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 |
Page | ||
Three Months and Six Months Ended March 31, 2016 and 2015 | ||
Three Months and Six Months Ended March 31, 2016 and 2015 | ||
March 31, 2016 and September 30, 2015 | ||
Six Months Ended March 31, 2016 and 2015 | ||
Six Months Ended March 31, 2016 and 2015 | ||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales | $ | 1,524.3 | $ | 1,554.2 | $ | 2,776.3 | $ | 2,907.5 | |||||||
Cost of sales | 1,265.0 | 1,278.4 | 2,334.2 | 2,402.0 | |||||||||||
Gross income | 259.3 | 275.8 | 442.1 | 505.5 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 154.7 | 152.8 | 294.0 | 303.3 | |||||||||||
Amortization of purchased intangibles | 13.2 | 13.3 | 26.4 | 26.8 | |||||||||||
Total operating expenses | 167.9 | 166.1 | 320.4 | 330.1 | |||||||||||
Operating income | 91.4 | 109.7 | 121.7 | 175.4 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (15.6 | ) | (28.8 | ) | (30.2 | ) | (43.2 | ) | |||||||
Interest income | 0.5 | 0.6 | 1.0 | 1.4 | |||||||||||
Miscellaneous, net | (1.0 | ) | 1.3 | (1.0 | ) | — | |||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 75.3 | 82.8 | 91.5 | 133.6 | |||||||||||
Provision for income taxes | 20.3 | 29.5 | 22.0 | 45.7 | |||||||||||
Income before equity in earnings of unconsolidated affiliates | 55.0 | 53.3 | 69.5 | 87.9 | |||||||||||
Equity in earnings of unconsolidated affiliates | 1.1 | 1.3 | 1.2 | 1.4 | |||||||||||
Net income | $ | 56.1 | $ | 54.6 | $ | 70.7 | $ | 89.3 | |||||||
Earnings per share attributable to common shareholders: | |||||||||||||||
Basic | $ | 0.77 | $ | 0.70 | $ | 0.96 | $ | 1.14 | |||||||
Diluted | 0.76 | 0.69 | 0.95 | 1.12 | |||||||||||
Cash dividends declared per share on Common Stock | $ | 0.19 | $ | 0.17 | $ | 0.38 | $ | 0.34 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 56.1 | $ | 54.6 | $ | 70.7 | $ | 89.3 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Employee pension and postretirement benefits | 0.4 | 0.5 | 0.9 | 0.3 | |||||||||||
Currency translation adjustments | 18.9 | (53.1 | ) | 7.7 | (76.0 | ) | |||||||||
Change in fair value of derivative instruments | (0.2 | ) | — | — | — | ||||||||||
Total other comprehensive income (loss), net of tax | 19.1 | (52.6 | ) | 8.6 | (75.7 | ) | |||||||||
Comprehensive income | $ | 75.2 | $ | 2.0 | $ | 79.3 | $ | 13.6 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 38.4 | $ | 42.9 | |||
Receivables, net | 1,046.0 | 964.6 | |||||
Inventories, net | 1,373.4 | 1,301.7 | |||||
Deferred income taxes, net | 54.5 | 52.2 | |||||
Prepaid income taxes | 23.9 | 22.8 | |||||
Other current assets | 54.0 | 45.1 | |||||
Total current assets | 2,590.2 | 2,429.3 | |||||
Investment in unconsolidated affiliates | 16.8 | 16.2 | |||||
Property, plant and equipment, net | 478.3 | 475.8 | |||||
Goodwill | 1,006.0 | 1,001.1 | |||||
Purchased intangible assets, net | 580.2 | 606.7 | |||||
Other long-term assets | 79.7 | 83.9 | |||||
Total assets | $ | 4,751.2 | $ | 4,613.0 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facilities and current maturities of long-term debt | $ | 155.7 | $ | 83.5 | |||
Accounts payable | 597.7 | 552.8 | |||||
Customer advances | 525.9 | 440.2 | |||||
Payroll-related obligations | 123.6 | 116.6 | |||||
Other current liabilities | 241.6 | 265.0 | |||||
Total current liabilities | 1,644.5 | 1,458.1 | |||||
Long-term debt, less current maturities | 845.0 | 855.0 | |||||
Deferred income taxes, net | 88.6 | 91.7 | |||||
Other long-term liabilities | 298.7 | 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 | 779.5 | 771.5 | |||||
Retained earnings | 2,059.2 | 2,016.5 | |||||
Accumulated other comprehensive loss | (135.8 | ) | (144.4 | ) | |||
Common Stock in treasury, at cost (18,951,082 and 16,647,031 shares, respectively) | (829.4 | ) | (733.4 | ) | |||
Total shareholders’ equity | 1,874.4 | 1,911.1 | |||||
Total liabilities and shareholders' equity | $ | 4,751.2 | $ | 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 | — | — | 89.3 | — | — | 89.3 | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of $0.2 | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||
Currency translation adjustments, net | — | — | — | (76.0 | ) | — | (76.0 | ) | |||||||||||||||
Cash dividends ($0.34 per share) | — | — | (26.7 | ) | — | — | (26.7 | ) | |||||||||||||||
Repurchases of Common Stock | — | — | — | — | (88.1 | ) | (88.1 | ) | |||||||||||||||
Exercise of stock options | — | (0.3 | ) | — | — | 3.7 | 3.4 | ||||||||||||||||
Stock-based compensation expense | — | 11.4 | — | — | — | 11.4 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | 4.0 | — | — | — | 4.0 | |||||||||||||||||
Payment of earned performance shares | — | (7.4 | ) | — | — | 7.4 | — | ||||||||||||||||
Shares tendered for taxes on stock-based compensation | — | — | — | — | (4.8 | ) | (4.8 | ) | |||||||||||||||
Other | — | (0.4 | ) | — | — | 0.6 | 0.2 | ||||||||||||||||
Balance at March 31, 2015 | $ | 0.9 | $ | 765.3 | $ | 1,902.7 | $ | (144.9 | ) | $ | (626.0 | ) | $ | 1,898.0 | |||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury at Cost | Total | ||||||||||||||||||
Balance at September 30, 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, net | — | — | — | 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 |
Six Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 70.7 | $ | 89.3 | |||
Depreciation and amortization | 63.7 | 64.0 | |||||
Stock-based compensation expense | 11.4 | 11.4 | |||||
Deferred income taxes | (7.0 | ) | (4.7 | ) | |||
Foreign currency transaction losses | 0.3 | 10.7 | |||||
Gain on sale of assets | (6.3 | ) | (5.0 | ) | |||
Other non-cash adjustments | (0.2 | ) | 12.8 | ||||
Changes in operating assets and liabilities | (38.1 | ) | (249.2 | ) | |||
Net cash provided (used) by operating activities | 94.5 | (70.7 | ) | ||||
Investing activities: | |||||||
Additions to property, plant and equipment | (40.3 | ) | (69.8 | ) | |||
Additions to equipment held for rental | (22.7 | ) | (15.5 | ) | |||
Proceeds from sale of equipment held for rental | 26.1 | 13.4 | |||||
Other investing activities | (1.0 | ) | (1.5 | ) | |||
Net cash used by investing activities | (37.9 | ) | (73.4 | ) | |||
Financing activities: | |||||||
Net increase (decrease) in short-term debt | (21.3 | ) | 13.7 | ||||
Proceeds from issuance of debt (original maturities greater than three months) | 273.5 | 315.0 | |||||
Repayment of debt (original maturities greater than three months) | (190.0 | ) | (325.0 | ) | |||
Repurchases of Common Stock | (100.1 | ) | (88.1 | ) | |||
Dividends paid | (28.0 | ) | (26.7 | ) | |||
Debt issuance costs | — | (15.4 | ) | ||||
Proceeds from exercise of stock options | 1.9 | 3.4 | |||||
Excess tax benefit from stock-based compensation | 0.9 | 4.1 | |||||
Net cash used by financing activities | (63.1 | ) | (119.0 | ) | |||
Effect of exchange rate changes on cash | 2.0 | 2.7 | |||||
Decrease in cash and cash equivalents | (4.5 | ) | (260.4 | ) | |||
Cash and cash equivalents at beginning of period | 42.9 | 313.8 | |||||
Cash and cash equivalents at end of period | $ | 38.4 | $ | 53.4 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 26.6 | $ | 27.0 | |||
Cash paid for income taxes | 37.3 | 23.5 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 38.6 | $ | 63.1 | |||
Costs and profits not billed | 34.0 | 66.8 | |||||
72.6 | 129.9 | ||||||
Other trade receivables | 941.8 | 782.3 | |||||
Finance receivables | 6.5 | 7.4 | |||||
Notes receivable | 33.0 | 29.6 | |||||
Other receivables | 35.4 | 57.7 | |||||
1,089.3 | 1,006.9 | ||||||
Less allowance for doubtful accounts | (21.9 | ) | (20.3 | ) | |||
$ | 1,067.4 | $ | 986.6 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Current receivables | $ | 1,046.0 | $ | 964.6 | |||
Long-term receivables (included in Other long-term assets) | 21.4 | 22.0 | |||||
$ | 1,067.4 | $ | 986.6 |
Finance Receivables | Notes Receivable | ||||||||||||||
March 31, 2016 | September 30, 2015 | March 31, 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 | 22.2 | 22.9 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 1.5 | 6.2 | — | — | |||||||||||
Allowance for doubtful accounts | — | (0.1 | ) | — | — | ||||||||||
Receivables subject to specific reserves | 5.0 | 1.2 | 33.0 | 29.6 | |||||||||||
Allowance for doubtful accounts | (0.4 | ) | — | (13.2 | ) | (12.7 | ) |
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | 0.1 | $ | 12.6 | $ | 6.1 | $ | 18.8 | $ | — | $ | 13.1 | $ | 8.1 | $ | 21.2 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | 0.3 | 0.1 | 2.3 | 2.7 | — | 0.1 | 1.4 | 1.5 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.1 | ) | (0.1 | ) | — | — | (0.3 | ) | (0.3 | ) | |||||||||||||||||||
Foreign currency translation | — | 0.5 | — | 0.5 | — | (1.1 | ) | (0.1 | ) | (1.2 | ) | ||||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | 0.4 | $ | 13.2 | $ | 8.3 | $ | 21.9 | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 |
Six Months Ended March 31, 2016 | Six Months Ended March 31, 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 | 0.3 | 0.3 | 1.2 | 1.8 | — | 0.1 | 1.2 | 1.3 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.4 | ) | (0.4 | ) | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Foreign currency translation | — | 0.2 | — | 0.2 | — | (1.6 | ) | (0.1 | ) | (1.7 | ) | ||||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | 0.4 | $ | 13.2 | $ | 8.3 | $ | 21.9 | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Raw materials | $ | 576.5 | $ | 532.1 | |||
Partially finished products | 360.1 | 266.3 | |||||
Finished products | 539.4 | 594.4 | |||||
Inventories at FIFO cost | 1,476.0 | 1,392.8 | |||||
Less: Progress/performance-based payments on U.S. government contracts | (23.2 | ) | (12.9 | ) | |||
Excess of FIFO cost over LIFO cost | (79.4 | ) | (78.2 | ) | |||
$ | 1,373.4 | $ | 1,301.7 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Mezcladoras (Mexico) | $ | 11.6 | $ | 10.6 | |||
RiRent (The Netherlands) | 5.2 | 5.8 | |||||
Other investments in unconsolidated affiliates | — | (0.2 | ) | ||||
$ | 16.8 | $ | 16.2 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Land and land improvements | $ | 57.6 | $ | 57.5 | |||
Buildings | 279.1 | 274.8 | |||||
Machinery and equipment | 713.0 | 681.1 | |||||
Equipment on operating lease to others | 41.6 | 42.2 | |||||
Construction in progress | 30.5 | 38.1 | |||||
1,121.8 | 1,093.7 | ||||||
Less accumulated depreciation | (643.5 | ) | (617.9 | ) | |||
$ | 478.3 | $ | 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 | 4.8 | — | 0.1 | 4.9 | |||||||||||
Net goodwill at March 31, 2016 | $ | 879.0 | $ | 106.1 | $ | 20.9 | $ | 1,006.0 |
March 31, 2016 | September 30, 2015 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access equipment | $ | 1,811.1 | $ | (932.1 | ) | $ | 879.0 | $ | 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 | |||||||||||||||
$ | 2,116.0 | $ | (1,110.0 | ) | $ | 1,006.0 | $ | 2,111.1 | $ | (1,110.0 | ) | $ | 1,001.1 |
March 31, 2016 | |||||||||||||
Weighted- Average Life (in years) | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (27.3 | ) | $ | 28.1 | |||||
Non-compete | 10.5 | 56.4 | (56.4 | ) | — | ||||||||
Technology-related | 11.9 | 104.8 | (87.5 | ) | 17.3 | ||||||||
Customer relationships | 12.8 | 552.0 | (407.0 | ) | 145.0 | ||||||||
Other | 16.4 | 16.5 | (14.5 | ) | 2.0 | ||||||||
14.5 | 785.1 | (592.7 | ) | 192.4 | |||||||||
Non-amortizable trade names | 387.8 | — | 387.8 | ||||||||||
$ | 1,172.9 | $ | (592.7 | ) | $ | 580.2 |
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 |
March 31, | September 30, | |||||||
2016 | 2015 | |||||||
Senior Secured Term Loan | $ | 365.0 | $ | 375.0 | ||||
5.375% Senior Notes due March 2022 | 250.0 | 250.0 | ||||||
5.375% Senior Notes due March 2025 | 250.0 | 250.0 | ||||||
865.0 | 875.0 | |||||||
Less current maturities | (20.0 | ) | (20.0 | ) | ||||
$ | 845.0 | $ | 855.0 | |||||
Revolving Credit Facility | $ | 132.2 | $ | 63.5 | ||||
Other short-term borrowings | 3.5 | — | ||||||
Current maturities of long-term debt | 20.0 | 20.0 | ||||||
$ | 155.7 | $ | 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. |
Six Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Balance at beginning of period | $ | 92.1 | $ | 101.9 | |||
Warranty provisions | 19.8 | 19.8 | |||||
Settlements made | (27.1 | ) | (25.2 | ) | |||
Changes in liability for pre-existing warranties, net | 1.4 | (3.5 | ) | ||||
Premiums received | 7.4 | 5.8 | |||||
Amortization of premiums received | (5.4 | ) | (4.5 | ) | |||
Foreign currency translation | 0.2 | (2.5 | ) | ||||
Balance at end of period | $ | 88.4 | $ | 91.8 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance at beginning of period | $ | 5.8 | $ | 4.8 | $ | 5.6 | $ | 4.6 | |||||||
Provision for new credit guarantees | 1.5 | 0.9 | 2.3 | 1.5 | |||||||||||
Changes for pre-existing guarantees, net | 0.3 | (0.5 | ) | 0.6 | (0.4 | ) | |||||||||
Amortization of previous guarantees | (0.6 | ) | (0.9 | ) | (1.5 | ) | (1.3 | ) | |||||||
Foreign currency translation | — | — | — | (0.1 | ) | ||||||||||
Balance at end of period | $ | 7.0 | $ | 4.3 | $ | 7.0 | $ | 4.3 |
