20 unchanged sentences
Information on the Company's website is not incorporated by reference in, and does not form part of, this Annual Report on Form 10-K.
+Added: The Company has adopted an insider trading policy governing the purchase, sale, and other disposition of our securities by directors, officers, and employees, and by the Company.
+Added: This policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations and listing standards applicable to the Company.
+Added: A copy of the Company's insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.
EXECUTIVE COMPENSATION
23 unchanged sentences
(3) Articles of Incorporation and By-laws.
−Removed: 3.1(i) Second Amended and Restated Certificate of Incorporation of Hyster-Yale Materials Handling, Inc.
−Removed: is incorporated by reference to Exhibit 3.1 to Hyster-Yale Materials Handling, Inc.'s Amendment No.
−Removed: 5 to the Registration Statement on Form S-1, dated September 26, 2012, Commission File No.
−Removed: 3.1(ii) Amended and Restated By-laws of Hyster-Yale Materials Handling, Inc.
−Removed: are incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated February 17, 2015, Commission File No.
+Added: 3.1(i) Third Amended and Restated Certification of Incorporation of Hyster-Yale, Inc.
+Added: is incorporated by reference to Exhibit 3.1(i) to the Company's Current Report on Form 8-K, filed by the Company on June 5, 2024, Commission File Number 000-54799.
+Added: 3.1(ii) Second Amended and Restated Bylaws of Hyster-Yale, Inc.
+Added: is incorporated by reference to Exhibit 3.1(ii) to the Company's Current Report on Form 8-K, filed by the Company on June 5, 2024, Commission File Number 000-54799.
(4) Instruments defining the rights of security holders, including indentures.
−Removed: 4.1 Specimen of Hyster-Yale Materials Handling, Inc.
−Removed: Class A Common Stock certificate is incorporated by reference to Exhibit 4.1 to Hyster-Yale Materials Handling, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No.
−Removed: 4.2 Specimen of Hyster-Yale Materials Handling, Inc.
−Removed: Class B Common Stock certificate is incorporated by reference to Exhibit 4.2 to Hyster-Yale Materials Handling, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No.
+Added: 4.1 Specimen of Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Class A Common Stock certificate is incorporated by reference to Exhibit 4.1 to Hyster-Yale, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No.
+Added: 4.2 Specimen of Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Class B Common Stock certificate is incorporated by reference to Exhibit 4.2 to Hyster-Yale, Inc.'s Registration Statement on Form S-1, dated June 28, 2012, Commission File No.
4.3 Description of Securities is incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.
1 unchanged sentence
10.1 Tax Allocation Agreement, dated September 28, 2012, by and between NACCO Industries, Inc.
−Removed: and Hyster-Yale Materials Handling, Inc.
−Removed: is incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File Number 1-35646.
−Removed: 10.2 Stockholders' Agreement, dated as of September 28, 2012, by and among the Participating Stockholders (as defined therein), Hyster-Yale Materials Handling, Inc.
−Removed: and the Depository (as defined therein) is incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File No.
−Removed: 10.3 First Amendment to Stockholders' Agreement, dated as of December 31, 2012, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: and Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File Number 1-35646.
+Added: 10.2 Stockholders' Agreement, dated as of September 28, 2012, by and among the Participating Stockholders (as defined therein), Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) and the Depository (as defined therein) is incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, dated October 4, 2012, Commission File No.
+Added: 10.3 First Amendment to Stockholders' Agreement, dated as of December 31, 2012, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10.5 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
−Removed: 10.4 Second Amendment to Stockholders' Agreement, dated as of January 18, 2013, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.4 Second Amendment to Stockholders' Agreement, dated as of January 18, 2013, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K, filed by the Company on February 19, 2013, Commission File Number 000-54799.
−Removed: 10.5 Third Amendment to Stockholders' Agreement, dated as of March 27, 2015, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.5 Third Amendment to Stockholders' Agreement, dated as of March 27, 2015, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on April 29, 2015, Commission File Number 000-54799.
−Removed: 10.6 Fourth Amendment to Stockholders' Agreement, dated as of December 29, 2015, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.6 Fourth Amendment to Stockholders' Agreement, dated as of December 29, 2015, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10 filed with Amendment No.
4 to the Statement on Schedule 13D, filed by the Reporting Persons named therein on February 16, 2016, Commission File Number 005-87003.
−Removed: 10.7 Fifth Amendment to Stockholders' Agreement, dated as of December 2, 2016, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.7 Fifth Amendment to Stockholders' Agreement, dated as of December 2, 2016, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit No.
1 unchanged sentence
5 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2017, Commission File Number 005-38001.
−Removed: 10.8 Sixth Amendment to Stockholders' Agreement, dated as of December 22, 2016, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.8 Sixth Amendment to Stockholders' Agreement, dated as of December 22, 2016, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit No.
1 unchanged sentence
5 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2017, Commission File Number 005-38001.
−Removed: 10.9 Seventh Amendment to Stockholders' Agreement, dated as of February 6, 2017, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.9 Seventh Amendment to Stockholders' Agreement, dated as of February 6, 2017, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 2, 2017, Commission File Number 000-54799.
−Removed: 10.10 Eighth Amendment to Stockholders' Agreement, dated as of October 30, 2018, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.10 Eighth Amendment to Stockholders' Agreement, dated as of October 30, 2018, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K, filed by the Company on February 26, 2019, Commission File Number 000-54799.
−Removed: 10.11 Ninth Amendment to Stockholders' Agreement, dated as of December 5, 2019, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.11 Ninth Amendment to Stockholders' Agreement, dated as of December 5, 2019, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 28 filed with Amendment No.
8 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 13, 2020, Commission File Number 005-38001.
−Removed: 10.12 Tenth Amendment to Stockholders' Agreement, dated as of December 31, 2020, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.12 Tenth Amendment to Stockholders' Agreement, dated as of December 31, 2020, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 30 filed with Amendment No.
9 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 12, 2021, Commission File Number 005-38001.
−Removed: 10.13 Eleventh Amendment to Stockholders' Agreement, dated as of December 7, 2021, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.13 Eleventh Amendment to Stockholders' Agreement, dated as of December 7, 2021, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholders identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 4.15 to the Company's Registration Statement on Form S-8, dated February 1, 2022, Commission File Number 333-262448.
−Removed: 10.14 Twelfth Amendment to Stockholders' Agreement, dated as of December 12, 2022, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.14 Twelfth Amendment to Stockholders' Agreement, dated as of December 12, 2022, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 41 filed with Amendment No.
11 to the Statement on Schedule 13D, filed by the reporting persons named therein on February 14, 2023, Commission File Number 005-87003.
−Removed: 10.15* Thirteenth Amendment to Stockholders' Agreement, dated as of February 12 , 2024, by and among the Depository, Hyster-Yale Materials Handling, Inc., the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale Materials Handling, Inc.
+Added: 10.15 Thirteenth Amendment to Stockholders' Agreement, dated as of February 12, 2024, by and among the Depository, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), the new Participating Stockholder identified on the signature pages thereto and the Participating Stockholders under the Stockholders' Agreement, dated as of September 28, 2012, as amended, by and among the Depository, Hyster-Yale, Inc.
and the Participating Stockholders is incorporated by reference to Exhibit 43 filed with Amendment No.
5 unchanged sentences
Executive Excess Retirement Plan (As Amended and Restated as of January 1, 2016) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated April 30, 2020, Commission File Number 000-54799.
−Removed: 10.18* Hyster-Yale Materials Handling, Inc.
−Removed: 2020 Long-Term Equity Incentive Plan, is incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Form DEF 14A, filed by the Company on March 31, 2020, Commission File Number 000-54799.
−Removed: 10.19* Hyster-Yale Materials Handling, Inc.
−Removed: Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.67 to Hyster-Yale Materials Handling, Inc.'s Amendment No.
+Added: 10.18* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan, is incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Form DEF 14A, filed by the Company on March 31, 2020, Commission File Number 000-54799.
+Added: 10.19* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) 2020 Long-Term Equity Incentive Plan (Amended and Restated Effective May 8, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on May 13, 2024, Commission File Number 000-54799.
+Added: 10.20* Hyster-Yale Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.67 to Hyster-Yale, Inc.'s Amendment No.
3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
−Removed: 10.20* Form Award Agreement for the Hyster-Yale Materials Handling, Inc.
−Removed: Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.68 to Hyster-Yale Materials Handling, Inc.'s Amendment No.
+Added: 10.21* Form Award Agreement for the Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Supplemental Long-Term Equity Incentive Plan (Effective as of the Spin-Off Date) is incorporated by reference to Exhibit 10.68 to Hyster-Yale, Inc.'s Amendment No.
3 to the Registration Statement on Form S-1, dated September 13, 2012, Commission File Number 333-182388.
−Removed: 10.21* Hyster-Yale Materials Handling, Inc.
−Removed: Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 17, 2019) is incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.
−Removed: 10.22* Hyster-Yale Materials Handling, Inc.
−Removed: Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 9, 2023) is incorporated herein by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed by the Company on March 29, 2023, Commission File No.
−Removed: 10.23* Hyster-Yale Materials Handling, Inc.
−Removed: and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2022) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 3, 2022, Commission File Number 000-54799.
−Removed: 10.24* Hyster-Yale Materials Handling, Inc.
−Removed: and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2023) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 2, 2023, Commission File Number 000-54799.
+Added: 10.22* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 17, 2019) is incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K, filed by the Company on February 25, 2020, Commission File Number 000-54799.
+Added: 10.23* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) Non-Employee Directors' Equity Compensation Plan (Amended and Restated Effective May 9, 2023) is incorporated herein by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed by the Company on March 29, 2023, Commission File No.
+Added: 10.24* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2022) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 3, 2022, Commission File Number 000-54799.
+Added: 10.25* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2023) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 2, 2023, Commission File Number 000-54799.
+Added: 10.26* Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024) is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
+Added: 10.27* Hyster-Yale, Inc.
+Added: and Subsidiaries Director Fee Policy (Amended Effective as of January 1, 2024, revised as of August 9, 2024) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 5, 2024, Commission File Number 000-54799.
