Business Segment Information

6 Months Ended

Jun. 30, 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 militaries. 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 June 30,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	675.6	$	—		$	675.6		$	664.9	$	—		$	664.9
Telehandlers		428.6		—			428.6			390.8		—			390.8
Other		302.7		—			302.7			272.6		—			272.6
Total Access		1,406.9		—			1,406.9			1,328.3		—			1,328.3
Defense
Defense		560.6		1.8			562.4			497.8		0.3			498.1
Delivery vehicles		36.3		—			36.3			—		—			—
Total Defense		596.9		1.8			598.7			497.8		0.3			498.1
Vocational
Fire apparatus		354.5		—			354.5			296.5		—			296.5
Refuse collection		176.9		—			176.9			157.9		—			157.9
Other		311.7		—			311.7			132.5		0.6			133.1
Total Vocational		843.1		—			843.1			586.9		0.6			587.5
Eliminations		—		(1.8	)		(1.8	)		0.1		(0.9	)		(0.8	)
Consolidated	$	2,846.9	$	—		$	2,846.9		$	2,413.1	$	—		$	2,413.1

	Six Months Ended June 30,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	1,266.6	$	—		$	1,266.6		$	1,266.9	$	—		$	1,266.9
Telehandlers		802.0		—			802.0			732.2		—			732.2
Other		575.8		—			575.8			522.4		—			522.4
Total Access		2,644.4		—			2,644.4			2,521.5		—			2,521.5
Defense
Defense		1,095.2		4.1			1,099.3			1,010.6		0.6			1,011.2
Delivery vehicles		36.3		—			36.3			—		—			—
Total Defense		1,131.5		4.1			1,135.6			1,010.6		0.6			1,011.2
Vocational
Fire apparatus		681.7		—			681.7			584.9		—			584.9
Refuse collection		324.2		—			324.2			299.8		—			299.8
Other		608.9		0.7			609.6			264.2		1.3			265.5
Total Vocational		1,614.8		0.7			1,615.5			1,148.9		1.3			1,150.2
Eliminations		—		(4.8	)		(4.8	)		0.2		(1.9	)		(1.7	)
Consolidated	$	5,390.7	$	—		$	5,390.7		$	4,681.2	$	—		$	4,681.2

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Operating income (loss):
Access	$	246.5		$	211.7		$	454.6		$	346.7
Defense(a)		(39.9	)		6.3			(28.6	)		8.0
Vocational(b)		106.5			60.5			186.6			88.6
Corporate and intersegment eliminations		(52.2	)		(43.6	)		(92.0	)		(77.6	)
Consolidated		260.9			234.9			520.6			365.7
Interest expense, net of interest income		(30.3	)		(8.1	)		(51.1	)		(15.3	)
Miscellaneous income (expense), net		(1.5	)		4.8			(3.5	)		10.6
Income before income taxes and losses of unconsolidated affiliates	$	229.1		$	231.6		$	466.0		$	361.0

(a)Results for the three and six months ended June 30, 2024 include $51.6 million of intangible asset impairments. See Note 12 for additional details on the Company's goodwill and purchased intangible assets.

(b)Results for the six months ended June 30, 2023 include a charge of $13.3 million on the sale of the rear-discharge mixer business. See Note 3 for additional details on the Company's divestitures.

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

	Three Months Ended June 30, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,169.7	$	542.3	$	811.8	$	(1.8	)	$	2,522.0
Europe, Africa and Middle East		138.6		56.3		19.1		—			214.0
Rest of the World		98.6		0.1		12.2		—			110.9
Consolidated	$	1,406.9	$	598.7	$	843.1	$	(1.8	)	$	2,846.9

	Three Months Ended June 30, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,051.9	$	425.7	$	579.0	$	(0.8	)	$	2,055.8
Europe, Africa and Middle East		154.2		72.1		5.0		—			231.3
Rest of the World		122.2		0.3		3.5		—			126.0
Consolidated	$	1,328.3	$	498.1	$	587.5	$	(0.8	)	$	2,413.1

	Six Months Ended June 30, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	2,201.6	$	1,003.1	$	1,566.0	$	(4.8	)	$	4,765.9
Europe, Africa and Middle East		244.6		132.2		29.2		—			406.0
Rest of the World		198.2		0.3		20.3		—			218.8
Consolidated	$	2,644.4	$	1,135.6	$	1,615.5	$	(4.8	)	$	5,390.7

	Six Months Ended June 30, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	2,000.5	$	853.3	$	1,132.4	$	(1.7	)	$	3,984.5
Europe, Africa and Middle East		290.9		157.4		6.7		—			455.0
Rest of the World		230.1		0.5		11.1		—			241.7
Consolidated	$	2,521.5	$	1,011.2	$	1,150.2	$	(1.7	)	$	4,681.2