Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 20, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Registrant Name | Oshkosh Corporation | |
Amendment Flag | false | |
Entity Central Index Key | 0000775158 | |
Document Period End Date | Sep. 30, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OSK | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 65,393,798 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-31371 | |
Entity Tax Identification Number | 39-0520270 | |
Entity Address, Address Line One | 1917 Four Wheel Drive | |
Entity Address, City or Town | Oshkosh | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 54902 | |
City Area Code | 920 | |
Local Phone Number | 502-3400 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock $0.01 par value | |
Entity Incorporation, State or Country Code | WI | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,066.7 | $ 2,063 | $ 6,078.4 | $ 6,160.8 |
Cost of sales | 1,788 | 1,784.5 | 5,358.3 | 5,182.6 |
Gross income | 278.7 | 278.5 | 720.1 | 978.2 |
Operating expenses: | ||||
Selling, general and administrative | 166.3 | 171.5 | 503.4 | 521.1 |
Amortization of purchased intangibles | 3 | 2.8 | 8.6 | 8.3 |
Intangible asset impairment charge | 2.1 | 2.1 | ||
Total operating expenses | 171.4 | 174.3 | 514.1 | 529.4 |
Operating income | 107.3 | 104.2 | 206 | 448.8 |
Other income (expense): | ||||
Interest expense | (13.4) | (12.2) | (39.2) | (36.2) |
Interest income | 2.5 | 1.8 | 4.8 | 2.9 |
Miscellaneous, net | (6.8) | (4.1) | (20.8) | (0.6) |
Income before income taxes and earnings (losses) of unconsolidated affiliates | 89.6 | 89.7 | 150.8 | 414.9 |
Provision for income taxes | 29.9 | 0.7 | 63.8 | 12 |
Income before earnings (losses) of unconsolidated affiliates | 59.7 | 89 | 87 | 402.9 |
Equity in earnings (losses) of unconsolidated affiliates | (0.4) | 0.7 | (2.9) | 0.3 |
Net income | $ 59.3 | $ 89.7 | $ 84.1 | $ 403.2 |
Earnings per share: | ||||
Basic | $ 0.91 | $ 1.31 | $ 1.28 | $ 5.88 |
Diluted | 0.90 | 1.30 | 1.27 | 5.82 |
Cash dividends declared per share on Common Stock | $ 0.37 | $ 0.33 | $ 1.11 | $ 0.99 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 59.3 | $ 89.7 | $ 84.1 | $ 403.2 |
Other comprehensive income (loss), net of tax: | ||||
Employee pension and postretirement benefits | 0.4 | 58.2 | 1.2 | 60.5 |
Currency translation adjustments | (36.2) | (15.7) | (76.6) | (28) |
Change in fair value of derivative instruments | 5.8 | 1.3 | 11 | 2 |
Total other comprehensive income (loss), net of tax | (30) | 43.8 | (64.4) | 34.5 |
Comprehensive income | $ 29.3 | $ 133.5 | $ 19.7 | $ 437.7 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 474.8 | $ 995.7 |
Receivables, net | 1,072.6 | 973.4 |
Unbilled receivables, net | 530.6 | 440.8 |
Inventories, net | 1,669.7 | 1,382.7 |
Income taxes receivable | 270.1 | 250.3 |
Other current assets | 99.1 | 71.7 |
Total current assets | 4,116.9 | 4,114.6 |
Property, plant and equipment, net | 700.9 | 593.2 |
Goodwill | 1,026.7 | 1,049 |
Purchased intangible assets, net | 465.2 | 464 |
Deferred income taxes | 99.7 | 111.5 |
Other long-term assets | 555 | 389.5 |
Total assets | 6,964.4 | 6,721.8 |
Current liabilities: | ||
Revolving credit facilities | 9.4 | |
Accounts payable | 1,020.2 | 747.4 |
Customer advances | 698.9 | 690.9 |
Payroll-related obligations | 132 | 118.4 |
Income taxes payable | 52.4 | 222.1 |
Other current liabilities | 360 | 364.2 |
Total current liabilities | 2,272.9 | 2,143 |
Long-term debt, less current maturities | 594.8 | 819 |
Long-term customer advances | 716.3 | 207 |
Other long-term liabilities | 489.1 | 476.4 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred Stock ($0.01 par value; 2,000,000 shares authorized; none issued and outstanding) | ||
Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued) | 0.7 | 0.7 |
Additional paid-in capital | 810.7 | 792.4 |
Retained earnings | 3,121.5 | 3,110.6 |
Accumulated other comprehensive loss | (193) | (128.6) |
Common Stock in treasury, at cost (9,722,127 and 8,289,347 shares, respectively) | (848.6) | (698.7) |
Total shareholders’ equity | 2,891.3 | 3,076.4 |
Total liabilities and shareholders’ equity | $ 6,964.4 | $ 6,721.8 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract] | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 75,101,465 | 75,101,465 |
Common Stock in treasury, shares | 9,722,127 | 8,289,347 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury at Cost |
Balance at Dec. 31, 2020 | $ 2,932.6 | $ 0.7 | $ 791.4 | $ 2,793.5 | $ (165.5) | $ (487.5) |
Net income | 403.2 | 403.2 | ||||
Employee pension and postretirement benefits, net of tax | 60.5 | 60.5 | ||||
Currency translation adjustments | (28) | (28) | ||||
Gain on derivative instruments, net of tax | 2 | 2 | ||||
Cash dividends | (67.9) | (67.9) | ||||
Repurchases of Common Stock | (107.8) | (107.8) | ||||
Exercise of stock options | 38.2 | 1.1 | 37.1 | |||
Stock-based compensation expense | 20.6 | 20.6 | ||||
Payment of stock-based restricted and performance shares | (8.1) | 8.1 | ||||
Shares tendered for taxes on stock-based compensation | (6.3) | (6.3) | ||||
Other | 0.7 | (0.4) | 0.5 | 0.6 | ||
Balance at Sep. 30, 2021 | 3,247.8 | 0.7 | 804.6 | 3,129.3 | (131) | (555.8) |
Balance at Jun. 30, 2021 | 3,228.7 | 0.7 | 803.5 | 3,062.1 | (174.8) | (462.8) |
Net income | 89.7 | 89.7 | ||||
Employee pension and postretirement benefits, net of tax | 58.2 | 58.2 | ||||
Currency translation adjustments | (15.7) | (15.7) | ||||
Gain on derivative instruments, net of tax | 1.3 | 1.3 | ||||
Cash dividends | (22.5) | (22.5) | ||||
Repurchases of Common Stock | (94.8) | (94.8) | ||||
Exercise of stock options | 0.7 | 0.1 | 0.6 | |||
Stock-based compensation expense | 6.9 | 6.9 | ||||
Payment of stock-based restricted and performance shares | (5.9) | 5.9 | ||||
Shares tendered for taxes on stock-based compensation | (4.7) | (4.7) | ||||
Balance at Sep. 30, 2021 | 3,247.8 | 0.7 | 804.6 | 3,129.3 | (131) | (555.8) |
Balance at Dec. 31, 2021 | 3,076.4 | 0.7 | 792.4 | 3,110.6 | (128.6) | (698.7) |
Net income | 84.1 | 84.1 | ||||
Employee pension and postretirement benefits, net of tax | 1.2 | 1.2 | ||||
Currency translation adjustments | (76.6) | (76.6) | ||||
Gain on derivative instruments, net of tax | 11 | 11 | ||||
Cash dividends | (73.1) | (73.1) | ||||
Repurchases of Common Stock | (155) | (155) | ||||
Exercise of stock options | 2.8 | (0.3) | 3.1 | |||
Stock-based compensation expense | 22.3 | 22.3 | ||||
Payment of stock-based restricted and performance shares | (2.8) | 2.8 | ||||
Shares tendered for taxes on stock-based compensation | (1.7) | (1.7) | ||||
Other | (0.1) | (0.9) | (0.1) | 0.9 | ||
Balance at Sep. 30, 2022 | 2,891.3 | 0.7 | 810.7 | 3,121.5 | (193) | (848.6) |
Balance at Jun. 30, 2022 | 2,877 | 0.7 | 802.5 | 3,086.4 | (163) | (849.6) |
Net income | 59.3 | 59.3 | ||||
Employee pension and postretirement benefits, net of tax | 0.4 | 0.4 | ||||
Currency translation adjustments | (36.2) | (36.2) | ||||
Gain on derivative instruments, net of tax | 5.8 | 5.8 | ||||
Cash dividends | (24.2) | (24.2) | ||||
Exercise of stock options | 0.5 | (0.1) | 0.6 | |||
Stock-based compensation expense | 8.8 | 8.8 | ||||
Other | (0.1) | (0.5) | 0.4 | |||
Balance at Sep. 30, 2022 | $ 2,891.3 | $ 0.7 | $ 810.7 | $ 3,121.5 | $ (193) | $ (848.6) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Employee pension and postretirement benefits, tax | $ 0.1 | $ 18.3 | $ 0.3 | $ 19.1 |
Cash dividends declared per share on common stock (in dollars per share) | $ 0.37 | $ 0.33 | $ 1.11 | $ 0.99 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income | $ 84.1 | $ 403.2 |
Depreciation and amortization | 80.2 | 77.4 |
Stock-based incentive compensation | 22.3 | 20.6 |
Deferred income taxes | 19.9 | 88.4 |
Gain on sale of assets | (1.9) | (6.3) |
Unrealized loss on investments | 12.7 | |
Foreign currency transaction (gains) losses | 8.2 | (3.6) |
Intangible asset impairment charge | 2.1 | |
Other non-cash adjustments | 3 | 0.4 |
Changes in operating assets and liabilities | (92.3) | 273.4 |
Net cash provided by operating activities | 138.3 | 853.5 |
Investing activities: | ||
Additions to property, plant and equipment | (160.3) | (82.8) |
Additions to equipment held for rental | (5.5) | (8.5) |
Acquisition of business, net of cash acquired | (19.5) | (110.6) |
Proceeds from sale of equipment held for rental | 6.6 | 13.6 |
Acquisition of equity securities | (15) | (40.6) |
Other investing activities | 2.8 | 6.6 |
Net cash used in investing activities | (190.9) | (222.3) |
Financing activities: | ||
Proceeds from debt (original maturities greater than three months) | 10.4 | |
Repayments of debt (original maturities greater than three months) | (225) | |
Repurchases of Common Stock | (155) | (107.8) |
Dividends paid | (73.1) | (67.9) |
Proceeds from exercise of stock options | 2.8 | 38.2 |
Acquisition of Common Stock for taxes on stock-based compensation | (1.7) | (6.3) |
Other financing activities | (10.2) | (4.3) |
Net cash used in financing activities | (451.8) | (148.1) |
Effect of exchange rate changes on cash and cash equivalents | (16.5) | (5.9) |
Increase (decrease) in cash and cash equivalents | (520.9) | 477.2 |
Cash and cash equivalents at beginning of period | 995.7 | 898.6 |
Cash and cash equivalents at end of period | 474.8 | 1,375.8 |
Supplemental disclosures: | ||
Cash paid for interest | 35.2 | 34.6 |
Cash paid for income taxes | 207.5 | 125.4 |
Cash received from income tax refunds | 1.3 | |
Cash paid for operating lease liabilities | 37.1 | 38 |
Operating right-of-use assets obtained | $ 6 | $ 86.4 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation In October 2021, Oshkosh Corporation and its subsidiaries (the Company) changed its fiscal year from a year beginning on October 1 and ending September 30 to a year beginning on January 1 and ending December 31. The Company’s current fiscal year runs from January 1, 2022 through December 31, 2022 (fiscal 2022). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation for the year ended September 30, 2021. The interim results are not necessarily indicative of results for any other interim period or for fiscal 2022. Certain reclassifications have been made to the prior period financial statements to conform to the presentation as of and for the three and nine months ended September 30, 2022. On June 13, 2022, the Company acquired all of th e outstanding shares of Maxi-Metal Inc. (Maxi-Metal), which specializes in the design and manufacturing of fire apparatus and utility vehicles in the Canadian market, for 25.3 million Canadian dollars, or $ 19.7 million. The purchase price included $ 19.5 million in cash and an estimated amount payable of $ 0.2 million for certain post-closing working capital adjustments. The operating results of Maxi-Metal have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition. Maxi-Metal had sa les of $ 6.4 million for the three months ended September 30, 2022 and $ 7.4 million from the acquisition date to September 30, 2022. Pro-forma results of operations have not been presented as the effect of the acquisition is not material to any periods presented. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions): Assets Acquired: Current assets, excluding cash of $ 1.7 $ 7.5 Property, plant and equipment 1.6 Goodwill 7.4 Purchased intangible assets 7.2 Total assets 23.7 Liabilities Assumed: Current liabilities 2.0 Long-term liabilities 2.0 Total liabilities 4.0 Net assets acquired $ 19.7 As of September 30, 2022, the valuation of intangible assets consisted of $ 4.3 million of assets subject to amortization with an estimated eight year average life and $ 2.9 million of assets with an indefinite life. The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price of $ 7.4 million recorded as goodwill, representing expected synergies of the combined entity, all of which was allocated to the Fire & Emergency segment. None of the goodwill is deductible for income tax purposes. The Company expe nsed $ 0.4 million of tr ansaction costs related to the acquisition during the nine months ended September 30, 2022 . |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Sales And Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition The Defense segment utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified. There is significant judgment involved in estimating sales and costs within the Defense segment. Each contract is evaluated at contract inception to identify risks and estimate revenue and costs. In performing this evaluation, the Defense segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. These considerations are then factored into the Company’s estimated revenue and costs. Preliminary contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications (e.g., new orders) are received, the additional units are factored into the overall contract estimate of costs and transaction price. Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales $ ( 13.2 ) $ ( 4.2 ) $ ( 29.7 ) $ ( 3.0 ) Operating income ( 14.2 ) 5.3 ( 38.2 ) 4.6 Net income ( 10.9 ) 4.1 ( 29.2 ) 3.6 Diluted earnings per share $ ( 0.17 ) $ 0.06 $ ( 0.44 ) $ 0.05 Disaggregation of Revenue Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Three Months Ended September 30, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 1,026.4 $ 4.3 $ 242.7 $ 169.1 $ ( 1.6 ) $ 1,440.9 Over time 11.5 514.4 4.5 95.4 — 625.8 $ 1,037.9 $ 518.7 $ 247.2 $ 264.5 $ ( 1.6 ) $ 2,066.7 Three Months Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 830.6 $ 3.5 $ 331.6 $ 135.8 $ ( 4.5 ) $ 1,297.0 Over time 15.3 646.7 6.1 98.0 ( 0.1 ) 766.0 $ 845.9 $ 650.2 $ 337.7 $ 233.8 $ ( 4.6 ) $ 2,063.0 Nine Months Ended September 30, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,861.7 $ 8.6 $ 796.7 $ 491.1 $ ( 6.1 ) $ 4,152.0 Over time 36.4 1,585.0 14.9 290.1 — 1,926.4 $ 2,898.1 $ 1,593.6 $ 811.6 $ 781.2 $ ( 6.1 ) $ 6,078.4 Nine Months Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,458.8 $ 23.9 $ 937.0 $ 418.0 $ ( 18.0 ) $ 3,819.7 Over time 49.6 1,951.4 15.7 323.9 0.5 2,341.1 $ 2,508.4 $ 1,975.3 $ 952.7 $ 741.9 $ ( 17.5 ) $ 6,160.8 See Note 18 of the Notes to Condensed Consolidated Financial Statements for further disaggregated sales information. Contract Assets and Contract Liabilities The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long-term contracts in the Defense segment which typically allow for billing upon acceptance of the finished goods, payments received from customers in advance of performance and extended warranties that are billed in advance of the warranty coverage period. Customer payment is usually received shortly after billing and payment terms generally do not exceed one year. See Note 7 of the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s receivables balances. With the exception of the Fire & Emergency segment, the Company’s contracts typically do not contain a significant financing component. In the Fire & Emergency segment, customers earn interest on customer advances at a rate determined in a separate financing transaction between the Fire & Emergency segment and the customer at contract inception. Interest of $ 6.2 million and $ 17.2 million were recorded in “Interest expense” in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2022, respectively, and $ 4.4 million and $ 13.3 million for the three and nine months ended September 30, 2021, respectively, for amounts due on customer advances. The timing of billing does not always match the timing of revenue recognition. In instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue, the Company records a contract liability. The Company reduces contract liabilities when the Company transfers control of the promised goods and services. Contract liabilities consisted of the following (in millions): September 30, December 31, 2022 2021 Customer advances $ 698.9 $ 690.9 Other current liabilities 82.0 81.9 Long-term customer advances 716.3 207.0 Other long-term liabilities 58.8 54.9 Total contract liabilities $ 1,556.0 $ 1,034.7 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Beginning liabilities recognized in revenue $ 125.5 $ 45.6 $ 320.7 $ 333.6 In instances where the Company recognizes revenue prior to having an unconditional right to payment, the Company records a contract asset. The Company reduces contract assets when the Company has an unconditional right to payment. The Company periodically assesses its contract assets for impairment. Contract assets and liabilities are determined on a net basis for each contract. The Company did no t record any impairment losses on contract assets during the three or nine months ended September 30, 2022 or 2021. The Defense segment incurs pre-production engineering, factory setup and other contract fulfillment costs related to products produced for its customers under long-term supply agreements. An asset is recognized for costs incurred to fulfill an existing contract or highly-probable anticipated contract if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. Costs related to customer-owned tooling that will be used in production and for which the customer has provided a non-cancelable right to use the tooling to perform under a long-term supply agreement are also recognized as an asset. Under the Next Generation Delivery Vehicles (NGDV) contract with the United States Postal Service (USPS), the Company has determined that it does not transfer control of any goods or services to the USPS until the construction of the production vehicles. Deferred contract related costs will be amortized over the anticipated production volume of the NGDV contract. Deferred contract fulfillment and customer-owned tooling costs are included in “Other long-term assets” within the Company’s Condensed Consolidated Balance Sheets. The Company periodically assesses its contract fulfillment and customer-owned tooling for impairment. The Company did no t record any impairment losses on contract fulfillment or customer-owned tooling costs during the three or nine months ended September 30, 2022 or 2021 . Deferred contract related costs, the majority of which are related to the NGDV contract, consisted of the following (in millions): September 30, December 31, 2022 2021 Costs for anticipated contracts $ 5.7 $ 4.9 Engineering costs 214.7 60.0 Factory setup costs 13.1 4.1 Customer-owned tooling 43.4 4.2 Deferred contract related costs $ 276.9 $ 73.2 The Company offers a variety of service-type warranties, including optionally priced extended warranty programs. Outstanding balances related to service-type warranties are included within contract liabilities. Revenue related to service-type warranties is deferred until after the expiration of the standard warranty period. The revenue is then recognized in income over the term of the extended warranty period in proportion to the costs that are expected to be incurred. Changes in the Company’s service-type warranties were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 66.9 $ 63.0 Deferred revenue for new service warranties 21.6 21.2 Amortization of deferred revenue ( 16.1 ) ( 18.2 ) Foreign currency translation ( 0.9 ) ( 0.2 ) Balance at end of period $ 71.5 $ 65.8 Classification of service-type warranties in the Condensed Consolidated Balance Sheets consisted of the following (in millions): September 30, December 31, 2022 2021 Other current liabilities $ 25.5 $ 22.3 Other long-term liabilities 46.0 44.6 $ 71.5 $ 66.9 Remaining Performance Obligations As of September 30, 2022, the Company had unsatisfied performance obligations for contracts with an original duration greater than one year totaling $ 8.55 billion , of which $ 697.5 million is expected to be satisfied and recognized in revenue in the remaining three months of fiscal 2022, $ 2.71 billion is expected to be satisfied and recognized in revenue in fiscal 2023 and $ 5.14 billion is expected to be satisfied and recognized in revenue after fiscal 2023 . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 3. Stock-Based Compensation In February 2017, the Company’s shareholders approved the 2017 Incentive Stock and Awards Plan (the “2017 Stock Plan”). The 2017 Stock Plan replaced the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”). While no new awards will be granted under the 2009 Stock Plan, awards previously made under that plan that were outstanding as of the approval date of the 2017 Stock Plan will remain outstanding and continue to be governed by the provisions of that plan. At September 30, 2022, the Company had reserved 3,596,606 shares of Common Stock available for issuance to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2017 Stock Plan. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee’s eligible retirement date, if earlier and applicable. Total stock-based compensation expense, including cash-based liability awards, for the three and nine months ended September 30, 2022 was $ 8.6 million ( $ 7.2 million net of tax) and $ 21.3 million ( $ 17.8 million net of tax), respectively. Total stock-based compensation expense, including cash-based liability awards, for the three and nine months ended September 30, 2021 was $ 6.3 million ( $ 5.4 million net of tax) and $ 22.4 million ( $ 19.0 million net of tax), respectively. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | 4. Employee Benefit Plans Components of net periodic pension benefit cost were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 2.6 $ 2.9 $ 7.8 $ 8.6 Interest cost 4.2 4.1 12.7 12.3 Expected return on plan assets ( 5.1 ) ( 5.0 ) ( 15.4 ) ( 14.9 ) Amortization of prior service cost (benefit) 0.5 0.6 1.6 1.7 Amortization of net actuarial loss (gain) 0.3 1.1 0.7 3.7 Expenses paid 0.7 0.7 2.3 2.3 Net periodic benefit cost $ 3.2 $ 4.4 $ 9.7 $ 13.7 Components of net periodic other post-employment benefit cost were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 0.6 $ 0.5 $ 1.7 $ 1.6 Interest cost 0.4 0.3 1.1 0.9 Amortization of prior service cost (benefit) ( 0.4 ) ( 0.3 ) ( 1.1 ) ( 1.0 ) Amortization of net actuarial loss (gain) 0.1 0.1 0.3 0.2 Net periodic benefit cost $ 0.7 $ 0.6 $ 2.0 $ 1.7 Components of net periodic benefit cost other than “Service cost” and “Expenses paid” are included in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. The Company expects to make a contribution of approximately $ 20.0 million to its pension plans in the fourth quarter of fiscal 2022. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes The Company recorded income tax expense of $ 29.9 million , or 33.4 % of pre-tax income, for the three months ended September 30, 2022, compared to $ 0.7 million , or 0.8 % of pre-tax income, for the three months ended September 30, 2021. Results for the three months ended September 30, 2022 we re impacted by $ 0.9 million of discrete tax charges, including a $ 2.0 million charge related to state provision-to-return true-ups and a $ 1.0 million charge due to state deferred tax asset re-measurement, offset in part by a $ 1.8 million tax benefit related to the release of state uncertain tax position reserves due to the lapse of the applicable statutes of limitations. Results for the three months ended September 30, 2021 were impacted by $ 22.0 million of discrete tax benefits, including an $ 11.7 million tax benefit associated with the release of a valuation allowance on deferred tax assets in Europe, a $ 5.4 million tax benefit associated with the implementation of a plan to make certain tax accounting method changes and change the timing of certain deductible payments, allowing the Company to carry back a net operating loss to prior tax years with higher federal statutory tax rates, and a $ 5.7 million tax benefit related to provision-to-return true-ups. The Company recorded income tax expense of $ 63.8 million , or 42.3 % of pre-tax income, for the nine months ended September 30, 2022, compared to $ 12.0 million , or 2.9 % of pre-tax income, for the nine months ended September 30, 2021. Results for the nine months ended September 30, 2022 were unfavorably impacted by $ 17.8 million of net discrete tax items, including a charge of $ 18.1 million related to taxes on previous income as the Company revised its interpretation of certain foreign anti‐hybrid tax legislation based upon comments from the corresponding tax authorities . Results for the nine months ended September 30, 2021 were favorably impacted by $ 89.3 million of discrete tax benefits, primarily related to the carryback of a net operating loss to previous tax years with higher statutory tax rates of $ 75.3 million and the release of a valuation allowance on deferred tax assets in Europe of $ 11.7 million. The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $ 77.7 million and $ 41.5 million as of September 30, 2022 and December 31, 2021, respectively. Included in the Company’s September 30, 2022 liability for gross unrecognized tax benefits is a $ 23.5 million reserve related to foreign anti‐hybrid legislation and an $ 18.7 million U.S. federal reserve for a temporary deferred position. As of September 30, 2022, net unrecognized tax benefits, excluding interest and penalties, of $ 46.1 million would affect the Company’s net income if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the nine months ended September 30, 2022 and 2021, the Company recognized expense of $ 1.8 million and $ 0.2 million , respectively, related to interest and penalties. At September 30, 2022, the Company had accruals for the payment of interest and penalties of $ 8.7 million . During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by approximately $ 4.5 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statutes of limitations close. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. Earnings Per Share The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic weighted-average common shares outstanding 65,375,424 68,397,838 65,790,599 68,563,929 Dilutive stock options and other equity-based compensation awards 396,396 732,265 437,911 779,104 Diluted weighted-average common shares outstanding 65,771,820 69,130,103 66,228,510 69,343,033 Shares for stock-based compensation not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Shares for stock-based compensation 227,255 — 129,151 — |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Receivables | 7. Receivables Receivables consisted of the following (in millions): September 30, December 31, Trade receivables - U.S. government $ 72.9 $ 140.7 Trade receivables - other 958.7 797.5 Finance receivables 7.2 8.0 Other receivables 47.2 40.0 1,086.0 986.2 Less allowance for doubtful accounts ( 6.7 ) ( 4.2 ) $ 1,079.3 $ 982.0 Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions): September 30, December 31, Current receivables $ 1,072.6 $ 973.4 Long-term receivables 6.7 8.6 $ 1,079.3 $ 982.0 Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Finance Trade and Total Finance Trade and Total Allowance at beginning of period $ 0.3 $ 6.1 $ 6.4 $ 0.9 $ 3.8 $ 4.7 Provision for doubtful accounts, net of recoveries ( 0.1 ) 0.8 0.7 ( 0.3 ) ( 0.4 ) ( 0.7 ) Charge-off of accounts ( 0.1 ) ( 0.3 ) ( 0.4 ) — ( 0.4 ) ( 0.4 ) Allowance at end of period $ 0.1 $ 6.6 $ 6.7 $ 0.6 $ 3.0 $ 3.6 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Finance Trade and Total Finance Trade and Total Allowance at beginning of period $ 0.5 $ 3.7 $ 4.2 $ 1.4 $ 4.4 $ 5.8 Provision for doubtful accounts, net of recoveries ( 0.3 ) 3.2 2.9 ( 0.8 ) ( 0.9 ) ( 1.7 ) Charge-off of accounts ( 0.1 ) ( 0.3 ) ( 0.4 ) — ( 0.5 ) ( 0.5 ) Allowance at end of period $ 0.1 $ 6.6 $ 6.7 $ 0.6 $ 3.0 $ 3.6 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Inventories consisted of the following (in millions): September 30, December 31, Raw materials $ 1,119.1 $ 984.4 Partially finished products 424.2 334.0 Finished products 316.8 239.7 Inventories at FIFO cost 1,860.1 1,558.1 Less: Excess of FIFO cost over LIFO cost ( 190.4 ) ( 175.4 ) $ 1,669.7 $ 1,382.7 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 9. Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions): September 30, December 31, Land and land improvements $ 73.2 $ 72.0 Buildings 418.0 410.9 Machinery and equipment 811.0 740.9 Software and related costs 199.8 201.3 Equipment on operating lease to others 10.1 9.9 Construction in progress 139.1 45.3 1,651.2 1,480.3 Less accumulated depreciation ( 950.3 ) ( 887.1 ) $ 700.9 $ 593.2 Depreciation expense was $ 21.1 million and $ 21.5 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation expense was $ 63.1 million and $ 63.7 million (including $ 0.8 million of accelerated depreciation related to restructuring actions) for the nine months ended September 30, 2022 and 2021, respectively. Capitalized interest was insignificant for all reported periods. Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value of equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years . Cost less accumulated depreciation for equipment on operating lease was $ 8.9 million at both September 30, 2022 and December 31, 2021 . |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | 10. Goodwill and Purchased Intangible Assets Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter of its fiscal year. In September 2022, the Company identified a triggering event that indicated a potential impairment of goodwill within one of its reporting units in the Commercial segment. The Company’s impairment test confirmed that the fair value of the reporting unit was below its carrying value. As a result, the Company recorded a $ 2.1 million goodwill impairment charge in the three months ended September 30, 2022. The Company acquired Maxi-Metal on June 13, 2022. The goodwill and intangible values related to the Maxi-Metal acquisition are based on management’s best estimates as of September 30, 2022. See Note 1 of the Condensed Consolidated Financial Statements for additional information. On March 1, 2022, the Company acquired two patents with a combined value of $ 3.7 million. The technology-related intangible asset is subject to amortization with an estimated life of 14.3 years. The following table presents changes in goodwill during the nine months ended September 30, 2022 (in millions): Access Defense Fire & Commercial Total Net goodwill at December 31, 2021 $ 877.6 $ 44.4 $ 106.1 $ 20.9 $ 1,049.0 Foreign currency translation ( 26.9 ) — ( 0.5 ) ( 0.2 ) ( 27.6 ) Acquisition — — 7.4 — 7.4 Impairment — — — ( 2.1 ) ( 2.1 ) Net goodwill at September 30, 2022 $ 850.7 $ 44.4 $ 113.0 $ 18.6 $ 1,026.7 The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions): September 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Access Equipment $ 1,782.8 $ ( 932.1 ) $ 850.7 $ 1,809.7 $ ( 932.1 ) $ 877.6 Defense 44.4 — 44.4 44.4 — 44.4 Fire & Emergency 115.0 ( 2.0 ) 113.0 108.1 ( 2.0 ) 106.1 Commercial 188.3 ( 169.7 ) 18.6 188.5 ( 167.6 ) 20.9 $ 2,130.5 $ ( 1,103.8 ) $ 1,026.7 $ 2,150.7 $ ( 1,101.7 ) $ 1,049.0 Details of the Company’s total purchased intangible assets are as follows (in millions): September 30, 2022 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.3 $ ( 36.6 ) $ 18.7 Technology-related 12.0 108.2 ( 104.2 ) 4.0 Customer relationships 12.6 576.4 ( 555.7 ) 20.7 Other 11.8 23.5 ( 21.2 ) 2.3 14.4 763.4 ( 717.7 ) 45.7 Non-amortizable trade names 419.5 — 419.5 $ 1,182.9 $ ( 717.7 ) $ 465.2 December 31, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.4 $ ( 35.6 ) $ 19.8 Technology-related 11.9 104.7 ( 104.0 ) 0.7 Customer relationships 12.6 572.6 ( 551.3 ) 21.3 Other 12.1 23.6 ( 18.5 ) 5.1 14.4 756.3 ( 709.4 ) 46.9 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 709.4 ) $ 464.0 The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2022 and each of the five years succeeding December 31, 2021 are as follows: 2022 (remaining three months) - $ 2.9 million ; 2023 - $ 6.2 million ; 2024 - $ 5.0 million ; 2025 - $ 4.9 million ; 2026 - $ 4.9 million ; and 2027 - $ 4.9 million . |
Credit Agreements
Credit Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Agreements | 11. Credit Agreements The Company was obligated under the following debt instruments (in millions): September 30, 2022 Principal Debt Issuance Costs Debt, Net 4.600 % Senior notes due May 2028 $ 300.0 $ ( 2.2 ) $ 297.8 3.100 % Senior notes due March 2030 300.0 ( 3.0 ) 297.0 $ 600.0 $ ( 5.2 ) $ 594.8 Other short-term debt $ 9.4 December 31, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.5 ) 297.5 3.100 % Senior notes due March 2030 300.0 ( 3.3 ) 296.7 $ 825.0 $ ( 6.0 ) $ 819.0 On March 23, 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in March 2027 with an initial maximum aggregate amount of availability of $ 1.1 billion. Debt issuance costs of $ 2.5 million were capitalized related to the Credit Agreement. In March 2022, the Company repaid a $ 225.0 million senior term loan that existed under the Second Amended and Resta ted Credit Agreement. As a result of the repayment, the Company expensed $ 0.1 million of previously capitalized debt issuance costs. At September 30, 2022, outstanding letters of credit of $ 13.9 million reduced available capacity under the Revolving Credit Facility to $ 1.09 billion . Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080 % to 0.225 % per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.4375 % to 1.500 % per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest for dollar-denominated loans at a variable rate equal to (i) Term SOFR (the forward-looking secured overnight financing rate) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) the base rate (which is the highest of (x) Bank of America, N.A.’s prime rate, (y) the federal funds rate plus 0.50 % or (z) the sum of 1.00 % plus one-month Term SOFR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At September 30, 2022, the interest spread on the Revolving Credit Facility was 112.5 basis points. The Credit Agreement contains various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole. The Credit Agreement requires the Company to maintain a maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to the Company’s consolidated net income for the previous four quarters before interest, taxes, depreciation, amortization, non-cash charges and certain other items (EBITDA)) as of the last day of any fiscal quarter of 3.75 to 1.00, subject to the Company’s right to temporarily increase the maximum leverage ratio to 4.25 to 1.00 in connection with certain material acquisitions. The Company was in compliance with the financial covenant contained in the Credit Agreement as of September 30, 2022. In March 2022, the Company entered into a 100.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 12.6 million Chinese renminbi ( $ 1.8 million ) outstanding on the uncommitted line of credit as of September 30, 2022. The line of credit carries a variable interest rate that is set by the lender, which was 3.6 % at September 30, 2022. In September 2019, the Company entered into a 220.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 54.0 million Chinese renminbi ( $ 7.6 million ) outstanding on the uncommitted line of credit as of September 30, 2022. The line of credit carries a variable interest rate that is set by the lender, which was 4.2 % at September 30, 2022. In May 2018, the Company issued $ 300.0 million of 4.600 % unsecured senior notes due May 15, 2028 (the “2028 Senior Notes”). In February 2020, the Company issued $ 300.0 million of 3.100 % unsecured senior notes due March 1, 2030 (the “2030 Senior Notes”). The 2028 Senior Notes and the 2030 Senior Notes were issued pursuant to an indenture (the “Indenture”) between the Company and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the 2028 and 2030 Senior Notes at any time for a premium. The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect the market rate of the Company’s debt. At September 30, 2022, the fair value of the 2028 Senior Notes and the 2030 Senior Notes was estimated to be $ 276 million ( $ 338 million at December 31, 2021) and $ 242 million ( $ 313 million at December 31, 2021 ), respectively. The fair value of the Term Loan approximated its book value at December 31, 2021. See Note 17 of the Notes to Condensed Consolidated Financial Statements for the definition of a Level 2 input. |
Warranties
Warranties | 9 Months Ended |
Sep. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
Warranties | 12. Warranties The Company’s products generally carry explicit warranties that extend from six months to five years , based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company’s consolidated financial condition, results of operations or cash flows. Changes in the Company’s assurance-type warranty liability were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 65.7 $ 64.6 Warranty provisions 38.9 36.3 Settlements made ( 43.9 ) ( 50.8 ) Changes in liability for pre-existing warranties, net 1.9 18.8 Foreign currency translation ( 0.5 ) ( 0.2 ) Acquisition 0.2 0.3 Balance at end of period $ 62.3 $ 69.0 |
Guarantee Arrangements
Guarantee Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Guarantee Arrangements | 13. Guarantee Arrangements Customers of the Company, from time to time, may fund purchases of the Company’s equipment through third-party finance companies. In certain instances, the Company may be requested to provide support for these arrangements through credit or residual value guarantees, by which the Company agrees to make payments to the finance companies in certain circumstances as further described below. Credit Guarantees: The Company is party to multiple agreements whereby at September 30, 2022 the Company guaranteed an aggregate of $ 735.7 million in indebtedness of customers. At September 30, 2022, the Company estimated that its maximum loss exposure under these contracts was $ 127.3 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception may be required. Given the Company’s position as original equipment manufacturer and its knowledge of end markets, the Company, when called upon to fulfill a guarantee, generally has been able to liquidate the financed equipment at a minimal loss, if any, to the Company. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties’ inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Residual Value Guarantees: The Company is party to multiple agreements whereby at September 30, 2022 the Company guaranteed to support an aggregate of $ 108.8 million of customer equipment value. At September 30, 2022, the Company estimated that its maximum loss exposure under these contracts was $ 11.9 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements, the Company guarantees that a piece of equipment will have a minimum residual value at a future date. If the counterparty is not able to recover the agreed upon residual value through sale, or alternative disposition, the Company is responsible for a portion of the shortfall. The Company is generally able to mitigate a portion of the risk associated with these guarantees by staggering the maturity terms of the guarantees, diversification of the portfolio and leveraging knowledge gained through the Company’s own experience in the used equipment markets. There can be no assurance the Company’s historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in used equipment markets at the time of loss. During periods of economic weakness, residual values generally decline and can contribute to higher exposure to losses. Changes in the non-contingent portion of the Company’s guarantee liabilities were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 12.1 $ 13.8 $ 12.1 $ 14.7 Provision for new credit guarantees 0.4 0.9 2.4 2.0 Changes for pre-existing guarantees, net ( 0.1 ) ( 0.1 ) ( 1.2 ) ( 0.7 ) Amortization of previous guarantees ( 0.2 ) ( 0.5 ) ( 1.0 ) ( 1.8 ) Foreign currency translation ( 0.2 ) — ( 0.3 ) ( 0.1 ) Balance at end of period $ 12.0 $ 14.1 $ 12.0 $ 14.1 Upon the adoption of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 326, Financial Instruments – Credit Losses , the contingent portion of the guarantee liabilities that relates to current expected credit losses is recognized separately and is recorded within “Other current liabilities” and “Other long-term liabilities” in the Company’s Condensed Consolidated Balance Sheets. Changes in the contingent portion of the Company’s guarantee liabilities were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 6.7 $ 6.8 $ 4.0 $ 6.9 Provision for new credit guarantees 0.2 0.9 1.3 1.6 Changes in allowance for pre-existing guarantees, net ( 0.2 ) ( 0.4 ) 1.6 ( 1.2 ) Foreign currency translation ( 0.2 ) — ( 0.4 ) — Balance at end of period $ 6.5 $ 7.3 $ 6.5 $ 7.3 |
Contingencies, Significant Esti