10.28* The Hyster-Yale Group, Inc.
11 unchanged sentences
10.33* Offer Letter, dated August 1, 2022, between Scott A.
−Removed: Minder and Hyster-Yale Materials Handling, Inc.
−Removed: is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 1, 2022, Commission File Number 000-54799.
+Added: Minder and Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on November 1, 2022, Commission File Number 000-54799.
+Added: 10.34* Offer Letter, dated February 6, 2024, between Dena R.
+Added: McKee and Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on May 7, 2024, Commission File Number 000-54799.
10.35 Equity joint venture contract, dated November 27, 1997, between Shanghai Perfect Jinqiao United Development Company Ltd., People’s Republic of China, NACCO Materials Handling Group, Inc., USA, and Sumitomo-Yale Company Ltd., Japan is incorporated by reference to Exhibit 10.3 to NMHG Holding Co.’s Registration Statement on Form S-4, dated May 28, 2002, Commission File Number 333-89248.
6 unchanged sentences
is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
−Removed: 10.36 First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale Materials Handling, Inc.
−Removed: in favor of Wells Fargo Financial Leasing, Inc.
+Added: 10.40 First Amended and Restated Guarantee Agreement, dated September 17, 2018, by Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.) in favor of Wells Fargo Financial Leasing, Inc.
is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
2 unchanged sentences
is incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, Commission File Number 000-54799.
−Removed: 10.38 Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2021, among Hyster-Yale Materials Handling, Inc., Bolzoni Auramo, Inc.
+Added: 10.42 Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of June 24, 2021, among Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc.
and Hyster-Yale Group, Inc., as U.S.
1 unchanged sentence
and CitiBank, N.A., as Joint Lead Arrangers and Joint Book Managers and CitiBank, N.A., as Syndication Agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
−Removed: 10.39 First Amendment to Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of May 25, 2023, among Hyster-Yale Materials Handling, Inc., Bolzoni Auramo, Inc.
+Added: 10.43 First Amendment to Second Amended and Restated Loan, Security and Guaranty Agreement, dated as of May 25, 2023, among Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), Bolzoni Auramo, Inc.
and Hyster-Yale Group, Inc., as U.S.
Borrowers, Hyster-Yale Nederland B.V., as the Dutch Borrower, and Hyster-Yale UK Limited, as the UK Borrower, certain Persons party thereto from time to time as Guarantors, certain financial institutions, as Lenders, and Bank of America, N.A., as Administrative Agent and Security Trustee is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
−Removed: 10.40 Amended and Restated Term Loan Credit Agreement, dated as of May 28, 2021, among Hyster-Yale Group, Inc., as the Borrower, Hyster-Yale Materials Handling, Inc., as Holdings, Bank of America, N.A., as Administrative Agent, and the Other Lenders party thereto is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
+Added: 10.44 Amended and Restated Term Loan Credit Agreement, dated as of May 28, 2021, among Hyster-Yale Group, Inc., as the Borrower, Hyster-Yale, Inc.
+Added: (f/k/a Hyster-Yale Materials Handling, Inc.), as Holdings, Bank of America, N.A., as Administrative Agent, and the Other Lenders party thereto is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
10.45 Conforming Changes Amendment, dated as of June 23, 2023, by Bank of America, N.A., as administrative agent is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 1, 2023, Commission File Number 000-54799.
3 unchanged sentences
dated May 26, 2021 is incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q, filed by the Company on August 3, 2021, Commission File Number 000-54799.
+Added: (19) Insider Trading.
+Added: 19.1 Insider Trading Policy for Hyster-Yale, Inc.
+Added: and its subsidiaries.
(21) Subsidiaries.
6 unchanged sentences
24.3 Power of attorney for John C.
+Added: 24.4 Power of attorney for Gary L.
24.5 Power of attorney for Carolyn Corvi.
2 unchanged sentences
24.8 Power of attorney for Dennis W.
+Added: 24.9 Power of attorney for Ann A.
24.10 Power of attorney for H.
13 unchanged sentences
(97) Policy relating to the recovery of erroneously awarded compensation.
−Removed: 97.1 Hyster-Yale Materials Handling, Inc.
−Removed: Compensation Clawback Policy.
+Added: 97.1 Hyster-Yale, Inc.
+Added: Compensation Clawback Policy is incorporated by reference to Exhibit 97.1 to the Company' Annual Report on Form 10-K, filed by the Company on February 27, 2024, Commission File Number 000-54799.
101.INS Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
8 unchanged sentences
Pursuant to the requirements of Section 13 or 15(d) 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.
−Removed: Hyster-Yale Materials Handling, Inc.
−Removed: /s/ Jennifer M.
+Added: Hyster-Yale, Inc.
Vice President, Controller and Chief Accounting Officer (principal accounting officer)
−Removed: February 27, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on February 25, 2025.
1 unchanged sentence
Minder Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer)
−Removed: /s/ Jennifer M.
−Removed: Langer Vice President, Controller and Chief Accounting Officer (principal accounting officer)
+Added: McKee Vice President, Controller and Chief Accounting Officer (principal accounting officer)
Batcheler Director * Dennis W.
1 unchanged sentence
Batcheler Dennis W.
−Removed: Bemowski Director * H.
+Added: Bemowski Director * Ann A.
+Added: O'Hara Director
+Added: Bemowski Ann A.
+Added: Director * H.
Vincent Poor Director
−Removed: Director * Alfred M.
+Added: Collar Director * Alfred M.
+Added: Collar Alfred M.
* Carolyn Corvi Director * Claiborne R.
15 unchanged sentences
YEAR ENDED DECEMBER 31, 2024
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
CLEVELAND, OHIO
ITEM 15(a)(1)
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
LIST OF FINANCIAL STATEMENTS
−Removed: The following consolidated financial statements of Hyster-Yale Materials Handling, Inc.
+Added: The following consolidated financial statements of Hyster-Yale, Inc.
and Subsidiaries are incorporated by reference in Item 8:
10 unchanged sentences
Report of Independent Registered Public Accounting Firm
−Removed: To the Shareholders and the Board of Directors of Hyster-Yale Materials Handling, Inc.
+Added: To the Shareholders and the Board of Directors of Hyster-Yale, Inc.
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Hyster-Yale Materials Handling, Inc.
+Added: We have audited the accompanying consolidated balance sheets of Hyster-Yale, Inc.
and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), cash flows and equity for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”).
23 unchanged sentences
As part of the quantitative approach, the Company estimates the fair value of the reporting unit using a discounted cash flow approach from the perspective of a market participant and comparable market values for similar businesses.
−Removed: Significant estimates within the discounted cash flow analysis include cash flow forecasts, the discount rate and the terminal business value.
+Added: Significant estimates within the discounted cash flow analysis include cash flow forecasts, the discount rate and the terminal growth rate.
Auditing management’s annual goodwill impairment assessment was complex and highly judgmental due to the significant estimation required to determine the fair value of the Bolzoni reporting unit utilizing the discounted cash flow analysis.
2 unchanged sentences
How We Addressed the Matter in Our Audit We obtained an understanding and evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment process whereby the Company develops significant assumptions that are used as inputs to the annual goodwill impairment test.
−Removed: This included controls over management's review of the valuation model and the significant assumptions (e.g., discount rate applied, revenue growth rates, operating margin and terminal growth rate) used to develop the prospective financial information (PFI).
+Added: This included controls over management's review of the valuation model and the significant assumptions (e.g., discount rate, revenue, operating margin and terminal growth rate) used to develop the prospective financial information (PFI).
To test the estimated fair value of the Company’s Bolzoni reporting unit, we performed audit procedures that included, among others, assessing the methodologies used and directly testing the significant assumptions and the underlying data used by the Company in its analyses, including assessing the completeness and accuracy of such underlying data.
2 unchanged sentences
We assessed the historical accuracy of management’s estimates, and we performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions.
+Added: Furthermore, we assessed the appropriateness of the disclosures in the consolidated financial statements.
Income Taxes - Valuation Allowance
−Removed: Description of the Matter At December 31, 2023, the Company maintained a valuation allowance for its deferred tax assets in the amount of $126.6 million.
+Added: Description of the Matter At December 31, 2024, the Company maintained a valuation allowance for certain of its deferred tax assets in the amount of $144.3 million.
As discussed in Note 6, a valuation allowance is required where realization of its deferred tax assets is determined to no longer meet the "more likely than not" standard.
As a part of this evaluation management considered all available evidence, both positive and negative, and based on the weight of that evidence determined whether a valuation allowance is needed and to what extent.
−Removed: On the basis of the assessment, the Company continues to record a valuation allowance to reduce the carrying amount of deferred tax assets to an amount that is more likely than not to be realized.
−Removed: Auditing the Company’s assessment of whether its deferred tax assets are realizable was complex, as determining whether a valuation allowance for the Company’s deferred tax assets was necessary required an extensive analysis of positive and negative evidence regarding the realization of the deferred tax assets and, inherent in that, an assessment of the likelihood of sufficient future taxable income of the appropriate character, which is judgmental in nature.
+Added: On the basis of the assessment, the Company continues to record a valuation allowance to reduce the carrying amount of certain of its deferred tax assets to an amount that is more likely than not to be realized.
+Added: Auditing the Company’s assessment of whether its deferred tax assets are realizable was complex, as determining whether a valuation allowance for certain of the Company’s deferred tax assets was necessary required an extensive analysis of positive and negative evidence regarding the realization of the deferred tax assets and, inherent in that, an assessment of the likelihood of sufficient future taxable income of the appropriate character, which is judgmental in nature.
How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to assess the realizability of its deferred tax assets, including identifying and weighting the available positive and negative evidence.
1 unchanged sentence
Specifically, we evaluated the type and nature of the Company’s temporary differences, including considering whether the estimated future sources of taxable income were of the appropriate character to utilize the deferred tax assets and assessing the impacts of current tax legislation.
−Removed: We evaluated the Company’s cumulative loss position for the three-year cumulative period ended December 31, 2023, and considered the impact of unusual or infrequent items.