March 31, 2016 | September 30, 2015 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Cash flow hedges: | |||||||||||||||
Foreign exchange contracts | $ | 0.2 | $ | 0.1 | $ | 0.4 | $ | — | |||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | 0.2 | 2.4 | 0.3 | 0.4 | |||||||||||
Interest rate contracts | — | 0.7 | — | 0.7 | |||||||||||
$ | 0.4 | $ | 3.2 | $ | 0.7 | $ | 1.1 |
Classification of Gains (Losses) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Cash flow hedges: | |||||||||||||||||
Foreign exchange contracts | Miscellaneous, net | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | $ | — | ||||||
Not designated as hedging instruments: | |||||||||||||||||
Foreign exchange contracts | Miscellaneous, net | (4.5 | ) | 5.4 | (5.8 | ) | 8.8 | ||||||||||
Interest rate contracts | Miscellaneous, net | (0.1 | ) | — | (0.2 | ) | — | ||||||||||
$ | (4.7 | ) | $ | 5.4 | $ | (6.1 | ) | $ | 8.8 |
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, 2016 | |||||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 22.3 | $ | — | $ | — | $ | 22.3 | |||||||
Foreign currency exchange derivatives (b) | — | 0.4 | — | 0.4 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | $ | — | $ | 2.5 | $ | — | $ | 2.5 | |||||||
Interest rate contracts (c) | — | 0.7 | — | 0.7 |
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 March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 2.8 | $ | 3.0 | $ | 5.7 | $ | 6.0 | |||||||
Interest cost | 4.5 | 4.5 | 9.1 | 9.0 | |||||||||||
Expected return on plan assets | (4.5 | ) | (4.5 | ) | (9.0 | ) | (9.1 | ) | |||||||
Amortization of prior service cost | 0.5 | 0.4 | 0.9 | 0.8 | |||||||||||
Amortization of net actuarial loss | 0.6 | 0.6 | 1.2 | 1.3 | |||||||||||
$ | 3.9 | $ | 4.0 | $ | 7.9 | $ | 8.0 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.7 | $ | 0.9 | |||||||
Interest cost | 0.4 | 0.4 | 0.8 | 0.8 | |||||||||||
Amortization of prior service cost | (0.3 | ) | (0.3 | ) | (0.5 | ) | (0.5 | ) | |||||||
Curtailment | — | — | — | (3.4 | ) | ||||||||||
Amortization of net actuarial loss (gain) | (0.1 | ) | 0.1 | (0.1 | ) | 0.1 | |||||||||
$ | 0.4 | $ | 0.7 | $ | 0.9 | $ | (2.1 | ) |
Three Months Ended March 31, 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 | $ | (45.9 | ) | $ | (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 (loss) | 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 | ) |
Three Months Ended March 31, 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 | $ | (44.4 | ) | $ | (47.9 | ) | $ | — | $ | (92.3 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | (53.1 | ) | — | (53.1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | — | — | 0.5 | |||||||||||
Net current period other comprehensive income (loss) | 0.5 | (53.1 | ) | — | (52.6 | ) | |||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | — | $ | (144.9 | ) |
Six Months Ended March 31, 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 | — | 7.7 | — | 7.7 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 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 | ) |
Six Months Ended March 31, 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 | — | (76.0 | ) | — | (76.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | — | — | 0.3 | |||||||||||
Net current period other comprehensive income (loss) | 0.3 | (76.0 | ) | — | (75.7 | ) | |||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | — | $ | (144.9 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||||||
Prior service costs | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.4 | ) | $ | (0.3 | ) | |||
Actuarial losses | (0.5 | ) | (0.7 | ) | (1.1 | ) | (1.4 | ) | |||||||
Curtailment | — | — | — | 1.2 | |||||||||||
(0.7 | ) | (0.8 | ) | (1.5 | ) | (0.5 | ) | ||||||||
Tax benefit | 0.3 | 0.3 | 0.6 | 0.2 | |||||||||||
$ | (0.4 | ) | $ | (0.5 | ) | $ | (0.9 | ) | $ | (0.3 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 56.1 | $ | 54.6 | $ | 70.7 | $ | 89.3 | |||||||
Earnings allocated to participating securities | — | (0.1 | ) | — | (0.2 | ) | |||||||||
Earnings available to common shareholders | $ | 56.1 | $ | 54.5 | $ | 70.7 | $ | 89.1 | |||||||
Basic Earnings Per Share: | |||||||||||||||
Weighted-average common shares outstanding | 73,118,295 | 78,007,479 | 73,593,439 | 78,433,035 | |||||||||||
Diluted Earnings Per Share: | |||||||||||||||
Basic weighted-average common shares outstanding | 73,118,295 | 78,007,479 | 73,593,439 | 78,433,035 | |||||||||||
Dilutive stock options and other equity-based compensation awards | 743,045 | 1,102,424 | 766,421 | 1,103,796 | |||||||||||
Participating restricted stock | — | (115,163 | ) | — | (112,237 | ) | |||||||||
Diluted weighted-average common shares outstanding | 73,861,340 | 78,994,740 | 74,359,860 | 79,424,594 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Stock options | 1,656,741 | 1,144,416 | 1,676,943 | 1,156,103 |
Three Months Ended March 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 375.1 | $ | — | $ | 375.1 | $ | 432.5 | $ | — | $ | 432.5 | |||||||||||
Telehandlers | 214.7 | — | 214.7 | 379.7 | — | 379.7 | |||||||||||||||||
Other | 164.5 | — | 164.5 | 169.6 | — | 169.6 | |||||||||||||||||
Total access equipment | 754.3 | — | 754.3 | 981.8 | — | 981.8 | |||||||||||||||||
Defense | 296.8 | 0.2 | 297.0 | 157.6 | 1.1 | 158.7 | |||||||||||||||||
Fire & emergency | 237.2 | 3.2 | 240.4 | 194.6 | 8.3 | 202.9 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 111.3 | — | 111.3 | 111.0 | — | 111.0 | |||||||||||||||||
Refuse collection | 99.5 | — | 99.5 | 76.7 | — | 76.7 | |||||||||||||||||
Other | 25.2 | 0.7 | 25.9 | 32.5 | 0.7 | 33.2 | |||||||||||||||||
Total commercial | 236.0 | 0.7 | 236.7 | 220.2 | 0.7 | 220.9 | |||||||||||||||||
Intersegment eliminations | — | (4.1 | ) | (4.1 | ) | — | (10.1 | ) | (10.1 | ) | |||||||||||||
$ | 1,524.3 | $ | — | $ | 1,524.3 | $ | 1,554.2 | $ | — | $ | 1,554.2 |
Six Months Ended March 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 617.1 | $ | — | $ | 617.1 | $ | 709.8 | $ | — | $ | 709.8 | |||||||||||
Telehandlers | 326.5 | — | 326.5 | 670.1 | — | 670.1 | |||||||||||||||||
Other | 340.5 | — | 340.5 | 318.6 | — | 318.6 | |||||||||||||||||
Total access equipment | 1,284.1 | — | 1,284.1 | 1,698.5 | — | 1,698.5 | |||||||||||||||||
Defense | 613.7 | 1.3 | 615.0 | 426.8 | 1.2 | 428.0 | |||||||||||||||||
Fire & emergency | 442.6 | 5.3 | 447.9 | 354.1 | 15.8 | 369.9 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 183.6 | — | 183.6 | 197.1 | — | 197.1 | |||||||||||||||||
Refuse collection | 198.5 | — | 198.5 | 166.3 | — | 166.3 | |||||||||||||||||
Other | 53.8 | 1.1 | 54.9 | 64.7 | 3.0 | 67.7 | |||||||||||||||||
Total commercial | 435.9 | 1.1 | 437.0 | 428.1 | 3.0 | 431.1 | |||||||||||||||||
Intersegment eliminations | — | (7.7 | ) | (7.7 | ) | — | (20.0 | ) | (20.0 | ) | |||||||||||||
$ | 2,776.3 | $ | — | $ | 2,776.3 | $ | 2,907.5 | $ | — | $ | 2,907.5 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating income (loss): | |||||||||||||||
Access equipment | $ | 75.7 | $ | 136.9 | $ | 96.1 | $ | 214.1 | |||||||
Defense | 27.8 | (12.0 | ) | 51.0 | (2.2 | ) | |||||||||
Fire & emergency | 14.9 | 9.0 | 25.0 | 10.5 | |||||||||||
Commercial | 17.2 | 8.6 | 26.1 | 21.0 | |||||||||||
Corporate | (44.2 | ) | (32.8 | ) | (76.5 | ) | (68.1 | ) | |||||||
Intersegment eliminations | — | — | — | 0.1 | |||||||||||
91.4 | 109.7 | 121.7 | 175.4 | ||||||||||||
Interest expense, net of interest income | (15.1 | ) | (28.2 | ) | (29.2 | ) | (41.8 | ) | |||||||
Miscellaneous other income (expense) | (1.0 | ) | 1.3 | (1.0 | ) | — | |||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ | 75.3 | $ | 82.8 | $ | 91.5 | $ | 133.6 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Identifiable assets: | |||||||
Access equipment: | |||||||
U.S. | $ | 2,168.1 | $ | 2,178.7 | |||
Europe (a) | 546.1 | 531.4 | |||||
Rest of the World | 214.4 | 201.5 | |||||
Total access equipment | 2,928.6 | 2,911.6 | |||||
Defense: | |||||||
U.S. | 571.5 | 424.5 | |||||
Rest of the World | 1.8 | 5.1 | |||||
Total defense | 573.3 | 429.6 | |||||
Fire & emergency - U.S. | 532.1 | 530.7 | |||||
Commercial: | |||||||
U.S. | 404.8 | 395.1 | |||||
Rest of the World (a) | 40.9 | 41.1 | |||||
Total commercial | 445.7 | 436.2 | |||||
Corporate: | |||||||
U.S. (b) | 206.7 | 218.6 | |||||
Rest of the World (c) | 64.8 | 86.3 | |||||
Total corporate | 271.5 | 304.9 | |||||
$ | 4,751.2 | $ | 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. |
Six Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net sales: | |||||||
United States | $ | 2,070.4 | $ | 2,321.0 | |||
Other North America | 116.3 | 143.5 | |||||
Europe, Africa and Middle East | 388.1 | 229.6 | |||||
Rest of the World | 201.5 | 213.4 | |||||
$ | 2,776.3 | $ | 2,907.5 |
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 | (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 | $ | — | $ | 1,298.5 | $ | 277.9 | $ | (22.2 | ) | $ | 1,554.2 | ||||||||
Cost of sales | 0.3 | 1,087.7 | 212.3 | (21.9 | ) | 1,278.4 | |||||||||||||
Gross income | (0.3 | ) | 210.8 | 65.6 | (0.3 | ) | 275.8 | ||||||||||||
Selling, general and administrative expenses | 28.1 | 99.3 | 25.4 | — | 152.8 | ||||||||||||||
Amortization of purchased intangibles | — | 9.9 | 3.4 | — | 13.3 | ||||||||||||||
Operating income (loss) | (28.4 | ) | 101.6 | 36.8 | (0.3 | ) | 109.7 | ||||||||||||
Interest expense | (74.6 | ) | (13.1 | ) | (0.4 | ) | 59.3 | (28.8 | ) | ||||||||||
Interest income | 0.4 | 16.0 | 43.5 | (59.3 | ) | 0.6 | |||||||||||||
Miscellaneous, net | 10.0 | (5.7 | ) | (3.0 | ) | — | 1.3 | ||||||||||||
Income (loss) before income taxes | (92.6 | ) | 98.8 | 76.9 | (0.3 | ) | 82.8 | ||||||||||||
Provision for (benefit from) income taxes | (29.0 | ) | 32.0 | 26.6 | (0.1 | ) | 29.5 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (63.6 | ) | 66.8 | 50.3 | (0.2 | ) | 53.3 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 118.2 | 17.7 | 72.1 | (208.0 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.3 | — | 1.3 | ||||||||||||||
Net income | 54.6 | 84.5 | 123.7 | (208.2 | ) | 54.6 | |||||||||||||
Other comprehensive income (loss), net of tax | (52.6 | ) | (1.5 | ) | (42.1 | ) | 43.6 | (52.6 | ) | ||||||||||
Comprehensive income | $ | 2.0 | $ | 83.0 | $ | 81.6 | $ | (164.6 | ) | $ | 2.0 |
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 | (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 | |||||||||||||||
Net sales | $ | — | $ | 2,456.9 | $ | 492.7 | $ | (42.1 | ) | $ | 2,907.5 | ||||||||
Cost of sales | 0.3 | 2,054.5 | 389.3 | (42.1 | ) | 2,402.0 | |||||||||||||
Gross income | (0.3 | ) | 402.4 | 103.4 | — | 505.5 | |||||||||||||
Selling, general and administrative expenses | 59.9 | 191.4 | 52.0 | — | 303.3 | ||||||||||||||
Amortization of purchased intangibles | — | 19.7 | 7.1 | — | 26.8 | ||||||||||||||
Operating income (loss) | (60.2 | ) | 191.3 | 44.3 | — | 175.4 | |||||||||||||
Interest expense | (132.4 | ) | (25.9 | ) | (0.9 | ) | 116.0 | (43.2 | ) | ||||||||||
Interest income | 0.9 | 31.3 | 85.2 | (116.0 | ) | 1.4 | |||||||||||||
Miscellaneous, net | 18.2 | (69.0 | ) | 50.8 | — | — | |||||||||||||
Income (loss) before income taxes | (173.5 | ) | 127.7 | 179.4 | — | 133.6 | |||||||||||||
Provision for (benefit from) income taxes | (57.6 | ) | 44.0 | 59.3 | — | 45.7 | |||||||||||||
Income (loss) before equity in earnings of affiliates | (115.9 | ) | 83.7 | 120.1 | — | 87.9 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 205.2 | 53.5 | 84.6 | (343.3 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.4 | — | 1.4 | ||||||||||||||
Net income | 89.3 | 137.2 | 206.1 | (343.3 | ) | 89.3 | |||||||||||||
Other comprehensive income (loss), net of tax | (75.7 | ) | (4.2 | ) | (71.9 | ) | 76.1 | (75.7 | ) | ||||||||||
Comprehensive income | $ | 13.6 | $ | 133.0 | $ | 134.2 | $ | (267.2 | ) | $ | 13.6 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 5.8 | $ | 4.8 | $ | 27.8 | $ | — | $ | 38.4 | |||||||||
Receivables, net | 22.3 | 819.3 | 245.9 | (41.5 | ) | 1,046.0 | |||||||||||||
Inventories, net | — | 958.0 | 415.4 | — | 1,373.4 | ||||||||||||||
Other current assets | 22.5 | 83.5 | 26.4 | — | 132.4 | ||||||||||||||
Total current assets | 50.6 | 1,865.6 | 715.5 | (41.5 | ) | 2,590.2 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,922.5 | 1,206.2 | (183.1 | ) | (6,945.6 | ) | — | ||||||||||||
Intercompany receivables | 47.9 | 1,051.8 | 4,442.1 | (5,541.8 | ) | — | |||||||||||||
Intangible assets, net | — | 966.6 | 619.6 | — | 1,586.2 | ||||||||||||||
Other long-term assets | 120.8 | 219.3 | 234.7 | — | 574.8 | ||||||||||||||
Total assets | $ | 6,141.8 | $ | 5,309.5 | $ | 5,828.8 | $ | (12,528.9 | ) | $ | 4,751.2 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 12.4 | $ | 485.2 | $ | 141.4 | $ | (41.3 | ) | $ | 597.7 | ||||||||
Customer advances | — | 520.9 | 5.0 | — | 525.9 | ||||||||||||||
Other current liabilities | 215.0 | 211.2 | 94.9 | (0.2 | ) | 520.9 | |||||||||||||
Total current liabilities | 227.4 | 1,217.3 | 241.3 | (41.5 | ) | 1,644.5 | |||||||||||||
Long-term debt, less current maturities | 845.0 | — | — | — | 845.0 | ||||||||||||||
