Company Quick10K Filing
Quick10K
Hyster-Yale Materials Handling
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$55.15 17 $919
Financials
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
Current Reports
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-07-30 Earnings, Regulation FD, Exhibits
8-K 2019-05-17 Earnings, Regulation FD, Exhibits
8-K 2019-05-17 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-30 Earnings, Regulation FD, Exhibits
8-K 2019-04-03 Enter Agreement, Off-BS Arrangement
8-K 2019-03-26 Earnings, Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Regulation FD, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-30 Earnings, Regulation FD, Exhibits
8-K 2018-09-17 Enter Agreement
8-K 2018-08-24 Earnings, Regulation FD, Exhibits
8-K 2018-07-31 Earnings, Regulation FD, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-24 Earnings, Regulation FD, Exhibits
8-K 2018-05-09 Shareholder Vote
8-K 2018-03-23 Earnings, Regulation FD, Exhibits
8-K 2018-03-14 Enter Agreement, Off-BS Arrangement
8-K 2018-03-01 Earnings, Regulation FD, Exhibits
Comparables
NBL Noble Energy 11,640
HQY Healthequity 4,360
UTHR United Therapeutics 4,240
CEO CNOOC 1,750
ENZ Enzo Biochem 173
MVC MVC Capital 160
HYRE Hyrecar 61
ACT Advanced Credit Technologies 13
SUME Summer Energy Holdings 0
CRCW Crypto 0
HY 2019-06-30
Content
Part I
Item 1. Financial Statements
Note 1-Basis of Presentation
Note 2-Recently Issued Accounting Standards
Note 3-Revenue
Note 4-Leases
Note 5-Business Segments
Note 6-Income Taxes
Note 7-Reclassifications From Oci
Note 8-Financial Instruments and Derivative Financial Instruments
Note 9-Retirement Benefit Plans
Note 10-Inventories
Note 11-Current and Long-Term Financing
Note 12-Product Warranties
Note 13-Contingencies
Note 14-Guarantees
Note 15-Equity and Debt Investments
Note 16-Restructuring
Note 17-Other Items
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 Defaults Upon Senior Securities
Item 4 Mine Safety Disclosures
Item 5 Other Information
Item 6 Exhibits
Exhibits
EX-10.1 hyex101q22019.htm
EX-31.1 hyex311q22019.htm
EX-31.2 hyex312q22019.htm
EX-32 hyex32q22019.htm

Hyster-Yale Materials Handling Earnings 2019-06-30

HY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
Document
false--12-31Q220190001173514The 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.P1Y0.010.010.010.01126827553877967127828193873443us-gaap:DebtCurrentus-gaap:LongTermDebtAndCapitalLeaseObligationsus-gaap:PropertyPlantAndEquipmentNetP2Y7M13Dtrue240000000200000000390000017400000us-gaap:OtherLiabilitiesCurrentus-gaap:OtherLiabilitiesNoncurrentus-gaap:OtherAssetsNoncurrentP6Y4M13D4900000The 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. 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.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.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 16 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. Revenue for service contracts are recognized as the services are provided. 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 dealers. 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. Bolzoni revenue 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. Nuvera's revenues are primarily the sale of battery box replacement ("BBR") units to HYG for sale to a dealer. 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. 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. 0001173514 2019-01-01 2019-06-30 0001173514 us-gaap:CommonClassBMember 2019-07-26 0001173514 us-gaap:CommonClassAMember 2019-07-26 0001173514 2018-12-31 0001173514 2019-06-30 0001173514 us-gaap:CommonClassAMember 2019-06-30 0001173514 us-gaap:CommonClassBMember 2018-12-31 0001173514 us-gaap:CommonClassAMember 2018-12-31 0001173514 us-gaap:CommonClassBMember 2019-06-30 0001173514 2019-04-01 2019-06-30 0001173514 2018-01-01 2018-06-30 0001173514 2018-04-01 2018-06-30 0001173514 2018-06-30 0001173514 2017-12-31 0001173514 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001173514 us-gaap:ParentMember 2018-01-01 2018-06-30 0001173514 us-gaap:ParentMember 2019-01-01 2019-06-30 0001173514 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Table of Contents

 
 
 
 
 

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:
June 30, 2019
OR
☐
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from                      to                     
Commission file number 000-54799
 
HYSTER-YALE MATERIALS HANDLING, INC.
 
