10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 1-31371

Oshkosh Corporation

(Exact name of registrant as specified in its charter)


Wisconsin		39-0520270
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

    1917 Four Wheel Drive
Oshkosh, Wisconsin

    54902

    (Address of principal executive offices)

    (Zip Code)

(920) 502-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.01 par value	OSK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of April 18, 2024, 65,401,118 shares of the registrant’s Common Stock were outstanding.

OSHKOSH CORPORATION

FORM 10-Q INDEX


		Page
	PART I - FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS (UNAUDITED)	3

	Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023	3

	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023	4

	Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023	5

	Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023	6

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	7

	Notes to Condensed Consolidated Financial Statements	8

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	34

ITEM 4.	CONTROLS AND PROCEDURES	34

	PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	36

ITEM 1A.	RISK FACTORS	36

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	36

ITEM 4.	MINE SAFETY DISCLOSURES	36

ITEM 5.	OTHER INFORMATION	36

ITEM 6.	EXHIBITS	37

SIGNATURES		38

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended March 31,
	2024			2023
Net sales	$	2,543.8		$	2,268.1
Cost of sales		2,073.8			1,934.3
Gross income		470.0			333.8

Operating expenses:
Selling, general and administrative		196.8			199.1
Amortization of purchased intangibles		13.5			3.9
Total operating expenses		210.3			203.0
Operating income		259.7			130.8

Other income (expense):
Interest expense		(22.4	)		(13.4	)
Interest income		1.6			6.2
Miscellaneous, net		(2.0	)		5.8
Income before income taxes and losses of unconsolidated affiliates		236.9			129.4
Provision for income taxes		54.7			34.2
Income before losses of unconsolidated affiliates		182.2			95.2
Losses of unconsolidated affiliates		(2.8	)		(6.7	)
Net income	$	179.4		$	88.5

Earnings per share:
Basic	$	2.73		$	1.35
Diluted		2.71			1.34

Cash dividends declared per share on Common Stock	$	0.46		$	0.41

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions; unaudited)


	Three Months Ended March 31,
	2024			2023
Net income	$	179.4		$	88.5
Other comprehensive income (loss), net of tax:
Employee pension and postretirement benefits		(0.4	)		(0.4	)
Currency translation adjustments		(17.5	)		11.4
Change in fair value of derivative instruments		0.3			(2.0	)
Total other comprehensive income (loss), net of tax		(17.6	)		9.0
Comprehensive income	$	161.8		$	97.5

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share and per share amounts; unaudited)


	March 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	69.9		$	125.4
Receivables, net		1,533.0			1,316.4
Unbilled receivables, net		792.1			771.6
Inventories		2,208.4			2,131.6
Income taxes receivable		36.4			42.2
Other current assets		91.7			93.6
Total current assets		4,731.5			4,480.8
Property, plant and equipment, net		1,102.9			1,069.5
Goodwill		1,409.4			1,416.4
Purchased intangible assets, net		812.8			830.2
Deferred income taxes		261.1			262.0
Deferred contract costs		793.4			710.7
Other non-current assets		359.9			359.6
Total assets	$	9,471.0		$	9,129.2

Liabilities and Shareholders’ Equity
Current liabilities:
Revolving credit facilities	$	641.0		$	175.0
Accounts payable		1,059.3			1,214.5
Customer advances		703.8			706.9
Payroll-related obligations		158.4			242.5
Income taxes payable		328.7			308.0
Other current liabilities		428.3			442.7
Total current liabilities		3,319.5			3,089.6
Long-term debt, less current maturities		598.9			597.5
Non-current customer advances		1,181.5			1,190.7
Deferred income taxes		25.0			26.8
Other non-current liabilities		520.1		519.3
Commitments and contingencies
Shareholders’ equity:
Preferred Stock ($0.01 par value; 2,000,000 shares authorized; none issued and outstanding)		—			—
Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued)		0.7			0.7
Additional paid-in capital		821.7			823.0
Retained earnings		3,955.1			3,805.8
Accumulated other comprehensive loss		(89.6	)		(72.0	)
Common Stock in treasury, at cost (9,625,476 and 9,627,658 shares, respectively)		(861.9	)		(852.2	)
Total shareholders’ equity		3,826.0			3,705.3
Total liabilities and shareholders’ equity	$	9,471.0		$	9,129.2

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in millions, except per share amounts; unaudited)


	Three Months Ended March 31, 2024
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at December 31, 2023	$	0.7	$	823.0		$	3,805.8		$	(72.0	)	$	(852.2	)	$	3,705.3
Net income		—		—			179.4			—			—			179.4
Employee pension and postretirement benefits, net of tax of $0.1		—		—			—			(0.4	)		—			(0.4	)
Currency translation adjustments		—		—			—			(17.5	)		—			(17.5	)
Derivative instruments, net of tax		—		—			—			0.3			—			0.3
Cash dividends ($0.46 per share)		—		—			(30.1	)		—			—			(30.1	)
Repurchases of Common Stock		—		—			—			—			(15.1	)		(15.1	)
Exercise of stock options		—		0.7			—			—			2.8			3.5
Stock-based compensation expense		—		8.7			—			—			—			8.7
Payment of stock-based restricted and performance shares		—		(10.4	)		—			—			10.4			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(8.2	)		(8.2	)
Other		—		(0.3	)		—			—			0.4			0.1
Balance at March 31, 2024	$	0.7	$	821.7		$	3,955.1		$	(89.6	)	$	(861.9	)	$	3,826.0


	Three Months Ended March 31, 2023
	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury at Cost			Total
Balance at December 31, 2022	$	0.7	$	806.0		$	3,315.0		$	(92.3	)	$	(843.7	)	$	3,185.7
Net income		—		—			88.5			—			—			88.5
Employee pension and postretirement benefits, net of tax of $0.1		—		—			—			(0.4	)		—			(0.4	)
Currency translation adjustments		—		—			—			11.4			—			11.4
Derivative instruments, net of tax		—		—			—			(2.0	)		—			(2.0	)
Cash dividends ($0.41 per share)		—		—			(26.8	)		—			—			(26.8	)
Repurchases of Common Stock		—		—			—			—			(15.2	)		(15.2	)
Exercise of stock options		—		0.5			—			—			2.0			2.5
Stock-based compensation expense		—		6.8			—			—			—			6.8
Payment of stock-based restricted and performance shares		—		(4.7	)		—			—			4.7			—
Shares tendered for taxes on stock-based compensation		—		—			—			—			(3.4	)		(3.4	)
Other		—		(0.6	)		—			—			0.7			0.1
Balance at March 31, 2023	$	0.7	$	808.0		$	3,376.7		$	(83.3	)	$	(854.9	)	$	3,247.2

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions; unaudited)


	Three Months Ended March 31,
	2024			2023
Operating activities:
Net income	$	179.4		$	88.5
Depreciation and amortization		46.6			30.5
Stock-based incentive compensation		8.7			6.8
Loss on sale of business, net of tax		—			11.0
Deferred income taxes		0.4			(26.3	)
Other non-cash adjustments		5.8			6.0
Changes in operating assets and liabilities		(596.7	)		(36.7	)
Net cash provided by (used in) operating activities		(355.8	)		79.8

Investing activities:
Additions to property, plant and equipment		(100.1	)		(111.5	)
Acquisition of business, net of cash acquired		(7.8	)		(187.9	)
Proceeds from sale of business, net of cash sold		—			23.1
Other investing activities		(3.3	)		(0.8	)
Net cash used in investing activities		(111.2	)		(277.1	)

Financing activities:
Proceeds from revolving credit facilities		1,133.0			—
Repayments of revolving credit facilities		(667.0	)		—
Repayments of debt		—			(25.0	)
Dividends paid		(30.1	)		(26.8	)
Repurchases of Common Stock		(15.1	)		(15.2	)
Other financing activities		(8.3	)		(4.1	)
Net cash provided by (used in) financing activities		412.5			(71.1	)
Effect of exchange rate changes on cash and cash equivalents		(1.0	)		1.2
Decrease in cash and cash equivalents		(55.5	)		(267.2	)
Cash and cash equivalents at beginning of period		125.4			805.9
Cash and cash equivalents at end of period	$	69.9		$	538.7

Supplemental disclosures:
Cash paid for interest	$	17.8		$	8.4
Cash paid for income taxes, net of refunds		25.4			1.5
Cash paid for operating lease liabilities		13.9			12.4
Operating right-of-use assets obtained		12.7			7.8
Finance right-of-use assets obtained		6.5			10.9
Property, plant and equipment additions - noncash		17.4			20.9

The accompanying notes are an integral part of these financial statements.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation for the year ended December 31, 2023. The interim results are not necessarily indicative of results for any other interim period or for 2024. Certain reclassifications have been made to the prior period financial statements to conform to the presentation as of and for the three months ended March 31, 2024.

2. New Accounting Standards

Standards not yet adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company will be required to adopt ASU 2023-07 for its Annual Report on Form 10-K for the year ended December 31, 2024. The Company does not expect the adoption of ASU 2023-07 will have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The standard requires that public business entities (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate. The standard also requires additional disclosures about income taxes paid, the allocation of income or loss from continuing operations disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state and foreign. The Company will be required to adopt ASU 2023-07 for its Annual Report on Form 10-K for the year ended December 31, 2025. The Company does not expect the adoption of ASU 2023-09 will have a material impact on the Company’s consolidated financial statements.

3. Acquisitions and Divestitures

Acquisition of AeroTech

On August 1, 2023, the Company acquired 100% of JBT AeroTech (AeroTech) from JBT Corporation for $803.6 million, net of cash acquired and subject to customary post-closing adjustments. AeroTech, a leading provider of aviation ground support products, gate equipment and airport services provided to commercial airlines, airports, air-freight carriers, ground handling customers and the military, is part of the Vocational segment. The purchase price included $808.0 million in cash, a receivable of $10.0 million for certain post-closing information technology integration costs, a $1.0 million receivable for state tax liabilities, a payable of $5.1 million for certain post-closing working capital adjustments and a payable of $1.5 million for required equity replacement awards. The acquisition was funded with cash on hand and borrowings under the Company’s existing revolving credit facility. See Note 13 for additional information regarding the Company’s debt. During the first quarter of 2024, the Company paid JBT Corporation $5.1 million for post-closing working capital adjustments.

The results of AeroTech have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition. AeroTech had sales of $176.1 million during the three months ended March 31, 2024.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):


Assets Acquired:
Cash and cash equivalents	$	9.3

Accounts receivable	$	75.0
Unbilled receivables		57.8
Inventories		153.7
Other current assets		7.6
Property, plant and equipment		44.6
Goodwill		260.3
Purchased intangible assets		330.4
Other non-current assets		7.6
Total assets, excluding cash and cash equivalents	$	937.0

Liabilities Assumed:
Accounts payable	$	63.2
Customer advances		24.8
Payroll-related obligations		13.8
Other current liabilities		20.7
Deferred income taxes		2.6
Non-current liabilities		8.3
Total liabilities	$	133.4
Net assets acquired	$	803.6

The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price recorded as goodwill, all of which was allocated to the Vocational segment. The majority of the goodwill is deductible for income tax purposes. The purchase price allocations are preliminary at March 31, 2024 and may be subsequently adjusted to reflect the finalization of liabilities related to income taxes.

Unaudited pro forma financial information

The following table presents the supplemental consolidated results of the Company on an unaudited pro forma basis as if the acquisition of AeroTech had been completed on January 1, 2022 (in millions). The primary adjustments reflected in the unaudited pro-forma information related to (1) increase in interest expense for debt used to fund the acquisition and lower interest income due to less cash on hand available to be invested and (2) changes related to purchase accounting primarily related to amortization of purchased intangible assets recorded in conjunction with the acquisition. Adjustments to net income have been reflected net of income tax effects. The unaudited pro forma information does not include any anticipated cost savings or other effects of future integration efforts and does not purport to be indicative of results that actually would have been achieved if the operations were combined during the periods presented and is not intended to be a projection. The unaudited pro forma financial information does not reflect any potential cost savings, operating efficiencies, debt pay down, financial synergies or other strategic benefits as a result of the acquisition or any restructuring costs to achieve those benefits.


	Three Months Ended March 31, 2023
Net sales	$	2,409.4
Net income		79.6

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Acquisition of Hinowa

On January 31, 2023, the Company acquired Hinowa S.p.A. (Hinowa), an Italian manufacturer of compact crawler booms and tracked equipment, for €171.8 million ($186.8 million), net of cash acquired. Hinowa is part of the Access segment. The results of Hinowa have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition. Pro-forma results of operations have not been presented as the effect of the acquisition is not material to any periods presented.

Divestitures

On March 1, 2023, the Company completed the sale of its rear-discharge concrete mixer business for $32.9 million. A pre-tax loss of $13.3 million was recognized on the sale during the first quarter of 2023, which is included in selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Income. The rear-discharge concrete mixer business, which was included in the Vocational segment, had sales of $25.9 million during the three months ended March 31, 2023.

On July 24, 2023, the Company completed the sale of its snow removal apparatus business for $17.1 million. A pre-tax gain of $8.0 million was recognized on the sale during the third quarter of 2023. The snow removal apparatus business, which was included in the Defense segment, had sales of $3.7 million during the three months ended March 31, 2023.

4. Revenue Recognition

The Company utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified.

There is significant judgment involved in estimating sales and costs, most notably within the Defense segment. Each contract is evaluated at contract inception to identify risks and estimate revenue and costs. In performing this evaluation, the Company considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. These considerations are then factored into the Company’s estimated revenue and costs. Preliminary contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications (e.g., new orders) are received, the additional units are factored into the overall contract estimate of costs and transaction price.

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


	Three Months Ended March 31,
	2024			2023
Net sales	$	(10.0	)	$	(6.5	)
Operating income		(13.1	)		(14.4	)
Net income		(10.0	)		(11.0	)
Diluted earnings per share	$	(0.15	)	$	(0.17	)

The Defense segment incurs pre-production engineering, factory setup and other contract fulfillment costs related to products produced for its customers under long-term contracts. An asset is recognized for costs incurred to fulfill an existing contract or highly-probable anticipated contract if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. Costs related to customer-owned tooling that will be used in production and for which the customer has provided a non-cancelable right to use the tooling to perform

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

during the contract term are also recognized as an asset. Under the Next Generation Delivery Vehicles (NGDV) contract with the United States Postal Service (USPS), the Company has determined that it does not transfer control of any goods or services to the USPS until the construction of the production vehicles. Deferred contract costs will be amortized over the anticipated production volume of the NGDV contract. The Company periodically assesses its contract fulfillment and customer-owned tooling for impairment. The Company did not recognize any impairment losses on contract fulfillment or customer-owned tooling costs in the three months ended March 31, 2024 or 2023.

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


	March 31,		December 31,
	2024		2023
Costs for anticipated contracts	$	6.6	$	6.2
Engineering costs		482.0		439.6
Factory setup costs		52.5		44.4
Customer-owned tooling		252.3		220.5
Deferred contract costs	$	793.4	$	710.7

Disaggregation of Revenue

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,221.6	$	2.3	$	560.6	$	(3.0	)	$	1,781.5
Over time		15.9		534.6		211.8		—			762.3
	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,180.5	$	3.5	$	447.2	$	(0.9	)	$	1,630.3
Over time		12.7		509.6		115.5		—			637.8
	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

See Note 20 for further disaggregated sales information.

Contract Assets and Contract Liabilities

In instances where the Company recognizes revenue prior to having an unconditional right to payment, the Company records a contract asset. The Company reduces contract assets when the Company has an unconditional right to payment. The Company periodically assesses its contract assets for impairment. The Company did not record any impairment losses on contract assets during the three months ended March 31, 2024 or 2023.

The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long-term contracts in the Defense segment which typically allow for billing upon acceptance of the finished goods, payments received from customers in advance of performance and extended warranties that are billed in advance of the warranty coverage period. Customer payment terms generally do not exceed one year. See Note 9 for additional information on the Company’s receivables balances.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

With the exception of Pierce Manufacturing Inc. (Pierce) in the Vocational segment, the Company’s contracts typically do not contain a significant financing component. Pierce customers earn interest on customer advances at a rate determined in a separate financing transaction between Pierce and the customer at contract inception. Interest charges for amounts due on customer advances are recorded in “Interest expense” in the Condensed Consolidated Statements of Income and were $8.8 million and $6.3 million for the three months ended March 31, 2024 and 2023, respectively.

