OSHKOSH CORP, 10-Q filed on 1/25/2013
Quarterly Report
Document and Entity Information
3 Months Ended
Dec. 31, 2012
Jan. 22, 2013
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
OSHKOSH CORP 
 
Entity Central Index Key
0000775158 
 
Document Type
10-Q 
 
Document Period End Date
Dec. 31, 2012 
 
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)
 
87,364,817 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q1 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]
 
 
Net sales
$ 1,761.0 
$ 1,875.7 
Cost of sales
1,514.7 
1,654.2 
Gross income
246.3 
221.5 
Operating expenses:
 
 
Selling, general and administrative
151.1 
131.4 
Amortization of purchased intangibles
14.4 
14.7 
Total operating expenses
165.5 
146.1 
Operating income
80.8 
75.4 
Other income (expense):
 
 
Interest expense
(16.7)
(20.6)
Interest income
2.5 
0.6 
Miscellaneous, net
0.3 
(5.6)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
66.9 
49.8 
Provision for income taxes
21.0 
11.1 
Income from continuing operations before equity in earnings of unconsolidated affiliates
45.9 
38.7 
Equity in earnings of unconsolidated affiliates
0.6 
0.7 
Income from continuing operations, net of tax
46.5 
39.4 
Income (loss) from discontinued operations, net of tax
0 
(0.1)
Net income
46.5 
39.3 
Net income attributable to noncontrolling interest
0 
(0.4)
Net income attributable to Oshkosh Corporation
$ 46.5 
$ 38.9 
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic:
 
 
From continuing operations (in dollars per share)
$ 0.51 
$ 0.43 
From discontinued operations (in dollars per share)
$ 0.00 
$ (0.01)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic (in dollars per share)
$ 0.51 
$ 0.42 
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted:
 
 
From continuing operations (in dollars per share)
$ 0.51 
$ 0.43 
From discontinued operations (in dollars per share)
$ 0.00 
$ (0.01)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted (in dollars per share)
$ 0.51 
$ 0.42 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Net income
$ 46.5 
$ 39.3 
Other comprehensive income (loss), net of tax:
 
 
Change in fair value of derivative instruments
0 
1.4 
Employee pension and postretirement benefits
1.0 
1.5 
Currency translation adjustments
8.6 
(8.1)
Total other comprehensive income (loss), net of tax
9.6 
(5.2)
Comprehensive income
56.1 
34.1 
Comprehensive (income) loss attributable to the noncontrolling interest
0 
(0.4)
Comprehensive income attributable to Oshkosh Corp.
$ 56.1 
$ 33.7 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Sep. 30, 2012
Current assets:
 
 
Cash and cash equivalents
$ 455.7 
$ 540.7 
Receivables, net
646.2 
1,018.6 
Inventories, net
1,056.9 
937.5 
Deferred income taxes
60.5 
69.9 
Prepaid income taxes
122.3 
98.0 
Other current assets
28.6 
29.8 
Total current assets
2,370.2 
2,694.5 
Investment in unconsolidated affiliates
19.7 
18.8 
Property, plant and equipment, net
358.0 
369.9 
Goodwill
1,038.9 
1,033.8 
Purchased intangible assets, net
762.0 
775.4 
Other long-term assets
55.1 
55.4 
Total assets
4,603.9 
4,947.8 
Current liabilities:
 
 
Revolving credit facility and current maturities of long-term debt
16.3 
0 
Accounts payable
532.6 
683.3 
Customer advances
481.7 
510.4 
Payroll-related obligations
87.8 
130.1 
Accrued warranty
90.5 
95.0 
Deferred revenue
34.2 
113.0 
Other current liabilities
193.8 
172.7 
Total current liabilities
1,436.9 
1,704.5 
Long-term debt, less current maturities
938.7 
955.0 
Deferred income taxes
119.9 
129.6 
Other long-term liabilities
320.5 
305.2 
Shareholders' equity:
 
 
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding)
0 
0 
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,091,465 and 92,086,465 shares issued, respectively)
0.9 
0.9 
Additional paid-in capital
706.1 
703.5 
Retained earnings
1,310.0 
1,263.5 
Accumulated other comprehensive loss
(91.8)
(101.4)
Common Stock in treasury, at cost (4,744,210 and 528,695 shares, respectively)
(137.3)
(13.0)
Total shareholders’ equity
1,787.9 
1,853.5 
Total liabilities and shareholders' equity
$ 4,603.9 
$ 4,947.8 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2012
Sep. 30, 2012
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
92,091,465 
92,086,465 
Common Stock in treasury, shares
4,744,210 
528,695 
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury at Cost
Non- Controlling Interest
Balance at Sep. 30, 2011
 
$ 0.9 
$ 685.6 
$ 1,032.7 
$ (122.6)
$ (0.1)
$ 0.1 
Changes in Equity
 
 
 
 
 
 
 
Net income
39.3 
 
 
38.9 
 
 
 
Change in fair value of derivative instruments, net of tax
1.4 
 
 
 
1.4 
 
 
Employee pension and postretirement benefits, net of tax
1.5 
 
 
 
1.5 
 
 
Currency translation adjustments, net
(8.1)
 
 
 
(8.1)
 
 
Exercise of stock options
 
 
0 
 
 
0.7 
 
Stock-based compensation and award of nonvested shares
 
 
2.6 
 
 
 
 
Other
 
 
(0.2)
0.1 
 
(0.6)
0 
Balance at Dec. 31, 2011
 
0.9 
688.0 
1,071.7 
(127.8)
0 
0.5 
Balance at Sep. 30, 2012
 
0.9 
703.5 
1,263.5 
(101.4)
(13.0)
0 
Changes in Equity
 
 
 
 
 
 
 
Net income
46.5 
 
 
46.5 
 
 
0 
Change in fair value of derivative instruments, net of tax
0 
 
 
 
 
 
 
Employee pension and postretirement benefits, net of tax
1.0 
 
 
 
1.0 
 
 
Currency translation adjustments, net
8.6 
 
 
 
8.6 
 
 
Repurchase of common stock
(125.1)
 
 
 
 
(125.1)
 
Exercise of stock options
 
 
(0.3)
 
 
1.0 
 
Stock-based compensation and award of nonvested shares
 
 
4.7 
 
 
 
 
Tax benefit related to stock-based compensation
 
 
(1.8)
 
 
 
 
Other
 
 
0 
0 
 
(0.2)
0 
Balance at Dec. 31, 2012
 
$ 0.9 
$ 706.1 
$ 1,310.0 
$ (91.8)
$ (137.3)
$ 0 
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Statement of Stockholders' Equity [Abstract]
 
 
Change in fair value of derivative instruments, tax
    
$ 0.8 
Employee pension and postretirement benefits, tax
$ 0.6 
$ 0.9 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating activities:
 
 
Net income
$ 46.5 
$ 39.3 
Depreciation and amortization
31.4 
33.7 
Deferred income taxes
(2.5)
0.7 
Other non-cash adjustments
0.4 
2.1 
Changes in operating assets and liabilities
(30.7)
(13.9)
Net cash provided by operating activities
45.1 
61.9 
Investing activities:
 
 
Additions to property, plant and equipment
(8.3)
(14.2)
Additions to equipment held for rental
(1.1)
(3.5)
Proceeds from sale of property, plant and equipment
0 
2.7 
Proceeds from sale of equipment held for rental
3.5 
1.1 
Other investing activities
0 
(0.3)
Net cash used by investing activities
(5.9)
(14.2)
Financing activities:
 
 
Repayment of long-term debt
0 
(40.0)
Repurchases of common stock
(125.1)
0 
Proceeds from exercise of stock options
0.7 
0.7 
Other financing activities
0 
(0.6)
Net cash used by financing activities
(124.4)
(39.9)
Effect of exchange rate changes on cash
0.2 
4.0 
Increase (decrease) in cash and cash equivalents
(85.0)
11.8 
Cash and cash equivalents at beginning of year
540.7 
428.5 
Cash and cash equivalents at end of year
455.7 
440.3 
Supplemental disclosures:
 
 
Cash paid for interest
4.7 
9.8 
Cash paid for income taxes
$ 47.2 
$ 11.3 
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 have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in Oshkosh Corporation's (the “Company”) Annual Report on Form 10-K for the year ended September 30, 2012. The interim results are not necessarily indicative of results for the full year.
New Accounting Standards
New Accounting Standards
New Accounting Standards

In June 2011, the Financial Accounting Standards Board ("FASB") amended Accounting Standards Codification ("ASC") Topic 220, Comprehensive Income, to require all non-owner changes in shareholders’ equity to be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. Under this amendment, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. An entity will no longer be permitted to present the components of other comprehensive income as part of the statement of equity. The Company adopted the new presentation requirements as of October 1, 2012. The adoption of the new presentation requirements did not have a material impact on the Company’s financial condition, results of operations or cash flows.
Receivables
Receivables
Receivables
 
Receivables consisted of the following (in millions):

 
December 31,
 
September 30,
 
2012
 
2012
U.S. government:
 

 
 

Amounts billed
$
81.3

 
$
99.2

Costs and profits not billed
58.2

 
251.7

 
139.5

 
350.9

Other trade receivables
474.5

 
633.0

Finance receivables
10.0

 
5.2

Notes receivable
23.8

 
24.6

Other receivables
30.2

 
35.6

 
678.0

 
1,049.3

Less allowance for doubtful accounts
(18.5
)
 
(18.0
)
 
$
659.5

 
$
1,031.3


 
Costs and profits not billed generally result from undefinitized change orders on existing long-term contracts and “not-to-exceed” undefinitized contracts whereby the Company cannot invoice the customer the full price under the contract or contract change order until such contract or change order is definitized and agreed to with the customer following a review of costs under such a contract or change order even though the contract deliverables may have been met. Definitization of a change order on an existing long-term contract or a sole source contract begins when the U.S. government customer undertakes a detailed review of the Company’s submitted costs and proposed margin related to the contract and concludes with a final change order. The Company recognizes revenue on undefinitized contracts to the extent that it can reasonably and reliably estimate the expected final contract price and when collectability is reasonably assured. At December 31, 2012, the Company had recorded $93.7 million of revenue on contracts which remained undefinitized as of that date. To the extent that contract definitization results in changes to previously estimated or incurred costs or revenues, the Company records those adjustments as a change in estimate. The Company updated its estimated costs under several undefinitized change orders and recorded $3.5 million of revenue related to such updates during the three months ended December 31, 2012. As all costs associated with these contracts had been previously expensed, the change increased net income by $2.2 million, or $0.02 per share, for the three months ended December 31, 2012. 

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Current receivables
$
646.2

 
$
1,018.6

Long-term receivables
13.3

 
12.7

 
$
659.5

 
$
1,031.3


 
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. Finance receivables are written down if management determines that the specific borrower does not have the ability to repay the loan amounts due in full.

Finance receivables consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Finance receivables
$
10.7

 
$
6.0

Less unearned income
(0.7
)
 
(0.8
)
Net finance receivables
10.0

 
5.2

Less allowance for doubtful accounts
(1.5
)
 
(1.4
)
 
$
8.5

 
$
3.8


 
Contractual maturities of the Company’s finance receivables at December 31, 2012 were as follows: 2013 (remaining nine months) - $8.7 million; 2014 - $0.9 million; 2015 - $0.6 million; 2016 - $0.2 million; 2017 - $0.1 million; 2018 - $0.1 million; and thereafter - $0.1 million. Historically, obligors have paid off finance receivables prior to their contractual due dates, although actual repayment timing is impacted by a number of factors, including the economic environment at the time. As a result, contractual maturities are not to be regarded as a forecast of future cash flows.
 
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. 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 December 31, 2012, approximately 96% of the notes receivable balance outstanding was due from two parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. Notes receivable are written down if management determines that the specific borrower does not have the ability to repay the loan in full. 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 receivables 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 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.

Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
 
Finance Receivables
 
Notes Receivables
 
December 31, 2012
 
September 30, 2012
 
December 31, 2012
 
September 30, 2012
Aging of receivables that are past due:
 

 
 

 
 

 
 

Greater than 30 days and less than 60 days
$
0.1

 
$
0.1

 
$
—

 
$
—

Greater than 60 days and less than 90 days
—

 
—

 
—

 
—

Greater than 90 days
1.5

 
1.3

 
—

 
—

 
 
 
 
 
 
 
 
Receivables on nonaccrual status
3.2

 
3.4

 
19.5

 
19.0

Receivables past due 90 days or more and still accruing
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Receivables subject to general reserves
6.4

 
1.5

 
0.9

 
—

Allowance for doubtful accounts
(0.1
)
 
—

 
—

 
—

Receivables subject to specific reserves
3.6

 
3.7

 
22.9

 
24.6

Allowance for doubtful accounts
(1.4
)
 
(1.4
)
 
(8.0
)
 
(8.0
)


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 December 31, 2012, restructured finance receivables and notes receivables were $4.0 million and $23.3 million, respectively. Losses on troubled debt restructurings were not significant during the three months ended December 31, 2012.

Changes in the Company’s allowance for doubtful accounts were as follows (in millions):

 
Three Months Ended December 31, 2012
 
Finance
Receivables
 
Notes
Receivable
 
Trade and
Other
Receivables
 
Total
Allowance for doubtful accounts at beginning of period
$
1.4

 
$
8.0

 
$
8.6

 
$
18.0

Provision for doubtful accounts, net of recoveries
0.1

 
—

 
0.4

 
0.5

Charge-off of accounts
—

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
1.5

 
$
8.0

 
$
9.0

 
$
18.5

 
Three Months Ended December 31, 2011
 
Finance
Receivables
 
Notes
Receivable
 
Trade and
Other
Receivables
 
Total
Allowance for doubtful accounts at beginning of period
$
11.5

 
$
8.9

 
$
9.1

 
$
29.5

Provision for doubtful accounts, net of recoveries
(2.5
)
 
—

 
0.6

 
(1.9
)
Charge-off of accounts
(5.3
)
 
(0.2
)
 
(1.0
)
 
(6.5
)
Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
3.7

 
$
8.7

 
$
8.7

 
$
21.1

Inventories
Inventories
Inventories

Inventories consisted of the following (in millions):

 
 
December 31,
 
September 30,
 
 
2012
 
2012
Raw materials
$
497.7

 
$
558.0

Partially finished products
332.0

 
318.3

Finished products
511.7

 
371.0

Inventories at FIFO cost
1,341.4

 
1,247.3

Less:
Progress/performance-based payments on U.S. government contracts
(211.3
)
 
(238.0
)
 
Excess of FIFO cost over LIFO cost
(73.2
)
 
(71.8
)
 
 
$
1,056.9

 
$
937.5



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. Due to a shortage in tires at one of the Company's suppliers, the defense segment was unable to complete production of certain vehicles to recognize revenue in fiscal 2012. These vehicles were included in inventory at September 30, 2012. During the three months ended December 31, 2012, tires were obtained and the vehicles were completed and sold. Finished goods inventory at December 31, 2012 included approximately $200 million of inventory related to an international defense order, which will be shipped and recognized as sales in upcoming quarters.
Investments in Unconsolidated Affiliates
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):

 
 
December 31,
 
September 30,
 
 
2012
 
2012
RiRent (The Netherlands)
 
$
10.9

 
$
10.5

Other
 
8.8

 
8.3

 
 
$
19.7

 
$
18.8


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 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’s sales to RiRent were $0.2 million for the three months ended December 31, 2012. The Company had no sales to RiRent in the three months ended December 31, 2011. The Company recognizes income on sales to RiRent at the time of shipment in proportion to the outside third-party interest in RiRent and recognizes the remaining income ratably over the estimated useful life of the equipment, which is generally five years. Indebtedness of RiRent is secured by the underlying leases and assets of RiRent. All such RiRent indebtedness is non-recourse to the Company and its partner. Under RiRent’s €15.0 million bank credit facility, the partners of RiRent have committed to maintain an overall equity to asset ratio of at least 30.0% (67.5% as of December 31, 2012).
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment
 
Property, plant and equipment consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Land and land improvements
$
46.0

 
$
45.8

Buildings
237.2

 
236.3

Machinery and equipment
555.3

 
550.6

Equipment on operating lease to others
12.8

 
23.8

 
851.3

 
856.5

Less accumulated depreciation
(493.3
)
 
