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Business Segment Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 556.5 |  |  | $ | 631.7 |  |  | $ | 1,645.3 |  |  | $ | 1,898.3 |
Telehandlers |  |  | 260.8 |  |  |  | 445.0 |  |  |  | 830.4 |  |  |  | 1,247.0 |
Other |  |  | 292.4 |  |  |  | 286.6 |  |  |  | 847.1 |  |  |  | 862.4 |
Total Access |  |  | 1,109.7 |  |  |  | 1,363.3 |  |  |  | 3,322.8 |  |  |  | 4,007.7 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |
Municipal fire apparatus(a) |  |  | 405.5 |  |  |  | 320.3 |  |  |  | 1,133.3 |  |  |  | 957.2 |
Airport products(a) |  |  | 251.2 |  |  |  | 214.5 |  |  |  | 722.6 |  |  |  | 628.1 |
Refuse and recycling vehicles |  |  | 185.3 |  |  |  | 168.1 |  |  |  | 587.8 |  |  |  | 492.3 |
Other(a) |  |  | 126.0 |  |  |  | 111.3 |  |  |  | 360.8 |  |  |  | 352.1 |
Total Vocational |  |  | 968.0 |  |  |  | 814.2 |  |  |  | 2,804.5 |  |  |  | 2,429.7 |
Transport |  |  |  |  |  |  |  |  |  |  |  |
Defense |  |  | 441.6 |  |  |  | 508.0 |  |  |  | 1,226.3 |  |  |  | 1,552.7 |
Delivery vehicles |  |  | 146.3 |  |  |  | 32.4 |  |  |  | 303.7 |  |  |  | 68.7 |
Total Transport |  |  | 587.9 |  |  |  | 540.4 |  |  |  | 1,530.0 |  |  |  | 1,621.4 |
Corporate and other |  |  | 23.0 |  |  |  | 23.5 |  |  |  | 76.2 |  |  |  | 73.3 |
Consolidated |  | $ | 2,688.6 |  |  | $ | 2,741.4 |  |  | $ | 7,733.5 |  |  | $ | 8,132.1 |
(a) Results for 2024 have been reclassified to reflect the separate presentation of the airport products product line.
Schedule of Income (Loss) from Continuing Operations by Reportable Segment |
|  | Three Months Ended September 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 1,109.7 |  |  | $ | 968.0 |  |  | $ | 587.9 |  |  | $ | 23.0 |  |  | $ | 2,688.6 |
Cost of sales (excluding R&D) |  |  | 895.4 |  |  |  | 741.4 |  |  |  | 522.7 |  |  |  | 19.2 |  |  |  | 2,178.7 |
Research and development |  |  | 21.1 |  |  |  | 13.3 |  |  |  | 1.1 |  |  |  | 3.9 |  |  |  | 39.4 |
Gross income |  |  | 193.2 |  |  |  | 213.3 |  |  |  | 64.1 |  |  |  | (0.1 | ) |  |  | 470.5 |
Employee compensation |  |  | 36.5 |  |  |  | 33.4 |  |  |  | 13.2 |  |  |  | 31.7 |  |  |  | 114.8 |
Amortization of purchased intangibles |  |  | 3.8 |  |  |  | 9.4 |  |  |  | — |  |  |  | 0.7 |  |  |  | 13.9 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other segment items(a) |  |  | 34.9 |  |  |  | 28.8 |  |  |  | 14.3 |  |  |  | 3.4 |  |  |  | 81.4 |
Operating income |  | $ | 118.0 |  |  | $ | 141.7 |  |  | $ | 36.6 |  |  | $ | (35.9 | ) |  |  | 260.4 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28.1 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 238.4 |
(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 September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 1,363.3 |  |  | $ | 814.2 |  |  | $ | 540.4 |  |  | $ | 23.5 |  |  | $ | 2,741.4 |
Cost of sales (excluding R&D) |  |  | 1,045.0 |  |  |  | 631.6 |  |  |  | 498.9 |  |  |  | 19.7 |  |  |  | 2,195.2 |
Research and development |  |  | 21.5 |  |  |  | 11.3 |  |  |  | 1.7 |  |  |  | 5.7 |  |  |  | 40.2 |
Gross income |  |  | 296.8 |  |  |  | 171.3 |  |  |  | 39.8 |  |  |  | (1.9 | ) |  |  | 506.0 |
