Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

24. Business Segment Information

Effective January 31, 2023, the Company formed the Vocational segment by combining the historical Fire & Emergency segment and Commercial segment businesses. As a result, the Company is organized into three reportable segments based on the internal organization used by the Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. The Company’s reportable segments are as follows:

Access: This segment consists of JLG and JerrDan. JLG designs and manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs, manufactures and markets towing and recovery equipment. Access customers include equipment rental companies, construction contractors, manufacturing companies and home improvement centers.

Defense: This segment consists of Oshkosh Defense and Pratt Miller. These business units design and manufacture tactical wheeled vehicles and supply parts and services for the U.S. military and for other militaries around the world, delivery vehicles for the USPS, as well as offer engineering and product development services primarily to customers in the motorsports and multiple ground vehicle markets. Sales to the DoD accounted for 84% of the segment's sales in 2023, 95% of the segment's sales in 2022, 93% of the segment's sales for the three months ended December 31, 2021 and 95% of the segment’s sales in fiscal 2021.

Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, AeroTech, IMT and Oshkosh Commercial. The Pierce, Airport Products and Maxi-Metal business units design, manufacture and market commercial and custom fire apparatus and emergency vehicles primarily for fire departments, airports and other governmental units. McNeilus designs, manufactures, markets and distributes refuse collection vehicles and components. The AeroTech business unit designs, manufactures, markets and distributes aviation ground support products and gate equipment and provides airport services to commercial airlines, airports, air-freight carriers, ground handling customers and the military. IMT is a designer and manufacturer of field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs, manufactures, markets and distributes front discharge concrete mixer vehicles and components.

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, certain new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. The accounting policies of the reportable segments are the same as those described in Note 2.

Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):

	Year Ended December 31, 2023								Year Ended December 31, 2022
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	2,461.6	$	—		$	2,461.6		$	1,949.0	$	—		$	1,949.0
Telehandlers		1,480.2		—			1,480.2			1,174.8		—			1,174.8
Other		1,048.2		—			1,048.2			848.1		0.2			848.3
Total Access		4,990.0		—			4,990.0			3,971.9		0.2			3,972.1
Defense		2,092.0		6.2			2,098.2			2,139.9		1.4			2,141.3
Vocational
Fire apparatus		1,186.6		—			1,186.6			1,086.0		—			1,086.0
Refuse collection		590.7		—			590.7			536.4		—			536.4
Other		798.6		2.2			800.8			547.6		5.7			553.3
Total Vocational		2,575.9		2.2			2,578.1			2,170.0		5.7			2,175.7
Corporate and intersegment eliminations		—		(8.4	)		(8.4	)		0.2		(7.3	)		(7.1	)
Consolidated	$	9,657.9	$	—		$	9,657.9		$	8,282.0	$	—		$	8,282.0

	Three Months Ended December 31, 2021 (transition period)								Year Ended September 30, 2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	415.3	$	—		$	415.3		$	1,471.4	$	—		$	1,471.4
Telehandlers		210.6		—			210.6			769.4		—			769.4
Other		207.4		0.2			207.6			826.5		4.8			831.3
Total Access		833.3		0.2			833.5			3,067.3		4.8			3,072.1
Defense		531.1		0.4			531.5			2,524.1		1.5			2,525.6
Vocational
Fire apparatus		215.1		—			215.1			1,199.2		—			1,199.2
Refuse collection		98.2		—			98.2			465.9		—			465.9
Other		113.9		2.0			115.9			480.1		19.0			499.1
Total Vocational		427.2		2.0			429.2			2,145.2		19.0			2,164.2
Corporate and intersegment eliminations		0.1		(2.6	)		(2.5	)		0.7		(25.3	)		(24.6	)
Consolidated	$	1,791.7	$	—		$	1,791.7		$	7,737.3	$	—		$	7,737.3

	Year Ended December 31,						(transition period) Three Months Ended December 31,			Year Ended September 30,
	2023			2022			2021			2021
Operating income (loss):
Access (a)	$	738.8		$	313.2		$	38.2		$	278.2
Defense (b)		91.6			46.2			16.0			200.7
Vocational (c)		185.5			154.4			18.3			260.6
Corporate		(178.3	)		(141.5	)		(30.9	)		(147.4	)
Consolidated		837.6			372.3			41.6			592.1
Interest expense, net of interest income		(53.8	)		(43.9	)		(11.8	)		(44.7	)
Miscellaneous, net (d)		13.8			(52.8	)		(5.6	)		(2.1	)
Income before income taxes and losses of unconsolidated affiliates	$	797.6		$	275.6		$	24.2		$	545.3

(a)Results for 2022 include expense of $4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for fiscal 2021 include $3.1 million of restructuring costs and $7.4 million operating expenses related to restructuring plans.

(b)Results for 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. Results for 2022 include a $5.6 million intangible asset impairment charge.

(c)Results for 2023 include a loss of $13.3 million on the sale of the rear discharge mixer business, acquisition costs of $12.9 million related to the acquisition of AeroTech, $7.1 million of amortization of inventory fair value step-up and restructuring costs of $3.0 million. Results for 2022 include a $2.1 million intangible asset impairment charge.

(d)Results for 2023 include a gain of $4.7 million on the settlement of a claim with the Company's pension advisor. Results for 2022 include a $33.6 million charge from the settlement of a frozen pension plan.

	Year Ended December 31,				(transition period) Three Months Ended December 31,		Year Ended September 30,
	2023		2022		2021		2021
Depreciation and amortization:
Access (a)	$	55.1	$	37.4	$	9.1	$	37.9
Defense		36.6		29.9		7.9		27.8
Vocational		52.2		25.3		5.9		23.1
Corporate		16.0		15.0		4.1		15.2
Consolidated	$	159.9	$	107.6	$	27.0	$	104.0
Capital expenditures:
Access (b)	$	112.3	$	65.7	$	17.2	$	55.8
Defense		141.4		168.2		12.1		23.8
Vocational		73.0		42.2		12.9		29.4
Corporate		3.2		3.6		1.0		5.8
Consolidated	$	329.9	$	279.7	$	43.2	$	114.8

(a)Includes $3.6 million of accelerated depreciation associated with restructuring actions in fiscal 2021.

(b)Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental.

The following tables provide long-lived asset by country in which the Company operates. Long-lived assets include property, plant and equipment, equipment held for rental, deferred contract costs and right of use assets.

	December 31, 2023
	Access		Defense		Vocational		Corporate		Total
Identifiable assets:
United States	$	303.8	$	1,134.6	$	344.5	$	112.4	$	1,895.3
China		34.8		—		—		—		34.8
Mexico		30.0		—		0.4		—		30.4
Netherlands		27.9		—		—		—		27.9
Other		49.7		0.2		6.0		—		55.9
Total	$	446.2	$	1,134.8	$	350.9	$	112.4	$	2,044.3

	December 31, 2022
	Access		Defense		Vocational		Corporate		Total
Identifiable assets:
United States	$	219.0	$	788.0	$	245.9	$	97.7	$	1,350.6
China		43.5		—		—		—		43.5
Mexico		26.6		—		—		—		26.6
Netherlands		21.6		—		—		—		21.6
Other		26.8		0.6		8.8		—		36.2
Total	$	337.5	$	788.6	$	254.7	$	97.7	$	1,478.5

Total assets by segment are not disclosed as the Company's chief operating decision maker does not use total assets by segment to evaluate segment performance or allocate resources and capital.

The following tables present net sales by geographic region based on product shipment destination (in millions):

	Year Ended December 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	3,968.3	$	1,754.3	$	2,502.6	$	(8.4	)	$	8,216.8
Europe, Africa and Middle East		573.8		342.8		32.0		—			948.6
Rest of the World		447.9		1.1		43.5		—			492.5
Consolidated	$	4,990.0	$	2,098.2	$	2,578.1	$	(8.4	)	$	9,657.9

	Year Ended December 31, 2022
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	3,298.9	$	2,047.5	$	2,128.9	$	(7.1	)	$	7,468.2
Europe, Africa and Middle East		353.0		92.7		9.5		—			455.2
Rest of the World		320.2		1.1		37.3		—			358.6
Consolidated	$	3,972.1	$	2,141.3	$	2,175.7	$	(7.1	)	$	8,282.0

	Three Months Ended December 31, 2021 (transition period)
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	671.6	$	523.4	$	418.8	$	(2.5	)	$	1,611.3
Europe, Africa and Middle East		86.1		8.0		4.9		—			99.0
Rest of the World		75.8		0.1		5.5		—			81.4
Consolidated	$	833.5	$	531.5	$	429.2	$	(2.5	)	$	1,791.7

	Year Ended September 30, 2021
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	2,358.9	$	2,337.8	$	2,076.4	$	(24.6	)	$	6,748.5
Europe, Africa and Middle East		273.4		183.2		48.2		—			504.8
Rest of the World		439.8		4.6		39.6		—			484.0
Consolidated	$	3,072.1	$	2,525.6	$	2,164.2	$	(24.6	)	$	7,737.3