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v3.23.2

Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, |
|  | 2023 |  |  | 2022 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 664.9 |  |  | $ | — |  |  | $ | 664.9 |  |  | $ | 451.5 |  |  | $ | — |  |  | $ | 451.5 |
Telehandlers |  |  | 390.8 |  |  |  | — |  |  |  | 390.8 |  |  |  | 309.8 |  |  |  | — |  |  |  | 309.8 |
Other |  |  | 272.6 |  |  |  | — |  |  |  | 272.6 |  |  |  | 215.7 |  |  |  | 0.1 |  |  |  | 215.8 |
Total Access |  |  | 1,328.3 |  |  |  | — |  |  |  | 1,328.3 |  |  |  | 977.0 |  |  |  | 0.1 |  |  |  | 977.1 |
Defense |  |  | 497.8 |  |  |  | 0.3 |  |  |  | 498.1 |  |  |  | 538.9 |  |  |  | 0.4 |  |  |  | 539.3 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 296.5 |  |  |  | — |  |  |  | 296.5 |  |  |  | 268.3 |  |  |  | — |  |  |  | 268.3 |
Refuse collection |  |  | 157.9 |  |  |  | — |  |  |  | 157.9 |  |  |  | 143.4 |  |  |  | — |  |  |  | 143.4 |
Other |  |  | 132.5 |  |  |  | 0.6 |  |  |  | 133.1 |  |  |  | 138.4 |  |  |  | 1.7 |  |  |  | 140.1 |
Total Vocational |  |  | 586.9 |  |  |  | 0.6 |  |  |  | 587.5 |  |  |  | 550.1 |  |  |  | 1.7 |  |  |  | 551.8 |
Corporate and intersegment eliminations |  |  | 0.1 |  |  |  | (0.9 | ) |  |  | (0.8 | ) |  |  | — |  |  |  | (2.2 | ) |  |  | (2.2 | )
Consolidated |  | $ | 2,413.1 |  |  | $ | — |  |  | $ | 2,413.1 |  |  | $ | 2,066.0 |  |  | $ | — |  |  | $ | 2,066.0 |
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 1,266.9 |  |  | $ | — |  |  | $ | 1,266.9 |  |  | $ | 891.2 |  |  | $ | — |  |  | $ | 891.2 |
Telehandlers |  |  | 732.2 |  |  |  | — |  |  |  | 732.2 |  |  |  | 539.5 |  |  |  | — |  |  |  | 539.5 |
Other |  |  | 522.4 |  |  |  | — |  |  |  | 522.4 |  |  |  | 429.3 |  |  |  | 0.2 |  |  |  | 429.5 |
Total Access |  |  | 2,521.5 |  |  |  | — |  |  |  | 2,521.5 |  |  |  | 1,860.0 |  |  |  | 0.2 |  |  |  | 1,860.2 |
Defense |  |  | 1,010.6 |  |  |  | 0.6 |  |  |  | 1,011.2 |  |  |  | 1,074.1 |  |  |  | 0.8 |  |  |  | 1,074.9 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 584.9 |  |  |  | — |  |  |  | 584.9 |  |  |  | 548.2 |  |  |  | — |  |  |  | 548.2 |
Refuse collection |  |  | 299.8 |  |  |  | — |  |  |  | 299.8 |  |  |  | 272.7 |  |  |  | — |  |  |  | 272.7 |
Other |  |  | 264.2 |  |  |  | 1.3 |  |  |  | 265.5 |  |  |  | 256.7 |  |  |  | 3.5 |  |  |  | 260.2 |
Total Vocational |  |  | 1,148.9 |  |  |  | 1.3 |  |  |  | 1,150.2 |  |  |  | 1,077.6 |  |  |  | 3.5 |  |  |  | 1,081.1 |
Corporate and intersegment eliminations |  |  | 0.2 |  |  |  | (1.9 | ) |  |  | (1.7 | ) |  |  | — |  |  |  | (4.5 | ) |  |  | (4.5 | )
Consolidated |  | $ | 4,681.2 |  |  | $ | — |  |  | $ | 4,681.2 |  |  | $ | 4,011.7 |  |  | $ | — |  |  | $ | 4,011.7 |
Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 211.7 |  |  | $ | 72.7 |  |  | $ | 346.7 |  |  | $ | 78.4 |
Defense |  |  | 6.3 |  |  |  | 3.8 |  |  |  | 8.0 |  |  |  | 23.2 |
Vocational (a) |  |  | 60.5 |  |  |  | 39.8 |  |  |  | 88.6 |  |  |  | 80.8 |
Corporate |  |  | (43.6 | ) |  |  | (40.0 | ) |  |  | (77.6 | ) |  |  | (74.3 | )
Consolidated |  |  | 234.9 |  |  |  | 76.3 |  |  |  | 365.7 |  |  |  | 108.1 |
Interest expense, net of interest income |  |  | (8.1 | ) |  |  | (11.9 | ) |  |  | (15.3 | ) |  |  | (23.5 | )
Miscellaneous other income |  |  | 4.8 |  |  |  | (15.1 | ) |  |  | 10.6 |  |  |  | (14.0 | )
Income before income taxes and losses of unconsolidated affiliates |  | $ | 231.6 |  |  | $ | 49.3 |  |  | $ | 361.0 |  |  | $ | 70.6 |
(a) Results for the six months ended June 30, 2023 include a charge of $13.3 million on the sale of the rear discharge mixer business.
