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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 _______________________________________________________________________________________________________________________________________________________________________________________________________
FORM 10-Q
(Mark One)  
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:September 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-54799
HYSTER-YALE, INC.
 (Exact name of registrant as specified in its charter) 
Delaware 31-1637659
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
5875 LANDERBROOK DRIVE, SUITE 300
CLEVELAND(440)
OH449-960044124-4069
(Address of principal executive offices)(Registrant's telephone number, including area code)(Zip code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value Per ShareHYNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☑Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

Number of shares of Class A Common Stock outstanding at November 1, 2024: 14,051,417
Number of shares of Class B Common Stock outstanding at November 1, 2024: 3,456,782



HYSTER-YALE, INC.
TABLE OF CONTENTS
   Page Number
 
    
  
    
  
    
  
    
  
    
  
    
  
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
  

1
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements

HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 SEPTEMBER 30
2024		 DECEMBER 31
2023
 (In millions, except share data)
ASSETS   
Current Assets   
Cash and cash equivalents$75.6  $78.8 
Accounts receivable, net542.5  497.5 
Inventories, net855.3  815.7 
Prepaid expenses and other85.9  98.1 
Total Current Assets1,559.3  1,490.1 
Property, Plant and Equipment, Net316.9  313.9 
Intangible Assets, Net36.3 39.3 
Goodwill58.2 53.3 
Deferred Income Taxes2.8  3.0 
Investments in Unconsolidated Affiliates59.7 56.8 
Other Non-current Assets139.2  122.7 
Total Assets$2,172.4  $2,079.1 
LIABILITIES AND EQUITY   
Current Liabilities   
Accounts payable$527.9  $523.5 
Accounts payable, affiliates6.0 6.7 
Revolving credit facilities78.5 83.3 
Short-term debt and current maturities of long-term debt142.6  169.4 
Accrued payroll82.5  87.4 
Deferred revenue64.3  77.9 
Other current liabilities246.9  270.4 
Total Current Liabilities1,148.7  1,218.6 
Long-term Debt247.4  241.3 
Self-insurance Liabilities38.3 51.1 
Pension Obligations5.1  5.2 
Deferred Income Taxes11.9 12.7 
Other Long-term Liabilities172.0  143.4 
Total Liabilities1,623.4  1,672.3 
Temporary Equity
Redeemable Noncontrolling Interest15.0 14.8 
Stockholders' Equity   
Common stock:   
Class A, par value $0.01 per share, 14,043,484 shares outstanding (2023 - 13,715,755 shares outstanding)
0.1  0.1 
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,457,663 shares outstanding (2023 - 3,469,875 shares outstanding)
0.1  0.1 
Capital in excess of par value349.3  327.7 
Treasury stock(8.7)— 
Retained earnings370.4  256.3 
Accumulated other comprehensive loss(181.3) (194.3)
Total Stockholders' Equity529.9  389.9 
Noncontrolling Interests4.1  2.1 
Total Permanent Equity534.0  392.0 
Total Liabilities and Equity$2,172.4  $2,079.1 

See notes to unaudited condensed consolidated financial statements.
2
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 SEPTEMBER 30SEPTEMBER 30
 2024 20232024 2023
 (In millions, except per share data)
Revenues$1,016.1  $1,001.2 $3,240.7 $3,091.1 
Cost of sales823.2  797.6 2,552.8 2,515.2 
Gross Profit192.9  203.6 687.9  575.9 
Operating Expenses
Selling, general and administrative expenses159.8  145.0 475.4 415.9 
Operating Profit33.1  58.6 212.5  160.0 
Other (income) expense  
Interest expense8.4  9.6 26.1 28.2 
Income from unconsolidated affiliates(3.6) (2.9)(6.7)(7.8)
Other, net0.2  (0.7)(1.9)0.3 
 5.0  6.0 17.5  20.7 
Income Before Income Taxes28.1  52.6 195.0  139.3 
Income tax expense10.3  16.2 61.5 36.9 
Net Income17.8  36.4 133.5  102.4 
Net income attributable to noncontrolling interests(0.1)(0.1)(0.5)(0.3)
Net income attributable to redeemable noncontrolling interests(0.3)(0.3)(0.3)(0.7)
Accrued dividend to redeemable noncontrolling interests(0.2)(0.2)(0.7)(0.7)
Net Income Attributable to Stockholders$17.2  $35.8 $132.0 $100.7 
   
