MANITOWOC CO INC Segments Disclosure
17. Segments
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the , who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.
The Company has three reportable segments: Americas, Europe and Africa (“EURAF”) and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region.
The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets.
The following table shows information by reportable segment for the years ended December 31, 2025, 2024, and 2023:
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Year Ended December 31, 2025 |
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Year Ended December 31, 2024 |
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Year Ended December 31, 2023 |
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Americas |
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EURAF |
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MEAP |
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Total |
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Americas |
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EURAF |
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MEAP |
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Total |
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Americas |
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EURAF |
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MEAP |
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Total |
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Revenues from external customers |
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$ |
1,259.9 |
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$ |
667.2 |
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$ |
313.8 |
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$ |
2,240.9 |
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$ |
1,197.6 |
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$ |
616.0 |
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$ |
364.4 |
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$ |
2,178.0 |
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$ |
1,211.2 |
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$ |
669.6 |
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$ |
347.0 |
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$ |
2,227.8 |
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Less: (a) |
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Cost of sales |
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1,023.7 |
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569.9 |
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242.6 |
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1,836.2 |
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962.1 |
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541.1 |
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299.8 |
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1,803.0 |
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973.6 |
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557.8 |
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271.2 |
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1,802.6 |
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Engineering, selling, and administration costs |
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135.2 |
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138.4 |
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25.7 |
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299.3 |
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127.8 |
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119.0 |
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24.4 |
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271.2 |
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123.0 |
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118.8 |
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23.2 |
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265.0 |
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Other segment items (b) |
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5.3 |
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1.8 |
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0.9 |
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8.0 |
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4.0 |
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2.5 |
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0.8 |
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7.3 |
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2.9 |
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0.9 |
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0.3 |
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4.1 |
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Segment operating income (loss) |
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95.7 |
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(42.9 |
) |
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44.6 |
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97.4 |
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103.7 |
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(46.6 |
) |
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39.4 |
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96.5 |
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111.7 |
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(7.9 |
) |
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52.3 |
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156.1 |
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Reconciliation of segment operating income (loss) |
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Interest expense |
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(37.7 |
) |
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(38.3 |
) |
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(33.9 |
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Amortization of deferred financing fees |
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(1.5 |
) |
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(1.4 |
) |
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(1.3 |
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Other expense - net |
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(2.2 |
) |
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(0.4 |
) |
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(13.0 |
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Unallocated amounts: |
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Other corporate expenses |
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(43.6 |
) |
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(44.7 |
) |
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(63.6 |
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Restructuring (income) expense |
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— |
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— |
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(0.1 |
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Income before income taxes |
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$ |
12.4 |
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$ |
11.7 |
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$ |
44.2 |
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Other Segment Disclosures |
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Depreciation and amortization (c) |
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34.9 |
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22.2 |
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2.8 |
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59.9 |
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33.4 |
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23.6 |
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2.8 |
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59.8 |
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32.1 |
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22.1 |
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2.4 |
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56.6 |
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Capital expenditures |
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17.3 |
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17.0 |
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2.5 |
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36.8 |
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17.7 |
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25.1 |
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2.9 |
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45.7 |
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46.5 |
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28.5 |
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2.4 |
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77.4 |
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Americas — amortization expense and restructuring expense.
EURAF — restructuring expense.
MEAP — restructuring expense.
Net sales by geographic area for the years ended December 31, 2025, 2024, and 2023 and property, plant, and equipment as of December 31, 2025 and 2024 are summarized as follows:
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Net Sales |
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Property, Plant, and Equipment |
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2025 |
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2024 |
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2023 |
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2025 |
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2024 |
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United States |
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$ |
1,149.8 |
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$ |
1,060.7 |
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$ |
1,039.9 |
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$ |
158.8 |
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$ |
170.5 |
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Europe |
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640.4 |
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598.7 |
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641.9 |
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164.4 |
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154.3 |
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Other |
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450.7 |
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518.6 |
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546.0 |
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19.8 |
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21.4 |
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Total net sales |
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$ |
2,240.9 |
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$ |
2,178.0 |
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$ |
2,227.8 |
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$ |
343.0 |
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$ |
346.2 |
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New machine and non-new machine sales for the years ended December 31, 2025, 2024, and 2023 are summarized as follows:
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2025 |
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2024 |
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2023 |
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New machine sales |
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$ |
1,550.4 |
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$ |
1,548.9 |
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$ |
1,615.1 |
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Non-new machine sales |
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690.5 |
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629.1 |
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|
612.7 |
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Total net sales |
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$ |
2,240.9 |
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$ |
2,178.0 |
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$ |
2,227.8 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.