Revenue Recognition (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| 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
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Net sales |
|
$ |
1.8 |
|
|
$ |
(7.6 |
) |
Operating income |
|
|
(0.4 |
) |
|
|
(17.5 |
) |
Net income |
|
|
(0.3 |
) |
|
|
(13.4 |
) |
Diluted earnings per share |
|
$ |
— |
|
|
$ |
(0.21 |
) |
|
| 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, |
|
|
|
2026 |
|
|
2025 |
|
Engineering costs |
|
$ |
492.4 |
|
|
$ |
497.8 |
|
Customer-owned tooling |
|
|
269.7 |
|
|
|
274.3 |
|
Factory setup costs |
|
|
51.3 |
|
|
|
52.2 |
|
Costs for anticipated contracts |
|
|
— |
|
|
|
1.2 |
|
Deferred contract costs |
|
$ |
813.4 |
|
|
$ |
825.5 |
|
|
| Schedule of Changes in Deferred Contract Costs |
Changes in the Company’s deferred contract costs were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Balance at beginning of period |
|
$ |
825.5 |
|
|
$ |
842.6 |
|
Additions to deferred contract costs |
|
|
4.2 |
|
|
|
4.3 |
|
Amortization of deferred contract costs |
|
|
(16.3 |
) |
|
|
(2.7 |
) |
Balance at end of period |
|
$ |
813.4 |
|
|
$ |
844.2 |
|
|
| Disaggregation of Revenue |
Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate and Other |
|
|
Total |
|
Point in time |
|
$ |
924.9 |
|
|
$ |
629.1 |
|
|
$ |
7.9 |
|
|
$ |
9.7 |
|
|
$ |
1,571.6 |
|
Over time |
|
|
18.5 |
|
|
|
195.9 |
|
|
|
504.9 |
|
|
|
26.9 |
|
|
|
746.2 |
|
|
|
$ |
943.4 |
|
|
$ |
825.0 |
|
|
$ |
512.8 |
|
|
$ |
36.6 |
|
|
$ |
2,317.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate and Other |
|
|
Total |
|
Point in time |
|
$ |
942.0 |
|
|
$ |
632.6 |
|
|
$ |
14.3 |
|
|
$ |
5.6 |
|
|
$ |
1,594.5 |
|
Over time |
|
|
15.1 |
|
|
|
234.2 |
|
|
|
448.7 |
|
|
|
20.3 |
|
|
|
718.3 |
|
|
|
$ |
957.1 |
|
|
$ |
866.8 |
|
|
$ |
463.0 |
|
|
$ |
25.9 |
|
|
$ |
2,312.8 |
|
|
| Schedule of Contract Liabilities and Revenue Recognized |
Contract liabilities consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Customer advances |
|
$ |
814.8 |
|
|
$ |
737.1 |
|
Other current liabilities |
|
|
126.4 |
|
|
|
134.6 |
|
Non-current customer advances |
|
|
1,203.4 |
|
|
|
1,222.7 |
|
Other non-current liabilities |
|
|
85.9 |
|
|
|
85.1 |
|
Total contract liabilities |
|
$ |
2,230.5 |
|
|
$ |
2,179.5 |
|
Revenue recognized during the period from beginning of the year contract liabilities was as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Beginning liabilities recognized in revenue |
|
$ |
177.8 |
|
|
$ |
198.2 |
|
|
| Schedule of Changes in Service-type Warranties |
Changes in the Company’s service-type warranties were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Balance at beginning of period |
|
$ |
110.4 |
|
|
$ |
96.0 |
|
Deferred revenue for new service warranties |
|
|
12.4 |
|
|
|
10.3 |
|
Amortization of service warranty revenue |
|
|
(9.4 |
) |
|
|
(9.8 |
) |
Foreign currency translation |
|
|
(0.2 |
) |
|
|
0.5 |
|
Balance at end of period |
|
$ |
113.2 |
|
|
$ |
97.0 |
|
|
| Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets |
Classification of service-type warranties in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Other current liabilities |
|
$ |
40.2 |
|
|
$ |
39.3 |
|
Other non-current liabilities |
|
|
73.0 |
|
|
|
71.1 |
|
|
|
$ |
113.2 |
|
|
$ |
110.4 |
|
|