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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2025
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, |
|  | 2025 |  |  | 2024 |
Net sales |  | $ | (7.6 | ) |  | $ | (10.0 | )
Operating income |  |  | (17.5 | ) |  |  | (13.1 | )
Net income |  |  | (13.4 | ) |  |  | (10.0 | )
Diluted earnings per share |  | $ | (0.21 | ) |  | $ | (0.15 | )
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, |
|  | 2025 |  |  | 2024 |
Engineering costs |  | $ | 504.8 |  |  | $ | 506.1 |
Customer-owned tooling |  |  | 280.0 |  |  |  | 277.3 |
Factory setup costs |  |  | 52.4 |  |  |  | 52.5 |
Costs for anticipated contracts |  |  | 7.0 |  |  |  | 6.7 |
Deferred contract costs |  | $ | 844.2 |  |  | $ | 842.6 |
Schedule of Changes in Deferred Contract Costs | Changes in the Company’s deferred contract costs were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 842.6 |  |  | $ | 710.7 |
Additions to deferred contract costs |  |  | 4.3 |  |  |  | 83.1 |
Amortization of deferred contract costs |  |  | (2.7 | ) |  |  | (0.4 | )
Balance at end of period |  | $ | 844.2 |  |  | $ | 793.4 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended March 31, 2025 |
|  | Access |  |  | Vocational |  |  | Defense |  |  | Corporate and Other |  |  | Total |
Point in time |  | $ | 942.0 |  |  | $ | 632.6 |  |  | $ | 14.3 |  |  | $ | 5.6 |  |  | $ | 1,594.5 |
Over time |  |  | 15.1 |  |  |  | 234.2 |  |  |  | 448.7 |  |  |  | 20.3 |  |  |  | 718.3 |
|  | $ | 957.1 |  |  | $ | 866.8 |  |  | $ | 463.0 |  |  | $ | 25.9 |  |  | $ | 2,312.8 |
|  | Three Months Ended March 31, 2024 |
|  | Access |  |  | Vocational |  |  | Defense (a) |  |  | Corporate and Other (a) |  |  | Total |
Point in time |  | $ | 1,221.6 |  |  | $ | 560.6 |  |  | $ | 2.3 |  |  | $ | (3.0 | ) |  | $ | 1,781.5 |
Over time |  |  | 15.9 |  |  |  | 211.8 |  |  |  | 506.8 |  |  |  | 27.8 |  |  |  | 762.3 |
|  | $ | 1,237.5 |  |  | $ | 772.4 |  |  | $ | 509.1 |  |  | $ | 24.8 |  |  | $ | 2,543.8 |
(a) Results have been reclassified to reflect the move of Pratt Miller from the Defense segment to Corporate and Other.
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Customer advances |  | $ | 637.7 |  |  | $ | 648.8 |
Other current liabilities |  |  | 89.7 |  |  |  | 113.6 |
Non-current customer advances |  |  | 1,147.9 |  |  |  | 1,154.4 |
Other non-current liabilities |  |  | 73.0 |  |  |  | 72.7 |
Total contract liabilities |  | $ | 1,948.3 |  |  | $ | 1,989.5 |
Revenue recognized during the period from beginning contract liabilities was as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Beginning liabilities recognized in revenue |  | $ | 198.2 |  |  | $ | 203.5 |
Schedule of Changes in Service-type Warranties | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 96.0 |  |  | $ | 85.4 |
Deferred revenue for new service warranties |  |  | 10.3 |  |  |  | 9.4 |
Amortization of service warranty revenue |  |  | (9.8 | ) |  |  | (7.0 | )
Foreign currency translation |  |  | 0.5 |  |  |  | (0.3 | )
Balance at end of period |  | $ | 97.0 |  |  | $ | 87.5 |
Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets | Classification of service-type warranties in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Other current liabilities |  | $ | 36.3 |  |  | $ | 36.0 |
Other non-current liabilities |  |  | 60.7 |  |  |  | 60.0 |
|  | $ | 97.0 |  |  | $ | 96.0 |

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