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Fiscal Year Ended September 30, | |||||||
2013 | 2012 | ||||||
Net sales | $ | 20.6 | $ | 52.2 | |||
Cost of sales | 18.5 | 66.1 | |||||
Gross income (loss) | 2.1 | (13.9 | ) | ||||
Operating expenses: | |||||||
Selling, general and administrative | (0.9 | ) | 8.7 | ||||
Amortization of purchased intangibles | — | 0.5 | |||||
Total operating expenses | (0.9 | ) | 9.2 | ||||
Operating income (loss) | 3.0 | (23.1 | ) | ||||
Other expense | (0.4 | ) | (0.8 | ) | |||
Income (loss) before income taxes | 2.6 | (23.9 | ) | ||||
Provision for (benefit from) income taxes | 0.9 | (13.9 | ) | ||||
Income (loss) from operations, net of tax | 1.7 | (10.0 | ) | ||||
Loss on sale of discontinued operations | — | (4.4 | ) | ||||
Income (loss) from discontinued operations, net of tax | $ | 1.7 | $ | (14.4 | ) |
|
September 30, | |||||||
2014 | 2013 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 80.4 | $ | 118.3 | |||
Cost and profits not billed | 21.3 | 31.7 | |||||
101.7 | 150.0 | ||||||
Other trade receivables | 848.9 | 607.6 | |||||
Finance receivables | 2.0 | 3.3 | |||||
Notes receivable | 25.6 | 22.2 | |||||
Other receivables | 34.0 | 51.4 | |||||
1,012.2 | 834.5 | ||||||
Less allowance for doubtful accounts | (21.8 | ) | (20.4 | ) | |||
$ | 990.4 | $ | 814.1 |
September 30, | |||||||
2014 | 2013 | ||||||
Current receivables | $ | 974.9 | $ | 794.3 | |||
Long-term receivables | 15.5 | 19.8 | |||||
$ | 990.4 | $ | 814.1 |
September 30, | |||||||||||||||
Finance Receivables | Notes Receivables | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | — | $ | — | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | — | — | — | — | |||||||||||
Greater than 90 days | — | — | 2.2 | — | |||||||||||
Receivables on nonaccrual status | 1.3 | 0.6 | 18.3 | 20.2 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 0.7 | 3.3 | — | — | |||||||||||
Allowance for doubtful accounts | — | — | — | — | |||||||||||
Receivables subject to specific reserves | 1.3 | — | 25.6 | 22.2 | |||||||||||
Allowance for doubtful accounts | — | — | (13.6 | ) | (11.0 | ) |
Fiscal Year Ended September 30, 2014 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 | |||||||
Provision for doubtful accounts, net of recoveries | — | 3.5 | (0.4 | ) | 3.1 | ||||||||||
Charge-off of accounts | — | (0.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||
Foreign currency translation | — | (0.8 | ) | (0.1 | ) | (0.9 | ) | ||||||||
Allowance for doubtful accounts at end of year | $ | — | $ | 13.6 | $ | 8.2 | $ | 21.8 |
Fiscal Year Ended September 30, 2013 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | 1.4 | $ | 8.0 | $ | 8.6 | $ | 18.0 | |||||||
Provision for doubtful accounts, net of recoveries | (0.4 | ) | 3.0 | 1.2 | 3.8 | ||||||||||
Charge-off of accounts | (1.0 | ) | — | (0.4 | ) | (1.4 | ) | ||||||||
Foreign currency translation | — | — | — | — | |||||||||||
Allowance for doubtful accounts at end of year | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 |
|
September 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 519.4 | $ | 428.4 | ||||
Partially finished products | 230.5 | 272.4 | ||||||
Finished products | 336.4 | 312.6 | ||||||
Inventories at FIFO cost | 1,086.3 | 1,013.4 | ||||||
Less: | Progress/performance-based payments on U.S. government contracts | (42.5 | ) | (114.9 | ) | |||
Excess of FIFO cost over LIFO cost | (82.9 | ) | (76.5 | ) | ||||
$ | 960.9 | $ | 822.0 |
|
September 30, | |||||||
2014 | 2013 | ||||||
RiRent (The Netherlands) | $ | 11.2 | $ | 11.9 | |||
Mezcladoras (Mexico) | 9.9 | 9.0 | |||||
$ | 21.1 | $ | 20.9 |
|
September 30, | |||||||
2014 | 2013 | ||||||
Land and land improvements | $ | 48.6 | $ | 47.8 | |||
Buildings | 252.0 | 242.6 | |||||
Machinery and equipment | 624.8 | 583.1 | |||||
Equipment on operating lease to others | 41.0 | 19.6 | |||||
Construction in progress | 21.9 | — | |||||
988.3 | 893.1 | ||||||
Less accumulated depreciation | (582.8 | ) | (530.9 | ) | |||
$ | 405.5 | $ | 362.2 |
|
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2012 | $ | 906.1 | $ | 106.1 | $ | 21.6 | $ | 1,033.8 | |||||||
Foreign currency translation | 7.4 | — | (0.2 | ) | 7.2 | ||||||||||
Net goodwill at September 30, 2013 | 913.5 | 106.1 | 21.4 | 1,041.0 | |||||||||||
Foreign currency translation | (15.3 | ) | — | (0.2 | ) | (15.5 | ) | ||||||||
Net goodwill at September 30, 2014 | $ | 898.2 | $ | 106.1 | $ | 21.2 | $ | 1,025.5 |
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access Equipment | $ | 1,830.3 | $ | (932.1 | ) | $ | 898.2 | $ | 1,845.6 | $ | (932.1 | ) | $ | 913.5 | |||||||||
Fire & Emergency | 108.1 | (2.0 | ) | 106.1 | 114.3 | (8.2 | ) | 106.1 | |||||||||||||||
Commercial | 197.1 | (175.9 | ) | 21.2 | 197.3 | (175.9 | ) | 21.4 | |||||||||||||||
$ | 2,135.5 | $ | (1,110.0 | ) | $ | 1,025.5 | $ | 2,157.2 | $ | (1,116.2 | ) | $ | 1,041.0 |
September 30, 2014 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.1 | ) | $ | 30.3 | |||||
Non-compete | 10.5 | 56.4 | (56.2 | ) | 0.2 | ||||||||
Technology-related | 11.9 | 103.9 | (75.1 | ) | 28.8 | ||||||||
Customer relationships | 12.7 | 559.4 | (350.8 | ) | 208.6 | ||||||||
Other | 16.6 | 16.6 | (13.8 | ) | 2.8 | ||||||||
14.4 | 791.7 | (521.0 | ) | 270.7 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,178.9 | $ | (521.0 | ) | $ | 657.9 |
September 30, 2013 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (23.7 | ) | $ | 31.7 | |||||
Non-compete | 10.5 | 56.4 | (56.1 | ) | 0.3 | ||||||||
Technology-related | 11.9 | 103.9 | (66.8 | ) | 37.1 | ||||||||
Customer relationships | 12.7 | 566.2 | (311.1 | ) | 255.1 | ||||||||
Other | 16.6 | 16.6 | (13.3 | ) | 3.3 | ||||||||
14.4 | 798.5 | (471.0 | ) | 327.5 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,185.7 | $ | (471.0 | ) | $ | 714.7 |
|
September 30, | |||||||
2014 | 2013 | ||||||
Rabbi trust, less current portion | $ | 21.6 | $ | 18.9 | |||
Customer notes receivable | 17.0 | 16.9 | |||||
Deferred finance costs | 17.1 | 12.9 | |||||
Deferred income taxes, net | 14.6 | — | |||||
Long-term finance receivables, less current portion | 1.6 | 2.0 | |||||
Other | 30.3 | 30.1 | |||||
102.2 | 80.8 | ||||||
Less allowance for doubtful notes receivable | (9.8 | ) | (7.3 | ) | |||
$ | 92.4 | $ | 73.5 |
|
|
September 30, | |||||||
2014 | 2013 | ||||||
Senior Secured Term Loan | $ | 395.0 | $ | 455.0 | |||
8¼% Senior notes due March 2017 | — | 250.0 | |||||
8½% Senior notes due March 2020 | 250.0 | 250.0 | |||||
5.375% Senior notes due March 2022 | 250.0 | — | |||||
895.0 | 955.0 | ||||||
Less current maturities | (20.0 | ) | (65.0 | ) | |||
$ | 875.0 | $ | 890.0 |
Revolving Credit Facility | $ | — | $ | — | |||
Current maturities of long-term debt | 20.0 | 65.0 | |||||
$ | 20.0 | $ | 65.0 |
• | Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of 4.50 to 1.00. |
• | Interest Coverage Ratio: A minimum interest coverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated EBITDA to the Company’s consolidated cash interest expense) as of the last day of any fiscal quarter of 2.50 to 1.00. |
• | Senior Secured Leverage Ratio: A maximum senior secured leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated secured indebtedness to the Company’s consolidated EBITDA) of 3.00 to 1.00. |
i. | 50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and |
ii. | 100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
|
Fiscal Year Ended September 30, | |||||||
2014 | 2013 | ||||||
Balance at beginning of year | $ | 101.3 | $ | 95.0 | |||
Warranty provisions | 45.7 | 52.8 | |||||
Settlements made | (52.1 | ) | (53.2 | ) | |||
Changes in liability for pre-existing warranties, net | (2.9 | ) | 6.5 | ||||
Foreign currency translation | (0.8 | ) | 0.2 | ||||
Balance at end of year | $ | 91.2 | $ | 101.3 |
|
Fiscal Year Ended September 30, | |||||||
2014 | 2013 | ||||||
Balance at beginning of year | $ | 4.3 | $ | 5.0 | |||
Provision for new credit guarantees | 2.0 | 2.7 | |||||
Settlements made | (0.4 | ) | (0.2 | ) | |||
Changes for pre-existing guarantees, net | 0.3 | (0.4 | ) | ||||
Amortization of previous guarantees | (1.5 | ) | (2.7 | ) | |||
Foreign currency translation | (0.1 | ) | (0.1 | ) | |||
Balance at end of year | $ | 4.6 | $ | 4.3 |
|
September 30, 2014 | September 30, 2013 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | $ | 3.4 | $ | 0.4 | $ | 0.2 | $ | 1.9 |
Classification of Gains (Losses) | Fiscal Year Ended September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
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 | 3.3 | (1.8 | ) | (5.3 | ) | |||||||
$ | 3.3 | $ | (1.8 | ) | $ | (7.5 | ) |
|
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. |
Level 3: | Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 22.3 | $ | — | $ | — | $ | 22.3 | |||||||
Foreign currency exchange derivatives (b) | — | 3.4 | — | 3.4 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | — | 0.4 | — | 0.4 |
(a) | Represents investments in a rabbi trust for the Company's non-qualified SERP. The fair values of these investments are estimated using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in the Consolidated Statements of Income. |
(b) | Based on observable market transactions of forward currency prices. |
|
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Share Awards | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Equity compensation plans approved by security holders | 3,988,323 | $ | 36.20 | 3,340,296 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
3,988,323 | $ | 36.20 | 3,340,296 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 8.1 | $ | 9.1 | $ | 6.3 | |||||
Stock awards (shares and units) | 12.5 | 11.5 | 4.1 | ||||||||
Performance share awards | 4.4 | 3.8 | 8.1 | ||||||||
Cash-settled stock appreciation rights | (0.9 | ) | 8.1 | 4.4 | |||||||
Cash-settled restricted stock awards | 3.1 | 6.6 | 4.2 | ||||||||
Total stock-based compensation cost | 27.2 | 39.1 | 27.1 | ||||||||
Income tax benefit recognized for stock-based compensation | (10.0 | ) | (14.4 | ) | (9.9 | ) | |||||
$ | 17.2 | $ | 24.7 | $ | 17.2 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | |||||||||||||||
Outstanding, beginning of year | 3,747,094 | $ | 33.41 | 4,678,834 | $ | 31.26 | 4,774,714 | $ | 30.72 | |||||||||||
Granted | 505,800 | 46.98 | 313,300 | 47.33 | 576,400 | 28.55 | ||||||||||||||
Forfeited | (17,206 | ) | 37.25 | (35,002 | ) | 28.91 | (151,092 | ) | 26.76 | |||||||||||
Expired | — | — | (73,498 | ) | 45.78 | (235,081 | ) | 39.26 | ||||||||||||
Exercised | (1,545,181 | ) | 32.96 | (1,136,540 | ) | 25.75 | (286,107 | ) | 12.56 | |||||||||||
Outstanding, end of year | 2,690,507 | $ | 36.20 | 3,747,094 | $ | 33.41 | 4,678,834 | $ | 31.26 | |||||||||||
Exercisable, end of year | 1,819,535 | $ | 32.71 | 2,949,103 | $ | 33.05 | 3,620,565 | $ | 32.53 |
Outstanding | Exercisable | |||||||||||||||||||||||||||||||
Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||||||||||||
$ | 7.95 | - | $ | 19.24 | 476,899 | 4.0 | $ | 15.57 | $ | 13.6 | 470,232 | 4.0 | $ | 15.54 | $ | 13.4 | ||||||||||||||||
$ | 28.73 | - | $ | 38.46 | 949,626 | 3.6 | 30.20 | 13.3 | 787,774 | 3.3 | 30.45 | 10.8 | ||||||||||||||||||||
$ | 39.91 | - | $ | 54.63 | 1,263,982 | 5.1 | 48.49 | 0.3 | 561,529 | 3.1 | 50.26 | 0.3 | ||||||||||||||||||||
2,690,507 | 4.4 | $ | 36.20 | $ | 27.2 | 1,819,535 | 3.4 | $ | 32.71 | $ | 24.5 |
Fiscal Year Ended September 30, | |||||||||
Options Granted During | 2014 | 2013 | 2012 | ||||||
Assumptions: | |||||||||
Expected term (in years) | 5.1 | 5.2 | 5.2 | ||||||
Expected volatility | 43.23 | % | 66.90 | % | 66.03 | % | |||
Risk-free interest rate | 1.80 | % | 1.65 | % | 0.74 | % | |||
Expected dividend yield | 1.23 | % | 0.00 | % | 0.00 | % |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 609,871 | $ | 35.55 | 569,282 | $ | 26.84 | 228,615 | $ | 23.75 | |||||||||||
Granted | 305,900 | 47.72 | 310,300 | 45.87 | 514,800 | 27.37 | ||||||||||||||
Forfeited | (42,406 | ) | 37.22 | (24,700 | ) | 27.61 | (37,502 | ) | 23.04 | |||||||||||
Vested | (263,496 | ) | 35.17 | (245,011 | ) | 26.68 | (136,631 | ) | 24.70 | |||||||||||