Basic Earnings per Share$0.98  $2.08 $7.57  $5.88 
Diluted Earnings per Share$0.97  $2.06 $7.47  $5.82 
Dividends per Share$0.3500  $0.3250 $1.0250 $0.9725 
   
Basic Weighted Average Shares Outstanding17.500  17.175 17.435 17.122 
Diluted Weighted Average Shares Outstanding17.752  17.413 17.674 17.315 

See notes to unaudited condensed consolidated financial statements.
3
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 THREE MONTHS ENDEDNINE MONTHS ENDED
 SEPTEMBER 30SEPTEMBER 30
 2024202320242023
(In millions)
Net Income$17.8 $36.4 $133.5 $102.4 
Other comprehensive income (loss)  
Foreign currency translation adjustment26.7 (12.0)0.7 (6.4)
Current period cash flow hedging activity, net of tax14.0 (15.1)(12.4)(16.6)
Reclassification of hedging activities into earnings, net of tax7.0 6.8 22.2 22.1 
Reclassification of pension into earnings, net of tax0.8 0.8 2.5 2.2 
Comprehensive Income$66.3 $16.9 $146.5 $103.7 
Net income attributable to noncontrolling interests(0.1)(0.1)(0.5)(0.3)
Net income attributable to redeemable noncontrolling interests(0.3)(0.3)(0.3)(0.7)
Accrued dividend to redeemable noncontrolling interests(0.2)(0.2)(0.7)(0.7)
Foreign currency translation adjustment attributable to noncontrolling interests(0.4)0.1 (0.3)0.2 
Comprehensive Income Attributable to Stockholders$65.3 $16.4 $144.7 $102.2 

See notes to unaudited condensed consolidated financial statements.

4
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
SEPTEMBER 30
2024 2023
(In millions)
Operating Activities
Net income$133.5  $102.4 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization35.8  33.8 
Amortization of deferred financing fees1.2  1.0 
Deferred income taxes(1.1) (0.7)
Stock-based compensation21.9 14.0 
Dividends from unconsolidated affiliates4.4 10.5 
Other24.1  14.8 
Changes in assets and liabilities:  
Accounts receivable(38.2) 1.8 
Inventories(41.5) (21.9)
Other current assets0.1  (6.5)
Accounts payable2.1  (50.0)
Other liabilities(52.3) 5.9 
Net cash provided by operating activities90.0  105.1 
Investing Activities
Expenditures for property, plant and equipment(29.9) (18.9)
Proceeds from the sale of assets1.4 1.2 
Business acquisition, net of cash acquired(2.2)— 
Proceeds from the sale of business— 1.1 
Purchase of noncontrolling interest— (3.2)
Net cash used for investing activities(30.7)(19.8)
Financing Activities
Additions to debt130.7  103.8 
Reductions of debt(157.2) (119.9)
Net change to revolving credit agreements(7.4) (34.1)
Cash dividends paid(17.9)(16.7)
Cash dividends paid to noncontrolling interest(1.3)(1.3)
Purchase of treasury stock(9.1)(0.1)
Financing fees paid— (0.8)
Net cash used for financing activities(62.2) (69.1)
Effect of exchange rate changes on cash(0.3) 3.0 
Cash and Cash Equivalents
Increase (decrease) for the period(3.2) 19.2 
Balance at the beginning of the period78.8  59.0 
Balance at the end of the period$75.6  $78.2 

See notes to unaudited condensed consolidated financial statements.

