30%, depending on our leverage ratio. Borrowings denominated in U.S. dollars under the 2021 Credit Agreement bear interest at a rate per annum equal to (a) the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBO rate for a one month period, but in any case, not less than 1%, plus, in any such case, 1.0%, plus an additional spread of 0.10% to 0.70%, depending on our leverage ratio, or (b) the LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities, but in any case, not less than 0%, plus an additional spread of 1.10% to 1.70%, depending on our leverage ratio.

In connection with the 2021 Credit Agreement, we reaffirmed our security interest in favor of the lenders in substantially all our personal property, and pledged the stock of our domestic subsidiaries and 65% of the stock of our first tier foreign subsidiaries. The obligations under the 2021 Credit Agreement are also guaranteed by certain of our first tier domestic subsidiaries and those subsidiaries also provided a security interest in their similar personal property.

The 2021 Credit Agreement contains customary representations, warranties and covenants, including but not limited to covenants restricting our ability to incur indebtedness and liens and merge or consolidate with another entity. Further, the 2021 Credit Agreement contains the following covenants:

•  a covenant requiring us to maintain an indebtedness to EBITDA ratio, determined as of the end of each of its fiscal quarters, of no greater than 3.50 to 1.00, with certain alternative requirements for permitted acquisitions greater than $50.0 million;

•  a covenant requiring us to maintain an EBITDA to interest expense ratio for a period of four consecutive fiscal quarters as of the end of each quarter of no less than 3.00 to 1; and

•  a covenant restricting us from paying dividends or repurchasing stock if, after giving effect to such payments and assuming no default exists or would result from such payment, our leverage ratio is greater than 2.50 to 1, in such case limiting such payments to $60.0 million during any fiscal year.

Redemption of Senior Notes

On April 2, 2021, we issued a conditional notice of redemption for $300.0 million principal amount outstanding of our 5.625% Senior Notes due 2025 (CUSIP 880345 AB29) (the "Notes") in May 2021, subject to the satisfaction of the conditions. The redemption of the Notes is subject to and conditioned upon Tennant’s receipt prior to the redemption date of funds from its term and revolving loan facility, that together with cash on hand, are sufficient to pay, in the sole discretion of the Company, the redemption price. We plan to use the proceeds from the borrowings under the amended credit agreement to retire our Senior Notes and pay the $8.4 million call premium due upon redemption. In addition, at the time of redemption of the Senior Notes, we will be writing off $2.8 million of unamortized debt issuance costs.

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

Overview

Tennant Company is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce environmental impact and help create a cleaner, safer, healthier world. The Company is committed to creating and commercializing breakthrough, sustainable cleaning innovations to enhance its broad suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, and asset management solutions. Our products are used in many types of environments, including retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, and more. Customers include contract cleaners to whom organizations outsource facilities maintenance as well as businesses that perform facilities maintenance themselves. The Company reaches these customers through the industry's largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide.

Impact of COVID-19

Because we are a global company, our results of operations are affected by macroeconomic conditions. We continue to see economic and geopolitical uncertainty in many regions around the world. The coronavirus ("COVID-19") pandemic has increased the uncertainty globally and has resulted in general economic disruption. Governments across the world have taken numerous actions to limit the spread of COVID-19, including stay-at-home orders, which have reduced operating activities across global businesses, and have recently begun rolling out vaccine programs.

We continue to actively manage our business to respond to the COVID-19 impact. We have prioritized the health and safety of our employees and customers. We have established a dedicated enterprise-wide response team and implemented work-from-home processes for much of our workforce, which remain in effect. We have established cross-functional and daily communications with suppliers to review, track and prioritize high-risk components. We have also identified and activated alternative suppliers, materials and components as needed. To date, we have been able to avoid major supply disruptions. Regarding transportation, we have set up tracking, reporting and communication channels with carriers to understand their risks and to evaluate available options where necessary. In addition, all of our factories currently have the ability to operate at full capacity.

We continue to monitor the evolving situation and guidance from authorities. The timing and extent of the impact of the pandemic is influenced by factors such as variants, vaccination rates and broader economic impacts. Accordingly, we cannot reasonably estimate the long-term impact of the pandemic on our financial results.

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Results

The following table compares the results of operations for the three months ended March 31, 2021 and 2020, respectively, and as a percentage of Net Sales (in millions, except per share data and percentages):

	Three Months Ended
	March 31
	2021			%			2020			%
Net Sales	$	263.3			100.0		$	252.1			100.0
Cost of Sales		150.0			57.0			149.3			59.2
Gross Profit		113.3			43.0			102.8			40.8
Operating Expense:
Research and Development Expense		7.4			2.8			7.4			2.9
Selling and Administrative Expense		69.6			26.4			81.0			32.1
Total Operating Expense		77.0			29.2			88.4			35.1
Operating Income		36.3			13.8			14.4			5.7
Other Income (Expense):
Interest Income		0.7			0.3			0.9			0.4
Interest Expense		(4.6	)		(1.7	)		(5.1	)		(2.0	)
Net Foreign Currency Transaction Gain (Loss)		0.5			0.2			(4.1	)		(1.6	)
Other Income, Net		0.1			0.0			0.2			0.1
Total Other Expense, Net		(3.3	)		(1.3	)		(8.1	)		(3.2	)
Income Before Taxes		33.0			12.5			6.3			2.5
Income Tax Expense		7.3			2.8			1.1			0.4
Net Income Including Noncontrolling Interest		25.7			9.8			5.2			2.1
Net Income Attributable to Tennant Company	$	25.7			9.8		$	5.2			2.1
Net Income Attributable to Tennant Company per Share - Diluted	$	1.37					$	0.28

Net Sales

Consolidated Net Sales for the first quarter of 2021 totaled $263.3 million, a 4.4% increase as compared to consolidated Net Sales of $252.1 million in the first quarter of 2020.

The 4.4% increase in consolidated Net Sales in the first quarter of 2021 as compared to the same period in 2020 was driven by:

•  An organic sales increase of approximately 3.1%, which excludes the effects of foreign currency exchange and divestitures. The organic sales increase was due to volume growth across all regions;

•  An unfavorable impact from the divestiture of our Coatings business of 1.7%; and

•  A net favorable impact from foreign currency exchange across all regions of approximately 3.0%.

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The following table sets forth the Net Sales by geographic area for the three months ended March 31, 2021 and 2020 and the percentage change from the prior year (in millions, except percentages):

	Three Months Ended
	March 31
	2021		2020		%
Americas	$	157.8	$	162.6		(3.0	)%
Europe, Middle East and Africa		80.9		72.0		12.4	%
Asia Pacific		24.6		17.5		40.6	%
Total	$	263.3	$	252.1		4.4	%

Americas

Net Sales in the Americas were $157.8 million for the first quarter of 2021, a decrease of 3.0% from the first quarter of 2020. Foreign currency exchange within the Americas unfavorably impacted Net Sales by approximately 0.8% in the first quarter of 2021. The divestiture of the Coatings business resulted in a decline in Net Sales of approximately 2.6%. Organic sales growth in the Americas favorably impacted Net Sales by approximately 0.4% for the first quarter of 2021 particularly due to growth in direct and distributor sales in North America and strength in Brazil, partially offset by declines from prior period strong comparable sales performance in the strategic account channel.

Europe, Middle East and Africa ("EMEA")

EMEA Net Sales were $80.9 million for the first quarter of 2021, an increase of 12.4% from the first quarter of 2020. Foreign currency exchange within EMEA favorably impacted Net Sales by approximately 10.1% in the first quarter of 2021. Organic sales growth in EMEA favorably impacted Net Sales by approximately 2.3% for the first quarter primarily due to market growth in France, Italy, and Germany, partially offset by declines in the United Kingdom and Central, Eastern Europe and the Middle East and Africa due to pandemic-related restrictions.

Asia Pacific ("APAC")

APAC Net Sales were $24.6 million for the first quarter of 2021, an increase of 40.6% from the first quarter of 2020. Foreign currency exchange within APAC favorably impacted Net Sales by approximately 8.8% in the first quarter of 2021. Organic sales growth in APAC favorably impacted Net Sales by approximately 31.8% for the first quarter. Organic sales growth was driven by growth across the region and particularly in China where the prior year quarter was substantially impacted by pandemic-related restrictions.

Gross Profit

Gross Profit margin of 43.0% was 220 basis points higher in the first quarter of 2021 compared to the first quarter of 2020. The increase primarily reflected increased productivity, product mix and actions related to the Company's enterprise strategy, including pricing and cost reduction initiatives, partially offset by higher freight and material costs.

Operating Expense

Research and Development Expense

Research and Development ("R&D") Expense was $7.4 million, or 2.8% as a percentage of Net Sales, for the first quarter of 2021, flat compared to the first quarter of 2020.

We continue to invest in developing innovative products and technologies at levels necessary to propel our technology and innovation leadership position.

Selling and Administrative Expense

Selling and Administrative Expense ("S&A Expense") was $69.6 million for the first quarter of 2021, a decrease of $11.4 million compared to the first quarter of 2020. As a percentage of Net Sales, S&A Expense for the first quarter of 2021 decreased 570 basis points to 26.4% from 32.1% in the first quarter of 2020. The S&A Expense decrease in the first quarter of 2021 was primarily driven by a 380 basis point impact related to a pre-tax gain on the sale of the Coatings business and restructuring costs in 2020 that did not repeat 2021. In addition, we experienced temporary savings in 2021 related to suspension of travel and in-person customer events along with a continued focus on expense management.

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Total Other Expense, Net

Interest Income

Interest Income was $0.7 million in the first quarter of 2021 compared to $0.9 million in the first quarter of 2020.

Interest Expense

Interest Expense was $4.6 million in the first quarter of 2021 compared to $5.1 million in the first quarter of 2020.

Net Foreign Currency Transaction Gain (Loss)

Net Foreign Currency Transaction Gain (Loss) in the first quarter of 2021 was a gain of $0.5 million compared to a loss of $4.1 million in the first quarter of 2020. The favorable impact from foreign currency transactions in the first quarter of 2021 was primarily due to the strengthening of the Canadian dollar relative to the U.S. dollar during this time. The unfavorable impact from foreign currency transactions in the first quarter of 2020 was primarily due to significant strengthening of the U.S. dollar relative to the Brazilian real and Mexican peso.

Other (Expense) Income, Net

Other (Expense) Income, Net was $0.1 million in the first quarter of 2021, a decrease of $0.1 million compared to the same period in 2020, respectively.

Income Taxes

The effective tax rate for the first quarter of 2021 was 22.1%, as compared to the first quarter of 2020 of 18.0%.

The tax expense for the first quarter of 2021 included a $2.3 million tax expense associated with $9.8 million gain on sale of business, which increased the effective tax rate by 0.7%.

The tax expense for the first quarter of 2020 included a $0.3 million tax benefit associated with a $0.8 million restructuring charge and a $0.4 million tax benefit associated with $1.7 million of product discontinuance costs, which decreased the effective tax rate by 2.5%.

Excluding these non-recurring expenses, the first quarter effective tax rate increased primarily due to the mix in expected full year taxable earnings by country and a decrease in recognized discrete tax benefit items.

In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is zero or immaterial. No deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our foreign investments to the United States.

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Liquidity and Capital Resources

Liquidity

Cash, Cash Equivalents and Restricted Cash totaled $175.2 million at March 31, 2021, as compared to $141.0 million as of December 31, 2020. Wherever possible, cash management is centralized and intercompany financing is used to provide working capital to subsidiaries as needed. Our current ratio was 1.9 as of March 31, 2021 and December 31, 2020, and our working capital was $253.3 million and $239.3 million, respectively. Our debt-to-capital ratio was 42.3% as of March 31, 2021, compared to 43.2% as of December 31, 2020.