End of year | 609,869 | $ | 41.70 | 609,871 | $ | 35.55 | 569,282 | $ | 26.84 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 358,800 | $ | 36.90 | 343,000 | $ | 33.43 | 329,500 | $ | 37.38 | |||||||||||
Granted | 52,475 | 55.17 | 79,800 | 54.78 | 151,500 | 35.34 | ||||||||||||||
Forfeited | (7,492 | ) | 40.00 | (6,000 | ) | 35.84 | (42,687 | ) | 40.71 | |||||||||||
Performance adjustments | 146,134 | 28.23 | 5,800 | 41.10 | (95,313 | ) | 46.85 | |||||||||||||
Vested | (292,442 | ) | 28.24 | (63,800 | ) | 41.10 | — | — | ||||||||||||
End of year | 257,475 | $ | 45.44 | 358,800 | $ | 36.90 | 343,000 | $ | 33.43 |
Fiscal Year Ended September 30, | |||||||||
Performance Shares Granted During | 2014 | 2013 | 2012 | ||||||
Assumptions: | |||||||||
Expected term (in years) | 3.03 | 3.04 | 3.00 | ||||||
Expected volatility | 39.75 | % | 43.36 | % | 44.90 | % | |||
Risk-free interest rate | 1.07 | % | 0.82 | % | 0.37 | % |
|
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Accumulated benefit obligation at September 30 | $ | 395.4 | $ | 344.6 | $ | 44.0 | $ | 42.5 | |||||||
Change in benefit obligation | |||||||||||||||
Benefit obligation at October 1 | $ | 350.0 | $ | 377.9 | $ | 42.5 | $ | 80.4 | |||||||
Service cost | 8.1 | 13.2 | 2.2 | 7.3 | |||||||||||
Interest cost | 17.7 | 16.1 | 2.0 | 3.2 | |||||||||||
Actuarial (gain)/loss | 51.7 | (52.4 | ) | 2.4 | (16.3 | ) | |||||||||
Participant contributions | 0.2 | 0.2 | 0.1 | — | |||||||||||
Plan amendments | 1.1 | 8.1 | — | (24.6 | ) | ||||||||||
Curtailments | (2.5 | ) | (4.8 | ) | (3.1 | ) | (5.8 | ) | |||||||
Benefits paid | (23.1 | ) | (8.4 | ) | (2.1 | ) | (1.7 | ) | |||||||
Currency translation adjustments | — | 0.1 | — | — | |||||||||||
Benefit obligation at September 30 | $ | 403.2 | $ | 350.0 | $ | 44.0 | $ | 42.5 |
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in plan assets | |||||||||||||||
Fair value of plan assets at October 1 | $ | 308.0 | $ | 280.4 | $ | — | $ | — | |||||||
Actual return on plan assets | 36.2 | 35.7 | — | — | |||||||||||
Company contributions | 2.5 | 2.2 | 2.0 | 1.7 | |||||||||||
Participant contributions | 0.2 | 0.2 | 0.1 | — | |||||||||||
Expenses paid | (3.2 | ) | (2.2 | ) | — | — | |||||||||
Benefits paid | (23.1 | ) | (8.4 | ) | (2.1 | ) | (1.7 | ) | |||||||
Currency translation adjustments | — | 0.1 | — | — | |||||||||||
Fair value of plan assets at September 30 | $ | 320.6 | $ | 308.0 | $ | — | $ | — | |||||||
Funded status of plan - underfunded at September 30 | $ | (82.6 | ) | $ | (42.0 | ) | $ | (44.0 | ) | $ | (42.5 | ) | |||
Recognized in consolidated balance sheet at September 30 | |||||||||||||||
Prepaid benefit cost (long-term asset) | $ | 4.0 | $ | 3.1 | $ | — | $ | — | |||||||
Accrued benefit liability (current liability) | (1.5 | ) | (1.4 | ) | (2.4 | ) | (2.3 | ) | |||||||
Accrued benefit liability (long-term liability) | (85.1 | ) | (43.7 | ) | (41.6 | ) | (40.2 | ) | |||||||
$ | (82.6 | ) | $ | (42.0 | ) | $ | (44.0 | ) | $ | (42.5 | ) |
Recognized in accumulated other comprehensive income (loss) as of September 30 (net of taxes) | |||||||||||||||
Net actuarial loss | $ | (42.2 | ) | $ | (22.8 | ) | $ | (4.1 | ) | $ | (4.8 | ) | |||
Prior service cost | (9.9 | ) | (14.7 | ) | 12.0 | 19.3 | |||||||||
$ | (52.1 | ) | $ | (37.5 | ) | $ | 7.9 | $ | 14.5 |
Weighted-average assumptions as of September 30 | |||||||||||
Discount rate | 4.52 | % | 5.07 | % | 4.04 | % | 4.76 | % | |||
Expected return on plan assets | 6.25 | % | 6.50 | % | n/a | n/a |
2014 | 2013 | ||||||
Projected benefit obligation | $ | 380.6 | $ | 233.4 | |||
Accumulated benefit obligation | 372.2 | 232.9 | |||||
Fair value of plan assets | 294.1 | 193.2 |
Postretirement | |||||||||||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||
Service cost | $ | 8.1 | $ | 13.2 | $ | 20.6 | $ | 2.2 | $ | 7.3 | $ | 7.2 | |||||||||||
Interest cost | 17.7 | 16.1 | 16.3 | 2.0 | 3.2 | 3.4 | |||||||||||||||||
Expected return on plan assets | (19.8 | ) | (17.0 | ) | (15.6 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost | 2.0 | 1.9 | 2.3 | (1.6 | ) | (0.5 | ) | — | |||||||||||||||
Curtailment/settlement | 8.2 | 2.8 | 3.4 | (10.0 | ) | (2.9 | ) | — | |||||||||||||||
Amortization of net actuarial loss | 0.6 | 4.4 | 7.1 | 0.2 | 1.1 | 1.3 | |||||||||||||||||
Expenses paid | 3.2 | 2.2 | 1.8 | — | — | — | |||||||||||||||||
Net periodic benefit cost (income) | $ | 20.0 | $ | 23.6 | $ | 35.9 | $ | (7.2 | ) | $ | 8.2 | $ | 11.9 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||||||||
Net actuarial loss (gain) | $ | 32.8 | $ | (75.9 | ) | $ | (26.0 | ) | $ | (0.8 | ) | $ | (22.0 | ) | $ | 2.6 | |||||||
Prior service cost | 1.1 | 8.1 | (0.9 | ) | — | (24.6 | ) | — | |||||||||||||||
Amortization of prior service cost | (2.0 | ) | (1.9 | ) | (4.8 | ) | 1.6 | 0.5 | — | ||||||||||||||
Curtailment/settlement | (8.2 | ) | (2.8 | ) | (2.3 | ) | 10.0 | 2.9 | (9.2 | ) | |||||||||||||
Amortization of net actuarial loss | (0.6 | ) | (4.4 | ) | (7.1 | ) | (0.2 | ) | (1.1 | ) | (1.3 | ) | |||||||||||
$ | 23.1 | $ | (76.9 | ) | $ | (41.1 | ) | $ | 10.6 | $ | (44.3 | ) | $ | (7.9 | ) |
Weighted-average assumptions | |||||||||||||||||
Discount rate | 5.07 | % | 4.24 | % | 4.72 | % | 4.76 | % | 3.95 | % | 4.45 | % | |||||
Expected return on plan assets | 6.50 | % | 6.25 | % | 7.00 | % | n/a | n/a | n/a | ||||||||
Rate of compensation increase | n/a | 3.69 | % | 3.78 | % | n/a | n/a | n/a |
Target % | 2014 | 2013 | |||||
Asset Category | |||||||
Fixed income | 30% - 40% | 31 | % | 34 | % | ||
Large-cap growth | 25% - 35% | 33 | % | 31 | % | ||
Large-cap value | 5% - 15% | 12 | % | 11 | % | ||
Mid-cap value | 5% - 15% | 12 | % | 11 | % | ||
Small-cap value | 5% - 15% | 12 | % | 13 | % | ||
Venture capital | 0% - 5% | — | % | — | % | ||
100 | % | 100 | % |
Quoted Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 195.6 | $ | 4.6 | $ | — | $ | 200.2 | |||||||
International companies (b) | — | 15.0 | — | 15.0 | |||||||||||
Government and agency bonds (c) | 9.6 | 32.1 | — | 41.7 | |||||||||||
Corporate bonds and notes (d) | — | 52.4 | — | 52.4 | |||||||||||
Money market funds (e) | 11.3 | — | — | 11.3 | |||||||||||
$ | 216.5 | $ | 104.1 | $ | — | $ | 320.6 |
September 30, 2013: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 179.6 | $ | 3.7 | $ | — | $ | 183.3 | |||||||
International companies (b) | — | 17.6 | — | 17.6 | |||||||||||
Government and agency bonds (c) | 4.8 | 35.8 | — | 40.6 | |||||||||||
Corporate bonds and notes (d) | — | 50.5 | — | 50.5 | |||||||||||
Money market funds (e) | 16.0 | — | — | 16.0 | |||||||||||
$ | 200.4 | $ | 107.6 | $ | — | $ | 308.0 |
(a) | Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges. |
(b) | Valuation model looks at underlying security "best" price, exchange rate for underlying security's currency against the U.S. Dollar and ratio of underlying security to American depository receipt. |
(c) | These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(d) | These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(e) | These investments largely consist of short-term investment funds and are valued using a market approach based on the quoted market prices of identical instruments. |
Postretirement | ||||||||||||
Fiscal Year Ending | Pension Benefits | Health and | ||||||||||
September 30, | Qualified | Non-Qualified | Other | |||||||||
2015 | $ | 8.7 | $ | 1.5 | $ | 2.6 | ||||||
2016 | 9.7 | 1.5 | 3.0 | |||||||||
2017 | 10.8 | 1.5 | 3.0 | |||||||||
2018 | 12.2 | 1.5 | 3.2 | |||||||||
2019 | 13.4 | 2.0 | 3.3 | |||||||||
2020-2024 | 87.8 | 10.0 | 17.4 |
1. | The Company's contributions to the multi-employer plan may be used to provide benefits to all participating employees of the program, including employees of other employers. |
2. | In the event that another participating employer ceases contributions to the multi-employer plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers. |
3. | If the Company chooses to withdraw from the multi-employer plan, then the Company may be required to pay a withdrawal liability, based on the underfunded status of the plan at that time. |
|
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 373.1 | $ | 412.5 | $ | 269.1 | |||||
Foreign | 58.8 | 32.5 | 40.1 | ||||||||
$ | 431.9 | $ | 445.0 | $ | 309.2 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Allocated to Income From Continuing Operations Before Equity in Earnings of Unconsolidated Affiliates | |||||||||||
Current: | |||||||||||
Federal | $ | 118.8 | $ | 154.5 | $ | 118.9 | |||||
Foreign | 14.7 | 3.2 | 3.2 | ||||||||
State | 11.3 | 4.4 | 3.9 | ||||||||
Total current | 144.8 | 162.1 | 126.0 | ||||||||
Deferred: | |||||||||||
Federal | (8.5 | ) | (30.3 | ) | (60.8 | ) | |||||
Foreign | (10.5 | ) | 0.8 | 2.0 | |||||||
State | (0.8 | ) | (0.9 | ) | (2.0 | ) | |||||
Total deferred | (19.8 | ) | (30.4 | ) | (60.8 | ) | |||||
$ | 125.0 | $ | 131.7 | $ | 65.2 | ||||||
Allocated to Other Comprehensive Income (Loss) | |||||||||||
Deferred federal, state and foreign | $ | (12.4 | ) | $ | 44.6 | $ | 18.7 |
Fiscal Year Ended September 30, | ||||||||
2014 | 2013 | 2012 | ||||||
Effective Rate Reconciliation | ||||||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes, net | 2.1 | 0.8 | (0.6 | ) | ||||
Foreign taxes | (1.4 | ) | (0.3 | ) | 2.2 | |||
Tax audit settlements | (2.3 | ) | 0.3 | (3.8 | ) | |||
European tax incentive | — | (0.6 | ) | (1.6 | ) | |||
Valuation allowance | (2.4 | ) | (0.7 | ) | (2.3 | ) | ||
Domestic tax credits | (0.4 | ) | (1.3 | ) | (0.3 | ) | ||
Manufacturing deduction | (2.2 | ) | (3.8 | ) | (3.4 | ) | ||
Other, net | 0.6 | 0.2 | (4.1 | ) | ||||
29.0 | % | 29.6 | % | 21.1 | % |
September 30, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Other long-term liabilities | $ | 88.5 | $ | 74.0 | |||
Losses and credits | 53.8 | 76.0 | |||||
Accrued warranty | 27.9 | 31.3 | |||||
Other current liabilities | 20.7 | 26.3 | |||||
Payroll-related obligations | 24.4 | 21.3 | |||||
Receivables | 7.1 | 7.8 | |||||
Other | 0.6 | — | |||||
Gross deferred tax assets | 223.0 | 236.7 | |||||
Less valuation allowance | (26.1 | ) | (52.1 | ) | |||
Deferred tax assets | 196.9 | 184.6 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | 193.1 | 210.0 | |||||
Property, plant and equipment | 35.2 | 31.4 | |||||
Inventories | 6.8 | 14.3 | |||||
Other | 5.9 | 4.3 | |||||
Deferred tax liabilities | 241.0 | 260.0 | |||||
$ | (44.1 | ) | $ | (75.4 | ) |
September 30, | |||||||
2014 | 2013 | ||||||
Current net deferred tax asset | $ | 66.3 | $ | 67.6 | |||
Long-term net deferred tax asset | 14.6 | — | |||||
Long-term net deferred tax liability | (125.0 | ) | (143.0 | ) | |||
$ | (44.1 | ) | $ | (75.4 | ) |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 37.0 | $ | 32.9 | $ | 53.3 | |||||
Additions for tax positions related to current year | 7.0 | 4.9 | 3.8 | ||||||||
Additions for tax positions related to prior years | 5.2 | 2.8 | 8.7 | ||||||||
Reductions for tax positions of prior years | (2.6 | ) | (0.6 | ) | (0.2 | ) | |||||
Settlements | (10.1 | ) | (1.4 | ) | (28.3 | ) | |||||
Lapse of statute of limitations | (3.0 | ) | (1.6 | ) | (4.4 | ) | |||||
Balance at end of year | $ | 33.5 | $ | 37.0 | $ | 32.9 |
Tax Jurisdiction | Open Tax Years | |
Australia | 2009 - 2014 | |
Belgium | 2011 - 2014 | |
Brazil | 2008 - 2014 | |
Canada | 2010 - 2014 | |
Romania | 2010 - 2014 | |
The Netherlands | 2009 - 2014 | |
China | 2011 - 2014 | |
United States (federal) | 2012 - 2014 | |
United States (state and local) | 2002 - 2014 |
|
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments, Net of Tax | Gains (Losses) on Derivatives, Net of Tax | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance at September 30, 2011 | $ | (130.7 | ) | $ | 9.5 | $ | (1.4 | ) | $ | (122.6 | ) | ||||
Other comprehensive income (loss) before reclassifications | 22.7 | (10.6 | ) | — | 12.1 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 8.4 | (0.7 | ) | 1.4 | 9.1 | ||||||||||
Net current period other comprehensive income (loss) | 31.1 | (11.3 | ) | 1.4 | 21.2 | ||||||||||
