| 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
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Access |
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
658.3 |
|
|
$ |
556.5 |
|
|
$ |
1,824.4 |
|
|
$ |
1,645.3 |
|
Telehandlers |
|
|
320.0 |
|
|
|
260.8 |
|
|
|
791.5 |
|
|
|
830.4 |
|
Other |
|
|
361.3 |
|
|
|
292.4 |
|
|
|
1,040.9 |
|
|
|
847.1 |
|
Total Access |
|
|
1,339.6 |
|
|
|
1,109.7 |
|
|
|
3,656.8 |
|
|
|
3,322.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vocational |
|
|
|
|
|
|
|
|
|
|
|
|
Municipal fire apparatus |
|
|
362.1 |
|
|
|
405.5 |
|
|
|
1,117.5 |
|
|
|
1,133.3 |
|
Airport products |
|
|
269.1 |
|
|
|
251.2 |
|
|
|
753.7 |
|
|
|
722.6 |
|
Refuse and recycling vehicles |
|
|
162.5 |
|
|
|
185.3 |
|
|
|
476.9 |
|
|
|
587.8 |
|
Other |
|
|
106.2 |
|
|
|
126.0 |
|
|
|
343.6 |
|
|
|
360.8 |
|
Total Vocational |
|
|
899.9 |
|
|
|
968.0 |
|
|
|
2,691.7 |
|
|
|
2,804.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transport |
|
|
|
|
|
|
|
|
|
|
|
|
Defense |
|
|
301.2 |
|
|
|
441.6 |
|
|
|
871.9 |
|
|
|
1,226.3 |
|
Delivery vehicles |
|
|
260.8 |
|
|
|
146.3 |
|
|
|
739.0 |
|
|
|
303.7 |
|
Total Transport |
|
|
562.0 |
|
|
|
587.9 |
|
|
|
1,610.9 |
|
|
|
1,530.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other |
|
|
40.1 |
|
|
|
23.0 |
|
|
|
115.1 |
|
|
|
76.2 |
|
Consolidated |
|
$ |
2,841.6 |
|
|
$ |
2,688.6 |
|
|
$ |
8,074.5 |
|
|
$ |
7,733.5 |
|
|
| Schedule of Income (Loss) from Continuing Operations by Reportable Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Total Segment |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Net Sales |
|
$ |
1,339.6 |
|
|
$ |
899.9 |
|
|
$ |
562.0 |
|
|
$ |
2,801.5 |
|
|
$ |
40.1 |
|
|
$ |
2,841.6 |
|
Cost of sales (excluding R&D) |
|
|
1,086.4 |
|
|
|
719.4 |
|
|
|
520.2 |
|
|
|
2,326.0 |
|
|
|
33.1 |
|
|
|
2,359.1 |
|
Research and development |
|
|
22.1 |
|
|
|
6.9 |
|
|
|
7.9 |
|
|
|
36.9 |
|
|
|
5.3 |
|
|
|
42.2 |
|
Gross income |
|
|
231.1 |
|
|
|
173.6 |
|
|
|
33.9 |
|
|
|
438.6 |
|
|
|
1.7 |
|
|
|
440.3 |
|
Employee compensation |
|
|
44.5 |
|
|
|
30.7 |
|
|
|
12.8 |
|
|
|
88.0 |
|
|
|
39.5 |
|
|
|
127.5 |
|
Amortization of purchased intangibles |
|
|
4.2 |
|
|
|
9.3 |
|
|
|
— |
|
|
|
13.5 |
|
|
|
0.8 |
|
|
|
14.3 |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other items(a) |
|
|
36.7 |
|
|
|
46.0 |
|
|
|
12.9 |
|
|
|
95.6 |
|
|
|
5.8 |
|
|
|
101.4 |
|
Operating income |
|
$ |
145.7 |
|
|
$ |
87.6 |
|
|
$ |
8.2 |
|
|
$ |
241.5 |
|
|
$ |
(44.4 |
) |
|
|
197.1 |
|
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(25.0 |
) |
Miscellaneous, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 |
|
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
177.9 |
|
(a)Includes outside services and consulting, software and information technology, bad debt, advertising, travel, lease expense, depreciation and other miscellaneous SG&A expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Total Segment |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Net Sales |
|
$ |
1,109.7 |
|
|
$ |
968.0 |
|
|
$ |
587.9 |
|
|
$ |
2,665.6 |
|
|
$ |
23.0 |
|
|
$ |
2,688.6 |
|
Cost of sales (excluding R&D) |
|
|
895.4 |
|
|
|
741.4 |
|
|
|
522.7 |
|
|
|
2,159.5 |
|
|
|
19.2 |
|
|
|
2,178.7 |
|
Research and development |
|
|
21.1 |
|
|
|
13.3 |
|
|
|
1.1 |
|
|
|
35.5 |
|
|
|
3.9 |
|
|
|
39.4 |
|
Gross income |
|
|
193.2 |
|
|
|
213.3 |
|
|
|
64.1 |
|
|
|
470.6 |
|
|
|
(0.1 |
) |
|
|
470.5 |
|
Employee compensation |
|
|
36.5 |
|
|