+Added: We evaluated the Company’s most recent operating results for the three-year cumulative period ended December 31, 2024, and considered the impact of unusual or infrequent items.
We evaluated management’s ability to utilize the deferred tax assets through carryback provisions allowable by law within certain jurisdictions or through prudent and feasible tax planning strategies.
We assessed management’s model of estimated future reversals of existing taxable temporary differences.
−Removed: We evaluated management’s projections of future taxable income, including existing contracts and backlog, as well as any potential circumstances that could adversely affect future operations and profit levels.
+Added: We evaluated management’s projections of future taxable income, including existing contracts and backlog, as well as any potential circumstances and uncertainty that could adversely affect future operations and profit levels.
In addition, we evaluated the Company’s income tax disclosures related to the matters described above.
4 unchanged sentences
Report of Independent Registered Public Accounting Firm
−Removed: To the Shareholders and the Board of Directors of Hyster-Yale Materials Handling, Inc.
+Added: To the Shareholders and the Board of Directors of Hyster-Yale, Inc.
Opinion on Internal Control Over Financial Reporting
−Removed: We have audited Hyster-Yale Materials Handling, Inc.
+Added: We have audited Hyster-Yale, Inc.
and subsidiaries' internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
−Removed: In our opinion, Hyster-Yale Materials Handling, Inc.
+Added: In our opinion, Hyster-Yale, Inc.
and subsidiaries (“the Company”) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.
19 unchanged sentences
February 25, 2025
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
8 unchanged sentences
Selling, general and administrative expenses 628.1 576.9 473.0
−Removed: Impairment loss — — 65.6
+Added: Restructuring and impairment charges 22.6 — —
650.7 576.9 473.0
8 unchanged sentences
Net Income (Loss) 144.2 128.1 ( 71.6 )
−Removed: Net (income) loss attributable to noncontrolling interest ( 0.6 ) ( 1.5 ) 10.2
+Added: Net Income attributable to noncontrolling interest
+Added: ( 0.7 ) ( 0.6 ) ( 1.5 )
Net Income attributable to redeemable noncontrolling interests
+Added: ( 0.3 ) ( 0.7 ) ( 0.5 )
Accrued dividend to redeemable noncontrolling interests ( 0.9 ) ( 0.9 ) ( 0.5 )
Net Income (Loss) Attributable to Stockholders
+Added: $ 142.3 $ 125.9 $ ( 74.1 )
Basic Earnings (Loss) per Share Attributable to Stockholders
+Added: $ 8.16 $ 7.35 $ ( 4.38 )
Diluted Earnings (Loss) per Share Attributable to Stockholders
+Added: $ 8.04 $ 7.24 $ ( 4.38 )
See Notes to Consolidated Financial Statements.
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
6 unchanged sentences
Foreign currency translation adjustment ( 43.2 ) 18.7 ( 39.3 )
−Removed: Current period cash flow hedging activity, net of $ 0.2 tax expense in 2023, net of $ 0.7 tax expense in 2022 and net of $ 0.9 tax benefit in 2021
+Added: Current period cash flow hedging activity, net of $ 0.1 tax benefit in 2024, net of $ 0.2 tax expense in 2023 and net of $ 0.7 tax expense in 2022
( 30.7 ) ( 2.2 ) ( 40.0 )
−Removed: Reclassification of hedging activities into earnings, net of $ 0.1 tax expense in 2023, net of $ 0.8 tax benefit in 2022 and net of $ 0.1 tax benefit in 2021
+Added: Reclassification of hedging activities into earnings, net of $ 0.2 tax expense in 2024, net of $ 0.1 tax expense in 2023 and net of $ 0.8 tax benefit in 2022
27.3 30.9 34.3
−Removed: Current period pension adjustment, net of $ 0.1 tax benefit in 2023, net of $ 0.3 tax expense in 2022 and net of $ 0.1 tax expense in 2021
+Added: Current period pension adjustment, net of $ 0.2 tax expense in 2024, net of $ 0.1 tax benefit in 2023 and net of $ 0.3 tax expense in 2022
0.5 1.5 ( 3.7 )
−Removed: Reclassification of pension into earnings, net of $ 0.1 tax benefit in 2022, net of $ — tax benefit in 2021 and net of $ 0.1 tax benefit in 2021
+Added: Reclassification of pension into earnings, net of $ 0.1 tax expense in 2024, net of $ 0.1 tax benefit in 2023 and net of $ 0.0 tax benefit in 2022
Comprehensive Income (Loss) $ 101.5 $ 180.0 $ ( 115.5 )
Other comprehensive income (loss) attributable to noncontrolling interests
−Removed: Net (income) loss attributable to noncontrolling interest ( 0.6 ) ( 1.5 ) 10.2
+Added: Net Income attributable to noncontrolling interest ( 0.7 ) ( 0.6 ) ( 1.5 )
Net Income attributable to redeemable noncontrolling interests ( 0.3 ) ( 0.7 ) ( 0.5 )
2 unchanged sentences
Comprehensive Income (Loss) Attributable to Stockholders
+Added: $ 99.8 $ 177.8 $ ( 115.2 )
See Notes to Consolidated Financial Statements.
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
−Removed: (In millions, except share data)
+Added: (In millions, except share and per share data)
Current Assets
23 unchanged sentences
Self-insurance Liabilities 37.8 51.1
−Removed: Pension Obligations 5.2 6.2
Deferred Income Taxes 8.4 12.7
Other Long-term Liabilities 189.1 148.6
+Added: Contingencies (Note 16)
Total Liabilities 1,535.1 1,672.3
6 unchanged sentences
Capital in excess of par value 350.9 327.7
+Added: Treasury stock ( 13.6 ) —
Retained earnings 374.6 256.3
5 unchanged sentences
See Notes to Consolidated Financial Statements.
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
5 unchanged sentences
Net Income (Loss) $ 144.2 $ 128.1 $ ( 71.6 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
+Added: Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 47.6 45.1 43.4
1 unchanged sentence
Deferred income taxes ( 8.2 ) ( 1.1 ) ( 0.1 )
−Removed: Goodwill impairment charges — — 55.6
−Removed: Long-lived asset impairment charges — — 10.0
+Added: Restructuring and impairment charges 22.6 — —
Stock-based compensation 23.6 29.3 6.4
8 unchanged sentences
Other liabilities ( 65.7 ) ( 31.1 ) 94.9
−Removed: Net cash provided by (used for) operating activities 150.7 40.6 ( 253.5 )
+Added: Net cash provided by operating activities
+Added: 170.7 150.7 40.6
Investing Activities
3 unchanged sentences
Proceeds from the sale of businesses 0.6 1.1 —
+Added: Business acquisition, net of cash acquired ( 2.2 ) — —
Proceeds from the sale of investments — 1.1 0.5
Net cash used for investing activities
+Added: ( 47.6 ) ( 34.5 ) ( 35.4 )
Financing Activities
1 unchanged sentence
Reductions of long-term debt ( 198.5 ) ( 161.1 ) ( 97.6 )
−Removed: Net additions (reductions) to revolving credit agreements ( 53.7 ) ( 26.3 ) 165.4
+Added: Net changes to revolving credit agreements ( 31.2 ) ( 53.7 ) ( 26.3 )
Cash dividends paid ( 24.0 ) ( 22.3 ) ( 21.8 )
1 unchanged sentence
Financing fees paid — ( 0.8 ) —
+Added: Purchase of treasury stock ( 14.0 ) — —
Other — ( 0.1 ) —
−Removed: Net cash provided by (used for) financing activities ( 100.5 ) ( 10.9 ) 193.6
+Added: Net cash used for financing activities
+Added: ( 100.1 ) ( 100.5 ) ( 10.9 )
Effect of exchange rate changes on cash ( 5.2 ) 4.1 ( 0.8 )
16 unchanged sentences
Cash dividends — — — — — ( 21.8 ) — — — ( 21.8 ) ( 0.2 ) ( 22.0 )
+Added: Accrued dividends 0.5 — — — — — — — — — — —
Current period other comprehensive income (loss) — — — — — — ( 39.3 ) ( 40.0 ) ( 3.7 ) ( 83.0 ) — ( 83.0 )
Reclassification adjustment to net income (loss) — — — — — — — 34.3 4.8 39.1 — 39.1
+Added: Purchase of noncontrolling interest — — — ( 12.8 ) — — — — ( 12.8 ) ( 11.1 ) ( 23.9 )
+Added: Reclassification from permanent equity to temporary equity 13.1 — — — ( 6.5 ) — — — — ( 6.5 ) ( 6.6 ) ( 13.1 )
Foreign currency translation on noncontrolling interest 0.1 — — — — — — — — — ( 2.9 ) ( 2.9 )
2 unchanged sentences
Stock issued under stock compensation plans — — — 0.1 ( 0.1 ) — — — — — — —
+Added: Purchase of treasury stock — — — ( 0.1 ) — — — — — ( 0.1 ) — ( 0.1 )
Net income (loss) 0.7 — — — — 125.9 — — — 125.9 0.6 126.5
3 unchanged sentences
Reclassification adjustment to net income (loss) — — — — — — — 30.9 3.0 33.9 — 33.9
−Removed: Acquisition of business — — — — — — — — — — —
Purchase of noncontrolling interest — — — — 0.8 — — — — 0.8 ( 4.0 ) ( 3.2 )
−Removed: Reclassification from permanent equity to temporary equity 13.1 — — — ( 6.5 ) — — — — ( 6.5 ) ( 6.6 ) ( 13.1 )
+Added: Sale of noncontrolling interest — — — — — — — — — — ( 0.7 ) ( 0.7 )
Foreign currency translation on noncontrolling interest ( 0.1 ) — — — — — — — — — 0.1 0.1
10 unchanged sentences
Purchase of treasury stock — — — ( 14.0 ) 14.0 — — — — — — —
−Removed: Net income (loss) 0.7 — — — — 125.9 — — — 125.9 0.6 126.5
+Added: Net income 0.3 — — — — 142.3 — — — 142.3 0.7 143.0
Cash dividends ( 0.9 ) — — — — ( 24.0 ) — — — ( 24.0 ) ( 0.4 ) ( 24.4 )
Accrued dividends 0.9 — — — — — — — — — — —
−Removed: Current period other comprehensive income (loss) — — — — — — 18.7 ( 2.2 ) 1.5 18.0 — 18.0
−Removed: Reclassification adjustment to net income (loss) — — — — — — — 30.9 3.0 33.9 — 33.9
+Added: Current period other comprehensive loss — — — — — — ( 43.2 ) ( 30.7 ) 0.5 ( 73.4 ) — ( 73.4 )
+Added: Reclassification adjustment to net income — — — — — — — 27.3 3.4 30.7 — 30.7
Purchase of noncontrolling interest — — — — — — — — — — 1.7 1.7
−Removed: Sale of noncontrolling interest — — — — — — — — — — ( 0.7 ) ( 0.7 )
−Removed: Reclassification from permanent equity to temporary equity — — — — — — — — — — — —
Foreign currency translation on noncontrolling interest ( 0.2 ) — — — — — — — — — — —
2 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: HYSTER-YALE MATERIALS HANDLING, INC.
