Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Net sales	$	(6.5	)	$	(7.9	)
Operating income		(14.4	)		(10.6	)
Net income		(11.0	)		(8.1	)
Diluted earnings per share	$	(0.17	)	$	(0.12	)

Schedule of Deferred Contract Costs

Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):

	March 31,		December 31,
	2023		2022
Costs for anticipated contracts	$	5.7	$	6.8
Engineering costs		291.7		256.1
Factory setup costs		20.7		16.4
Customer-owned tooling		167.8		136.5
Deferred contract costs	$	485.9	$	415.8

Disaggregation of Revenue

Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):

	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Corporate and Intersegment Eliminations			Total
Point in time	$	1,180.5	$	3.5	$	447.2	$	(0.9	)	$	1,630.3
Over time		12.7		509.6		115.5		—			637.8
	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

	Three Months Ended March 31, 2022
	Access		Defense		Vocational		Corporate and Intersegment Eliminations			Total
Point in time	$	869.9	$	2.1	$	436.9	$	(2.3	)	$	1,306.6
Over time		13.2		533.5		92.4		—			639.1
	$	883.1	$	535.6	$	529.3	$	(2.3	)	$	1,945.7

Schedule of Contract Liabilities and Revenue Recognized

Contract liabilities consisted of the following (in millions):

	March 31,		December 31,
	2023		2022
Customer advances	$	688.9	$	696.7
Other current liabilities		74.7		77.4
Long-term customer advances		1,110.6		1,020.5
Other long-term liabilities		65.5		66.8
Total contract liabilities	$	1,939.7	$	1,861.4

	Three Months Ended March 31,
	2023		2022
Beginning liabilities recognized in revenue	$	189.2	$	118.3

Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums

Changes in the Company’s service-type warranties were as follows (in millions):

	Three Months Ended March 31,
	2023			2022
Balance at beginning of period	$	76.1		$	66.9
Deferred revenue for new service warranties		9.0			7.2
Amortization of deferred revenue		(6.5	)		(4.8	)
Foreign currency translation		0.1			(0.2	)
Balance at end of period	$	78.7		$	69.1

Changes in the Company’s assurance-type warranty liability were as follows (in millions):

	Three Months Ended March 31,
	2023			2022
Balance at beginning of period	$	58.8		$	65.7
Warranty provisions		14.9			11.1
Settlements made		(12.4	)		(13.6	)
Changes in liability for pre-existing warranties, net		(0.7	)		(1.6	)
Disposition of business		(0.5	)		—
Acquisition of business		0.2			—
Balance at end of period	$	60.3		$	61.6

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):

	March 31,		December 31,
	2023		2022
Other current liabilities	$	26.4	$	26.8
Other long-term liabilities		52.3		49.3
	$	78.7	$	76.1