The timing of billing does not always match the timing of revenue recognition. In instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue, the Company records a contract liability. The Company reduces contract liabilities when the Company transfers control of the promised goods and services. Contract assets and liabilities are determined on a net basis for each contract. Contract liabilities consisted of the following (in millions):


	March 31,		December 31,
	2024		2023
Customer advances	$	703.8	$	706.9
Other current liabilities		87.6		96.2
Non-current customer advances		1,181.5		1,190.7
Other non-current liabilities		69.1		68.5
Total contract liabilities	$	2,042.0	$	2,062.3

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


	Three Months Ended March 31,
	2024		2023
Beginning liabilities recognized in revenue	$	203.5	$	189.2

The Company offers a variety of service-type warranties, including optionally priced extended warranty programs. Outstanding balances related to service-type warranties are included within contract liabilities. Revenue related to service-type warranties is deferred until after the expiration of the standard warranty period. The revenue is then recognized over the term of the service-type warranty period in proportion to the costs that are expected to be incurred. Changes in the Company’s service-type warranties were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	85.4		$	76.1
Deferred revenue for new service warranties		9.4			9.0
Amortization of deferred revenue		(7.0	)		(6.5	)
Foreign currency translation		(0.3	)		0.1
Balance at end of period	$	87.5		$	78.7

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


	March 31,		December 31,
	2024		2023
Other current liabilities	$	32.4	$	30.9
Other non-current liabilities		55.1		54.5
	$	87.5	$	85.4

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Remaining Performance Obligations

As of March 31, 2024, the Company had unsatisfied performance obligations for contracts with an original duration greater than one year totaling $11.23 billion, of which $2.55 billion is expected to be satisfied and recognized in revenue in the remaining nine months of 2024, $3.22 billion is expected to be satisfied and recognized in revenue in 2025 and $5.46 billion is expected to be satisfied and recognized in revenue after 2025.

5. Stock-Based Compensation

In February 2017, the Company’s shareholders approved the 2017 Incentive Stock and Awards Plan (the “2017 Stock Plan”). At March 31, 2024, the Company had reserved 1,773,453 shares of Common Stock available for issuance to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards.

The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee’s eligible retirement date, if earlier and applicable. Total stock-based compensation expense, including cash-settled liability awards, was $9.3 million ($8.1 million net of tax) and $6.8 million ($5.8 million net of tax) for the three months ended March 31, 2024 and 2023, respectively.

6. Employee Benefit Plans

Components of net periodic pension benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	1.6		$	1.7
Interest cost		4.2			4.1
Expected return on plan assets		(5.2	)		(4.8	)
Amortization of prior service cost		0.4			0.5
Amortization of net actuarial gain		(0.6	)		(0.6	)
Expenses paid		0.2			0.2
Net periodic benefit cost	$	0.6		$	1.1

Components of net periodic other post-employment benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	0.4		$	0.4
Interest cost		0.6			0.5
Amortization of prior service benefit		(0.3	)		(0.4	)
Net periodic benefit cost	$	0.7		$	0.5

Components of net periodic benefit cost other than “Service cost” and “Expenses paid” are included in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

7. Income Taxes

The Company recorded income tax expense of $54.7 million, or 23.1% of pre-tax income, for the three months ended March 31, 2024, compared to $34.2 million, or 26.4% of pre-tax income, for the three months ended March 31, 2023. Results for the three months ended March 31, 2024 were impacted by $2.3 million of net discrete tax benefits, including a $1.2 million benefit on the purchase of discounted federal tax credits and a $1.0 million benefit related to amended state returns. Results for the three months ended March 31, 2023 were impacted by $3.4 million of discrete tax charges, including a $1.7 million charge related to a valuation allowance recorded with respect to a deferred tax asset on marketable securities.

The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $65.5 million and $64.3 million as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, net unrecognized tax benefits, excluding interest and penalties, of $52.0 million would affect the Company’s net income if recognized.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the three months ended March 31, 2024 and 2023, the Company recognized expense of $1.2 million and $0.9 million, respectively, related to interest and penalties on unrecognized tax benefits. At March 31, 2024, the Company had accruals for the payment of interest and penalties of $9.1 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by approximately $1.0 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statutes of limitations close.

Cash paid for income taxes, net of refunds disclosed on the Condensed Consolidated Statements of Cash Flows includes cash paid for the purchase of transferable tax credits during the three months ended March 31, 2024 and 2023 of $22.1 million and $0.8 million, respectively.

8. Earnings Per Share

The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows:


	Three Months Ended March 31,
	2024		2023
Basic weighted-average common shares outstanding		65,729,472		65,440,014
Dilutive stock options and other equity-based compensation awards		398,179		390,971
Diluted weighted-average common shares outstanding		66,127,651		65,830,985

There were no shares excluded from the computation of diluted earnings per share attributable to common shareholders for the three months ended March 31, 2024 and 2023 because they would have been anti-dilutive.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

9. Receivables

Receivables consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Trade receivables - U.S. government	$	101.4		$	67.7
Trade receivables - other		1,349.5			1,160.6
Finance receivables		7.3			7.6
Notes receivable		15.2			15.0
Other receivables		89.5			96.6
		1,562.9			1,347.5
Less allowance for doubtful accounts		(7.2	)		(7.4	)
	$	1,555.7		$	1,340.1

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Current receivables	$	1,533.0	$	1,316.4
Non-current receivables	22.7		23.7
	$	1,555.7	$	1,340.1

Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
	Trade and Other Receivables			Finance Receivables		Total			Trade and Other Receivables		Finance Receivables		Total
Allowance at beginning of period	$	7.3		$	0.1	$	7.4		$	6.6	$	0.1	$	6.7
Provision for doubtful accounts, net of recoveries		0.3			—		0.3			0.3		0.1		0.4
Charge-off of accounts		(0.5	)		—		(0.5	)		—		—		—
Allowance at end of period	$	7.1		$	0.1	$	7.2		$	6.9	$	0.2	$	7.1

10. Inventories

Inventories consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Raw materials	$	1,249.1	$	1,271.0
Partially finished products		473.4		438.9
Finished products		485.9		421.7
	$	2,208.4	$	2,131.6

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

11. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Land and land improvements	$	102.1		$	100.5
Buildings		484.2			478.3
Machinery and equipment		1,030.9			1,006.3
Software and related costs		223.8			222.0
Equipment on operating lease to others		8.2			7.1
Construction in progress		372.2			348.4
		2,221.4			2,162.6
Less accumulated depreciation		(1,118.5	)		(1,093.1	)
	$	1,102.9		$	1,069.5

Depreciation expense was $26.1 million and $23.3 million for the three months ended March 31, 2024 and 2023, respectively. Capitalized interest was insignificant for all reported periods.

Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value of equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease was $7.0 million and $6.0 million at March 31, 2024 and December 31, 2023, respectively.

12. Goodwill and Purchased Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter.

The following table presents changes in goodwill during the three months ended March 31, 2024 (in millions):


	Access			Defense		Vocational		Total
Net goodwill at December 31, 2023	$	979.9		$	44.4	$	392.1	$	1,416.4
Foreign currency translation		(7.0	)		—		—		(7.0	)
Net goodwill at March 31, 2024	$	972.9		$	44.4	$	392.1	$	1,409.4

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access	$	1,905.0	$	(932.1	)	$	972.9	$	1,912.0	$	(932.1	)	$	979.9
Defense		44.4		—			44.4		44.4		—			44.4
Vocational		561.5		(169.4	)		392.1		561.5		(169.4	)		392.1
	$	2,510.9	$	(1,101.5	)	$	1,409.4	$	2,517.9	$	(1,101.5	)	$	1,416.4

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Details of the Company’s total purchased intangible assets are as follows (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Customer relationships	$	818.8	$	(582.1	)	$	236.7	$	819.5	$	(574.6	)	$	244.9
Trade names		118.1		(10.6	)		107.5		118.6		(7.5	)		111.1
Technology-related		165.8		(110.6	)		55.2		166.5		(108.2	)		58.3
Distribution network		55.3		(38.7	)		16.6		55.3		(38.4	)		16.9
Other		37.5		(27.3	)		10.2		37.5		(25.2	)		12.3
		1,195.5		(769.3	)		426.2		1,197.4		(753.9	)		443.5
Non-amortizable trade names		386.6		—			386.6		386.7		—			386.7
	$	1,582.1	$	(769.3	)	$	812.8	$	1,584.1	$	(753.9	)	$	830.2

Amortization of purchased intangible assets was $15.6 million (including $2.1 million that was recognized in "Cost of sales" in the Condensed Consolidated Statements of Income) for the three months ended March 31, 2024. The estimated future amortization expense of purchased intangible assets for the remainder of 2024 and each of the five years succeeding December 31, 2024 is as follows: 2024 (remaining nine months) - $46.8 million; 2025 - $54.0 million; 2026 - $51.2 million; 2027 - $51.2 million; 2028 - $46.4 million; and 2029 - $42.9 million.

13. Debt

The Company was obligated under the following debt instruments (in millions):


	March 31, 2024
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.6	)	$	298.4
3.10% Senior notes due March 2030		300.0		(2.4	)		297.6
Other long-term debt		2.9		—			2.9
	$	602.9	$	(4.0	)	$	598.9

Revolving credit facilities						$	641.0


	December 31, 2023
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.7	)	$	298.3
3.10% Senior notes due March 2030		300.0		(2.5	)		297.5
Other long-term debt		1.7		—			1.7
	$	601.7	$	(4.2	)	$	597.5

Revolving credit facilities						$	175.0

On March 23, 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in March 2027 with an initial maximum aggregate amount of availability of $1.1 billion. At March 31, 2024, borrowings under the Revolving Credit Facility of $641.0 million and specified outstanding letters of credit of $14.7 million reduced available capacity under the Revolving Credit Facility to $444.3 million. On April 3, 2024, the Company amended the Credit Agreement to increase the maximum aggregate amount of availability under the Revolving Credit Facility to $1.55 billion.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080% to 0.225% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.438% to 1.500% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement.

Borrowings under the Credit Agreement bear interest for dollar-denominated loans at a variable rate equal to (i) Term SOFR (the forward-looking secured overnight financing rate) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) the base rate (which is the highest of (x) Bank of America, N.A.’s prime rate, (y) the federal funds rate plus 0.50% or (z) the sum of 1.00% plus one-month Term SOFR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At March 31, 2024, the interest spread on the Revolving Credit Facility was 112.5 basis points, resulting in an interest rate of 6.55%.

The Credit Agreement requires the Company to maintain a maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to the Company’s consolidated net income for the previous four quarters before interest, taxes, depreciation, amortization, non-cash charges and certain other items (EBITDA)) as of the last day of any quarter of 3.75 to 1.00, subject to the Company’s right to temporarily increase the maximum leverage ratio to 4.25 to 1.00 in connection with certain material acquisitions. The Company was in compliance with the financial covenant contained in the Credit Agreement as of March 31, 2024.

In conjunction with the Hinowa acquisition on January 31, 2023, the Company assumed €16.3 million ($17.7 million) of outstanding debt of the acquiree, of which €14.3 million ($15.5 million) was repaid by the Company in February 2023. As of March 31, 2024, €2.7 million ($2.9 million) was outstanding at Hinowa with a weighted average interest rate of 1.24%.

In March 2022, the Company entered into an uncommitted line of credit to provide short-term finance support to operations in China. The agreement expired on March 14, 2024 and was not renewed. The line of credit carried a maximum availability of 70.0 million Chinese renminbi and there was no amount outstanding as of December 31, 2023.

In September 2019, the Company entered into an uncommitted line of credit to provide short-term finance support to operations in China. The line of credit carries a maximum availability of 426.0 million Chinese renminbi. There were no amounts outstanding on the line of credit as of March 31, 2024 or December 31, 2023. The line of credit carries a variable interest rate that is set by the lender, which was 3.95% at March 31, 2024.

In May 2018, the Company issued $300.0 million of 4.60% unsecured senior notes due May 15, 2028 (the “2028 Senior Notes”). In February 2020, the Company issued $300.0 million of 3.10% unsecured senior notes due March 1, 2030 (the “2030 Senior Notes”). The 2028 Senior Notes and the 2030 Senior Notes were issued pursuant to an indenture (the “Indenture”) between the Company and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the 2028 Senior Notes and 2030 Senior Notes at any time for a premium.

The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect the market rate of the Company’s debt. At March 31, 2024, the fair value of the 2028 Senior Notes and the 2030 Senior Notes was estimated to be $294 million ($295 million at December 31, 2023) and $267 million ($269 million at December 31, 2023), respectively. The fair value of the revolving credit facilities approximated their carrying values at March 31, 2024 and December 31, 2023. See Note 19 for the definition of a Level 2 input.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

14. Warranties

The Company’s products generally carry explicit warranties that extend from six months to five years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer.

Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company’s consolidated financial condition, results of operations or cash flows.

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	64.2		$	58.8
Warranty provisions		14.7			14.9
Settlements made		(14.0	)		(12.4	)
Changes in liability for pre-existing warranties, net		(0.3	)		(0.7	)
Foreign currency translation		(0.1	)		—
Disposition of business		—			(0.5	)
Acquisition of business		—			0.2
Balance at end of period	$	64.5		$	60.3

15. Guarantee Arrangements

Customers of the Company, from time to time, may fund purchases from the Company through third-party finance companies. In certain instances, the Company may be requested to provide support for these arrangements through credit or residual value guarantees, by which the Company agrees to make payments to the finance companies in certain circumstances as further described below.

Credit Guarantees: The Company is party to multiple agreements whereby at March 31, 2024 the Company guaranteed an aggregate of $627.7 million in indebtedness of customers. At March 31, 2024, the Company estimated that its maximum loss exposure under these contracts was $95.5 million. Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception may be required. Given the Company’s position as original equipment manufacturer and its knowledge of end markets, the Company, when called upon to fulfill a guarantee, generally has been able to liquidate the financed equipment at a minimal loss, if any, to the Company. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties’ inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Residual Value Guarantees: The Company is party to multiple agreements whereby at March 31, 2024 the Company guaranteed to support an aggregate of $122.3 million of customer equipment value. At March 31, 2024, the Company estimated that its maximum loss exposure under these contracts was $13.6 million. Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements, the Company guarantees that a piece of equipment will have a minimum residual value at a future date. If the counterparty is not able to recover the agreed upon residual value through sale, or alternative disposition, the Company is responsible for a portion of the shortfall. The Company is generally able to mitigate a portion of the risk associated with these guarantees by staggering the maturity terms of the guarantees, diversification of the portfolio and leveraging knowledge gained through the Company’s own experience in the used equipment markets. There can be no assurance the Company’s historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in used equipment markets at the time of loss. During periods of economic weakness, residual values generally decline and can contribute to higher exposure to losses.

Changes in the Company’s stand ready obligations (non-contingent) to perform under guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	12.4		$	12.2
Provision for new credit guarantees		0.6			0.8
Changes for pre-existing guarantees, net		(0.4	)		—
Amortization of previous guarantees		(0.4	)		(0.8	)
Balance at end of period	$	12.2		$	12.2

The contingent portion of the guarantee liabilities that relates to current expected credit losses is recognized separately and is recorded within “Other current liabilities” and “Other non-current liabilities” in the Company’s Condensed Consolidated Balance Sheets.

Changes in the Company’s off-balance sheet credit loss exposure (contingent) related to its guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	5.8		$	6.3
Provision for new credit guarantees		0.2			0.5
Changes for pre-existing guarantees, net		(0.8	)		(0.7	)
Foreign currency translation		—			0.1
Balance at end of period	$	5.2		$	6.2

16. Contingencies

Personal Injury Actions and Other - Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for claims up to $5.0 million per claim and a reserve is maintained for the estimated costs of such claims. At March 31, 2024 and December 31, 2023, the estimated net liabilities for product and general liability claims totaled $44.4 million and $50.1 million, respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Market Risks - The Company was contingently liable under bid, performance and specialty bonds totaling $2.68 billion and $2.58 billion at March 31, 2024 and December 31, 2023, respectively. Outstanding letters of credit issued by the Company’s banks in favor of third parties totaled $17.0 million and $18.2 million at March 31, 2024 and December 31, 2023, respectively.