Contingencies, Significant Estimates and Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Significant Estimates and Concentrations | 14. Contingencies, Significant Estimates and Concentrations Personal Injury Actions and Other - Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for future claims up to $ 5.0 million per claim. Accordingly, a reserve is maintained for the estimated cost s of such claims. At September 30, 2022 and December 31, 2021, the estimated net liabilities for product and general liability claims totaled $ 44.3 million and $ 45.1 million , respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows. Market Risks - The Company was contingently liable under bid, performance and specialty bonds totaling $ 1.75 billion and $ 1.24 billion at September 30, 2022 and December 31, 2021, respectively. Open standby letters of credit issued by the Company’s banks in favor of third parties totaled $ 17.3 million and $ 22.1 million at September 30, 2022 and December 31, 2021, respectively. Other Matters - The Company is subject to environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings, that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation. Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers. In September 2022, the Company entered into a new real estate lease that has not yet commenced. The building will be used as a manufacturing facility by the Commercial segment and is estimated to have a lease term of 10 years. The estimated initial right of use asset and lease liability of approximately $ 38 million will be recorded at lease commencement, which is expected to be in the fourth quarter of fiscal 2022. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 15. Shareholders ’ Equity In May 2019, the Company’s Board of Directors approved a Common Stock repurchase authorization for which there was remaining authority to repurchase 4,109,419 shares of Common Stock as of May 3, 2022. On May 3, 2022, the Board of Directors increased the Common Stock repurchase authorization by 7,890,581 shares to 12,000,000 shares as of that date. The Company repurchased 1,508,467 shares of Common Stock under these authorizations during the nine months ended September 30, 2022 at a cost of $ 155.0 million . The Company repurchased 927,934 shares of Common Stock under the then-existing authorization during the nine months ended September 30, 2021 at a cost of $ 107.8 million . As of September 30, 2022, the Company had remaining authority to repurchase 11,550,677 shares of Comm on Stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows (in millions): Three Months Ended September 30, 2022 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 24.8 ) $ ( 145.6 ) $ 7.4 $ ( 163.0 ) Other comprehensive income (loss) before reclassifications — ( 40.8 ) 5.8 ( 35.0 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.4 4.6 — 5.0 Net current period other comprehensive income (loss) 0.4 ( 36.2 ) 5.8 ( 30.0 ) Balance at end of period $ ( 24.4 ) $ ( 181.8 ) $ 13.2 $ ( 193.0 ) Three Months Ended September 30, 2021 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 92.4 ) $ ( 82.6 ) $ 0.2 $ ( 174.8 ) Other comprehensive income (loss) before reclassifications 57.1 ( 15.7 ) 0.9 42.3 Amounts reclassified from accumulated other comprehensive income (loss) 1.1 — 0.4 1.5 Net current period other comprehensive income (loss) 58.2 ( 15.7 ) 1.3 43.8 Balance at end of period $ ( 34.2 ) $ ( 98.3 ) $ 1.5 $ ( 131.0 ) Nine Months Ended September 30, 2022 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 25.6 ) $ ( 105.2 ) $ 2.2 $ ( 128.6 ) Other comprehensive income (loss) before reclassifications — ( 81.2 ) 11.2 ( 70.0 ) Amounts reclassified from accumulated other comprehensive income (loss) 1.2 4.6 ( 0.2 ) 5.6 Net current period other comprehensive income (loss) 1.2 ( 76.6 ) 11.0 ( 64.4 ) Balance at end of period $ ( 24.4 ) $ ( 181.8 ) $ 13.2 $ ( 193.0 ) Nine Months Ended September 30, 2021 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 94.7 ) $ ( 70.3 ) $ ( 0.5 ) $ ( 165.5 ) Other comprehensive income (loss) before reclassifications 57.1 ( 28.0 ) 1.6 30.7 Amounts reclassified from accumulated other comprehensive income (loss) 3.4 — 0.4 3.8 Net current period other comprehensive income (loss) 60.5 ( 28.0 ) 2.0 34.5 Balance at end of period $ ( 34.2 ) $ ( 98.3 ) $ 1.5 $ ( 131.0 ) Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 4 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions): Classification of Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization of employee pension and postretirement benefits items Prior service costs Miscellaneous, net $ 0.1 $ 0.3 $ 0.5 $ 0.7 Actuarial losses Miscellaneous, net 0.4 1.2 1.0 3.9 Total before tax 0.5 1.5 1.5 4.6 Tax benefit ( 0.1 ) ( 0.4 ) ( 0.3 ) ( 1.2 ) Net of tax $ 0.4 $ 1.1 $ 1.2 $ 3.4 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 17. Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The fair value of the Company’s financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3 Total September 30, 2022 Assets: SERP plan assets (a) $ 13.3 $ — $ — $ 13.3 Investment in equity securities (b) 4.5 — — 4.5 Foreign currency exchange derivatives (c) — 19.6 — 19.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.7 $ — $ 1.7 December 31, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 14.2 — — 14.2 Foreign currency exchange derivatives (c) — 3.7 — 3.7 Liabilities: Foreign currency exchange derivatives (c) $ — $ 0.9 $ — $ 0.9 (a) Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (SERP). The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. (b) Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. (c) Based on observable market transactions of forward currency prices. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | 18. Business Segment Information The Company is organized into four reportable segments based on the internal organization used by the Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. In accordance with FASB ASC Topic 280, Segment Reporting , for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions): Three Months Ended September 30, 2022 2021 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 517.1 $ — $ 517.1 $ 384.3 $ — $ 384.3 Telehandlers 316.0 — 316.0 237.8 — 237.8 Other 204.8 — 204.8 223.1 0.7 223.8 Total Access Equipment 1,037.9 — 1,037.9 845.2 0.7 845.9 Defense 518.5 0.2 518.7 649.9 0.3 650.2 Fire & Emergency 246.5 0.7 247.2 334.7 3.0 337.7 Commercial Refuse collection 122.7 — 122.7 121.8 — 121.8 Concrete mixers 112.5 — 112.5 86.4 — 86.4 Other 28.6 0.7 29.3 25.0 0.6 25.6 Total Commercial 263.8 0.7 264.5 233.2 0.6 233.8 Corporate and intersegment eliminations — ( 1.6 ) ( 1.6 ) — ( 4.6 ) ( 4.6 ) Consolidated $ 2,066.7 $ — $ 2,066.7 $ 2,063.0 $ — $ 2,063.0 Nine Months Ended September 30, 2022 2021 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,408.3 $ — $ 1,408.3 $ 1,193.4 $ — $ 1,193.4 Telehandlers 855.5 — 855.5 646.5 — 646.5 Other 634.1 0.2 634.3 665.0 3.5 668.5 Total Access Equipment 2,897.9 0.2 2,898.1 2,504.9 3.5 2,508.4 Defense 1,592.6 1.0 1,593.6 1,974.1 1.2 1,975.3 Fire & Emergency 808.7 2.9 811.6 941.8 10.9 952.7 Commercial Refuse collection 395.4 — 395.4 363.6 — 363.6 Concrete mixers 302.2 — 302.2 297.1 — 297.1 Other 81.6 2.0 83.6 78.7 2.5 81.2 Total Commercial 779.2 2.0 781.2 739.4 2.5 741.9 Corporate and intersegment eliminations — ( 6.1 ) ( 6.1 ) 0.6 ( 18.1 ) ( 17.5 ) Consolidated $ 6,078.4 $ — $ 6,078.4 $ 6,160.8 $ — $ 6,160.8 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating income (loss): Access Equipment (a) $ 113.2 $ 30.7 $ 190.1 $ 224.2 Defense 2.3 49.7 23.8 145.0 Fire & Emergency 19.2 47.2 64.4 139.1 Commercial (b) 9.4 10.7 38.8 59.1 Corporate ( 36.8 ) ( 34.1 ) ( 111.1 ) ( 118.6 ) Consolidated 107.3 104.2 206.0 448.8 Interest expense, net of interest income ( 10.9 ) ( 10.4 ) ( 34.4 ) ( 33.3 ) Miscellaneous other expense ( 6.8 ) ( 4.1 ) ( 20.8 ) ( 0.6 ) Income before income taxes and earnings (losses) of unconsolidated affiliates $ 89.6 $ 89.7 $ 150.8 $ 414.9 (a) Results for the three and nine months ended September 30, 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for the nine months ended September 30, 2021 include a $ 3.5 million charge related to restructuring activities. (b) Results for the three and nine months ended September 30, 2022 include a $ 2.1 million intangible asset impairment charge. September 30, December 31, Identifiable assets: Access Equipment: U.S. $ 2,474.6 $ 2,311.8 Europe, Africa and Middle East 398.5 460.3 Rest of the World 352.5 383.0 Total Access Equipment 3,225.6 3,155.1 Defense: U.S. 1,666.0 1,225.0 Rest of the World 6.3 7.2 Total Defense 1,672.3 1,232.2 Fire & Emergency: U.S. 555.3 511.2 Rest of the World 24.4 — Total Fire & Emergency 579.7 511.2 Commercial: U.S. 400.6 379.6 Rest of the World 40.3 45.1 Total Commercial 440.9 424.7 Corporate - U.S. (a) 1,045.9 1,398.6 Consolidated $ 6,964.4 $ 6,721.8 (a) Primarily includes cash and short-term investments and the Company’s global headquarters. The following table presents net sales by geographic region based on product shipment destination (in millions): Three Months Ended September 30, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 866.6 $ 499.7 $ 242.5 $ 262.4 $ ( 1.6 ) $ 1,869.6 Europe, Africa and Middle East 85.4 18.8 0.3 0.1 — 104.6 Rest of the World 85.9 0.2 4.4 2.0 — 92.5 Consolidated $ 1,037.9 $ 518.7 $ 247.2 $ 264.5 $ ( 1.6 ) $ 2,066.7 Three Months Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 678.3 $ 610.0 $ 310.2 $ 230.9 $ ( 4.6 ) $ 1,824.8 Europe, Africa and Middle East 40.5 39.5 10.6 0.3 — 90.9 Rest of the World 127.1 0.7 16.9 2.6 — 147.3 Consolidated $ 845.9 $ 650.2 $ 337.7 $ 233.8 $ ( 4.6 ) $ 2,063.0 Nine Months Ended September 30, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 2,441.3 $ 1,545.5 $ 782.3 $ 772.2 $ ( 6.1 ) $ 5,535.2 Europe, Africa and Middle East 233.5 47.2 6.2 1.7 — 288.6 Rest of the World 223.3 0.9 23.1 7.3 — 254.6 Consolidated $ 2,898.1 $ 1,593.6 $ 811.6 $ 781.2 $ ( 6.1 ) $ 6,078.4 Nine Months Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 1,953.6 $ 1,843.6 $ 894.4 $ 734.5 $ ( 17.5 ) $ 5,408.6 Europe, Africa and Middle East 199.0 127.9 33.7 1.3 — 361.9 Rest of the World 355.8 3.8 24.6 6.1 — 390.3 Consolidated $ 2,508.4 $ 1,975.3 $ 952.7 $ 741.9 $ ( 17.5 ) $ 6,160.8 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions): Assets Acquired: Current assets, excluding cash of $ 1.7 $ 7.5 Property, plant and equipment 1.6 Goodwill 7.4 Purchased intangible assets 7.2 Total assets 23.7 Liabilities Assumed: Current liabilities 2.0 Long-term liabilities 2.0 Total liabilities 4.0 Net assets acquired $ 19.7 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Sales And Revenue Recognition [Abstract] | |
Schedule of Impact Due to Contract Adjustments | Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net sales $ ( 13.2 ) $ ( 4.2 ) $ ( 29.7 ) $ ( 3.0 ) Operating income ( 14.2 ) 5.3 ( 38.2 ) 4.6 Net income ( 10.9 ) 4.1 ( 29.2 ) 3.6 Diluted earnings per share $ ( 0.17 ) $ 0.06 $ ( 0.44 ) $ 0.05 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Three Months Ended September 30, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 1,026.4 $ 4.3 $ 242.7 $ 169.1 $ ( 1.6 ) $ 1,440.9 Over time 11.5 514.4 4.5 95.4 — 625.8 $ 1,037.9 $ 518.7 $ 247.2 $ 264.5 $ ( 1.6 ) $ 2,066.7 Three Months Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 830.6 $ 3.5 $ 331.6 $ 135.8 $ ( 4.5 ) $ 1,297.0 Over time 15.3 646.7 6.1 98.0 ( 0.1 ) 766.0 $ 845.9 $ 650.2 $ 337.7 $ 233.8 $ ( 4.6 ) $ 2,063.0 Nine Months Ended September 30, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,861.7 $ 8.6 $ 796.7 $ 491.1 $ ( 6.1 ) $ 4,152.0 Over time 36.4 1,585.0 14.9 290.1 — 1,926.4 $ 2,898.1 $ 1,593.6 $ 811.6 $ 781.2 $ ( 6.1 ) $ 6,078.4 Nine Months Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,458.8 $ 23.9 $ 937.0 $ 418.0 $ ( 18.0 ) $ 3,819.7 Over time 49.6 1,951.4 15.7 323.9 0.5 2,341.1 $ 2,508.4 $ 1,975.3 $ 952.7 $ 741.9 $ ( 17.5 ) $ 6,160.8 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions): September 30, December 31, 2022 2021 Customer advances $ 698.9 $ 690.9 Other current liabilities 82.0 81.9 Long-term customer advances 716.3 207.0 Other long-term liabilities 58.8 54.9 Total contract liabilities $ 1,556.0 $ 1,034.7 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Beginning liabilities recognized in revenue $ 125.5 $ 45.6 $ 320.7 $ 333.6 |
Schedule of Deferred Contract Related Costs | Deferred contract related costs, the majority of which are related to the NGDV contract, consisted of the following (in millions): September 30, December 31, 2022 2021 Costs for anticipated contracts $ 5.7 $ 4.9 Engineering costs 214.7 60.0 Factory setup costs 13.1 4.1 Customer-owned tooling 43.4 4.2 Deferred contract related costs $ 276.9 $ 73.2 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 66.9 $ 63.0 Deferred revenue for new service warranties 21.6 21.2 Amortization of deferred revenue ( 16.1 ) ( 18.2 ) Foreign currency translation ( 0.9 ) ( 0.2 ) Balance at end of period $ 71.5 $ 65.8 Changes in the Company’s assurance-type warranty liability were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 65.7 $ 64.6 Warranty provisions 38.9 36.3 Settlements made ( 43.9 ) ( 50.8 ) Changes in liability for pre-existing warranties, net 1.9 18.8 Foreign currency translation ( 0.5 ) ( 0.2 ) Acquisition 0.2 0.3 Balance at end of period $ 62.3 $ 69.0 |
Schedule of Classification of Service-type Warranties in Condensed Consolidated Balance Sheets | Classification of service-type warranties in the Condensed Consolidated Balance Sheets consisted of the following (in millions): September 30, December 31, 2022 2021 Other current liabilities $ 25.5 $ 22.3 Other long-term liabilities 46.0 44.6 $ 71.5 $ 66.9 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Net Periodic Benefit Cost | Components of net periodic pension benefit cost were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 2.6 $ 2.9 $ 7.8 $ 8.6 Interest cost 4.2 4.1 12.7 12.3 Expected return on plan assets ( 5.1 ) ( 5.0 ) ( 15.4 ) ( 14.9 ) Amortization of prior service cost (benefit) 0.5 0.6 1.6 1.7 Amortization of net actuarial loss (gain) 0.3 1.1 0.7 3.7 Expenses paid 0.7 0.7 2.3 2.3 Net periodic benefit cost $ 3.2 $ 4.4 $ 9.7 $ 13.7 Components of net periodic other post-employment benefit cost were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 0.6 $ 0.5 $ 1.7 $ 1.6 Interest cost 0.4 0.3 1.1 0.9 Amortization of prior service cost (benefit) ( 0.4 ) ( 0.3 ) ( 1.1 ) ( 1.0 ) Amortization of net actuarial loss (gain) 0.1 0.1 0.3 0.2 Net periodic benefit cost $ 0.7 $ 0.6 $ 2.0 $ 1.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic weighted-average common shares outstanding 65,375,424 68,397,838 65,790,599 68,563,929 Dilutive stock options and other equity-based compensation awards 396,396 732,265 437,911 779,104 Diluted weighted-average common shares outstanding 65,771,820 69,130,103 66,228,510 69,343,033 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Shares for stock-based compensation not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Shares for stock-based compensation 227,255 — 129,151 — |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | Receivables consisted of the following (in millions): September 30, December 31, Trade receivables - U.S. government $ 72.9 $ 140.7 Trade receivables - other 958.7 797.5 Finance receivables 7.2 8.0 Other receivables 47.2 40.0 1,086.0 986.2 Less allowance for doubtful accounts ( 6.7 ) ( 4.2 ) $ 1,079.3 $ 982.0 |
