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Business Segment Information | 6 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Business Segment Information |
20. | Business Segment Information
The Company is organized into four reportable segments based on the internal organization used by the President and Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Access equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 273.7 |  |  | $ | — |  |  | $ | 273.7 |  |  | $ | 463.5 |  |  | $ | — |  |  | $ | 463.5 |
Telehandlers |  |  | 217.6 |  |  |  | — |  |  |  | 217.6 |  |  |  | 319.5 |  |  |  | — |  |  |  | 319.5 |
Other |  |  | 201.7 |  |  |  | — |  |  |  | 201.7 |  |  |  | 204.6 |  |  |  | — |  |  |  | 204.6 |
Total access equipment |  |  | 693.0 |  |  |  | — |  |  |  | 693.0 |  |  |  | 987.6 |  |  |  | — |  |  |  | 987.6 |
Defense |  |  | 614.6 |  |  |  | 0.4 |  |  |  | 615.0 |  |  |  | 486.2 |  |  |  | 0.5 |  |  |  | 486.7 |
Fire & emergency |  |  | 253.4 |  |  |  | 2.2 |  |  |  | 255.6 |  |  |  | 279.0 |  |  |  | 4.2 |  |  |  | 283.2 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Concrete placement |  |  | 89.7 |  |  |  | — |  |  |  | 89.7 |  |  |  | 115.3 |  |  |  | — |  |  |  | 115.3 |
Refuse collection |  |  | 115.2 |  |  |  | — |  |  |  | 115.2 |  |  |  | 92.0 |  |  |  | — |  |  |  | 92.0 |
Other |  |  | 30.1 |  |  |  | 1.7 |  |  |  | 31.8 |  |  |  | 29.8 |  |  |  | 0.8 |  |  |  | 30.6 |
Total commercial |  |  | 235.0 |  |  |  | 1.7 |  |  |  | 236.7 |  |  |  | 237.1 |  |  |  | 0.8 |  |  |  | 237.9 |
Corporate and intersegment eliminations |  |  | 0.7 |  |  |  | (4.3 | ) |  |  | (3.6 | ) |  |  | 0.3 |  |  |  | (5.5 | ) |  |  | (5.2 | )
Consolidated |  | $ | 1,796.7 |  |  | $ | — |  |  | $ | 1,796.7 |  |  | $ | 1,990.2 |  |  | $ | — |  |  | $ | 1,990.2 |
|  | Six Months Ended March 31, |
|  | 2020 |  |  | 2019 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Access equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 579.7 |  |  | $ | — |  |  | $ | 579.7 |  |  | $ | 801.2 |  |  | $ | — |  |  | $ | 801.2 |
Telehandlers |  |  | 419.0 |  |  |  | — |  |  |  | 419.0 |  |  |  | 589.0 |  |  |  | — |  |  |  | 589.0 |
Other |  |  | 412.2 |  |  |  | — |  |  |  | 412.2 |  |  |  | 423.9 |  |  |  | — |  |  |  | 423.9 |
Total access equipment |  |  | 1,410.9 |  |  |  | — |  |  |  | 1,410.9 |  |  |  | 1,814.1 |  |  |  | — |  |  |  | 1,814.1 |
Defense |  |  | 1,107.2 |  |  |  | 0.9 |  |  |  | 1,108.1 |  |  |  | 950.0 |  |  |  | 0.8 |  |  |  | 950.8 |
Fire & emergency |  |  | 513.4 |  |  |  | 4.6 |  |  |  | 518.0 |  |  |  | 570.2 |  |  |  | 8.5 |  |  |  | 578.7 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Concrete placement |  |  | 165.4 |  |  |  | — |  |  |  | 165.4 |  |  |  | 197.0 |  |  |  | — |  |  |  | 197.0 |
Refuse collection |  |  | 231.1 |  |  |  | — |  |  |  | 231.1 |  |  |  | 201.2 |  |  |  | — |  |  |  | 201.2 |
Other |  |  | 62.4 |  |  |  | 2.0 |  |  |  | 64.4 |  |  |  | 60.5 |  |  |  | 1.4 |  |  |  | 61.9 |
Total commercial |  |  | 458.9 |  |  |  | 2.0 |  |  |  | 460.9 |  |  |  | 458.7 |  |  |  | 1.4 |  |  |  | 460.1 |
Corporate and intersegment eliminations |  |  | 1.4 |  |  |  | (7.5 | ) |  |  | (6.1 | ) |  |  | 0.6 |  |  |  | (10.7 | ) |  |  | (10.1 | )
Consolidated |  | $ | 3,491.8 |  |  | $ | — |  |  | $ | 3,491.8 |  |  | $ | 3,793.6 |  |  | $ | — |  |  | $ | 3,793.6 |
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access equipment |  | $ | 70.8 |  |  | $ | 119.8 |  |  | $ | 139.8 |  |  | $ | 186.2 |
Defense |  |  | 58.2 |  |  |  | 52.2 |  |  |  | 89.1 |  |  |  | 123.3 |
Fire & emergency |  |  | 20.5 |  |  |  | 36.6 |  |  |  | 51.5 |  |  |  | 76.5 |
Commercial |  |  | 8.1 |  |  |  | 7.8 |  |  |  | 25.9 |  |  |  | 26.5 |
Corporate |  |  | (24.0 | ) |  |  | (40.8 | ) |  |  | (63.6 | ) |  |  | (76.4 | )
Consolidated |  |  | 133.6 |  |  |  | 175.6 |  |  |  | 242.7 |  |  |  | 336.1 |
Interest expense, net of interest income |  |  | (20.7 | ) |  |  | (11.7 | ) |  |  | (32.5 | ) |  |  | (23.2 | )