Balance at September 30, 2012 | (99.6 | ) | (1.8 | ) | — | (101.4 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 72.2 | 10.2 | — | 82.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 4.4 | — | — | 4.4 | |||||||||||
Net current period other comprehensive income (loss) | 76.6 | 10.2 | — | 86.8 | |||||||||||
Balance at September 30, 2013 | (23.0 | ) | 8.4 | — | (14.6 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (20.8 | ) | (33.4 | ) | — | (54.2 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.4 | ) | — | — | (0.4 | ) | |||||||||
Net current period other comprehensive income (loss) | (21.2 | ) | (33.4 | ) | — | (54.6 | ) | ||||||||
Balance at September 30, 2014 | $ | (44.2 | ) | $ | (25.0 | ) | $ | — | $ | (69.2 | ) |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||
Prior service costs | $ | (0.4 | ) | $ | (1.4 | ) | $ | (4.8 | ) | ||
Actuarial losses | (0.8 | ) | (5.5 | ) | (8.4 | ) | |||||
Curtailment/settlement | 1.8 | — | — | ||||||||
Total before tax | 0.6 | (6.9 | ) | (13.2 | ) | ||||||
Tax benefit (provision) | (0.2 | ) | 2.5 | 4.8 | |||||||
Net of tax | $ | 0.4 | $ | (4.4 | ) | $ | (8.4 | ) |
|
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
DoD | $ | 1,603.7 | $ | 2,782.1 | $ | 3,452.5 | |||||
Foreign military sales | 28.0 | 4.1 | 221.2 | ||||||||
Total DoD sales | $ | 1,631.7 | $ | 2,786.2 | $ | 3,673.7 |
|
Fiscal Year Ended September 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | |||||||||||||||||||||||||||
Access equipment | |||||||||||||||||||||||||||||||||||
Aerial work platforms | $ | 1,746.0 | $ | — | $ | 1,746.0 | $ | 1,483.9 | $ | — | $ | 1,483.9 | $ | 1,390.2 | $ | — | $ | 1,390.2 | |||||||||||||||||
Telehandlers | 1,157.2 | — | 1,157.2 | 1,106.0 | — | 1,106.0 | 892.3 | — | 892.3 | ||||||||||||||||||||||||||
Other | 603.3 | — | 603.3 | 530.8 | 0.1 | 530.9 | 511.9 | 125.1 | 637.0 | ||||||||||||||||||||||||||
Total access equipment | 3,506.5 | — | 3,506.5 | 3,120.7 | 0.1 | 3,120.8 | 2,794.4 | 125.1 | 2,919.5 | ||||||||||||||||||||||||||
Defense | 1,724.2 | 0.3 | 1,724.5 | 3,047.0 | 2.7 | 3,049.7 | 3,947.5 | 3.0 | 3,950.5 | ||||||||||||||||||||||||||
Fire & emergency | 719.1 | 37.4 | 756.5 | 751.0 | 41.4 | 792.4 | 729.6 | 39.0 | 768.6 | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Concrete placement | 428.2 | — | 428.2 | 349.5 | — | 349.5 | 231.9 | — | 231.9 | ||||||||||||||||||||||||||
Refuse collection | 309.1 | — | 309.1 | 295.1 | — | 295.1 | 336.8 | — | 336.8 | ||||||||||||||||||||||||||
Other | 121.1 | 7.5 | 128.6 | 101.8 | 20.5 | 122.3 | 100.9 | 27.4 | 128.3 | ||||||||||||||||||||||||||
Total commercial | 858.4 | 7.5 | 865.9 | 746.4 | 20.5 | 766.9 | 669.6 | 27.4 | 697.0 | ||||||||||||||||||||||||||
Intersegment eliminations | — | (45.2 | ) | (45.2 | ) | — | (64.7 | ) | (64.7 | ) | — | (194.5 | ) | (194.5 | ) | ||||||||||||||||||||
Consolidated | $ | 6,808.2 | $ | — | $ | 6,808.2 | $ | 7,665.1 | $ | — | $ | 7,665.1 | $ | 8,141.1 | $ | — | $ | 8,141.1 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating income (loss) from continuing operations: | |||||||||||
Access equipment (a) | $ | 501.1 | $ | 379.6 | $ | 229.2 | |||||
Defense (b) | 76.4 | 224.9 | 236.5 | ||||||||
Fire & emergency | 26.6 | 23.8 | 8.8 | ||||||||
Commercial (c) | 53.9 | 41.3 | 32.1 | ||||||||
Corporate (d) | (154.7 | ) | (163.9 | ) | (119.1 | ) | |||||
Intersegment eliminations | — | — | 0.2 | ||||||||
Consolidated | 503.3 | 505.7 | 387.7 | ||||||||
Interest expense net of interest income (e) | (69.4 | ) | (54.6 | ) | (73.3 | ) | |||||
Miscellaneous other expense | (2.0 | ) | (6.1 | ) | (5.2 | ) | |||||
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | $ | 431.9 | $ | 445.0 | $ | 309.2 |
(a) | Fiscal 2013 results include a non-cash long-lived intangible asset impairment charge of $9.0 million. |
(b) | Fiscal 2014 results include non-cash long-lived asset impairment charges of $1.6 million and a $1.8 million net gain on pension and other post-employment benefit curtailment and settlement charges. |
(c) | Fiscal 2013 results include non-cash long-lived asset impairment charges of $0.5 million. |
(d) | Includes costs related to a tender offer and proxy context of $16.3 million in fiscal 2013 and $6.6 million in fiscal 2012, respectively. |
(e) | Fiscal 2014 results include $10.9 million in debt extinguishment costs. Fiscal 2013 results include $9.9 million of interest income received on a customer note which was on non-accrual status. |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Depreciation and amortization: | |||||||||||
Access equipment | $ | 74.6 | $ | 72.5 | $ | 71.5 | |||||
Defense | 16.1 | 18.9 | 19.3 | ||||||||
Fire & emergency (a) | 12.2 | 12.2 | 13.5 | ||||||||
Commercial | 11.3 | 13.9 | 15.0 | ||||||||
Corporate (b) | 12.6 | 9.3 | 11.6 | ||||||||
Consolidated | $ | 126.8 | $ | 126.8 | $ | 130.9 | |||||
Capital expenditures: | |||||||||||
Access equipment (c) | $ | 52.5 | $ | 32.5 | $ | 28.3 | |||||
Defense | 7.8 | 5.4 | 16.0 | ||||||||
Fire & emergency | 5.5 | 6.3 | 7.3 | ||||||||
Commercial (c) | 20.4 | 6.9 | 4.8 | ||||||||
Corporate | 38.7 | 8.8 | 7.9 | ||||||||
Consolidated | $ | 124.9 | $ | 59.9 | $ | 64.3 |
(a) | Includes $0.6 million in fiscal 2012 related to discontinued operations. |
(b) | Includes $2.2 million and $2.3 million in fiscal 2014 and 2012, respectively, related to the write-off of deferred financing fees due to the early extinguishment of the related debt. |
(c) | Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental. |
September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Identifiable assets: | |||||||||||
Access equipment: | |||||||||||
U.S. | $ | 1,937.0 | $ | 1,673.7 | $ | 1,754.6 | |||||
Europe (a) | 727.5 | 709.0 | 684.2 | ||||||||
Rest of the world | 251.4 | 227.6 | 283.1 | ||||||||
Total access equipment | 2,915.9 | 2,610.3 | 2,721.9 | ||||||||
Defense - U.S. | 275.1 | 370.4 | 684.5 | ||||||||
Fire & emergency - U.S. | 527.0 | 537.1 | 534.0 | ||||||||
Commercial: | |||||||||||
U.S. | 394.5 | 327.4 | 304.5 | ||||||||
Rest of the world (a) | 35.5 | 32.6 | 37.0 | ||||||||
Total commercial | 430.0 | 360.0 | 341.5 | ||||||||
Corporate: | |||||||||||
U.S. (b) | 398.0 | 878.0 | 658.1 | ||||||||
Rest of the world | 40.7 | 9.9 | 7.8 | ||||||||
Total corporate | 438.7 | 887.9 | 665.9 | ||||||||
Consolidated | $ | 4,586.7 | $ | 4,765.7 | $ | 4,947.8 |
(a) | Includes investments in unconsolidated affiliates. |
(b) | Primarily includes cash and short-term investments. |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net sales: | |||||||||||
United States | $ | 5,247.7 | $ | 6,034.5 | $ | 6,357.2 | |||||
Other North America | 351.2 | 235.2 | 248.3 | ||||||||
Europe, Africa and the Middle East | 672.3 | 898.7 | 974.9 | ||||||||
Rest of the world | 537.0 | 496.7 | 560.7 | ||||||||
Consolidated | $ | 6,808.2 | $ | 7,665.1 | $ | 8,141.1 |
|
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 5,838.2 | $ | 1,057.6 | $ | (87.6 | ) | $ | 6,808.2 | ||||||||
Cost of sales | 3.3 | 4,898.9 | 810.6 | (87.3 | ) | 5,625.5 | |||||||||||||
Gross income (loss) | (3.3 | ) | 939.3 | 247.0 | (0.3 | ) | 1,182.7 | ||||||||||||
Selling, general and administrative expenses | 138.0 | 378.5 | 107.6 | — | 624.1 | ||||||||||||||
Amortization of purchased intangibles | — | 39.9 | 15.4 | — | 55.3 | ||||||||||||||
Intangible asset impairment charges | — | — | — | — | — | ||||||||||||||
Operating income (loss) | (141.3 | ) | 520.9 | 124.0 | (0.3 | ) | 503.3 | ||||||||||||
Interest expense | (246.3 | ) | (49.4 | ) | (3.2 | ) | 227.5 | (71.4 | ) | ||||||||||
Interest income | 3.0 | 60.3 | 166.2 | (227.5 | ) | 2.0 | |||||||||||||
Miscellaneous, net | 46.9 | (184.6 | ) | 135.7 | — | (2.0 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (337.7 | ) | 347.2 | 422.7 | (0.3 | ) | 431.9 | ||||||||||||
Provision for (benefit from) income taxes | (109.0 | ) | 113.7 | 120.4 | (0.1 | ) | 125.0 | ||||||||||||
Income (loss) from continuing operations before equity in earnings of affiliates | (228.7 | ) | 233.5 | 302.3 | (0.2 | ) | 306.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 538.0 | 159.3 | 188.3 | (885.6 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 2.4 | — | 2.4 | ||||||||||||||
Income from continuing operations | 309.3 | 392.8 | 493.0 | (885.8 | ) | 309.3 | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||
Net income | 309.3 | 392.8 | 493.0 | (885.8 | ) | 309.3 | |||||||||||||
Other comprehensive income (loss), net of tax | (54.6 | ) | (22.2 | ) | (29.8 | ) | 52.0 | (54.6 | ) | ||||||||||
Comprehensive income | $ | 254.7 | $ | 370.6 | $ | 463.2 | $ | (833.8 | ) | $ | 254.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 6,857.4 | $ | 923.7 | $ | (116.0 | ) | $ | 7,665.1 | ||||||||
Cost of sales | 3.2 | 5,850.7 | 735.6 | (116.2 | ) | 6,473.3 | |||||||||||||
Gross income (loss) | (3.2 | ) | 1,006.7 | 188.1 | 0.2 | 1,191.8 | |||||||||||||
Selling, general and administrative expenses | 148.3 | 407.1 | 65.1 | — | 620.5 | ||||||||||||||
Amortization of purchased intangibles | — | 40.0 | 16.6 | — | 56.6 | ||||||||||||||
Intangible asset impairment charge | — | — | 9.0 | — | 9.0 | ||||||||||||||
Operating income (loss) | (151.5 | ) | 559.6 | 97.4 | 0.2 | 505.7 | |||||||||||||
Interest expense | (217.9 | ) | (55.2 | ) | (3.7 | ) | 210.8 | (66.0 | ) | ||||||||||
Interest income | 2.9 | 55.4 | 163.9 | (210.8 | ) | 11.4 | |||||||||||||
Miscellaneous, net | 44.5 | (147.3 | ) | 96.7 | — | (6.1 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (322.0 | ) | 412.5 | 354.3 | 0.2 | 445.0 | |||||||||||||
Provision for (benefit from) income taxes | (99.9 | ) | 130.4 | 101.1 | 0.1 | 131.7 | |||||||||||||
Income (loss) from continuing operations before equity in earnings of affiliates | (222.1 | ) | 282.1 | 253.2 | 0.1 | 313.3 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 540.1 | 125.7 | 132.2 | (798.0 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 3.0 | — | 3.0 | ||||||||||||||
Income from continuing operations | 318.0 | 407.8 | 388.4 | (797.9 | ) | 316.3 | |||||||||||||
Discontinued operations, net of tax | — | 1.7 | — | — | 1.7 | ||||||||||||||
Net income | 318.0 | 409.5 | 388.4 | (797.9 | ) | 318.0 | |||||||||||||
Other comprehensive income (loss), net of tax | 86.8 | 34.2 | 14.3 | (48.5 | ) | 86.8 | |||||||||||||
Comprehensive income | $ | 404.8 | $ | 443.7 | $ | 402.7 | $ | (846.4 | ) | $ | 404.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 7,344.6 | $ | 921.3 | $ | (124.8 | ) | $ | 8,141.1 | ||||||||
Cost of sales | 0.8 | 6,474.8 | 783.4 | (124.8 | ) | 7,134.2 | |||||||||||||
Gross income (loss) | (0.8 | ) | 869.8 | 137.9 | — | 1,006.9 | |||||||||||||
Selling, general and administrative expenses | 108.0 | 420.4 | 33.1 | — | 561.5 | ||||||||||||||
Amortization of purchased intangibles | — | 40.1 | 17.6 | — | 57.7 | ||||||||||||||
Intangible asset impairment charge | — | — | — | — | — | ||||||||||||||
Operating income (loss) | (108.8 | ) | 409.3 | 87.2 | — | 387.7 | |||||||||||||
Interest expense | (197.4 | ) | (74.7 | ) | (3.9 | ) | 200.8 | (75.2 | ) | ||||||||||
Interest income | 2.3 | 28.1 | 172.3 | (200.8 | ) | 1.9 | |||||||||||||
Miscellaneous, net | 19.1 | (102.6 | ) | 78.3 | — | (5.2 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (284.8 | ) | 260.1 | 333.9 | — | 309.2 | |||||||||||||
Provision for (benefit from) income taxes | (57.4 | ) | 55.4 | 67.2 | — | 65.2 | |||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (227.4 | ) | 204.7 | 266.7 | — | 244.0 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 452.1 | 110.0 | 32.1 | (594.2 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | (0.4 | ) | 2.7 | — | 2.3 | |||||||||||||
Income from continuing operations | 224.7 | 314.3 | 301.5 | (594.2 | ) | 246.3 | |||||||||||||
Discontinued operations, net of tax | 6.1 | (24.6 | ) | 4.1 | — | (14.4 | ) | ||||||||||||
Net income | 230.8 | 289.7 | 305.6 | (594.2 | ) | 231.9 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Net income attributable to Oshkosh Corporation | $ | 230.8 | $ | 289.7 | $ | 304.5 | $ | (594.2 | ) | $ | 230.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 230.8 | $ | 289.7 | $ | 305.6 | $ | (594.2 | ) | $ | 231.9 | ||||||||
