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Revenue Recognition (Tables)
 3 Months Ended
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