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Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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):
|  | Three Months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 675.6 |  |  | $ | — |  |  | $ | 675.6 |  |  | $ | 664.9 |  |  | $ | — |  |  | $ | 664.9 |
Telehandlers |  |  | 428.6 |  |  |  | — |  |  |  | 428.6 |  |  |  | 390.8 |  |  |  | — |  |  |  | 390.8 |
Other |  |  | 302.7 |  |  |  | — |  |  |  | 302.7 |  |  |  | 272.6 |  |  |  | — |  |  |  | 272.6 |
Total Access |  |  | 1,406.9 |  |  |  | — |  |  |  | 1,406.9 |  |  |  | 1,328.3 |  |  |  | — |  |  |  | 1,328.3 |
Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense |  |  | 560.6 |  |  |  | 1.8 |  |  |  | 562.4 |  |  |  | 497.8 |  |  |  | 0.3 |  |  |  | 498.1 |
Delivery vehicles |  |  | 36.3 |  |  |  | — |  |  |  | 36.3 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Defense |  |  | 596.9 |  |  |  | 1.8 |  |  |  | 598.7 |  |  |  | 497.8 |  |  |  | 0.3 |  |  |  | 498.1 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 354.5 |  |  |  | — |  |  |  | 354.5 |  |  |  | 296.5 |  |  |  | — |  |  |  | 296.5 |
Refuse collection |  |  | 176.9 |  |  |  | — |  |  |  | 176.9 |  |  |  | 157.9 |  |  |  | — |  |  |  | 157.9 |
Other |  |  | 311.7 |  |  |  | — |  |  |  | 311.7 |  |  |  | 132.5 |  |  |  | 0.6 |  |  |  | 133.1 |
Total Vocational |  |  | 843.1 |  |  |  | — |  |  |  | 843.1 |  |  |  | 586.9 |  |  |  | 0.6 |  |  |  | 587.5 |
Eliminations |  |  | — |  |  |  | (1.8 | ) |  |  | (1.8 | ) |  |  | 0.1 |  |  |  | (0.9 | ) |  |  | (0.8 | )
Consolidated |  | $ | 2,846.9 |  |  | $ | — |  |  | $ | 2,846.9 |  |  | $ | 2,413.1 |  |  | $ | — |  |  | $ | 2,413.1 |
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 1,266.6 |  |  | $ | — |  |  | $ | 1,266.6 |  |  | $ | 1,266.9 |  |  | $ | — |  |  | $ | 1,266.9 |
Telehandlers |  |  | 802.0 |  |  |  | — |  |  |  | 802.0 |  |  |  | 732.2 |  |  |  | — |  |  |  | 732.2 |
Other |  |  | 575.8 |  |  |  | — |  |  |  | 575.8 |  |  |  | 522.4 |  |  |  | — |  |  |  | 522.4 |
Total Access |  |  | 2,644.4 |  |  |  | — |  |  |  | 2,644.4 |  |  |  | 2,521.5 |  |  |  | — |  |  |  | 2,521.5 |
Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense |  |  | 1,095.2 |  |  |  | 4.1 |  |  |  | 1,099.3 |  |  |  | 1,010.6 |  |  |  | 0.6 |  |  |  | 1,011.2 |
Delivery vehicles |  |  | 36.3 |  |  |  | — |  |  |  | 36.3 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Defense |  |  | 1,131.5 |  |  |  | 4.1 |  |  |  | 1,135.6 |  |  |  | 1,010.6 |  |  |  | 0.6 |  |  |  | 1,011.2 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 681.7 |  |  |  | — |  |  |  | 681.7 |  |  |  | 584.9 |  |  |  | — |  |  |  | 584.9 |
Refuse collection |  |  | 324.2 |  |  |  | — |  |  |  | 324.2 |  |  |  | 299.8 |  |  |  | — |  |  |  | 299.8 |
Other |  |  | 608.9 |  |  |  | 0.7 |  |  |  | 609.6 |  |  |  | 264.2 |  |  |  | 1.3 |  |  |  | 265.5 |
Total Vocational |  |  | 1,614.8 |  |  |  | 0.7 |  |  |  | 1,615.5 |  |  |  | 1,148.9 |  |  |  | 1.3 |  |  |  | 1,150.2 |
Eliminations |  |  | — |  |  |  | (4.8 | ) |  |  | (4.8 | ) |  |  | 0.2 |  |  |  | (1.9 | ) |  |  | (1.7 | )
Consolidated |  | $ | 5,390.7 |  |  | $ | — |  |  | $ | 5,390.7 |  |  | $ | 4,681.2 |  |  | $ | — |  |  | $ | 4,681.2 |
