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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Net Sales by Product Lines and Reportable Segments | Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 2,461.6 |  |  | $ | — |  |  | $ | 2,461.6 |  |  | $ | 1,949.0 |  |  | $ | — |  |  | $ | 1,949.0 |
Telehandlers |  |  | 1,480.2 |  |  |  | — |  |  |  | 1,480.2 |  |  |  | 1,174.8 |  |  |  | — |  |  |  | 1,174.8 |
Other |  |  | 1,048.2 |  |  |  | — |  |  |  | 1,048.2 |  |  |  | 848.1 |  |  |  | 0.2 |  |  |  | 848.3 |
Total Access |  |  | 4,990.0 |  |  |  | — |  |  |  | 4,990.0 |  |  |  | 3,971.9 |  |  |  | 0.2 |  |  |  | 3,972.1 |
Defense |  |  | 2,092.0 |  |  |  | 6.2 |  |  |  | 2,098.2 |  |  |  | 2,139.9 |  |  |  | 1.4 |  |  |  | 2,141.3 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 1,186.6 |  |  |  | — |  |  |  | 1,186.6 |  |  |  | 1,086.0 |  |  |  | — |  |  |  | 1,086.0 |
Refuse collection |  |  | 590.7 |  |  |  | — |  |  |  | 590.7 |  |  |  | 536.4 |  |  |  | — |  |  |  | 536.4 |
Other |  |  | 798.6 |  |  |  | 2.2 |  |  |  | 800.8 |  |  |  | 547.6 |  |  |  | 5.7 |  |  |  | 553.3 |
Total Vocational |  |  | 2,575.9 |  |  |  | 2.2 |  |  |  | 2,578.1 |  |  |  | 2,170.0 |  |  |  | 5.7 |  |  |  | 2,175.7 |
Corporate and intersegment eliminations |  |  | — |  |  |  | (8.4 | ) |  |  | (8.4 | ) |  |  | 0.2 |  |  |  | (7.3 | ) |  |  | (7.1 | )
Consolidated |  | $ | 9,657.9 |  |  | $ | — |  |  | $ | 9,657.9 |  |  | $ | 8,282.0 |  |  | $ | — |  |  | $ | 8,282.0 |
|  | Three Months Ended December 31, 2021 (transition period) |  |  | Year Ended September 30, 2021 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 415.3 |  |  | $ | — |  |  | $ | 415.3 |  |  | $ | 1,471.4 |  |  | $ | — |  |  | $ | 1,471.4 |
Telehandlers |  |  | 210.6 |  |  |  | — |  |  |  | 210.6 |  |  |  | 769.4 |  |  |  | — |  |  |  | 769.4 |
Other |  |  | 207.4 |  |  |  | 0.2 |  |  |  | 207.6 |  |  |  | 826.5 |  |  |  | 4.8 |  |  |  | 831.3 |
Total Access |  |  | 833.3 |  |  |  | 0.2 |  |  |  | 833.5 |  |  |  | 3,067.3 |  |  |  | 4.8 |  |  |  | 3,072.1 |
Defense |  |  | 531.1 |  |  |  | 0.4 |  |  |  | 531.5 |  |  |  | 2,524.1 |  |  |  | 1.5 |  |  |  | 2,525.6 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 215.1 |  |  |  | — |  |  |  | 215.1 |  |  |  | 1,199.2 |  |  |  | — |  |  |  | 1,199.2 |
Refuse collection |  |  | 98.2 |  |  |  | — |  |  |  | 98.2 |  |  |  | 465.9 |  |  |  | — |  |  |  | 465.9 |
Other |  |  | 113.9 |  |  |  | 2.0 |  |  |  | 115.9 |  |  |  | 480.1 |  |  |  | 19.0 |  |  |  | 499.1 |
Total Vocational |  |  | 427.2 |  |  |  | 2.0 |  |  |  | 429.2 |  |  |  | 2,145.2 |  |  |  | 19.0 |  |  |  | 2,164.2 |
Corporate and intersegment eliminations |  |  | 0.1 |  |  |  | (2.6 | ) |  |  | (2.5 | ) |  |  | 0.7 |  |  |  | (25.3 | ) |  |  | (24.6 | )
Consolidated |  | $ | 1,791.7 |  |  | $ | — |  |  | $ | 1,791.7 |  |  | $ | 7,737.3 |  |  | $ | — |  |  | $ | 7,737.3 |