Classification of Receivables in the Condensed Consolidated Balance Sheets | Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions): September 30, December 31, Current receivables $ 1,072.6 $ 973.4 Long-term receivables 6.7 8.6 $ 1,079.3 $ 982.0 |
Schedule of Allowance for Doubtful Accounts | Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions): Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Finance Trade and Total Finance Trade and Total Allowance at beginning of period $ 0.3 $ 6.1 $ 6.4 $ 0.9 $ 3.8 $ 4.7 Provision for doubtful accounts, net of recoveries ( 0.1 ) 0.8 0.7 ( 0.3 ) ( 0.4 ) ( 0.7 ) Charge-off of accounts ( 0.1 ) ( 0.3 ) ( 0.4 ) — ( 0.4 ) ( 0.4 ) Allowance at end of period $ 0.1 $ 6.6 $ 6.7 $ 0.6 $ 3.0 $ 3.6 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Finance Trade and Total Finance Trade and Total Allowance at beginning of period $ 0.5 $ 3.7 $ 4.2 $ 1.4 $ 4.4 $ 5.8 Provision for doubtful accounts, net of recoveries ( 0.3 ) 3.2 2.9 ( 0.8 ) ( 0.9 ) ( 1.7 ) Charge-off of accounts ( 0.1 ) ( 0.3 ) ( 0.4 ) — ( 0.5 ) ( 0.5 ) Allowance at end of period $ 0.1 $ 6.6 $ 6.7 $ 0.6 $ 3.0 $ 3.6 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in millions): September 30, December 31, Raw materials $ 1,119.1 $ 984.4 Partially finished products 424.2 334.0 Finished products 316.8 239.7 Inventories at FIFO cost 1,860.1 1,558.1 Less: Excess of FIFO cost over LIFO cost ( 190.4 ) ( 175.4 ) $ 1,669.7 $ 1,382.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in millions): September 30, December 31, Land and land improvements $ 73.2 $ 72.0 Buildings 418.0 410.9 Machinery and equipment 811.0 740.9 Software and related costs 199.8 201.3 Equipment on operating lease to others 10.1 9.9 Construction in progress 139.1 45.3 1,651.2 1,480.3 Less accumulated depreciation ( 950.3 ) ( 887.1 ) $ 700.9 $ 593.2 |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The following table presents changes in goodwill during the nine months ended September 30, 2022 (in millions): Access Defense Fire & Commercial Total Net goodwill at December 31, 2021 $ 877.6 $ 44.4 $ 106.1 $ 20.9 $ 1,049.0 Foreign currency translation ( 26.9 ) — ( 0.5 ) ( 0.2 ) ( 27.6 ) Acquisition — — 7.4 — 7.4 Impairment — — — ( 2.1 ) ( 2.1 ) Net goodwill at September 30, 2022 $ 850.7 $ 44.4 $ 113.0 $ 18.6 $ 1,026.7 |
Schedule of Company's Goodwill Allocated to the Reportable Segments | The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions): September 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Access Equipment $ 1,782.8 $ ( 932.1 ) $ 850.7 $ 1,809.7 $ ( 932.1 ) $ 877.6 Defense 44.4 — 44.4 44.4 — 44.4 Fire & Emergency 115.0 ( 2.0 ) 113.0 108.1 ( 2.0 ) 106.1 Commercial 188.3 ( 169.7 ) 18.6 188.5 ( 167.6 ) 20.9 $ 2,130.5 $ ( 1,103.8 ) $ 1,026.7 $ 2,150.7 $ ( 1,101.7 ) $ 1,049.0 |
Schedule of Purchased Intangible Assets | Details of the Company’s total purchased intangible assets are as follows (in millions): September 30, 2022 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.3 $ ( 36.6 ) $ 18.7 Technology-related 12.0 108.2 ( 104.2 ) 4.0 Customer relationships 12.6 576.4 ( 555.7 ) 20.7 Other 11.8 23.5 ( 21.2 ) 2.3 14.4 763.4 ( 717.7 ) 45.7 Non-amortizable trade names 419.5 — 419.5 $ 1,182.9 $ ( 717.7 ) $ 465.2 December 31, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.4 $ ( 35.6 ) $ 19.8 Technology-related 11.9 104.7 ( 104.0 ) 0.7 Customer relationships 12.6 572.6 ( 551.3 ) 21.3 Other 12.1 23.6 ( 18.5 ) 5.1 14.4 756.3 ( 709.4 ) 46.9 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 709.4 ) $ 464.0 |
Credit Agreements (Tables)
Credit Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | The Company was obligated under the following debt instruments (in millions): September 30, 2022 Principal Debt Issuance Costs Debt, Net 4.600 % Senior notes due May 2028 $ 300.0 $ ( 2.2 ) $ 297.8 3.100 % Senior notes due March 2030 300.0 ( 3.0 ) 297.0 $ 600.0 $ ( 5.2 ) $ 594.8 Other short-term debt $ 9.4 December 31, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.5 ) 297.5 3.100 % Senior notes due March 2030 300.0 ( 3.3 ) 296.7 $ 825.0 $ ( 6.0 ) $ 819.0 |
Warranties (Tables)
Warranties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 66.9 $ 63.0 Deferred revenue for new service warranties 21.6 21.2 Amortization of deferred revenue ( 16.1 ) ( 18.2 ) Foreign currency translation ( 0.9 ) ( 0.2 ) Balance at end of period $ 71.5 $ 65.8 Changes in the Company’s assurance-type warranty liability were as follows (in millions): Nine Months Ended 2022 2021 Balance at beginning of period $ 65.7 $ 64.6 Warranty provisions 38.9 36.3 Settlements made ( 43.9 ) ( 50.8 ) Changes in liability for pre-existing warranties, net 1.9 18.8 Foreign currency translation ( 0.5 ) ( 0.2 ) Acquisition 0.2 0.3 Balance at end of period $ 62.3 $ 69.0 |
Guarantee Arrangements (Tables)
Guarantee Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Non-Contingent Portion | |
Schedule of Provision for Losses on Customer Guarantees | Changes in the non-contingent portion of the Company’s guarantee liabilities were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 12.1 $ 13.8 $ 12.1 $ 14.7 Provision for new credit guarantees 0.4 0.9 2.4 2.0 Changes for pre-existing guarantees, net ( 0.1 ) ( 0.1 ) ( 1.2 ) ( 0.7 ) Amortization of previous guarantees ( 0.2 ) ( 0.5 ) ( 1.0 ) ( 1.8 ) Foreign currency translation ( 0.2 ) — ( 0.3 ) ( 0.1 ) Balance at end of period $ 12.0 $ 14.1 $ 12.0 $ 14.1 |
Contingent Portion | |
Schedule of Provision for Losses on Customer Guarantees | Changes in the contingent portion of the Company’s guarantee liabilities were as follows (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance at beginning of period $ 6.7 $ 6.8 $ 4.0 $ 6.9 Provision for new credit guarantees 0.2 0.9 1.3 1.6 Changes in allowance for pre-existing guarantees, net ( 0.2 ) ( 0.4 ) 1.6 ( 1.2 ) Foreign currency translation ( 0.2 ) — ( 0.4 ) — Balance at end of period $ 6.5 $ 7.3 $ 6.5 $ 7.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in accumulated other comprehensive income (loss) by component were as follows (in millions): Three Months Ended September 30, 2022 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 24.8 ) $ ( 145.6 ) $ 7.4 $ ( 163.0 ) Other comprehensive income (loss) before reclassifications — ( 40.8 ) 5.8 ( 35.0 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.4 4.6 — 5.0 Net current period other comprehensive income (loss) 0.4 ( 36.2 ) 5.8 ( 30.0 ) Balance at end of period $ ( 24.4 ) $ ( 181.8 ) $ 13.2 $ ( 193.0 ) Three Months Ended September 30, 2021 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 92.4 ) $ ( 82.6 ) $ 0.2 $ ( 174.8 ) Other comprehensive income (loss) before reclassifications 57.1 ( 15.7 ) 0.9 42.3 Amounts reclassified from accumulated other comprehensive income (loss) 1.1 — 0.4 1.5 Net current period other comprehensive income (loss) 58.2 ( 15.7 ) 1.3 43.8 Balance at end of period $ ( 34.2 ) $ ( 98.3 ) $ 1.5 $ ( 131.0 ) Nine Months Ended September 30, 2022 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 25.6 ) $ ( 105.2 ) $ 2.2 $ ( 128.6 ) Other comprehensive income (loss) before reclassifications — ( 81.2 ) 11.2 ( 70.0 ) Amounts reclassified from accumulated other comprehensive income (loss) 1.2 4.6 ( 0.2 ) 5.6 Net current period other comprehensive income (loss) 1.2 ( 76.6 ) 11.0 ( 64.4 ) Balance at end of period $ ( 24.4 ) $ ( 181.8 ) $ 13.2 $ ( 193.0 ) Nine Months Ended September 30, 2021 Employee Pension and Cumulative Derivative Accumulated Other Balance at beginning of period $ ( 94.7 ) $ ( 70.3 ) $ ( 0.5 ) $ ( 165.5 ) Other comprehensive income (loss) before reclassifications 57.1 ( 28.0 ) 1.6 30.7 Amounts reclassified from accumulated other comprehensive income (loss) 3.4 — 0.4 3.8 Net current period other comprehensive income (loss) 60.5 ( 28.0 ) 2.0 34.5 Balance at end of period $ ( 34.2 ) $ ( 98.3 ) $ 1.5 $ ( 131.0 ) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) on Condensed Consolidated Statements of Income | Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 4 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions): Classification of Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization of employee pension and postretirement benefits items Prior service costs Miscellaneous, net $ 0.1 $ 0.3 $ 0.5 $ 0.7 Actuarial losses Miscellaneous, net 0.4 1.2 1.0 3.9 Total before tax 0.5 1.5 1.5 4.6 Tax benefit ( 0.1 ) ( 0.4 ) ( 0.3 ) ( 1.2 ) Net of tax $ 0.4 $ 1.1 $ 1.2 $ 3.4 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities | The fair value of the Company’s financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3 Total September 30, 2022 Assets: SERP plan assets (a) $ 13.3 $ — $ — $ 13.3 Investment in equity securities (b) 4.5 — — 4.5 Foreign currency exchange derivatives (c) — 19.6 — 19.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.7 $ — $ 1.7 December 31, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 14.2 — — 14.2 Foreign currency exchange derivatives (c) — 3.7 — 3.7 Liabilities: Foreign currency exchange derivatives (c) $ — $ 0.9 $ — $ 0.9 (a) Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (SERP). The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. (b) Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. (c) Based on observable market transactions of forward currency prices. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Product Lines and Reportable Segments | Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions): Three Months Ended September 30, 2022 2021 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 517.1 $ — $ 517.1 $ 384.3 $ — $ 384.3 Telehandlers 316.0 — 316.0 237.8 — 237.8 Other 204.8 — 204.8 223.1 0.7 223.8 Total Access Equipment 1,037.9 — 1,037.9 845.2 0.7 845.9 Defense 518.5 0.2 518.7 649.9 0.3 650.2 Fire & Emergency 246.5 0.7 247.2 334.7 3.0 337.7 Commercial Refuse collection 122.7 — 122.7 121.8 — 121.8 Concrete mixers 112.5 — 112.5 86.4 — 86.4 Other 28.6 0.7 29.3 25.0 0.6 25.6 Total Commercial 263.8 0.7 264.5 233.2 0.6 233.8 Corporate and intersegment eliminations — ( 1.6 ) ( 1.6 ) — ( 4.6 ) ( 4.6 ) Consolidated $ 2,066.7 $ — $ 2,066.7 $ 2,063.0 $ — $ 2,063.0 Nine Months Ended September 30, 2022 2021 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,408.3 $ — $ 1,408.3 $ 1,193.4 $ — $ 1,193.4 Telehandlers 855.5 — 855.5 646.5 — 646.5 Other 634.1 0.2 634.3 665.0 3.5 668.5 Total Access Equipment 2,897.9 0.2 2,898.1 2,504.9 3.5 2,508.4 Defense 1,592.6 1.0 1,593.6 1,974.1 1.2 1,975.3 Fire & Emergency 808.7 2.9 811.6 941.8 10.9 952.7 Commercial Refuse collection 395.4 — 395.4 363.6 — 363.6 Concrete mixers 302.2 — 302.2 297.1 — 297.1 Other 81.6 2.0 83.6 78.7 2.5 81.2 Total Commercial 779.2 2.0 781.2 739.4 2.5 741.9 Corporate and intersegment eliminations — ( 6.1 ) ( 6.1 ) 0.6 ( 18.1 ) ( 17.5 ) Consolidated $ 6,078.4 $ — $ 6,078.4 $ 6,160.8 $ — $ 6,160.8 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating income (loss): Access Equipment (a) $ 113.2 $ 30.7 $ 190.1 $ 224.2 Defense 2.3 49.7 23.8 145.0 Fire & Emergency 19.2 47.2 64.4 139.1 Commercial (b) 9.4 10.7 38.8 59.1 Corporate ( 36.8 ) ( 34.1 ) ( 111.1 ) ( 118.6 ) Consolidated 107.3 104.2 206.0 448.8 Interest expense, net of interest income ( 10.9 ) ( 10.4 ) ( 34.4 ) ( 33.3 ) Miscellaneous other expense ( 6.8 ) ( 4.1 ) ( 20.8 ) ( 0.6 ) Income before income taxes and earnings (losses) of unconsolidated affiliates $ 89.6 $ 89.7 $ 150.8 $ 414.9 |
Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments | (a) Results for the three and nine months ended September 30, 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for the nine months ended September 30, 2021 include a $ 3.5 million charge related to restructuring activities. (b) Results for the three and nine months ended September 30, 2022 include a $ 2.1 million intangible asset impairment charge. |
Schedule of Identifiable Assets by Business Segments and by Geographical Areas | September 30, December 31, Identifiable assets: Access Equipment: U.S. $ 2,474.6 $ 2,311.8 Europe, Africa and Middle East 398.5 460.3 Rest of the World 352.5 383.0 Total Access Equipment 3,225.6 3,155.1 Defense: U.S. 1,666.0 1,225.0 Rest of the World 6.3 7.2 Total Defense 1,672.3 1,232.2 Fire & Emergency: U.S. 555.3 511.2 Rest of the World 24.4 — Total Fire & Emergency 579.7 511.2 Commercial: U.S. 400.6 379.6 Rest of the World 40.3 45.1 Total Commercial 440.9 424.7 Corporate - U.S. (a) 1,045.9 1,398.6 Consolidated $ 6,964.4 $ 6,721.8 (a) Primarily includes cash and short-term investments and the Company’s global headquarters. |
Schedule of Net Sales by Geographical Areas | The following table presents net sales by geographic region based on product shipment destination (in millions): Three Months Ended September 30, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 866.6 $ 499.7 $ 242.5 $ 262.4 $ ( 1.6 ) $ 1,869.6 Europe, Africa and Middle East 85.4 18.8 0.3 0.1 — 104.6 Rest of the World 85.9 0.2 4.4 2.0 — 92.5 Consolidated $ 1,037.9 $ 518.7 $ 247.2 $ 264.5 $ ( 1.6 ) $ 2,066.7 Three Months Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 678.3 $ 610.0 $ 310.2 $ 230.9 $ ( 4.6 ) $ 1,824.8 Europe, Africa and Middle East 40.5 39.5 10.6 0.3 — 90.9 Rest of the World 127.1 0.7 16.9 2.6 — 147.3 Consolidated $ 845.9 $ 650.2 $ 337.7 $ 233.8 $ ( 4.6 ) $ 2,063.0 Nine Months Ended September 30, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 2,441.3 $ 1,545.5 $ 782.3 $ 772.2 $ ( 6.1 ) $ 5,535.2 Europe, Africa and Middle East 233.5 47.2 6.2 1.7 — 288.6 Rest of the World 223.3 0.9 23.1 7.3 — 254.6 Consolidated $ 2,898.1 $ 1,593.6 $ 811.6 $ 781.2 $ ( 6.1 ) $ 6,078.4 Nine Months Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 1,953.6 $ 1,843.6 $ 894.4 $ 734.5 $ ( 17.5 ) $ 5,408.6 Europe, Africa and Middle East 199.0 127.9 33.7 1.3 — 361.9 Rest of the World 355.8 3.8 24.6 6.1 — 390.3 Consolidated $ 2,508.4 $ 1,975.3 $ 952.7 $ 741.9 $ ( 17.5 ) $ 6,160.8 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) $ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 13, 2022 USD ($) | Jun. 13, 2022 CAD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Valuation of intangible assets | $ 465.2 | $ 465.2 | $ 464 | ||