Intercompany payables | 3,134.4 | 2,359.5 | 47.9 | (5,541.8 | ) | — | |||||||||||||
Other long-term liabilities | 60.6 | 188.7 | 138.0 | — | 387.3 | ||||||||||||||
Shareholders' equity | 1,874.4 | 1,544.0 | 5,401.6 | (6,945.6 | ) | 1,874.4 | |||||||||||||
Total liabilities and shareholders' equity | $ | 6,141.8 | $ | 5,309.5 | $ | 5,828.8 | $ | (12,528.9 | ) | $ | 4,751.2 |
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 | $ | (125.8 | ) | $ | 99.3 | $ | 121.0 | $ | — | $ | 94.5 | ||||||||
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 provided (used) by investing activities | (14.4 | ) | (88.1 | ) | (120.9 | ) | 185.5 | (37.9 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Net decrease in short-term debt | (21.3 | ) | — | — | — | (21.3 | ) | ||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 270.0 | — | 3.5 | — | 273.5 | ||||||||||||||
Repayment of debt (original maturities greater than three months) | (190.0 | ) | — | — | — | (190.0 | ) | ||||||||||||
Repurchases of Common Stock | (100.1 | ) | — | — | — | (100.1 | ) | ||||||||||||
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 | 131.2 | (13.0 | ) | 4.2 | (185.5 | ) | (63.1 | ) | |||||||||||
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (85.1 | ) | $ | (20.6 | ) | $ | 35.0 | $ | — | $ | (70.7 | ) | ||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (14.4 | ) | (11.9 | ) | (43.5 | ) | — | (69.8 | ) | ||||||||||
Additions to equipment held for rental | — | — | (15.5 | ) | — | (15.5 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | — | 13.4 | — | 13.4 | ||||||||||||||
Intercompany investing | (19.0 | ) | 13.0 | (19.0 | ) | 25.0 | — | ||||||||||||
Other investing activities | (0.5 | ) | (0.7 | ) | (0.3 | ) | — | (1.5 | ) | ||||||||||
Net cash provided (used) by investing activities | (33.9 | ) | 0.4 | (64.9 | ) | 25.0 | (73.4 | ) | |||||||||||
Financing activities: | |||||||||||||||||||
Net increase in short-term debt | 13.7 | — | — | — | 13.7 | ||||||||||||||
Proceeds from issuance of debt (original maturities greater than three months) | 315.0 | — | — | — | 315.0 | ||||||||||||||
Repayment of debt (original maturities greater than three months) | (325.0 | ) | — | — | — | (325.0 | ) | ||||||||||||
Repurchases of Common Stock | (88.1 | ) | — | — | — | (88.1 | ) | ||||||||||||
Dividends paid | (26.7 | ) | — | — | — | (26.7 | ) | ||||||||||||
Debt issuance cost | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||
Proceeds from exercise of stock options | 3.4 | — | — | — | 3.4 | ||||||||||||||
Excess tax benefit from stock-based compensation | 4.1 | — | — | — | 4.1 | ||||||||||||||
Intercompany financing | (30.7 | ) | 22.0 | 33.7 | (25.0 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (149.7 | ) | 22.0 | 33.7 | (25.0 | ) | (119.0 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (0.8 | ) | 3.5 | — | 2.7 | |||||||||||||
Increase (decrease) in cash and cash equivalents | (268.7 | ) | 1.0 | 7.3 | — | (260.4 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 281.8 | 4.7 | 27.3 | — | 313.8 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 13.1 | $ | 5.7 | $ | 34.6 | $ | — | $ | 53.4 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Second Quarter Fiscal | First Six Months Fiscal | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net sales: | |||||||||||||||
Access equipment | $ | 754.3 | $ | 981.8 | $ | 1,284.1 | $ | 1,698.5 | |||||||
Defense | 297.0 | 158.7 | 615.0 | 428.0 | |||||||||||
Fire & emergency | 240.4 | 202.9 | 447.9 | 369.9 | |||||||||||
Commercial | 236.7 | 220.9 | 437.0 | 431.1 | |||||||||||
Intersegment eliminations and other | (4.1 | ) | (10.1 | ) | (7.7 | ) | (20.0 | ) | |||||||
$ | 1,524.3 | $ | 1,554.2 | $ | 2,776.3 | $ | 2,907.5 |
Second Quarter Fiscal | First Six Months Fiscal | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Cost of sales: | |||||||||||||||
Access equipment | $ | 608.9 | $ | 767.9 | $ | 1,051.4 | $ | 1,335.6 | |||||||
Defense | 250.1 | 153.8 | 524.7 | 394.8 | |||||||||||
Fire & emergency | 208.4 | 177.5 | 389.2 | 326.5 | |||||||||||
Commercial | 194.8 | 188.8 | 363.6 | 364.8 | |||||||||||
Intersegment eliminations and other | 2.8 | (9.6 | ) | 5.3 | (19.7 | ) | |||||||||
$ | 1,265.0 | $ | 1,278.4 | $ | 2,334.2 | $ | 2,402.0 |
Second Quarter Fiscal | First Six Months Fiscal | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating income (loss): | |||||||||||||||
Access equipment | $ | 75.7 | $ | 136.9 | $ | 96.1 | $ | 214.1 | |||||||
Defense | 27.8 | (12.0 | ) | 51.0 | (2.2 | ) | |||||||||
Fire & emergency | 14.9 | 9.0 | 25.0 | 10.5 | |||||||||||
Commercial | 17.2 | 8.6 | 26.1 | 21.0 | |||||||||||
Corporate | (44.2 | ) | (32.8 | ) | (76.5 | ) | (68.1 | ) | |||||||
Intersegment eliminations | — | — | — | 0.1 | |||||||||||
$ | 91.4 | $ | 109.7 | $ | 121.7 | $ | 175.4 |
March 31, | September 30, | ||||||
2016 | 2015 | ||||||
Cash and cash equivalents | $ | 38.4 | $ | 42.9 | |||
Total debt | 1,000.7 | 938.5 | |||||
Shareholders’ equity | 1,874.4 | 1,911.1 | |||||
Total capitalization (debt plus equity) | 2,875.1 | 2,849.6 | |||||
Debt to total capitalization | 34.8 | % | 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 and refuse collection vehicle markets in North America where the recovery has been slower than expected; |
• | 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 the economic recovery; |
• | 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. If we do not receive timely funding or payments under those contracts, then we could incur higher interest costs. Further, 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 schedule, and correspondingly to our suppliers, that will 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 canceled, 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 solicit interest from potential suppliers to manufacture the FMTV. 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 |
• | 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 two 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. |
• | 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. |
10.1 | Severance Agreement, effective as of January 1, 2016 between Oshkosh Corporation and Wilson R. Jones.* |
10.2 | Key Executive Employment and Severance Agreement between Oshkosh Corporation and Wilson R. Jones.* |
31.1 | Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 28, 2016. |
31.2 | Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 28, 2016. |
32.1 | Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated April 28, 2016. |
32.2 | Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated April 28, 2016. |
101 | The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 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. |
OSHKOSH CORPORATION | |||
April 28, 2016 | By | /s/ Wilson R. Jones | |
Wilson R. Jones, President and Chief Executive Officer | |||
April 28, 2016 | By | /s/ David M. Sagehorn | |
David M. Sagehorn, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||
April 28, 2016 | By | /s/ Thomas J. Polnaszek | |
Thomas J. Polnaszek, Senior Vice President Finance and Controller (Principal Accounting Officer) | |||
10.1 | Severance Agreement, effective as of January 1, 2016 between Oshkosh Corporation and Wilson R. Jones.* |
10.2 | Key Executive Employment and Severance Agreement between Oshkosh Corporation and Wilson R. Jones.* |
31.1 | Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 28, 2016. |
31.2 | Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 28, 2016. |
32.1 | Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated April 28, 2016. |
32.2 | Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated April 28, 2016. |
101 | The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 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. |
409A Affiliate | Covered Termination | Prime |
Act | Effective Date | Section 409A Indemnification |
Accrued Benefits | Employer | Section 409A Tax |
Affiliate and Associate | Good Reason | Separation from Service |
Annual Cash Compensation | Indemnified Section 409A Violation | Termination Date |
Cause | Normal Retirement Date | Termination of Employment |
Change in Control | Notice of Termination | |
Code | Person |
(A) | If applicable, following the end of the COBRA continuation period, if such hospitalization, medical or dental coverage is provided under a health plan that is subject to Section 105(h) of the Code, benefits payable under such health plan shall comply with the requirements of Treasury regulation section 1.409A-3(i)(1)(iv)(A) and (B) and, if necessary, the Company shall amend such health plan to comply therewith. |
(B) | During the first six months following the Executive’s Separation from Service, the Executive shall pay the Company the cost of any life insurance coverage for the Executive that provides a benefit in excess of $50,000 under a group term life insurance policy. After the end of such six month period, the Company shall make a cash payment to the Executive (with interest at Prime, compounded quarterly) equal to the aggregate premiums paid by the Executive for such coverage, and thereafter such coverage shall be provided at the expense of the Company for the remainder of the period. |
OSHKOSH CORPORATION | |
By:/s/ Ignacio A. Cortina | |
Name: Ignacio A. Cortina | |
Title: Senior Vice President and Secretary | |
Attest:/s/ Lori R. Mackey | |
Name: Lori R. Mackey | |
Title: Assistant Secretary | |
EXECUTIVE | |
/s/ Wilson R. Jones (SEAL) | |
Wilson R. Jones | |
(A) | If termination is for Cause pursuant to Section 7(b) and if the Executive has cured the conduct constituting such Cause as described by the Employer in its Notice of Termination within such 30-day or shorter period, then the Executive’s employment hereunder shall continue as if the Employer had not delivered its Notice of Termination. |
(B) | If the Executive shall in good faith give a Notice of Termination for Good Reason and the Company notifies the Executive that a dispute exists concerning the termination within the fifteen day period following receipt thereof, then the Executive may elect to continue the Executive’s employment during such dispute and the Termination Date shall be determined under this paragraph. If the Executive so elects and it is thereafter determined that the Executive terminated the Executive’s employment for Good Reason in accordance with this Agreement, then the Termination Date shall be the earlier of (1) the date on which the dispute is finally determined, either (x) by mutual written agreement of the parties or (y) in accordance with Section 22 or (2) the date of the Executive’s death. If the Executive so elects and it is thereafter determined that the Executive did not terminate the Executive’s employment for Good Reason in accordance with this Agreement, then the employment of the Executive hereunder shall continue after such determination as if the Executive had not delivered the Notice of Termination asserting Good Reason and there shall be no Termination Date arising out of such Notice. In either case, this |
(C) | Except as provided in paragraph (A) above, if the party receiving the Notice of Termination notifies the other party that a dispute exists concerning the termination within the fifteen day period following receipt thereof and it is finally determined that termination of the Executive’s employment for the reason asserted in such Notice of Termination was not in accordance with this Agreement, then (1) if such Notice was delivered by the Executive, then the Executive will be deemed to have voluntarily terminated the Executive’s employment other than for Good Reason by means of such Notice and (2) if delivered by the Company, then the Company will be deemed to have terminated the Executive’s employment other than by reason of death, disability or Cause by means of such Notice. |
1. | I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
April 28, 2016 | /s/ Wilson R. Jones |
Wilson R. Jones, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
April 28, 2016 | /s/ David M. Sagehorn |
David M. Sagehorn, Executive Vice President and Chief Financial Officer |
/s/ Wilson R. Jones | |
Wilson R. Jones | |
April 28, 2016 |
/s/ David M. Sagehorn | |
David M. Sagehorn | |
April 28, 2016 |
Document and Entity Information - shares |
6 Months Ended | |
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Mar. 31, 2016 |
Apr. 21, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OSHKOSH CORP | |
Entity Central Index Key | 0000775158 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 73,366,717 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Net income | $ 56.1 | $ 54.6 | $ 70.7 | $ 89.3 |
Other comprehensive income (loss), net of tax: | ||||
Employee pension and postretirement benefits | 0.4 | 0.5 | 0.9 | 0.3 |
Currency translation adjustments | 18.9 | (53.1) | 7.7 | (76.0) |
Change in fair value of derivative instruments | (0.2) | 0.0 | 0.0 | 0.0 |
Total other comprehensive income (loss), net of tax | 19.1 | (52.6) | 8.6 | (75.7) |
Comprehensive income | $ 75.2 | $ 2.0 | $ 79.3 | $ 13.6 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2016 |
Sep. 30, 2015 |