 
 
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
31-1637659
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
5875 LANDERBROOK DRIVE, SUITE 300
 
 
 
 
CLEVELAND
(440)
 
 
 
OH
449-9600
44124-4069
 
 
(Address of principal executive offices)
(Registrant's telephone number, including area code)
(Zip code)
 
 
 
N/A
 
 
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
 

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

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

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

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

Number of shares of Class A Common Stock outstanding at July 26, 2019: 12,788,622
Number of shares of Class B Common Stock outstanding at July 26, 2019: 3,873,183


HYSTER-YALE MATERIALS HANDLING, INC.
TABLE OF CONTENTS

 
 
 
 
 
Page Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1
Table of Contents

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements


HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
JUNE 30
2019
 
DECEMBER 31
2018
 
(In millions, except share data)
ASSETS
 

 
 
Current Assets
 

 
 
Cash and cash equivalents
$
50.3

 
$
83.7

Accounts receivable, net
530.8

 
465.5

Inventories, net
599.0

 
533.6

Prepaid expenses and other
52.5

 
48.8

Total Current Assets
1,232.6

 
1,131.6

Property, Plant and Equipment, Net
296.8

 
296.2

Intangible Assets, Net
63.9

 
67.7

Goodwill
108.0

 
108.3

Deferred Income Taxes
27.3

 
26.3

Investment in Unconsolidated Affiliates
76.4

 
75.6

Other Non-current Assets
115.8

 
36.4

Total Assets
$
1,920.8

 
$
1,742.1

LIABILITIES AND EQUITY
 

 
 
Current Liabilities
 

 
 
Accounts payable
$
429.2

 
$
415.5

Accounts payable, affiliates
20.9

 
21.3

Revolving credit facilities
76.2

 
13.3

Current maturities of long-term debt
91.3

 
78.1

Accrued payroll
45.6

 
56.3

Deferred revenue
50.1

 
37.6

Other current liabilities
175.0

 
154.1

Total Current Liabilities
888.3

 
776.2

Long-term Debt
203.4

 
210.1

Self-insurance Liabilities
26.6

 
25.2

Pension Obligations
18.7

 
23.1

Deferred Income Taxes
16.6

 
17.8

Other Long-term Liabilities
197.1

 
130.2

Total Liabilities
1,350.7

 
1,182.6

Stockholders' Equity
 

 
 
Common stock:
 

 
 
Class A, par value $0.01 per share, 12,782,819 shares outstanding (2018 - 12,682,755 shares outstanding)
0.1

 
0.1

Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,873,443 shares outstanding (2018 - 3,877,967 shares outstanding)
0.1

 
0.1

Capital in excess of par value
318.7

 
321.5

Treasury stock
(16.7
)
 
(24.1
)
Retained earnings
421.8

 
407.3

Accumulated other comprehensive loss
(186.4
)
 
(177.5
)
Total Stockholders' Equity
537.6

 
527.4

Noncontrolling Interests
32.5

 
32.1

Total Equity
570.1

 
559.5

Total Liabilities and Equity
$
1,920.8

 
$
1,742.1


See notes to unaudited condensed consolidated financial statements.

