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Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
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, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 638.0 |  |  | $ | 675.6 |  |  | $ | 1,088.8 |  |  | $ | 1,266.6 |
Telehandlers |  |  | 325.1 |  |  |  | 428.6 |  |  |  | 569.6 |  |  |  | 802.0 |
Other |  |  | 292.9 |  |  |  | 302.7 |  |  |  | 554.7 |  |  |  | 575.8 |
Total Access |  |  | 1,256.0 |  |  |  | 1,406.9 |  |  |  | 2,213.1 |  |  |  | 2,644.4 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |
Municipal fire apparatus(a) |  |  | 398.0 |  |  |  | 331.4 |  |  |  | 727.8 |  |  |  | 636.9 |
Airport products(a) |  |  | 246.1 |  |  |  | 215.5 |  |  |  | 471.4 |  |  |  | 413.6 |
Refuse and recycling vehicles |  |  | 197.0 |  |  |  | 176.9 |  |  |  | 402.5 |  |  |  | 324.2 |
Other(a) |  |  | 128.6 |  |  |  | 119.3 |  |  |  | 234.8 |  |  |  | 240.8 |
Total Vocational |  |  | 969.7 |  |  |  | 843.1 |  |  |  | 1,836.5 |  |  |  | 1,615.5 |
Transport |  |  |  |  |  |  |  |  |  |  |  |
Defense (b) |  |  | 372.0 |  |  |  | 535.6 |  |  |  | 784.7 |  |  |  | 1,044.7 |
Delivery vehicles |  |  | 107.1 |  |  |  | 36.3 |  |  |  | 157.4 |  |  |  | 36.3 |
Total Transport |  |  | 479.1 |  |  |  | 571.9 |  |  |  | 942.1 |  |  |  | 1,081.0 |
Corporate and other (b) |  |  | 27.3 |  |  |  | 25.0 |  |  |  | 53.2 |  |  |  | 49.8 |
Consolidated |  | $ | 2,732.1 |  |  | $ | 2,846.9 |  |  | $ | 5,044.9 |  |  | $ | 5,390.7 |
(a) Results for 2024 have been reclassified to reflect the separate presentation of the airport products product line. (b) Results for 2024 have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.
Schedule of Income (Loss) from Continuing Operations by Reportable Segment |
|  | Three Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 1,256.0 |  |  | $ | 969.7 |  |  | $ | 479.1 |  |  | $ | 27.3 |  |  | $ | 2,732.1 |
Cost of sales (excluding R&D) |  |  | 972.2 |  |  |  | 735.5 |  |  |  | 434.0 |  |  |  | 20.9 |  |  |  | 2,162.6 |
Research and development |  |  | 22.0 |  |  |  | 13.8 |  |  |  | 1.2 |  |  |  | 8.0 |  |  |  | 45.0 |
Gross income |  |  | 261.8 |  |  |  | 220.4 |  |  |  | 43.9 |  |  |  | (1.6 | ) |  |  | 524.5 |
Employee compensation |  |  | 40.7 |  |  |  | 35.0 |  |  |  | 14.0 |  |  |  | 41.0 |  |  |  | 130.7 |
Amortization of purchased intangibles |  |  | 3.6 |  |  |  | 9.4 |  |  |  | — |  |  |  | 0.8 |  |  |  | 13.8 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.7 |  |  |  | 5.7 |
Other segment items(a) |  |  | 35.9 |  |  |  | 28.7 |  |  |  | 12.1 |  |  |  | 5.9 |  |  |  | 82.6 |
Operating income |  | $ | 181.6 |  |  | $ | 147.3 |  |  | $ | 17.8 |  |  | $ | (55.0 | ) |  |  | 291.7 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28.1 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.3 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 270.9 |
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|  | Three Months Ended June 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport(a) |  |  | Corporate and Other(a) |  |  | Consolidated |
Net Sales |  | $ | 1,406.9 |  |  | $ | 843.1 |  |  | $ | 571.9 |  |  | $ | 25.0 |  |  | $ | 2,846.9 |
Cost of sales (excluding R&D) |  |  | 1,059.4 |  |  |  | 649.8 |  |  |  | 528.1 |  |  |  | 19.4 |  |  |  | 2,256.7 |
Research and development |  |  | 21.5 |  |  |  | 10.9 |  |  |  | 6.0 |  |  |  | 5.7 |  |  |  | 44.1 |
Gross income |  |  | 326.0 |  |  |  | 182.4 |  |  |  | 37.8 |  |  |  | (0.1 | ) |  |  | 546.1 |
Employee compensation |  |  | 41.7 |  |  |  | 32.0 |  |  |  | 13.5 |  |  |  | 43.9 |  |  |  | 131.1 |
Amortization of purchased intangibles |  |  | 2.3 |  |  |  | 9.9 |  |  |  | — |  |  |  | 1.4 |  |  |  | 13.6 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51.6 |  |  |  | 51.6 |
Other segment items(b) |  |  | 35.5 |  |  |  | 34.0 |  |  |  | 12.4 |  |  |  | 7.0 |  |  |  | 88.9 |
