Subsequent Events

3 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 11, 2017 the Company experienced an explosion and fire at its commercial segment’s Dodge Center, Minnesota production facility. Five people were injured, two seriously, and the Company’s facility was damaged. The Company implemented its emergency response and business continuity plan. The Company carries property, liability and business interruption insurance, with various levels of self-insured retention/deductibles, for unforeseen events such as this. The expected financial impact of this event is not expected to be material to the Company.

On January 26, 2017, as part of simplification activities in support of the Company’s MOVE strategy, the Company's access equipment segment announced it had committed to certain restructuring plans, final details of which are subject to discussions with employees or their representatives in several countries. These plans include the closure of its manufacturing plant and pre-delivery inspection facilities in Belgium, the streamlining of telehandler product offerings to a reduced range in Europe, the transfer of remaining European telehandler manufacturing to the Company’s facility in Romania and reductions in engineering staff supporting European telehandlers, including the closure of the UK-based engineering facility. The announced plans also include the move of North American telehandler production from Ohio to facilities in Pennsylvania. The Company expects implementation costs for these actions to be between $45 million and $50 million, pre-tax, including approximately $10 million of non-cash charges. Approximately $43 million of the pre-tax implementation costs are expected to be incurred in fiscal 2017 with the remainder to be incurred in fiscal 2018.