Oshkosh (OSK) 10-Q25 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

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

CONDENSED CONSOLIDATED STATEMEN

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	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
Operating income	259.7	130.8
Other income (expense):
Interest expense	(22.4)	(13.4)
Interest income	1.6	6.2
Miscellaneous, net	(2)	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

CONDENSED CONSOLIDATED STATEM_2

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)
Total other comprehensive income (loss), net of tax	(17.6)	9
Comprehensive income	$ 161.8	$ 97.5

CONDENSED CONSOLIDATED BALANCE

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	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
Deferred contract costs	793.4	710.7
Other non-current assets	359.9	359.6
Total assets	9,471	9,129.2
Current liabilities:
Revolving credit facilities	641	175
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
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	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
Retained earnings	3,955.1	3,805.8
Accumulated other comprehensive loss	(89.6)	(72)
Common Stock in treasury, at cost (9,625,476 and 9,627,658 shares, respectively)	(861.9)	(852.2)
Total shareholders’ equity	3,826	3,705.3
Total liabilities and shareholders’ equity	$ 9,471	$ 9,129.2

CONDENSED CONSOLIDATED BALANC_2

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

CONDENSED CONSOLIDATED STATEM_3

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	$ 3,315	$ (92.3)	$ (843.7)
Net income	88.5	0	0	88.5	0	0
Employee pension and postretirement benefits, net of tax of $0.1	(0.4)	0	0	0	(0.4)	0
Currency translation adjustments	11.4	0	0	0	11.4	0
Derivative instruments, net of tax	(2)	0	0	0	(2)	0
Cash dividends ($0.46 per share in 2024 and $0.41 per share in 2023)	(26.8)	0	0	(26.8)	0	0
Repurchases of Common Stock	(15.2)	0	0	0	0	(15.2)
Exercise of stock options	2.5	0	0.5	0	0	2
Stock-based compensation expense	6.8	0	6.8	0	0	0
Payment of stock-based restricted and performance shares	0	0	(4.7)	0	0	4.7
Shares tendered for taxes on stock-based compensation	(3.4)	0	0	0	0	(3.4)
Other	0.1	0	(0.6)	0	0	0.7
Balance at Mar. 31, 2023	3,247.2	0.7	808	3,376.7	(83.3)	(854.9)
Balance at Dec. 31, 2023	3,705.3	0.7	823	3,805.8	(72)	(852.2)
Net income	179.4	0	0	179.4	0	0
Employee pension and postretirement benefits, net of tax of $0.1	(0.4)	0	0	0	(0.4)	0
Currency translation adjustments	(17.5)	0	0	0	(17.5)	0
Derivative instruments, net of tax	0.3	0	0	0	0.3	0
Cash dividends ($0.46 per share in 2024 and $0.41 per share in 2023)	(30.1)	0	0	(30.1)	0	0
Repurchases of Common Stock	(15.1)	0	0	0	0	(15.1)
Exercise of stock options	3.5	0	0.7	0	0	2.8
Stock-based compensation expense	8.7	0	8.7	0	0	0
Payment of stock-based restricted and performance shares	0	0	(10.4)	0	0	10.4
Shares tendered for taxes on stock-based compensation	(8.2)	0	0	0	0	(8.2)
Other	0.1	0	(0.3)	0	0	0.4
Balance at Mar. 31, 2024	$ 3,826	$ 0.7	$ 821.7	$ 3,955.1	$ (89.6)	$ (861.9)

CONDENSED CONSOLIDATED STATEM_4

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

CONDENSED CONSOLIDATED STATEM_5

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	11
Deferred income taxes	0.4	(26.3)
Other non-cash adjustments	5.8	6
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	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	0	(25)
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)	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

Insider Trading Arrangements

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

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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.

New Accounting Standards

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2024
Accounting Policies [Abstract]
New Accounting Standards	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 .

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2024
Business Combinations [Abstract]
Acquisitions and Divestitures	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 Ae roTech 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. 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 Net sales $ 2,409.4 Net income 79.6 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
Sales And Revenue Recognition [Abstract]
Revenue Recognition	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 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 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 no t 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 no t 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. 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 do es 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 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 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 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 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	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.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	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 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 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.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	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.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	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 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.

