Business Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,
	2024							2023
	External Customers		Inter- segment			Net Sales		External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	631.7	$	—		$	631.7	$	654.3	$	—		$	654.3
Telehandlers		445.0		—			445.0		393.8		—			393.8
Other		286.6		—			286.6		270.1		—			270.1
Total Access		1,363.3		—			1,363.3		1,318.2		—			1,318.2

Vocational
Fire apparatus		339.7		—			339.7		299.5		—			299.5
Refuse collection		168.1		—			168.1		149.2		—			149.2
Other		306.2		0.2			306.4		243.5		0.4			243.9
Total Vocational		814.0		0.2			814.2		692.2		0.4			692.6

Defense (a)
Defense		507.4		0.6			508.0		474.0		0.6			474.6
Delivery vehicles		32.4		—			32.4		—		—			—
Total Defense		539.8		0.6			540.4		474.0		0.6			474.6

Corporate and other (a)		24.3		(0.8	)		23.5		25.5		(1.0	)		24.5
Consolidated	$	2,741.4	$	—		$	2,741.4	$	2,509.9	$	—		$	2,509.9


	Nine Months Ended September 30,
	2024							2023
	External Customers		Inter- segment			Net Sales		External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	1,898.3	$	—		$	1,898.3	$	1,921.2	$	—		$	1,921.2
Telehandlers		1,247.0		—			1,247.0		1,126.0		—			1,126.0
Other		862.4		—			862.4		792.5		—			792.5
Total Access		4,007.7		—			4,007.7		3,839.7		—			3,839.7

Vocational
Fire apparatus		1,021.4		—			1,021.4		884.4		—			884.4
Refuse collection		492.3		—			492.3		449.0		—			449.0
Other		915.1		0.9			916.0		507.9		1.5			509.4
Total Vocational		2,428.8		0.9			2,429.7		1,841.3		1.5			1,842.8

Defense (a)
Defense		1,550.9		1.8			1,552.7		1,439.7		1.2			1,440.9
Delivery vehicles		68.7		—			68.7		—		—			—
Total Defense		1,619.6		1.8			1,621.4		1,439.7		1.2			1,440.9

Corporate and other (a)		76.0		(2.7	)		73.3		70.4		(2.7	)		67.7
Consolidated	$	8,132.1	$	—		$	8,132.1	$	7,191.1	$	—		$	7,191.1

(a)

Results have been reclassified to reflect the change in responsibility for Pratt Miller.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Operating income (loss):
Access	$	207.9		$	229.9		$	662.5		$	576.6
Vocational(a)		99.6			52.5			286.2			141.1
Defense(b) (d)		11.2			19.7			36.4			25.6
Corporate and other(c) (d)		(52.5	)		(45.6	)		(198.3	)		(121.1	)
Consolidated		266.2			256.5			786.8			622.2
Interest expense, net of interest income		(31.7	)		(17.7	)		(82.8	)		(33.0	)
Miscellaneous income (expense), net		3.6			2.6			0.1			13.2
Income before income taxes and losses of unconsolidated affiliates	$	238.1		$	241.4		$	704.1		$	602.4

(a)

Results for the nine months ended September 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.

(b)

Results for the three and nine months ended September 30, 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. See Note 3 for additional details on the Company's divestitures.

(c)

Results for the nine months ended September 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.

(d)

Results have been reclassified to reflect the change in responsibility for Pratt Miller.

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 September 30, 2024
	Access		Vocational		Defense		Corporate and Other		Total
Net sales:
North America	$	1,130.3	$	768.3	$	495.9	$	22.8	$	2,417.3
Europe, Africa and Middle East		138.2		20.8		44.3		0.7		204.0
Rest of the World		94.8		25.1		0.2		—		120.1
Consolidated	$	1,363.3	$	814.2	$	540.4	$	23.5	$	2,741.4


	Three Months Ended September 30, 2023
	Access		Vocational		Defense (a)		Corporate and Other (a)		Total
Net sales:
North America	$	1,048.4	$	663.5	$	401.1	$	24.5	$	2,137.5
Europe, Africa and Middle East		160.0		16.3		73.3		—		249.6
Rest of the World		109.8		12.8		0.2		—		122.8
Consolidated	$	1,318.2	$	692.6	$	474.6	$	24.5	$	2,509.9


	Nine Months Ended September 30, 2024
	Access		Vocational		Defense		Corporate and Other		Total
Net sales:
North America	$	3,331.9	$	2,334.3	$	1,447.4	$	69.6	$	7,183.2
Europe, Africa and Middle East		382.8		50.0		173.5		3.7		610.0
Rest of the World		293.0		45.4		0.5		—		338.9
Consolidated	$	4,007.7	$	2,429.7	$	1,621.4	$	73.3	$	8,132.1


	Nine Months Ended September 30, 2023
	Access		Vocational		Defense (a)		Corporate and Other (a)		Total
Net sales:
North America	$	3,048.9	$	1,795.9	$	1,209.6	$	67.6	$	6,122.0
Europe, Africa and Middle East		450.9		23.0		230.6		0.1		704.6
Rest of the World		339.9		23.9		0.7		—		364.5
Consolidated	$	3,839.7	$	1,842.8	$	1,440.9	$	67.7	$	7,191.1

(a)

Results have been reclassified to reflect the change in responsibility for Pratt Miller.