Revenue Recognition (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Sales And Revenue Recognition [Abstract] |
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| Schedule of Impact Due to Contract Adjustments |
Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Net sales |
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$ |
(0.1 |
) |
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$ |
(3.2 |
) |
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$ |
(4.7 |
) |
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$ |
(7.7 |
) |
Operating income |
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(4.5 |
) |
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(7.0 |
) |
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(11.6 |
) |
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(20.7 |
) |
Net income |
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(3.5 |
) |
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(5.4 |
) |
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(8.9 |
) |
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(15.8 |
) |
Diluted earnings per share |
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$ |
(0.06 |
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$ |
(0.08 |
) |
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$ |
(0.14 |
) |
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$ |
(0.24 |
) |
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| Schedule of Deferred Contract Costs |
Deferred contract costs, the majority of which are related to the NGDV contract, consisted of the following (in millions):
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September 30, |
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December 31, |
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2026 |
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2025 |
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Engineering costs |
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$ |
472.5 |
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$ |
497.8 |
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Customer-owned tooling |
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261.8 |
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274.3 |
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Factory setup costs |
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48.9 |
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52.2 |
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Costs for anticipated contracts |
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— |
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1.2 |
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Deferred contract costs |
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$ |
783.2 |
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$ |
825.5 |
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| Schedule of Changes in Deferred Contract Costs |
Changes in the Company’s deferred contract costs were as follows (in millions):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Balance at beginning of period |
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$ |
796.9 |
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$ |
841.0 |
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$ |
825.5 |
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$ |
842.6 |
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Additions to deferred contract costs |
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8.0 |
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3.8 |
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15.1 |
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11.8 |
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Amortization of deferred contract costs |
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(21.7 |
) |
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(10.7 |
) |
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(57.4 |
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(20.3 |
) |
Balance at end of period |
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$ |
783.2 |
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$ |
834.1 |
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$ |
783.2 |
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$ |
834.1 |
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| Disaggregation of Revenue |
Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions):
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Three Months Ended September 30, 2026 |
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Access |
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Vocational |
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Transport |
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Corporate and Other |
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Total |
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Point in time |
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$ |
1,317.4 |
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$ |
687.3 |
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$ |
20.3 |
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$ |
10.9 |
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$ |
2,035.9 |
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Over time |
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22.2 |
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212.6 |
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541.7 |
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29.2 |
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805.7 |
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$ |
1,339.6 |
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$ |
899.9 |
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$ |
562.0 |
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$ |
40.1 |
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$ |
2,841.6 |
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Three Months Ended September 30, 2025 |
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Access |
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Vocational |
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Transport |
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Corporate and Other |
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Total |
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Point in time |
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$ |
1,089.9 |
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$ |
730.7 |
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$ |
37.5 |
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$ |
2.7 |
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$ |
1,860.8 |
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Over time |
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19.8 |
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237.3 |
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550.4 |
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20.3 |
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827.8 |
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$ |
1,109.7 |
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$ |
968.0 |
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$ |
587.9 |
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$ |
23.0 |
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$ |
2,688.6 |
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Nine Months Ended September 30, 2026 |
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Access |
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Vocational |
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Transport |
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Corporate and Other |
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Total |
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Point in time |
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$ |
3,596.0 |
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$ |
2,071.8 |
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$ |
61.8 |
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$ |
29.5 |
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$ |
5,759.1 |
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Over time |
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60.8 |
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619.9 |
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1,549.1 |
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85.6 |
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2,315.4 |
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$ |
3,656.8 |
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$ |
2,691.7 |
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$ |
1,610.9 |
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$ |
115.1 |
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$ |
8,074.5 |
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Nine Months Ended September 30, 2025 |
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Access |
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Vocational |
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Transport |
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Corporate and Other |
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Total |
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Point in time |
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$ |
3,268.1 |
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$ |
2,089.2 |
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$ |
60.9 |
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$ |
12.8 |
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$ |
5,431.0 |
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Over time |
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54.7 |
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715.3 |
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1,469.1 |
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63.4 |
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2,302.5 |
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$ |
3,322.8 |
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$ |
2,804.5 |
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$ |
1,530.0 |
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$ |
76.2 |
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$ |
7,733.5 |
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| Schedule of Contract Liabilities and Revenue Recognized |
Contract liabilities consisted of the following (in millions):
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September 30, |
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December 31, |
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2026 |
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2025 |
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Customer advances |
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$ |
750.2 |
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$ |
737.1 |
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Other current liabilities |
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163.0 |
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134.6 |
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Non-current customer advances |
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1,332.6 |
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1,222.7 |
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Other non-current liabilities |
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95.6 |
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85.1 |
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Total contract liabilities |
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$ |
2,341.4 |
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$ |
2,179.5 |
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Revenue recognized during the period from beginning of the year contract liabilities was as follows (in millions): Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Beginning liabilities recognized in revenue $ 148.7 $ 153.3 $ 503.6 $ 514.2
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| Schedule of Changes in Service-type Warranties |
Changes in the Company’s service-type warranties were as follows (in millions):
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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Balance at beginning of period |
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$ |
110.4 |
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$ |
96.0 |
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Deferred revenue for new service warranties |
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44.9 |
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40.5 |
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Amortization of service warranty revenue |
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(28.7 |
) |
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(30.3 |
) |
Foreign currency translation |
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(0.2 |
) |
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1.2 |
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Balance at end of period |
|
$ |
126.4 |
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$ |
107.4 |
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| 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):
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September 30, |
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December 31, |
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2026 |
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2025 |
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Other current liabilities |
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$ |
42.6 |
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$ |
39.3 |
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Other non-current liabilities |
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83.8 |
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71.1 |
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$ |
126.4 |
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$ |
110.4 |
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