(486.6
)
 
$
358.0

 
$
369.9



Depreciation expense recorded in continuing operations was $15.8 million and $17.5 million for the three months ended December 31, 2012 and 2011, 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 to others at December 31, 2012 and September 30, 2012 was $7.5 million and $9.4 million, respectively.
Goodwill and Purchased Intangible Assets
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 three months ended December 31, 2012 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2012
$
906.1

 
$
106.1

 
$
21.6

 
$
1,033.8

Foreign currency translation
5.2

 
—

 
(0.1
)
 
5.1

Net goodwill at December 31, 2012
$
911.3

 
$
106.1

 
$
21.5

 
$
1,038.9



The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
December 31, 2012
 
September 30, 2012
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,843.4

 
$
(932.1
)
 
$
911.3

 
$
1,838.2

 
$
(932.1
)
 
$
906.1

Fire & emergency
114.3

 
(8.2
)
 
106.1

 
114.3

 
(8.2
)
 
106.1

Commercial
197.4

 
(175.9
)
 
21.5

 
197.5

 
(175.9
)
 
21.6

 
$
2,155.1

 
$
(1,116.2
)
 
$
1,038.9

 
$
2,150.0

 
$
(1,116.2
)
 
$
1,033.8



Details of the Company’s total purchased intangible assets were as follows (in millions):
 
December 31, 2012
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 

 
 

 
 

Distribution network
39.1
 
$
55.4

 
$
(22.6
)
 
$
32.8

Non-compete
10.5
 
56.9

 
(56.1
)
 
0.8

Technology-related
12.0
 
100.9

 
(60.5
)
 
40.4

Customer relationships
12.7
 
566.2

 
(278.1
)
 
288.1

Other
16.6
 
16.6

 
(12.9
)
 
3.7

 
14.4
 
796.0

 
(430.2
)
 
365.8

Non-amortizable trade names
 
 
396.2

 
—

 
396.2

 
 
 
$
1,192.2

 
$
(430.2
)
 
$
762.0

 
September 30, 2012
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 

 
 

 
 

Distribution network
39.1
 
$
55.4

 
$
(22.2
)
 
$
33.2

Non-compete
10.5
 
56.9

 
(55.5
)
 
1.4

Technology-related
12.0
 
100.9

 
(58.4
)
 
42.5

Customer relationships
12.7
 
563.8

 
(265.5
)
 
298.3

Other
16.5
 
16.6

 
(12.8
)
 
3.8

 
14.4
 
793.6

 
(414.4
)
 
379.2

Non-amortizable trade names
 
 
396.2

 
—

 
396.2

 
 
 
$
1,189.8

 
$
(414.4
)
 
$
775.4



Amortization expense recorded in continuing operations was $14.4 million and $14.7 million for the three months ended December 31, 2012 and 2011, respectively. The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2013 and the five years succeeding September 30, 2013 are as follows: 2013 (remaining nine months) - $41.8 million; 2014 - $54.9 million; 2015 - $54.1 million; 2016 - $53.5 million; 2017 - $45.4 million and 2018 - $37.7 million.
Credit Agreements
Credit Agreements
Credit Agreements

The Company was obligated under the following debt instruments (in millions):

 
December 31,
 
September 30,
 
2012
 
2012
Senior Secured Term Loan
$
455.0

 
$
455.0

8¼% Senior notes due March 2017
250.0

 
250.0

8½% Senior notes due March 2020
250.0

 
250.0

 
955.0

 
955.0

Less current maturities
(16.3
)
 
—

 
$
938.7

 
$
955.0

 
 
 
 
Revolving Credit Facility
$
—

 
$
—

Current maturities of long-term debt
16.3

 
—

 
$
16.3

 
$
—



The Company maintains a senior secured credit agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for (i) a revolving credit facility (“Revolving Credit Facility”) that matures in October 2015 with an initial maximum aggregate amount of availability of $525 million and (ii) a $455 million term loan (“Term Loan”) facility due in quarterly principal installments of $16.25 million commencing December 31, 2013 with a balloon payment of $341.25 million due at maturity in October 2015. At December 31, 2012, outstanding letters of credit of $176.0 million reduced available capacity under the Revolving Credit Facility to $349.0 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 to the extent such subsidiaries borrow directly under the Credit Agreement. Subject to certain exceptions, the Credit Agreement is secured 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 and each subsidiary guarantor.

Under the Credit Agreement, the Company must pay (i) an unused commitment fee ranging from 0.25% to 0.50% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.75% to 1.25% per annum of the maximum amount available to be drawn for each performance 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 December 31, 2012, the interest spread on the Revolving Credit Facility and Term Loan was 175 basis points. The weighted-average interest rate on borrowings outstanding under the Term Loan at December 31, 2012 was 1.96%.

The Credit Agreement contains various restrictions and covenants, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions 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:
•
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 2.75 to 1.0.

The Company was in compliance with the financial covenants contained in the Credit Agreement as of December 31, 2012 and expects to be able to meet the financial covenants contained in the Credit Agreement over the next twelve months.

Additionally, with certain exceptions, the Credit Agreement limits the ability of the Company to pay dividends and other distributions, including repurchases of shares of the Company's 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 April 1, 2012 in an aggregate amount not exceeding the sum of:

i.
$485 million; plus
ii.
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 April 1, 2012 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; plus
iii.
100% of the aggregate net proceeds received by the Company subsequent to March 31, 2012 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock.

In March 2010, the Company issued $250.0 million of 8¼% unsecured senior notes due March 1, 2017 and $250.0 million of 8½% unsecured senior notes due March 1, 2020 (collectively, the “Senior Notes”). The Senior Notes were issued pursuant to an indenture (the “Indenture”) among the Company, the subsidiary guarantors named therein and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the Senior Notes due 2017 and Senior Notes due 2020 for a premium after March 1, 2014 and March 1, 2015, respectively. Certain of the Company’s subsidiaries fully, unconditionally, jointly and severally guarantee the Company’s obligations under the Senior Notes. See Note 21 of the Notes to Condensed Consolidated Financial Statements for separate financial information of the subsidiary guarantors.

The fair value of the long-term debt is estimated based upon the market rate of the Company’s debt. At December 31, 2012, the fair value of the Senior Notes was estimated to be $553 million and the fair value of the Term Loan approximated book value.
Warranties
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.
 
Changes in the Company’s warranty liability were as follows (in millions):
 
 
Three Months Ended
December 31,
 
2012
 
2011
Balance at beginning of period
$
95.0

 
$
75.0

Warranty provisions
9.7

 
12.8

Settlements made
(12.9
)
 
(10.7
)
Changes in liability for pre-existing warranties, net
(1.0
)
 
2.1

Foreign currency translation
(0.3
)
 
—

Balance at end of period
$
90.5

 
$
79.2


 
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 adverse effect on the Company's consolidated financial condition, results of operations or cash flows.
Guarantee Arrangements
Guarantee Arrangements
Guarantee Arrangements

The Company is party to multiple agreements whereby it guarantees an aggregate of $358.6 million in indebtedness of customers, including $124.6 million under loss pool agreements. The Company estimated that its maximum loss exposure under these contracts at December 31, 2012 was $88.2 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 additional accruals 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 customers will not deteriorate resulting in the customers' 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):

 
Three Months Ended
December 31,
 
2012
 
2011
Balance at beginning of period
$
5.0

 
$
6.5

Provision for new credit guarantees
—

 
0.2

Settlements made
(0.1
)
 
(0.5
)
Changes for pre-existing guarantees, net
(0.1
)
 
(1.1
)
Amortization of previous guarantees
(0.1
)
 
(0.4
)
Balance at end of period
$
4.7

 
$
4.7

Oshkosh Corporation Shareholders' Equity
Oshkosh Corporation Shareholders' Equity
Oshkosh Corporation Shareholders' Equity

On October 25, 2012, the Company's Board of Directors adopted a shareholder rights plan (the "Rights Plan") and declared a dividend of one preferred stock purchase right (a “right”) for each outstanding share of the Company's Common Stock to shareholders of record at the close of business on November 5, 2012. On January 4, 2013, the Board of Directors approved, and the Company entered into, an amendment to the Rights Plan accelerating the expiration date of the Rights Plan to January 7, 2013. As a result, the rights expired and the Rights Plan terminated on January 7, 2013.

In July 1995, the Company authorized the repurchase of up to 6,000,000 shares of the Company's Common Stock. In July 2012, the Company's Board of Directors increased the repurchase authorization by 4,000,000 shares of Common Stock. On November 15, 2012, the Company's Board of Directors further increased the repurchase authorization from the then remaining 6,683,825 shares of Common Stock to 11,000,000 shares of Common Stock. As of December 31, 2012, the Company had repurchased 4,250,072 shares of its Common Stock at an aggregate cost of $125.1 million leaving 6,749,928 shares of Common Stock remaining under this repurchase authorization. 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
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 ASC Topic 815, Derivatives and Hedging, as follows:

Fair Value Hedging Strategy — The Company enters into forward foreign exchange contracts to hedge certain firm commitments denominated in foreign currencies, primarily the Euro. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to international customers will be adversely affected by changes in the exchange rates.
 
Cash Flow Hedging Strategy — To protect against an increase in the cost of forecasted purchases of foreign-sourced component parts payable in Euro, the Company has a foreign currency cash flow hedging program. The Company hedges portions of its forecasted purchases denominated in Euro with forward contracts. When the U.S. dollar weakens against the Euro, increased foreign currency payments are offset by gains in the value of the forward contracts. Conversely, when the U.S. dollar strengthens against the Euro, reduced foreign currency payments are offset by losses in the value of the forward contracts.
 
At December 31, 2012 and 2011, the Company had no forward foreign exchange contracts designated as hedges.

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. The fair value of foreign currency related derivatives is included in the Condensed Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At December 31, 2012, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $131.0 million in notional amounts, including $67.5 million in contracts to sell Euro, $50.2 million in contracts to sell Australian dollars and $8.1 million in contracts to buy Euro, with the remaining contracts covering a variety of foreign currencies.

Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Condensed Consolidated Balance Sheets were as follows (in millions):
 
 
December 31, 2012
 
September 30, 2012
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Not designated as hedging instruments:
 
 
 
 
 

 
 

Foreign exchange contracts
$
0.7

 
$
1.0

 
$
0.4

 
$
—



The pre-tax effects of derivative instruments on the Condensed Consolidated Statements of Income consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended
December 31,
 
 
2012
 
2011
Cash flow hedges:
 
 
 

 
 

Reclassified from other comprehensive income (effective portion):
 
 
 

 
 

Interest rate contracts
Interest expense
 
$
—

 
$
(2.2
)
 
 
 
 
 
 
Not designated as hedges:
 
 
 

 
 

Foreign exchange contracts
Miscellaneous, net
 
(2.0
)
 
(2.9
)
 
 
 
$
(2.0
)
 
$
(5.1
)
Fair Value Measurement
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:

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.

There were no transfers of assets between levels during the three months ended December 31, 2012. As of December 31, 2012, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Foreign currency exchange derivatives (a)
$
—

 
$
0.7

 
$
—

 
$
0.7

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (a)
$
—

 
$
1.0

 
$
—

 
$
1.0

_________________________

(a) 
Based on observable market transactions of forward currency prices.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation
 
In February 2009, the Company’s shareholders approved the 2009 Incentive Stock and Awards Plan. In January 2012, the Company's shareholders approved amendments to the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”) to add 6,000,000 shares to the number of shares available for issuance under the plan. The 2009 Stock Plan replaced the 2004 Incentive Stock and Awards Plan, as amended (the “2004 Stock Plan”) and 1990 Incentive Stock Plan, as amended (the “1990 Stock Plan”). While no new awards will be granted under the 2004 Stock Plan and 1990 Stock Plan, awards previously made under these two plans that remained outstanding as of the initial approval date of the 2009 Stock Plan will remain outstanding and continue to be governed by the provisions of those plans.

Under the 2009 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights (“SAR”), performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (“RSU”) or other stock-based awards. The 2009 Stock Plan provides for the granting of options to purchase shares of the Company’s Common Stock at not less than the fair market value of such shares on the date of grant. Stock options granted under the 2009 Stock Plan generally become exercisable in equal installments over a three-year period, beginning with the first anniversary of the date of grant of the option, unless a shorter or longer duration is established by the Human Resources Committee of the Board of Directors at the time of the option grant. Stock options terminate not more than seven years from the date of grant. Except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. At December 31, 2012, the Company had reserved 10,595,781 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 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 included in the Condensed Consolidated Statements of Income for the three months ended December 31, 2012 and 2011, was $6.4 million ($4.1 million net of tax) and $4.4 million ($2.8 million net of tax), respectively.
Restructuring and Other Charges
Restructuring and Other Charges
Restructuring and Other Charges

On July 26, 2012, the Company initiated a plan to exit its Medtec ambulance business. The Company had expected that the move of ambulance production from four separate facilities to a dedicated production facility in Florida in April 2011 would result in significantly improved performance. Despite efforts by numerous dedicated individuals and teams, the Medtec business continued to operate at a loss, and it became apparent that Medtec would not achieve profitability in a reasonable time frame, if at all, and as a result, the Company made a decision to exit the business. The Company will discontinue production of ambulances following the completion of units in backlog, which the Company expects to occur in the second quarter of fiscal 2013.

Pre-tax restructuring charges (credits) included in continuing operations for the three months ended December 31, 2012 and 2011 were as follows (in millions): 
 
Cost of
Sales
 
Selling,
General and
Administrative
 
Total
Fiscal 2013:
 
 
 

 
 

Fire & emergency
$
—

 
$
(0.4
)
 
$
(0.4
)
 
 
 
 
 
 
Fiscal 2012:
 

 
 

 
 

Access equipment
$
(0.5
)
 
$
—

 
$
(0.5
)
Fire & emergency
—

 
0.3

 
0.3

 
$
(0.5
)
 
$
0.3

 
$
(0.2
)


Changes in the Company’s restructuring reserves, included within “Other current liabilities” in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 
Employee
Severance and
Termination
Benefits
 
Other
 
Total
Balance at September 30, 2012
$
2.8

 
$
2.1

 
$
4.9

Restructuring provisions
0.1

 
(0.5
)
 
(0.4
)
Utilized - cash
(0.6
)
 
(0.6
)
 
(1.2
)
Balance at December 31, 2012
$
2.3

 
$
1.0

 
$
3.3

Employee Benefit Plans
Employee Benefit Plans
Employee Benefit Plans
  
Components of net periodic pension benefit cost were as follows (in millions):

 
Three Months Ended
 
December 31,
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

Service cost
$
4.0

 
$
5.6

Interest cost
4.0

 
4.1

Expected return on plan assets
(4.1
)
 
(3.9
)
Amortization of prior service cost
0.4

 
0.6

Curtailment
0.9

 
—

Amortization of net actuarial loss
1.1

 
1.8

Net periodic benefit cost
$
6.3

 
$
8.2



The Company expects to contribute between $10.0 million and $15.0 million to its pension plans in fiscal 2013 compared to $35.8 million in fiscal 2012.

Components of net periodic other post-employment benefit cost were as follows (in millions):

 
Three Months Ended
 
December 31,
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

Service cost
$
2.0

 
$
1.8

Interest cost
0.8

 
0.9

Amortization of prior service cost
(0.1
)
 
—

Amortization of net actuarial loss
0.3

 
0.3

Net periodic benefit cost
$
3.0

 
$
3.0



The Company made contributions to fund benefit payments of $0.4 million and $0.3 million for the three months ended December 31, 2012 and 2011, respectively, under its other post-employment benefit plans. The Company estimates that it will make additional contributions of approximately $1.1 million under these other post-employment benefit plans prior to the end of fiscal 2013.
Income Taxes
Income Taxes
Income Taxes

The Company's effective income tax rate was 31.5% and 22.3% of pre-tax income for the three months ended December 31, 2012 and 2011, respectively. The effective tax rate for the three months ended December 31, 2012 was favorably impacted by net discrete tax benefits of 280 basis points related to provision to return adjustments. The effective tax rate for the three months ended December 31, 2011 was favorably impacted by net discrete tax benefits aggregating 1,340 basis points associated with the settlement of foreign tax audits (480 basis points), reductions of tax reserves related to the expiration of statutes of limitations (200 basis points) and an adjustment to reflect positions taken on previously filed tax returns (660 basis points).

