XML 50 R40.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Business Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Net Sales by Product Lines and Reportable Segments | Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
|  | Three Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 517.1 |  |  | $ | — |  |  | $ | 517.1 |  |  | $ | 384.3 |  |  | $ | — |  |  | $ | 384.3 |
Telehandlers |  |  | 316.0 |  |  |  | — |  |  |  | 316.0 |  |  |  | 237.8 |  |  |  | — |  |  |  | 237.8 |
Other |  |  | 204.8 |  |  |  | — |  |  |  | 204.8 |  |  |  | 223.1 |  |  |  | 0.7 |  |  |  | 223.8 |
Total Access Equipment |  |  | 1,037.9 |  |  |  | — |  |  |  | 1,037.9 |  |  |  | 845.2 |  |  |  | 0.7 |  |  |  | 845.9 |
Defense |  |  | 518.5 |  |  |  | 0.2 |  |  |  | 518.7 |  |  |  | 649.9 |  |  |  | 0.3 |  |  |  | 650.2 |
Fire & Emergency |  |  | 246.5 |  |  |  | 0.7 |  |  |  | 247.2 |  |  |  | 334.7 |  |  |  | 3.0 |  |  |  | 337.7 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refuse collection |  |  | 122.7 |  |  |  | — |  |  |  | 122.7 |  |  |  | 121.8 |  |  |  | — |  |  |  | 121.8 |
Concrete mixers |  |  | 112.5 |  |  |  | — |  |  |  | 112.5 |  |  |  | 86.4 |  |  |  | — |  |  |  | 86.4 |
Other |  |  | 28.6 |  |  |  | 0.7 |  |  |  | 29.3 |  |  |  | 25.0 |  |  |  | 0.6 |  |  |  | 25.6 |
Total Commercial |  |  | 263.8 |  |  |  | 0.7 |  |  |  | 264.5 |  |  |  | 233.2 |  |  |  | 0.6 |  |  |  | 233.8 |
Corporate and intersegment eliminations |  |  | — |  |  |  | (1.6 | ) |  |  | (1.6 | ) |  |  | — |  |  |  | (4.6 | ) |  |  | (4.6 | )
Consolidated |  | $ | 2,066.7 |  |  | $ | — |  |  | $ | 2,066.7 |  |  | $ | 2,063.0 |  |  | $ | — |  |  | $ | 2,063.0 |
|  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 1,408.3 |  |  | $ | — |  |  | $ | 1,408.3 |  |  | $ | 1,193.4 |  |  | $ | — |  |  | $ | 1,193.4 |
Telehandlers |  |  | 855.5 |  |  |  | — |  |  |  | 855.5 |  |  |  | 646.5 |  |  |  | — |  |  |  | 646.5 |
Other |  |  | 634.1 |  |  |  | 0.2 |  |  |  | 634.3 |  |  |  | 665.0 |  |  |  | 3.5 |  |  |  | 668.5 |
Total Access Equipment |  |  | 2,897.9 |  |  |  | 0.2 |  |  |  | 2,898.1 |  |  |  | 2,504.9 |  |  |  | 3.5 |  |  |  | 2,508.4 |
Defense |  |  | 1,592.6 |  |  |  | 1.0 |  |  |  | 1,593.6 |  |  |  | 1,974.1 |  |  |  | 1.2 |  |  |  | 1,975.3 |
Fire & Emergency |  |  | 808.7 |  |  |  | 2.9 |  |  |  | 811.6 |  |  |  | 941.8 |  |  |  | 10.9 |  |  |  | 952.7 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Refuse collection |  |  | 395.4 |  |  |  | — |  |  |  | 395.4 |  |  |  | 363.6 |  |  |  | — |  |  |  | 363.6 |
Concrete mixers |  |  | 302.2 |  |  |  | — |  |  |  | 302.2 |  |  |  | 297.1 |  |  |  | — |  |  |  | 297.1 |
Other |  |  | 81.6 |  |  |  | 2.0 |  |  |  | 83.6 |  |  |  | 78.7 |  |  |  | 2.5 |  |  |  | 81.2 |
Total Commercial |  |  | 779.2 |  |  |  | 2.0 |  |  |  | 781.2 |  |  |  | 739.4 |  |  |  | 2.5 |  |  |  | 741.9 |
Corporate and intersegment eliminations |  |  | — |  |  |  | (6.1 | ) |  |  | (6.1 | ) |  |  | 0.6 |  |  |  | (18.1 | ) |  |  | (17.5 | )
Consolidated |  | $ | 6,078.4 |  |  | $ | — |  |  | $ | 6,078.4 |  |  | $ | 6,160.8 |  |  | $ | — |  |  | $ | 6,160.8 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access Equipment (a) |  | $ | 113.2 |  |  | $ | 30.7 |  |  | $ | 190.1 |  |  | $ | 224.2 |
Defense |  |  | 2.3 |  |  |  | 49.7 |  |  |  | 23.8 |  |  |  | 145.0 |
Fire & Emergency |  |  | 19.2 |  |  |  | 47.2 |  |  |  | 64.4 |  |  |  | 139.1 |
Commercial (b) |  |  | 9.4 |  |  |  | 10.7 |  |  |  | 38.8 |  |  |  | 59.1 |
Corporate |  |  | (36.8 | ) |  |  | (34.1 | ) |  |  | (111.1 | ) |  |  | (118.6 | )
Consolidated |  |  | 107.3 |  |  |  | 104.2 |  |  |  | 206.0 |  |  |  | 448.8 |
Interest expense, net of interest income |  |  | (10.9 | ) |  |  | (10.4 | ) |  |  | (34.4 | ) |  |  | (33.3 | )
Miscellaneous other expense |  |  | (6.8 | ) |  |  | (4.1 | ) |  |  | (20.8 | ) |  |  | (0.6 | )
Income before income taxes and earnings (losses) of unconsolidated affiliates |  | $ | 89.6 |  |  | $ | 89.7 |  |  | $ | 150.8 |  |  | $ | 414.9 |
Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments | (a) Results for the three and nine months ended September 30, 2022 include expense of $4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for the nine months ended September 30, 2021 include a $3.5 million charge related to restructuring activities. (b) Results for the three and nine months ended September 30, 2022 include a $2.1 million intangible asset impairment charge.
