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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2023
Sales And Revenue Recognition [Abstract] |
Schedule of Impact Due to Contract Adjustments | Net contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 2.2 |  |  | $ | (13.2 | ) |  | $ | (8.5 | ) |  | $ | (29.7 | )
Operating income |  |  | 2.5 |  |  |  | (14.2 | ) |  |  | (23.6 | ) |  |  | (38.2 | )
Net income |  |  | 1.9 |  |  |  | (10.9 | ) |  |  | (18.1 | ) |  |  | (29.2 | )
Diluted earnings per share |  | $ | 0.03 |  |  | $ | (0.17 | ) |  | $ | (0.28 | ) |  | $ | (0.44 | )
Schedule of Deferred Contract Costs | Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Costs for anticipated contracts |  | $ | 6.4 |  |  | $ | 6.8 |
Engineering costs |  |  | 386.6 |  |  |  | 256.1 |
Factory setup costs |  |  | 29.4 |  |  |  | 16.4 |
Customer-owned tooling |  |  | 200.7 |  |  |  | 136.5 |
Deferred contract costs |  | $ | 623.1 |  |  | $ | 415.8 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended September 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 1,303.8 |  |  | $ | 4.2 |  |  | $ | 533.1 |  |  | $ | (1.0 | ) |  | $ | 1,840.1 |
Over time |  |  | 14.4 |  |  |  | 495.9 |  |  |  | 159.5 |  |  |  | — |  |  |  | 669.8 |
|  | $ | 1,318.2 |  |  | $ | 500.1 |  |  | $ | 692.6 |  |  | $ | (1.0 | ) |  | $ | 2,509.9 |
|  | Three Months Ended September 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 1,026.4 |  |  | $ | 4.3 |  |  | $ | 411.8 |  |  | $ | (1.6 | ) |  | $ | 1,440.9 |
Over time |  |  | 11.5 |  |  |  | 514.4 |  |  |  | 99.9 |  |  |  | — |  |  |  | 625.8 |
|  | $ | 1,037.9 |  |  | $ | 518.7 |  |  | $ | 511.7 |  |  | $ | (1.6 | ) |  | $ | 2,066.7 |
|  | Nine Months Ended September 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 3,799.6 |  |  | $ | 10.4 |  |  | $ | 1,462.0 |  |  | $ | (2.7 | ) |  | $ | 5,269.3 |
Over time |  |  | 40.1 |  |  |  | 1,500.9 |  |  |  | 380.8 |  |  |  | — |  |  |  | 1,921.8 |
|  | $ | 3,839.7 |  |  | $ | 1,511.3 |  |  | $ | 1,842.8 |  |  | $ | (2.7 | ) |  | $ | 7,191.1 |
|  | Nine Months Ended September 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and Intersegment Eliminations |  |  | Total |
Point in time |  | $ | 2,861.7 |  |  | $ | 8.6 |  |  | $ | 1,287.8 |  |  | $ | (6.1 | ) |  | $ | 4,152.0 |
Over time |  |  | 36.4 |  |  |  | 1,585.0 |  |  |  | 305.0 |  |  |  | — |  |  |  | 1,926.4 |
|  | $ | 2,898.1 |  |  | $ | 1,593.6 |  |  | $ | 1,592.8 |  |  | $ | (6.1 | ) |  | $ | 6,078.4 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Customer advances |  | $ | 664.0 |  |  | $ | 696.7 |
Other current liabilities |  |  | 90.4 |  |  |  | 77.4 |
Long-term customer advances |  |  | 1,088.7 |  |  |  | 1,020.5 |
Other long-term liabilities |  |  | 69.0 |  |  |  | 66.8 |
Total contract liabilities |  | $ | 1,912.1 |  |  | $ | 1,861.4 |
Revenue recognized during the period from beginning contract liabilities was as follows (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Beginning liabilities recognized in revenue |  | $ | 130.9 |  |  | $ | 125.5 |  |  | $ | 478.5 |  |  | $ | 320.7 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 76.1 |  |  | $ | 66.9 |
Deferred revenue for new service warranties |  |  | 27.7 |  |  |  | 21.6 |
Amortization of service warranty deferred revenue |  |  | (19.8 | ) |  |  | (16.1 | )
Foreign currency translation |  |  | — |  |  |  | (0.9 | )
Balance at end of period |  | $ | 84.0 |  |  | $ | 71.5 |
Changes in the Company’s assurance-type warranty liability were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 58.8 |  |  | $ | 65.7 |
Warranty provisions |  |  | 41.6 |  |  |  | 38.9 |
Settlements made |  |  | (37.3 | ) |  |  | (43.9 | )
Changes in liability for pre-existing warranties, net |  |  | (1.4 | ) |  |  | 1.9 |
Foreign currency translation |  |  | (0.1 | ) |  |  | (0.5 | )
Disposition of businesses |  |  | (0.5 | ) |  |  | — |
Acquisition of businesses |  |  | 4.9 |  |  |  | 0.2 |
Balance at end of period |  | $ | 66.0 |  |  | $ | 62.3 |
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):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Other current liabilities |  | $ | 29.0 |  |  | $ | 26.8 |
Other long-term liabilities |  |  | 55.0 |  |  |  | 49.3 |
|  | $ | 84.0 |  |  | $ | 76.1 |

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