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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Net Sales by Product Lines and Reportable Segments

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

Schedule of Income (Loss) from Continuing Operations by Reportable Segment


	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.

Schedule of Net Sales by Geographical Areas

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