---|---|---|
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 92,101,465 | 92,101,465 |
Common Stock in treasury, shares | 18,951,082 | 16,647,031 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Employee pension and postretirement benefits, tax | $ 0.6 | $ 0.2 |
Cash dividends declared per share on Common Stock (in dollars per share) | $ 0.38 | $ 0.34 |
Basis of Presentation |
6 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation for the year ended September 30, 2015. The interim results are not necessarily indicative of results for the full year. “Oshkosh” refers to Oshkosh Corporation not including its subsidiaries and “the Company” refers to Oshkosh Corporation and its subsidiaries. Certain reclassifications have been made to the fiscal 2015 financial statements to conform to the fiscal 2016 presentation. |
New Accounting Standards |
6 Months Ended |
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Mar. 31, 2016 | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements | New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue. This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations and ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, becomes effective for fiscal years and interim periods beginning after December 15, 2017, with adoption permitted one year earlier. The Company is currently evaluating the impact of ASU 2014-09 on the Company’s financial statements and has not yet determined its method of adoption. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Topic 835-30), Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize debt issuance costs related to a debt liability as a direct deduction from the carrying amount of the debt liability in the balance sheet, thereby increasing the effective rate of interest, as opposed to a deferred cost. The Company will be required to adopt ASU 2015-03 as of October 1, 2016. The Company does not expect the adoption of ASU 2015-03 to have a material impact on the Company's financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. ASU 2015-11 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize inventory within the scope of the standard at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company will be required to adopt ASU 2015-11 as of October 1, 2017. The Company is currently evaluating the impact of ASU 2015-11 on the Company’s financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. ASU 2015-17 is part of the FASB's initiative to reduce complexity of financial statements. The guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current and noncurrent amounts and requires an entity to classify all deferred tax liabilities and assets as noncurrent. The Company will be required to adopt ASU 2015-17 as of October 1, 2017. The Company does not expect the adoption of ASU 2015-17 to have a material impact on the Company's financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is expected to increase transparency and comparability among organizations. The standard requires lessees to reflect most leases on their balance sheet as lease liabilities with a corresponding right-of-use asset, while leaving presentation of lease expense in the statements of comprehensive income largely unchanged. The standard also eliminates the real-estate specific provisions that exist under current U.S. GAAP and modifies the classification criteria and accounting lessors must apply to sales-type and direct financing leases. The standard is effective for fiscal years and interim periods beginning after December 15, 2018 and early adoption is permitted. The Company is evaluating the impact of ASU 2016-02 on the Company's financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 is part of the FASB’s initiative to simplify accounting standards. The standard requires that all tax effects of share-based payments at settlement (or expiration) be recorded in the income statement at the time the tax effects arise. The standard also clarifies that cash flows resulting from share-based payments be reported as operating activities within the statement of cash flows, permits employers to withhold shares upon settlement of an award to satisfy an employee's tax liability up to the employee's maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award and permits entities to make an accounting policy election to estimate or use actual forfeitures when recognizing the expense of share-based compensation. The Company will be required to adopt ASU 2016-09 as of October 1, 2017. The Company is evaluating the impact of ASU 2016-09 on the Company's financial statements. |
Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables Receivables consisted of the following (in millions):
Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
Finance and notes receivable aging and accrual status consisted of the following (in millions):
Finance Receivables: Finance receivables represent sales-type leases resulting from the sale of the Company's products and the purchase of finance receivables from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value accrues to the Company at the end of the lease. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors these values for impairment on a periodic basis and reflects any resulting reductions in value in current earnings. Delinquency is the primary indicator of credit quality of finance receivables. The Company maintains a general allowance for finance receivables considered doubtful of future collection based upon historical experience. Additional allowances are established based upon the Company’s perception of the quality of the finance receivables, including the length of time the receivables are past due, past experience of collectability and underlying economic conditions. In circumstances where the Company believes collectability is no longer reasonably assured, a specific allowance is recorded to reduce the net recognized receivable to the amount reasonably expected to be collected. Finance receivables are written off if management determines that the specific borrower does not have the ability to repay the loan amounts due in full. The terms of the finance agreements generally give the Company the ability to take possession of the underlying collateral. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers’ financial obligations is not realized. Notes Receivable: Notes receivable include amounts related to refinancing of trade accounts and finance receivables. As of March 31, 2016, approximately 71% of the notes receivable balance outstanding was due from three parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. Certain notes receivable are collateralized by a security interest in the underlying assets and/or other assets owned by the debtor. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers' financial obligations is not realized. Quality of Finance and Notes Receivable: The Company does not accrue interest income on finance and notes receivable in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance and notes receivable are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. The Company determines past due or delinquency status based upon the due date of the receivable. Receivables subject to specific reserves also include loans that the Company has modified in troubled debt restructurings as a concession to customers experiencing financial difficulty. To minimize the economic loss, the Company may modify certain finance and notes receivable. Modifications generally consist of restructured payment terms and time frames in which no payments are required. At March 31, 2016, restructured finance and notes receivables were $0.4 million and $14.7 million, respectively. Losses on troubled debt restructurings were not significant during the three and six months ended March 31, 2016 and 2015, respectively. Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
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Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in millions):
Title to all inventories related to U.S. government contracts, which provide for progress or performance-based payments, vests with the U.S. government to the extent of unliquidated progress or performance-based payments. |
Investments in Unconsolidated Affiliates |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):
Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Equity in earnings of unconsolidated affiliates” in the Condensed Consolidated Statements of Income. The Company and an unaffiliated third party are joint venture partners in Mezcladoras Y Trailers de Mexico, S.A. de C.V. (“Mezcladoras”). Mezcladoras is a manufacturer and distributor of industrial and commercial machinery with primary operations in Mexico. The Company recognized sales to Mezcladoras of $2.0 million and $6.3 million during the six months ended March 31, 2016 and 2015, respectively. The Company recognizes income on sales to Mezcladoras at the time of shipment in proportion to the outside third-party interest in Mezcladoras and recognizes the remaining income upon the joint venture's sale of inventory to an unaffiliated customer. The Company earns a service fee for certain operational support services provided to Mezcladoras. The Company recognized service fees of $0.6 million for each of the six months ended March 31, 2016 and 2015. The Company and an unaffiliated third party are joint venture partners in RiRent Europe BV (“RiRent”). RiRent maintains a fleet of access equipment for short-term lease to rental companies throughout most of Europe. The re-rental fleet provides rental companies with equipment to support requirements on short notice. RiRent does not provide services directly to end users. The Company and its joint venture partner are in the process of winding down RiRent. To the extent that RiRent has existing outstanding contracts, those contracts will continue to be maintained. The Company received dividends of €0.9 million ($1.0 million) and €2.3 million ($2.8 million) from RiRent during the six months ended March 31, 2016 and 2015, respectively. |
Property, Plant and Equipment |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions):
Depreciation expense was $18.7 million and $16.2 million for the three months ended March 31, 2016 and 2015, respectively. Depreciation expense was $35.8 million and $32.3 million for the six months ended March 31, 2016 and 2015, respectively. Capitalized interest was insignificant for all reported periods. Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value and equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease at March 31, 2016 and September 30, 2015 was $33.8 million and $33.9 million, respectively. |
Goodwill and Purchased Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Purchased Intangible Assets | Goodwill and Purchased Intangible Assets Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The following table presents changes in goodwill during the six months ended March 31, 2016 (in millions):
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
Details of the Company’s total purchased intangible assets are as follows (in millions):
The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2016 and the five years succeeding September 30, 2016 are as follows: 2016 (remaining six months) - $26.2 million; 2017 - $45.8 million; 2018 - $38.3 million; 2019 - $36.9 million; 2020 - $11.0 million and 2021 - $5.3 million. |
Credit Agreements |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements | Credit Agreements The Company was obligated under the following debt instruments (in millions):
In March 2014, the Company entered into an Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for (i) a revolving credit facility (“Revolving Credit Facility”) that matures in March 2019 with an initial maximum aggregate amount of availability of $600 million and (ii) a $400 million term loan (“Term Loan”) due in quarterly principal installments of $5.0 million with a balloon payment of $310.0 million due at maturity in March 2019. In January 2015, the Company entered into an agreement with lenders under the Credit Agreement that increased the Revolving Credit Facility to an aggregate maximum amount of $850 million. At March 31, 2016, borrowings under the Revolving Credit Facility of $132.2 million and outstanding letters of credit of $113.0 million reduced available capacity under the Revolving Credit Facility to $604.8 million. The Company’s obligations under the Credit Agreement are guaranteed by certain of its domestic subsidiaries, and the Company will guarantee the obligations of certain of its subsidiaries under the Credit Agreement. Subject to certain exceptions, the Credit Agreement is collateralized by (i) a first-priority perfected lien and security interests in substantially all of the personal property of the Company, each material subsidiary of the Company and each subsidiary guarantor, (ii) mortgages upon certain real property of the Company and certain of its domestic subsidiaries and (iii) a pledge of the equity of each material subsidiary of the Company. Under the Credit Agreement, the Company must pay (i) an unused commitment fee ranging from 0.225% to 0.35% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.625% to 2.00% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest at a variable rate equal to (i) LIBOR plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) for dollar-denominated loans only, the base rate (which is the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At March 31, 2016, the interest spread on the Revolving Credit Facility and Term Loan was 150 basis points. The weighted-average interest rate on borrowings outstanding under both the Revolving Credit Facility and Term Loan at March 31, 2016 was 1.94%. The Credit Agreement contains various restrictions and covenants, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions, subject to certain exceptions, on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional indebtedness, dispose of assets, consummate acquisitions and make investments in joint ventures and foreign subsidiaries. The Credit Agreement contains the following financial covenants:
With certain exceptions, the Company may elect to have the collateral pledged in connection with the Credit Agreement released during any period that the Company maintains an investment grade corporate family rating from either Standard & Poor’s Ratings Group or Moody’s Investor Service Inc. During any such period when the collateral has been released, the Company’s leverage ratio as of the last day of any fiscal quarter must not be greater than 3.75 to 1.00, and the Company would not be subject to any additional requirement to limit its senior secured leverage ratio. The Company was in compliance with the financial covenants contained in the Credit Agreement as of March 31, 2016. Additionally, with certain exceptions, the Credit Agreement limits the ability of the Company to pay dividends and other distributions, including repurchases of shares of its Common Stock. However, so long as no event of default exists under the Credit Agreement or would result from such payment, the Company may pay dividends and other distributions after March 3, 2010 in an aggregate amount not exceeding the sum of:
In February 2014, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2022 (the “2022 Senior Notes”). In March 2015, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2025 (the “2025 Senior Notes”). The proceeds of both notes were used to repay existing outstanding notes of the Company. The Company has the option to redeem the 2022 Senior Notes and the 2025 Senior Notes for a premium after March 1, 2017 and March 1, 2020, respectively. The 2022 Senior Notes and the 2025 Senior Notes were issued pursuant to separate indentures (the “Indentures”) among the Company, the subsidiary guarantors named therein and a trustee. The Indentures contain customary affirmative and negative covenants. Certain of the Company’s subsidiaries jointly, severally, fully and unconditionally guarantee the Company’s obligations under the 2022 Senior Notes and 2025 Senior Notes. See Note 21 of the Notes to Condensed Consolidated Financial Statements for separate financial information of the subsidiary guarantors. In October 2015, the Company entered into a 63.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 22.8 million Chinese renminbi ($3.5 million) outstanding on the uncommitted line of credit at March 31, 2016. The uncommitted line of credit carries a variable interest rate that is set by the lender, which was 4.35% at March 31, 2016. The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect market rate of the Company’s debt. At March 31, 2016, the fair value of the 2022 Senior Notes and the 2025 Senior Notes was estimated to be $254 million and $250 million, respectively, and the fair value of the Term Loan approximated book value. At September 30, 2015, the fair value of the 2022 Senior Notes and the 2025 Senior Notes was estimated to be $252 million and $249 million, respectively, and the fair value of the Term Loan approximated book value. See Note 13 of the Notes to Condensed Consolidated Financial Statements for the definition of a Level 2 input. |
Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Warranties The Company’s products generally carry explicit warranties that extend from six months to five years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Accrued warranty is reported in "Other current liabilities" in the Condensed Consolidated Balance Sheets. The Company offers a range of extended warranty options across its product lines. The premiums received for an extended warranty are generally deferred until after the expiration of the standard warranty period. The unearned premium is then recognized in income over the term of the extended warranty period in proportion to the costs that are expected to be incurred. Unamortized extended warranty premiums included in the following table totaled $29.5 million and $25.3 million at March 31, 2016 and 2015, respectively, and are included in the Condensed Consolidated Balance Sheets as “Other current liabilities” or “Other long-term liabilities”. Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company's historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company's consolidated financial condition, result of operations or cash flows. |
Guarantee Arrangements |
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Guarantee Arrangements | Guarantee Arrangements The Company is party to multiple agreements whereby at March 31, 2016 it guaranteed an aggregate of $574.7 million in indebtedness of customers. The Company estimated that its maximum loss exposure under these contracts at March 31, 2016 was $121.3 million. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception may be required. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties’ inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company's ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Changes in the Company’s credit guarantee liability were as follows (in millions):
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Shareholders' Equity |
6 Months Ended |
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Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Oshkosh Corporation Shareholders' Equity | Shareholders' Equity On August 31, 2015, the Company's Board of Directors increased the Company's Common Stock repurchase authorization by 10,000,000 shares, increasing the repurchase authorization to 10,299,198 shares from the balance remaining from prior authorizations. Between August 31, 2015 and March 31, 2016, the Company repurchased 2,786,624 shares under this authorization at a cost of $112.0 million. As a result, the Company had 7,512,574 shares of Common Stock remaining under this repurchase authorization as of March 31, 2016. The Company is restricted by its Credit Agreement from repurchasing shares in certain situations. See Note 8 of the Notes to Condensed Consolidated Financial Statements for information regarding these restrictions. |
Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Company has used forward foreign currency exchange contracts (“derivatives”) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging. At March 31, 2016, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $5.9 million. Net gains or losses related to hedge ineffectiveness were insignificant for the six month periods ended March 31, 2016 and 2015. Ineffectiveness is included in “Miscellaneous, net” in the Condensed Consolidated Statements of Income along with mark-to-market adjustments on outstanding non-designated derivatives. The maximum length of time the Company is hedging its exposure to the variability in future cash flows is twelve months. The Company has entered into forward foreign currency exchange contracts to create an economic hedge to manage foreign exchange risk exposure associated with non-functional currency denominated payables resulting from global sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. At March 31, 2016, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $92.2 million in notional amounts, including $61.0 million in contracts to sell Australian dollars, $10.3 million in contracts to sell euro, $8.0 million in contracts to buy U.K. pound sterling, $6.5 million in contracts to buy euro and sell Canadian dollars and $5.0 million in contracts to buy Swedish krona and sell euro, with the remaining contracts covering a variety of foreign currencies. The Company has entered into interest rate contracts to create economic hedges to manage changes in interest rates on executory sales contracts that exposes the Company to interest rate risk based on changes in market interest rates. The Company has not designated these interest rate contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. At March 31, 2016, the U.S. dollar equivalent notional amount of these outstanding interest rate contracts totaled $19.9 million. Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
The pre-tax effects of derivative instruments consisted of the following (in millions):
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows:
There were no transfers of assets between levels during the three and six months ended March 31, 2016. As of March 31, 2016 and September 30, 2015 the fair values of the Company’s financial assets and liabilities were as follows (in millions):
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Stock-Based Compensation |
6 Months Ended |
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Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In February 2009, the Company’s shareholders approved the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”). The 2009 Stock Plan replaced the 2004 Incentive Stock and Awards Plan (as amended, the “2004 Stock Plan”). While no new awards will be granted under the 2004 Stock Plan, awards previously made under the 2004 Stock Plan that were outstanding as of the initial approval date of the 2009 Stock Plan will remain outstanding and continue to be governed by the provisions of the 2004 Stock Plan. On January 31, 2012, the Company's shareholders approved an amendment and restatement of the 2009 Stock Plan. At March 31, 2016, the Company had reserved 6,373,467 shares of Common Stock available for issuance under the 2009 Stock Plan to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2009 Stock Plan. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee's eligible retirement date, if earlier and applicable. Total stock-based compensation expense, including cash-based liability awards, for the three and six months ended March 31, 2016 was $6.5 million ($4.1 million net of tax) and $12.5 million ($7.9 million net of tax), respectively. Total stock-based compensation expense, including cash-based liability awards, for the three and six months ended March 31, 2015 was $6.8 million ($4.3 million net of tax) and $13.3 million ($8.4 million net of tax), respectively. |
Employee Benefit Plans |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Components of net periodic pension benefit cost were as follows (in millions):
Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
The Company made contributions to fund benefit payments under its other post-employment benefit plans of $1.0 million for each of the six months ended March 31, 2016 and 2015. The Company estimates that it will make additional contributions of approximately $1.0 million under these other post-employment benefit plans prior to the end of fiscal 2016. The Company's pension plan investment strategy is based on an expectation that, over time, equity securities will provide higher returns than debt securities. The plans primarily minimize the risk of larger losses under this strategy through diversification of investments by asset class, by investing in different styles of investment management within the classes and by using a number of different investment managers. Beginning in fiscal 2016, the Company began to implement a liability driven investment strategy for those pension plans with frozen benefits. The objective of this strategy is to more closely align the pension plan assets with the pension plan liabilities in terms of how both respond to changes in interest rates. Plan assets will be allocated to two investment categories, including a category containing high quality fixed income securities and another category comprised of traditional securities and alternative asset classes. Assets are managed externally according to guidelines approved by the Company. Over time, the Company intends to reduce assets allocated to the return seeking category and correspondingly increase assets allocated to the high quality fixed income category to align more closely with the pension plan obligations. |
Income Taxes |