Miscellaneous other (expense) income |  |  | (5.8 | ) |  |  | 1.2 |  |  |  | (6.2 | ) |  |  | — |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 107.1 |  |  | $ | 165.1 |  |  | $ | 204.0 |  |  | $ | 312.9 |
|  | March 31, 2020 |  |  | September 30, 2019 |
Identifiable assets: |  |  |  |  |  |  |  |
Access equipment: |  |  |  |  |  |  |  |
U.S. |  | $ | 2,320.1 |  |  | $ | 2,317.2 |
Europe, Africa and Middle East |  |  | 383.6 |  |  |  | 403.4 |
Rest of the World (b) |  |  | 344.4 |  |  |  | 252.6 |
Total access equipment |  |  | 3,048.1 |  |  |  | 2,973.2 |
Defense: |  |  |  |  |  |  |  |
U.S. |  |  | 1,015.4 |  |  |  | 883.0 |
Rest of the World |  |  | 6.0 |  |  |  | 6.7 |
Total defense |  |  | 1,021.4 |  |  |  | 889.7 |
Fire & emergency - U.S. |  |  | 610.3 |  |  |  | 587.9 |
Commercial: |  |  |  |  |  |  |  |
U.S. |  |  | 436.9 |  |  |  | 383.6 |
Rest of the World |  |  | 40.8 |  |  |  | 48.9 |
Total commercial |  |  | 477.7 |  |  |  | 432.5 |
Corporate: |  |  |  |  |  |  |  |
U.S. (a) |  |  | 704.4 |  |  |  | 597.6 |
Rest of the World (b) |  |  | — |  |  |  | 85.4 |
Total corporate |  |  | 704.4 |  |  |  | 683.0 |
Consolidated |  | $ | 5,861.9 |  |  | $ | 5,566.3 |
(a) | Primarily includes cash and short-term investments and the Company’s new global headquarters.
(b) | Control of a shared manufacturing facility in Mexico transferred to the access equipment segment effective October 1, 2019.
The following table presents net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended March 31, 2020 |
|  | Access equipment |  |  | Defense |  |  | Fire & emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 553.9 |  |  | $ | 596.0 |  |  | $ | 247.6 |  |  | $ | 234.0 |  |  | $ | (3.6 | ) |  | $ | 1,627.9 |
Europe, Africa and Middle East |  |  | 84.7 |  |  |  | 17.7 |  |  |  | 0.3 |  |  |  | 0.6 |  |  |  | — |  |  |  | 103.3 |
Rest of the World |  |  | 54.4 |  |  |  | 1.3 |  |  |  | 7.7 |  |  |  | 2.1 |  |  |  | — |  |  |  | 65.5 |
|  | $ | 693.0 |  |  | $ | 615.0 |  |  | $ | 255.6 |  |  | $ | 236.7 |  |  | $ | (3.6 | ) |  | $ | 1,796.7 |
|  | Three Months Ended March 31, 2019 |
|  | Access equipment |  |  | Defense |  |  | Fire & emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 724.0 |  |  | $ | 465.6 |  |  | $ | 274.0 |  |  | $ | 230.1 |  |  | $ | (5.3 | ) |  | $ | 1,688.4 |
Europe, Africa and Middle East |  |  | 163.2 |  |  |  | 21.0 |  |  |  | 0.9 |  |  |  | 0.3 |  |  |  | — |  |  |  | 185.4 |
Rest of the World |  |  | 100.4 |  |  |  | 0.1 |  |  |  | 8.3 |  |  |  | 7.5 |  |  |  | 0.1 |  |  |  | 116.4 |
|  | $ | 987.6 |  |  | $ | 486.7 |  |  | $ | 283.2 |  |  | $ | 237.9 |  |  | $ | (5.2 | ) |  | $ | 1,990.2 |
|  | Six Months Ended March 31, 2020 |
|  | Access equipment |  |  | Defense |  |  | Fire & emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,101.0 |  |  | $ | 1,081.5 |  |  | $ | 491.5 |  |  | $ | 452.8 |  |  | $ | (6.1 | ) |  | $ | 3,120.7 |
Europe, Africa and Middle East |  |  | 158.9 |  |  |  | 23.8 |  |  |  | 0.7 |  |  |  | 0.9 |  |  |  | — |  |  |  | 184.3 |
Rest of the World |  |  | 151.0 |  |  |  | 2.8 |  |  |  | 25.8 |  |  |  | 7.2 |  |  |  | — |  |  |  | 186.8 |
|  | $ | 1,410.9 |  |  | $ | 1,108.1 |  |  | $ | 518.0 |  |  | $ | 460.9 |  |  | $ | (6.1 | ) |  | $ | 3,491.8 |
|  | Six Months Ended March 31, 2019 |
|  | Access equipment |  |  | Defense |  |  | Fire & emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,370.2 |  |  | $ | 913.8 |  |  | $ | 547.0 |  |  | $ | 447.7 |  |  | $ | (10.1 | ) |  | $ | 3,268.6 |
Europe, Africa and Middle East |  |  | 276.9 |  |  |  | 36.9 |  |  |  | 11.9 |  |  |  | 2.2 |  |  |  | — |  |  |  | 327.9 |
Rest of the World |  |  | 167.0 |  |  |  | 0.1 |  |  |  | 19.8 |  |  |  | 10.2 |  |  |  | — |  |  |  | 197.1 |
|  | $ | 1,814.1 |  |  | $ | 950.8 |  |  | $ | 578.7 |  |  | $ | 460.1 |  |  | $ | (10.1 | ) |  | $ | 3,793.6 |

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- References No definition available. + Details
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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