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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oshkosh Corporation | NYSE:OSK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.50 | 0.45% | 112.77 | 114.18 | 111.75 | 112.11 | 550,127 | 22:30:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
|
Wisconsin
|
|
39-0520270
|
(State or other jurisdiction
of incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
P.O.
Box 2566
Oshkosh, Wisconsin
|
|
54903-2566
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
||
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Page
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Three Months
and Nine Months Ended June 30, 2016 and 2015
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Three Months and Nine Months Ended June 30, 2016 and 2015
|
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June 30, 2016 and September 30, 2015
|
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|
Nine Months Ended June 30, 2016 and 2015
|
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|
|
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|
Nine Months Ended June 30, 2016 and 2015
|
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|
|
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||
|
|
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|
|
|
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|
|
|
|
|
|
|
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|
|
|
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|
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|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
1,747.5
|
|
|
$
|
1,612.3
|
|
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
Cost of sales
|
1,432.9
|
|
|
1,328.3
|
|
|
3,767.1
|
|
|
3,730.3
|
|
||||
Gross income
|
314.6
|
|
|
284.0
|
|
|
756.7
|
|
|
789.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
154.7
|
|
|
134.2
|
|
|
448.7
|
|
|
437.5
|
|
||||
Amortization of purchased intangibles
|
13.1
|
|
|
13.2
|
|
|
39.5
|
|
|
40.0
|
|
||||
Total operating expenses
|
167.8
|
|
|
147.4
|
|
|
488.2
|
|
|
477.5
|
|
||||
Operating income
|
146.8
|
|
|
136.6
|
|
|
268.5
|
|
|
312.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(15.8
|
)
|
|
(13.2
|
)
|
|
(46.0
|
)
|
|
(56.4
|
)
|
||||
Interest income
|
0.5
|
|
|
0.6
|
|
|
1.5
|
|
|
2.0
|
|
||||
Miscellaneous, net
|
0.8
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||
Income before income taxes and equity in earnings of unconsolidated affiliates
|
132.3
|
|
|
123.8
|
|
|
223.8
|
|
|
257.4
|
|
||||
Provision for income taxes
|
48.4
|
|
|
34.8
|
|
|
70.4
|
|
|
80.5
|
|
||||
Income before equity in earnings of unconsolidated affiliates
|
83.9
|
|
|
89.0
|
|
|
153.4
|
|
|
176.9
|
|
||||
Equity in earnings of unconsolidated affiliates
|
0.3
|
|
|
0.9
|
|
|
1.5
|
|
|
2.3
|
|
||||
Net income
|
$
|
84.2
|
|
|
$
|
89.9
|
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
1.15
|
|
|
$
|
1.15
|
|
|
$
|
2.11
|
|
|
$
|
2.28
|
|
Diluted
|
1.13
|
|
|
1.13
|
|
|
2.08
|
|
|
2.25
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per share on Common Stock
|
$
|
0.19
|
|
|
$
|
0.17
|
|
|
$
|
0.57
|
|
|
$
|
0.51
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
84.2
|
|
|
$
|
89.9
|
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Employee pension and postretirement benefits
|
0.6
|
|
|
0.7
|
|
|
1.5
|
|
|
1.0
|
|
||||
Currency translation adjustments
|
(12.6
|
)
|
|
13.2
|
|
|
(4.9
|
)
|
|
(62.8
|
)
|
||||
Change in fair value of derivative instruments
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Total other comprehensive income (loss), net of tax
|
(12.1
|
)
|
|
13.8
|
|
|
(3.5
|
)
|
|
(61.9
|
)
|
||||
Comprehensive income
|
$
|
72.1
|
|
|
$
|
103.7
|
|
|
$
|
151.4
|
|
|
$
|
117.3
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
45.5
|
|
|
$
|
42.9
|
|
Receivables, net
|
1,198.4
|
|
|
964.6
|
|
||
Inventories, net
|
1,254.9
|
|
|
1,301.7
|
|
||
Deferred income taxes, net
|
55.1
|
|
|
52.2
|
|
||
Prepaid income taxes
|
23.4
|
|
|
22.8
|
|
||
Other current assets
|
67.1
|
|
|
45.1
|
|
||
Total current assets
|
2,644.4
|
|
|
2,429.3
|
|
||
Investment in unconsolidated affiliates
|
15.2
|
|
|
16.2
|
|
||
Property, plant and equipment, net
|
479.1
|
|
|
475.8
|
|
||
Goodwill
|
1,001.0
|
|
|
1,001.1
|
|
||
Purchased intangible assets, net
|
566.7
|
|
|
606.7
|
|
||
Other long-term assets
|
86.3
|
|
|
83.9
|
|
||
Total assets
|
$
|
4,792.7
|
|
|
$
|
4,613.0
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Revolving credit facilities and current maturities of long-term debt
|
$
|
127.0
|
|
|
$
|
83.5
|
|
Accounts payable
|
565.1
|
|
|
552.8
|
|
||
Customer advances
|
492.9
|
|
|
440.2
|
|
||
Payroll-related obligations
|
138.5
|
|
|
116.6
|
|
||
Other current liabilities
|
293.9
|
|
|
265.0
|
|
||
Total current liabilities
|
1,617.4
|
|
|
1,458.1
|
|
||
Long-term debt, less current maturities
|
840.0
|
|
|
855.0
|
|
||
Deferred income taxes, net
|
92.9
|
|
|
91.7
|
|
||
Other long-term liabilities
|
298.0
|
|
|
297.1
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
||||
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding)
|
—
|
|
|
—
|
|
||
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,101,465 shares issued)
|
0.9
|
|
|
0.9
|
|
||
Additional paid-in capital
|
782.8
|
|
|
771.5
|
|
||
Retained earnings
|
2,129.5
|
|
|
2,016.5
|
|
||
Accumulated other comprehensive loss
|
(147.9
|
)
|
|
(144.4
|
)
|
||
Common Stock in treasury, at cost (18,663,358 and 16,647,031 shares, respectively)
|
(820.9
|
)
|
|
(733.4
|
)
|
||
Total shareholders’ equity
|
1,944.4
|
|
|
1,911.1
|
|
||
Total liabilities and shareholders' equity
|
$
|
4,792.7
|
|
|
$
|
4,613.0
|
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Common
Stock in
Treasury
at Cost
|
|
Total
|
||||||||||||
Balance at September 30, 2014
|
$
|
0.9
|
|
|
$
|
758.0
|
|
|
$
|
1,840.1
|
|
|
$
|
(69.2
|
)
|
|
$
|
(544.8
|
)
|
|
$
|
1,985.0
|
|
Net income
|
—
|
|
|
—
|
|
|
179.2
|
|
|
—
|
|
|
—
|
|
|
179.2
|
|
||||||
Employee pension and postretirement benefits, net
of tax of $0.4
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
||||||
Currency translation adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(62.8
|
)
|
|
—
|
|
|
(62.8
|
)
|
||||||
Cash dividends ($0.51 per share)
|
—
|
|
|
—
|
|
|
(40.0
|
)
|
|
—
|
|
|
—
|
|
|
(40.0
|
)
|
||||||
Repurchases of Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88.1
|
)
|
|
(88.1
|
)
|
||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|
7.3
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
16.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.4
|
|
||||||
Excess tax benefit from stock-based compensation
|
—
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
||||||
Payment of earned performance shares
|
—
|
|
|
(7.4
|
)
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|
—
|
|
||||||
Shares tendered for taxes on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
|
(4.9
|
)
|
||||||
Derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Other
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.4
|
|
||||||
Balance at June 30, 2015
|
$
|
0.9
|
|
|
$
|
770.8
|
|
|
$
|
1,979.3
|
|
|
$
|
(131.1
|
)
|
|
$
|
(622.3
|
)
|
|
$
|
1,997.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Common