+Added: HYSTER-YALE, INC.
AND SUBSIDIARIES
−Removed: (Tabular Amounts in Millions, Except Per Share and Percentage Data)
+Added: (Dollars in Millions, Except Per Share Data)
NOTE 1— Principles of Consolidation and Nature of Operations
−Removed: The consolidated financial statements include the accounts of Hyster-Yale Materials Handling, Inc., a Delaware corporation, and the accounts of Hyster-Yale's wholly owned domestic and international subsidiaries and majority-owned joint ventures (collectively, "Hyster-Yale" or the "Company").
+Added: The 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.
−Removed: The Company, through its wholly owned operating subsidiary, Hyster-Yale Group, Inc.
−Removed: ("HYG"), designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments and aftermarket parts marketed globally primarily under the Hyster ® and Yale ® brand names, mainly to independent Hyster ® and Yale ® retail dealerships.
−Removed: Lift trucks and component parts are manufactured in the United States, Northern Ireland, China, Mexico, the Netherlands, Brazil, the Philippines, Italy, Japan and Vietnam.
−Removed: The sale of service parts represents approximately 15 % of total revenues as reported in 2023, 2022 and 2021, respectively.
−Removed: As of December 31, 2023, the Company owned a 90 % majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd.
−Removed: ("Hyster-Yale Maximal"), a Chinese manufacturer of low-intensity and standard lift trucks and specialized material handling equipment.
+Added: On May 31, 2024, the Company changed its corporate name to Hyster-Yale, Inc.
+Added: and the Company’s wholly owned operating subsidiary, Hyster-Yale Group, Inc., changed its corporate name to Hyster-Yale Materials Handling, Inc.
+Added: The Company, through its wholly owned operating subsidiary, Hyster-Yale Materials Handling, Inc.
+Added: ("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, exclusive Hyster ® and Yale ® retail dealerships.
+Added: Lift trucks and component parts are manufactured in the United States ("U.S."), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam.
+Added: The sale of service parts represents approximately 14 % of total revenues as reported in 2024 and 15 % in both 2023 and 2022.
+Added: The Company owns a 90 % majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd.
+Added: ("Hyster-Yale Maximal"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment.
Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.
2 unchanged sentences
Bolzoni also produces components for lift truck manufacturers.
−Removed: Bolzoni products are manufactured in the United States, Italy, China, Germany and Finland.
+Added: Bolzoni products are manufactured in the U.S., 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.
11 unchanged sentences
HYGFS is a joint venture with Wells Fargo Financial Leasing, Inc.
−Removed: ("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.
−Removed: National Account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories.
−Removed: 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” portion of the Consolidated Statements of Operations.
+Added: ("WF"), formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and major account customers in the United States.
+Added: Major account customers are large customers with centralized purchasing and geographically dispersed operations in multiple dealer territories.
+Added: The Company’s percentage share of the net income or loss from these equity investments is included in “Income from unconsolidated affiliates” in the “Other (income) expense” portion of the Consolidated Statements of Operations.
NOTE 2— Significant Accounting Policies
57 unchanged sentences
Recently Issued Accounting Standards
−Removed: In 2023, the Company did not adopt any recent accounting standard updates ("ASU") which had a material effect on the Company's financial position, results of operations, cash flows or related disclosures.
+Added: The following table provides a brief description of recent accounting standard updates ("ASU") adopted for the year ended December 31, 2024:
+Added: Standard Required Date of Adoption Effect on the financial statements or other significant matters
+Added: ASU 2023-07, Segment Reporting (Topic 280) December 31, 2024 As a result of adopting ASU 2023-07, Segment Reporting (Topic 280), the Company made modifications to segment disclosures.
+Added: The adoption of this standard did not impact segment operating results, but has resulted in changes to the presentation and disclosure of certain segment-related information in the financial statements.
+Added: Further details are reflected in Note 4, Business Segments , in the financial statements.
+Added: ASU 2020-04 and ASU 2022-06, Reference Rate Reform (Topic 848) From the date of issuance through December 31, 2024 The new requirements within the guidance did not have a material effect on the Company's financial position, results of operations, cash flows and related disclosures.
The following table provides a brief description of ASUs not yet adopted:
Standard Description Required Date of Adoption Effect on the financial statements or other significant matters
−Removed: 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.
−Removed: From the date of issuance through December 31, 2024 The Company does not expect the guidance to have a material effect on its financial position, results of operations, cash flows and related disclosures.
ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60) The guidance provides a basis of accounting for newly-formed joint venture entities which will recognize and measure assets and liabilities at fair value upon formation.
−Removed: January 1, 2025 The Company is currently evaluating the guidance and the effect on its financial position, results of operations, cash flows and related disclosures.
−Removed: ASU 2023-07, Segment Reporting (Topic 280) The guidance provides requirements for new and updated segment disclosures.
−Removed: December 31, 2024 The Company is currently evaluating the guidance and the effect on its related disclosures.
+Added: January 1, 2025 The Company will apply the guidance subsequent to January 1, 2025 prospectively for newly-formed joint ventures.
ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) The guidance provides requirements for new and updated income tax disclosures.
−Removed: January 1, 2025 The Company is currently evaluating the guidance and the effect on its related disclosures.
+Added: Annual periods after December 15, 2024 The Company will apply the guidance for annual periods subsequent to December 15, 2024 for new income tax disclosures.
+Added: ASU 2024-03— Disaggregation of Income Statement Expenses The guidance requires disaggregated disclosure of income statement expenses.
+Added: December 15, 2026 The Company is currently evaluating the guidance and the effect on its related disclosures.
NOTE 3— Revenue
7 unchanged sentences
The estimated costs of product warranties are recognized as expense when the products are sold.
−Removed: See Note 15 for further information on product warranties.
+Added: See Note 15, Product Warranties , 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.
7 unchanged sentences
For such arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price.
−Removed: Standalone selling prices are generally determined based on the prices charged to customers or using expected cost plus margin.
+Added: Standalone selling prices are generally determined based on the prices charged to customers or using
+Added: expected cost plus margin.
Impairment losses recognized on receivables or contract assets were not significant for the years ended December 31, 2024, 2023 and 2022.
The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less.
−Removed: These costs are reported on the line “Selling, general and administrative expenses” in the Consolidated Statements of Operations.
+Added: These costs are included in “Selling, general and administrative expenses” in the 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.
−Removed: These costs are reported on the line “Cost of sales” in the Consolidated Statements of Operations.
+Added: These costs are included in “Cost of sales” in the Consolidated Statements of Operations.
The following table disaggregates revenue by category:
24 unchanged sentences
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.
−Removed: The majority of direct customer sales are to National Account customers.
+Added: The majority of direct customer sales are to major 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.
6 unchanged sentences
In these transactions, the Company transfers control and recognizes revenue according to the shipping terms of the contract.
−Removed: In the United States, Bolzoni also has revenue for sales of forklift components to HYG plants.
+Added: Bolzoni also has revenue for sales of forklift components to HYMH plants.
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.
11 unchanged sentences
NOTE 4— Business Segments
−Removed: The Company’s reportable segments for the lift truck business include the following three management units:
−Removed: the Americas, EMEA and JAPIC.
−Removed: Americas includes lift truck operations in the United States, Canada, Mexico, Brazil, Latin America and the corporate headquarters.
+Added: The Company defines reportable and operating segments on the same basis used to evaluate performance internally by the chief operating decision maker (“CODM”), which the Company has determined is the Chief Executive Officer.
+Added: The Company uses operating profit (loss) to evaluate segment profitability.
+Added: The CODM uses operating profit (loss) to allocate resources predominately in the annual forecasting process.
+Added: The CODM considers forecast-to-actual variances on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments.
+Added: The Company has five segments, which include three in the lift truck business, as well as Bolzoni and Nuvera.
+Added: Operating segments within the lift truck business include the Americas, EMEA and JAPIC, collectively the "lift truck business".
+Added: Americas includes lift truck operations in the U.S., Canada, Mexico, Brazil, Latin America and the corporate headquarters.
EMEA includes operations in Europe, the Middle East and Africa.
JAPIC includes operations in the Asia and Pacific regions, including China, as well as the equity earnings of SN operations.
−Removed: Certain amounts are allocated to these geographic management units and are included in the segment results presented below, including product development costs, corporate headquarter's expenses and information technology infrastructure costs.
−Removed: These allocations among geographic management units are determined by senior management and not directly incurred by the geographic operations.
−Removed: In addition, other costs are incurred directly by these geographic management units based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic management unit of the ultimate end user sales location where revenues and margins are reported.
−Removed: Therefore, the reported results of each segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.
+Added: Certain amounts are allocated to these geographic operating segments and are included in the reportable segment results presented below, including product development costs, corporate headquarter expenses and information technology infrastructure costs.
+Added: These allocations among geographic operating segments are determined by senior management and not directly incurred by the geographic operations.
