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Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2023
Sales And Revenue Recognition [Abstract]  
Schedule of Impact Due to Contract Adjustments Net contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):

 

 

Year Ended
December 31,

 

 

(transition period)
Three Months Ended
December 31,

 

 

Year Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

2021

 

Net sales

 

$

18.8

 

 

$

(33.9

)

 

$

(0.1

)

 

$

13.1

 

Operating income

 

 

2.9

 

 

 

(46.2

)

 

 

(7.7

)

 

 

19.4

 

Net income

 

 

2.2

 

 

 

(35.4

)

 

 

(5.9

)

 

 

14.9

 

Diluted earnings per share

 

$

0.03

 

 

$

(0.54

)

 

$

(0.09

)

 

$

0.21

 
Schedule of Deferred Contract Related Costs

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

 

 

December 31,

 

 

 

2023

 

 

2022

 

Costs for anticipated contracts

 

$

6.2

 

 

$

6.8

 

Engineering costs

 

 

439.6

 

 

 

256.1

 

Factory setup costs

 

 

44.4

 

 

 

16.4

 

Customer-owned tooling

 

 

220.5

 

 

 

136.5

 

Deferred contract related costs

 

$

710.7

 

 

$

415.8

 

 
Disaggregation of Revenue

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

 

 

Year Ended December 31, 2023

 

 

 

Access
Equipment

 

 

Defense

 

 

Vocational

 

 

Corporate and
Intersegment
Eliminations

 

 

Total

 

Point in time

 

$

4,936.5

 

 

$

12.1

 

 

$

2,001.4

 

 

$

(8.4

)

 

$

6,941.6

 

Over time

 

 

53.5

 

 

 

2,086.1

 

 

 

576.7

 

 

 

—

 

 

 

2,716.3

 

 

$

4,990.0

 

 

$

2,098.2

 

 

$

2,578.1

 

 

$

(8.4

)

 

$

9,657.9

 

 

 

 

Year Ended December 31, 2022

 

 

 

Access
Equipment

 

 

Defense

 

 

Vocational

 

 

Corporate and
Intersegment
Eliminations

 

 

Total

 

Point in time

 

$

3,923.4

 

 

$

13.0

 

 

$

1,757.2

 

 

$

(7.1

)

 

$

5,686.5

 

Over time

 

 

48.7

 

 

 

2,128.3

 

 

 

418.5

 

 

 

—

 

 

 

2,595.5

 

 

$

3,972.1

 

 

$

2,141.3

 

 

$

2,175.7

 

 

$

(7.1

)

 

$

8,282.0

 

 

 

 

Three Months Ended December 31, 2021 (transition period)

 

 

 

Access
Equipment

 

 

Defense

 

 

Vocational

 

 

Corporate and
Intersegment
Eliminations

 

 

Total

 

Point in time

 

$

818.8

 

 

$

4.0

 

 

$

350.5

 

 

$

(2.7

)

 

$

1,170.6

 

Over time

 

 

14.7

 

 

 

527.5

 

 

 

78.7

 

 

 

0.2

 

 

 

621.1

 

 

$

833.5

 

 

$

531.5

 

 

$

429.2

 

 

$

(2.5

)

 

$

1,791.7

 

 

 

 

Year Ended September 30, 2021

 

 

 

Access
Equipment

 

 

Defense

 

 

Vocational

 

 

Corporate and
Intersegment
Eliminations

 

 

Total

 

Point in time

 

$

3,006.9

 

 

$

43.5

 

 

$

1,738.7

 

 

$

(25.1

)

 

$

4,764.0

 

Over time

 

 

65.2

 

 

 

2,482.1

 

 

 

425.5

 

 

 

0.5

 

 

 

2,973.3

 

 

$

3,072.1

 

 

$

2,525.6

 

 

$

2,164.2

 

 

$

(24.6

)

 

$

7,737.3

 
Schedule of Contract Liabilities and Revenue Recognized Contract liabilities consisted of the following (in millions):

 

 

December 31,

 

 

 

2023

 

 

2022

 

Customer advances

 

$

706.9

 

 

$

696.7

 

Other current liabilities

 

 

96.2

 

 

 

77.4

 

Long-term customer advances

 

 

1,190.7

 

 

 

1,020.5

 

Other long-term liabilities

 

 

68.5

 

 

 

66.8

 

Total contract liabilities

 

$

2,062.3

 

 

$

1,861.4

 

 

Revenue recognized during the period from beginning contract liabilities was as follows (in millions):

 

 

 

Year Ended
December 31,

 

 

(transition period)
Three Months Ended
December 31,

 

 

Year Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

2021

 

Beginning liabilities recognized in revenue

 

$

582.7

 

 

$

436.9

 

 

$

126.9

 

 

$

521.7

 
Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums Changes in the Company’s service-type warranties were as follows (in millions):

 

 

 

Year Ended
December 31,

 

 

(transition period)
Three Months Ended
December 31,

 

 

Year Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

2021

 

Balance at beginning of period

 

$

76.1

 

 

$

66.9

 

 

$

65.8

 

 

$

64.4

 

Deferred revenue for new service warranties

 

 

34.2

 

 

 

31.5

 

 

 

6.4

 

 

 

26.2

 

Amortization of service warranty revenue

 

 

(25.1

)

 

 

(21.7

)

 

 

(5.3

)

 

 

(25.0

)

Foreign currency translation

 

 

0.2

 

 

 

(0.6

)

 

 

—

 

 

 

0.2

 

Balance at end of period

 

$

85.4

 

 

$

76.1

 

 

$

66.9

 

 

$

65.8

 

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

 

 

Year Ended
December 31,

 

 

(transition period)
Three Months Ended
December 31,

 

 

Year Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2021

 

 

2021

 

Balance at beginning of period

 

$

58.8

 

 

$

65.7

 

 

$

69.0

 

 

$

67.4

 

Warranty provisions

 

 

52.1

 

 

 

49.3

 

 

 

10.8

 

 

 

50.1

 

Settlements made

 

 

(51.3

)

 

 

(57.7

)

 

 

(14.6

)

 

 

(65.0

)

Changes in liability for pre-existing warranties, net

 

 

(0.3

)

 

 

1.5

 

 

 

0.5

 

 

 

16.2

 

Foreign currency translation

 

 

0.1

 

 

 

(0.2

)

 

 

—

 

 

 

—

 

Acquisition

 

 

4.8

 

 

 

0.2

 

 

 

—

 

 

 

0.3

 

Balance at end of period

 

$

64.2

 

 

$

58.8

 

 

$

65.7

 

 

$

69.0

 
Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets

Classification of service-type warranties in the Consolidated Balance Sheets consisted of the following (in millions):

 

 

December 31,

 

 

 

2023

 

 

2022

 

Other current liabilities

 

$

30.9

 

 

$

26.8

 

Other long-term liabilities

 

 

54.5

 

 

 

49.3

 

 

$

85.4

 

 

$

76.1