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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 | |
---|---|---|---|---|---|---|---|---|
-1.03 | -0.87% | 117.66 | 120.12 | 116.51 | 119.79 | 965,211 | 01:00:00 |
ý
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QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Wisconsin
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39-0520270
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer
Identification No.)
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P.O.
Box 2566
Oshkosh, Wisconsin
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54903-2566
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth Company
o
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Three Months Ended
March 31, |
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Six Months Ended
March 31, |
||||||||||||
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2017
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2016
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|
2017
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2016
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||||||||
Net sales
|
$
|
1,618.3
|
|
|
$
|
1,524.3
|
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$
|
2,829.7
|
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$
|
2,776.3
|
|
Cost of sales
|
1,357.0
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1,265.0
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2,368.7
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2,334.2
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||||
Gross income
|
261.3
|
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|
259.3
|
|
|
461.0
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442.1
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||||
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||||||||
Operating expenses:
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Selling, general and administrative
|
169.8
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|
154.7
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320.8
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294.0
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Amortization of purchased intangibles
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11.1
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13.2
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23.6
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26.4
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||||
Total operating expenses
|
180.9
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|
167.9
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344.4
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320.4
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||||
Operating income
|
80.4
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|
|
91.4
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|
116.6
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|
121.7
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||||
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||||||||
Other income (expense):
|
|
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||||||||
Interest expense
|
(15.1
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)
|
|
(15.6
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)
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(29.8
|
)
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(30.2
|
)
|
||||
Interest income
|
1.0
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0.5
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1.8
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|
1.0
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||||
Miscellaneous, net
|
1.2
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(1.0
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)
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2.5
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(1.0
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)
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||||
Income before income taxes and equity in earnings of unconsolidated affiliates
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67.5
|
|
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75.3
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|
91.1
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|
|
91.5
|
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||||
Provision for income taxes
|
23.6
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|
20.3
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|
28.8
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22.0
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Income before equity in earnings of unconsolidated affiliates
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43.9
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55.0
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62.3
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69.5
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||||
Equity in earnings of unconsolidated affiliates
|
0.4
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1.1
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1.2
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1.2
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Net income
|
$
|
44.3
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$
|
56.1
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$
|
63.5
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$
|
70.7
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Earnings per share attributable to common shareholders:
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Basic
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$
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0.59
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$
|
0.77
|
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$
|
0.85
|
|
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$
|
0.96
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|
Diluted
|
0.58
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|
|
0.76
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|
|
0.84
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|
0.95
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||||
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Cash dividends declared per share on Common Stock
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0.21
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0.19
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0.42
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0.38
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Three Months Ended
March 31, |
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Six Months Ended
March 31, |
||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Net income
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$
|
44.3
|
|
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$
|
56.1
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$
|
63.5
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$
|
70.7
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Other comprehensive income (loss), net of tax:
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Employee pension and postretirement benefits
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0.8
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0.4
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1.6
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0.9
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Currency translation adjustments
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10.7
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18.9
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(19.7
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)
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7.7
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||||
Change in fair value of derivative instruments
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—
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(0.2
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)
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—
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—
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||||
Total other comprehensive income (loss), net of tax
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11.5
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19.1
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(18.1
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)
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8.6
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||||
Comprehensive income
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$
|
55.8
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$
|
75.2
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$
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45.4
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$
|
79.3
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March 31,
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September 30,
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||||
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2017
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|
2016
|
||||
Assets
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||||
Current assets:
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||||
Cash and cash equivalents
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$
|
413.4
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$
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321.9
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Receivables, net
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945.1
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1,021.9
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Inventories, net
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1,455.1
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979.8
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Other current assets
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90.1
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93.9
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Total current assets
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2,903.7
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2,417.5
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Property, plant and equipment, net
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445.7
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452.1
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Goodwill
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994.4
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1,003.5
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Purchased intangible assets, net
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529.7
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553.5
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Other long-term assets
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115.3
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87.2
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Total assets
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$
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4,988.8
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$
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4,513.8
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Liabilities and Shareholders' Equity
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Current liabilities:
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||||
Revolving credit facilities and current maturities of long-term debt
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$
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10.0
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$
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20.0
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Accounts payable
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694.6
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466.1
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Customer advances
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672.0
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471.8
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Payroll-related obligations
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143.3
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147.9
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||
Other current liabilities
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273.4
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|
261.8
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||
Total current liabilities
|
1,793.3
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|
1,367.6
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||
Long-term debt, less current maturities
|
817.1
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826.2
|
|
||
Other long-term liabilities
|
345.1
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|
|
343.5
|
|
||
Commitments and contingencies
|
|
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||
Shareholders' equity:
|
|
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|
||||
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
|
794.2
|
|
|
782.3
|
|
||
Retained earnings
|
2,209.2
|
|
|
2,177.0
|
|
||
Accumulated other comprehensive loss
|
(193.1
|
)
|
|
(175.0
|
)
|
||
Common Stock in treasury, at cost (17,306,939 and 18,175,669 shares, respectively)
|
(777.9
|
)
|
|
(808.7
|
)
|
||
Total shareholders’ equity
|
2,033.3
|
|
|
1,976.5
|
|
||
Total liabilities and shareholders' equity
|
$
|
4,988.8
|
|
|
$
|
4,513.8
|
|
|
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
|
—
|
|
|
—
|
|
|
70.7
|
|
|
—
|
|
|
—
|
|
|
70.7
|
|
||||||
Employee pension and postretirement benefits,
net of tax of $0.6
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
7.7
|
|
|
—
|
|
|
7.7
|
|
||||||
Cash dividends ($0.38 per share)
|
—
|
|
|
—
|
|
|
(28.0
|
)
|
|
—
|
|
|
—
|
|
|
(28.0
|
)
|
||||||
Repurchases of Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100.1
|
)
|
|
(100.1
|
)
|
||||||
Exercise of stock options
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
1.9
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
11.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.4
|
|
||||||
Payment of earned performance shares
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
||||||
Shares tendered for taxes on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
(1.5
|
)
|
||||||
Other
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.3
|
|
||||||
Balance at March 31, 2016
|
$
|
0.9
|
|
|
$
|
779.5
|
|
|
$
|
2,059.2
|
|
|
$
|
(135.8
|
)
|
|
$
|
(829.4
|
)
|
|
$
|
1,874.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Common
Stock in
Treasury,
at Cost
|
|
Total
|
||||||||||||
Balance at September 30, 2016
|
$
|
0.9
|
|
|
$
|
782.3
|
|
|
$
|
2,177.0
|
|
|
$
|
(175.0
|
)
|
|
$
|
(808.7
|
)
|
|
$
|
1,976.5
|
|
Net income
|
—
|
|
|
—
|
|
|
63.5
|
|
|
—
|
|
|
—
|
|
|
63.5
|
|
||||||
Employee pension and postretirement benefits,
net of tax of $0.9
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.7
|
)
|
|
—
|
|
|
(19.7
|
)
|
||||||
Cash dividends ($0.42 per share)
|
—
|
|
|
—
|
|
|
(31.3
|
)
|
|
—
|
|
|
—
|
|
|
(31.3
|
)
|
||||||
Exercise of stock options
|
—
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|
28.9
|
|
|
33.2
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
12.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
||||||
Payment of earned performance shares
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
1.3
|
|
|
—
|
|
||||||
Shares tendered for taxes on stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.0
|
)
|
|
(3.0
|
)
|
||||||
Other
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
0.3
|
|
||||||
Balance at March 31, 2017
|
$
|
0.9
|
|
|
$
|
794.2
|
|
|
$
|
2,209.2
|
|
|
$
|
(193.1
|
)
|
|
$
|
(777.9
|
)
|
|
$
|
2,033.3
|
|
|
Six Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
63.5
|
|
|
$
|
70.7
|
|
Depreciation and amortization
|
64.4
|
|
|
63.7
|
|
||
Stock-based compensation expense
|
12.2
|
|
|
11.4
|
|
||
Deferred income taxes
|
1.0
|
|
|
(7.0
|
)
|
||
Gain on sale of assets
|
(4.2
|
)
|
|
(6.3
|
)
|
||
Foreign currency transaction losses
|
0.2
|
|
|
0.3
|
|
||
Other non-cash adjustments
|
0.5
|
|
|
(0.2
|
)
|
||
Changes in operating assets and liabilities
|
10.5
|
|
|
(36.6
|
)
|
||
Net cash provided by operating activities
|
148.1
|
|
|
96.0
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Additions to property, plant and equipment
|
(28.0
|
)
|
|
(40.3
|
)
|
||
Additions to equipment held for rental
|
(24.6
|
)
|
|
(22.7
|
)
|
||
Proceeds from sale of equipment held for rental
|
19.8
|
|
|
26.1
|
|
||
Other investing activities
|
(0.9
|
)
|
|
(1.0
|
)
|
||
Net cash used by investing activities
|
(33.7
|
)
|
|
(37.9
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of debt (original maturities greater than three months)
|
—
|
|
|
273.5
|
|
||
Repayments of debt (original maturities greater than three months)
|
(20.0
|
)
|
|
(190.0
|
)
|
||
Net decrease in short-term debt
|
—
|
|
|
(21.3
|
)
|
||
Repurchases of Common Stock
|
(3.0
|
)
|
|
(101.6
|
)
|
||
Dividends paid
|
(31.3
|
)
|
|
(28.0
|
)
|
||
Proceeds from exercise of stock options
|
33.2
|
|
|
1.9
|
|
||
Excess tax benefit from stock-based compensation
|
—
|
|
|
0.9
|
|
||
Net cash used by financing activities
|
(21.1
|
)
|
|
(64.6
|
)
|
||
|
|
|
|
||||
Effect of exchange rate changes on cash
|
(1.8
|
)
|
|
2.0
|
|
||
Increase (decrease) in cash and cash equivalents
|
91.5
|
|
|
(4.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
321.9
|
|
|
42.9
|
|
||
Cash and cash equivalents at end of period
|
$
|
413.4
|
|
|
$
|
38.4
|
|
|
|
|
|
||||
Supplemental disclosures:
|
|
|
|
||||
Cash paid for interest
|
$
|
28.4
|
|
|
$
|
26.6
|
|
Cash paid for income taxes
|
22.2
|
|
|
37.3
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
U.S. government:
|
|
|
|
||||
Amounts billed
|
$
|
59.9
|
|
|
$
|
49.0
|
|
Costs and profits not billed
|
85.1
|
|
|
55.3
|
|
||
|
145.0
|
|
|
104.3
|
|
||
Other trade receivables
|
754.9
|
|
|
881.8
|
|
||
Finance receivables
|
44.8
|
|
|
7.6
|
|
||
Notes receivable
|
34.6
|
|
|
36.1
|
|
||
Other receivables
|
39.9
|
|
|
38.6
|
|
||
|
1,019.2
|
|
|
1,068.4
|
|
||
Less allowance for doubtful accounts
|
(19.5
|
)
|
|
(21.2
|
)
|
||
|
$
|
999.7
|
|
|
$
|
1,047.2
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
Current receivables
|
$
|
945.1
|
|
|
$
|
1,021.9
|
|
Long-term receivables (included in “Other long-term assets”)
|
54.6
|
|
|
25.3
|
|
||
|
$
|
999.7
|
|
|
$
|
1,047.2
|
|
|
Finance Receivables
|
|
Notes Receivable
|
||||||||||||
|
March 31, 2017
|
|
September 30, 2016
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||
