Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2025

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,
	2025			2024			2025			2024
Net sales	$	0.7		$	(1.8	)	$	(8.0	)	$	(12.6	)
Operating income		(2.3	)		(7.1	)		(21.0	)		(22.2	)
Net income		(1.8	)		(5.4	)		(16.0	)		(16.9	)
Diluted earnings per share	$	(0.03	)	$	(0.08	)	$	(0.25	)	$	(0.26	)

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,
	2025		2024
Engineering costs	$	507.6	$	506.1
Customer-owned tooling		280.6		277.3
Factory setup costs		52.0		52.5
Costs for anticipated contracts		0.8		6.7
Deferred contract costs	$	841.0	$	842.6

Schedule of Changes in Deferred Contract Costs

Changes in the Company’s deferred contract costs were as follows (in millions):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Balance at beginning of period	$	844.2		$	793.4		$	842.6		$	710.7
Additions to deferred contract costs		3.7			17.3			8.0			100.4
Amortization of deferred contract costs		(6.9	)		(1.2	)		(9.6	)		(1.6	)
Balance at end of period	$	841.0		$	809.5		$	841.0		$	809.5

Disaggregation of Revenue

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

	Three Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other		Total
Point in time	$	1,236.2	$	725.9	$	9.1	$	4.5	$	1,975.7
Over time		19.8		243.8		470.0		22.8		756.4
	$	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
Point in time	$	1,388.3	$	619.4	$	1.8	$	(1.8	)	$	2,007.7
Over time		18.6		223.7		570.1		26.8			839.2
	$	1,406.9	$	843.1	$	571.9	$	25.0		$	2,846.9

	Six Months Ended June 30, 2025
	Access		Vocational		Transport		Corporate and Other		Total
Point in time	$	2,178.2	$	1,358.5	$	23.4	$	10.1	$	3,570.2
Over time		34.9		478.0		918.7		43.1		1,474.7
	$	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
Point in time	$	2,609.9	$	1,180.0	$	4.1	$	(4.8	)	$	3,789.2
Over time		34.5		435.5		1,076.9		54.6			1,601.5
	$	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.

Schedule of Contract Liabilities and Revenue Recognized

Contract liabilities consisted of the following (in millions):

	June 30,		December 31,
	2025		2024
Customer advances	$	597.9	$	648.8
Other current liabilities		101.1		113.6
Non-current customer advances		1,163.5		1,154.4
Other non-current liabilities		78.0		72.7
Total contract liabilities	$	1,940.5	$	1,989.5

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Beginning liabilities recognized in revenue	$	162.7	$	155.8	$	360.9	$	359.3

Schedule of Changes in Service-type Warranties

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

	Six Months Ended June 30,
	2025			2024
Balance at beginning of period	$	96.0		$	85.4
Deferred revenue for new service warranties		25.1			20.8
Amortization of service warranty revenue		(19.5	)		(14.9	)
Foreign currency translation		1.3			(0.3	)
Balance at end of period	$	102.9		$	91.0

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

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

	June 30,		December 31,
	2025		2024
Other current liabilities	$	37.0	$	36.0
Other non-current liabilities		65.9		60.0
	$	102.9	$	96.0