Estimated average life | 14 years 4 months 24 days | 14 years 4 months 24 days | |||
Valuation of intangible assets with indefinite life | 419.5 | $ 419.5 | $ 417.1 | ||
Goodwill | 1,026.7 | 1,026.7 | $ 1,049 | ||
Maxi-Metal | |||||
Purchase price | $ 19.7 | $ 25.3 | |||
Consideration paid in cash | 19.5 | ||||
Amount Payable for Post-Closing Working Capital Adjustments | 0.2 | ||||
Sales of acquiree | 6.4 | 7.4 | |||
Valuation of intangible assets | 4.3 | 4.3 | |||
Valuation of intangible assets with indefinite life | 2.9 | 2.9 | |||
Goodwill | $ 7.4 | $ 7.4 | 7.4 | ||
Transaction costs related to acquisition | $ 0.4 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 13, 2022 | Dec. 31, 2021 |
Assets Acquired: | |||
Goodwill | $ 1,026.7 | $ 1,049 | |
Maxi-Metal | |||
Assets Acquired: | |||
Current assets, excluding cash of $1.7 | $ 7.5 | ||
Property, plant and equipment | 1.6 | ||
Goodwill | $ 7.4 | 7.4 | |
Purchased intangible assets | 7.2 | ||
Total assets | 23.7 | ||
Liabilities Assumed: | |||
Current liabilities | 2 | ||
Long-term liabilities | 2 | ||
Total liabilities | 4 | ||
Net assets acquired | $ 19.7 |
Basis of Presentation - Summa_2
Basis of Presentation - Summary of Fair Values of Assets Acquired and Liabilities (Parenthetical) (Details) $ in Millions | Jun. 13, 2022 USD ($) |
Maxi-Metal | |
Current assets, cash | $ 1.7 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Impact Due to Contract Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ (13.2) | $ (4.2) | $ (29.7) | $ (3) |
Operating income | (14.2) | 5.3 | (38.2) | 4.6 |
Net income | $ (10.9) | $ 4.1 | $ (29.2) | $ 3.6 |
Diluted earnings per share | $ (0.17) | $ 0.06 | $ (0.44) | $ 0.05 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 2,066.7 | $ 2,063 | $ 6,078.4 | $ 6,160.8 |
Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,066.7 | 2,063 | 6,078.4 | 6,160.8 |
Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (1.6) | (4.6) | (6.1) | (17.5) |
Transferred at Point in Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,440.9 | 1,297 | 4,152 | 3,819.7 |
Transferred at Point in Time | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (1.6) | (4.5) | (6.1) | (18) |
Transferred over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 625.8 | 766 | 1,926.4 | 2,341.1 |
Transferred over Time | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (0.1) | 0.5 | ||
Access Equipment | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,037.9 | 845.2 | 2,897.9 | 2,504.9 |
Access Equipment | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,037.9 | 845.9 | 2,898.1 | 2,508.4 |
Access Equipment | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 0.7 | 0.2 | 3.5 | |
Access Equipment | Transferred at Point in Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,026.4 | 830.6 | 2,861.7 | 2,458.8 |
Access Equipment | Transferred over Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 11.5 | 15.3 | 36.4 | 49.6 |
Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 518.5 | 649.9 | 1,592.6 | 1,974.1 |
Defense | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 518.7 | 650.2 | 1,593.6 | 1,975.3 |
Defense | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 0.2 | 0.3 | 1 | 1.2 |
Defense | Transferred at Point in Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4.3 | 3.5 | 8.6 | 23.9 |
Defense | Transferred over Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 514.4 | 646.7 | 1,585 | 1,951.4 |
Fire & Emergency | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 246.5 | 334.7 | 808.7 | 941.8 |
Fire & Emergency | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 247.2 | 337.7 | 811.6 | 952.7 |
Fire & Emergency | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 0.7 | 3 | 2.9 | 10.9 |
Fire & Emergency | Transferred at Point in Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 242.7 | 331.6 | 796.7 | 937 |
Fire & Emergency | Transferred over Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4.5 | 6.1 | 14.9 | 15.7 |
Commercial | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 263.8 | 233.2 | 779.2 | 739.4 |
Commercial | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 264.5 | 233.8 | 781.2 | 741.9 |
Commercial | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 0.7 | 0.6 | 2 | 2.5 |
Commercial | Transferred at Point in Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 169.1 | 135.8 | 491.1 | 418 |
Commercial | Transferred over Time | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 95.4 | $ 98 | $ 290.1 | $ 323.9 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Contract Fulfilment or Customer-owned Tooling Costs | ||||
Disaggregation Of Revenue [Line Items] | ||||
Impairment losses on contract assets | $ 0 | $ 0 | $ 0 | $ 0 |
Fire & Emergency | ||||
Disaggregation Of Revenue [Line Items] | ||||
Interest charges on customer advances | 6,200,000 | 4,400,000 | 17,200,000 | 13,300,000 |
Impairment losses on contract assets | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Contract Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Contract with Customer, Liability [Abstract] | ||
Customer advances | $ 698.9 | $ 690.9 |
Other current liabilities | 82 | 81.9 |
Long-term customer advances | 716.3 | 207 |
Other long-term liabilities | 58.8 | 54.9 |
Total contract liabilities | $ 1,556 | $ 1,034.7 |
Revenue Recognition - Schedul_3
Revenue Recognition - Schedule of Contract Liabilities Recognized in Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Contract with Customer, Liability [Abstract] | ||||
Beginning liabilities recognized in revenue | $ 125.5 | $ 45.6 | $ 320.7 | $ 333.6 |
Revenue Recognition - Schedul_4
Revenue Recognition - Schedule of Deferred Contract Related Costs (Details) - Other Long -term Assets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Costs for Anticipated Contracts | ||
Capitalized Contract Cost [Line Items] | ||
Deferred contract related costs | $ 5.7 | $ 4.9 |
Engineering Costs | ||
Capitalized Contract Cost [Line Items] | ||
Deferred contract related costs | 214.7 | 60 |
Factory Setup Costs | ||
Capitalized Contract Cost [Line Items] | ||
Deferred contract related costs | 13.1 | 4.1 |
Customer-owned Tooling | ||
Capitalized Contract Cost [Line Items] | ||
Deferred contract related costs | 43.4 | 4.2 |
Deferred Contract Related Costs | ||
Capitalized Contract Cost [Line Items] | ||
Deferred contract related costs | $ 276.9 | $ 73.2 |
Revenue Recognition - Schedul_5
Revenue Recognition - Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Abstract] | ||
Balance at beginning of period | $ 66.9 | $ 63 |
Deferred revenue for new service warranties | 21.6 | 21.2 |
Amortization of deferred revenue | (16.1) | (18.2) |
Foreign currency translation | (0.9) | (0.2) |
Balance at end of period | $ 71.5 | $ 65.8 |
Revenue Recognition - Schedul_6
Revenue Recognition - Schedule of Classification of Service-type Warranties in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Extended Product Warranty Accrual, Balance Sheet Classification [Abstract] | ||||
Service-type warranties, other current liabilities | $ 25.5 | $ 22.3 | ||
Service-type warranties, other long-term liabilities | 46 | 44.6 | ||
Service-type warranties | $ 71.5 | $ 66.9 | $ 65.8 | $ 63 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details 1) $ in Millions | Sep. 30, 2022 USD ($) |
Disaggregation of Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 8,550 |
Transaction price allocated to performance obligations to be satisfied during remaining fiscal 2022 | 697.5 |
Transaction price allocated to performance obligations to be satisfied during fiscal 2023 | 2,710 |
Transaction price allocated to performance obligations to be satisfied revenue after fiscal 2023 | $ 5,140 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Common stock reserved for issuance stock awards (in shares) | 3,596,606 | 3,596,606 | ||
Stock-based compensation expense | $ 8.6 | $ 6.3 | $ 21.3 | $ 22.4 |
Stock-based compensation expense, net of tax | $ 7.2 | $ 5.4 | $ 17.8 | $ 19 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension benefit | ||||
Components of net periodic benefit cost | ||||
Service cost | $ 2.6 | $ 2.9 | $ 7.8 | $ 8.6 |
Interest cost | 4.2 | 4.1 | 12.7 | 12.3 |
Expected return on plan assets | (5.1) | (5) | (15.4) | (14.9) |
Amortization of prior service cost (benefit) | 0.5 | 0.6 | 1.6 | 1.7 |
Amortization of net actuarial loss (gain) | 0.3 | 1.1 | 0.7 | 3.7 |
Expenses paid | 0.7 | 0.7 | 2.3 | 2.3 |
Net periodic benefit cost | 3.2 | 4.4 | 9.7 | 13.7 |
Other post-employment benefit | ||||
Components of net periodic benefit cost | ||||
Service cost | 0.6 | 0.5 | 1.7 | 1.6 |
Interest cost | 0.4 | 0.3 | 1.1 | 0.9 |
Amortization of prior service cost (benefit) | (0.4) | (0.3) | (1.1) | (1) |
Amortization of net actuarial loss (gain) | 0.1 | 0.1 | 0.3 | 0.2 |
Net periodic benefit cost | $ 0.7 | $ 0.6 | $ 2 | $ 1.7 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Retirement Benefits [Abstract] | |
Defined benefit plan, expected future employer contributions, current fiscal year | $ 20 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2023 | Dec. 31, 2021 | |
Income tax expense | $ 29.9 | $ 0.7 | $ 63.8 | $ 12 | ||
Effective income tax rate (as a percent) | 33.40% | 0.80% | 42.30% | 2.90% | ||
Tax benefit related to release of state uncertain tax position reserves | $ 1.8 | |||||
Unrecognized tax charge related to state provision to return true ups | 2 | $ 5.7 | ||||
Unrecognized tax charge related to state deferred tax asset re-measurement and uncertain tax position reserve | 1 | |||||
Income tax expense (benefit) related to taxes on income in prior periods | $ 18.1 | |||||
Income tax expense (benefit), tax credit, discrete items | 0.9 | (22) | 17.8 | $ (89.3) | ||
Deferral statutory tax rate amount | (75.3) | |||||
Discrete tax benefit related to tax plan | 5.4 | |||||
Unrecognized tax benefits | 77.7 | 77.7 | $ 41.5 | |||
Unrecognized tax benefits, related to foreign anti-hybrid legislation | 23.5 | |||||
Unrecognized tax benefits, federal reserve for temporary deferred position | 18.7 | |||||
Net unrecognized tax benefits, excluding interest and penalties that would affect the company's net income if recognized | 46.1 | 46.1 | ||||
Interest and penalties | 1.8 | 0.2 | ||||
Accruals for payment of interest and penalties | $ 8.7 | $ 8.7 | ||||
Foreign Tax Authority | ||||||
Valuation allowance on foreign net deferred tax assets benefits | $ 11.7 | $ 11.7 | ||||
Scenario Forecast | ||||||
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 4.5 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted-Average Common Shares Outstanding | ||||
Basic weighted-average common shares outstanding | 65,375,424 | 68,397,838 | 65,790,599 | 68,563,929 |
Dilutive stock options and other equity-based compensation awards | 396,396 | 732,265 | 437,911 | 779,104 |
Diluted weighted-average common shares outstanding | 65,771,820 | 69,130,103 | 66,228,510 | 69,343,033 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Shares for stock-based compensation | 227,255 | 129,151 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||||||
Trade receivables - U.S. government | $ 72.9 | $ 140.7 | ||||
Trade receivables - other | 958.7 | 797.5 | ||||
Finance receivables | 7.2 | 8 | ||||
Other receivables | 47.2 | 40 | ||||
Receivables, gross | 1,086 | 986.2 | ||||
Less allowance for doubtful accounts | (6.7) | $ (6.4) | (4.2) | $ (3.6) | $ (4.7) | $ (5.8) |
Receivables, net | $ 1,079.3 | $ 982 |
Receivables - Schedule of Class
Receivables - Schedule of Classification of Receivables in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Classification of receivables | ||
Current receivables | $ 1,072.6 | $ 973.4 |
Long-term receivables | 6.7 | 8.6 |
Receivables, net | $ 1,079.3 | $ 982 |
Receivables - Schedule of Allow
Receivables - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | $ 6.4 | $ 4.7 | $ 4.2 | $ 5.8 |
Provision for doubtful accounts, net of recoveries | 0.7 | (0.7) | 2.9 | (1.7) |
Charge-off of accounts | (0.4) | (0.4) | (0.4) | (0.5) |
Allowance at end of period | 6.7 | 3.6 | 6.7 | 3.6 |
Finance Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | 0.3 | 0.9 | 0.5 | 1.4 |
Provision for doubtful accounts, net of recoveries | (0.1) | (0.3) | (0.3) | (0.8) |
Charge-off of accounts | (0.1) | (0.1) | ||
Allowance at end of period | 0.1 | 0.6 | 0.1 | 0.6 |
Trade and Other Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance at beginning of period | 6.1 | 3.8 | 3.7 | 4.4 |
Provision for doubtful accounts, net of recoveries | 0.8 | (0.4) | 3.2 | (0.9) |
Charge-off of accounts | (0.3) | (0.4) | (0.3) | (0.5) |
Allowance at end of period | $ 6.6 | $ 3 | $ 6.6 | $ 3 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,119.1 | $ 984.4 |
Partially finished products | 424.2 | 334 |
Finished products | 316.8 | 239.7 |
Inventories at FIFO cost | 1,860.1 | 1,558.1 |
Less: Excess of FIFO cost over LIFO cost | (190.4) | (175.4) |
Inventory net | $ 1,669.7 | $ 1,382.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,651.2 | $ 1,480.3 |
Less accumulated depreciation | (950.3) | (887.1) |
Property, plant and equipment, net | 700.9 | 593.2 |