Other comprehensive income (loss), net of tax | 21.2 | 8.4 | (13.2 | ) | 4.8 | 21.2 | |||||||||||||
Comprehensive income | 252.0 | 298.1 | 292.4 | (589.4 | ) | 253.1 | |||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 252.0 | $ | 298.1 | $ | 291.3 | $ | (589.4 | ) | $ | 252.0 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 | |||||||||
Receivables, net | 35.3 | 756.4 | 233.7 | (50.5 | ) | 974.9 | |||||||||||||
Inventories, net | — | 624.3 | 337.7 | (1.1 | ) | 960.9 | |||||||||||||
Other current assets | 32.2 | 78.0 | 24.1 | 0.4 | 134.7 | ||||||||||||||
Total current assets | 349.3 | 1,463.4 | 622.8 | (51.2 | ) | 2,384.3 | |||||||||||||
Investment in consolidated subsidiaries | 5,375.8 | 1,009.3 | (337.1 | ) | (6,048.0 | ) | — | ||||||||||||
Intercompany receivables | 46.2 | 1,027.2 | 4,187.2 | (5,260.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,028.3 | 655.1 | — | 1,683.4 | ||||||||||||||
Other long-term assets | 109.3 | 224.1 | 185.6 | — | 519.0 | ||||||||||||||
Total assets | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 14.4 | $ | 485.1 | $ | 137.7 | $ | (50.5 | ) | $ | 586.7 | ||||||||
Customer advances | — | 308.1 | 2.0 | — | 310.1 | ||||||||||||||
Other current liabilities | 110.5 | 210.6 | 94.4 | (0.7 | ) | 414.8 | |||||||||||||
Total current liabilities | 124.9 | 1,003.8 | 234.1 | (51.2 | ) | 1,311.6 | |||||||||||||
Long-term debt, less current maturities | 875.0 | — | — | — | 875.0 | ||||||||||||||
Intercompany payables | 2,815.9 | 2,398.5 | 46.2 | (5,260.6 | ) | — | |||||||||||||
Other long-term liabilities | 79.8 | 190.0 | 145.3 | — | 415.1 | ||||||||||||||
Total shareholders’ equity | 1,985.0 | 1,160.0 | 4,888.0 | (6,048.0 | ) | 1,985.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 711.7 | $ | 2.7 | $ | 19.1 | $ | — | $ | 733.5 | |||||||||
Receivables, net | 23.5 | 627.6 | 180.8 | (37.6 | ) | 794.3 | |||||||||||||
Inventories, net | — | 586.6 | 236.5 | (1.1 | ) | 822.0 | |||||||||||||
Other current assets | 112.4 | 70.4 | 20.5 | 0.3 | 203.6 | ||||||||||||||
Total current assets | 847.6 | 1,287.3 | 456.9 | (38.4 | ) | 2,553.4 | |||||||||||||
Investment in consolidated subsidiaries | 4,932.0 | 840.0 | (553.4 | ) | (5,218.6 | ) | — | ||||||||||||
Intercompany receivables | 32.7 | 1,028.2 | 4,067.0 | (5,127.9 | ) | — | |||||||||||||
Intangible assets, net | — | 1,069.8 | 685.9 | — | 1,755.7 | ||||||||||||||
Other long-term assets | 82.3 | 239.4 | 134.9 | — | 456.6 | ||||||||||||||
Total assets | $ | 5,894.6 | $ | 4,464.7 | $ | 4,791.3 | $ | (10,384.9 | ) | $ | 4,765.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 16.5 | $ | 454.4 | $ | 90.9 | $ | (30.1 | ) | $ | 531.7 | ||||||||
Customer advances | — | 291.1 | 3.3 | — | 294.4 | ||||||||||||||
Other current liabilities | 139.6 | 321.9 | 101.4 | (8.3 | ) | 554.6 | |||||||||||||
Total current liabilities | 156.1 | 1,067.4 | 195.6 | (38.4 | ) | 1,380.7 | |||||||||||||
Long-term debt, less current maturities | 890.0 | — | — | — | 890.0 | ||||||||||||||
Intercompany payables | 2,669.0 | 2,424.5 | 34.4 | (5,127.9 | ) | — | |||||||||||||
Other long-term liabilities | 71.7 | 175.9 | 139.6 | — | 387.2 | ||||||||||||||
Total shareholders’ equity | 2,107.8 | 796.9 | 4,421.7 | (5,218.6 | ) | 2,107.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,894.6 | $ | 4,464.7 | $ | 4,791.3 | $ | (10,384.9 | ) | $ | 4,765.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (98.6 | ) | $ | 73.2 | $ | 195.8 | $ | — | $ | 170.4 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (33.4 | ) | (27.4 | ) | (31.4 | ) | — | (92.2 | ) | ||||||||||
Additions to equipment held for rental | — | — | (32.7 | ) | — | (32.7 | ) | ||||||||||||
Contributions to rabbi trust | (1.9 | ) | — | — | — | (1.9 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | — | — | 0.1 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | — | 12.8 | — | 12.8 | ||||||||||||||
Intercompany investing | (16.2 | ) | (17.6 | ) | (153.6 | ) | 187.4 | — | |||||||||||
Other investing activities | (1.0 | ) | — | 0.1 | — | (0.9 | ) | ||||||||||||
Net cash provided (used) by investing activities | (52.5 | ) | (44.9 | ) | (204.8 | ) | 187.4 | (114.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (403.3 | ) | — | — | — | (403.3 | ) | ||||||||||||
Repayment of long-term debt | (710.0 | ) | — | — | — | (710.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 650.0 | — | — | — | 650.0 | ||||||||||||||
Debt issuance costs | (19.1 | ) | — | — | — | (19.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 50.9 | — | — | — | 50.9 | ||||||||||||||
Dividends paid | (50.7 | ) | — | — | — | (50.7 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 6.2 | — | — | — | 6.2 | ||||||||||||||
Intercompany financing | 197.2 | (26.0 | ) | 16.2 | (187.4 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (278.8 | ) | (26.0 | ) | 16.2 | (187.4 | ) | (476.0 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (0.3 | ) | 1.0 | — | 0.7 | |||||||||||||
Increase (decrease) in cash and cash equivalents | (429.9 | ) | 2.0 | 8.2 | — | (419.7 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 711.7 | 2.7 | 19.1 | — | 733.5 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (181.4 | ) | $ | 306.1 | $ | 313.3 | $ | — | $ | 438.0 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (8.2 | ) | (26.0 | ) | (11.8 | ) | — | (46.0 | ) | ||||||||||
Additions to equipment held for rental | — | — | (13.9 | ) | — | (13.9 | ) | ||||||||||||
Contributions to rabbi trust | (19.4 | ) | — | — | — | (19.4 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | — | 0.1 | — | 0.1 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | — | 7.5 | — | 7.5 | ||||||||||||||
Intercompany investing | (2.2 | ) | (256.8 | ) | (288.0 | ) | 547.0 | — | |||||||||||
Other investing activities | — | 0.3 | (3.4 | ) | — | (3.1 | ) | ||||||||||||
Net cash provided (used) by investing activities | (29.8 | ) | (282.5 | ) | (309.5 | ) | 547.0 | (74.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (201.8 | ) | — | — | — | (201.8 | ) | ||||||||||||
Proceeds from exercise of stock options | 31.4 | — | — | — | 31.4 | ||||||||||||||
Excess tax benefit from stock-based compensation | 0.4 | — | — | — | 0.4 | ||||||||||||||
Intercompany financing | 592.9 | (26.0 | ) | (19.9 | ) | (547.0 | ) | — | |||||||||||
Net cash provided (used) by financing activities | 422.9 | (26.0 | ) | (19.9 | ) | (547.0 | ) | (170.0 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 211.7 | (2.8 | ) | (16.1 | ) | — | 192.8 | ||||||||||||
Cash and cash equivalents at beginning of year | 500.0 | 5.5 | 35.2 | — | 540.7 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 711.7 | $ | 2.7 | $ | 19.1 | $ | — | $ | 733.5 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (253.9 | ) | $ | 232.7 | $ | 289.5 | $ | — | $ | 268.3 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (7.9 | ) | (39.3 | ) | (8.7 | ) | — | (55.9 | ) | ||||||||||
Additions to equipment held for rental | — | — | (8.4 | ) | — | (8.4 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 7.5 | 0.1 | — | 7.6 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | 0.2 | 3.5 | — | 3.7 | ||||||||||||||
Proceeds from sale of equity method investments | — | — | 8.7 | — | 8.7 | ||||||||||||||
Intercompany investing | (0.8 | ) | (189.5 | ) | (288.3 | ) | 478.6 | — | |||||||||||
Other investing activities | — | 5.9 | (3.4 | ) | — | 2.5 | |||||||||||||
Net cash provided (used) by investing activities | (8.7 | ) | (215.2 | ) | (296.5 | ) | 478.6 | (41.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (13.3 | ) | — | — | — | (13.3 | ) | ||||||||||||
Repayment of long-term debt | (105.0 | ) | (0.1 | ) | — | — | (105.1 | ) | |||||||||||
Debt issuance costs | (3.1 | ) | — | — | — | (3.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 3.6 | — | — | — | 3.6 | ||||||||||||||
Excess tax benefit from stock-based compensation | 0.4 | — | — | — | 0.4 | ||||||||||||||
Intercompany financing | 503.7 | (26.0 | ) | 0.9 | (478.6 | ) | — | ||||||||||||
Other financing activities | — | — | 0.2 | — | 0.2 | ||||||||||||||
Net cash provided (used) by financing activities | 386.3 | (26.1 | ) | 1.1 | (478.6 | ) | (117.3 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 0.6 | 2.4 | — | 3.0 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 123.7 | (8.0 | ) | (3.5 | ) | — | 112.2 | ||||||||||||
Cash and cash equivalents at beginning of year | 376.3 | 13.5 | 38.7 | — | 428.5 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 500.0 | $ | 5.5 | $ | 35.2 | $ | — | $ | 540.7 |
|
Fiscal Year Ended September 30, 2014 | |||||||||||||||
4th Quarter (a) | 3rd Quarter (b) | 2nd Quarter (c) | 1st Quarter | ||||||||||||
Net sales | $ | 1,667.7 | $ | 1,932.4 | $ | 1,677.9 | $ | 1,530.2 | |||||||
Gross income | 289.5 | 346.9 | 291.2 | 255.1 | |||||||||||
Operating income | 113.1 | 174.3 | 119.4 | 96.5 | |||||||||||
Net income | 77.8 | 105.1 | 71.5 | 54.9 | |||||||||||
Net income from continuing operations | $ | 77.8 | $ | 105.1 | $ | 71.5 | $ | 54.9 | |||||||
Less: net earnings allocated to participating securities | (0.3 | ) | (0.4 | ) | (0.3 | ) | (0.2 | ) | |||||||
Net income from continuing operations available to Oshkosh Corporation common shareholders | $ | 77.5 | $ | 104.7 | $ | 71.2 | $ | 54.7 | |||||||
Net income from discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-basic: | |||||||||||||||
From continuing operations | $ | 0.94 | $ | 1.24 | $ | 0.84 | $ | 0.64 | |||||||
From discontinued operations | — | — | — | — | |||||||||||
$ | 0.94 | $ | 1.24 | $ | 0.84 | $ | 0.64 | ||||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-diluted: | |||||||||||||||
From continuing operations | $ | 0.93 | $ | 1.22 | $ | 0.83 | $ | 0.63 | |||||||
From discontinued operations | — | — | — | — | |||||||||||
$ | 0.93 | $ | 1.22 | $ | 0.83 | $ | 0.63 | ||||||||
Common Stock per share dividends | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 |
(a) | The fourth quarter of fiscal 2014 was impacted by a combined $3.8 million ($2.4 million after-tax) pension curtailment and settlement charge in the defense segment (See Note 18 of the Notes to Consolidated Financial Statements). |
(b) | The third quarter of fiscal 2014 was impacted by a $8.9 million ($5.6 million after-tax) contract pricing adjustment resulting from a reduction in other post-employment benefit eligible costs under historical cost-plus government contracts (See Note 22 of the Notes to Consolidated Financial Statements) and a $9.7 million ($6.2 million after-tax) pension curtailment benefit in connection with staffing reductions in the defense segment as a result of declining sales to the DoD (See Note 18 of the Notes to Consolidated Financial Statements). |
(c) | The second quarter of fiscal 2014 was impacted by a $4.1 million ($2.6 million after-tax) pension curtailment charge in connection with staffing reductions in the defense segment as a result of declining sales to the DoD (See Note 18 of the Notes to Consolidated Financial Statements). |
Fiscal Year Ended September 30, 2013 | |||||||||||||||
4th Quarter (a) | 3rd Quarter | 2nd Quarter | 1st Quarter (b) | ||||||||||||
Net sales | $ | 1,726.5 | $ | 2,204.4 | $ | 1,984.4 | $ | 1,749.8 | |||||||
Gross income | 256.9 | 385.5 | 303.4 | 246.0 | |||||||||||
Operating income | 65.2 | 225.6 | 134.6 | 80.3 | |||||||||||
Net income | 36.3 | 148.7 | 86.5 | 46.5 | |||||||||||
Net income from continuing operations | $ | 35.7 | $ | 148.4 | $ | 85.9 | $ | 46.3 | |||||||
Less: net earnings allocated to participating securities | (0.2 | ) | (0.9 | ) | (0.5 | ) | (0.3 | ) | |||||||
Net income from continuing operations available to Oshkosh Corporation common shareholders | $ | 35.5 | $ | 147.5 | $ | 85.4 | $ | 46.0 | |||||||
Net income from discontinued operations | $ | 0.6 | $ | 0.3 | $ | 0.6 | $ | 0.2 | |||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-basic: | |||||||||||||||
From continuing operations | $ | 0.41 | $ | 1.69 | $ | 0.98 | $ | 0.51 | |||||||
From discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
$ | 0.42 | $ | 1.69 | $ | 0.99 | $ | 0.51 | ||||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-diluted: | |||||||||||||||
