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 September 30,						Nine Months Ended September 30,
	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 Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations			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 Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations			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 Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations			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 Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations			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 September 30,				Nine Months Ended September 30,
	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 September 30,
	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 September 30,
	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