Land and Land Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 73.2 | 72 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 418 | 410.9 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 811 | 740.9 |
Software and Related Costs | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 199.8 | 201.3 |
Equipment on Operating Lease to Others | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 10.1 | 9.9 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 139.1 | $ 45.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation expenses | $ 21.1 | $ 21.5 | $ 63.1 | $ 63.7 | |
Accelerated depreciation | 0.8 | ||||
Equipment on Operating Lease to Others | |||||
Property Plant And Equipment [Line Items] | |||||
Equipment on operating lease, net | $ 8.9 | $ 8.9 | $ 8.9 | ||
Equipment on Operating Lease to Others | Minimum | |||||
Property Plant And Equipment [Line Items] | |||||
Estimated useful life (in years) | 5 years | ||||
Equipment on Operating Lease to Others | Maximum | |||||
Property Plant And Equipment [Line Items] | |||||
Estimated useful life (in years) | 10 years |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 01, 2022 USD ($) Patent | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charge | $ 2.1 | $ 2.1 | ||
2022 (remaining three months) | 2.9 | 2.9 | ||
2023 | 6.2 | 6.2 | ||
2024 | 5 | 5 | ||
2025 | 4.9 | 4.9 | ||
2026 | 4.9 | 4.9 | ||
2027 | $ 4.9 | $ 4.9 | ||
Weighted- Average Life (in years) | 14 years 4 months 24 days | 14 years 4 months 24 days | ||
Patents | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Number of patents acquired | Patent | 2 | |||
Value of patents acquired | $ 3.7 | |||
Technology-related | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Weighted- Average Life (in years) | 14 years 3 months 18 days | 12 years | 11 years 10 months 24 days |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Changes in goodwill | |
Net goodwill at the beginning of the period | $ 1,049 |
Foreign currency translation | (27.6) |
Acquisition | 7.4 |
Impairment | (2.1) |
Net goodwill at the end of the period | 1,026.7 |
Access Equipment | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 877.6 |
Foreign currency translation | (26.9) |
Net goodwill at the end of the period | 850.7 |
Defense | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 44.4 |
Net goodwill at the end of the period | 44.4 |
Fire & Emergency | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 106.1 |
Foreign currency translation | (0.5) |
Acquisition | 7.4 |
Net goodwill at the end of the period | 113 |
Commercial | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 20.9 |
Foreign currency translation | (0.2) |
Impairment | (2.1) |
Net goodwill at the end of the period | $ 18.6 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets - Goodwill Allocated to Reportable Segments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Gross | $ 2,130.5 | $ 2,150.7 |
Accumulated Impairment | (1,103.8) | (1,101.7) |
Net | 1,026.7 | 1,049 |
Access Equipment | ||
Goodwill [Line Items] | ||
Gross | 1,782.8 | 1,809.7 |
Accumulated Impairment | (932.1) | (932.1) |
Net | 850.7 | 877.6 |
Defense | ||
Goodwill [Line Items] | ||
Gross | 44.4 | 44.4 |
Net | 44.4 | 44.4 |
Fire & Emergency | ||
Goodwill [Line Items] | ||
Gross | 115 | 108.1 |
Accumulated Impairment | (2) | (2) |
Net | 113 | 106.1 |
Commercial | ||
Goodwill [Line Items] | ||
Gross | 188.3 | 188.5 |
Accumulated Impairment | (169.7) | (167.6) |
Net | $ 18.6 | $ 20.9 |
Goodwill and Purchased Intang_6
Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Mar. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 14 years 4 months 24 days | 14 years 4 months 24 days | |
Gross | $ 763.4 | $ 756.3 | |
Accumulated Amortization | (717.7) | (709.4) | |
Net | 45.7 | 46.9 | |
Non-amortizable trade names | 419.5 | 417.1 | |
Intangible assets excluding goodwill, gross | 1,182.9 | 1,173.4 | |
Valuation of intangible assets | $ 465.2 | $ 464 | |
Distribution network | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 39 years 2 months 12 days | 39 years 2 months 12 days | |
Gross | $ 55.3 | $ 55.4 | |
Accumulated Amortization | (36.6) | (35.6) | |
Net | $ 18.7 | $ 19.8 | |
Technology-related | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 14 years 3 months 18 days | 12 years | 11 years 10 months 24 days |
Gross | $ 108.2 | $ 104.7 | |
Accumulated Amortization | (104.2) | (104) | |
Net | $ 4 | $ 0.7 | |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 12 years 7 months 6 days | 12 years 7 months 6 days | |
Gross | $ 576.4 | $ 572.6 | |
Accumulated Amortization | (555.7) | (551.3) | |
Net | $ 20.7 | $ 21.3 | |
Other | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 11 years 9 months 18 days | 12 years 1 month 6 days | |
Gross | $ 23.5 | $ 23.6 | |
Accumulated Amortization | (21.2) | (18.5) | |
Net | $ 2.3 | $ 5.1 |
Credit Agreements - Schedule of
Credit Agreements - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal | $ 600 | $ 825 |
Debt Issuance Costs | (5.2) | (6) |
Debt, Net | 594.8 | 819 |
Other short-term debt | 9.4 | |
Senior Term Loan | ||
Debt Instrument [Line Items] | ||
Principal | 225 | |
Debt Issuance Costs | (0.2) | |
Debt, Net | 224.8 | |
4.600% Senior Notes due May 2028 | ||
Debt Instrument [Line Items] | ||
Principal | 300 | 300 |
Debt Issuance Costs | (2.2) | (2.5) |
Debt, Net | 297.8 | 297.5 |
3.100% Senior Notes due March 2030 | ||
Debt Instrument [Line Items] | ||
Principal | 300 | 300 |
Debt Issuance Costs | (3) | (3.3) |
Debt, Net | $ 297 | $ 296.7 |
Credit Agreements - Schedule _2
Credit Agreements - Schedule of Debt Instruments (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Feb. 29, 2020 | May 31, 2018 | |
4.600% Senior Notes due May 2028 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate, stated percentage | 4.60% | 4.60% | 4.60% | |
Maturity month and year | 2028-05 | 2028-05 | ||
3.100% Senior Notes due March 2030 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate, stated percentage | 3.10% | 3.10% | 3.10% | |
Maturity month and year | 2030-03 | 2030-03 |
Credit Agreements - Additional
Credit Agreements - Additional Information (Details) ¥ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 23, 2022 USD ($) | Feb. 29, 2020 USD ($) | May 31, 2018 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CNY (¥) | Sep. 30, 2022 CNY (¥) | |
Debt Instrument [Line Items] | |||||||
Debt extinguishment expense | $ 100,000 | ||||||
Debt issuance costs capitalized | 2,500,000 | ||||||
Letters of credit outstanding | $ 13,900,000 | ||||||
Long term debt | |||||||
Debt issued | 10,400,000 | ||||||
Repayments of Debt | 225,000,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | ||||||
Maturity month and year | 2027-03 | ||||||
Available borrowing capacity | $ 1,090,000,000 | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letter of credit fees percentage on available borrowing capacity, low end of range (as a percent) | 0.4375% | 0.4375% | |||||
Letter of credit fees percentage on available borrowing capacity, high end of range (as a percent) | 1.50% | 1.50% | |||||
Senior Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Long-Term Debt | $ 225,000,000 | ||||||
Senior Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Interest spread in basis points (as a percent) | 112.50% | 112.50% | |||||
Maximum leverage ratio | 0.0375 | 0.0375 | |||||
Minimum interest coverage ratio | 0.0425 | 0.0425 | |||||
Senior Credit Agreement | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, unused commitment fee rate (as a percent) | 0.08% | 0.08% | |||||
Senior Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility, unused commitment fee rate (as a percent) | 0.225% | 0.225% | |||||
Senior Credit Agreement | Federal Funds Rate | |||||||
Debt Instrument [Line Items] | |||||||
Interest spread in basis points (as a percent) | 0.50% | 0.50% | |||||
Senior Credit Agreement | Term SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Interest spread in basis points (as a percent) | 1% | 1% | |||||
4.600% Senior Notes due May 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity month and year | 2028-05 | 2028-05 | 2028-05 | ||||
Long term debt | |||||||
Debt issued | $ 300,000,000 | ||||||
Debt instrument interest rate, stated percentage | 4.60% | 4.60% | 4.60% | 4.60% | |||
Maturity date | May 15, 2028 | ||||||
Debt instruments | |||||||
Debt instrument, fair value | $ 338,000,000 | $ 276,000,000 | |||||
3.100% Senior Notes due March 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity month and year | 2030-03 | 2030-03 | 2030-03 | ||||
Long term debt | |||||||
Debt issued | $ 300,000,000 | ||||||
Debt instrument interest rate, stated percentage | 3.10% | 3.10% | 3.10% | 3.10% | |||
Maturity date | Mar. 01, 2030 | ||||||
Debt instruments | |||||||
Debt instrument, fair value | $ 313,000,000 | $ 242,000,000 | |||||
100.0 Million Chinese Renminbi Uncommitted Line of Credit | Uncommitted Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowing capacity | ¥ | ¥ 100 | ||||||
Short term debt | |||||||
Line of credit outstanding | $ 1,800,000 | ¥ 12.6 | |||||
Line of credit variable interest rate | 3.60% | 3.60% | |||||
220.0 Million Chinese Renminbi Uncommitted Line of Credit | Uncommitted Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowing capacity | ¥ | ¥ 220 | ||||||
Short term debt | |||||||
Line of credit outstanding | $ 7,600,000 | ¥ 54 | |||||
Line of credit variable interest rate | 4.20% | 4.20% |
Warranties - Additional Informa
Warranties - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Product warranty term | 6 months |
Maximum | |
Product Warranty Liability [Line Items] | |
Product warranty term | 5 years |
Warranties -Schedule of Changes
Warranties -Schedule of Changes in Assurance-type Warranty Liability (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 65.7 | $ 64.6 |
Warranty provisions | 38.9 | 36.3 |
Settlements made | (43.9) | (50.8) |
Changes in liability for pre-existing warranties, net | 1.9 | 18.8 |
Foreign currency translation | (0.5) | (0.2) |
Acquisition | 0.2 | 0.3 |
Balance at end of period | $ 62.3 | $ 69 |
Guarantee Arrangements - Additi
Guarantee Arrangements - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Indirect Guarantee of Deferred Payment and Lease Payment Agreements | |
Guarantee Obligations [Line Items] | |
Aggregate indebtedness to customers under credit guarantees | $ 735.7 |
Estimated maximum loss exposure under contracts | 127.3 |
Residual Value Guarantee | |
Guarantee Obligations [Line Items] | |
Estimated maximum loss exposure under contracts | 11.9 |
Customer equipment value including a residual value guarantee | $ 108.8 |
Guarantee Arrangements - Schedu
Guarantee Arrangements - Schedule of Provision for Losses on Customer Guarantees (Details1) - Indirect Guarantee of Deferred Payment and Lease Payment Agreements - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Non-Contingent Portion | ||||
Guarantee Obligations [Line Items] | ||||
Balance at beginning of period | $ 12.1 | $ 13.8 | $ 12.1 | $ 14.7 |
Provision for new credit guarantees | 0.4 | 0.9 | 2.4 | 2 |
Changes in allowance for pre-existing guarantees, net | (0.1) | (0.1) | (1.2) | (0.7) |
Amortization of previous guarantees | (0.2) | (0.5) | (1) | (1.8) |
Foreign currency translation | (0.2) | (0.3) | (0.1) | |
Balance at end of period | 12 | 14.1 | 12 | 14.1 |
Contingent Portion | ||||
Guarantee Obligations [Line Items] | ||||
Balance at beginning of period | 6.7 | 6.8 | 4 | 6.9 |
Provision for new credit guarantees | 0.2 | 0.9 | 1.3 | 1.6 |
Changes in allowance for pre-existing guarantees, net | (0.2) | (0.4) | 1.6 | (1.2) |
Foreign currency translation | (0.2) | (0.4) | ||
Balance at end of period | $ 6.5 | $ 7.3 | $ 6.5 | $ 7.3 |
Contingencies, Significant Es_2
Contingencies, Significant Estimates and Concentrations - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Operating lease, term of leases | 10 years | |
Lease liability | $ 38,000,000 | |
Personal Injury Actions and Other | ||
Loss Contingencies [Line Items] | ||
Maximum self-insurance available per claim | 5,000,000 | |
Reserve for loss contingencies | 44,300,000 | $ 45,100,000 |
Performance and Specialty Bonds | ||
Loss Contingencies [Line Items] | ||
Commitments and contingencies | 1,750,000,000 | 1,240,000,000 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingencies | $ 17,300,000 | $ 22,100,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 03, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Number of shares of common stock authorized for buyback (in shares) | 7,890,581 | |||
Remaining number of shares authorized to be repurchased (in shares) | 11,550,677 | 4,109,419 | ||
Increased number of shares of common stock authorized for buyback | 12,000,000 | |||
Treasury stock, shares, acquired (in shares) | 1,508,467 | 927,934 | ||
Treasury stock, value, acquired, cost method | $ 94.8 | $ 155 | $ 107.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | $ 3,076.4 | |||
Total other comprehensive income (loss), net of tax | $ (30) | $ 43.8 | (64.4) | $ 34.5 |
Balance at end of period | 2,891.3 | 2,891.3 | ||
Employee Pension and Postretirement Benefits, Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (24.8) | (92.4) | (25.6) | (94.7) |
Other comprehensive income (loss) before reclassifications | 57.1 | 57.1 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | 1.1 | 1.2 | 3.4 |
Total other comprehensive income (loss), net of tax | 0.4 | 58.2 | 1.2 | 60.5 |
Balance at end of period | (24.4) | (34.2) | (24.4) | (34.2) |
Cumulative Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (145.6) | (82.6) | (105.2) | (70.3) |
Other comprehensive income (loss) before reclassifications | (40.8) | (15.7) | (81.2) | (28) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4.6 | 4.6 | ||
Total other comprehensive income (loss), net of tax | (36.2) | (15.7) | (76.6) | (28) |
Balance at end of period | (181.8) | (98.3) | (181.8) | (98.3) |