Stock in
Treasury
at Cost
|
|
Total
|
||||||||||||
Balance at September 30, 2015
|
$
|
0.9
|
|
|
$
|
771.5
|
|
|
$
|
2,016.5
|
|
|
$
|
(144.4
|
)
|
|
$
|
(733.4
|
)
|
|
$
|
1,911.1
|
|
Net income
|
—
|
|
|
—
|
|
|
154.9
|
|
|
—
|
|
|
—
|
|
|
154.9
|
|
||||||
Employee pension and postretirement benefits, net
of tax of $0.8
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
||||||
Currency translation adjustments, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
|
—
|
|
|
(4.9
|
)
|
||||||
Cash dividends ($0.57 per share)
|
—
|
|
|
—
|
|
|
(41.9
|
)
|
|
—
|
|
|
—
|
|
|
(41.9
|
)
|
||||||
Repurchases of Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.1
|
)
|
|
(100.1
|
)
|
||||||
Exercise of stock options
|
—
|
|
|
(1.8
|
)
|
|
—
|
|
|
—
|
|
|
10.6
|
|
|
8.8
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
16.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.0
|
|
||||||
Excess tax benefit from stock-based compensation
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||||
Payment of earned performance shares
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
||||||
Shares tendered for taxes on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.6
|
)
|
|
(1.6
|
)
|
||||||
Derivative instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Other
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
0.3
|
|
||||||
Balance at June 30, 2016
|
$
|
0.9
|
|
|
$
|
782.8
|
|
|
$
|
2,129.5
|
|
|
$
|
(147.9
|
)
|
|
$
|
(820.9
|
)
|
|
$
|
1,944.4
|
|
|
Nine Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
154.9
|
|
|
$
|
179.2
|
|
Depreciation and amortization
|
95.9
|
|
|
94.1
|
|
||
Stock-based compensation expense
|
16.0
|
|
|
16.4
|
|
||
Deferred income taxes
|
(4.5
|
)
|
|
(7.1
|
)
|
||
Foreign currency transaction losses
|
0.1
|
|
|
7.9
|
|
||
Gain on sale of assets
|
(7.6
|
)
|
|
(8.6
|
)
|
||
Other non-cash adjustments
|
0.7
|
|
|
14.5
|
|
||
Changes in operating assets and liabilities
|
(93.6
|
)
|
|
(333.0
|
)
|
||
Net cash provided (used) by operating activities
|
161.9
|
|
|
(36.6
|
)
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Additions to property, plant and equipment
|
(62.3
|
)
|
|
(100.0
|
)
|
||
Additions to equipment held for rental
|
(30.9
|
)
|
|
(19.8
|
)
|
||
Acquisition of business, net of cash acquired
|
—
|
|
|
(8.8
|
)
|
||
Proceeds from sale of equipment held for rental
|
33.7
|
|
|
25.5
|
|
||
Other investing activities
|
(1.5
|
)
|
|
(0.7
|
)
|
||
Net cash used by investing activities
|
(61.0
|
)
|
|
(103.8
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
|
|
||
Net decrease in short-term debt
|
(16.5
|
)
|
|
—
|
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
323.5
|
|
|
345.0
|
|
||
Repayment of debt (original maturities greater than three months)
|
(278.5
|
)
|
|
(340.0
|
)
|
||
Repurchases of Common Stock
|
(100.1
|
)
|
|
(88.1
|
)
|
||
Dividends paid
|
(41.9
|
)
|
|
(40.0
|
)
|
||
Debt issuance costs
|
—
|
|
|
(15.5
|
)
|
||
Proceeds from exercise of stock options
|
8.8
|
|
|
7.3
|
|
||
Excess tax benefit from stock-based compensation
|
1.3
|
|
|
4.3
|
|
||
Net cash used by financing activities
|
(103.4
|
)
|
|
(127.0
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash
|
5.1
|
|
|
(0.2
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
2.6
|
|
|
(267.6
|
)
|
||
Cash and cash equivalents at beginning of period
|
42.9
|
|
|
313.8
|
|
||
Cash and cash equivalents at end of period
|
$
|
45.5
|
|
|
$
|
46.2
|
|
|
|
|
|
||||
Supplemental disclosures:
|
|
|
|
||||
Cash paid for interest
|
$
|
34.4
|
|
|
$
|
31.9
|
|
Cash paid for income taxes
|
65.6
|
|
|
60.5
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
U.S. government:
|
|
|
|
||||
Amounts billed
|
$
|
55.8
|
|
|
$
|
63.1
|
|
Costs and profits not billed
|
33.7
|
|
|
66.8
|
|
||
|
89.5
|
|
|
129.9
|
|
||
Other trade receivables
|
1,075.6
|
|
|
782.3
|
|
||
Finance receivables
|
6.9
|
|
|
7.4
|
|
||
Notes receivable
|
37.2
|
|
|
29.6
|
|
||
Other receivables
|
39.1
|
|
|
57.7
|
|
||
|
1,248.3
|
|
|
1,006.9
|
|
||
Less allowance for doubtful accounts
|
(22.7
|
)
|
|
(20.3
|
)
|
||
|
$
|
1,225.6
|
|
|
$
|
986.6
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Current receivables
|
$
|
1,198.4
|
|
|
$
|
964.6
|
|
Long-term receivables (included in Other long-term assets)
|
27.2
|
|
|
22.0
|
|
||
|
$
|
1,225.6
|
|
|
$
|
986.6
|
|
|
Finance Receivables
|
|
Notes Receivable
|
||||||||||||
|
June 30,
2016
|
|
September 30, 2015
|
|
June 30,
2016
|
|
September 30, 2015
|
||||||||
Aging of receivables that are past due:
|
|
|
|
|
|
|
|
||||||||
Greater than 30 days and less than 60 days
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Greater than 60 days and less than 90 days
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Greater than 90 days
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Receivables on nonaccrual status
|
1.1
|
|
|
1.1
|
|
|
26.4
|
|
|
22.9
|
|
||||
Receivables past due 90 days or more and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Receivables subject to general reserves
|
2.9
|
|
|
6.2
|
|
|
—
|
|
|
—
|
|
||||
Allowance for doubtful accounts
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
||||
Receivables subject to specific reserves
|
4.0
|
|
|
1.2
|
|
|
37.2
|
|
|
29.6
|
|
||||
Allowance for doubtful accounts
|
(0.7
|
)
|
|
—
|
|
|
(13.0
|
)
|
|
(12.7
|
)
|
|
Three Months Ended June 30, 2016
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||||||
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
||||||||||||||||
Allowance for doubtful accounts at beginning of period
|
$
|
0.4
|
|
|
$
|
13.2
|
|
|
$
|
8.3
|
|
|
$
|
21.9
|
|
|
$
|
—
|
|
|
$
|
12.1
|
|
|
$
|
9.1
|
|
|
$
|
21.2
|
|
Provision for doubtful accounts, net of recoveries
|
0.4
|
|
|
0.1
|
|
|
0.6
|
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
||||||||
Charge-off of accounts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
|
(1.7
|
)
|
||||||||
Foreign currency translation
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||||
Allowance for doubtful accounts at end of period
|
$
|
0.8
|
|
|
$
|
13.0
|
|
|
$
|
8.9
|
|
|
$
|
22.7
|
|
|
$
|
—
|
|
|
$
|
12.5
|
|
|
$
|
7.6
|
|
|
$
|
20.1
|
|
|
Nine Months Ended June 30, 2016
|
|
Nine Months Ended June 30, 2015
|
||||||||||||||||||||||||||||
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
||||||||||||||||
Allowance for doubtful accounts at beginning of period
|
$
|
0.1
|
|
|
$
|
12.7
|
|
|
$
|
7.5
|
|
|
$
|
20.3
|
|
|
$
|
—
|
|
|
$
|
13.6
|
|
|
$
|
8.2
|
|
|
$
|
21.8
|
|
Provision for doubtful accounts, net of recoveries
|
0.7
|
|
|
0.4
|
|
|
1.8
|
|
|
2.9
|
|
|
—
|
|
|
0.1
|
|
|
1.4
|
|
|
1.5
|
|
||||||||
Charge-off of accounts
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
|
(1.9
|
)
|
||||||||
Foreign currency translation
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
(0.1
|
)
|
|
(1.3
|
)
|
||||||||
Allowance for doubtful accounts at end of period
|
$
|
0.8
|
|
|
$
|
13.0
|
|
|
$
|
8.9
|
|
|
$
|
22.7
|
|
|
$
|
—
|
|
|
$
|
12.5
|
|
|
$
|
7.6
|
|
|
$
|
20.1
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Raw materials
|
$
|
514.8
|
|
|
$
|
532.1
|
|
Partially finished products
|
353.1
|
|
|
266.3
|
|
||
Finished products
|
485.8
|
|
|
594.4
|
|
||
Inventories at FIFO cost
|
1,353.7
|
|
|
1,392.8
|