In April 2021, we signed an agreement that restructured our existing credit agreement. This amended agreement will provide greater flexibility with less restrictive covenants and more favorable interest rates than the previous arrangement. As a result, we expect future interest expense to be lower by approximately $1.0 million per month. In May 2021, we plan to use the proceeds from the amended agreement to retire our Senior Notes. See Note 17 to the Consolidated Financial Statements for more detail on the amended credit agreement. 

Cash Flow From Operating Activities

Operating Activities provided $18.4 million of cash for the three months ended March 31, 2021. Cash provided by operating activities was driven primarily by inflows from Net Income adding back non-cash items of $7.4 million and an increase in Other Current Liabilities of $5.6 million. These cash inflows were partially offset by cash outflows resulting from an increase in Inventories of $18.3 million and a decrease in Employee Compensation and Benefit liabilities of $5.7 million.

Cash Flow From Investing Activities

Investing activities during the three months ended March 31, 2021 provided $19.8 million, resulting from $24.7 million of proceeds from the sale of our Coatings business net of cash divested, offset by $4.8 million of net capital expenditures.

Cash Flow From Financing Activities

Net cash used in financing activities was $1.8 million during the first three months of 2021. Proceeds from the issuance of Common Stock of $3.1 million were offset by payment of a contingent consideration of $0.5 million, payment of credit facility borrowings of $0.2 million, and dividend payments of $4.2 million.

Newly Issued Accounting Guidance

See Note 2 to the Consolidated Financial Statements for information on new accounting pronouncements.

No other new accounting pronouncements issued but not yet effective have had, or are expected to have, a material impact on our results of operations or financial position.

Cautionary Statement Relevant to Forward-Looking Information

This Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue” or similar words or the negative thereof. These statements do not relate to strictly historical or current facts and provide current expectations of forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. Particular risks and uncertainties presently facing us include: geopolitical and economic uncertainty throughout the world; uncertainty surrounding the impacts and duration of the COVID-19 pandemic; our ability to comply with global laws and regulations; our ability to adapt to customer pricing sensitivities; the competition in our business; fluctuations in the cost, quality or availability of raw materials and purchased components; our ability to adjust pricing to respond to cost pressures; unforeseen product liability claims or product quality issues; our ability to attract, retain and develop key personnel and create effective succession planning strategies; our ability to effectively develop and manage strategic planning and growth processes and the related operational plans; our ability to successfully upgrade and evolve our information technology systems; our ability to successfully protect our information technology systems from cybersecurity risks; the occurrence of a significant business interruption; our ability to maintain the health and safety of our workers; our ability to integrate acquisitions; and, our ability to develop and commercialize new innovative products and services.

We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Additional information about factors that could materially affect our results can be found in Part I, Item 1A, Risk Factors in our annual report on Form 10-K for the year ended December 31, 2020 and Part II, Item 1A of this Form 10-Q.

We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any further disclosures by us in our filings with the SEC and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our market risk since December 31, 2020. For additional information, refer to Item 7A of our annual report on Form 10-K for the year ended December 31, 2020.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Principal Financial and Accounting Officer, has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021 (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer and our Principal Financial and Accounting Officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and our principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There were no changes in our internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

There are no material pending legal proceedings other than ordinary routine litigation incidental to our business.

Item 1A. Risk Factors

We documented our risk factors in Item 1A of Part I of our annual report on Form 10-K for the year ended December 31, 2020. There have been no material changes to our risk factors since the filing of that report.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On October 31, 2016, the Board of Directors authorized the repurchase of an additional 1,000,000 shares of our common stock. This is in addition to the 390,396 shares remaining under our prior repurchase program. Share repurchases are made from time to time in the open market or through privately negotiated transactions, primarily to offset the dilutive effect of shares issued through our share-based compensation programs. As of March 31, 2021, our 2017 Credit Agreement restricts the payment of dividends or repurchasing of stock requiring that, after giving effect to such payments, no default exists or would result from such payment. Additionally, cash dividends are restricted to $5.0 million per quarter and approved levels of other restricted payments range from $50.0 million to unlimited based on our net leverage ratio (not taking into account any acquisition holiday) after giving effect to such payment. Our Senior Notes due 2025 also contain certain restrictions, which are generally less restrictive than those contained in the 2017 Credit Agreement and the amended and restated 2021 Credit Agreement.

For the Quarter Ended	Total Number of Shares		Average Price Paid		Total Number of Shares Purchased as Part of Publicly Announced Plans or		Maximum Number of Shares that May Yet Be Purchased Under the Plans or
March 31, 2021	Purchased(1)		Per Share		Programs		Programs
January 1–31, 2021		18	$	70.17		—		1,391,269
February 1–28, 2021		5,143	$	76.75		—		1,391,269
March 1–31, 2021		17,563	$	78.42		873		1,390,396
Total		22,724	$	78.04		873		1,390,396

⁽¹⁾ Includes 21,851 shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by employees who exercised stock options or restricted stock under employee share-based compensation plans.

Item 6. Exhibits

Item #	Description	Method of Filing
3i	Restated Articles of Incorporation	Incorporated by reference to Exhibit 3i to the Company’s report on Form 10-Q for the quarterly period ended June 30, 2006.
3ii	Amended and Restated By-Laws	Incorporated by reference to Exhibit 3iii to the Company’s Form 8-K dated December 14, 2010.
3iii	Articles of Amendment of Restated Articles of Incorporation of Tennant Company	Incorporated by reference to Exhibit 3iii to the Company's report on Form 10-Q for the quarterly period ended March 31, 2018.
4.1	Indenture dated as of April 18, 2017	Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed April 24, 2017.
10.1	Transition Agreement with H. Chris Killingstad	Filed herewith electronically.
10.2	Amendment to Employment Agreement with David Huml	Filed herewith electronically.
31.1	Rule 13a-14(a)/15d-14(a) Certification of CEO	Filed herewith electronically.
31.2	Rule 13a-14(a)/15d-14(a) Certification of CFO	Filed herewith electronically.
32.1	Section 1350 Certification of CEO	Filed herewith electronically.
32.2	Section 1350 Certification of CFO	Filed herewith electronically.
101	The following financial information from Tennant Company's Quarterly Report on Form 10-Q for the period ended March 31, 2021, formatted in Inline eXtensible Business Reporting Language (iXBRL): (i) Consolidated Statements of Income for the three months ended March 31, 2021 and 2020; (ii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020; (iii) Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020; (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020; (v) Consolidated Statements of Equity; and (vi) Notes to the Consolidated Financial Statements.	Filed herewith electronically.
104	Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)	Filed herewith electronically.

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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.

		TENNANT COMPANY
Date:	May 4, 2021	/s/ David W. Huml
		David W. Huml President and Chief Executive Officer
Date:	May 4, 2021	/s/ Fay West
		Fay West Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

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EX-10.1

Exhibit 10.1

February 18, 2021

Mr. H. Chris Killingstad

930 Cox Farm Rd

Orono, MN 55356-9389

Dear Chris:

As previously announced, you have provided Tennant Company (the “Company”) notice of your intention to retire from the Company after your 17 years of service as an employee, including 15 years of service as our President and Chief Executive Officer. The Board appreciates your willingness to remain with the Company for a period of time to ensure a seamless transition, and this letter agreement (“Agreement”) sets forth the terms of your transition.

You are retiring from the positions of President and Chief Executive officer at the end of the day on February 28, 2021, and thereafter you will continue to be employed by the Company as a Strategic Advisor to the Company’s new Chief Executive Officer through December 31, 2021 (the “Anticipated Retirement Date”), unless your employment with the Company ends sooner in accordance with the terms of this Agreement.

You and the Company hereby agree that, effective as of the end of the day on February 28, 2021, the Executive Employment Agreement entered into between you and the Company, dated December 19, 2008, as amended December 19, 2019 (the “Executive Employment Agreement”), and the Amended and Restated Management Agreement, entered into between you and the Company, dated January 1, 2012 (the “Management Agreement”) shall terminate without any further action by you or the Company and therefore shall be of no further force and effect as of or after the end of the day on February 28, 2021. Notwithstanding the foregoing, (i) the Employee Agreement, entered into between you and the Company, dated February 22, 2006 (the “Employee Agreement”), will remain in full force and effect in accordance with its terms and (ii) this Agreement will be governed by and subject to certain of the administrative terms of the Executive Employment Agreement as set forth below. In addition, any options to purchase shares of common stock of the Company, performance-based stock unit awards or restricted stock awards pursuant to written option agreements, performance-based stock unit award agreements or restricted stock award agreements entered into prior to the date of this Agreement (the “Equity Awards”) will remain in effect in accordance with the terms of the applicable written option agreements, performance-based stock unit award agreements or restricted stock award agreements.

1.         Resignation, Retirement and Transition Term. You hereby confirm your resignation as President and Chief Executive Officer effective as of the end of the day on February 28, 2021, and your resignation as a member of the Company’s Board of Directors effective as of the 2021 annual meeting of shareholders currently scheduled for April 28, 2021. Your employment with the Company will automatically terminate effective as of the Anticipated Retirement Date, unless earlier terminated in accordance with Section 2(d) below. Your actual last day of employment with the Company is referred to herein as the “Separation Date.” Unless your employment with the Company is terminated earlier in accordance with Section 2(d) below, the Separation Date will be the Anticipated Retirement Date. The period of your employment hereunder from March 1, 2021 (the “Transition Date”) through the Separation Date is referred to in this Agreement as the “Transition Term”. You shall not have any other employment or engage in any other business venture during the Transition Term.

2.         Employment Terms During the Transition Term.

(a)         Scope of Engagement. Subject to the terms and conditions of this Agreement, you agree to remain in the employ of the Company, and the Company agrees to continue your employment, for the duration of the Transition Term. During the Transition Term, you will hold the title of Strategic Advisor to the Company’s Chief Executive Officer, a non-executive officer position at the Company. As Strategic Advisor, your duties and responsibilities will include: participating in quarterly release messaging process, reviewing and discussing agendas for the Company’s Board of Directors meetings, preparing and delivering 2020 fiscal year performance appraisals, participating in annual advanced product innovation road-mapping, being available to participate with specific enterprise initiatives (including corporate transaction opportunities), and providing such other transition assistance and assistance with special project matters as may be requested by the Company’s Chief Executive Officer.

(b)         Compensation and Benefits. During the Transition Term, the Company will pay you an annualized base salary of $400,000 (the "Transition Term Salary"), prorated for any partial year of employment and payable in accordance with the Company's normal payroll policies and procedures. In addition, during the Transition Term, you shall participate in such employee benefit plans and programs for which you may be eligible and in which you participated prior to the Transition Date, including the Company's Executive Officer Cash Incentive Plan as of the date of this agreement (the "CIP"), through the Separation Date, pursuant to the terms and conditions of the CIP; provided, however, your CIP award shall be calculated using (i) your annualized base salary in effect prior to the Transition Date and your current target opportunity of 120% of base salary with respect to the portion of the Performance Period (as such term is defined in the CIP) prior to the Transition Date and (ii) the Transition Term Salary and a reduced target opportunity of 60% of base salary with respect to the remainder of the Performance Period.  Except with respect to your continued participation in the CIP through the Retirement Date (and your receipt of any payment under the CIP related to such continued participation), the previously-granted Equity Awards, and your 2021 LTI award of stock options and restricted stock units (as approved by the Company's Compensation Committee on February 16, 2021, and subject to the terms of the applicable written option and restricted stock award agreements), you will not be eligible for any incentive or other compensation or equity awards during the Transition Term.  You agree that, consistent with the Company's policy, you will not accrue any vacation leave and will not accrue any vacation leave during the Transition Term and therefore you will not be entitled to any payment for vacation leave upon conclusion of the Transition Term.

(c)         Expenses. During the Transition Term, the Company shall reimburse you for all reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by you in the performance of your duties and responsibilities hereunder, subject to the Company’s normal policies and procedures for expense verification and documentation.