Derivative Instruments, Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | 7.4 | 0.2 | 2.2 | (0.5) |
Other comprehensive income (loss) before reclassifications | 5.8 | 0.9 | 11.2 | 1.6 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | (0.2) | 0.4 | |
Total other comprehensive income (loss), net of tax | 5.8 | 1.3 | 11 | 2 |
Balance at end of period | 13.2 | 1.5 | 13.2 | 1.5 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | (163) | (174.8) | (128.6) | (165.5) |
Other comprehensive income (loss) before reclassifications | (35) | 42.3 | (70) | 30.7 |
Amounts reclassified from accumulated other comprehensive income (loss) | 5 | 1.5 | 5.6 | 3.8 |
Total other comprehensive income (loss), net of tax | (30) | 43.8 | (64.4) | 34.5 |
Balance at end of period | $ (193) | $ (131) | $ (193) | $ (131) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Prior Service Costs | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | $ 0.1 | $ 0.3 | $ 0.5 | $ 0.7 |
Actuarial (Gains) Losses | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 0.4 | 1.2 | 1 | 3.9 |
Employee Pension and Postretirement Benefits, Net of Tax | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 0.5 | 1.5 | 1.5 | 4.6 |
Tax benefit | (0.1) | (0.4) | (0.3) | (1.2) |
Net of tax | $ 0.4 | $ 1.1 | $ 1.2 | $ 3.4 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets: | |||
Investment in equity securities | [1] | $ 4.5 | $ 14.2 |
Foreign currency exchange derivatives | [2] | 19.6 | 3.7 |
Liabilities: | |||
Foreign currency exchange derivatives | [2] | 1.7 | 0.9 |
SERP Plan [Member] | |||
Assets: | |||
SERP plan assets | [3] | 13.3 | 21.3 |
Level 1 | |||
Assets: | |||
Investment in equity securities | [1] | 4.5 | 14.2 |
Level 1 | SERP Plan [Member] | |||
Assets: | |||
SERP plan assets | [3] | 13.3 | 21.3 |
Level 2 | |||
Assets: | |||
Foreign currency exchange derivatives | [2] | 19.6 | 3.7 |
Liabilities: | |||
Foreign currency exchange derivatives | [2] | $ 1.7 | $ 0.9 |
[1] Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. Based on observable market transactions of forward currency prices. Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (SERP). The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income. |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments of entity (in segments) | 4 |
Business Segment Information _2
Business Segment Information - Schedule of Net Sales by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,066.7 | $ 2,063 | $ 6,078.4 | $ 6,160.8 |
Access Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,037.9 | 845.2 | 2,897.9 | 2,504.9 |
Access Equipment | Aerial Work Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 517.1 | 384.3 | 1,408.3 | 1,193.4 |
Access Equipment | Telehandlers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 316 | 237.8 | 855.5 | 646.5 |
Access Equipment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 204.8 | 223.1 | 634.1 | 665 |
Defense | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 518.5 | 649.9 | 1,592.6 | 1,974.1 |
Fire & Emergency | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 246.5 | 334.7 | 808.7 | 941.8 |
Commercial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 263.8 | 233.2 | 779.2 | 739.4 |
Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 81.6 | 78.7 | ||
Commercial | Concrete Mixers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 112.5 | 86.4 | 302.2 | 297.1 |
Commercial | Refuse Collection | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 122.7 | 121.8 | 395.4 | 363.6 |
Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 28.6 | 25 | ||
Corporate and Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.6 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,066.7 | 2,063 | 6,078.4 | 6,160.8 |
Operating Segments | Access Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,037.9 | 845.9 | 2,898.1 | 2,508.4 |
Operating Segments | Access Equipment | Aerial Work Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 517.1 | 384.3 | 1,408.3 | 1,193.4 |
Operating Segments | Access Equipment | Telehandlers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 316 | 237.8 | 855.5 | 646.5 |
Operating Segments | Access Equipment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 204.8 | 223.8 | 634.3 | 668.5 |
Operating Segments | Defense | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 518.7 | 650.2 | 1,593.6 | 1,975.3 |
Operating Segments | Fire & Emergency | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 247.2 | 337.7 | 811.6 | 952.7 |
Operating Segments | Commercial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 264.5 | 233.8 | 781.2 | 741.9 |
Operating Segments | Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 83.6 | 81.2 | ||
Operating Segments | Commercial | Concrete Mixers | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 112.5 | 86.4 | 302.2 | 297.1 |
Operating Segments | Commercial | Refuse Collection | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 122.7 | 121.8 | 395.4 | 363.6 |
Operating Segments | Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29.3 | 25.6 | ||
Operating Segments | Corporate and Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1.6) | (6.1) | ||
Corporate, Non-segment | Corporate and Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (4.6) | (17.5) | ||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1.6) | (4.6) | (6.1) | (17.5) |
Intersegment Eliminations | Access Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.7 | 0.2 | 3.5 | |
Intersegment Eliminations | Access Equipment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.7 | 0.2 | 3.5 | |
Intersegment Eliminations | Defense | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.2 | 0.3 | 1 | 1.2 |
Intersegment Eliminations | Fire & Emergency | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.7 | 3 | 2.9 | 10.9 |
Intersegment Eliminations | Commercial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.7 | 0.6 | 2 | 2.5 |
Intersegment Eliminations | Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2 | 2.5 | ||
Intersegment Eliminations | Commercial | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.7 | 0.6 | ||
Intersegment Eliminations | Corporate and Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (1.6) | $ (4.6) | $ (6.1) | $ (18.1) |
Business Segment Information _3
Business Segment Information - Schedule of Income (Loss) from Continuing operations by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Operating income (loss): | |||||
Operating income (loss) | $ 107.3 | $ 104.2 | $ 206 | $ 448.8 | |
Interest expense, net of interest income | (10.9) | (10.4) | (34.4) | (33.3) | |
Miscellaneous other expense | (6.8) | (4.1) | (20.8) | (0.6) | |
Income before income taxes and earnings (losses) of unconsolidated affiliates | 89.6 | 89.7 | 150.8 | 414.9 | |
Operating Segments | Access Equipment | |||||
Operating income (loss): | |||||
Operating income (loss) | [1] | 113.2 | 30.7 | 190.1 | 224.2 |
Operating Segments | Defense | |||||
Operating income (loss): | |||||
Operating income (loss) | 2.3 | 49.7 | 23.8 | 145 | |
Operating Segments | Fire & Emergency | |||||
Operating income (loss): | |||||
Operating income (loss) | 19.2 | 47.2 | 64.4 | 139.1 | |
Operating Segments | Commercial | |||||
Operating income (loss): | |||||
Operating income (loss) | [2] | 9.4 | 10.7 | 38.8 | 59.1 |
Corporate, Non-segment | |||||
Operating income (loss): | |||||
Operating income (loss) | $ (36.8) | $ (34.1) | $ (111.1) | $ (118.6) | |
[1] Results for the three and nine months ended September 30, 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for the nine months ended September 30, 2021 include a $ 3.5 million charge related to restructuring activities. Results for the three and nine months ended September 30, 2022 include a $ 2.1 million intangible asset impairment charge. |
Business Segment Information _4
Business Segment Information - Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Restructuring costs | $ 3.5 | ||
Access Equipment | |||
Segment Reporting Information [Line Items] | |||
Expense to eliminate cumulative translation adjustments upon liquidation of foreign entities | $ 4.6 | $ 4.6 | |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Intangible asset impairment charge | $ 2.1 | $ 2.1 |
Business Segment Information _5
Business Segment Information - Schedule of Identifiable Assets by Business Segments and by Geographical Segments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Assets | $ 6,964.4 | $ 6,721.8 | |
Operating Segments | |||
Assets | |||
Assets | 6,964.4 | 6,721.8 | |
Operating Segments | Access Equipment | |||
Assets | |||
Assets | 3,225.6 | 3,155.1 | |
Operating Segments | Access Equipment | United States | |||
Assets | |||
Assets | 2,474.6 | 2,311.8 | |
Operating Segments | Access Equipment | Europe, Africa and Middle East | |||
Assets | |||
Assets | 398.5 | 460.3 | |
Operating Segments | Access Equipment | Rest of the World | |||
Assets | |||
Assets | 352.5 | 383 | |
Operating Segments | Defense | |||
Assets | |||
Assets | 1,672.3 | 1,232.2 | |
Operating Segments | Defense | United States | |||
Assets | |||
Assets | 1,666 | 1,225 | |
Operating Segments | Defense | Rest of the World | |||
Assets | |||
Assets | 6.3 | 7.2 | |
Operating Segments | Fire & Emergency | |||
Assets | |||
Assets | 579.7 | 511.2 | |
Operating Segments | Fire & Emergency | United States | |||
Assets | |||
Assets | 555.3 | 511.2 | |
Operating Segments | Fire & Emergency | Rest of the World | |||
Assets | |||
Assets | 24.4 | ||
Operating Segments | Commercial | |||
Assets | |||
Assets | 440.9 | 424.7 | |
Operating Segments | Commercial | United States | |||
Assets | |||
Assets | 400.6 | 379.6 | |
Operating Segments | Commercial | Rest of the World | |||
Assets | |||
Assets | 40.3 | 45.1 | |
Corporate, Non-segment | |||
Assets | |||
Assets | [1] | $ 1,045.9 | |
Corporate, Non-segment | United States | |||
Assets | |||
Assets | [1] | $ 1,398.6 | |
[1] Primarily includes cash and short-term investments and the Company’s global headquarters. |
Business Segment Information _6
Business Segment Information - Schedule of Net Sales by Geographical Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | $ 2,066.7 | $ 2,063 | $ 6,078.4 | $ 6,160.8 |
North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 1,869.6 | 1,824.8 | 5,535.2 | 5,408.6 |
Europe, Africa and Middle East | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 104.6 | 90.9 | 288.6 | 361.9 |
Rest of the World | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 92.5 | 147.3 | 254.6 | 390.3 |
Operating Segments | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 2,066.7 | 2,063 | 6,078.4 | 6,160.8 |
Intersegment Eliminations | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | (1.6) | (4.6) | (6.1) | (17.5) |
Intersegment Eliminations | North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | (1.6) | (4.6) | (6.1) | (17.5) |
Access Equipment | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 1,037.9 | 845.2 | 2,897.9 | 2,504.9 |
Access Equipment | Operating Segments | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 1,037.9 | 845.9 | 2,898.1 | 2,508.4 |
Access Equipment | Operating Segments | North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 866.6 | 678.3 | 2,441.3 | 1,953.6 |
Access Equipment | Operating Segments | Europe, Africa and Middle East | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 85.4 | 40.5 | 233.5 | 199 |
Access Equipment | Operating Segments | Rest of the World | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 85.9 | 127.1 | 223.3 | 355.8 |
Access Equipment | Intersegment Eliminations | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.7 | 0.2 | 3.5 | |
Defense | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 518.5 | 649.9 | 1,592.6 | 1,974.1 |
Defense | Operating Segments | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 518.7 | 650.2 | 1,593.6 | 1,975.3 |
Defense | Operating Segments | North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 499.7 | 610 | 1,545.5 | 1,843.6 |
Defense | Operating Segments | Europe, Africa and Middle East | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 18.8 | 39.5 | 47.2 | 127.9 |
Defense | Operating Segments | Rest of the World | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.2 | 0.7 | 0.9 | 3.8 |
Defense | Intersegment Eliminations | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.2 | 0.3 | 1 | 1.2 |
Fire & Emergency | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 246.5 | 334.7 | 808.7 | 941.8 |
Fire & Emergency | Operating Segments | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 247.2 | 337.7 | 811.6 | 952.7 |
Fire & Emergency | Operating Segments | North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 242.5 | 310.2 | 782.3 | 894.4 |
Fire & Emergency | Operating Segments | Europe, Africa and Middle East | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.3 | 10.6 | 6.2 | 33.7 |
Fire & Emergency | Operating Segments | Rest of the World | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 4.4 | 16.9 | 23.1 | 24.6 |
Fire & Emergency | Intersegment Eliminations | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.7 | 3 | 2.9 | 10.9 |
Commercial | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 263.8 | 233.2 | 779.2 | 739.4 |
Commercial | Operating Segments | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 264.5 | 233.8 | 781.2 | 741.9 |
Commercial | Operating Segments | North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 262.4 | 230.9 | 772.2 | 734.5 |
Commercial | Operating Segments | Europe, Africa and Middle East | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 0.1 | 0.3 | 1.7 | 1.3 |
Commercial | Operating Segments | Rest of the World | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | 2 | 2.6 | 7.3 | 6.1 |
Commercial | Intersegment Eliminations | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenues | $ 0.7 | $ 0.6 | $ 2 | $ 2.5 |