|
33.4 |
|
|
|
13.2 |
|
|
|
83.1 |
|
|
|
31.7 |
|
|
|
114.8 |
|
Amortization of purchased intangibles |
|
|
3.8 |
|
|
|
9.4 |
|
|
|
— |
|
|
|
13.2 |
|
|
|
0.7 |
|
|
|
13.9 |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other items(a) |
|
|
34.9 |
|
|
|
28.8 |
|
|
|
14.3 |
|
|
|
78.0 |
|
|
|
3.4 |
|
|
|
81.4 |
|
Operating income |
|
$ |
118.0 |
|
|
$ |
141.7 |
|
|
$ |
36.6 |
|
|
$ |
296.3 |
|
|
$ |
(35.9 |
) |
|
|
260.4 |
|
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28.1 |
) |
Miscellaneous, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.1 |
|
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
238.4 |
|
(a)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Total Segment |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Net Sales |
|
$ |
3,656.8 |
|
|
$ |
2,691.7 |
|
|
$ |
1,610.9 |
|
|
$ |
7,959.4 |
|
|
$ |
115.1 |
|
|
$ |
8,074.5 |
|
Cost of sales (excluding R&D) |
|
|
3,000.0 |
|
|
|
2,133.0 |
|
|
|
1,491.3 |
|
|
|
6,624.3 |
|
|
|
96.6 |
|
|
|
6,720.9 |
|
Research and development |
|
|
68.4 |
|
|
|
23.6 |
|
|
|
15.6 |
|
|
|
107.6 |
|
|
|
13.5 |
|
|
|
121.1 |
|
Gross income |
|
|
588.4 |
|
|
|
535.1 |
|
|
|
104.0 |
|
|
|
1,227.5 |
|
|
|
5.0 |
|
|
|
1,232.5 |
|
Employee compensation |
|
|
132.5 |
|
|
|
98.5 |
|
|
|
42.7 |
|
|
|
273.7 |
|
|
|
119.7 |
|
|
|
393.4 |
|
Amortization of purchased intangibles |
|
|
12.5 |
|
|
|
28.1 |
|
|
|
— |
|
|
|
40.6 |
|
|
|
2.4 |
|
|
|
43.0 |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other items(a) |
|
|
111.4 |
|
|
|
115.1 |
|
|
|
33.1 |
|
|
|
259.6 |
|
|
|
14.2 |
|
|
|
273.8 |
|
Operating income |
|
$ |
332.0 |
|
|
$ |
293.4 |
|
|
$ |
28.2 |
|
|
$ |
653.6 |
|
|
$ |
(131.3 |
) |
|
|
522.3 |
|
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(77.5 |
) |
Miscellaneous, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.5 |
|
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
452.3 |
|
(a)Includes outside services and consulting, software and information technology, lease expense, travel, advertising, depreciation and other miscellaneous SG&A expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Total Segment |
|
|
Corporate
and Other |
|
|
Consolidated |
|
Net Sales |
|
$ |
3,322.8 |
|
|
$ |
2,804.5 |
|
|
$ |
1,530.0 |
|
|
$ |
7,657.3 |
|
|
$ |
76.2 |
|
|
$ |
7,733.5 |
|
Cost of sales (excluding R&D) |
|
|
2,617.3 |
|
|
|
2,132.5 |
|
|
|
1,391.5 |
|
|
|
6,141.3 |
|
|
|
64.1 |
|
|
|
6,205.4 |
|
Research and development |
|
|
64.4 |
|
|
|
45.3 |
|
|
|
4.8 |
|
|
|
114.5 |
|
|
|
18.7 |
|
|
|
133.2 |
|
Gross income |
|
|
641.1 |
|
|
|
626.7 |
|
|
|
133.7 |
|
|
|
1,401.5 |
|
|
|
(6.6 |
) |
|
|
1,394.9 |
|
Employee compensation |
|
|
118.2 |
|
|
|
102.7 |
|
|
|
40.1 |
|
|
|
261.0 |
|
|
|
107.0 |
|
|
|
368.0 |
|
Amortization of purchased intangibles |
|
|
10.8 |
|
|
|
28.2 |
|
|
|
— |
|
|
|
39.0 |
|
|
|
2.2 |
|
|
|
41.2 |
|
Intangible asset impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.7 |
|
|
|
5.7 |
|
Other items(a) |
|
|
109.4 |
|
|
|
89.0 |
|
|
|
38.6 |
|
|
|
237.0 |
|
|
|
15.5 |
|
|
|
252.5 |
|
Operating income |
|
$ |
402.7 |
|
|
$ |
406.8 |
|
|
$ |
55.0 |
|
|
$ |
864.5 |
|
|
$ |
(137.0 |
) |
|
|
727.5 |
|
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(81.2 |
) |
Miscellaneous, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13.9 |
|
Income before income taxes and earnings (losses) of unconsolidated affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
660.2 |
|
(a)Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses.