|
||
Less: Progress/performance-based payments on U.S. government contracts
|
(19.6
|
)
|
|
(12.9
|
)
|
||
Excess of FIFO cost over LIFO cost
|
(79.2
|
)
|
|
(78.2
|
)
|
||
|
$
|
1,254.9
|
|
|
$
|
1,301.7
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Mezcladoras (Mexico)
|
$
|
10.1
|
|
|
$
|
10.6
|
|
RiRent (The Netherlands)
|
5.1
|
|
|
5.8
|
|
||
Other investments in unconsolidated affiliates
|
—
|
|
|
(0.2
|
)
|
||
|
$
|
15.2
|
|
|
$
|
16.2
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Land and land improvements
|
$
|
57.3
|
|
|
$
|
57.5
|
|
Buildings
|
277.6
|
|
|
274.8
|
|
||
Machinery and equipment
|
728.1
|
|
|
681.1
|
|
||
Equipment on operating lease to others
|
42.4
|
|
|
42.2
|
|
||
Construction in progress
|
28.9
|
|
|
38.1
|
|
||
|
1,134.3
|
|
|
1,093.7
|
|
||
Less accumulated depreciation
|
(655.2
|
)
|
|
(617.9
|
)
|
||
|
$
|
479.1
|
|
|
$
|
475.8
|
|
|
Access
Equipment
|
|
Fire &
Emergency
|
|
Commercial
|
|
Total
|
||||||||
Net goodwill at September 30, 2015
|
$
|
874.2
|
|
|
$
|
106.1
|
|
|
$
|
20.8
|
|
|
$
|
1,001.1
|
|
Foreign currency translation
|
(0.2
|
)
|
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
||||
Net goodwill at June 30, 2016
|
$
|
874.0
|
|
|
$
|
106.1
|
|
|
$
|
20.9
|
|
|
$
|
1,001.0
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||||
|
Gross
|
|
Accumulated
Impairment
|
|
Net
|
|
Gross
|
|
Accumulated
Impairment
|
|
Net
|
||||||||||||
Access equipment
|
$
|
1,806.1
|
|
|
$
|
(932.1
|
)
|
|
$
|
874.0
|
|
|
$
|
1,806.3
|
|
|
$
|
(932.1
|
)
|
|
$
|
874.2
|
|
Fire & emergency
|
108.1
|
|
|
(2.0
|
)
|
|
106.1
|
|
|
108.1
|
|
|
(2.0
|
)
|
|
106.1
|
|
||||||
Commercial
|
196.8
|
|
|
(175.9
|
)
|
|
20.9
|
|
|
196.7
|
|
|
(175.9
|
)
|
|
20.8
|
|
||||||
|
$
|
2,111.0
|
|
|
$
|
(1,110.0
|
)
|
|
$
|
1,001.0
|
|
|
$
|
2,111.1
|
|
|
$
|
(1,110.0
|
)
|
|
$
|
1,001.1
|
|
|
June 30, 2016
|
||||||||||||
|
Weighted-
Average
Life (in years)
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
Distribution network
|
39.1
|
|
$
|
55.4
|
|
|
$
|
(27.7
|
)
|
|
$
|
27.7
|
|
Non-compete
|
10.5
|
|
56.3
|
|
|
(56.3
|
)
|
|
—
|
|
|||
Technology-related
|
11.9
|
|
104.7
|
|
|
(89.5
|
)
|
|
15.2
|
|
|||
Customer relationships
|
12.8
|
|
549.8
|
|
|
(415.7
|
)
|
|
134.1
|
|
|||
Other
|
16.3
|
|
16.5
|
|
|
(14.6
|
)
|
|
1.9
|
|
|||
|
14.5
|
|
782.7
|
|
|
(603.8
|
)
|
|
178.9
|
|
|||
Non-amortizable trade names
|
|
|
387.8
|
|
|
—
|
|
|
387.8
|
|
|||
|
|
|
$
|
1,170.5
|
|
|
$
|
(603.8
|
)
|
|
$
|
566.7
|
|
|
September 30, 2015
|
||||||||||||
|
Weighted-
Average
Life (in years)
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
Distribution network
|
39.1
|
|
$
|
55.4
|
|
|
$
|
(26.6
|
)
|
|
$
|
28.8
|
|
Non-compete
|
10.5
|
|
56.4
|
|
|
(56.3
|
)
|
|
0.1
|
|
|||
Technology-related
|
11.9
|
|
104.8
|
|
|
(83.3
|
)
|
|
21.5
|
|
|||
Customer relationships
|
12.8
|
|
550.3
|
|
|
(384.0
|
)
|
|
166.3
|
|
|||
Other
|
16.5
|
|
16.5
|
|
|
(14.3
|
)
|
|
2.2
|
|
|||
|
14.5
|
|
783.4
|
|
|
(564.5
|
)
|
|
218.9
|
|
|||
Non-amortizable trade names
|
|
|
387.8
|
|
|
—
|
|
|
387.8
|
|
|||
|
|
|
$
|
1,171.2
|
|
|
$
|
(564.5
|
)
|
|
$
|
606.7
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Senior Secured Term Loan
|
$
|
360.0
|
|
|
$
|
375.0
|
|
5.375% Senior Notes due March 2022
|
250.0
|
|
|
250.0
|
|
||
5.375% Senior Notes due March 2025
|
250.0
|
|
|
250.0
|
|
||
|
860.0
|
|
|
875.0
|
|
||
Less current maturities
|
(20.0
|
)
|
|
(20.0
|
)
|
||
|
$
|
840.0
|
|
|
$
|
855.0
|
|
|
|
|
|
||||
Revolving Credit Facility
|
$
|
107.0
|
|
|
$
|
63.5
|
|
Current maturities of long-term debt
|
20.0
|
|
|
20.0
|
|
||
|
$
|
127.0
|
|
|
$
|
83.5
|
|
•
|
Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of
4.50
to
1.00
.
|
•
|
Interest Coverage Ratio: A minimum interest coverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated EBITDA to the Company’s consolidated cash interest expense) as of the last day of any fiscal quarter of
2.50
to
1.00
.
|
•
|
Senior Secured Leverage Ratio: A maximum senior secured leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated secured indebtedness to the Company’s consolidated EBITDA) of
3.00
to
1.00
.
|
i.
|
50%
of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus
100%
of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and
|
ii.
|
100%
of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock.
|
|
Nine Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
92.1
|
|
|
$
|
101.9
|
|
Warranty provisions
|
34.0
|
|
|
31.8
|
|
||
Settlements made
|
(40.1
|
)
|
|
(38.7
|
)
|
||
Changes in liability for pre-existing warranties, net
|
2.0
|
|
|
(2.7
|
)
|
||
Premiums received
|
11.0
|
|
|
9.3
|
|
||
Amortization of premiums received
|
(8.2
|
)
|
|
(6.8
|
)
|
||
Foreign currency translation
|
(0.4
|
)
|
|
(1.9
|
)
|
||
Balance at end of period
|
$
|
90.4
|
|
|
$
|
92.9
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balance at beginning of period
|
$
|
7.0
|
|
|
$
|
4.3
|
|
|
$
|
5.6
|
|
|
$
|
4.6
|
|
Provision for new credit guarantees
|
1.2
|
|
|
1.1
|
|
|
3.5
|
|
|
2.6
|
|
||||
Changes for pre-existing guarantees, net
|
0.6
|
|
|
—
|
|
|
1.2
|
|
|
(0.4
|
)
|
||||
Amortization of previous guarantees
|
(0.7
|
)
|
|
(0.3
|
)
|
|
(2.2
|
)
|
|
(1.6
|
)
|
||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Balance at end of period
|
$
|
8.1
|
|
|
$
|
5.1
|
|
|
$
|
8.1
|
|
|
$
|
5.1
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||||
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
0.2
|
|
|
1.5
|
|
|
0.3
|
|
|
0.4
|
|
||||
Interest rate contracts
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.7
|
|
||||
|
$
|
0.3
|
|
|
$
|
2.4
|
|
|
$
|
0.7
|
|
|
$
|
1.1
|
|
|
Classification of
Gains (Losses)
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Miscellaneous, net
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Miscellaneous, net
|
|
0.1
|
|
|
(0.1
|
)
|
|
(5.7
|
)
|
|
8.7
|
|
||||
Interest rate contracts
|
Miscellaneous, net
|
|
—
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
||||
|
|
|
$
|
—
|
|
|
$
|
(0.2
|
)
|
|
$
|
(6.1
|
)
|
|
$
|
8.6
|
|
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.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
June 30, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
SERP plan assets
(a)
|
$
|
22.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22.7
|
|
Foreign currency exchange derivatives
(b)
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
(b)
|
$
|
—
|
|
|
$
|
1.5
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
Interest rate contracts
(c)
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
SERP plan assets
(a)
|
$
|
21.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.6
|
|
Foreign currency exchange derivatives
(b)
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
(b)
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
Interest rate contracts
(c)
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
(a)
|
Represents investments in a rabbi trust for the Company's non-qualified supplemental executive retirement plans (“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 the Condensed Consolidated Statements of Income.
|
(b)
|
Based on observable market transactions of forward currency prices.
|
(c)
|
Based on observable market transactions of interest rate swap prices.