Schedule of Identifiable Assets by Business Segments and by Geographical Areas |
|  | September 30, 2022 |  |  | December 31, 2021 |
Identifiable assets: |  |  |  |  |  |
Access Equipment: |  |  |  |  |  |
U.S. |  | $ | 2,474.6 |  |  | $ | 2,311.8 |
Europe, Africa and Middle East |  |  | 398.5 |  |  |  | 460.3 |
Rest of the World |  |  | 352.5 |  |  |  | 383.0 |
Total Access Equipment |  |  | 3,225.6 |  |  |  | 3,155.1 |
Defense: |  |  |  |  |  |
U.S. |  |  | 1,666.0 |  |  |  | 1,225.0 |
Rest of the World |  |  | 6.3 |  |  |  | 7.2 |
Total Defense |  |  | 1,672.3 |  |  |  | 1,232.2 |
Fire & Emergency: |  |  |  |  |  |
U.S. |  |  | 555.3 |  |  |  | 511.2 |
Rest of the World |  |  | 24.4 |  |  |  | — |
Total Fire & Emergency |  |  | 579.7 |  |  |  | 511.2 |
Commercial: |  |  |  |  |  |
U.S. |  |  | 400.6 |  |  |  | 379.6 |
Rest of the World |  |  | 40.3 |  |  |  | 45.1 |
Total Commercial |  |  | 440.9 |  |  |  | 424.7 |
Corporate - U.S. (a) |  |  | 1,045.9 |  |  |  | 1,398.6 |
Consolidated |  | $ | 6,964.4 |  |  | $ | 6,721.8 |
(a) Primarily includes cash and short-term investments and the Company’s global headquarters.
Schedule of Net Sales by Geographical Areas | The following table presents net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended September 30, 2022 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 866.6 |  |  | $ | 499.7 |  |  | $ | 242.5 |  |  | $ | 262.4 |  |  | $ | (1.6 | ) |  | $ | 1,869.6 |
Europe, Africa and Middle East |  |  | 85.4 |  |  |  | 18.8 |  |  |  | 0.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | 104.6 |
Rest of the World |  |  | 85.9 |  |  |  | 0.2 |  |  |  | 4.4 |  |  |  | 2.0 |  |  |  | — |  |  |  | 92.5 |
Consolidated |  | $ | 1,037.9 |  |  | $ | 518.7 |  |  | $ | 247.2 |  |  | $ | 264.5 |  |  | $ | (1.6 | ) |  | $ | 2,066.7 |
|  | Three Months Ended September 30, 2021 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 678.3 |  |  | $ | 610.0 |  |  | $ | 310.2 |  |  | $ | 230.9 |  |  | $ | (4.6 | ) |  | $ | 1,824.8 |
Europe, Africa and Middle East |  |  | 40.5 |  |  |  | 39.5 |  |  |  | 10.6 |  |  |  | 0.3 |  |  |  | — |  |  |  | 90.9 |
Rest of the World |  |  | 127.1 |  |  |  | 0.7 |  |  |  | 16.9 |  |  |  | 2.6 |  |  |  | — |  |  |  | 147.3 |
Consolidated |  | $ | 845.9 |  |  | $ | 650.2 |  |  | $ | 337.7 |  |  | $ | 233.8 |  |  | $ | (4.6 | ) |  | $ | 2,063.0 |
|  | Nine Months Ended September 30, 2022 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,441.3 |  |  | $ | 1,545.5 |  |  | $ | 782.3 |  |  | $ | 772.2 |  |  | $ | (6.1 | ) |  | $ | 5,535.2 |
Europe, Africa and Middle East |  |  | 233.5 |  |  |  | 47.2 |  |  |  | 6.2 |  |  |  | 1.7 |  |  |  | — |  |  |  | 288.6 |
Rest of the World |  |  | 223.3 |  |  |  | 0.9 |  |  |  | 23.1 |  |  |  | 7.3 |  |  |  | — |  |  |  | 254.6 |
Consolidated |  | $ | 2,898.1 |  |  | $ | 1,593.6 |  |  | $ | 811.6 |  |  | $ | 781.2 |  |  | $ | (6.1 | ) |  | $ | 6,078.4 |
|  | Nine Months Ended September 30, 2021 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,953.6 |  |  | $ | 1,843.6 |  |  | $ | 894.4 |  |  | $ | 734.5 |  |  | $ | (17.5 | ) |  | $ | 5,408.6 |
Europe, Africa and Middle East |  |  | 199.0 |  |  |  | 127.9 |  |  |  | 33.7 |  |  |  | 1.3 |  |  |  | — |  |  |  | 361.9 |
Rest of the World |  |  | 355.8 |  |  |  | 3.8 |  |  |  | 24.6 |  |  |  | 6.1 |  |  |  | — |  |  |  | 390.3 |
Consolidated |  | $ | 2,508.4 |  |  | $ | 1,975.3 |  |  | $ | 952.7 |  |  | $ | 741.9 |  |  | $ | (17.5 | ) |  | $ | 6,160.8 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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