(d)         Early Termination. Notwithstanding anything in this Agreement to the contrary, your employment hereunder may be terminated before the Anticipated Retirement Date (1) by the Company for Cause (as such term is defined in the Executive Employment Agreement), or (2) by you for any reason (except that you explicitly acknowledge and agree that none of the terms of this Agreement support an involuntary termination for Good Reason (as such term is defined in the Executive Employment Agreement or the Management Agreement)).

3.         Acknowledgement of Continuing Obligations Under the Employee Agreement. You acknowledge entering into the Employee Agreement in exchange for valid consideration and hereby affirm your obligations under the Employee Agreement that remain in effect during the Transition Term and that survive the Separation Date. You further represent that you have not violated any of your obligations under the Employee Agreement.

4.         Tax Matters. All wage payments to you hereunder are subject to withholding of income and employment taxes and all other amounts required by law. You shall be solely responsible for the payment of all taxes due and owing with respect to wages, benefits and other compensation provided hereunder. This Agreement is intended to be exempt from, or comply with, the requirements of Section 409A(a)(2), (3) and (4) of the Code, including current and future guidance and regulations interpreting such provisions, and should be interpreted accordingly.

5.         Continuing Provisions of Executive Employment Agreement. You agree that the following provisions of the Executive Employment Agreement shall continue to apply to your continued employment during the Transition Term and your termination of employment upon the conclusion of the Transition Term and shall govern administrative matters under this Agreement (for which purpose, each reference to “Agreement” in these provisions shall refer to this Agreement): (i) Section 9, Return of Property, (ii) Section 12, Successors and Assigns, (iii) Section 14, Governing Law, (iv) Section 15, Dispute Resolution, (v) Section 16, Notices, (vi) Section 19, Amendments and Waivers, and (vii) Section 20, Severability; Survival.

6.         Separate Representation. You hereby acknowledge that you have the right to and/or has been advised to seek and receive independent advice from counsel of your own selection in connection with this Agreement and has not relied to any extent on any officer, director or shareholder of, or counsel to, the Company in deciding to enter into this Agreement.

This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. This Agreement (including certain administrative terms of the Executive Employment Agreement that shall continue to apply as set forth in this Agreement) and the Employee Agreement contain the entire understanding of the parties hereto with respect to your employment by the Company.

Congratulations on your long and successful career with Tennant. We very much look forward to your continued leadership as CEO through February 28, 2021, and thereafter as Strategic Advisor during the Transition Term.

Please countersign below to acknowledge your agreement to the terms of this Agreement.

Sincerely,

Tennant Company

_/s/ David Windley________

By: David Windley

Its: Chair, Compensation Committee         

Acknowledged and Agreed:

_/s/ H. Chris Killingstad_ _                                                       2/19/21                  

H. Chris Killingstad                                                               Date

EX-10.2

Exhibit 10.2

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

This AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is entered into on February 19, 2021 (the “Effective Date”) by and between Tennant Company, a Minnesota corporation (the “Company”), and David W. Huml, a resident of Minnesota (“Executive”).

Recitals

A.         Executive is a key member of the management of the Company and is a party to an Executive Employment Agreement with the Company entered into on November 6, 2014, as amended December 9, 2019 (the “Executive Employment Agreement”).

B.         In connection with Executive’s previously announced appointment to the offices of President and Chief Executive Officer, the Company and Executive mutually agree to amend certain terms of the Executive Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the respective agreements of the Company and Executive set forth below, the Company and Executive, intending to be legally bound, agree as follows:

1.         Effective as of March 1, 2021, Section 2(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following language:

(a)         Employment with the Company.  During Executive’s employment with the Company hereunder, Executive shall hold the positions of President and Chief Executive Officer or such additional or alternative positions of an executive nature, and shall perform such duties and responsibilities associated with such positions, as the Board (as defined below) shall assign to Executive from time to time consistent with Executive’s qualifications and experience.

2.         Effective as of March 1, 2021, Section 5(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following language:

(a)         Severance Benefits.  If Executive’s employment terminates during the Term by reason of an Involuntary Termination by the Company without Cause or a resignation by the Executive for Good Reason, then:

(i)           The Company shall pay to Executive, in accordance with the Company’s regular payroll practices, Executive’s then-current Base Salary for a period of 24 consecutive months after the Termination Date.

(ii)           If the Termination Date is any day other than the last day of the STIP plan year, the Company shall pay to Executive an amount equal to a pro rata portion (based on the number of days in the STIP plan year occurring on or before, and after, the Termination Date) of the award that would have been payable to Executive under the STIP based on actual performance of objectives under the STIP for such plan year had Executive remained employed for the entire plan year; provided, however, that such award amount (before pro ration) shall not exceed an award based on target performance.  The payment shall be made on the date awards under the STIP for such plan year are or would have been paid to other participants in the STIP, but in any event not later than 2-1/2 months after the end of such plan year.

(iii)           If Executive (and/or Executive’s covered dependents) is eligible and properly elects under COBRA to continue group medical, group dental, and/or basic group life insurance coverage, as in place immediately prior to the Termination Date, the Company shall continue to pay the Company’s portion of any such premiums or costs of coverage for a period of up to 18 months following the Termination Date.  The Company will stop paying its portion of the medical, dental and/or life insurance premiums, as applicable, prior to the end of the 18-month period if Executive (and Executive’s covered dependents) is no longer eligible for COBRA coverage or fails to timely pay the employee portion of such premiums.  All Company-provided medical, dental and/or life premiums under this Section 5(a)(iii) shall be paid directly to the insurance carrier or other provider.

3.         Except as expressly amended by this Amendment, the Executive Employment Agreement, as hereby amended, remains in full force and effect. In addition, the Employee Agreement and the Management Agreement (as defined in the Executive Employment Agreement), and the other documents and instruments referred to in the Executive Employment Agreement, remain in full force and effect in accordance with their terms, without any modification.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on the Effective Date first above written.

EXECUTIVE                                                   TENNANT COMPANY

/s/ David W. Huml                                              /s/ David Windley                                    

Name: David W. Huml                                      Name: David Windley

Address: 501 Carlson Parkway #513                Title: Chair, Compensation Committee

Minnetonka, MN 55305                                    10400 Clean Street

                                              Eden Prairie, Minnesota 55344

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, David W. Huml, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tennant Company;

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 this report, 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 officers 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 officers 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:	May 4, 2021	/s/ David W. Huml
		David W. Huml President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Fay West, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tennant Company;

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 this report, 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 officers 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 officers 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:	May 4, 2021	/s/ Fay West
		Fay West Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Tennant Company (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David W. Huml, President and Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(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 this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 4, 2021	/s/ David W. Huml
		David W. Huml
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Tennant Company (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Fay West, Senior Vice President and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(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 this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 4, 2021	/s/ Fay West
		Fay West
		Senior Vice President and Chief Financial Officer

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Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Document Information [Line Items]
Entity Central Index Key	0000097134
Entity Registrant Name	TENNANT CO
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-16191
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0572550
Entity Address, Address Line One	10400 Clean Street
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
City Area Code	763
Local Phone Number	540-1200
Title of 12(b) Security	Common Stock, par value $0.375 per share
Trading Symbol	TNC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,610,727

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Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Sales	$ 263.3	$ 252.1
Cost of Sales	150.0	149.3
Gross Profit	113.3	102.8
Operating Expense:
Research and Development Expense	7.4	7.4
Selling and Administrative Expense	69.6	81.0
Total Operating Expense	77.0	88.4
Operating Income	36.3	14.4
Other Income (Expense):
Interest Income	0.7	0.9
Interest Expense	(4.6)	(5.1)
Net Foreign Currency Transaction Gain (Loss)	0.5	(4.1)
Other Income, Net	0.1	0.2
Total Other Expense, Net	(3.3)	(8.1)
Income Before Taxes	33.0	6.3
Income Tax Expense	7.3	1.1
Net Income Including Noncontrolling Interest	25.7	5.2
Net Income Attributable to Tennant Company	$ 25.7	$ 5.2
Net Income Attributable to Tennant Company per Share:
Basic (in dollars per share)	$ 1.39	$ 0.28
Diluted (in dollars per share)	$ 1.37	$ 0.28
Weighted Average Shares Outstanding:
Basic (in shares)	18,456,079	18,286,816
Diluted (in shares)	18,831,423	18,666,238

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Income Including Noncontrolling Interest	$ 25.7	$ 5.2
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments (net of related tax benefit of $0.1 million and $0 million, respectively)	(10.7)	(11.3)
Cash Flow Hedge (net of related tax expense of $0 million and $1.1 million, respectively)	0.0	3.7
Total Other Comprehensive Income (Loss), Net Of Tax	(10.7)	(7.6)
Total Comprehensive Income (Loss) Including Noncontrolling Interest	15.0	(2.4)
Comprehensive Income (Loss) Attributable to Tennant Company	$ 15.0	$ (2.4)

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Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign Currency Translation Adjustments. tax	$ 100	$ 0
Cash Flow Hedge, tax	$ 0	$ 1,100

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash, Cash Equivalents, and Restricted Cash		$ 175.2	$ 141.0
Receivables:
Trade, less Allowances of $4.9 and $4.6, respectively		190.1	195.4
Other		4.5	4.5
Net Receivables		194.6	199.9
Inventories		137.5	127.7
Prepaid and Other Current Assets		23.2	25.0
Total Current Assets		530.5	493.6
Property, Plant and Equipment		425.6	437.5
Accumulated Depreciation		(254.7)	(252.0)
Property, Plant and Equipment, Net		170.9	185.5
Operating Lease Assets		43.3	44.5
Goodwill		199.2	207.8
Intangible Assets, Net		114.6	126.2
Other Assets		22.3	25.0
Total Assets		1,080.8	1,082.6
Current Liabilities:
Current Portion of Long-Term Debt	[1]	36.4	10.9
Accounts Payable		104.8	106.3
Employee Compensation and Benefits		49.0	53.7
Other Current Liabilities		87.0	83.4
Total Current Liabilities		277.2	254.3
Long-Term Liabilities:
Long-Term Debt		271.9	297.6
Long-Term Operating Lease Liabilities		27.7	28.7
Employee-Related Benefits		17.5	17.9
Deferred Income Taxes		33.8	39.1
Other Liabilities		31.3	38.9
Total Long-Term Liabilities		382.2	422.2
Total Liabilities		659.4	676.5
Commitments and Contingencies (Note 12)
Equity:
Common Stock, $0.375 par value; 60,000,000 shares authorized; 18,606,486 and 18,503,805 shares issued and outstanding, respectively		7.0	6.9
Additional Paid-In Capital		59.1	54.7
Retained Earnings		384.8	363.3
Accumulated Other Comprehensive Loss		(30.8)	(20.1)
Total Tennant Company Shareholders' Equity		420.1	404.8
Noncontrolling Interest		1.3	1.3
Total Equity		421.4	406.1
Total Liabilities and Total Equity		$ 1,080.8	$ 1,082.6

[1] The Company has the ability and intent to repay $35.6 million in outstanding credit facility borrowings, $0.7 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities over the next 12 months. Therefore, $36.4 million of debt has been classified as a current liability on the Consolidated Balance Sheet at March 31, 2021.