Other Matters - The Company is subject to environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings, that arise in the ordinary course of business. Although the final results of such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation.

Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers.

17. Shareholders’ Equity

In May 2019, the Company’s Board of Directors approved a Common Stock repurchase authorization for which there was remaining authority to repurchase 4,109,419 shares of Common Stock as of May 3, 2022. On May 3, 2022, the Board of Directors increased the Common Stock repurchase authorization by 7,890,581 shares to 12,000,000 shares as of that date. The Company repurchased 129,494 shares of Common Stock for $15.1 million during the three months ended March 31, 2024 and 173,169 shares of Common Stock for $15.2 million during the three months ended March 31, 2023 under this authorization. As of March 31, 2024, the Company had remaining authority to repurchase 11,155,388 shares of Common Stock.

Changes to the Company's common shares outstanding were as follows (in shares):


	Three Months Ended March 31,
	2024			2023
Outstanding at beginning of period		65,473,807			65,472,148
Repurchases of Common Stock		(129,494	)		(173,169	)
Exercise of stock options		42,541			31,766
Payment of stock-based restricted and performance shares		158,042			78,290
Shares tendered for taxes on stock-based compensation		(75,470	)		(37,973	)
Other		6,563			7,709
Outstanding at end of period		65,475,989			65,378,771

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

18. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):


	Three Months Ended March 31, 2024
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	33.0		$	(104.5	)	$	(0.5	)	$	(72.0	)
Other comprehensive income (loss) before reclassifications		—			(17.5	)		0.5			(17.0	)
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		—			(0.2	)		(0.6	)
Net current period other comprehensive income (loss)		(0.4	)		(17.5	)		0.3			(17.6	)
Balance at end of period	$	32.6		$	(122.0	)	$	(0.2	)	$	(89.6	)


	Three Months Ended March 31, 2023
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	31.1		$	(131.6	)	$	8.2		$	(92.3	)
Other comprehensive income (loss) before reclassifications		—			10.4			0.2			10.6
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		1.0			(2.2	)		(1.6	)
Net current period other comprehensive income (loss)		(0.4	)		11.4			(2.0	)		9.0
Balance at end of period	$	30.7		$	(120.2	)	$	6.2		$	(83.3	)

Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 6 for additional details regarding employee benefit plans) were as follows (in millions):


	Classification of Income (Expense)	Three Months Ended March 31,
		2024			2023
Amortization of employee pension and postretirement benefits items
Prior service cost	Miscellaneous, net	$	0.1		$	0.1
Actuarial gains	Miscellaneous, net		(0.6	)		(0.6	)
Total before tax			(0.5	)		(0.5	)
Tax expense			0.1			0.1
Net of tax		$	(0.4	)	$	(0.4	)

19. Fair Value Measurement

FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The three levels are defined as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The fair values of the Company’s financial assets and liabilities were as follows (in millions):


	Level 1		Level 2		Level 3		Total
March 31, 2024
Assets:
SERP plan assets (a)	$	14.2	$	—	$	—	$	14.2
Investment in equity securities (b)		2.2		—		—		2.2
Foreign currency exchange derivatives (c)		—		1.1		—		1.1
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	0.8	$	—	$	0.8


December 31, 2023
Assets:
SERP plan assets (a)	$	14.1	$	—	$	—	$	14.1
Investment in equity securities (b)		3.5		—		—		3.5
Foreign currency exchange derivatives (c)		—		0.5		—		0.5
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	3.4	$	—	$	3.4

(a)

Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (SERP). The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

(b)

Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

(c)

Based on observable market transactions of forward currency prices.

20. Business Segment Information

The Company is organized into three 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. The Company’s reportable segments are as follows:

Access: This segment consists of JLG and JerrDan. JLG designs and manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery equipment. Access customers include equipment rental companies, construction contractors, manufacturing companies, home improvement centers and towing companies.

Defense: This segment consists of Oshkosh Defense and Pratt Miller. Oshkosh Defense designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and other militaries around the world and delivery vehicles for the USPS. Pratt Miller provides engineering and product development services primarily to customers in the motorsports and multiple ground vehicle markets.

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, Oshkosh AeroTech, IMT and Oshkosh Commercial. Pierce, Airport Products and Maxi-Metal design and manufacture commercial and custom fire apparatus and emergency vehicles primarily for fire departments, airports and other governmental units. McNeilus designs and manufactures refuse collection vehicles and components. Oshkosh AeroTech designs and manufactures aviation ground support products and gate equipment and provides airport services to commercial airlines, airports, air-freight carriers, ground handling customers and the military. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs and manufactures front-discharge concrete mixer vehicles and components.

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, certain new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments and results of insignificant operations. 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 relating to the Company’s reportable segments and product lines is as follows (in millions):


	Three Months Ended March 31,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	591.0	$	—		$	591.0		$	602.0	$	—		$	602.0
Telehandlers		373.4		—			373.4			341.4		—			341.4
Other		273.1		—			273.1			249.8		—			249.8
Total Access		1,237.5		—			1,237.5			1,193.2		—			1,193.2

Defense		534.6		2.3			536.9			512.8		0.3			513.1

Vocational
Fire apparatus		327.2		—			327.2			288.4		—			288.4
Refuse collection		147.3		—			147.3			141.9		—			141.9
Other		297.2		0.7			297.9			131.7		0.7			132.4
Total Vocational		771.7		0.7			772.4			562.0		0.7			562.7

Eliminations		—		(3.0	)		(3.0	)		0.1		(1.0	)		(0.9	)
Consolidated	$	2,543.8	$	—		$	2,543.8		$	2,268.1	$	—		$	2,268.1


	Three Months Ended March 31,
	2024			2023
Operating income (loss):
Access	$	208.1		$	135.0
Defense		11.3			1.7
Vocational		80.1			28.1
Corporate and intersegment eliminations		(39.8	)		(34.0	)
Consolidated		259.7			130.8
Interest expense, net of interest income		(20.8	)		(7.2	)
Miscellaneous income (expense), net		(2.0	)		5.8
Income before income taxes and losses of unconsolidated affiliates	$	236.9		$	129.4

OSHKOSH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,031.9	$	460.8	$	754.2	$	(3.0	)	$	2,243.9
Europe, Africa and Middle East		106.0		75.9		10.1		—			192.0
Rest of the World		99.6		0.2		8.1		—			107.9
Consolidated	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	948.6	$	427.6	$	553.4	$	(0.9	)	$	1,928.7
Europe, Africa and Middle East		136.7		85.3		1.7		—			223.7
Rest of the World		107.9		0.2		7.6		—			115.7
Consolidated	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement About Forward-Looking Statements

This Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Quarterly Report on Form 10-Q contain statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, including those under the caption “Overview” are forward-looking statements. When used in this Quarterly Report on Form 10-Q, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, fire apparatus, refuse collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the impact of orders and costs on the U.S. Postal Service (USPS) contract; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; the Company’s ability to increase prices or impose surcharges to raise margins or to offset higher input costs, including increased raw material, labor, freight and overhead costs; the Company's ability to accurately predict future input costs associated with Defense contracts; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to successfully integrate the AeroTech acquisition and to realize the anticipated benefits associated with the same; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms and the potential for shutdowns; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; risks that a trade war and related tariffs could reduce the competitiveness of the Company’s products; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s Current Report on Form 8-K filed with the SEC on April 25, 2024 and Item 1A. of Part II of this Quarterly Report on Form 10-Q.

All forward-looking statements, including those under the caption “Overview,” speak only as of the date the Company files this Quarterly Report on Form 10-Q with the SEC. The Company assumes no obligation, and disclaims any obligation, to update information contained in this Quarterly Report on Form 10-Q. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

All references herein to earnings per share refer to earnings per share assuming dilution.

General

Major products manufactured and marketed by each of the Company’s business segments are as follows:

Access — aerial work platforms and telehandlers used in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights, as well as carriers and wreckers. Access customers include equipment rental companies, construction contractors, manufacturing companies, home improvement centers and towing companies.

Defense — tactical vehicles, trailers, weapons system integration and parts sold to the U.S. military and to other militaries around the world and delivery vehicles for the USPS.

Vocational — custom and commercial firefighting vehicles and equipment, aircraft rescue and firefighting (ARFF) vehicles, simulators, mobile command and control vehicles and other emergency vehicles primarily sold to fire departments, airports and other governmental units; refuse collection vehicles sold to commercial and municipal waste haulers; aviation ground support products, gate equipment and airport services provided to commercial airlines, airports, air-freight carriers, ground handling customers and the military; front-discharge concrete mixers sold to ready-mix companies; and field service vehicles and truck-mounted cranes sold to mining, construction and other companies.

Overview

The Company reported earnings per share of $2.71 in the first quarter of 2024, which more than doubled earnings per share of $1.34 in the first quarter of 2023. The strong results in the first quarter of 2024 were primarily the result of improved price/cost dynamics as well as favorable product and customer mix. As expected, orders in the Access segment began to normalize in the first quarter of 2024, leading to lower orders in the quarter compared to the first quarter of 2023. As the Access segment is largely booked for 2024, the Company continues to expect that the majority of 2025 orders will be booked in the second half of 2024, particularly in the fourth quarter.

The Company continues to make investments in technologies that it expects will drive demand for the next decade. In April, the Company began production of its Next Generation Delivery Vehicle (NGDV) for the USPS. The Company expects to increase NGDV production throughout 2024 and 2025 and be at full rate production by the start of 2026. This production is expected to offset the loss of the domestic Joint Light Tactical Vehicle (JLTV) program.

Consolidated net sales in the first quarter of 2024 increased $275.7 million, or 12.2%, to $2.54 billion compared to the first quarter of 2023 primarily due to the impact of sales from the acquisition of AeroTech, improved organic volume and improved pricing, offset in part by the impact of the sale of the rear-discharge concrete mixer business.

Consolidated operating income increased 98.5% to $259.7 million, or 10.2% of sales, in the first quarter of 2024 compared to $130.8 million, or 5.8% of sales, in the first quarter of 2023. The increase in operating income was primarily due to improved price/cost dynamics, favorable mix, higher organic sales volume and the absence of a loss on the sale of a business.

As a result of the positive start of 2024, solid execution and healthy demand, the Company increased its 2024 earnings per share estimate from in the range of $9.45 to in the range of $10.55 on estimated operating income of $1.0 billion and estimated consolidated sales of $10.7 billion. The revised earnings per share estimate includes a $0.70 per share charge related to amortization of purchased intangibles. Excluding amortization of purchased intangibles, the Company increased its 2024 adjusted earnings per share estimate to be in the range of $11.25.

The Company expects Access segment sales and operating margin in 2024 to be in the range of $5.4 billion and 15.25% compared to the Company’s previous expectation of $5.2 billion and 14.8%, respectively, largely as a result of expected improved production throughput and improved sales mix. Compared to the first quarter of 2024, the Company expects customer mix to moderate and new product development spending to increase for the remaining quarters of 2024.

The Company continues to expect Defense segment sales and operating margin in 2024 to be in the range of $2.1 billion and 2.25%, respectively.

The Company expects Vocational segment sales and operating margin in 2024 to be in the range of $3.2 billion and 10% compared to the Company's previous expectation of $3.1 billion and 9.4%, respectively, largely as a result of expected increased chassis availability and improved price/cost dynamics.

The Company expects corporate expenses for 2024 to be $190 million compared to its previous expectation of $180 million as a result of higher expected incentive and stock-based compensation expense.

The Company expects earnings per share in the second quarter of 2024 will be in the range of $2.82, reflecting continued strong demand and similar supply chain dynamics to those the Company experienced during the first quarter of 2024. Estimated earnings per share for the second quarter of 2024 includes an $0.18 per share charge related to amortization of purchased intangibles. The Company expects an increase in net sales of approximately 15% compared to the second quarter of 2023, largely due to the acquisition of AeroTech.

RESULTS OF OPERATIONS

CONSOLIDATED RESULTS

The following table presents consolidated results (in millions):


	First Quarter
	2024			2023			Change			% Change
Net sales	$	2,543.8		$	2,268.1		$	275.7			12.2	%
Cost of sales		2,073.8			1,934.3			139.5			7.2	%
Gross income		470.0			333.8			136.2			40.8	%
% of sales		18.5	%		14.7	%	380 bps
Selling, general and administrative		196.8			199.1			(2.3	)		-1.2	%
Amortization of purchased intangibles		13.5			3.9			9.6			246.2	%
Operating income	$	259.7		$	130.8		$	128.9			98.5	%
% of sales		10.2	%		5.8	%	440 bps

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


	First Quarter
	2024		2023		Change			% Change
North America	$	2,243.9	$	1,928.7	$	315.2			16.3	%
Europe, Africa and Middle East		192.0		223.7		(31.7	)		-14.2	%
Rest of the World		107.9		115.7		(7.8	)		-6.7	%
Consolidated	$	2,543.8	$	2,268.1	$	275.7			12.2	%

First Quarter 2024 Compared to 2023

Consolidated net sales increased primarily due to the inclusion of sales related to the AeroTech acquisition ($176 million), higher sales volume ($77 million), and higher pricing in response to higher input costs ($40 million), offset in part by the impact of the sale of the rear-discharge concrete mixer business ($14 million).

The improvement in consolidated gross margin was primarily due lower material & logistics costs (140 basis points), improved pricing (120 basis points) and improved sales mix (80 basis points).

Consolidated selling, general and administrative expenses were relatively flat with the prior year as the addition of selling, general and administrative expenses for AeroTech ($20 million) were offset by the absence of a loss on the sale of the rear-discharge concrete mixer business ($13 million) and a reduction of selling, general and administrative expenses related to the divested business ($5 million).

Amortization of purchased intangible assets increased primarily due to the acquisition of AeroTech ($9 million).

The increase in consolidated operating income was primarily due to improved material & logistics costs ($35 million), improved pricing ($40 million), favorable sales mix ($29 million), the impact of higher gross margin associated with higher organic sales volume ($18 million) and the absence of a loss on the sale of a business ($13 million).

The following table presents consolidated non-operating changes (in millions):


	First Quarter
	2024			2023			Change			% Change
Interest expense, net of interest income	$	(20.8	)	$	(7.2	)	$	(13.6	)		188.9	%
Miscellaneous, net		(2.0	)		5.8			(7.8	)		-134.5	%

Provision for income taxes		54.7			34.2			20.5			59.9	%
Effective tax rate		23.1	%		26.4	%

Losses of unconsolidated affiliates	$	(2.8	)	$	(6.7	)	$	3.9			-58.2	%

First Quarter 2024 Compared to 2023

Interest expense, net of interest income increased due to increased borrowings on the Company's Revolving Credit Facility and lower cash holdings as a result of the acquisition of AeroTech in the third quarter of 2023.

Miscellaneous, net included a gain on a settlement with the Company's pension advisor of $5 million in the first quarter of 2023.

The effective tax rate in the first quarter of 2024 included discrete tax benefits of $2 million. The effective tax rate in the first quarter of 2023 included discrete tax charges of $3 million, including a $2 million charge related to a valuation allowance recorded with respect to a deferred tax asset on marketable securities.

Losses of unconsolidated affiliates included a write-down of an investment in an equity interest in an entity in Mexico of $6 million in the first quarter of 2023.

SEGMENT RESULTS

Access

The following table presents the Access segment results (in millions):


	First Quarter
	2024			2023			Change			% Change
Net sales	$	1,237.5		$	1,193.2		$	44.3			3.7	%
Cost of sales		958.9			988.4			(29.5	)		-3.0	%
Gross income		278.6			204.8			73.8			36.0	%
% of sales		22.5	%		17.2	%	530 bps
Selling, general and administrative		68.2			68.8			(0.6	)		-0.9	%
Amortization of purchased intangibles		2.3			1.0			1.3			130.0	%
Operating income	$	208.1		$	135.0		$	73.1			54.1	%
% of sales		16.8	%		11.3	%	550 bps

First Quarter 2024 Compared to 2023

Access segment net sales increased primarily as a result of improved sales volume in North America offset in part by lower sales volume in Europe.