6 Months Ended |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded income tax expense of $20.3 million for the three months ended March 31, 2016, or 27.0% of pre-tax income, compared to $29.5 million, or 35.7% of pre-tax income for the three months ended March 31, 2015. Results for the three months ended March 31, 2016 were favorably impacted by $4.4 million of discrete tax benefits, including $3.5 million related to provision to return adjustments and $0.8 million related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses. Results for the three months ended March 31, 2015 were favorably impacted by $0.4 million of net discrete tax benefits related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses. The Company recorded income tax expense of $22.0 million for the six months ended March 31, 2016, or 24.1% of pre-tax income, compared to $45.7 million, or 34.2% of pre-tax income for the six months ended March 31, 2015. Tax expense included net discrete tax benefits of $8.0 million and $1.1 million for the six months ended March 31, 2016 and 2015, respectively. Discrete tax benefits recorded in the six months ended March 31, 2016 included a $2.4 million benefit related to the reinstatement of the U.S. research and development tax credit in December 2015, a $3.5 million benefit related to provision to return adjustments, and a $2.0 million benefit related to reduction in reserves for uncertain tax benefits relating to interest adjustments and statutes of limitations lapses. Discrete tax benefits recorded in the six months ended March 31, 2015 included a $2.2 million benefit related to the reinstatement of the U.S. research and development tax credit in December 2014, a $0.4 million benefit related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses, and a $1.4 million charge related to provision to return adjustments. The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $27.3 million and $27.0 million as of March 31, 2016 and September 30, 2015, respectively. As of March 31, 2016, net unrecognized tax benefits, excluding interest and penalties, of $18.0 million would affect the Company’s net income if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the six months ended March 31, 2016 and 2015, the Company recognized benefits of $1.4 million and charges of $1.5 million, respectively, related to interest and penalties. At March 31, 2016, the Company had accruals for the payment of interest and penalties of $9.6 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by approximately $1.9 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statutes of limitations close. The Company files federal income tax returns as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
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Earnings Per Share Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Prior to September 1, 2013, the Company granted awards of nonvested stock that contained a nonforfeitable right to dividends, if declared. In accordance with FASB ASC Topic 260, Earnings Per Share, these awards are considered to be participating securities, and as a result, earnings per share is calculated using the two-class method. The two-class method is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Effective September 1, 2013, new grants of awards of nonvested stock do not contain a nonforfeitable right to dividends during the vesting period. As a result, an employee will forfeit the right to dividends accrued on unvested awards if such awards do not ultimately vest. As such, these awards are not treated as participating securities in the earnings per share calculation as the employees do not have equivalent dividend rights as common shareholders. The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
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Contingencies, Significant Estimates and Concentrations |
6 Months Ended |
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Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Significant Estimates and Concentrations | Contingencies, Significant Estimates and Concentrations Personal Injury Actions and Other - Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for future claims up to $5.0 million per claim. Accordingly, a reserve is maintained for the estimated costs of such claims. At March 31, 2016 and September 30, 2015, the estimated net liabilities for product and general liability claims totaled $38.3 million and $40.4 million, respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows. Market Risks - The Company was contingently liable under bid, performance and specialty bonds totaling $556.6 million and $469.9 million at March 31, 2016 and September 30, 2015, respectively. Open standby letters of credit issued by the Company’s banks in favor of third parties totaled $113.0 million and $62.6 million at March 31, 2016 and September 30, 2015, respectively. Other Matters - The Company is subject to environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings, that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation. Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers. |
Business Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information The Company is organized into four reportable segments based on the internal organization used by management for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, share-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, including start-up costs related to a shared manufacturing facility in Mexico, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
_________________________
The following table presents net sales by geographic region based on product shipment destination (in millions):
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Separate Financial Information of Subsidiary Guarantors of Indebtedness |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness Disclosure Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | Separate Financial Information of Subsidiary Guarantors of Indebtedness The 2022 Senior Notes and the 2025 Senior Notes are jointly, severally, fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s 100% owned existing and future subsidiaries that from time to time guarantee obligations under the Credit Agreement, with certain exceptions (the “Guarantors”). Under the Indentures governing the 2022 Senior Notes and 2025 Senior Notes, a Guarantor’s guarantee of such Senior Notes will be automatically and unconditionally released and will terminate upon the following customary circumstances: (i) the sale of such Guarantor or substantially all of the assets of such Guarantor if such sale complies with the Indentures; (ii) if such Guarantor no longer guarantees certain other indebtedness of the Company; or (iii) the defeasance or satisfaction and discharge of the Indentures. The following condensed supplemental consolidating financial information reflects the summarized financial information of Oshkosh Corporation, the Guarantors on a combined basis and Oshkosh Corporation’s non-guarantor subsidiaries on a combined basis (in millions): Condensed Consolidating Statement of Income and Comprehensive Income For the Three Months Ended March 31, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Three Months Ended March 31, 2015
Condensed Consolidating Statement of Income and Comprehensive Income For the Six Months Ended March 31, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Six Months Ended March 31, 2015
Condensed Consolidating Balance Sheet As of March 31, 2016
Condensed Consolidating Balance Sheet As of September 30, 2015
Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2016
Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2015
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Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables | Receivables consisted of the following (in millions):
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Classification of receivables in the Consolidated Balance Sheets | Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
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Schedule of finance and notes receivable aging and accrual status | Finance and notes receivable aging and accrual status consisted of the following (in millions):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Credit Losses for Financing Receivables, Current | Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Inventories consisted of the following (in millions):
|
Investments in Unconsolidated Affiliates (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity method investments | Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):
|
Property, Plant and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following (in millions):
|
Goodwill and Purchased Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in goodwill | The following table presents changes in goodwill during the six months ended March 31, 2016 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of company's goodwill allocated to the reportable segments | The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of purchased intangible assets | Details of the Company’s total purchased intangible assets are as follows (in millions):
|
Credit Agreements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt instruments | The Company was obligated under the following debt instruments (in millions):
|
Warranties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in warranty liability | Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
|
Guarantee Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provision for losses on customer guarantees | Changes in the Company’s credit guarantee liability were as follows (in millions):
|
Derivative Financial Instruments and Hedging Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of all open derivative instruments | Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of pre-tax effects of derivative instruments | The pre-tax effects of derivative instruments consisted of the following (in millions):
|
Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of financial assets and liabilities | As of March 31, 2016 and September 30, 2015 the fair values of the Company’s financial assets and liabilities were as follows (in millions):
|
Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic benefit cost | Components of net periodic pension benefit cost were as follows (in millions):
Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
|
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
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Earnings Per Share Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
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Business Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net sales by product lines and reportable segments | Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
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Schedule of income (loss) from continuing operations by product lines and reportable segments |
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Schedule of identifiable assets by business segments and by geographical segments |
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Schedule of net sales by geographical segments | The following table presents net sales by geographic region based on product shipment destination (in millions):
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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statement of Income and Comprehensive Income For the Three Months Ended March 31, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Three Months Ended March 31, 2015
Condensed Consolidating Statement of Income and Comprehensive Income For the Six Months Ended March 31, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Six Months Ended March 31, 2015
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Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of March 31, 2016
Condensed Consolidating Balance Sheet As of September 30, 2015
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2016
Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2015
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Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
---|---|---|---|---|---|---|
U.S. government: | ||||||
Amounts billed | $ 38.6 | $ 63.1 | ||||
Costs and profits not billed | 34.0 | 66.8 | ||||
Contract receivables | 72.6 | 129.9 | ||||
Other trade receivables | 941.8 | 782.3 | ||||
Finance receivables | 6.5 | 7.4 | ||||
Notes receivable | 33.0 | 29.6 | ||||
Other receivables | 35.4 | 57.7 | ||||
1,089.3 | 1,006.9 | |||||
Less allowance for doubtful accounts | (21.9) | $ (18.8) | (20.3) | $ (21.2) | $ (21.2) | $ (21.8) |
1,067.4 | 986.6 | |||||
Classification of receivables | ||||||
Current receivables | 1,046.0 | 964.6 | ||||
Long-term receivables (included in Other long-term assets) | $ 21.4 | $ 22.0 |
Receivables (Details 3) - Notes receivables - Credit Concentration |
6 Months Ended |
---|---|
Mar. 31, 2016
Party
| |
Finance and notes receivables | |
Receivables due from third parties (as a percent) | 71.00% |
Number of parties | 3 |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 576.5 | $ 532.1 |
Partially finished products | 360.1 | 266.3 |
Finished products | 539.4 | 594.4 |
Inventories at FIFO cost | 1,476.0 | 1,392.8 |
