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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,
	2022								2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access Equipment
Aerial work platforms	$	451.5	$	—		$	451.5		$	450.9	$	—		$	450.9
Telehandlers		309.8		—			309.8			233.5		—			233.5
Other		215.7		0.1			215.8			238.7		1.2			239.9
Total Access Equipment		977.0		0.1			977.1			923.1		1.2			924.3

Defense		538.9		0.4			539.3			709.9		0.5			710.4

Fire & Emergency		275.7		0.8			276.5			298.4		4.1			302.5

Commercial
Refuse collection		143.4		—			143.4			137.4		—			137.4
Concrete mixers		104.6		—			104.6			113.4		—			113.4
Other		26.4		0.9			27.3			26.6		0.7			27.3
Total Commercial		274.4		0.9			275.3			277.4		0.7			278.1
Corporate and intersegment eliminations		—		(2.2	)		(2.2	)		—		(6.5	)		(6.5	)
Consolidated	$	2,066.0	$	—		$	2,066.0		$	2,208.8	$	—		$	2,208.8


	Six Months Ended June 30,
	2022								2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access Equipment
Aerial work platforms	$	891.2	$	—		$	891.2		$	809.1	$	—		$	809.1
Telehandlers		539.5		—			539.5			408.7		—			408.7
Other		429.3		0.2			429.5			441.9		2.8			444.7
Total Access Equipment		1,860.0		0.2			1,860.2			1,659.7		2.8			1,662.5

Defense		1,074.1		0.8			1,074.9			1,324.2		0.9			1,325.1

Fire & Emergency		562.2		2.2			564.4			607.1		7.9			615.0

Commercial
Refuse collection		272.7		—			272.7			241.8		—			241.8
Concrete mixers		189.7		—			189.7			210.7		—			210.7
Other		53.0		1.3			54.3			53.7		1.9			55.6
Total Commercial		515.4		1.3			516.7			506.2		1.9			508.1
Corporate and intersegment eliminations		—		(4.5	)		(4.5	)		0.6		(13.5	)		(12.9	)
Consolidated	$	4,011.7	$	—		$	4,011.7		$	4,097.8	$	—		$	4,097.8

Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Operating income (loss):
Access Equipment (a)	$	69.4		$	113.0		$	76.9		$	193.5
Defense		2.1			59.8			21.5			95.3
Fire & Emergency		22.8			44.5			45.2			91.9
Commercial		15.1			29.6			29.4			48.4
Corporate		(40.0	)		(43.1	)		(74.3	)		(84.5	)
Consolidated		69.4			203.8			98.7			344.6
Interest expense, net of interest income		(11.9	)		(11.7	)		(23.5	)		(22.9	)
Miscellaneous other income (expense)		(15.1	)		0.4			(14.0	)		3.5
Income before income taxes and losses of unconsolidated affiliates	$	42.4		$	192.5		$	61.2		$	325.2

(a)

Results for the three and six months ended June 30, 2021 include a $0.2 million charge and $1.4 million benefit for restructuring, respectively. The Company incurred additional charges of $1.1 million and $4.9 million of other costs related to restructuring plans in the three and six months ended June 30, 2021, respectively.

Schedule of Identifiable Assets by Business Segments and by Geographical Areas


	June 30, 2022		December 31, 2021
Identifiable assets:
Access Equipment:
U.S.	$	2,460.5	$	2,311.8
Europe, Africa and Middle East		429.4		460.3
Rest of the World		360.1		383.0
Total Access Equipment		3,250.0		3,155.1
Defense:
U.S.		1,661.6		1,225.0
Rest of the World		6.8		7.2
Total Defense		1,668.4		1,232.2
Fire & Emergency
U.S.		551.7		511.2
Rest of the World		23.8		—
Total Fire & Emergency		575.5		511.2
Commercial:
U.S.		380.6		379.6
Rest of the World		48.7		45.1
Total Commercial		429.3		424.7
Corporate - U.S. (a)		936.7		1,398.6
Consolidated	$	6,859.9	$	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 June 30, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	841.8	$	521.5	$	264.4	$	270.5	$	(2.2	)	$	1,896.0
Europe, Africa and Middle East		67.1		17.4		5.9		0.7		—			91.1
Rest of the World		68.2		0.4		6.2		4.1		—			78.9
Consolidated	$	977.1	$	539.3	$	276.5	$	275.3	$	(2.2	)	$	2,066.0


	Three Months Ended June 30, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	719.9	$	682.4	$	287.4	$	275.6	$	(6.5	)	$	1,958.8
Europe, Africa and Middle East		75.7		25.4		9.8		0.5		—			111.4
Rest of the World		128.7		2.6		5.3		2.0		—			138.6
Consolidated	$	924.3	$	710.4	$	302.5	$	278.1	$	(6.5	)	$	2,208.8


	Six Months Ended June 30, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	1,574.7	$	1,045.8	$	539.8	$	509.8	$	(4.5	)	$	3,665.6
Europe, Africa and Middle East		148.1		28.4		5.9		1.6		—			184.0
Rest of the World		137.4		0.7		18.7		5.3		—			162.1
Consolidated	$	1,860.2	$	1,074.9	$	564.4	$	516.7	$	(4.5	)	$	4,011.7


	Six Months Ended June 30, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	1,275.3	$	1,233.6	$	584.2	$	503.6	$	(12.9	)	$	3,583.8
Europe, Africa and Middle East		158.5		88.4		23.1		1.0		—			271.0
Rest of the World		228.7		3.1		7.7		3.5		—			243.0
Consolidated	$	1,662.5	$	1,325.1	$	615.0	$	508.1	$	(12.9	)	$	4,097.8