From continuing operations | $ | 0.40 | $ | 1.67 | $ | 0.96 | $ | 0.51 | |||||||
From discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
$ | 0.41 | $ | 1.67 | $ | 0.97 | $ | 0.51 | ||||||||
Common Stock per share dividends | $ | — | $ | — | $ | — | $ | — |
(a) | The fourth quarter of fiscal 2013 was impacted by a $9.0 million ($5.5 million after-tax) non-cash intangible asset impairment charge (See Note 8 of the Notes to Consolidated Financial Statements) and charges of $3.8 million ($2.4 million after-tax) related to the ratification of a five years union contract extension in the defense segment. |
(b) | The first quarter of fiscal 2013 was impacted by $16.3 million ($10.4 million after-tax) of costs incurred by the Company in connection with an unsolicited tender offer for the Company's Common Stock and a threatened proxy contest. |
|
Fiscal Year | Balance at Beginning of Year | Additions Charged to Expense | Reductions* | Balance at End of Year | ||||||||||||
2012 | $ | 29.5 | $ | (2.3 | ) | $ | (9.2 | ) | $ | 18.0 | ||||||
2013 | $ | 18.0 | $ | 3.8 | $ | (1.4 | ) | $ | 20.4 | |||||||
2014 | $ | 20.4 | $ | 3.1 | $ | (1.7 | ) | $ | 21.8 |
* | Represents amounts written off to the reserve, net of recoveries and foreign currency translation adjustments. |
|
|
Fiscal Year Ended September 30, | |||||||
2013 | 2012 | ||||||
Net sales | $ | 20.6 | $ | 52.2 | |||
Cost of sales | 18.5 | 66.1 | |||||
Gross income (loss) | 2.1 | (13.9 | ) | ||||
Operating expenses: | |||||||
Selling, general and administrative | (0.9 | ) | 8.7 | ||||
Amortization of purchased intangibles | — | 0.5 | |||||
Total operating expenses | (0.9 | ) | 9.2 | ||||
Operating income (loss) | 3.0 | (23.1 | ) | ||||
Other expense | (0.4 | ) | (0.8 | ) | |||
Income (loss) before income taxes | 2.6 | (23.9 | ) | ||||
Provision for (benefit from) income taxes | 0.9 | (13.9 | ) | ||||
Income (loss) from operations, net of tax | 1.7 | (10.0 | ) | ||||
Loss on sale of discontinued operations | — | (4.4 | ) | ||||
Income (loss) from discontinued operations, net of tax | $ | 1.7 | $ | (14.4 | ) |
|
September 30, | |||||||
2014 | 2013 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 80.4 | $ | 118.3 | |||
Cost and profits not billed | 21.3 | 31.7 | |||||
101.7 | 150.0 | ||||||
Other trade receivables | 848.9 | 607.6 | |||||
Finance receivables | 2.0 | 3.3 | |||||
Notes receivable | 25.6 | 22.2 | |||||
Other receivables | 34.0 | 51.4 | |||||
1,012.2 | 834.5 | ||||||
Less allowance for doubtful accounts | (21.8 | ) | (20.4 | ) | |||
$ | 990.4 | $ | 814.1 |
September 30, | |||||||
2014 | 2013 | ||||||
Current receivables | $ | 974.9 | $ | 794.3 | |||
Long-term receivables | 15.5 | 19.8 | |||||
$ | 990.4 | $ | 814.1 |
September 30, | |||||||||||||||
Finance Receivables | Notes Receivables | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | — | $ | — | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | — | — | — | — | |||||||||||
Greater than 90 days | — | — | 2.2 | — | |||||||||||
Receivables on nonaccrual status | 1.3 | 0.6 | 18.3 | 20.2 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 0.7 | 3.3 | — | — | |||||||||||
Allowance for doubtful accounts | — | — | — | — | |||||||||||
Receivables subject to specific reserves | 1.3 | — | 25.6 | 22.2 | |||||||||||
Allowance for doubtful accounts | — | — | (13.6 | ) | (11.0 | ) |
Fiscal Year Ended September 30, 2014 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 | |||||||
Provision for doubtful accounts, net of recoveries | — | 3.5 | (0.4 | ) | 3.1 | ||||||||||
Charge-off of accounts | — | (0.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||
Foreign currency translation | — | (0.8 | ) | (0.1 | ) | (0.9 | ) | ||||||||
Allowance for doubtful accounts at end of year | $ | — | $ | 13.6 | $ | 8.2 | $ | 21.8 |
Fiscal Year Ended September 30, 2013 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | 1.4 | $ | 8.0 | $ | 8.6 | $ | 18.0 | |||||||
Provision for doubtful accounts, net of recoveries | (0.4 | ) | 3.0 | 1.2 | 3.8 | ||||||||||
Charge-off of accounts | (1.0 | ) | — | (0.4 | ) | (1.4 | ) | ||||||||
Foreign currency translation | — | — | — | — | |||||||||||
Allowance for doubtful accounts at end of year | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 |
|
September 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 519.4 | $ | 428.4 | ||||
Partially finished products | 230.5 | 272.4 | ||||||
Finished products | 336.4 | 312.6 | ||||||
Inventories at FIFO cost | 1,086.3 | 1,013.4 | ||||||
Less: | Progress/performance-based payments on U.S. government contracts | (42.5 | ) | (114.9 | ) | |||
Excess of FIFO cost over LIFO cost | (82.9 | ) | (76.5 | ) | ||||
$ | 960.9 | $ | 822.0 |
|
September 30, | |||||||
2014 | 2013 | ||||||
RiRent (The Netherlands) | $ | 11.2 | $ | 11.9 | |||
Mezcladoras (Mexico) | 9.9 | 9.0 | |||||
$ | 21.1 | $ | 20.9 |
|
September 30, | |||||||
2014 | 2013 | ||||||
Land and land improvements | $ | 48.6 | $ | 47.8 | |||
Buildings | 252.0 | 242.6 | |||||
Machinery and equipment | 624.8 | 583.1 | |||||
Equipment on operating lease to others | 41.0 | 19.6 | |||||
Construction in progress | 21.9 | — | |||||
988.3 | 893.1 | ||||||
Less accumulated depreciation | (582.8 | ) | (530.9 | ) | |||
$ | 405.5 | $ | 362.2 |
|
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2012 | $ | 906.1 | $ | 106.1 | $ | 21.6 | $ | 1,033.8 | |||||||
Foreign currency translation | 7.4 | — | (0.2 | ) | 7.2 | ||||||||||
Net goodwill at September 30, 2013 | 913.5 | 106.1 | 21.4 | 1,041.0 | |||||||||||
Foreign currency translation | (15.3 | ) | — | (0.2 | ) | (15.5 | ) | ||||||||
Net goodwill at September 30, 2014 | $ | 898.2 | $ | 106.1 | $ | 21.2 | $ | 1,025.5 |
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access Equipment | $ | 1,830.3 | $ | (932.1 | ) | $ | 898.2 | $ | 1,845.6 | $ | (932.1 | ) | $ | 913.5 | |||||||||
Fire & Emergency | 108.1 | (2.0 | ) | 106.1 | 114.3 | (8.2 | ) | 106.1 | |||||||||||||||
Commercial | 197.1 | (175.9 | ) | 21.2 | 197.3 | (175.9 | ) | 21.4 | |||||||||||||||
$ | 2,135.5 | $ | (1,110.0 | ) | $ | 1,025.5 | $ | 2,157.2 | $ | (1,116.2 | ) | $ | 1,041.0 |
September 30, 2014 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.1 | ) | $ | 30.3 | |||||
Non-compete | 10.5 | 56.4 | (56.2 | ) | 0.2 | ||||||||
Technology-related | 11.9 | 103.9 | (75.1 | ) | 28.8 | ||||||||
Customer relationships | 12.7 | 559.4 | (350.8 | ) | 208.6 | ||||||||
Other | 16.6 | 16.6 | (13.8 | ) | 2.8 | ||||||||
14.4 | 791.7 | (521.0 | ) | 270.7 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,178.9 | $ | (521.0 | ) | $ | 657.9 |
September 30, 2013 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (23.7 | ) | $ | 31.7 | |||||
Non-compete | 10.5 | 56.4 | (56.1 | ) | 0.3 | ||||||||
Technology-related | 11.9 | 103.9 | (66.8 | ) | 37.1 | ||||||||
Customer relationships | 12.7 | 566.2 | (311.1 | ) | 255.1 | ||||||||
Other | 16.6 | 16.6 | (13.3 | ) | 3.3 | ||||||||
14.4 | 798.5 | (471.0 | ) | 327.5 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,185.7 | $ | (471.0 | ) | $ | 714.7 |
|
September 30, | |||||||
2014 | 2013 | ||||||
Rabbi trust, less current portion | $ | 21.6 | $ | 18.9 | |||
Customer notes receivable | 17.0 | 16.9 | |||||
Deferred finance costs | 17.1 | 12.9 | |||||
Deferred income taxes, net | 14.6 | — | |||||
Long-term finance receivables, less current portion | 1.6 | 2.0 | |||||
Other | 30.3 | 30.1 | |||||
102.2 | 80.8 | ||||||
Less allowance for doubtful notes receivable | (9.8 | ) | (7.3 | ) | |||
$ | 92.4 | $ | 73.5 |
|
September 30, | |||||||
2014 | 2013 | ||||||
Senior Secured Term Loan | $ | 395.0 | $ | 455.0 | |||
8¼% Senior notes due March 2017 | — | 250.0 | |||||
8½% Senior notes due March 2020 | 250.0 | 250.0 | |||||
5.375% Senior notes due March 2022 | 250.0 | — | |||||
895.0 | 955.0 | ||||||
Less current maturities | (20.0 | ) | (65.0 | ) | |||
$ | 875.0 | $ | 890.0 |
Revolving Credit Facility | $ | — | $ | — | |||
Current maturities of long-term debt | 20.0 | 65.0 | |||||
$ | 20.0 | $ | 65.0 |
|
Fiscal Year Ended September 30, | |||||||
2014 | 2013 | ||||||
Balance at beginning of year | $ | 101.3 | $ | 95.0 | |||
Warranty provisions | 45.7 | 52.8 | |||||
Settlements made | (52.1 | ) | (53.2 | ) | |||
Changes in liability for pre-existing warranties, net | (2.9 | ) | 6.5 | ||||
Foreign currency translation | (0.8 | ) | 0.2 | ||||
Balance at end of year | $ | 91.2 | $ | 101.3 |
|
Fiscal Year Ended September 30, | |||||||
2014 | 2013 | ||||||
Balance at beginning of year | $ | 4.3 | $ | 5.0 | |||
Provision for new credit guarantees | 2.0 | 2.7 | |||||
Settlements made | (0.4 | ) | (0.2 | ) | |||
Changes for pre-existing guarantees, net | 0.3 | (0.4 | ) | ||||
Amortization of previous guarantees | (1.5 | ) | (2.7 | ) | |||
Foreign currency translation | (0.1 | ) | (0.1 | ) | |||
Balance at end of year | $ | 4.6 | $ | 4.3 |
|
September 30, 2014 | September 30, 2013 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | $ | 3.4 | $ | 0.4 | $ | 0.2 | $ | 1.9 |
Classification of Gains (Losses) | Fiscal Year Ended September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
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 | 3.3 | (1.8 | ) | (5.3 | ) | |||||||
$ | 3.3 | $ | (1.8 | ) | $ | (7.5 | ) |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 22.3 | $ | — | $ | — | $ | 22.3 | |||||||
Foreign currency exchange derivatives (b) | — | 3.4 | — | 3.4 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | — | 0.4 | — | 0.4 |
(a) | Represents investments in a rabbi trust for the Company's non-qualified SERP. The fair values of these investments are estimated using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in the Consolidated Statements of Income. |
(b) | Based on observable market transactions of forward currency prices. |
|
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Share Awards | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Equity compensation plans approved by security holders | 3,988,323 | $ | 36.20 | 3,340,296 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
3,988,323 | $ | 36.20 | 3,340,296 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 8.1 | $ | 9.1 | $ | 6.3 | |||||
Stock awards (shares and units) | 12.5 | 11.5 | 4.1 | ||||||||
Performance share awards | 4.4 | 3.8 | 8.1 | ||||||||
Cash-settled stock appreciation rights | (0.9 | ) | 8.1 | 4.4 | |||||||
Cash-settled restricted stock awards | 3.1 | 6.6 | 4.2 | ||||||||
Total stock-based compensation cost | 27.2 | 39.1 | 27.1 | ||||||||
Income tax benefit recognized for stock-based compensation | (10.0 | ) | (14.4 | ) | (9.9 | ) | |||||
$ | 17.2 | $ | 24.7 | $ | 17.2 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | |||||||||||||||
Outstanding, beginning of year | 3,747,094 | $ | 33.41 | 4,678,834 | $ | 31.26 | 4,774,714 | $ | 30.72 | |||||||||||
Granted | 505,800 | 46.98 | 313,300 | 47.33 | 576,400 | 28.55 | ||||||||||||||
Forfeited | (17,206 | ) | 37.25 | (35,002 | ) | 28.91 | (151,092 | ) | 26.76 | |||||||||||
Expired | — | — | (73,498 | ) | 45.78 | (235,081 | ) | 39.26 | ||||||||||||
Exercised | (1,545,181 | ) | 32.96 | (1,136,540 | ) | 25.75 | (286,107 | ) | 12.56 | |||||||||||
Outstanding, end of year | 2,690,507 | $ | 36.20 | 3,747,094 | $ | 33.41 | 4,678,834 | $ | 31.26 | |||||||||||
Exercisable, end of year | 1,819,535 | $ | 32.71 | 2,949,103 | $ | 33.05 | 3,620,565 | $ | 32.53 |
Outstanding | Exercisable | |||||||||||||||||||||||||||||||
Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||||||||||||
$ | 7.95 | - | $ | 19.24 | 476,899 | 4.0 | $ | 15.57 | $ | 13.6 | 470,232 | 4.0 | $ | 15.54 | $ | 13.4 | ||||||||||||||||
$ | 28.73 | - | $ | 38.46 | 949,626 | 3.6 | 30.20 | 13.3 | 787,774 | 3.3 | 30.45 | 10.8 | ||||||||||||||||||||
$ | 39.91 | - | $ | 54.63 | 1,263,982 | 5.1 | 48.49 | 0.3 | 561,529 | 3.1 | 50.26 | 0.3 | ||||||||||||||||||||
2,690,507 | 4.4 | $ | 36.20 | $ | 27.2 | 1,819,535 | 3.4 | $ | 32.71 | $ | 24.5 |
Fiscal Year Ended September 30, | |||||||||
Options Granted During | 2014 | 2013 | 2012 | ||||||
Assumptions: | |||||||||
Expected term (in years) | 5.1 | 5.2 | 5.2 | ||||||
