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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net sales |  | $ | (1.8 | ) |  | $ | 0.1 |  |  | $ | (12.6 | ) |  | $ | (8.4 | )
Operating income |  |  | (7.1 | ) |  |  | (11.3 | ) |  |  | (22.2 | ) |  |  | (25.8 | )
Net income |  |  | (5.4 | ) |  |  | (8.6 | ) |  |  | (16.9 | ) |  |  | (19.8 | )
Diluted earnings per share |  | $ | (0.08 | ) |  | $ | (0.13 | ) |  | $ | (0.26 | ) |  | $ | (0.30 | )
Schedule of Deferred Contract Costs | Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Costs for anticipated contracts |  | $ | 6.6 |  |  | $ | 6.2 |
Engineering costs |  |  | 496.3 |  |  |  | 439.6 |
Factory setup costs |  |  | 52.5 |  |  |  | 44.4 |
Customer-owned tooling |  |  | 254.1 |  |  |  | 220.5 |
Deferred contract costs |  | $ | 809.5 |  |  | $ | 710.7 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended June 30, 2024 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Point in time |  | $ | 1,388.3 |  |  | $ | 1.8 |  |  | $ | 619.4 |  |  | $ | (1.8 | ) |  | $ | 2,007.7 |
Over time |  |  | 18.6 |  |  |  | 596.9 |  |  |  | 223.7 |  |  |  | — |  |  |  | 839.2 |
|  | $ | 1,406.9 |  |  | $ | 598.7 |  |  | $ | 843.1 |  |  | $ | (1.8 | ) |  | $ | 2,846.9 |
|  | Three Months Ended June 30, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Point in time |  | $ | 1,315.3 |  |  | $ | 2.7 |  |  | $ | 481.7 |  |  | $ | (0.8 | ) |  | $ | 1,798.9 |
Over time |  |  | 13.0 |  |  |  | 495.4 |  |  |  | 105.8 |  |  |  | — |  |  |  | 614.2 |
|  | $ | 1,328.3 |  |  | $ | 498.1 |  |  | $ | 587.5 |  |  | $ | (0.8 | ) |  | $ | 2,413.1 |
|  | Six Months Ended June 30, 2024 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Eliminations |  |  | Total |
Point in time |  | $ | 2,609.9 |  |  | $ | 4.1 |  |  | $ | 1,180.0 |  |  | $ | (4.8 | ) |  | $ | 3,789.2 |
Over time |  |  | 34.5 |  |  |  | 1,131.5 |  |  |  | 435.5 |  |  |  | — |  |  |  | 1,601.5 |
|  | $ | 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 |
Point in time |  | $ | 2,495.8 |  |  | $ | 6.2 |  |  | $ | 928.9 |  |  | $ | (1.7 | ) |  | $ | 3,429.2 |
Over time |  |  | 25.7 |  |  |  | 1,005.0 |  |  |  | 221.3 |  |  |  | — |  |  |  | 1,252.0 |
|  | $ | 2,521.5 |  |  | $ | 1,011.2 |  |  | $ | 1,150.2 |  |  | $ | (1.7 | ) |  | $ | 4,681.2 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Customer advances |  | $ | 673.7 |  |  | $ | 706.9 |
Other current liabilities |  |  | 98.4 |  |  |  | 96.2 |
Non-current customer advances |  |  | 1,166.1 |  |  |  | 1,190.7 |
Other non-current liabilities |  |  | 69.7 |  |  |  | 68.5 |
Total contract liabilities |  | $ | 2,007.9 |  |  | $ | 2,062.3 |
Revenue recognized during the period from beginning contract liabilities was as follows (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning liabilities recognized in revenue |  | $ | 155.8 |  |  | $ | 158.4 |  |  | $ | 359.3 |  |  | $ | 347.6 |
Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 85.4 |  |  | $ | 76.1 |
Deferred revenue for new service warranties |  |  | 20.8 |  |  |  | 18.2 |
Amortization of deferred revenue |  |  | (14.9 | ) |  |  | (13.0 | )
Foreign currency translation |  |  | (0.3 | ) |  |  | 0.1 |
Balance at end of period |  | $ | 91.0 |  |  | $ | 81.4 |
Changes in the Company’s assurance-type warranty liabilities were as follows (in millions):
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 64.2 |  |  | $ | 58.8 |
Warranty provisions |  |  | 32.4 |  |  |  | 28.0 |
Settlements made |  |  | (27.9 | ) |  |  | (24.3 | )
Changes in liability for pre-existing warranties, net |  |  | 0.4 |  |  |  | (1.9 | )
Foreign currency translation |  |  | (0.1 | ) |  |  | — |
Disposition of business |  |  | — |  |  |  | (0.5 | )
Acquisition of business |  |  | — |  |  |  | 0.2 |
Balance at end of period |  | $ | 69.0 |  |  | $ | 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):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Other current liabilities |  | $ | 34.6 |  |  | $ | 30.9 |
Other non-current liabilities |  |  | 56.4 |  |  |  | 54.5 |
|  | $ | 91.0 |  |  | $ | 85.4 |

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