The improved gross margin in the Access segment was primarily due to lower material & logistics costs (320 basis points), improved customer mix (130 basis points) and improved pricing (40 basis points).

The increase in operating income in the Access segment was primarily due to improved material & logistics costs ($38 million), improved customer mix ($16 million), the impact of higher gross margin associated with higher sales volume ($10 million) and improved pricing ($7 million).

Defense

The following table presents the Defense segment results (in millions):


	First Quarter
	2024			2023			Change			% Change
Net sales	$	536.9		$	513.1		$	23.8			4.6	%
Cost of sales		490.4			474.8			15.6			3.3	%
Gross income		46.5			38.3			8.2			21.4	%
% of sales		8.7	%		7.5	%	. 120 bps
Selling, general and administrative		33.9			35.0			(1.1	)		-3.1	%
Amortization of purchased intangibles		1.3			1.6			(0.3	)		-18.8	%
Operating income	$	11.3		$	1.7		$	9.6			564.7	%
% of sales		2.1	%		0.3	%	. 180 bps

First Quarter 2024 Compared to 2023

Defense segment net sales increased primarily due to higher aftermarket parts and Family of Medium Tactical Vehicle sales volume, offset in part by lower JLTV program volume. JLTV production under the Company's domestic JLTV contract is expected to conclude early in 2025 as the domestic follow-on contract was awarded to another company. The domestic JLTV contract accounted for $229 million of sales in the first quarter of 2024.

The increase in gross margin in the Defense segment was due to improved product mix (90 basis points) as a result of the higher mix of aftermarket parts sales.

The increase in operating income in the Defense segment was primarily a result of improved product mix ($5 million) and the impact of higher gross margin associated with higher sales volume ($4 million).

Vocational

The following table presents the Vocational segment results (in millions):


	First Quarter
	2024			2023			Change			% Change
Net sales	$	772.4		$	562.7		$	209.7			37.3	%
Cost of sales		621.9			469.5			152.4			32.5	%
Gross income		150.5			93.2			57.3			61.5	%
% of sales		19.5	%		16.6	%	. 290 bps
Selling, general and administrative		60.5			63.8			(3.3	)		-5.2	%
Amortization of purchased intangibles		9.9			1.3			8.6			661.5	%
Operating income	$	80.1		$	28.1		$	52.0			185.1	%
% of sales		10.4	%		5.0	%	. 540 bps

First Quarter 2024 Compared to 2023

Vocational segment net sales increased due to the inclusion of AeroTech sales ($176 million) and higher pricing in response to higher input costs ($34 million).

The increase in gross margin in the Vocational segment was primarily attributable to improved pricing (330 basis points).

The increase in operating income in the Vocational segment was largely a result of improved pricing ($34 million), the absence of a loss on the sale of the rear-discharge concrete mixer business ($13 million) and improved product mix ($9 million).

Corporate and Intersegment Eliminations

The following table presents the corporate costs and intersegment eliminations (in millions):


	First Quarter
	2024			2023			Change			% Change
Net sales	$	(3.0	)	$	(0.9	)	$	(2.1	)		233.3	%
Cost of sales		2.6			1.6			1.0			62.5	%
Gross income		(5.6	)		(2.5	)		(3.1	)		124.0	%
Operating expenses		34.2			31.5			2.7			8.6	%
Operating income	$	(39.8	)	$	(34.0	)	$	(5.8	)		17.1	%

First Quarter 2024 Compared to 2023

Corporate operating expenses increased primarily due to higher new product development investments ($3 million) and higher share-based compensation expenses ($3 million).

Liquidity and Capital Resources

The Company generates significant capital resources from operating activities, which is the expected primary source of funding for the Company. In addition to cash generated from operations, the Company had other sources of liquidity available at March 31, 2024, including $69.9 million of cash and cash equivalents and $444.3 million of unused available capacity under the Revolving Credit Facility (as defined in “Liquidity”). Borrowings under the Revolving Credit Facility could, as discussed below, be limited by a financial covenant contained in the Credit Agreement (as defined in “Liquidity”). The Company was in compliance with the financial covenant at March 31, 2024 and expects to remain in compliance with the financial covenant contained in the Credit Agreement for the foreseeable future.

The Company continues to actively monitor its liquidity position and working capital needs and prioritizes capital expenditures related to capacity and strategic investments. The Company remains in a stable overall capital resources and liquidity position that the Company believes is adequate to meet its projected needs. To provide additional flexibility for working capital needs, organic and inorganic investments as well as share repurchases, the Company amended the Credit Agreement in April 2024 to increase the maximum aggregate amount of availability under the Revolving Credit Facility by $0.45 billion.

Financial Condition at March 31, 2024

The Company’s cash and cash equivalents and capitalization were as follows (in millions):


	March 31, 2024			December 31, 2023
Cash and cash equivalents	$	69.9		$	125.4
Total debt		1,239.9			772.5
Total shareholders’ equity		3,826.0			3,705.3
Total capitalization (debt plus equity)		5,065.9			4,477.8
Debt to total capitalization		24.5	%		17.3	%

The Company’s ratio of debt to total capitalization of 24.5% at March 31, 2024 remained within its targeted range. The increase in the debt to total capitalization ratio compared to December 31, 2023 was primarily due to borrowings under the Revolving Credit Facility primarily related to working capital and capital expenditures. The increase in working capital was primarily the result of a seasonal build in working capital in the Access segment, the payment of 2023 incentive compensation, a reduction in customer advances as the rate of customer advances has been lower on new orders and the normalization of accounts payable due to more timely invoice processing.

The Company’s goal is to maintain an investment-grade credit rating. The rating agencies periodically update the Company’s credit ratings as events or changes in economic conditions occur. At March 31, 2024, the long-term credit ratings assigned to the Company’s senior debt securities by the credit rating agencies engaged by the Company were as follows:


Rating Agency		Rating
Fitch Ratings		BBB
Moody’s Investor Services, Inc.		Baa3
Standards & Poor’s		BBB

Consolidated days sales outstanding (defined as “Trade Receivables” at quarter end divided by “Net Sales” for the most recent quarter multiplied by 90 days) increased from 44 days at December 31, 2023 to 50 days at March 31, 2024. Days sales outstanding for segments other than the Defense segment increased from 49 days at December 31, 2023 to 56 days at March 31, 2024 due to timing of sales and receipt of cash from customers primarily within the Access segment. Consolidated inventory turns (defined as “Cost of Sales” on an annualized basis, divided by the average “Inventory” at the past five quarter end periods) decreased from 4.2 times at December 31, 2023 to 4.1 times at March 31, 2024. Consolidated days payable outstanding (defined as “Accounts Payable” at quarter end divided by material costs of sales for the most recent quarter multiplied by 90 days) was 62 days at March 31, 2024, down from 72 days at December 31, 2023 due to more timely invoice processing.

Cash Flows

Operating Cash Flows

Operating activities used $355.8 million of cash in the first three months of 2024 compared to providing $79.8 million during the first three months of 2023. Higher net income during the first three months of 2024 was offset by a larger increase in working capital. The increase in working capital was primarily the result of a seasonal build in working capital, primarily in the Access segment ($134 million), the payment of 2023 incentive compensation ($111 million), a reduction in customer advances as the rate of customer advances has been lower on new orders ($96 million) and the normalization of accounts payable due to more timely invoice processing ($88 million). The Company continues to expect to generate approximately $725 million of cash flows from operations in 2024.

Investing Cash Flows

Investing activities used cash of $111.2 million in the first three months of 2024 compared to $277.1 million during the first three months of 2023. The Company used $187.9 million to fund the acquisition of Hinowa S.p.A. during the first three months of 2023. Through March 31, 2024, the Company used $100.1 million for capital expenditures. The Company continues to anticipate that it will invest $300 million on capital expenditures in 2024 as the Company completes its three facilities in Tennessee and South Carolina.

Financing Cash Flows

Financing activities provided cash of $412.5 million in the first three months of 2024 compared to the use of $71.1 million during the first three months of 2023. During the first three months of 2024, the Company used borrowings under the Revolving Credit Facility to fund working capital and capital expenditures. In the first three months of 2024, the Company repurchased 129,494 shares of its Common Stock at an aggregate cost of $15.1 million. As of March 31, 2024, the Company had approximately 11.2 million shares of Common Stock remaining under its repurchase authorization. In the first three months of 2023, the Company repurchased 173,169 shares of its Common Stock at an aggregate cost of $15.2 million.

Liquidity

Senior Credit Agreement

On March 23, 2022, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in March 2027 with an initial maximum aggregate amount of availability of $1.1 billion. At March 31, 2024, borrowings under the Revolving Credit Facility of $641.0 million and outstanding letters of credit of $14.7 million reduced available capacity under the

Revolving Credit Facility to $444.3 million. On April 3, 2024, the Company amended the Credit Agreement to increase the maximum aggregate amount of availability under the Revolving Credit Facility by $0.45 billion. Following the amendment, the maximum aggregate amount of availability under the Revolving Credit Facility is $1.55 billion.

Covenant Compliance

The Credit Agreement contains various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole. The Company was in compliance with the financial covenant contained in the Credit Agreement as of March 31, 2024 and expects to be able to meet the financial covenant contained in the Credit Agreement over the next twelve months.

Senior Notes

Refer to Note 13 of the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s debt as of March 31, 2024.

Application of Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires the Company to make judgments, assumptions and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. The accounting policies that the Company believes are most critical to the portrayal of its financial condition and results of operations are reported in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Critical Accounting Estimates

The Company’s disclosures of critical accounting estimates in its Annual Report on Form 10-K for the year ended December 31, 2023 have not materially changed since that report was filed.

New Accounting Standards

See Note 2 of the Notes to Condensed Consolidated Financial Statements for a discussion of the impact of new accounting standards.

Customers and Backlog

Sales to the U.S. government comprised approximately 20% of the Company’s net sales in the first three months of 2024. No other single customer accounted for more than 10% of the Company’s net sales for this period. A substantial majority of the Company’s net sales are derived from the fulfillment of customer orders that are received prior to commencing production.

The Company’s backlog at March 31, 2024 increased 10.2% to $16.35 billion compared to $14.84 billion at March 31, 2023. Access segment backlog decreased 3.3% to $4.23 billion at March 31, 2024 compared to $4.38 billion at March 31, 2023 which the Company believes is due to the normalizing of orders in connection with improved product availability. Defense segment backlog decreased 5.7% to $6.45 billion at March 31, 2024 compared to $6.83 billion at March 31, 2023 primarily as a result of the wind-down of production under the Company's domestic JLTV contract. Vocational segment backlog increased 56.1% to $5.67 billion at March 31, 2024 compared to $3.63 billion at March 31, 2023 due to strong demand for fire apparatus and rising prices as well as the inclusion of AeroTech backlog of $0.83 billion.

Backlog represents the dollar amount of revenues that the Company anticipates from customer contracts that have been awarded and/or are in progress. Reported backlog includes the original contract amount and any contract modifications that have been agreed upon. Reported backlog excludes purchase options, announced orders for which definitive contracts have not been executed and any potential future contract modifications. Backlog is comprised of fixed and variable priced contracts that may be canceled, modified or otherwise changed in the future. As a result, backlog may not be indicative of future operating results. Backlog information and comparisons thereof as of different dates may not be accurate indicators of future sales or the ratio of the Company’s future sales to the DoD versus its sales to other customers. Approximately 57% of the Company’s March 31, 2024 backlog is not expected to be filled in 2024.

Non-GAAP Financial Measures

The Company is forecasting earnings per share excluding items that affect comparability. When the Company forecasts earnings per share, excluding items, this is considered a non-GAAP financial measure. The Company believes excluding the impact of these items is useful to investors to allow a more accurate comparison of the Company’s operating performance to prior year results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s results or forecasts prepared in accordance with GAAP. The table below presents a reconciliation of the Company’s presented non-GAAP measure to the most directly comparable GAAP measure:


	2024 Expectations
Earnings per share-diluted (GAAP)	$	10.55
Amortization of purchased intangibles		0.70
Adjusted earnings per share-diluted (non-GAAP)	$	11.25

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company’s quantitative and qualitative disclosures about market risk for changes in interest rates, commodity prices and foreign currency, which are incorporated by reference to Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, have not materially changed since that report was filed.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. In accordance with Rule 13a-15(b) of the Exchange Act, the Company’s management evaluated, with the participation of the Company’s President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of March 31, 2024. Based upon their evaluation of these disclosure controls and procedures, the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2024 to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission rules and forms, and to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting. On August 1, 2023, the Company completed the acquisition of AeroTech. The Company continues to evaluate AeroTech’s systems and controls and to integrate them into the Company's existing control structure. Except as it relates to the integration of the AeroTech business, there were no changes in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

The Company’s financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company’s control, which may cause actual performance to differ materially from historical or projected future performance. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2023, which have not materially changed.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Common Stock Repurchases

The following table sets forth information with respect to purchases of Common Stock made by the Company or on the Company’s behalf during the three months ended March 31, 2024:


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (1)
January 1 - January 31		—	$	—		—		11,284,882
February 1 - February 29		—		—		—		11,284,882
March 1 - March 31		129,494		115.83		129,494		11,155,388
Total		129,494				129,494		11,155,388

(1)

In May 2019, the Company’s Board of Directors approved a Common Stock repurchase authorization for which there was remaining authority to repurchase 4,109,419 shares of Common Stock as of May 3, 2022. On May 3, 2022, the Board of Directors increased the Common Stock repurchase authorization by 7,890,581 shares to 12,000,000 shares as of that date. The Company repurchased 129,494 shares of Common Stock under these authorizations during the three months ended March 31, 2024 at a cost of $15.1 million. As of March 31, 2024, the Company had remaining authority to repurchase 11,155,388 shares of Common Stock. The Company can use the current authorization at any time as there is no expiration date associated with the authorization. From time to time, the Company may enter into a Rule 10b5-1 trading plan for the purpose of repurchasing shares under this authorization.

The Company intends to declare and pay dividends on a regular basis. However, the payment of future dividends is at the discretion of the Company’s Board of Directors and will depend upon, among other things, future earnings and cash flows, capital requirements, the Company’s general financial condition, general business conditions and other factors.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(c) During the three months ended March 31, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS


Exhibit No.	Description
4.1	Second Amendment to Third Amended and Restated Credit Agreement and Revolving Credit Facility Increase Agreement, dated as of April 3, 2024, among Oshkosh Corporation, the various lenders party thereto, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 3, 2024 (File No. 1-31371)).

31.1	Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 25, 2024.

31.2	Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 25, 2024.

32.1	Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated April 25, 2024.

32.2	Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated April 25, 2024.

