Business Segment Information

3 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segment Information

21. Business Segment Information

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

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which

principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment.

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

	Three Months Ended December 31,
	2020								2019
	External Customers		Inter- segment			Net Sales			External Customers		Inter- segment			Net Sales
Access Equipment
Aerial work platforms	$	278.0	$	—		$	278.0		$	306.0	$	—		$	306.0
Telehandlers		122.9		—			122.9			201.4		—			201.4
Other		161.5		1.3			162.8			210.5		—			210.5
Total Access Equipment		562.4		1.3			563.7			717.9		—			717.9
Defense (a)		550.0		0.3			550.3			499.9		0.5			500.4
Fire & Emergency (a)		269.8		4.1			273.9			252.7		4.2			256.9
Commercial
Concrete placement		67.7		—			67.7			75.7		—			75.7
Refuse collection		102.3		—			102.3			115.9		—			115.9
Other		24.2		1.5			25.7			32.3		0.3			32.6
Total Commercial		194.2		1.5			195.7			223.9		0.3			224.2
Corporate and intersegment eliminations (a)		0.1		(7.2	)		(7.1	)		0.7		(5.0	)		(4.3	)
Consolidated	$	1,576.5	$	—		$	1,576.5		$	1,695.1	$	—		$	1,695.1

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

	Three Months Ended December 31,
	2020			2019
Operating income (loss):
Access Equipment (a)	$	24.9		$	69.0
Defense (b)		52.8			31.0
Fire & Emergency (b)		35.1			30.9
Commercial		11.9			17.8
Corporate		(28.8	)		(39.6	)
Consolidated		95.9			109.1
Interest expense, net of interest income		(11.4	)		(11.8	)
Miscellaneous other expense		(1.5	)		(0.4	)
Income before income taxes and losses of unconsolidated affiliates	$	83.0		$	96.9

^(a) Results for the three months ended December 31, 2020 include $4.8 million of restructuring costs and $3.2 million of other costs related to restructuring plans.

^(b) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

	December 31, 2020		September 30, 2020
Identifiable assets:
Access Equipment:
U.S.	$	1,975.9	$	2,151.4
Europe, Africa and Middle East		408.0		383.4
Rest of the World		373.1		359.0
Total Access Equipment		2,757.0		2,893.8
Defense: (a)
U.S.		1,153.0		1,078.7
Rest of the World		5.3		7.2
Total Defense		1,158.3		1,085.9
Fire & Emergency - U.S. (a)		530.9		563.6
Commercial:
U.S.		336.7		370.7
Rest of the World		53.4		47.5
Total Commercial		390.1		418.2
Corporate - U.S. (b)		1,180.1		854.4
Consolidated	$	6,016.4	$	5,815.9

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.

^(b) Primarily includes cash and short-term investments and the Company’s global headquarters.

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

	Three Months Ended December 31, 2020
	Access Equipment		Defense		Fire & Emergency		Commercial		Eliminations			Total
Net sales:
North America	$	405.3	$	494.2	$	253.0	$	194.5	$	(7.1	)	$	1,339.9
Europe, Africa and Middle East		74.4		55.3		13.0		0.2		—			142.9
Rest of the World		84.0		0.8		7.9		1.0		—			93.7
Consolidated	$	563.7	$	550.3	$	273.9	$	195.7	$	(7.1	)	$	1,576.5

	Three Months Ended December 31, 2019
	Access Equipment		Defense (a)		Fire & Emergency (a)		Commercial		Eliminations (a)			Total
Net sales:
North America	$	547.1	$	492.9	$	238.4	$	218.6	$	(4.3	)	$	1,492.7
Europe, Africa and Middle East		74.2		6.0		0.4		0.4		—			81.0
Rest of the World		96.6		1.5		18.1		5.2		—			121.4
Consolidated	$	717.9	$	500.4	$	256.9	$	224.2	$	(4.3	)	$	1,695.1

^(a) Results have been reclassified to reflect the move of the airport snow removal vehicle business from the Fire & Emergency segment to the Defense segment.