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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, |
|  | 2023 |  |  | 2022 |
Net sales |  | $ | (6.5 | ) |  | $ | (7.9 | )
Operating income |  |  | (14.4 | ) |  |  | (10.6 | )
Net income |  |  | (11.0 | ) |  |  | (8.1 | )
Diluted earnings per share |  | $ | (0.17 | ) |  | $ | (0.12 | )
Schedule of Deferred Contract Costs | Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Costs for anticipated contracts |  | $ | 5.7 |  |  | $ | 6.8 |
Engineering costs |  |  | 291.7 |  |  |  | 256.1 |
Factory setup costs |  |  | 20.7 |  |  |  | 16.4 |
Customer-owned tooling |  |  | 167.8 |  |  |  | 136.5 |
Deferred contract costs |  | $ | 485.9 |  |  | $ | 415.8 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended March 31, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 1,180.5 |  |  | $ | 3.5 |  |  | $ | 447.2 |  |  | $ | (0.9 | ) |  | $ | 1,630.3 |
Over time |  |  | 12.7 |  |  |  | 509.6 |  |  |  | 115.5 |  |  |  | — |  |  |  | 637.8 |
|  | $ | 1,193.2 |  |  | $ | 513.1 |  |  | $ | 562.7 |  |  | $ | (0.9 | ) |  | $ | 2,268.1 |
|  | Three Months Ended March 31, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 869.9 |  |  | $ | 2.1 |  |  | $ | 436.9 |  |  | $ | (2.3 | ) |  | $ | 1,306.6 |
Over time |  |  | 13.2 |  |  |  | 533.5 |  |  |  | 92.4 |  |  |  | — |  |  |  | 639.1 |
|  | $ | 883.1 |  |  | $ | 535.6 |  |  | $ | 529.3 |  |  | $ | (2.3 | ) |  | $ | 1,945.7 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Customer advances |  | $ | 688.9 |  |  | $ | 696.7 |
Other current liabilities |  |  | 74.7 |  |  |  | 77.4 |
Long-term customer advances |  |  | 1,110.6 |  |  |  | 1,020.5 |
Other long-term liabilities |  |  | 65.5 |  |  |  | 66.8 |
Total contract liabilities |  | $ | 1,939.7 |  |  | $ | 1,861.4 |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Beginning liabilities recognized in revenue |  | $ | 189.2 |  |  | $ | 118.3 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 76.1 |  |  | $ | 66.9 |
Deferred revenue for new service warranties |  |  | 9.0 |  |  |  | 7.2 |
Amortization of deferred revenue |  |  | (6.5 | ) |  |  | (4.8 | )
Foreign currency translation |  |  | 0.1 |  |  |  | (0.2 | )
Balance at end of period |  | $ | 78.7 |  |  | $ | 69.1 |
Changes in the Company’s assurance-type warranty liability were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 58.8 |  |  | $ | 65.7 |
Warranty provisions |  |  | 14.9 |  |  |  | 11.1 |
Settlements made |  |  | (12.4 | ) |  |  | (13.6 | )
Changes in liability for pre-existing warranties, net |  |  | (0.7 | ) |  |  | (1.6 | )
Disposition of business |  |  | (0.5 | ) |  |  | — |
Acquisition of business |  |  | 0.2 |  |  |  | — |
Balance at end of period |  | $ | 60.3 |  |  | $ | 61.6 |
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):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Other current liabilities |  | $ | 26.4 |  |  | $ | 26.8 |
Other long-term liabilities |  |  | 52.3 |  |  |  | 49.3 |
|  | $ | 78.7 |  |  | $ | 76.1 |

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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126907703&loc=d3e12565-110249 + Details
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