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* Denotes a management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		OSHKOSH CORPORATION


April 25, 2024	By	/s/ John C. Pfeifer
		John C. Pfeifer, President and Chief Executive Officer (Principal Executive Officer)


April 25, 2024	By	/s/ Michael E. Pack
		Michael E. Pack, Executive Vice President and Chief Financial Officer (Principal Financial Officer)


April 25, 2024	By	/s/ James C. Freeders
		James C. Freeders, Senior Vice President Finance and Controller (Principal Accounting Officer)

EX-31.1 2 osk-ex31_1.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, John C. Pfeifer, certify that:

I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


April 25, 2024		/s/ John C. Pfeifer
		John C. Pfeifer, President and Chief Executive Officer

EX-31.2 3 osk-ex31_2.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Michael E. Pack, certify that:

I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


April 25, 2024		/s/ Michael E. Pack
		Michael E. Pack, Executive Vice President and Chief Financial Officer

EX-32.1 4 osk-ex32_1.htm EX-32.1 EX-32.1

Exhibit 32.1

Written Statement of the President and Chief Executive Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. §1350, I, the undersigned President and Chief Executive Officer of Oshkosh Corporation (the “Company”), hereby certify, to the best of my knowledge, that the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ John C. Pfeifer
John C. Pfeifer
April 25, 2024

EX-32.2 5 osk-ex32_2.htm EX-32.2 EX-32.2

Exhibit 32.2

Written Statement of the Executive Vice President and Chief Financial Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. §1350, I, the undersigned Executive Vice President and Chief Financial Officer of Oshkosh Corporation (the “Company”), hereby certify, to the best of my knowledge, that the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Michael E. Pack
Michael E. Pack
April 25, 2024

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 18, 2024
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	Oshkosh Corporation
Amendment Flag	false
Entity Central Index Key	0000775158
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q1
Trading Symbol	OSK
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		65,401,118
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-31371
Entity Tax Identification Number	39-0520270
Entity Address, Address Line One	1917 Four Wheel Drive
Entity Address, City or Town	Oshkosh
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54902
City Area Code	920
Local Phone Number	502-3400
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock $0.01 par value
Entity Incorporation, State or Country Code	WI
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 2,543.8	$ 2,268.1
Cost of sales	2,073.8	1,934.3
Gross income	470.0	333.8
Operating expenses:
Selling, general and administrative	196.8	199.1
Amortization of purchased intangibles	13.5	3.9
Total operating expenses	210.3	203.0
Operating income	259.7	130.8
Other income (expense):
Interest expense	(22.4)	(13.4)
Interest income	1.6	6.2
Miscellaneous, net	(2.0)	5.8
Income before income taxes and losses of unconsolidated affiliates	236.9	129.4
Provision for income taxes	54.7	34.2
Income before losses of unconsolidated affiliates	182.2	95.2
Losses of unconsolidated affiliates	(2.8)	(6.7)
Net income	$ 179.4	$ 88.5
Earnings per share:
Basic	$ 2.73	$ 1.35
Diluted	2.71	1.34
Cash dividends declared per share on Common Stock	$ 0.46	$ 0.41

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 179.4	$ 88.5
Other comprehensive income (loss), net of tax:
Employee pension and postretirement benefits	(0.4)	(0.4)
Currency translation adjustments	(17.5)	11.4
Change in fair value of derivative instruments	0.3	(2.0)
Total other comprehensive income (loss), net of tax	(17.6)	9.0
Comprehensive income	$ 161.8	$ 97.5

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 69.9	$ 125.4
Receivables, net	1,533.0	1,316.4
Unbilled receivables, net	792.1	771.6
Inventories	2,208.4	2,131.6
Income taxes receivable	36.4	42.2
Other current assets	91.7	93.6
Total current assets	4,731.5	4,480.8
Property, plant and equipment, net	1,102.9	1,069.5
Goodwill	1,409.4	1,416.4
Purchased intangible assets, net	812.8	830.2
Deferred income taxes	261.1	262.0
Deferred contract costs	793.4	710.7
Other non-current assets	359.9	359.6
Total assets	9,471.0	9,129.2
Current liabilities:
Revolving credit facilities	641.0	175.0
Accounts payable	1,059.3	1,214.5
Customer advances	703.8	706.9
Payroll-related obligations	158.4	242.5
Income taxes payable	328.7	308.0
Other current liabilities	428.3	442.7
Total current liabilities	3,319.5	3,089.6
Long-term debt, less current maturities	598.9	597.5
Non-current customer advances	1,181.5	1,190.7
Deferred income taxes	25.0	26.8
Other non-current liabilities	520.1	519.3
Commitments and contingencies
Shareholders’ equity:
Preferred Stock ($0.01 par value; 2,000,000 shares authorized; none issued and outstanding)
Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued)	0.7	0.7
Additional paid-in capital	821.7	823.0
Retained earnings	3,955.1	3,805.8
Accumulated other comprehensive loss	(89.6)	(72.0)
Common Stock in treasury, at cost (9,625,476 and 9,627,658 shares, respectively)	(861.9)	(852.2)
Total shareholders’ equity	3,826.0	3,705.3
Total liabilities and shareholders’ equity	$ 9,471.0	$ 9,129.2

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	300,000,000	300,000,000
Common Stock, shares issued	75,101,465	75,101,465
Common Stock in treasury, shares	9,625,476	9,627,658

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock in Treasury at Cost
Balance at Dec. 31, 2022	$ 3,185.7	$ 0.7	$ 806.0	$ 3,315.0	$ (92.3)	$ (843.7)
Net income	88.5	0.0	0.0	88.5	0.0	0.0
Employee pension and postretirement benefits, net of tax of $0.1	(0.4)	0.0	0.0	0.0	(0.4)	0.0
Currency translation adjustments	11.4	0.0	0.0	0.0	11.4	0.0
Derivative instruments, net of tax	(2.0)	0.0	0.0	0.0	(2.0)	0.0
Cash dividends ($0.46 per share in 2024 and $0.41 per share in 2023)	(26.8)	0.0	0.0	(26.8)	0.0	0.0
Repurchases of Common Stock	(15.2)	0.0	0.0	0.0	0.0	(15.2)
Exercise of stock options	2.5	0.0	0.5	0.0	0.0	2.0
Stock-based compensation expense	6.8	0.0	6.8	0.0	0.0	0.0
Payment of stock-based restricted and performance shares	0.0	0.0	(4.7)	0.0	0.0	4.7
Shares tendered for taxes on stock-based compensation	(3.4)	0.0	0.0	0.0	0.0	(3.4)
Other	0.1	0.0	(0.6)	0.0	0.0	0.7
Balance at Mar. 31, 2023	3,247.2	0.7	808.0	3,376.7	(83.3)	(854.9)
Balance at Dec. 31, 2023	3,705.3	0.7	823.0	3,805.8	(72.0)	(852.2)
Net income	179.4	0.0	0.0	179.4	0.0	0.0
Employee pension and postretirement benefits, net of tax of $0.1	(0.4)	0.0	0.0	0.0	(0.4)	0.0
Currency translation adjustments	(17.5)	0.0	0.0	0.0	(17.5)	0.0
Derivative instruments, net of tax	0.3	0.0	0.0	0.0	0.3	0.0
Cash dividends ($0.46 per share in 2024 and $0.41 per share in 2023)	(30.1)	0.0	0.0	(30.1)	0.0	0.0
Repurchases of Common Stock	(15.1)	0.0	0.0	0.0	0.0	(15.1)
Exercise of stock options	3.5	0.0	0.7	0.0	0.0	2.8
Stock-based compensation expense	8.7	0.0	8.7	0.0	0.0	0.0
Payment of stock-based restricted and performance shares	0.0	0.0	(10.4)	0.0	0.0	10.4
Shares tendered for taxes on stock-based compensation	(8.2)	0.0	0.0	0.0	0.0	(8.2)
Other	0.1	0.0	(0.3)	0.0	0.0	0.4
Balance at Mar. 31, 2024	$ 3,826.0	$ 0.7	$ 821.7	$ 3,955.1	$ (89.6)	$ (861.9)

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Employee pension and postretirement benefits, tax	$ 0.1	$ 0.1
Cash dividends declared per share on common stock (in dollars per share)	$ 0.46	$ 0.41

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 179.4	$ 88.5
Depreciation and amortization	46.6	30.5
Stock-based incentive compensation	8.7	6.8
Loss on sale of business, net of tax	0.0	11.0
Deferred income taxes	0.4	(26.3)
Other non-cash adjustments	5.8	6.0
Changes in operating assets and liabilities	(596.7)	(36.7)
Net cash provided by (used in) operating activities	(355.8)	79.8
Investing activities:
Additions to property, plant and equipment	(100.1)	(111.5)
Acquisition of business, net of cash acquired	(7.8)	(187.9)
Proceeds from sale of business, net of cash sold	0.0	23.1
Other investing activities	(3.3)	(0.8)
Net cash used in investing activities	(111.2)	(277.1)
Financing activities:
Proceeds from revolving credit facilities	1,133.0	0.0
Repayments of revolving credit facilities	(667.0)	0.0
Repayments of debt	0.0	(25.0)
Dividends paid	(30.1)	(26.8)
Repurchases of Common Stock	(15.1)	(15.2)
Other financing activities	(8.3)	(4.1)
Net cash provided by (used in) financing activities	412.5	(71.1)
Effect of exchange rate changes on cash and cash equivalents	(1.0)	1.2
Decrease in cash and cash equivalents	(55.5)	(267.2)
Cash and cash equivalents at beginning of period	125.4	805.9
Cash and cash equivalents at end of period	69.9	538.7
Supplemental disclosures:
Cash paid for interest	17.8	8.4
Cash paid for income taxes, net of refunds	25.4	1.5
Cash paid for operating lease liabilities	13.9	12.4
Operating right-of-use assets obtained	12.7	7.8
Finance right-of-use assets obtained	6.5	10.9
Property, plant and equipment additions - noncash	$ 17.4	$ 20.9

XML 16 R9.htm IDEA: XBRL DOCUMENT

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML 17 R10.htm IDEA: XBRL DOCUMENT

Basis of Presentation

3 Months Ended

Mar. 31, 2024

Basis of Presentation

1. Basis of Presentation

XML 18 R11.htm IDEA: XBRL DOCUMENT

New Accounting Standards

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

New Accounting Standards

2. New Accounting Standards

Standards not yet adopted

XML 19 R12.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Acquisitions and Divestitures

3. Acquisitions and Divestitures

Acquisition of AeroTech

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):


Assets Acquired:
Cash and cash equivalents	$	9.3

Accounts receivable	$	75.0
Unbilled receivables		57.8
Inventories		153.7
Other current assets		7.6
Property, plant and equipment		44.6
Goodwill		260.3
Purchased intangible assets		330.4
Other non-current assets		7.6
Total assets, excluding cash and cash equivalents	$	937.0

Liabilities Assumed:
Accounts payable	$	63.2
Customer advances		24.8
Payroll-related obligations		13.8
Other current liabilities		20.7
Deferred income taxes		2.6
Non-current liabilities		8.3
Total liabilities	$	133.4
Net assets acquired	$	803.6

Unaudited pro forma financial information


	Three Months Ended March 31, 2023
Net sales	$	2,409.4
Net income		79.6

Acquisition of Hinowa

Divestitures

XML 20 R13.htm IDEA: XBRL DOCUMENT

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Sales And Revenue Recognition [Abstract]

Revenue Recognition

4. Revenue Recognition

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


	Three Months Ended March 31,
	2024			2023
Net sales	$	(10.0	)	$	(6.5	)
Operating income		(13.1	)		(14.4	)
Net income		(10.0	)		(11.0	)
Diluted earnings per share	$	(0.15	)	$	(0.17	)

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


	March 31,		December 31,
	2024		2023
Costs for anticipated contracts	$	6.6	$	6.2
Engineering costs		482.0		439.6
Factory setup costs		52.5		44.4
Customer-owned tooling		252.3		220.5
Deferred contract costs	$	793.4	$	710.7

Disaggregation of Revenue

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,221.6	$	2.3	$	560.6	$	(3.0	)	$	1,781.5
Over time		15.9		534.6		211.8		—			762.3
	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,180.5	$	3.5	$	447.2	$	(0.9	)	$	1,630.3
Over time		12.7		509.6		115.5		—			637.8
	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

See Note 20 for further disaggregated sales information.

Contract Assets and Contract Liabilities


	March 31,		December 31,
	2024		2023
Customer advances	$	703.8	$	706.9
Other current liabilities		87.6		96.2
Non-current customer advances		1,181.5		1,190.7
Other non-current liabilities		69.1		68.5
Total contract liabilities	$	2,042.0	$	2,062.3

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


	Three Months Ended March 31,
	2024		2023
Beginning liabilities recognized in revenue	$	203.5	$	189.2


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	85.4		$	76.1
Deferred revenue for new service warranties		9.4			9.0
Amortization of deferred revenue		(7.0	)		(6.5	)
Foreign currency translation		(0.3	)		0.1
Balance at end of period	$	87.5		$	78.7

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


	March 31,		December 31,
	2024		2023
Other current liabilities	$	32.4	$	30.9
Other non-current liabilities		55.1		54.5
	$	87.5	$	85.4

Remaining Performance Obligations

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Share-Based Payment Arrangement [Abstract]

XML 21 R14.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation

5. Stock-Based Compensation

XML 22 R15.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

6. Employee Benefit Plans

Components of net periodic pension benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	1.6		$	1.7
Interest cost		4.2			4.1
Expected return on plan assets		(5.2	)		(4.8	)
Amortization of prior service cost		0.4			0.5
Amortization of net actuarial gain		(0.6	)		(0.6	)
Expenses paid		0.2			0.2
Net periodic benefit cost	$	0.6		$	1.1

Components of net periodic other post-employment benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	0.4		$	0.4
Interest cost		0.6			0.5
Amortization of prior service benefit		(0.3	)		(0.4	)
Net periodic benefit cost	$	0.7		$	0.5

Components of net periodic benefit cost other than “Service cost” and “Expenses paid” are included in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

XML 23 R16.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Property, Plant and Equipment [Abstract]

XML 24 R17.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows:


	Three Months Ended March 31,
	2024		2023
Basic weighted-average common shares outstanding		65,729,472		65,440,014
Dilutive stock options and other equity-based compensation awards		398,179		390,971
Diluted weighted-average common shares outstanding		66,127,651		65,830,985

XML 25 R18.htm IDEA: XBRL DOCUMENT

Receivables

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Receivables

9. Receivables

Receivables consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Trade receivables - U.S. government	$	101.4		$	67.7
Trade receivables - other		1,349.5			1,160.6
Finance receivables		7.3			7.6
Notes receivable		15.2			15.0
Other receivables		89.5			96.6
		1,562.9			1,347.5
Less allowance for doubtful accounts		(7.2	)		(7.4	)
	$	1,555.7		$	1,340.1

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Current receivables	$	1,533.0	$	1,316.4
Non-current receivables	22.7		23.7
	$	1,555.7	$	1,340.1

Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
	Trade and Other Receivables			Finance Receivables		Total			Trade and Other Receivables		Finance Receivables		Total
Allowance at beginning of period	$	7.3		$	0.1	$	7.4		$	6.6	$	0.1	$	6.7
Provision for doubtful accounts, net of recoveries		0.3			—		0.3			0.3		0.1		0.4
Charge-off of accounts		(0.5	)		—		(0.5	)		—		—		—
Allowance at end of period	$	7.1		$	0.1	$	7.2		$	6.9	$	0.2	$	7.1

XML 26 R19.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

10. Inventories

Inventories consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Raw materials	$	1,249.1	$	1,271.0
Partially finished products		473.4		438.9
Finished products		485.9		421.7
	$	2,208.4	$	2,131.6

XML 27 R20.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment

11. Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Land and land improvements	$	102.1		$	100.5
Buildings		484.2			478.3
Machinery and equipment		1,030.9			1,006.3
Software and related costs		223.8			222.0
Equipment on operating lease to others		8.2			7.1
Construction in progress		372.2			348.4
		2,221.4			2,162.6
Less accumulated depreciation		(1,118.5	)		(1,093.1	)
	$	1,102.9		$	1,069.5

Depreciation expense was $26.1 million and $23.3 million for the three months ended March 31, 2024 and 2023, respectively. Capitalized interest was insignificant for all reported periods.