Receivables

Receivables	3 Months Ended
Receivables	Mar. 31, 2024
Receivables [Abstract]
Receivables	9. Receivables Receivables consisted of the following (in millions): March 31, December 31, 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, December 31, 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 Finance Total Trade and Finance 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

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	10. Inventories Inventories consisted of the following (in millions): March 31, December 31, 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

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
Property, Plant and Equipment	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	11. Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions): March 31, December 31, 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.

Goodwill and Purchased Intangib

Goodwill and Purchased Intangible Assets	3 Months Ended
Goodwill and Purchased Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Purchased Intangible Assets	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 Net Gross Accumulated 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 Net Gross Accumulated 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 .

Debt

Debt	3 Months Ended
Debt	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 On March 23, 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provi des 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. 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 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 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.

Warranties

Warranties	3 Months Ended
Warranties	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Warranties	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 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

Guarantee Arrangements

Guarantee Arrangements	3 Months Ended
Guarantee Arrangements	Mar. 31, 2024
Guarantees [Abstract]
Guarantee Arrangements	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. 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 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 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

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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 generall y 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. 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	17. Shareholders ’ Equity In May 2019, the Company’s Board of Directors approved a Common Stock repurchase authorization for which there was remaining au thority 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. C hanges to the Company's common shares outst anding were as follows (in shares): Three Months Ended 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

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
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 Cumulative Derivative Accumulated Other 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 Cumulative Derivative Accumulated Other 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 Three Months Ended 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 )

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	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. 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.

Business Segment Information

Business Segment Information	3 Months Ended
Business Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	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. 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 Inter- Net External Inter- Net 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 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

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables) - JBT Aerotech	3 Months Ended
Acquisitions and Divestitures (Tables) - JBT Aerotech	Mar. 31, 2024
Business Acquisition [Line Items]
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	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	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). Three Months Ended Net sales $ 2,409.4 Net income 79.6

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	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 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 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 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 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

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
Employee Benefit Plans (Tables)	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 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 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	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 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

Receivables (Tables)

Receivables (Tables)	3 Months Ended
Receivables (Tables)	Mar. 31, 2024
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following (in millions): March 31, December 31, 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, December 31, 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 Finance Total Trade and Finance 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

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in millions): March 31, December 31, 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

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
Property, Plant and Equipment (Tables)	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, December 31, 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

Goodwill and Purchased Intang_2

Goodwill and Purchased Intangible Assets (Tables)	3 Months Ended
Goodwill and Purchased Intangible Assets (Tables)	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 Net Gross Accumulated 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 Net Gross Accumulated 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

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	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

Warranties (Tables)

Warranties (Tables)	3 Months Ended
Warranties (Tables)	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 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 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

Guarantee Arrangements (Tables)

Guarantee Arrangements (Tables)	3 Months Ended
Guarantee Arrangements (Tables)	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 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 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

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
Shareholders' Equity (Tables)	Mar. 31, 2024
Class of Stock Disclosures [Abstract]
Summary of Changes to Common Shares Outstanding	hanges to the Company's common shares outst anding were as follows (in shares): Three Months Ended 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	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 Cumulative Derivative Accumulated Other 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 Cumulative Derivative Accumulated Other 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	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 Three Months Ended 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 )

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	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) 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.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
Business Segment Information (Tables)	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 Inter- Net External Inter- Net 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 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

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Details)	3 Months Ended
New Accounting Standards - Additional Information (Details)	Mar. 31, 2024
Accounting Standards Update 2023-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage effect of reconciling items	5%

Acquisitions and Divestitures -

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		$ 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
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%
Purchase price	$ 803.6
Consideration paid in cash	808
Amount receivable for post closing information technology integration costs	10
Amount receivable for state tax liabilities	1
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

Acquisitions and Divestitures_2

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
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
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

Acquisitions and Divestitures_3

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

Revenue Recognition - Schedule

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)	$ (6.5)
Operating income	(13.1)	(14.4)
Net income	$ (10)	$ (11)
Diluted earnings per share	$ (0.15)	$ (0.17)