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
2.9
|
|
|
$
|
2.9
|
|
|
$
|
8.6
|
|
|
$
|
8.9
|
|
Interest cost
|
4.5
|
|
|
4.5
|
|
|
13.6
|
|
|
13.5
|
|
||||
Expected return on plan assets
|
(4.5
|
)
|
|
(4.5
|
)
|
|
(13.5
|
)
|
|
(13.6
|
)
|
||||
Amortization of prior service cost
|
0.4
|
|
|
0.4
|
|
|
1.3
|
|
|
1.2
|
|
||||
Amortization of net actuarial loss
|
0.6
|
|
|
0.7
|
|
|
1.8
|
|
|
2.0
|
|
||||
|
$
|
3.9
|
|
|
$
|
4.0
|
|
|
$
|
11.8
|
|
|
$
|
12.0
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit cost (income)
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.4
|
|
|
$
|
0.4
|
|
|
$
|
1.1
|
|
|
$
|
1.3
|
|
Interest cost
|
0.3
|
|
|
0.4
|
|
|
1.1
|
|
|
1.2
|
|
||||
Amortization of prior service cost
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
||||
Curtailment
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.4
|
)
|
||||
Amortization of net actuarial loss (gain)
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
||||
|
$
|
0.5
|
|
|
$
|
0.6
|
|
|
$
|
1.4
|
|
|
$
|
(1.5
|
)
|
|
Three Months Ended June 30, 2016
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Gains (Losses) on Derivatives, Net of Tax
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(45.5
|
)
|
|
$
|
(90.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(135.8
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(12.6
|
)
|
|
(0.1
|
)
|
|
(12.7
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
||||
Net current period other comprehensive income (loss)
|
0.6
|
|
|
(12.6
|
)
|
|
(0.1
|
)
|
|
(12.1
|
)
|
||||
Balance at end of period
|
$
|
(44.9
|
)
|
|
$
|
(103.0
|
)
|
|
$
|
—
|
|
|
$
|
(147.9
|
)
|
|
Three Months Ended June 30, 2015
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Gains (Losses) on Derivatives, Net of Tax
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(43.9
|
)
|
|
$
|
(101.0
|
)
|
|
$
|
—
|
|
|
$
|
(144.9
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
13.2
|
|
|
(0.1
|
)
|
|
13.1
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
0.7
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
||||
Net current period other comprehensive income (loss)
|
0.7
|
|
|
13.2
|
|
|
(0.1
|
)
|
|
13.8
|
|
||||
Balance at end of period
|
$
|
(43.2
|
)
|
|
$
|
(87.8
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(131.1
|
)
|
|
Nine Months Ended June 30, 2016
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Gains (Losses) on Derivatives, Net of Tax
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(46.4
|
)
|
|
$
|
(98.1
|
)
|
|
$
|
0.1
|
|
|
$
|
(144.4
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(4.9
|
)
|
|
(0.1
|
)
|
|
(5.0
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1.5
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
||||
Net current period other comprehensive income (loss)
|
1.5
|
|
|
(4.9
|
)
|
|
(0.1
|
)
|
|
(3.5
|
)
|
||||
Balance at end of period
|
$
|
(44.9
|
)
|
|
$
|
(103.0
|
)
|
|
$
|
—
|
|
|
$
|
(147.9
|
)
|
|
Nine Months Ended June 30, 2015
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Gains (Losses) on Derivatives, Net of Tax
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(44.2
|
)
|
|
$
|
(25.0
|
)
|
|
$
|
—
|
|
|
$
|
(69.2
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(62.8
|
)
|
|
(0.1
|
)
|
|
(62.9
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
1.0
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
||||
Net current period other comprehensive income (loss)
|
1.0
|
|
|
(62.8
|
)
|
|
(0.1
|
)
|
|
(61.9
|
)
|
||||
Balance at end of period
|
$
|
(43.2
|
)
|
|
$
|
(87.8
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(131.1
|
)
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amortization of employee pension and postretirement benefits items
|
|
|
|
|
|
|
|
||||||||
Prior service costs
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(0.5
|
)
|
Actuarial losses
|
(0.6
|
)
|
|
(0.7
|
)
|
|
(1.7
|
)
|
|
(2.1
|
)
|
||||
Curtailment
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
|
(0.8
|
)
|
|
(0.9
|
)
|
|
(2.3
|
)
|
|
(1.4
|
)
|
||||
Tax benefit
|
0.2
|
|
|
0.2
|
|
|
0.8
|
|
|
0.4
|
|
||||
|
$
|
(0.6
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(1.0
|
)
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
84.2
|
|
|
$
|
89.9
|
|
|
$
|
154.9
|
|
|
$
|
179.2
|
|
Earnings allocated to participating securities
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||
Earnings available to common shareholders
|
$
|
84.2
|
|
|
$
|
89.7
|
|
|
$
|
154.9
|
|
|
$
|
178.8
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
73,390,624
|
|
|
78,117,876
|
|
73,526,081
|
|
|
78,327,982
|
||||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares outstanding
|
73,390,624
|
|
|
78,117,876
|
|
|
73,526,081
|
|
|
78,327,982
|
|
||||
Dilutive stock options and other equity-based compensation awards
|
876,338
|
|
|
1,185,651
|
|
|
803,060
|
|
|
1,131,081
|
|
||||
Participating restricted stock
|
—
|
|
|
(119,450
|
)
|
|
—
|
|
|
(114,641
|
)
|
||||
Diluted weighted-average common shares outstanding
|
74,266,962
|
|
|
79,184,077
|
|
|
74,329,141
|
|
|
79,344,422
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Stock options
|
1,050,269
|
|
|
253,675
|
|
|
1,468,052
|
|
|
855,294
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
||||||||||||
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerial work platforms
|
$
|
511.4
|
|
|
$
|
—
|
|
|
$
|
511.4
|
|
|
$
|
542.7
|
|
|
$
|
—
|
|
|
$
|
542.7
|
|
Telehandlers
|
266.6
|
|
|
—
|
|
|
266.6
|
|
|
221.4
|
|
|
—
|
|
|
221.4
|
|
||||||
Other
|
174.5
|
|
|
—
|
|
|
174.5
|
|
|
168.5
|
|
|
—
|
|
|
168.5
|
|
||||||
Total access equipment
|
952.5
|
|
|
—
|
|
|
952.5
|
|
|
932.6
|
|
|
—
|
|
|
932.6
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense
|
264.0
|
|
|
0.3
|
|
|
264.3
|
|
|
191.1
|
|
|
3.1
|
|
|
194.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fire & emergency
|
244.2
|
|
|
4.3
|
|
|
248.5
|
|
|
195.0
|
|
|
4.8
|
|
|
199.8
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Concrete placement
|
164.6
|
|
|
—
|
|
|
164.6
|
|
|
158.0
|
|
|
—
|
|
|
158.0
|
|
||||||
Refuse collection
|
96.5
|
|
|
—
|
|
|
96.5
|
|
|
103.6
|
|
|
—
|
|
|
103.6
|
|
||||||
Other
|
25.7
|
|
|
1.1
|
|
|
26.8
|
|
|
32.0
|
|
|
0.4
|
|
|
32.4
|
|
||||||
Total commercial
|
286.8
|
|
|
1.1
|
|
|
287.9
|
|
|
293.6
|
|
|
0.4
|
|
|
294.0
|
|
||||||
Intersegment eliminations
|
—
|
|
|
(5.7
|
)
|
|
(5.7
|
)
|
|
—
|
|
|
(8.3
|
)
|
|
(8.3
|
)
|
||||||
|
$
|
1,747.5
|
|
|
$
|
—
|
|
|
$
|
1,747.5
|
|
|
$
|
1,612.3
|
|
|
$
|
—
|
|
|
$
|
1,612.3
|
|
|
Nine Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
||||||||||||
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerial work platforms
|
$
|
1,128.5
|
|
|
$
|
—
|
|
|
$
|
1,128.5
|
|
|
$
|
1,252.5
|
|
|
$
|
—
|
|
|
$
|
1,252.5
|
|
Telehandlers
|
593.1
|
|
|
—
|
|
|
593.1
|
|
|
891.5
|
|
|
—
|
|
|
891.5
|
|
||||||
Other
|
515.0
|
|
|
—
|
|
|
515.0
|
|
|
487.1
|
|
|
—
|
|
|
487.1
|
|
||||||
Total access equipment
|
2,236.6
|
|
|
—
|
|
|
2,236.6
|
|
|
2,631.1
|
|
|
—
|
|
|
2,631.1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense
|
877.7
|
|
|
1.6
|
|
|
879.3
|
|
|
617.9
|
|
|
4.3
|
|
|
622.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fire & emergency
|
686.8
|
|
|
9.6
|
|
|
696.4
|
|
|
549.1
|
|
|
20.6
|
|
|
569.7
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Concrete placement
|
348.2
|
|
|
—
|
|
|
348.2
|
|
|
355.1
|
|
|
—
|
|
|
355.1
|
|
||||||
Refuse collection
|
295.0
|
|
|
—
|
|
|
295.0
|
|
|
269.9
|
|
|
—
|
|
|
269.9
|
|
||||||
Other
|
79.5
|
|
|
2.2
|
|
|
81.7
|
|
|
96.7
|
|
|
3.4
|
|
|
100.1
|
|
||||||
Total commercial
|
722.7
|
|
|
2.2
|
|
|
724.9
|
|
|
721.7
|
|
|
3.4
|
|
|
725.1
|
|
||||||
Intersegment eliminations
|
—
|
|
|
(13.4
|
)
|
|
(13.4
|
)
|
|
—
|
|
|
(28.3
|
)
|
|
(28.3
|
)
|
||||||
|
$
|
4,523.8
|
|
|
$
|
—
|
|
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
|
$
|
—
|
|
|
$
|
4,519.8
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
122.1
|
|
|
$
|
136.4
|
|
|
$
|
218.2
|
|
|
$
|
350.5
|
|
Defense
|
19.1
|
|
|
(7.1
|
)
|
|
70.1
|
|
|
(9.3
|
)
|
||||
Fire & emergency
|
19.7
|
|
|
9.6
|
|
|
44.7
|
|
|
20.1
|
|
||||
Commercial
|
23.8
|
|
|
22.4
|
|
|
49.9
|
|
|
43.4
|
|
||||
Corporate
|
(37.9
|
)
|
|
(24.7
|
)
|
|
(114.4
|
)
|
|
(92.8
|
)
|
||||
Intersegment eliminations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
|
146.8
|
|
|
136.6
|
|
|
268.5
|
|
|
312.0
|
|
||||
Interest expense, net of interest income
|
(15.3
|
)
|
|
(12.6
|
)
|
|
(44.5
|
)
|
|
(54.4
|
)
|
||||
Miscellaneous other income (expense)
|
0.8
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||
Income before income taxes and equity in earnings of unconsolidated affiliates
|
$
|
132.3
|
|
|
$
|
123.8
|
|
|
$
|
223.8
|
|
|
$
|
257.4
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Identifiable assets:
|
|
|
|
||||
Access equipment:
|
|
|
|
||||
U.S.
