Business Segment Information

6 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

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

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, share-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, including start-up costs related to a shared manufacturing facility in Mexico, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment.

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

	Three Months Ended March 31,
	2017								2016
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Access equipment
Aerial work platforms	$	369.4	$	—		$	369.4		$	375.1	$	—		$	375.1
Telehandlers	161.6		—			161.6			214.7		—			214.7
Other	192.2		—			192.2			164.5		—			164.5
Total access equipment	723.2		—			723.2			754.3		—			754.3
Defense	445.7		0.4			446.1			296.8		0.2			297.0
Fire & emergency	233.5		4.0			237.5			237.2		3.2			240.4
Commercial
Concrete placement	112.7		—			112.7			111.3		—			111.3
Refuse collection	79.1		—			79.1			99.5		—			99.5
Other	22.3		1.9			24.2			25.2		0.7			25.9
Total commercial	214.1		1.9			216.0			236.0		0.7			236.7
Corporate and intersegment eliminations	1.8		(6.3		)	(4.5		)	—		(4.1		)	(4.1		)
Consolidated	$	1,618.3	$	—		$	1,618.3		$	1,524.3	$	—		$	1,524.3

	Six Months Ended March 31,
	2017								2016
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Access equipment
Aerial work platforms	$	603.1	$	—		$	603.1		$	617.1	$	—		$	617.1
Telehandlers	254.9		—			254.9			326.5		—			326.5
Other	354.4		—			354.4			340.5		—			340.5
Total access equipment	1,212.4		—			1,212.4			1,284.1		—			1,284.1
Defense	739.9		0.7			740.6			613.7		1.3			615.0
Fire & emergency	462.6		7.4			470.0			442.6		5.3			447.9
Commercial
Concrete placement	197.1		—			197.1			183.6		—			183.6
Refuse collection	171.3		—			171.3			198.5		—			198.5
Other	43.8		3.0			46.8			53.8		1.1			54.9
Total commercial	412.2		3.0			415.2			435.9		1.1			437.0
Corporate and intersegment eliminations	2.6		(11.1		)	(8.5		)	—		(7.7		)	(7.7		)
Consolidated	$	2,829.7	$	—		$	2,829.7		$	2,776.3	$	—		$	2,776.3

	Three Months Ended   March 31,						Six Months Ended March 31,
	2017			2016			2017			2016
Operating income (loss):
Access equipment	$	42.1		$	75.7		$	66.5		$	96.1
Defense	48.7			27.8			72.5			51.0
Fire & emergency	21.8			14.9			38.8			25.0
Commercial	6.0			17.2			10.6			26.1
Corporate	(38.2		)	(44.2		)	(71.8		)	(76.5		)
Intersegment eliminations	—			—			—			—
Consolidated	80.4			91.4			116.6			121.7
Interest expense, net of interest income	(14.1		)	(15.1		)	(28.0		)	(29.2		)
Miscellaneous other income (expense)	1.2			(1.0		)	2.5			(1.0		)
Income before income taxes and equity in earnings of unconsolidated affiliates	$	67.5		$	75.3		$	91.1		$	91.5

	March 31,		September 30,
	2017		2016
Identifiable assets:
Access equipment:
U.S.	$	1,993.8	$	1,856.0
Europe	491.6		521.5
Rest of the World	218.6		193.7
Total access equipment	2,704.0		2,571.2
Defense:
U.S.	708.4		522.2
Rest of the World	2.6		3.0
Total defense	711.0		525.2
Fire & emergency - U.S.	537.3		522.7
Commercial:
U.S.	374.5		358.4
Rest of the World	32.3		33.4
Total commercial	406.8		391.8
Corporate:
U.S. (a)	531.2		408.3
Rest of the world (b)	98.5		94.6
Total corporate	629.7		502.9
Consolidated	$	4,988.8	$	4,513.8

_________________________

^(a)  Primarily includes cash and short-term investments.

^(b)  Primarily includes a corporate-led manufacturing facility that supports multiple operating segments.

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

	Six Months Ended March 31,
	2017		2016
Net sales:
United States	$	2,237.5	$	2,070.4
Other North America	82.7		116.3
Europe, Africa and Middle East	351.2		388.1
Rest of the World	158.3		201.5
Consolidated	$	2,829.7	$	2,776.3