Revenue Recognition - Additiona

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

Revenue Recognition - Schedul_2

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	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

Revenue Recognition - Disaggreg

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)	(0.9)
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)	(0.9)
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
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
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
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

Revenue Recognition - Schedul_3

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	$ 2,062.3

Revenue Recognition - Schedul_4

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

Revenue Recognition - Schedul_5

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
Amortization of deferred revenue	(7)	(6.5)
Foreign currency translation	(0.3)	0.1
Balance at end of period	$ 87.5	$ 78.7

Revenue Recognition - Schedul_6

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

Revenue Recognition - Additio_2

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

Stock-Based Compensation - Addi

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

Employee Benefit Plans - Schedu

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

Income Taxes - Additional Infor

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
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
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
Cash paid for income taxes, net of refunds	25.4	1.5
Cash paid for purchase of transferable tax credits	$ 22.1	$ 0.8

Earnings Per Share - Schedule o

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

Earnings Per Share - Additional

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

Receivables - Schedule of Recei

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

Receivables - Schedule of Class

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	$ 1,316.4
Non-current receivables	22.7	23.7
Receivables, net	$ 1,555.7	$ 1,340.1

Receivables - Schedule of Allow

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
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
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	0.1
Charge-off of accounts	0	0
Allowance at end of period	$ 0.1	$ 0.2

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,249.1	$ 1,271
Partially finished products	473.4	438.9
Finished products	485.9	421.7
Inventory net	$ 2,208.4	$ 2,131.6

Property, Plant and Equipment -

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
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

Property, Plant and Equipment_2

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		$ 6
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

Goodwill and Purchased Intang_3

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
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

Goodwill and Purchased Intang_4

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)
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)
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
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
Net goodwill at the end of the period	$ 392.1

Goodwill and Purchased Intang_5

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	1,912
Accumulated Impairment	(932.1)	(932.1)
Net	972.9	979.9
Defense
Goodwill [Line Items]
Gross	44.4	44.4
Accumulated Impairment	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

Goodwill and Purchased Intang_6

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

Debt - Schedule of Debt Instrum

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)	(4.2)
Debt, net	598.9	597.5
Revolving credit facilities	641	175
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facilities	641
4.60% Senior Notes due May 2028
Debt Instrument [Line Items]
Principal	300	300
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	300
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
Debt, net	$ 2.9	$ 1.7

Debt - Schedule of Debt Instr_2

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

Debt - Additional Information (

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

$ 175

Letters of credit outstanding

18.2

Debt outstanding

598.9

$ 597.5

Repayment of debt

$ 25

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%

Line of Credit

Debt Instrument [Line Items]

Available borrowing capacity | ¥

¥ 0

Second Line of Credit

Debt Instrument [Line Items]

Available borrowing capacity | ¥

Second Uncommitted Line of Credit

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity | ¥

Uncommitted Line of Credit

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity | ¥

¥ 426

Long term debt

Line of credit variable interest rate

3.95%

Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 1,100

Revolving credit facilities

$ 641

Maturity month and year

2027-03

Letters of credit outstanding

14.7

Available borrowing capacity

$ 444.3

Maximum leverage ratio

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

Long term debt

Line of credit variable interest rate

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)

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

Long term debt

Debt issued

$ 300

Debt instrument interest rate, stated percentage

4.60%

Maturity date

May 15, 2028

Debt instruments

Debt instrument, fair value

$ 294

$ 295

3.100% Senior Notes due March 2030

Long term debt

Debt issued

$ 300

Debt instrument interest rate, stated percentage

3.10%

Maturity date

Mar. 01, 2030

Debt instruments

Debt instrument, fair value

$ 267

$ 269

Subsequent Event | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 1,550

Warranties - Additional Informa

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

Warranties -Schedule of Changes

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)	(12.4)
Changes in liability for pre-existing warranties, net	(0.3)	(0.7)
Foreign currency translation	(0.1)	0
Disposition of business	0	(0.5)
Acquisition of business	0	0.2
Balance at end of period	$ 64.5	$ 60.3