Employee compensation |  |  | 40.7 |  |  |  | 32.0 |  |  |  | 13.7 |  |  |  | 43.7 |  |  |  | 130.1 |
Amortization of purchased intangibles |  |  | 2.6 |  |  |  | 10.0 |  |  |  | — |  |  |  | 0.8 |  |  |  | 13.4 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other segment items(a) |  |  | 45.6 |  |  |  | 29.7 |  |  |  | 14.9 |  |  |  | 6.1 |  |  |  | 96.3 |
Operating income |  | $ | 207.9 |  |  | $ | 99.6 |  |  | $ | 11.2 |  |  | $ | (52.5 | ) |  |  | 266.2 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31.7 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.6 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 238.1 |
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|  | Nine Months Ended September 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 3,322.8 |  |  | $ | 2,804.5 |  |  | $ | 1,530.0 |  |  | $ | 76.2 |  |  | $ | 7,733.5 |
Cost of sales (excluding R&D) |  |  | 2,617.3 |  |  |  | 2,132.5 |  |  |  | 1,391.5 |  |  |  | 64.1 |  |  |  | 6,205.4 |
Research and development |  |  | 64.4 |  |  |  | 45.3 |  |  |  | 4.8 |  |  |  | 18.7 |  |  |  | 133.2 |
Gross income |  |  | 641.1 |  |  |  | 626.7 |  |  |  | 133.7 |  |  |  | (6.6 | ) |  |  | 1,394.9 |
Employee compensation |  |  | 118.2 |  |  |  | 102.7 |  |  |  | 40.1 |  |  |  | 107.0 |  |  |  | 368.0 |
Amortization of purchased intangibles |  |  | 10.8 |  |  |  | 28.2 |  |  |  | — |  |  |  | 2.2 |  |  |  | 41.2 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.7 |  |  |  | 5.7 |
Other segment items(a) |  |  | 109.4 |  |  |  | 89.0 |  |  |  | 38.6 |  |  |  | 15.5 |  |  |  | 252.5 |
Operating income |  | $ | 402.7 |  |  | $ | 406.8 |  |  | $ | 55.0 |  |  | $ | (137.0 | ) |  |  | 727.5 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (81.2 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.9 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 660.2 |
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|  | Nine Months Ended September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Consolidated |
Net Sales |  | $ | 4,007.7 |  |  | $ | 2,429.7 |  |  | $ | 1,621.4 |  |  | $ | 73.3 |  |  | $ | 8,132.1 |
Cost of sales (excluding R&D) |  |  | 3,045.9 |  |  |  | 1,892.5 |  |  |  | 1,487.2 |  |  |  | 60.8 |  |  |  | 6,486.4 |
Research and development |  |  | 60.4 |  |  |  | 33.0 |  |  |  | 15.0 |  |  |  | 15.2 |  |  |  | 123.6 |
Gross income |  |  | 901.4 |  |  |  | 504.2 |  |  |  | 119.2 |  |  |  | (2.7 | ) |  |  | 1,522.1 |
Employee compensation |  |  | 120.4 |  |  |  | 95.9 |  |  |  | 41.6 |  |  |  | 121.5 |  |  |  | 379.4 |
Amortization of purchased intangibles |  |  | 7.2 |  |  |  | 29.8 |  |  |  | — |  |  |  | 3.5 |  |  |  | 40.5 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51.6 |  |  |  | 51.6 |
Other segment items(a) |  |  | 111.3 |  |  |  | 92.3 |  |  |  | 41.2 |  |  |  | 19.0 |  |  |  | 263.8 |
Operating income |  | $ | 662.5 |  |  | $ | 286.2 |  |  | $ | 36.4 |  |  | $ | (198.3 | ) |  |  | 786.8 |
Interest expense, net of interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (82.8 | )
Miscellaneous, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 |
Income before income taxes and losses of unconsolidated affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 704.1 |
