XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.20.2

Business Segment Information | 9 Months Ended
--- | ---
Jun. 30, 2020
Segment Reporting [Abstract] |
Business Segment Information |
2 1. | Business Segment Information
The Company is organized into four reportable segments based on the internal organization used by the 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 June 30, |
|  | 2020 |  |  | 2019 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Access Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 221.0 |  |  | $ | — |  |  | $ | 221.0 |  |  | $ | 664.2 |  |  | $ | — |  |  | $ | 664.2 |
Telehandlers |  |  | 127.5 |  |  |  | — |  |  |  | 127.5 |  |  |  | 358.9 |  |  |  | — |  |  |  | 358.9 |
Other |  |  | 131.4 |  |  |  | 8.1 |  |  |  | 139.5 |  |  |  | 226.0 |  |  |  | — |  |  |  | 226.0 |
Total Access Equipment |  |  | 479.9 |  |  |  | 8.1 |  |  |  | 488.0 |  |  |  | 1,249.1 |  |  |  | — |  |  |  | 1,249.1 |
Defense |  |  | 547.0 |  |  |  | 0.5 |  |  |  | 547.5 |  |  |  | 510.6 |  |  |  | 0.5 |  |  |  | 511.1 |
Fire & Emergency |  |  | 308.7 |  |  |  | 2.0 |  |  |  | 310.7 |  |  |  | 336.9 |  |  |  | 4.1 |  |  |  | 341.0 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Concrete placement |  |  | 121.5 |  |  |  | — |  |  |  | 121.5 |  |  |  | 136.4 |  |  |  | — |  |  |  | 136.4 |
Refuse collection |  |  | 99.2 |  |  |  | — |  |  |  | 99.2 |  |  |  | 125.5 |  |  |  | — |  |  |  | 125.5 |
Other |  |  | 24.4 |  |  |  | 2.6 |  |  |  | 27.0 |  |  |  | 33.7 |  |  |  | 0.5 |  |  |  | 34.2 |
Total Commercial |  |  | 245.1 |  |  |  | 2.6 |  |  |  | 247.7 |  |  |  | 295.6 |  |  |  | 0.5 |  |  |  | 296.1 |
Corporate and intersegment eliminations |  |  | 0.1 |  |  |  | (13.2 | ) |  |  | (13.1 | ) |  |  | 0.5 |  |  |  | (5.1 | ) |  |  | (4.6 | )
Consolidated |  | $ | 1,580.8 |  |  | $ | — |  |  | $ | 1,580.8 |  |  | $ | 2,392.7 |  |  | $ | — |  |  | $ | 2,392.7 |
|  | Nine Months Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Access Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 800.7 |  |  | $ | — |  |  | $ | 800.7 |  |  | $ | 1,465.4 |  |  | $ | — |  |  | $ | 1,465.4 |
Telehandlers |  |  | 546.5 |  |  |  | — |  |  |  | 546.5 |  |  |  | 947.9 |  |  |  | — |  |  |  | 947.9 |
Other |  |  | 543.6 |  |  |  | 8.1 |  |  |  | 551.7 |  |  |  | 649.9 |  |  |  | — |  |  |  | 649.9 |
Total Access Equipment |  |  | 1,890.8 |  |  |  | 8.1 |  |  |  | 1,898.9 |  |  |  | 3,063.2 |  |  |  | — |  |  |  | 3,063.2 |
Defense |  |  | 1,654.2 |  |  |  | 1.4 |  |  |  | 1,655.6 |  |  |  | 1,460.6 |  |  |  | 1.3 |  |  |  | 1,461.9 |
Fire & Emergency |  |  | 822.1 |  |  |  | 6.6 |  |  |  | 828.7 |  |  |  | 907.1 |  |  |  | 12.6 |  |  |  | 919.7 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Concrete placement |  |  | 286.9 |  |  |  | — |  |  |  | 286.9 |  |  |  | 333.4 |  |  |  | — |  |  |  | 333.4 |
Refuse collection |  |  | 330.3 |  |  |  | — |  |  |  | 330.3 |  |  |  | 326.7 |  |  |  | — |  |  |  | 326.7 |
Other |  |  | 86.8 |  |  |  | 4.6 |  |  |  | 91.4 |  |  |  | 94.2 |  |  |  | 1.9 |  |  |  | 96.1 |
Total Commercial |  |  | 704.0 |  |  |  | 4.6 |  |  |  | 708.6 |  |  |  | 754.3 |  |  |  | 1.9 |  |  |  | 756.2 |
Corporate and intersegment eliminations |  |  | 1.5 |  |  |  | (20.7 | ) |  |  | (19.2 | ) |  |  | 1.1 |  |  |  | (15.8 | ) |  |  | (14.7 | )
Consolidated |  | $ | 5,072.6 |  |  | $ | — |  |  | $ | 5,072.6 |  |  | $ | 6,186.3 |  |  | $ | — |  |  | $ | 6,186.3 |
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access Equipment |  | $ | 33.5 |  |  | $ | 189.9 |  |  | $ | 173.3 |  |  | $ | 376.1 |
Defense |  |  | 40.0 |  |  |  | 29.5 |  |  |  | 129.1 |  |  |  | 152.8 |
Fire & Emergency |  |  | 47.6 |  |  |  | 50.7 |  |  |  | 99.1 |  |  |  | 127.2 |