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Trade, allowances	$ 4.9	$ 4.6
Common stock, par value (in dollars per share)	$ 0.375	$ 0.375
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	18,606,486	18,503,805
Common stock, shares outstanding (in shares)	18,606,486	18,503,805

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net Income Including Noncontrolling Interest	$ 25.7	$ 5.2
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	8.3	8.1
Amortization of Intangible Assets	5.3	5.0
Deferred Income Taxes	(1.5)	(2.5)
Share-Based Compensation Expense	3.1	2.8
Allowance for Doubtful Accounts and Returns	0.6	0.1
Gain on Sale of Business	(9.8)	0.0
Other, Net	1.4	0.7
Changes in Operating Assets and Liabilities:
Receivables, Net	(0.7)	15.9
Inventories	(18.3)	(11.6)
Accounts Payable	3.2	4.3
Employee Compensation and Benefits	(5.7)	(20.8)
Other Current Liabilities	5.6	2.6
Other Assets and Liabilities	1.2	(1.1)
Net Cash Provided by Operating Activities	18.4	8.7
INVESTING ACTIVITIES
Purchases of Property, Plant and Equipment	(4.8)	(12.4)
Proceeds from Disposals of Property, Plant and Equipment	0.0	0.1
Proceeds from Sale of Business, Net of Cash Divested	24.7	0.0
Purchase of Intangible Assets	(0.1)	(0.1)
Net Cash Provided by (Used in) Investing Activities	19.8	(12.4)
FINANCING ACTIVITIES
Proceeds from Borrowings	0.0	125.0
Repayments of Debt	(0.2)	(0.3)
Contingent Consideration Payment	(0.5)	0.0
Change in Finance Lease Obligations	0.0	(0.1)
Proceeds from Issuance of Common Stock	3.1	2.4
Dividends Paid	(4.2)	(4.0)
Net Cash (Used in) Provided by Financing Activities	(1.8)	123.0
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(2.2)	(1.8)
Net Increase in Cash, Cash Equivalents and Restricted Cash	34.2	117.5
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	141.0	74.6
Cash, Cash Equivalents and Restricted Cash at End of Period	175.2	192.1
SUPPLEMENTAL CASH FLOW INFORMATION
Cash Paid for Income Taxes	1.2	0.9
Cash Paid for Interest	0.3	0.2
Operating Cash Flows from Operating Leases	5.1	5.2
Lease Assets Obtained in Exchange for New Operating Lease Liabilities	4.3	2.4
Supplemental Non-cash Investing and Financing Activities:
Capital Expenditures in Accounts Payable	$ 1.3	$ 0.7

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Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2019	18,336,010
Balance at Dec. 31, 2019	$ 6.9	$ 45.5	$ 346.0	$ (38.5)	$ 359.9	$ 1.4	$ 361.3
Net Income	0.0	0.0	5.2	0.0	5.2	0.0	5.2
Other Comprehensive Loss	$ 0.0	0.0	0.0	(7.6)	(7.6)	0.0	(7.6)
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings and repurchases (in shares)	98,805
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings and repurchases	$ 0.0	1.1	0.0	0.0	1.1	0.0	1.1
Share-Based Compensation	0.0	2.8	0.0	0.0	2.8	0.0	2.8
Dividends paid per Common Share	0.0	0.0	(4.0)	0.0	(4.0)	0.0	(4.0)
Other	$ 0.0	0.0	(0.1)	0.0	(0.1)	0.0	(0.1)
Balance (in shares) at Mar. 31, 2020	18,434,815
Balance at Mar. 31, 2020	$ 6.9	49.4	347.1	(46.1)	357.3	1.4	$ 358.7
Balance (in shares) at Dec. 31, 2020	18,503,805						18,503,805
Balance at Dec. 31, 2020	$ 6.9	54.7	363.3	(20.1)	404.8	1.3	$ 406.1
Net Income	0.0	0.0	25.7	0.0	25.7	0.0	25.7
Other Comprehensive Loss	$ 0.0	0.0	0.0	(10.7)	(10.7)	0.0	(10.7)
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings and repurchases (in shares)	102,681
Issue Stock for Directors, Employee Benefit and Stock Plans, net of related tax withholdings and repurchases	$ 0.1	1.3	0.0	0.0	1.4	0.0	1.4
Share-Based Compensation	0.0	3.1	0.0	0.0	3.1	0.0	3.1
Dividends paid per Common Share	$ 0.0	0.0	(4.2)	0.0	(4.2)	0.0	$ (4.2)
Balance (in shares) at Mar. 31, 2021	18,606,486						18,606,486
Balance at Mar. 31, 2021	$ 7.0	$ 59.1	$ 384.8	$ (30.8)	$ 420.1	$ 1.3	$ 421.4

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Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Issue Stock for Directors, Employee Benefit and Stock Plans, related tax withholdings (in shares)	22,724	15,756
Dividends paid per common share (in dollars per share)	$ 0.23	$ 0.22

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Note 1 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies

Tennant Company ("the Company, we, us or our") is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, significantly reduce environmental impact and help create a cleaner, safer, healthier world.

Basis of Presentation – The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the Securities and Exchange Commission (“SEC”) requirements for interim reporting. In our opinion, the Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations.

These statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our annual report on Form 10-K for the year ended December 31, 2020. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Reclassification – We reclassified $1.3 million of costs from Selling and Administrative Expense to Cost of Sales in the Consolidated Statements of Income for the three months ended March 31, 2020 as part of a global alignment of cost across all regions.

We documented the summary of significant accounting policies in the Notes to Consolidated Financial Statements of our annual report on Form 10-K for the fiscal year ended December 31, 2020. Other than the accounting policies noted above, there have been no material changes to our accounting policies since the filing of that report.

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Note 2 - Newly Adopted Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

2. Newly Adopted Accounting Pronouncements

Income Taxes

On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The impact of this amended guidance on our consolidated financial statements and related disclosures was immaterial.

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Note 3 - Revenue

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3. Revenue

Disaggregation of Revenue

The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels:

Net Sales by geographic area

	Three Months Ended
	March 31
	2021		2020
Americas	$	157.8	$	162.6
Europe, Middle East and Africa		80.9		72.0
Asia Pacific		24.6		17.5
Total	$	263.3	$	252.1

Net Sales are attributed to each geographic area based on the end user country and are net of intercompany sales.

Net Sales by groups of similar products and services

	Three Months Ended
	March 31
	2021		2020
Equipment	$	160.9	$	154.2
Parts and consumables		62.3		54.2
Specialty surface coatings(a)		1.5		6.1
Service and other		38.6		37.6
Total	$	263.3	$	252.1

^(a) On February 1, 2021, we sold our coatings business.  Further details regarding the sale are discussed in Note 5.

Net Sales by sales channel

	Three Months Ended
	March 31
	2021		2020
Sales direct to consumer	$	169.0	$	167.6
Sales to distributors		94.3		84.5
Total	$	263.3	$	252.1

Contract Liabilities

Sales Returns

The right of return may exist explicitly or implicitly with our customers. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns using the expected value method by assessing historical sales levels and the timing and magnitude of historical sales return levels as a percent of sales and projecting this experience into the future.

Sales Incentives

Our sales contracts may contain various customer incentives, such as volume-based rebates or other promotions. We reduce the transaction price for certain customer programs and incentive offerings that represent variable consideration. Sales incentives given to our customers are recorded using the most likely amount approach for estimating the amount of consideration to which the Company will be entitled. We forecast the most likely amount of the incentive to be paid at the time of sale, update this forecast quarterly, and adjust the transaction price accordingly to reflect the new amount of incentives expected to be earned by the customer. A majority of our customer incentives are settled within one year. We record our accruals for volume-based rebates and other promotions in Other Current Liabilities on our Consolidated Balance Sheets.

The change in our sales incentive accrual balance was as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	12.1		$	13.7
Additions to sales incentive accrual		5.2			5.4
Contract payments		(5.7	)		(8.2	)
Foreign currency fluctuations		(0.2	)		(0.2	)
Divestiture of business		(0.1	)		—
Ending balance	$	11.3		$	10.7

Deferred Revenue

We sell separately priced prepaid contracts to our customers where we receive payment at the inception of the contract and defer recognition of the consideration received because we have to satisfy future performance obligations. Our deferred revenue balance is primarily attributed to prepaid maintenance contracts on our machines ranging from 12 months to 60 months. In circumstances where prepaid contracts are bundled with machines, we use an observable price to determine stand-alone selling price for separate performance obligations.

The change in the deferred revenue balance was as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	9.3		$	10.7
Increase in deferred revenue representing our obligation to satisfy future performance obligations		4.1			2.7
Decrease in deferred revenue for amounts recognized in Net Sales for satisfied performance obligations		(3.4	)		(2.5	)
Foreign currency fluctuations		—			(0.1	)
Ending balance	$	10.0		$	10.8

At March 31, 2021, $6.5 million and $3.5 million of deferred revenue was reported in Other Current Liabilities and Other Liabilities, respectively, on our Consolidated Balance Sheets. Of this, we expect to recognize the following approximate amounts in Net Sales in the following periods:

Remaining 2021	$	5.7
2022		2.3
2023		1.2
2024		0.6
2025		0.2
Thereafter		—
Total	$	10.0

At December 31, 2020, $5.9 million and $3.4 million of deferred revenue was reported in Other Current Liabilities and Other Liabilities, respectively, on our Consolidated Balance Sheets.

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Note 4 - Management Actions

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

4. Management Actions

Restructuring Actions

In the fourth quarter of 2020, we implemented a restructuring action as part of our global reorganization efforts. The pre-tax charge of $3.5 million consisted of severance-related costs included in Selling and Administrative Expense in the Consolidated Statements of Income in 2020. The charge primarily impacted our Europe, Middle East and Africa ("EMEA") operating segment but also impacted the Americas and Asia Pacific ("APAC") operating segments. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

In the third quarter of 2020, we implemented a restructuring action to consolidate our Gaomei business and our existing China business in order to deliver cost synergies and improve profitability. The pre-tax charge of $3.1 million consisted of $1.4 million of severance-related costs and $1.7 million of other costs in 2020. Of the restructuring costs, $1.2 million were included in Cost of Sales and $1.9 million in Selling and Administrative Expense in the Consolidated Statements of Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

In the first quarter of 2020, we implemented a restructuring action in an effort to streamline our operating model in Japan. The pre-tax charge of $2.0 million consisted of $1.3 million of severance-related costs and $0.7 million of other costs in 2020. Of the restructuring costs, $0.3 million were included in Cost of Sales and $1.7 million in Selling and Administrative Expense in the Consolidated Statements of Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action.

A reconciliation of the beginning and ending liability balances is as follows:

	Severance-related Costs
December 31, 2019 balance	$	4.5
2020 activity:
New charges		6.2
Cash payments		(5.4	)
Foreign currency adjustments		0.2
Adjustments to accrual		(1.0	)
December 31, 2020 balance	$	4.5
2021 activity:
Cash payments		(0.9	)
Foreign currency fluctuations		(0.1	)
March 31, 2021 balance	$	3.5

Other Actions

In 2019, we made the decision to discontinue certain product lines. In the first quarter of 2020, we recorded an additional $1.7 million in Cost of Sales in the Consolidated Statements of Income to reflect our estimate of inventory that will not be sold.

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Note 5 - Acquisition and Divestiture

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

5. Acquisition and Divestiture

Coatings

During the first quarter of 2021, we sold the Coatings business. The resulting pre-tax gain was $9.8 million and is reflected within Selling and Administrative Expense in our Consolidated Statements of Income.

Gaomei

On January 4, 2019, we completed the acquisition of Hefei Gaomei Cleaning Machines Co., Ltd. and Anhui Rongen Environmental Protection Technology Co., Ltd. (collectively "Gaomei"), privately held designers and manufacturers of commercial cleaning solutions based in China. The financial results for Gaomei have been included in the consolidated financial results since the date of closing. The purchase price included contingent consideration. A payment of $0.5 million was paid in the first quarter of 2021. The final payment of $1.3 million is expected to be paid in the second quarter of 2021.

