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Revenue Recognition (Tables)

9 Months Ended

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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