XML 50 R40.htm IDEA: XBRL DOCUMENT v3.23.1
Business Segment Information (Tables)
3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
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 March 31,

 

 

 

2023

 

 

2022

 

 

 

External
Customers

 

 

Inter-
segment

 

 

Net
Sales

 

 

External
Customers

 

 

Inter-
segment

 

 

Net
Sales

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerial work platforms

 

$

602.0

 

 

$

—

 

 

$

602.0

 

 

$

439.7

 

 

$

—

 

 

$

439.7

 

Telehandlers

 

 

341.4

 

 

 

—

 

 

 

341.4

 

 

 

229.7

 

 

 

—

 

 

 

229.7

 

Other

 

 

249.8

 

 

 

—

 

 

 

249.8

 

 

 

213.6

 

 

 

0.1

 

 

 

213.7

 

Total Access

 

 

1,193.2

 

 

 

—

 

 

 

1,193.2

 

 

 

883.0

 

 

 

0.1

 

 

 

883.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defense

 

 

512.8

 

 

 

0.3

 

 

 

513.1

 

 

 

535.2

 

 

 

0.4

 

 

 

535.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vocational

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fire apparatus

 

 

288.4

 

 

 

—

 

 

 

288.4

 

 

 

279.9

 

 

 

—

 

 

 

279.9

 

Refuse collection

 

 

141.9

 

 

 

—

 

 

 

141.9

 

 

 

129.3

 

 

 

—

 

 

 

129.3

 

Other

 

 

131.7

 

 

 

0.7

 

 

 

132.4

 

 

 

118.3

 

 

 

1.8

 

 

 

120.1

 

Total Vocational

 

 

562.0

 

 

 

0.7

 

 

 

562.7

 

 

 

527.5

 

 

 

1.8

 

 

 

529.3

 

Corporate and intersegment eliminations

 

 

0.1

 

 

 

(1.0

)

 

 

(0.9

)

 

 

—

 

 

 

(2.3

)

 

 

(2.3

)

Consolidated

 

$

2,268.1

 

 

$

—

 

 

$

2,268.1

 

 

$

1,945.7

 

 

$

—

 

 

$

1,945.7

 

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

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Operating income (loss):

 

 

 

 

 

 

Access

 

$

135.0

 

 

$

5.7

 

Defense

 

 

1.7

 

 

 

19.4

 

Vocational

 

 

28.1

 

 

 

41.0

 

Corporate

 

 

(34.0

)

 

 

(34.3

)

Consolidated

 

 

130.8

 

 

 

31.8

 

Interest expense, net of interest income

 

 

(7.2

)

 

 

(11.6

)

Miscellaneous other income

 

 

5.8

 

 

 

1.1

 

Income before income taxes and losses of unconsolidated affiliates

 

$

129.4

 

 

$

21.3

 

Schedule of Identifiable Assets by Business Segments and by Geographical Areas

 

 

March 31,
2023

 

 

December 31,
2022

 

Identifiable assets:

 

 

 

 

 

 

Access:

 

 

 

 

 

 

U.S.

 

$

2,712.8

 

 

$

2,493.0

 

Europe, Africa and Middle East

 

 

691.6

 

 

 

562.2

 

Rest of the World

 

 

430.8

 

 

 

428.4

 

Total Access

 

 

3,835.2

 

 

 

3,483.6

 

Defense:

 

 

 

 

 

 

U.S.

 

 

2,077.0

 

 

 

2,060.0

 

Rest of the World

 

 

6.8

 

 

 

6.9

 

Total Defense

 

 

2,083.8

 

 

 

2,066.9

 

Vocational:

 

 

 

 

 

 

U.S.

 

 

1,102.0

 

 

 

1,063.4

 

Rest of the World

 

 

36.5

 

 

 

64.6

 

Total Vocational

 

 

1,138.5

 

 

 

1,128.0

 

Corporate - U.S. (a)

 

 

858.9

 

 

 

1,050.5

 

Consolidated

 

$

7,916.4

 

 

$

7,729.0

 

(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 March 31, 2023

 

 

 

Access

 

 

Defense

 

 

Vocational

 

 

Eliminations

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

948.6

 

 

$

427.6

 

 

$

553.4

 

 

$

(0.9

)

 

$

1,928.7

 

Europe, Africa and Middle East

 

 

136.7

 

 

 

85.3

 

 

 

1.7

 

 

 

—

 

 

 

223.7

 

Rest of the World

 

 

107.9

 

 

 

0.2

 

 

 

7.6

 

 

 

—

 

 

 

115.7

 

Consolidated

 

$

1,193.2

 

 

$

513.1

 

 

$

562.7

 

 

$

(0.9

)

 

$

2,268.1

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

Access

 

 

Defense

 

 

Vocational

 

 

Eliminations

 

 

Total

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

732.9

 

 

$

524.3

 

 

$

514.7

 

 

$

(2.3

)

 

$

1,769.6

 

Europe, Africa and Middle East

 

 

81.0

 

 

 

11.0

 

 

 

0.9

 

 

 

—

 

 

 

92.9

 

Rest of the World

 

 

69.2

 

 

 

0.3

 

 

 

13.7

 

 

 

—

 

 

 

83.2

 

Consolidated

 

$

883.1

 

 

$

535.6

 

 

$

529.3

 

 

$

(2.3

)

 

$

1,945.7