Business Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

20. Business Segment Information

The Company is organized into three reportable segments based on the internal organization used by the Chief Executive Officer 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 July 2024, the Company moved the reporting responsibility for Pratt Miller from its Defense segment to the Chief Technology and Strategic Sourcing Officer to better utilize Pratt Miller’s expertise across the entire Oshkosh Corporation enterprise. Pratt Miller results are now reported within "Corporate and other". All information has been recast to conform to the new reporting segments. The Company’s reportable segments are as follows:

Access: This segment consists of JLG and JerrDan. JLG designs and manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery equipment. Access customers include equipment rental companies, construction contractors, manufacturing companies, home improvement centers and towing companies.

Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, Oshkosh AeroTech, IMT and Oshkosh Commercial. Pierce, Airport Products and Maxi-Metal design and manufacture commercial and custom fire apparatus and emergency vehicles primarily for fire departments, airports and other governmental units. McNeilus designs and manufactures refuse collection vehicles and components. Oshkosh AeroTech designs and manufactures aviation ground support products and gate equipment and provides airport services to commercial airlines, airports, air-freight carriers, ground handling customers and militaries. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs and manufactures front-discharge concrete mixer vehicles and components.

Defense: This segment consists of Oshkosh Defense which designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and other militaries around the world, as well as delivery vehicles for the USPS.

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 and other” includes Pratt Miller, corporate office expenses, certain new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments and results of insignificant operations. 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 relating to the Company’s reportable segments and product lines is as follows (in millions):

	Three Months Ended September 30,
	2024							2023
	External Customers		Inter- segment			Net Sales		External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	631.7	$	—		$	631.7	$	654.3	$	—		$	654.3
Telehandlers		445.0		—			445.0		393.8		—			393.8
Other		286.6		—			286.6		270.1		—			270.1
Total Access		1,363.3		—			1,363.3		1,318.2		—			1,318.2
Vocational
Fire apparatus		339.7		—			339.7		299.5		—			299.5
Refuse collection		168.1		—			168.1		149.2		—			149.2
Other		306.2		0.2			306.4		243.5		0.4			243.9
Total Vocational		814.0		0.2			814.2		692.2		0.4			692.6
Defense (a)
Defense		507.4		0.6			508.0		474.0		0.6			474.6
Delivery vehicles		32.4		—			32.4		—		—			—
Total Defense		539.8		0.6			540.4		474.0		0.6			474.6
Corporate and other (a)		24.3		(0.8	)		23.5		25.5		(1.0	)		24.5
Consolidated	$	2,741.4	$	—		$	2,741.4	$	2,509.9	$	—		$	2,509.9

	Nine Months Ended September 30,
	2024							2023
	External Customers		Inter- segment			Net Sales		External Customers		Inter- segment			Net Sales
Net sales:
Access
Aerial work platforms	$	1,898.3	$	—		$	1,898.3	$	1,921.2	$	—		$	1,921.2
Telehandlers		1,247.0		—			1,247.0		1,126.0		—			1,126.0
Other		862.4		—			862.4		792.5		—			792.5
Total Access		4,007.7		—			4,007.7		3,839.7		—			3,839.7
Vocational
Fire apparatus		1,021.4		—			1,021.4		884.4		—			884.4
Refuse collection		492.3		—			492.3		449.0		—			449.0
Other		915.1		0.9			916.0		507.9		1.5			509.4
Total Vocational		2,428.8		0.9			2,429.7		1,841.3		1.5			1,842.8
Defense (a)
Defense		1,550.9		1.8			1,552.7		1,439.7		1.2			1,440.9
Delivery vehicles		68.7		—			68.7		—		—			—
Total Defense		1,619.6		1.8			1,621.4		1,439.7		1.2			1,440.9
Corporate and other (a)		76.0		(2.7	)		73.3		70.4		(2.7	)		67.7
Consolidated	$	8,132.1	$	—		$	8,132.1	$	7,191.1	$	—		$	7,191.1

(a)Results have been reclassified to reflect the change in responsibility for Pratt Miller.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Operating income (loss):
Access	$	207.9		$	229.9		$	662.5		$	576.6
Vocational(a)		99.6			52.5			286.2			141.1
Defense(b) (d)		11.2			19.7			36.4			25.6
Corporate and other(c) (d)		(52.5	)		(45.6	)		(198.3	)		(121.1	)
Consolidated		266.2			256.5			786.8			622.2
Interest expense, net of interest income		(31.7	)		(17.7	)		(82.8	)		(33.0	)
Miscellaneous income (expense), net		3.6			2.6			0.1			13.2
Income before income taxes and losses of unconsolidated affiliates	$	238.1		$	241.4		$	704.1		$	602.4

(a)Results for the nine months ended September 30, 2023 include a charge of $13.3 million on the sale of the rear-discharge mixer business. See Note 3 for additional details on the Company's divestitures.

(b)Results for the three and nine months ended September 30, 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. See Note 3 for additional details on the Company's divestitures.

(c)Results for the nine months ended September 30, 2024 include $51.6 million of intangible asset impairments. See Note 12 for additional details on the Company's goodwill and purchased intangible assets.

(d)Results have been reclassified to reflect the change in responsibility for Pratt Miller.

The following table presents net sales by geographic region based on product shipment destination (in millions):

	Three Months Ended September 30, 2024
	Access		Vocational		Defense		Corporate and Other		Total
Net sales:
North America	$	1,130.3	$	768.3	$	495.9	$	22.8	$	2,417.3
Europe, Africa and Middle East		138.2		20.8		44.3		0.7		204.0
Rest of the World		94.8		25.1		0.2		—		120.1
Consolidated	$	1,363.3	$	814.2	$	540.4	$	23.5	$	2,741.4

	Three Months Ended September 30, 2023
	Access		Vocational		Defense (a)		Corporate and Other (a)		Total
Net sales:
North America	$	1,048.4	$	663.5	$	401.1	$	24.5	$	2,137.5
Europe, Africa and Middle East		160.0		16.3		73.3		—		249.6
Rest of the World		109.8		12.8		0.2		—		122.8
Consolidated	$	1,318.2	$	692.6	$	474.6	$	24.5	$	2,509.9

	Nine Months Ended September 30, 2024
	Access		Vocational		Defense		Corporate and Other		Total
Net sales:
North America	$	3,331.9	$	2,334.3	$	1,447.4	$	69.6	$	7,183.2
Europe, Africa and Middle East		382.8		50.0		173.5		3.7		610.0
Rest of the World		293.0		45.4		0.5		—		338.9
Consolidated	$	4,007.7	$	2,429.7	$	1,621.4	$	73.3	$	8,132.1

	Nine Months Ended September 30, 2023
	Access		Vocational		Defense (a)		Corporate and Other (a)		Total
Net sales:
North America	$	3,048.9	$	1,795.9	$	1,209.6	$	67.6	$	6,122.0
Europe, Africa and Middle East		450.9		23.0		230.6		0.1		704.6
Rest of the World		339.9		23.9		0.7		—		364.5
Consolidated	$	3,839.7	$	1,842.8	$	1,440.9	$	67.7	$	7,191.1

(a)Results have been reclassified to reflect the change in responsibility for Pratt Miller.