Business Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Business Segment Information

20. Business Segment Information

The Chief Executive Officer is the Company's Chief Operating Decision Maker (CODM). The CODM uses operating income to measure performance of the Company's segments, allocate resources and make operating decisions. Operating income is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The CODM regularly evaluates operating income compared to prior year and forecasted results. The Company’s reportable segments, which are organized on the basis of similar products, markets and operating factors, are as follows:

Access: This segment consists of the JLG and Jerr-Dan brands. JLG designs and manufactures mobile aerial work platforms and telehandlers and low-level access solutions 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 vehicles. Access customers include equipment rental companies, construction contractors, home improvement centers and towing companies.

Vocational: This segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Frontline and Oshkosh S-Series brands. Pierce and Maxi-Metal design and manufacture commercial and customer fire apparatus vehicles primarily for fire departments, airports and other governmental units. Oshkosh AeroTech and Oshkosh Airport Products design and manufacture aviation ground support products, gate equipment and aircraft rescue and firefighting vehicles and provide airport services to commercial airlines, airports, air-freight carriers, ground handling customers and militaries. McNeilus designs and manufactures refuse and recycling collection vehicles. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Frontline designs and manufactures simulators, command vehicles and other communication vehicles. Oshkosh S-Series designs and manufactures front-discharge concrete mixer vehicles.

Transport: This segment includes Oshkosh Defense and delivery vehicles. Defense designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and for other militaries around the world. Delivery designs and manufactures vehicles for the USPS.

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 and other” includes Pratt Miller, corporate office expenses, certain new product development costs, stock-based compensation and costs of certain business initiatives.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net sales:
Access
Aerial work platforms	$	638.0	$	675.6	$	1,088.8	$	1,266.6
Telehandlers		325.1		428.6		569.6		802.0
Other		292.9		302.7		554.7		575.8
Total Access		1,256.0		1,406.9		2,213.1		2,644.4
Vocational
Municipal fire apparatus(a)		398.0		331.4		727.8		636.9
Airport products(a)		246.1		215.5		471.4		413.6
Refuse and recycling vehicles		197.0		176.9		402.5		324.2
Other(a)		128.6		119.3		234.8		240.8
Total Vocational		969.7		843.1		1,836.5		1,615.5
Transport
Defense (b)		372.0		535.6		784.7		1,044.7
Delivery vehicles		107.1		36.3		157.4		36.3
Total Transport		479.1		571.9		942.1		1,081.0
Corporate and other (b)		27.3		25.0		53.2		49.8
Consolidated	$	2,732.1	$	2,846.9	$	5,044.9	$	5,390.7

(a)Results for 2024 have been reclassified to reflect the separate presentation of the airport products product line.

(b)Results for 2024 have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.

	Three Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other			Consolidated
Net Sales	$	1,256.0	$	969.7	$	479.1	$	27.3		$	2,732.1
Cost of sales (excluding R&D)		972.2		735.5		434.0		20.9			2,162.6
Research and development		22.0		13.8		1.2		8.0			45.0
Gross income		261.8		220.4		43.9		(1.6	)		524.5
Employee compensation		40.7		35.0		14.0		41.0			130.7
Amortization of purchased intangibles		3.6		9.4		—		0.8			13.8
Intangible asset impairment		—		—		—		5.7			5.7
Other segment items(a)		35.9		28.7		12.1		5.9			82.6
Operating income	$	181.6	$	147.3	$	17.8	$	(55.0	)		291.7
Interest expense, net of interest income											(28.1	)
Miscellaneous, net											7.3
Income before income taxes and losses of unconsolidated affiliates										$	270.9

(a)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

	Three Months Ended June 30, 2024
	Access		Vocational		Transport(a)		Corporate and Other(a)			Consolidated
Net Sales	$	1,406.9	$	843.1	$	571.9	$	25.0		$	2,846.9
Cost of sales (excluding R&D)		1,059.4		649.8		528.1		19.4			2,256.7
Research and development		21.5		10.9		6.0		5.7			44.1
Gross income		326.0		182.4		37.8		(0.1	)		546.1
Employee compensation		41.7		32.0		13.5		43.9			131.1
Amortization of purchased intangibles		2.3		9.9		—		1.4			13.6
Intangible asset impairment		—		—		—		51.6			51.6
Other segment items(b)		35.5		34.0		12.4		7.0			88.9
Operating income	$	246.5	$	106.5	$	11.9	$	(104.0	)		260.9
Interest expense, net of interest income											(30.3	)
Miscellaneous, net											(1.5	)
Income before income taxes and losses of unconsolidated affiliates										$	229.1

(a)Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.

