Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Sales And Revenue Recognition [Abstract]

Schedule of Impact Due to Contract Adjustments

Contract adjustments impacted the Company’s results as follows (in millions, except for per share amounts):

	Three Months Ended March 31,
	2022			2021
Net sales	$	(7.9	)	$	(3.1	)
Operating income		(10.6	)		(3.6	)
Net income		(8.1	)		(2.8	)
Diluted earnings per share	$	(0.12	)	$	(0.04	)

Disaggregation of Revenue

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

	Three Months Ended March 31, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Corporate and Intersegment Eliminations			Total
Point in time	$	869.9	$	2.1	$	282.6	$	154.3	$	(2.3	)	$	1,306.6
Over time		13.2		533.5		5.3		87.1		—			639.1
	$	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		Corporate and Intersegment Eliminations			Total
Point in time	$	721.1	$	10.3	$	307.6	$	126.5	$	(7.0	)	$	1,158.5
Over time		17.1		604.4		4.9		103.5		0.6			730.5
	$	738.2	$	614.7	$	312.5	$	230.0	$	(6.4	)	$	1,889.0

Schedule of Contract Liabilities and Revenue Recognized

Contract liabilities consisted of the following (in millions):

	March 31,		December 31,
	2022		2021
Customer advances	$	755.6	$	690.9
Other current liabilities		74.8		81.9
Long-term customer advances		455.2		207.0
Other long-term liabilities		58.6		54.9
Total contract liabilities	$	1,344.2	$	1,034.7

	Three Months Ended March 31,
	2022		2021
Beginning liabilities recognized in revenue	$	118.3	$	129.8

Schedule of Deferred Contract Costs

Deferred contract costs, the majority of which related to the NGDV contract, consisted of the following (in millions):

	March 31,		December 31,
	2022		2021
Costs for anticipated contracts	$	5.3	$	4.9
Engineering costs		93.6		60.0
Factory setup costs		6.3		4.1
Supplier-owned tooling		20.3		4.2
Deferred contract related costs	$	125.5	$	73.2

Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums

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

	Three Months Ended March 31,
	2022			2021
Balance at beginning of period	$	66.9		$	63.0
Deferred revenue for new service warranties		7.2			6.5
Amortization of deferred revenue		(4.8	)		(6.4	)
Foreign currency translation		(0.2	)		(0.2	)
Balance at end of period	$	69.1		$	62.9

Changes in the Company’s assurance-type warranty liability were as follows (in millions):

	Three Months Ended March 31,
	2022			2021
Balance at beginning of period	$	65.7		$	64.6
Warranty provisions		11.1			10.3
Settlements made		(13.6	)		(17.0	)
Changes in liability for pre-existing warranties, net		(1.6	)		5.9
Foreign currency translation		—			(0.1	)
Acquisition		—			0.3
Balance at end of period	$	61.6		$	64.0

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

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

	March 31,		December 31,
	2022		2021
Other current liabilities	$	22.9	$	22.3
Other long-term liabilities		46.2		44.6
	$	69.1	$	66.9