The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $35.0 million and $33.9 million as of December 31, 2012 and September 30, 2012, respectively. As of December 31, 2012, net unrecognized tax benefits, excluding interest and penalties, of $24.5 million would affect the Company’s net income if recognized, including $23.9 million which would impact net income from continuing operations.

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 three months ended December 31, 2012 and 2011, the Company recognized a charge of $0.7 million and a benefit of $(0.6) million related to interest and penalties, respectively. At December 31, 2012, the Company had accruals for the payment of interest and penalties of $14.4 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by approximately $2.5 million, because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the applicable statutes of limitations expire.

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. At December 31, 2012, the Company was under audit by the U.S. Internal Revenue Service for the taxable years ended September 30, 2010 and 2011.
Earnings (Loss) Per Share
Earnings (Loss) Per Share
Earnings (Loss) Per Share

Net income (loss) attributable to Oshkosh Corporation common shareholders was as follows (in millions):

 
Three Months Ended December 31,
 
2012
 
2011
Net income from continuing operations
$
46.5

 
$
39.0

Less: net earnings allocated to participating securities
(0.3
)
 
(0.1
)
Net income available to Oshkosh Corporation common shareholders
$
46.2

 
$
38.9

 
 
 
 
Net income (loss) from discontinued operations
$
—

 
$
(0.1
)


Basic and diluted weighted-average shares used in the denominator of the per share calculations was as follows:
 
Three Months Ended December 31,
 
2012
 
2011
Basic weighted-average shares outstanding
90,303,191

 
91,186,347

Effect of dilutive stock options and equity-based compensation awards
878,606

 
585,278

Diluted weighted-average shares outstanding
91,181,797

 
91,771,625



Options to purchase 2,087,728 and 3,255,629 shares of Common Stock were outstanding during the three months ended December 31, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share attributable to Oshkosh Corporation common shareholders because the exercise price of the options was greater than the average market price of the shares of Common Stock and therefore would have been anti-dilutive.
Contingencies, Significant Estimates and Concentrations
Contingencies, Significant Estimates and Concentrations
Contingencies, Significant Estimates and Concentrations

Environmental - As part of its routine business operations, the Company disposes of and recycles or reclaims certain industrial waste materials, chemicals and solvents at third-party disposal and recycling facilities, which are licensed by appropriate governmental agencies. In some instances, these facilities have been and may be designated by the United States Environmental Protection Agency (“EPA”) or a state environmental agency for remediation. Under the Comprehensive Environmental Response, Compensation, and Liability Act and similar state laws, each potentially responsible party (“PRP”) that contributed hazardous substances may be jointly and severally liable for the costs associated with cleaning up these sites. Typically, PRPs negotiate a resolution with the EPA and/or the state environmental agencies. PRPs also negotiate with each other regarding allocation of the cleanup costs.

The Company had reserves of $2.0 million and $2.0 million for losses related to environmental matters that were probable and estimable at December 31, 2012 and September 30, 2012, respectively. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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 $3.0 million per claim. Accordingly, a reserve is maintained for the estimated costs of such claims. At December 31, 2012 and September 30, 2012, reserves for product and general liability claims were $42.0 million and $45.6 million, respectively, based on available information. 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 adverse 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 $228.7 million and open standby letters of credit issued by the Company’s banks in favor of third parties totaling $176.0 million at December 31, 2012.

Other Matters - The Company is subject to other 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 adverse 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.
Business Segment Information
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 benefiting multiple segments 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):
 
Three Months Ended December 31,
 
2012
 
2011
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 

 
 

 
 

 
 

 
 

 
 

Aerial work platforms
$
252.2

 
$
—

 
$
252.2

 
$
252.9

 
$
—

 
$
252.9

Telehandlers
206.9

 
—

 
206.9

 
148.4

 
—

 
148.4

Other (a)
122.1

 
0.1

 
122.2

 
103.8

 
122.6

 
226.4

Total access equipment
581.2

 
0.1

 
581.3

 
505.1

 
122.6

 
627.7

 
 
 
 
 
 
 
 
 
 
 
 
Defense
827.8

 
0.9

 
828.7

 
1,050.2

 
0.8

 
1,051.0

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
182.6

 
10.7

 
193.3

 
155.4

 
4.7

 
160.1

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 

 
 

 
 

Concrete placement
63.3

 
—

 
63.3

 
46.7

 
—

 
46.7

Refuse collection
80.8

 
—

 
80.8

 
95.3

 
—

 
95.3

Other
25.3

 
7.9

 
33.2

 
23.0

 
6.6

 
29.6

Total commercial
169.4

 
7.9

 
177.3

 
165.0

 
6.6

 
171.6

Intersegment eliminations
—

 
(19.6
)
 
(19.6
)
 
—

 
(134.7
)
 
(134.7
)
Consolidated
$
1,761.0

 
$
—

 
$
1,761.0

 
$
1,875.7

 
$
—

 
$
1,875.7

_________________________
(a)
Access equipment intersegment sales are comprised of assembly of Mine Resistant Ambush Protected All-Terrain Vehicle crew capsules and complete vehicles for the defense segment. The access equipment segment invoices the defense segment for this work. These sales are eliminated in consolidation.

 
Three Months Ended December 31,
 
2012
 
2011
Operating income (loss) from continuing operations:
 

 
 

Access equipment
$
48.9

 
$
13.1

Defense
60.9

 
92.4

Fire & emergency
5.8

 
(9.9
)
Commercial
8.0

 
6.9

Corporate
(42.7
)
 
(27.1
)
Intersegment eliminations
(0.1
)
 
—

Consolidated
80.8

 
75.4

Interest expense net of interest income
(14.2
)
 
(20.0
)
Miscellaneous other income (expense)
0.3

 
(5.6
)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
$
66.9

 
$
49.8

 
 
December 31,
 
September 30,
 
2012

2012
Identifiable assets:
 

 
 

Access equipment:
 

 
 

U.S.
$
1,634.5

 
$
1,754.6

Europe (a)
676.0

 
684.2

Rest of the world
258.8

 
283.1

Total access equipment
2,569.3

 
2,721.9

Defense - U.S.
591.2

 
684.5

Fire & emergency - U.S.
509.1

 
534.0

Commercial:
 

 
 

U.S.
313.6

 
304.5

Rest of the world (a)
33.8

 
37.0

Total commercial
347.4

 
341.5

Corporate:
 

 
 

U.S. (b)
581.0

 
658.1

Rest of the world
5.9

 
7.8

Total corporate
586.9

 
665.9

Consolidated
$
4,603.9

 
$
4,947.8

_________________________
(a)
Includes investments in unconsolidated affiliates.
(b)
Primarily includes cash and short-term investments.

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

 
Three Months Ended December 31,
 
2012
 
2011
Net sales:
 

 
 

United States
$
1,455.5

 
$
1,511.4

Other North America
57.5

 
52.9

Europe, Africa and Middle East
131.8

 
196.2

Rest of the world
116.2

 
115.2

Consolidated
$
1,761.0

 
$
1,875.7

Separate Financial Information of Subsidiary Guarantors of Indebtedness
Separate Financial Information of Subsidiary Guarantors of Indebtedness
Separate Financial Information of Subsidiary Guarantors of Indebtedness
 
The Senior Notes are jointly, severally and unconditionally guaranteed on a senior unsecured basis by all of the Company’s existing and future subsidiaries that from time to time guarantee obligations under the Credit Agreement, with certain exceptions (the “Guarantors”). 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
For the Three Months Ended December 31, 2012

 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
858.4

 
$
742.7

 
$
190.2

 
$
(30.3
)
 
$
1,761.0

Cost of sales
769.2

 
608.0

 
167.7

 
(30.2
)
 
1,514.7

Gross income
89.2

 
134.7

 
22.5

 
(0.1
)
 
246.3

Selling, general and administrative expenses
71.8

 
73.8

 
5.5

 
—

 
151.1

Amortization of purchased intangibles
0.1

 
9.9

 
4.4

 
—

 
14.4

Operating income
17.3

 
51.0

 
12.6

 
(0.1
)
 
80.8

Interest expense
(50.8
)
 
(14.3
)
 
(1.1
)
 
49.5

 
(16.7
)
Interest income
0.6

 
10.0

 
41.4

 
(49.5
)
 
2.5

Miscellaneous, net
9.1

 
(27.7
)
 
18.9

 
—

 
0.3

Income (loss) from continuing operations before income taxes
(23.8
)
 
19.0

 
71.8

 
(0.1
)
 
66.9

Provision for (benefit from) income taxes
(7.4
)
 
5.9

 
22.5

 
—

 
21.0

Income (loss) from continuing operations before equity in earnings (losses) of affiliates
(16.4
)
 
13.1

 
49.3

 
(0.1
)
 
45.9

Equity in earnings (losses) of consolidated subsidiaries
62.9

 
17.0

 
11.8

 
(91.7
)
 
—

Equity in earnings (losses) of unconsolidated affiliates
—

 
—

 
0.6

 
—

 
0.6

Income from continuing operations
46.5

 
30.1

 
61.7

 
(91.8
)
 
46.5

Discontinued operations, net of tax
—

 
—

 
—

 
—

 
—

Net income
46.5

 
30.1

 
61.7

 
(91.8
)
 
46.5

Net income attributable to the noncontrolling interest
—

 
—

 
—

 
—

 
—

Net income attributable to Oshkosh Corporation
$
46.5

 
$
30.1

 
$
61.7

 
$
(91.8
)
 
$
46.5


 
Condensed Consolidating Statements of Comprehensive Income
For the Three Months Ended December 31, 2012
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net income
$
46.5

 
$
30.1

 
$
61.7

 
$
(91.8
)
 
$
46.5

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of derivative instruments
—

 
—

 
—

 
—

 
—

Employee pension and postretirement benefits
1.0

 
—

 
—

 
—

 
1.0

Currency translation adjustments
8.6

 
—

 
8.6

 
(8.6
)
 
8.6

Total other comprehensive income (loss), net of tax
9.6

 
—

 
8.6

 
(8.6
)
 
9.6

Comprehensive income
56.1

 
30.1

 
70.3

 
(100.4
)
 
56.1

Comprehensive (income) loss attributable to the noncontrolling interest
—

 
—

 
—

 
—

 
—

Comprehensive income attributable to Oshkosh Corporation
$
56.1

 
$
30.1

 
$
70.3

 
$
(100.4
)
 
$
56.1



Condensed Consolidating Statement of Income
For the Three Months Ended December 31, 2011
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
1,070.8

 
$
741.9

 
$
212.5

 
$
(149.5
)
 
$
1,875.7

Cost of sales
950.7

 
667.5

 
185.4

 
(149.4
)
 
1,654.2

Gross income
120.1

 
74.4

 
27.1

 
(0.1
)
 
221.5

Selling, general and administrative expenses
54.6

 
39.4

 
37.4

 
—

 
131.4

Amortization of purchased intangibles
0.1

 
10.0

 
4.6

 
—

 
14.7

Operating income (loss)
65.4

 
25.0

 
(14.9
)
 
(0.1
)
 
75.4

Interest expense
(48.1
)
 
(19.5
)
 
(1.0
)
 
48.0

 
(20.6
)
Interest income
0.5

 
7.5

 
40.6

 
(48.0
)
 
0.6

Miscellaneous, net
2.1

 
(35.0
)
 
27.3

 
—

 
(5.6
)
Income (loss) from continuing operations before income taxes
19.9

 
(22.0
)
 
52.0

 
(0.1
)
 
49.8

Provision for (benefit from) income taxes
4.2

 
(7.2
)
 
14.1

 
—

 
11.1

Income (loss) from continuing operations before equity in earnings (losses) of affiliates
15.7

 
(14.8
)
 
37.9

 
(0.1
)
 
38.7

Equity in earnings (losses) of consolidated subsidiaries
23.2

 
20.4

 
(6.5
)
 
(37.1
)
 
—

Equity in earnings (losses) of unconsolidated affiliates
—

 
—

 
0.7

 
—

 
0.7

Income from continuing operations
38.9

 
5.6

 
32.1

 
(37.2
)
 
39.4

Discontinued operations, net of tax
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net income
38.9

 
5.6

 
32.0

 
(37.2
)
 
39.3

Net income attributable to the noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Net income attributable to Oshkosh Corporation
$
38.9

 
$
5.6

 
$
31.6

 
$
(37.2
)
 
$
38.9


 
Condensed Consolidating Statements of Comprehensive Income
For the Three Months Ended December 31, 2011
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net income
$
38.9

 
$
5.6

 
$
32.0

 
$
(37.2
)
 
$
39.3

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of derivative instruments
1.4

 
—

 
—

 
—

 
1.4

Employee pension and postretirement benefits
1.5

 
—

 
—

 
—

 
1.5

Currency translation adjustments
(8.1
)
 
2.2

 
(10.3
)
 
8.1

 
(8.1
)
Total other comprehensive income (loss), net of tax
(5.2
)
 
2.2

 
(10.3
)
 
8.1

 
(5.2
)
Comprehensive income
33.7

 
7.8

 
21.7

 
(29.1
)
 
34.1

Comprehensive (income) loss attributable to the noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Comprehensive income attributable to Oshkosh Corporation
$
33.7

 
$
7.8

 
$
21.3

 
$
(29.1
)
 
$
33.7



 
Condensed Consolidating Balance Sheet
As of December 31, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
423.7

 
$
3.2

 
$
28.8

 
$
—

 
$
455.7

Receivables, net
202.9

 
349.3

 
133.6

 
(39.6
)
 
646.2

Inventories, net
395.0

 
420.7

 
242.7

 
(1.5
)
 
1,056.9

Other current assets
148.4

 
42.7

 
19.9

 
0.4

 
211.4

Total current assets
1,170.0

 
815.9

 
425.0

 
(40.7
)
 
2,370.2

Investment in and advances to consolidated subsidiaries
2,301.1

 
(1,132.9
)
 
3,343.3

 
(4,511.5
)
 
—

Intangible assets, net
2.4

 
1,100.5

 
698.0

 
—

 
1,800.9

Other long-term assets
149.8

 
151.2

 
131.8

 
—

 
432.8

Total assets
$
3,623.3

 
$
934.7

 
$
4,598.1

 
$
(4,552.2
)
 
$
4,603.9

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable
$
292.2

 
$
176.8

 
$
96.5

 
$
(32.9
)
 
$
532.6

Customer advances
291.8

 
186.0

 
3.9

 
—

 
481.7

Other current liabilities
148.3

 
205.0

 
77.1

 
(7.8
)
 
422.6

Total current liabilities
732.3

 
567.8

 
177.5

 
(40.7
)
 
1,436.9

Long-term debt, less current maturities
938.7

 
—

 
—

 
—

 
938.7

Other long-term liabilities
164.4

 
132.7

 
143.3

 
—

 
440.4

Shareholders' equity
1,787.9

 
234.2

 
4,277.3

 
(4,511.5
)
 
1,787.9

Total liabilities and shareholders' equity
$
3,623.3

 
$
934.7

 
$
4,598.1

 
$
(4,552.2
)
 
$
4,603.9


Condensed Consolidating Balance Sheet
As of September 30, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
500.0

 
$
5.5

 
$
35.2

 
$
—

 
$
540.7

Receivables, net
388.0

 
487.5

 
177.3

 
(34.2
)
 
1,018.6

Inventories, net
284.3

 
415.7

 
239.3

 
(1.8
)
 
937.5

Other current assets
129.2

 
47.9

 
20.6

 
—

 
197.7

Total current assets
1,301.5

 
956.6

 
472.4

 
(36.0
)
 
2,694.5

Investment in and advances to consolidated subsidiaries
2,358.1

 
(1,182.9
)
 
3,235.8

 
(4,411.0
)
 
—

Intangible assets, net
2.5

 
1,110.4

 
696.3

 
—

 
1,809.2

Other long-term assets
154.7

 
156.8

 
132.6

 
—

 
444.1

Total assets
$
3,816.8

 
$
1,040.9

 
$
4,537.1

 
$
(4,447.0
)
 
$
4,947.8

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable
$
326.2

 
$
288.9

 
$
96.7

 
$
(28.5
)
 