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
|
2.4
|
|
|
2.9
|
|
|
0.2
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Receivables on nonaccrual status
|
4.3
|
|
|
4.5
|
|
|
23.2
|
|
|
25.1
|
|
||||
Receivables past due 90 days or more and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Receivables subject to general reserves
|
2.4
|
|
|
3.1
|
|
|
—
|
|
|
—
|
|
||||
Allowance for doubtful accounts
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
||||
Receivables subject to specific reserves
|
42.4
|
|
|
4.5
|
|
|
34.6
|
|
|
36.1
|
|
||||
Allowance for doubtful accounts
|
(2.4
|
)
|
|
(0.9
|
)
|
|
(11.3
|
)
|
|
(13.0
|
)
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
||||||||||||||||
Allowance for doubtful accounts at beginning of period
|
$
|
2.1
|
|
|
$
|
11.6
|
|
|
$
|
6.5
|
|
|
$
|
20.2
|
|
|
$
|
0.1
|
|
|
$
|
12.6
|
|
|
$
|
6.1
|
|
|
$
|
18.8
|
|
Provision for doubtful accounts, net of recoveries
|
0.4
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
0.4
|
|
|
0.3
|
|
|
0.1
|
|
|
2.3
|
|
|
2.7
|
|
||||||||
Charge-off of accounts
|
—
|
|
|
(0.4
|
)
|
|
(0.8
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||||
Foreign currency translation
|
—
|
|
|
0.2
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
||||||||
Allowance for doubtful accounts at end of period
|
$
|
2.5
|
|
|
$
|
11.3
|
|
|
$
|
5.7
|
|
|
$
|
19.5
|
|
|
$
|
0.4
|
|
|
$
|
13.2
|
|
|
$
|
8.3
|
|
|
$
|
21.9
|
|
|
Six Months Ended March 31, 2017
|
|
Six Months Ended March 31, 2016
|
||||||||||||||||||||||||||||
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
|
Finance
|
|
Notes
|
|
Trade and Other
|
|
Total
|
||||||||||||||||
Allowance for doubtful accounts at beginning of period
|
$
|
1.0
|
|
|
$
|
13.0
|
|
|
$
|
7.2
|
|
|
$
|
21.2
|
|
|
$
|
0.1
|
|
|
$
|
12.7
|
|
|
$
|
7.5
|
|
|
$
|
20.3
|
|
Provision for doubtful accounts, net of recoveries
|
1.5
|
|
|
(0.7
|
)
|
|
(0.4
|
)
|
|
0.4
|
|
|
0.3
|
|
|
0.3
|
|
|
1.2
|
|
|
1.8
|
|
||||||||
Charge-off of accounts
|
—
|
|
|
(0.5
|
)
|
|
(1.0
|
)
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
||||||||
Foreign currency translation
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||
Allowance for doubtful accounts at end of period
|
$
|
2.5
|
|
|
$
|
11.3
|
|
|
$
|
5.7
|
|
|
$
|
19.5
|
|
|
$
|
0.4
|
|
|
$
|
13.2
|
|
|
$
|
8.3
|
|
|
$
|
21.9
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
Raw materials
|
$
|
597.9
|
|
|
$
|
481.2
|
|
Partially finished products
|
442.6
|
|
|
307.8
|
|
||
Finished products
|
503.6
|
|
|
286.9
|
|
||
Inventories at FIFO cost
|
1,544.1
|
|
|
1,075.9
|
|
||
Less: Progress/performance-based payments on U.S. government contracts
|
(8.0
|
)
|
|
(17.8
|
)
|
||
Excess of FIFO cost over LIFO cost
|
(81.0
|
)
|
|
(78.3
|
)
|
||
|
$
|
1,455.1
|
|
|
$
|
979.8
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
Land and land improvements
|
$
|
57.8
|
|
|
$
|
56.8
|
|
Buildings
|
286.3
|
|
|
283.4
|
|
||
Machinery and equipment
|
605.7
|
|
|
597.3
|
|
||
Software and related costs
|
150.8
|
|
|
147.4
|
|
||
Equipment on operating lease to others
|
34.4
|
|
|
25.7
|
|
||
|
1,135.0
|
|
|
1,110.6
|
|
||
Less accumulated depreciation
|
(689.3
|
)
|
|
(658.5
|
)
|
||
|
$
|
445.7
|
|
|
$
|
452.1
|
|
|
Access
Equipment
|
|
Fire &
Emergency
|
|
Commercial
|
|
Total
|
||||||||
Net goodwill at September 30, 2016
|
$
|
876.6
|
|
|
$
|
106.1
|
|
|
$
|
20.8
|
|
|
$
|
1,003.5
|
|
Foreign currency translation
|
(9.1
|
)
|
|
—
|
|
|
—
|
|
|
(9.1
|
)
|
||||
Net goodwill at March 31, 2017
|
$
|
867.5
|
|
|
$
|
106.1
|
|
|
$
|
20.8
|
|
|
$
|
994.4
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
|
Gross
|
|
Accumulated
Impairment
|
|
Net
|
|
Gross
|
|
Accumulated
Impairment
|
|
Net
|
||||||||||||
Access equipment
|
$
|
1,799.6
|
|
|
$
|
(932.1
|
)
|
|
$
|
867.5
|
|
|
$
|
1,808.7
|
|
|
$
|
(932.1
|
)
|
|
$
|
876.6
|
|
Fire & emergency
|
108.1
|
|
|
(2.0
|
)
|
|
106.1
|
|
|
108.1
|
|
|
(2.0
|
)
|
|
106.1
|
|
||||||
Commercial
|
196.7
|
|
|
(175.9
|
)
|
|
20.8
|
|
|
196.7
|
|
|
(175.9
|
)
|
|
20.8
|
|
||||||
|
$
|
2,104.4
|
|
|
$
|
(1,110.0
|
)
|
|
$
|
994.4
|
|
|
$
|
2,113.5
|
|
|
$
|
(1,110.0
|
)
|
|
$
|
1,003.5
|
|
|
March 31, 2017
|
||||||||||||
|
Weighted-
Average
Life (in years)
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
Distribution network
|
39.1
|
|
$
|
55.4
|
|
|
$
|
(28.7
|
)
|
|
$
|
26.7
|
|
Technology-related
|
11.9
|
|
104.7
|
|
|
(95.7
|
)
|
|
9.0
|
|
|||
Customer relationships
|
12.8
|
|
546.6
|
|
|
(442.0
|
)
|
|
104.6
|
|
|||
Other
|
16.2
|
|
16.4
|
|
|
(14.7
|
)
|
|
1.7
|
|
|||
|
14.8
|
|
723.1
|
|
|
(581.1
|
)
|
|
142.0
|
|
|||
Non-amortizable trade names
|
|
|
387.7
|
|
|
—
|
|
|
387.7
|
|
|||
|
|
|
$
|
1,110.8
|
|
|
$
|
(581.1
|
)
|
|
$
|
529.7
|
|
|
September 30, 2016
|
||||||||||||
|
Weighted-
Average
Life (in years)
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
Distribution network
|
39.1
|
|
$
|
55.4
|
|
|
$
|
(28.0
|
)
|
|
$
|
27.4
|
|
Technology-related
|
11.9
|
|
104.7
|
|
|
(91.5
|
)
|
|
13.2
|
|
|||
Customer relationships
|
12.8
|
|
550.8
|
|
|
(427.4
|
)
|
|
123.4
|
|
|||
Other
|
16.3
|
|
16.5
|
|
|
(14.7
|
)
|
|
1.8
|
|
|||
|
14.5
|
|
727.4
|
|
|
(561.6
|
)
|
|
165.8
|
|
|||
Non-amortizable trade names
|
|
|
387.7
|
|
|
—
|
|
|
387.7
|
|
|||
|
|
|
$
|
1,115.1
|
|
|
$
|
(561.6
|
)
|
|
$
|
553.5
|
|
|
March 31, 2017
|
||||||||||
|
Principal
|
|
Debt Issuance Costs
|
|
Debt, Net
|
||||||
Senior Secured Term Loan
|
$
|
335.0
|
|
|
$
|
(1.1
|
)
|
|
$
|
333.9
|
|
5.375% Senior Notes due March 2022
|
250.0
|
|
|
(3.9
|
)
|
|
246.1
|
|
|||
5.375% Senior Notes due March 2025
|
250.0
|
|
|
(2.9
|
)
|
|
247.1
|
|
|||
|
$
|
835.0
|
|
|
$
|
(7.9
|
)
|
|
827.1
|
|
|
Less current maturities
|
|
|
|
|
(10.0
|
)
|
|||||
|
|
|
|
|
|
$
|
817.1
|
|
|||
|
|
|
|
|
|
||||||
Revolving Credit Facility
|
|
|
|
|
$
|
—
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
10.0
|
|
|||||
|
|
|
|
|
|
$
|
10.0
|
|
|
September 30, 2016
|
||||||||||
|
Principal
|
|
Debt Issuance Costs
|
|
Debt, Net
|
||||||
Senior Secured Term Loan
|
$
|
355.0
|
|
|
$
|
(1.4
|
)
|
|
$
|
353.6
|
|
5.375% Senior Notes due March 2022
|
250.0
|
|
|
(4.3
|
)
|
|
245.7
|
|
|||
5.375% Senior Notes due March 2025
|
250.0
|
|
|
(3.1
|
)
|
|
246.9
|
|
|||
|
$
|
855.0
|
|
|
$
|
(8.8
|
)
|
|
846.2
|
|
|
Less current maturities
|
|
|
|
|
(20.0
|
)
|
|||||
|
|
|
|
|
$
|
826.2
|
|
||||
|
|
|
|
|
|
||||||
Revolving Credit Facility
|
|
|
|
|
$
|
—
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
20.0
|
|
|||||
|
|
|
|
|
$
|
20.0
|
|
•
|
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.
|
|
Six Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
89.6
|
|
|
$
|
92.1
|
|
Warranty provisions
|
24.7
|
|
|
19.8
|
|
||
Settlements made
|
(25.7
|
)
|
|
(27.1
|
)
|
||
Changes in liability for pre-existing warranties, net
|
(0.5
|
)
|
|
1.4
|
|
||
Premiums received
|
5.4
|
|
|
7.4
|
|
||
Amortization of premiums received
|
(5.8
|
)
|
|
(5.4
|
)
|
||
Foreign currency translation
|
(0.7
|
)
|
|
0.2
|
|
||
Balance at end of period
|
$
|
87.0
|
|
|
$
|
88.4
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance at beginning of period
|
$
|
8.5
|
|
|
$
|
5.8
|
|
|
$
|
8.4
|
|
|
$
|
5.6
|
|
Provision for new credit guarantees
|
0.9
|
|
|
1.5
|
|
|
1.5
|
|
|
2.3
|
|
||||
Changes for pre-existing guarantees, net
|
0.4
|
|
|
0.3
|
|
|
0.5
|
|
|
0.6
|
|
||||
Amortization of previous guarantees
|
(0.8
|
)
|
|
(0.6
|
)
|
|
(1.3
|
)
|
|
(1.5
|
)
|
||||
Foreign currency translation
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at end of period
|
$
|
9.1
|
|
|
$
|
7.0
|
|
|
$
|
9.1
|
|
|
$
|
7.0
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
|
Other
Current
Assets
|
|
Other
Current
Liabilities
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
$
|
0.1
|
|
|
$
|
0.4
|
|
Interest rate contracts
|
0.5
|
|
|
1.2
|
|
|
—
|
|
|
0.4
|
|
||||
|
$
|
1.0
|
|
|
$
|
1.5
|
|
|
$
|
0.1
|
|
|
$
|
0.8
|
|
|
Classification of
Gains (Losses)
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Miscellaneous, net
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
Foreign exchange contracts
|
Cost of sales
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Miscellaneous, net
|
|
(1.7
|
)
|
|
(4.5
|
)
|
|
1.0
|
|
|
(5.8
|
)
|
||||
Interest rate contracts
|
Miscellaneous, net
|
|
—
|
|
|
(0.1
|
)
|
|
0.4
|
|
|
(0.2
|
)
|
||||
|
|
|
$
|
(1.7
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
1.5
|
|
|
$
|
(6.1
|
)
|
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
|
||||||||
March 31, 2017
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
SERP plan assets
(a)
|
$
|
21.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.6
|
|
Foreign currency exchange derivatives
(b)
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
||||
Interest rate contracts
(c)
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
(b)
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Interest rate contracts
(c)
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
SERP plan assets
(a)
|
$
|
21.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.7
|
|
Foreign currency exchange derivatives
(b)
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
(b)
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
Interest rate contracts
(c)
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
(a)
|
Represents investments in a rabbi trust for the Company's non-qualified supplemental executive retirement plan (SERP). The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.
|
(b)
|
Based on observable market transactions of forward currency prices.
|
(c)
|
Based on observable market transactions of interest rate swap prices.