XML 28 R21.htm IDEA: XBRL DOCUMENT

Goodwill and Purchased Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets

12. Goodwill and Purchased Intangible Assets

The following table presents changes in goodwill during the three months ended March 31, 2024 (in millions):


	Access			Defense		Vocational		Total
Net goodwill at December 31, 2023	$	979.9		$	44.4	$	392.1	$	1,416.4
Foreign currency translation		(7.0	)		—		—		(7.0	)
Net goodwill at March 31, 2024	$	972.9		$	44.4	$	392.1	$	1,409.4

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access	$	1,905.0	$	(932.1	)	$	972.9	$	1,912.0	$	(932.1	)	$	979.9
Defense		44.4		—			44.4		44.4		—			44.4
Vocational		561.5		(169.4	)		392.1		561.5		(169.4	)		392.1
	$	2,510.9	$	(1,101.5	)	$	1,409.4	$	2,517.9	$	(1,101.5	)	$	1,416.4

Details of the Company’s total purchased intangible assets are as follows (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Customer relationships	$	818.8	$	(582.1	)	$	236.7	$	819.5	$	(574.6	)	$	244.9
Trade names		118.1		(10.6	)		107.5		118.6		(7.5	)		111.1
Technology-related		165.8		(110.6	)		55.2		166.5		(108.2	)		58.3
Distribution network		55.3		(38.7	)		16.6		55.3		(38.4	)		16.9
Other		37.5		(27.3	)		10.2		37.5		(25.2	)		12.3
		1,195.5		(769.3	)		426.2		1,197.4		(753.9	)		443.5
Non-amortizable trade names		386.6		—			386.6		386.7		—			386.7
	$	1,582.1	$	(769.3	)	$	812.8	$	1,584.1	$	(753.9	)	$	830.2

XML 29 R22.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

13. Debt

The Company was obligated under the following debt instruments (in millions):


	March 31, 2024
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.6	)	$	298.4
3.10% Senior notes due March 2030		300.0		(2.4	)		297.6
Other long-term debt		2.9		—			2.9
	$	602.9	$	(4.0	)	$	598.9

Revolving credit facilities						$	641.0


	December 31, 2023
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.7	)	$	298.3
3.10% Senior notes due March 2030		300.0		(2.5	)		297.5
Other long-term debt		1.7		—			1.7
	$	601.7	$	(4.2	)	$	597.5

Revolving credit facilities						$	175.0

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Product Warranties Disclosures [Abstract]

XML 30 R23.htm IDEA: XBRL DOCUMENT

Warranties

3 Months Ended

Mar. 31, 2024

Warranties

14. Warranties

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	64.2		$	58.8
Warranty provisions		14.7			14.9
Settlements made		(14.0	)		(12.4	)
Changes in liability for pre-existing warranties, net		(0.3	)		(0.7	)
Foreign currency translation		(0.1	)		—
Disposition of business		—			(0.5	)
Acquisition of business		—			0.2
Balance at end of period	$	64.5		$	60.3

XML 31 R24.htm IDEA: XBRL DOCUMENT

Guarantee Arrangements

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Guarantee Arrangements

15. Guarantee Arrangements

Changes in the Company’s stand ready obligations (non-contingent) to perform under guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	12.4		$	12.2
Provision for new credit guarantees		0.6			0.8
Changes for pre-existing guarantees, net		(0.4	)		—
Amortization of previous guarantees		(0.4	)		(0.8	)
Balance at end of period	$	12.2		$	12.2

Changes in the Company’s off-balance sheet credit loss exposure (contingent) related to its guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	5.8		$	6.3
Provision for new credit guarantees		0.2			0.5
Changes for pre-existing guarantees, net		(0.8	)		(0.7	)
Foreign currency translation		—			0.1
Balance at end of period	$	5.2		$	6.2

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

Commitments and Contingencies Disclosure [Abstract]

XML 32 R25.htm IDEA: XBRL DOCUMENT

Contingencies

3 Months Ended

Mar. 31, 2024

Contingencies

16. Contingencies

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Stockholders' Equity Note [Abstract]

XML 33 R26.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Shareholders' Equity

17. Shareholders’ Equity

Changes to the Company's common shares outstanding were as follows (in shares):


	Three Months Ended March 31,
	2024			2023
Outstanding at beginning of period		65,473,807			65,472,148
Repurchases of Common Stock		(129,494	)		(173,169	)
Exercise of stock options		42,541			31,766
Payment of stock-based restricted and performance shares		158,042			78,290
Shares tendered for taxes on stock-based compensation		(75,470	)		(37,973	)
Other		6,563			7,709
Outstanding at end of period		65,475,989			65,378,771

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

XML 34 R27.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss)

18. Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):


	Three Months Ended March 31, 2024
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	33.0		$	(104.5	)	$	(0.5	)	$	(72.0	)
Other comprehensive income (loss) before reclassifications		—			(17.5	)		0.5			(17.0	)
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		—			(0.2	)		(0.6	)
Net current period other comprehensive income (loss)		(0.4	)		(17.5	)		0.3			(17.6	)
Balance at end of period	$	32.6		$	(122.0	)	$	(0.2	)	$	(89.6	)


	Three Months Ended March 31, 2023
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	31.1		$	(131.6	)	$	8.2		$	(92.3	)
Other comprehensive income (loss) before reclassifications		—			10.4			0.2			10.6
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		1.0			(2.2	)		(1.6	)
Net current period other comprehensive income (loss)		(0.4	)		11.4			(2.0	)		9.0
Balance at end of period	$	30.7		$	(120.2	)	$	6.2		$	(83.3	)


	Classification of Income (Expense)	Three Months Ended March 31,
		2024			2023
Amortization of employee pension and postretirement benefits items
Prior service cost	Miscellaneous, net	$	0.1		$	0.1
Actuarial gains	Miscellaneous, net		(0.6	)		(0.6	)
Total before tax			(0.5	)		(0.5	)
Tax expense			0.1			0.1
Net of tax		$	(0.4	)	$	(0.4	)

XML 35 R28.htm IDEA: XBRL DOCUMENT

Fair Value Measurement

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

19. Fair Value Measurement

The three levels are defined as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The fair values of the Company’s financial assets and liabilities were as follows (in millions):


	Level 1		Level 2		Level 3		Total
March 31, 2024
Assets:
SERP plan assets (a)	$	14.2	$	—	$	—	$	14.2
Investment in equity securities (b)		2.2		—		—		2.2
Foreign currency exchange derivatives (c)		—		1.1		—		1.1
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	0.8	$	—	$	0.8


December 31, 2023
Assets:
SERP plan assets (a)	$	14.1	$	—	$	—	$	14.1
Investment in equity securities (b)		3.5		—		—		3.5
Foreign currency exchange derivatives (c)		—		0.5		—		0.5
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	3.4	$	—	$	3.4

(a)

(b)

(c)

Based on observable market transactions of forward currency prices.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Business Segment Information

XML 36 R29.htm IDEA: XBRL DOCUMENT

Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

20. Business Segment Information

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


	Three Months Ended March 31,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	591.0	$	—		$	591.0		$	602.0	$	—		$	602.0
Telehandlers		373.4		—			373.4			341.4		—			341.4
Other		273.1		—			273.1			249.8		—			249.8
Total Access		1,237.5		—			1,237.5			1,193.2		—			1,193.2

Defense		534.6		2.3			536.9			512.8		0.3			513.1

Vocational
Fire apparatus		327.2		—			327.2			288.4		—			288.4
Refuse collection		147.3		—			147.3			141.9		—			141.9
Other		297.2		0.7			297.9			131.7		0.7			132.4
Total Vocational		771.7		0.7			772.4			562.0		0.7			562.7

Eliminations		—		(3.0	)		(3.0	)		0.1		(1.0	)		(0.9	)
Consolidated	$	2,543.8	$	—		$	2,543.8		$	2,268.1	$	—		$	2,268.1


	Three Months Ended March 31,
	2024			2023
Operating income (loss):
Access	$	208.1		$	135.0
Defense		11.3			1.7
Vocational		80.1			28.1
Corporate and intersegment eliminations		(39.8	)		(34.0	)
Consolidated		259.7			130.8
Interest expense, net of interest income		(20.8	)		(7.2	)
Miscellaneous income (expense), net		(2.0	)		5.8
Income before income taxes and losses of unconsolidated affiliates	$	236.9		$	129.4

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,031.9	$	460.8	$	754.2	$	(3.0	)	$	2,243.9
Europe, Africa and Middle East		106.0		75.9		10.1		—			192.0
Rest of the World		99.6		0.2		8.1		—			107.9
Consolidated	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	948.6	$	427.6	$	553.4	$	(0.9	)	$	1,928.7
Europe, Africa and Middle East		136.7		85.3		1.7		—			223.7
Rest of the World		107.9		0.2		7.6		—			115.7
Consolidated	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

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Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed

XML 37 R30.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures (Tables) - JBT Aerotech

3 Months Ended

Mar. 31, 2024

Business Acquisition [Line Items]

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):


Assets Acquired:
Cash and cash equivalents	$	9.3

Accounts receivable	$	75.0
Unbilled receivables		57.8
Inventories		153.7
Other current assets		7.6
Property, plant and equipment		44.6
Goodwill		260.3
Purchased intangible assets		330.4
Other non-current assets		7.6
Total assets, excluding cash and cash equivalents	$	937.0

Liabilities Assumed:
Accounts payable	$	63.2
Customer advances		24.8
Payroll-related obligations		13.8
Other current liabilities		20.7
Deferred income taxes		2.6
Non-current liabilities		8.3
Total liabilities	$	133.4
Net assets acquired	$	803.6

Summary of Unaudited Pro forma Financial Information


	Three Months Ended March 31, 2023
Net sales	$	2,409.4
Net income		79.6

XML 38 R31.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024			2023
Net sales	$	(10.0	)	$	(6.5	)
Operating income		(13.1	)		(14.4	)
Net income		(10.0	)		(11.0	)
Diluted earnings per share	$	(0.15	)	$	(0.17	)

Schedule of Deferred Contract Costs

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


	March 31,		December 31,
	2024		2023
Costs for anticipated contracts	$	6.6	$	6.2
Engineering costs		482.0		439.6
Factory setup costs		52.5		44.4
Customer-owned tooling		252.3		220.5
Deferred contract costs	$	793.4	$	710.7

Disaggregation of Revenue

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,221.6	$	2.3	$	560.6	$	(3.0	)	$	1,781.5
Over time		15.9		534.6		211.8		—			762.3
	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Point in time	$	1,180.5	$	3.5	$	447.2	$	(0.9	)	$	1,630.3
Over time		12.7		509.6		115.5		—			637.8
	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

Schedule of Contract Liabilities and Revenue Recognized

Contract liabilities consisted of the following (in millions):


	March 31,		December 31,
	2024		2023
Customer advances	$	703.8	$	706.9
Other current liabilities		87.6		96.2
Non-current customer advances		1,181.5		1,190.7
Other non-current liabilities		69.1		68.5
Total contract liabilities	$	2,042.0	$	2,062.3

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


	Three Months Ended March 31,
	2024		2023
Beginning liabilities recognized in revenue	$	203.5	$	189.2

Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	85.4		$	76.1
Deferred revenue for new service warranties		9.4			9.0
Amortization of deferred revenue		(7.0	)		(6.5	)
Foreign currency translation		(0.3	)		0.1
Balance at end of period	$	87.5		$	78.7

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	64.2		$	58.8
Warranty provisions		14.7			14.9
Settlements made		(14.0	)		(12.4	)
Changes in liability for pre-existing warranties, net		(0.3	)		(0.7	)
Foreign currency translation		(0.1	)		—
Disposition of business		—			(0.5	)
Acquisition of business		—			0.2
Balance at end of period	$	64.5		$	60.3

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,
	2024		2023
Other current liabilities	$	32.4	$	30.9
Other non-current liabilities		55.1		54.5
	$	87.5	$	85.4

XML 39 R32.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Periodic Benefit Cost

Components of net periodic pension benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	1.6		$	1.7
Interest cost		4.2			4.1
Expected return on plan assets		(5.2	)		(4.8	)
Amortization of prior service cost		0.4			0.5
Amortization of net actuarial gain		(0.6	)		(0.6	)
Expenses paid		0.2			0.2
Net periodic benefit cost	$	0.6		$	1.1

Components of net periodic other post-employment benefit cost were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Components of net periodic benefit cost
Service cost	$	0.4		$	0.4
Interest cost		0.6			0.5
Amortization of prior service benefit		(0.3	)		(0.4	)
Net periodic benefit cost	$	0.7		$	0.5

XML 40 R33.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows:


	Three Months Ended March 31,
	2024		2023
Basic weighted-average common shares outstanding		65,729,472		65,440,014
Dilutive stock options and other equity-based compensation awards		398,179		390,971
Diluted weighted-average common shares outstanding		66,127,651		65,830,985

XML 41 R34.htm IDEA: XBRL DOCUMENT

Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Trade receivables - U.S. government	$	101.4		$	67.7
Trade receivables - other		1,349.5			1,160.6
Finance receivables		7.3			7.6
Notes receivable		15.2			15.0
Other receivables		89.5			96.6
		1,562.9			1,347.5
Less allowance for doubtful accounts		(7.2	)		(7.4	)
	$	1,555.7		$	1,340.1

Classification of Receivables in the Condensed Consolidated Balance Sheets

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Current receivables	$	1,533.0	$	1,316.4
Non-current receivables	22.7		23.7
	$	1,555.7	$	1,340.1

Schedule of Allowance for Doubtful Accounts

Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):


	Three Months Ended March 31, 2024								Three Months Ended March 31, 2023
	Trade and Other Receivables			Finance Receivables		Total			Trade and Other Receivables		Finance Receivables		Total
Allowance at beginning of period	$	7.3		$	0.1	$	7.4		$	6.6	$	0.1	$	6.7
Provision for doubtful accounts, net of recoveries		0.3			—		0.3			0.3		0.1		0.4
Charge-off of accounts		(0.5	)		—		(0.5	)		—		—		—
Allowance at end of period	$	7.1		$	0.1	$	7.2		$	6.9	$	0.2	$	7.1

XML 42 R35.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in millions):


	March 31, 2024		December 31, 2023
Raw materials	$	1,249.1	$	1,271.0
Partially finished products		473.4		438.9
Finished products		485.9		421.7
	$	2,208.4	$	2,131.6

XML 43 R36.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):


	March 31, 2024			December 31, 2023
Land and land improvements	$	102.1		$	100.5
Buildings		484.2			478.3
Machinery and equipment		1,030.9			1,006.3
Software and related costs		223.8			222.0
Equipment on operating lease to others		8.2			7.1
Construction in progress		372.2			348.4
		2,221.4			2,162.6
Less accumulated depreciation		(1,118.5	)		(1,093.1	)
	$	1,102.9		$	1,069.5

XML 44 R37.htm IDEA: XBRL DOCUMENT

Goodwill and Purchased Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents changes in goodwill during the three months ended March 31, 2024 (in millions):


	Access			Defense		Vocational		Total
Net goodwill at December 31, 2023	$	979.9		$	44.4	$	392.1	$	1,416.4
Foreign currency translation		(7.0	)		—		—		(7.0	)
Net goodwill at March 31, 2024	$	972.9		$	44.4	$	392.1	$	1,409.4

Schedule of Company's Goodwill Allocated to the Reportable Segments

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access	$	1,905.0	$	(932.1	)	$	972.9	$	1,912.0	$	(932.1	)	$	979.9
Defense		44.4		—			44.4		44.4		—			44.4
Vocational		561.5		(169.4	)		392.1		561.5		(169.4	)		392.1
	$	2,510.9	$	(1,101.5	)	$	1,409.4	$	2,517.9	$	(1,101.5	)	$	1,416.4

Schedule of Purchased Intangible Assets

Details of the Company’s total purchased intangible assets are as follows (in millions):


	March 31, 2024							December 31, 2023
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Customer relationships	$	818.8	$	(582.1	)	$	236.7	$	819.5	$	(574.6	)	$	244.9
Trade names		118.1		(10.6	)		107.5		118.6		(7.5	)		111.1
Technology-related		165.8		(110.6	)		55.2		166.5		(108.2	)		58.3
Distribution network		55.3		(38.7	)		16.6		55.3		(38.4	)		16.9
Other		37.5		(27.3	)		10.2		37.5		(25.2	)		12.3
		1,195.5		(769.3	)		426.2		1,197.4		(753.9	)		443.5
Non-amortizable trade names		386.6		—			386.6		386.7		—			386.7
	$	1,582.1	$	(769.3	)	$	812.8	$	1,584.1	$	(753.9	)	$	830.2

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Schedule of Debt Instruments

XML 45 R38.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

The Company was obligated under the following debt instruments (in millions):


	March 31, 2024
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.6	)	$	298.4
3.10% Senior notes due March 2030		300.0		(2.4	)		297.6
Other long-term debt		2.9		—			2.9
	$	602.9	$	(4.0	)	$	598.9

Revolving credit facilities						$	641.0


	December 31, 2023
	Principal		Debt Issuance Costs			Debt, Net
4.60% Senior notes due May 2028	$	300.0	$	(1.7	)	$	298.3
3.10% Senior notes due March 2030		300.0		(2.5	)		297.5
Other long-term debt		1.7		—			1.7
	$	601.7	$	(4.2	)	$	597.5

Revolving credit facilities						$	175.0

XML 46 R39.htm IDEA: XBRL DOCUMENT

Warranties (Tables)

3 Months Ended

Mar. 31, 2024

Product Warranties Disclosures [Abstract]

Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	85.4		$	76.1
Deferred revenue for new service warranties		9.4			9.0
Amortization of deferred revenue		(7.0	)		(6.5	)
Foreign currency translation		(0.3	)		0.1
Balance at end of period	$	87.5		$	78.7