(b)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

	Six Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other			Consolidated
Net Sales	$	2,213.1	$	1,836.5	$	942.1	$	53.2		$	5,044.9
Cost of sales (excluding R&D)		1,721.9		1,391.1		868.8		44.9			4,026.7
Research and development		43.3		32.0		3.7		14.8			93.8
Gross income		447.9		413.4		69.6		(6.5	)		924.4
Employee compensation		81.7		69.3		26.9		75.3			253.2
Amortization of purchased intangibles		7.0		18.8		—		1.5			27.3
Intangible asset impairment		—		—		—		5.7			5.7
Other segment items(a)		74.5		60.2		24.3		12.1			171.1
Operating income	$	284.7	$	265.1	$	18.4	$	(101.1	)		467.1
Interest expense, net of interest income											(53.1	)
Miscellaneous, net											7.8
Income before income taxes and losses of unconsolidated affiliates										$	421.8

(a)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

	Six Months Ended June 30, 2024
	Access		Vocational		Transport(a)		Corporate and Other(a)			Consolidated
Net Sales	$	2,644.4	$	1,615.5	$	1,081.0	$	49.8		$	5,390.7
Cost of sales (excluding R&D)		2,000.9		1,260.9		988.3		41.1			4,291.2
Research and development		38.9		21.7		13.3		9.5			83.4
Gross income		604.6		332.9		79.4		(0.8	)		1,016.1
Employee compensation		79.7		63.9		27.9		77.8			249.3
Amortization of purchased intangibles		4.6		19.8		—		2.7			27.1
Intangible asset impairment		—		—		—		51.6			51.6
Other segment items(b)		65.7		62.6		26.3		12.9			167.5
Operating income	$	454.6	$	186.6	$	25.2	$	(145.8	)		520.6
Interest expense, net of interest income											(51.1	)
Miscellaneous, net											(3.5	)
Income before income taxes and losses of unconsolidated affiliates										$	466.0

(a)Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.

(b)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Depreciation and amortization:
Access	$	20.2	$	15.1	$	38.9	$	29.4
Vocational		21.3		20.2		42.5		40.2
Transport		7.8		6.0		15.4		11.7
Corporate and Other		6.6		6.6		12.7		13.2
Consolidated	$	55.9	$	47.9	$	109.5	$	94.5
Capital expenditures(a):
Access	$	38.4	$	25.8	$	63.6	$	52.1
Vocational		12.0		8.3		25.5		38.5
Transport		3.4		6.9		8.6		50.2
Corporate and Other		0.5		0.5		1.3		3.6
Consolidated	$	54.3	$	41.5	$	99.0	$	144.4

(a)Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.

Total assets by segment are not disclosed as the Company's CODM does not use total assets by segment to evaluate segment performance or allocate resources and capital.

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

	Three Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other		Total
Net sales:
United States	$	1,003.0	$	892.0	$	371.8	$	22.2	$	2,289.0
Other North America		56.2		44.7		—		1.1		102.0
Europe, Africa and Middle East		138.8		14.9		106.5		2.1		262.3
Rest of the World		58.0		18.1		0.8		1.9		78.8
Consolidated	$	1,256.0	$	969.7	$	479.1	$	27.3	$	2,732.1

	Three Months Ended June 30, 2024
	Access		Vocational		Transport (a)		Corporate and Other (a)		Total
Net sales:
United States	$	1,108.8	$	750.3	$	517.5	$	22.8	$	2,399.4
Other North America		60.9		61.5		—		0.2		122.6
Europe, Africa and Middle East		138.6		19.1		54.3		2.0		214.0
Rest of the World		98.6		12.2		0.1		—		110.9
Consolidated	$	1,406.9	$	843.1	$	571.9	$	25.0	$	2,846.9

(a)Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.

	Six Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other		Total
Net sales:
United States	$	1,706.0	$	1,689.1	$	676.7	$	45.1	$	4,116.9
Other North America		107.6		87.0		—		1.1		195.7
Europe, Africa and Middle East		283.4		31.0		244.6		5.0		564.0
Rest of the World		116.1		29.4		20.8		2.0		168.3
Consolidated	$	2,213.1	$	1,836.5	$	942.1	$	53.2	$	5,044.9

	Six Months Ended June 30, 2024
	Access		Vocational		Transport (a)		Corporate and Other (a)		Total
Net sales:
United States	$	2,098.4	$	1,458.2	$	951.5	$	46.4	$	4,554.5
Other North America		103.2		107.8		—		0.4		211.4
Europe, Africa and Middle East		244.6		29.2		129.2		3.0		406.0
Rest of the World		198.2		20.3		0.3		—		218.8
Consolidated	$	2,644.4	$	1,615.5	$	1,081.0	$	49.8	$	5,390.7

(a)Results have been reclassified to reflect the move of Pratt Miller from the Transport segment to Corporate and Other.