|
| Schedule of Net Sales by Geographical Areas |
The following tables present net sales by geographic region based on product shipment destination (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate
and Other |
|
|
Total |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
1,096.6 |
|
|
$ |
821.3 |
|
|
$ |
526.3 |
|
|
$ |
39.3 |
|
|
$ |
2,483.5 |
|
Other North America |
|
|
45.2 |
|
|
|
45.8 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
91.2 |
|
Europe, Africa and Middle East |
|
|
139.3 |
|
|
|
20.5 |
|
|
|
27.4 |
|
|
|
0.3 |
|
|
|
187.5 |
|
Rest of the World |
|
|
58.5 |
|
|
|
12.3 |
|
|
|
8.3 |
|
|
|
0.3 |
|
|
|
79.4 |
|
Consolidated |
|
$ |
1,339.6 |
|
|
$ |
899.9 |
|
|
$ |
562.0 |
|
|
$ |
40.1 |
|
|
$ |
2,841.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate
and Other |
|
|
Total |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
861.3 |
|
|
$ |
891.1 |
|
|
$ |
465.5 |
|
|
$ |
20.2 |
|
|
$ |
2,238.1 |
|
Other North America |
|
|
45.6 |
|
|
|
45.7 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
91.6 |
|
Europe, Africa and Middle East |
|
|
151.2 |
|
|
|
17.2 |
|
|
|
105.1 |
|
|
|
2.3 |
|
|
|
275.8 |
|
Rest of the World |
|
|
51.6 |
|
|
|
14.0 |
|
|
|
17.3 |
|
|
|
0.2 |
|
|
|
83.1 |
|
Consolidated |
|
$ |
1,109.7 |
|
|
$ |
968.0 |
|
|
$ |
587.9 |
|
|
$ |
23.0 |
|
|
$ |
2,688.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate
and Other |
|
|
Total |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
2,907.3 |
|
|
$ |
2,446.4 |
|
|
$ |
1,461.7 |
|
|
$ |
107.8 |
|
|
$ |
6,923.2 |
|
Other North America |
|
|
115.0 |
|
|
|
143.0 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
258.7 |
|
Europe, Africa and Middle East |
|
|
479.3 |
|
|
|
65.4 |
|
|
|
90.2 |
|
|
|
1.3 |
|
|
|
636.2 |
|
Rest of the World |
|
|
155.2 |
|
|
|
36.9 |
|
|
|
59.0 |
|
|
|
5.3 |
|
|
|
256.4 |
|
Consolidated |
|
$ |
3,656.8 |
|
|
$ |
2,691.7 |
|
|
$ |
1,610.9 |
|
|
$ |
115.1 |
|
|
$ |
8,074.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
Access |
|
|
Vocational |
|
|
Transport |
|
|
Corporate
and Other |
|
|
Total |
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
2,567.3 |
|
|
$ |
2,580.2 |
|
|
$ |
1,142.2 |
|
|
$ |
65.3 |
|
|
$ |
6,355.0 |
|
Other North America |
|
|
153.2 |
|
|
|
132.7 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
287.3 |
|
Europe, Africa and Middle East |
|
|
434.6 |
|
|
|
48.2 |
|
|
|
349.7 |
|
|
|
7.3 |
|
|
|
839.8 |
|
Rest of the World |
|
|
167.7 |
|
|
|
43.4 |
|
|
|
38.1 |
|
|
|
2.2 |
|
|
|
251.4 |
|
Consolidated |
|
$ |
3,322.8 |
|
|
$ |
2,804.5 |
|
|
$ |
1,530.0 |
|
|
$ |
76.2 |
|
|
$ |
7,733.5 |
|
|