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v3.25.1

BUSINESS SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Business Segment Information | Business segment information is presented below (in millions):
| Three Months Ended March 31, 2025 |  |
| MP |  | Aerials |  | ES |  | Total |  |  |  |
Net sales | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | 1,231 |  |  |  |  |
Reconciliation of net sales |  |  |  |  |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (2) |  |  |  |  |
Consolidated net sales |  |  |  |  |  |  | 1,229 |  |  |  |  |
Less: (1) |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 301 |  |  | 390 |  |  | 311 |  |  | 1,002 |  |  |  |  |
Compensation expense | 25 |  |  | 23 |  |  | 20 |  | 68 |  |  |  |  |
Other segment items (2) | 20 |  |  | 35 |  |  | 12 |  | 67 |  |  |  |  |
Segment operating profit | $ | 36 |  |  | $ | 2 |  |  | $ | 56 |  |  | $ | 94 |  |  |  |  |
Reconciliation of operating profit |  |  |  |  |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (25) |  |  |  |  |
Consolidated operating profit |  |  |  |  |  |  | $ | 69 |  |  |  |  |
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. (2) Other segment items includes corporate management charges, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
| Three Months Ended March 31, 2024
| MP |  | Aerials |  | ES |  | Total
Net sales | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | 1,294 |
Reconciliation of net sales |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (2) |
Consolidated net sales |  |  |  |  |  |  | 1,292 |
Less: (1) |  |  |  |  |  |  |
Cost of goods sold | 398 |  |  | 479 |  |  | 122 |  |  | 999
Compensation expense | 28 |  |  | 25 |  |  | 6 |  |  | 59
Other segment items (2) | 22 |  |  | 27 |  |  | 8 |  |  | 57
Segment operating profit | $ | 72 |  |  | $ | 92 |  |  | $ | 15 |  |  | $ | 179 |
Reconciliation of operating profit |  |  |  |  |  |  |
Corporate and Other / Eliminations |  |  |  |  |  |  | (21) |
Consolidated operating profit |  |  |  |  |  |  | $ | 158 |
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. (2) Other segment items includes corporate management charges, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development and communication & software expenses. Individually, each of these categories represents an insignificant amount.
|  |  | Three Months Ended March 31,
|  |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |
MP |  |  | $ | 5 |  |  | $ | 5 |
Aerials |  |  | 6 |  |  | 6 |
ES |  |  | 24 |  |  | 2 |
Corporate |  |  | 4 |  |  | 2 |
Total |  |  | $ | 39 |  |  | $ | 15 |
Capital expenditures |  |  |  |  |
MP |  |  | $ | 4 |  |  | $ | 13 |
Aerials |  |  | 23 |  |  | 19 |
ES |  |  | 7 |  |  | 1 |
Corporate |  |  | 2 |  |  | 2 |
Total |  |  | $ | 36 |  |  | $ | 35 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
| March 31, 2025 |  | December 31, 2024
Identifiable assets |  |  |
MP | $ | 1,943 |  |  | $ | 1,885 |
Aerials | 1,767 |  |  | 1,660 |
ES | 2,823 |  |  | 2,806 |
Corporate and Other / Eliminations | (693) |  |  | (621) |
Total | $ | 5,840 |  |  | $ | 5,730 |
Revenue from External Customers by Geographic Areas | Geographic net sales information is presented below (in millions):
|  |  | Three Months Ended March 31, 2025 |  |
|  |  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Net sales by region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  | $ | 171 |  |  | $ | 331 |  |  | $ | 396 |  |  | $ | — |  |  | $ | 898 |  |  |  |  |  |  |  |  |  |  |  |  |
Western Europe |  |  | 95 |  |  | 67 |  |  | — |  |  | — |  |  | 162 |  |  |  |  |  |  |  |  |  |  |  |  |
Asia-Pacific |  |  | 76 |  |  | 25 |  |  | 1 |  | — |  |  | 102 |  |  |  |  |  |  |  |  |  |  |  |  |
Rest of World (1) |  |  | 40 |  |  | 27 |  |  | 2 |  | (2) |  |  | 67 |  |  |  |  |  |  |  |  |  |  |  |  |
Total (2) |  |  | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | (2) |  |  | $ | 1,229 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes intercompany sales and eliminations. (2) Total sales for all segments in the aggregate include $817 million for the three months ended March 31, 2025 attributable to the U.S., the Company’s country of domicile.
|  | Three Months Ended March 31, 2024
|  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total
Net sales by region |  |  |  |  |  |  |  |  |  |
North America |  | $ | 236 |  |  | $ | 408 |  |  | $ | 148 |  |  | $ | 2 |  |  | $ | 794 |
Western Europe |  | 136 |  |  | 126 |  |  | — |  |  | — |  |  | 262 |
Asia-Pacific |  | 103 |  |  | 42 |  |  | 2 |  |  | — |  |  | 147 |
Rest of World (1) |  | 45 |  |  | 47 |  |  | 1 |  |  | (4) |  |  | 89 |
Total (2) |  | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | (2) |  |  | $ | 1,292 |
(1) Includes intercompany sales and eliminations. (2) Total sales for all segments in the aggregate include $733 million for the three months ended March 31, 2024 attributable to the U.S., the Company’s country of domicile.
Revenue from External Customers by Products and Services | Product type net sales information is presented below (in millions):
|  |  | Three Months Ended March 31, 2025 |  |
|  |  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Net sales by product type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial Work Platforms |  |  | $ | — |  |  | $ | 386 |  |  | $ | — |  |  | $ | — |  |  | $ | 386 |  |  |  |  |  |  |  |  |  |  |  |  |
Materials Processing Equipment |  |  | 237 |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Equipment |  |  | 145 |  |  | — |  |  | — |  |  | — |  |  | 145 |  |  |  |  |  |  |  |  |  |  |  |  |
Utility Equipment |  |  | — |  |  | — |  |  | 132 |  |  | — |  |  | 132 |  |  |  |  |  |  |  |  |  |  |  |  |
ESG Equipment |  |  | — |  |  | — |  |  | 243 |  |  | — |  |  | 243 |  |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  | — |  |  | 64 |  |  | 24 |  |  | (2) |  |  | 86 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  |  | $ | 382 |  |  | $ | 450 |  |  | $ | 399 |  |  | $ | (2) |  |  | $ | 1,229 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes other product types, intercompany sales and eliminations.
|  | Three Months Ended March 31, 2024
|  | MP |  | Aerials |  | ES |  | Corporate and Other / Eliminations |  | Total
Net sales by product type |  |  |  |  |  |  |  |  |  |
Aerial Work Platforms |  | $ | — |  |  | $ | 542 |  |  | $ | — |  |  | $ | — |  |  | $ | 542 |
Materials Processing Equipment |  | 357 |  |  | — |  |  | — |  |  | — |  |  | 357 |
Specialty Equipment |  | 163 |  |  | — |  |  | — |  |  | — |  |  | 163 |
Utility Equipment |  | — |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
ESG Equipment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other (1) |  | — |  |  | 81 |  |  | — |  |  | (2) |  |  | 79 |
Total |  | $ | 520 |  |  | $ | 623 |  |  | $ | 151 |  |  | $ | (2) |  |  | $ | 1,292 |
(1) Includes other product types, intercompany sales and eliminations.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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