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Note 6 - Inventories

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

6. Inventories

Inventories are valued at the lower of cost or net realizable value, and consisted of the following:

	March 31,			December 31,
	2021			2020
Inventories carried at LIFO:
Finished goods	$	42.4		$	42.4
Raw materials, production parts and work-in-process		26.2			21.6
Excess of FIFO over LIFO cost(a)		(32.2	)		(31.4	)
Total LIFO inventories	$	36.4		$	32.6
Inventories carried at FIFO:
Finished goods	$	56.2		$	55.0
Raw materials, production parts and work-in-process		44.9			40.1
Total FIFO inventories	$	101.1		$	95.1
Total inventories	$	137.5		$	127.7

^(a) Inventories of $36.4 million as of March 31, 2021, and $32.6 million as of December 31, 2020, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

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Note 7 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Intangible Assets

The changes in the carrying value of Goodwill for the three months ended March 31, 2021 were as follows:

				Accumulated
				Impairment
	Goodwill			Losses			Total
Balance as of December 31, 2020	$	249.5		$	(41.7	)	$	207.8
Divestitures		(1.7	)		—			(1.7	)
Foreign currency fluctuations		(6.9	)		—			(6.9	)
Balance as of March 31, 2021	$	240.9		$	(41.7	)	$	199.2

The balances of acquired Intangible Assets, excluding Goodwill, were as follows:

	Customer Lists			Trade Names			Technology			Total
Balance as of March 31, 2021
Original cost	$	159.1		$	31.2		$	17.5		$	207.8
Accumulated amortization		(71.3	)		(12.0	)		(9.9	)		(93.2	)
Carrying value	$	87.8		$	19.2		$	7.6		$	114.6
Weighted average original life (in years)		15			11			11
Balance as of December 31, 2020
Original cost	$	166.2		$	34.4		$	17.9		$	218.5
Accumulated amortization		(70.3	)		(12.3	)		(9.7	)		(92.3	)
Carrying value	$	95.9		$	22.1		$	8.2		$	126.2
Weighted average original life (in years)		15			11			11

The divestiture of Goodwill during the first quarter of 2021 was the result of the sale of the coatings business disclosed in Note 5.

During the first quarter of 2021, we divested Identified Intangible Assets, excluding Goodwill, with a carrying value of $0.9 million and $1.4 million in the categories of Customer Lists and Trade Names, respectively, as a result of the sale of the coatings business disclosed in Note 5.

Amortization expense on Intangible Assets for the three months ended March 31, 2021 and March 31, 2020 was $5.3 million and $5.0 million, respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable Intangible Assets for each of the five succeeding years and thereafter is as follows:

Remaining 2021	$	14.4
2022	17.4
2023		15.8
2024		14.2
2025		12.8
Thereafter		40.0
Total	$	114.6

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Note 8 - Debt

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

8. Debt

Financial Covenants

In 2017, the Company and certain of our foreign subsidiaries entered into a secured Credit Agreement (the "2017 Credit Agreement") with JPMorgan, as administrative agent, Goldman Sachs Bank USA, as syndication agent, Wells Fargo National Association, U.S. Bank National Association, and HSBC Bank USA, National Association, as co-documentation agents, and the lenders (including JPMorgan) from time to time party thereto. The 2017 Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, covenants restricting the Company’s ability to incur indebtedness and liens and merge or consolidate with another entity, and expires in April 2022. The 2017 Credit Agreement also contains financial covenants requiring us to maintain a net leverage ratio of consolidated net indebtedness to consolidated earnings before income, taxes, depreciation and amortization, subject to certain adjustments ("Adjusted EBITDA") of not greater than 4.00 to 1, as well as requiring us to maintain an interest coverage ratio of consolidated Adjusted EBITDA to consolidated interest expense of no less than 3.50 to 1 for the quarter ended March 31, 2021. The 2017 Credit Agreement also contains a financial covenant requiring us to maintain a senior secured net leverage ratio of consolidated senior secured net indebtedness to consolidated Adjusted EBITDA ratio of not greater than 3.50 to 1. These financial covenants may restrict our ability to pay dividends and purchase outstanding shares of our common stock. We were in compliance with our financial covenants at March 31, 2021.

Senior Notes Guarantees

Our Senior Notes (the "Notes") are unconditionally and jointly and severally guaranteed by Tennant Sales and Service Company (the "Guarantor" or "Guarantor Subsidiary"), which is a 100% owned subsidiary of the Company.

The Notes and the guarantees constitute senior unsecured obligations of the Company and the Guarantor, respectively. The Notes and the guarantees, respectively, are: (a) equal in right of payment with all of the Company's and the Guarantor senior debt, without giving effect to collateral arrangements; (b) senior in right of payment to all of the Company's and the Guarantor future subordinated debt, if any; (c) effectively subordinated in right of payment to all of the Company's and the Guarantor debt and obligations that are secured, including borrowings under the Company's senior secured credit facilities for so long as the senior secured credit facilities are secured, to the extent of the value of the assets securing such liens, and (d) structurally subordinated in right of payment to all liabilities (including trade payables) of the Company's and the Guarantor subsidiary that do not guarantee the Notes.

In the second quarter of 2020, the Company early adopted the SEC's rule titled "Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities," which simplifies the disclosure requirements related to the Notes under Rule 3-10 of Regulation S-X. Under this amended rule, the Company is not required to disclose separate financial statements for the guarantee as it no longer has a reporting requirement. The Company has filed a Form 15 for the Guarantor to suspend the Company's duty to file reports on the guarantor financial statements.

Debt Outstanding

Debt outstanding consisted of the following:

	March 31,			December 31,
	2021			2020
Senior unsecured notes	$	300.0		$	300.0
Credit facility borrowings		10.0			10.0
Secured borrowings		1.2			1.5
Finance lease liabilities		0.1			0.1
Unamortized debt issuance costs		(3.0	)		(3.1	)
Total debt		308.3			308.5
Less: current portion of long-term debt(a)		(36.4	)		(10.9	)
Long-term debt	$	271.9		$	297.6

^(a) The Company has the ability and intent to repay $35.6 million in outstanding credit facility borrowings, $0.7 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities over the next 12 months. Therefore, $36.4 million of debt has been classified as a current liability on the Consolidated Balance Sheet at March 31, 2021.

As of March 31, 2021, we had outstanding borrowings under our Senior Unsecured Notes of $300.0 million. In addition, we had outstanding borrowings of $10.0 million under our revolving facility and had letters of credit and bank guarantees outstanding in the amount of $3.2 million, leaving approximately $186.8 million of unused borrowing capacity on our revolving facility. Commitment fees on unused lines of credit for the three months ended March 31, 2021 were $0.2 million. The overall weighted average cost of debt is approximately 5.5% and net of a related cross-currency swap instrument is approximately 4.4%. Further details regarding the cross-currency swap instrument are discussed in Note 10.

In April 2021, we signed an agreement that restructured our existing credit agreement. In May 2021, we plan to use the proceeds from the amended agreement to retire our Senior Notes. See Note 17 to the Consolidated Financial Statements for more detail on the amended credit agreement. 

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Note 9 - Warranty

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

9. Warranty

We record a liability for warranty claims at the time of sale. The amount of the liability is based on the trend in the historical ratio of claims to sales, the historical length of time between the sale and resulting warranty claim, new product introductions and other factors. Warranty terms on machines generally range from one to four years. However, the majority of our claims are paid out within the first six to nine months following a sale. The majority of the liability for estimated warranty claims represents amounts to be paid out in the near term for qualified warranty issues, with immaterial amounts reserved to be paid for older equipment warranty issues.

The changes in warranty reserves were as follows:

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	11.1		$	12.7
Additions charged to expense		2.6			2.4
Foreign currency fluctuations		(0.1	)		(0.2	)
Claims paid		(2.9	)		(3.1	)
Ending balance	$	10.7		$	11.8

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Note 10 - Derivatives

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

10. Derivatives

Hedge Accounting and Hedging Programs

We recognize all derivative instruments as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting.

We evaluate hedge effectiveness on our hedges that are designated and qualify for hedge accounting at the inception of the hedge prospectively, as well as retrospectively, and record any ineffective portion of the hedging instruments along with the time value of purchased contracts in the same line item of the income statement as the item being hedged on our Consolidated Statements of Income.

Our hedging policy establishes maximum limits for each counterparty to mitigate any concentration of risk.

Balance Sheet Hedging

Hedges of Foreign Currency Assets and Liabilities

We hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value as either assets or liabilities on the Consolidated Balance Sheets with changes in the fair value recorded to Net Foreign Currency Transaction Gain (Loss) in our Consolidated Statements of Income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. At March 31, 2021 and December 31, 2020, the notional amounts of foreign currency forward exchange contracts outstanding not designated as hedging instruments were $50.7 million and $57.3 million, respectively.

Cash Flow Hedging

Hedges of Forecasted Foreign Currency Transactions

In countries outside the U.S., we transact business in U.S. dollars and in various other currencies. We may use foreign exchange option contracts or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to one year. We enter into these foreign exchange contracts to hedge a portion of our forecasted foreign currency denominated revenue in the normal course of business, and accordingly, they are not speculative in nature. The notional amounts of outstanding foreign currency forward contracts designated as cash flow hedges were $2.8 million as of March 31, 2021 and $2.7 million as of December 31, 2020. The notional amounts of outstanding foreign currency option contracts designated as cash flow hedges were $7.6 million and $8.2 million as of March 31, 2021 and December 31, 2020, respectively.

Foreign Currency Derivatives

We use foreign currency exchange rate derivatives to hedge our exposure to fluctuations in exchange rates for anticipated intercompany cash transactions between Tennant Company and its subsidiaries. We entered into Euro to U.S. dollar foreign exchange cross-currency swaps for all of the anticipated cash flows associated with an intercompany loan from a wholly-owned European subsidiary. We enter into these foreign exchange cross-currency swaps to hedge the foreign currency denominated cash flows associated with this intercompany loan, and accordingly, they are not speculative in nature. These cross-currency swaps are designated as cash flow hedges. The hedged cash flows as of March 31, 2021 and December 31, 2020 included €157.8 million and €159.6 million of total notional values, respectively. As of March 31, 2021, the aggregate scheduled interest payments over the course of the loan and related swaps amounted to €7.8 million. The scheduled maturity and principal payment of the loan and related swaps of €150.0 million are due in April 2022. There were no new cross-currency swaps designated as cash flow hedges as of March 31, 2021.

The fair value of derivative instruments on our Consolidated Balance Sheets was as follows:

	Derivative Assets					Derivative Liabilities
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets	$	2.2	$	1.9	Other Current Liabilities	$	—	$	—
Foreign currency forward contracts	Other Assets		—		—	Other Liabilities		17.2		24.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets		1.0		0.4	Other Current Liabilities		0.1		0.7

As of March 31, 2021, we anticipate reclassifying approximately $2.1 million of gains from Accumulated Other Comprehensive Loss to net income during the next 12 months.

The following tables include the amounts in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:

	Three Months Ended
	March 31
	2021					2020
	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Net Sales	$	263.3	$	(0.1	)	$	252.1		$	—
Interest Income		0.7		0.6			0.9			0.7
Net Foreign Currency Transaction (Loss) Gain		0.5		7.3			(4.1	)		2.7

The effect of foreign currency derivative instruments designated as hedges and of foreign currency derivative instruments not designated as hedges in our Consolidated Statements of Income was as follows:

	Three Months Ended
	March 31, 2021
	Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Loss, net of tax(a)	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		0.4
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain		5.6
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		2.1

	Three Months Ended
	March 31, 2020
	Foreign Currency Option Contracts		Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Income (Loss), net of tax(a)	$	0.3	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		—		0.5
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss		—		2.1
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		—		2.2

^(a) Net change in the fair value of the effective portion classified in Other Comprehensive Loss.

^(b) Classified in Net Foreign Currency Transaction Gain (Loss).

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Note 11 - Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

11. Fair Value Measurements

Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•  Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•  Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•  Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Our population of assets and liabilities subject to fair value measurements at March 31, 2021 is as follows:

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.4	$	—	$	3.4	$	—
Total Assets	$	3.4	$	—	$	3.4	$	—
Liabilities:
Foreign currency forward exchange contracts	$	17.5	$	—	$	17.5	$	—
Total Liabilities	$	17.5	$	—	$	17.5	$	—

Our population of assets and liabilities subject to fair value measurements at  December 31, 2020 is as follows:

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.0	$	—	$	3.0	$	—
Total Assets	$	3.0	$	—	$	3.0	$	—
Liabilities:
Foreign currency forward exchange contracts	$	25.5	$	—	$	25.5	$	—
Contingent consideration		1.8		—		—		1.8
Total Liabilities	$	27.3	$	—	$	25.5	$	1.8

Our foreign currency forward exchange contracts are valued using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present value amount. Further details regarding our foreign currency forward exchange and option contracts are discussed in Note 10.

