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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, |
|  | 2024 |  |  | 2023 |
Net sales |  | $ | (10.0 | ) |  | $ | (6.5 | )
Operating income |  |  | (13.1 | ) |  |  | (14.4 | )
Net income |  |  | (10.0 | ) |  |  | (11.0 | )
Diluted earnings per share |  | $ | (0.15 | ) |  | $ | (0.17 | )
Schedule of Deferred Contract Costs | Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Costs for anticipated contracts |  | $ | 6.6 |  |  | $ | 6.2 |
Engineering costs |  |  | 482.0 |  |  |  | 439.6 |
Factory setup costs |  |  | 52.5 |  |  |  | 44.4 |
Customer-owned tooling |  |  | 252.3 |  |  |  | 220.5 |
Deferred contract costs |  | $ | 793.4 |  |  | $ | 710.7 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended March 31, 2024 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Point in time |  | $ | 1,221.6 |  |  | $ | 2.3 |  |  | $ | 560.6 |  |  | $ | (3.0 | ) |  | $ | 1,781.5 |
Over time |  |  | 15.9 |  |  |  | 534.6 |  |  |  | 211.8 |  |  |  | — |  |  |  | 762.3 |
|  | $ | 1,237.5 |  |  | $ | 536.9 |  |  | $ | 772.4 |  |  | $ | (3.0 | ) |  | $ | 2,543.8 |
|  | Three Months Ended March 31, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Point in time |  | $ | 1,180.5 |  |  | $ | 3.5 |  |  | $ | 447.2 |  |  | $ | (0.9 | ) |  | $ | 1,630.3 |
Over time |  |  | 12.7 |  |  |  | 509.6 |  |  |  | 115.5 |  |  |  | — |  |  |  | 637.8 |
|  | $ | 1,193.2 |  |  | $ | 513.1 |  |  | $ | 562.7 |  |  | $ | (0.9 | ) |  | $ | 2,268.1 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Customer advances |  | $ | 703.8 |  |  | $ | 706.9 |
Other current liabilities |  |  | 87.6 |  |  |  | 96.2 |
Non-current customer advances |  |  | 1,181.5 |  |  |  | 1,190.7 |
Other non-current liabilities |  |  | 69.1 |  |  |  | 68.5 |
Total contract liabilities |  | $ | 2,042.0 |  |  | $ | 2,062.3 |
Revenue recognized during the period from beginning contract liabilities was as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Beginning liabilities recognized in revenue |  | $ | 203.5 |  |  | $ | 189.2 |
Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 85.4 |  |  | $ | 76.1 |
Deferred revenue for new service warranties |  |  | 9.4 |  |  |  | 9.0 |
Amortization of deferred revenue |  |  | (7.0 | ) |  |  | (6.5 | )
Foreign currency translation |  |  | (0.3 | ) |  |  | 0.1 |
Balance at end of period |  | $ | 87.5 |  |  | $ | 78.7 |
Changes in the Company’s assurance-type warranty liabilities were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 64.2 |  |  | $ | 58.8 |
Warranty provisions |  |  | 14.7 |  |  |  | 14.9 |
Settlements made |  |  | (14.0 | ) |  |  | (12.4 | )
Changes in liability for pre-existing warranties, net |  |  | (0.3 | ) |  |  | (0.7 | )
Foreign currency translation |  |  | (0.1 | ) |  |  | — |
Disposition of business |  |  | — |  |  |  | (0.5 | )
Acquisition of business |  |  | — |  |  |  | 0.2 |
Balance at end of period |  | $ | 64.5 |  |  | $ | 60.3 |
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):
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Other current liabilities |  | $ | 32.4 |  |  | $ | 30.9 |
Other non-current liabilities |  |  | 55.1 |  |  |  | 54.5 |
|  | $ | 87.5 |  |  | $ | 85.4 |

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