Expected volatility | 43.23 | % | 66.90 | % | 66.03 | % | |||
Risk-free interest rate | 1.80 | % | 1.65 | % | 0.74 | % | |||
Expected dividend yield | 1.23 | % | 0.00 | % | 0.00 | % |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 609,871 | $ | 35.55 | 569,282 | $ | 26.84 | 228,615 | $ | 23.75 | |||||||||||
Granted | 305,900 | 47.72 | 310,300 | 45.87 | 514,800 | 27.37 | ||||||||||||||
Forfeited | (42,406 | ) | 37.22 | (24,700 | ) | 27.61 | (37,502 | ) | 23.04 | |||||||||||
Vested | (263,496 | ) | 35.17 | (245,011 | ) | 26.68 | (136,631 | ) | 24.70 | |||||||||||
End of year | 609,869 | $ | 41.70 | 609,871 | $ | 35.55 | 569,282 | $ | 26.84 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 358,800 | $ | 36.90 | 343,000 | $ | 33.43 | 329,500 | $ | 37.38 | |||||||||||
Granted | 52,475 | 55.17 | 79,800 | 54.78 | 151,500 | 35.34 | ||||||||||||||
Forfeited | (7,492 | ) | 40.00 | (6,000 | ) | 35.84 | (42,687 | ) | 40.71 | |||||||||||
Performance adjustments | 146,134 | 28.23 | 5,800 | 41.10 | (95,313 | ) | 46.85 | |||||||||||||
Vested | (292,442 | ) | 28.24 | (63,800 | ) | 41.10 | — | — | ||||||||||||
End of year | 257,475 | $ | 45.44 | 358,800 | $ | 36.90 | 343,000 | $ | 33.43 |
Fiscal Year Ended September 30, | |||||||||
Performance Shares Granted During | 2014 | 2013 | 2012 | ||||||
Assumptions: | |||||||||
Expected term (in years) | 3.03 | 3.04 | 3.00 | ||||||
Expected volatility | 39.75 | % | 43.36 | % | 44.90 | % | |||
Risk-free interest rate | 1.07 | % | 0.82 | % | 0.37 | % |
|
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Accumulated benefit obligation at September 30 | $ | 395.4 | $ | 344.6 | $ | 44.0 | $ | 42.5 | |||||||
Change in benefit obligation | |||||||||||||||
Benefit obligation at October 1 | $ | 350.0 | $ | 377.9 | $ | 42.5 | $ | 80.4 | |||||||
Service cost | 8.1 | 13.2 | 2.2 | 7.3 | |||||||||||
Interest cost | 17.7 | 16.1 | 2.0 | 3.2 | |||||||||||
Actuarial (gain)/loss | 51.7 | (52.4 | ) | 2.4 | (16.3 | ) | |||||||||
Participant contributions | 0.2 | 0.2 | 0.1 | — | |||||||||||
Plan amendments | 1.1 | 8.1 | — | (24.6 | ) | ||||||||||
Curtailments | (2.5 | ) | (4.8 | ) | (3.1 | ) | (5.8 | ) | |||||||
Benefits paid | (23.1 | ) | (8.4 | ) | (2.1 | ) | (1.7 | ) | |||||||
Currency translation adjustments | — | 0.1 | — | — | |||||||||||
Benefit obligation at September 30 | $ | 403.2 | $ | 350.0 | $ | 44.0 | $ | 42.5 |
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in plan assets | |||||||||||||||
Fair value of plan assets at October 1 | $ | 308.0 | $ | 280.4 | $ | — | $ | — | |||||||
Actual return on plan assets | 36.2 | 35.7 | — | — | |||||||||||
Company contributions | 2.5 | 2.2 | 2.0 | 1.7 | |||||||||||
Participant contributions | 0.2 | 0.2 | 0.1 | — | |||||||||||
Expenses paid | (3.2 | ) | (2.2 | ) | — | — | |||||||||
Benefits paid | (23.1 | ) | (8.4 | ) | (2.1 | ) | (1.7 | ) | |||||||
Currency translation adjustments | — | 0.1 | — | — | |||||||||||
Fair value of plan assets at September 30 | $ | 320.6 | $ | 308.0 | $ | — | $ | — | |||||||
Funded status of plan - underfunded at September 30 | $ | (82.6 | ) | $ | (42.0 | ) | $ | (44.0 | ) | $ | (42.5 | ) | |||
Recognized in consolidated balance sheet at September 30 | |||||||||||||||
Prepaid benefit cost (long-term asset) | $ | 4.0 | $ | 3.1 | $ | — | $ | — | |||||||
Accrued benefit liability (current liability) | (1.5 | ) | (1.4 | ) | (2.4 | ) | (2.3 | ) | |||||||
Accrued benefit liability (long-term liability) | (85.1 | ) | (43.7 | ) | (41.6 | ) | (40.2 | ) | |||||||
$ | (82.6 | ) | $ | (42.0 | ) | $ | (44.0 | ) | $ | (42.5 | ) |
Recognized in accumulated other comprehensive income (loss) as of September 30 (net of taxes) | |||||||||||||||
Net actuarial loss | $ | (42.2 | ) | $ | (22.8 | ) | $ | (4.1 | ) | $ | (4.8 | ) | |||
Prior service cost | (9.9 | ) | (14.7 | ) | 12.0 | 19.3 | |||||||||
$ | (52.1 | ) | $ | (37.5 | ) | $ | 7.9 | $ | 14.5 |
Weighted-average assumptions as of September 30 | |||||||||||
Discount rate | 4.52 | % | 5.07 | % | 4.04 | % | 4.76 | % | |||
Expected return on plan assets | 6.25 | % | 6.50 | % | n/a | n/a |
2014 | 2013 | ||||||
Projected benefit obligation | $ | 380.6 | $ | 233.4 | |||
Accumulated benefit obligation | 372.2 | 232.9 | |||||
Fair value of plan assets | 294.1 | 193.2 |
Postretirement | |||||||||||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||
Service cost | $ | 8.1 | $ | 13.2 | $ | 20.6 | $ | 2.2 | $ | 7.3 | $ | 7.2 | |||||||||||
Interest cost | 17.7 | 16.1 | 16.3 | 2.0 | 3.2 | 3.4 | |||||||||||||||||
Expected return on plan assets | (19.8 | ) | (17.0 | ) | (15.6 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost | 2.0 | 1.9 | 2.3 | (1.6 | ) | (0.5 | ) | — | |||||||||||||||
Curtailment/settlement | 8.2 | 2.8 | 3.4 | (10.0 | ) | (2.9 | ) | — | |||||||||||||||
Amortization of net actuarial loss | 0.6 | 4.4 | 7.1 | 0.2 | 1.1 | 1.3 | |||||||||||||||||
Expenses paid | 3.2 | 2.2 | 1.8 | — | — | — | |||||||||||||||||
Net periodic benefit cost (income) | $ | 20.0 | $ | 23.6 | $ | 35.9 | $ | (7.2 | ) | $ | 8.2 | $ | 11.9 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||||||||
Net actuarial loss (gain) | $ | 32.8 | $ | (75.9 | ) | $ | (26.0 | ) | $ | (0.8 | ) | $ | (22.0 | ) | $ | 2.6 | |||||||
Prior service cost | 1.1 | 8.1 | (0.9 | ) | — | (24.6 | ) | — | |||||||||||||||
Amortization of prior service cost | (2.0 | ) | (1.9 | ) | (4.8 | ) | 1.6 | 0.5 | — | ||||||||||||||
Curtailment/settlement | (8.2 | ) | (2.8 | ) | (2.3 | ) | 10.0 | 2.9 | (9.2 | ) | |||||||||||||
Amortization of net actuarial loss | (0.6 | ) | (4.4 | ) | (7.1 | ) | (0.2 | ) | (1.1 | ) | (1.3 | ) | |||||||||||
$ | 23.1 | $ | (76.9 | ) | $ | (41.1 | ) | $ | 10.6 | $ | (44.3 | ) | $ | (7.9 | ) |
Weighted-average assumptions | |||||||||||||||||
Discount rate | 5.07 | % | 4.24 | % | 4.72 | % | 4.76 | % | 3.95 | % | 4.45 | % | |||||
Expected return on plan assets | 6.50 | % | 6.25 | % | 7.00 | % | n/a | n/a | n/a | ||||||||
Rate of compensation increase | n/a | 3.69 | % | 3.78 | % | n/a | n/a | n/a |
Target % | 2014 | 2013 | |||||
Asset Category | |||||||
Fixed income | 30% - 40% | 31 | % | 34 | % | ||
Large-cap growth | 25% - 35% | 33 | % | 31 | % | ||
Large-cap value | 5% - 15% | 12 | % | 11 | % | ||
Mid-cap value | 5% - 15% | 12 | % | 11 | % | ||
Small-cap value | 5% - 15% | 12 | % | 13 | % | ||
Venture capital | 0% - 5% | — | % | — | % | ||
100 | % | 100 | % |
Quoted Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 195.6 | $ | 4.6 | $ | — | $ | 200.2 | |||||||
International companies (b) | — | 15.0 | — | 15.0 | |||||||||||
Government and agency bonds (c) | 9.6 | 32.1 | — | 41.7 | |||||||||||
Corporate bonds and notes (d) | — | 52.4 | — | 52.4 | |||||||||||
Money market funds (e) | 11.3 | — | — | 11.3 | |||||||||||
$ | 216.5 | $ | 104.1 | $ | — | $ | 320.6 |
September 30, 2013: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 179.6 | $ | 3.7 | $ | — | $ | 183.3 | |||||||
International companies (b) | — | 17.6 | — | 17.6 | |||||||||||
Government and agency bonds (c) | 4.8 | 35.8 | — | 40.6 | |||||||||||
Corporate bonds and notes (d) | — | 50.5 | — | 50.5 | |||||||||||
Money market funds (e) | 16.0 | — | — | 16.0 | |||||||||||
$ | 200.4 | $ | 107.6 | $ | — | $ | 308.0 |
(a) | Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges. |
(b) | Valuation model looks at underlying security "best" price, exchange rate for underlying security's currency against the U.S. Dollar and ratio of underlying security to American depository receipt. |
(c) | These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(d) | These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(e) | These investments largely consist of short-term investment funds and are valued using a market approach based on the quoted market prices of identical instruments. |
Postretirement | ||||||||||||
Fiscal Year Ending | Pension Benefits | Health and | ||||||||||
September 30, | Qualified | Non-Qualified | Other | |||||||||
2015 | $ | 8.7 | $ | 1.5 | $ | 2.6 | ||||||
2016 | 9.7 | 1.5 | 3.0 | |||||||||
2017 | 10.8 | 1.5 | 3.0 | |||||||||
2018 | 12.2 | 1.5 | 3.2 | |||||||||
2019 | 13.4 | 2.0 | 3.3 | |||||||||
2020-2024 | 87.8 | 10.0 | 17.4 |
|
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 373.1 | $ | 412.5 | $ | 269.1 | |||||
Foreign | 58.8 | 32.5 | 40.1 | ||||||||
$ | 431.9 | $ | 445.0 | $ | 309.2 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Allocated to Income From Continuing Operations Before Equity in Earnings of Unconsolidated Affiliates | |||||||||||
Current: | |||||||||||
Federal | $ | 118.8 | $ | 154.5 | $ | 118.9 | |||||
Foreign | 14.7 | 3.2 | 3.2 | ||||||||
State | 11.3 | 4.4 | 3.9 | ||||||||
Total current | 144.8 | 162.1 | 126.0 | ||||||||
Deferred: | |||||||||||
Federal | (8.5 | ) | (30.3 | ) | (60.8 | ) | |||||
Foreign | (10.5 | ) | 0.8 | 2.0 | |||||||
State | (0.8 | ) | (0.9 | ) | (2.0 | ) | |||||
Total deferred | (19.8 | ) | (30.4 | ) | (60.8 | ) | |||||
$ | 125.0 | $ | 131.7 | $ | 65.2 | ||||||
Allocated to Other Comprehensive Income (Loss) | |||||||||||
Deferred federal, state and foreign | $ | (12.4 | ) | $ | 44.6 | $ | 18.7 |
Fiscal Year Ended September 30, | ||||||||
2014 | 2013 | 2012 | ||||||
Effective Rate Reconciliation | ||||||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes, net | 2.1 | 0.8 | (0.6 | ) | ||||
Foreign taxes | (1.4 | ) | (0.3 | ) | 2.2 | |||
Tax audit settlements | (2.3 | ) | 0.3 | (3.8 | ) | |||
European tax incentive | — | (0.6 | ) | (1.6 | ) | |||
Valuation allowance | (2.4 | ) | (0.7 | ) | (2.3 | ) | ||
Domestic tax credits | (0.4 | ) | (1.3 | ) | (0.3 | ) | ||
Manufacturing deduction | (2.2 | ) | (3.8 | ) | (3.4 | ) | ||
Other, net | 0.6 | 0.2 | (4.1 | ) | ||||
29.0 | % | 29.6 | % | 21.1 | % |
September 30, | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | |||||||
Other long-term liabilities | $ | 88.5 | $ | 74.0 | |||
Losses and credits | 53.8 | 76.0 | |||||
Accrued warranty | 27.9 | 31.3 | |||||
Other current liabilities | 20.7 | 26.3 | |||||
Payroll-related obligations | 24.4 | 21.3 | |||||
Receivables | 7.1 | 7.8 | |||||
Other | 0.6 | — | |||||
Gross deferred tax assets | 223.0 | 236.7 | |||||
Less valuation allowance | (26.1 | ) | (52.1 | ) | |||
Deferred tax assets | 196.9 | 184.6 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | 193.1 | 210.0 | |||||
Property, plant and equipment | 35.2 | 31.4 | |||||
Inventories | 6.8 | 14.3 | |||||
Other | 5.9 | 4.3 | |||||
Deferred tax liabilities | 241.0 | 260.0 | |||||
$ | (44.1 | ) | $ | (75.4 | ) |
September 30, | |||||||
2014 | 2013 | ||||||
Current net deferred tax asset | $ | 66.3 | $ | 67.6 | |||
Long-term net deferred tax asset | 14.6 | — | |||||
Long-term net deferred tax liability | (125.0 | ) | (143.0 | ) | |||
$ | (44.1 | ) | $ | (75.4 | ) |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 37.0 | $ | 32.9 | $ | 53.3 | |||||
Additions for tax positions related to current year | 7.0 | 4.9 | 3.8 | ||||||||
Additions for tax positions related to prior years | 5.2 | 2.8 | 8.7 | ||||||||
Reductions for tax positions of prior years | (2.6 | ) | (0.6 | ) | (0.2 | ) | |||||
Settlements | (10.1 | ) | (1.4 | ) | (28.3 | ) | |||||
Lapse of statute of limitations | (3.0 | ) | (1.6 | ) | (4.4 | ) | |||||
Balance at end of year | $ | 33.5 | $ | 37.0 | $ | 32.9 |
Tax Jurisdiction | Open Tax Years | |
Australia | 2009 - 2014 | |
Belgium | 2011 - 2014 | |
Brazil | 2008 - 2014 | |
Canada | 2010 - 2014 | |
Romania | 2010 - 2014 | |
The Netherlands | 2009 - 2014 | |
China | 2011 - 2014 | |
United States (federal) | 2012 - 2014 | |
United States (state and local) | 2002 - 2014 |
|
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments, Net of Tax | Gains (Losses) on Derivatives, Net of Tax | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance at September 30, 2011 | $ | (130.7 | ) | $ | 9.5 | $ | (1.4 | ) | $ | (122.6 | ) | ||||
Other comprehensive income (loss) before reclassifications | 22.7 | (10.6 | ) | — | 12.1 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 8.4 | (0.7 | ) | 1.4 | 9.1 | ||||||||||
Net current period other comprehensive income (loss) | 31.1 | (11.3 | ) | 1.4 | 21.2 | ||||||||||