|
$
|
2,111.5
|
|
|
$
|
2,178.7
|
|
Europe
(a)
|
534.7
|
|
|
531.4
|
|
||
Rest of the World
|
195.3
|
|
|
201.5
|
|
||
Total access equipment
|
2,841.5
|
|
|
2,911.6
|
|
||
Defense:
|
|
|
|
||||
U.S.
|
652.1
|
|
|
424.5
|
|
||
Rest of the World
|
2.5
|
|
|
5.1
|
|
||
Total defense
|
654.6
|
|
|
429.6
|
|
||
Fire & emergency - U.S.
|
541.4
|
|
|
530.7
|
|
||
Commercial:
|
|
|
|
||||
U.S.
|
435.4
|
|
|
395.1
|
|
||
Rest of the World
(a)
|
36.5
|
|
|
41.1
|
|
||
Total commercial
|
471.9
|
|
|
436.2
|
|
||
Corporate:
|
|
|
|
||||
U.S.
(b)
|
213.9
|
|
|
218.6
|
|
||
Rest of the World
(c)
|
69.4
|
|
|
86.3
|
|
||
Total corporate
|
283.3
|
|
|
304.9
|
|
||
|
$
|
4,792.7
|
|
|
$
|
4,613.0
|
|
(a)
|
Includes investments in unconsolidated affiliates.
|
(b)
|
Primarily includes cash, short-term investments and capitalized costs related to a shared enterprise resource planning system.
|
(c)
|
Includes cash and a corporate-led manufacturing facility that supports multiple operating segments.
|
|
Nine Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Net sales:
|
|
|
|
||||
United States
|
$
|
3,492.5
|
|
|
$
|
3,584.7
|
|
Other North America
|
177.8
|
|
|
226.3
|
|
||
Europe, Africa and Middle East
|
558.2
|
|
|
371.2
|
|
||
Rest of the World
|
295.3
|
|
|
337.6
|
|
||
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,471.5
|
|
|
$
|
312.4
|
|
|
$
|
(36.4
|
)
|
|
$
|
1,747.5
|
|
Cost of sales
|
0.8
|
|
|
1,207.2
|
|
|
261.1
|
|
|
(36.2
|
)
|
|
1,432.9
|
|
|||||
Gross income
|
(0.8
|
)
|
|
264.3
|
|
|
51.3
|
|
|
(0.2
|
)
|
|
314.6
|
|
|||||
Selling, general and administrative expenses
|
30.2
|
|
|
105.6
|
|
|
18.9
|
|
|
—
|
|
|
154.7
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
9.6
|
|
|
3.5
|
|
|
—
|
|
|
13.1
|
|
|||||
Operating income (loss)
|
(31.0
|
)
|
|
149.1
|
|
|
28.9
|
|
|
(0.2
|
)
|
|
146.8
|
|
|||||
Interest expense
|
(68.9
|
)
|
|
(16.4
|
)
|
|
(0.6
|
)
|
|
70.1
|
|
|
(15.8
|
)
|
|||||
Interest income
|
0.4
|
|
|
21.9
|
|
|
48.3
|
|
|
(70.1
|
)
|
|
0.5
|
|
|||||
Miscellaneous, net
|
14.8
|
|
|
(42.4
|
)
|
|
28.4
|
|
|
—
|
|
|
0.8
|
|
|||||
Income (loss) before income taxes
|
(84.7
|
)
|
|
112.2
|
|
|
105.0
|
|
|
(0.2
|
)
|
|
132.3
|
|
|||||
Provision for (benefit from) income taxes
|
(41.5
|
)
|
|
44.1
|
|
|
45.8
|
|
|
—
|
|
|
48.4
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(43.2
|
)
|
|
68.1
|
|
|
59.2
|
|
|
(0.2
|
)
|
|
83.9
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
127.4
|
|
|
21.1
|
|
|
49.7
|
|
|
(198.2
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||
Net income
|
84.2
|
|
|
89.2
|
|
|
109.2
|
|
|
(198.4
|
)
|
|
84.2
|
|
|||||
Other comprehensive income (loss), net of tax
|
(12.1
|
)
|
|
(0.4
|
)
|
|
(11.9
|
)
|
|
12.3
|
|
|
(12.1
|
)
|
|||||
Comprehensive income
|
$
|
72.1
|
|
|
$
|
88.8
|
|
|
$
|
97.3
|
|
|
$
|
(186.1
|
)
|
|
$
|
72.1
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,338.3
|
|
|
$
|
293.5
|
|
|
$
|
(19.5
|
)
|
|
$
|
1,612.3
|
|
Cost of sales
|
0.3
|
|
|
1,131.0
|
|
|
216.2
|
|
|
(19.2
|
)
|
|
1,328.3
|
|
|||||
Gross income
|
(0.3
|
)
|
|
207.3
|
|
|
77.3
|
|
|
(0.3
|
)
|
|
284.0
|
|
|||||
Selling, general and administrative expenses
|
16.5
|
|
|
93.7
|
|
|
24.0
|
|
|
—
|
|
|
134.2
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
9.8
|
|
|
3.4
|
|
|
—
|
|
|
13.2
|
|
|||||
Operating income (loss)
|
(16.8
|
)
|
|
103.8
|
|
|
49.9
|
|
|
(0.3
|
)
|
|
136.6
|
|
|||||
Interest expense
|
(58.7
|
)
|
|
(13.5
|
)
|
|
—
|
|
|
59.0
|
|
|
(13.2
|
)
|
|||||
Interest income
|
0.3
|
|
|
15.8
|
|
|
43.5
|
|
|
(59.0
|
)
|
|
0.6
|
|
|||||
Miscellaneous, net
|
6.8
|
|
|
(43.8
|
)
|
|
36.8
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Income (loss) before income taxes
|
(68.4
|
)
|
|
62.3
|
|
|
130.2
|
|
|
(0.3
|
)
|
|
123.8
|
|
|||||
Provision for (benefit from) income taxes
|
(19.2
|
)
|
|
17.6
|
|
|
36.5
|
|
|
(0.1
|
)
|
|
34.8
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(49.2
|
)
|
|
44.7
|
|
|
93.7
|
|
|
(0.2
|
)
|
|
89.0
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
139.1
|
|
|
53.9
|
|
|
45.5
|
|
|
(238.5
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||||
Net income
|
89.9
|
|
|
98.6
|
|
|
140.1
|
|
|
(238.7
|
)
|
|
89.9
|
|
|||||
Other comprehensive income (loss), net of tax
|
13.8
|
|
|
0.5
|
|
|
13.0
|
|
|
(13.5
|
)
|
|
13.8
|
|
|||||
Comprehensive income
|
$
|
103.7
|
|
|
$
|
99.1
|
|
|
$
|
153.1
|
|
|
$
|
(252.2
|
)
|
|
$
|
103.7
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
3,812.3
|
|
|
$
|
802.2
|
|
|
$
|
(90.7
|
)
|
|
$
|
4,523.8
|
|
Cost of sales
|
1.5
|
|
|
3,177.2
|
|
|
679.0
|
|
|
(90.6
|
)
|
|
3,767.1
|
|
|||||
Gross income
|
(1.5
|
)
|
|
635.1
|
|
|
123.2
|
|
|
(0.1
|
)
|
|
756.7
|
|
|||||
Selling, general and administrative expenses
|
88.8
|
|
|
291.8
|
|
|
68.1
|
|
|
—
|
|
|
448.7
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
29.1
|
|
|
10.4
|
|
|
—
|
|
|
39.5
|
|
|||||
Operating income (loss)
|
(90.3
|
)
|
|
314.2
|
|
|
44.7
|
|
|
(0.1
|
)
|
|
268.5
|
|
|||||
Interest expense
|
(198.9
|
)
|
|
(47.3
|
)
|
|
(1.7
|
)
|
|
201.9
|
|
|
(46.0
|
)
|
|||||
Interest income
|
1.3
|
|
|
61.2
|
|
|
140.9
|
|
|
(201.9
|
)
|
|
1.5
|
|
|||||
Miscellaneous, net
|
43.3
|
|
|
(134.3
|
)
|
|
90.8
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Income (loss) before income taxes
|
(244.6
|
)
|
|
193.8
|
|
|
274.7
|
|
|
(0.1
|
)
|
|
223.8
|
|
|||||
Provision for (benefit from) income taxes
|
(81.4
|
)
|
|
64.5
|
|
|
87.3
|
|
|
—
|
|
|
70.4
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(163.2
|
)
|
|
129.3
|
|
|
187.4
|
|
|
(0.1
|
)
|
|
153.4
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
318.4
|
|
|
75.2
|
|
|
62.9
|
|
|
(456.5
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
(0.3
|
)
|
|
—
|
|
|
1.8
|
|
|
—
|
|
|
1.5
|
|
|||||
Net income
|
154.9
|
|
|
204.5
|
|
|
252.1
|
|
|
(456.6
|
)
|
|
154.9
|
|
|||||
Other comprehensive income (loss), net of tax
|
(3.5
|
)
|
|
(2.6
|
)
|
|
(2.0
|
)
|
|
4.6
|
|
|
(3.5
|
)
|
|||||
Comprehensive income
|
$
|
151.4
|
|
|
$
|
201.9
|
|
|
$
|
250.1
|
|
|
$
|
(452.0
|
)
|
|
$
|
151.4
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
3,795.2
|
|
|
$
|
786.2
|
|
|
$
|
(61.6
|
)
|
|
$
|
4,519.8
|
|
Cost of sales
|
0.6
|
|
|
3,185.5
|
|
|
605.5
|
|
|
(61.3
|
)
|
|
3,730.3
|
|
|||||
Gross income
|
(0.6
|
)
|
|