Less: Progress/performance-based payments on U.S. government contracts | (23.2) | (12.9) |
Excess of FIFO cost over LIFO cost | (79.4) | (78.2) |
Inventory net | $ 1,373.4 | $ 1,301.7 |
Goodwill and Purchased Intangible Assets (Details) $ in Millions |
6 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Changes in goodwill | |
Net goodwill at the beginning of the period | $ 1,001.1 |
Foreign currency translation | 4.9 |
Net goodwill at the end of the period | 1,006.0 |
Access Equipment | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 874.2 |
Foreign currency translation | 4.8 |
Net goodwill at the end of the period | 879.0 |
Fire and Emergency | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 106.1 |
Foreign currency translation | 0.0 |
Net goodwill at the end of the period | 106.1 |
Commercial | |
Changes in goodwill | |
Net goodwill at the beginning of the period | 20.8 |
Foreign currency translation | 0.1 |
Net goodwill at the end of the period | $ 20.9 |
Goodwill and Purchased Intangible Assets (Details 2) - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
---|---|---|
Details of the Company's goodwill allocated to the reportable segments | ||
Gross | $ 2,116.0 | $ 2,111.1 |
Accumulated Impairment | (1,110.0) | (1,110.0) |
Net | 1,006.0 | 1,001.1 |
Access Equipment | ||
Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 1,811.1 | 1,806.3 |
Accumulated Impairment | (932.1) | (932.1) |
Net | 879.0 | 874.2 |
Fire and Emergency | ||
Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 108.1 | 108.1 |
Accumulated Impairment | (2.0) | (2.0) |
Net | 106.1 | 106.1 |
Commercial | ||
Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 196.8 | 196.7 |
Accumulated Impairment | (175.9) | (175.9) |
Net | $ 20.9 | $ 20.8 |
Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Product Warranty Liability [Line Items] | ||||||
Product Warranty Accrual | $ 88.4 | $ 91.8 | $ 88.4 | $ 91.8 | $ 92.1 | $ 101.9 |
Changes in warranty liability | ||||||
Warranty provisions | 19.8 | 19.8 | ||||
Settlements made | (27.1) | (25.2) | ||||
Changes in liability for pre-existing warranties, net | 1.4 | (3.5) | ||||
Premiums received | 7.4 | 5.8 | ||||
Amortization of premiums received | (5.4) | (4.5) | ||||
Foreign currency translation | 0.2 | $ (2.5) | ||||
Extended Product Warranty Accrual | $ 29.5 | $ 29.5 | $ 25.3 | |||
Dilutive stock options and other equity-based compensation awards (in shares) | 743,045 | 1,102,424 | 766,421 | 1,103,796 | ||
Minimum | ||||||
Product Warranty Liability [Line Items] | ||||||
Product warranty term | 6 months | |||||
Maximum | ||||||
Product Warranty Liability [Line Items] | ||||||
Product warranty term | 5 years |
Guarantee Arrangements (Details) - Indirect Guarantee Of Deferred Payment And Lease Payment Agreements Member - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Guarantee Obligations | ||||
Guarantee obligations, maximum exposure | $ 574.7 | $ 574.7 | ||
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements | 121.3 | 121.3 | ||
Changes in provision for loss on customer guarantees | ||||
Balance at beginning of period | 5.8 | $ 4.8 | 5.6 | $ 4.6 |
Provision for new credit guarantees | 1.5 | 0.9 | 2.3 | 1.5 |
Changes for pre-existing guarantees, net | 0.3 | (0.5) | 0.6 | (0.4) |
Amortization of previous guarantees | (0.6) | (0.9) | (1.5) | (1.3) |
Foreign currency translation | 0.0 | 0.0 | 0.0 | (0.1) |
Balance at end of period | $ 7.0 | $ 4.3 | $ 7.0 | $ 4.3 |
Shareholders' Equity (Details) - USD ($) $ in Millions |
7 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Aug. 31, 2015 |
|
Stockholders' Equity Note [Abstract] | ||
Number of shares of common stock authorized for buyback (in shares) | 10,000,000 | |
Treasury Stock, Shares, Acquired (in shares) | 2,786,624 | |
Treasury Stock Cumulative Value Acquired Cost Method | $ 112.0 | |
Remaining number of shares authorized to be repurchased (in shares) | 7,512,574 | 10,299,198 |
Derivative Financial Instruments and Hedging Activities (Details 3) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Pre-tax gains (losses) on derivative instruments | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (4.7) | $ 5.4 | $ (6.1) | $ 8.8 |
Designated as Hedging Instrument [Member] | Foreign exchange contracts | Miscellaneous, net | ||||
Pre-tax gains (losses) on derivative instruments | ||||
Derivative, Gain (Loss) on Derivative, Net | (0.1) | 0.0 | (0.1) | 0.0 |
Not designated as hedging instruments | Foreign exchange contracts | Miscellaneous, net | ||||
Pre-tax gains (losses) on derivative instruments | ||||
Not designated as hedges | (4.5) | 5.4 | (5.8) | 8.8 |
Not designated as hedging instruments | Interest rate contracts | Miscellaneous, net | ||||
Pre-tax gains (losses) on derivative instruments | ||||
Not designated as hedges | $ (0.1) | $ 0.0 | $ (0.2) | $ 0.0 |
Fair Value Measurement (Details) - Fair value measured on recurring basis - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
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---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 22.3 | $ 21.6 | |||||||
Foreign currency exchange derivatives | 0.4 | 0.7 | |||||||
Liabilities: | |||||||||
Foreign currency exchange derivatives | 2.5 | 0.4 | |||||||
Interest Rate Derivative Liabilities, at Fair Value | 0.7 | 0.7 | |||||||
Level 1 | |||||||||
Assets: | |||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 22.3 | 21.6 | ||||||
Foreign currency exchange derivatives | 0.0 | 0.0 | |||||||
Liabilities: | |||||||||
Foreign currency exchange derivatives | 0.0 | 0.0 | |||||||
Interest Rate Derivative Liabilities, at Fair Value | 0.0 | 0.0 | |||||||
Level 2 | |||||||||
Assets: | |||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.0 | 0.0 | |||||||
Foreign currency exchange derivatives | [2] | 0.4 | 0.7 | ||||||
Liabilities: | |||||||||
Foreign currency exchange derivatives | [2] | 2.5 | 0.4 | ||||||
Interest Rate Derivative Liabilities, at Fair Value | [3] | 0.7 | 0.7 | ||||||
Level 3 | |||||||||
Assets: | |||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.0 | 0.0 | |||||||
Foreign currency exchange derivatives | 0.0 | 0.0 | |||||||
Liabilities: | |||||||||
Foreign currency exchange derivatives | 0.0 | 0.0 | |||||||
Interest Rate Derivative Liabilities, at Fair Value | $ 0.0 | $ 0.0 | |||||||
|
Stock-Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock-based compensation expense | $ 6.5 | $ 6.8 | $ 12.5 | $ 13.3 |
Stock-based compensation expense, net of tax | $ 4.1 | $ 4.3 | $ 7.9 | $ 8.4 |
2009 Stock Plan | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Common stock reserved for issuance stock awards (in shares) | 6,373,467 | 6,373,467 |
Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ 75.3 | $ 82.8 | $ 91.5 | $ 133.6 |
Tax benefit | (20.3) | (29.5) | (22.0) | (45.7) |
Net income | 56.1 | 54.6 | 70.7 | 89.3 |
Employee Pension and Postretirement Benefits, Net of Tax [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service costs | (0.2) | (0.1) | (0.4) | (0.3) |
Actuarial losses | (0.5) | (0.7) | (1.1) | (1.4) |
Curtailment | 0.0 | 0.0 | 0.0 | 1.2 |
Income before income taxes and equity in earnings of unconsolidated affiliates | (0.7) | (0.8) | (1.5) | (0.5) |
Tax benefit | 0.3 | 0.3 | 0.6 | 0.2 |
Net income | $ (0.4) | $ (0.5) | $ (0.9) | $ (0.3) |
Earnings Per Share Earnings Per Share (Detail 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 56.1 | $ 54.6 | $ 70.7 | $ 89.3 |
Earnings allocated to participating securities | 0.0 | (0.1) | 0.0 | (0.2) |
Earnings available to common shareholders | $ 56.1 | $ 54.5 | $ 70.7 | $ 89.1 |
Basic weighted-average common shares outstanding (in shares) | 73,118,295 | 78,007,479 | 73,593,439 | 78,433,035 |
Dilutive stock options and other equity-based compensation awards (in shares) | 743,045 | 1,102,424 | 766,421 | 1,103,796 |
Participating restricted stock (in shares) | 0 | (115,163) | 0 | (112,237) |
Diluted weighted-average common shares outstanding (in shares) | 73,861,340 | 78,994,740 | 74,359,860 | 79,424,594 |
Earnings Per Share Earnings Per Share (Details 2) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 1,656,741 | 1,144,416 | 1,676,943 | 1,156,103 |
Contingencies, Significant Estimates and Concentrations (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Sep. 30, 2015 |
|
Personal Injury Actions and Other | ||
Loss contingencies | ||
Maximum self-insurance available per claim | $ 5.0 | |
Reserve for loss contingencies | 38.3 | $ 40.4 |
Performance and specialty bonds | ||
Loss contingencies | ||
Commitments and contingencies | 556.6 | 469.9 |
Standby letters of credit | ||
Loss contingencies | ||
Commitments and contingencies | $ 113.0 | $ 62.6 |
Business Segment Information (Details) |
6 Months Ended |
---|---|
Mar. 31, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments of entity (in segments) | 4 |
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Condensed Consolidating Statements of Income | ||||
Net sales | $ 1,524.3 | $ 1,554.2 | $ 2,776.3 | $ 2,907.5 |
Cost of sales | 1,265.0 | 1,278.4 | 2,334.2 | 2,402.0 |
Gross income | 259.3 | 275.8 | 442.1 | 505.5 |
Selling, general and administrative | 154.7 | 152.8 | 294.0 | 303.3 |
Amortization of purchased intangibles | 13.2 | 13.3 | 26.4 | 26.8 |
Operating income | 91.4 | 109.7 | 121.7 | 175.4 |
Interest expense | (15.6) | (28.8) | (30.2) | (43.2) |
Interest income | 0.5 | 0.6 | 1.0 | 1.4 |
Miscellaneous, net | (1.0) | 1.3 | (1.0) | 0.0 |
Income before income taxes and equity in earnings of unconsolidated affiliates | 75.3 | 82.8 | 91.5 | 133.6 |
Provision for income taxes | 20.3 | 29.5 | 22.0 | 45.7 |
Income before equity in earnings of unconsolidated affiliates | 55.0 | 53.3 | 69.5 | 87.9 |
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 |
Equity in earnings of unconsolidated affiliates | 1.1 | 1.3 | 1.2 | 1.4 |
Net income | 56.1 | 54.6 | 70.7 | 89.3 |
Net income | 56.1 | 54.6 | 70.7 | 89.3 |
Other Comprehensive Income (Loss), Net of Tax | 19.1 | (52.6) | 8.6 | (75.7) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 75.2 | 2.0 | 79.3 | 13.6 |
Oshkosh Corporation | ||||
Condensed Consolidating Statements of Income | ||||
Net sales | 0.0 | 0.0 | 0.0 | 0.0 |
Cost of sales | 0.4 | 0.3 | 0.7 | 0.3 |
Gross income | (0.4) | (0.3) | (0.7) | (0.3) |
Selling, general and administrative | 35.0 | 28.1 | 58.6 | 59.9 |
Amortization of purchased intangibles | 0.0 | 0.0 | 0.0 | 0.0 |
Operating income | (35.4) | (28.4) | (59.3) | (60.2) |
Interest expense | (70.4) | (74.6) | (130.0) | (132.4) |
Interest income | 0.4 | 0.4 | 0.9 | 0.9 |
Miscellaneous, net | 13.6 | 10.0 | 28.5 | 18.2 |
Income before income taxes and equity in earnings of unconsolidated affiliates | (91.8) | (92.6) | (159.9) | (173.5) |
Provision for income taxes | (34.1) | (29.0) | (39.9) | (57.6) |
Income before equity in earnings of unconsolidated affiliates | (57.7) | (63.6) | (120.0) | (115.9) |
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries | 113.8 | 118.2 | 191.0 | 205.2 |
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | (0.3) | 0.0 |
Net income | 56.1 | 54.6 | 70.7 | 89.3 |
Other Comprehensive Income (Loss), Net of Tax | 19.1 | (52.6) | 8.6 | (75.7) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 75.2 | 2.0 | 79.3 | 13.6 |
Guarantor Subsidiaries | ||||
Condensed Consolidating Statements of Income | ||||
Net sales | 1,284.0 | 1,298.5 | 2,340.8 | 2,456.9 |
Cost of sales | 1,071.0 | 1,087.7 | 1,970.0 | 2,054.5 |
Gross income | 213.0 | 210.8 | 370.8 | 402.4 |
Selling, general and administrative | 96.9 | 99.3 | 186.2 | 191.4 |
Amortization of purchased intangibles | 9.7 | 9.9 | 19.5 | 19.7 |
Operating income | 106.4 | 101.6 | 165.1 | 191.3 |
Interest expense | (16.2) | (13.1) | (30.9) | (25.9) |
Interest income | 23.1 | 16.0 | 39.3 | 31.3 |
Miscellaneous, net | (50.5) | (5.7) | (91.9) | (69.0) |
Income before income taxes and equity in earnings of unconsolidated affiliates | 62.8 | 98.8 | 81.6 | 127.7 |
Provision for income taxes | 18.8 | 32.0 | 20.4 | 44.0 |
Income before equity in earnings of unconsolidated affiliates | 44.0 | 66.8 | 61.2 | 83.7 |
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries | 36.0 | 17.7 | 54.1 | 53.5 |
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | 80.0 | 84.5 | 115.3 | 137.2 |
Other Comprehensive Income (Loss), Net of Tax | 0.7 | (1.5) | (2.2) | (4.2) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 80.7 | 83.0 | 113.1 | 133.0 |
Non-Guarantor Subsidiaries | ||||
Condensed Consolidating Statements of Income | ||||
Net sales | 269.4 | 277.9 | 489.8 | 492.7 |
Cost of sales | 222.8 | 212.3 | 417.9 | 389.3 |
Gross income | 46.6 | 65.6 | 71.9 | 103.4 |
Selling, general and administrative | 22.8 | 25.4 | 49.2 | 52.0 |
Amortization of purchased intangibles | 3.5 | 3.4 | 6.9 | 7.1 |
Operating income | 20.3 | 36.8 | 15.8 | 44.3 |
Interest expense | (0.4) | (0.4) | (1.1) | (0.9) |
Interest income | 48.4 | 43.5 | 92.6 | 85.2 |
Miscellaneous, net | 35.9 | (3.0) | 62.4 | 50.8 |
Income before income taxes and equity in earnings of unconsolidated affiliates | 104.2 | 76.9 | 169.7 | 179.4 |
