OSHKOSH CORP, 10-K filed on 11/13/2014
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Sep. 30, 2014
Nov. 7, 2014
Mar. 31, 2014
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
OSHKOSH CORP 
 
 
Entity Central Index Key
0000775158 
 
 
Current Fiscal Year End Date
--09-30 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Sep. 30, 2014 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding (in shares)
 
79,803,189 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 4,983,306,999 
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Income Statement [Abstract]
 
 
 
Net sales
$ 6,808.2 
$ 7,665.1 
$ 8,141.1 
Cost of sales
5,625.5 
6,473.3 
7,134.2 
Gross income
1,182.7 
1,191.8 
1,006.9 
Operating expenses:
 
 
 
Selling, general and administrative
624.1 
620.5 
561.5 
Amortization of purchased intangibles
55.3 
56.6 
57.7 
Intangible asset impairment charge
0 
9.0 
0 
Total operating expenses
679.4 
686.1 
619.2 
Operating income
503.3 
505.7 
387.7 
Other income (expense):
 
 
 
Interest expense
(71.4)
(66.0)
(75.2)
Interest income
2.0 
11.4 
1.9 
Miscellaneous, net
(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 
Provision for income taxes
125.0 
131.7 
65.2 
Income from continuing operations before equity in earnings of unconsolidated affiliates
306.9 
313.3 
244.0 
Equity in earnings of unconsolidated affiliates
2.4 
3.0 
2.3 
Income from continuing operations, net of tax
309.3 
316.3 
246.3 
Discontinued operations (Note 3):
 
 
 
Income (loss) from discontinued operations
0 
2.6 
(28.3)
Income tax benefit (provision)
0 
(0.9)
13.9 
Income (loss) from discontinued operations, net of tax
0 
1.7 
(14.4)
Net income
309.3 
318.0 
231.9 
Net income attributable to noncontrolling interest
0 
0 
(1.1)
Net income attributable to Oshkosh Corporation
$ 309.3 
$ 318.0 
$ 230.8 
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic:
 
 
 
From continuing operations (in dollars per share)
$ 3.66 
$ 3.58 
$ 2.68 
From discontinued operations (in dollars per share)
$ 0.00 
$ 0.02 
$ (0.16)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic (in dollars per share)
$ 3.66 
$ 3.60 
$ 2.52 
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted:
 
 
 
From continuing operations (in dollars per share)
$ 3.61 
$ 3.53 
$ 2.67 
From discontinued operations (in dollars per share)
$ 0.00 
$ 0.02 
$ (0.16)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted (in dollars per share)
$ 3.61 
$ 3.55 
$ 2.51 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 309.3 
$ 318.0 
$ 231.9 
Other comprehensive income (loss), net of tax:
 
 
 
Change in fair value of derivative instruments
0 
0 
1.4 
Employee pension and postretirement benefits
(21.2)
76.6 
31.1 
Currency translation adjustments
(33.4)
10.2 
(11.3)
Net current period other comprehensive income (loss)
(54.6)
86.8 
21.2 
Comprehensive income
254.7 
404.8 
253.1 
Comprehensive income attributable to noncontrolling interest
0 
0 
(1.1)
Comprehensive income attributable to Oshkosh Corporation
$ 254.7 
$ 404.8 
$ 252.0 
CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Sep. 30, 2013
Current assets:
 
 
Cash and cash equivalents
$ 313.8 
$ 733.5 
Receivables, net
974.9 
794.3 
Inventories, net
960.9 
822.0 
Deferred income taxes, net
66.3 
67.6 
Prepaid income taxes
22.7 
100.4 
Other current assets
45.7 
35.6 
Total current assets
2,384.3 
2,553.4 
Investment in unconsolidated affiliates
21.1 
20.9 
Property, plant and equipment, net
405.5 
362.2 
Goodwill
1,025.5 
1,041.0 
Purchased intangible assets, net
657.9 
714.7 
Other long-term assets
92.4 
73.5 
Total assets
4,586.7 
4,765.7 
Current liabilities:
 
 
Revolving credit facility and current maturities of long-term debt
20.0 
65.0 
Accounts payable
586.7 
531.7 
Customer advances
310.1 
294.4 
Payroll-related obligations
147.2 
146.9 
Accrued warranty
91.2 
101.3 
Other current liabilities
156.4 
241.4 
Total current liabilities
1,311.6 
1,380.7 
Long-term debt, less current maturities
875.0 
890.0 
Deferred income taxes, net
125.0 
143.0 
Other long-term liabilities
290.1 
244.2 
Commitments and contingencies
   
   
Shareholders' Equity:
 
 
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding)
0 
0 
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,101,465 shares issued)
0.9 
0.9 
Additional paid-in capital
758.0 
725.6 
Retained earnings
1,840.1 
1,581.5 
Accumulated other comprehensive loss
(69.2)
(14.6)
Common Stock in treasury, at cost (12,256,103 and 5,566,890 shares, respectively)
(544.8)
(185.6)
Total shareholders’ equity
1,985.0 
2,107.8 
Total liabilities and shareholders' equity
$ 4,586.7 
$ 4,765.7 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Sep. 30, 2014
Sep. 30, 2013
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
Preferred Stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred Stock, shares authorized
2,000,000 
2,000,000 
Preferred Stock, shares issued
0 
0 
Preferred Stock, shares outstanding
0 
0 
Common Stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common Stock, shares authorized
300,000,000 
300,000,000 
Common Stock, shares issued
92,101,465 
92,101,465 
Common Stock in treasury, shares
12,256,103 
5,566,890 
CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, unless otherwise specified
Total
Common stocks
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury at Cost
Non-Controlling Interest
Balance at Sep. 30, 2011
$ 1,596.6 
$ 0.9 
$ 685.6 
$ 1,032.7 
$ (122.6)
$ (0.1)
$ 0.1 
Changes in Equity
 
 
 
 
 
 
 
Net income
231.9 
 
 
230.8 
 
 
1.1 
Derivative losses reclassified into earnings from other comprehensive income, net of tax of $0.0, $0.0 and $0.8 for September 30, 2014, 2013 and 2012, respectively
1.4 
 
 
 
1.4 
 
 
Employee pension and postretirement benefits, net of tax of $(12.4), $44.6 and $17.9 for September 30, 2014, 2013 and 2012, respectively
31.1 
 
 
 
31.1 
 
 
Currency translation adjustments, net of tax of $(19.4), $5.9, and $(6.6) for September 30, 2014, 2013 and 2012, respectively
(11.3)
 
 
 
(11.3)
 
0 
Repurchase of common stock
(13.3)
 
 
 
 
(13.3)
 
Exercise of stock options
3.6 
 
2.0 
 
 
1.6 
 
Stock-based compensation expense
18.5 
 
18.5 
 
 
 
 
Windfall (shortfall) related to tax benefit on stock-based compensation
(2.7)
 
(2.7)
 
 
 
 
Shared tendered for taxes on stock-based compensation
(1.1)
 
 
 
 
(1.1)
 
Other
(1.2)
 
0.1 
0 
0 
(0.1)
(1.2)
Balance at Sep. 30, 2012
1,853.5 
0.9 
703.5 
1,263.5 
(101.4)
(13.0)
0 
Changes in Equity
 
 
 
 
 
 
 
Net income
318.0 
 
 
318.0 
 
 
0 
Employee pension and postretirement benefits, net of tax of $(12.4), $44.6 and $17.9 for September 30, 2014, 2013 and 2012, respectively
76.6 
 
 
 
76.6 
 
 
Currency translation adjustments, net of tax of $(19.4), $5.9, and $(6.6) for September 30, 2014, 2013 and 2012, respectively
10.2 
 
 
 
10.2 
 
 
Repurchase of common stock
(201.8)
 
 
 
 
(201.8)
 
Exercise of stock options
31.4 
 
(0.5)
 
 
31.9 
 
Stock-based compensation expense
24.4 
 
24.4 
 
 
 
 
Windfall (shortfall) related to tax benefit on stock-based compensation
(1.0)
 
(1.0)
 
 
 
 
Shared tendered for taxes on stock-based compensation
(3.5)
 
 
 
 
(3.5)
 
Other
0 
 
(0.8)
0 
0 
0.8 
0 
Balance at Sep. 30, 2013
2,107.8 
0.9 
725.6 
1,581.5 
(14.6)
(185.6)
0 
Changes in Equity
 
 
 
 
 
 
 
Net income
309.3 
 
 
309.3 
 
 
0 
Employee pension and postretirement benefits, net of tax of $(12.4), $44.6 and $17.9 for September 30, 2014, 2013 and 2012, respectively
(21.2)
 
 
 
(21.2)
 
 
Currency translation adjustments, net of tax of $(19.4), $5.9, and $(6.6) for September 30, 2014, 2013 and 2012, respectively
(33.4)
 
 
 
(33.4)
 
 
Cash dividend ($0.60 per share)
(50.7)
 
 
(50.7)
 
 
 
Repurchase of common stock
(403.3)
 
 
 
 
(403.3)
 
Exercise of stock options
50.9 
 
6.2 
 
 
44.7 
 
Stock-based compensation expense
25.0 
 
25.0 
 
 
 
 
Windfall (shortfall) related to tax benefit on stock-based compensation
6.4 
 
6.4 
 
 
 
 
Payment of earned performance shares
0 
 
(5.1)
 
 
5.1 
 
Shared tendered for taxes on stock-based compensation
(6.2)
 
 
 
 
(6.2)
 
Other
0.4 
 
(0.1)
0 
 
0.5 
0 
Balance at Sep. 30, 2014
$ 1,985.0 
$ 0.9 
$ 758.0 
$ 1,840.1 
$ (69.2)
$ (544.8)
$ 0 
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Statement of Stockholders' Equity [Abstract]
 
 
 
Change in fair value of derivative instruments, tax
$ 0 
$ 0 
$ 0 
Losses reclassified into earnings from other comprehensive income, tax
0 
0 
0.8 
Employee pension and postretirement benefits, tax
12.4 
44.6 
17.9 
Common Stock, Dividends, Per Share, Cash Paid
$ 0.6000 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax
$ 19.4 
$ 5.9 
$ 6.6 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Operating activities:
 
 
 
Net income
$ 309.3 
$ 318.0 
$ 231.9 
Intangible asset impairment charge
0 
9.0 
0 
Loss on sale of discontinued operations
0 
0 
4.4 
Depreciation and amortization
126.8 
126.8 
130.9 
Stock-based compensation expense
25.0 
24.4 
18.5 
Deferred income taxes
(19.8)
(30.4)
(60.2)
Other non-cash adjustments
2.0 
(3.1)
1.5 
Changes in operating assets and liabilities:
 
 
 
Receivables, net
(195.6)
236.5 
63.2 
Inventories, net
(153.4)
113.1 
(161.9)
Other current assets
(6.8)
(5.6)
(2.4)
Accounts payable
62.4 
(156.0)
(72.2)
Customer advances
15.8 
(216.0)
44.2 
Payroll-related obligations
(4.8)
13.6 
20.1 
Income taxes
74.3 
1.4 
(72.0)
Other current liabilities
(89.8)
(56.0)
83.6 
Other long-term assets and liabilities
25.0 
62.3 
38.7 
Total changes in operating assets and liabilities
(272.9)
(6.7)
(58.7)
Net cash provided by operating activities
170.4 
438.0 
268.3 
Investing activities:
 
 
 
Additions to property, plant and equipment
(92.2)
(46.0)
(55.9)
Additions to equipment held for rental
(32.7)
(13.9)
(8.4)
Contributions to rabbi trust
(1.9)
(19.4)
0 
Proceeds from sale of property, plant and equipment
0.1 
0.1 
7.6 
Proceeds from sale of equipment held for rental
12.8 
7.5 
3.7 
Proceeds from sale of equity method investments
0 
0 
8.7 
Other investing activities
(0.9)
(3.1)
2.5 
Net cash used by investing activities
(114.8)
(74.8)
(41.8)
Financing activities:
 
 
 
Repurchases of common stock
(403.3)
(201.8)
(13.3)
Repayment of long-term debt
(710.0)
0 
(105.1)
Proceeds from Issuance of Debt
650.0 
0 
0 
Debt issuance costs
(19.1)
0 
(3.1)
Proceeds from exercise of stock options
50.9 
31.4 
3.6 
Payments of Dividends
(50.7)
0 
0 
Excess Tax Benefit from Share-based Compensation, Financing Activities
6.2 
0.4 
0.4 
Other financing activities
0 
0 
0.2 
Net cash used by financing activities
(476.0)
(170.0)
(117.3)
Effect of exchange rate changes on cash
0.7 
(0.4)
3.0 
Increase (decrease) in cash and cash equivalents
(419.7)
192.8 
112.2 
Cash and cash equivalents at beginning of year
733.5 
540.7 
428.5 
Cash and cash equivalents at end of year
313.8 
733.5 
540.7 
Supplemental disclosures:
 
 
 
Cash paid for interest
56.0 
61.1 
69.9 
Cash paid for income taxes
$ 61.9 
$ 157.0 
$ 179.1 
Nature of Operations
Nature of Operations
Nature of Operations

Oshkosh Corporation and its subsidiaries (the “Company”) are leading manufacturers of a wide variety of specialty vehicles and vehicle bodies for the Americas and global markets. “Oshkosh” refers to Oshkosh Corporation, not including its subsidiaries. The Company sells its products into four principal vehicle markets — access equipment, defense, fire & emergency and commercial. The access equipment business is conducted through its wholly-owned subsidiary, JLG Industries, Inc. and its wholly-owned subsidiaries (“JLG”) and JerrDan Corporation (“JerrDan”). JLG holds, along with an unaffiliated third-party, a 50% interest in a joint venture in The Netherlands, RiRent Europe, B.V. (“RiRent”). The Company's defense business is conducted principally through its wholly-owned subsidiary, Oshkosh Defense, LLC and its wholly-owned subsidiary ("Oshkosh Defense"). The Company’s fire & emergency business is principally conducted through its wholly-owned subsidiaries Pierce Manufacturing Inc. (“Pierce”), Oshkosh Airport Products, LLC ("Airport Products") and Kewaunee Fabrications LLC (“Kewaunee”). The Company’s commercial business is principally conducted through its wholly-owned subsidiaries, McNeilus Companies, Inc. (“McNeilus”), Concrete Equipment Company, Inc. and its wholly-owned subsidiary (“CON-E-CO”), London Machinery Inc. and its wholly-owned subsidiary (“London”), Iowa Mold Tooling Co., Inc. (“IMT”) and Oshkosh Commercial Products, LLC. ("Oshkosh Commercial"). McNeilus owns a 49% interest in Mezcladoras Trailers de Mexico, S.A. de C.V. (“Mezcladoras”), which manufactures and markets concrete mixers, concrete batch plants and refuse collection vehicles in Mexico.
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its 50% voting interest in RiRent and its 49% interest in Mezcladoras under the equity method.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition — The Company recognizes revenue on equipment and parts sales when contract terms are met, collectability is reasonably assured and a product is shipped or risk of ownership has been transferred to and accepted by the customer. Revenue from service agreements is recognized as earned, when services have been rendered. Appropriate provisions are made for discounts, returns and sales allowances. Sales are recorded net of amounts invoiced for taxes imposed on the customer such as excise or value-added taxes.

Sales to the U.S. government of non-commercial products manufactured to the government’s specifications are recognized using the units-of-delivery measure under the percentage-of-completion accounting method as units are accepted by the government. Under the units-of-delivery measure, the Company records sales as units are accepted by the U.S. Department of Defense (“DoD”) based on unit sales values stated in the respective contracts. Costs of sales are based on actual costs incurred to produce the units delivered under the contract. Approximately 20% and 31% of the Company’s revenues were recognized under the percentage-of-completion accounting method in fiscal 2014 and 2013, respectively.

The Company invoices the government as the units are formally accepted. Deferred revenue arises from amounts received in advance of the culmination of the earnings process and is recognized as revenue in future periods when the applicable revenue recognition criteria have been met.

The Company includes amounts representing contract change orders, claims or other items in sales only when they can be reliably estimated and realization is probable. The Company charges anticipated losses on contracts or programs in progress to earnings when identified. Bid and proposal costs are expensed as incurred.

Shipping and Handling Fees and Costs — Revenue received from shipping and handling fees is reflected in net sales. Shipping and handling fee revenue was not significant for any period presented. Shipping and handling costs are included in cost of sales.

Warranty — Provisions for estimated warranty and other related costs are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. The Company recognizes the revenue from sales of extended warranties over the life of the contracts.

Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the DoD), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense amounted to $142.0 million, $112.9 million and $109.1 million during fiscal 2014, 2013 and 2012, respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs.

Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $20.4 million, $17.1 million and $13.1 million in fiscal 2014, 2013 and 2012, respectively.

Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation. Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument. See Note 17 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans.

Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

The Company evaluates uncertain income tax positions in a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur.

Approximately 13% of the Company’s cash and cash equivalents at September 30, 2014 was located outside the United States. U.S. income taxes are provided on financial statement earnings of non-U.S. subsidiaries expected to be repatriated. The Company determines annually the amount of undistributed non-U.S. earnings to invest indefinitely in its non-U.S. operations. As a result of anticipated cash requirements in foreign subsidiaries, the Company currently believes that all earnings of non-U.S. subsidiaries will be reinvested indefinitely to finance foreign activities. Accordingly, no U.S. deferred income taxes have been provided for the repatriation of those earnings.

Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, accounts payable and accrued liabilities approximated fair value as of September 30, 2014 and 2013. See Note 16 of the Notes to Consolidated Financial Statements for additional fair value information.

Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2014 consisted principally of bank deposits and money market instruments.

Receivables — Receivables consist of amounts billed and currently due from customers and unbilled costs and accrued profits related to revenues on long-term contracts with the U.S. government that have been recognized for accounting purposes but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for estimated losses is based on the Company’s historical experience, existing economic conditions and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered.

Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements.

The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution.

Concentration of credit risk with respect to trade accounts and leases receivable is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade and lease receivables are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables.

Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for 81.2% of the Company’s inventories at September 30, 2014 and 85.4% of the Company's inventories at September 30, 2013. For the remaining inventories, cost has been determined using the first-in, first-out (“FIFO”) method.

Performance-Based Payments — The Company’s contracts with the DoD to deliver heavy-payload tactical vehicles (Family of Heavy Tactical Vehicles and Logistic Vehicle System Replacement) and medium-payload tactical vehicles (Family of Medium Tactical Vehicles and Medium Tactical Vehicle Replacement), as well as certain other defense-related contracts, include requirements for “performance-based payments.” The performance-based payment provisions in the contracts require the DoD to pay the Company based on the completion of certain pre-determined events in connection with the production under these contracts. Performance-based payments received are first applied to reduce outstanding receivables for units accepted in accordance with contractual terms, with any remaining amount recorded as an offset to inventory to the extent of related inventory on hand. Amounts received in excess of receivables and inventories are included in liabilities as customer advances.

Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets using accelerated and straight-line methods. The estimated useful lives range from 10 to 40 years for buildings and improvements, from 4 to 25 years for machinery and equipment and from 3 to 10 years for capitalized software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is immaterial for all periods presented. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets.

Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test as of July 1 of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment that constitutes a business. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill.

In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily (75%) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European construction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future.

Impairment of Long-Lived Assets — Property, plant and equipment and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets.

Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the "relief from royalty" method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. In fiscal 2013, the Company recorded a non-cash impairment charge related to purchased intangible assets of $9.0 million.

Floor Plan Notes Payable — Floor plan notes payable represent liabilities related to the purchase of commercial vehicle chassis upon which the Company mounts its manufactured vehicle bodies. Floor plan notes payable are non-interest bearing for terms ranging up to 120 days and must be repaid upon the sale of the vehicle to a customer. The Company’s practice is to repay all floor plan notes for which the non-interest bearing period has expired without sale of the vehicle to a customer.

Customer Advances — Customer advances include amounts received in advance of the completion of fire & emergency and commercial vehicles. Most of these advances bear interest at variable rates approximating the prime rate. Advances also include any performance-based payments received from the DoD in excess of the value of related inventory. Advances from the DoD are non-interest bearing. See the discussion above regarding performance-based payments.

Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company's pension liability, other post-employment benefit liability and accrued product liability that are not expected to be settled in the subsequent twelve month period.

Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded net foreign currency transaction losses related to continuing operations of $3.8 million, $5.9 million and $5.1 million in fiscal 2014, 2013 and 2012, respectively.

Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged.

Reclassifications — Certain reclassifications have been made to the fiscal 2013 and 2012 financial statements to conform to the 2014 presentation.

Recent Accounting Pronouncements — In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update revises the required criteria for reporting disposals as discontinued operations, whereby such disposals must represent strategic shifts that had (or will have) a major effect on an entity's operations and financial results. The new requirements are effective prospectively for all disposals that occur within fiscal years beginning on or after December 15, 2014, and for interim periods within those fiscal years. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue. This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company will be required to adopt ASU No. 2014-09 as of October 1, 2017. The Company is currently evaluating the impact of ASU No. 2014-09 on the Company’s financial condition, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Topic 205) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires management to perform an evaluation each annual and interim reporting period of whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. If such conditions are identified, the guidance requires an entity to provide certain disclosures about the principal conditions or events that gave raise to the substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans to alleviate or mitigate substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements.
Discontinued Operations
Discontinued Operations
Discontinued Operations

In April 2012, the Company discontinued production of mobile medical trailers in the United States, which were sold under the Oshkosh Specialty Vehicles brand name. In August 2012, the Company sold its interest in Oshkosh Specialty Vehicles (UK), Limited and AK Specialty Vehicles B.V. and its wholly-owned subsidiary, for nominal cash consideration. In March 2013, the Company discontinued production of ambulances, which were sold under the Medtec brand name. Each of these businesses were previously included in the Company's fire & emergency segment. Due to the sale and/or closure of these businesses, they have been segregated from continuing operations and reported as discontinued operations in the Consolidated Statements of Income for all periods.

In fiscal 2012, the Company settled an income tax audit, which resulted in the release of previously accrued amounts for uncertain tax positions related to worthless stock and bad debt deductions claimed in fiscal 2009 associated with its discontinued operations. Fiscal 2012 results from discontinued operations include a $6.1 million income tax benefit related to this audit settlement.

Results of discontinued operations were as follows (in millions):
 
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
)
Receivables
Receivables
Receivables

Receivables consisted of the following (in millions):
 
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



Costs and profits not billed includes undefinitized change orders on existing long-term contracts and “not-to-exceed” undefinitized contracts whereby the Company cannot invoice the customer the full price under the contract or contract change order until such contract or change order is definitized and agreed to with the customer following a review of costs under such a contract or change order, even though the contract deliverables may have been met. Definitization of a change order on an existing long-term contract or a sole source contract begins when the U.S. government customer undertakes a detailed review of the Company’s submitted costs and proposed margin related to the contract and concludes with a final change order. The Company recognizes revenue on undefinitized contracts to the extent that it can reasonably and reliably estimate the expected final contract price and when collectability is reasonably assured. At September 30, 2014, the Company had no revenue on contracts which remained undefinitized. To the extent that contract definitization results in changes to previously estimated or incurred costs or revenues, the Company records those adjustments as a change in estimate. The Company recorded revenue of $7.5 million, $13.8 million and $7.8 million during fiscal 2014, 2013 and 2012 respectively, related to changes in estimates on these contracts. The changes increased net income by $4.7 million, or $0.06 per share, $6.6 million, or $0.07 per share, and $5.0 million, or $0.05 per share, in fiscal 2014, 2013 and 2012, respectively.

Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions):
 
September 30,
 
2014
 
2013
Current receivables
$
974.9

 
$
794.3

Long-term receivables
15.5

 
19.8

 
$
990.4

 
$
814.1



Finance and notes receivable accrual status consisted of the following (in millions):
 
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
)


Finance Receivables: Finance receivables represent sales-type leases resulting from the sale of the Company's products and the purchase of finance receivables from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value accrues to the Company at the end of the lease. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors these values for impairment on a periodic basis and reflects any resulting reductions in value in current earnings. Finance receivables are written down if management determines that the specific borrower does not have the ability to repay the loan amounts due in full.

Delinquency is the primary indicator of credit quality of finance receivables. The Company maintains a general allowance for finance receivables considered doubtful of future collection based upon historical experience. Additional allowances are established based upon the Company’s perception of the quality of the finance receivables, including the length of time the receivables are past due, past experience of collectability and underlying economic conditions. In circumstances where the Company believes collectability is no longer reasonably assured, a specific allowance is recorded to reduce the net recognized receivable to the amount reasonably expected to be collected. The terms of the finance agreements generally give the Company the ability to take possession of the underlying collateral. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers’ financial obligations is not realized.

Notes Receivable: Notes receivable include amounts related to refinancing of trade accounts and finance receivables. As of September 30, 2014, approximately 72% of the notes receivable balance outstanding was due from two parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. Notes receivable are written down if management determines that the specific borrower does not have the ability to repay the loan in full. Certain notes receivable are collateralized by a security interest in the underlying assets and/or other assets owned by the debtor. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers' financial obligations is not realized.

Quality of Finance and Notes Receivable: The Company does not accrue interest income on finance and notes receivable in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance and notes receivable are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. During fiscal 2014 and 2013, the Company recognized interest income of $0.2 million and $9.9 million, respectively as a result of the receipt of payments from customers on notes receivable that were on nonaccrual status. The Company determines past due or delinquency status based upon the due date of the receivable.

Receivables subject to specific reserves also include loans that the Company has modified in troubled debt restructurings as a concession to customers experiencing financial difficulty. To minimize the economic loss, the Company may modify certain finance and notes receivable. Modifications generally consist of restructured payment terms and time frames in which no payments are required. At September 30, 2014, restructured finance receivables and notes receivables were $0.7 million and $18.3 million, respectively. Losses on troubled debt restructurings were not significant during fiscal 2014, 2013 or 2012. The Company restructured a $19.0 million outstanding note receivable in fiscal 2012 through a combination of extended payment terms, commitment by the customer to purchase an agreed upon quantity of equipment over a specified time horizon and a reduced payment obligation if the customer meets the equipment purchase and repayment schedule.

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

Inventories
Inventories
Inventories

Inventories consisted of the following (in millions):
 
 
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



Title to all inventories related to U.S. government contracts, which provide for progress or performance-based payments, vests with the U.S. government to the extent of unliquidated progress or performance-based payments.

During fiscal 2014, 2013 and 2012, reductions in FIFO inventory levels resulted in liquidations of LIFO inventory layers carried at lower costs prevailing in prior years as compared with the cost of current-year purchases. The effect of the LIFO inventory liquidations on fiscal 2014, 2013 and 2012 results was to decrease costs of goods sold by $1.3 million, $0.7 million and $0.3 million, respectively, and increase after-tax earnings from continuing operations by $0.9 million ($0.01 per share), $0.5 million ($0.01 per share) and $0.2 million ($0.00 per share), respectively.
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):
 
September 30,
 
2014
 
2013
RiRent (The Netherlands)
$
11.2

 
$
11.9

Mezcladoras (Mexico)

9.9

 
9.0

 
$
21.1

 
$
20.9


Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Equity in earnings of unconsolidated affiliates” in the Consolidated Statements of Income.

The Company and an unaffiliated third party are joint venture partners in RiRent. RiRent maintains a fleet of access equipment for short-term lease to rental companies throughout most of Europe. The re-rental fleet provides rental companies with equipment to support requirements on short notice. RiRent does not provide services directly to end users. The Company’s sales to RiRent were $2.5 million, $7.3 million and $5.0 million in fiscal 2014, 2013 and 2012, respectively. The Company recognizes income on sales to RiRent at the time of shipment in proportion to the outside third-party interest in RiRent and recognizes the remaining income ratably over the estimated useful life of the equipment, which is generally five years. Indebtedness of RiRent is secured by the underlying leases and assets of RiRent. All such RiRent indebtedness is non-recourse to the Company and its partner. Under RiRent’s €3.5 million bank credit facility, the partners of RiRent have committed to maintain an overall equity to asset ratio of at least 30.0% (RiRent's equity to asset ratio was 97.0% as of September 30, 2014).

The Company and an unaffiliated third party are joint venture partners in Mezcladoras. Mezcladoras is a manufacturer and distributor of industrial, commercial and agricultural machinery with primary operations in Mexico. The Company recognized sales to Mezcladoras of $7.1 million, $10.1 million and $5.6 million in fiscal 2014, 2013 and 2012, respectively. The Company recognizes income on sales to Mezcladoras at the time of shipment in proportion to the outside third-party interest in Mezcladoras and recognizes the remaining income upon the joint venture's sale of inventory to an unaffiliated customer. The Company earns a service fee for certain operational support services provided to Mezcladoras. The Company recognized service fees of $0.9 million and $0.3 million in fiscal 2014 and 2012, respectively. The Company received cash dividends of $1.5 million from Mezcladoras in each of fiscal 2014 and 2013.

The Company and an unaffiliated third party were partners in Oshkosh/McNeilus Financial Services Partnership (“OMFSP”), a general partnership formed for the purpose of offering lease financing to certain customers of the Company, of which the Company was a 50% owner. OMFSP historically engaged in providing vendor lease financing to certain customers of the Company. During fiscal 2012, the Company sold its interest in OMFSP for an immaterial pre-tax loss. Cash distributions and proceeds from the sale aggregated $16.5 million of which $6.5 million has been reflected as a return of equity.
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):
 
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



Depreciation expense recorded in continuing operations was $65.3 million, $65.3 million and $65.5 million in fiscal 2014, 2013 and 2012, respectively. Included in depreciation expense from continuing operations in fiscal 2014 and 2013 were charges of $1.6 million and $0.5 million, respectively, related to the impairment of long-lived assets. Capitalized interest was insignificant for all reported periods.

Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value and equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease at September 30, 2014 and 2013 was $32.6 million and $14.0 million, respectively.
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets

During the fourth quarter of fiscal 2014, the Company performed its annual impairment review relative to goodwill and indefinite-lived intangible assets (principally non-amortizable trade names). The Company performed the valuation analysis with the assistance of a third-party valuation adviser. To derive the fair value of its reporting units, the Company utilized both the income and market approaches. For the annual impairment testing in the fourth quarter of fiscal 2014, the Company used a weighted-average cost of capital, depending on the reporting unit, of 12.5% to 13.5% and a terminal growth rate of 2% to 3%. Under the market approach, the Company derived the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. As a corroborative source of information, the Company reconciles its estimated fair value to within a reasonable range of its market capitalization, which includes an assumed control premium (an adjustment reflecting an estimated fair value on a control basis), to verify the reasonableness of the fair value of its reporting units obtained through the aforementioned methods. The control premium is estimated based upon control premiums observed in comparable market transactions. To derive the fair value of its trade names, the Company utilized the “relief from royalty” approach.

At July 1, 2014, approximately 90% of the Company’s recorded goodwill and indefinite-lived purchased intangibles were concentrated within the JLG reporting unit in the access equipment segment. The impairment model assumes that the U.S. economy and construction spending (and hence access equipment demand) will continue to slowly improve. Assumptions utilized in the impairment analysis are highly judgmental. While the Company currently believes that an impairment of intangible assets at JLG is unlikely, events and conditions that could result in the impairment of intangibles at JLG include a sharp decline in economic conditions, pricing pressure on JLG's margins or other factors leading to reductions in expected long-term sales or profitability at JLG. Based on the Company’s annual impairment review, the Company concluded that there was no impairment of goodwill. Changes in estimates or the application of alternative assumptions could have produced significantly different results. In fiscal 2013, the Company recorded a non-cash impairment charge related to purchased intangible assets of $9.0 million.

The following table presents changes in goodwill during fiscal 2014 and 2013 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2012
$
906.1

 
$
106.1

 
$
21.6

 
$
1,033.8

Foreign currency translation
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



The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
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



Details of the Company’s total purchased intangible assets were as follows (in millions):
 
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



When determining the value of customer relationships for purposes of allocating the purchase price of an acquisition, the Company looks at existing customer contracts of the acquired business to determine if they represent a reliable future source of income and hence, a valuable intangible asset for the Company. The Company determines the fair value of the customer relationships based on the estimated future benefits the Company expects from the acquired customer contracts. In performing its evaluation and estimation of the useful lives of customer relationships, the Company looks to the historical growth rate of revenue of the acquired company’s existing customers as well as the historical attrition rates.

In connection with the valuation of intangible assets, a 40-year life was assigned to the value of the Pierce distribution network (net book value of $29.1 million at September 30, 2014). The Company believes Pierce maintains the largest North American fire apparatus distribution network. Pierce has exclusive contracts with each distributor related to the fire apparatus product offerings manufactured by Pierce. The useful life of the Pierce distribution network was based on a historical turnover analysis. Non-compete intangible asset lives are based on the terms of the applicable agreements.

Total amortization expense recorded in continuing operations was $55.3 million, $56.6 million and $57.7 million in fiscal 2014, 2013 and 2012, respectively. The estimated future amortization expense of purchased intangible assets for the five years succeeding September 30, 2014 are as follows: 2015 - $53.9 million; 2016 - $53.5 million; 2017 - $45.8 million; 2018 - $38.1 million and 2019 - $36.7 million.
Other Long-Term Assets
Other Long-Term Assets
Other Long-Term Assets

Other long-term assets consisted of the following (in millions):
 
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



The rabbi trust (the "Trust") holds investments to fund certain of the Company's obligations under its nonqualified supplemental executive retirement plan ("SERP"). Trust investments include money market and mutual funds. The Trust assets are subject to claims of the Company's creditors.

Deferred finance costs are amortized using the interest method over the term of the debt. Amortization expense was $6.2 million (including $2.2 million of amortization related to early debt retirement), $4.9 million and $7.0 million (including $2.3 million of amortization related to early debt retirement) in fiscal 2014, 2013 and 2012, respectively.
Leases
Leases
Leases

Certain administrative and production facilities and equipment are leased under long-term agreements. Most leases contain renewal options for varying periods, and certain leases include options to purchase the leased property during or at the end of the lease term. Leases generally require the Company to pay for insurance, taxes and maintenance of the property. Leased capital assets included in net property, plant and equipment were immaterial at September 30, 2014 and 2013.

Other facilities and equipment are leased under arrangements that are accounted for as noncancelable operating leases. Total rental expense for property, plant and equipment charged to continuing operations under noncancelable operating leases was $44.8 million, $40.2 million and $44.5 million in fiscal 2014, 2013 and 2012, respectively.