|
|
Cost of Sales
|
||
Access equipment
|
$
|
16.7
|
|
|
Cost of Sales
|
|
Selling, General and Administrative Expenses
|
|
Total
|
||||||
Access equipment
|
$
|
17.4
|
|
|
$
|
—
|
|
|
$
|
17.4
|
|
Commercial
|
—
|
|
|
0.4
|
|
|
0.4
|
|
|||
Total
|
$
|
17.4
|
|
|
$
|
0.4
|
|
|
$
|
17.8
|
|
|
Employee Severance and Termination Benefits
|
|
Property, Plant and Equipment Impairment
|
|
Other Costs
|
|
Total
|
||||||||
Balance at September 30, 2016
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Restructuring provision
|
15.3
|
|
|
1.5
|
|
|
1.0
|
|
|
17.8
|
|
||||
Utilized - cash
|
(1.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(1.4
|
)
|
||||
Utilized - noncash
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
(1.5
|
)
|
||||
Balance as of March 31, 2017
|
$
|
15.0
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
15.8
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
3.2
|
|
|
$
|
2.8
|
|
|
$
|
6.5
|
|
|
$
|
5.7
|
|
Interest cost
|
4.4
|
|
|
4.5
|
|
|
8.8
|
|
|
9.1
|
|
||||
Expected return on plan assets
|
(4.6
|
)
|
|
(4.5
|
)
|
|
(9.1
|
)
|
|
(9.0
|
)
|
||||
Amortization of prior service cost
|
0.5
|
|
|
0.5
|
|
|
0.9
|
|
|
0.9
|
|
||||
Amortization of net actuarial loss
|
1.0
|
|
|
0.6
|
|
|
2.0
|
|
|
1.2
|
|
||||
Net periodic benefit cost
|
$
|
4.5
|
|
|
$
|
3.9
|
|
|
$
|
9.1
|
|
|
$
|
7.9
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.7
|
|
|
$
|
0.4
|
|
|
$
|
1.3
|
|
|
$
|
0.7
|
|
Interest cost
|
0.4
|
|
|
0.4
|
|
|
0.8
|
|
|
0.8
|
|
||||
Amortization of prior service cost
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
||||
Amortization of net actuarial loss (gain)
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
||||
Net periodic benefit cost
|
$
|
0.8
|
|
|
$
|
0.4
|
|
|
$
|
1.7
|
|
|
$
|
0.9
|
|
|
Three Months Ended March 31, 2017
|
||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
Balance at beginning of period
|
$
|
(73.1
|
)
|
|
$
|
(131.5
|
)
|
|
$
|
(204.6
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
10.7
|
|
|
10.7
|
|
|||
Amounts reclassified from accumulated other
comprehensive income
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|||
Net current period other comprehensive income (loss)
|
0.8
|
|
|
10.7
|
|
|
11.5
|
|
|||
Balance at end of period
|
$
|
(72.3
|
)
|
|
$
|
(120.8
|
)
|
|
$
|
(193.1
|
)
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Derivative Instruments
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(45.9
|
)
|
|
$
|
(109.3
|
)
|
|
$
|
0.3
|
|
|
$
|
(154.9
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
18.9
|
|
|
(0.2
|
)
|
|
18.7
|
|
||||
Amounts reclassified from accumulated other comprehensive income
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
||||
Net current period other comprehensive income (loss)
|
0.4
|
|
|
18.9
|
|
|
(0.2
|
)
|
|
19.1
|
|
||||
Balance at end of period
|
$
|
(45.5
|
)
|
|
$
|
(90.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(135.8
|
)
|
|
Six Months Ended March 31, 2017
|
||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||
Balance at beginning of period
|
$
|
(73.9
|
)
|
|
$
|
(101.1
|
)
|
|
$
|
(175.0
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(19.7
|
)
|
|
(19.7
|
)
|
|||
Amounts reclassified from accumulated other
comprehensive income
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|||
Net current period other comprehensive income (loss)
|
1.6
|
|
|
(19.7
|
)
|
|
(18.1
|
)
|
|||
Balance at end of period
|
$
|
(72.3
|
)
|
|
$
|
(120.8
|
)
|
|
$
|
(193.1
|
)
|
|
Six Months Ended March 31, 2016
|
||||||||||||||
|
Employee
Pension and Postretirement Benefits, Net of Tax
|
|
Cumulative Translation Adjustments
|
|
Derivative Instruments
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
Balance at beginning of period
|
$
|
(46.4
|
)
|
|
$
|
(98.1
|
)
|
|
$
|
0.1
|
|
|
$
|
(144.4
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
7.7
|
|
|
—
|
|
|
7.7
|
|
||||
Amounts reclassified from accumulated other
comprehensive income
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
||||
Net current period other comprehensive income (loss)
|
0.9
|
|
|
7.7
|
|
|
—
|
|
|
8.6
|
|
||||
Balance at end of period
|
$
|
(45.5
|
)
|
|
$
|
(90.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(135.8
|
)
|
|
Three Months Ended
March 31, |
|
Six Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Amortization of employee pension and postretirement benefits items
|
|
|
|
|
|
|
|
||||||||
Prior service costs
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.4
|
)
|
Actuarial losses
|
(1.0
|
)
|
|
(0.5
|
)
|
|
(2.1
|
)
|
|
(1.1
|
)
|
||||
Total before tax
|
(1.2
|
)
|
|
(0.7
|
)
|
|
(2.5
|
)
|
|
(1.5
|
)
|
||||
Tax benefit
|
0.4
|
|
|
0.3
|
|
|
0.9
|
|
|
0.6
|
|
||||
Net of tax
|
$
|
(0.8
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
(0.9
|
)
|
|
Three Months Ended
March 31, |
|
Six Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Earnings available to common shareholders
|
$
|
44.3
|
|
|
$
|
56.1
|
|
|
$
|
63.5
|
|
|
$
|
70.7
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
74,696,616
|
|
|
73,118,295
|
|
74,486,209
|
|
73,593,439
|
|||||||
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares outstanding
|
74,696,616
|
|
|
73,118,295
|
|
|
74,486,209
|
|
|
73,593,439
|
|
||||
Dilutive stock options and other equity-based compensation awards
|
1,086,846
|
|
|
743,045
|
|
|
1,095,693
|
|
|
766,421
|
|
||||
Diluted weighted-average common shares outstanding
|
75,783,462
|
|
|
73,861,340
|
|
|
75,581,902
|
|
|
74,359,860
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended March 31,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Stock options
|
389,950
|
|
|
1,656,741
|
|
|
391,962
|
|
|
1,676,943
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
||||||||||||
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerial work platforms
|
$
|
369.4
|
|
|
$
|
—
|
|
|
$
|
369.4
|
|
|
$
|
375.1
|
|
|
$
|
—
|
|
|
$
|
375.1
|
|
Telehandlers
|
161.6
|
|
|
—
|
|
|
161.6
|
|
|
214.7
|
|
|
—
|
|
|
214.7
|
|