+Added: In addition, other costs are incurred directly by these geographic operating segments based upon the location of the manufacturing plant or sales units, including manufacturing variances, product liability, warranty and sales discounts, which may not be associated with the geographic operating segments of the ultimate end user sales location where revenues and margins are reported.
+Added: Therefore, the reported results of each operating segment for the lift truck business cannot be considered stand-alone entities as all segments are inter-related and integrate into a single global lift truck business.
The Company reports the results of both Bolzoni and Nuvera as separate segments.
Intercompany sales between Nuvera, Bolzoni and the lift truck business have been eliminated.
−Removed: Operating profit is the measure of segment profit or loss.
Financial information for each of the reportable segments is presented in the following table.
−Removed: See Note 1 for a discussion of the Company’s product lines.
−Removed: Refer to Note 2 for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.
+Added: See Note 1, Principles of Consolidation and Nature of Operations, for a discussion of the Company’s product lines.
+Added: Refer to Note 2, Significant Accounting Policies , for a description of the accounting policies of the reportable segments as well as a reference table for the remaining accounting policies described in the accompanying footnotes.
2024 2023 2022
8 unchanged sentences
Total $ 4,308.2 $ 4,118.3 $ 3,548.3
−Removed: Operating profit (loss)
+Added: Cost of Sales
Americas $ 2,527.5 $ 2,334.4 $ 2,102.0
6 unchanged sentences
Total $ 3,412.7 $ 3,332.7 $ 3,114.4
+Added: Gross profit (loss)
+Added: Americas $ 695.0 $ 564.9 $ 303.4
+Added: EMEA 108.1 121.0 45.0
+Added: JAPIC 16.6 25.5 22.6
+Added: Lift truck business 819.7 711.4 371.0
+Added: Bolzoni 85.4 82.2 70.7
+Added: Nuvera ( 9.6 ) ( 8.2 ) ( 7.2 )
+Added: Eliminations — 0.2 ( 0.6 )
+Added: Total $ 895.5 $ 785.6 $ 433.9
+Added: Selling, general and administrative expenses
+Added: Americas $ 370.1 $ 331.8 $ 256.6
+Added: EMEA 117.1 108.9 91.6
+Added: JAPIC 38.0 41.1 33.2
+Added: Lift truck business 525.2 481.8 381.4
+Added: Bolzoni 72.0 66.9 64.5
+Added: Nuvera 30.9 28.2 27.1
+Added: Total $ 628.1 $ 576.9 $ 473.0
+Added: Adjustments (a)
+Added: Americas $ 6.8 $ — $ —
+Added: JAPIC 8.6 — —
+Added: Lift truck business 17.8 — —
+Added: Bolzoni 4.3 — —
+Added: Nuvera 0.5 — —
+Added: Total $ 22.6 $ — $ —
2024 2023 2022
+Added: Operating profit (loss)
Americas $ 318.1 $ 233.1 $ 46.8
1 unchanged sentence
JAPIC ( 30.0 ) ( 15.6 ) ( 10.6 )
+Added: Lift truck business 276.7 229.6 ( 10.4 )
+Added: Bolzoni 9.1 15.3 6.2
+Added: Nuvera ( 41.0 ) ( 36.4 ) ( 34.3 )
Eliminations — 0.2 ( 0.6 )
+Added: Total $ 244.8 $ 208.7 $ ( 39.1 )
+Added: Interest expense
+Added: Americas $ 30.8 $ 33.2 $ 26.9
+Added: EMEA 1.9 3.2 1.0
+Added: JAPIC 1.2 1.4 1.2
+Added: Eliminations ( 1.1 ) ( 1.2 ) ( 1.2 )
Lift truck business 32.8 36.6 27.9
Bolzoni 2.1 2.0 1.4
+Added: Eliminations ( 1.1 ) ( 1.3 ) ( 0.9 )
+Added: Total $ 33.8 $ 37.3 $ 28.4
+Added: Americas $ 1,897.9 $ 1,715.4 $ 1,700.0
+Added: EMEA 678.5 808.5 811.0
+Added: JAPIC 252.9 276.8 339.5
+Added: Eliminations ( 637.7 ) ( 575.2 ) ( 693.2 )
+Added: Lift truck business 2,191.6 2,225.5 2,157.3
+Added: Bolzoni 290.8 303.8 315.2
Nuvera 40.7 25.4 18.9
17 unchanged sentences
Total $ 47.8 $ 35.4 $ 28.8
+Added: (a) Consists of charges incurred during 2024 related to programs designed to optimize the Company's footprint, reduce costs and improve operational efficiency and the impairment of certain long-lived assets.
Data by Geographic Region
−Removed: No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers.
+Added: No single country outside of the U.S.
+Added: comprised 10% or more of revenues from unaffiliated customers.
The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions.
In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.
−Removed: States Europe, Africa and Middle East Other Consolidated
+Added: Europe, Middle East and Africa Other Consolidated
Revenues from unaffiliated customers, based on the customers’ location $ 2,874.4 $ 817.9 $ 615.9 $ 4,308.2
10 unchanged sentences
The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2024 was 125 million shares and 35 million shares, respectively.
−Removed: No treasury shares of either class were outstanding at December 31, 2023 and 2022, respectively.
+Added: At December 31, 2024, 204,435 treasury shares of Class A common stock were outstanding.
+Added: No treasury shares of either class were outstanding at 2023.
Stock Compensation:
14 unchanged sentences
Pursuant to this plan, the Company issued 26,790 , 34,239 and 29,898 shares related to the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees.
+Added: In addition to the mandatory retainer fee received in restricted stock, directors may elect to receive shares of Class A common
+Added: stock in lieu of cash for up to 100% of the balance of their annual retainer, meeting attendance fees, committee retainer and any committee chairman's fees.
These voluntary shares are not subject to any restrictions.
11 unchanged sentences
Diluted weighted average shares outstanding 17.710 17.385 16.901
−Removed: Basic earnings per share $ 7.35 $ ( 4.38 ) $ ( 10.29 )
−Removed: Diluted earnings per share $ 7.24 $ ( 4.38 ) $ ( 10.29 )
+Added: Basic earnings (loss) per share
+Added: $ 8.16 $ 7.35 $ ( 4.38 )
+Added: Diluted earnings (loss) per share
+Added: $ 8.04 $ 7.24 $ ( 4.38 )
Cash dividends per share $ 1.3750 $ 1.2975 $ 1.2900
−Removed: In the table above, 2022 and 2021 exclude 0.223 million and 0.074 million, respectively, of anti-dilutive restricted stock awards.
+Added: The table above excludes 0.223 million of anti-dilutive restricted stock awards related to the year ended December 31, 2022.
Restricted stock awards for 2024 are expected to be issued in 2025.
7 unchanged sentences
Income tax provision
−Removed: Current tax provision (benefit):
+Added: Current tax provision:
Federal $ 52.9 $ 32.0 $ 0.6
State 12.9 8.0 0.5
+Added: 17.2 14.0 8.2
Total current $ 83.0 $ 54.0 $ 9.3
15 unchanged sentences
State income taxes 6.1 5.8 ( 1.3 )
−Removed: Nondeductible compensation 4.2 1.4 0.4
Non -U.S rate differences 5.6 3.2 5.4
+Added: Nondeductible compensation 4.2 4.2 1.4
Global intangible low-taxed income 3.0 1.7 ( 4.6 )
−Removed: Federal income tax credits ( 4.0 ) ( 1.4 ) ( 2.6 )
+Added: Other 0.9 ( 0.3 ) 0.3
+Added: Base-erosion and anti-abuse tax — ( 0.1 ) 1.4
Foreign derived intangible income ( 6.0 ) ( 3.4 ) ( 0.3 )
+Added: Federal income tax credits ( 3.4 ) ( 4.0 ) ( 1.4 )
Tax controversy resolution ( 1.1 ) ( 3.0 ) ( 4.7 )
Equity interest earnings ( 0.4 ) ( 1.3 ) ( 1.4 )
−Removed: Other ( 0.3 ) 0.3 1.8
−Removed: Base-erosion and anti-abuse tax ( 0.1 ) 1.4 ( 0.8 )
Income tax provision $ 74.8 $ 52.9 $ 9.2
6 unchanged sentences
Beginning in 2022, the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act") eliminated the option to deduct research and development expenditures immediately in the year incurred and requires U.S.
−Removed: taxpayers to amortize such expenditures over five
−Removed: to fifteen years depending upon whether the activities are performed in the U.S.
+Added: taxpayers to amortize such expenditures over five to fifteen years depending upon whether the activities are performed in the U.S.
or outside of the U.S.
5 unchanged sentences
Tax attribute carryforwards 33.1 35.6
−Removed: Accrued expenses and reserves 13.9 17.3
Product warranties 16.5 12.5
+Added: Accrued expenses and reserves 16.3 13.9
Accrued product liability 9.2 9.6
26 unchanged sentences
net operating loss $ 25.5 $ 23.4 2024 - Indefinite
−Removed: net operating loss 17.2 16.4 Indefinite
capital losses 7.5 7.5 Indefinite
State net operating losses and credits 3.9 3.8 2024 - Indefinite
−Removed: Disallowed interest and other 5.7 5.7 2026 - Indefinite
−Removed: Research and development credit 1.3 1.3 2041 - 2042
Unrecognized tax benefits ( 1.3 ) —
2 unchanged sentences
A valuation allowance is required where realization is determined to no longer meet the "more likely than not" standard.
−Removed: The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its
−Removed: loss carryforwards or other deferred tax assets in future periods.
−Removed: The tax net operating losses attributable to Brazil, China and the United Kingdom comprise a substantial portion of the non-U.S.
+Added: The establishment of a valuation allowance does not have an impact on cash, nor does such an allowance preclude the Company from using its loss carryforwards or other deferred tax assets in future periods.
+Added: The tax net operating losses attributable to Brazil, China and the United Kingdom ("U.K.") comprise a substantial portion of the non-U.S.
net operating loss deferred tax assets.
−Removed: The Brazilian and United Kingdom net operating losses do not expire under local law, while Chinese losses expire after five years.
