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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2022
Sales And Revenue Recognition [Abstract] |
Schedule of Impact Due to Contract Adjustments | Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net sales |  | $ | (18.2 | ) |  | $ | 5.1 |  |  | $ | (23.6 | ) |  | $ | 1.2 |
Operating income |  |  | (23.6 | ) |  |  | 3.2 |  |  |  | (31.7 | ) |  |  | (0.7 | )
Net income |  |  | (18.1 | ) |  |  | 2.5 |  |  |  | (24.3 | ) |  |  | (0.5 | )
Diluted earnings per share |  | $ | (0.27 | ) |  | $ | 0.04 |  |  | $ | (0.37 | ) |  | $ | — |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended June 30, 2022 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 965.4 |  |  | $ | 2.2 |  |  | $ | 271.4 |  |  | $ | 167.7 |  |  | $ | (2.2 | ) |  | $ | 1,404.5 |
Over time |  |  | 11.7 |  |  |  | 537.1 |  |  |  | 5.1 |  |  |  | 107.6 |  |  |  | — |  |  |  | 661.5 |
|  | $ | 977.1 |  |  | $ | 539.3 |  |  | $ | 276.5 |  |  | $ | 275.3 |  |  | $ | (2.2 | ) |  | $ | 2,066.0 |
|  | Three Months Ended June 30, 2021 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 907.1 |  |  | $ | 10.1 |  |  | $ | 297.8 |  |  | $ | 155.7 |  |  | $ | (6.4 | ) |  | $ | 1,364.3 |
Over time |  |  | 17.2 |  |  |  | 700.3 |  |  |  | 4.7 |  |  |  | 122.4 |  |  |  | (0.1 | ) |  |  | 844.5 |
|  | $ | 924.3 |  |  | $ | 710.4 |  |  | $ | 302.5 |  |  | $ | 278.1 |  |  | $ | (6.5 | ) |  | $ | 2,208.8 |
|  | Six Months Ended June 30, 2022 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 1,835.3 |  |  | $ | 4.3 |  |  | $ | 554.0 |  |  | $ | 322.0 |  |  | $ | (4.5 | ) |  | $ | 2,711.1 |
Over time |  |  | 24.9 |  |  |  | 1,070.6 |  |  |  | 10.4 |  |  |  | 194.7 |  |  |  | — |  |  |  | 1,300.6 |
|  | $ | 1,860.2 |  |  | $ | 1,074.9 |  |  | $ | 564.4 |  |  | $ | 516.7 |  |  | $ | (4.5 | ) |  | $ | 4,011.7 |
|  | Six Months Ended June 30, 2021 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 1,628.2 |  |  | $ | 20.4 |  |  | $ | 605.4 |  |  | $ | 282.2 |  |  | $ | (13.5 | ) |  | $ | 2,522.7 |
Over time |  |  | 34.3 |  |  |  | 1,304.7 |  |  |  | 9.6 |  |  |  | 225.9 |  |  |  | 0.6 |  |  |  | 1,575.1 |
|  | $ | 1,662.5 |  |  | $ | 1,325.1 |  |  | $ | 615.0 |  |  | $ | 508.1 |  |  | $ | (12.9 | ) |  | $ | 4,097.8 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Customer advances |  | $ | 757.1 |  |  | $ | 690.9 |
Other current liabilities |  |  | 77.2 |  |  |  | 81.9 |
Long-term customer advances |  |  | 550.2 |  |  |  | 207.0 |
Other long-term liabilities |  |  | 59.2 |  |  |  | 54.9 |
Total contract liabilities |  | $ | 1,443.7 |  |  | $ | 1,034.7 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Beginning liabilities recognized in revenue |  | $ | 196.5 |  |  | $ | 158.2 |  |  | $ | 314.8 |  |  | $ | 288.0 |
Schedule of Deferred Contract Related Costs | Deferred contract related costs, the majority of which related to the NGDV contract, consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Costs for anticipated contracts |  | $ | 5.5 |  |  | $ | 4.9 |
Engineering costs |  |  | 147.8 |  |  |  | 60.0 |
Factory setup costs |  |  | 14.5 |  |  |  | 4.1 |
Customer-owned tooling |  |  | 39.0 |  |  |  | 4.2 |
Deferred contract related costs |  | $ | 206.8 |  |  | $ | 73.2 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
Balance at beginning of period |  | $ | 66.9 |  |  | $ | 63.0 |
Deferred revenue for new service warranties |  |  | 14.8 |  |  |  | 14.2 |
Amortization of deferred revenue |  |  | (10.6 | ) |  |  | (12.6 | )
Foreign currency translation |  |  | (0.5 | ) |  |  | (0.1 | )
Balance at end of period |  | $ | 70.6 |  |  | $ | 64.5 |
Changes in the Company’s assurance-type warranty liability were as follows (in millions):
|  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
Balance at beginning of period |  | $ | 65.7 |  |  | $ | 64.6 |
Warranty provisions |  |  | 24.9 |  |  |  | 21.9 |
Settlements made |  |  | (29.8 | ) |  |  | (34.3 | )
Changes in liability for pre-existing warranties, net |  |  | 0.3 |  |  |  | 17.5 |
Foreign currency translation |  |  | (0.3 | ) |  |  | (0.1 | )
Acquisition |  |  | 0.2 |  |  |  | 0.3 |
Balance at end of period |  | $ | 61.0 |  |  | $ | 69.9 |
Schedule of Classification of Service-type Warranties in Condensed Consolidated Balance Sheets | Classification of service-type warranties in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Other current liabilities |  | $ | 24.4 |  |  | $ | 22.3 |
Other long-term liabilities |  |  | 46.2 |  |  |  | 44.6 |
|  | $ | 70.6 |  |  | $ | 66.9 |

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