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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales |  | $ | (3.2 | ) |  | $ | (1.1 | ) |  | $ | (7.7 | ) |  | $ | (14.3 | )
Operating income |  |  | (7.0 | ) |  |  | (7.6 | ) |  |  | (20.7 | ) |  |  | (30.4 | )
Net income |  |  | (5.4 | ) |  |  | (5.8 | ) |  |  | (15.8 | ) |  |  | (23.2 | )
Diluted earnings per share |  | $ | (0.08 | ) |  | $ | (0.09 | ) |  | $ | (0.24 | ) |  | $ | (0.35 | )
Schedule of Deferred Contract Costs | Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Engineering costs |  | $ | 502.9 |  |  | $ | 506.1 |
Customer-owned tooling |  |  | 277.2 |  |  |  | 277.3 |
Factory setup costs |  |  | 52.9 |  |  |  | 52.5 |
Costs for anticipated contracts |  |  | 1.1 |  |  |  | 6.7 |
Deferred contract costs |  | $ | 834.1 |  |  | $ | 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 841.0 |  |  | $ | 809.5 |  |  | $ | 842.6 |  |  | $ | 710.7 |
Additions to deferred contract costs |  |  | 3.8 |  |  |  | 19.8 |  |  |  | 11.8 |  |  |  | 120.2 |
Amortization of deferred contract costs |  |  | (10.7 | ) |  |  | (1.2 | ) |  |  | (20.3 | ) |  |  | (2.8 | )
Balance at end of period |  | $ | 834.1 |  |  | $ | 828.1 |  |  | $ | 834.1 |  |  | $ | 828.1 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|  | Three Months Ended September 30, 2025 |
|  | Access |  |  | Vocational |  |  | Transport |  |  | Corporate and Other |  |  | Total |
Point in time |  | $ | 1,089.9 |  |  | $ | 730.7 |  |  | $ | 37.5 |  |  | $ | 2.7 |  |  | $ | 1,860.8 |
Over time |  |  | 19.8 |  |  |  | 237.3 |  |  |  | 550.4 |  |  |  | 20.3 |  |  |  | 827.8 |
|  | $ | 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 |
Point in time |  | $ | 1,347.0 |  |  | $ | 597.2 |  |  | $ | 6.5 |  |  | $ | (0.9 | ) |  | $ | 1,949.8 |
Over time |  |  | 16.3 |  |  |  | 217.0 |  |  |  | 533.9 |  |  |  | 24.4 |  |  |  | 791.6 |
|  | $ | 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 |
Point in time |  | $ | 3,268.1 |  |  | $ | 2,089.2 |  |  | $ | 60.9 |  |  | $ | 12.8 |  |  | $ | 5,431.0 |
Over time |  |  | 54.7 |  |  |  | 715.3 |  |  |  | 1,469.1 |  |  |  | 63.4 |  |  |  | 2,302.5 |
|  | $ | 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 |
Point in time |  | $ | 3,956.9 |  |  | $ | 1,777.2 |  |  | $ | 11.7 |  |  | $ | (2.7 | ) |  | $ | 5,743.1 |
Over time |  |  | 50.8 |  |  |  | 652.5 |  |  |  | 1,609.7 |  |  |  | 76.0 |  |  |  | 2,389.0 |
|  | $ | 4,007.7 |  |  | $ | 2,429.7 |  |  | $ | 1,621.4 |  |  | $ | 73.3 |  |  | $ | 8,132.1 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Customer advances |  | $ | 673.3 |  |  | $ | 648.8 |
Other current liabilities |  |  | 114.9 |  |  |  | 113.6 |
Non-current customer advances |  |  | 1,151.5 |  |  |  | 1,154.4 |
Other non-current liabilities |  |  | 80.6 |  |  |  | 72.7 |
Total contract liabilities |  | $ | 2,020.3 |  |  | $ | 1,989.5 |
Revenue recognized during the period from beginning of the year contract liabilities was as follows (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning liabilities recognized in revenue |  | $ | 153.3 |  |  | $ | 130.9 |  |  | $ | 514.2 |  |  | $ | 490.2 |
Schedule of Changes in Service-type Warranties | Changes in the Company’s service-type warranties were as follows (in millions):
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Balance at beginning of period |  | $ | 96.0 |  |  | $ | 85.4 |
Deferred revenue for new service warranties |  |  | 40.5 |  |  |  | 34.1 |
Amortization of service warranty revenue |  |  | (30.3 | ) |  |  | (22.9 | )
Foreign currency translation |  |  | 1.2 |  |  |  | (0.1 | )
Balance at end of period |  | $ | 107.4 |  |  | $ | 96.5 |
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):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Other current liabilities |  | $ | 38.6 |  |  | $ | 36.0 |
Other non-current liabilities |  |  | 68.8 |  |  |  | 60.0 |
|  | $ | 107.4 |  |  | $ | 96.0 |

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