$
683.3

Customer advances
315.4

 
190.5

 
4.5

 
—

 
510.4

Other current liabilities
213.6

 
220.2

 
84.5

 
(7.5
)
 
510.8

Total current liabilities
855.2

 
699.6

 
185.7

 
(36.0
)
 
1,704.5

Long-term debt, less current maturities
955.0

 
—

 
—

 
—

 
955.0

Other long-term liabilities
153.1

 
137.3

 
144.4

 
—

 
434.8

Shareholders' equity
1,853.5

 
204.0

 
4,207.0

 
(4,411.0
)
 
1,853.5

Total liabilities and shareholders' equity
$
3,816.8

 
$
1,040.9

 
$
4,537.1

 
$
(4,447.0
)
 
$
4,947.8


 
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(79.3
)
 
$
34.3

 
$
90.1

 
$
—

 
$
45.1

 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

Additions to property, plant and equipment
(3.0
)
 
(2.9
)
 
(2.4
)
 
—

 
(8.3
)
Additions to equipment held for rental
—

 
—

 
(1.1
)
 
—

 
(1.1
)
Intercompany investing
130.7

 
(27.2
)
 
(96.2
)
 
(7.3
)
 
—

Other investing activities
—

 
—

 
3.5

 
—

 
3.5

Net cash provided (used) by investing activities
127.7

 
(30.1
)
 
(96.2
)
 
(7.3
)
 
(5.9
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

Repayment of long-term debt
—

 
—

 
—

 
—

 
—

Repurchase of common stock
(125.1
)
 
—

 
—

 
—

 
(125.1
)
Intercompany financing
(0.3
)
 
(6.5
)
 
(0.5
)
 
7.3

 
—

Other financing activities
0.7

 
—

 
—

 
—

 
0.7

Net cash provided (used) by financing activities
(124.7
)
 
(6.5
)
 
(0.5
)
 
7.3

 
(124.4
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
—

 
0.2

 
—

 
0.2

Increase (decrease) in cash and cash equivalents
(76.3
)
 
(2.3
)
 
(6.4
)
 
—

 
(85.0
)
Cash and cash equivalents at beginning of period
500.0

 
5.5

 
35.2

 
—

 
540.7

Cash and cash equivalents at end of period
$
423.7

 
$
3.2

 
$
28.8

 
$
—

 
$
455.7

 
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2011
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
38.3

 
$
(13.7
)
 
$
37.3

 
$
—

 
$
61.9

 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

Additions to property, plant and equipment
(5.9
)
 
(5.4
)
 
(2.9
)
 
—

 
(14.2
)
Additions to equipment held for rental
—

 
—

 
(3.5
)
 
—

 
(3.5
)
Intercompany investing
(6.5
)
 
37.2

 
(23.7
)
 
(7.0
)
 
—

Other investing activities
1.9

 
0.7

 
0.9

 
—

 
3.5

Net cash provided (used) by investing activities
(10.5
)
 
32.5

 
(29.2
)
 
(7.0
)
 
(14.2
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

Repayment of long-term debt
(40.0
)
 
—

 
—

 
—

 
(40.0
)
Repurchase of Common Stock
—

 
—

 
—

 
—

 
—

Intercompany financing
(0.3
)
 
(6.5
)
 
(0.2
)
 
7.0

 
—

Other financing activities
0.1

 
—

 
—

 
—

 
0.1

Net cash provided (used) by financing activities
(40.2
)
 
(6.5
)
 
(0.2
)
 
7.0

 
(39.9
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
0.8

 
3.2

 
—

 
4.0

Increase (decrease) in cash and cash equivalents
(12.4
)
 
13.1

 
11.1

 
—

 
11.8

Cash and cash equivalents at beginning of period
376.3

 
13.5

 
38.7

 
—

 
428.5

Cash and cash equivalents at end of period
$
363.9

 
$
26.6

 
$
49.8

 
$
—

 
$
440.3

Receivables (Tables)
Schedule of receivables 
Receivables consisted of the following (in millions):

 
December 31,
 
September 30,
 
2012
 
2012
U.S. government:
 

 
 

Amounts billed
$
81.3

 
$
99.2

Costs and profits not billed
58.2

 
251.7

 
139.5

 
350.9

Other trade receivables
474.5

 
633.0

Finance receivables
10.0

 
5.2

Notes receivable
23.8

 
24.6

Other receivables
30.2

 
35.6

 
678.0

 
1,049.3

Less allowance for doubtful accounts
(18.5
)
 
(18.0
)
 
$
659.5

 
$
1,031.3

Classification of receivables in the Consolidated Balance Sheets 
Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Current receivables
$
646.2

 
$
1,018.6

Long-term receivables
13.3

 
12.7

 
$
659.5

 
$
1,031.3

Schedule of finance receivables 
Finance receivables consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Finance receivables
$
10.7

 
$
6.0

Less unearned income
(0.7
)
 
(0.8
)
Net finance receivables
10.0

 
5.2

Less allowance for doubtful accounts
(1.5
)
 
(1.4
)
 
$
8.5

 
$
3.8

Schedule of finance and notes receivable aging and accrual status 
Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
 
Finance Receivables
 
Notes Receivables
 
December 31, 2012
 
September 30, 2012
 
December 31, 2012
 
September 30, 2012
Aging of receivables that are past due:
 

 
 

 
 

 
 

Greater than 30 days and less than 60 days
$
0.1

 
$
0.1

 
$
—

 
$
—

Greater than 60 days and less than 90 days
—

 
—

 
—

 
—

Greater than 90 days
1.5

 
1.3

 
—

 
—

 
 
 
 
 
 
 
 
Receivables on nonaccrual status
3.2

 
3.4

 
19.5

 
19.0

Receivables past due 90 days or more and still accruing
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Receivables subject to general reserves
6.4

 
1.5

 
0.9

 
—

Allowance for doubtful accounts
(0.1
)
 
—

 
—

 
—

Receivables subject to specific reserves
3.6

 
3.7

 
22.9

 
24.6

Allowance for doubtful accounts
(1.4
)
 
(1.4
)
 
(8.0
)
 
(8.0
)
Schedule of changes in the allowance for doubtful accounts 
Changes in the Company’s allowance for doubtful accounts were as follows (in millions):

 
Three Months Ended December 31, 2012
 
Finance
Receivables
 
Notes
Receivable
 
Trade and
Other
Receivables
 
Total
Allowance for doubtful accounts at beginning of period
$
1.4

 
$
8.0

 
$
8.6

 
$
18.0

Provision for doubtful accounts, net of recoveries
0.1

 
—

 
0.4

 
0.5

Charge-off of accounts
—

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
1.5

 
$
8.0

 
$
9.0

 
$
18.5

 
Three Months Ended December 31, 2011
 
Finance
Receivables
 
Notes
Receivable
 
Trade and
Other
Receivables
 
Total
Allowance for doubtful accounts at beginning of period
$
11.5

 
$
8.9

 
$
9.1

 
$
29.5

Provision for doubtful accounts, net of recoveries
(2.5
)
 
—

 
0.6

 
(1.9
)
Charge-off of accounts
(5.3
)
 
(0.2
)
 
(1.0
)
 
(6.5
)
Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
3.7

 
$
8.7

 
$
8.7

 
$
21.1

Inventories (Tables)
Schedule of inventory
Inventories consisted of the following (in millions):

 
 
December 31,
 
September 30,
 
 
2012
 
2012
Raw materials
$
497.7

 
$
558.0

Partially finished products
332.0

 
318.3

Finished products
511.7

 
371.0

Inventories at FIFO cost
1,341.4

 
1,247.3

Less:
Progress/performance-based payments on U.S. government contracts
(211.3
)
 
(238.0
)
 
Excess of FIFO cost over LIFO cost
(73.2
)
 
(71.8
)
 
 
$
1,056.9

 
$
937.5

Investments in Unconsolidated Affiliates (Tables)
Schedule of Equity Method Investments
Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):

 
 
December 31,
 
September 30,
 
 
2012
 
2012
RiRent (The Netherlands)
 
$
10.9

 
$
10.5

Other
 
8.8

 
8.3

 
 
$
19.7

 
$
18.8


Property, Plant and Equipment (Tables)
Schedule of property, plant and equipment
Property, plant and equipment consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
2012
 
2012
Land and land improvements
$
46.0

 
$
45.8

Buildings
237.2

 
236.3

Machinery and equipment
555.3

 
550.6

Equipment on operating lease to others
12.8

 
23.8

 
851.3

 
856.5

Less accumulated depreciation
(493.3
)
 
(486.6
)
 
$
358.0

 
$
369.9

Goodwill and Purchased Intangible Assets (Tables)
Schedule of changes in goodwill 
The following table presents changes in goodwill during the three months ended December 31, 2012 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2012
$
906.1

 
$
106.1

 
$
21.6

 
$
1,033.8

Foreign currency translation
5.2

 
—

 
(0.1
)
 
5.1

Net goodwill at December 31, 2012
$
911.3

 
$
106.1

 
$
21.5

 
$
1,038.9

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):
 
December 31, 2012
 
September 30, 2012
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,843.4

 
$
(932.1
)
 
$
911.3

 
$
1,838.2

 
$
(932.1
)
 
$
906.1

Fire & emergency
114.3

 
(8.2
)
 
106.1

 
114.3

 
(8.2
)
 
106.1

Commercial
197.4

 
(175.9
)
 
21.5

 
197.5

 
(175.9
)
 
21.6

 
$
2,155.1

 
$
(1,116.2
)
 
$
1,038.9

 
$
2,150.0

 
$
(1,116.2
)
 
$
1,033.8

Schedule of purchased intangible assets 
Details of the Company’s total purchased intangible assets were as follows (in millions):
 
December 31, 2012
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 

 
 

 
 

Distribution network
39.1
 
$
55.4

 
$
(22.6
)
 
$
32.8

Non-compete
10.5
 
56.9

 
(56.1
)
 
0.8

Technology-related
12.0
 
100.9

 
(60.5
)
 
40.4

Customer relationships
12.7
 
566.2

 
(278.1
)
 
288.1

Other
16.6
 
16.6

 
(12.9
)
 
3.7

 
14.4
 
796.0

 
(430.2
)
 
365.8

Non-amortizable trade names
 
 
396.2

 
—

 
396.2

 
 
 
$
1,192.2

 
$
(430.2
)
 
$
762.0

 
September 30, 2012
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 

 
 

 
 

Distribution network
39.1
 
$
55.4

 
$
(22.2
)
 
$
33.2

Non-compete
10.5
 
56.9

 
(55.5
)
 
1.4

Technology-related
12.0
 
100.9

 
(58.4
)
 
42.5

Customer relationships
12.7
 
563.8

 
(265.5
)
 
298.3

Other
16.5
 
16.6

 
(12.8
)
 
3.8

 
14.4
 
793.6

 
(414.4
)
 
379.2

Non-amortizable trade names
 
 
396.2

 
—

 
396.2

 
 
 
$
1,189.8

 
$
(414.4
)
 
$
775.4

Credit Agreements (Tables)
Schedule of debt instruments
The Company was obligated under the following debt instruments (in millions):

 
December 31,
 
September 30,
 
2012
 
2012
Senior Secured Term Loan
$
455.0

 
$
455.0

8¼% Senior notes due March 2017
250.0

 
250.0

8½% Senior notes due March 2020
250.0

 
250.0

 
955.0

 
955.0

Less current maturities
(16.3
)
 
—

 
$
938.7

 
$
955.0

 
 
 
 
Revolving Credit Facility
$
—

 
$
—

Current maturities of long-term debt
16.3

 
—

 
$
16.3

 
$
—

Warranties (Tables)
Schedule of changes in warranty liability
Changes in the Company’s warranty liability were as follows (in millions):
 
 
Three Months Ended
December 31,
 
2012
 
2011
Balance at beginning of period
$
95.0

 
$
75.0

Warranty provisions
9.7

 
12.8

Settlements made
(12.9
)
 
(10.7
)
Changes in liability for pre-existing warranties, net
(1.0
)
 
2.1

Foreign currency translation
(0.3
)
 
—

Balance at end of period
$
90.5

 
$
79.2

Guarantee Arrangements (Tables)
Schedule of provision for losses on customer guarantees
Changes in the Company’s credit guarantee liability were as follows (in millions):

 
Three Months Ended
December 31,
 
2012
 
2011
Balance at beginning of period
$
5.0

 
$
6.5

Provision for new credit guarantees
—

 
0.2

Settlements made
(0.1
)
 
(0.5
)
Changes for pre-existing guarantees, net
(0.1
)
 
(1.1
)
Amortization of previous guarantees
(0.1
)
 
(0.4
)
Balance at end of period
$
4.7

 
$
4.7

Derivative Financial Instruments and Hedging Activities (Tables)
Schedule of fair values of all open derivative instruments 
Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Condensed Consolidated Balance Sheets were as follows (in millions):
 
 
December 31, 2012
 
September 30, 2012
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Not designated as hedging instruments:
 
 
 
 
 

 
 

Foreign exchange contracts
$
0.7

 
$
1.0

 
$
0.4

 
$
—

Schedule of pre-tax effects of derivative instruments 
The pre-tax effects of derivative instruments on the Condensed Consolidated Statements of Income consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended
December 31,
 
 
2012
 
2011
Cash flow hedges:
 
 
 

 
 

Reclassified from other comprehensive income (effective portion):
 
 
 

 
 

Interest rate contracts
Interest expense
 
$
—

 
$
(2.2
)
 
 
 
 
 
 
Not designated as hedges:
 
 
 

 
 

Foreign exchange contracts
Miscellaneous, net
 
(2.0
)
 
(2.9
)
 
 
 
$
(2.0
)
 
$
(5.1
)
Fair Value Measurement (Tables)
Schedule of fair values of financial assets and liabilities
As of December 31, 2012, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Foreign currency exchange derivatives (a)
$
—

 
$
0.7

 
$
—

 
$
0.7

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (a)
$
—

 
$
1.0

 
$
—

 
$
1.0

_________________________

(a) 
Based on observable market transactions of forward currency prices.