Operating income |  | $ | 246.5 |  |  | $ | 106.5 |  |  | $ | 11.9 |  |  | $ | (104.0 | ) |  |  | 260.9 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30.3 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.5 | )
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 229.1 |
(a) Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other. (b) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|  | Six Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 2,213.1 |  |  | $ | 1,836.5 |  |  | $ | 942.1 |  |  | $ | 53.2 |  |  | $ | 5,044.9 |
Cost of sales (excluding R&D) |  |  | 1,721.9 |  |  |  | 1,391.1 |  |  |  | 868.8 |  |  |  | 44.9 |  |  |  | 4,026.7 |
Research and development |  |  | 43.3 |  |  |  | 32.0 |  |  |  | 3.7 |  |  |  | 14.8 |  |  |  | 93.8 |
Gross income |  |  | 447.9 |  |  |  | 413.4 |  |  |  | 69.6 |  |  |  | (6.5 | ) |  |  | 924.4 |
Employee compensation |  |  | 81.7 |  |  |  | 69.3 |  |  |  | 26.9 |  |  |  | 75.3 |  |  |  | 253.2 |
Amortization of purchased intangibles |  |  | 7.0 |  |  |  | 18.8 |  |  |  | — |  |  |  | 1.5 |  |  |  | 27.3 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.7 |  |  |  | 5.7 |
Other segment items(a) |  |  | 74.5 |  |  |  | 60.2 |  |  |  | 24.3 |  |  |  | 12.1 |  |  |  | 171.1 |
Operating income |  | $ | 284.7 |  |  | $ | 265.1 |  |  | $ | 18.4 |  |  | $ | (101.1 | ) |  |  | 467.1 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53.1 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.8 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 421.8 |
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|  | Six Months Ended June 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport(a) |  |  | Corporate and Other(a) |  |  | Consolidated |
Net Sales |  | $ | 2,644.4 |  |  | $ | 1,615.5 |  |  | $ | 1,081.0 |  |  | $ | 49.8 |  |  | $ | 5,390.7 |
Cost of sales (excluding R&D) |  |  | 2,000.9 |  |  |  | 1,260.9 |  |  |  | 988.3 |  |  |  | 41.1 |  |  |  | 4,291.2 |
Research and development |  |  | 38.9 |  |  |  | 21.7 |  |  |  | 13.3 |  |  |  | 9.5 |  |  |  | 83.4 |
Gross income |  |  | 604.6 |  |  |  | 332.9 |  |  |  | 79.4 |  |  |  | (0.8 | ) |  |  | 1,016.1 |
Employee compensation |  |  | 79.7 |  |  |  | 63.9 |  |  |  | 27.9 |  |  |  | 77.8 |  |  |  | 249.3 |
Amortization of purchased intangibles |  |  | 4.6 |  |  |  | 19.8 |  |  |  | — |  |  |  | 2.7 |  |  |  | 27.1 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51.6 |  |  |  | 51.6 |
Other segment items(b) |  |  | 65.7 |  |  |  | 62.6 |  |  |  | 26.3 |  |  |  | 12.9 |  |  |  | 167.5 |
Operating income |  | $ | 454.6 |  |  | $ | 186.6 |  |  | $ | 25.2 |  |  | $ | (145.8 | ) |  |  | 520.6 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (51.1 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3.5 | )
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 466.0 |
(a) Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other. (b) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
Schedule of Depreciation, Amortization and Capital Expenditure by Segment |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 20.2 |  |  | $ | 15.1 |  |  | $ | 38.9 |  |  | $ | 29.4 |
Vocational |  |  | 21.3 |  |  |  | 20.2 |  |  |  | 42.5 |  |  |  | 40.2 |
Transport |  |  | 7.8 |  |  |  | 6.0 |  |  |  | 15.4 |  |  |  | 11.7 |
Corporate and Other |  |  | 6.6 |  |  |  | 6.6 |  |  |  | 12.7 |  |  |  | 13.2 |
Consolidated |  | $ | 55.9 |  |  | $ | 47.9 |  |  | $ | 109.5 |  |  | $ | 94.5 |
Capital expenditures(a): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 38.4 |  |  | $ | 25.8 |  |  | $ | 63.6 |  |  | $ | 52.1 |
Vocational |  |  | 12.0 |  |  |  | 8.3 |  |  |  | 25.5 |  |  |  | 38.5 |
Transport |  |  | 3.4 |  |  |  | 6.9 |  |  |  | 8.6 |  |  |  | 50.2 |
Corporate and Other |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 1.3 |  |  |  | 3.6 |
Consolidated |  | $ | 54.3 |  |  | $ | 41.5 |  |  | $ | 99.0 |  |  | $ | 144.4 |
(a) Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.