−Removed: During 2021, the Company recognized a tax charge of $24.8 million, for the establishment of a valuation allowance against the beginning of the year balance of the Company’s U.S.
−Removed: and United Kingdom deferred tax assets, excluding the portion of assets available to be carried back to the prior tax year.
−Removed: Based upon a review of the Company’s operations, including cumulative U.S.
−Removed: pretax losses, lack of available tax planning strategies and declining forecasts due to supply and logistics constraints, the evidence available no longer supported a more likely than not standard for realization of these deferred tax assets.
−Removed: Although the Company projected earnings over the longer term for these operations, due to the cumulative losses such longer-term forecasts were not sufficient evidence to support the future utilization of deferred tax assets.
−Removed: Additionally, $32.5 million of valuation allowance expense, related to these operations, was provided against deferred tax assets generated in 2021.
+Added: The Brazilian and U.K.
+Added: net operating losses do not expire under local law, while Chinese losses expire after five years.
+Added: During 2024, the Company concluded that a portion of its Brazilian deferred tax assets met the more likely than not threshold required for realization based upon the anticipated timing of deferred temporary differences, the continuing trend of earnings, and the projection of future taxable income over the forecasted period.
+Added: Accordingly, the Company recognized a tax benefit of $ 4.3 million for the partial release of the Brazilian valuation allowance during 2024.
+Added: Starting in 2021, the Company determined that the evidence available no longer supported a more likely than not standard for realization of its U.S.
+Added: and U.K deferred tax assets due to cumulative pretax losses, lack of available tax planning strategies and declining forecasts due to supply and logistics constraints.
+Added: During 2024 and 2023, the Company reviewed the historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards for both jurisdictions and concluded the valuation allowances provided remain appropriate.
+Added: Although the Company expects earnings over the longer term for its U.S.
+Added: and U.K operations, it believes such longer-term forecasts are not sufficient evidence to support the future realization of the deferred tax assets.
+Added: Accordingly, as of December 31, 2024, the Company has provided a valuation allowance of $117.1 million and $5.8 million against the deferred tax assets of the U.S.
+Added: and U.K., respectively.
During 2024 and 2023, the valuation allowance provided against deferred tax assets increased by $ 17.7 million and $ 4.9 million, respectively.
The change in the total valuation allowance in 2024 and 2023 included a net increase in tax expense of $ 19.9 million and $ 12.1 million, respectively, and a net decrease of $ 2.2 million and $ 7.2 million in 2024 and 2023, respectively, recorded directly in equity.
−Removed: Based upon a review of historical earnings and trends, forecasted earnings and the relevant expiration of carryforwards, the Company believes the valuation allowances provided are appropriate.
As of December 31, 2024, the Company had gross net operating loss carryforwards in U.S.
13 unchanged sentences
As a result of foreign currency translation into U.S.
−Removed: dollars, the total amount of interest and penalties decreased by $ 0.3 million during 2022, and increased by $ 0.2 million during 2021.
−Removed: There was no foreign currency translation impact in 2023.
+Added: dollars, the total amount of interest and penalties decreased by $ 0.3 million during 2022.
+Added: There was no foreign currency translation impact in 2024 or 2023.
The total amount of interest and penalties accrued was $ 0.4 million, $ 0.9 million and $ 2.3 million as of December 31, 2024, 2023 and 2022, respectively.
11 unchanged sentences
The examination of U.S.
−Removed: federal tax returns for all years
−Removed: prior to 2020 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations.
−Removed: However, the Company has filed a protective claim for 2017 in order to preserve its right to a future refund pending the favorable resolution of a U.S.
−Removed: Supreme Court decision.
+Added: federal tax returns for all years prior to 2021 have been settled with the Internal Revenue Service or otherwise have essentially closed under the applicable statute of limitations.
The Company is routinely under examination in various state and non-U.S.
1 unchanged sentence
The Company believes these examinations are routine in nature and are not expected to result in any material tax assessments.
−Removed: NOTE 7— Reclassifications from OCI
+Added: NOTE 7— Reclassifications from Accumulated Other Comprehensive Income or Loss
The following table summarizes reclassifications out of accumulated other comprehensive income (loss) ("OCI") for each year ended December 31 as recorded in the Consolidated Statements of Operations:
−Removed: Details about OCI Components Amount Reclassified from OCI Affected Line Item in the Statement Where Net Income Is Presented
+Added: OCI Components Amount Reclassified from OCI Affected Line Item
2024 2023 2022
29 unchanged sentences
Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI.
−Removed: Deferred gains or losses are reclassified from OCI to the
−Removed: Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
+Added: Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
The Company periodically enters into foreign currency exchange contracts that do not meet the criteria for hedge accounting.
These derivatives are used to reduce the Company’s exposure to foreign currency risk related to forecasted purchase or sales transactions or forecasted intercompany cash payments or settlements.
−Removed: Gains and losses on these derivatives are generally recognized in cost of sales.
+Added: Gains and losses on these derivatives are generally recognized in "Cost of sales" in the Consolidated Statements of Operations.
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest.
2 unchanged sentences
Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI.
−Removed: Deferred gains or losses are reclassified from OCI to the consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense .
−Removed: Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations.
+Added: Deferred gains or losses are reclassified from OCI to the consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are recognized in interest expense .
+Added: Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, as a component of cash flows from operations.
The Company measures its derivatives at fair value on a recurring basis using significant observable inputs.
4 unchanged sentences
The Company held forward foreign currency exchange contracts with a total notional amount of $ 0.8 billion at December 31, 2024, primarily denominated in euros, Japanese yen, U.S.
−Removed: dollars, Chinese renminbi, British pounds, Swedish kroner, Mexican pesos and Australian dollars.
+Added: dollars, Chinese renminbi, Mexican pesos, British pounds, Swedish kroner and Australian dollars.
The Company held forward foreign currency exchange contracts with total notional amounts of $ 0.9 billion at December 31, 2023, primarily denominated in euros, Japanese yen, U.S.
37 unchanged sentences
The following table summarizes the offsetting of the fair value of derivative instruments on a gross basis by counterparty at December 31, 2024 and 2023 as recorded in the Consolidated Balance Sheets:
−Removed: Derivative Assets as of December 31, 2023 Derivative Liabilities as of December 31, 2023
+Added: Derivative Assets as of December 31, 2024
+Added: Derivative Liabilities as of December 31, 2024
Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount
3 unchanged sentences
Total derivatives $ 10.4 $ ( 0.5 ) $ 9.9 $ 9.9 $ 19.0 $ ( 0.5 ) $ 18.5 $ 18.5
−Removed: Derivative Assets as of December 31, 2022 Derivative Liabilities as of December 31, 2022
+Added: Derivative Assets as of December 31, 2023
+Added: Derivative Liabilities as of December 31, 2023
Gross Amounts of Recognized Assets Gross Amounts Offset Net Amounts Presented Net Amount Gross Amounts of Recognized Liabilities Gross Amounts Offset Net Amounts Presented Net Amount
33 unchanged sentences
All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans.
−Removed: During 2022 and 2021, the Company recognized a settlement loss of $ 1.8 million and $ 1.1 million, respectively, resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S.
+Added: During 2024, the Company and the trustee initiated a de-risking strategy for the U.K.
+Added: plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities.
+Added: In January 2025, the trustee entered into a buy-in contract for the U.K.
+Added: plan with a third-party insurance company.
+Added: The trustee may choose to convert the buy-in policy to a buy-out by assigning individual insurance contracts to members.
+Added: This process may extend for a significant period of time.
+Added: Until any potential buy-out process is completed, the trustee remains responsible for the administration of the U.K.
+Added: plan, allocation of non-insured plan assets and payment of employee retirement benefits.
+Added: If a buy-out of the U.K.
+Added: plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K.
+Added: plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings.
+Added: The amount related to the U.K.
+Added: plan represents the majority of the Non-U.S.
+Added: Plans column in the components of accumulated comprehensive income (loss) table below.
+Added: During the year ended December 31, 2022, the Company recognized a settlement loss of $ 1.8 million, resulting from lump-sum distributions exceeding the total projected interest cost for the plan year for its U.S.
pension plan.
1 unchanged sentence
2024 2023 2022
−Removed: United States Plans
Weighted average discount rates 5.43 % 5.03 % 5.36 %
2 unchanged sentences
3.50 %- 5.73 %
+Added: 1.39 %- 3.50 %
Weighted average discount rates 2.93 %- 5.40 %
10 unchanged sentences
2024 2023 2022
−Removed: United States Plans
Interest cost $ 2.3 $ 2.5 $ 1.9
11 unchanged sentences
2024 2023 2022
−Removed: United States Plans
Current year actuarial (gain) loss $ ( 1.3 ) $ ( 1.2 ) $ 4.5
2 unchanged sentences
Total recognized in other comprehensive income (loss) $ ( 3.3 ) $ ( 3.3 ) $ 0.8
−Removed: Current year actuarial (gain) loss $ ( 0.2 ) $ 1.0 $ ( 8.9 )
+Added: Current year actuarial loss (gain) $ 0.6 $ ( 0.2 ) $ 1.0
Amortization of actuarial loss ( 1.4 ) ( 0.7 ) ( 2.8 )
11 unchanged sentences
Employee contributions — 0.1 — 0.1
−Removed: Lump sum payments — — ( 2.6 ) —
Foreign currency exchange rate changes — ( 2.1 ) — 6.9
9 unchanged sentences
Benefits paid ( 5.2 ) ( 7.0 ) ( 5.3 ) ( 6.5 )
−Removed: Settlements — — ( 2.6 ) —
Foreign currency exchange rate changes — ( 2.1 ) — 7.9
12 unchanged sentences
The projected benefit obligation included in the table above represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases.
−Removed: The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases.
+Added: The accumulated benefit obligation also reflects the actuarial present value of benefits attributable to employee service rendered to date excluding the effects of estimated future pay increases.
In 2025, the Company expects to contribute $ 0.2 million to its non-U.S.
33 unchanged sentences
The Company maintains a pension plan for certain employees in the Netherlands which has purchased annuity contracts to meet its obligations.