Future minimum lease payments due under operating leases at September 30, 2014 were as follows: 2015 - $25.3 million; 2016 - $18.0 million; 2017 - $11.9 million; 2018 - $5.9 million; 2019 - $3.5 million; and thereafter - $2.6 million.
Credit Agreements
Credit Agreements
Credit Agreements

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



On March 21, 2014, the Company entered into an Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement replaced the Company's prior credit agreement that was to mature in October 2015. The Credit Agreement provides for (i) a revolving credit facility (“Revolving Credit Facility”) that matures in March 2019 with an initial maximum aggregate amount of availability of $600 million and (ii) a $400 million term loan (“Term Loan”) due in quarterly principal installments of $5.0 million with a balloon payment of $310.0 million due at maturity in March 2019. At September 30, 2014, outstanding letters of credit of $83.3 million reduced available capacity under the Revolving Credit Facility to $516.7 million.

The Company’s obligations under the Credit Agreement are guaranteed by certain of its domestic subsidiaries, and the Company will guarantee the obligations of certain of its subsidiaries under the Credit Agreement. Subject to certain exceptions, the Credit Agreement is collateralized by (i) a first-priority perfected lien and security interests in substantially all of the personal property of the Company, each material subsidiary of the Company and each subsidiary guarantor, (ii) mortgages upon certain real property of the Company and certain of its domestic subsidiaries and (iii) a pledge of the equity of each material subsidiary of the Company.

Under the Credit Agreement, the Company must pay (i) an unused commitment fee ranging from 0.225% to 0.35% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.625% to 2.00% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement.

Borrowings under the Credit Agreement bear interest at a variable rate equal to (i) LIBOR plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) for dollar-denominated loans only, the base rate (which is the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At September 30, 2014, the interest spread on the Revolving Credit Facility and Term Loan was 150 basis points. The weighted-average interest rate on borrowings outstanding under the Term Loan at September 30, 2014 was 1.65%.

The Credit Agreement contains various restrictions and covenants, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions, subject to certain exceptions, on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional indebtedness, dispose of assets, consummate acquisitions and make investments in joint ventures and foreign subsidiaries.

The Credit Agreement contains the following financial covenants:
•
Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of 4.50 to 1.00.
•
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.

With certain exceptions, the Company may elect to have the collateral pledged in connection with the Credit Agreement released during any period that the Company maintains an investment grade corporate family rating from either Standard & Poor’s Ratings Group or Moody’s Investor Service Inc. During any such period when the collateral has been released, the Company’s leverage ratio as of the last day of any fiscal quarter must not be greater than 3.75 to 1.00, and the Company would not be subject to any additional requirement to limit its senior secured leverage ratio.

The Company was in compliance with the financial covenants contained in the Credit Agreement as of September 30, 2014.

Additionally, with certain exceptions, the Credit Agreement limits the ability of the Company to pay dividends and other distributions, including repurchases of shares of its Common Stock. However, so long as no event of default exists under the Credit Agreement or would result from such payment, the Company may pay dividends and other distributions after March 3, 2010 in an aggregate amount not exceeding the sum of:
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.

In March 2010, the Company issued $250.0 million of 8¼% unsecured senior notes due March 1, 2017 (the "2017 Senior Notes") and $250.0 million of 8½% unsecured senior notes due March 1, 2020 (the "2020 Senior Notes”). On February 21, 2014, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2022 (the “2022 Senior Notes”). The Company used the net proceeds from the sale of the 2022 Senior Notes, together with available cash, to redeem all of the outstanding 2017 Senior Notes at a price of 104.125%. The Company has the option to redeem the 2020 Senior Notes and the 2022 Senior Notes for a premium after March 1, 2015 and March 1, 2017, respectively.

In fiscal 2014, the Company recognized $10.9 million of expense associated with the Credit Agreement and the 2022 Senior Notes transactions, comprised of call premium, third-party costs and $2.2 million of write-off of unamortized debt issuance costs. Expenses related to the transactions are included in interest expense. Additionally, approximately $10.4 million of debt issuance costs were capitalized to deferred finance costs in connection with the transactions.

The 2020 Senior Notes and the 2022 Senior Notes were issued pursuant to separate indentures (the “Indentures”) among the Company, the subsidiary guarantors named therein and a trustee. The Indentures contain customary affirmative and negative covenants. Certain of the Company’s subsidiaries jointly, severally, fully and unconditionally guarantee the Company’s obligations under the 2020 Senior Notes and 2022 Senior Notes. See Note 24 of the Notes to Consolidated Financial Statements for separate financial information of the subsidiary guarantors.

The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect market rate of the Company’s debt. At September 30, 2014, the fair value of the 2020 Senior Notes and the 2022 Senior Notes was estimated to be $264 million and $251 million, respectively, and the fair value of the Term Loan approximated book value. See Note 16 of the Notes to Consolidated Financial Statements for the definition of a Level 2 input.
Warranties
Warranties
Warranties

The Company’s products generally carry explicit warranties that extend from six months to five years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Warranty costs recorded in continuing operations were $42.8 million, $57.1 million and $70.4 million in fiscal 2014, 2013 and 2012, respectively.

Changes in the Company’s warranty liability were as follows (in millions):
 
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



Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Changes in the liability for pre-existing warranties during fiscal 2013 primarily related to increased warranty costs in the fire & emergency segment. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company's historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material adverse effect on the Company's consolidated financial condition, result of operations or cash flows.
Guarantee Arrangements
Guarantee Arrangements
Guarantee Arrangements

The Company is party to multiple agreements whereby at September 30, 2014 and 2013 it guaranteed an aggregate of $431.5 million and $365.0 million respectively, in indebtedness of customers. The Company estimated that its maximum loss exposure under these contracts at September 30, 2014 and 2013 was $114.7 million and $91.8 million, respectively. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then additional accruals may be required. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties' inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company's ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses.

Changes in the Company’s credit guarantee liability were as follows (in millions):
 
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

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

On February 4, 2014, the Company's Board of Directors increased the Company's Common Stock repurchase authorization from the balance then remaining from prior authorizations of 1,787,199 shares to 10.0 million shares. Subsequent to February 4, 2014, the Company repurchased 5,170,170 shares under this authorization at a cost of $250.5 million. As a result, the Company had 4,829,830 shares of Common Stock remaining under this repurchase authorization as of September 30, 2014. Including shares repurchased under prior authorizations, the Company repurchased 8.3 million shares, 6.1 million shares and 0.5 million shares at a cost of $403.3 million, $201.8 million and $13.3 million during fiscal 2014, 2013 and 2012, respectively. The Company is restricted by its Credit Agreement from repurchasing shares in certain situations. See Note 11 of the Notes to Consolidated Financial Statements for information regarding these restrictions.
Derivative Financial Instruments and Hedging Activities
Derivative Financial Instruments and Hedging Activities
Derivative Financial Instruments and Hedging Activities

The Company has used forward foreign currency exchange contracts (“derivatives”) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB ASC Topic 815, Derivatives and Hedging as follows:

Fair Value Hedging Strategy - The Company enters into forward foreign exchange contracts to hedge certain firm commitments denominated in foreign currencies. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to international customers will be adversely affected by changes in the exchange rates.

Cash Flow Hedging Strategy - To protect against an increase in the cost of forecasted purchases of foreign-sourced component parts payable in foreign currency, the Company has a foreign currency cash flow hedging program. The Company hedges portions of its forecasted purchases denominated in foreign currency with forward contracts. When the U.S. dollar weakens against the hedged currency exposure, increased foreign currency payments are offset by gains in the value of the forward contracts. Conversely, when the U.S. dollar strengthens against the hedged currency exposure, reduced foreign currency payments are offset by losses in the value of the forward contracts.

At September 30, 2014, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $0.7 million. At September 30, 2013, the Company had no forward foreign exchange contracts designated as hedges. Net gains or losses related to hedge ineffectiveness were insignificant for all periods. Ineffectiveness is included in "Miscellaneous, net" in the Consolidated Statements of Income along with mark-to-market adjustments on outstanding non-designated derivatives.

The Company has entered into forward foreign currency exchange contracts to create an economic hedge to manage foreign exchange risk exposure associated with non-functional currency denominated payables resulting from global sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. The fair value of foreign currency related derivatives is included in the Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At September 30, 2014, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $135.4 million in notional amounts, including $42.5 million in contracts to sell Euro, $39.3 million in contracts to sell Australian dollars, $15.0 million in contracts to buy Euro and sell U.K. pound sterling and $13.6 million in contracts to buy U.K. pound sterling with the remaining contracts covering a variety of foreign currencies.

Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Consolidated Balance Sheets were as follows (in millions):
 
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



The pre-tax effects of derivative instruments on the Consolidated Statements of Income consisted of the following (in millions):
 
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
)


To manage a portion of the Company's exposure to changes in LIBOR-based interest rates on its variable-rate debt, the Company entered into an amortizing interest rate swap agreement that effectively fixed the interest payments on a portion of the Company's variable-rate debt. The swap, which terminated on December 6, 2011, was designated as a cash flow hedge of three-month LIBOR-based interest payments and, accordingly, derivative gains or losses were reflected as a component of accumulated other comprehensive income (loss) and were amortized to interest expense over the respective lives of the borrowings.
Fair Value Measurement
Fair Value Measurement
Fair Value Measurement

FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment.

The three levels are defined as follows:

Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2:
Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

Level 3:
Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

There were no transfers of assets between levels during fiscal 2014 or 2013.

As of September 30, 2014, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
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.

Items Measured at Fair Value on a Nonrecurring Basis — In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets and investments in affiliates, (see Note 7 of the Notes to Consolidated Financial Statements for impairments of long-lived assets and Note 8 of the Notes to Consolidated Financial Statements for impairment valuation analysis of intangible assets). The Company has determined that the fair value measurements related to each of these assets rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available. As such, the Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation

In February 2009, the Company's shareholders approved the 2009 Incentive Stock and Awards Plan. In January 2012, the Company's shareholders approved amendments to the 2009 Incentive Stock and Awards Plan (as amended, the "2009 Stock Plan") to add 6.0 million shares to the number of shares available for issuance under the plan. The 2009 Stock Plan replaced the 2004 Incentive Stock and Awards Plan, as amended (the “2004 Stock Plan”). While no new awards will be granted under the 2004 Stock Plan, awards previously made under the 2004 Stock Plan that were outstanding as of the initial approval date of the 2009 Stock Plan will remain outstanding and continue to be governed by the provisions of the 2004 Stock Plan.

Under the 2009 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights (“SAR”), performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (“RSU”) or other stock-based awards. The 2009 Stock Plan provides for the granting of options to purchase shares of the Company’s Common Stock at not less than the fair market value of such shares on the date of grant. Stock options granted under the 2009 Stock Plan generally become exercisable in equal installments over a 3-year period, beginning with the first anniversary of the date of grant of the option, unless a shorter or longer duration is established by the Human Resources Committee of the Board of Directors at the time of the option grant. Stock options terminate not more than seven years from the date of grant. The exercise price of stock options and the market value of restricted stock awards are determined based on the closing market price of the Company's Common Stock on the date of grant. Except to the extent vesting is accelerated upon early retirement and except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. At September 30, 2014, the Company had reserved 7,328,619 shares of Common Stock available for issuance under the 2009 Stock Plan to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2009 Stock Plan.

Information related to the Company’s equity-based compensation plans in effect as of September 30, 2014 was as follows:
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



The Company recognizes compensation expense over the requisite service period for vesting of an award, or to an employee's eligible retirement date, if earlier and applicable. Total stock-based compensation expense (income) included in the Company’s Consolidated Statements of Income for fiscal 2014, 2013 and 2012 was as follows (in millions):
 
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



Performance shares awards are valued by a global third-party actuarial firm utilizing a complex Monte Carlo simulation model. In October 2012, the Company, in conjunction with the third party, determined that the performance share valuation calculations performed for fiscal 2007 through 2011 were incorrect. To correct cumulative compensation expense, the Company recorded compensation expense of $4.9 million in fiscal 2012 as an out-of-period adjustment.

Total share-based compensation in fiscal 2013 increased as a result of the impact of a higher share price on cash-settled awards, which are adjusted to fair value at the end of each reporting period. In addition, the reported amounts for fiscal 2014 and 2013 include expenses related to stock-based awards to the Company's Chief Executive Officer, which, for awards of options and restricted stock units, were recorded as a charge to operating income immediately upon grant pursuant to the terms of his awards because he was retirement eligible on the grant date. The Chief Executive Officer declined awards of share-based compensation in the three years prior to the fiscal 2013 grant.

Stock Options — A summary of the Company’s stock option activity for the three years ended September 30, 2014 is as follows:
 
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



Stock options outstanding and exercisable as of September 30, 2014 were as follows (in millions, except share and per share amounts):
 
 
 
 
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



The aggregate intrinsic values in the tables above represent the total pre-tax intrinsic value (difference between the Company’s closing stock price on the last trading day of fiscal 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2014. This amount changes based on the fair market value of the Company’s Common Stock.

The total intrinsic value of options exercised for fiscal 2014, 2013 and 2012 was $32.4 million, $15.4 million and $3.3 million, respectively. Net cash proceeds from the exercise of stock options were $50.9 million, $31.4 million and $3.6 million for fiscal 2014, 2013 and 2012, respectively. The actual income tax benefit realized totaled $11.9 million, $5.7 million and $1.2 million for those same periods.

As of September 30, 2014, the Company had $9.2 million of unrecognized compensation expense related to outstanding stock options, which will be recognized over a weighted-average period of 2.5 years.

The Company uses the Black-Scholes valuation model to value stock options utilizing the following weighted-average assumptions:
 
 
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
%


The expected option term represents the period of time that the options granted are expected to be outstanding and was based on historical experience. The Company used its historical stock prices over the expected term as the basis for the Company’s volatility assumption. The decrease in expected volatility in fiscal 2014 was the result of significant historical volatility associated with the global recession in fiscal 2009 being eliminated from the calculation of expected volatility as it was no longer within the expected term. The assumed risk-free interest rates were based on five-year U.S. Treasury rates in effect at the time of grant. The expected dividend yield was based on average actual yield on the ex-dividend date during fiscal 2014. The weighted-average per share grant date fair values for stock option grants during fiscal 2014, 2013 and 2012 were $16.91, $27.13 and $15.95, respectively.

Stock Awards — A summary of the Company’s stock award activity for the three years ended September 30, 2014 is as follows:
 
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



The total fair value of shares vested during fiscal 2014, 2013 and 2012 was $12.5 million, $11.1 million and $3.5 million, respectively. The actual income tax benefit realized totaled $7.9 million, $1.2 million and $0.5 million for those same periods.

As of September 30, 2014, the Company had $15.8 million of unrecognized compensation expense related to stock awards, which will be recognized over a weighted-average period of 2.5 years.

Performance Share Awards — A summary of the Company’s performance share awards activity for the three years ended September 30, 2014 is as follows:
 
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



Performance share awards generally vest at the end of the third fiscal year following the grant date. Performance shares vest only if the Company’s total shareholder return over the three-year term of the awards compares favorably to that of a comparator group of companies. Potential payouts range from zero to 200% of the target awards and changes from target amounts are reflected as performance adjustments. Actual payouts for performance share awards vesting in the fiscal years ending September 30, 2014 and 2013 were 200% and 110% of target levels, respectively. No performance shares vested in fiscal 2012 because actual total shareholder return performance did not meet the minimum threshold. Of the 292,442 performance share awards that vested during fiscal 2014, 265,000 shares of Common Stock were issued from treasury to the award recipients in October 2014. An income tax benefit is recognized in the year of Common Stock issuance. The Company realized an income tax benefit of $4.7 million and $1.5 million in fiscal 2014 and 2012, respectively, related to the issuance of performance shares. No income tax benefit was realized in fiscal 2013.

As of September 30, 2014, the Company had $7.1 million of unrecognized compensation expense related to performance share awards, which will be recognized over a weighted-average period of 2.1 years.

The grant date fair values of performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions:
 
 
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
%


The Company used its historical stock prices as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on U.S. Treasury rates in effect at the time of grant. The expected term was based on the vesting period. The weighted-average fair value used to record compensation expense for performance share awards granted during fiscal 2014, 2013 and 2012 was $55.17, $54.78 and $35.84 per award, respectively.

Cash-Settled Stock Appreciation Rights — In fiscal 2014, 2013 and 2012, the Company granted employees 32,625, 19,900 and 36,400 cash-settled SARs, respectively. Each SAR award represents the right to receive cash equal to the excess of the per share price of the Company’s Common Stock on the date that a participant exercises such right over the grant date price of the Company’s Common Stock. Compensation cost for SARs is remeasured at each reporting period based on the estimated fair value on the date of grant using the Black Scholes option-pricing model, utilizing assumptions similar to stock option awards and is recognized as an expense over the requisite service period. SARs are subsequently remeasured at each interim reporting period based on a revised Black Scholes value. The total value of SARs exercised during fiscal 2014 and 2013 was $3.6 million and $1.4 million, respectively. No SARs were exercised during fiscal 2012.

As of September 30, 2014, the Company had $0.6 million of unrecognized compensation expense related to SAR awards, which will be recognized over a weighted-average period of 1.4 years.

Cash-Settled Restricted Stock Units — In fiscal 2014, 2013 and 2012, the Company granted employees 17,750, 17,700 and 105,600 cash-settled RSUs, respectively. Each RSU award provides recipients the right to receive cash equal to the value of a share of the Company’s Common Stock at predetermined vesting dates. Compensation cost for RSUs is remeasured at each reporting period and is recognized as an expense over the requisite service period. The total value of RSUs vested during fiscal 2014, 2013 and 2012 was $5.8 million, $4.2 million and $2.4 million, respectively.