2
Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2019
 
2018
 
2019
 
2018
 
(In millions, except per share data)
Revenues
$
856.2

 
$
765.9

 
$
1,691.0

 
$
1,554.4

Cost of sales
716.8

 
640.6

 
1,425.4

 
1,297.0

Gross Profit
139.4

 
125.3

 
265.6

 
257.4

Operating Expenses
 
 
 
 
 
 
 
Selling, general and administrative expenses
116.5

 
114.5

 
239.3

 
227.4

Operating Profit
22.9

 
10.8

 
26.3

 
30.0

Other (income) expense
 

 
 
 
 
 
 
Interest expense
5.1

 
4.0

 
9.6

 
8.0

Income from unconsolidated affiliates
(3.1
)
 
(2.4
)
 
(5.8
)
 
(5.2
)
Other, net
(0.4
)
 
(0.3
)
 
(3.5
)
 
(2.1
)
 
1.6

 
1.3

 
0.3

 
0.7

Income Before Income Taxes
21.3

 
9.5


26.0

 
29.3

Income tax provision
4.4

 
3.8

 
5.9

 
8.7

Net Income
16.9

 
5.7

 
20.1

 
20.6

Net income attributable to noncontrolling interests
(0.7
)
 
(0.1
)
 
(0.5
)
 
(0.1
)
Net Income Attributable to Stockholders
$
16.2

 
$
5.6

 
$
19.6

 
$
20.5

 
 

 
 
 
 
 
 
Basic Earnings per Share
$
0.97

 
$
0.34


$
1.18

 
$
1.24

Diluted Earnings per Share
$
0.97

 
$
0.34

 
$
1.17

 
$
1.24

 
 
 
 
 
 
 
 
Dividends per Share
$
0.3175

 
$
0.3100

 
$
0.6275

 
$
0.6125

 
 

 
 
 
 
 
 
Basic Weighted Average Shares Outstanding
16.655

 
16.550

 
16.628

 
16.525

Diluted Weighted Average Shares Outstanding
16.709

 
16.587

 
16.695

 
16.578


See notes to unaudited condensed consolidated financial statements.

3
Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
JUNE 30
 
JUNE 30
 
2019
 
2018
 
2019
 
2018
 
(In millions)
Net Income
$
16.9

 
$
5.7

 
$
20.1

 
$
20.6

Other comprehensive income (loss)
 
 
 
 
 
 
 
Foreign currency translation adjustment
2.5

 
(28.2
)
 
0.2

 
(18.4
)
Current period cash flow hedging activity
(0.3
)
 
(16.5
)
 
(10.1
)
 
(3.5
)
Reclassification of hedging activities into earnings
2.5

 
(2.0
)
 
3.3

 
(1.2
)
Current period pension adjustment
—

 
0.7

 
—

 
0.7

Reclassification of pension into earnings
0.7

 
0.7

 
1.6

 
1.4

Comprehensive Income (Loss)
$
22.3

 
$
(39.6
)
 
$
15.1

 
$
(0.4
)
Other comprehensive (income) loss attributable to noncontrolling interests
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
(0.7
)
 
(0.1
)
 
(0.5
)
 
(0.1
)
Foreign currency translation adjustment attributable to noncontrolling interests
—

 
1.3

 
—

 
1.1

Comprehensive Income (Loss) Attributable to Stockholders
$
21.6

 
$
(38.4
)
 
$
14.6

 
$
0.6


See notes to unaudited condensed consolidated financial statements.


4
Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
SIX MONTHS ENDED
 
JUNE 30
 
2019
 
2018
 
(In millions)
Operating Activities
 
 
 
Net income
$
20.1

 
$
20.6

Adjustments to reconcile net income to net cash provided by (used for) operating activities:
 

 
 
Depreciation and amortization
22.0

 
20.8

Amortization of deferred financing fees
1.0

 
0.9

Deferred income taxes
(1.2
)
 
2.5

Stock-based compensation
4.8

 
1.9

Dividends from unconsolidated affiliates
5.1

 
22.2

Other non-current liabilities
(2.6
)
 
(2.6
)
Other
2.9

 
3.7

Working capital changes, excluding the effect of business acquisitions:
 

 
 
Accounts receivable
(70.1
)
 
38.2

Inventories
(66.9
)
 
(48.2
)
Other current assets
(2.5
)
 
