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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales |  | $ | 0.7 |  |  | $ | (1.8 | ) |  | $ | (8.0 | ) |  | $ | (12.6 | )
Operating income |  |  | (2.3 | ) |  |  | (7.1 | ) |  |  | (21.0 | ) |  |  | (22.2 | )
Net income |  |  | (1.8 | ) |  |  | (5.4 | ) |  |  | (16.0 | ) |  |  | (16.9 | )
Diluted earnings per share |  | $ | (0.03 | ) |  | $ | (0.08 | ) |  | $ | (0.25 | ) |  | $ | (0.26 | )
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, |
|  | 2025 |  |  | 2024 |
Engineering costs |  | $ | 507.6 |  |  | $ | 506.1 |
Customer-owned tooling |  |  | 280.6 |  |  |  | 277.3 |
Factory setup costs |  |  | 52.0 |  |  |  | 52.5 |
Costs for anticipated contracts |  |  | 0.8 |  |  |  | 6.7 |
Deferred contract costs |  | $ | 841.0 |  |  | $ | 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 844.2 |  |  | $ | 793.4 |  |  | $ | 842.6 |  |  | $ | 710.7 |
Additions to deferred contract costs |  |  | 3.7 |  |  |  | 17.3 |  |  |  | 8.0 |  |  |  | 100.4 |
Amortization of deferred contract costs |  |  | (6.9 | ) |  |  | (1.2 | ) |  |  | (9.6 | ) |  |  | (1.6 | )
Balance at end of period |  | $ | 841.0 |  |  | $ | 809.5 |  |  | $ | 841.0 |  |  | $ | 809.5 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Point in time |  | $ | 1,236.2 |  |  | $ | 725.9 |  |  | $ | 9.1 |  |  | $ | 4.5 |  |  | $ | 1,975.7 |
Over time |  |  | 19.8 |  |  |  | 243.8 |  |  |  | 470.0 |  |  |  | 22.8 |  |  |  | 756.4 |
|  | $ | 1,256.0 |  |  | $ | 969.7 |  |  | $ | 479.1 |  |  | $ | 27.3 |  |  | $ | 2,732.1 |
|  | Three Months Ended June 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport (a) |  |  | Corporate and Other (a) |  |  | Total |
Point in time |  | $ | 1,388.3 |  |  | $ | 619.4 |  |  | $ | 1.8 |  |  | $ | (1.8 | ) |  | $ | 2,007.7 |
Over time |  |  | 18.6 |  |  |  | 223.7 |  |  |  | 570.1 |  |  |  | 26.8 |  |  |  | 839.2 |
|  | $ | 1,406.9 |  |  | $ | 843.1 |  |  | $ | 571.9 |  |  | $ | 25.0 |  |  | $ | 2,846.9 |
|  | Six Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Point in time |  | $ | 2,178.2 |  |  | $ | 1,358.5 |  |  | $ | 23.4 |  |  | $ | 10.1 |  |  | $ | 3,570.2 |
Over time |  |  | 34.9 |  |  |  | 478.0 |  |  |  | 918.7 |  |  |  | 43.1 |  |  |  | 1,474.7 |
|  | $ | 2,213.1 |  |  | $ | 1,836.5 |  |  | $ | 942.1 |  |  | $ | 53.2 |  |  | $ | 5,044.9 |
|  | Six Months Ended June 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport (a) |  |  | Corporate and Other (a) |  |  | Total |
Point in time |  | $ | 2,609.9 |  |  | $ | 1,180.0 |  |  | $ | 4.1 |  |  | $ | (4.8 | ) |  | $ | 3,789.2 |
Over time |  |  | 34.5 |  |  |  | 435.5 |  |  |  | 1,076.9 |  |  |  | 54.6 |  |  |  | 1,601.5 |
|  | $ | 2,644.4 |  |  | $ | 1,615.5 |  |  | $ | 1,081.0 |  |  | $ | 49.8 |  |  | $ | 5,390.7 |
(a) Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Customer advances |  | $ | 597.9 |  |  | $ | 648.8 |
Other current liabilities |  |  | 101.1 |  |  |  | 113.6 |
Non-current customer advances |  |  | 1,163.5 |  |  |  | 1,154.4 |
Other non-current liabilities |  |  | 78.0 |  |  |  | 72.7 |
Total contract liabilities |  | $ | 1,940.5 |  |  | $ | 1,989.5 |
Revenue recognized during the period from beginning contract liabilities was as follows (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning liabilities recognized in revenue |  | $ | 162.7 |  |  | $ | 155.8 |  |  | $ | 360.9 |  |  | $ | 359.3 |
Schedule of Changes in Service-type Warranties | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 96.0 |  |  | $ | 85.4 |
Deferred revenue for new service warranties |  |  | 25.1 |  |  |  | 20.8 |
Amortization of service warranty revenue |  |  | (19.5 | ) |  |  | (14.9 | )
Foreign currency translation |  |  | 1.3 |  |  |  | (0.3 | )
Balance at end of period |  | $ | 102.9 |  |  | $ | 91.0 |
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):
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Other current liabilities |  | $ | 37.0 |  |  | $ | 36.0 |
Other non-current liabilities |  |  | 65.9 |  |  |  | 60.0 |
|  | $ | 102.9 |  |  | $ | 96.0 |

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