As of September 30, 2014, the Company had $1.6 million of unrecognized compensation expense related to RSUs, which will be recognized over a weighted-average period of 1.3 years.
Employee Benefit Plans
Employee Benefit Plans
Employee Benefit Plans

Defined Benefit Plans — Oshkosh and certain of its subsidiaries sponsor multiple defined benefit pension plans covering certain employees providing services to Oshkosh, Oshkosh Defense, Airport Products, Oshkosh Commercial and Pierce. The benefits provided are based primarily on average compensation, years of service and date of birth. Hourly plans are generally based on years of service and a benefit dollar multiplier. The Company periodically amends the plans, including changing the benefit dollar multipliers and other revisions. Effective December 31, 2012, salaried participants in the pension plans no longer receive credit, other than for vesting purposes, for eligible earnings. As a result of the formal decision to freeze the plans benefit accruals, the Company recognized a reduction of its projected benefit obligation of $31.4 million and recorded a curtailment loss of $2.5 million in fiscal 2012. In January 2013, salaried employees became eligible for additional employer contributions to the Company's defined contribution plan (see "401(k) and Defined Contribution Pension Replacement Plans" below).

In connection with staffing reductions in the defense segment as a result of declining sales to the DoD, the Company recorded pension curtailment losses of $6.8 million and $2.8 million during fiscal 2014 and 2013, respectively. Changes related to the ratification of a five-year extension of the defense segment unionized hourly employees' contract increased the benefit obligation by $8.1 million in fiscal 2013. In December 2013, the Pierce pension plan was amended to close participation in the plan for new production employees. During fiscal 2014, the Company amended the Oshkosh and Pierce pension plans to offer qualified terminated vested plan participants and/or their beneficiaries the option of an immediate lump sum distribution or monthly annuity during a limited window of time. A settlement charge of $1.4 million was recorded during fiscal 2014 based on the results of the offer, which resulted in accelerated pension benefit payments of $13.5 million in fiscal 2014 from the plan assets.

Supplemental Executive Retirement Plans — The Company maintains defined benefit SERPs for certain executive officers of the Company and its subsidiaries. Benefits are based upon the employees' earnings. Effective December 31, 2012, the Oshkosh SERP was amended to freeze benefits under the plan. The amendment resulted in a net reduction to the benefit obligation under this plan of $2.3 million and a curtailment loss of $0.9 million in fiscal 2012. During fiscal 2013, the Company established the Trust to fund obligations under the Oshkosh SERP. As of September 30, 2014, the Trust held assets of $22.3 million. The Trust assets are subject to claims of the Company's creditors. The Trust assets are included in "Other current assets" and "Other long-term assets" in the accompanying Consolidated Balance Sheets. In January 2013, the affected executive officers became eligible for a new, non-qualified, defined contribution SERP. The Company recognized $1.7 million of expense for liabilities under the defined contribution SERP in both fiscal 2014 and 2013, respectively.

Postretirement Medical Plans — Oshkosh and certain of its subsidiaries sponsor multiple postretirement benefit plans covering Oshkosh Defense, JLG and Kewaunee hourly employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded.

In September 2012, the Oshkosh plan was amended to eliminate postretirement benefits coverage for salaried employees. The effect of the amendment was a reduction in the benefit obligation of $9.2 million as of September 30, 2012. This reduction is being amortized over the expected average remaining years of service of 18 years for participants expected to receive benefits under this plan.

In September 2013, as a result of changes made to active hourly Oshkosh employees' health coverage effective October 2017, the expected cost of coverage under the postretirement benefit plan decreased. The effect of the amendment was a reduction in the benefit obligation of $24.6 million as of September 30, 2013. This reduction is being amortized over the expected average remaining years of service of 18 years for participants expected to receive benefits under this plan. In addition, in connection with staffing reductions in the defense segment, the Company recorded post-employment curtailment gains of $10.0 million and $2.9 million during fiscal 2014 and 2013, respectively.

The changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans and postretirement benefit plans, were as follows (in millions):
 
 
 
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



Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following as of September 30 (in millions):
 
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



The components of net periodic benefit cost (income) for fiscal years ended September 30 were as follows (in millions):
 
 
 
 
 
 
 
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



Included in accumulated other comprehensive income (loss) in the Consolidated Balance Sheet at September 30, 2014 are prior service costs of $1.6 million ($1.0 million net of tax) and unrecognized net actuarial losses of $2.7 million ($1.7 million net of tax) expected to be recognized in pension and supplemental employee retirement plan net periodic benefit costs during fiscal 2015.

The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the Company was 7.5% in fiscal 2014, declining to 5.0% in fiscal 2022. If the health care cost trend rate was increased by 100 basis points, the accumulated postretirement benefit obligation at September 30, 2014 would increase by $8.9 million and the net periodic postretirement benefit cost for fiscal 2015 would increase by $1.0 million. A corresponding decrease of 100 basis points would decrease the accumulated postretirement benefit obligation at September 30, 2014 by $6.4 million and the net periodic postretirement benefit cost for fiscal 2015 would decrease by $0.7 million.

The Company’s Board of Directors has appointed an Investment Committee (“Committee”), which consists of members of management, to manage the investment of the Company’s pension plan assets. The Committee has established and operates under an Investment Policy. The Committee determines the asset allocation and target ranges based upon periodic asset/liability studies and capital market projections. The Committee retains external investment managers to invest the assets and an adviser to monitor the performance of the investment managers. The Investment Policy prohibits certain investment transactions, such as commodity contracts, margin transactions, short selling and investments in Company securities, unless the Committee gives prior approval.

The weighted-average of the Company’s pension plan asset allocations and target allocations at September 30, by asset category, were as follows:
 
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
%

The plans’ investment strategy is based on an expectation that, over time, equity securities will provide higher total returns than debt securities. The plans primarily minimize the risk of large losses through diversification of investments by asset class, by investing in different styles of investment management within the classes and by using a number of different investment managers. The Committee monitors the asset allocation and investment performance monthly, with a more comprehensive quarterly review with its adviser and annual reviews with each investment manager.

The plans’ expected return on assets is based on management’s and the Committee’s expectations of long-term average rates of return to be achieved by the plans’ investments. These expectations are based on the plans’ historical returns and expected returns for the asset classes in which the plans are invested.

The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):
 
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.

The Company’s policy is to fund the pension plans in amounts that comply with contribution limits imposed by law. The Company does not expect to make a contribution to its pension plans in fiscal 2015.

The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
 
 
 
 
 
 
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



Multi-Employer Pension Plans — The Company participates in the Boilermaker-Blacksmith National Pension Trust (Employer Identification Number 48-6168020), a multi-employer defined benefit pension plan related to collective bargaining employees at the Company's Kewaunee facility. The Company's contributions and pension benefits payable under the plan and the administration of the plan are determined by the terms of the related collective-bargaining agreement, which expires on May 1, 2017. The multi-employer plan poses different risks to the Company than single-employer plans in the following respects:

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.

As of December 31, 2013, the plan-certified zone status as defined by the Pension Protection Act of 2006 was Yellow and accordingly the plan has implemented a financial improvement plan or a rehabilitation plan. The Company's contributions to the multi-employer plan did not exceed 5% of the total plan contributions for the fiscal years 2014, 2013 or 2012. The Company made contributions to the plan of $1.2 million, $1.1 million and $1.0 million in fiscal 2014, 2013 and 2012, respectively.

401(k) and Defined Contribution Pension Replacement Plans — The Company has defined contribution 401(k) plans covering substantially all domestic employees. The plans allow employees to defer 2% to 100% of their income on a pre-tax basis. Each employee who elects to participate is eligible to receive Company matching contributions, which are based on employee contributions to the plans, subject to certain limitations. Beginning in January 2013, the Company also contributes between 3% and 6% of an employee's base pay, depending on age, as part of a new defined contribution pension replacement plan. Amounts expensed for Company matching and discretionary contributions were $31.9 million, $28.3 million and $11.3 million in fiscal 2014, 2013 and 2012, respectively. The increase in defined contribution costs during fiscal 2013 was generally a result of additional Company contributions beginning in January 2013 to offset benefit reductions associated with the curtailment of benefits under the defined benefit pension plans for Oshkosh and Pierce salaried employees.
Income Taxes
Income Taxes
Income Taxes

Pre-tax income from continuing operations was taxed in the following jurisdictions (in millions):
 
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



Significant components of the provision for income taxes were as follows (in millions):
 
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



The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:
 
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
 %


During fiscal 2014, the Company recorded discrete tax benefits of $25.7 million (6.0% of pre-tax income), which included settlement of audits, changes in filing positions taken in prior years, expiration of statute of limitations and future realization of losses previously unbenefited. Included in fiscal 2013 domestic tax credits is $3.2 million (0.7% of pre-tax income) of benefit due to the reinstatement of the U.S. research & development tax credit for periods prior to fiscal 2013. In fiscal 2012, the Company recorded discrete tax benefits of $44.8 million (14.5% of pre-tax income), which included settlement of audits, changes in filing positions taken in prior periods, expiration of statute of limitations and utilization of losses previously unbenefited. Other, net in fiscal 2012 includes $13.1 million of the $44.8 million of discrete tax benefits noted above for adjustments related to deferred taxes and changes to filing positions taken in prior periods.

The Company's valuation allowance on deferred tax assets decreased $26.0 million in fiscal 2014 to $26.1 million at September 30, 2014. Decreases in valuation allowances aggregating $4.3 million fully offset decreases in deferred tax assets related to foreign net operating losses resulting from changes in prior year filing positions of $1.5 million and expiration of foreign statute of limitations of $2.8 million. Decreases in valuation allowance aggregating $7.8 million fully offset decreases in deferred tax assets related to capital losses, resulting from utilization of capital loss carryovers and lapse of the statutory carryover period. Other changes in the valuation allowance included a $1.5 million (0.4% of pre-tax income) increase related to state net operating losses and a $12.1 million (2.8% of pre-tax income) decrease related to a reduction in valuation allowance due to expected future realization of foreign net operating losses and notional interest deduction carryovers based on projections of future income following a tax ruling received in fiscal 2014. The remaining decrease in valuation allowance of $3.3 million relates to currency translation and other.

The Company was party to a tax incentive agreement (“incentive”) covering certain of its European operations. The incentive expired in July 2013 and provided for a reduction in the Company’s effective income tax rate through allowable deductions that were subject to recapture to the extent that certain conditions were not met, including a requirement to have minimum cumulative operating income over a multiple-year period ending in fiscal 2013. The Company recorded tax deductions under the incentive of €5.9 million and €11.5 million in fiscal 2013 and 2012, respectively, which resulted in additional benefit of $2.6 million (0.6% of pre-tax income) and $5.0 million (1.6% of pre-tax income) in fiscal 2013 and 2012, respectively, and €27.4 million of cumulative net deductions over the life of the agreement.

Prior to fiscal 2012, the Company sold several European companies whose operations were classified as discontinued operations. The Company had made an election with the U.S. Internal Revenue Service to treat Windmill Ventures, the Company’s European holding company parent of these disposed companies, as a disregarded entity for U.S. federal income tax purposes. As a result of this election, the Company recorded a worthless stock/bad debt income tax benefit related to the discontinued operations of the sold companies. In fiscal 2012, the Company settled an income tax audit, which resulted in a tax benefit of $6.1 million related to the release of previously accrued amounts for uncertain tax positions for worthless stock/bad debt deductions, which was included in discontinued operations.

Deferred income tax assets and liabilities were comprised of the following (in millions):
 
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
)


The net deferred tax liability is classified in the Consolidated Balance Sheets as follows (in millions):
 
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
)


As of September 30, 2014, the Company had $131.7 million of net operating loss carryforwards available to reduce future taxable income of certain foreign subsidiaries that are primarily from countries with carryforward periods ranging from seven years to an unlimited period. In addition, the Company had $119.0 million of state net operating loss carryforwards, which are subject to expiration from 2016 to 2034. The Company also had capital loss carryforwards of $10.3 million, which are subject to expiration from 2017 to 2018, and state credit carryforwards of $11.5 million, which are subject to expiration from 2022 to 2029. Deferred tax assets for foreign net operating loss carryforwards, state net operating loss carryforwards, capital loss carryforwards and state credit carryforwards were $36.3 million, $6.3 million, $3.7 million and $7.5 million, respectively, and are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax-planning strategies and projections of future taxable income. As a result of this analysis, the Company carried a valuation allowance against foreign deferred tax assets, state deferred tax assets and capital loss carryforwards of $20.5 million, $1.9 million and $3.7 million, respectively, as of September 30, 2014.

The Company does not provide for U.S. income taxes on undistributed earnings of its foreign operations that are intended to be indefinitely reinvested. At September 30, 2014, these earnings amounted to $180.7 million. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.

As of September 30, 2014, the Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $32.8 million. As of September 30, 2014, net unrecognized tax benefits, excluding interest and penalties, of $20.9 million would affect the Company’s net income if recognized. As of September 30, 2013, net unrecognized tax benefits, excluding interest and penalties, of $25.9 million would have affected the Company’s net income if recognized. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in millions):
 
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



The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statements of Income. During the fiscal years ended September 30, 2014, 2013 and 2012, the Company recognized $1.5 million, $2.0 million and $(0.8) million related to interest and penalties, respectively. At September 30, 2014 and 2013, the Company had accruals for the payment of interest and penalties of $16.8 million and $16.1 million, respectively. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by approximately $13.9 million, either because the Company’s tax positions are sustained on audit, because the Company agrees to their disallowance or the statute of limitations closes.

The Company files federal income tax returns, as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities. During fiscal 2014, the U.S. Internal Revenue Service completed its audit of the Company for the taxable years ended September 30, 2010 and 2011. As of September 30, 2014, tax years open for examination under applicable statutes were as follows:
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
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
 
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
)


Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 18 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
 
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
)
Earnings (Loss) Per Share
Earnings (Loss) Per Share
Earnings (Loss) Per Share

Prior to September 1, 2013, the Company granted awards of nonvested stock that contained a nonforfeitable right to dividends, if declared. In accordance with FASB ASC Topic 260, Earnings Per Share, these awards are considered to be participating securities and as a result, earnings per share is calculated using the two-class method. The two-class method is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.

Effective September 1, 2013, new grants of awards of nonvested stock do not contain a nonforfeitable right to dividends during the vesting period. As a result, an employee will forfeit the right to dividends accrued on unvested awards if such awards do not ultimately vest. As such, these awards are not treated as participating securities in the earnings per share calculation as the employees do not have equivalent dividend rights as common shareholders.

The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
 
Fiscal Year Ended September 30,
 
2014
 
2013
 
2012
Income from continuing operations
$
309.3

 
$
316.3

 
$
245.2

Income (loss) from discontinued operations
—

 
1.7

 
(14.4
)
Net income
309.3

 
318.0

 
230.8

Earnings allocated to participating securities
(1.2
)
 
(2.0
)
 
(0.6
)
Earnings available to common shareholders
$
308.1

 
$
316.0

 
$
230.2

 
 
 
 
 
 
Basic EPS:
 
 
 
 
 
Weighted-average common shares outstanding
84,123,949

 
87,726,891

 
91,330,635

 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
Basic weighted-average common shares outstanding
84,123,949

 
87,726,891

 
91,330,635

Dilutive stock options and other equity-based compensation awards
1,540,287

 
1,466,730

 
562,508

Participating restricted stock
(206,601
)
 
(240,073
)
 
(84,186
)
Diluted weighted-average common shares outstanding
85,457,635

 
88,953,548

 
91,808,957


Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Fiscal Year Ended September 30,
 
2014
 
2013
 
2012
Stock options
1,082,432

 
1,295,450

 
3,549,026

Contingencies, Significant Estimates and Concentrations
Contingencies, Significant Estimates and Concentrations
Contingencies, Significant Estimates and Concentrations

Personal Injury Actions and Other — Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for future claims up to $5.0 million per claim ($3.0 million per claim prior to April 1, 2013). Accordingly, a reserve is maintained for the estimated costs of such claims. At September 30, 2014 and 2013, the estimated net liabilities for product and general liability claims totaled $39.4 million and $45.6 million, respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Market Risks — The Company was contingently liable under bid, performance and specialty bonds totaling $306.9 million and open standby letters of credit issued by the Company’s banks in favor of third parties totaling $83.3 million at September 30, 2014.

Other Matters — The Company is subject to other environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation.

At September 30, 2014, approximately 13% of the Company’s workforce was covered under collective bargaining agreements.

The Company derived a significant portion of its revenue from the DoD, as follows (in millions): 
 
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



No other customer represented more than 10% of sales for fiscal 2014, 2013 or 2012.

Certain risks are inherent in doing business with the DoD, including technological changes and changes in levels of defense spending. All DoD contracts contain a provision that they may be terminated at any time at the convenience of the U.S. government. In such an event, the Company is entitled to recover allowable costs plus a reasonable profit earned to the date of termination.

Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers.

Because the Company is a relatively large defense contractor, the Company’s U.S. government contract operations are subject to extensive annual audit processes and to U.S. government investigations of business practices and cost classifications from which legal or administrative proceedings can result. Based on U.S. government procurement regulations, under certain circumstances the Company could be fined, as well as suspended or debarred from U.S. government contracting. During a suspension or debarment, the Company would also be prohibited from selling equipment or services to customers that depend on loans or financial commitments from the Export Import Bank, Overseas Private Investment Corporation and similar U.S. government agencies.