609.7
|
|
|
180.7
|
|
|
(0.3
|
)
|
|
789.5
|
|
|||||
Selling, general and administrative expenses
|
76.4
|
|
|
285.1
|
|
|
76.0
|
|
|
—
|
|
|
437.5
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
29.5
|
|
|
10.5
|
|
|
—
|
|
|
40.0
|
|
|||||
Operating income (loss)
|
(77.0
|
)
|
|
295.1
|
|
|
94.2
|
|
|
(0.3
|
)
|
|
312.0
|
|
|||||
Interest expense
|
(191.1
|
)
|
|
(39.4
|
)
|
|
(0.9
|
)
|
|
175.0
|
|
|
(56.4
|
)
|
|||||
Interest income
|
1.2
|
|
|
47.1
|
|
|
128.7
|
|
|
(175.0
|
)
|
|
2.0
|
|
|||||
Miscellaneous, net
|
25.0
|
|
|
(112.8
|
)
|
|
87.6
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Income (loss) before income taxes
|
(241.9
|
)
|
|
190.0
|
|
|
309.6
|
|
|
(0.3
|
)
|
|
257.4
|
|
|||||
Provision for (benefit from) income taxes
|
(76.8
|
)
|
|
61.6
|
|
|
95.8
|
|
|
(0.1
|
)
|
|
80.5
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(165.1
|
)
|
|
128.4
|
|
|
213.8
|
|
|
(0.2
|
)
|
|
176.9
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
344.3
|
|
|
107.4
|
|
|
130.1
|
|
|
(581.8
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|||||
Net income
|
179.2
|
|
|
235.8
|
|
|
346.2
|
|
|
(582.0
|
)
|
|
179.2
|
|
|||||
Other comprehensive income (loss), net of tax
|
(61.9
|
)
|
|
(3.7
|
)
|
|
(58.9
|
)
|
|
62.6
|
|
|
(61.9
|
)
|
|||||
Comprehensive income
|
$
|
117.3
|
|
|
$
|
232.1
|
|
|
$
|
287.3
|
|
|
$
|
(519.4
|
)
|
|
$
|
117.3
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
12.1
|
|
|
$
|
3.4
|
|
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
45.5
|
|
Receivables, net
|
13.7
|
|
|
947.2
|
|
|
269.2
|
|
|
(31.7
|
)
|
|
1,198.4
|
|
|||||
Inventories, net
|
—
|
|
|
877.6
|
|
|
377.3
|
|
|
—
|
|
|
1,254.9
|
|
|||||
Other current assets
|
17.8
|
|
|
102.3
|
|
|
25.5
|
|
|
—
|
|
|
145.6
|
|
|||||
Total current assets
|
43.6
|
|
|
1,930.5
|
|
|
702.0
|
|
|
(31.7
|
)
|
|
2,644.4
|
|
|||||
Investment in and advances to consolidated subsidiaries
|
6,037.7
|
|
|
1,227.2
|
|
|
(133.4
|
)
|
|
(7,131.5
|
)
|
|
—
|
|
|||||
Intercompany receivables
|
47.9
|
|
|
1,022.7
|
|
|
4,514.7
|
|
|
(5,585.3
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
956.5
|
|
|
611.2
|
|
|
—
|
|
|
1,567.7
|
|
|||||
Other long-term assets
|
124.4
|
|
|
222.7
|
|
|
233.5
|
|
|
—
|
|
|
580.6
|
|
|||||
Total assets
|
$
|
6,253.6
|
|
|
$
|
5,359.6
|
|
|
$
|
5,928.0
|
|
|
$
|
(12,748.5
|
)
|
|
$
|
4,792.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
12.4
|
|
|
$
|
445.9
|
|
|
$
|
138.2
|
|
|
$
|
(31.4
|
)
|
|
$
|
565.1
|
|
Customer advances
|
—
|
|
|
487.0
|
|
|
5.9
|
|
|
—
|
|
|
492.9
|
|
|||||
Other current liabilities
|
205.0
|
|
|
259.0
|
|
|
95.7
|
|
|
(0.3
|
)
|
|
559.4
|
|
|||||
Total current liabilities
|
217.4
|
|
|
1,191.9
|
|
|
239.8
|
|
|
(31.7
|
)
|
|
1,617.4
|
|
|||||
Long-term debt, less current maturities
|
840.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
840.0
|
|
|||||
Intercompany payables
|
3,184.4
|
|
|
2,353.0
|
|
|
47.9
|
|
|
(5,585.3
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
67.4
|
|
|
182.0
|
|
|
141.5
|
|
|
—
|
|
|
390.9
|
|
|||||
Shareholders' equity
|
1,944.4
|
|
|
1,632.7
|
|
|
5,498.8
|
|
|
(7,131.5
|
)
|
|
1,944.4
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
6,253.6
|
|
|
$
|
5,359.6
|
|
|
$
|
5,928.0
|
|
|
$
|
(12,748.5
|
)
|
|
$
|
4,792.7
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
14.8
|
|
|
$
|
6.3
|
|
|
$
|
21.8
|
|
|
$
|
—
|
|
|
$
|
42.9
|
|
Receivables, net
|
29.4
|
|
|
692.9
|
|
|
290.1
|
|
|
(47.8
|
)
|
|
964.6
|
|
|||||
Inventories, net
|
—
|
|
|
926.2
|
|
|
375.5
|
|
|
—
|
|
|
1,301.7
|
|
|||||
Other current assets
|
11.5
|
|
|
81.7
|
|
|
26.9
|
|
|
—
|
|
|
120.1
|
|
|||||
Total current assets
|
55.7
|
|
|
1,707.1
|
|
|
714.3
|
|
|
(47.8
|
)
|
|
2,429.3
|
|
|||||
Investment in and advances to consolidated subsidiaries
|
5,744.0
|
|
|
1,128.0
|
|
|
(192.4
|
)
|
|
(6,679.6
|
)
|
|
—
|
|
|||||
Intercompany receivables
|
47.2
|
|
|
998.7
|
|
|
4,331.3
|
|
|
(5,377.2
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
984.4
|
|
|
623.4
|
|
|
—
|
|
|
1,607.8
|
|
|||||
Other long-term assets
|
117.3
|
|
|
228.9
|
|
|
229.7
|
|
|
—
|
|
|
575.9
|
|
|||||
Total assets
|
$
|
5,964.2
|
|
|
$
|
5,047.1
|
|
|
$
|
5,706.3
|
|
|
$
|
(12,104.6
|
)
|
|
$
|
4,613.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
16.3
|
|
|
$
|
415.3
|
|
|
$
|
168.7
|
|
|
$
|
(47.5
|
)
|
|
$
|
552.8
|
|
Customer advances
|
—
|
|
|
438.3
|
|
|
1.9
|
|
|
—
|
|
|
440.2
|
|
|||||
Other current liabilities
|
165.0
|
|
|
202.4
|
|
|
98.0
|
|
|
(0.3
|
)
|
|
465.1
|
|
|||||
Total current liabilities
|
181.3
|
|
|
1,056.0
|
|
|
268.6
|
|
|
(47.8
|
)
|
|
1,458.1
|
|
|||||
Long-term debt, less current maturities
|
855.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
855.0
|
|
|||||
Intercompany payables
|
2,957.5
|
|
|
2,372.5
|
|
|
47.2
|
|
|
(5,377.2
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
59.3
|
|
|
191.3
|
|
|
138.2
|
|
|
—
|
|
|
388.8
|
|
|||||
Shareholders' equity
|
1,911.1
|
|
|
1,427.3
|
|
|
5,252.3
|
|
|
(6,679.6
|
)
|
|
1,911.1
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
5,964.2
|
|
|
$
|
5,047.1
|
|
|
$
|
5,706.3
|
|
|
$
|
(12,104.6
|
)
|
|
$
|
4,613.0
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash provided (used) by operating activities
|
$
|
(126.2
|
)
|
|
$
|
85.0
|
|
|
$
|
203.1
|
|
|
$
|
—
|
|
|
$
|
161.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and equipment
|
(19.2
|
)
|
|
(21.8
|
)
|
|
(21.3
|
)
|
|
—
|
|
|
(62.3
|
)
|
|||||
Additions to equipment held for rental
|
—
|
|
|
—
|
|
|
(30.9
|
)
|
|
—
|
|
|
(30.9
|
)
|
|||||
Proceeds from sale of equipment held for rental
|
—
|
|
|
0.6
|
|
|
33.1
|
|
|
—
|
|
|
33.7
|
|
|||||
Intercompany investing
|
(0.7
|
)
|
|
(47.4
|
)
|
|
(181.4
|
)
|
|
229.5
|
|
|
—
|
|
|||||
Other investing activities
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||||
Net cash provided (used) by investing activities
|
(21.4
|
)
|
|
(68.6
|
)
|
|
(200.5
|
)
|
|
229.5
|
|
|
(61.0
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net decrease in short-term debt
|
(16.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.5
|
)
|
|||||
Proceeds from issuance of debt (original maturities greater than three months)
|
320.0
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
|
323.5
|
|
|||||
Repayment of debt (original maturities greater than three months)
|
(275.0
|
)
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
(278.5
|
)
|
|||||
Repurchases of Common Stock
|
(100.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.1
|
)
|
|||||
Dividends paid
|
(41.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41.9
|
)
|
|||||
Proceeds from exercise of stock options
|
8.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.8
|
|
|||||
Excess tax benefit from stock-based compensation
|
1.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|||||
Intercompany financing
|
248.3
|
|
|
(19.5
|
)
|
|
0.7
|
|
|
(229.5
|
)
|
|
—
|
|
|||||
Net cash provided (used) by financing activities
|
144.9
|
|
|
(19.5
|
)
|
|
0.7
|
|
|
(229.5
|
)
|
|
(103.4
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of exchange rate changes on cash
|
—
|
|
|
0.2
|
|
|
4.9
|
|
|
—
|
|
|
5.1
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
(2.7
|
)
|
|
(2.9
|
)
|
|
8.2
|
|
|
—
|
|
|
2.6
|
|
|||||
Cash and cash equivalents at beginning of period
|
14.8
|
|
|
6.3
|
|
|
21.8
|
|
|
—
|
|
|
42.9
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
12.1
|
|
|
$
|
3.4
|
|
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
45.5
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash provided (used) by operating activities
|
$
|
(132.7
|
)
|
|
$
|
(14.7
|
)
|
|
$
|
110.8
|
|
|
$
|
—
|
|
|
$
|
(36.6
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and equipment
|
(20.6
|
)
|
|
(21.4
|
)
|
|
(58.0
|
)
|
|
—
|
|
|
(100.0
|
)
|
|||||
Additions to equipment held for rental
|
—
|
|
|
—
|
|
|
(19.8
|
)
|
|
—
|
|
|
(19.8
|
)
|
|||||
Acquisition of business, net of cash acquired
|
—
|
|
|
—
|
|
|
(8.8
|
)
|
|
—
|
|
|
(8.8
|
)
|
|||||
Proceeds from sale of equipment held for rental
|
—
|
|
|
—
|
|
|
25.5
|
|
|
—
|
|
|
25.5
|
|
|||||
Intercompany investing
|
(30.6
|
)
|
|
—
|
|
|
(86.7
|
)
|
|
117.3
|
|
|
—
|
|
|||||
Other investing activities
|
(0.2
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
(0.7
|
)
|
|||||
Net cash provided (used) by investing activities
|
(51.4
|
)
|
|
(21.4
|
)
|
|
(148.3
|
)
|
|
117.3
|
|
|
(103.8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of debt (original maturities greater than three months)
|
345.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
345.0
|
|
|||||
Repayment of debt (original maturities greater than three months)
|
(340.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(340.0
|
)
|
|||||
Repurchases of Common Stock
|
(88.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(88.1
|
)
|
|||||
Dividends paid
|
(40.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40.0
|
)
|
|||||
Debt issuance cost
|
(15.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.5
|
)
|
|||||
Proceeds from exercise of stock options
|
7.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|||||
Excess tax benefit from stock-based compensation
|
4.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|||||
Intercompany financing
|
50.2
|
|
|
36.5
|
|
|
30.6
|
|
|
(117.3
|
)
|
|
—
|
|
|||||
Net cash provided (used) by financing activities
|
(76.8
|
)
|
|
36.5
|
|
|
30.6
|
|
|
(117.3
|
)
|
|
(127.0
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of exchange rate changes on cash
|
—
|
|
|
(0.7
|
)
|
|
0.5
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
(260.9
|
)
|
|
(0.3
|
)
|
|
(6.4
|
)
|
|
—
|
|
|
(267.6
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
281.8
|
|
|
4.7
|
|
|
27.3
|
|
|
—
|
|
|
313.8
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
20.9
|
|
|
$
|
4.4
|
|
|
$
|
20.9
|
|
|
$
|
—
|
|
|
$
|
46.2
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Third Quarter Fiscal
|
|
First Nine Months Fiscal
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
952.5
|
|
|
$
|
932.6
|
|
|
$
|
2,236.6
|
|
|
$
|
2,631.1
|
|
Defense
|
264.3
|
|
|
194.2
|
|
|
879.3
|
|
|
622.2
|
|
||||
Fire & emergency
|
248.5
|
|
|
199.8
|
|
|
696.4
|
|
|
569.7
|
|
||||
Commercial
|
287.9
|
|
|
294.0
|
|
|
724.9
|
|
|
725.1
|
|
||||
Intersegment eliminations and other
|
(5.7
|
)
|
|
(8.3
|
)
|
|
(13.4
|
)
|
|
(28.3
|
)
|
||||
|
$
|
1,747.5
|
|
|
$
|
1,612.3
|
|
|
$
|
4,523.8
|
|
|
$
|
4,519.8
|
|
|
Third Quarter Fiscal
|
|
First Nine Months Fiscal
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of sales:
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
756.1
|
|
|
$
|
727.3
|
|
|
$
|
1,807.5
|
|
|
$
|
2,062.9
|
|
Defense
|
226.9
|
|
|
185.3
|
|
|
751.6
|
|
|
580.1
|
|
||||
Fire & emergency
|
209.8
|
|
|
172.8
|
|
|
599.0
|
|
|
499.3
|
|
||||
Commercial
|
240.7
|
|
|
247.7
|
|
|
604.3
|
|
|
612.5
|
|
||||
Intersegment eliminations and other
|
(0.6
|
)
|
|
(4.8
|
)
|
|
4.7
|
|
|
(24.5
|
)
|
||||
|
$
|
1,432.9
|
|
|
$
|
1,328.3
|
|
|
$
|
3,767.1
|
|
|
$
|
3,730.3
|
|
|
Third Quarter Fiscal
|
|
First Nine Months Fiscal
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
122.1
|
|
|
$
|
136.4
|
|
|
$
|
218.2
|
|
|
$
|
350.5
|
|
Defense
|
19.1
|
|
|
(7.1
|
)
|
|
70.1
|
|
|
(9.3
|
)
|
||||
Fire & emergency
|
19.7
|
|
|
9.6
|
|
|
44.7
|
|
|
20.1
|
|
||||
Commercial
|
23.8
|
|
|
22.4
|
|
|
49.9
|
|
|
43.4
|
|
||||
Corporate
|
(37.9
|
)
|
|
(24.7
|
)
|
|
(114.4
|
)
|
|
(92.8
|
)
|
||||
Intersegment eliminations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
|
$
|
146.8
|
|
|
$
|
136.6
|
|
|
$
|
268.5
|
|
|
$
|
312.0
|
|
|
June 30,
|
|
September 30,
|
||||
|
2016
|
|
2015
|
||||
Cash and cash equivalents
|
$
|
45.5
|
|
|
$
|
42.9
|
|
Total debt
|
967.0
|
|
|
938.5
|
|
||
Shareholders’ equity
|
1,944.4
|
|
|
1,911.1
|
|
||
Total capitalization (debt plus equity)
|
2,911.4
|
|
|
2,849.6
|
|
||
Debt to total capitalization
|
33.2
|
%
|
|
32.9
|
%
|
•
|
Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of 4.50 to 1.0.
|
•
|
Interest Coverage Ratio: A minimum interest coverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated EBITDA to the Company’s consolidated cash interest expense) as of the last day of any fiscal quarter of 2.50 to 1.0.
|
•
|
Senior Secured Leverage Ratio: A maximum senior secured leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated secured indebtedness to the Company’s consolidated EBITDA) of 3.00 to 1.0.
|
i.
|
50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and
|
ii.
|
100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock.
|
•
|
A lower or slower than expected recovery in housing starts and non-residential construction spending in the U.S., including a scenario where lower oil and gas industry activity as a result of lower oil and gas prices leads to a broader slowdown in residential and non-residential construction activity;
|
•
|
A slower or less significant recovery in any of our global markets than we expect, especially in the access equipment markets in Europe, Australia and Latin America and the concrete mixer market in North America where the recovery has been slower than expected;
|
•
|
Construction-driven demand in the access equipment segment that will not be adequate to fully offset reductions in replacement demand resulting from very low industry purchases during the Great Recession;
|
•
|
Greater than expected declines in DoD tactical wheeled vehicle spending;
|
•
|
Adverse impacts of a continued strong U.S. dollar compared to other currencies globally on the competitiveness of our U.S. exports to global markets and on the translation of foreign operating results into U.S. dollars;
|
•
|
Our inability to design new products that meet our customers’ requirements and bring them to market;
|
•
|
Our inability to adjust our cost structure in response to lower access equipment and concrete mixer sales;
|
•
|
Higher costs than anticipated to launch new products or delays in new product launches;
|
•
|
Greater than expected pressure on municipal budgets;
|
•
|
Our inability to raise prices to offset cost increases or increase margins;
|
•
|
The possibility that commodity cost escalations could erode profits;
|
•
|
Low cost competitors aggressively entering one or more of our markets with significantly lower pricing;
|
•
|
Primary competitors vying for share gains through aggressive price competition;
|
•
|
Our inability to obtain and retain adequate resources to support production ramp-ups, including management personnel;
|
•
|
The inability of our supply base to keep pace with increased demand during an economic recovery or during times of heavy demand for our defense products;
|
•
|
Our failure to realize product, process and overhead cost reduction targets;
|
•
|
Slow adoption of our products in emerging markets and/or our inability to successfully execute our emerging market growth strategy; and
|
•
|
Uncertainty regarding timing of funding or payments on key large international defense tactical wheeled vehicle contracts, including contracts for M-ATVs. We have made commitments to purchase materials and components based on the expectation that we would receive timely funding or payments under those M-ATV contracts. If we do not receive timely funding or payments under those M-ATV contracts, disruptions may result to our manufacturing and delivery schedules, and correspondingly to our suppliers, that could cause us to record higher product costs and potentially charges for excess or obsolete inventory to the extent we build product and are unable to complete contracts or find alternate uses for the materials and components and cannot otherwise realize value for them.
|
•
|
Our business is susceptible to changes in the U.S. defense budget, which changes may reduce revenues that we expect from our defense business, especially in light of federal budget pressures in part caused by U.S. economic weakness, the withdrawal of U.S. troops from Iraq and Afghanistan, sequestration and the level of defense funding that will be allocated to the DoD's tactical wheeled vehicle strategy generally.
|
•
|
The U.S. government may not budget for or appropriate funding that we expect for our U.S. government contracts, which may prevent us from realizing revenues under current contracts or receiving additional orders that we anticipate we will receive. Current and projected DoD budgets include significantly lower funding for our vehicles than we experienced during the Iraq and Afghanistan conflicts.
|
•
|
The funding of U.S. government programs is subject to an annual congressional budget authorization and appropriation process. In years when the U.S. government has not completed its budget process before the end of its fiscal year, government operations are typically funded pursuant to a “continuing resolution,” which allows federal government agencies to operate at spending levels approved in the previous budget cycle but does not authorize new spending initiatives. When the U.S. government operates under a continuing resolution, delays can occur in the procurement of the products, services and solutions that we provide and may result in new initiatives being delayed or cancelled, or funds could be reprogrammed away from our programs to pay for higher priority operational needs. In years when the U.S. government fails to complete its budget process or to provide for a continuing resolution, a federal government shutdown may result, similar to that which occurred in October 2013. This could in turn result in the delay or cancellation of key programs, which could have a negative effect on our cash flows and adversely affect our future results. In addition, payments to contractors for services performed during a federal government shutdown may be delayed, which would have a negative effect on our cash flows.
|
•
|
Competitions for the award of defense tactical wheeled vehicle contracts are intense, and we cannot provide any assurance that we will be successful in the defense tactical wheeled vehicle procurement competitions in which we participate.
|
•
|
Certain of our government contracts for the U.S. Army and U.S. Marine Corps could be delayed or terminated, and all such contracts expire in the future and may not be replaced, which could reduce revenues that we expect under the contracts and negatively affect margins in our defense segment.
|
•
|
The Competition in Contracting Act requires competition for U.S. defense programs in most circumstances. Competition for DoD programs that we currently have could result in the U.S. government awarding future contracts to another manufacturer or the U.S. government awarding the contracts to us at lower prices and operating margins than we experience under the current contracts. In particular, the DoD has begun a process to recompete the FMTV program. We expect the U.S. government will issue requests for proposal from interested parties in fiscal 2016 for proposal submission sometime in fiscal 2017 and award a new FMTV production contract to the successful bidder sometime thereafter. In addition, the U.S. government has become more aggressive in seeking to acquire the intellectual property and design rights to our current and potential future programs to facilitate competition for manufacturing our vehicles. Sale of intellectual property and design rights to the DoD was an evaluation factor in the JLTV production contract competition and may be an evaluation factor in other future U.S. government contract competitions.
|
•
|
Defense tactical wheeled vehicles contract awards that we receive may be subject to protests or lawsuits by competing bidders, which protests or lawsuits, if successful, could result in the DoD revoking part or all of any defense tactical wheeled vehicles contract it awards to us and our inability to recover amounts we have expended in anticipation of initiating production under any such contract.
|
•
|
Most of our government contracts, including the JLTV contract, are fixed-price contracts with price escalation factors included for those contracts that extend beyond one year. Our actual costs on any of these contracts may exceed our projected costs, which could result in profits lower than historically realized or than we anticipate or net losses under these contracts. Under the JLTV contract, we bear the risk of material, labor and overhead cost escalation for the full eight years of the contract, which is three to five years longer than has been the case under our other defense contracts.
|
•
|
We must spend significant sums on product development and testing, bid and proposal activities and pre-contract engineering, tooling and design activities in competitions to have the opportunity to be awarded these contracts.
|
•
|
Our defense products undergo rigorous testing by the customer and are subject to highly technical requirements. Our products are inspected extensively by the DoD prior to acceptance to determine adherence to contractual technical and quality requirements. The recently awarded JLTV contract contains product testing requirements that are generally more extreme than our other DoD contracts. Any failure to pass these tests or to comply with these requirements could result in unanticipated retrofit and rework costs, vehicle design changes, delayed acceptance of vehicles, late or no payments under such contracts or cancellation of the contract to provide vehicles to the U.S. government.
|
•
|
As a U.S. government contractor, our U.S. government contracts and systems are subject to audit and review by the Defense Contract Audit Agency and the Defense Contract Management Agency. These agencies review our performance under our U.S. government contracts, our cost structure and our compliance with laws and regulations applicable to U.S. government contractors. Systems that are subject to review include, but are not limited to, our accounting systems, estimating systems, material management systems, earned value management systems, purchasing systems and government property systems. If improper or illegal activities, errors or system inadequacies come to the attention of the U.S. government, as a result of an audit or otherwise, then we may be subject to civil and criminal penalties, contract adjustments and/or agreements to upgrade existing systems as well as administrative sanctions that may include the termination of our U.S. government contracts, forfeiture of profits, suspension of payments, fines and, under certain circumstances, suspension or debarment from future U.S. government contracts for a period of time. Whether or not illegal activities are alleged and regardless of materiality, the U.S. government also has the ability to decrease or withhold certain payments when it deems systems subject to its review to be inadequate. These laws and regulations affect how we do business with our customers and, in many instances, impose added costs on our business.
|
•
|
Our defense tactical wheeled vehicle contracts are large in size and require significant personnel and production resources, and when our defense tactical wheeled vehicle customers allow such contracts to expire or significantly reduce their vehicle requirements under such contracts, we must make adjustments to personnel and production resources. The start and completion of existing and new contract awards that we may receive can cause our defense business to fluctuate significantly. During the past three years, we have completed significant reductions to our production and office workforce within our defense segment. If we are unable to effectively ramp up our workforce, as we are currently starting to do to support the JLTV program, our future earnings and cash flows would be adversely affected.
|
•
|
In the event of component availability constraints, the U.S. government has the ability to unilaterally divert the supply of components used on multiple government programs to those programs rated most urgent (DX-rated programs). This could result in the U.S. government diverting the supply of component parts necessary for the production of vehicles under our U.S. defense contracts to other contractors.
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We periodically experience difficulties with sourcing sufficient vehicle carcasses from the U.S. military to maintain our defense tactical wheeled vehicles remanufacturing schedule, which can create uncertainty and inefficiencies for this area of our business.
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31.1
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Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
July 28, 2016
.
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31.2
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Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
July 28, 2016
.
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32.1
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Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated
July 28, 2016
.
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32.2
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Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated
July 28, 2016
.
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101
|
The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2016
are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
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OSHKOSH CORPORATION
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July 28, 2016
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By
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/s/ Wilson R. Jones
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Wilson R. Jones, President and Chief Executive Officer
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July 28, 2016
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By
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/s/ David M. Sagehorn
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David M. Sagehorn, Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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July 28, 2016
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By
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/s/ Thomas J. Polnaszek
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Thomas J. Polnaszek, Senior Vice President Finance and Controller
(Principal Accounting Officer)
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31.1
|
Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
July 28, 2016
.
|
31.2
|
Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
July 28, 2016
.
|
32.1
|
Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated
July 28, 2016
.
|
32.2
|
Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated
July 28, 2016
.
|
101
|
The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2016
are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Shareholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
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