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Business Segment Information
 3 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information

19.

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 December 31,

 

 

 

2021

 

 

2020

 

 

 

External

Customers

 

 

Inter-

segment

 

 

Net

Sales

 

 

External

Customers

 

 

Inter-

segment

 

 

Net

Sales

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Access Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerial work platforms

 

$

415.3

 

 

$

—

 

 

$

415.3

 

 

$

278.0

 

 

$

—

 

 

$

278.0

 

Telehandlers

 

 

210.6

 

 

 

—

 

 

 

210.6

 

 

 

122.9

 

 

 

—

 

 

 

122.9

 

Other

 

 

207.4

 

 

 

0.2

 

 

 

207.6

 

 

 

161.5

 

 

 

1.3

 

 

 

162.8

 

Total Access Equipment

 

 

833.3

 

 

 

0.2

 

 

 

833.5

 

 

 

562.4

 

 

 

1.3

 

 

 

563.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Defense

 

 

531.1

 

 

 

0.4

 

 

 

531.5

 

 

 

550.0

 

 

 

0.3

 

 

 

550.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Fire & Emergency

 

 

217.0

 

 

 

1.6

 

 

 

218.6

 

 

 

269.8

 

 

 

4.1

 

 

 

273.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refuse collection

 

 

98.2

 

 

 

—

 

 

 

98.2

 

 

 

102.3

 

 

 

—

 

 

 

102.3

 

Concrete placement

 

 

88.8

 

 

 

—

 

 

 

88.8

 

 

 

67.7

 

 

 

—

 

 

 

67.7

 

Other

 

 

23.2

 

 

 

0.4

 

 

 

23.6

 

 

 

24.2

 

 

 

1.5

 

 

 

25.7

 

Total Commercial

 

 

210.2

 

 

 

0.4

 

 

 

210.6

 

 

 

194.2

 

 

 

1.5

 

 

 

195.7

 

  Corporate and intersegment eliminations

 

 

0.1

 

 

 

(2.6

)

 

 

(2.5

)

 

 

0.1

 

 

 

(7.2

)

 

 

(7.1

)

Consolidated

 

$

1,791.7

 

 

$

—

 

 

$

1,791.7

 

 

$

1,576.5

 

 

$

—

 

 

$

1,576.5

 

 

 

 

Three Months Ended

December 31,

 

 

 

2021

 

 

2020

 

Operating income (loss):

 

 

 

 

 

 

 

 

Access Equipment (a)

 

$

32.3

 

 

$

24.9

 

Defense

 

 

10.6

 

 

 

52.8

 

Fire & Emergency

 

 

9.3

 

 

 

35.1

 

Commercial

 

 

(3.3

)

 

 

11.9

 

Corporate

 

 

(30.9

)

 

 

(28.8

)

Consolidated

 

 

18.0

 

 

 

95.9

 

Interest expense, net of interest income

 

 

(11.8

)

 

 

(11.4

)

Miscellaneous other income (expense)

 

 

(5.6

)

 

 

(1.5

)

Income before income taxes and earnings (losses) of unconsolidated affiliates

 

$

0.6

 

 

$

83.0

 

(a)

Results for the three months ended December 31, 2020 include a $4.8 million charge for restructuring costs and $3.2 million of other costs related to restructuring plans.

 

 

 

 

December 31,

2021

 

 

September 30,

2021

 

Identifiable assets:

 

 

 

 

 

 

 

 

Access Equipment:

 

 

 

 

 

 

 

 

U.S.

 

$

2,311.8

 

 

$

2,191.3

 

Europe, Africa and Middle East

 

 

460.3

 

 

 

470.9

 

Rest of the World

 

 

383.0

 

 

 

371.4

 

Total Access Equipment

 

 

3,155.1

 

 

 

3,033.6

 

Defense:

 

 

 

 

 

 

 

 

U.S.

 

 

1,225.0

 

 

 

1,151.1

 

Rest of the World

 

 

7.2

 

 

 

7.2

 

Total Defense

 

 

1,232.2

 

 

 

1,158.3

 

Fire & Emergency - U.S.

 

 

511.2

 

 

 

536.3

 

Commercial:

 

 

 

 

 

 

 

 

U.S.

 

 

379.6

 

 

 

377.8

 

Rest of the World

 

 

45.1

 

 

 

54.8

 

Total Commercial

 

 

424.7

 

 

 

432.6

 

Corporate - U.S. (a)

 

 

1,398.6

 

 

 

1,730.8

 

Consolidated

 

$

6,721.8

 

 

$

6,891.6

 

(a)Primarily includes cash and short-term investments and the Company’s global headquarters.

The following table presents net sales by geographic region based on product shipment destination (in millions):

 

 

Three Months Ended December 31, 2021

 

 

 

Access

Equipment

 

 

Defense

 

 

Fire &

Emergency

 

 

Commercial

 

 

Eliminations

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

671.6

 

 

$

523.4

 

 

$

211.9

 

 

$

206.9

 

 

$

(2.5

)

 

$

1,611.3

 

Europe, Africa and Middle East

 

 

86.1

 

 

 

8.0

 

 

 

4.1

 

 

 

0.8

 

 

 

—

 

 

 

99.0

 

Rest of the World

 

 

75.8

 

 

 

0.1

 

 

 

2.6

 

 

 

2.9

 

 

 

—

 

 

 

81.4

 

Consolidated

 

$

833.5

 

 

$

531.5

 

 

$

218.6

 

 

$

210.6

 

 

$

(2.5

)

 

$

1,791.7

 

 

 

 

Three Months Ended December 31, 2020

 

 

 

Access

Equipment

 

 

Defense

 

 

Fire &

Emergency

 

 

Commercial

 

 

Eliminations

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

405.3

 

 

$

494.2

 

 

$

253.0

 

 

$

194.5

 

 

$

(7.1

)

 

$

1,339.9

 

Europe, Africa and Middle East

 

 

74.4

 

 

 

55.3

 

 

 

13.0

 

 

 

0.2

 

 

 

—

 

 

 

142.9

 

Rest of the World

 

 

84.0

 

 

 

0.8

 

 

 

7.9

 

 

 

1.0

 

 

 

—

 

 

 

93.7

 

Consolidated

 

$

563.7

 

 

$

550.3

 

 

$

273.9

 

 

$

195.7

 

 

$

(7.1

)

 

$

1,576.5