Commercial |  |  | 23.8 |  |  |  | 21.5 |  |  |  | 49.7 |  |  |  | 48.0 |
Corporate |  |  | (26.3 | ) |  |  | (33.8 | ) |  |  | (89.9 | ) |  |  | (110.2 | )
Consolidated |  |  | 118.6 |  |  |  | 257.8 |  |  |  | 361.3 |  |  |  | 593.9 |
Interest expense, net of interest income |  |  | (11.7 | ) |  |  | (12.2 | ) |  |  | (44.2 | ) |  |  | (35.4 | )
Miscellaneous other (expense) income |  |  | 1.5 |  |  |  | 0.3 |  |  |  | (4.7 | ) |  |  | 0.3 |
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 108.4 |  |  | $ | 245.9 |  |  | $ | 312.4 |  |  | $ | 558.8 |
|  | June 30, 2020 |  |  | September 30, 2019 |
Identifiable assets: |  |  |  |  |  |  |  |
Access Equipment: |  |  |  |  |  |  |  |
U.S. |  | $ | 2,264.1 |  |  | $ | 2,317.2 |
Europe, Africa and Middle East |  |  | 366.3 |  |  |  | 403.4 |
Rest of the World (b) |  |  | 362.9 |  |  |  | 252.6 |
Total Access Equipment |  |  | 2,993.3 |  |  |  | 2,973.2 |
Defense: |  |  |  |  |  |  |  |
U.S. |  |  | 1,081.9 |  |  |  | 883.0 |
Rest of the World |  |  | 7.2 |  |  |  | 6.7 |
Total Defense |  |  | 1,089.1 |  |  |  | 889.7 |
Fire & Emergency - U.S. |  |  | 595.6 |  |  |  | 587.9 |
Commercial: |  |  |  |  |  |  |  |
U.S. |  |  | 406.0 |  |  |  | 383.6 |
Rest of the World |  |  | 42.6 |  |  |  | 48.9 |
Total Commercial |  |  | 448.6 |  |  |  | 432.5 |
Corporate: |  |  |  |  |  |  |  |
U.S. (a) |  |  | 633.7 |  |  |  | 597.6 |
Rest of the World (b) |  |  | — |  |  |  | 85.4 |
Total Corporate |  |  | 633.7 |  |  |  | 683.0 |
Consolidated |  | $ | 5,760.3 |  |  | $ | 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 June 30, 2020 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 341.2 |  |  | $ | 515.1 |  |  | $ | 278.2 |  |  | $ | 246.9 |  |  | $ | (13.1 | ) |  | $ | 1,368.3 |
Europe, Africa and Middle East |  |  | 57.5 |  |  |  | 31.3 |  |  |  | 27.5 |  |  |  | 0.2 |  |  |  | — |  |  |  | 116.5 |
Rest of the World |  |  | 89.3 |  |  |  | 1.1 |  |  |  | 5.0 |  |  |  | 0.6 |  |  |  | — |  |  |  | 96.0 |
|  | $ | 488.0 |  |  | $ | 547.5 |  |  | $ | 310.7 |  |  | $ | 247.7 |  |  | $ | (13.1 | ) |  | $ | 1,580.8 |
|  | Three Months Ended June 30, 2019 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 981.2 |  |  | $ | 488.7 |  |  | $ | 310.2 |  |  | $ | 290.9 |  |  | $ | (4.6 | ) |  | $ | 2,066.4 |
Europe, Africa and Middle East |  |  | 161.0 |  |  |  | 22.1 |  |  |  | 10.9 |  |  |  | 0.9 |  |  |  | — |  |  |  | 194.9 |
Rest of the World |  |  | 106.9 |  |  |  | 0.3 |  |  |  | 19.9 |  |  |  | 4.3 |  |  |  | — |  |  |  | 131.4 |
|  | $ | 1,249.1 |  |  | $ | 511.1 |  |  | $ | 341.0 |  |  | $ | 296.1 |  |  | $ | (4.6 | ) |  | $ | 2,392.7 |
|  | Nine Months Ended June 30, 2020 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,442.2 |  |  | $ | 1,596.6 |  |  | $ | 769.6 |  |  | $ | 699.6 |  |  | $ | (19.2 | ) |  | $ | 4,488.8 |
Europe, Africa and Middle East |  |  | 216.4 |  |  |  | 55.1 |  |  |  | 28.3 |  |  |  | 1.1 |  |  |  | — |  |  |  | 300.9 |
Rest of the World |  |  | 240.3 |  |  |  | 3.9 |  |  |  | 30.8 |  |  |  | 7.9 |  |  |  | — |  |  |  | 282.9 |
|  | $ | 1,898.9 |  |  | $ | 1,655.6 |  |  | $ | 828.7 |  |  | $ | 708.6 |  |  | $ | (19.2 | ) |  | $ | 5,072.6 |
|  | Nine Months Ended June 30, 2019 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,351.4 |  |  | $ | 1,402.5 |  |  | $ | 857.2 |  |  | $ | 738.6 |  |  | $ | (14.7 | ) |  | $ | 5,335.0 |
Europe, Africa and Middle East |  |  | 437.9 |  |  |  | 59.0 |  |  |  | 22.8 |  |  |  | 3.1 |  |  |  | — |  |  |  | 522.8 |
Rest of the World |  |  | 273.9 |  |  |  | 0.4 |  |  |  | 39.7 |  |  |  | 14.5 |  |  |  | — |  |  |  | 328.5 |
|  | $ | 3,063.2 |  |  | $ | 1,461.9 |  |  | $ | 919.7 |  |  | $ | 756.2 |  |  | $ | (14.7 | ) |  | $ | 6,186.3 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration