Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

20. Business Segment Information

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 and manufactures towing and recovery equipment. Access customers include equipment rental companies, construction contractors, manufacturing companies, home improvement centers and towing companies.

Defense: This segment consists of Oshkosh Defense and Pratt Miller. Oshkosh Defense designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and other militaries around the world and delivery vehicles for the USPS. Pratt Miller provides engineering and product development services primarily to customers in the motorsports and multiple ground vehicle markets.

Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, Oshkosh AeroTech, IMT and Oshkosh Commercial. Pierce, Airport Products and Maxi-Metal design and manufacture commercial and custom fire apparatus and emergency vehicles primarily for fire departments, airports and other governmental units. McNeilus designs and manufactures refuse collection vehicles and components. Oshkosh AeroTech designs and manufactures 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 designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs and manufactures 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.

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

	Three Months Ended March 31,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	591.0	$	—		$	591.0		$	602.0	$	—		$	602.0
Telehandlers		373.4		—			373.4			341.4		—			341.4
Other		273.1		—			273.1			249.8		—			249.8
Total Access		1,237.5		—			1,237.5			1,193.2		—			1,193.2
Defense		534.6		2.3			536.9			512.8		0.3			513.1
Vocational
Fire apparatus		327.2		—			327.2			288.4		—			288.4
Refuse collection		147.3		—			147.3			141.9		—			141.9
Other		297.2		0.7			297.9			131.7		0.7			132.4
Total Vocational		771.7		0.7			772.4			562.0		0.7			562.7
Eliminations		—		(3.0	)		(3.0	)		0.1		(1.0	)		(0.9	)
Consolidated	$	2,543.8	$	—		$	2,543.8		$	2,268.1	$	—		$	2,268.1

	Three Months Ended March 31,
	2024			2023
Operating income (loss):
Access	$	208.1		$	135.0
Defense		11.3			1.7
Vocational		80.1			28.1
Corporate and intersegment eliminations		(39.8	)		(34.0	)
Consolidated		259.7			130.8
Interest expense, net of interest income		(20.8	)		(7.2	)
Miscellaneous income (expense), net		(2.0	)		5.8
Income before income taxes and losses of unconsolidated affiliates	$	236.9		$	129.4

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

	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,031.9	$	460.8	$	754.2	$	(3.0	)	$	2,243.9
Europe, Africa and Middle East		106.0		75.9		10.1		—			192.0
Rest of the World		99.6		0.2		8.1		—			107.9
Consolidated	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8

	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