Certain of the Company's sales in the defense segment are made pursuant to contracts with the U.S. government with pricing based on the costs as determined by the Company to produce products or perform services under the contracts. Cost-based pricing is determined under the Federal Acquisition Regulations ("FAR"). The FAR provide guidance on the types of costs that are allowable in establishing prices for goods and services under U.S. government contracts. Pension and other postretirement benefit costs are allocated to contracts as allowed costs based upon the U.S. Government Cost Accounting Standards ("CAS"). The CAS requirements for pension and other postretirement benefit costs differ from amounts recorded under generally accepted accounting principles in the United States of America. On December 31, 2012, the Oshkosh salaried defined benefit plan was frozen such that salaried employees would no longer accrue additional benefits under this plan. This resulted in a plan curtailment. Under CAS, when there is a plan curtailment of benefits, the contractor must determine the difference between the actuarial accrued liability and the market value of the assets. The difference represents an adjustment to previously-determined pension costs and the government shares in the difference, whether a credit or charge based on that portion of pension plan costs that related to CAS-covered contracts during the applicable time period. On March 7, 2014, the Company received notification from the U.S. government that the government concluded its review of the Company's proposed adjustment to previously-determined pension costs. The Company recorded revenue of $4.6 million in the defense segment in fiscal 2014 as a result of reaching an agreement with its U.S. government customer regarding this matter.

Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers. The Company reduced fiscal 2014 net sales and operating income by $8.9 million as a result of reductions in other post-employment benefit eligible costs under historical cost-plus government contracts for periods prior to fiscal 2014.
Business Segment Information
Business Segment Information
Business Segment Information

The Company is organized into four reportable segments based on the internal organization used by management for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. The Company’s segments are as follows:
Access Equipment: This segment consists of JLG and JerrDan. JLG manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, agricultural, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. Access equipment customers include equipment rental companies, construction contractors, manufacturing companies and home improvement centers. JerrDan manufactures and markets towing and recovery equipment in the U.S. and abroad.
Defense: This segment consists of Oshkosh Defense. Oshkosh Defense manufactures tactical wheeled vehicles and supply parts and services for the U.S. military and for other militaries around the world. Sales to the DoD accounted for 91.2%, 86.8% and 90.8% of the segment’s sales for the years ended September 30, 2014, 2013 and 2012, respectively.
Fire & Emergency: This segment includes Pierce, Airport Products and Kewaunee. These units manufacture and market commercial and custom fire vehicles, simulators and emergency vehicles primarily for fire departments, airports and other governmental units, and broadcast vehicles for broadcasters and TV stations in the U.S. and abroad.
Commercial: This segment includes McNeilus, CON-E-CO, London, IMT and Oshkosh Commercial. McNeilus, CON-E-CO, London and Oshkosh Commercial manufacture, market and distribute concrete mixers, portable concrete batch plants and vehicle and vehicle body components. McNeilus and London also manufacture, market and distribute refuse collection vehicles and components. IMT is a manufacturer of field service vehicles and truck-mounted cranes for niche markets. Sales are made primarily to commercial and municipal customers in the Americas.

In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, share-based compensation, costs of certain business initiatives and shared services benefiting multiple segments and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. The accounting policies of the reportable segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements.

Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
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.

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

Separate Financial Information of Subsidiary Guarantors of Indebtedness
Separate Financial Information of Subsidiary Guarantors of Indebtedness
Separate Financial Information of Subsidiary Guarantors of Indebtedness

The 2020 Senior Notes and the 2022 Senior Notes are jointly, severally, fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s 100% owned existing and future subsidiaries that from time to time guarantee obligations under the Credit Agreement, with certain exceptions (the “Guarantors”).

On June 30, 2014, the Company completed a holding company reorganization pursuant to which Oshkosh became the parent holding company for the Company's entire group of businesses, including the Company's defense business, which prior to the reorganization, Oshkosh operated directly. As part of the reorganization, Oshkosh formed a new, wholly-owned subsidiary, Oshkosh Defense, LLC, and Oshkosh Defense, LLC succeeded to the Company's defense business. As a result, Oshkosh Defense, LLC became a Guarantor of Oshkosh's obligations under the Credit Agreement, as well as the 2020 Senior Notes and the 2022 Senior Notes. Historical information has been retroactively reclassified to reflect Oshkosh Defense, LLC as a Guarantor for all periods presented.

Under the Indentures governing the 2020 Senior Notes and 2022 Senior Notes, a Guarantor’s guarantee of such Senior Notes will be automatically and unconditionally released and will terminate upon the following customary circumstances: (i) the sale of such Guarantor or substantially all of the assets of such Guarantor if such sale complies with the indenture; (ii) if such Guarantor no longer guarantees certain other indebtedness of the Company; or (iii) the defeasance or satisfaction and discharge of the indenture. The following condensed supplemental consolidating financial information reflects the summarized financial information of Oshkosh Corporation, the Guarantors on a combined basis and Oshkosh Corporation’s non-guarantor subsidiaries on a combined basis (in millions):

Condensed Consolidating Statement of Income and Comprehensive Income
For the Year Ended September 30, 2014
 
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


Condensed Consolidating Statement of Income and Comprehensive Income
For the Year Ended September 30, 2013
 
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


Condensed Consolidating Statement of Income
For the Year Ended September 30, 2012
 
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



Condensed Consolidating Statement of Comprehensive Income
For the Year Ended September 30, 2012

 
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



Condensed Consolidating Balance Sheet
As of September 30, 2014
 
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


Condensed Consolidating Balance Sheet
As of September 30, 2013
 
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



Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2014
 
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


Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2013
 
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


Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2012
 
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

Unaudited Quarterly Results
Unaudited Quarterly Results
Unaudited Quarterly Results (in millions, except per share amounts)

 
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.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
OSHKOSH CORPORATION
VALUATION AND QUALIFYING ACCOUNTS

Allowance for Doubtful Accounts
Years Ended September 30, 2014, 2013 and 2012
(In millions)
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.
Summary of Significant Accounting Policies (Policies)
Principles of Consolidation and Presentation 
Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its 50% voting interest in RiRent and its 49% interest in Mezcladoras under the equity method.
Use of Estimates 
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition 
Revenue Recognition — The Company recognizes revenue on equipment and parts sales when contract terms are met, collectability is reasonably assured and a product is shipped or risk of ownership has been transferred to and accepted by the customer. Revenue from service agreements is recognized as earned, when services have been rendered. Appropriate provisions are made for discounts, returns and sales allowances. Sales are recorded net of amounts invoiced for taxes imposed on the customer such as excise or value-added taxes.

Sales to the U.S. government of non-commercial products manufactured to the government’s specifications are recognized using the units-of-delivery measure under the percentage-of-completion accounting method as units are accepted by the government. Under the units-of-delivery measure, the Company records sales as units are accepted by the U.S. Department of Defense (“DoD”) based on unit sales values stated in the respective contracts. Costs of sales are based on actual costs incurred to produce the units delivered under the contract. Approximately 20% and 31% of the Company’s revenues were recognized under the percentage-of-completion accounting method in fiscal 2014 and 2013, respectively.

The Company invoices the government as the units are formally accepted. Deferred revenue arises from amounts received in advance of the culmination of the earnings process and is recognized as revenue in future periods when the applicable revenue recognition criteria have been met.

The Company includes amounts representing contract change orders, claims or other items in sales only when they can be reliably estimated and realization is probable. The Company charges anticipated losses on contracts or programs in progress to earnings when identified. Bid and proposal costs are expensed as incurred.
Shipping and Handling Fees and Costs 
Shipping and Handling Fees and Costs — Revenue received from shipping and handling fees is reflected in net sales. Shipping and handling fee revenue was not significant for any period presented. Shipping and handling costs are included in cost of sales.
Warranty 
Warranty — Provisions for estimated warranty and other related costs are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. The Company recognizes the revenue from sales of extended warranties over the life of the contracts.
Research and Development and Similar Costs 
Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the DoD), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense amounted to $142.0 million, $112.9 million and $109.1 million during fiscal 2014, 2013 and 2012, respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs.
Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the DoD), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense amounted to $142.0 million, $112.9 million and $109.1 million during fiscal 2014, 2013 and 2012, respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs.
Advertising 
Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $20.4 million, $17.1 million and $13.1 million in fiscal 2014, 2013 and 2012, respectively.
Stock-based Compensation 
Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation. Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument. See Note 17 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans.
Income Taxes 
Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

The Company evaluates uncertain income tax positions in a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur.

Approximately 13% of the Company’s cash and cash equivalents at September 30, 2014 was located outside the United States. U.S. income taxes are provided on financial statement earnings of non-U.S. subsidiaries expected to be repatriated. The Company determines annually the amount of undistributed non-U.S. earnings to invest indefinitely in its non-U.S. operations. As a result of anticipated cash requirements in foreign subsidiaries, the Company currently believes that all earnings of non-U.S. subsidiaries will be reinvested indefinitely to finance foreign activities. Accordingly, no U.S. deferred income taxes have been provided for the repatriation of those earnings.
ncome taxes are provided on financial statement earnings of non-U.S. subsidiaries expected to be repatriated. The Company determines annually the amount of undistributed non-U.S. earnings to invest indefinitely in its non-U.S. operations. As a result of anticipated cash requirements in foreign subsidiaries, the Company currently believes that all earnings of non-U.S. subsidiaries will be reinvested indefinitely to finance foreign activities. Accordingly, no U.S. deferred income taxes have been provided for the repatriation of those earnings.
Fair Value of Financial Instruments 
Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, accounts payable and accrued liabilities approximated fair value as of September 30, 2014 and 2013. See Note 16 of the Notes to Consolidated Financial Statements for additional fair value information.

Cash and Cash Equivalents 
Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2014 consisted principally of bank deposits and money market instruments.
Receivables 
Receivables — Receivables consist of amounts billed and currently due from customers and unbilled costs and accrued profits related to revenues on long-term contracts with the U.S. government that have been recognized for accounting purposes but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for estimated losses is based on the Company’s historical experience, existing economic conditions and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered.
Concentration of Credit Risk 
Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements.

The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution.

Concentration of credit risk with respect to trade accounts and leases receivable is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade and lease receivables are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables.
Inventories 
Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (“LIFO”) method for 81.2% of the Company’s inventories at September 30, 2014 and 85.4% of the Company's inventories at September 30, 2013. For the remaining inventories, cost has been determined using the first-in, first-out (“FIFO”) method.
Performance-Based Payments 
Performance-Based Payments — The Company’s contracts with the DoD to deliver heavy-payload tactical vehicles (Family of Heavy Tactical Vehicles and Logistic Vehicle System Replacement) and medium-payload tactical vehicles (Family of Medium Tactical Vehicles and Medium Tactical Vehicle Replacement), as well as certain other defense-related contracts, include requirements for “performance-based payments.” The performance-based payment provisions in the contracts require the DoD to pay the Company based on the completion of certain pre-determined events in connection with the production under these contracts. Performance-based payments received are first applied to reduce outstanding receivables for units accepted in accordance with contractual terms, with any remaining amount recorded as an offset to inventory to the extent of related inventory on hand. Amounts received in excess of receivables and inventories are included in liabilities as customer advances.
Property, Plant and Equipment 
Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets using accelerated and straight-line methods. The estimated useful lives range from 10 to 40 years for buildings and improvements, from 4 to 25 years for machinery and equipment and from 3 to 10 years for capitalized software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. Capitalized interest is immaterial for all periods presented. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets.
Goodwill 
Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test as of July 1 of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment that constitutes a business. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill.

In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily (75%) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European construction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future.
Impairment of Long-Lived Assets 
Impairment of Long-Lived Assets — Property, plant and equipment and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets.

Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the "relief from royalty" method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. In fiscal 2013, the Company recorded a non-cash impairment charge related to purchased intangible assets of $9.0 million
Floor Plan Notes Payable 
Floor Plan Notes Payable — Floor plan notes payable represent liabilities related to the purchase of commercial vehicle chassis upon which the Company mounts its manufactured vehicle bodies. Floor plan notes payable are non-interest bearing for terms ranging up to 120 days and must be repaid upon the sale of the vehicle to a customer. The Company’s practice is to repay all floor plan notes for which the non-interest bearing period has expired without sale of the vehicle to a customer.
Customer Advances 
Customer Advances — Customer advances include amounts received in advance of the completion of fire & emergency and commercial vehicles. Most of these advances bear interest at variable rates approximating the prime rate. Advances also include any performance-based payments received from the DoD in excess of the value of related inventory. Advances from the DoD are non-interest bearing. See the discussion above regarding performance-based payments.
Long-Term Liabilities 
Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company's pension liability, other post-employment benefit liability and accrued product liability that are not expected to be settled in the subsequent twelve month period.
Foreign Currency Translation 
Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded net foreign currency transaction losses related to continuing operations of $3.8 million, $5.9 million and $5.1 million in fiscal 2014, 2013 and 2012, respectively.
Derivative Financial Instruments 
Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged.
Reclassification, Policy 
Reclassifications — Certain reclassifications have been made to the fiscal 2013 and 2012 financial statements to conform to the 2014 presentation.
Recent Accounting Pronouncements 
Recent Accounting Pronouncements — In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update revises the required criteria for reporting disposals as discontinued operations, whereby such disposals must represent strategic shifts that had (or will have) a major effect on an entity's operations and financial results. The new requirements are effective prospectively for all disposals that occur within fiscal years beginning on or after December 15, 2014, and for interim periods within those fiscal years. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue. This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company will be required to adopt ASU No. 2014-09 as of October 1, 2017. The Company is currently evaluating the impact of ASU No. 2014-09 on the Company’s financial condition, results of operations and cash flows.

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements (Topic 205) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance requires management to perform an evaluation each annual and interim reporting period of whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. If such conditions are identified, the guidance requires an entity to provide certain disclosures about the principal conditions or events that gave raise to the substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations and management’s plans to alleviate or mitigate substantial doubt about the entity’s ability to continue as a going concern. The guidance is effective for all entities for the first annual period ending after December 15, 2016 and interim periods thereafter. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its financial statements.
Discontinued Operations (Tables)
Schedule of operations of discontinued operations
Results of discontinued operations were as follows (in millions):
 
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
)
Receivables (Tables)
Schedule of receivables 
Receivables consisted of the following (in millions):
 
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

Classification of receivables in the Consolidated Balance Sheets 
Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions):
 
September 30,
 
2014
 
2013
Current receivables
$
974.9

 
$
794.3

Long-term receivables
15.5

 
19.8

 
$
990.4

 
$
814.1

Schedule of finance and notes receivable aging and accrual status 
Finance and notes receivable accrual status consisted of the following (in millions):
 
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
)
Schedule of changes in the allowance for doubtful accounts 
Changes in the Company’s allowance for doubtful accounts were as follows (in millions):
 
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

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

Investments in Unconsolidated Affiliates (Tables)
Schedule of Equity Method Investments
Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):
 
September 30,
 
2014
 
2013
RiRent (The Netherlands)
$
11.2

 
$
11.9

Mezcladoras (Mexico)

9.9

 
9.0

 
$
21.1

 
$
20.9


Property, Plant and Equipment (Tables)
Schedule of property, plant and equipment
Property, plant and equipment consisted of the following (in millions):
 
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

Goodwill and Purchased Intangible Assets (Tables)
Schedule of changes in goodwill 
The following table presents changes in goodwill during fiscal 2014 and 2013 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2012
$
906.1

 
$
106.1

 
$
21.6

 
$
1,033.8

Foreign currency translation
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

Schedule of company's goodwill allocated to the reportable segments 
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
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

Schedule of purchased intangible assets 
Details of the Company’s total purchased intangible assets were as follows (in millions):
 
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

Other Long-Term Assets (Tables)
Schedule of other long-term assets
Other long-term assets consisted of the following (in millions):
 
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

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

Warranties (Tables)
Schedule of changes in warranty liability
Changes in the Company’s warranty liability were as follows (in millions):
 
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

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

Derivative Financial Instruments and Hedging Activities (Tables)
Schedule of fair values of all open derivative instruments 
Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Consolidated Balance Sheets were as follows (in millions):
 
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

Schedule of pre-tax effects of derivative instruments 
The pre-tax effects of derivative instruments on the Consolidated Statements of Income consisted of the following (in millions):
 
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
)
Fair Value Measurement (Tables)
Schedule of fair values of financial assets and liabilities
As of September 30, 2014, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
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.