||||||
Other
|
192.2
|
|
|
—
|
|
|
192.2
|
|
|
164.5
|
|
|
—
|
|
|
164.5
|
|
||||||
Total access equipment
|
723.2
|
|
|
—
|
|
|
723.2
|
|
|
754.3
|
|
|
—
|
|
|
754.3
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense
|
445.7
|
|
|
0.4
|
|
|
446.1
|
|
|
296.8
|
|
|
0.2
|
|
|
297.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fire & emergency
|
233.5
|
|
|
4.0
|
|
|
237.5
|
|
|
237.2
|
|
|
3.2
|
|
|
240.4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Concrete placement
|
112.7
|
|
|
—
|
|
|
112.7
|
|
|
111.3
|
|
|
—
|
|
|
111.3
|
|
||||||
Refuse collection
|
79.1
|
|
|
—
|
|
|
79.1
|
|
|
99.5
|
|
|
—
|
|
|
99.5
|
|
||||||
Other
|
22.3
|
|
|
1.9
|
|
|
24.2
|
|
|
25.2
|
|
|
0.7
|
|
|
25.9
|
|
||||||
Total commercial
|
214.1
|
|
|
1.9
|
|
|
216.0
|
|
|
236.0
|
|
|
0.7
|
|
|
236.7
|
|
||||||
Corporate and intersegment eliminations
|
1.8
|
|
|
(6.3
|
)
|
|
(4.5
|
)
|
|
—
|
|
|
(4.1
|
)
|
|
(4.1
|
)
|
||||||
Consolidated
|
$
|
1,618.3
|
|
|
$
|
—
|
|
|
$
|
1,618.3
|
|
|
$
|
1,524.3
|
|
|
$
|
—
|
|
|
$
|
1,524.3
|
|
|
Six Months Ended March 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
|
External
Customers
|
|
Inter-
segment
|
|
Net
Sales
|
||||||||||||
Access equipment
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerial work platforms
|
$
|
603.1
|
|
|
$
|
—
|
|
|
$
|
603.1
|
|
|
$
|
617.1
|
|
|
$
|
—
|
|
|
$
|
617.1
|
|
Telehandlers
|
254.9
|
|
|
—
|
|
|
254.9
|
|
|
326.5
|
|
|
—
|
|
|
326.5
|
|
||||||
Other
|
354.4
|
|
|
—
|
|
|
354.4
|
|
|
340.5
|
|
|
—
|
|
|
340.5
|
|
||||||
Total access equipment
|
1,212.4
|
|
|
—
|
|
|
1,212.4
|
|
|
1,284.1
|
|
|
—
|
|
|
1,284.1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense
|
739.9
|
|
|
0.7
|
|
|
740.6
|
|
|
613.7
|
|
|
1.3
|
|
|
615.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fire & emergency
|
462.6
|
|
|
7.4
|
|
|
470.0
|
|
|
442.6
|
|
|
5.3
|
|
|
447.9
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Concrete placement
|
197.1
|
|
|
—
|
|
|
197.1
|
|
|
183.6
|
|
|
—
|
|
|
183.6
|
|
||||||
Refuse collection
|
171.3
|
|
|
—
|
|
|
171.3
|
|
|
198.5
|
|
|
—
|
|
|
198.5
|
|
||||||
Other
|
43.8
|
|
|
3.0
|
|
|
46.8
|
|
|
53.8
|
|
|
1.1
|
|
|
54.9
|
|
||||||
Total commercial
|
412.2
|
|
|
3.0
|
|
|
415.2
|
|
|
435.9
|
|
|
1.1
|
|
|
437.0
|
|
||||||
Corporate and intersegment eliminations
|
2.6
|
|
|
(11.1
|
)
|
|
(8.5
|
)
|
|
—
|
|
|
(7.7
|
)
|
|
(7.7
|
)
|
||||||
Consolidated
|
$
|
2,829.7
|
|
|
$
|
—
|
|
|
$
|
2,829.7
|
|
|
$
|
2,776.3
|
|
|
$
|
—
|
|
|
$
|
2,776.3
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended March 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
42.1
|
|
|
$
|
75.7
|
|
|
$
|
66.5
|
|
|
$
|
96.1
|
|
Defense
|
48.7
|
|
|
27.8
|
|
|
72.5
|
|
|
51.0
|
|
||||
Fire & emergency
|
21.8
|
|
|
14.9
|
|
|
38.8
|
|
|
25.0
|
|
||||
Commercial
|
6.0
|
|
|
17.2
|
|
|
10.6
|
|
|
26.1
|
|
||||
Corporate
|
(38.2
|
)
|
|
(44.2
|
)
|
|
(71.8
|
)
|
|
(76.5
|
)
|
||||
Intersegment eliminations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consolidated
|
80.4
|
|
|
91.4
|
|
|
116.6
|
|
|
121.7
|
|
||||
Interest expense, net of interest income
|
(14.1
|
)
|
|
(15.1
|
)
|
|
(28.0
|
)
|
|
(29.2
|
)
|
||||
Miscellaneous other income (expense)
|
1.2
|
|
|
(1.0
|
)
|
|
2.5
|
|
|
(1.0
|
)
|
||||
Income before income taxes and equity in earnings of unconsolidated affiliates
|
$
|
67.5
|
|
|
$
|
75.3
|
|
|
$
|
91.1
|
|
|
$
|
91.5
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
Identifiable assets:
|
|
|
|
||||
Access equipment:
|
|
|
|
||||
U.S.
|
$
|
1,993.8
|
|
|
$
|
1,856.0
|
|
Europe
|
491.6
|
|
|
521.5
|
|
||
Rest of the World
|
218.6
|
|
|
193.7
|
|
||
Total access equipment
|
2,704.0
|
|
|
2,571.2
|
|
||
Defense:
|
|
|
|
||||
U.S.
|
708.4
|
|
|
522.2
|
|
||
Rest of the World
|
2.6
|
|
|
3.0
|
|
||
Total defense
|
711.0
|
|
|
525.2
|
|
||
Fire & emergency - U.S.
|
537.3
|
|
|
522.7
|
|
||
Commercial:
|
|
|
|
||||
U.S.
|
374.5
|
|
|
358.4
|
|
||
Rest of the World
|
32.3
|
|
|
33.4
|
|
||
Total commercial
|
406.8
|
|
|
391.8
|
|
||
Corporate:
|
|
|
|
||||
U.S.
(a)
|
531.2
|
|
|
408.3
|
|
||
Rest of the world
(b)
|
98.5
|
|
|
94.6
|
|
||
Total corporate
|
629.7
|
|
|
502.9
|
|
||
Consolidated
|
$
|
4,988.8
|
|
|
$
|
4,513.8
|
|
(a)
|
Primarily includes cash and short-term investments.
|
(b)
|
Primarily includes a corporate-led manufacturing facility that supports multiple operating segments.
|
|
Six Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net sales:
|
|
|
|
||||
United States
|
$
|
2,237.5
|
|
|
$
|
2,070.4
|
|
Other North America
|
82.7
|
|
|
116.3
|
|
||
Europe, Africa and Middle East
|
351.2
|
|
|
388.1
|
|
||
Rest of the World
|
158.3
|
|
|
201.5
|
|
||
Consolidated
|
$
|
2,829.7
|
|
|
$
|
2,776.3
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,378.1
|
|
|
$
|
285.1
|
|
|
$
|
(44.9
|
)
|
|
$
|
1,618.3
|
|
Cost of sales
|
(0.2
|
)
|
|
1,132.9
|
|
|
268.9
|
|
|
(44.6
|
)
|
|
1,357.0
|
|
|||||
Gross income
|
0.2
|
|
|
245.2
|
|
|
16.2
|
|
|
(0.3
|
)
|
|
261.3
|
|
|||||
Selling, general and administrative expenses
|
35.6
|
|
|
103.9
|
|
|
30.3
|
|
|
—
|
|
|
169.8
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
9.6
|
|
|
1.5
|
|
|
—
|
|
|
11.1
|
|
|||||
Operating income (loss)
|
(35.4
|
)
|
|
131.7
|
|
|
(15.6
|
)
|
|
(0.3
|
)
|
|
80.4
|
|
|||||
Interest expense
|
(13.6
|
)
|
|
(13.7
|
)
|
|
(0.5
|
)
|
|
12.7
|
|
|
(15.1
|
)
|
|||||
Interest income
|
0.6
|
|
|
4.2
|
|
|
8.9
|
|
|
(12.7
|
)
|
|
1.0
|
|
|||||
Miscellaneous, net
|
24.3
|
|
|
(54.7
|
)
|
|
31.6
|
|
|
—
|
|
|
1.2
|
|
|||||
Income (loss) before income taxes
|
(24.1
|
)
|
|
67.5
|
|
|
24.4
|
|
|
(0.3
|
)
|
|
67.5
|
|
|||||
Provision for (benefit from) income taxes
|
(9.3
|
)
|
|
22.4
|
|
|
10.6
|
|
|
(0.1
|
)
|
|
23.6
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(14.8
|
)
|
|
45.1
|
|
|
13.8
|
|
|
(0.2
|
)
|
|
43.9
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
59.1
|
|
|
7.9
|
|
|
8.0
|
|
|
(75.0
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|||||
Net income
|
44.3
|
|
|
53.0