Contingent consideration is valued using a probability-weighted analysis of projected gross profit and integration milestones. Actual results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur.

The carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Other Current Assets, Accounts Payable and Other Current Liabilities approximate fair value due to their short-term nature.

The fair value and carrying value of total debt, including current portion, were $320.3 million and $308.3 million, respectively, as of March 31, 2021. The fair value and carrying value of total debt, including current portion, were $323.4 million and $308.5 million, respectively, as of December 31, 2020. The fair value was calculated based on the borrowing rates currently available to us for bank loans with similar terms and remaining maturities, which is a Level 2 in the fair value hierarchy.

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Note 12 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

12. Commitments and Contingencies

In the ordinary course of business, we may become liable with respect to pending and threatened litigation, tax, environmental and other matters. While the ultimate results of current claims, investigations and lawsuits involving us are unknown at this time, we do not expect that these matters will have a material adverse effect on our consolidated financial position or results of operations. Legal costs associated with such matters are expensed as incurred.

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Note 13 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

13. Accumulated Other Comprehensive Loss

Components of Accumulated Other Comprehensive Loss, net of tax, within the Consolidated Balance Sheets, are as follows:

	March 31, 2021			December 31, 2020
Foreign currency translation adjustments	$	(29.8	)	$	(19.1	)
Pension and postretirement medical benefits		(1.7	)		(1.7	)
Cash flow hedge		0.7			0.7
Total Accumulated Other Comprehensive Loss	$	(30.8	)	$	(20.1	)

The changes in components of Accumulated Other Comprehensive Loss, net of tax, are as follows:

	Foreign Currency Translation Adjustments			Pension and Post-Retirement Medical Benefits			Cash Flow Hedge			Total
December 31, 2020	$	(19.1	)	$	(1.7	)	$	0.7		$	(20.1	)
Other comprehensive (loss) income before reclassifications		(10.7	)		—			6.0			(4.7	)
Amounts reclassified from Accumulated Other Comprehensive Loss		—			—			(6.0	)		(6.0	)
Net current period other comprehensive (loss) income		(10.7	)		—			—			(10.7	)
March 31, 2021	$	(29.8	)	$	(1.7	)	$	0.7		$	(30.8	)

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Note 14 - Income Taxes

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

14. Income Taxes

We and our subsidiaries are subject to U.S. federal income tax as well as income tax of numerous state and foreign jurisdictions. We are generally no longer subject to U.S. federal tax examinations for taxable years before 2018 and, with limited exceptions, state and foreign income tax examinations for taxable years before 2015. We are currently undergoing income tax examinations in various foreign jurisdictions. Although the final outcome of these examinations cannot be currently determined, we believe that we have adequate reserves with respect to these examinations.

We recognize potential accrued interest and penalties related to unrecognized tax benefits in Income Tax Expense. In addition to the liability of $5.4 million for unrecognized tax benefits as of March 31, 2021, there was approximately $0.7 million for accrued interest and penalties. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of March 31, 2021 was $5.3 million. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be revised and reflected as an adjustment of the Income Tax Expense.

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Note 15 - Share-based Compensation

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

15. Share-Based Compensation

Our share-based compensation plans are described in Note 18 of our annual report on Form 10-K for the year ended December 31, 2020. During the three months ended March 31, 2021 and 2020, we recognized total Share-Based Compensation Expense of $3.1 million and $2.8 million, respectively. The total excess tax benefit recognized for share-based compensation arrangements during the three months ended March 31, 2021 and 2020 was $0.2 million and $0.4 million, respectively.

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Note 16 - Earnings Attributable to Tennant Company Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

16. Earnings Attributable to Tennant Company Per Share

The computations of Basic and Diluted Earnings per Share were as follows:

	Three Months Ended
	March 31
	2021		2020
Numerator:
Net Income Attributable to Tennant Company	$	25.7	$	5.2
Denominator:
Basic - Weighted Average Shares Outstanding		18,456,079		18,286,816
Effect of dilutive securities:
Share-based compensation plans		375,344		379,422
Diluted - Weighted Average Shares Outstanding		18,831,423		18,666,238
Basic Earnings per Share	$	1.39	$	0.28
Diluted Earnings per Share	$	1.37	$	0.28

Excluded from the dilutive securities shown above were options to purchase and shares to be paid out under share-based compensation plans of 142,027 and 206,680 shares of common stock during the three months ended March 31, 2021 and 2020, respectively. These exclusions were made if the exercise prices of the options are greater than the average market price of our common stock for the period, if the number of shares we can repurchase under the treasury stock method exceeds the weighted average shares outstanding in the options or if we have a net loss, as these effects are anti-dilutive.

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Note 17 - Subsequent Event

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

17. Subsequent Event

Credit Facility

On April 5, 2021, we and certain of our foreign subsidiaries entered into an Amended and Restated Credit Agreement (the “2021 Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent, U.S. Bank National Association, and HSBC Bank USA, National Association, as co-syndication agents, Bank of the West, BMO Harris Bank, N.A., and Wells Fargo Bank, National Association, as co-documentation agents, and the Lenders (including JPMorgan) as defined in the 2021 Credit Agreement (the “Lenders”). The 2021 Credit Agreement provides us and certain of our foreign subsidiaries access to a senior secured credit facility until April 3, 2026, consisting of a term loan facility in an amount up to $100.0 million and a revolving facility in an amount up to $450.0 million with an option to expand the credit facility by up to $275.0 million, with the consent of the Lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies.

The fee for committed funds under the revolving facility of the 2021 Credit Agreement ranges from an annual rate of 0.15% to 0.30%, depending on our leverage ratio. Borrowings denominated in U.S. dollars under the 2021 Credit Agreement bear interest at a rate per annum equal to (a) the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBO rate for a one month period, but in any case, not less than 1%, plus, in any such case, 1.0%, plus an additional spread of 0.10% to 0.70%, depending on our leverage ratio, or (b) the LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities, but in any case, not less than 0%, plus an additional spread of 1.10% to 1.70%, depending on our leverage ratio.

In connection with the 2021 Credit Agreement, we reaffirmed our security interest in favor of the lenders in substantially all our personal property, and pledged the stock of our domestic subsidiaries and 65% of the stock of our first tier foreign subsidiaries. The obligations under the 2021 Credit Agreement are also guaranteed by certain of our first tier domestic subsidiaries and those subsidiaries also provided a security interest in their similar personal property.

The 2021 Credit Agreement contains customary representations, warranties and covenants, including but not limited to covenants restricting our ability to incur indebtedness and liens and merge or consolidate with another entity. Further, the 2021 Credit Agreement contains the following covenants:

•  a covenant requiring us to maintain an indebtedness to EBITDA ratio, determined as of the end of each of its fiscal quarters, of no greater than 3.50 to 1.00, with certain alternative requirements for permitted acquisitions greater than $50.0 million;

•  a covenant requiring us to maintain an EBITDA to interest expense ratio for a period of four consecutive fiscal quarters as of the end of each quarter of no less than 3.00 to 1; and

•  a covenant restricting us from paying dividends or repurchasing stock if, after giving effect to such payments and assuming no default exists or would result from such payment, our leverage ratio is greater than 2.50 to 1, in such case limiting such payments to $60.0 million during any fiscal year.

Redemption of Senior Notes

On April 2, 2021, we issued a conditional notice of redemption for $300.0 million principal amount outstanding of our 5.625% Senior Notes due 2025 (CUSIP 880345 AB29) (the "Notes") in May 2021, subject to the satisfaction of the conditions. The redemption of the Notes is subject to and conditioned upon Tennant’s receipt prior to the redemption date of funds from its term and revolving loan facility, that together with cash on hand, are sufficient to pay, in the sole discretion of the Company, the redemption price. We plan to use the proceeds from the borrowings under the amended credit agreement to retire our Senior Notes and pay the $8.4 million call premium due upon redemption. In addition, at the time of redemption of the Senior Notes, we will be writing off $2.8 million of unamortized debt issuance costs.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation – The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the Securities and Exchange Commission (“SEC”) requirements for interim reporting. In our opinion, the Consolidated Financial Statements contain all adjustments (consisting of only normal recurring adjustments) necessary for the fair presentation of our financial position and results of operations.

These statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our annual report on Form 10-K for the year ended December 31, 2020. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassification – We reclassified $1.3 million of costs from Selling and Administrative Expense to Cost of Sales in the Consolidated Statements of Income for the three months ended March 31, 2020 as part of a global alignment of cost across all regions.

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Note 3 - Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended
	March 31
	2021		2020
Americas	$	157.8	$	162.6
Europe, Middle East and Africa		80.9		72.0
Asia Pacific		24.6		17.5
Total	$	263.3	$	252.1

	Three Months Ended
	March 31
	2021		2020
Equipment	$	160.9	$	154.2
Parts and consumables		62.3		54.2
Specialty surface coatings(a)		1.5		6.1
Service and other		38.6		37.6
Total	$	263.3	$	252.1

	Three Months Ended
	March 31
	2021		2020
Sales direct to consumer	$	169.0	$	167.6
Sales to distributors		94.3		84.5
Total	$	263.3	$	252.1

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	12.1		$	13.7
Additions to sales incentive accrual		5.2			5.4
Contract payments		(5.7	)		(8.2	)
Foreign currency fluctuations		(0.2	)		(0.2	)
Divestiture of business		(0.1	)		—
Ending balance	$	11.3		$	10.7

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	9.3		$	10.7
Increase in deferred revenue representing our obligation to satisfy future performance obligations		4.1			2.7
Decrease in deferred revenue for amounts recognized in Net Sales for satisfied performance obligations		(3.4	)		(2.5	)
Foreign currency fluctuations		—			(0.1	)
Ending balance	$	10.0		$	10.8

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Remaining 2021	$	5.7
2022		2.3
2023		1.2
2024		0.6
2025		0.2
Thereafter		—
Total	$	10.0

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Note 4 - Management Actions (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Restructuring and Related Costs [Table Text Block]

	Severance-related Costs
December 31, 2019 balance	$	4.5
2020 activity:
New charges		6.2
Cash payments		(5.4	)
Foreign currency adjustments		0.2
Adjustments to accrual		(1.0	)
December 31, 2020 balance	$	4.5
2021 activity:
Cash payments		(0.9	)
Foreign currency fluctuations		(0.1	)
March 31, 2021 balance	$	3.5

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Note 6 - Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	March 31,			December 31,
	2021			2020
Inventories carried at LIFO:
Finished goods	$	42.4		$	42.4
Raw materials, production parts and work-in-process		26.2			21.6
Excess of FIFO over LIFO cost(a)		(32.2	)		(31.4	)
Total LIFO inventories	$	36.4		$	32.6
Inventories carried at FIFO:
Finished goods	$	56.2		$	55.0
Raw materials, production parts and work-in-process		44.9			40.1
Total FIFO inventories	$	101.1		$	95.1
Total inventories	$	137.5		$	127.7

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Note 7 - Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

				Accumulated
				Impairment
	Goodwill			Losses			Total
Balance as of December 31, 2020	$	249.5		$	(41.7	)	$	207.8
Divestitures		(1.7	)		—			(1.7	)
Foreign currency fluctuations		(6.9	)		—			(6.9	)
Balance as of March 31, 2021	$	240.9		$	(41.7	)	$	199.2

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Customer Lists			Trade Names			Technology			Total
Balance as of March 31, 2021
Original cost	$	159.1		$	31.2		$	17.5		$	207.8
Accumulated amortization		(71.3	)		(12.0	)		(9.9	)		(93.2	)
Carrying value	$	87.8		$	19.2		$	7.6		$	114.6
Weighted average original life (in years)		15			11			11
Balance as of December 31, 2020
Original cost	$	166.2		$	34.4		$	17.9		$	218.5
Accumulated amortization		(70.3	)		(12.3	)		(9.7	)		(92.3	)
Carrying value	$	95.9		$	22.1		$	8.2		$	126.2
Weighted average original life (in years)		15			11			11