Schedule of Identifiable Assets by Business Segments and by Geographical Areas |
|  | June 30, 2023 |  |  | December 31, 2022 |
Identifiable assets: |  |  |  |  |  |
Access: |  |  |  |  |  |
U.S. |  | $ | 2,686.3 |  |  | $ | 2,493.0 |
Europe, Africa and Middle East |  |  | 687.1 |  |  |  | 562.2 |
Rest of the World |  |  | 490.0 |  |  |  | 428.4 |
Total Access |  |  | 3,863.4 |  |  |  | 3,483.6 |
Defense: |  |  |  |  |  |
U.S. |  |  | 2,247.2 |  |  |  | 2,060.0 |
Rest of the World |  |  | 6.6 |  |  |  | 6.9 |
Total Defense |  |  | 2,253.8 |  |  |  | 2,066.9 |
Vocational: |  |  |  |  |  |
U.S. |  |  | 1,168.3 |  |  |  | 1,063.4 |
Rest of the World |  |  | 37.2 |  |  |  | 64.6 |
Total Vocational |  |  | 1,205.5 |  |  |  | 1,128.0 |
Corporate - U.S. (a) |  |  | 721.6 |  |  |  | 1,050.5 |
Consolidated |  | $ | 8,044.3 |  |  | $ | 7,729.0 |
(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 June 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,051.9 |  |  | $ | 425.7 |  |  | $ | 579.0 |  |  | $ | (0.8 | ) |  | $ | 2,055.8 |
Europe, Africa and Middle East |  |  | 154.2 |  |  |  | 72.1 |  |  |  | 5.0 |  |  |  | — |  |  |  | 231.3 |
Rest of the World |  |  | 122.2 |  |  |  | 0.3 |  |  |  | 3.5 |  |  |  | — |  |  |  | 126.0 |
Consolidated |  | $ | 1,328.3 |  |  | $ | 498.1 |  |  | $ | 587.5 |  |  | $ | (0.8 | ) |  | $ | 2,413.1 |
|  | Three Months Ended June 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 841.8 |  |  | $ | 521.5 |  |  | $ | 534.9 |  |  | $ | (2.2 | ) |  | $ | 1,896.0 |
Europe, Africa and Middle East |  |  | 67.1 |  |  |  | 17.4 |  |  |  | 6.6 |  |  |  | — |  |  |  | 91.1 |
Rest of the World |  |  | 68.2 |  |  |  | 0.4 |  |  |  | 10.3 |  |  |  | — |  |  |  | 78.9 |
Consolidated |  | $ | 977.1 |  |  | $ | 539.3 |  |  | $ | 551.8 |  |  | $ | (2.2 | ) |  | $ | 2,066.0 |
|  | Six Months Ended June 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,000.5 |  |  | $ | 853.3 |  |  | $ | 1,132.4 |  |  | $ | (1.7 | ) |  | $ | 3,984.5 |
Europe, Africa and Middle East |  |  | 290.9 |  |  |  | 157.4 |  |  |  | 6.7 |  |  |  | — |  |  |  | 455.0 |
Rest of the World |  |  | 230.1 |  |  |  | 0.5 |  |  |  | 11.1 |  |  |  | — |  |  |  | 241.7 |
Consolidated |  | $ | 2,521.5 |  |  | $ | 1,011.2 |  |  | $ | 1,150.2 |  |  | $ | (1.7 | ) |  | $ | 4,681.2 |
|  | Six Months Ended June 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,574.7 |  |  | $ | 1,045.8 |  |  | $ | 1,049.6 |  |  | $ | (4.5 | ) |  | $ | 3,665.6 |
Europe, Africa and Middle East |  |  | 148.1 |  |  |  | 28.4 |  |  |  | 7.5 |  |  |  | — |  |  |  | 184.0 |
Rest of the World |  |  | 137.4 |  |  |  | 0.7 |  |  |  | 24.0 |  |  |  | — |  |  |  | 162.1 |
Consolidated |  | $ | 1,860.2 |  |  | $ | 1,074.9 |  |  | $ | 1,081.1 |  |  | $ | (4.5 | ) |  | $ | 4,011.7 |

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