Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

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):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net sales	$	(1.8	)	$	0.1		$	(12.6	)	$	(8.4	)
Operating income		(7.1	)		(11.3	)		(22.2	)		(25.8	)
Net income		(5.4	)		(8.6	)		(16.9	)		(19.8	)
Diluted earnings per share	$	(0.08	)	$	(0.13	)	$	(0.26	)	$	(0.30	)

Schedule of Deferred Contract Costs

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

	June 30,		December 31,
	2024		2023
Costs for anticipated contracts	$	6.6	$	6.2
Engineering costs		496.3		439.6
Factory setup costs		52.5		44.4
Customer-owned tooling		254.1		220.5
Deferred contract costs	$	809.5	$	710.7

Disaggregation of Revenue

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

	Three Months Ended June 30, 2024
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,388.3	$	1.8	$	619.4	$	(1.8	)	$	2,007.7
Over time		18.6		596.9		223.7		—			839.2
	$	1,406.9	$	598.7	$	843.1	$	(1.8	)	$	2,846.9

	Three Months Ended June 30, 2023
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,315.3	$	2.7	$	481.7	$	(0.8	)	$	1,798.9
Over time		13.0		495.4		105.8		—			614.2
	$	1,328.3	$	498.1	$	587.5	$	(0.8	)	$	2,413.1

	Six Months Ended June 30, 2024
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	2,609.9	$	4.1	$	1,180.0	$	(4.8	)	$	3,789.2
Over time		34.5		1,131.5		435.5		—			1,601.5
	$	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
Point in time	$	2,495.8	$	6.2	$	928.9	$	(1.7	)	$	3,429.2
Over time		25.7		1,005.0		221.3		—			1,252.0
	$	2,521.5	$	1,011.2	$	1,150.2	$	(1.7	)	$	4,681.2

Schedule of Contract Liabilities and Revenue Recognized

Contract liabilities consisted of the following (in millions):

	June 30,		December 31,
	2024		2023
Customer advances	$	673.7	$	706.9
Other current liabilities		98.4		96.2
Non-current customer advances		1,166.1		1,190.7
Other non-current liabilities		69.7		68.5
Total contract liabilities	$	2,007.9	$	2,062.3

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning liabilities recognized in revenue	$	155.8	$	158.4	$	359.3	$	347.6

Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums

Changes in the Company’s service-type warranties were as follows (in millions):

	Six Months Ended June 30,
	2024			2023
Balance at beginning of period	$	85.4		$	76.1
Deferred revenue for new service warranties		20.8			18.2
Amortization of deferred revenue		(14.9	)		(13.0	)
Foreign currency translation		(0.3	)		0.1
Balance at end of period	$	91.0		$	81.4

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

	Six Months Ended June 30,
	2024			2023
Balance at beginning of period	$	64.2		$	58.8
Warranty provisions		32.4			28.0
Settlements made		(27.9	)		(24.3	)
Changes in liability for pre-existing warranties, net		0.4			(1.9	)
Foreign currency translation		(0.1	)		—
Disposition of business		—			(0.5	)
Acquisition of business		—			0.2
Balance at end of period	$	69.0		$	60.3

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

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

	June 30,		December 31,
	2024		2023
Other current liabilities	$	34.6	$	30.9
Other non-current liabilities		56.4		54.5
	$	91.0	$	85.4