Stock-Based Compensation (Tables)
Schedule of equity-based compensation plans 
Information related to the Company’s equity-based compensation plans in effect as of September 30, 2014 was as follows:
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

Schedule of stock based compensation expense 
The Company recognizes compensation expense over the requisite service period for vesting of an award, or to an employee's eligible retirement date, if earlier and applicable. Total stock-based compensation expense (income) included in the Company’s Consolidated Statements of Income for fiscal 2014, 2013 and 2012 was as follows (in millions):
 
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

Schedule of stock option activity 
A summary of the Company’s stock option activity for the three years ended September 30, 2014 is as follows:
 
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

Schedule of outstanding stock options 
Stock options outstanding and exercisable as of September 30, 2014 were as follows (in millions, except share and per share amounts):
 
 
 
 
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

Schedule of weighted-average assumptions used to value options 
The Company uses the Black-Scholes valuation model to value stock options utilizing the following weighted-average assumptions:
 
 
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
%
Schedule of nonvested stock activity 
A summary of the Company’s stock award activity for the three years ended September 30, 2014 is as follows:
 
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

Schedule of Novested Performance-based Units Activity 
Performance Share Awards — A summary of the Company’s performance share awards activity for the three years ended September 30, 2014 is as follows:
 
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

Schedule of weighted-average assumptions to estimate grant date fair values 
The grant date fair values of performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions:
 
 
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
%
Employee Benefit Plans (Tables)
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans and the amounts recognized in the balance sheet 
The changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans and postretirement benefit plans, were as follows (in millions):
 
 
 
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
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) 
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

Schedule of Weighted-average assumptions 
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

Schedule of Benefit Obligations in Excess of Plan Fair Value 
Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following as of September 30 (in millions):
 
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

Schedule of net periodic benefit cost 
The components of net periodic benefit cost (income) for fiscal years ended September 30 were as follows (in millions):
 
 
 
 
 
 
 
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

Schedule of pension plan asset and target allocation 
The weighted-average of the Company’s pension plan asset allocations and target allocations at September 30, by asset category, were as follows:
 
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
%

Schedule of fair value of plan assets by major category and level within fair value hierarchy 
The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):
 
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.

Schedule of estimated future benefit payments 
The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
 
 
 
 
 
 
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

Income Taxes (Tables)
Schedule of pre-tax income (loss) from continuing operations 
Pre-tax income from continuing operations was taxed in the following jurisdictions (in millions):
 
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

Schedule of components of provision for (benefit from) income taxes 
Significant components of the provision for income taxes were as follows (in millions):
 
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

Schedule of reconciliation of income tax computed at U.S. federal statutory tax rates to income tax expense 
The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:
 
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
 %
Components of deferred income tax assets and liabilities 
Deferred income tax assets and liabilities were comprised of the following (in millions):
 
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
)
Schedule of classification of deferred tax liability in consolidated balance sheets 
The net deferred tax liability is classified in the Consolidated Balance Sheets as follows (in millions):
 
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
)
Schedule of reconciliation of unrecognized tax benefits 
A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in millions):
 
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

Schedule of tax years open for examination under applicable statutes 
As of September 30, 2014, tax years open for examination under applicable statutes were as follows:
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
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) 
Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
 
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
)
Reclassification out of Accumulated Other Comprehensive Income 
Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 18 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
 
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
)
Earnings (Loss) Per Share (Tables)
Schedule of income attributable to common shareholders 
The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
 
Fiscal Year Ended September 30,
 
2014
 
2013
 
2012
Income from continuing operations
$
309.3

 
$
316.3

 
$
245.2

Income (loss) from discontinued operations
—

 
1.7

 
(14.4
)
Net income
309.3

 
318.0

 
230.8

Earnings allocated to participating securities
(1.2
)
 
(2.0
)
 
(0.6
)
Earnings available to common shareholders
$
308.1

 
$
316.0

 
$
230.2

 
 
 
 
 
 
Basic EPS:
 
 
 
 
 
Weighted-average common shares outstanding
84,123,949

 
87,726,891

 
91,330,635

 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
Basic weighted-average common shares outstanding
84,123,949

 
87,726,891

 
91,330,635

Dilutive stock options and other equity-based compensation awards
1,540,287

 
1,466,730

 
562,508

Participating restricted stock
(206,601
)
 
(240,073
)
 
(84,186
)
Diluted weighted-average common shares outstanding
85,457,635

 
88,953,548

 
91,808,957


Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 
Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Fiscal Year Ended September 30,
 
2014
 
2013
 
2012
Stock options
1,082,432

 
1,295,450

 
3,549,026

Contingencies, Significant Estimates and Concentrations (Tables)
Schedule of significant portion of revenues from the Department of Defense
The Company derived a significant portion of its revenue from the DoD, as follows (in millions): 
 
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

Business Segment Information (Tables)
Schedule of net sales by product lines and reportable segments 
Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
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

Schedule of income (loss) from continuing operations by product lines and reportable segments 
 
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

Schedule of Depreciation Amortization Capital Expenditure by Segment [Text Block] 
 
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

Schedule of identifiable assets by business segments and by geographical segments 
 
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.
Schedule of net sales by geographical segments 
The following table presents net sales by geographic region based on product shipment destination (in millions):
 
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

Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
Condensed Consolidating Statements of Income and Comprehensive Income 
Condensed Consolidating Statement of Income and Comprehensive Income
For the Year Ended September 30, 2014
 
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


Condensed Consolidating Statement of Income and Comprehensive Income
For the Year Ended September 30, 2013
 
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


Condensed Consolidating Statement of Income
For the Year Ended September 30, 2012
 
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



Condensed Consolidating Statement of Comprehensive Income
For the Year Ended September 30, 2012

 
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

Condensed Consolidating Balance Sheet 
Condensed Consolidating Balance Sheet
As of September 30, 2014
 
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


Condensed Consolidating Balance Sheet
As of September 30, 2013
 
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

Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2014
 
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


Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2013
 
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


Condensed Consolidating Statement of Cash Flows
For the Year Ended September 30, 2012
 
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

Unaudited Quarterly Results (Tables)
Schedule of unaudited quarterly results
Unaudited Quarterly Results (in millions, except per share amounts)

 
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.

Nature of Operations (Details)
12 Months Ended
Sep. 30, 2014
segment
Nature of operations
 
Number of principal vehicle markets (in markets)
4 
Rirent Europe Bv Member |
JLG
 
Nature of operations
 
Ownership percentage of subsidiary in equity method investee
50.00% 
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member] |
Commercial [Member]
 
Nature of operations
 
Ownership percentage of subsidiary in equity method investee
49.00% 
Summary of Significant Accounting Policies (Details) (USD $)
12 Months Ended
Sep. 30, 2014
Step
Sep. 30, 2013
Sep. 30, 2012
Revenue Recognition [Abstract]
 
 
 
Percent of Companies Current Year Revenues Recognized Using Percentage of Completion Method Accounting
20.00% 
31.00% 
 
Research and Development and Similar Costs
 
 
 
Research and development costs charged to expense
$ 142,000,000 
$ 112,900,000 
$ 109,100,000 
Advertising
 
 
 
Advertising cost
20,400,000 
17,100,000 
13,100,000 
Income Taxes
 
 
 
Number of steps to evaluate uncertain income tax positions (in steps)
2 
 
 
Minimum percentage likelihood of tax benefit being realized (as a percent)
50.00% 
 
 
Maximum percentage likelihood of tax benefit being realized (as a percent)
50.00% 
 
 
Amount of tax benefit realized for tax positions currently estimated to have a less than likelihood percentage of being sustained
$ 0 
 
 
Percentage of cash and cash equivalents located outside the United States
13.00% 
 
 
Cash and Cash Equivalents
 
 
 
Maximum remaining maturity period at time of purchase of liquid investments classified as cash equivalents (in months)
3 months 
 
 
Inventories
 
 
 
Inventory valued using LIFO method (as a percent)
81.20% 
85.40% 
 
Access Equipment [Member] |
Rirent Europe Bv Member
 
 
 
Investment in unconsolidated affiliates, Accounted under equity method
 
 
 
Voting interest under equity method
50.00% 
 
 
Commercial [Member] |
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
 
 
 
Investment in unconsolidated affiliates, Accounted under equity method
 
 
 
Voting interest under equity method
49.00% 
 
 
Summary of Significant Accounting Policies (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Property Plant and Equipment
 
 
 
 
Impairment
$ 9.0 
 
$ 9.0 
 
Goodwill
 
 
 
 
Percentage of importance to income approach used for evaluation of recoverability of goodwill (as a percent)
 
75.00% 
 
 
Floor Plan Notes Payable
 
 
 
 
Period of non-interest for floor plan notes payable (in days)
 
120 days 
 
 
Foreign Currency Translation
 
 
 
 
Net foreign currency transaction gains (losses) related to continuing operations
 
$ (3.8)
$ (5.9)
$ (5.1)
Minimum |
Buildings and improvements
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
10 years 
 
 
Minimum |
Machinery and equipment
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
4 years 
 
 
Minimum |
Capitalized software and related costs
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
3 years 
 
 
Maximum |
Buildings and improvements
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
40 years 
 
 
Maximum |
Machinery and equipment
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
25 years 
 
 
Maximum |
Capitalized software and related costs
 
 
 
 
Property Plant and Equipment
 
 
 
 
Useful life
 
10 years 
 
 
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
Discontinued operations income tax benefit due to income tax audit settlement
 
 
$ (6.1)
Operations of discontinued operations
 
 
 
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 
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 
0.9 
(13.9)
Income (loss) from operations, net of tax
 
1.7 
(10.0)
Loss on sale of discontinued operations
0 
0 
(4.4)
Income (loss) from discontinued operations, net of tax
$ 0 
$ 1.7 
$ (14.4)
Receivables (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
U.S. government:
 
 
 
Amounts billed
$ 80.4 
$ 118.3 
 
Cost and profits not billed
21.3 
31.7 
 
Contract receivables
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 
 
Receivables, gross
1,012.2 
834.5 
 
Less allowance for doubtful accounts
(21.8)
(20.4)
(18.0)
Receivables, net
990.4 
814.1 
 
Undefinitized Contracts [Abstract]
 
 
 
Increase in net income due to increase in revenue from undefinitized contract
4.7 
6.6 
5.0 
Increase in net income per share due to increase in revenue from undefinitized contract (in dollars per share)
$ 0.06 
$ 0.07 
$ 0.05 
Classification of receivables
 
 
 
Current receivables
974.9 
794.3 
 
Long-term receivables
15.5 
19.8 
 
Receivables, net
990.4 
814.1 
 
Undefinitization Contracts |
Defense
 
 
 
Undefinitized Contracts [Abstract]
 
 
 
Revenues
$ 7.5 
$ 13.8 
$ 7.8 
Receivables (Details 2) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Aging of receivables that are past due:
 
 
 
Nonaccrual past due
$ 0.2 
$ 9.9 
 
Restructured outstanding note receivable
 
 
19.0 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
20.4 
18.0 
 
Provision for doubtful accounts, net of recoveries
3.1 
3.8 
 
Charge-off of accounts
(0.8)
(1.4)
 
Allowance for Loan and Lease Losses, Foreign Currency Translation
(0.9)
0 
 
Allowance for doubtful accounts at end of period
21.8 
20.4 
18.0 
Credit Concentration Risk [Member] |
Notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Concentration of risk
72.00% 
 
 
Numbers of parties in receivable
2 
 
 
Finance receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0 
0 
 
Greater than 60 days and less than 90 days
0 
0 
 
Greater than 90 days
0 
0 
 
Receivables on nonaccrual status
1.3 
0.6 
 
Receivables past due 90 days or more and still accruing
0 
0 
 
Receivables subject to general reserves
0.7 
3.3 
 
Allowance for doubtful accounts
0 
0 
 
Receivables subject to specific reserves
1.3 
0 
 
Allowance for doubtful accounts
0 
0 
 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
0 
1.4 
 
Provision for doubtful accounts, net of recoveries
0 
(0.4)
 
Charge-off of accounts
0 
(1.0)
 
Allowance for Loan and Lease Losses, Foreign Currency Translation
0 
0 
 
Allowance for doubtful accounts at end of period
0 
0 
 
Notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0 
0 
 
Greater than 60 days and less than 90 days
0 
0 
 
Greater than 90 days
2.2 
0 
 
Receivables on nonaccrual status
18.3 
20.2 
 
Receivables past due 90 days or more and still accruing
0 
0 
 
Receivables subject to general reserves
0 
0 
 
Allowance for doubtful accounts
0 
0 
 
Receivables subject to specific reserves
25.6 
22.2 
 
Allowance for doubtful accounts
(13.6)
(11.0)
 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
11.0 
8.0 
 
Provision for doubtful accounts, net of recoveries
3.5 
3.0 
 
Charge-off of accounts
(0.1)
0 
 
Allowance for Loan and Lease Losses, Foreign Currency Translation
(0.8)
0 
 
Allowance for doubtful accounts at end of period
13.6 
11.0 
 
Trade and other receivables
 
 
 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
9.4 
8.6 
 
Provision for doubtful accounts, net of recoveries
(0.4)
1.2 
 
Charge-off of accounts
(0.7)
(0.4)
 
Allowance for Loan and Lease Losses, Foreign Currency Translation
(0.1)
0 
 
Allowance for doubtful accounts at end of period
8.2 
9.4 
 
Restructured finance receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Receivables subject to specific reserves
0.7 
 
 
Restructured notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Receivables subject to specific reserves
$ 18.3 
 
 
Inventories (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Inventories
 
 
 
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)
 
Less: Excess of FIFO cost over LIFO cost
(82.9)
(76.5)
 
Inventories, net
960.9 
822.0 
 
Decrease in costs of goods sold as a result of LIFO inventory liquidation
1.3 
0.7 
0.3 
Increase in earnings from continuing operations as a result of LIFO inventory liquidation
$ 0.9 
$ 0.5 
$ 0.2 
Increase in earnings from continuing operation (in dollars per share)
$ 0.01 
$ 0.01 
$ 0.00 
Investments in Unconsolidated Affiliates (Details)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Sep. 30, 2014
USD ($)
Sep. 30, 2013
USD ($)
Sep. 30, 2014
Rirent Europe Bv Member
USD ($)
Sep. 30, 2013
Rirent Europe Bv Member
USD ($)
Sep. 30, 2012
Rirent Europe Bv Member
USD ($)
Sep. 30, 2014
Rirent Europe Bv Member
EUR (€)
Sep. 30, 2014
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
USD ($)
Sep. 30, 2013
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
USD ($)
Sep. 30, 2012
OMFSP (U.S.)
USD ($)
Sep. 30, 2014
Services, Management Services [Member]
USD ($)
Sep. 30, 2012
Services, Management Services [Member]
USD ($)
Sep. 30, 2014
Product [Member]
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
USD ($)
Sep. 30, 2013
Product [Member]
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
USD ($)
Sep. 30, 2012
Product [Member]
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member]
USD ($)
Investment in unconsolidated affiliates, Accounted under equity method
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in unconsolidated affiliates
$ 21.1 
$ 20.9 
$ 11.2 
$ 11.9 
 
 
$ 9.9 
$ 9.0 
 
 
 
 
 
 
Sales to Equity Method Investment
 
 
2.5 
7.3 
5.0 
 
 
 
 
0.9 
0.3 
7.1 
10.1 
5.6 
Useful life
 
 
5 years 
 
 
 
 
 
 
 
 
 
 
 
Bank credit facility
 
 
 
 
 
3.5 
 
 
 
 
 
 
 
 
Equity to asset ratio required to be maintained under bank credit facility (as a percent)
 
 
30.00% 
 
 
 
 
 
 
 
 
 
 
 
Overall equity to asset ratio
 
 
97.00% 
 
 
 
 
 
 
 
 
 
 
 
Ownership percentage of subsidiary in equity method investee
 
 
 
 
 
 
 
 
50.00% 
 
 
 
 
 
Cash distributions and proceeds from sale of equity method investment
 
 
 
 
 
 
 
 
16.5 
 
 
 
 
 
Dividends from equity method investments
 
 
 
 
 
 
1.5 
1.5 
 
 
 
 
 
 
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital
 
 
 
 
 
 
 
 
$ 6.5 
 
 
 
 
 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
$ 988.3 
$ 893.1 
 
Less accumulated depreciation
(582.8)
(530.9)
 
Property, plant and equipment, net
405.5 
362.2 
 
Depreciation expenses
65.3 
65.3 
65.5 
Impairment of Long-Lived Assets Held-for-use
1.6 
0.5 
 
Land and land improvements
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
48.6 
47.8 
 
Buildings
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
252.0 
242.6 
 
Machinery and equipment
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
624.8 
583.1 
 
Machinery and equipment |
Minimum
 
 
 
Property, plant and equipment
 
 
 
Useful life
4 years 
 
 
Machinery and equipment |
Maximum
 
 
 
Property, plant and equipment
 
 
 
Useful life
25 years 
 
 
Equipment on operating lease to others
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
41.0 
19.6 
 
Equipment on operating lease, net
32.6 
14.0 
 
Equipment on operating lease to others |
Minimum
 
 
 
Property, plant and equipment
 
 
 
Useful life
5 years 
 
 
Equipment on operating lease to others |
Maximum
 
 
 
Property, plant and equipment
 
 
 
Useful life
10 years 
 
 
Construction in Progress [Member]
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
$ 21.9 
$ 0 
 
Goodwill and Purchased Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Access equipment
Sep. 30, 2013
Access equipment
Sep. 30, 2014
Fire & emergency
Sep. 30, 2013
Fire & emergency
Sep. 30, 2014
Commercial
Sep. 30, 2013
Commercial
Jul. 2, 2014
JLG
Sep. 30, 2014
Minimum
Sep. 30, 2014
Maximum
Carrying amount of goodwill by reportable segment
 
 
 
 
 
 
 
 
 
 
 
 
Impairment
$ 9.0 
 
$ 9.0 
 
$ 9.0 
 
 
 
 
 
 
 
Minimum weighted-average cost of capital (as a percent)
 
12.50% 
 
 
 
 
 
 
 
 
 
 
Maximum weighted-average cost of capital (as a percent)
 
13.50% 
 
 
 
 
 
 
 
 
 
