Business Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segment Information

18. 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,
	2022								2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access Equipment
Aerial work platforms	$	439.7	$	—		$	439.7		$	358.2	$	—		$	358.2
Telehandlers		229.7		—			229.7			175.2		—			175.2
Other		213.6		0.1			213.7			203.2		1.6			204.8
Total Access Equipment		883.0		0.1			883.1			736.6		1.6			738.2
Defense		535.2		0.4			535.6			614.3		0.4			614.7
Fire & Emergency		286.5		1.4			287.9			308.7		3.8			312.5
Commercial
Refuse collection		129.3		—			129.3			104.4		—			104.4
Concrete placement		85.1		—			85.1			97.3		—			97.3
Other		26.6		0.4			27.0			27.1		1.2			28.3
Total Commercial		241.0		0.4			241.4			228.8		1.2			230.0
Corporate and intersegment eliminations		—		(2.3	)		(2.3	)		0.6		(7.0	)		(6.4	)
Consolidated	$	1,945.7	$	—		$	1,945.7		$	1,889.0	$	—		$	1,889.0

	Three Months Ended March 31,
	2022			2021
Operating income (loss):
Access Equipment (a)	$	7.5		$	80.5
Defense		19.4			35.5
Fire & Emergency		22.4			47.4
Commercial		14.3			18.8
Corporate		(34.3	)		(41.4	)
Consolidated		29.3			140.8
Interest expense, net of interest income		(11.6	)		(11.2	)
Miscellaneous other income (expense)		1.1			3.1
Income before income taxes and earnings (losses) of unconsolidated affiliates	$	18.8		$	132.7

^(a) Results for the three months ended March 31, 2021 include a $1.6 million benefit for restructuring and a $3.8 million charge for other costs related to restructuring plans.

	March 31, 2022		December 31, 2021
Identifiable assets:
Access Equipment:
U.S.	$	2,453.9	$	2,311.8
Europe, Africa and Middle East		456.5		460.3
Rest of the World		408.4		383.0
Total Access Equipment		3,318.8		3,155.1
Defense:
U.S.		1,357.9		1,225.0
Rest of the World		6.6		7.2
Total Defense		1,364.5		1,232.2
Fire & Emergency - U.S.		521.6		511.2
Commercial:
U.S.		390.0		379.6
Rest of the World		51.0		45.1
Total Commercial		441.0		424.7
Corporate - U.S. (a)		1,328.6		1,398.6
Consolidated	$	6,974.5	$	6,721.8

^(a)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, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	732.9	$	524.3	$	275.4	$	239.3	$	(2.3	)	$	1,769.6
Europe, Africa and Middle East		81.0		11.0		—		0.9		—			92.9
Rest of the World		69.2		0.3		12.5		1.2		—			83.2
Consolidated	$	883.1	$	535.6	$	287.9	$	241.4	$	(2.3	)	$	1,945.7

	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