(a) 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 20.4 |  |  | $ | 17.7 |  |  | $ | 59.3 |  |  | $ | 47.1 |
Vocational |  |  | 20.1 |  |  |  | 21.1 |  |  |  | 62.6 |  |  |  | 61.3 |
Transport |  |  | 9.4 |  |  |  | 7.1 |  |  |  | 24.8 |  |  |  | 18.8 |
Corporate and Other |  |  | 6.4 |  |  |  | 6.0 |  |  |  | 19.1 |  |  |  | 19.2 |
Consolidated |  | $ | 56.3 |  |  | $ | 51.9 |  |  | $ | 165.8 |  |  | $ | 146.4 |
Capital expenditures(a): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 25.0 |  |  | $ | 28.2 |  |  | $ | 88.6 |  |  | $ | 80.3 |
Vocational |  |  | 9.3 |  |  |  | 10.5 |  |  |  | 34.8 |  |  |  | 49.0 |
Transport |  |  | 4.0 |  |  |  | 15.1 |  |  |  | 12.6 |  |  |  | 65.3 |
Corporate and Other |  |  | 0.6 |  |  |  | 1.4 |  |  |  | 1.9 |  |  |  | 5.0 |
Consolidated |  | $ | 38.9 |  |  | $ | 55.2 |  |  | $ | 137.9 |  |  | $ | 199.6 |
(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 September 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 861.3 |  |  | $ | 891.1 |  |  | $ | 465.5 |  |  | $ | 20.2 |  |  | $ | 2,238.1 |
Other North America |  |  | 45.6 |  |  |  | 45.7 |  |  |  | — |  |  |  | 0.3 |  |  |  | 91.6 |
Europe, Africa and Middle East |  |  | 151.2 |  |  |  | 17.2 |  |  |  | 105.1 |  |  |  | 2.3 |  |  |  | 275.8 |
Rest of the World |  |  | 51.6 |  |  |  | 14.0 |  |  |  | 17.3 |  |  |  | 0.2 |  |  |  | 83.1 |
Consolidated |  | $ | 1,109.7 |  |  | $ | 968.0 |  |  | $ | 587.9 |  |  | $ | 23.0 |  |  | $ | 2,688.6 |
|  | Three Months Ended September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,069.7 |  |  | $ | 716.8 |  |  | $ | 495.9 |  |  | $ | 22.6 |  |  | $ | 2,305.0 |
Other North America |  |  | 60.6 |  |  |  | 51.5 |  |  |  | — |  |  |  | 0.2 |  |  |  | 112.3 |
Europe, Africa and Middle East |  |  | 138.2 |  |  |  | 20.8 |  |  |  | 44.3 |  |  |  | 0.7 |  |  |  | 204.0 |
Rest of the World |  |  | 94.8 |  |  |  | 25.1 |  |  |  | 0.2 |  |  |  | — |  |  |  | 120.1 |
Consolidated |  | $ | 1,363.3 |  |  | $ | 814.2 |  |  | $ | 540.4 |  |  | $ | 23.5 |  |  | $ | 2,741.4 |
|  | Nine Months Ended September 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,567.3 |  |  | $ | 2,580.2 |  |  | $ | 1,142.2 |  |  | $ | 65.3 |  |  | $ | 6,355.0 |
Other North America |  |  | 153.2 |  |  |  | 132.7 |  |  |  | — |  |  |  | 1.4 |  |  |  | 287.3 |
Europe, Africa and Middle East |  |  | 434.6 |  |  |  | 48.2 |  |  |  | 349.7 |  |  |  | 7.3 |  |  |  | 839.8 |
Rest of the World |  |  | 167.7 |  |  |  | 43.4 |  |  |  | 38.1 |  |  |  | 2.2 |  |  |  | 251.4 |
Consolidated |  | $ | 3,322.8 |  |  | $ | 2,804.5 |  |  | $ | 1,530.0 |  |  | $ | 76.2 |  |  | $ | 7,733.5 |
|  | Nine Months Ended September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,168.1 |  |  | $ | 2,175.0 |  |  | $ | 1,447.4 |  |  | $ | 69.0 |  |  | $ | 6,859.5 |
Other North America |  |  | 163.8 |  |  |  | 159.3 |  |  |  | — |  |  |  | 0.6 |  |  |  | 323.7 |
Europe, Africa and Middle East |  |  | 382.8 |  |  |  | 50.0 |  |  |  | 173.5 |  |  |  | 3.7 |  |  |  | 610.0 |
Rest of the World |  |  | 293.0 |  |  |  | 45.4 |  |  |  | 0.5 |  |  |  | — |  |  |  | 338.9 |
Consolidated |  | $ | 4,007.7 |  |  | $ | 2,429.7 |  |  | $ | 1,621.4 |  |  | $ | 73.3 |  |  | $ | 8,132.1 |

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