5
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary EquityPermanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling InterestClass A Common StockClass B Common StockTreasury StockCapital in Excess of Par ValueRetained EarningsForeign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow HedgingPension AdjustmentTotal Stockholders' EquityNoncontrolling InterestsTotal Permanent Equity
(In millions)
Balance, June 30, 2023$13.9 $0.1 $0.1 $(0.1)$309.3 $206.5 $(131.4)$(23.9)$(70.1)$290.5 $1.8 $292.3 
Stock-based compensation— — — — 3.2 — — — — 3.2 — 3.2 
Stock issued under stock compensation plans— — — 0.1 (0.1)— — — — — — — 
Net income0.3 — — — — 35.8 — — — 35.8 0.1 35.9 
Cash dividends— — — — — (5.6)— — — (5.6)— (5.6)
Accrued dividends0.2 — — — — — — — — — — — 
Current period other comprehensive loss— — — — — — (12.0)(15.1)— (27.1)— (27.1)
Reclassification adjustment to net income— — — — — — — 6.8 0.8 7.6 — 7.6 
Foreign currency translation on noncontrolling interest— — — — — — — — — — (0.1)(0.1)
Balance, September 30, 2023$14.4 $0.1 $0.1 $— $312.4 $236.7 $(143.4)$(32.2)$(69.3)$304.4 $1.8 $306.2 
Balance, June 30, 2024$14.2 $0.1 $0.1 $(9.1)$345.1 $359.3 $(144.3)$(20.2)$(65.3)$465.7 $2.2 $467.9 
Stock-based compensation— — — — 4.6 — — — — 4.6 — 4.6 
Stock issued under stock compensation plans— — — 0.4 (0.4)— — — — — — — 
Net income (loss)0.3 — — — — 17.2 — — — 17.2 0.1 17.3 
Cash dividends— — — — — (6.1)— — — (6.1)— (6.1)
Accrued dividends0.2 — — — — — — — — — — — 
Current period other comprehensive income— — — — — — 26.7 14.0 — 40.7 — 40.7 
Reclassification adjustment to net income— — — — — — — 7.0 0.8 7.8 — 7.8 
Purchase of noncontrolling interest— — — — — — — — — — 1.7 1.7 
Foreign currency translation on noncontrolling interest0.3 — — — — — — — — — 0.1 0.1 
Balance, September 30, 2024$15.0 $0.1 $0.1 $(8.7)$349.3 $370.4 $(117.6)$0.8 $(64.5)$529.9 $4.1 $534.0 

See notes to unaudited condensed consolidated financial statements.






6
HYSTER-YALE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary EquityPermanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling InterestClass A Common StockClass B Common StockTreasury StockCapital in Excess of Par ValueRetained EarningsForeign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow HedgingPension AdjustmentTotal Stockholders' EquityNoncontrolling InterestsTotal Permanent Equity
(In millions)
Balance, December 31, 2022$14.2 $0.1 $0.1 $— $297.7 $152.7 $(137.0)$(37.7)$(71.5)$204.4 $6.5 $210.9 
Stock-based compensation— — — — 14.0 — — — — 14.0 — 14.0 
Stock issued under stock compensation plans— — — 0.1 (0.1)— — — — — — — 
Purchase of treasury stock— — — (0.1)— — — — — (0.1)— (0.1)
Net income0.7 — — — — 100.7 — — — 100.7 0.3 101.0 
Cash dividends(0.9)— — — — (16.7)— — — (16.7)(0.4)(17.1)
Accrued dividends0.7 — — — — — — — — — — — 
Current period other comprehensive loss— — — — — — (6.4)(16.6)— (23.0)— (23.0)
Reclassification adjustment to net income— — — — — — — 22.1 2.2 24.3 — 24.3 
Purchase of noncontrolling interest— — — — 0.8 — — — — 0.8 (4.0)(3.2)
Sale of noncontrolling interest— — — — — — — — — — (0.7)(0.7)
Foreign currency translation on noncontrolling interest(0.3)— — — — — — — — — 0.1 0.1 
Balance, September 30, 2023$14.4 $0.1 $0.1 $— $312.4 $236.7 $(143.4)$(32.2)$(69.3)$304.4 $1.8 $306.2 
Balance, December 31, 2023$14.8 $0.1 $0.1 $— $327.7 $256.3 $(118.3)$(9.0)$(67.0)$389.9 $2.1 $392.0 
Stock-based compensation— — — — 22.0 — — — — 22.0 — 22.0 
Stock issued under stock compensation plans— — — 0.4 (9.5)— — — — (9.1)— (9.1)
Purchase of treasury stock— — — (9.1)9.1 — — — — — — — 
Net income0.3 — — — — 132.0 — — — 132.0 0.5 132.5 
Cash dividends(0.9)— — — — (17.9)— — — (17.9)(0.4)(18.3)
Accrued dividends0.7 — — — — — — — — — — — 
Current period other comprehensive income (loss)— — — — — — 0.7 (12.4)— (11.7)— (11.7)
Reclassification adjustment to net income— — — — — — — 22.2 2.5 24.7 — 24.7 
Purchase of noncontrolling interest— — — — — — — — — — 1.7 1.7 
Foreign currency translation on noncontrolling interest0.1 — — — — — — — — — 0.2 0.2 
Balance, September 30, 2024$15.0 $0.1 $0.1 $(8.7)$349.3 $370.4 $(117.6)$0.8 $(64.5)$529.9 $4.1 $534.0 

