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Business Segment Information (Tables)
9 Months Ended
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