 
Terminal growth rate (as a percent)
 
 
 
 
 
 
 
 
 
 
2.00% 
3.00% 
Percentage of recorded goodwill and purchased intangibles concentrated within the JLG reporting unit in the access equipment segment (as a percent)
 
 
 
 
 
 
 
 
 
90.00% 
 
 
Changes in goodwill
 
 
 
 
 
 
 
 
 
 
 
 
Net goodwill at the beginning of the period
 
1,041.0 
1,033.8 
913.5 
906.1 
106.1 
106.1 
21.4 
21.6 
 
 
 
Foreign currency translation
 
(15.5)
7.2 
(15.3)
7.4 
0 
0 
(0.2)
(0.2)
 
 
 
Net goodwill at the end of the period
1,041.0 
1,025.5 
1,041.0 
898.2 
913.5 
106.1 
106.1 
21.2 
21.4 
 
 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
 
 
 
 
 
 
 
 
 
 
Gross
2,157.2 
2,135.5 
2,157.2 
1,830.3 
1,845.6 
108.1 
114.3 
197.1 
197.3 
 
 
 
Accumulated Impairment
(1,116.2)
(1,110.0)
(1,116.2)
(932.1)
(932.1)
(2.0)
(8.2)
(175.9)
(175.9)
 
 
 
Net
$ 1,041.0 
$ 1,025.5 
$ 1,041.0 
$ 898.2 
$ 913.5 
$ 106.1 
$ 106.1 
$ 21.2 
$ 21.4 
 
 
 
Goodwill and Purchased Intangible Assets (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
14 years 4 months 24 days 
14 years 4 months 24 days 
 
Gross
$ 791.7 
$ 798.5 
 
Accumulated Amortization
(521.0)
(471.0)
 
Net
270.7 
327.5 
 
Non-amortizable trade names
387.2 
387.2 
 
Intangible assets excluding goodwill, gross
1,178.9 
1,185.7 
 
Purchased intangible assets, net
657.9 
714.7 
 
Amortization expense recorded in continuing operations
55.3 
56.6 
57.7 
Future amortization expense of purchased intangible assets for the five years succeeding fiscal year 2012
 
 
 
2015
53.9 
 
 
2016
53.5 
 
 
2017
45.8 
 
 
2018
38.1 
 
 
2019
36.7 
 
 
Distribution network
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
39 years 1 month 6 days 
39 years 1 month 6 days 
 
Gross
55.4 
55.4 
 
Accumulated Amortization
(25.1)
(23.7)
 
Net
30.3 
31.7 
 
Distribution network |
Pierce
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
40 years 
 
 
Net
29.1 
 
 
Non-compete
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
10 years 6 months 
10 years 6 months 
 
Gross
56.4 
56.4 
 
Accumulated Amortization
(56.2)
(56.1)
 
Net
0.2 
0.3 
 
Technology-related
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
11 years 10 months 24 days 
11 years 10 months 24 days 
 
Gross
103.9 
103.9 
 
Accumulated Amortization
(75.1)
(66.8)
 
Net
28.8 
37.1 
 
Customer relationships
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
12 years 8 months 12 days 
12 years 8 months 12 days 
 
Gross
559.4 
566.2 
 
Accumulated Amortization
(350.8)
(311.1)
 
Net
208.6 
255.1 
 
Other
 
 
 
Purchased intangible assets
 
 
 
Weighted-Average Life (in years)
16 years 7 months 24 days 
16 years 7 months 24 days 
 
Gross
16.6 
16.6 
 
Accumulated Amortization
(13.8)
(13.3)
 
Net
$ 2.8 
$ 3.3 
 
Other Long-Term Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Other Assets, Noncurrent Disclosure [Abstract]
 
 
 
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 and Other Assets, Noncurrent
14.6 
0 
 
Long-term finance receivables, less current portion
1.6 
2.0 
 
Other
30.3 
30.1 
 
Other long-term assets, gross
102.2 
80.8 
 
Less allowance for doubtful notes receivable
(9.8)
(7.3)
 
Other long-term assets, net
92.4 
73.5 
 
Amortization expense related to deferred finance costs
6.2 
4.9 
7.0 
Write-off of Deferred Financing Costs
$ 2.2 
 
$ 2.3 
Leases (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Capital Leases
 
 
 
Rental expense for property, plant and equipment
$ 44.8 
$ 40.2 
$ 44.5 
Operating Leases
 
 
 
Operating Leases, 2015
25.3 
 
 
Operating Leases, 2016
18.0 
 
 
Operating Leases, 2017
11.9 
 
 
Operating Leases, 2018
5.9 
 
 
Operating Leases, 2019
3.5 
 
 
Operating Leases, Thereafter
$ 2.6 
 
 
Credit Agreements (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 60 Months Ended 12 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2012
Mar. 1, 2022
Feb. 21, 2014
Sep. 30, 2013
Sep. 30, 2014
Senior Secured Term Loan
Sep. 30, 2013
Senior Secured Term Loan
Sep. 30, 2014
8 1/4 % Senior notes due March 2017
Sep. 30, 2013
8 1/4 % Senior notes due March 2017
Mar. 31, 2011
8 1/4 % Senior notes due March 2017
Mar. 31, 2010
8 1/4 % Senior notes due March 2017
Sep. 30, 2014
8 1/2 % Due March 1 2020
Sep. 30, 2013
8 1/2 % Due March 1 2020
Mar. 31, 2011
8 1/2 % Due March 1 2020
Mar. 31, 2010
8 1/2 % Due March 1 2020
Sep. 30, 2014
5.375% Senior notes due March 2022 [Member]
Feb. 21, 2014
5.375% Senior notes due March 2022 [Member]
Sep. 30, 2013
5.375% Senior notes due March 2022 [Member]
Sep. 30, 2014
Letter of credit
Sep. 30, 2014
Credit agreement
Sep. 30, 2014
Credit agreement
Beginning January 1, 2010 [Domain]
Sep. 30, 2014
Credit agreement
After March 31, 2012
Sep. 30, 2014
Credit agreement
Minimum
Sep. 30, 2014
Credit agreement
Maximum
Sep. 30, 2014
Revolving credit facility
Sep. 30, 2014
Credit agreement - dollar-denominated loans
Debt Instrument Variable Rate Base Federal Member
Sep. 30, 2014
Credit agreement - dollar-denominated loans
LIBOR
Long term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt
$ 895.0 
 
 
 
$ 955.0 
$ 395.0 
$ 455.0 
$ 0 
$ 250.0 
 
 
$ 250.0 
$ 250.0 
 
 
$ 250.0 
 
$ 0 
 
 
 
 
 
 
 
 
 
Less current maturities
(20.0)
 
 
 
(65.0)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt net of current maturities
875.0 
 
 
 
890.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
0 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
20.0 
 
 
 
65.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving line of credit and current maturities of long-term debt
20.0 
 
 
 
65.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate (as a percent)
 
 
 
5.375% 
 
 
 
8.25% 
8.25% 
8.25% 
 
8.50% 
8.50% 
8.50% 
 
5.375% 
 
0.00% 
 
 
 
 
 
 
 
 
 
Maximum borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600 
 
 
Quarterly principal installment, at commencement
 
 
 
 
 
5.00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payment due at maturity
 
 
 
 
 
310.00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
83.3 
 
 
 
 
 
 
 
 
Available borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
516.7 
 
 
Revolving credit facility, unused commitment fee rate (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.225% 
0.35% 
 
 
 
Letter of credit fees percentage on available borrowing capacity, low end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.625% 
 
 
 
 
 
 
 
 
Letter of credit fees percentage on available borrowing capacity, high end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.00% 
 
 
 
 
 
 
 
 
Variable rate basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR plus a specified margin 
 
 
 
 
 
federal funds rate 
one-month LIBOR 
Interest spread in basis points (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.50% 
0.50% 
1.00% 
Weighted-average interest rate (as a percent)
 
 
 
 
 
1.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum leverage ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.5 
 
 
 
 
 
 
 
Debt Instrument, Leverage Ratio, Maximum Denominator
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 
 
 
 
 
 
 
 
Minimum interest coverage ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.5 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms Interest, Coverage Ratio, Minimum Denominator
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms, Senior Secured Leverage Ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms, Senior Secured, Leverage Ratio for Interme
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms, Senior Secured Leverage Ratio without collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.75 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms, Senior Secured, Leverage Ratio for Intermediate Period Maximum Without Collateral, Denominator
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 
 
 
 
 
 
 
 
Dividend payment restriction under credit agreement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of consolidated net income of the Company and its subsidiaries accrued on a cummulative basis during the period beginning on April 1, 2012 and ending on the last day of the fiscal quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50.00% 
 
 
 
 
 
 
 
Percentage of consolidated net deficit of the Company and its subsidiaries accrued on a cummulative basis during the period beginning on April 1, 2012 and ending on the last day of the fiscal quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
Percentage of aggregate net proceeds received by the Company subsequent ot March 31, 2012 as a contribution to its common equity or from the issuance and sale of its Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
400.0 
 
 
 
 
250.0 
 
 
 
250.0 
 
250.0 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Call Feature
 
 
1.04125 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Related Commitment Fees and Debt Issuance Costs
10.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt
 
 
 
 
 
 
 
 
 
 
 
264 
 
 
 
251 
 
 
 
 
 
 
 
 
 
 
 
Write-off of Deferred Financing Costs
2.2 
2.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Issuance Cost
$ 10.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warranties (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Product Warranties Disclosures [Abstract]
 
 
 
Product warranty, minimum
6 months 
 
 
Product warranty, maximum
5 years 
 
 
Warranty costs
$ 42.8 
$ 57.1 
$ 70.4 
Changes in warranty liability
 
 
 
Balance at beginning of year
101.3 
95.0 
 
Warranty provisions
45.7 
52.8 
 
Settlements made
(52.1)
(53.2)
 
Change 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 
$ 95.0 
Guarantee Arrangements (Details) (Customer obligation guarantees, USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Customer obligation guarantees
 
 
Guarantee Obligations
 
 
Guarantee obligations, maximum exposure
$ 431.5 
$ 365.0 
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements
114.7 
91.8 
Changes in provision for loss on customer guarantees
 
 
Balance at beginning of year
4.3 
5.0 
Provision for new credit guarantees
2.0 
2.7 
Settlements made
(0.4)
(0.2)
Change 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 
Oshkosh Corporation Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
8 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Feb. 4, 2014
Stockholders' Equity Note [Abstract]
 
 
 
 
 
Number of shares of common stock authorized for buyback (in shares)
 
 
 
 
10,000,000 
Remaining number of shares authorized to be repurchased (in shares)
4,829,830 
4,829,830 
 
 
1,787,199 
Shares repurchased under authorization (in shares)
5,170,170 
8,300,000 
6,100,000 
500,000 
 
Aggregate cost of common stock repurchased
$ 250.5 
$ 403.3 
$ 201.8 
$ 13.3 
 
Derivative Financial Instruments and Hedging Activities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Not designated as hedging instruments
 
Open derivative instruments
 
Derivative, Notional Amount
$ 135.4 
Not designated as hedging instruments |
Sell U.K. pounds sterling and buy Euros
 
Open derivative instruments
 
Derivative, Notional Amount
15.0 
Sell |
Not designated as hedging instruments |
Sell Euros
 
Open derivative instruments
 
Derivative, Notional Amount
42.5 
Sell |
Not designated as hedging instruments |
Sell Australian dollars
 
Open derivative instruments
 
Derivative, Notional Amount
39.3 
Buy |
Not designated as hedging instruments |
United Kingdom, Pounds
 
Open derivative instruments
 
Derivative, Notional Amount
13.6 
Foreign Exchange Contract [Member] |
Cash Flow Hedging [Member]
 
Open derivative instruments
 
Derivative, Notional Amount
$ 0.7 
Derivative Financial Instruments and Hedging Activities (Details 2) (Not designated as hedging instruments, Foreign exchange contracts, USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Sep. 30, 2013
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
$ 3.4 
$ 0.2 
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
$ 0.4 
$ 1.9 
Derivative Financial Instruments and Hedging Activities (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Pre-tax gains (losses) on derivative instruments
 
 
 
Total pre-tax effects of derivative instruments
$ 3.3 
$ (1.8)
$ (7.5)
Cash Flow Hedging [Member] |
Interest rate contracts |
Interest expense
 
 
 
Pre-tax gains (losses) on derivative instruments
 
 
 
Reclassified from other comprehensive income (effective portion):
0 
0 
(2.2)
Not designated as hedging instruments |
Foreign exchange contracts |
Other Nonoperating Income (Expense) [Member]
 
 
 
Pre-tax gains (losses) on derivative instruments
 
 
 
Not designated as hedges
$ 3.3 
$ (1.8)
$ (5.3)
Fair Value Measurement (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Fair value measured on recurring basis |
Quoted Prices for Identical Assets (Level 1)
 
Assets:
 
Foreign currency exchange derivatives
$ 0 1
Liabilities:
 
Foreign currency exchange derivatives
0 1
Fair value measured on recurring basis |
Significant Other Observable Inputs (Level 2)
 
Assets:
 
Foreign currency exchange derivatives
3.4 1
Liabilities:
 
Foreign currency exchange derivatives
0.4 1
Fair value measured on recurring basis |
Significant Unobservable Inputs (Level 3)
 
Assets:
 
Foreign currency exchange derivatives
0 1
Liabilities:
 
Foreign currency exchange derivatives
0 1
Fair value measured on recurring basis |
Total
 
Assets:
 
Foreign currency exchange derivatives
3.4 1
Liabilities:
 
Foreign currency exchange derivatives
0.4 1
Supplemental Executive Retirement Plans
 
Assets:
 
SERP plan assets
22.3 
Supplemental Executive Retirement Plans |
Fair value measured on recurring basis |
Quoted Prices for Identical Assets (Level 1)
 
Assets:
 
SERP plan assets
22.3 2
Supplemental Executive Retirement Plans |
Fair value measured on recurring basis |
Significant Other Observable Inputs (Level 2)
 
Assets:
 
SERP plan assets
0 2
Supplemental Executive Retirement Plans |
Fair value measured on recurring basis |
Significant Unobservable Inputs (Level 3)
 
Assets:
 
SERP plan assets
0 2
Supplemental Executive Retirement Plans |
Fair value measured on recurring basis |
Total
 
Assets:
 
SERP plan assets
$ 22.3 2
Stock-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2014
Equity compensation plans approved by security holders Member
Sep. 30, 2014
Equity Compensation Plans Not Approved By Security Holders Member
Jan. 31, 2012
Stock options
Sep. 30, 2014
Stock options
Sep. 30, 2013
Stock options
Sep. 30, 2012
Stock options
Sep. 30, 2014
Stock options
Price Range, $7.95 - $19.75
Sep. 30, 2014
Stock options
Price Range, $28.27 - $38.46
Sep. 30, 2014
Stock options
Price Range, $39.91 - $54.63
Sep. 30, 2014
Nonvested Stock Awards Member
Sep. 30, 2013
Nonvested Stock Awards Member
Sep. 30, 2012
Nonvested Stock Awards Member
Sep. 30, 2012
Performance Shares [Member]
Adjustment
Sep. 30, 2014
Stock awards (shares and units)
Sep. 30, 2013
Stock awards (shares and units)
Sep. 30, 2012
Stock awards (shares and units)
Sep. 30, 2014
Performance awards
Sep. 30, 2013
Performance awards
Sep. 30, 2012
Performance awards
Sep. 30, 2014
Performance Share Awards Member
Y
Sep. 30, 2013
Performance Share Awards Member
Sep. 30, 2012
Performance Share Awards Member
Sep. 30, 2014
Cash-based stock appreciation rights
Sep. 30, 2013
Cash-based stock appreciation rights
Sep. 30, 2012
Cash-based stock appreciation rights
Sep. 30, 2014
Cash-based restricted stock awards
Sep. 30, 2013
Cash-based restricted stock awards
Sep. 30, 2012
Cash-based restricted stock awards
Oct. 31, 2014
Common Stock in Treasury at Cost
Performance Share Awards Member
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenure of award (in years)
 
 
 
 
 
 
7 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Additional Shares Authorized
 
 
 
 
 
6,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period over which awards are exercisable in equal installments, beginning with the first anniversary of the date of grant of awards (in years)
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock reserved for issuance stock awards (in shares)
7,328,619 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity-based compensation plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares)
3,988,323 
 
 
3,988,323 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-Average Exercise Price of Outstanding Options (in dollars per share)
$ 36.20 
 
 
$ 36.20 
$ 0.00 
 
$ 36.20 
$ 33.41 
$ 31.26 
$ 15.57 
$ 30.20 
$ 48.49 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares)
3,340,296 
 
 
3,340,296 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation expense
$ 27.2 
$ 39.1 
$ 27.1 
 
 
 
$ 8.1 
$ 9.1 
$ 6.3 
 
 
 
$ 12.5 
$ 11.5 
$ 4.1 
$ 4.9 
 
 
 
 
 
 
$ 4.4 
$ 3.8 
$ 8.1 
$ (0.9)
$ 8.1 
$ 4.4 
$ 3.1 
$ 6.6 
$ 4.2 
 
Stock-based compensation expense, net of tax
17.2 
24.7 
17.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, beginning of year (in shares)
 
 
 
 
 
 
3,747,094 
4,678,834 
4,774,714 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options granted (in shares)
 
 
 
 
 
