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Business Segment Information

9 Months Ended

Jun. 30, 2020

21.	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

- 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
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-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
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