|
|
|
22.2
|
|
|
(75.2
|
)
|
|
44.3
|
|
|||||
Other comprehensive income (loss), net of tax
|
11.5
|
|
|
1.5
|
|
|
9.4
|
|
|
(10.9
|
)
|
|
11.5
|
|
|||||
Comprehensive income
|
$
|
55.8
|
|
|
$
|
54.5
|
|
|
$
|
31.6
|
|
|
$
|
(86.1
|
)
|
|
$
|
55.8
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,284.0
|
|
|
$
|
269.4
|
|
|
$
|
(29.1
|
)
|
|
$
|
1,524.3
|
|
Cost of sales
|
0.4
|
|
|
1,071.0
|
|
|
222.8
|
|
|
(29.2
|
)
|
|
1,265.0
|
|
|||||
Gross income (loss)
|
(0.4
|
)
|
|
213.0
|
|
|
46.6
|
|
|
0.1
|
|
|
259.3
|
|
|||||
Selling, general and administrative expenses
|
35.0
|
|
|
96.9
|
|
|
22.8
|
|
|
—
|
|
|
154.7
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
9.7
|
|
|
3.5
|
|
|
—
|
|
|
13.2
|
|
|||||
Operating income (loss)
|
(35.4
|
)
|
|
106.4
|
|
|
20.3
|
|
|
0.1
|
|
|
91.4
|
|
|||||
Interest expense
|
(70.4
|
)
|
|
(16.2
|
)
|
|
(0.4
|
)
|
|
71.4
|
|
|
(15.6
|
)
|
|||||
Interest income
|
0.4
|
|
|
23.1
|
|
|
48.4
|
|
|
(71.4
|
)
|
|
0.5
|
|
|||||
Miscellaneous, net
|
13.6
|
|
|
(50.5
|
)
|
|
35.9
|
|
|
—
|
|
|
(1.0
|
)
|
|||||
Income (loss) before income taxes
|
(91.8
|
)
|
|
62.8
|
|
|
104.2
|
|
|
0.1
|
|
|
75.3
|
|
|||||
Provision for (benefit from) income taxes
|
(34.1
|
)
|
|
18.8
|
|
|
35.6
|
|
|
—
|
|
|
20.3
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(57.7
|
)
|
|
44.0
|
|
|
68.6
|
|
|
0.1
|
|
|
55.0
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
113.8
|
|
|
36.0
|
|
|
19.6
|
|
|
(169.4
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||
Net income
|
56.1
|
|
|
80.0
|
|
|
89.3
|
|
|
(169.3
|
)
|
|
56.1
|
|
|||||
Other comprehensive income (loss), net of tax
|
19.1
|
|
|
0.7
|
|
|
18.0
|
|
|
(18.7
|
)
|
|
19.1
|
|
|||||
Comprehensive income
|
$
|
75.2
|
|
|
$
|
80.7
|
|
|
$
|
107.3
|
|
|
$
|
(188.0
|
)
|
|
$
|
75.2
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,427.9
|
|
|
$
|
488.0
|
|
|
$
|
(86.2
|
)
|
|
$
|
2,829.7
|
|
Cost of sales
|
(1.0
|
)
|
|
2,007.4
|
|
|
448.4
|
|
|
(86.1
|
)
|
|
2,368.7
|
|
|||||
Gross income
|
1.0
|
|
|
420.5
|
|
|
39.6
|
|
|
(0.1
|
)
|
|
461.0
|
|
|||||
Selling, general and administrative expenses
|
67.2
|
|
|
195.4
|
|
|
58.2
|
|
|
—
|
|
|
320.8
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
19.2
|
|
|
4.4
|
|
|
—
|
|
|
23.6
|
|
|||||
Operating income (loss)
|
(66.2
|
)
|
|
205.9
|
|
|
(23.0
|
)
|
|
(0.1
|
)
|
|
116.6
|
|
|||||
Interest expense
|
(27.2
|
)
|
|
(27.3
|
)
|
|
(1.0
|
)
|
|
25.7
|
|
|
(29.8
|
)
|
|||||
Interest income
|
1.3
|
|
|
8.3
|
|
|
17.9
|
|
|
(25.7
|
)
|
|
1.8
|
|
|||||
Miscellaneous, net
|
46.8
|
|
|
(106.9
|
)
|
|
62.6
|
|
|
—
|
|
|
2.5
|
|
|||||
Income (loss) before income taxes
|
(45.3
|
)
|
|
80.0
|
|
|
56.5
|
|
|
(0.1
|
)
|
|
91.1
|
|
|||||
Provision for (benefit from) income taxes
|
(14.4
|
)
|
|
25.4
|
|
|
17.8
|
|
|
—
|
|
|
28.8
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(30.9
|
)
|
|
54.6
|
|
|
38.7
|
|
|
(0.1
|
)
|
|
62.3
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
94.4
|
|
|
23.6
|
|
|
(2.7
|
)
|
|
(115.3
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|||||
Net income
|
63.5
|
|
|
78.2
|
|
|
37.2
|
|
|
(115.4
|
)
|
|
63.5
|
|
|||||
Other comprehensive income (loss), net of tax
|
(18.1
|
)
|
|
0.6
|
|
|
(19.8
|
)
|
|
19.2
|
|
|
(18.1
|
)
|
|||||
Comprehensive income
|
$
|
45.4
|
|
|
$
|
78.8
|
|
|
$
|
17.4
|
|
|
$
|
(96.2
|
)
|
|
$
|
45.4
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,340.8
|
|
|
$
|
489.8
|
|
|
$
|
(54.3
|
)
|
|
$
|
2,776.3
|
|
Cost of sales
|
0.7
|
|
|
1,970.0
|
|
|
417.9
|
|
|
(54.4
|
)
|
|
2,334.2
|
|
|||||
Gross income (loss)
|
(0.7
|
)
|
|
370.8
|
|
|
71.9
|
|
|
0.1
|
|
|
442.1
|
|
|||||
Selling, general and administrative expenses
|
58.6
|
|
|
186.2
|
|
|
49.2
|
|
|
—
|
|
|
294.0
|
|
|||||
Amortization of purchased intangibles
|
—
|
|
|
19.5
|
|
|
6.9
|
|
|
—
|
|
|
26.4
|
|
|||||
Operating income (loss)
|
(59.3
|
)
|
|
165.1
|
|
|
15.8
|
|
|
0.1
|
|
|
121.7
|
|
|||||
Interest expense
|
(130.0
|
)
|
|
(30.9
|
)
|
|
(1.1
|
)
|
|
131.8
|
|
|
(30.2
|
)
|
|||||
Interest income
|
0.9
|
|
|
39.3
|
|
|
92.6
|
|
|
(131.8
|
)
|
|
1.0
|
|
|||||
Miscellaneous, net
|
28.5
|
|
|
(91.9
|
)
|
|
62.4
|
|
|
—
|
|
|
(1.0
|
)
|
|||||
Income (loss) before income taxes
|
(159.9
|
)
|
|
81.6
|
|
|
169.7
|
|
|
0.1
|
|
|
91.5
|
|
|||||
Provision for (benefit from) income taxes
|
(39.9
|
)
|
|
20.4
|
|
|
41.5
|
|
|
—
|
|
|
22.0
|
|
|||||
Income (loss) before equity in earnings of affiliates
|
(120.0
|
)
|
|
61.2
|
|
|
128.2
|
|
|
0.1
|
|
|
69.5
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
191.0
|
|
|
54.1
|
|
|
13.2
|
|
|
(258.3
|
)
|
|
—
|
|
|||||
Equity in earnings of unconsolidated affiliates
|
(0.3
|
)
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.2
|
|
|||||
Net income
|
70.7
|
|
|
115.3
|
|
|
142.9
|
|
|
(258.2
|
)
|
|
70.7
|
|
|||||
Other comprehensive income (loss), net of tax
|
8.6
|
|
|
(2.2
|
)
|
|
9.9
|
|
|
(7.7
|
)
|
|
8.6
|
|
|||||
Comprehensive income
|
$
|
79.3
|
|
|
$
|
113.1
|
|
|
$
|
152.8
|
|
|
$
|
(265.9
|
)
|
|
$
|
79.3
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
373.5
|
|
|
$
|
2.7
|
|
|
$
|
37.2
|
|
|
$
|
—
|
|
|
$
|
413.4
|
|
Receivables, net
|
30.2
|
|
|
725.8
|
|
|
233.2
|
|
|
(44.1
|
)
|
|
945.1
|
|
|||||
Inventories, net
|
—
|
|
|
1,002.9
|
|
|
452.2
|
|
|
—
|
|
|
1,455.1
|
|
|||||
Other current assets
|
31.5
|
|
|
50.3
|
|
|
8.3
|
|
|
—
|
|
|
90.1
|
|
|||||
Total current assets
|
435.2
|
|
|
1,781.7
|
|
|
730.9
|
|
|
(44.1
|
)
|
|
2,903.7
|
|
|||||
Investment in and advances to consolidated subsidiaries
|
2,816.1
|
|
|
1,282.4
|
|
|
(104.8
|
)
|
|
(3,993.7
|
)
|
|
—
|
|
|||||
Intercompany receivables
|
48.0
|
|
|
343.2
|
|
|
1,808.0
|
|
|
(2,199.2
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
928.2
|
|
|
595.9
|
|
|
—
|
|
|
1,524.1
|
|
|||||
Other long-term assets
|
82.6
|
|
|
227.8
|
|
|
250.6
|
|
|
—
|
|
|
561.0
|
|
|||||
Total assets
|
$
|
3,381.9
|
|
|
$
|
4,563.3
|
|
|
$
|
3,280.6
|
|
|
$
|
(6,237.0
|
)
|
|
$
|
4,988.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
15.8
