XML 50 R43.htm IDEA: XBRL DOCUMENT v3.25.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
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,

 

 

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

 

 

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.
Schedule of Depreciation, Amortization and Capital Expenditure by Segment

 

 

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.
Schedule of Net Sales by Geographical Areas

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.