Balance at September 30, 2012 | (99.6 | ) | (1.8 | ) | — | (101.4 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 72.2 | 10.2 | — | 82.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 4.4 | — | — | 4.4 | |||||||||||
Net current period other comprehensive income (loss) | 76.6 | 10.2 | — | 86.8 | |||||||||||
Balance at September 30, 2013 | (23.0 | ) | 8.4 | — | (14.6 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (20.8 | ) | (33.4 | ) | — | (54.2 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.4 | ) | — | — | (0.4 | ) | |||||||||
Net current period other comprehensive income (loss) | (21.2 | ) | (33.4 | ) | — | (54.6 | ) | ||||||||
Balance at September 30, 2014 | $ | (44.2 | ) | $ | (25.0 | ) | $ | — | $ | (69.2 | ) |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||
Prior service costs | $ | (0.4 | ) | $ | (1.4 | ) | $ | (4.8 | ) | ||
Actuarial losses | (0.8 | ) | (5.5 | ) | (8.4 | ) | |||||
Curtailment/settlement | 1.8 | — | — | ||||||||
Total before tax | 0.6 | (6.9 | ) | (13.2 | ) | ||||||
Tax benefit (provision) | (0.2 | ) | 2.5 | 4.8 | |||||||
Net of tax | $ | 0.4 | $ | (4.4 | ) | $ | (8.4 | ) |
|
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
DoD | $ | 1,603.7 | $ | 2,782.1 | $ | 3,452.5 | |||||
Foreign military sales | 28.0 | 4.1 | 221.2 | ||||||||
Total DoD sales | $ | 1,631.7 | $ | 2,786.2 | $ | 3,673.7 |
|
Fiscal Year Ended September 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | |||||||||||||||||||||||||||
Access equipment | |||||||||||||||||||||||||||||||||||
Aerial work platforms | $ | 1,746.0 | $ | — | $ | 1,746.0 | $ | 1,483.9 | $ | — | $ | 1,483.9 | $ | 1,390.2 | $ | — | $ | 1,390.2 | |||||||||||||||||
Telehandlers | 1,157.2 | — | 1,157.2 | 1,106.0 | — | 1,106.0 | 892.3 | — | 892.3 | ||||||||||||||||||||||||||
Other | 603.3 | — | 603.3 | 530.8 | 0.1 | 530.9 | 511.9 | 125.1 | 637.0 | ||||||||||||||||||||||||||
Total access equipment | 3,506.5 | — | 3,506.5 | 3,120.7 | 0.1 | 3,120.8 | 2,794.4 | 125.1 | 2,919.5 | ||||||||||||||||||||||||||
Defense | 1,724.2 | 0.3 | 1,724.5 | 3,047.0 | 2.7 | 3,049.7 | 3,947.5 | 3.0 | 3,950.5 | ||||||||||||||||||||||||||
Fire & emergency | 719.1 | 37.4 | 756.5 | 751.0 | 41.4 | 792.4 | 729.6 | 39.0 | 768.6 | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Concrete placement | 428.2 | — | 428.2 | 349.5 | — | 349.5 | 231.9 | — | 231.9 | ||||||||||||||||||||||||||
Refuse collection | 309.1 | — | 309.1 | 295.1 | — | 295.1 | 336.8 | — | 336.8 | ||||||||||||||||||||||||||
Other | 121.1 | 7.5 | 128.6 | 101.8 | 20.5 | 122.3 | 100.9 | 27.4 | 128.3 | ||||||||||||||||||||||||||
Total commercial | 858.4 | 7.5 | 865.9 | 746.4 | 20.5 | 766.9 | 669.6 | 27.4 | 697.0 | ||||||||||||||||||||||||||
Intersegment eliminations | — | (45.2 | ) | (45.2 | ) | — | (64.7 | ) | (64.7 | ) | — | (194.5 | ) | (194.5 | ) | ||||||||||||||||||||
Consolidated | $ | 6,808.2 | $ | — | $ | 6,808.2 | $ | 7,665.1 | $ | — | $ | 7,665.1 | $ | 8,141.1 | $ | — | $ | 8,141.1 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operating income (loss) from continuing operations: | |||||||||||
Access equipment (a) | $ | 501.1 | $ | 379.6 | $ | 229.2 | |||||
Defense (b) | 76.4 | 224.9 | 236.5 | ||||||||
Fire & emergency | 26.6 | 23.8 | 8.8 | ||||||||
Commercial (c) | 53.9 | 41.3 | 32.1 | ||||||||
Corporate (d) | (154.7 | ) | (163.9 | ) | (119.1 | ) | |||||
Intersegment eliminations | — | — | 0.2 | ||||||||
Consolidated | 503.3 | 505.7 | 387.7 | ||||||||
Interest expense net of interest income (e) | (69.4 | ) | (54.6 | ) | (73.3 | ) | |||||
Miscellaneous other expense | (2.0 | ) | (6.1 | ) | (5.2 | ) | |||||
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | $ | 431.9 | $ | 445.0 | $ | 309.2 |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Depreciation and amortization: | |||||||||||
Access equipment | $ | 74.6 | $ | 72.5 | $ | 71.5 | |||||
Defense | 16.1 | 18.9 | 19.3 | ||||||||
Fire & emergency (a) | 12.2 | 12.2 | 13.5 | ||||||||
Commercial | 11.3 | 13.9 | 15.0 | ||||||||
Corporate (b) | 12.6 | 9.3 | 11.6 | ||||||||
Consolidated | $ | 126.8 | $ | 126.8 | $ | 130.9 | |||||
Capital expenditures: | |||||||||||
Access equipment (c) | $ | 52.5 | $ | 32.5 | $ | 28.3 | |||||
Defense | 7.8 | 5.4 | 16.0 | ||||||||
Fire & emergency | 5.5 | 6.3 | 7.3 | ||||||||
Commercial (c) | 20.4 | 6.9 | 4.8 | ||||||||
Corporate | 38.7 | 8.8 | 7.9 | ||||||||
Consolidated | $ | 124.9 | $ | 59.9 | $ | 64.3 |
September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Identifiable assets: | |||||||||||
Access equipment: | |||||||||||
U.S. | $ | 1,937.0 | $ | 1,673.7 | $ | 1,754.6 | |||||
Europe (a) | 727.5 | 709.0 | 684.2 | ||||||||
Rest of the world | 251.4 | 227.6 | 283.1 | ||||||||
Total access equipment | 2,915.9 | 2,610.3 | 2,721.9 | ||||||||
Defense - U.S. | 275.1 | 370.4 | 684.5 | ||||||||
Fire & emergency - U.S. | 527.0 | 537.1 | 534.0 | ||||||||
Commercial: | |||||||||||
U.S. | 394.5 | 327.4 | 304.5 | ||||||||
Rest of the world (a) | 35.5 | 32.6 | 37.0 | ||||||||
Total commercial | 430.0 | 360.0 | 341.5 | ||||||||
Corporate: | |||||||||||
U.S. (b) | 398.0 | 878.0 | 658.1 | ||||||||
Rest of the world | 40.7 | 9.9 | 7.8 | ||||||||
Total corporate | 438.7 | 887.9 | 665.9 | ||||||||
Consolidated | $ | 4,586.7 | $ | 4,765.7 | $ | 4,947.8 |
(a) | Includes investments in unconsolidated affiliates. |
(b) | Primarily includes cash and short-term investments. |
Fiscal Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net sales: | |||||||||||
United States | $ | 5,247.7 | $ | 6,034.5 | $ | 6,357.2 | |||||
Other North America | 351.2 | 235.2 | 248.3 | ||||||||
Europe, Africa and the Middle East | 672.3 | 898.7 | 974.9 | ||||||||
Rest of the world | 537.0 | 496.7 | 560.7 | ||||||||
Consolidated | $ | 6,808.2 | $ | 7,665.1 | $ | 8,141.1 |
|
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 5,838.2 | $ | 1,057.6 | $ | (87.6 | ) | $ | 6,808.2 | ||||||||
Cost of sales | 3.3 | 4,898.9 | 810.6 | (87.3 | ) | 5,625.5 | |||||||||||||
Gross income (loss) | (3.3 | ) | 939.3 | 247.0 | (0.3 | ) | 1,182.7 | ||||||||||||
Selling, general and administrative expenses | 138.0 | 378.5 | 107.6 | — | 624.1 | ||||||||||||||
Amortization of purchased intangibles | — | 39.9 | 15.4 | — | 55.3 | ||||||||||||||
Intangible asset impairment charges | — | — | — | — | — | ||||||||||||||
Operating income (loss) | (141.3 | ) | 520.9 | 124.0 | (0.3 | ) | 503.3 | ||||||||||||
Interest expense | (246.3 | ) | (49.4 | ) | (3.2 | ) | 227.5 | (71.4 | ) | ||||||||||
Interest income | 3.0 | 60.3 | 166.2 | (227.5 | ) | 2.0 | |||||||||||||
Miscellaneous, net | 46.9 | (184.6 | ) | 135.7 | — | (2.0 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (337.7 | ) | 347.2 | 422.7 | (0.3 | ) | 431.9 | ||||||||||||
Provision for (benefit from) income taxes | (109.0 | ) | 113.7 | 120.4 | (0.1 | ) | 125.0 | ||||||||||||
Income (loss) from continuing operations before equity in earnings of affiliates | (228.7 | ) | 233.5 | 302.3 | (0.2 | ) | 306.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 538.0 | 159.3 | 188.3 | (885.6 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 2.4 | — | 2.4 | ||||||||||||||
Income from continuing operations | 309.3 | 392.8 | 493.0 | (885.8 | ) | 309.3 | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | ||||||||||||||
Net income | 309.3 | 392.8 | 493.0 | (885.8 | ) | 309.3 | |||||||||||||
Other comprehensive income (loss), net of tax | (54.6 | ) | (22.2 | ) | (29.8 | ) | 52.0 | (54.6 | ) | ||||||||||
Comprehensive income | $ | 254.7 | $ | 370.6 | $ | 463.2 | $ | (833.8 | ) | $ | 254.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 6,857.4 | $ | 923.7 | $ | (116.0 | ) | $ | 7,665.1 | ||||||||
Cost of sales | 3.2 | 5,850.7 | 735.6 | (116.2 | ) | 6,473.3 | |||||||||||||
Gross income (loss) | (3.2 | ) | 1,006.7 | 188.1 | 0.2 | 1,191.8 | |||||||||||||
Selling, general and administrative expenses | 148.3 | 407.1 | 65.1 | — | 620.5 | ||||||||||||||
Amortization of purchased intangibles | — | 40.0 | 16.6 | — | 56.6 | ||||||||||||||
Intangible asset impairment charge | — | — | 9.0 | — | 9.0 | ||||||||||||||
Operating income (loss) | (151.5 | ) | 559.6 | 97.4 | 0.2 | 505.7 | |||||||||||||
Interest expense | (217.9 | ) | (55.2 | ) | (3.7 | ) | 210.8 | (66.0 | ) | ||||||||||
Interest income | 2.9 | 55.4 | 163.9 | (210.8 | ) | 11.4 | |||||||||||||
Miscellaneous, net | 44.5 | (147.3 | ) | 96.7 | — | (6.1 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (322.0 | ) | 412.5 | 354.3 | 0.2 | 445.0 | |||||||||||||
Provision for (benefit from) income taxes | (99.9 | ) | 130.4 | 101.1 | 0.1 | 131.7 | |||||||||||||
Income (loss) from continuing operations before equity in earnings of affiliates | (222.1 | ) | 282.1 | 253.2 | 0.1 | 313.3 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 540.1 | 125.7 | 132.2 | (798.0 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 3.0 | — | 3.0 | ||||||||||||||
Income from continuing operations | 318.0 | 407.8 | 388.4 | (797.9 | ) | 316.3 | |||||||||||||
Discontinued operations, net of tax | — | 1.7 | — | — | 1.7 | ||||||||||||||
Net income | 318.0 | 409.5 | 388.4 | (797.9 | ) | 318.0 | |||||||||||||
Other comprehensive income (loss), net of tax | 86.8 | 34.2 | 14.3 | (48.5 | ) | 86.8 | |||||||||||||
Comprehensive income | $ | 404.8 | $ | 443.7 | $ | 402.7 | $ | (846.4 | ) | $ | 404.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 7,344.6 | $ | 921.3 | $ | (124.8 | ) | $ | 8,141.1 | ||||||||
Cost of sales | 0.8 | 6,474.8 | 783.4 | (124.8 | ) | 7,134.2 | |||||||||||||
Gross income (loss) | (0.8 | ) | 869.8 | 137.9 | — | 1,006.9 | |||||||||||||
Selling, general and administrative expenses | 108.0 | 420.4 | 33.1 | — | 561.5 | ||||||||||||||
Amortization of purchased intangibles | — | 40.1 | 17.6 | — | 57.7 | ||||||||||||||
Intangible asset impairment charge | — | — | — | — | — | ||||||||||||||
Operating income (loss) | (108.8 | ) | 409.3 | 87.2 | — | 387.7 | |||||||||||||
Interest expense | (197.4 | ) | (74.7 | ) | (3.9 | ) | 200.8 | (75.2 | ) | ||||||||||
Interest income | 2.3 | 28.1 | 172.3 | (200.8 | ) | 1.9 | |||||||||||||
Miscellaneous, net | 19.1 | (102.6 | ) | 78.3 | — | (5.2 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (284.8 | ) | 260.1 | 333.9 | — | 309.2 | |||||||||||||
Provision for (benefit from) income taxes | (57.4 | ) | 55.4 | 67.2 | — | 65.2 | |||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (227.4 | ) | 204.7 | 266.7 | — | 244.0 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 452.1 | 110.0 | 32.1 | (594.2 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | (0.4 | ) | 2.7 | — | 2.3 | |||||||||||||
Income from continuing operations | 224.7 | 314.3 | 301.5 | (594.2 | ) | 246.3 | |||||||||||||
Discontinued operations, net of tax | 6.1 | (24.6 | ) | 4.1 | — | (14.4 | ) | ||||||||||||
Net income | 230.8 | 289.7 | 305.6 | (594.2 | ) | 231.9 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Net income attributable to Oshkosh Corporation | $ | 230.8 | $ | 289.7 | $ | 304.5 | $ | (594.2 | ) | $ | 230.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 230.8 | $ | 289.7 | $ | 305.6 | $ | (594.2 | ) | $ | 231.9 | ||||||||
Other comprehensive income (loss), net of tax | 21.2 | 8.4 | (13.2 | ) | 4.8 | 21.2 | |||||||||||||
Comprehensive income | 252.0 | 298.1 | 292.4 | (589.4 | ) | 253.1 | |||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 252.0 | $ | 298.1 | $ | 291.3 | $ | (589.4 | ) | $ | 252.0 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 | |||||||||
Receivables, net | 35.3 | 756.4 | 233.7 | (50.5 | ) | 974.9 | |||||||||||||
Inventories, net | — | 624.3 | 337.7 | (1.1 | ) | 960.9 | |||||||||||||
Other current assets | 32.2 | 78.0 | 24.1 | 0.4 | 134.7 | ||||||||||||||
Total current assets | 349.3 | 1,463.4 | 622.8 | (51.2 | ) | 2,384.3 | |||||||||||||
Investment in consolidated subsidiaries | 5,375.8 | 1,009.3 | (337.1 | ) | (6,048.0 | ) | — | ||||||||||||
Intercompany receivables | 46.2 | 1,027.2 | 4,187.2 | (5,260.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,028.3 | 655.1 | — | 1,683.4 | ||||||||||||||
Other long-term assets | 109.3 | 224.1 | 185.6 | — | 519.0 | ||||||||||||||
