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Subsequent Event
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Event
19.
Subsequent Event

On August 1, 2023, the Company acquired 100% of the AeroTech business (AeroTech) from JBT Corporation. AeroTech is a leading provider of aviation ground support products, gate equipment and airport services to commercial airlines, airports, air-freight carriers, ground handling and military customers, for $800 million, subject to customary adjustments. AeroTech will be part of the Vocational segment. Due to the proximity of the closing date of the acquisition to the date of this filing, the initial accounting for the business combination is incomplete. As a result, the Company is unable to disclose certain information including the provisional fair value estimates of the identifiable net assets acquired and goodwill at this time. The Company will provide a preliminary purchase price allocation with its third quarter Quarterly Report on Form 10-Q.

On July 24, 2023, the Company completed the sale of its 49% interest in the Mezcladoras Trailers de Mexico, S.A. de C.V. (Mezcladoras) joint venture for $2.9 million. A loss of approximately $1.9 million on the sale will be recognized during the third quarter of fiscal 2023, primarily to eliminate the cumulative translation adjustments related to Mezcladoras upon liquidation of the investment.

On July 24, 2023, the Company completed the sale of its snow removal business for $17.1 million. The Company expects to recognize a gain on the transaction in the third quarter of fiscal 2023.