|  | Year Ended December 31, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access (a) |  | $ | 738.8 |  |  | $ | 313.2 |  |  | $ | 38.2 |  |  | $ | 278.2 |
Defense (b) |  |  | 91.6 |  |  |  | 46.2 |  |  |  | 16.0 |  |  |  | 200.7 |
Vocational (c) |  |  | 185.5 |  |  |  | 154.4 |  |  |  | 18.3 |  |  |  | 260.6 |
Corporate |  |  | (178.3 | ) |  |  | (141.5 | ) |  |  | (30.9 | ) |  |  | (147.4 | )
Consolidated |  |  | 837.6 |  |  |  | 372.3 |  |  |  | 41.6 |  |  |  | 592.1 |
Interest expense, net of interest income |  |  | (53.8 | ) |  |  | (43.9 | ) |  |  | (11.8 | ) |  |  | (44.7 | )
Miscellaneous, net (d) |  |  | 13.8 |  |  |  | (52.8 | ) |  |  | (5.6 | ) |  |  | (2.1 | )
Income before income taxes and losses of unconsolidated affiliates |  | $ | 797.6 |  |  | $ | 275.6 |  |  | $ | 24.2 |  |  | $ | 545.3 |
(a) Results for 2022 include expense of $4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for fiscal 2021 include $3.1 million of restructuring costs and $7.4 million operating expenses related to restructuring plans. (b) Results for 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. Results for 2022 include a $5.6 million intangible asset impairment charge. (c) Results for 2023 include a loss of $13.3 million on the sale of the rear discharge mixer business, acquisition costs of $12.9 million related to the acquisition of AeroTech, $7.1 million of amortization of inventory fair value step-up and restructuring costs of $3.0 million. Results for 2022 include a $2.1 million intangible asset impairment charge. (d) Results for 2023 include a gain of $4.7 million on the settlement of a claim with the Company's pension advisor. Results for 2022 include a $33.6 million charge from the settlement of a frozen pension plan.
|  | Year Ended December 31, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Access (a) |  | $ | 55.1 |  |  | $ | 37.4 |  |  | $ | 9.1 |  |  | $ | 37.9 |
Defense |  |  | 36.6 |  |  |  | 29.9 |  |  |  | 7.9 |  |  |  | 27.8 |
Vocational |  |  | 52.2 |  |  |  | 25.3 |  |  |  | 5.9 |  |  |  | 23.1 |
Corporate |  |  | 16.0 |  |  |  | 15.0 |  |  |  | 4.1 |  |  |  | 15.2 |
Consolidated |  | $ | 159.9 |  |  | $ | 107.6 |  |  | $ | 27.0 |  |  | $ | 104.0 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Access (b) |  | $ | 112.3 |  |  | $ | 65.7 |  |  | $ | 17.2 |  |  | $ | 55.8 |
Defense |  |  | 141.4 |  |  |  | 168.2 |  |  |  | 12.1 |  |  |  | 23.8 |
Vocational |  |  | 73.0 |  |  |  | 42.2 |  |  |  | 12.9 |  |  |  | 29.4 |
Corporate |  |  | 3.2 |  |  |  | 3.6 |  |  |  | 1.0 |  |  |  | 5.8 |
Consolidated |  | $ | 329.9 |  |  | $ | 279.7 |  |  | $ | 43.2 |  |  | $ | 114.8 |
(a) Includes $3.6 million of accelerated depreciation associated with restructuring actions in fiscal 2021. (b) Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental.