Total assets | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 14.4 | $ | 485.1 | $ | 137.7 | $ | (50.5 | ) | $ | 586.7 | ||||||||
Customer advances | — | 308.1 | 2.0 | — | 310.1 | ||||||||||||||
Other current liabilities | 110.5 | 210.6 | 94.4 | (0.7 | ) | 414.8 | |||||||||||||
Total current liabilities | 124.9 | 1,003.8 | 234.1 | (51.2 | ) | 1,311.6 | |||||||||||||
Long-term debt, less current maturities | 875.0 | — | — | — | 875.0 | ||||||||||||||
Intercompany payables | 2,815.9 | 2,398.5 | 46.2 | (5,260.6 | ) | — | |||||||||||||
Other long-term liabilities | 79.8 | 190.0 | 145.3 | — | 415.1 | ||||||||||||||
Total shareholders’ equity | 1,985.0 | 1,160.0 | 4,888.0 | (6,048.0 | ) | 1,985.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 711.7 | $ | 2.7 | $ | 19.1 | $ | — | $ | 733.5 | |||||||||
Receivables, net | 23.5 | 627.6 | 180.8 | (37.6 | ) | 794.3 | |||||||||||||
Inventories, net | — | 586.6 | 236.5 | (1.1 | ) | 822.0 | |||||||||||||
Other current assets | 112.4 | 70.4 | 20.5 | 0.3 | 203.6 | ||||||||||||||
Total current assets | 847.6 | 1,287.3 | 456.9 | (38.4 | ) | 2,553.4 | |||||||||||||
Investment in consolidated subsidiaries | 4,932.0 | 840.0 | (553.4 | ) | (5,218.6 | ) | — | ||||||||||||
Intercompany receivables | 32.7 | 1,028.2 | 4,067.0 | (5,127.9 | ) | — | |||||||||||||
Intangible assets, net | — | 1,069.8 | 685.9 | — | 1,755.7 | ||||||||||||||
Other long-term assets | 82.3 | 239.4 | 134.9 | — | 456.6 | ||||||||||||||
Total assets | $ | 5,894.6 | $ | 4,464.7 | $ | 4,791.3 | $ | (10,384.9 | ) | $ | 4,765.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 16.5 | $ | 454.4 | $ | 90.9 | $ | (30.1 | ) | $ | 531.7 | ||||||||
Customer advances | — | 291.1 | 3.3 | — | 294.4 | ||||||||||||||
Other current liabilities | 139.6 | 321.9 | 101.4 | (8.3 | ) | 554.6 | |||||||||||||
Total current liabilities | 156.1 | 1,067.4 | 195.6 | (38.4 | ) | 1,380.7 | |||||||||||||
Long-term debt, less current maturities | 890.0 | — | — | — | 890.0 | ||||||||||||||
Intercompany payables | 2,669.0 | 2,424.5 | 34.4 | (5,127.9 | ) | — | |||||||||||||
Other long-term liabilities | 71.7 | 175.9 | 139.6 | — | 387.2 | ||||||||||||||
Total shareholders’ equity | 2,107.8 | 796.9 | 4,421.7 | (5,218.6 | ) | 2,107.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,894.6 | $ | 4,464.7 | $ | 4,791.3 | $ | (10,384.9 | ) | $ | 4,765.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (98.6 | ) | $ | 73.2 | $ | 195.8 | $ | — | $ | 170.4 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (33.4 | ) | (27.4 | ) | (31.4 | ) | — | (92.2 | ) | ||||||||||
Additions to equipment held for rental | — | — | (32.7 | ) | — | (32.7 | ) | ||||||||||||
Contributions to rabbi trust | (1.9 | ) | — | — | — | (1.9 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 0.1 | — | — | 0.1 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | — | 12.8 | — | 12.8 | ||||||||||||||
Intercompany investing | (16.2 | ) | (17.6 | ) | (153.6 | ) | 187.4 | — | |||||||||||
Other investing activities | (1.0 | ) | — | 0.1 | — | (0.9 | ) | ||||||||||||
Net cash provided (used) by investing activities | (52.5 | ) | (44.9 | ) | (204.8 | ) | 187.4 | (114.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (403.3 | ) | — | — | — | (403.3 | ) | ||||||||||||
Repayment of long-term debt | (710.0 | ) | — | — | — | (710.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 650.0 | — | — | — | 650.0 | ||||||||||||||
Debt issuance costs | (19.1 | ) | — | — | — | (19.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 50.9 | — | — | — | 50.9 | ||||||||||||||
Dividends paid | (50.7 | ) | — | — | — | (50.7 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 6.2 | — | — | — | 6.2 | ||||||||||||||
Intercompany financing | 197.2 | (26.0 | ) | 16.2 | (187.4 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (278.8 | ) | (26.0 | ) | 16.2 | (187.4 | ) | (476.0 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (0.3 | ) | 1.0 | — | 0.7 | |||||||||||||
Increase (decrease) in cash and cash equivalents | (429.9 | ) | 2.0 | 8.2 | — | (419.7 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 711.7 | 2.7 | 19.1 | — | 733.5 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (181.4 | ) | $ | 306.1 | $ | 313.3 | $ | — | $ | 438.0 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (8.2 | ) | (26.0 | ) | (11.8 | ) | — | (46.0 | ) | ||||||||||
Additions to equipment held for rental | — | — | (13.9 | ) | — | (13.9 | ) | ||||||||||||
Contributions to rabbi trust | (19.4 | ) | — | — | — | (19.4 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | — | 0.1 | — | 0.1 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | — | 7.5 | — | 7.5 | ||||||||||||||
Intercompany investing | (2.2 | ) | (256.8 | ) | (288.0 | ) | 547.0 | — | |||||||||||
Other investing activities | — | 0.3 | (3.4 | ) | — | (3.1 | ) | ||||||||||||
Net cash provided (used) by investing activities | (29.8 | ) | (282.5 | ) | (309.5 | ) | 547.0 | (74.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (201.8 | ) | — | — | — | (201.8 | ) | ||||||||||||
Proceeds from exercise of stock options | 31.4 | — | — | — | 31.4 | ||||||||||||||
Excess tax benefit from stock-based compensation | 0.4 | — | — | — | 0.4 | ||||||||||||||
Intercompany financing | 592.9 | (26.0 | ) | (19.9 | ) | (547.0 | ) | — | |||||||||||
Net cash provided (used) by financing activities | 422.9 | (26.0 | ) | (19.9 | ) | (547.0 | ) | (170.0 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 211.7 | (2.8 | ) | (16.1 | ) | — | 192.8 | ||||||||||||
Cash and cash equivalents at beginning of year | 500.0 | 5.5 | 35.2 | — | 540.7 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 711.7 | $ | 2.7 | $ | 19.1 | $ | — | $ | 733.5 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (253.9 | ) | $ | 232.7 | $ | 289.5 | $ | — | $ | 268.3 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (7.9 | ) | (39.3 | ) | (8.7 | ) | — | (55.9 | ) | ||||||||||
Additions to equipment held for rental | — | — | (8.4 | ) | — | (8.4 | ) | ||||||||||||
Proceeds from sale of property, plant and equipment | — | 7.5 | 0.1 | — | 7.6 | ||||||||||||||
Proceeds from sale of equipment held for rental | — | 0.2 | 3.5 | — | 3.7 | ||||||||||||||
Proceeds from sale of equity method investments | — | — | 8.7 | — | 8.7 | ||||||||||||||
Intercompany investing | (0.8 | ) | (189.5 | ) | (288.3 | ) | 478.6 | — | |||||||||||
Other investing activities | — | 5.9 | (3.4 | ) | — | 2.5 | |||||||||||||
Net cash provided (used) by investing activities | (8.7 | ) | (215.2 | ) | (296.5 | ) | 478.6 | (41.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repurchases of Common Stock | (13.3 | ) | — | — | — | (13.3 | ) | ||||||||||||
Repayment of long-term debt | (105.0 | ) | (0.1 | ) | — | — | (105.1 | ) | |||||||||||
Debt issuance costs | (3.1 | ) | — | — | — | (3.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 3.6 | — | — | — | 3.6 | ||||||||||||||
Excess tax benefit from stock-based compensation | 0.4 | — | — | — | 0.4 | ||||||||||||||
Intercompany financing | 503.7 | (26.0 | ) | 0.9 | (478.6 | ) | — | ||||||||||||
Other financing activities | — | — | 0.2 | — | 0.2 | ||||||||||||||
Net cash provided (used) by financing activities | 386.3 | (26.1 | ) | 1.1 | (478.6 | ) | (117.3 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 0.6 | 2.4 | — | 3.0 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 123.7 | (8.0 | ) | (3.5 | ) | — | 112.2 | ||||||||||||
Cash and cash equivalents at beginning of year | 376.3 | 13.5 | 38.7 | — | 428.5 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 500.0 | $ | 5.5 | $ | 35.2 | $ | — | $ | 540.7 |
|
Fiscal Year Ended September 30, 2014 | |||||||||||||||
4th Quarter (a) | 3rd Quarter (b) | 2nd Quarter (c) | 1st Quarter | ||||||||||||
Net sales | $ | 1,667.7 | $ | 1,932.4 | $ | 1,677.9 | $ | 1,530.2 | |||||||
Gross income | 289.5 | 346.9 | 291.2 | 255.1 | |||||||||||
Operating income | 113.1 | 174.3 | 119.4 | 96.5 | |||||||||||
Net income | 77.8 | 105.1 | 71.5 | 54.9 | |||||||||||
Net income from continuing operations | $ | 77.8 | $ | 105.1 | $ | 71.5 | $ | 54.9 | |||||||
Less: net earnings allocated to participating securities | (0.3 | ) | (0.4 | ) | (0.3 | ) | (0.2 | ) | |||||||
Net income from continuing operations available to Oshkosh Corporation common shareholders | $ | 77.5 | $ | 104.7 | $ | 71.2 | $ | 54.7 | |||||||
Net income from discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-basic: | |||||||||||||||
From continuing operations | $ | 0.94 | $ | 1.24 | $ | 0.84 | $ | 0.64 | |||||||
From discontinued operations | — | — | — | — | |||||||||||
$ | 0.94 | $ | 1.24 | $ | 0.84 | $ | 0.64 | ||||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-diluted: | |||||||||||||||
From continuing operations | $ | 0.93 | $ | 1.22 | $ | 0.83 | $ | 0.63 | |||||||
From discontinued operations | — | — | — | — | |||||||||||
$ | 0.93 | $ | 1.22 | $ | 0.83 | $ | 0.63 | ||||||||
Common Stock per share dividends | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 |
(a) | The fourth quarter of fiscal 2014 was impacted by a combined $3.8 million ($2.4 million after-tax) pension curtailment and settlement charge in the defense segment (See Note 18 of the Notes to Consolidated Financial Statements). |
(b) | The third quarter of fiscal 2014 was impacted by a $8.9 million ($5.6 million after-tax) contract pricing adjustment resulting from a reduction in other post-employment benefit eligible costs under historical cost-plus government contracts (See Note 22 of the Notes to Consolidated Financial Statements) and a $9.7 million ($6.2 million after-tax) pension curtailment benefit in connection with staffing reductions in the defense segment as a result of declining sales to the DoD (See Note 18 of the Notes to Consolidated Financial Statements). |
(c) | The second quarter of fiscal 2014 was impacted by a $4.1 million ($2.6 million after-tax) pension curtailment charge in connection with staffing reductions in the defense segment as a result of declining sales to the DoD (See Note 18 of the Notes to Consolidated Financial Statements). |
Fiscal Year Ended September 30, 2013 | |||||||||||||||
4th Quarter (a) | 3rd Quarter | 2nd Quarter | 1st Quarter (b) | ||||||||||||
Net sales | $ | 1,726.5 | $ | 2,204.4 | $ | 1,984.4 | $ | 1,749.8 | |||||||
Gross income | 256.9 | 385.5 | 303.4 | 246.0 | |||||||||||
Operating income | 65.2 | 225.6 | 134.6 | 80.3 | |||||||||||
Net income | 36.3 | 148.7 | 86.5 | 46.5 | |||||||||||
Net income from continuing operations | $ | 35.7 | $ | 148.4 | $ | 85.9 | $ | 46.3 | |||||||
Less: net earnings allocated to participating securities | (0.2 | ) | (0.9 | ) | (0.5 | ) | (0.3 | ) | |||||||
Net income from continuing operations available to Oshkosh Corporation common shareholders | $ | 35.5 | $ | 147.5 | $ | 85.4 | $ | 46.0 | |||||||
Net income from discontinued operations | $ | 0.6 | $ | 0.3 | $ | 0.6 | $ | 0.2 | |||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-basic: | |||||||||||||||
From continuing operations | $ | 0.41 | $ | 1.69 | $ | 0.98 | $ | 0.51 | |||||||
From discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
$ | 0.42 | $ | 1.69 | $ | 0.99 | $ | 0.51 | ||||||||
Earnings (loss) per share attributable to Oshkosh | |||||||||||||||
Corporation common shareholders-diluted: | |||||||||||||||
From continuing operations | $ | 0.40 | $ | 1.67 | $ | 0.96 | $ | 0.51 | |||||||
From discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
$ | 0.41 | $ | 1.67 | $ | 0.97 | $ | 0.51 | ||||||||
Common Stock per share dividends | $ | — | $ | — | $ | — | $ | — |
(a) | The fourth quarter of fiscal 2013 was impacted by a $9.0 million ($5.5 million after-tax) non-cash intangible asset impairment charge (See Note 8 of the Notes to Consolidated Financial Statements) and charges of $3.8 million ($2.4 million after-tax) related to the ratification of a five years union contract extension in the defense segment. |
(b) | The first quarter of fiscal 2013 was impacted by $16.3 million ($10.4 million after-tax) of costs incurred by the Company in connection with an unsolicited tender offer for the Company's Common Stock and a threatened proxy contest. |
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