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Revenue Recognition (Tables)

9 Months Ended

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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