Restructuring and Other Charges (Tables)
Schedule of pre-tax restructuring charges 
Pre-tax restructuring charges (credits) included in continuing operations for the three months ended December 31, 2012 and 2011 were as follows (in millions): 
 
Cost of
Sales
 
Selling,
General and
Administrative
 
Total
Fiscal 2013:
 
 
 

 
 

Fire & emergency
$
—

 
$
(0.4
)
 
$
(0.4
)
 
 
 
 
 
 
Fiscal 2012:
 

 
 

 
 

Access equipment
$
(0.5
)
 
$
—

 
$
(0.5
)
Fire & emergency
—

 
0.3

 
0.3

 
$
(0.5
)
 
$
0.3

 
$
(0.2
)
Schedule of changes in the restructuring reserves, included within other current liabilities 
Changes in the Company’s restructuring reserves, included within “Other current liabilities” in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 
Employee
Severance and
Termination
Benefits
 
Other
 
Total
Balance at September 30, 2012
$
2.8

 
$
2.1

 
$
4.9

Restructuring provisions
0.1

 
(0.5
)
 
(0.4
)
Utilized - cash
(0.6
)
 
(0.6
)
 
(1.2
)
Balance at December 31, 2012
$
2.3

 
$
1.0

 
$
3.3

Employee Benefit Plans (Tables)
Schedule of net periodic benefit cost
Components of net periodic pension benefit cost were as follows (in millions):

 
Three Months Ended
 
December 31,
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

Service cost
$
4.0

 
$
5.6

Interest cost
4.0

 
4.1

Expected return on plan assets
(4.1
)
 
(3.9
)
Amortization of prior service cost
0.4

 
0.6

Curtailment
0.9

 
—

Amortization of net actuarial loss
1.1

 
1.8

Net periodic benefit cost
$
6.3

 
$
8.2

Components of net periodic other post-employment benefit cost were as follows (in millions):

 
Three Months Ended
 
December 31,
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

Service cost
$
2.0

 
$
1.8

Interest cost
0.8

 
0.9

Amortization of prior service cost
(0.1
)
 
—

Amortization of net actuarial loss
0.3

 
0.3

Net periodic benefit cost
$
3.0

 
$
3.0

Earnings (Loss) Per Share (Tables)
Schedule of income attributable to common shareholders 
Net income (loss) attributable to Oshkosh Corporation common shareholders was as follows (in millions):

 
Three Months Ended December 31,
 
2012
 
2011
Net income from continuing operations
$
46.5

 
$
39.0

Less: net earnings allocated to participating securities
(0.3
)
 
(0.1
)
Net income available to Oshkosh Corporation common shareholders
$
46.2

 
$
38.9

 
 
 
 
Net income (loss) from discontinued operations
$
—

 
$
(0.1
)
Schedule of computation of basic and diluted weighted-average shares used in the denominator of per share calculations 
asic and diluted weighted-average shares used in the denominator of the per share calculations was as follows:
 
Three Months Ended December 31,
 
2012
 
2011
Basic weighted-average shares outstanding
90,303,191

 
91,186,347

Effect of dilutive stock options and equity-based compensation awards
878,606

 
585,278

Diluted weighted-average shares outstanding
91,181,797

 
91,771,625

Business Segment Information (Tables)
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):
 
Three Months Ended December 31,
 
2012
 
2011
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 

 
 

 
 

 
 

 
 

 
 

Aerial work platforms
$
252.2

 
$
—

 
$
252.2

 
$
252.9

 
$
—

 
$
252.9

Telehandlers
206.9

 
—

 
206.9

 
148.4

 
—

 
148.4

Other (a)
122.1

 
0.1

 
122.2

 
103.8

 
122.6

 
226.4

Total access equipment
581.2

 
0.1

 
581.3

 
505.1

 
122.6

 
627.7

 
 
 
 
 
 
 
 
 
 
 
 
Defense
827.8

 
0.9

 
828.7

 
1,050.2

 
0.8

 
1,051.0

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
182.6

 
10.7

 
193.3

 
155.4

 
4.7

 
160.1

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 

 
 

 
 

Concrete placement
63.3

 
—

 
63.3

 
46.7

 
—

 
46.7

Refuse collection
80.8

 
—

 
80.8

 
95.3

 
—

 
95.3

Other
25.3

 
7.9

 
33.2

 
23.0

 
6.6

 
29.6

Total commercial
169.4

 
7.9

 
177.3

 
165.0

 
6.6

 
171.6

Intersegment eliminations
—

 
(19.6
)
 
(19.6
)
 
—

 
(134.7
)
 
(134.7
)
Consolidated
$
1,761.0

 
$
—

 
$
1,761.0

 
$
1,875.7

 
$
—

 
$
1,875.7

_________________________
(a)
Access equipment intersegment sales are comprised of assembly of Mine Resistant Ambush Protected All-Terrain Vehicle crew capsules and complete vehicles for the defense segment. The access equipment segment invoices the defense segment for this work. These sales are eliminated in consolidation.
Schedule of income (loss) from continuing operations by product lines and reportable segments 
 
Three Months Ended December 31,
 
2012
 
2011
Operating income (loss) from continuing operations:
 

 
 

Access equipment
$
48.9

 
$
13.1

Defense
60.9

 
92.4

Fire & emergency
5.8

 
(9.9
)
Commercial
8.0

 
6.9

Corporate
(42.7
)
 
(27.1
)
Intersegment eliminations
(0.1
)
 
—

Consolidated
80.8

 
75.4

Interest expense net of interest income
(14.2
)
 
(20.0
)
Miscellaneous other income (expense)
0.3

 
(5.6
)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
$
66.9

 
$
49.8

Schedule of identifiable assets by business segments and by geographical segments 
 
December 31,
 
September 30,
 
2012

2012
Identifiable assets:
 

 
 

Access equipment:
 

 
 

U.S.
$
1,634.5

 
$
1,754.6

Europe (a)
676.0

 
684.2

Rest of the world
258.8

 
283.1

Total access equipment
2,569.3

 
2,721.9

Defense - U.S.
591.2

 
684.5

Fire & emergency - U.S.
509.1

 
534.0

Commercial:
 

 
 

U.S.
313.6

 
304.5

Rest of the world (a)
33.8

 
37.0

Total commercial
347.4

 
341.5

Corporate:
 

 
 

U.S. (b)
581.0

 
658.1

Rest of the world
5.9

 
7.8

Total corporate
586.9

 
665.9

Consolidated
$
4,603.9

 
$
4,947.8

_________________________
(a)
Includes investments in unconsolidated affiliates.
(b)
Primarily includes cash and short-term investments.
Schedule of net sales by geographical segments 
The following table presents net sales by geographic region based on product shipment destination (in millions):

 
Three Months Ended December 31,
 
2012
 
2011
Net sales:
 

 
 

United States
$
1,455.5

 
$
1,511.4

Other North America
57.5

 
52.9

Europe, Africa and Middle East
131.8

 
196.2

Rest of the world
116.2

 
115.2

Consolidated
$
1,761.0

 
$
1,875.7

Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
Condensed Consolidating Statements of Income 
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
For the Three Months Ended December 31, 2012

 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
858.4

 
$
742.7

 
$
190.2

 
$
(30.3
)
 
$
1,761.0

Cost of sales
769.2

 
608.0

 
167.7

 
(30.2
)
 
1,514.7

Gross income
89.2

 
134.7

 
22.5

 
(0.1
)
 
246.3

Selling, general and administrative expenses
71.8

 
73.8

 
5.5

 
—

 
151.1

Amortization of purchased intangibles
0.1

 
9.9

 
4.4

 
—

 
14.4

Operating income
17.3

 
51.0

 
12.6

 
(0.1
)
 
80.8

Interest expense
(50.8
)
 
(14.3
)
 
(1.1
)
 
49.5

 
(16.7
)
Interest income
0.6

 
10.0

 
41.4

 
(49.5
)
 
2.5

Miscellaneous, net
9.1

 
(27.7
)
 
18.9

 
—

 
0.3

Income (loss) from continuing operations before income taxes
(23.8
)
 
19.0

 
71.8

 
(0.1
)
 
66.9

Provision for (benefit from) income taxes
(7.4
)
 
5.9

 
22.5

 
—

 
21.0

Income (loss) from continuing operations before equity in earnings (losses) of affiliates
(16.4
)
 
13.1

 
49.3

 
(0.1
)
 
45.9

Equity in earnings (losses) of consolidated subsidiaries
62.9

 
17.0

 
11.8

 
(91.7
)
 
—

Equity in earnings (losses) of unconsolidated affiliates
—

 
—

 
0.6

 
—

 
0.6

Income from continuing operations
46.5

 
30.1

 
61.7

 
(91.8
)
 
46.5

Discontinued operations, net of tax
—

 
—

 
—

 
—

 
—

Net income
46.5

 
30.1

 
61.7

 
(91.8
)
 
46.5

Net income attributable to the noncontrolling interest
—

 
—

 
—

 
—

 
—

Net income attributable to Oshkosh Corporation
$
46.5

 
$
30.1

 
$
61.7

 
$
(91.8
)
 
$
46.5

Condensed Consolidating Statement of Income
For the Three Months Ended December 31, 2011
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
1,070.8

 
$
741.9

 
$
212.5

 
$
(149.5
)
 
$
1,875.7

Cost of sales
950.7

 
667.5

 
185.4

 
(149.4
)
 
1,654.2

Gross income
120.1

 
74.4

 
27.1

 
(0.1
)
 
221.5

Selling, general and administrative expenses
54.6

 
39.4

 
37.4

 
—

 
131.4

Amortization of purchased intangibles
0.1

 
10.0

 
4.6

 
—

 
14.7

Operating income (loss)
65.4

 
25.0

 
(14.9
)
 
(0.1
)
 
75.4

Interest expense
(48.1
)
 
(19.5
)
 
(1.0
)
 
48.0

 
(20.6
)
Interest income
0.5

 
7.5

 
40.6

 
(48.0
)
 
0.6

Miscellaneous, net
2.1

 
(35.0
)
 
27.3

 
—

 
(5.6
)
Income (loss) from continuing operations before income taxes
19.9

 
(22.0
)
 
52.0

 
(0.1
)
 
49.8

Provision for (benefit from) income taxes
4.2

 
(7.2
)
 
14.1

 
—

 
11.1

Income (loss) from continuing operations before equity in earnings (losses) of affiliates
15.7

 
(14.8
)
 
37.9

 
(0.1
)
 
38.7

Equity in earnings (losses) of consolidated subsidiaries
23.2

 
20.4

 
(6.5
)
 
(37.1
)
 
—

Equity in earnings (losses) of unconsolidated affiliates
—

 
—

 
0.7

 
—

 
0.7

Income from continuing operations
38.9

 
5.6

 
32.1

 
(37.2
)
 
39.4

Discontinued operations, net of tax
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net income
38.9

 
5.6

 
32.0

 
(37.2
)
 
39.3

Net income attributable to the noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Net income attributable to Oshkosh Corporation
$
38.9

 
$
5.6

 
$
31.6

 
$
(37.2
)
 
$
38.9

Condensed Consolidating Statements of Comprehensive Income 
Condensed Consolidating Statements of Comprehensive Income
For the Three Months Ended December 31, 2012
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net income
$
46.5

 
$
30.1

 
$
61.7

 
$
(91.8
)
 
$
46.5

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of derivative instruments
—

 
—

 
—

 
—

 
—

Employee pension and postretirement benefits
1.0

 
—

 
—

 
—

 
1.0

Currency translation adjustments
8.6

 
—

 
8.6

 
(8.6
)
 
8.6

Total other comprehensive income (loss), net of tax
9.6

 
—

 
8.6

 
(8.6
)
 
9.6

Comprehensive income
56.1

 
30.1

 
70.3

 
(100.4
)
 
56.1

Comprehensive (income) loss attributable to the noncontrolling interest
—

 
—

 
—

 
—

 
—

Comprehensive income attributable to Oshkosh Corporation
$
56.1

 
$
30.1

 
$
70.3

 
$
(100.4
)
 
$
56.1

Condensed Consolidating Statements of Comprehensive Income
For the Three Months Ended December 31, 2011
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net income
$
38.9

 
$
5.6

 
$
32.0

 
$
(37.2
)
 
$
39.3

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Change in fair value of derivative instruments
1.4

 
—

 
—

 
—

 
1.4

Employee pension and postretirement benefits
1.5

 
—

 
—

 
—

 
1.5

Currency translation adjustments
(8.1
)
 
2.2

 
(10.3
)
 
8.1

 
(8.1
)
Total other comprehensive income (loss), net of tax
(5.2
)
 
2.2

 
(10.3
)
 
8.1

 
(5.2
)
Comprehensive income
33.7

 
7.8

 
21.7

 
(29.1
)
 
34.1

Comprehensive (income) loss attributable to the noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Comprehensive income attributable to Oshkosh Corporation
$
33.7

 
$
7.8

 
$
21.3

 
$
(29.1
)
 
$
33.7

Condensed Consolidating Balance Sheet 
Condensed Consolidating Balance Sheet
As of December 31, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
423.7

 
$
3.2

 
$
28.8

 
$
—

 
$
455.7

Receivables, net
202.9

 
349.3

 
133.6

 
(39.6
)
 
646.2

Inventories, net
395.0

 
420.7

 
242.7

 
(1.5
)
 
1,056.9

Other current assets
148.4

 
42.7

 
19.9

 
0.4

 
211.4

Total current assets
1,170.0

 
815.9

 
425.0

 
(40.7
)
 
2,370.2

Investment in and advances to consolidated subsidiaries
2,301.1

 
(1,132.9
)
 
3,343.3

 
(4,511.5
)
 
—

Intangible assets, net
2.4

 
1,100.5

 
698.0

 
—

 
1,800.9

Other long-term assets
149.8

 
151.2

 
131.8

 
—

 
432.8

Total assets
$
3,623.3

 
$
934.7

 
$
4,598.1

 
$
(4,552.2
)
 
$
4,603.9

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable
$
292.2

 
$
176.8

 
$
96.5

 
$
(32.9
)
 
$
532.6

Customer advances
291.8

 
186.0

 
3.9

 
—

 
481.7

Other current liabilities
148.3

 
205.0

 
77.1

 
(7.8
)
 
422.6

Total current liabilities
732.3

 
567.8

 
177.5

 
(40.7
)
 
1,436.9

Long-term debt, less current maturities
938.7

 
—

 
—

 
—

 
938.7

Other long-term liabilities
164.4

 
132.7

 
143.3

 
—

 
440.4

Shareholders' equity
1,787.9

 
234.2

 
4,277.3

 
(4,511.5
)
 
1,787.9

Total liabilities and shareholders' equity
$
3,623.3

 
$
934.7

 
$
4,598.1

 
$
(4,552.2
)
 
$
4,603.9


Condensed Consolidating Balance Sheet
As of September 30, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
500.0

 
$
5.5

 
$
35.2

 
$
—

 
$
540.7

Receivables, net
388.0

 
487.5

 
177.3

 
(34.2
)
 
1,018.6

Inventories, net
284.3

 
415.7

 
239.3

 
(1.8
)
 
937.5

Other current assets
129.2

 
47.9

 
20.6

 
—

 
197.7

Total current assets
1,301.5

 
956.6

 
472.4

 
(36.0
)
 
2,694.5

Investment in and advances to consolidated subsidiaries
2,358.1

 
(1,182.9
)
 
3,235.8

 
(4,411.0
)
 
—

Intangible assets, net
2.5

 
1,110.4

 
696.3

 
—

 
1,809.2

Other long-term assets
154.7

 
156.8

 
132.6

 
—

 
444.1

Total assets
$
3,816.8

 
$
1,040.9

 
$
4,537.1

 
$
(4,447.0
)
 
$
4,947.8

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Accounts payable
$
326.2

 
$
288.9

 
$
96.7

 
$
(28.5
)
 
$
683.3

Customer advances
315.4

 
190.5

 
4.5

 
—

 
510.4

Other current liabilities
213.6

 
220.2

 
84.5

 
(7.5
)
 
510.8

Total current liabilities
855.2

 
699.6

 
185.7

 
(36.0
)
 
1,704.5

Long-term debt, less current maturities
955.0

 
—

 
—

 
—

 
955.0

Other long-term liabilities
153.1

 
137.3

 
144.4

 
—

 
434.8

Shareholders' equity
1,853.5

 
204.0

 
4,207.0

 
(4,411.0
)
 
1,853.5

Total liabilities and shareholders' equity
$
3,816.8

 
$
1,040.9

 
$
4,537.1

 
$
(4,447.0
)
 
$
4,947.8

Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2012
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(79.3
)
 
$
34.3

 
$
90.1

 
$
—

 
$
45.1

 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

Additions to property, plant and equipment
(3.0
)
 
(2.9
)
 
(2.4
)
 
—

 
(8.3
)
Additions to equipment held for rental
—

 
—

 
(1.1
)
 
—

 
(1.1
)
Intercompany investing
130.7

 
(27.2
)
 
(96.2
)
 
(7.3
)
 
—

Other investing activities
—

 
—

 
3.5

 
—

 
3.5

Net cash provided (used) by investing activities
127.7

 
(30.1
)
 
(96.2
)
 
(7.3
)
 
(5.9
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

Repayment of long-term debt
—

 
—

 
—

 
—

 
—

Repurchase of common stock
(125.1
)
 
—

 
—

 
—

 
(125.1
)
Intercompany financing
(0.3
)
 
(6.5
)
 
(0.5
)
 
7.3

 
—

Other financing activities
0.7

 
—

 
—

 
—

 
0.7

Net cash provided (used) by financing activities
(124.7
)
 
(6.5
)
 
(0.5
)
 
7.3

 
(124.4
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
—

 
0.2

 
—

 
0.2

Increase (decrease) in cash and cash equivalents
(76.3
)
 
(2.3
)
 
(6.4
)
 
—

 
(85.0
)
Cash and cash equivalents at beginning of period
500.0

 
5.5

 
35.2

 
—

 
540.7

Cash and cash equivalents at end of period
$
423.7

 
$
3.2

 
$
28.8

 
$
—

 
$
455.7

 
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2011
 
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
38.3

 
$
(13.7
)
 
$
37.3

 
$
—

 
$
61.9

 
 
 
 
 
 
 
 
 
 
Investing activities:
 

 
 

 
 

 
 

 
 

Additions to property, plant and equipment
(5.9
)
 
(5.4
)
 
(2.9
)
 