See notes to unaudited condensed consolidated financial statements.
7
HYSTER-YALE, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Tabular Amounts in Millions, Except Per Share and Percentage Data)
Note 1—Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hyster-Yale, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company"). All intercompany accounts and transactions among the consolidated companies are eliminated in consolidation. On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc. and the Company’s wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.
The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc. ("HYMH"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names, mainly to independent Hyster® and Yale® retail dealerships. Lift trucks and component parts are manufactured in the United States, Northern Ireland, China, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam. As of September 30, 2024, the Company owned a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. ("Hyster-Yale Maximal").

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

In July 2024, Bolzoni acquired 60% of the equity interest of a machining business in Italy for an aggregate purchase price of $2.2 million. Bolzoni maintains an option to purchase the remaining 40% of the equity interest of the machining business for a period of five years, subject to certain terms and conditions. The results of operations of this acquired business have been included in the Bolzoni segment since the date of acquisition and are not material to the Company's results of operations, financial position or cash flows.

The Company has not yet finalized its analysis of the fair value of the acquired business, thus the allocation of the purchase price is preliminary and may change in future periods as fair value estimates of the assets acquired and liabilities assumed are refined during the measurement period. The Company will complete the purchase price allocation no later than the third quarter of 2025.

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

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

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of September 30, 2024 and the results of its operations and changes in equity for the three and nine months ended September 30, 2024 and 2023, and the results of its cash flows for the nine months ended September 30, 2024 and 2023 have been included. These unaudited condensed consolidated financial statements should be read in conjunction
8
with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The accompanying unaudited condensed consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.

Note 2—Recently Issued Accounting Standards

Adopted Accounting Pronouncements
During the first nine months of 2024, the Company did not adopt any accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.

Recent Accounting Pronouncements
The following table provides a brief description of ASUs not yet adopted:
StandardDescriptionRequired Date of AdoptionEffect on the financial statements or other significant matters
ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848)The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.From the date of issuance through December 31, 2024The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60)The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation. January 1, 2025The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-07, Segment Reporting (Topic 280)The guidance provides requirements for new and updated segment disclosures.December 31, 2024The Company will make the required disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not expect the new and updated guidance to have a material effect on its related disclosures.
ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740)The guidance provides requirements for new and updated income tax disclosures.January 1, 2025The Company is currently evaluating the guidance and the effect on its related disclosures.

Note 3—Revenue

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 10 for further information on product warranties.

The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided.

The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.
9
For contracts with customers that include multiple performance obligations, judgment is required to determine whether performance obligations specified in these contracts are distinct and should be accounted for as separate revenue transactions for recognition purposes. For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin. Impairment losses recognized on receivables or contract assets were not significant for the three and nine months ended September 30, 2024 and 2023.