(6.3
)
Accounts payable
15.8

 
18.7

Other current liabilities
0.7

 
(20.4
)
Net cash provided by (used for) operating activities
(70.9
)
 
52.0

Investing Activities
 
 
 
Expenditures for property, plant and equipment
(18.4
)
 
(16.0
)
Proceeds from the sale of assets
0.8

 
0.8

Business acquisitions, net of cash acquired
—

 
(74.3
)
Net cash used for investing activities
(17.6
)

(89.5
)
Financing Activities
 
 
 
Additions to long-term debt
46.1

 
16.8

Reductions of long-term debt
(40.8
)
 
(34.6
)
Net change to revolving credit agreements
61.9

 
3.3

Cash dividends paid
(10.4
)
 
(10.1
)
Cash dividends paid to noncontrolling interest
(0.1
)
 
(0.3
)
Financing fees paid
(0.4
)
 
(0.6
)
Purchase of treasury stock
(0.2
)
 
(0.6
)
Net cash provided by (used for) financing activities
56.1

 
(26.1
)
Effect of exchange rate changes on cash
(1.0
)
 
(4.1
)
Cash and Cash Equivalents


 

Decrease for the period
(33.4
)
 
(67.7
)
Balance at the beginning of the period
83.7

 
220.1

Balance at the end of the period
$
50.3

 
$
152.4


See notes to unaudited condensed consolidated financial statements.


5
Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Class A Common Stock
Class B Common Stock
Treasury Stock
Capital in Excess of Par Value
Retained Earnings
Foreign Currency Translation Adjustment
 
Deferred Gain on AFS Securities
Deferred Gain (Loss) on Cash Flow Hedging
Pension Adjustment
Total Stockholders' Equity
Noncontrolling Interests
Total Equity
 
(In millions)
Balance, March 31, 2018
$
0.1

$
0.1

$
(25.1
)
$
317.5

$
402.9

 
$
(48.7
)
 
$
—

 
$
12.3

 
$
(58.2
)
 
$
600.9

 
$
7.1

 
$
608.0

Stock-based compensation
—

—

—

1.2

—

 
—

 
—

 
—

 
—

 
1.2

 
—

 
1.2

Stock issued under stock compensation plans
—

—

0.3

(0.3
)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net income
—

—

—

—

5.6

 
—

 
—

 
—

 
—

 
5.6

 
0.1

 
5.7

Cash dividends
—

—

—

—

(5.1
)
 
—

 
—

 
—

 
—

 
(5.1
)
 
(0.3
)
 
(5.4
)
Current period other comprehensive income
—

—

—

—

—

 
(28.2
)
 
—

 
(16.5
)
 
0.7

 
(44.0
)
 
—

 
(44.0
)
Reclassification adjustment to net income
—

—

—

—

—

 
—

 
—

 
(2.0
)
 
0.7

 
(1.3
)
 
—

 
(1.3
)
Acquisition of a business
—

—

—

—

—

 
—

 
—

 
—

 
—

 
—

 
27.0

 
27.0

Foreign currency translation on noncontrolling interest
—

—

—

—

—

 
—

 
—

 
—

 
—

 
—

 
(1.3
)
 
(1.3
)
Balance, June 30, 2018
$
0.1

$
0.1

$
(24.8
)
$
318.4

$
403.4

 
$
(76.9
)
 
$
—

 
$
(6.2
)
 
$
(56.8
)
 
$
557.3

 
$
32.6

 
$
589.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2019
$
0.1

$
0.1

$
(17.1
)
$
317.4

$
410.8

 
$
(88.2
)
 
$
—

 
$
(23.6
)
 
$
(80.0
)
 
$
519.5

 
$
31.9

 
$
551.4

Stock-based compensation
—

—

—

1.7

—

 
—

 
—

 
—

 
—

 
1.7

 
—

 
1.7

Stock issued under stock compensation plans
—

—

0.4

(0.4
)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net income
—

—

—

—

16.2

 
—

 
—

 
—

 
—

 
16.2

 
0.7

 
16.9

Cash dividends
—

—

—

—

(5.2
)
 