—

 
(14.2
)
Additions to equipment held for rental
—

 
—

 
(3.5
)
 
—

 
(3.5
)
Intercompany investing
(6.5
)
 
37.2

 
(23.7
)
 
(7.0
)
 
—

Other investing activities
1.9

 
0.7

 
0.9

 
—

 
3.5

Net cash provided (used) by investing activities
(10.5
)
 
32.5

 
(29.2
)
 
(7.0
)
 
(14.2
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 

 
 

 
 

 
 

 
 

Repayment of long-term debt
(40.0
)
 
—

 
—

 
—

 
(40.0
)
Repurchase of Common Stock
—

 
—

 
—

 
—

 
—

Intercompany financing
(0.3
)
 
(6.5
)
 
(0.2
)
 
7.0

 
—

Other financing activities
0.1

 
—

 
—

 
—

 
0.1

Net cash provided (used) by financing activities
(40.2
)
 
(6.5
)
 
(0.2
)
 
7.0

 
(39.9
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
0.8

 
3.2

 
—

 
4.0

Increase (decrease) in cash and cash equivalents
(12.4
)
 
13.1

 
11.1

 
—

 
11.8

Cash and cash equivalents at beginning of period
376.3

 
13.5

 
38.7

 
—

 
428.5

Cash and cash equivalents at end of period
$
363.9

 
$
26.6

 
$
49.8

 
$
—

 
$
440.3

Receivables (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
U.S. government:
 
 
 
 
Amount billed
$ 81.3 
$ 99.2 
 
 
Cost and profits not billed
58.2 
251.7 
 
 
Contract receivables
139.5 
350.9 
 
 
Other trade receivables
474.5 
633.0 
 
 
Finance receivables
10.0 
5.2 
 
 
Notes receivable
23.8 
24.6 
 
 
Other receivables
30.2 
35.6 
 
 
Receivables, gross
678.0 
1,049.3 
 
 
Less allowance for doubtful accounts
(18.5)
(18.0)
(21.1)
(29.5)
Receivables, net
659.5 
1,031.3 
 
 
Revenue from undefinitized contract
93.7 
 
 
 
Increase in net income due to increase in revenue from undefinitized contract
2.2 
 
 
 
Increase in net income per share due to increase in revenue from undefinitized contract (in dollars per share)
$ 0.02 
 
 
 
Classification of receivables
 
 
 
 
Current receivables
646.2 
1,018.6 
 
 
Long-term receivables
13.3 
12.7 
 
 
Receivables, net
659.5 
1,031.3 
 
 
Undefinitization Contracts |
Defense
 
 
 
 
U.S. government:
 
 
 
 
Revenues
$ 3.5 
 
 
 
Receivables (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Finance Receivables:
 
 
 
Net finance receivables
$ 10.0 
 
$ 5.2 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
18.0 
29.5 
 
ProvisionForDoubtfulAccountsNetOfRecoveries
0.5 
(1.9)
 
Charge-off of accounts
0 
(6.5)
 
Foreign currency translation
0 
0 
 
Allowance for doubtful accounts at end of period
18.5 
21.1 
 
Finance receivables
 
 
 
Finance Receivables:
 
 
 
Finance receivables
10.7 
 
6.0 
Less unearned income
(0.7)
 
(0.8)
Net finance receivables
10.0 
 
5.2 
Less allowance for doubtful accounts
(1.5)
 
(1.4)
Finance receivables net of allowances
8.5 
 
3.8 
Contractual maturities of finance receivables
 
 
 
Capital Leases Future, Minimum Payments Receivable, Remainder of Fiscal Year
8.7 
 
 
2014
0.9 
 
 
2015
0.6 
 
 
2016
0.2 
 
 
2017
0.1 
 
 
2018
0.1 
 
 
Thereafter
0.1 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0.1 
 
0.1 
Greater than 60 days and less than 90 days
0 
 
0 
Greater than 90 days
1.5 
 
1.3 
Receivables on nonaccrual status
3.2 
 
3.4 
Receivables subject to general reserves
6.4 
 
1.5 
Receivables subject to general reserves, Allowance for doubtful accounts
(0.1)
 
0 
Receivables subject to specific reserves
3.6 
 
3.7 
Receivables subject to specific reserves, Allowance for doubtful accounts
(1.4)
 
(1.4)
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
1.4 
11.5 
 
ProvisionForDoubtfulAccountsNetOfRecoveries
0.1 
(2.5)
 
Charge-off of accounts
0 
(5.3)
 
Foreign currency translation
0 
0 
 
Allowance for doubtful accounts at end of period
1.5 
3.7 
 
Notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0 
 
0 
Greater than 60 days and less than 90 days
0 
 
0 
Greater than 90 days
0 
 
0 
Receivables on nonaccrual status
19.5 
 
19.0 
Receivables subject to general reserves
0.9 
 
0 
Receivables subject to general reserves, Allowance for doubtful accounts
0 
 
0 
Receivables subject to specific reserves
22.9 
 
24.6 
Receivables subject to specific reserves, Allowance for doubtful accounts
(8.0)
 
(8.0)
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
8.0 
8.9 
 
ProvisionForDoubtfulAccountsNetOfRecoveries
0 
0 
 
Charge-off of accounts
0 
(0.2)
 
Foreign currency translation
0 
0 
 
Allowance for doubtful accounts at end of period
8.0 
8.7 
 
Trade and other receivables
 
 
 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
8.6 
9.1 
 
ProvisionForDoubtfulAccountsNetOfRecoveries
0.4 
0.6 
 
Charge-off of accounts
0 
(1.0)
 
Foreign currency translation
0 
0 
 
Allowance for doubtful accounts at end of period
9.0 
8.7 
 
Restructured finance receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Receivables subject to specific reserves
4.0 
 
 
Restructured notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Receivables subject to specific reserves
$ 23.3 
 
 
Receivables (Details 3) (Notes receivables, Credit Concentration)
3 Months Ended
Dec. 31, 2012
Party
Notes receivables |
Credit Concentration
 
Finance and notes receivables
 
Receivables due from third parties (as a percent)
96.00% 
Number of parties
2 
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Sep. 30, 2012
Inventory Disclosure [Abstract]
 
 
Raw materials
$ 497.7 
$ 558.0 
Partially finished products
332.0 
318.3 
Finished products
511.7 
371.0 
Inventories at FIFO cost
1,341.4 
1,247.3 
Less: Progress / performance-based payments on U.S. government contracts
(211.3)
(238.0)
Inventory, LIFO Reserve
(73.2)
(71.8)
Inventory net
1,056.9 
937.5 
Component of finished goods inventory
$ 200 
 
Investments in Unconsolidated Affiliates (Details)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended
Dec. 31, 2012
USD ($)
Sep. 30, 2012
USD ($)
Dec. 31, 2012
RiRent (The Netherlands)
USD ($)
Dec. 31, 2011
RiRent (The Netherlands)
USD ($)
Dec. 31, 2012
RiRent (The Netherlands)
EUR (€)
Sep. 30, 2012
RiRent (The Netherlands)
USD ($)
Dec. 31, 2012
RiRent (The Netherlands)
Equipment
Dec. 31, 2012
Other
USD ($)
Sep. 30, 2012
Other
USD ($)
Investment in unconsolidated affiliates, Accounted under equity method
 
 
 
 
 
 
 
 
 
Investment in unconsolidated affiliates
$ 19.7 
$ 18.8 
$ 10.9 
 
 
$ 10.5 
 
$ 8.8 
$ 8.3 
Sales to equity investee
 
 
0.2 
0 
 
 
 
 
 
Estimated useful life (in years)
 
 
 
 
 
 
5 years 
 
 
Bank credit facility
 
 
 
 
€ 15.0 
 
 
 
 
Equity to asset ratio required to be maintained under bank credit facility (as a percent)
 
 
30.00% 
 
 
 
 
 
 
Overall equity to asset ratio (as a percent)
 
 
67.50% 
 
 
 
 
 
 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
$ 851.3 
 
$ 856.5 
Less accumulated depreciation
(493.3)
 
(486.6)
Property, plant and equipment, net
358.0 
 
369.9 
Depreciation expenses
15.8 
17.5 
 
Land and land improvements
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
46.0 
 
45.8 
Buildings
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
237.2 
 
236.3 
Machinery and equipment
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
555.3 
 
550.6 
Equipment on operating lease to others
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
12.8 
 
23.8 
Equipment on operating lease, net
$ 7.5 
$ 9.4 
 
Equipment on operating lease to others |
Minimum
 
 
 
Property, plant and equipment
 
 
 
Estimated useful life (in years)
5 years 
 
 
Equipment on operating lease to others |
Maximum
 
 
 
Property, plant and equipment
 
 
 
Estimated useful life (in years)
10 years 
 
 
Goodwill and Purchased Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Changes in goodwill
 
 
Net goodwill at the beginning of the period
$ 1,033.8 
 
Foreign currency translation
5.1 
 
Net goodwill at the end of the period
1,038.9 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
2,155.1 
2,150.0 
Accumulated Impairment
(1,116.2)
(1,116.2)
Net
1,038.9 
 
Access Equipment
 
 
Changes in goodwill
 
 
Net goodwill at the beginning of the period
906.1 
 
Foreign currency translation
5.2 
 
Net goodwill at the end of the period
911.3 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
1,843.4 
1,838.2 
Accumulated Impairment
(932.1)
(932.1)
Net
911.3 
 
Fire and Emergency
 
 
Changes in goodwill
 
 
Net goodwill at the beginning of the period
106.1 
 
Foreign currency translation
0 
 
Net goodwill at the end of the period
106.1 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
114.3 
114.3 
Accumulated Impairment
(8.2)
(8.2)
Net
106.1 
 
Commercial
 
 
Changes in goodwill
 
 
Net goodwill at the beginning of the period
21.6 
 
Foreign currency translation
(0.1)
 
Net goodwill at the end of the period
21.5 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
197.4 
197.5 
Accumulated Impairment
(175.9)
(175.9)
Net
$ 21.5 
 
Goodwill and Purchased Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
14 years 4 months 24 days 
 
14 years 4 months 24 days 
Gross
$ 796.0 
 
$ 793.6 
Accumulated Amortization
(430.2)
 
(414.4)
Net
365.8 
 
379.2 
Non-amortizable trade names
396.2 
 
396.2 
Intangible assets excluding goodwill, gross
1,192.2 
 
1,189.8 
Purchased intangible assets, net
762.0 
 
775.4 
Amortization expense recorded in continuing operations
14.4 
14.7 
 
Future amortization expense of purchased intangible assets for the five years succeeding fiscal year 2012
 
 
 
2013
41.8 
 
 
2014
54.9 
 
 
2015
54.1 
 
 
2016
53.5 
 
 
2017
45.4 
 
 
2018
37.7 
 
 
Distribution network
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
39 years 1 month 6 days 
 
39 years 1 month 6 days 
Gross
55.4 
 
55.4 
Accumulated Amortization
(22.6)
 
(22.2)
Net
32.8 
 
33.2 
Non-compete
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
10 years 6 months 
 
10 years 6 months 
Gross
56.9 
 
56.9 
Accumulated Amortization
(56.1)
 
(55.5)
Net
0.8 
 
1.4 
Technology-related
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
12 years 
 
12 years 
Gross
100.9 
 
100.9 
Accumulated Amortization
(60.5)
 
(58.4)
Net
40.4 
 
42.5 
Customer relationships
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
12 years 8 months 12 days 
 
12 years 8 months 12 days 
Gross
566.2 
 
563.8 
Accumulated Amortization
(278.1)
 
(265.5)
Net
288.1 
 
298.3 
Other
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
16 years 7 months 6 days 
 
16 years 6 months 
Gross
16.6 
 
16.6 
Accumulated Amortization
(12.9)
 
(12.8)
Net
$ 3.7 
 
$ 3.8 
Credit Agreements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 1 Months Ended 1 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2012
Credit agreement
M
denominator
numerator
Dec. 31, 2012
Credit agreement
After March 31, 2012
Dec. 31, 2012
Credit agreement
Minimum
Dec. 31, 2012
Credit agreement
Maximum
Dec. 31, 2012
Senior Secured Term Loan
Sep. 30, 2012
Senior Secured Term Loan
Dec. 31, 2012
Revolving credit facility
Dec. 31, 2012
Credit agreement - dollar-denominated loans
Dec. 31, 2012
Credit agreement - dollar-denominated loans
Federal Funds rate
Dec. 31, 2012
Credit agreement - dollar-denominated loans
LIBOR
Dec. 31, 2012
Senior notes
Mar. 31, 2010
8 1/4 % Senior notes due March 2017
Dec. 31, 2012
8 1/4 % Senior notes due March 2017
Sep. 30, 2012
8 1/4 % Senior notes due March 2017
Dec. 31, 2011
8 1/4 % Senior notes due March 2017
Mar. 31, 2011
8 1/4 % Senior notes due March 2017
Mar. 31, 2010
8 1/2 % Senior notes due March 2020
Dec. 31, 2012
8 1/2 % Senior notes due March 2020
Sep. 30, 2012
8 1/2 % Senior notes due March 2020
Dec. 31, 2011
8 1/2 % Senior notes due March 2020
Mar. 31, 2011
8 1/2 % Senior notes due March 2020
Dec. 31, 2012
Letter of credit
Long term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt
$ 955.0 
$ 955.0 
 
 
 
 
$ 455.0 
$ 455.0 
 
 
 
 
 
 
$ 250.0 
$ 250.0 
 
 
 
$ 250.0 
$ 250.0 
 
 
 
Less current maturities
(16.3)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt net of current maturities
938.7 
955.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
16.3 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving line of credit and current maturities of long-term debt
16.3 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8.25% 
 
8.25% 
8.25% 
 
8.50% 
 
8.50% 
8.50% 
 
Maximum borrowing capacity
 
 
 
 
 
 
 
 
525 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt issued
 
 
 
 
 
 
455.0 
 
 
 
 
 
 
250.0 
 
 
 
 
250.0 
 
 
 
 
 
Quarterly principal installment, at commencement
 
 
 
 
 
 
16.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payment due at maturity
 
 
 
 
 
 
341.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
176.0 
Available borrowing capacity
 
 
 
 
 
 
 
 
349.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility, unused commitment fee rate (as a percent)
 
 
 
 
0.25% 
0.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letter of credit fees percentage on available borrowing capacity, low end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.75% 
Letter of credit fees percentage on available borrowing capacity, high end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.25% 
Variable rate basis
 
 
LIBOR plus a specified margin 
 
 
 
 
 
 
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 
federal funds rate 
one-month LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
Interest spread in basis points (as a percent)
 
 
 
 
 
 
1.75% 
 
1.75% 
 
0.50% 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average interest rate (as a percent)
 
 
 
 
 
 
1.96% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum leverage ratio, numerator
 
 
4.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum leverage ratio, denominator
 
 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum interest coverage ratio, numerator
 
 
2.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum interest coverage ratio, denominator
 
 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum senior secured leverage ratio, numerator
 
 
2.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum senior secured leverage ratio, denominator
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period within which entity expects to be able to meet the financial covenants (in months)
 
 
12 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividend payment restriction under credit agreement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum aggregate dividends and other distributions allowed during any fiscal year
 
 
485 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of consolidated net income of the Company and its subsidiaries accrued on a cummulative basis during the period beginning on April 1, 2012 and ending on the last day of the fiscal quarter
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of consolidated net deficit of the Company and its subsidiaries accrued on a cummulative basis during the period beginning on April 1, 2012 and ending on the last day of the fiscal quarter
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of aggregate net proceeds received by the Company subsequent ot March 31, 2012 as a contribution to its common equity or from the issuance and sale of its Common Stock
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt
 
 
 
 
 
 
 
 
 
 
 
 
$ 553 
 
 
 
 
 
 
 
 
 
 
 
Warranties (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Changes in warranty liability
 
 
Balance at beginning of year
$ 95.0 
$ 75.0 
Warranty provisions
9.7 
12.8 
Settlements made
(12.9)
(10.7)
Change in liability for pre-existing warranties, net
(1.0)
2.1 
Foreign currency translation
(0.3)
0 
Balance at end of year
$ 90.5 
$ 79.2 
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) (Access Equipment, USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Customer obligation guarantees
 