Guarantee Arrangements - Additi

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

Guarantee Arrangements - Schedu

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
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	0.1
Balance at end of period	$ 5.2	$ 6.2

Contingencies - Additional Info

Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
Contingencies - Additional Information (Details) - USD ($)	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

Shareholders' Equity - Addition

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

Shareholders' Equity - Summary

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

Accumulated Other Comprehensi_3

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	$ 31.1
Employee Pension and Postretirement Benefits, Net of Tax, Other comprehensive income (loss) before reclassifications	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	1
Cumulative Translation Adjustments, Net current period other comprehensive income (loss)	(17.5)	11.4
Cumulative Translation Adjustments, Balance at end of period	(122)	(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)
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)	(92.3)
Accumulated Other Comprehensive Income (Loss), Other comprehensive income (loss) before reclassifications	(17)	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
Accumulated Other Comprehensive Income (Loss), Balance at end of period	$ (89.6)	$ (83.3)

Accumulated Other Comprehensi_4

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)

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Assets:
Investment in equity securities	[1]	$ 2.2	$ 3.5
Foreign currency exchange derivatives	[2]	1.1	0.5
Liabilities:
Foreign currency exchange derivatives	[2]	0.8	3.4
SERP Plan [Member]
Assets:
SERP plan assets	[3]	14.2	14.1
Level 1
Assets:
Investment in equity securities	[1]	2.2	3.5
Foreign currency exchange derivatives	[2]	0	0
Liabilities:
Foreign currency exchange derivatives	[2]	0	0
Level 1 \| SERP Plan [Member]
Assets:
SERP plan assets	[3]	14.2	14.1
Level 2
Assets:
Investment in equity securities	[1]	0	0
Foreign currency exchange derivatives	[2]	1.1	0.5
Liabilities:
Foreign currency exchange derivatives	[2]	0.8	3.4
Level 2 \| SERP Plan [Member]
Assets:
SERP plan assets	[3]	0	0
Level 3
Assets:
Investment in equity securities	[1]	0	0
Foreign currency exchange derivatives	[2]	0	0
Liabilities:
Foreign currency exchange derivatives	[2]	0	0
Level 3 \| SERP Plan [Member]
Assets:
SERP plan assets	[3]	$ 0	$ 0

[1] 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. Based on observable market transactions of forward currency prices. 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.

Business Segment Information -

Business Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments of entity (in segments)	3

Business Segment Information _2

Business Segment Information - Schedule of Net Sales by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,543.8	$ 2,268.1
Access Segment
Segment Reporting Information [Line Items]
Revenues	1,237.5	1,193.2
Access Segment \| Aerial Work Platforms
Segment Reporting Information [Line Items]
Revenues	591	602
Access Segment \| Telehandlers
Segment Reporting Information [Line Items]
Revenues	373.4	341.4
Access Segment \| Other
Segment Reporting Information [Line Items]
Revenues	273.1	249.8
Defense Segment
Segment Reporting Information [Line Items]
Revenues	534.6	512.8
Vocational Segment
Segment Reporting Information [Line Items]
Revenues	771.7	562
Vocational Segment \| Fire Apparatus
Segment Reporting Information [Line Items]
Revenues	327.2	288.4
Vocational Segment \| Refuse Collection
Segment Reporting Information [Line Items]
Revenues	147.3	141.9
Vocational Segment \| Other
Segment Reporting Information [Line Items]
Revenues	297.2	131.7
Eliminations
Segment Reporting Information [Line Items]
Revenues	0	0.1
Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,543.8	2,268.1
Operating Segments \| Access Segment
Segment Reporting Information [Line Items]
Revenues	1,237.5	1,193.2
Operating Segments \| Access Segment \| Aerial Work Platforms
Segment Reporting Information [Line Items]
Revenues	591	602
Operating Segments \| Access Segment \| Telehandlers
Segment Reporting Information [Line Items]
Revenues	373.4	341.4
Operating Segments \| Access Segment \| Other
Segment Reporting Information [Line Items]
Revenues	273.1	249.8
Operating Segments \| Defense Segment
Segment Reporting Information [Line Items]
Revenues	536.9	513.1
Operating Segments \| Vocational Segment
Segment Reporting Information [Line Items]
Revenues	772.4	562.7
Operating Segments \| Vocational Segment \| Fire Apparatus
Segment Reporting Information [Line Items]
Revenues	327.2	288.4
Operating Segments \| Vocational Segment \| Refuse Collection
Segment Reporting Information [Line Items]
Revenues	147.3	141.9
Operating Segments \| Vocational Segment \| Other
Segment Reporting Information [Line Items]
Revenues	297.9	132.4
Operating Segments \| Eliminations
Segment Reporting Information [Line Items]
Revenues	(3)	(0.9)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(3)	(0.9)
Intersegment Eliminations \| Access Segment
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Access Segment \| Aerial Work Platforms
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Access Segment \| Telehandlers
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Access Segment \| Other
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Defense Segment
Segment Reporting Information [Line Items]
Revenues	2.3	0.3
Intersegment Eliminations \| Vocational Segment
Segment Reporting Information [Line Items]
Revenues	0.7	0.7
Intersegment Eliminations \| Vocational Segment \| Fire Apparatus
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Vocational Segment \| Refuse Collection
Segment Reporting Information [Line Items]
Revenues	0	0
Intersegment Eliminations \| Vocational Segment \| Other
Segment Reporting Information [Line Items]
Revenues	0.7	0.7
Intersegment Eliminations \| Eliminations
Segment Reporting Information [Line Items]
Revenues	$ (3)	$ (1)