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

The Company pays for shipping and handling activities regardless of when control is transferred and has elected to account for shipping and handling as activities to fulfill the promise to transfer the good, rather than a promised service. These costs are reported on the line “Cost of sales” in the unaudited condensed consolidated statements of operations. The following table disaggregates revenue by category:
THREE MONTHS ENDED
SEPTEMBER 30, 2024
Lift truck business
AmericasEMEAJAPICBolzoniNuveraElimsTotal
Dealer sales$412.4 $111.7 $43.6 $— $— $— $567.7 
Direct customer sales155.7 1.4 — — — — 157.1 
Aftermarket sales184.4 25.7 7.4 — — — 217.5 
Other18.6 6.2 0.3 97.6 0.3 (49.2)73.8 
Total Revenues$771.1 $145.0 $51.3 $97.6 $0.3 $(49.2)$1,016.1 
THREE MONTHS ENDED
SEPTEMBER 30, 2023
Lift truck business
AmericasEMEAJAPICBolzoniNuveraElimsTotal
Dealer sales$413.2 $149.8 $44.6 $— $— $— $607.6 
Direct customer sales105.3 2.9 — — — — 108.2 
Aftermarket sales170.5 26.0 7.0 — — — 203.5 
Other27.5 5.2 — 92.8 1.5 (45.1)81.9 
Total Revenues$716.5 $183.9 $51.6 $92.8 $1.5 $(45.1)$1,001.2 
NINE MONTHS ENDED
SEPTEMBER 30, 2024
Lift truck business
AmericasEMEAJAPICBolzoniNuveraElimsTotal
Dealer sales$1,302.9 $430.1 $117.9 $— $— $— $1,850.9 
Direct customer sales485.6 4.6 — — — — 490.2 
Aftermarket sales547.9 78.6 19.3 — — — 645.8 
Other85.9 18.9 0.5 296.2 1.0 (148.7)253.8 
Total Revenues$2,422.3 $532.2 $137.7 $296.2 $1.0 $(148.7)$3,240.7 
NINE MONTHS ENDED
SEPTEMBER 30, 2023
Lift truck business
AmericasEMEAJAPICBolzoniNuveraElimsTotal
Dealer sales$1,190.1 $492.4 $126.6 $— $— $— $1,809.1 
Direct customer sales403.9 7.4 — — — — 411.3 
Aftermarket sales536.4 83.1 22.0 — — — 641.5 
Other60.5 16.5 0.5 288.0 4.1 (140.4)229.2 
Total Revenues$2,190.9 $599.4 $149.1 $288.0 $4.1 $(140.4)$3,091.1 
10
Dealer sales and Direct customer sales for the second quarter of 2024 have been adjusted. Accordingly, these line items for the first quarter (as previously disclosed), second quarter (as previously disclosed) and third quarter of 2024 (above), will not be additive for the nine months ended September 30, 2024.

Dealer sales are recognized when the Company transfers control based on the shipping terms of the contract, which is generally when the truck is shipped from the manufacturing facility to the dealer. The majority of direct customer sales are to National Account customers. In these transactions, the Company transfers control and recognizes revenue when it delivers the product to the customer according to the terms of the contract. Aftermarket sales represent parts sales, extended warranty and maintenance services. For the sale of aftermarket parts, the Company transfers control and recognizes revenue when parts are shipped to the customer. When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer. Bolzoni revenue from external customers is primarily the sale of attachments to customers. In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract. In the United States, Bolzoni also has revenue for sales of lift truck components to the lift truck business. Nuvera's revenues include development funding from third-party agreements and the sale of fuel cell stacks and engines to third parties and the lift truck business. In all revenue transactions, the Company receives cash equal to the invoice price. The amount of consideration received and the revenue recognized may vary with changes in marketing incentives. Intercompany revenues between Bolzoni, Nuvera and the lift truck business have been eliminated.

Deferred Revenue: The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. Amounts below include both current and long-term portions of deferred revenue.
Deferred Revenue
Balance, December 31, 2023$92.5