 
Guarantee Obligations
 
 
Guarantee obligations, maximum exposure
$ 358.6 
 
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements
88.2 
 
Changes in provision for loss on customer guarantees
 
 
Balance at beginning of year
5.0 
6.5 
Provision for new credit guarantees
0 
0.2 
Settlements made
(0.1)
(0.5)
Change for pre-existing guarantees, net
(0.1)
(1.1)
Amortization of previous guarantees
(0.1)
(0.4)
Balance at end of year
4.7 
4.7 
Loss pool agreements
 
 
Guarantee Obligations
 
 
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements
$ 124.6 
 
Oshkosh Corporation Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2012
rights
Nov. 15, 2012
Sep. 30, 2012
Jul. 31, 1995
Stockholders' Equity Note [Abstract]
 
 
 
 
Stock purchase right, number of rights per share of common stock
1 
 
 
 
Number of shares of common stock authorized for buyback (in shares)
 
11,000,000 
4,000,000 
6,000,000 
Remaining number of shares authorized to be repurchased (in shares)
6,749,928 
 
6,683,825 
 
Repurchase of common stock (in shares)
4,250,072 
 
 
 
Repurchase of common stock
$ 125.1 
 
 
 
Derivative Financial Instruments and Hedging Activities (Details) (Not designated as hedging instruments, USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Open derivative instruments
 
Notional amounts of outstanding forward foreign exchange contracts
$ 131.0 
Notional amounts of outstanding forward foreign exchange sale contracts to buy dollars
8.1 
Sell Euros
 
Open derivative instruments
 
Notional amounts of outstanding forward foreign exchange sale contracts to buy dollars
67.5 
Sell Australian dollars
 
Open derivative instruments
 
Notional amounts of outstanding forward foreign exchange sale contracts to buy dollars
$ 50.2 
Derivative Financial Instruments and Hedging Activities (Details 2) (Not designated as hedging instruments, Foreign exchange contracts, USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Sep. 30, 2012
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
$ 0.7 
$ 0.4 
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
$ 1.0 
$ 0 
Derivative Financial Instruments and Hedging Activities (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Pre-tax gains (losses) on derivative instruments
 
 
Total pre-tax effects of derivative instruments
$ (2.0)
$ (5.1)
Foreign exchange contracts |
Miscellaneous, net
 
 
Pre-tax gains (losses) on derivative instruments
 
 
Not designated as hedges
(2.0)
(2.9)
Cash flow hedges |
Interest rate contracts |
Interest expense
 
 
Pre-tax gains (losses) on derivative instruments
 
 
Reclassified from other comprehensive income (effective portion):
$ 0 
$ (2.2)
Fair Value Measurement (Details) (Fair value measured on recurring basis, USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Liabilities, Fair Value Disclosure [Abstract]
 
Foreign currency exchange derivatives
$ 0 1
Level 1
 
Assets:
 
Foreign currency exchange derivatives
0 1
Liabilities, Fair Value Disclosure [Abstract]
 
Foreign currency exchange derivatives
0 1
Level 2
 
Assets:
 
Foreign currency exchange derivatives
0.7 1
Liabilities, Fair Value Disclosure [Abstract]
 
Foreign currency exchange derivatives
1.0 1
Level 3
 
Assets:
 
Foreign currency exchange derivatives
0 1
Total
 
Assets:
 
Foreign currency exchange derivatives
0.7 1
Liabilities, Fair Value Disclosure [Abstract]
 
Foreign currency exchange derivatives
$ 1.0 1
Stock-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
1 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended
Feb. 28, 2009
Plan
Dec. 31, 2012
Dec. 31, 2011
Jan. 31, 2012
2009 Stock Plan
Stock Options [Member]
Dec. 31, 2012
2009 Stock Plan
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
Number of additional shares authorized under the plan (in shares)
 
 
 
6,000,000 
 
Number of outstanding plans as of approval date of the 2009 Stock Plan (in plans)
2 
 
 
 
 
Period over which awards are exercisable in equal installments, beginning with the first anniversary of the date of grant of awards (in years)
 
 
 
 
3 years 
Tenure of award (in years)
 
 
 
 
7 years 
Common stock reserved for issuance stock awards (in shares)
 
 
 
 
10,595,781 
Stock-based compensation expense
 
$ 6.4 
$ 4.4 
 
 
Stock-based compensation expense, net of tax
 
$ 4.1 
$ 2.8 
 
 
Restructuring and Other Charges (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 1 Months Ended 3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2011
Cost of Sales
Dec. 31, 2011
Selling, General and Administrative
Apr. 30, 2011
Medtec
Facility
Dec. 31, 2012
Employee Severance and Termination Benefits
Dec. 31, 2012
Other Restructuring
Dec. 31, 2011
Access Equipment
Dec. 31, 2011
Access Equipment
Cost of Sales
Dec. 31, 2011
Access Equipment
Selling, General and Administrative
Dec. 31, 2012
Fire and Emergency
Dec. 31, 2011
Fire and Emergency
Dec. 31, 2012
Fire and Emergency
Cost of Sales
Dec. 31, 2011
Fire and Emergency
Cost of Sales
Dec. 31, 2012
Fire and Emergency
Selling, General and Administrative
Dec. 31, 2011
Fire and Emergency
Selling, General and Administrative
Restructuring and related activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of facilities, previously reported
 
 
 
 
4 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax restructuring charges
$ 0.4 
$ (0.2)
$ (0.5)
$ 0.3 
 
$ (0.1)
$ 0.5 
$ (0.5)
$ (0.5)
$ 0 
$ (0.4)
$ 0.3 
$ 0 
$ 0 
$ (0.4)
$ 0.3 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at the beginning of the period
4.9 
 
 
 
 
2.8 
2.1 
 
 
 
 
 
 
 
 
 
Restructuring provisions
(0.4)
0.2 
0.5 
(0.3)
 
0.1 
(0.5)
0.5 
0.5 
0 
0.4 
(0.3)
0 
0 
0.4 
(0.3)
Utilized - cash
(1.2)
 
 
 
 
(0.6)
(0.6)
 
 
 
 
 
 
 
 
 
Balance at the end of the period
$ 3.3 
 
 
 
 
$ 2.3 
$ 1.0 
 
 
 
 
 
 
 
 
 
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Defined Pension Benefit Plans
 
 
 
Employee benefit plans
 
 
 
Company contributions
 
 
$ 35.8 
Components of net periodic benefit cost
 
 
 
Service cost
4.0 
5.6 
 
Interest cost
4.0 
4.1 
 
Expected return on plan assets
(4.1)
(3.9)
 
Amortization of prior service cost
0.4 
0.6 
 
Curtailment
0.9 
0 
 
Amortization of net actuarial loss
1.1 
1.8 
 
Net periodic benefit cost
6.3 
8.2 
 
Defined Pension Benefit Plans |
Minimum
 
 
 
Employee benefit plans
 
 
 
Defined benefit pension plans estimated future employer contributions in fiscal year
10.0 
 
 
Defined Pension Benefit Plans |
Maximum
 
 
 
Employee benefit plans
 
 
 
Defined benefit pension plans estimated future employer contributions in fiscal year
15.0 
 
 
Other Post-employment Benfit Plans
 
 
 
Employee benefit plans
 
 
 
Company contributions
0.4 
0.3 
 
Defined benefit pension plans estimated future employer contributions in fiscal year
1.1 
 
 
Components of net periodic benefit cost
 
 
 
Service cost
2.0 
1.8 
 
Interest cost
0.8 
0.9 
 
Amortization of prior service cost
(0.1)
0 
 
Amortization of net actuarial loss
0.3 
0.3 
 
Net periodic benefit cost
$ 3.0 
$ 3.0 
 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Income Tax Disclosure [Abstract]
 
 
 
Effective income tax rate
31.50% 
22.30% 
 
Effective income tax rate reconciliation, net discrete tax benefits, basis spread
2.80% 
13.40% 
 
Effective income tax rate reconciliation, settlement of foreign tax audit, basis spread
 
4.80% 
 
Effective income tax rate reconciliation, reduction of tax reserves resulting from lapse of applicable statute of limitations, basis spread
 
2.00% 
 
Effective income tax rate reconciliation, adjustment to reflect positions on previously filed tax returns, basis spread
 
6.60% 
 
Gross unrecognized tax benefits, excluding income tax penalties and interest
$ 35.0 
 
$ 33.9 
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income if recognized
24.5 
 
 
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income from continuing operations, if recognized
23.9 
 
 
Interest and penalties
0.7 
(0.6)
 
Accruals for payment of interest and penalties
14.4 
 
 
Estimated reduction in unrecognized tax benefits due to tax audit resolutions during the next twelve months
$ 2.5 
 
 
Earnings (Loss) Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Amount attributable to Oshkosh Corporation common shareholders:
 
 
Net income from continuing operations
$ 46.5 
$ 39.0 
Less: net earnings allocated to participating securities
(0.3)
(0.1)
Net income available to Oshkosh Corporation common shareholders
46.2 
38.9 
Net income (loss) from discontinued operations
$ 0 
$ (0.1)
Basic weighted-average shares outstanding (in shares)
90,303,191 
91,186,347 
Effect of dilutive stock options and other equity-based compensation awards (in shares)
878,606 
585,278 
Diluted weighted-average shares outstanding (in shares)
91,181,797 
91,771,625 
Common Stock
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Anti dilutive options outstanding excluded from earnings per share calculation (in shares)
2,087,728 
3,255,629 
Contingencies, Significant Estimates and Concentrations (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Sep. 30, 2012
Environmental matters
 
 
Loss contingencies
 
 
Reserve for loss contingencies
$ 2.0 
$ 2.0 
Personal Injury Actions and Other
 
 
Loss contingencies
 
 
Reserve for loss contingencies
42.0 
45.6 
Maximum self-insurance available per claim
3.0 
 
Performance and specialty bonds
 
 
Loss contingencies
 
 
Commitments and contingencies
228.7 
 
Standby letters of credit
 
 
Loss contingencies
 
 
Commitments and contingencies
$ 176.0 
 
Business Segment Information (Details)
3 Months Ended
Dec. 31, 2012
segment
Segment Reporting [Abstract]
 
Number of reportable segments of entity (in segments)
4 
Business Segment Information (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Net sales:
 
 
External Customers
$ 1,761.0 
$ 1,875.7 
Inter-segment
0 
0 
Net sales
1,761.0 
1,875.7 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
80.8 
75.4 
Interest expense net of interest income
(14.2)
(20.0)
Miscellaneous other income (expense)
0.3 
(5.6)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
66.9 
49.8 
Access Equipment
 
 
Net sales:
 
 
External Customers
581.2 
505.1 
Inter-segment
0.1 
122.6 
Net sales
581.3 
627.7 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
48.9 
13.1 
Access Equipment |
Aerial work platforms
 
 
Net sales:
 
 
External Customers
252.2 
252.9 
Inter-segment
0 
0 
Net sales
252.2 
252.9 
Access Equipment |
Telehandlers
 
 
Net sales:
 
 
External Customers
206.9 
148.4 
Inter-segment
0 
0 
Net sales
206.9 
148.4 
Access Equipment |
Other
 
 
Net sales:
 
 
External Customers
122.1 1
103.8 1
Inter-segment
0.1 1
122.6 1
Net sales
122.2 1
226.4 1
Defense
 
 
Net sales:
 
 
External Customers
827.8 
1,050.2 
Inter-segment
0.9 
0.8 
Net sales
828.7 
1,051.0 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
60.9 
92.4 
Fire and Emergency
 
 
Net sales:
 
 
External Customers
182.6 
155.4 
Inter-segment
10.7 
4.7 
Net sales
193.3 
160.1 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
5.8 
(9.9)
Commercial
 
 
Net sales:
 
 
External Customers
169.4 
165.0 
Inter-segment
7.9 
6.6 
Net sales
177.3 
171.6 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
8.0 
6.9 
Commercial |
Concrete placement
 
 
Net sales:
 
 
External Customers
63.3 
46.7 
Inter-segment
0 
0 
Net sales
63.3 
46.7 
Commercial |
Refuse collection
 
 
Net sales:
 
 
External Customers
80.8 
95.3 
Inter-segment
0 
0 
Net sales
80.8 
95.3 
Commercial |
Other
 
 
Net sales:
 
 
External Customers
25.3 
23.0 
Inter-segment
7.9 
6.6 
Net sales
33.2 
29.6 
Corporate
 
 
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
(42.7)
(27.1)
Intersegment eliminations
 
 
Net sales:
 
 
External Customers
0 
0 
Inter-segment
(19.6)
(134.7)
Net sales
(19.6)
(134.7)
Operating income (loss) from continuing operations:
 
 
Operating income (loss)
$ (0.1)
$ 0 
Business Segment Information (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Sep. 30, 2012
Revenue and assets by geography
 
 
 
Identifiable assets
$ 4,603.9 
 
$ 4,947.8 
Net sales
1,761.0 
1,875.7 
 
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Net sales
1,455.5 
1,511.4 
 
Other North America
 
 
 
Revenue and assets by geography
 
 
 
Net sales
57.5 
52.9 
 
Europe, Africa and Middle East
 
 
 
Revenue and assets by geography
 
 
 
Net sales
131.8 
196.2 
 
Rest of the world
 
 
 
Revenue and assets by geography
 
 
 
Net sales
116.2 
115.2 
 
Access Equipment
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
2,569.3 
 
2,721.9 
Net sales
581.3 
627.7 
 
Access Equipment |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
1,634.5 
 
1,754.6 
Access Equipment |
Europe
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
676.0 1
 
684.2 1
Access Equipment |
Rest of the world
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
258.8 
 
283.1 
Defense
 
 
 
Revenue and assets by geography
 
 
 
Net sales
828.7 
1,051.0 
 
Defense |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
591.2 1
 
684.5 1
Fire and Emergency
 
 
 
Revenue and assets by geography
 
 
 
Net sales
193.3 
160.1 
 
Fire and Emergency |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
509.1 
 
534.0 
Commercial
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
347.4 
 
341.5 
Net sales
177.3 
171.6 
 
Commercial |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
313.6 
 
304.5 
Commercial |
Rest of the world
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
33.8 1
 
37.0 1
Corporate
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
586.9 
 
665.9 
Corporate |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
581.0 2
 
658.1 2
Corporate |
Rest of the world
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
$ 5.9 
 
$ 7.8 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Condensed Consolidating Statements of Income
 