Business Segment Information _3

Business Segment Information - Schedule of Income (Loss) from Continuing operations by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating income (loss):
Operating income (loss)	$ 259.7	$ 130.8
Interest expense, net of interest income	(20.8)	(7.2)
Miscellaneous income (expense), net	(2)	5.8
Income before income taxes and losses of unconsolidated affiliates	236.9	129.4
Operating Segments \| Access Segment
Operating income (loss):
Operating income (loss)	208.1	135
Operating Segments \| Defense Segment
Operating income (loss):
Operating income (loss)	11.3	1.7
Operating Segments \| Vocational Segment
Operating income (loss):
Operating income (loss)	80.1	28.1
Corporate, Non-segment
Operating income (loss):
Operating income (loss)	$ (39.8)	$ (34)

Business Segment Information _4

Business Segment Information - Schedule of Net Sales by Geographical Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	$ 2,543.8	$ 2,268.1
North America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	2,243.9	1,928.7
Europe, Africa and Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	192	223.7
Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	107.9	115.7
Operating Segments
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	2,543.8	2,268.1
Intersegment Eliminations
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	(3)	(0.9)
Intersegment Eliminations \| North America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	(3)	(0.9)
Intersegment Eliminations \| Europe, Africa and Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0	0
Intersegment Eliminations \| Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0	0
Access Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	1,237.5	1,193.2
Access Segment \| Operating Segments
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	1,237.5	1,193.2
Access Segment \| Operating Segments \| North America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	1,031.9	948.6
Access Segment \| Operating Segments \| Europe, Africa and Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	106	136.7
Access Segment \| Operating Segments \| Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	99.6	107.9
Access Segment \| Intersegment Eliminations
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0	0
Defense Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	534.6	512.8
Defense Segment \| Operating Segments
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	536.9	513.1
Defense Segment \| Operating Segments \| North America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	460.8	427.6
Defense Segment \| Operating Segments \| Europe, Africa and Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	75.9	85.3
Defense Segment \| Operating Segments \| Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	0.2	0.2
Defense Segment \| Intersegment Eliminations
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	2.3	0.3
Vocational Segment
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	771.7	562
Vocational Segment \| Operating Segments
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	772.4	562.7
Vocational Segment \| Operating Segments \| North America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	754.2	553.4
Vocational Segment \| Operating Segments \| Europe, Africa and Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	10.1	1.7
Vocational Segment \| Operating Segments \| Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	8.1	7.6
Vocational Segment \| Intersegment Eliminations
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	$ 0.7	$ 0.7