—

 
—

 
—

 
—

 
(5.2
)
 
(0.1
)
 
(5.3
)
Current period other comprehensive income (loss)
—

—

—

—

—

 
2.5

 
—

 
(0.3
)
 
—

 
2.2

 
—

 
2.2

Reclassification adjustment to net income
—

—

—

—

—

 
—

 
—

 
2.5

 
0.7

 
3.2

 
—

 
3.2

Balance, June 30, 2019
$
0.1

$
0.1

$
(16.7
)
$
318.7

$
421.8

 
$
(85.7
)
 
$
—

 
$
(21.4
)
 
$
(79.3
)
 
$
537.6

 
$
32.5

 
$
570.1


See notes to unaudited condensed consolidated financial statements.


6
Table of Contents

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Class A Common Stock
Class B Common Stock
Treasury Stock
Capital in Excess of Par Value
Retained Earnings
Foreign Currency Translation Adjustment
 
Deferred Gain on AFS Securities
Deferred Gain (Loss) on Cash Flow Hedging
Pension Adjustment
Total Stockholders' Equity
Noncontrolling Interests
Total Equity
 
(In millions)
Balance, December 31, 2017
$
0.1

$
0.1

$
(31.5
)
$
323.8

$
389.1

 
$
(58.5
)
 
$
2.8

 
$
(1.5
)
 
$
(58.9
)
 
$
565.5

 
$
6.9

 
$
572.4

Cumulative effect of change in accounting
—

—

—

—

3.9

 
—

 
(2.8
)
 
—

 
—

 
1.1

 
—

 
1.1

Stock-based compensation
—

—

—

1.9

—

 
—

 
—

 
—

 
—

 
1.9

 
—

 
1.9

Stock issued under stock compensation plans
—

—

7.3

(7.3
)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Purchase of treasury stock
—

—

(0.6
)
—

—

 
—

 
 
 
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Net income
—

—

—

—

20.5

 
—

 
—

 
—

 
—

 
20.5

 
0.1

 
20.6

Cash dividends
—

—

—

—

(10.1
)
 
—

 
—

 
—

 
—

 
(10.1
)
 
(0.3
)
 
(10.4
)
Current period other comprehensive income (loss)
—

—

—

—

—

 
(18.4
)
 
—

 
(3.5
)
 
0.7

 
(21.2
)
 
—

 
(21.2
)
Reclassification adjustment to net income
—

—

—

—

—

 
—

 
—

 
(1.2
)
 
1.4

 
0.2

 
—

 
0.2

Acquisition of a business
—

—

—

—

—

 
—

 
—

 
—

 
—

 
—

 
27.0

 
27.0

Foreign currency translation on noncontrolling interest
—

—

—

—

—

 
—

 
—

 
—

 
—

 
—

 
(1.1
)
 
(1.1
)
Balance, June 30, 2018
$
0.1

$
0.1

$
(24.8
)
$
318.4

$
403.4

 
$
(76.9
)
 
$
—

 
$
(6.2
)
 
$
(56.8
)
 
$
557.3

 
$
32.6

 
$
589.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
$
0.1

$
0.1

$
(24.1
)
$
321.5

$
407.3

 
$
(85.9
)
 
$
—

 
$
(15.5
)
 
$
(76.1
)
 
$
527.4

 
$
32.1

 
$
559.5

Cumulative effect of change in accounting
—

—

—

—

5.3

 
—

 
—

 
0.9

 
(4.8
)
 
1.4

 
—

 
1.4

Stock-based compensation
—

—

—

4.8

—

 
—

 
—

 
—

 
—

 
4.8

 
—

 
4.8

Stock issued under stock compensation plans
—

—

7.6

(7.6
)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Purchase of treasury stock
—

—

(0.2
)
—

—

 
—

 
 
 
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Net income
—

—

—

—

19.6

 
—

 
—

 
—

 
—

 
19.6