Schedule of Identifiable Assets by Business Segments and by Geographical Areas | The following tables provide long-lived asset by country in which the Company operates. Long-lived assets include property, plant and equipment, equipment held for rental, deferred contract costs and right of use assets.
|  | December 31, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate |  |  | Total |
Identifiable assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 303.8 |  |  | $ | 1,134.6 |  |  | $ | 344.5 |  |  | $ | 112.4 |  |  | $ | 1,895.3 |
China |  |  | 34.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34.8 |
Mexico |  |  | 30.0 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |  |  |  | 30.4 |
Netherlands |  |  | 27.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27.9 |
Other |  |  | 49.7 |  |  |  | 0.2 |  |  |  | 6.0 |  |  |  | — |  |  |  | 55.9 |
Total |  | $ | 446.2 |  |  | $ | 1,134.8 |  |  | $ | 350.9 |  |  | $ | 112.4 |  |  | $ | 2,044.3 |
|  | December 31, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate |  |  | Total |
Identifiable assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 219.0 |  |  | $ | 788.0 |  |  | $ | 245.9 |  |  | $ | 97.7 |  |  | $ | 1,350.6 |
China |  |  | 43.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43.5 |
Mexico |  |  | 26.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26.6 |
Netherlands |  |  | 21.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21.6 |
Other |  |  | 26.8 |  |  |  | 0.6 |  |  |  | 8.8 |  |  |  | — |  |  |  | 36.2 |
Total |  | $ | 337.5 |  |  | $ | 788.6 |  |  | $ | 254.7 |  |  | $ | 97.7 |  |  | $ | 1,478.5 |
Schedule of Net Sales by Geographical Areas | The following tables present net sales by geographic region based on product shipment destination (in millions):
|  | Year Ended December 31, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,968.3 |  |  | $ | 1,754.3 |  |  | $ | 2,502.6 |  |  | $ | (8.4 | ) |  | $ | 8,216.8 |
Europe, Africa and Middle East |  |  | 573.8 |  |  |  | 342.8 |  |  |  | 32.0 |  |  |  | — |  |  |  | 948.6 |
Rest of the World |  |  | 447.9 |  |  |  | 1.1 |  |  |  | 43.5 |  |  |  | — |  |  |  | 492.5 |
Consolidated |  | $ | 4,990.0 |  |  | $ | 2,098.2 |  |  | $ | 2,578.1 |  |  | $ | (8.4 | ) |  | $ | 9,657.9 |
|  | Year Ended December 31, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,298.9 |  |  | $ | 2,047.5 |  |  | $ | 2,128.9 |  |  | $ | (7.1 | ) |  | $ | 7,468.2 |
Europe, Africa and Middle East |  |  | 353.0 |  |  |  | 92.7 |  |  |  | 9.5 |  |  |  | — |  |  |  | 455.2 |
Rest of the World |  |  | 320.2 |  |  |  | 1.1 |  |  |  | 37.3 |  |  |  | — |  |  |  | 358.6 |
Consolidated |  | $ | 3,972.1 |  |  | $ | 2,141.3 |  |  | $ | 2,175.7 |  |  | $ | (7.1 | ) |  | $ | 8,282.0 |
|  | Three Months Ended December 31, 2021 (transition period) |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 671.6 |  |  | $ | 523.4 |  |  | $ | 418.8 |  |  | $ | (2.5 | ) |  | $ | 1,611.3 |
Europe, Africa and Middle East |  |  | 86.1 |  |  |  | 8.0 |  |  |  | 4.9 |  |  |  | — |  |  |  | 99.0 |
Rest of the World |  |  | 75.8 |  |  |  | 0.1 |  |  |  | 5.5 |  |  |  | — |  |  |  | 81.4 |
Consolidated |  | $ | 833.5 |  |  | $ | 531.5 |  |  | $ | 429.2 |  |  | $ | (2.5 | ) |  | $ | 1,791.7 |
|  | Year Ended September 30, 2021 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,358.9 |  |  | $ | 2,337.8 |  |  | $ | 2,076.4 |  |  | $ | (24.6 | ) |  | $ | 6,748.5 |
Europe, Africa and Middle East |  |  | 273.4 |  |  |  | 183.2 |  |  |  | 48.2 |  |  |  | — |  |  |  | 504.8 |
Rest of the World |  |  | 439.8 |  |  |  | 4.6 |  |  |  | 39.6 |  |  |  | — |  |  |  | 484.0 |
Consolidated |  | $ | 3,072.1 |  |  | $ | 2,525.6 |  |  | $ | 2,164.2 |  |  | $ | (24.6 | ) |  | $ | 7,737.3 |

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