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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 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):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Net sales |  | $ | (33.9 | ) |  | $ | (0.1 | ) |  | $ | 13.1 |  |  | $ | 31.2 |
Operating income |  |  | (46.2 | ) |  |  | (7.7 | ) |  |  | 19.4 |  |  |  | 16.2 |
Net income |  |  | (35.4 | ) |  |  | (5.9 | ) |  |  | 14.9 |  |  |  | 12.4 |
Diluted earnings per share |  | $ | (0.54 | ) |  | $ | (0.09 | ) |  | $ | 0.21 |  |  | $ | 0.18 |
Schedule of Deferred Contract Related Costs | Deferred contract related costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Costs for anticipated contracts |  | $ | 6.8 |  |  | $ | 4.9 |  |  | $ | 4.8 |
Engineering costs |  |  | 256.1 |  |  |  | 60.0 |  |  |  | 42.3 |
Factory setup costs |  |  | 16.4 |  |  |  | 4.1 |  |  |  | 2.2 |
Customer-owned tooling |  |  | 136.5 |  |  |  | 4.2 |  |  |  | 1.3 |
Deferred contract related costs |  | $ | 415.8 |  |  | $ | 73.2 |  |  | $ | 50.6 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Year Ended December 31, 2022 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 3,923.4 |  |  | $ | 13.0 |  |  | $ | 1,086.8 |  |  | $ | 670.4 |  |  | $ | (7.1 | ) |  | $ | 5,686.5 |
Over time |  |  | 48.7 |  |  |  | 2,128.3 |  |  |  | 24.8 |  |  |  | 393.7 |  |  |  | — |  |  |  | 2,595.5 |
|  | $ | 3,972.1 |  |  | $ | 2,141.3 |  |  | $ | 1,111.6 |  |  | $ | 1,064.1 |  |  | $ | (7.1 | ) |  | $ | 8,282.0 |
|  | Three Months Ended December 31, 2021 (transition period) |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 818.8 |  |  | $ | 4.0 |  |  | $ | 214.7 |  |  | $ | 135.8 |  |  | $ | (2.7 | ) |  | $ | 1,170.6 |
Over time |  |  | 14.7 |  |  |  | 527.5 |  |  |  | 3.9 |  |  |  | 74.8 |  |  |  | 0.2 |  |  |  | 621.1 |
|  | $ | 833.5 |  |  | $ | 531.5 |  |  | $ | 218.6 |  |  | $ | 210.6 |  |  | $ | (2.5 | ) |  | $ | 1,791.7 |
|  | Year Ended September 30, 2021 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 3,006.9 |  |  | $ | 43.5 |  |  | $ | 1,205.9 |  |  | $ | 532.8 |  |  | $ | (25.1 | ) |  | $ | 4,764.0 |
Over time |  |  | 65.2 |  |  |  | 2,482.1 |  |  |  | 20.7 |  |  |  | 404.8 |  |  |  | 0.5 |  |  |  | 2,973.3 |
|  | $ | 3,072.1 |  |  | $ | 2,525.6 |  |  | $ | 1,226.6 |  |  | $ | 937.6 |  |  | $ | (24.6 | ) |  | $ | 7,737.3 |
|  | Year Ended September 30, 2020 |
|  | Access Equipment |  |  | Defense |  |  | Fire & Emergency |  |  | Commercial |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 2,437.5 |  |  | $ | 34.8 |  |  | $ | 1,085.1 |  |  | $ | 556.7 |  |  | $ | (36.0 | ) |  | $ | 4,078.1 |
Over time |  |  | 77.6 |  |  |  | 2,276.7 |  |  |  | 21.9 |  |  |  | 401.1 |  |  |  | 1.4 |  |  |  | 2,778.7 |
|  | $ | 2,515.1 |  |  | $ | 2,311.5 |  |  | $ | 1,107.0 |  |  | $ | 957.8 |  |  | $ | (34.6 | ) |  | $ | 6,856.8 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Customer advances |  | $ | 696.7 |  |  | $ | 690.9 |  |  | $ | 654.3 |
Other current liabilities |  |  | 77.4 |  |  |  | 81.9 |  |  |  | 82.0 |
Long-term customer advances |  |  | 1,020.5 |  |  |  | 207.0 |  |  |  | 118.7 |
Other long-term liabilities |  |  | 66.8 |  |  |  | 54.9 |  |  |  | 56.5 |
Total contract liabilities |  | $ | 1,861.4 |  |  | $ | 1,034.7 |  |  | $ | 911.5 |
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Beginning liabilities recognized in revenue |  | $ | 436.9 |  |  | $ | 126.9 |  |  | $ | 521.7 |  |  | $ | 441.0 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 66.9 |  |  | $ | 65.8 |  |  | $ | 64.4 |  |  | $ | 68.2 |
Deferred revenue for new service warranties |  |  | 31.5 |  |  |  | 6.4 |  |  |  | 26.2 |  |  |  | 23.6 |
Amortization of deferred revenue |  |  | (21.7 | ) |  |  | (5.3 | ) |  |  | (25.0 | ) |  |  | (27.9 | )
Foreign currency translation |  |  | (0.6 | ) |  |  | — |  |  |  | 0.2 |  |  |  | 0.5 |
Balance at end of period |  | $ | 76.1 |  |  | $ | 66.9 |  |  | $ | 65.8 |  |  | $ | 64.4 |
Changes in the Company’s assurance-type warranty liability were as follows (in millions):
|  | Year Ended December 31, |  |  | Three Months Ended December 31, (transition period) |  |  | Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 65.7 |  |  | $ | 69.0 |  |  | $ | 67.4 |  |  | $ | 65.1 |
Warranty provisions |  |  | 49.3 |  |  |  | 10.8 |  |  |  | 50.1 |  |  |  | 43.1 |
Settlements made |  |  | (57.7 | ) |  |  | (14.6 | ) |  |  | (65.0 | ) |  |  | (55.9 | )
Changes in liability for pre-existing warranties, net |  |  | 1.5 |  |  |  | 0.5 |  |  |  | 16.2 |  |  |  | 14.8 |
Foreign currency translation |  |  | (0.2 | ) |  |  | — |  |  |  | — |  |  |  | 0.3 |
Acquisition |  |  | 0.2 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Balance at end of period |  | $ | 58.8 |  |  | $ | 65.7 |  |  | $ | 69.0 |  |  | $ | 67.4 |
Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets | Classification of service-type warranties in the Consolidated Balance Sheets consisted of the following (in millions):
|  | December 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2021 |
Other current liabilities |  | $ | 26.8 |  |  | $ | 22.3 |  |  | $ | 21.8 |
Other long-term liabilities |  |  | 49.3 |  |  |  | 44.6 |  |  |  | 44.0 |
|  | $ | 76.1 |  |  | $ | 66.9 |  |  | $ | 65.8 |

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