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


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	64.2		$	58.8
Warranty provisions		14.7			14.9
Settlements made		(14.0	)		(12.4	)
Changes in liability for pre-existing warranties, net		(0.3	)		(0.7	)
Foreign currency translation		(0.1	)		—
Disposition of business		—			(0.5	)
Acquisition of business		—			0.2
Balance at end of period	$	64.5		$	60.3

XML 47 R40.htm IDEA: XBRL DOCUMENT

Guarantee Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Non-Contingent Portion

Guarantor Obligations [Line Items]

Schedule of Provision for Losses on Customer Guarantees

Changes in the Company’s stand ready obligations (non-contingent) to perform under guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	12.4		$	12.2
Provision for new credit guarantees		0.6			0.8
Changes for pre-existing guarantees, net		(0.4	)		—
Amortization of previous guarantees		(0.4	)		(0.8	)
Balance at end of period	$	12.2		$	12.2

Contingent Portion

Guarantor Obligations [Line Items]

Schedule of Provision for Losses on Customer Guarantees

Changes in the Company’s off-balance sheet credit loss exposure (contingent) related to its guarantees were as follows (in millions):


	Three Months Ended March 31,
	2024			2023
Balance at beginning of period	$	5.8		$	6.3
Provision for new credit guarantees		0.2			0.5
Changes for pre-existing guarantees, net		(0.8	)		(0.7	)
Foreign currency translation		—			0.1
Balance at end of period	$	5.2		$	6.2

XML 48 R41.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Class of Stock Disclosures [Abstract]

Summary of Changes to Common Shares Outstanding

hanges to the Company's common shares outstanding were as follows (in shares):


	Three Months Ended March 31,
	2024			2023
Outstanding at beginning of period		65,473,807			65,472,148
Repurchases of Common Stock		(129,494	)		(173,169	)
Exercise of stock options		42,541			31,766
Payment of stock-based restricted and performance shares		158,042			78,290
Shares tendered for taxes on stock-based compensation		(75,470	)		(37,973	)
Other		6,563			7,709
Outstanding at end of period		65,475,989			65,378,771

XML 49 R42.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):


	Three Months Ended March 31, 2024
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	33.0		$	(104.5	)	$	(0.5	)	$	(72.0	)
Other comprehensive income (loss) before reclassifications		—			(17.5	)		0.5			(17.0	)
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		—			(0.2	)		(0.6	)
Net current period other comprehensive income (loss)		(0.4	)		(17.5	)		0.3			(17.6	)
Balance at end of period	$	32.6		$	(122.0	)	$	(0.2	)	$	(89.6	)


	Three Months Ended March 31, 2023
	Employee Pension and Postretirement Benefits, Net of Tax			Cumulative Translation Adjustments			Derivative Instruments, Net of Tax			Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period	$	31.1		$	(131.6	)	$	8.2		$	(92.3	)
Other comprehensive income (loss) before reclassifications		—			10.4			0.2			10.6
Amounts reclassified from accumulated other comprehensive income (loss)		(0.4	)		1.0			(2.2	)		(1.6	)
Net current period other comprehensive income (loss)		(0.4	)		11.4			(2.0	)		9.0
Balance at end of period	$	30.7		$	(120.2	)	$	6.2		$	(83.3	)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Included in the Computation of Net Periodic Pension and Postretirement Benefit Cost


	Classification of Income (Expense)	Three Months Ended March 31,
		2024			2023
Amortization of employee pension and postretirement benefits items
Prior service cost	Miscellaneous, net	$	0.1		$	0.1
Actuarial gains	Miscellaneous, net		(0.6	)		(0.6	)
Total before tax			(0.5	)		(0.5	)
Tax expense			0.1			0.1
Net of tax		$	(0.4	)	$	(0.4	)

XML 50 R43.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were as follows (in millions):


	Level 1		Level 2		Level 3		Total
March 31, 2024
Assets:
SERP plan assets (a)	$	14.2	$	—	$	—	$	14.2
Investment in equity securities (b)		2.2		—		—		2.2
Foreign currency exchange derivatives (c)		—		1.1		—		1.1
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	0.8	$	—	$	0.8


December 31, 2023
Assets:
SERP plan assets (a)	$	14.1	$	—	$	—	$	14.1
Investment in equity securities (b)		3.5		—		—		3.5
Foreign currency exchange derivatives (c)		—		0.5		—		0.5
Liabilities:
Foreign currency exchange derivatives (c)	$	—	$	3.4	$	—	$	3.4

(a)

(b)

(c)

Based on observable market transactions of forward currency prices.

XML 51 R44.htm IDEA: XBRL DOCUMENT

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024								2023
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	591.0	$	—		$	591.0		$	602.0	$	—		$	602.0
Telehandlers		373.4		—			373.4			341.4		—			341.4
Other		273.1		—			273.1			249.8		—			249.8
Total Access		1,237.5		—			1,237.5			1,193.2		—			1,193.2

Defense		534.6		2.3			536.9			512.8		0.3			513.1

Vocational
Fire apparatus		327.2		—			327.2			288.4		—			288.4
Refuse collection		147.3		—			147.3			141.9		—			141.9
Other		297.2		0.7			297.9			131.7		0.7			132.4
Total Vocational		771.7		0.7			772.4			562.0		0.7			562.7

Eliminations		—		(3.0	)		(3.0	)		0.1		(1.0	)		(0.9	)
Consolidated	$	2,543.8	$	—		$	2,543.8		$	2,268.1	$	—		$	2,268.1

Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments


	Three Months Ended March 31,
	2024			2023
Operating income (loss):
Access	$	208.1		$	135.0
Defense		11.3			1.7
Vocational		80.1			28.1
Corporate and intersegment eliminations		(39.8	)		(34.0	)
Consolidated		259.7			130.8
Interest expense, net of interest income		(20.8	)		(7.2	)
Miscellaneous income (expense), net		(2.0	)		5.8
Income before income taxes and losses of unconsolidated affiliates	$	236.9		$	129.4

Schedule of Net Sales by Geographical Areas

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


	Three Months Ended March 31, 2024
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	1,031.9	$	460.8	$	754.2	$	(3.0	)	$	2,243.9
Europe, Africa and Middle East		106.0		75.9		10.1		—			192.0
Rest of the World		99.6		0.2		8.1		—			107.9
Consolidated	$	1,237.5	$	536.9	$	772.4	$	(3.0	)	$	2,543.8


	Three Months Ended March 31, 2023
	Access		Defense		Vocational		Eliminations			Total
Net sales:
North America	$	948.6	$	427.6	$	553.4	$	(0.9	)	$	1,928.7
Europe, Africa and Middle East		136.7		85.3		1.7		—			223.7
Rest of the World		107.9		0.2		7.6		—			115.7
Consolidated	$	1,193.2	$	513.1	$	562.7	$	(0.9	)	$	2,268.1

XML 52 R45.htm IDEA: XBRL DOCUMENT

New Accounting Standards - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update 2023-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage effect of reconciling items	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-SubTopic 10
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XML 53 R46.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures - Additional Information (Details) € in Millions, $ in Millions					3 Months Ended
	Aug. 01, 2023 USD ($)	Jul. 24, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 01, 2023 USD ($)
Acquisitions and Disposals [Line Items]
Goodwill					$ 1,409.4			$ 1,416.4
Sale of business, amount					0.0		$ 23.1
Vocational Segment
Acquisitions and Disposals [Line Items]
Goodwill					392.1			392.1
Access Segment
Acquisitions and Disposals [Line Items]
Goodwill					972.9			979.9
Defense Segment
Acquisitions and Disposals [Line Items]
Goodwill					44.4			$ 44.4
Rear Discharge Concrete Mixers
Acquisitions and Disposals [Line Items]
Sale of business, amount									$ 32.9
Rear Discharge Concrete Mixers \| Selling, General and Administrative Expense
Acquisitions and Disposals [Line Items]
Pre-tax loss							13.3
Rear Discharge Concrete Mixers \| Vocational Segment
Acquisitions and Disposals [Line Items]
Sales							25.9
Snow Removal Business
Acquisitions and Disposals [Line Items]
Sale of business, amount		$ 17.1
Snow Removal Business \| Defense Segment
Acquisitions and Disposals [Line Items]
Sales							$ 3.7
Pre-tax gain						$ 8.0
Hinowa S.p.A.
Acquisitions and Disposals [Line Items]
Purchase price			$ 186.8	€ 171.8
JBT Aerotech
Acquisitions and Disposals [Line Items]
Ownership percentage	100.00%
Purchase price	$ 803.6
Consideration paid in cash	808.0
Amount receivable for post closing information technology integration costs	10.0
Amount receivable for state tax liabilities	1.0
Amount payable for post-closing working capital adjustments	5.1
Amount payable for required equity replacement awards	1.5
Amount paid for post-closing working capital adjustments					5.1
Sales of acquiree					$ 176.1
Goodwill	$ 260.3

XML 54 R47.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Aug. 01, 2023
Assets Acquired:
Goodwill	$ 1,409.4	$ 1,416.4
JBT Aerotech
Assets Acquired:
Cash and cash equivalents			$ 9.3
Accounts receivable			75.0
Unbilled receivables			57.8
Inventories			153.7
Other current assets			7.6
Property, plant and equipment			44.6
Goodwill			260.3
Purchased intangible assets			330.4
Other non-current assets			7.6
Total assets, excluding cash and cash equivalents			937.0
Liabilities Assumed:
Accounts payable			63.2
Customer advances			24.8
Payroll-related obligations			13.8
Other current liabilities			20.7
Deferred income taxes			2.6
Non-current liabilities			8.3
Total liabilities			133.4
Net assets acquired			$ 803.6

XML 55 R48.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures - Summary of Unaudited Pro forma Financial Information (Details) - JBT Aerotech [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Net sales	$ 2,409.4
Net income	$ 79.6

XML 56 R49.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Impact Due to Contract Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Net sales	$ (10.0)	$ (6.5)
Operating income	(13.1)	(14.4)
Net income	$ (10.0)	$ (11.0)
Diluted earnings per share	$ (0.15)	$ (0.17)

XML 57 R50.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Impairment losses on contract assets	$ 0	$ 0
Contract Fulfilment or Customer-owned Tooling Costs
Disaggregation Of Revenue [Line Items]
Impairment losses on deferred contract costs	0	0
Vocational \| Pierce
Disaggregation Of Revenue [Line Items]
Interest charges on customer advances	$ 8,800,000	$ 6,300,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

XML 58 R51.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Deferred Contract Costs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 793.4	$ 710.7
Costs for Anticipated Contracts
Capitalized Contract Cost [Line Items]
Deferred contract costs	6.6	6.2
Engineering Costs
Capitalized Contract Cost [Line Items]
Deferred contract costs	482.0	439.6
Factory Setup Costs
Capitalized Contract Cost [Line Items]
Deferred contract costs	52.5	44.4
Customer-owned Tooling
Capitalized Contract Cost [Line Items]
Deferred contract costs	$ 252.3	$ 220.5

XML 59 R52.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 2,543.8	$ 2,268.1
Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	2,543.8	2,268.1
Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	(3.0)	(0.9)
Transferred at Point in Time
Disaggregation Of Revenue [Line Items]
Net sales	1,781.5	1,630.3
Transferred at Point in Time \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	(3.0)	(0.9)
Transferred over Time
Disaggregation Of Revenue [Line Items]
Net sales	762.3	637.8
Transferred over Time \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	0.0	0.0
Access Segment
Disaggregation Of Revenue [Line Items]
Net sales	1,237.5	1,193.2
Access Segment \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	1,237.5	1,193.2
Access Segment \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	0.0	0.0
Access Segment \| Transferred at Point in Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	1,221.6	1,180.5
Access Segment \| Transferred over Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	15.9	12.7
Defense Segment
Disaggregation Of Revenue [Line Items]
Net sales	534.6	512.8
Defense Segment \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	536.9	513.1
Defense Segment \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	2.3	0.3
Defense Segment \| Transferred at Point in Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	2.3	3.5
Defense Segment \| Transferred over Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	534.6	509.6
Vocational Segment
Disaggregation Of Revenue [Line Items]
Net sales	771.7	562.0
Vocational Segment \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	772.4	562.7
Vocational Segment \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	0.7	0.7
Vocational Segment \| Transferred at Point in Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	560.6	447.2
Vocational Segment \| Transferred over Time \| Operating Segments
Disaggregation Of Revenue [Line Items]
Net sales	$ 211.8	$ 115.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition - Schedule of Contract Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Liability [Abstract]
Customer advances	$ 703.8	$ 706.9
Other current liabilities	87.6	96.2
Non-current customer advances	1,181.5	1,190.7
Other non-current liabilities	69.1	68.5
Total contract liabilities	$ 2,042.0	$ 2,062.3

XML 61 R54.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Contract Liabilities Recognized in Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract with Customer, Liability [Abstract]
Beginning liabilities recognized in revenue	$ 203.5	$ 189.2

XML 62 R55.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Changes in Warranty Liabilities and Unearned Extended Warranty Premiums (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Abstract]
Balance at beginning of period	$ 85.4	$ 76.1
Deferred revenue for new service warranties	9.4	9.0
Amortization of deferred revenue	(7.0)	(6.5)
Foreign currency translation	(0.3)	0.1
Balance at end of period	$ 87.5	$ 78.7

XML 63 R56.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Classification of Service-type Warranties in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Extended Product Warranty Accrual, Balance Sheet Classification [Abstract]
Service-type warranties, other current liabilities	$ 32.4	$ 30.9
Service-type warranties, other non-current liabilities	55.1	54.5
Service-type warranties	$ 87.5	$ 85.4	$ 78.7	$ 76.1

XML 64 R57.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Additional Information (Details 1) $ in Millions	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 11,230
Transaction price allocated to performance obligations to be satisfied during remaining 2024	2,550
Transaction price allocated to performance obligations to be satisfied during 2025	3,220
Transaction price allocated to performance obligations to be satisfied revenue after 2025	$ 5,460

XML 65 R58.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Common stock reserved for issuance stock awards (in shares)	1,773,453
Stock-based compensation expense	$ 9.3	$ 6.8
Stock-based compensation expense, net of tax	$ 8.1	$ 5.8

XML 66 R59.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Components of net periodic benefit cost
Service cost	$ 1.6	$ 1.7
Interest cost	$ 4.2	$ 4.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Expected return on plan assets	$ (5.2)	$ (4.8)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization of prior service cost (benefit)	$ 0.4	$ 0.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization of net actuarial gain	$ (0.6)	$ (0.6)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Expenses paid	$ 0.2	$ 0.2
Net periodic benefit cost	0.6	1.1
Other Post-employment Benefit
Components of net periodic benefit cost
Service cost	0.4	0.4
Interest cost	$ 0.6	$ 0.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Amortization of prior service cost (benefit)	$ (0.3)	$ (0.4)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Net periodic benefit cost	$ 0.7	$ 0.5

XML 67 R60.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 54.7	$ 34.2
Effective income tax rate (as a percent)	23.10%	26.40%
Income tax expense (benefits), tax credit, discrete items	$ (2.3)	$ 3.4
Income tax benefit, tax credit, discrete items purchase of discounted federal tax credits	1.2
Income tax benefit, tax credit, discrete items amended sales returns	1.0
Charge related to a valuation allowance		1.7
Unrecognized tax benefits	65.5		$ 64.3
Net unrecognized tax benefits, excluding interest and penalties that would affect the company's net income if recognized	52.0
Interest and penalties expense on unrecognized tax benefits	1.2	0.9
Accruals for payment of interest and penalties	9.1
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	1.0
Cash paid for income taxes, net of refunds	25.4	1.5
Cash paid for purchase of transferable tax credits	$ 22.1	$ 0.8

XML 68 R61.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted-Average Common Shares Outstanding
Basic weighted-average common shares outstanding	65,729,472	65,440,014
Dilutive stock options and other equity-based compensation awards	398,179	390,971
Diluted weighted-average common shares outstanding	66,127,651	65,830,985

XML 69 R62.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Shares excluded from the computation of diluted earnings per share	0	0

