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Business Segment Information

6 Months Ended

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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- 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

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