Provision for income taxes | 35.6 | 26.6 | 41.5 | 59.3 |
Income before equity in earnings of unconsolidated affiliates | 68.6 | 50.3 | 128.2 | 120.1 |
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries | 19.6 | 72.1 | 13.2 | 84.6 |
Equity in earnings of unconsolidated affiliates | 1.1 | 1.3 | 1.5 | 1.4 |
Net income | 89.3 | 123.7 | 142.9 | 206.1 |
Other Comprehensive Income (Loss), Net of Tax | 18.0 | (42.1) | 9.9 | (71.9) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 107.3 | 81.6 | 152.8 | 134.2 |
Eliminations | ||||
Condensed Consolidating Statements of Income | ||||
Net sales | (29.1) | (22.2) | (54.3) | (42.1) |
Cost of sales | (29.2) | (21.9) | (54.4) | (42.1) |
Gross income | 0.1 | (0.3) | 0.1 | 0.0 |
Selling, general and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of purchased intangibles | 0.0 | 0.0 | 0.0 | 0.0 |
Operating income | 0.1 | (0.3) | 0.1 | 0.0 |
Interest expense | 71.4 | 59.3 | 131.8 | 116.0 |
Interest income | (71.4) | (59.3) | (131.8) | (116.0) |
Miscellaneous, net | 0.0 | 0.0 | 0.0 | 0.0 |
Income before income taxes and equity in earnings of unconsolidated affiliates | 0.1 | (0.3) | 0.1 | 0.0 |
Provision for income taxes | 0.0 | (0.1) | 0.0 | 0.0 |
Income before equity in earnings of unconsolidated affiliates | 0.1 | (0.2) | 0.1 | 0.0 |
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries | (169.4) | (208.0) | (258.3) | (343.3) |
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | 0.0 |
Net income | (169.3) | (208.2) | (258.2) | (343.3) |
Other Comprehensive Income (Loss), Net of Tax | (18.7) | 43.6 | (7.7) | 76.1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (188.0) | $ (164.6) | $ (265.9) | $ (267.2) |
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) - USD ($) $ in Millions |
Mar. 31, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2014 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 38.4 | $ 42.9 | $ 53.4 | $ 313.8 |
Receivables, net | 1,046.0 | 964.6 | ||
Inventories, net | 1,373.4 | 1,301.7 | ||
Other current assets | 132.4 | 120.1 | ||
Total current assets | 2,590.2 | 2,429.3 | ||
Investment in and advances to consolidated subsidiaries | 0.0 | 0.0 | ||
Intercompany Receivables | 0.0 | 0.0 | ||
Intangible assets, net | 1,586.2 | 1,607.8 | ||
Other long-term assets | 574.8 | 575.9 | ||
Total assets | 4,751.2 | 4,613.0 | ||
Current liabilities: | ||||
Accounts payable | 597.7 | 552.8 | ||
Customer advances | 525.9 | 440.2 | ||
Other current liabilities | 520.9 | 465.1 | ||
Total current liabilities | 1,644.5 | 1,458.1 | ||
Long-term debt, less current maturities | 845.0 | 855.0 | ||
Intercompany Payables | 0.0 | 0.0 | ||
Other long-term liabilities | 387.3 | 388.8 | ||
Shareholders' equity | 1,874.4 | 1,911.1 | ||
Total liabilities and shareholders' equity | 4,751.2 | 4,613.0 | ||
Oshkosh Corporation | ||||
Current assets: | ||||
Cash and cash equivalents | 5.8 | 14.8 | 13.1 | 281.8 |
Receivables, net | 22.3 | 29.4 | ||
Inventories, net | 0.0 | 0.0 | ||
Other current assets | 22.5 | 11.5 | ||
Total current assets | 50.6 | 55.7 | ||
Investment in and advances to consolidated subsidiaries | 5,922.5 | 5,744.0 | ||
Intercompany Receivables | 47.9 | 47.2 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Other long-term assets | 120.8 | 117.3 | ||
Total assets | 6,141.8 | 5,964.2 | ||
Current liabilities: | ||||
Accounts payable | 12.4 | 16.3 | ||
Customer advances | 0.0 | 0.0 | ||
Other current liabilities | 215.0 | 165.0 | ||
Total current liabilities | 227.4 | 181.3 | ||
Long-term debt, less current maturities | 845.0 | 855.0 | ||
Intercompany Payables | 3,134.4 | 2,957.5 | ||
Other long-term liabilities | 60.6 | 59.3 | ||
Shareholders' equity | 1,874.4 | 1,911.1 | ||
Total liabilities and shareholders' equity | 6,141.8 | 5,964.2 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 4.8 | 6.3 | 5.7 | 4.7 |
Receivables, net | 819.3 | 692.9 | ||
Inventories, net | 958.0 | 926.2 | ||
Other current assets | 83.5 | 81.7 | ||
Total current assets | 1,865.6 | 1,707.1 | ||
Investment in and advances to consolidated subsidiaries | 1,206.2 | 1,128.0 | ||
Intercompany Receivables | 1,051.8 | 998.7 | ||
Intangible assets, net | 966.6 | 984.4 | ||
Other long-term assets | 219.3 | 228.9 | ||
Total assets | 5,309.5 | 5,047.1 | ||
Current liabilities: | ||||
Accounts payable | 485.2 | 415.3 | ||
Customer advances | 520.9 | 438.3 | ||
Other current liabilities | 211.2 | 202.4 | ||
Total current liabilities | 1,217.3 | 1,056.0 | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany Payables | 2,359.5 | 2,372.5 | ||
Other long-term liabilities | 188.7 | 191.3 | ||
Shareholders' equity | 1,544.0 | 1,427.3 | ||
Total liabilities and shareholders' equity | 5,309.5 | 5,047.1 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 27.8 | 21.8 | 34.6 | 27.3 |
Receivables, net | 245.9 | 290.1 | ||
Inventories, net | 415.4 | 375.5 | ||
Other current assets | 26.4 | 26.9 | ||
Total current assets | 715.5 | 714.3 | ||
Investment in and advances to consolidated subsidiaries | (183.1) | (192.4) | ||
Intercompany Receivables | 4,442.1 | 4,331.3 | ||
Intangible assets, net | 619.6 | 623.4 | ||
Other long-term assets | 234.7 | 229.7 | ||
Total assets | 5,828.8 | 5,706.3 | ||
Current liabilities: | ||||
Accounts payable | 141.4 | 168.7 | ||
Customer advances | 5.0 | 1.9 | ||
Other current liabilities | 94.9 | 98.0 | ||
Total current liabilities | 241.3 | 268.6 | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany Payables | 47.9 | 47.2 | ||
Other long-term liabilities | 138.0 | 138.2 | ||
Shareholders' equity | 5,401.6 | 5,252.3 | ||
Total liabilities and shareholders' equity | 5,828.8 | 5,706.3 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0.0 | 0.0 | $ 0.0 | $ 0.0 |
Receivables, net | (41.5) | (47.8) | ||
Inventories, net | 0.0 | 0.0 | ||
Other current assets | 0.0 | 0.0 | ||
Total current assets | (41.5) | (47.8) | ||
Investment in and advances to consolidated subsidiaries | (6,945.6) | (6,679.6) | ||
Intercompany Receivables | (5,541.8) | (5,377.2) | ||
Intangible assets, net | 0.0 | 0.0 | ||
Other long-term assets | 0.0 | 0.0 | ||
Total assets | (12,528.9) | (12,104.6) | ||
Current liabilities: | ||||
Accounts payable | (41.3) | (47.5) | ||
Customer advances | 0.0 | 0.0 | ||
Other current liabilities | (0.2) | (0.3) | ||
Total current liabilities | (41.5) | (47.8) | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany Payables | (5,541.8) | (5,377.2) | ||
Other long-term liabilities | 0.0 | 0.0 | ||
Shareholders' equity | (6,945.6) | (6,679.6) | ||
Total liabilities and shareholders' equity | $ (12,528.9) | $ (12,104.6) |
Separate Financial Information of Subsidiary Guarantors of Indebtedness Details 3 (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Condensed financial statements, captions | ||||
Net Cash Provided by (Used in) Operating Activities | $ 94.5 | $ (70.7) | ||
Additions to property, plant and equipment | (40.3) | (69.8) | ||
Additions to equipment held for rental | (22.7) | (15.5) | ||
Proceeds from sale of equipment held for rental | 26.1 | 13.4 | ||
Intercompany Investing | 0.0 | 0.0 | ||
Other investing activities | (1.0) | (1.5) | ||
Net Cash Provided by (Used in) Investing Activities | (37.9) | (73.4) | ||
Net increase (decrease) in short-term debt | (21.3) | 13.7 | ||
Proceeds from issuance of debt (original maturities greater than three months) | 273.5 | 315.0 | ||
Repayment of debt (original maturities greater than three months) | (190.0) | (325.0) | ||
Repurchases of Common Stock | (100.1) | (88.1) | ||
Dividends paid | (28.0) | (26.7) | ||
Debt Issuance Costs | 0.0 | (15.4) | ||
Proceeds from exercise of stock options | 1.9 | 3.4 | ||
Excess tax benefit from stock-based compensation | 0.9 | 4.1 | ||
Intercompany Financing | 0.0 | 0.0 | ||
Net Cash Provided by (Used in) Financing Activities | (63.1) | (119.0) | ||
Effect of exchange rate changes on cash | 2.0 | 2.7 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (4.5) | (260.4) | ||
Cash and cash equivalents | 38.4 | 53.4 | $ 42.9 | $ 313.8 |
Oshkosh Corporation | ||||
Condensed financial statements, captions | ||||
Net Cash Provided by (Used in) Operating Activities | (125.8) | (85.1) | ||
Additions to property, plant and equipment | (12.7) | (14.4) | ||
Additions to equipment held for rental | 0.0 | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.0 | 0.0 | ||
Intercompany Investing | (0.7) | (19.0) | ||
Other investing activities | (1.0) | (0.5) | ||
Net Cash Provided by (Used in) Investing Activities | (14.4) | (33.9) | ||
Net increase (decrease) in short-term debt | (21.3) | 13.7 | ||
Proceeds from issuance of debt (original maturities greater than three months) | 270.0 | 315.0 | ||
Repayment of debt (original maturities greater than three months) | (190.0) | (325.0) | ||
Repurchases of Common Stock | (100.1) | (88.1) | ||
Dividends paid | (28.0) | (26.7) | ||
Debt Issuance Costs | (15.4) | |||
Proceeds from exercise of stock options | 1.9 | 3.4 | ||
Excess tax benefit from stock-based compensation | 0.9 | 4.1 | ||
Intercompany Financing | 197.8 | (30.7) | ||
Net Cash Provided by (Used in) Financing Activities | 131.2 | (149.7) | ||
Effect of exchange rate changes on cash | 0.0 | 0.0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (9.0) | (268.7) | ||
Cash and cash equivalents | 5.8 | 13.1 | 14.8 | 281.8 |
Guarantor Subsidiaries | ||||
Condensed financial statements, captions | ||||
Net Cash Provided by (Used in) Operating Activities | 99.3 | (20.6) | ||
Additions to property, plant and equipment | (12.3) | (11.9) | ||
Additions to equipment held for rental | 0.0 | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.6 | 0.0 | ||
Intercompany Investing | (76.4) | 13.0 | ||
Other investing activities | 0.0 | (0.7) | ||
Net Cash Provided by (Used in) Investing Activities | (88.1) | 0.4 | ||
Net increase (decrease) in short-term debt | 0.0 | 0.0 | ||
Proceeds from issuance of debt (original maturities greater than three months) | 0.0 | 0.0 | ||
Repayment of debt (original maturities greater than three months) | 0.0 | 0.0 | ||
Repurchases of Common Stock | 0.0 | 0.0 | ||
Dividends paid | 0.0 | 0.0 | ||
Debt Issuance Costs | 0.0 | |||
Proceeds from exercise of stock options | 0.0 | 0.0 | ||
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | ||
Intercompany Financing | (13.0) | 22.0 | ||
Net Cash Provided by (Used in) Financing Activities | (13.0) | 22.0 | ||
Effect of exchange rate changes on cash | 0.3 | (0.8) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (1.5) | 1.0 | ||
Cash and cash equivalents | 4.8 | 5.7 | 6.3 | 4.7 |
Non-Guarantor Subsidiaries | ||||
Condensed financial statements, captions | ||||
Net Cash Provided by (Used in) Operating Activities | 121.0 | 35.0 | ||
Additions to property, plant and equipment | (15.3) | (43.5) | ||
Additions to equipment held for rental | (22.7) | (15.5) | ||
Proceeds from sale of equipment held for rental | 25.5 | 13.4 | ||
Intercompany Investing | (108.4) | (19.0) | ||
Other investing activities | 0.0 | (0.3) | ||
Net Cash Provided by (Used in) Investing Activities | (120.9) | (64.9) | ||
Net increase (decrease) in short-term debt | 0.0 | 0.0 | ||
Proceeds from issuance of debt (original maturities greater than three months) | 3.5 | 0.0 | ||
Repayment of debt (original maturities greater than three months) | 0.0 | 0.0 | ||
Repurchases of Common Stock | 0.0 | 0.0 | ||
Dividends paid | 0.0 | 0.0 | ||
Debt Issuance Costs | 0.0 | |||
Proceeds from exercise of stock options | 0.0 | 0.0 | ||
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | ||
Intercompany Financing | 0.7 | 33.7 | ||
Net Cash Provided by (Used in) Financing Activities | 4.2 | 33.7 | ||
Effect of exchange rate changes on cash | 1.7 | 3.5 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 6.0 | 7.3 | ||
Cash and cash equivalents | 27.8 | 34.6 | 21.8 | 27.3 |
Eliminations | ||||
Condensed financial statements, captions | ||||
Net Cash Provided by (Used in) Operating Activities | 0.0 | 0.0 | ||
Additions to property, plant and equipment | 0.0 | 0.0 | ||
Additions to equipment held for rental | 0.0 | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.0 | 0.0 | ||
Intercompany Investing | 185.5 | 25.0 | ||
Other investing activities | 0.0 | 0.0 | ||
Net Cash Provided by (Used in) Investing Activities | 185.5 | 25.0 | ||
Net increase (decrease) in short-term debt | 0.0 | 0.0 | ||
Proceeds from issuance of debt (original maturities greater than three months) | 0.0 | 0.0 | ||
Repayment of debt (original maturities greater than three months) | 0.0 | 0.0 | ||
Repurchases of Common Stock | 0.0 | 0.0 | ||
Dividends paid | 0.0 | 0.0 | ||
Debt Issuance Costs | 0.0 | |||
Proceeds from exercise of stock options | 0.0 | 0.0 | ||
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | ||
Intercompany Financing | (185.5) | (25.0) | ||
Net Cash Provided by (Used in) Financing Activities | (185.5) | (25.0) | ||
Effect of exchange rate changes on cash | 0.0 | 0.0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0.0 | 0.0 | ||
Cash and cash equivalents | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
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