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Revenue Recognition (Tables)
 6 Months Ended
Mar. 31, 2021
Sales And Revenue Recognition [Abstract]  
Schedule of Changes Within Defense Segment Due to Contract Adjustments Contract adjustments resulted in changes within the Defense segment as follows (in millions, except for per share amounts):

 

 

 

Three Months Ended

March 31,

 

 

Six Months Ended

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales

 

$

(3.1

)

 

$

15.6

 

 

$

12.7

 

 

$

24.8

 

Operating income

 

 

(3.6

)

 

 

10.6

 

 

 

11.0

 

 

 

14.6

 

Net income

 

 

(2.8

)

 

 

7.6

 

 

 

8.4

 

 

 

10.4

 

Diluted earnings per share

 

$

(0.04

)

 

$

0.11

 

 

$

0.12

 

 

$

0.15

 

 
Disaggregation of Revenue

The table below presents consolidated net sales disaggregated by segment and timing of revenue recognition (in millions):

 

 

Three Months Ended March 31, 2021

 

 

 

Access

Equipment

 

 

Defense

 

 

Fire &

Emergency

 

 

Commercial

 

 

Corporate and

Intersegment

Eliminations

 

 

Total

 

Point in time

 

$

721.1

 

 

$

10.3

 

 

$

307.6

 

 

$

126.5

 

 

$

(7.0

)

 

$

1,158.5

 

Over time

 

 

17.1

 

 

 

604.4

 

 

 

4.9

 

 

 

103.5

 

 

 

0.6

 

 

 

730.5

 

 

 

$

738.2

 

 

$

614.7

 

 

$

312.5

 

 

$

230.0

 

 

$

(6.4

)

 

$

1,889.0

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

Access

Equipment

 

 

Defense (a)

 

 

Fire &

Emergency (a)

 

 

Commercial

 

 

Corporate and Intersegment

Eliminations (a)

 

 

Total

 

Point in time

 

$

670.8

 

 

$

9.1

 

 

$

236.8

 

 

$

118.1

 

 

$

(7.0

)

 

$

1,027.8

 

Over time

 

 

22.2

 

 

 

621.9

 

 

 

5.5

 

 

 

118.6

 

 

 

0.7

 

 

 

768.9

 

 

 

$

693.0

 

 

$

631.0

 

 

$

242.3

 

 

$

236.7

 

 

$

(6.3

)

 

$

1,796.7

 

 

 

 

Six Months Ended March 31, 2021

 

 

 

Access

Equipment

 

 

Defense

 

 

Fire &

Emergency

 

 

Commercial

 

 

Corporate and

Intersegment

Eliminations

 

 

Total

 

Point in time

 

$

1,269.2

 

 

$

29.9

 

 

$

576.5

 

 

$

241.3

 

 

$

(14.2

)

 

$

2,102.7

 

Over time

 

 

32.7

 

 

 

1,135.1

 

 

 

9.9

 

 

 

184.4

 

 

 

0.7

 

 

 

1,362.8

 

 

 

$

1,301.9

 

 

$

1,165.0

 

 

$

586.4

 

 

$

425.7

 

 

$

(13.5

)

 

$

3,465.5

 

 


 

 

 

 

Six Months Ended March 31, 2020

 

 

 

Access

Equipment

 

 

Defense (a)

 

 

Fire &

Emergency (a)

 

 

Commercial

 

 

Corporate and Intersegment

Eliminations (a)

 

 

Total

 

Point in time

 

$

1,366.1

 

 

$

13.0

 

 

$

487.3

 

 

$

237.5

 

 

$

(11.9

)

 

$

2,092.0

 

Over time

 

 

44.8

 

 

 

1,118.4

 

 

 

11.9

 

 

 

223.4

 

 

 

1.3

 

 

 

1,399.8

 

 

 

$

1,410.9

 

 

$

1,131.4

 

 

$

499.2

 

 

$

460.9

 

 

$

(10.6

)

 

$

3,491.8

 

 

(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.
Schedule of Contract Liabilities and Revenue Recognized Contract liabilities consisted of the following (in millions).

 

 

March 31,

 

 

September 30,

 

 

 

2021

 

 

2020

 

Customer advances

 

$

706.0

 

 

$

491.4

 

Other current liabilities

 

 

66.5

 

 

 

59.5

 

Other long-term liabilities

 

 

106.8

 

 

 

53.7

 

Total contract liabilities

 

$

879.3

 

 

$

604.6

 

 

 

 

Three Months Ended

March 31,

 

 

Six Months Ended

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Beginning liabilities recognized in revenue

 

$

129.8

 

 

$

117.7

 

 

$

317.9

 

 

$

290.6

 

 
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums Changes in the Company’s service-type warranties were as follows (in millions):

 

 

Six Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

64.4

 

 

$

68.2

 

Deferred revenue for new service warranties

 

 

11.5

 

 

 

11.8

 

Amortization of deferred revenue

 

 

(13.2

)

 

 

(14.2

)

Foreign currency translation

 

 

0.2

 

 

 

0.1

 

Balance at end of period

 

$

62.9

 

 

$

65.9

 

 

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

 

 

 

Six Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Balance at beginning of period

 

$

67.4

 

 

$

65.1

 

Warranty provisions

 

 

24.1

 

 

 

21.0

 

Settlements made

 

 

(31.2

)

 

 

(26.1

)

Changes in liability for pre-existing warranties, net

 

 

3.3

 

 

 

5.2

 

Foreign currency translation

 

 

0.1

 

 

 

—

 

Acquisition

 

 

0.3

 

 

 

—

 

Balance at end of period

 

$

64.0

 

 

$

65.2

 

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

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

 

 

March 31,

 

 

September 30,

 

 

 

2021

 

 

2020

 

Other current liabilities

 

$

23.7

 

 

$

24.7

 

Other long-term liabilities

 

 

39.2

 

 

 

39.7

 

 

 

$

62.9

 

 

$

64.4