XML 70 R63.htm IDEA: XBRL DOCUMENT

Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables - U.S. government	$ 101.4	$ 67.7
Trade receivables - other	1,349.5	1,160.6
Other receivables	89.5	96.6
Receivables, gross	1,562.9	1,347.5
Less allowance for doubtful accounts	(7.2)	(7.4)	$ (7.1)	$ (6.7)
Receivables, net	1,555.7	1,340.1
Finance Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	7.3	7.6
Less allowance for doubtful accounts	(0.1)	(0.1)	$ (0.2)	$ (0.1)
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 15.2	$ 15.0

XML 71 R64.htm IDEA: XBRL DOCUMENT

Receivables - Schedule of Classification of Receivables in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Classification of receivables
Current receivables	$ 1,533.0	$ 1,316.4
Non-current receivables	22.7	23.7
Receivables, net	$ 1,555.7	$ 1,340.1

XML 72 R65.htm IDEA: XBRL DOCUMENT

Receivables - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Allowance at beginning of period	$ 7.4	$ 6.7
Provision for doubtful accounts, net of recoveries	0.3	0.4
Charge-off of accounts	(0.5)	0.0
Allowance at end of period	7.2	7.1
Trade and Other Receivables
Accounts Notes And Loans Receivable [Line Items]
Allowance at beginning of period	7.3	6.6
Provision for doubtful accounts, net of recoveries	0.3	0.3
Charge-off of accounts	(0.5)	0.0
Allowance at end of period	7.1	6.9
Finance Receivables
Accounts Notes And Loans Receivable [Line Items]
Allowance at beginning of period	0.1	0.1
Provision for doubtful accounts, net of recoveries	0.0	0.1
Charge-off of accounts	0.0	0.0
Allowance at end of period	$ 0.1	$ 0.2

XML 73 R66.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,249.1	$ 1,271.0
Partially finished products	473.4	438.9
Finished products	485.9	421.7
Inventory net	$ 2,208.4	$ 2,131.6

XML 74 R67.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,221.4	$ 2,162.6
Less accumulated depreciation	(1,118.5)	(1,093.1)
Property, plant and equipment, net	1,102.9	1,069.5
Land and Land Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	102.1	100.5
Buildings
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	484.2	478.3
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,030.9	1,006.3
Software and Related Costs
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	223.8	222.0
Equipment on Operating Lease to Others
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	8.2	7.1
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 372.2	$ 348.4

XML 75 R68.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Depreciation expenses	$ 26.1	$ 23.3
Equipment on Operating Lease to Others
Property Plant And Equipment [Line Items]
Equipment on operating lease, net	$ 7.0		$ 6.0
Equipment on Operating Lease to Others \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life (in years)	5 years
Equipment on Operating Lease to Others \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life (in years)	10 years

XML 76 R69.htm IDEA: XBRL DOCUMENT

Goodwill and Purchased Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
2024 (remaining nine months)	$ 46.8
2025	54.0
2026	51.2
2027	51.2
2028	46.4
2029	42.9
Amortization of purchased intangible assets	15.6
Cost of Sales
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of purchased intangible assets	$ 2.1

XML 77 R70.htm IDEA: XBRL DOCUMENT

Goodwill and Purchased Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in goodwill
Net goodwill at the beginning of the period	$ 1,416.4
Foreign currency translation	(7.0)
Net goodwill at the end of the period	1,409.4
Access
Changes in goodwill
Net goodwill at the beginning of the period	979.9
Foreign currency translation	(7.0)
Net goodwill at the end of the period	972.9
Defense
Changes in goodwill
Net goodwill at the beginning of the period	44.4
Foreign currency translation	0.0
Net goodwill at the end of the period	44.4
Vocational
Changes in goodwill
Net goodwill at the beginning of the period	392.1
Foreign currency translation	0.0
Net goodwill at the end of the period	$ 392.1

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

XML 78 R71.htm IDEA: XBRL DOCUMENT

Goodwill and Purchased Intangible Assets - Goodwill Allocated to Reportable Segments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Gross	$ 2,510.9	$ 2,517.9
Accumulated Impairment	(1,101.5)	(1,101.5)
Net	1,409.4	1,416.4
Access
Goodwill [Line Items]
Gross	1,905.0	1,912.0
Accumulated Impairment	(932.1)	(932.1)
Net	972.9	979.9
Defense
Goodwill [Line Items]
Gross	44.4	44.4
Accumulated Impairment	0.0	0.0
Net	44.4	44.4
Vocational
Goodwill [Line Items]
Gross	561.5	561.5
Accumulated Impairment	(169.4)	(169.4)
Net	$ 392.1	$ 392.1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Gross	$ 1,195.5	$ 1,197.4
Accumulated Amortization	(769.3)	(753.9)
Net	426.2	443.5
Non-amortizable trade names	386.6	386.7
Intangible assets excluding goodwill, gross	1,582.1	1,584.1
Purchased intangible assets, net	812.8	830.2
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross	818.8	819.5
Accumulated Amortization	(582.1)	(574.6)
Net	236.7	244.9
Trade Names
Acquired Finite Lived Intangible Assets [Line Items]
Gross	118.1	118.6
Accumulated Amortization	(10.6)	(7.5)
Net	107.5	111.1
Technology-related
Acquired Finite Lived Intangible Assets [Line Items]
Gross	165.8	166.5
Accumulated Amortization	(110.6)	(108.2)
Net	55.2	58.3
Distribution network
Acquired Finite Lived Intangible Assets [Line Items]
Gross	55.3	55.3
Accumulated Amortization	(38.7)	(38.4)
Net	16.6	16.9
Other
Acquired Finite Lived Intangible Assets [Line Items]
Gross	37.5	37.5
Accumulated Amortization	(27.3)	(25.2)
Net	$ 10.2	$ 12.3

XML 80 R73.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 602.9	$ 601.7
Debt issuance costs	(4.0)	(4.2)
Debt, net	598.9	597.5
Revolving credit facilities	641.0	175.0
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facilities	641.0
4.60% Senior Notes due May 2028
Debt Instrument [Line Items]
Principal	300.0	300.0
Debt issuance costs	(1.6)	(1.7)
Debt, net	298.4	298.3
3.10% Senior Notes due March 2030
Debt Instrument [Line Items]
Principal	300.0	300.0
Debt issuance costs	(2.4)	(2.5)
Debt, net	297.6	297.5
Other Long-term Debt
Debt Instrument [Line Items]
Principal	2.9	1.7
Debt issuance costs	0.0	0.0
Debt, net	$ 2.9	$ 1.7

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Debt - Schedule of Debt Instruments (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 31, 2018
4.60% Senior Notes due May 2028
Debt Instrument [Line Items]
Debt instrument interest rate, stated percentage	4.60%	4.60%	4.60%
Maturity month and year	2028-05	2028-05
3.10% Senior Notes due March 2030
Debt Instrument [Line Items]
Debt instrument interest rate, stated percentage	3.10%	3.10%
Maturity month and year	2030-03	2030-03

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XML 82 R75.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Details) € in Millions, ¥ in Millions, $ in Millions				1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 EUR (€)	Mar. 23, 2022 USD ($)	Feb. 29, 2020 USD ($)	May 31, 2018 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 03, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 CNY (¥)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 EUR (€)
Debt Instrument [Line Items]
Revolving credit facilities						$ 641.0		$ 175.0
Letters of credit outstanding						17.0		18.2
Debt outstanding						598.9		$ 597.5
Repayment of debt						0.0	$ 25.0
Hinowa S.p.A.
Debt Instrument [Line Items]
Debt outstanding						$ 2.9				€ 2.7		$ 17.7	€ 16.3
Repayment of debt	$ 15.5	€ 14.3
Weighted average interest rate of debt outstanding						1.24%				1.24%	1.24%
Line of Credit
Debt Instrument [Line Items]
Available borrowing capacity \| ¥											¥ 0.0
Second Line of Credit
Debt Instrument [Line Items]
Available borrowing capacity \| ¥											0.0
Second Uncommitted Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity \| ¥											70.0
Uncommitted Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity \| ¥											¥ 426.0
Long term debt
Line of credit variable interest rate						3.95%				3.95%	3.95%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,100.0
Revolving credit facilities						$ 641.0
Maturity month and year			2027-03
Letters of credit outstanding						14.7
Available borrowing capacity						$ 444.3
Maximum leverage ratio						0.0375				0.0375	0.0375
Letter of Credit
Debt Instrument [Line Items]
Letter of credit fees percentage on available borrowing capacity, low end of range (as a percent)						0.438%
Letter of credit fees percentage on available borrowing capacity, high end of range (as a percent)						1.50%
Credit Agreement
Debt Instrument [Line Items]
Interest spread in basis points (as a percent)						1.125%
Temporarily maximum leverage ratio						0.0425				0.0425	0.0425
Long term debt
Line of credit variable interest rate						6.55%				6.55%	6.55%
Credit Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Interest spread in basis points (as a percent)						0.50%
Credit Agreement \| Term SOFR
Debt Instrument [Line Items]
Interest spread in basis points (as a percent)						1.00%
Credit Agreement \| Minimum
Debt Instrument [Line Items]
Revolving credit facility, unused commitment fee rate (as a percent)						0.08%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Revolving credit facility, unused commitment fee rate (as a percent)						0.225%
4.60% Senior Notes due May 2028
Debt Instrument [Line Items]
Maturity month and year						2028-05		2028-05
Long term debt
Debt issued					$ 300.0
Debt instrument interest rate, stated percentage					4.60%	4.60%		4.60%		4.60%	4.60%
Maturity date					May 15, 2028
Debt instruments
Debt instrument, fair value						$ 294.0		$ 295.0
3.100% Senior Notes due March 2030
Long term debt
Debt issued				$ 300.0
Debt instrument interest rate, stated percentage				3.10%
Maturity date				Mar. 01, 2030
Debt instruments
Debt instrument, fair value						$ 267.0		$ 269.0
Subsequent Event \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 1,550.0

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Warranties - Additional Information (Details)	3 Months Ended
Warranties - Additional Information (Details)	Mar. 31, 2024
Minimum
Product Warranty Liability [Line Items]
Product warranty term	6 months
Maximum
Product Warranty Liability [Line Items]
Product warranty term	5 years

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Warranties -Schedule of Changes in Assurance-type Warranty Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Product Warranties Disclosures [Abstract]
Balance at beginning of period	$ 64.2	$ 58.8
Warranty provisions	14.7	14.9
Settlements made	(14.0)	(12.4)
Changes in liability for pre-existing warranties, net	(0.3)	(0.7)
Foreign currency translation	(0.1)	0.0
Disposition of business	0.0	(0.5)
Acquisition of business	0.0	0.2
Balance at end of period	$ 64.5	$ 60.3

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Guarantee Arrangements - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Indirect Guarantee of Deferred Payment and Lease Payment Agreements
Guarantee Obligations [Line Items]
Aggregate indebtedness to customers under credit guarantees	$ 627.7
Estimated maximum loss exposure under contracts	95.5
Residual Value Guarantee
Guarantee Obligations [Line Items]
Estimated maximum loss exposure under contracts	13.6
Customer equipment value including a residual value guarantee	$ 122.3

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Guarantee Arrangements - Schedule of Provision for Losses on Customer Guarantees (Details1) - Indirect Guarantee of Deferred Payment and Lease Payment Agreements - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-Contingent Portion
Guarantee Obligations [Line Items]
Balance at beginning of period	$ 12.4	$ 12.2
Provision for new credit guarantees	0.6	0.8
Changes for pre-existing guarantees, net	(0.4)	0.0
Amortization of previous guarantees	(0.4)	(0.8)
Balance at end of period	12.2	12.2
Contingent Portion
Guarantee Obligations [Line Items]
Balance at beginning of period	5.8	6.3
Provision for new credit guarantees	0.2	0.5
Changes for pre-existing guarantees, net	(0.8)	(0.7)
Foreign currency translation	0.0	0.1
Balance at end of period	$ 5.2	$ 6.2

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Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 17,000,000	$ 18,200,000
Personal Injury Actions and Other
Loss Contingencies [Line Items]
Maximum self-insurance available per claim	5,000,000
Reserve for loss contingencies	44,400,000	50,100,000
Performance and Specialty Bonds
Loss Contingencies [Line Items]
Commitments and contingencies	$ 2,680,000,000	$ 2,580,000,000

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Shareholders' Equity - Additional information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 03, 2022
Stockholders' Equity Note [Abstract]
Number of shares of common stock authorized for buyback (in shares)			12,000,000
Remaining number of shares authorized to be repurchased (in shares)	11,155,388		4,109,419
Increased number of shares of common stock authorized for buyback			7,890,581
Treasury stock, shares, acquired (in shares)	129,494	173,169
Treasury stock, value, acquired, cost method	$ 15.1	$ 15.2

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Shareholders' Equity - Summary of Changes to Common Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Outstanding at beginning of period	65,473,807	65,472,148
Repurchases of Common Stock	(129,494)	(173,169)
Exercise of stock options	42,541	31,766
Payment of stock-based restricted and performance shares	158,042	78,290
Shares tendered for taxes on stock-based compensation	(75,470)	(37,973)
Other	6,563	7,709
Outstanding at end of period	65,475,989	65,378,771

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Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Employee Pension and Postretirement Benefits, Net of Tax, Balance at beginning of period	$ 33.0	$ 31.1
Employee Pension and Postretirement Benefits, Net of Tax, Other comprehensive income (loss) before reclassifications	0.0	0.0
Employee Pension and Postretirement Benefits, Net of Tax, Amounts reclassified from accumulated other comprehensive income (loss)	(0.4)	(0.4)
Employee pension and postretirement benefits, net of tax of $0.1	(0.4)	(0.4)
Employee Pension and Postretirement Benefits, Net of Tax, Balance at end of period	32.6	30.7
Cumulative Translation Adjustments, Balance at beginning of period	(104.5)	(131.6)
Cumulative Translation Adjustments, Other comprehensive income (loss) before reclassifications	(17.5)	10.4
Cumulative Transaction Adjustments, Amounts reclassified from accumulated other comprehensive income (loss)	0.0	1.0
Cumulative Translation Adjustments, Net current period other comprehensive income (loss)	(17.5)	11.4
Cumulative Translation Adjustments, Balance at end of period	(122.0)	(120.2)
Derivative Instruments, Net of Tax, Balance at beginning of period	(0.5)	8.2
Derivative Instuments, Net of Tax, Other comprehensive income (loss) before reclassifications	0.5	0.2
Derivative Instruments, Net of Tax, Amounts reclassified from accumulated other comprehensive income (loss)	(0.2)	(2.2)
Derivative Instruments, Net of Tax, Net current period other comprehensive income (loss)	0.3	(2.0)
Derivative Instruments, Net of Tax, Balance at end of period	(0.2)	6.2
Accumulated Other Comprehensive Income (Loss), Balance at beginning of period	(72.0)	(92.3)
Accumulated Other Comprehensive Income (Loss), Other comprehensive income (loss) before reclassifications	(17.0)	10.6
Accumulated Other Comprehensive Income (Loss), Amounts reclassified from accumulated other comprehensive income (loss)	(0.6)	(1.6)
Accumulated Other Comprehensive Income (Loss), Net current period other comprehensive Income (loss)	(17.6)	9.0
Accumulated Other Comprehensive Income (Loss), Balance at end of period	$ (89.6)	$ (83.3)

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Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Included in Computation of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total before tax	$ 0.1	$ 0.1
Total before tax	(0.6)	(0.6)
Total before tax	(0.5)	(0.5)
Tax expense	0.1	0.1
Net of tax	$ (0.4)	$ (0.4)

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Fair Value Measurement - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

Assets:

^[1]

$ 2.2

$ 3.5

^[2]

1.1

0.5

^[2]

0.8

3.4

SERP Plan [Member]

Assets:

^[3]

14.2

14.1

Level 1

Assets:

^[1]

2.2

3.5

^[2]

0.0

Level 1 | SERP Plan [Member]

^[2]

0.0

Assets:

^[3]

14.2

14.1

Level 2

Assets:

^[1]

0.0

^[2]

1.1

0.5

Level 2 | SERP Plan [Member]

^[2]

0.8

3.4

Assets:

^[3]

0.0

Level 3

Assets:

^[1]

0.0

^[2]

0.0

Level 3 | SERP Plan [Member]

^[2]

0.0

Assets: