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Business Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Business Segment Information | 19. Business Segment Information Effective January 31, 2023, the Company formed the Vocational segment by combining the historical Fire & Emergency and Commercial segment businesses. All information has been recast to conform to the new reporting segments. As a result, the Company is organized into three reportable segments based on the internal organization used by the Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. The Company’s reportable segments are as follows: Access: This segment consists of JLG, JerrDan and Hinowa. JLG designs and manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs, manufactures and markets towing and recovery equipment in the U.S. and abroad. Hinowa specializes in manufacturing equipment for working at heights and moving earth, such as aerial platforms, mini dumpers and tracked lift trucks, as well as undercarriages. Access customers include equipment rental companies, construction contractors, manufacturing companies and home improvement centers. Defense: This segment consists of Oshkosh Defense and Pratt Miller. These business units design and manufacture tactical wheeled vehicles and supply parts and services for the U.S. military and for other militaries around the world, delivery vehicles for the USPS, as well as offer engineering and product development services primarily to customers in the motorsports and multiple ground vehicle markets. Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, AeroTech, IMT and Oshkosh Commercial. The Pierce, Airport Products and Maxi-Metal business units design, manufacture and market commercial and custom fire apparatus, simulators and emergency vehicles primarily for fire departments, airports and other governmental units, and broadcast vehicles for broadcasters and TV stations in the U.S. and abroad. McNeilus designs, manufactures, markets and distributes refuse collection vehicles and components. The AeroTech business unit designs, manufactures, markets and distributes aviation ground support products and gate equipment and provides airport services to commercial airlines, airports, air-freight carriers, ground handling customers and the military. IMT is a designer and manufacturer of field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs, manufactures, markets and distributes front discharge concrete mixer vehicles and components. Sales are made primarily to commercial and municipal customers in the Americas. In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, certain new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):
|  | Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 654.3 |  |  | $ | — |  |  | $ | 654.3 |  |  | $ | 517.1 |  |  | $ | — |  |  | $ | 517.1 |
Telehandlers |  |  | 393.8 |  |  |  | — |  |  |  | 393.8 |  |  |  | 316.0 |  |  |  | — |  |  |  | 316.0 |
Other |  |  | 270.1 |  |  |  | — |  |  |  | 270.1 |  |  |  | 204.8 |  |  |  | — |  |  |  | 204.8 |
Total Access |  |  | 1,318.2 |  |  |  | — |  |  |  | 1,318.2 |  |  |  | 1,037.9 |  |  |  | — |  |  |  | 1,037.9 |
Defense |  |  | 499.5 |  |  |  | 0.6 |  |  |  | 500.1 |  |  |  | 518.5 |  |  |  | 0.2 |  |  |  | 518.7 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 299.5 |  |  |  | — |  |  |  | 299.5 |  |  |  | 243.2 |  |  |  | — |  |  |  | 243.2 |
Refuse collection |  |  | 149.2 |  |  |  | — |  |  |  | 149.2 |  |  |  | 122.7 |  |  |  | — |  |  |  | 122.7 |
Other |  |  | 243.5 |  |  |  | 0.4 |  |  |  | 243.9 |  |  |  | 144.4 |  |  |  | 1.4 |  |  |  | 145.8 |
Total Vocational |  |  | 692.2 |  |  |  | 0.4 |  |  |  | 692.6 |  |  |  | 510.3 |  |  |  | 1.4 |  |  |  | 511.7 |
Corporate and intersegment eliminations |  |  | — |  |  |  | (1.0 | ) |  |  | (1.0 | ) |  |  | — |  |  |  | (1.6 | ) |  |  | (1.6 | )
Consolidated |  | $ | 2,509.9 |  |  | $ | — |  |  | $ | 2,509.9 |  |  | $ | 2,066.7 |  |  | $ | — |  |  | $ | 2,066.7 |
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 1,921.2 |  |  | $ | — |  |  | $ | 1,921.2 |  |  | $ | 1,408.3 |  |  | $ | — |  |  | $ | 1,408.3 |
Telehandlers |  |  | 1,126.0 |  |  |  | — |  |  |  | 1,126.0 |  |  |  | 855.5 |  |  |  | — |  |  |  | 855.5 |
Other |  |  | 792.5 |  |  |  | — |  |  |  | 792.5 |  |  |  | 634.1 |  |  |  | 0.2 |  |  |  | 634.3 |
Total Access |  |  | 3,839.7 |  |  |  | — |  |  |  | 3,839.7 |  |  |  | 2,897.9 |  |  |  | 0.2 |  |  |  | 2,898.1 |
Defense |  |  | 1,510.1 |  |  |  | 1.2 |  |  |  | 1,511.3 |  |  |  | 1,592.6 |  |  |  | 1.0 |  |  |  | 1,593.6 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 884.4 |  |  |  | — |  |  |  | 884.4 |  |  |  | 791.4 |  |  |  | — |  |  |  | 791.4 |
Refuse collection |  |  | 449.0 |  |  |  | — |  |  |  | 449.0 |  |  |  | 395.4 |  |  |  | — |  |  |  | 395.4 |
Other |  |  | 507.9 |  |  |  | 1.5 |  |  |  | 509.4 |  |  |  | 401.1 |  |  |  | 4.9 |  |  |  | 406.0 |
Total Vocational |  |  | 1,841.3 |  |  |  | 1.5 |  |  |  | 1,842.8 |  |  |  | 1,587.9 |  |  |  | 4.9 |  |  |  | 1,592.8 |
Corporate and intersegment eliminations |  |  | — |  |  |  | (2.7 | ) |  |  | (2.7 | ) |  |  | — |  |  |  | (6.1 | ) |  |  | (6.1 | )
Consolidated |  | $ | 7,191.1 |  |  | $ | — |  |  | $ | 7,191.1 |  |  | $ | 6,078.4 |  |  | $ | — |  |  | $ | 6,078.4 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 229.9 |  |  | $ | 118.8 |  |  | $ | 576.6 |  |  | $ | 197.2 |
Defense (a) |  |  | 22.8 |  |  |  | 3.1 |  |  |  | 30.8 |  |  |  | 26.3 |
Vocational (b) |  |  | 52.5 |  |  |  | 32.1 |  |  |  | 141.1 |  |  |  | 112.9 |
Corporate |  |  | (48.7 | ) |  |  | (36.8 | ) |  |  | (126.3 | ) |  |  | (111.1 | )
Consolidated |  |  | 256.5 |  |  |  | 117.2 |  |  |  | 622.2 |  |  |  | 225.3 |
Interest expense, net of interest income |  |  | (17.7 | ) |  |  | (10.9 | ) |  |  | (33.0 | ) |  |  | (34.4 | )
Miscellaneous other income |  |  | 2.6 |  |  |  | (6.8 | ) |  |  | 13.2 |  |  |  | (20.8 | )
Income before income taxes and losses of unconsolidated affiliates |  | $ | 241.4 |  |  | $ | 99.5 |  |  | $ | 602.4 |  |  | $ | 170.1 |
(a) Results for the three and nine months ended September 30, 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. (b) Results for the nine months ended September 30, 2023 include a charge of $13.3 million on the sale of the rear discharge mixer business. The following table presents net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended September 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,048.4 |  |  | $ | 426.6 |  |  | $ | 663.5 |  |  | $ | (1.0 | ) |  | $ | 2,137.5 |
Europe, Africa and Middle East |  |  | 160.0 |  |  |  | 73.3 |  |  |  | 16.3 |  |  |  | — |  |  |  | 249.6 |
Rest of the World |  |  | 109.8 |  |  |  | 0.2 |  |  |  | 12.8 |  |  |  | — |  |  |  | 122.8 |
Consolidated |  | $ | 1,318.2 |  |  | $ | 500.1 |  |  | $ | 692.6 |  |  | $ | (1.0 | ) |  | $ | 2,509.9 |
|  | Three Months Ended September 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 866.6 |  |  | $ | 499.7 |  |  | $ | 504.9 |  |  | $ | (1.6 | ) |  | $ | 1,869.6 |
Europe, Africa and Middle East |  |  | 85.4 |  |  |  | 18.8 |  |  |  | 0.4 |  |  |  | — |  |  |  | 104.6 |
Rest of the World |  |  | 85.9 |  |  |  | 0.2 |  |  |  | 6.4 |  |  |  | — |  |  |  | 92.5 |
Consolidated |  | $ | 1,037.9 |  |  | $ | 518.7 |  |  | $ | 511.7 |  |  | $ | (1.6 | ) |  | $ | 2,066.7 |
|  | Nine Months Ended September 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,048.9 |  |  | $ | 1,279.9 |  |  | $ | 1,795.9 |  |  | $ | (2.7 | ) |  | $ | 6,122.0 |
Europe, Africa and Middle East |  |  | 450.9 |  |  |  | 230.7 |  |  |  | 23.0 |  |  |  | — |  |  |  | 704.6 |
Rest of the World |  |  | 339.9 |  |  |  | 0.7 |  |  |  | 23.9 |  |  |  | — |  |  |  | 364.5 |
Consolidated |  | $ | 3,839.7 |  |  | $ | 1,511.3 |  |  | $ | 1,842.8 |  |  | $ | (2.7 | ) |  | $ | 7,191.1 |
|  | Nine Months Ended September 30, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,441.3 |  |  | $ | 1,545.5 |  |  | $ | 1,554.5 |  |  | $ | (6.1 | ) |  | $ | 5,535.2 |
Europe, Africa and Middle East |  |  | 233.5 |  |  |  | 47.2 |  |  |  | 7.9 |  |  |  | — |  |  |  | 288.6 |
Rest of the World |  |  | 223.3 |  |  |  | 0.9 |  |  |  | 30.4 |  |  |  | — |  |  |  | 254.6 |
Consolidated |  | $ | 2,898.1 |  |  | $ | 1,593.6 |  |  | $ | 1,592.8 |  |  | $ | (6.1 | ) |  | $ | 6,078.4 |

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