−Removed: The defined benefit pension plans do not have any direct ownership of Hyster-Yale common stock.
+Added: The defined benefit pension plans do not have any direct ownership of the Company's common stock.
The fair value of each major category of U.S.
13 unchanged sentences
Defined Contribution Plans:
−Removed: The Company has defined contribution (401(k)) plans for substantially all U.S.
−Removed: employees and similar plans for employees outside of the United States.
−Removed: The Company generally matches employee contributions based on plan provisions.
−Removed: In addition, in the United States and United Kingdom, the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants.
+Added: The Company has defined contribution (401(k)) plans for all U.S.
+Added: employees and similar plans for employees outside of the U.S.
+Added: The Company matches employee contributions based on plan provisions.
+Added: In addition, in the U.S.
+Added: and U.K., the Company has defined contribution retirement plans whereby the contribution to participants is determined annually based on a formula that includes the effect of actual compared with targeted operating results and the age and compensation of the participants.
Total costs, including Company contributions, for these plans were $ 39.0 million, $ 33.5 million and $ 21.0 million in 2024, 2023 and 2022, respectively.
1 unchanged sentence
Inventories are stated at the lower of cost or market for last-in, first-out (“LIFO”) inventory or lower of cost or net realizable value for first-in, first-out (“FIFO”) inventory.
−Removed: At December 31, 2023 and 2022, 49 % and 52 %, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts for the lift truck business in the United States.
+Added: At December 31, 2024 and 2023, 53 % and 49 %, respectively, of total inventories were determined using the LIFO method, which consists primarily of manufactured inventories, including service parts for the lift truck business in the U.S.
The FIFO method is used with respect to all other inventories.
2 unchanged sentences
Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve for impaired value is relieved to ensure that the cost basis of the inventory reflects any write-downs.
−Removed: During 2021, Nuvera reduced its inventory by $ 16.1 million to its estimated net realizable value during 2021, which is recorded in “Cost of Sales” in the Consolidated Statements of Operations.
−Removed: Refer to Note 11 for further discussion of the factors related to this adjustment.
+Added: During the year ended December 31, 2024, as a result of severance and impairment charges directly related to restructuring activities, the Company reduced its inventory by $ 2.4 million to its estimated net realizable value in JAPIC, which is recorded in “Restructuring and impairment charges” in the Consolidated Statements of Operations.
+Added: Refer to Note 19, Restructuring and Impairment Charges , for further discussion of the factors related to these adjustments.
Inventories are summarized as follows:
16 unchanged sentences
Fair value is estimated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
−Removed: In connection with the preparation of the financial statements during 2021, the Company identified indicators of impairment primarily related to the unexpected level of significant, on-going pandemic-related and other global supply chain constraints, component shortages, shipping container availability constraints and higher freight costs, as well as significant material cost inflation resulting from the accelerated pace of the market recovery, all of which had negatively impacted the Company.
−Removed: In addition, the effects of the COVID-19 pandemic, including border closures, halted Nuvera's progress on certain research and development agreements that were entered into prior to the start of the pandemic.
−Removed: In anticipation of fulfilling these agreements, Nuvera made significant investments in manufacturing and equipment expansion, as well as increased inventory levels.
−Removed: As a result, it was determined that carrying value of the Nuvera fixed assets exceeded the undiscounted cash flows from the assets and the carrying value of Nuvera's fixed assets exceeded the fair value by $10.0 million.
−Removed: The impairment charge for property, plant and equipment was recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations.
−Removed: The estimated fair value of property, plant and equipment was determined using a cost approach, which is Level 3 under the fair value hierarchy.
−Removed: Based on the Company’s analysis, all other remaining long-lived assets with finite lives were not impaired as of December 31, 2021.
+Added: Primarily related to programs initiated in 2024 to streamline the Company's manufacturing footprint and optimize its operations, the Company identified indicators of impairment for long-lived assets where the estimated future undiscounted cash flows generated by the asset group were less than carrying value.
+Added: As a result, for the year ended December 31, 2024, the Company recorded $ 6.8 million of fixed asset impairments ($ 0.6 million in the Americas, $ 4.6 million in JAPIC and $ 1.6 million in Bolzoni) representing the amount of the assets groups carrying value in excess of its fair value.
+Added: The estimated fair value was determined using a cost approach, which is Level 3 under the fair value hierarchy.
+Added: These charges are recorded in “Restructuring and impairment charges” in the Consolidated Statements of Operations.
+Added: Refer to Note 19, Restructuring and Impairment Charges , for further discussion of the factors related to these adjustments.
+Added: There were no such impairments recorded in the year ended December 31, 2023.
Property, plant and equipment, net includes the following:
17 unchanged sentences
The fair value of each reporting unit was in excess of its carrying value and thus, no impairment exists.
−Removed: During 2021, the Company completed the annual testing of impairment of goodwill as of May 1, 2021 and an interim impairment test as of December 31, 2021 at the reporting unit level for the related goodwill.
−Removed: Based on the annual testing, the fair value of each reporting unit was in excess of its carrying value and no impairment existed.
−Removed: During 2021, the Company continued to experience pandemic-related and other global supply chain constraints, component shortages, shipping container availability constraints and higher freight costs, as well as significant material cost inflation resulting from the accelerated pace of the market recovery.
−Removed: These items significantly impacted the Company's results of operations in 2021.
−Removed: In addition, the timeframe for the expected easing of these factors impacted the Company's near and long-term forecasts.
−Removed: Accordingly, in connection with the preparation of its 2021 financial statements, the Company conducted an interim goodwill impairment test as of December 31, 2021 for the JAPIC and Bolzoni reporting units.
−Removed: As a result, the Company recognized a $ 55.6 million goodwill impairment charge for the JAPIC reporting unit in the fourth quarter of 2021, of which $ 11.7 million was attributable to the noncontrolling interest.
−Removed: No impairment of goodwill for the Bolzoni reporting unit was identified.
+Added: During the year ended December 31, 2024, Bolzoni acquired 60% of the equity interest of a machining business in Italy.
+Added: 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.
+Added: The table below includes the initial allocation of goodwill which is expected to be finalized in the first quarter of 2025.
The following table summarizes goodwill by segment as of December 31, 2024 and 2023:
2 unchanged sentences
Balance at January 1, 2023
−Removed: Disposals — — ( 1.7 ) ( 1.7 )
+Added: $ 1.7 $ 1.0 $ 48.6 $ 51.3
Foreign currency translation — — 2.0 2.0
Balance at December 31, 2023
+Added: $ 1.7 $ 1.0 $ 50.6 $ 53.3
+Added: Acquisition $ — $ — $ 4.6 $ 4.6
Foreign currency translation — — ( 3.3 ) ( 3.3 )
Balance at December 31, 2024
+Added: $ 1.7 $ 1.0 $ 51.9 $ 54.6
The Company has indefinite-lived intangible assets for the Bolzoni trademarks.
Fair values used in testing for potential impairment of the trademarks are calculated by applying an estimated market value royalty rate to the forecasted revenues of the businesses that utilize those assets.
−Removed: The assumed cash flows from this calculation are discounted using Bolzoni’s weighted
−Removed: average cost of capital.
+Added: The assumed cash flows from this calculation are discounted using Bolzoni’s weighted average cost of capital.
The Company completed the annual testing of impairment as of May 1, 2024.
45 unchanged sentences
The Company has a $ 300.0 million secured, floating-rate revolving credit facility (the "Facility") that expires in June 2026 and a $ 225.0 million term loan (the "Term Loan"), which matures in May 2028.
−Removed: On May 25, 2023, the Company entered into an amendment of the Facility.
+Added: In 2023, the Company entered into an amendment of the Facility.
As a result of the amendment, among other items, (i) a tranche of revolving loans with aggregate commitments of $ 25.0 million (the "FILO Commitments") was established under the Facility and (ii) the benchmark interest rate for U.S.
dollar-denominated borrowings under the Facility changed from LIBOR to Term SOFR, each as defined in the Facility.
−Removed: The FILO Commitments will terminate on May 1, 2024 unless otherwise terminated prior to such date by the Company in accordance with the terms of the Facility.
−Removed: Commencing December 1, 2023, the FILO Commitments amortize on a monthly basis in the amount of $4.2 million per month.
−Removed: Loans under the FILO Commitments ("FILO Loans") bear interest at a floating rate, which can be a base rate or Term SOFR, plus an applicable margin.
−Removed: The applicable margins for FILO Loans are 2.25% for base rate loans and 3.25% for Term SOFR loans.
−Removed: Subsequent to the amendment, existing U.S.
−Removed: Loans (as defined in the Facility) were reallocated to the FILO Commitment.
−Removed: As a result of such reallocation, the FILO Commitment was fully utilized as of the closing of such amendment.
−Removed: After giving effect to the amendment, the Facility consists of a domestic revolving credit facility in the amount of $ 210.0 million, a foreign revolving credit facility in the amount of $ 90.0 million and the FILO Commitments in the original amount of $ 25.0 million, which was $ 20.8 million at December 31, 2023 after giving effect to amortization.
+Added: The FILO Commitments terminated on May 1, 2024.
+Added: The Facility consists of a domestic revolving credit facility in the amount of $ 210.0 million and a foreign revolving credit facility in the amount of $ 90.0 million.
The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders.
−Removed: The obligations under the Facility are generally secured by a first priority lien on working
−Removed: capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
+Added: The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
The approximate book value of assets held as collateral under the Facility was $ 1.2 billion as of December 31, 2024.
9 unchanged sentences
Availability $ 242.7
−Removed: FILO LOANS LOANS OTHER THAN FILO LOANS
Applicable margins, as defined in agreement
−Removed: base rate loans 2.25 %
−Removed: 0.25 % to 0.75 %
+Added: base rate loans 0.25 % to 0.75 %
SOFR, EURIBOR and non-U.S.
