Business Segment Information

6 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segment Information

20. Business Segment Information

The Company is organized into four reportable segments based on the internal organization used by the Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained.

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” includes corporate office expenses, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment.

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

	Three Months Ended March 31,
	2021								2020
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Access Equipment
Aerial work platforms	$	358.2	$	—		$	358.2		$	273.7	$	—		$	273.7
Telehandlers		175.2		—			175.2			217.6		—			217.6
Other		203.2		1.6			204.8			201.7		—			201.7
Total Access Equipment		736.6		1.6			738.2			693.0		—			693.0
Defense (a)		614.3		0.4			614.7			626.1		4.9			631.0
Fire & Emergency (a)		308.7		3.8			312.5			241.9		0.4			242.3
Commercial
Refuse collection		104.4		—			104.4			115.2		—			115.2
Concrete placement		97.3		—			97.3			89.7		—			89.7
Other		27.1		1.2			28.3			30.1		1.7			31.8
Total Commercial		228.8		1.2			230.0			235.0		1.7			236.7
Corporate and intersegment eliminations (a)		0.6		(7.0	)		(6.4	)		0.7		(7.0	)		(6.3	)
Consolidated	$	1,889.0	$	—		$	1,889.0		$	1,796.7	$	—		$	1,796.7

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

	Six Months Ended March 31,
	2021								2020
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Access Equipment
Aerial work platforms	$	636.2	$	—		$	636.2		$	579.7	$	—		$	579.7
Telehandlers		298.1		—			298.1			419.0		—			419.0
Other		364.7		2.9			367.6			412.2		—			412.2
Total Access Equipment		1,299.0		2.9			1,301.9			1,410.9		—			1,410.9
Defense (a)		1,164.3		0.7			1,165.0			1,126.0		5.4			1,131.4
Fire & Emergency (a)		578.5		7.9			586.4			494.6		4.6			499.2
Commercial
Refuse collection		206.7		—			206.7			231.1		—			231.1
Concrete placement		165.0		—			165.0			165.4		—			165.4
Other		51.3		2.7			54.0			62.4		2.0			64.4
Total Commercial		423.0		2.7			425.7			458.9		2.0			460.9
Corporate and intersegment eliminations (a)		0.7		(14.2	)		(13.5	)		1.4		(12.0	)		(10.6	)
Consolidated	$	3,465.5	$	—		$	3,465.5		$	3,491.8	$	—		$	3,491.8

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

	Three Months Ended March 31,						Six Months Ended March 31,
	2021			2020			2021			2020
Operating income (loss):
Access Equipment (a)	$	80.5		$	70.8		$	105.4		$	139.8
Defense (b)		35.5			59.7			88.3			90.7
Fire & Emergency (b)		47.4			19.0			82.5			49.9
Commercial		18.8			8.1			30.7			25.9
Corporate		(41.4	)		(24.0	)		(70.2	)		(63.6	)
Consolidated		140.8			133.6			236.7			242.7
Interest expense, net of interest income		(11.2	)		(20.7	)		(22.6	)		(32.5	)
Miscellaneous other expense		3.1			(5.8	)		1.6			(6.2	)
Income before income taxes and losses of unconsolidated affiliates	$	132.7		$	107.1		$	215.7		$	204.0

^(a) Results for the three and six months ended March 31, 2021 include a $1.6 million benefit and a $3.2 million charge for restructuring, respectively. The Company incurred additional charges of $3.8 million and $7.0 million of other costs related to restructuring plans in the three and six months ended March 31, 2021, respectively.

^(b) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

	March 31, 2021		September 30, 2020
Identifiable assets:
Access Equipment:
U.S.	$	1,991.7	$	2,151.4
Europe, Africa and Middle East		445.8		383.4
Rest of the World		375.3		359.0
Total Access Equipment		2,812.8		2,893.8
Defense: (a)
U.S.		1,228.7		1,078.7
Rest of the World		4.8		7.2
Total Defense		1,233.5		1,085.9
Fire & Emergency - U.S. (a)		510.5		563.6
Commercial:
U.S.		369.7		370.7
Rest of the World		62.0		47.5
Total Commercial		431.7		418.2
Corporate - U.S. (b)		1,355.3		854.4
Consolidated	$	6,343.8	$	5,815.9

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

^(b) Primarily includes cash and short-term investments and the Company’s global headquarters.

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

	Three Months Ended March 31, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	555.4	$	551.2	$	296.8	$	228.0	$	(6.4	)	$	1,625.0
Europe, Africa and Middle East		82.8		63.0		13.3		0.5		—			159.6
Rest of the World		100.0		0.5		2.4		1.5		—			104.4
Consolidated	$	738.2	$	614.7	$	312.5	$	230.0	$	(6.4	)	$	1,889.0

	Three Months Ended March 31, 2020
	Access Equipment		Defense (a)		Fire & Emergency (a)		Commercial		Eliminations (a)			Total
Net sales:
North America	$	553.9	$	612.0	$	234.3	$	234.0	$	(6.3	)	$	1,627.9
Europe, Africa and Middle East		84.7		17.7		0.3		0.6		—			103.3
Rest of the World		54.4		1.3		7.7		2.1		—			65.5
Consolidated	$	693.0	$	631.0	$	242.3	$	236.7	$	(6.3	)	$	1,796.7

	Six Months Ended March 31, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	960.7	$	1,045.4	$	549.8	$	422.5	$	(13.5	)	$	2,964.9
Europe, Africa and Middle East		157.2		118.3		26.3		0.7		—			302.5
Rest of the World		184.0		1.3		10.3		2.5		—			198.1
Consolidated	$	1,301.9	$	1,165.0	$	586.4	$	425.7	$	(13.5	)	$	3,465.5

	Six Months Ended March 31, 2020
	Access Equipment		Defense (a)		Fire & Emergency (a)		Commercial		Eliminations (a)			Total
Net sales:
North America	$	1,101.0	$	1,104.8	$	472.7	$	452.8	$	(10.6	)	$	3,120.7
Europe, Africa and Middle East		158.9		23.8		0.7		0.9		—			184.3
Rest of the World		151.0		2.8		25.8		7.2		—			186.8
Consolidated	$	1,410.9	$	1,131.4	$	499.2	$	460.9	$	(10.6	)	$	3,491.8

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.