Oshkosh Corporation and its subsidiaries (the “Company”) is an industrial technology company and manufacturer that innovates purpose-built vehicles and equipment for the access, defense, fire & emergency, refuse collection and concrete placement markets. “Oshkosh” refers to Oshkosh Corporation, not including its subsidiaries. The Company is organized into four operating segments — Access Equipment, Defense, Fire & Emergency and Commercial. The Company’s Access Equipment segment is conducted through its wholly-owned subsidiary, JLG Industries, Inc. and its wholly-owned subsidiaries (JLG) and JerrDan Corporation (JerrDan). The Company’s Defense segment is conducted through its wholly-owned subsidiary, Oshkosh Defense, LLC (Oshkosh Defense) and its wholly-owned subsidiary, Pratt & Miller Engineering & Fabrication, LLC (Pratt Miller). The Company’s Fire & Emergency segment is principally conducted through its wholly-owned subsidiaries Pierce Manufacturing Inc. (Pierce), Oshkosh Airport Products, LLC (Airport Products), Kewaunee Fabrications, LLC (Kewaunee) and Maxi-Metal Inc. (Maxi-Metal). The Company’s Commercial segment is principally conducted through its wholly-owned subsidiaries, McNeilus Companies, Inc. (McNeilus), London Machinery Inc. and its wholly-owned subsidiary (London), Iowa Mold Tooling Co., Inc. (IMT) and Oshkosh Commercial Products, LLC (Oshkosh Commercial).

In October 2021, the Company changed its fiscal year from a year beginning on October 1 and ending on September 30 to a year beginning on January 1 and ending on December 31. The Company’s current fiscal year runs from January 1, 2022 through December 31, 2022 (fiscal 2022).

On June 13, 2022, the Company acquired all of the outstanding shares of Maxi-Metal, which specializes in the design and manufacture of fire apparatus and utility vehicles for the Canadian market, for 25.3 million Canadian dollars ($19.7 million U.S. dollars).

The operating results of Maxi-Metal have been included in the Company’s Consolidated Statements of Income from the date of acquisition. Maxi-Metal had sales of $12.3 million from the acquisition date to December 31, 2022. Pro-forma results of operations have not been presented as the effect of the acquisition is not material to any periods presented.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions):


Assets Acquired:
Current assets, excluding cash of $1.7	$	7.5
Property, plant and equipment		1.6
Goodwill		7.4
Purchased intangible assets		7.2
Total assets		23.7

Liabilities Assumed:
Current liabilities		2.0
Long-term liabilities		2.0
Total liabilities		4.0

Net assets acquired	$	19.7

Intangible assets associated with the purchase consisted of $4.3 million of assets subject to amortization with an estimated eight-year average life and $2.9 million of assets with an indefinite life. The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price of $7.4 million recorded as goodwill, representing expected synergies of the combined entity, all of which was allocated to the Fire & Emergency segment. None of the goodwill is deductible for income tax purposes. The Company expensed $0.4 million of transaction costs related to the acquisition during fiscal 2022.