 
Net sales
$ 1,761.0 
$ 1,875.7 
Cost of sales
1,514.7 
1,654.2 
Gross income
246.3 
221.5 
Selling, general and administrative expenses
151.1 
131.4 
Amortization of purchased intangibles
14.4 
14.7 
Operating income
80.8 
75.4 
Interest expense
(16.7)
(20.6)
Interest income
2.5 
0.6 
Miscellaneous, net
0.3 
(5.6)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
66.9 
49.8 
Provision for (benefit from) income taxes
21.0 
11.1 
Income from continuing operations before equity in earnings of unconsolidated affiliates
45.9 
38.7 
Equity in earnings (losses) of consolidated subsidiaries
0 
0 
Equity in earnings of unconsolidated affiliates
0.6 
0.7 
Income from continuing operations, net of tax
46.5 
39.4 
Discontinued operations, net of tax
0 
(0.1)
Net income
46.5 
39.3 
Net income attributable to noncontrolling interest
0 
(0.4)
Net income attributable to Oshkosh Corporation
46.5 
38.9 
Oshkosh Corporation
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
858.4 
1,070.8 
Cost of sales
769.2 
950.7 
Gross income
89.2 
120.1 
Selling, general and administrative expenses
71.8 
54.6 
Amortization of purchased intangibles
0.1 
0.1 
Operating income
17.3 
65.4 
Interest expense
(50.8)
(48.1)
Interest income
0.6 
0.5 
Miscellaneous, net
9.1 
2.1 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
(23.8)
19.9 
Provision for (benefit from) income taxes
(7.4)
4.2 
Income from continuing operations before equity in earnings of unconsolidated affiliates
(16.4)
15.7 
Equity in earnings (losses) of consolidated subsidiaries
62.9 
23.2 
Equity in earnings of unconsolidated affiliates
0 
0 
Income from continuing operations, net of tax
46.5 
38.9 
Discontinued operations, net of tax
0 
0 
Net income
46.5 
38.9 
Net income attributable to noncontrolling interest
0 
0 
Net income attributable to Oshkosh Corporation
46.5 
38.9 
Guarantor Subsidiaries
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
742.7 
741.9 
Cost of sales
608.0 
667.5 
Gross income
134.7 
74.4 
Selling, general and administrative expenses
73.8 
39.4 
Amortization of purchased intangibles
9.9 
10.0 
Operating income
51.0 
25.0 
Interest expense
(14.3)
(19.5)
Interest income
10.0 
7.5 
Miscellaneous, net
(27.7)
(35.0)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
19.0 
(22.0)
Provision for (benefit from) income taxes
5.9 
(7.2)
Income from continuing operations before equity in earnings of unconsolidated affiliates
13.1 
(14.8)
Equity in earnings (losses) of consolidated subsidiaries
17.0 
20.4 
Equity in earnings of unconsolidated affiliates
0 
0 
Income from continuing operations, net of tax
30.1 
5.6 
Discontinued operations, net of tax
0 
0 
Net income
30.1 
5.6 
Net income attributable to noncontrolling interest
0 
0 
Net income attributable to Oshkosh Corporation
30.1 
5.6 
Non-Guarantor Subsidiaries
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
190.2 
212.5 
Cost of sales
167.7 
185.4 
Gross income
22.5 
27.1 
Selling, general and administrative expenses
5.5 
37.4 
Amortization of purchased intangibles
4.4 
4.6 
Operating income
12.6 
(14.9)
Interest expense
(1.1)
(1.0)
Interest income
41.4 
40.6 
Miscellaneous, net
18.9 
27.3 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
71.8 
52.0 
Provision for (benefit from) income taxes
22.5 
14.1 
Income from continuing operations before equity in earnings of unconsolidated affiliates
49.3 
37.9 
Equity in earnings (losses) of consolidated subsidiaries
11.8 
(6.5)
Equity in earnings of unconsolidated affiliates
0.6 
0.7 
Income from continuing operations, net of tax
61.7 
32.1 
Discontinued operations, net of tax
0 
(0.1)
Net income
61.7 
32.0 
Net income attributable to noncontrolling interest
0 
(0.4)
Net income attributable to Oshkosh Corporation
61.7 
31.6 
Eliminations
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
(30.3)
(149.5)
Cost of sales
(30.2)
(149.4)
Gross income
(0.1)
(0.1)
Selling, general and administrative expenses
0 
0 
Amortization of purchased intangibles
0 
0 
Operating income
(0.1)
(0.1)
Interest expense
49.5 
48.0 
Interest income
(49.5)
(48.0)
Miscellaneous, net
0 
0 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
(0.1)
(0.1)
Provision for (benefit from) income taxes
0 
0 
Income from continuing operations before equity in earnings of unconsolidated affiliates
(0.1)
(0.1)
Equity in earnings (losses) of consolidated subsidiaries
(91.7)
(37.1)
Equity in earnings of unconsolidated affiliates
0 
0 
Income from continuing operations, net of tax
(91.8)
(37.2)
Discontinued operations, net of tax
0 
0 
Net income
(91.8)
(37.2)
Net income attributable to noncontrolling interest
0 
0 
Net income attributable to Oshkosh Corporation
$ (91.8)
$ (37.2)
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Condensed financial statements, captions
 
 
Net income
$ 46.5 
$ 39.3 
Change in fair value of derivative instruments
0 
1.4 
Employee pension and postretirement benefits
1.0 
1.5 
Currency translation adjustments
8.6 
(8.1)
Total other comprehensive income (loss), net of tax
9.6 
(5.2)
Comprehensive income
56.1 
34.1 
Comprehensive (income) loss attributable to the noncontrolling interest
0 
(0.4)
Comprehensive income attributable to Oshkosh Corp.
56.1 
33.7 
Non-Guarantor Subsidiaries
 
 
Condensed financial statements, captions
 
 
Net income
61.7 
32.0 
Change in fair value of derivative instruments
0 
0 
Employee pension and postretirement benefits
0 
0 
Currency translation adjustments
8.6 
(10.3)
Total other comprehensive income (loss), net of tax
8.6 
(10.3)
Comprehensive income
70.3 
21.7 
Comprehensive (income) loss attributable to the noncontrolling interest
0 
(0.4)
Comprehensive income attributable to Oshkosh Corp.
70.3 
21.3 
Eliminations
 
 
Condensed financial statements, captions
 
 
Net income
(91.8)
(37.2)
Change in fair value of derivative instruments
0 
0 
Employee pension and postretirement benefits
0 
0 
Currency translation adjustments
(8.6)
8.1 
Total other comprehensive income (loss), net of tax
(8.6)
8.1 
Comprehensive income
(100.4)
(29.1)
Comprehensive (income) loss attributable to the noncontrolling interest
0 
0 
Comprehensive income attributable to Oshkosh Corp.
(100.4)
(29.1)
Oshkosh Corporation
 
 
Condensed financial statements, captions
 
 
Net income
46.5 
38.9 
Change in fair value of derivative instruments
0 
1.4 
Employee pension and postretirement benefits
1.0 
1.5 
Currency translation adjustments
8.6 
(8.1)
Total other comprehensive income (loss), net of tax
9.6 
(5.2)
Comprehensive income
56.1 
33.7 
Comprehensive (income) loss attributable to the noncontrolling interest
0 
0 
Comprehensive income attributable to Oshkosh Corp.
56.1 
33.7 
Guarantor Subsidiaries
 
 
Condensed financial statements, captions
 
 
Net income
30.1 
5.6 
Change in fair value of derivative instruments
0 
0 
Employee pension and postretirement benefits
0 
0 
Currency translation adjustments
0 
2.2 
Total other comprehensive income (loss), net of tax
0 
2.2 
Comprehensive income
30.1 
7.8 
Comprehensive (income) loss attributable to the noncontrolling interest
0 
0 
Comprehensive income attributable to Oshkosh Corp.
$ 30.1 
$ 7.8 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 3) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Sep. 30, 2011
Current assets:
 
 
 
 
Cash and cash equivalents
$ 455.7 
$ 540.7 
$ 440.3 
$ 428.5 
Receivables, net
646.2 
1,018.6 
 
 
Inventories, net
1,056.9 
937.5 
 
 
Other current assets
211.4 
197.7 
 
 
Total current assets
2,370.2 
2,694.5 
 
 
Investment in and advances to consolidated subsidiaries
0 
0 
 
 
Intangible assets, net
1,800.9 
1,809.2 
 
 
Other long-term assets
432.8 
444.1 
 
 
Total assets
4,603.9 
4,947.8 
 
 
Current liabilities:
 
 
 
 
Accounts payable
532.6 
683.3 
 
 
Customer advances
481.7 
510.4 
 
 
Other current liabilities
422.6 
510.8 
 
 
Total current liabilities
1,436.9 
1,704.5 
 
 
Long-term debt, less current maturities
938.7 
955.0 
 
 
Other long-term liabilities
440.4 
434.8 
 
 
Oshkosh Corporation shareholders' equity
1,787.9 
1,853.5 
 
 
Total liabilities and shareholders' equity
4,603.9 
4,947.8 
 
 
Oshkosh Corporation
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
423.7 
500.0 
363.9 
376.3 
Receivables, net
202.9 
388.0 
 
 
Inventories, net
395.0 
284.3 
 
 
Other current assets
148.4 
129.2 
 
 
Total current assets
1,170.0 
1,301.5 
 
 
Investment in and advances to consolidated subsidiaries
2,301.1 
2,358.1 
 
 
Intangible assets, net
2.4 
2.5 
 
 
Other long-term assets
149.8 
154.7 
 
 
Total assets
3,623.3 
3,816.8 
 
 
Current liabilities:
 
 
 
 
Accounts payable
292.2 
326.2 
 
 
Customer advances
291.8 
315.4 
 
 
Other current liabilities
148.3 
213.6 
 
 
Total current liabilities
732.3 
855.2 
 
 
Long-term debt, less current maturities
938.7 
955.0 
 
 
Other long-term liabilities
164.4 
153.1 
 
 
Oshkosh Corporation shareholders' equity
1,787.9 
1,853.5 
 
 
Total liabilities and shareholders' equity
3,623.3 
3,816.8 
 
 
Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
3.2 
5.5 
26.6 
13.5 
Receivables, net
349.3 
487.5 
 
 
Inventories, net
420.7 
415.7 
 
 
Other current assets
42.7 
47.9 
 
 
Total current assets
815.9 
956.6 
 
 
Investment in and advances to consolidated subsidiaries
(1,132.9)
(1,182.9)
 
 
Intangible assets, net
1,100.5 
1,110.4 
 
 
Other long-term assets
151.2 
156.8 
 
 
Total assets
934.7 
1,040.9 
 
 
Current liabilities:
 
 
 
 
Accounts payable
176.8 
288.9 
 
 
Customer advances
186.0 
190.5 
 
 
Other current liabilities
205.0 
220.2 
 
 
Total current liabilities
567.8 
699.6 
 
 
Long-term debt, less current maturities
0 
0 
 
 
Other long-term liabilities
132.7 
137.3 
 
 
Oshkosh Corporation shareholders' equity
234.2 
204.0 
 
 
Total liabilities and shareholders' equity
934.7 
1,040.9 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
28.8 
35.2 
49.8 
38.7 
Receivables, net
133.6 
177.3 
 
 
Inventories, net
242.7 
239.3 
 
 
Other current assets
19.9 
20.6 
 
 
Total current assets
425.0 
472.4 
 
 
Investment in and advances to consolidated subsidiaries
3,343.3 
3,235.8 
 
 
Intangible assets, net
698.0 
696.3 
 
 
Other long-term assets
131.8 
132.6 
 
 
Total assets
4,598.1 
4,537.1 
 
 
Current liabilities:
 
 
 
 
Accounts payable
96.5 
96.7 
 
 
Customer advances
3.9 
4.5 
 
 
Other current liabilities
77.1 
84.5 
 
 
Total current liabilities
177.5 
185.7 
 
 
Long-term debt, less current maturities
0 
0 
 
 
Other long-term liabilities
143.3 
144.4 
 
 
Oshkosh Corporation shareholders' equity
4,277.3 
4,207.0 
 
 
Total liabilities and shareholders' equity
4,598.1 
4,537.1 
 
 
Eliminations
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Receivables, net
(39.6)
(34.2)
 
 
Inventories, net
(1.5)
(1.8)
 
 
Other current assets
0.4 
0 
 
 
Total current assets
(40.7)
(36.0)
 
 
Investment in and advances to consolidated subsidiaries
(4,511.5)
(4,411.0)
 
 
Intangible assets, net
0 
0 
 
 
Other long-term assets
0 
0 
 
 
Total assets
(4,552.2)
(4,447.0)
 
 
Current liabilities:
 
 
 
 
Accounts payable
(32.9)
(28.5)
 
 
Customer advances
0 
0 
 
 
Other current liabilities
(7.8)
(7.5)
 
 
Total current liabilities
(40.7)
(36.0)
 
 
Long-term debt, less current maturities
0 
0 
 
 
Other long-term liabilities
0 
0 
 
 
Oshkosh Corporation shareholders' equity
(4,511.5)
(4,411.0)
 
 
Total liabilities and shareholders' equity
$ (4,552.2)
$ (4,447.0)
 
 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 4) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Condensed Consolidating Statement of Cash Flows
 
 
Net cash provided (used) by operating activities
$ 45.1 
$ 61.9 
Investing activities:
 
 
Additions to property, plant and equipment
(8.3)
(14.2)
Additions to equipment held for rental
(1.1)
(3.5)
Intercompany investing
0 
0 
Other investing activities
3.5 
3.5 
Net cash used by investing activities
(5.9)
(14.2)
Financing activities:
 
 
Repayment of long-term debt
0 
(40.0)
Proceeds (repayments) under revolving credit facility
 
0 
Repurchases of Common Stock
(125.1)
0 
Intercompany financing
0 
0 
Other financing activities
0.7 
0.1 
Net cash used by financing activities
(124.4)
(39.9)
Effect of exchange rate changes on cash
0.2 
4.0 
Increase (decrease) in cash and cash equivalents
(85.0)
11.8 
Cash and cash equivalents at beginning of year
540.7 
428.5 
Cash and cash equivalents at end of year
455.7 
440.3 
Oshkosh Corporation
 
 
Condensed Consolidating Statement of Cash Flows
 
 
Net cash provided (used) by operating activities
(79.3)
38.3 
Investing activities:
 
 
Additions to property, plant and equipment
(3.0)
(5.9)
Additions to equipment held for rental
0 
0 
Intercompany investing
130.7 
(6.5)
Other investing activities
0 
1.9 
Net cash used by investing activities
127.7 
(10.5)
Financing activities:
 
 
Repayment of long-term debt
0 
(40.0)
Proceeds (repayments) under revolving credit facility
 
0 
Repurchases of Common Stock
(125.1)
 
Intercompany financing
(0.3)
(0.3)
Other financing activities
0.7 
0.1 
Net cash used by financing activities
(124.7)
(40.2)
Effect of exchange rate changes on cash
0 
0 
Increase (decrease) in cash and cash equivalents
(76.3)
(12.4)
Cash and cash equivalents at beginning of year
500.0 
376.3 
Cash and cash equivalents at end of year
423.7 
363.9 
Guarantor Subsidiaries
 
 
Condensed Consolidating Statement of Cash Flows
 
 
Net cash provided (used) by operating activities
34.3 
(13.7)
Investing activities:
 
 
Additions to property, plant and equipment
(2.9)
(5.4)
Additions to equipment held for rental
0 
0 
Intercompany investing
(27.2)
37.2 
Other investing activities
0 
0.7 
Net cash used by investing activities
(30.1)
32.5 
Financing activities:
 
 
Repayment of long-term debt
0 
0 
Proceeds (repayments) under revolving credit facility
 
0 
Repurchases of Common Stock
0 
 
Intercompany financing
(6.5)
(6.5)
Other financing activities
0 
0 
Net cash used by financing activities
(6.5)
(6.5)
Effect of exchange rate changes on cash
0 
0.8 
Increase (decrease) in cash and cash equivalents
(2.3)
13.1 
Cash and cash equivalents at beginning of year
5.5 
13.5 
Cash and cash equivalents at end of year
3.2 
26.6 
Non-Guarantor Subsidiaries
 
 
Condensed Consolidating Statement of Cash Flows
 
 
Net cash provided (used) by operating activities
90.1 
37.3 
Investing activities:
 
 
Additions to property, plant and equipment
(2.4)
(2.9)
Additions to equipment held for rental
(1.1)
(3.5)
Intercompany investing
(96.2)
(23.7)
Other investing activities
3.5 
0.9 
Net cash used by investing activities
(96.2)
(29.2)
Financing activities:
 
 
Repayment of long-term debt
0 
0 
Proceeds (repayments) under revolving credit facility
 
0 
Repurchases of Common Stock
0 
 
Intercompany financing
(0.5)
(0.2)
Other financing activities
0 
0 
Net cash used by financing activities
(0.5)
(0.2)
Effect of exchange rate changes on cash
0.2 
3.2 
Increase (decrease) in cash and cash equivalents
(6.4)
11.1 
Cash and cash equivalents at beginning of year
35.2 
38.7 
Cash and cash equivalents at end of year
28.8 
49.8 
Eliminations
 
 
Condensed Consolidating Statement of Cash Flows
 
 
Net cash provided (used) by operating activities
0 
0 
Investing activities:
 
 
Additions to property, plant and equipment
0 
0 
Additions to equipment held for rental
0 
0 
Intercompany investing
(7.3)
(7.0)
Other investing activities
0 
0 
Net cash used by investing activities
(7.3)
(7.0)
Financing activities:
 
 
Repayment of long-term debt
0 
0 
Proceeds (repayments) under revolving credit facility
 
0 
Repurchases of Common Stock
0 
 
Intercompany financing
7.3 
7.0 
Other financing activities
0 
0 
Net cash used by financing activities
7.3 
7.0 
Effect of exchange rate changes on cash
0 
0 
Increase (decrease) in cash and cash equivalents
0 
0 
Cash and cash equivalents at beginning of year
0 
0 
Cash and cash equivalents at end of year
$ 0 
$ 0