Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the President & CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the three and nine months ended September 30, 2025:

	Three Months Ended September 30, 2025										Nine Months Ended September 30, 2025
	Americas		EURAF			MEAP		Total			Americas		EURAF			MEAP		Total
Revenues from external customers	$	306.4	$	163.2		$	83.8	$	553.4		$	888.9	$	461.3		$	213.6	$	1,563.8
Less: (a)
Cost of sales		246.2		140.0			64.6		450.8			717.4		394.1			160.9		1,272.4
Engineering, selling, and administration costs		33.8		33.3			6.2		73.3			99.5		101.9			18.5		219.9
Other segment items (b)		0.9		0.1			—		1.0			2.7		1.4			—		4.1
Segment operating income (loss)		25.5		(10.2	)		13.0		28.3			69.3		(36.1	)		34.2		67.4
Reconciliation of segment operating income (loss)
Interest expense									(9.8	)									(27.7	)
Amortization of deferred financing fees									(0.4	)									(1.1	)
Other expense - net									(0.8	)									(4.8	)
Unallocated amounts:
Other corporate expenses									(9.8	)									(33.8	)
Income before income taxes								$	7.5									$	-
Other Segment Disclosures
Depreciation and amortization (c)		8.7		5.5			0.7		14.9			26.0		16.4			2.1		44.5
Capital expenditures		2.5		4.7			0.5		7.7			11.8		10.2			2.0		24.0

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b)Other segment items for each reportable segment include:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

(c)The amount of depreciation and amortization disclosed by reportable segment is included within cost of sales or engineering, selling, and administration costs, as applicable.

The following table shows information by reportable segment for the three and nine months ended September 30, 2024:

	Three Months Ended September 30, 2024										Nine Months Ended September 30, 2024
	Americas		EURAF			MEAP		Total			Americas		EURAF			MEAP		Total
Revenues from external customers	$	287.1	$	126.8		$	110.9	$	524.8		$	867.0	$	446.0		$	269.0	$	1,582.0
Less: (a)
Cost of sales		232.3		111.5			93.4		437.2			692.1		387.2			222.9		1,302.2
Engineering, selling, and administration costs		30.6		30.0			7.2		67.8			95.6		90.1			17.9		203.6
Other segment items (b)		1.0		0.2			0.3		1.5			2.7		2.2			0.7		5.6
Segment operating income (loss)		23.2		(14.9	)		10.0		18.3			76.6		(33.5	)		27.5		70.6
Reconciliation of segment operating income (loss)
Interest expense									(9.6	)									(28.4	)
Amortization of deferred financing fees									(0.3	)									(1.0	)
Other expense - net									(4.9	)									(3.9	)
Unallocated amounts:
Other corporate expenses									(10.8	)									(35.0	)
Income (loss) before income taxes								$	(7.3	)								$	2.3
Other Segment Disclosures
Depreciation and amortization (c)		8.4		6.0			0.6		15.0			24.4		17.9			2.1		44.4
Capital expenditures		3.6		4.8			0.5		8.9			14.6		17.0			2.4		34.0

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b)Other segment items for each reportable segment include:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

MEAP — restructuring expense.

(c)The amount of depreciation and amortization disclosed by reportable segment is included within cost of sales or engineering, selling, and administration costs, as applicable.

Net sales by geographic area for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	277.9	$	253.9	$	805.3	$	761.2
Europe		157.5		123.8		446.6		433.9
Other		118.0		147.1		311.9		386.9
Total net sales	$	553.4	$	524.8	$	1,563.8	$	1,582.0

New machine and non-new machine sales for the three and nine months ended September 30, 2025 and 2024 are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
New machine sales	$	376.0	$	355.6	$	1,064.2	$	1,120.3
Non-new machine sales		177.4		169.2		499.6		461.7
Total net sales	$	553.4	$	524.8	$	1,563.8	$	1,582.0