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remaining 2021	$	14.4
2022	17.4
2023		15.8
2024		14.2
2025		12.8
Thereafter		40.0
Total	$	114.6

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Note 8 - Debt (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Debt [Table Text Block]

	March 31,			December 31,
	2021			2020
Senior unsecured notes	$	300.0		$	300.0
Credit facility borrowings		10.0			10.0
Secured borrowings		1.2			1.5
Finance lease liabilities		0.1			0.1
Unamortized debt issuance costs		(3.0	)		(3.1	)
Total debt		308.3			308.5
Less: current portion of long-term debt(a)		(36.4	)		(10.9	)
Long-term debt	$	271.9		$	297.6

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Note 9 - Warranty (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended
	March 31
	2021			2020
Beginning balance	$	11.1		$	12.7
Additions charged to expense		2.6			2.4
Foreign currency fluctuations		(0.1	)		(0.2	)
Claims paid		(2.9	)		(3.1	)
Ending balance	$	10.7		$	11.8

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Note 10 - Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Derivative Assets					Derivative Liabilities
	Balance Sheet Location	March 31, 2021		December 31, 2020		Balance Sheet Location	March 31, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets	$	2.2	$	1.9	Other Current Liabilities	$	—	$	—
Foreign currency forward contracts	Other Assets		—		—	Other Liabilities		17.2		24.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other Current Assets		1.0		0.4	Other Current Liabilities		0.1		0.7

Derivative Instruments, Gain (Loss) [Table Text Block]

	Three Months Ended
	March 31
	2021					2020
	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Net Sales	$	263.3	$	(0.1	)	$	252.1		$	—
Interest Income		0.7		0.6			0.9			0.7
Net Foreign Currency Transaction (Loss) Gain		0.5		7.3			(4.1	)		2.7

	Three Months Ended
	March 31, 2021
	Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Loss, net of tax(a)	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		0.4
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain		5.6
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		2.1

	Three Months Ended
	March 31, 2020
	Foreign Currency Option Contracts		Foreign Currency Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain recognized in Other Comprehensive Income (Loss), net of tax(a)	$	0.3	$	6.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		—		0.5
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss		—		2.1
Derivatives not designated as hedging instruments:
Net gain recognized in income(b)		—		2.2

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Note 11 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.4	$	—	$	3.4	$	—
Total Assets	$	3.4	$	—	$	3.4	$	—
Liabilities:
Foreign currency forward exchange contracts	$	17.5	$	—	$	17.5	$	—
Total Liabilities	$	17.5	$	—	$	17.5	$	—

	Fair
	Value		Level 1		Level 2		Level 3
Assets:
Foreign currency forward exchange contracts	$	3.0	$	—	$	3.0	$	—
Total Assets	$	3.0	$	—	$	3.0	$	—
Liabilities:
Foreign currency forward exchange contracts	$	25.5	$	—	$	25.5	$	—
Contingent consideration		1.8		—		—		1.8
Total Liabilities	$	27.3	$	—	$	25.5	$	1.8

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Note 13 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	March 31, 2021			December 31, 2020
Foreign currency translation adjustments	$	(29.8	)	$	(19.1	)
Pension and postretirement medical benefits		(1.7	)		(1.7	)
Cash flow hedge		0.7			0.7
Total Accumulated Other Comprehensive Loss	$	(30.8	)	$	(20.1	)

	Foreign Currency Translation Adjustments			Pension and Post-Retirement Medical Benefits			Cash Flow Hedge			Total
December 31, 2020	$	(19.1	)	$	(1.7	)	$	0.7		$	(20.1	)
Other comprehensive (loss) income before reclassifications		(10.7	)		—			6.0			(4.7	)
Amounts reclassified from Accumulated Other Comprehensive Loss		—			—			(6.0	)		(6.0	)
Net current period other comprehensive (loss) income		(10.7	)		—			—			(10.7	)
March 31, 2021	$	(29.8	)	$	(1.7	)	$	0.7		$	(30.8	)

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Note 16 - Earnings Attributable to Tennant Company Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended
	March 31
	2021		2020
Numerator:
Net Income Attributable to Tennant Company	$	25.7	$	5.2
Denominator:
Basic - Weighted Average Shares Outstanding		18,456,079		18,286,816
Effect of dilutive securities:
Share-based compensation plans		375,344		379,422
Diluted - Weighted Average Shares Outstanding		18,831,423		18,666,238
Basic Earnings per Share	$	1.39	$	0.28
Diluted Earnings per Share	$	1.37	$	0.28

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Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Selling, General and Administrative Expense, Total	$ 69.6	$ 81.0
Cost of Goods and Services Sold, Total	$ 150.0	149.3
Reclassification from Selling and Administrative Expense to Costs of Sales [Member]
Selling, General and Administrative Expense, Total		1.3
Cost of Goods and Services Sold, Total		$ 1.3

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Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Other Current Liabilities [Member] | Maintenance [Member]
Contract with Customer, Liability, Current	$ 6.5	$ 5.9
Other Liabilities [Member] | Maintenance [Member]
Contract with Customer, Liability, Noncurrent	$ 3.5	$ 3.4
Short-term Contract with Customer [Member]
Standard Prepaid Maintenance Contract Time Period (Month)	12 months
Long-term Contract with Customer [Member]
Standard Prepaid Maintenance Contract Time Period (Month)	60 months

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Note 3 - Revenue 2 (Details Textual)	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

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Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net Sales		$ 263.3	$ 252.1
Sales Channel, Directly to Consumer [Member]
Net Sales		169.0	167.6
Sales Channel, Through Intermediary [Member]
Net Sales		94.3	84.5
Equipment Sales [Member]
Net Sales		160.9	154.2
Parts and Consumables [Member]
Net Sales		62.3	54.2
Specialty Service Coatings [Member]
Net Sales	[1]	1.5	6.1
Service and Other [Member]
Net Sales		38.6	37.6
Americas [Member]
Net Sales		157.8	162.6
EMEA [Member]
Net Sales		80.9	72.0
Asia Pacific [Member]
Net Sales		$ 24.6	$ 17.5

[1] On February 1, 2021, we sold our coatings business. Further details regarding the sale are discussed in Note 5.

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Note 3 - Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Sales Incentives [Member]
Beginning balance	$ 12.1	$ 13.7
Additions to sales incentive accrual	5.2	5.4
Contract payments	(5.7)	(8.2)
Foreign currency fluctuations	(0.2)	(0.2)
Divestiture of business	(0.1)	0.0
Ending balance	11.3	10.7
Maintenance [Member]
Foreign currency fluctuations	0.0	(0.1)
Beginning balance	9.3	10.7
Increase in deferred revenue representing our obligation to satisfy future performance obligations	4.1	2.7
Decrease in deferred revenue for amounts recognized in Net Sales for satisfied performance obligations	(3.4)	(2.5)
Ending balance	$ 10.0	$ 10.8

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Note 3 - Revenue - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2021 USD ($)
Remaining performance obligation	$ 10

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Note 3 - Revenue - Remaining Performance Obligation 2 (Details) $ in Millions	Mar. 31, 2021 USD ($)
Remaining performance obligation	$ 10.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Remaining performance obligation	5.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining performance obligation	2.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligation	1.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining performance obligation	0.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining performance obligation	0.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining performance obligation	$ 0.0

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Note 4 - Management Actions (Details Textual) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Restructuring Charges, Total		$ 3.1	$ 2.0	$ 6.2
Employee Severance [Member]
Restructuring Charges, Total		1.4	1.3
Other Restructuring [Member]
Restructuring Charges, Total		1.7	0.7
Selling, General and Administrative Expenses [Member]
Restructuring Charges, Total		1.9
Selling, General and Administrative Expenses [Member] | Employee Severance [Member]
Restructuring Charges, Total	$ 3.5		1.7
Cost of Sales [Member]
Restructuring Charges, Total		$ 1.2
Inventory Write-down			1.7
Cost of Sales [Member] | Employee Severance [Member]
Restructuring Charges, Total			$ 0.3

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Note 4 - Management Actions - Reconciliation of Liability Balance of Severance and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Balance	$ 4.5		$ 4.5	$ 4.5
New charges		$ 3.1	$ 2.0	6.2
Cash payments	(0.9)			(5.4)
Foreign currency adjustments	(0.1)			0.2
Adjustments to accrual				(1.0)
Balance	$ 3.5			$ 4.5

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Note 5 - Acquisition and Divestiture (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Disposition of Business		$ 9.8	$ (0.0)
Payment for Contingent Consideration Liability, Financing Activities		0.5	$ (0.0)
Gaomei [Member]
Payment for Contingent Consideration Liability, Financing Activities		0.5
Gaomei [Member] | Forecast [Member]
Payment for Contingent Consideration Liability, Financing Activities	$ 1.3
Specialty Service Coatings [Member] | Selling, General and Administrative Expenses [Member]
Gain (Loss) on Disposition of Business		$ 9.8

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Note 6 - Inventories (Details Textual) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
LIFO Inventory Amount	$ 36.4	$ 32.6

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Note 6 - Inventories - Inventories (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Excess of FIFO over LIFO cost(a)	[1]	$ (32.2)	$ (31.4)
Total LIFO inventories		36.4	32.6
Total FIFO inventories		101.1	95.1
Total inventories		137.5	127.7
LIFO Inventory [Member]
Finished goods		42.4	42.4
Raw materials, production parts and work-in-process		26.2	21.6
FIFO Inventory [Member]
Finished goods		56.2	55.0
Raw materials, production parts and work-in-process		$ 44.9	$ 40.1

[1] Inventories of $36.4 million as of March 31, 2021, and $32.6 million as of December 31, 2020, were valued at LIFO. The difference between replacement cost and the stated LIFO inventory value is not materially different from the reserve for the LIFO valuation method.

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Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization of Intangible Assets, Total	$ 5.3	$ 5.0
Customer Lists [Member]
Intangible Assets (Excluding Goodwill), Disposed of	0.9
Trade Names [Member]
Intangible Assets (Excluding Goodwill), Disposed of	$ 1.4

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Note 7 - Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Balance	$ 249.5
Balance, accumulated impairment losses	(41.7)
Balance, net	207.8
Divestitures	(1.7)
Foreign currency fluctuations	(6.9)
Foreign currency fluctuations	0.0
Foreign currency fluctuations	(6.9)
Balance	240.9
Balance, accumulated impairment losses	(41.7)
Balance, net	$ 199.2

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Note 7 - Goodwill and Intangible Assets - Balances of Acquired Intangible Assets, Excluding Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Original cost	$ 207.8	$ 218.5
Accumulated amortization	(93.2)	(92.3)
Carrying value	114.6	126.2
Customer Lists [Member]
Original cost	159.1	166.2
Accumulated amortization	(71.3)	(70.3)
Carrying value	$ 87.8	$ 95.9
Weighted average original life (in years) (Year)	15 years	15 years
Trade Names [Member]
Original cost	$ 31.2	$ 34.4
Accumulated amortization	(12.0)	(12.3)
Carrying value	$ 19.2	$ 22.1
Weighted average original life (in years) (Year)	11 years	11 years
Technology-Based Intangible Assets [Member]
Original cost	$ 17.5	$ 17.9
Accumulated amortization	(9.9)	(9.7)
Carrying value	$ 7.6	$ 8.2
Weighted average original life (in years) (Year)	11 years	11 years

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Note 7 - Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) $ in Millions	Mar. 31, 2021 USD ($)
Remaining 2021	$ 14.4
2022	17.4
2023	15.8
2024	14.2
2025	12.8
Thereafter	40.0
Total	$ 114.6

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Note 8 - Debt (Details Textual) $ in Millions		3 Months Ended
		Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017
Finance Lease, Liability, Current		$ 0.1
Debt, Current, Total	[1]	$ 36.4	$ 10.9
Debt, Weighted Average Interest Rate, Net of Currency Swap Contract		4.40%
Secured Debt [Member]
Long-term Debt, Current Maturities, Total		$ 0.7
Debt Including Related Cross-currency Swap Instrument [Member]
Debt, Weighted Average Interest Rate		5.50%
Tennant Sales and Service Company [Member]
Noncontrolling Interest, Ownership Percentage by Parent		100.00%
The 2017 Credit Agreement [Member]
Debt Instrument, Covenant, Adjusted EBITDA, Maximum				4.00
Debt Instrument, Covenant, Adjusted EBITDA to Interest Expense Ratio, Minimum				3.50
Debt Instrument, Covenant, Senior Secured Net Indebtedness to Adjusted EBITDA Ratio, Maximum				3.50
Long-term Debt, Current Maturities, Total		$ 35.6
Long-term Debt, Total		10.0
Line of Credit Facility, Commitment Fee Amount		0.2
Debt Instrument, Unused Borrowing Capacity, Amount		186.8
The 2017 Credit Agreement [Member] | Letter of Credit [Member]
Long-term Line of Credit, Total		3.2
Senior Unsecured Notes [Member]
Long-term Debt, Total		$ 300.0

[1] The Company has the ability and intent to repay $35.6 million in outstanding credit facility borrowings, $0.7 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities over the next 12 months. Therefore, $36.4 million of debt has been classified as a current liability on the Consolidated Balance Sheet at March 31, 2021.