−Removed: base rate loans 3.25 %
−Removed: 1.25 % to 1.75 %
+Added: base rate loans 1.25 % to 1.75 %
SOFR adjustment, as defined in agreement 0.10 %
5 unchanged sentences
base rate 8.00 %
−Removed: SOFR 8.69 % 6.95 %
Facility fee, per annum on unused commitment 0.25 %
The Term Loan was amended in the second quarter of 2023 for the purpose of changing the benchmark interest rate for borrowings under the Term Loan from LIBOR to Term SOFR, each as defined in the Term Loan.
−Removed: The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $562,500 and the final principal repayment is due in May 2028.
+Added: The Term Loan requires quarterly principal payments on the last day of each March, June, September and December, which commenced September 30, 2021, in an amount equal to $0.6 million and the final principal repayment is due in May 2028.
The Company may also be required to make mandatory prepayments, in certain circumstances, as provided in the Term Loan.
15 unchanged sentences
Applicable interest rate, for amounts outstanding 7.97 %
−Removed: The Company incurred fees of $ 0.8 million and $ 7.6 million in 2023 and 2021, respectively.
+Added: The Company incurred fees of $ 0.8 million in 2023.
These fees related to amending the Facility and the Term Loan.
These fees were deferred and are being amortized as interest expense over the term of the applicable debt agreements.
−Removed: No fees were incurred in 2022.
+Added: No fees were incurred in 2024 and 2022.
Fees related to the Term Loan are presented as a direct deduction of the corresponding debt.
4 unchanged sentences
The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception.
+Added: Specifically, when determining the classification of a lease as operating or financing, the Company considers whether there is control of the underlying asset, the transfer of substantially all of the economic benefits associated with the asset and whether the lease term and present value of lease payments are significant relative to the asset's fair value.
The Company does not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with an initial term of twelve months or less).
13 unchanged sentences
Total $ 128.0 $ 114.6
+Added: Location on Balance Sheet December 31, 2024 December 31, 2023
Operating lease liabilities Other current liabilities 15.9 15.9
6 unchanged sentences
Finance lease obligations of $ 13.5 million, $ 11.1 million and $ 12.1 million were incurred in connection with lease agreements to acquire machinery and equipment during 2024, 2023 and 2022, respectively.
−Removed: In addition, leases with HYGFS included in the Consolidated Balance Sheet at December 31, 2023 and 2022, include $ 13.1 million and $ 10.9 million of ROU assets and $ 13.2 million and $ 11.0 million of lease liabilities.
+Added: In addition, leases with HYGFS included in the Consolidated Balance Sheet at December 31, 2024 and 2023, include $ 16.3 million and $ 13.1 million of ROU assets and $ 16.4 million and $ 13.2 million of lease liabilities, respectively.
As of December 31, 2024, the Company had the following remaining lease term and weighted average discount rates:
2 unchanged sentences
Weighted-average discount rate 6.21 % 5.28 %
−Removed: For the December 31, 2023, the Company recorded the following amounts:
−Removed: Year Ended Year Ended
+Added: For the year ended December 31, 2024, the Company recorded the following amounts:
Location on Income Statement December 31, 2024 December 31, 2023
9 unchanged sentences
For the year ended December 31, 2024, the Company recorded the following amounts:
−Removed: Year Ended Year Ended
December 31, 2024 December 31, 2023
43 unchanged sentences
Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated.
−Removed: Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.
+Added: Although the ultimate disposition of these proceedings is not
+Added: presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.
NOTE 17— Guarantees
4 unchanged sentences
The Company generally retains a security interest in the related assets financed such that, in the event the Company would become obligated under the terms of the recourse or repurchase obligations, the Company would take title to the assets financed.
−Removed: The fair value of collateral held at December 31, 2023 was
−Removed: approximately $ 217.8 million based on Company estimates.
+Added: The fair value of collateral held at December 31, 2024 was approximately $ 265.9 million based on Company estimates.
The Company estimates the fair value of the collateral using information regarding the original sales price, the current age of the equipment and general market conditions that influence the value of both new and used lift trucks.
13 unchanged sentences
Although the Company’s contractual guarantee was $ 289.4 million, the loans by WF to HYGFS are secured by HYGFS’ customer receivables, of which the Company guarantees $ 174.3 million.
−Removed: Excluding the HYGFS receivables guaranteed by the Company from HYGFS’ loans to WF, the Company’s incremental obligation as a result of this guarantee to WF is $ 236.5 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $ 306.3 million.
+Added: Excluding the HYGFS receivables guaranteed by the Company, the Company’s incremental obligation as a result of this guarantee to WF is $ 259.7 million, which is secured by 20% of HYGFS' customer receivables and other secured assets of $ 337.8 million.
HYGFS has not defaulted under the terms of this debt financing in the past, and although there can be no assurances, the Company is not aware of any circumstances that would cause HYGFS to default in future periods.
1 unchanged sentence
The Company maintains an interest in one variable interest entity, HYGFS.
−Removed: HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and National Account customers in the United States and is included in the Americas segment.
+Added: HYGFS is a joint venture with WF formed primarily for the purpose of providing financial services to independent Hyster ® and Yale ® lift truck dealers and major account customers in the U.S.
+Added: and is included in the Americas segment.
The Company does not have a controlling financial interest or have the power to direct the activities that most significantly affect the economic performance of HYGFS.
10 unchanged sentences
In addition, the Company also provides a guarantee to WF for their portion of HYGFS' debt.
−Removed: Refer to Note 17 for additional details relating to the guarantees provided to WF.
+Added: Refer to Note 17, Guarantees , for additional details relating to the guarantees provided to WF.
In addition to providing financing to dealers, HYGFS provides operating lease financing to the Company.
10 unchanged sentences
The Company purchases products from SN under normal trade terms based on current market prices.
−Removed: In 2023, 2022 and 2021, purchases from SN were $ 23.7 million, $ 40.4 million and $ 38.6 million, respectively.
+Added: During the years ended December 31, 2024, 2023 and 2022, purchases from SN were $ 14.5 million, $ 23.7 million and $ 40.4 million, respectively.
Amounts payable to SN at December 31, 2024 and 2023 were $ 7.7 million and $ 6.7 million, respectively.
−Removed: The Company recognized income of $ 0.4 million, $ 0.3 million and $ 0.4 million from SN for use of technology developed by the Company which is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: The Company did not recognize any income from SN for use of technology developed by the Company during the year ended December 31, 2024.
+Added: The Company recognized income of $ 0.4 million and $ 0.3 million from SN for use of technology developed by the Company which is included in “Revenues” in the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022, respectively.
Summarized unaudited financial information for equity investments is as follows:
18 unchanged sentences
$ 4.4 $ 10.5 $ 15.6
−Removed: During the first quarter of 2021, the Company sold its investment in preferred shares of a third party, OneH2, Inc.
−Removed: ("OneH2"), Inc.
−Removed: for $ 15.7 million, including accrued dividends, and recognized a gain of $ 4.6 million.
−Removed: The gain on the sale of the investment is included on the line "Other, net" in the "Other (income) expense" section of the Consolidated Statements of Operations.
−Removed: The Company's investment was $ 0.8 million at each of December 31, 2023 and December 31, 2022.
−Removed: During the fourth quarter of 2023, the Company sold its equity investment in a third party for $ 1.1 million which is included on the line "Proceeds from the sale of investments" in the Consolidated Statements of Cash Flows for the year ended December 31, 2023.
−Removed: The Company's investment as of December 31, 2022 was $ 0.5 million.
−Removed: Any gain or loss on the investment prior to the sale is included on the line "Other, net" in the "Other (income) expense" section of the Consolidated Statements of Operations for the years ended December 31, as follows:
+Added: The Company has a debt investment in a third party, OneH2, Inc.
+Added: The Company's investment was $ 0.8 million as of both December 31, 2024 and December 31, 2023, respectively.
+Added: During the fourth quarter of 2023, the Company sold its equity investment in a third party for $1.1 million which is included in "Proceeds from the sale of investments" in the Consolidated Statements of Cash Flows for the year ended December 31, 2023.
+Added: Any gain or loss on the investment prior to the sale is included in "Other, net" in the "Other (income) expense" section of the Consolidated Statements of Operations for the years ended December 31 as follows:
2024 2023 2022
Gain (loss) on equity investment $ — $ 0.5 $ ( 1.0 )
+Added: NOTE 19—Restructuring and Impairment Charges
+Added: During 2024, the Company recognized restructuring and impairment charges of $ 22.6 million ($ 6.8 million in the Americas, $ 2.4 million in EMEA, $ 8.6 million in JAPIC, $ 4.3 million in Bolzoni and $ 0.5 million in Nuvera), primarily related to programs to streamline the Company's manufacturing footprint and optimize its operations by reducing costs and improving operational efficiency.
+Added: The charges primarily consist of employee-severance costs and the impairment of certain long-lived assets.
+Added: These costs are included in "Restructuring and impairment charges" in the Consolidated Statements of Operations.
+Added: The Company expects to execute these programs over the next 12 to 36 months.
+Added: As of December 31, 2024, the Company estimates incurring additional restructuring charges of approximately $ 8 million to $ 16 million is each of 2025 and 2026 related to these plans.
+Added: Following is the detail of the cash charges related to this program:
+Added: Balance, January 1, 2024
+Added: Payments ( 0.4 )
+Added: Balance, December 31, 2024
NOTE 20— Maximal Equity Transfer Agreement
During 2021, the Company signed an Equity Transfer Agreement ("ETA") with Y-C Hongkong Holding Co., Limited (“HK Holding Co”).
−Removed: In June 2022, the Company purchased 15 % of the equity interest of Hyster-Yale Maximal from HK Holding Co
−Removed: for an aggregate purchase price of $ 25.2 million, which will be paid in annual installments of $ 8.4 million beginning in June 2022 through June 2024.
+Added: In June 2022, the Company purchased 15 % of the equity interest of Hyster-Yale Maximal from HK Holding Co for an aggregate purchase price of $ 25.2 million, which was paid in annual installments of $ 8.4 million beginning in June 2022 through June 2024.
The Company has an option to purchase HK Holding Co's remaining 10% interest in Hyster-Yale Maximal at any time prior to June 8, 2056 for $ 16.8 million.
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.