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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

25. Subsequent Events

As a result of the change in operating structure, the Company combined its Fire & Emergency segment and Commercial segment into a new segment effective January 31, 2023. The new segment, the Vocational segment, will focus on designing, developing and manufacturing purpose-built vocational vehicles. By combining these segments, the Company expects to drive enhanced efficiencies while better leveraging its scale in technology development at an accelerated pace.

On January 31, 2023, the Company announced the planned sale of the rear discharge concrete mixer business of its Vocational segment. The estimated sale price is expected to be below the carrying value of the business, resulting in a loss between $10.0 million and $15.0 million that will be recognized by the Company when all held for sale criteria are met. The transaction is expected to close in the first quarter of fiscal 2023.

On January 31, 2023, the Company acquired Hinowa S.p.A. (Hinowa), which specializes in manufacturing equipment for working at heights and moving earth, such as aerial platforms, mini dumpers and tracked lift trucks, as well as undercarriages, for 186 million Euro. Hinowa will be part of the Access Equipment segment. The Company’s preliminary evaluation of the fair value for certain significant assets and liabilities, including goodwill and intangibles, is not complete. The Company will provide a preliminary purchase price allocation with its fiscal 2023 first quarter Quarterly Report on Form 10-Q.