|
|
|
$
|
571.9
|
|
|
$
|
150.8
|
|
|
$
|
(43.9
|
)
|
|
$
|
694.6
|
|
Customer advances
|
—
|
|
|
668.0
|
|
|
4.0
|
|
|
—
|
|
|
672.0
|
|
|||||
Other current liabilities
|
80.2
|
|
|
247.6
|
|
|
99.1
|
|
|
(0.2
|
)
|
|
426.7
|
|
|||||
Total current liabilities
|
96.0
|
|
|
1,487.5
|
|
|
253.9
|
|
|
(44.1
|
)
|
|
1,793.3
|
|
|||||
Long-term debt, less current maturities
|
817.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
817.1
|
|
|||||
Intercompany payables
|
364.2
|
|
|
1,787.0
|
|
|
48.0
|
|
|
(2,199.2
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
71.3
|
|
|
148.8
|
|
|
125.0
|
|
|
—
|
|
|
345.1
|
|
|||||
Total shareholders' equity
|
2,033.3
|
|
|
1,140.0
|
|
|
2,853.7
|
|
|
(3,993.7
|
)
|
|
2,033.3
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
3,381.9
|
|
|
$
|
4,563.3
|
|
|
$
|
3,280.6
|
|
|
$
|
(6,237.0
|
)
|
|
$
|
4,988.8
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
285.4
|
|
|
$
|
1.7
|
|
|
$
|
34.8
|
|
|
$
|
—
|
|
|
$
|
321.9
|
|
Receivables, net
|
13.0
|
|
|
734.3
|
|
|
319.6
|
|
|
(45.0
|
)
|
|
1,021.9
|
|
|||||
Inventories, net
|
—
|
|
|
679.1
|
|
|
300.7
|
|
|
—
|
|
|
979.8
|
|
|||||
Other current assets
|
28.0
|
|
|
58.5
|
|
|
7.4
|
|
|
—
|
|
|
93.9
|
|
|||||
Total current assets
|
326.4
|
|
|
1,473.6
|
|
|
662.5
|
|
|
(45.0
|
)
|
|
2,417.5
|
|
|||||
Investment in and advances to consolidated subsidiaries
|
6,148.2
|
|
|
1,253.6
|
|
|
(120.0
|
)
|
|
(7,281.8
|
)
|
|
—
|
|
|||||
Intercompany receivables
|
48.0
|
|
|
1,353.7
|
|
|
4,632.2
|
|
|
(6,033.9
|
)
|
|
—
|
|
|||||
Intangible assets, net
|
—
|
|
|
947.5
|
|
|
609.5
|
|
|
—
|
|
|
1,557.0
|
|
|||||
Other long-term assets
|
87.3
|
|
|
232.7
|
|
|
219.3
|
|
|
—
|
|
|
539.3
|
|
|||||
Total assets
|
$
|
6,609.9
|
|
|
$
|
5,261.1
|
|
|
$
|
6,003.5
|
|
|
$
|
(13,360.7
|
)
|
|
$
|
4,513.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
13.3
|
|
|
$
|
375.0
|
|
|
$
|
122.6
|
|
|
$
|
(44.8
|
)
|
|
$
|
466.1
|
|
Customer advances
|
—
|
|
|
465.8
|
|
|
6.0
|
|
|
—
|
|
|
471.8
|
|
|||||
Other current liabilities
|
85.5
|
|
|
246.5
|
|
|
97.9
|
|
|
(0.2
|
)
|
|
429.7
|
|
|||||
Total current liabilities
|
98.8
|
|
|
1,087.3
|
|
|
226.5
|
|
|
(45.0
|
)
|
|
1,367.6
|
|
|||||
Long-term debt, less current maturities
|
826.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
826.2
|
|
|||||
Intercompany payables
|
3,639.4
|
|
|
2,346.5
|
|
|
48.0
|
|
|
(6,033.9
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
69.0
|
|
|
147.9
|
|
|
126.6
|
|
|
—
|
|
|
343.5
|
|
|||||
Total shareholders' equity
|
1,976.5
|
|
|
1,679.4
|
|
|
5,602.4
|
|
|
(7,281.8
|
)
|
|
1,976.5
|
|
|||||
Total liabilities and shareholders' equity
|
$
|
6,609.9
|
|
|
$
|
5,261.1
|
|
|
$
|
6,003.5
|
|
|
$
|
(13,360.7
|
)
|
|
$
|
4,513.8
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash provided (used) by operating activities
|
$
|
(20.4
|
)
|
|
$
|
193.2
|
|
|
$
|
(24.7
|
)
|
|
$
|
—
|
|
|
$
|
148.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and equipment
|
(1.6
|
)
|
|
(19.6
|
)
|
|
(6.8
|
)
|
|
—
|
|
|
(28.0
|
)
|
|||||
Additions to equipment held for rental
|
—
|
|
|
—
|
|
|
(24.6
|
)
|
|
—
|
|
|
(24.6
|
)
|
|||||
Proceeds from sale of equipment held for rental
|
—
|
|
|
—
|
|
|
19.8
|
|
|
—
|
|
|
19.8
|
|
|||||
Intercompany investing
|
—
|
|
|
387.0
|
|
|
—
|
|
|
(387.0
|
)
|
|
—
|
|
|||||
Other investing activities
|
(0.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|||||
Net cash provided (used) by investing activities
|
(2.4
|
)
|
|
367.3
|
|
|
(11.6
|
)
|
|
(387.0
|
)
|
|
(33.7
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repayments of debt (original maturities greater than three months)
|
(20.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.0
|
)
|
|||||
Repurchases of Common Stock
|
(3.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.0
|
)
|
|||||
Dividends paid
|
(31.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31.3
|
)
|
|||||
Proceeds from exercise of stock options
|
33.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.2
|
|
|||||
Intercompany financing
|
132.0
|
|
|
(559.5
|
)
|
|
40.5
|
|
|
387.0
|
|
|
—
|
|
|||||
Net cash provided (used) by financing activities
|
110.9
|
|
|
(559.5
|
)
|
|
40.5
|
|
|
387.0
|
|
|
(21.1
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
|
—
|
|
|
(1.8
|
)
|
|||||
Increase in cash and cash equivalents
|
88.1
|
|
|
1.0
|
|
|
2.4
|
|
|
—
|
|
|
91.5
|
|
|||||
Cash and cash equivalents at beginning of period
|
285.4
|
|
|
1.7
|
|
|
34.8
|
|
|
—
|
|
|
321.9
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
373.5
|
|
|
$
|
2.7
|
|
|
$
|
37.2
|
|
|
$
|
—
|
|
|
$
|
413.4
|
|
|
Oshkosh
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||
Net cash provided (used) by operating activities
|
$
|
(124.3
|
)
|
|
$
|
99.3
|
|
|
$
|
121.0
|
|
|
$
|
—
|
|
|
$
|
96.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and equipment
|
(12.7
|
)
|
|
(12.3
|
)
|
|
(15.3
|
)
|
|
—
|
|
|
(40.3
|
)
|
|||||
Additions to equipment held for rental
|
—
|
|
|
—
|
|
|
(22.7
|
)
|
|
—
|
|
|
(22.7
|
)
|
|||||
Proceeds from sale of equipment held for rental
|
—
|
|
|
0.6
|
|
|
25.5
|
|
|
—
|
|
|
26.1
|
|
|||||
Intercompany investing
|
(0.7
|
)
|
|
(76.4
|
)
|
|
(108.4
|
)
|
|
185.5
|
|
|
—
|
|
|||||
Other investing activities
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
|||||
Net cash used by investing activities
|
(14.4
|
)
|
|
(88.1
|
)
|
|
(120.9
|
)
|
|
185.5
|
|
|
(37.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of debt (original maturities greater than three months)
|
270.0
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
|
273.5
|
|
|||||
Repayments of debt (original maturities greater than three months)
|
(190.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(190.0
|
)
|
|||||
Net decrease in short-term debt
|
(21.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21.3
|
)
|
|||||
Repurchases of Common Stock
|
(101.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101.6
|
)
|
|||||
Dividends paid
|