Schedule of Net Sales by Geographical Areas | The following tables present net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,003.0 |  |  | $ | 892.0 |  |  | $ | 371.8 |  |  | $ | 22.2 |  |  | $ | 2,289.0 |
Other North America |  |  | 56.2 |  |  |  | 44.7 |  |  |  | — |  |  |  | 1.1 |  |  |  | 102.0 |
Europe, Africa and Middle East |  |  | 138.8 |  |  |  | 14.9 |  |  |  | 106.5 |  |  |  | 2.1 |  |  |  | 262.3 |
Rest of the World |  |  | 58.0 |  |  |  | 18.1 |  |  |  | 0.8 |  |  |  | 1.9 |  |  |  | 78.8 |
Consolidated |  | $ | 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 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,108.8 |  |  | $ | 750.3 |  |  | $ | 517.5 |  |  | $ | 22.8 |  |  | $ | 2,399.4 |
Other North America |  |  | 60.9 |  |  |  | 61.5 |  |  |  | — |  |  |  | 0.2 |  |  |  | 122.6 |
Europe, Africa and Middle East |  |  | 138.6 |  |  |  | 19.1 |  |  |  | 54.3 |  |  |  | 2.0 |  |  |  | 214.0 |
Rest of the World |  |  | 98.6 |  |  |  | 12.2 |  |  |  | 0.1 |  |  |  | — |  |  |  | 110.9 |
Consolidated |  | $ | 1,406.9 |  |  | $ | 843.1 |  |  | $ | 571.9 |  |  | $ | 25.0 |  |  | $ | 2,846.9 |
(a) Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.
|  | Six Months Ended June 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,706.0 |  |  | $ | 1,689.1 |  |  | $ | 676.7 |  |  | $ | 45.1 |  |  | $ | 4,116.9 |
Other North America |  |  | 107.6 |  |  |  | 87.0 |  |  |  | — |  |  |  | 1.1 |  |  |  | 195.7 |
Europe, Africa and Middle East |  |  | 283.4 |  |  |  | 31.0 |  |  |  | 244.6 |  |  |  | 5.0 |  |  |  | 564.0 |
Rest of the World |  |  | 116.1 |  |  |  | 29.4 |  |  |  | 20.8 |  |  |  | 2.0 |  |  |  | 168.3 |
Consolidated |  | $ | 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 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,098.4 |  |  | $ | 1,458.2 |  |  | $ | 951.5 |  |  | $ | 46.4 |  |  | $ | 4,554.5 |
Other North America |  |  | 103.2 |  |  |  | 107.8 |  |  |  | — |  |  |  | 0.4 |  |  |  | 211.4 |
Europe, Africa and Middle East |  |  | 244.6 |  |  |  | 29.2 |  |  |  | 129.2 |  |  |  | 3.0 |  |  |  | 406.0 |
Rest of the World |  |  | 198.2 |  |  |  | 20.3 |  |  |  | 0.3 |  |  |  | — |  |  |  | 218.8 |
Consolidated |  | $ | 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.

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