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Note 8 - Debt - Debt Outstanding (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Finance lease liabilities		$ 0.1	$ 0.1
Unamortized debt issuance costs		(3.0)	(3.1)
Total debt		308.3	308.5
Less: current portion of long-term debt(a)	[1]	(36.4)	(10.9)
Long-term debt		271.9	297.6
Secured Debt [Member]
Long-term debt, gross		1.2	1.5
Senior Unsecured Notes [Member]
Long-term debt, gross		300.0	300.0
The 2017 Credit Agreement [Member]
Long-term debt, gross		$ 10.0	$ 10.0

[1] The Company has the ability and intent to repay $35.6 million in outstanding credit facility borrowings, $0.7 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities over the next 12 months. Therefore, $36.4 million of debt has been classified as a current liability on the Consolidated Balance Sheet at March 31, 2021.

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Note 9 - Warranty (Details Textual)	3 Months Ended
	Mar. 31, 2021
Minimum [Member]
Machine Warranty, Period (Year)	1 year
Machine Warranty, General Period Following Sale that Majority of Claims are Paid (Month)	6 months
Maximum [Member]
Machine Warranty, Period (Year)	4 years
Machine Warranty, General Period Following Sale that Majority of Claims are Paid (Month)	9 months

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Note 9 - Warranty - Changes in Warranty Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning balance	$ 11.1	$ 12.7
Additions charged to expense	2.6	2.4
Foreign currency fluctuations	(0.1)	(0.2)
Claims paid	(2.9)	(3.1)
Ending balance	$ 10.7	$ 11.8

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Note 10 - Derivatives (Details Textual) € in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		$ 2.1
Designated as Hedging Instrument [Member]
Derivative, Term of Contract (Year)		1 year	1 year
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Notional Amount		$ 50.7			$ 57.3
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount		2.8			2.7
Foreign Exchange Option [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount		$ 7.6			$ 8.2
Currency Swap [Member] | Designated as Hedging Instrument [Member]
Derivative, Notional Amount | €				€ 157.8		€ 159.6
Debt Instrument, Periodic Payment, Interest | €			€ 7.8
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Forecast [Member]
Debt Instrument, Periodic Payment, Principal | €	€ 150.0

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Note 10 - Derivatives - Fair Value of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative assets, current	$ 2.2	$ 1.9
Derivative liability, current	0.0	0.0
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member]
Derivative assets, noncurrent	0.0	0.0
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative liability, noncurrent	17.2	24.1
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative assets, current	1.0	0.4
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member]
Derivative liability, current	$ 0.1	$ 0.7

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Note 10 - Derivatives - Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net Sales		$ 263.3	$ 252.1
Interest Income		0.7	0.9
Net Foreign Currency Transaction Gain (Loss)		0.5	(4.1)
Net gain recognized in Other Comprehensive Loss, net of tax(a)		0.0	3.7
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		263.3	252.1
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain		0.7	0.9
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss		0.5	(4.1)
Sales [Member]
Amount of gain (loss) on cash flow hedge activity		(0.1)	0.0
Interest Income [Member]
Amount of gain (loss) on cash flow hedge activity		0.6	0.7
Foreign Currency Gain (Loss) [Member]
Amount of gain (loss) on cash flow hedge activity		7.3	2.7
Foreign Exchange Option [Member]
Net gain recognized in income(b)	[1]	2.1	0.0
Foreign Exchange Option [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Net gain recognized in Other Comprehensive Loss, net of tax(a)	[2]	6.0	0.3
Foreign Exchange Option [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Net Sales		0.4
Interest Income		5.6	0.0
Net Foreign Currency Transaction Gain (Loss)			0.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Interest Income		0.4
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain		$ 5.6	0.0
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss			0.0
Foreign Exchange Forward [Member]
Net gain recognized in income(b)	[1]		2.2
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Net gain recognized in Other Comprehensive Loss, net of tax(a)	[2]		6.0
Foreign Exchange Forward [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Interest Income			0.5
Net Foreign Currency Transaction Gain (Loss)			2.1
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Gain			0.5
Net gain reclassified from Accumulated Other Comprehensive Loss into income, net of tax, effective portion to Net Foreign Currency Transaction Loss			$ 2.1

[1] Classified in Net Foreign Currency Transaction Gain (Loss).

[2] Net change in the fair value of the effective portion classified in Other Comprehensive Loss.

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Note 11 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument, Fair Value Disclosure, Total	$ 320.3	$ 323.4
Debt and Lease Obligation, Total	$ 308.3	$ 308.5

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Note 11 - Fair Value Measurements - Fair Value Measurements of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Total Assets	$ 3.4	$ 3.0
Total Liabilities	17.5	27.3
Contingent consideration		1.8
Fair Value, Inputs, Level 1 [Member]
Total Assets	0.0	0.0
Total Liabilities	0.0	0.0
Contingent consideration		0.0
Fair Value, Inputs, Level 2 [Member]
Total Assets	3.4	3.0
Total Liabilities	17.5	25.5
Contingent consideration		0.0
Fair Value, Inputs, Level 3 [Member]
Total Assets	0.0	0.0
Total Liabilities	0.0	1.8
Contingent consideration		1.8
Foreign Exchange Forward [Member]
Foreign currency contracts, asset	3.4	3.0
Foreign currency contracts, liability	17.5	25.5
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member]
Foreign currency contracts, asset	0.0	0.0
Foreign currency contracts, liability	0.0	0.0
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member]
Foreign currency contracts, asset	3.4	3.0
Foreign currency contracts, liability	17.5	25.5
Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member]
Foreign currency contracts, asset	0.0	0.0
Foreign currency contracts, liability	$ 0.0	$ 0.0

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Note 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Foreign currency translation adjustments	$ (29.8)		$ (19.1)
Pension and postretirement medical benefits	1.7		1.7
Cash flow hedge	0.7		0.7
Total Accumulated Other Comprehensive Loss	(30.8)		$ (20.1)
Balance	406.1	$ 361.3
Total Other Comprehensive Income (Loss), Net Of Tax	(10.7)	(7.6)
Balance	421.4	$ 358.7
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(19.1)
Other comprehensive (loss) income before reclassifications	(10.7)
Amounts reclassified from Accumulated Other Comprehensive Loss	0.0
Total Other Comprehensive Income (Loss), Net Of Tax	(10.7)
Balance	(29.8)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member]
Balance	(1.7)
Other comprehensive (loss) income before reclassifications	0.0
Amounts reclassified from Accumulated Other Comprehensive Loss	0.0
Total Other Comprehensive Income (Loss), Net Of Tax	0.0
Balance	(1.7)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Balance	0.7
Other comprehensive (loss) income before reclassifications	6.0
Amounts reclassified from Accumulated Other Comprehensive Loss	(6.0)
Total Other Comprehensive Income (Loss), Net Of Tax	0.0
Balance	0.7
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Balance	(20.1)
Other comprehensive (loss) income before reclassifications	(4.7)
Amounts reclassified from Accumulated Other Comprehensive Loss	(6.0)
Total Other Comprehensive Income (Loss), Net Of Tax	(10.7)
Balance	$ (30.8)

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Note 14 - Income Taxes (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Unrecognized Tax Benefits, Ending Balance	$ 5.4
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0.7
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 5.3
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year	2018 2017 2018 2019 2020
Foreign Tax Authority [Member]
Open Tax Year	2015 2016 2017 2018 2019 2020
State and Local Jurisdiction [Member]
Open Tax Year	2015 2016 2017 2018 2019 2020

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Note 15 - Share-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expense	$ 3.1	$ 2.8
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 0.2	$ 0.4

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Note 16 - Earnings Attributable to Tennant Company Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	142,027	206,680

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Note 16 - Earnings Attributable to Tennant Company Per Share - Computations of Basic and Diluted Earnings (Loss) Attributable to Tennant Company Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Income Attributable to Tennant Company	$ 25.7	$ 5.2
Basic - Weighted Average Shares Outstanding (in shares)	18,456,079	18,286,816
Effect of dilutive securities: Share-based compensation plans (in shares)	375,344	379,422
Diluted - Weighted Average Shares Outstanding (in shares)	18,831,423	18,666,238
Basic Earnings per Share (in dollars per share)	$ 1.39	$ 0.28
Diluted Earnings per Share (in dollars per share)	$ 1.37	$ 0.28

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Note 17 - Subsequent Event (Details Textual) - USD ($) $ in Millions	Apr. 05, 2021	Apr. 02, 2021	Mar. 31, 2021
Senior Unsecured Notes [Member]
Long-term Debt, Total			$ 300.0
Subsequent Event [Member] | The 2021 Credit Agreement [Member]
Debt Instrument, Collateral, Percentage of Stock of First Tier Foreign Subsidiaries	65.00%
Debt Instrument, Covenant, Adjusted EBITDA, Maximum	3.50
Debt Instrument, Covenant, Minimum Permitted Acquisition, Alternative Requirements for Indebtedness to EBITDA Ratio	$ 50.0
Debt Instrument, Covenant, Adjusted EBITDA to Interest Expense Ratio, Minimum	3.00
Debt Instrument, Covenant, Minimum Leverage Ratio for Dividends or Repurchase of Stock	2.50
Debt Instrument, Restrictions, Maximum Dividends Payout or Repurchase of Stock	$ 60.0
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Variable Rate Floor	1.00%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | LIBOR on Eurocurrency Liabilities [Member]
Debt Instrument, Variable Rate Floor	0.00%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Minimum [Member] | LIBOR on Eurocurrency Liabilities [Member]
Debt Instrument, Basis Spread on Variable Rate	1.10%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.70%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Maximum [Member] | LIBOR on Eurocurrency Liabilities [Member]
Debt Instrument, Basis Spread on Variable Rate	1.70%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 450.0
Line of Credit Facility, Additional Borrowings Option	$ 275.0
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Commitment Fee Percentage	0.15%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage	0.30%
Subsequent Event [Member] | The 2021 Credit Agreement [Member] | Term Loan [Member]
Debt Instrument, Face Amount	$ 100.0
Subsequent Event [Member] | Senior Unsecured Notes [Member]
Long-term Debt, Total		$ 300.0
Debt Instrument, Interest Rate, Stated Percentage		5.625%
Debt Instrument, Redemption Premium		$ 8.4
Write off of Deferred Debt Issuance Cost		$ 2.8