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Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Net Sales by Product Lines and Reportable Segments

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


	Three Months Ended September 30,
	2022								2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access Equipment
Aerial work platforms	$	517.1	$	—		$	517.1		$	384.3	$	—		$	384.3
Telehandlers		316.0		—			316.0			237.8		—			237.8
Other		204.8		—			204.8			223.1		0.7			223.8
Total Access Equipment		1,037.9		—			1,037.9			845.2		0.7			845.9

Defense		518.5		0.2			518.7			649.9		0.3			650.2

Fire & Emergency		246.5		0.7			247.2			334.7		3.0			337.7

Commercial
Refuse collection		122.7		—			122.7			121.8		—			121.8
Concrete mixers		112.5		—			112.5			86.4		—			86.4
Other		28.6		0.7			29.3			25.0		0.6			25.6
Total Commercial		263.8		0.7			264.5			233.2		0.6			233.8
Corporate and intersegment eliminations		—		(1.6	)		(1.6	)		—		(4.6	)		(4.6	)
Consolidated	$	2,066.7	$	—		$	2,066.7		$	2,063.0	$	—		$	2,063.0


	Nine Months Ended September 30,
	2022								2021
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Net sales:
Access Equipment
Aerial work platforms	$	1,408.3	$	—		$	1,408.3		$	1,193.4	$	—		$	1,193.4
Telehandlers		855.5		—			855.5			646.5		—			646.5
Other		634.1		0.2			634.3			665.0		3.5			668.5
Total Access Equipment		2,897.9		0.2			2,898.1			2,504.9		3.5			2,508.4

Defense		1,592.6		1.0			1,593.6			1,974.1		1.2			1,975.3

Fire & Emergency		808.7		2.9			811.6			941.8		10.9			952.7

Commercial
Refuse collection		395.4		—			395.4			363.6		—			363.6
Concrete mixers		302.2		—			302.2			297.1		—			297.1
Other		81.6		2.0			83.6			78.7		2.5			81.2
Total Commercial		779.2		2.0			781.2			739.4		2.5			741.9
Corporate and intersegment eliminations		—		(6.1	)		(6.1	)		0.6		(18.1	)		(17.5	)
Consolidated	$	6,078.4	$	—		$	6,078.4		$	6,160.8	$	—		$	6,160.8


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Operating income (loss):
Access Equipment (a)	$	113.2		$	30.7		$	190.1		$	224.2
Defense		2.3			49.7			23.8			145.0
Fire & Emergency		19.2			47.2			64.4			139.1
Commercial (b)		9.4			10.7			38.8			59.1
Corporate		(36.8	)		(34.1	)		(111.1	)		(118.6	)
Consolidated		107.3			104.2			206.0			448.8
Interest expense, net of interest income		(10.9	)		(10.4	)		(34.4	)		(33.3	)
Miscellaneous other expense		(6.8	)		(4.1	)		(20.8	)		(0.6	)
Income before income taxes and earnings (losses) of unconsolidated affiliates	$	89.6		$	89.7		$	150.8		$	414.9

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

(a)

Results for the three and nine months ended September 30, 2022 include expense of $4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities. Results for the nine months ended September 30, 2021 include a $3.5 million charge related to restructuring activities.

(b)

Results for the three and nine months ended September 30, 2022 include a $2.1 million intangible asset impairment charge.

Schedule of Identifiable Assets by Business Segments and by Geographical Areas


	September 30, 2022		December 31, 2021
Identifiable assets:
Access Equipment:
U.S.	$	2,474.6	$	2,311.8
Europe, Africa and Middle East		398.5		460.3
Rest of the World		352.5		383.0
Total Access Equipment		3,225.6		3,155.1
Defense:
U.S.		1,666.0		1,225.0
Rest of the World		6.3		7.2
Total Defense		1,672.3		1,232.2
Fire & Emergency:
U.S.		555.3		511.2
Rest of the World		24.4		—
Total Fire & Emergency		579.7		511.2
Commercial:
U.S.		400.6		379.6
Rest of the World		40.3		45.1
Total Commercial		440.9		424.7
Corporate - U.S. (a)		1,045.9		1,398.6
Consolidated	$	6,964.4	$	6,721.8

(a)

Primarily includes cash and short-term investments and the Company’s global headquarters.

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 September 30, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	866.6	$	499.7	$	242.5	$	262.4	$	(1.6	)	$	1,869.6
Europe, Africa and Middle East		85.4		18.8		0.3		0.1		—			104.6
Rest of the World		85.9		0.2		4.4		2.0		—			92.5
Consolidated	$	1,037.9	$	518.7	$	247.2	$	264.5	$	(1.6	)	$	2,066.7


	Three Months Ended September 30, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	678.3	$	610.0	$	310.2	$	230.9	$	(4.6	)	$	1,824.8
Europe, Africa and Middle East		40.5		39.5		10.6		0.3		—			90.9
Rest of the World		127.1		0.7		16.9		2.6		—			147.3
Consolidated	$	845.9	$	650.2	$	337.7	$	233.8	$	(4.6	)	$	2,063.0


	Nine Months Ended September 30, 2022
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	2,441.3	$	1,545.5	$	782.3	$	772.2	$	(6.1	)	$	5,535.2
Europe, Africa and Middle East		233.5		47.2		6.2		1.7		—			288.6
Rest of the World		223.3		0.9		23.1		7.3		—			254.6
Consolidated	$	2,898.1	$	1,593.6	$	811.6	$	781.2	$	(6.1	)	$	6,078.4


	Nine Months Ended September 30, 2021
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	1,953.6	$	1,843.6	$	894.4	$	734.5	$	(17.5	)	$	5,408.6
Europe, Africa and Middle East		199.0		127.9		33.7		1.3		—			361.9
Rest of the World		355.8		3.8		24.6		6.1		—			390.3
Consolidated	$	2,508.4	$	1,975.3	$	952.7	$	741.9	$	(17.5	)	$	6,160.8