(28.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28.0
|
)
|
|||||
Proceeds from exercise of stock options
|
1.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|||||
Excess tax benefit from stock-based compensation
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|||||
Intercompany financing
|
197.8
|
|
|
(13.0
|
)
|
|
0.7
|
|
|
(185.5
|
)
|
|
—
|
|
|||||
Net cash provided (used) by financing activities
|
129.7
|
|
|
(13.0
|
)
|
|
4.2
|
|
|
(185.5
|
)
|
|
(64.6
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effect of exchange rate changes on cash
|
—
|
|
|
0.3
|
|
|
1.7
|
|
|
—
|
|
|
2.0
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
(9.0
|
)
|
|
(1.5
|
)
|
|
6.0
|
|
|
—
|
|
|
(4.5
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
14.8
|
|
|
6.3
|
|
|
21.8
|
|
|
—
|
|
|
42.9
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
5.8
|
|
|
$
|
4.8
|
|
|
$
|
27.8
|
|
|
$
|
—
|
|
|
$
|
38.4
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Second Quarter Fiscal
|
|
First Six Months Fiscal
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
723.2
|
|
|
$
|
754.3
|
|
|
$
|
1,212.4
|
|
|
$
|
1,284.1
|
|
Defense
|
446.1
|
|
|
297.0
|
|
|
740.6
|
|
|
615.0
|
|
||||
Fire & emergency
|
237.5
|
|
|
240.4
|
|
|
470.0
|
|
|
447.9
|
|
||||
Commercial
|
216.0
|
|
|
236.7
|
|
|
415.2
|
|
|
437.0
|
|
||||
Intersegment eliminations and other
|
(4.5
|
)
|
|
(4.1
|
)
|
|
(8.5
|
)
|
|
(7.7
|
)
|
||||
|
$
|
1,618.3
|
|
|
$
|
1,524.3
|
|
|
$
|
2,829.7
|
|
|
$
|
2,776.3
|
|
|
Second Quarter Fiscal
|
|
First Six Months Fiscal
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of sales:
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
604.7
|
|
|
$
|
608.9
|
|
|
$
|
1,004.2
|
|
|
$
|
1,051.4
|
|
Defense
|
374.5
|
|
|
250.1
|
|
|
623.4
|
|
|
524.7
|
|
||||
Fire & emergency
|
196.3
|
|
|
208.4
|
|
|
394.5
|
|
|
389.2
|
|
||||
Commercial
|
185.6
|
|
|
194.8
|
|
|
355.5
|
|
|
363.6
|
|
||||
Intersegment eliminations and other
|
(4.1
|
)
|
|
2.8
|
|
|
(8.9
|
)
|
|
5.3
|
|
||||
|
$
|
1,357.0
|
|
|
$
|
1,265.0
|
|
|
$
|
2,368.7
|
|
|
$
|
2,334.2
|
|
|
Second Quarter Fiscal
|
|
First Six Months Fiscal
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
||||||||
Access equipment
|
$
|
42.1
|
|
|
$
|
75.7
|
|
|
$
|
66.5
|
|
|
$
|
96.1
|
|
Defense
|
48.7
|
|
|
27.8
|
|
|
72.5
|
|
|
51.0
|
|
||||
Fire & emergency
|
21.8
|
|
|
14.9
|
|
|
38.8
|
|
|
25.0
|
|
||||
Commercial
|
6.0
|
|
|
17.2
|
|
|
10.6
|
|
|
26.1
|
|
||||
Corporate
|
(38.2
|
)
|
|
(44.2
|
)
|
|
(71.8
|
)
|
|
(76.5
|
)
|
||||
Intersegment eliminations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
80.4
|
|
|
$
|
91.4
|
|
|
$
|
116.6
|
|
|
$
|
121.7
|
|
|
March 31,
|
|
September 30,
|
||||
|
2017
|
|
2016
|
||||
Cash and cash equivalents
|
$
|
413.4
|
|
|
$
|
321.9
|
|
Total debt
|
827.1
|
|
|
846.2
|
|
||
Total shareholders’ equity
|
2,033.3
|
|
|
1,976.5
|
|
||
Total capitalization (debt plus equity)
|
2,860.4
|
|
|
2,822.7
|
|
||
Debt to total capitalization
|
28.9
|
%
|
|
30.0
|
%
|
•
|
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.
|
|
Fiscal 2017 Expectations
|
||||||
|
Low
|
|
High
|
||||
|
|
|
|
||||
Adjusted access equipment segment operating income margin (non-GAAP)
|
8.75
|
%
|
|
9.00
|
%
|
||
Restructuring-related costs
|
(1.55
|
)
|
|
(1.55
|
)
|
||
Access equipment segment operating income margin (GAAP)
|
7.20
|
%
|
|
7.45
|
%
|
||
|
|
|
|
||||
Adjusted consolidated operating income (non-GAAP)
|
$
|
415
|
|
|
$
|
445
|
|
Restructuring-related costs
|
(43
|
)
|
|
(43
|
)
|
||
Consolidated operating income (GAAP)
|
$
|
372
|
|
|
$
|
402
|
|
|
|
|
|
||||
Adjusted effective income tax rate (non-GAAP)
|
33.0
|
%
|
|
32.5
|
%
|
||
Impact of restructuring-related costs on the effective income tax rate
|
2.9
|
|
|
2.9
|
|
||
Effective income tax rate (GAAP)
|
35.9
|
%
|
|
35.4
|
%
|
||
|
|
|
|
||||
Adjusted earnings per share-diluted (non-GAAP)
|
$
|
3.20
|
|
|
$
|
3.50
|
|
Restructuring-related costs, net of tax
|
(0.50
|
)
|
|
(0.50
|
)
|
||
Earnings per share-diluted (GAAP)
|
$
|
2.70
|
|
|
$
|
3.00
|
|
10.1
|
Oshkosh Corporation 2017 Incentive Stock and Awards Plan (incorporated by reference to Attachment B to Oshkosh Corporation's definitive proxy statement on Schedule 14A for the Oshkosh Corporation Annual Meeting of Shareholders held on February 7, 2017 (File No. 1-31371)).*
|
31.1
|
Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
April 26, 2017
.
|
31.2
|
Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
April 26, 2017
.
|
32.1
|
Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated
April 26, 2017
.
|
32.2
|
Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated
April 26, 2017
.
|
101
|
The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2017
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.
|
|
|
OSHKOSH CORPORATION
|
|
|
|
|
|
April 26, 2017
|
By
|
/s/ Wilson R. Jones
|
|
|
|
Wilson R. Jones, President and Chief Executive Officer
|
|
|
|
|
|
April 26, 2017
|
By
|
/s/ David M. Sagehorn
|
|
|
|
David M. Sagehorn, Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
April 26, 2017
|
By
|
/s/ James C. Freeders
|
|
|
|
James C. Freeders, Senior Vice President Finance and Controller
(Principal Accounting Officer)
|
|
|
|
|
|
10.1
|
Oshkosh Corporation 2017 Incentive Stock and Awards Plan (incorporated by reference to Attachment B to Oshkosh Corporation's definitive proxy statement on Schedule 14A for the Oshkosh Corporation Annual Meeting of Shareholders held on February 7, 2017 (File No. 1-31371)).*
|
31.1
|
Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
April 26, 2017
.
|
31.2
|
Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated
April 26, 2017
.
|
32.1
|
Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated
April 26, 2017
.
|
32.2
|
Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated
April 26, 2017
.
|
101
|
The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2017
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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