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Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments | 17. Segments The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the President & CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets. The following table shows information by reportable segment for the three and nine months ended September 30, 2025:
|  | Three Months Ended September 30, 2025 |  |  | Nine Months Ended September 30, 2025 |
|  | Americas |  |  | EURAF |  |  | MEAP |  |  | Total |  |  | Americas |  |  | EURAF |  |  | MEAP |  |  | Total |
Revenues from external customers |  | $ | 306.4 |  |  | $ | 163.2 |  |  | $ | 83.8 |  |  | $ | 553.4 |  |  | $ | 888.9 |  |  | $ | 461.3 |  |  | $ | 213.6 |  |  | $ | 1,563.8 |
Less: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 246.2 |  |  |  | 140.0 |  |  |  | 64.6 |  |  |  | 450.8 |  |  |  | 717.4 |  |  |  | 394.1 |  |  |  | 160.9 |  |  |  | 1,272.4 |
Engineering, selling, and administration costs |  |  | 33.8 |  |  |  | 33.3 |  |  |  | 6.2 |  |  |  | 73.3 |  |  |  | 99.5 |  |  |  | 101.9 |  |  |  | 18.5 |  |  |  | 219.9 |
Other segment items (b) |  |  | 0.9 |  |  |  | 0.1 |  |  |  | — |  |  |  | 1.0 |  |  |  | 2.7 |  |  |  | 1.4 |  |  |  | — |  |  |  | 4.1 |
Segment operating income (loss) |  |  | 25.5 |  |  |  | (10.2 | ) |  |  | 13.0 |  |  |  | 28.3 |  |  |  | 69.3 |  |  |  | (36.1 | ) |  |  | 34.2 |  |  |  | 67.4 |
Reconciliation of segment operating income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (9.8 | ) |  |  |  |  |  |  |  |  |  |  |  | (27.7 | )
Amortization of deferred financing fees |  |  |  |  |  |  |  |  |  |  |  | (0.4 | ) |  |  |  |  |  |  |  |  |  |  |  | (1.1 | )
Other expense - net |  |  |  |  |  |  |  |  |  |  |  | (0.8 | ) |  |  |  |  |  |  |  |  |  |  |  | (4.8 | )
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (9.8 | ) |  |  |  |  |  |  |  |  |  |  |  | (33.8 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 7.5 |  |  |  |  |  |  |  |  |  |  |  | $ | - |
Other Segment Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (c) |  |  | 8.7 |  |  |  | 5.5 |  |  |  | 0.7 |  |  |  | 14.9 |  |  |  | 26.0 |  |  |  | 16.4 |  |  |  | 2.1 |  |  |  | 44.5 |
Capital expenditures |  |  | 2.5 |  |  |  | 4.7 |  |  |  | 0.5 |  |  |  | 7.7 |  |  |  | 11.8 |  |  |  | 10.2 |  |  |  | 2.0 |  |  |  | 24.0 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (b) Other segment items for each reportable segment include: Americas — amortization expense and restructuring expense. EURAF — restructuring expense. (c) The amount of depreciation and amortization disclosed by reportable segment is included within cost of sales or engineering, selling, and administration costs, as applicable. The following table shows information by reportable segment for the three and nine months ended September 30, 2024:
|  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2024 |
|  | Americas |  |  | EURAF |  |  | MEAP |  |  | Total |  |  | Americas |  |  | EURAF |  |  | MEAP |  |  | Total |
Revenues from external customers |  | $ | 287.1 |  |  | $ | 126.8 |  |  | $ | 110.9 |  |  | $ | 524.8 |  |  | $ | 867.0 |  |  | $ | 446.0 |  |  | $ | 269.0 |  |  | $ | 1,582.0 |
Less: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 232.3 |  |  |  | 111.5 |  |  |  | 93.4 |  |  |  | 437.2 |  |  |  | 692.1 |  |  |  | 387.2 |  |  |  | 222.9 |  |  |  | 1,302.2 |
Engineering, selling, and administration costs |  |  | 30.6 |  |  |  | 30.0 |  |  |  | 7.2 |  |  |  | 67.8 |  |  |  | 95.6 |  |  |  | 90.1 |  |  |  | 17.9 |  |  |  | 203.6 |
Other segment items (b) |  |  | 1.0 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 1.5 |  |  |  | 2.7 |  |  |  | 2.2 |  |  |  | 0.7 |  |  |  | 5.6 |
Segment operating income (loss) |  |  | 23.2 |  |  |  | (14.9 | ) |  |  | 10.0 |  |  |  | 18.3 |  |  |  | 76.6 |  |  |  | (33.5 | ) |  |  | 27.5 |  |  |  | 70.6 |
Reconciliation of segment operating income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (9.6 | ) |  |  |  |  |  |  |  |  |  |  |  | (28.4 | )
Amortization of deferred financing fees |  |  |  |  |  |  |  |  |  |  |  | (0.3 | ) |  |  |  |  |  |  |  |  |  |  |  | (1.0 | )
Other expense - net |  |  |  |  |  |  |  |  |  |  |  | (4.9 | ) |  |  |  |  |  |  |  |  |  |  |  | (3.9 | )
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (10.8 | ) |  |  |  |  |  |  |  |  |  |  |  | (35.0 | )
Income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (7.3 | ) |  |  |  |  |  |  |  |  |  |  | $ | 2.3 |
Other Segment Disclosures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (c) |  |  | 8.4 |  |  |  | 6.0 |  |  |  | 0.6 |  |  |  | 15.0 |  |  |  | 24.4 |  |  |  | 17.9 |  |  |  | 2.1 |  |  |  | 44.4 |
Capital expenditures |  |  | 3.6 |  |  |  | 4.8 |  |  |  | 0.5 |  |  |  | 8.9 |  |  |  | 14.6 |  |  |  | 17.0 |  |  |  | 2.4 |  |  |  | 34.0 |
(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (b) Other segment items for each reportable segment include: Americas — amortization expense and restructuring expense. EURAF — restructuring expense. MEAP — restructuring expense. (c) The amount of depreciation and amortization disclosed by reportable segment is included within cost of sales or engineering, selling, and administration costs, as applicable. Net sales by geographic area for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 277.9 |  |  | $ | 253.9 |  |  | $ | 805.3 |  |  | $ | 761.2 |
Europe |  |  | 157.5 |  |  |  | 123.8 |  |  |  | 446.6 |  |  |  | 433.9 |
Other |  |  | 118.0 |  |  |  | 147.1 |  |  |  | 311.9 |  |  |  | 386.9 |
Total net sales |  | $ | 553.4 |  |  | $ | 524.8 |  |  | $ | 1,563.8 |  |  | $ | 1,582.0 |
New machine and non-new machine sales for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
New machine sales |  | $ | 376.0 |  |  | $ | 355.6 |  |  | $ | 1,064.2 |  |  | $ | 1,120.3 |
Non-new machine sales |  |  | 177.4 |  |  |  | 169.2 |  |  |  | 499.6 |  |  |  | 461.7 |
Total net sales |  | $ | 553.4 |  |  | $ | 524.8 |  |  | $ | 1,563.8 |  |  | $ | 1,582.0 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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