Schedule of Income (Loss) from Continuing Operations by Reportable Segment |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 246.5 |  |  | $ | 211.7 |  |  | $ | 454.6 |  |  | $ | 346.7 |
Defense(a) |  |  | (39.9 | ) |  |  | 6.3 |  |  |  | (28.6 | ) |  |  | 8.0 |
Vocational(b) |  |  | 106.5 |  |  |  | 60.5 |  |  |  | 186.6 |  |  |  | 88.6 |
Corporate and intersegment eliminations |  |  | (52.2 | ) |  |  | (43.6 | ) |  |  | (92.0 | ) |  |  | (77.6 | )
Consolidated |  |  | 260.9 |  |  |  | 234.9 |  |  |  | 520.6 |  |  |  | 365.7 |
Interest expense, net of interest income |  |  | (30.3 | ) |  |  | (8.1 | ) |  |  | (51.1 | ) |  |  | (15.3 | )
Miscellaneous income (expense), net |  |  | (1.5 | ) |  |  | 4.8 |  |  |  | (3.5 | ) |  |  | 10.6 |
Income before income taxes and losses of unconsolidated affiliates |  | $ | 229.1 |  |  | $ | 231.6 |  |  | $ | 466.0 |  |  | $ | 361.0 |
(a) Results for the three and six months ended June 30, 2024 include $51.6 million of intangible asset impairments. See Note 12 for additional details on the Company's goodwill and purchased intangible assets. (b) Results for the six months ended June 30, 2023 include a charge of $13.3 million on the sale of the rear-discharge mixer business. See Note 3 for additional details on the Company's divestitures.
Schedule of Net Sales by Geographical Areas | The following table presents net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended June 30, 2024 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,169.7 |  |  | $ | 542.3 |  |  | $ | 811.8 |  |  | $ | (1.8 | ) |  | $ | 2,522.0 |
Europe, Africa and Middle East |  |  | 138.6 |  |  |  | 56.3 |  |  |  | 19.1 |  |  |  | — |  |  |  | 214.0 |
Rest of the World |  |  | 98.6 |  |  |  | 0.1 |  |  |  | 12.2 |  |  |  | — |  |  |  | 110.9 |
Consolidated |  | $ | 1,406.9 |  |  | $ | 598.7 |  |  | $ | 843.1 |  |  | $ | (1.8 | ) |  | $ | 2,846.9 |
|  | Three Months Ended June 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,051.9 |  |  | $ | 425.7 |  |  | $ | 579.0 |  |  | $ | (0.8 | ) |  | $ | 2,055.8 |
Europe, Africa and Middle East |  |  | 154.2 |  |  |  | 72.1 |  |  |  | 5.0 |  |  |  | — |  |  |  | 231.3 |
Rest of the World |  |  | 122.2 |  |  |  | 0.3 |  |  |  | 3.5 |  |  |  | — |  |  |  | 126.0 |
Consolidated |  | $ | 1,328.3 |  |  | $ | 498.1 |  |  | $ | 587.5 |  |  | $ | (0.8 | ) |  | $ | 2,413.1 |
|  | Six Months Ended June 30, 2024 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,201.6 |  |  | $ | 1,003.1 |  |  | $ | 1,566.0 |  |  | $ | (4.8 | ) |  | $ | 4,765.9 |
Europe, Africa and Middle East |  |  | 244.6 |  |  |  | 132.2 |  |  |  | 29.2 |  |  |  | — |  |  |  | 406.0 |
Rest of the World |  |  | 198.2 |  |  |  | 0.3 |  |  |  | 20.3 |  |  |  | — |  |  |  | 218.8 |
Consolidated |  | $ | 2,644.4 |  |  | $ | 1,135.6 |  |  | $ | 1,615.5 |  |  | $ | (4.8 | ) |  | $ | 5,390.7 |
|  | Six Months Ended June 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,000.5 |  |  | $ | 853.3 |  |  | $ | 1,132.4 |  |  | $ | (1.7 | ) |  | $ | 3,984.5 |
Europe, Africa and Middle East |  |  | 290.9 |  |  |  | 157.4 |  |  |  | 6.7 |  |  |  | — |  |  |  | 455.0 |
Rest of the World |  |  | 230.1 |  |  |  | 0.5 |  |  |  | 11.1 |  |  |  | — |  |  |  | 241.7 |
Consolidated |  | $ | 2,521.5 |  |  | $ | 1,011.2 |  |  | $ | 1,150.2 |  |  | $ | (1.7 | ) |  | $ | 4,681.2 |

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