 
505,800 
313,300 
576,400 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options forfeited (in shares)
 
 
 
 
 
 
(17,206)
(35,002)
(151,092)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options expired (in shares)
 
 
 
 
 
 
0 
(73,498)
(235,081)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options exercised (in shares)
 
 
 
 
 
 
(1,545,181)
(1,136,540)
(286,107)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, end of year (in shares)
 
 
 
 
 
 
2,690,507 
3,747,094 
4,678,834 
476,899 
949,626 
1,263,982 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options exercisable, end of year (in shares)
 
 
 
 
 
 
1,819,535 
2,949,103 
3,620,565 
470,232 
787,774 
561,529 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-Average Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, beginning of year (in dollars per share)
 
 
 
 
 
 
$ 33.41 
$ 31.26 
$ 30.72 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options granted (in dollars per share)
 
 
 
 
 
 
$ 46.98 
$ 47.33 
$ 28.55 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options forfeited (in dollars per share)
 
 
 
 
 
 
$ 37.25 
$ 28.91 
$ 26.76 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options expired (in dollars per share)
 
 
 
 
 
 
$ 0.00 
$ 45.78 
$ 39.26 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options exercised (in dollars per share)
 
 
 
 
 
 
$ 32.96 
$ 25.75 
$ 12.56 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options outstanding, end of year (in dollars per share)
$ 36.20 
 
 
$ 36.20 
$ 0.00 
 
$ 36.20 
$ 33.41 
$ 31.26 
$ 15.57 
$ 30.20 
$ 48.49 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options exercisable, end of year (in dollars per share)
 
 
 
 
 
 
$ 32.71 
$ 33.05 
$ 32.53 
$ 15.54 
$ 30.45 
$ 50.26 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Options Outstanding and Exercisable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share)
 
 
 
 
 
 
 
 
 
$ 7.95 
$ 28.73 
$ 39.91 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share)
 
 
 
 
 
 
 
 
 
$ 19.24 
$ 38.46 
$ 54.63 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Number Outstanding (in shares)
 
 
 
 
 
 
2,690,507 
3,747,094 
4,678,834 
476,899 
949,626 
1,263,982 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years)
 
 
 
 
 
 
4 years 5 months 5 days 
 
 
4 years 
3 years 7 months 5 days 
5 years 1 month 5 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share)
$ 36.20 
 
 
$ 36.20 
$ 0.00 
 
$ 36.20 
$ 33.41 
$ 31.26 
$ 15.57 
$ 30.20 
$ 48.49 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Outstanding, Aggregate Intrinsic Value
 
 
 
 
 
 
27.2 
 
 
13.6 
13.3 
0.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Exercisable, Number Exercisable (in shares)
 
 
 
 
 
 
1,819,535 
2,949,103 
3,620,565 
470,232 
787,774 
561,529 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years)
 
 
 
 
 
 
3 years 5 months 5 days 
 
 
4 years 
3 years 4 months 5 days 
3 years 1 month 5 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Exercisable, Weighted-Average Exercise Price (in dollars per share)
 
 
 
 
 
 
$ 32.71 
$ 33.05 
$ 32.53 
$ 15.54 
$ 30.45 
$ 50.26 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Option Awards Exercisable, Aggregate Intrinsic Value
 
 
 
 
 
 
24.5 
 
 
13.4 
10.8 
0.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total intrinsic value of options exercised
 
 
 
 
 
 
32.4 
15.4 
3.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.6 
1.4 
0 
 
 
 
 
Net cash proceeds from exercise of stock options
50.9 
31.4 
3.6 
 
 
 
50.9 
31.4 
3.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual income tax benefit realized from exercise of stock options
 
 
 
 
 
 
11.9 
5.7 
1.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized compensation expense
 
 
 
 
 
 
9.2 
 
 
 
 
 
15.8 
 
 
 
 
 
 
 
 
 
7.1 
 
 
0.6 
 
 
1.6 
 
 
 
Income tax benefit recognized for stock-based compensation
(10.0)
(14.4)
(9.9)
 
 
 
 
 
 
 
 
 
(7.9)
(1.2)
(0.5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average period for unrecognized compensation expense to be recognized (in years)
 
 
 
 
 
 
2 years 6 months 5 days 
 
 
 
 
 
2 years 6 months 5 days 
 
 
 
 
 
 
 
 
 
2 years 1 month 18 days 
 
 
1 year 4 months 18 days 
 
 
1 year 3 months 15 days 
 
 
 
Assumptions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected term (in years)
5 years 1 month 12 days 
5 years 2 months 12 days 
5 years 2 months 23 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 0 months 10 days 
3 years 0 months 15 days 
3 years 
 
 
 
 
 
 
 
Expected volatility (as a percent)
43.23% 
66.90% 
66.03% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39.75% 
43.36% 
44.90% 
 
 
 
 
 
 
 
Risk-free interest rate (as a percent)
1.80% 
1.65% 
0.74% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.07% 
0.82% 
0.37% 
 
 
 
 
 
 
 
Expected dividend yield (as a percent)
1.23% 
0.00% 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average per share fair values for stock option granted (in dollars per share)
 
 
 
 
 
 
$ 16.91 
$ 27.13 
$ 15.95 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock Award Activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested, beginning of year (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
609,871 
569,282 
228,615 
358,800 
343,000 
329,500 
 
 
 
 
 
 
 
 
 
 
Granted (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
305,900 
310,300 
514,800 
52,475 
79,800 
151,500 
 
 
 
32,625 
19,900 
36,400 
17,750 
17,700 
105,600 
 
Forfeited (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(42,406)
(24,700)
(37,502)
(7,492)
(6,000)
(42,687)
 
 
 
 
 
 
 
 
 
 
Vested (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(263,496)
(245,011)
(136,631)
(292,442)
(63,800)
0 
 
 
 
 
 
 
 
 
 
 
Nonvested, end of year (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
609,869 
609,871 
569,282 
257,475 
358,800 
343,000 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(265,000)
Weighted-Average Grant Date Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested, beginning of year (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 35.55 
$ 26.84 
$ 23.75 
$ 36.90 
$ 33.43 
$ 37.38 
$ 54.78 
$ 35.84 
 
 
 
 
 
 
 
 
Granted (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 47.72 
$ 45.87 
$ 27.37 
$ 55.17 
$ 54.78 
$ 35.34 
 
 
 
 
 
 
 
 
 
 
Forfeited (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 37.22 
$ 27.61 
$ 23.04 
$ 40.00 
$ 35.84 
$ 40.71 
 
 
 
 
 
 
 
 
 
 
Vested (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 35.17 
$ 26.68 
$ 24.70 
$ 28.24 
$ 41.10 
$ 0.00 
 
 
 
 
 
 
 
 
 
 
Nonvested, end of year (in dollars per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 41.70 
$ 35.55 
$ 26.84 
$ 45.44 
$ 36.90 
$ 33.43 
$ 55.17 
$ 54.78 
$ 35.84 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(146,134)
(5,800)
95,313 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 28.23 
$ 41.10 
$ 46.85 
 
 
 
 
 
 
 
 
 
 
Fair value of shares vested
 
 
 
 
 
 
 
 
 
 
 
 
12.5 
11.1 
3.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.8 
4.2 
2.4 
 
Period over which shareholder return compares favorably to that of a competitor group of companies for purposes of calculating executive performance shares earned (in years)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
 
 
 
 
 
 
 
 
 
Potential payouts, low end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.00% 
 
 
 
 
 
 
 
 
 
Potential payouts, high end of range (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200.00% 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200.00% 
110.00% 
 
 
 
 
 
 
 
 
Income tax benefit realized
$ (125.0)
$ (131.7)
$ (65.2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 4.7 
 
$ 1.5 
 
 
 
 
 
 
 
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Pension Plan, Defined Benefit
Sep. 30, 2013
Pension Plan, Defined Benefit
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Sep. 30, 2012
United States Pension Plan of US Entity [Member]
Sep. 30, 2014
Supplemental Executive Retirement Plans
Sep. 30, 2013
Supplemental Executive Retirement Plans
Sep. 30, 2012
Supplemental Executive Retirement Plans
Sep. 30, 2014
Other Postretirement Benefit Plan [Member]
Sep. 30, 2013
Other Postretirement Benefit Plan [Member]
Sep. 30, 2012
Other Postretirement Benefit Plan [Member]
Employee benefit plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Defined Benefit Plans, Liabilities
 
 
 
 
 
 
 
 
 
 
 
$ 1.7 
$ 1.7 
 
 
 
 
Average remaining years of service (in years)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18 years 
 
 
Accumulated benefit obligation
 
 
 
 
 
 
 
 
395.4 
344.6 
 
 
 
 
44.0 
42.5 
 
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at the beginning of the period
 
 
 
 
 
 
 
 
350.0 
377.9 
 
 
 
 
42.5 
80.4 
 
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 
Actuarial (gain)/loss
 
 
 
 
 
 
 
 
51.7 
(52.4)
 
 
 
 
2.4 
(16.3)
 
Participant contributions
 
 
 
 
 
 
 
 
0.2 
0.2 
 
 
 
 
0.1 
0 
 
Plan amendments
 
 
 
 
 
 
1.4 
 
(1.1)
(8.1)
(31.4)
 
 
(2.3)
0 
(24.6)
(9.2)
Curtailments
 
 
 
 
 
 
 
 
(2.5)
(4.8)
 
 
 
 
(3.1)
(5.8)
 
Benefits paid
 
 
 
 
 
 
 
 
(23.1)
(8.4)
 
 
 
 
(2.1)
(1.7)
 
Currency translation adjustments
 
 
 
 
 
 
 
 
0 
0.1 
 
 
 
 
0 
0 
 
Benefit obligation at the end of the period
 
 
 
 
 
 
 
 
403.2 
350.0 
377.9 
 
 
 
44.0 
42.5 
80.4 
Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at the beginning of the period
 
 
 
 
 
 
 
 
308.0 
280.4 
 
 
 
 
0 
0 
 
Actual return on plan assets
 
 
 
 
 
 
 
 
36.2 
35.7 
 
 
 
 
0 
0 
 
Company contributions
 
 
 
 
 
 
 
 
2.5 
2.2 
 
 
 
 
2.0 
1.7 
 
Participant contributions
 
 
 
 
 
 
 
 
0.2 
0.2 
 
 
 
 
0.1 
0 
 
Expenses paid
 
 
 
 
 
 
 
 
(3.2)
(2.2)
 
 
 
 
0 
0 
 
Benefits paid
 
 
 
 
 
 
 
 
(23.1)
(8.4)
 
 
 
 
(2.1)
(1.7)
 
Currency translation adjustments
 
 
 
 
 
 
 
 
0 
0.1 
 
 
 
 
0 
0 
 
Fair value of plan assets at the end of the period
 
 
 
 
 
 
 
 
320.6 
308.0 
280.4 
22.3 
 
 
0 
0 
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 
 
 
 
 
0 
0 
 
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)
 
Total
 
 
 
 
 
 
 
 
(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 
 
Total
 
 
 
 
 
 
 
 
(52.1)
(37.5)
 
 
 
 
7.9 
14.5 
 
Weighted-average assumptions as of September 30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate (as a percent)
 
 
 
 
 
 
 
 
4.52% 
5.07% 
 
 
 
 
4.04% 
4.76% 
 
Expected return on plan assets (as a percent)
 
 
 
 
 
 
 
 
6.25% 
6.50% 
 
 
 
 
 
 
 
Accumulated benefit obligations in excess of plan assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
 
 
 
 
 
 
 
 
380.6 
233.4 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
 
 
 
 
 
 
 
372.2 
232.9 
 
 
 
 
 
 
 
Fair value of plan assets
 
 
 
 
 
 
 
 
294.1 
193.2 
 
 
 
 
 
 
 
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
 
 
 
0 
0 
0 
Amortization of prior service cost
 
 
 
 
 
 
 
 
2.0 
1.9 
2.3 
 
 
 
(1.6)
(0.5)
0 
Curtailment/settlement
 
(9.7)
(4.1)
 
 
 
6.8 
2.8 
 
 
(2.5)
 
 
(0.9)
(10.0)
(2.9)
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
(3.8)
 
 
 
 
 
 
 
8.2 
2.8 
3.4 
 
 
 
(10.0)
(2.9)
0 
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 
 
 
 
0 
0 
0 
Net periodic benefit cost (income)
 
 
 
 
 
 
 
 
20.0 
23.6 
35.9 
 
 
 
(7.2)
8.2 
11.9 
Contract Extension Period
 
 
 
5 years 
 
5 years 
 
 
 
 
 
 
 
 
 
 
 
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)
 
 
 
0 
(24.6)
0 
Amortization of prior service cost
 
 
 
 
 
 
 
 
2.0 
1.9 
4.8 
 
 
 
(1.6)
(0.5)
0 
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 
Total
 
 
 
 
 
 
 
 
23.1 
(76.9)
(41.1)
 
 
 
10.6 
(44.3)
(7.9)
Weighted-average assumptions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate (as a percent)
 
 
 
 
 
 
 
 
5.07% 
4.24% 
4.72% 
 
 
 
4.76% 
3.95% 
4.45% 
Expected return on plan assets (as a percent)
 
 
 
 
 
 
 
 
6.50% 
6.25% 
7.00% 
 
 
 
 
 
 
Rate of compensation increase (as a percent)
 
 
 
 
 
 
 
 
 
3.69% 
3.78% 
 
 
 
 
 
 
Amounts included in accumulated other comprehensive income (loss) prior service costs and unrecognized net actuarial losses expected to be recognized in Pension and Supplemental Employee Retirement Plan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost included in accumulated other comprehensive income (loss)
 
 
 
 
1.6 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service cost included in accumulated other comprehensive income (loss), net of tax
1.0 
 
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial losses included in accumulated other comprehensive income (loss)
 
 
 
 
2.7 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial losses included in accumulated other comprehensive income (loss), net of tax
1.7 
 
 
 
1.7 
 
 
 
 
 
 
 
 
 
 
 
 
Health care cost trend rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Health care cost trend rate (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.50% 
 
 
Assumed health care cost trend rate for next fiscal year (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.00% 
 
 
Increase in accumulated postretirement benefit obligation with 100 basis points increase in health care cost trend rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8.9 
 
 
Increase in net periodic postretirement benefit cost with 100 basis points increase in health care cost trend rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.0 
 
 
Decrease in accumulated postretirement benefit obligation with 100 basis points decrease in health care cost trend rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6.4)
 
 
Decrease in net periodic postretirement benefit cost with 100 basis points decrease in health care cost trend rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.7)
 
 
Payments for Postemployment Benefits
 
 
 
 
 
 
 
 
$ 13.5 
 
 
 
 
 
 
 
 
Employee Benefit Plans - Costs (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2014
Supplemental Executive Retirement Plans
Sep. 30, 2013
Supplemental Executive Retirement Plans
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Sep. 30, 2012
United States Pension Plan of US Entity [Member]
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Fixed Income Funds [Member]
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Fixed income
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Fixed income
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Large-cap growth
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Large-cap growth
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Large-cap value
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Large-cap value
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Mid-cap value
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Mid-cap value
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Small-cap value
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Small-cap value
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Venture capital
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Venture capital
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
U.S. companies (a)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
U.S. companies (a)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
International companies (b)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
International companies (b)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Government and agency bonds (c)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Government and agency bonds (c)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Corporate bonds and notes (d)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Corporate bonds and notes (d)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Money market funds (e)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Quoted Prices for Identical Assets (Level 1)
Money market funds (e)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
U.S. companies (a)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
U.S. companies (a)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
International companies (b)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
International companies (b)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Government and agency bonds (c)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Government and agency bonds (c)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Corporate bonds and notes (d)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Corporate bonds and notes (d)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Money market funds (e)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Other Observable Inputs (Level 2)
Money market funds (e)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
U.S. companies (a)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
U.S. companies (a)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
International companies (b)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
International companies (b)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Government and agency bonds (c)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Government and agency bonds (c)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Corporate bonds and notes (d)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Corporate bonds and notes (d)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Money market funds (e)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Significant Unobservable Inputs (Level 3)
Money market funds (e)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
U.S. companies (a)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
U.S. companies (a)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
International companies (b)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
International companies (b)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
Government and agency bonds (c)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
Government and agency bonds (c)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
Corporate bonds and notes (d)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
Corporate bonds and notes (d)
Sep. 30, 2014
United States Pension Plan of US Entity [Member]
Total
Money market funds (e)
Sep. 30, 2013
United States Pension Plan of US Entity [Member]
Total
Money market funds (e)
Sep. 30, 2014
Non-Qualified
Sep. 30, 2014
Other Postretirement Benefit Plan [Member]
Sep. 30, 2013
Other Postretirement Benefit Plan [Member]
Sep. 30, 2012
Other Postretirement Benefit Plan [Member]
Sep. 30, 2013
Minimum
Sep. 30, 2013
Maximum
Plan assets, target allocation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Target plan asset allocations, minimum
 
 
 
 
 
 
 
 
30.00% 
 
 
25.00% 
 
5.00% 
 
5.00% 
 
5.00% 
 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Target plan asset allocations, maximum
 
 
 
 
 
 
 
 
40.00% 
 
 
35.00% 
 
15.00% 
 
15.00% 
 
15.00% 
 
5.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plan assets, actual allocation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets (as a percent)
 
 
 
 
 
100.00% 
100.00% 
 
 
31.00% 
34.00% 
33.00% 
31.00% 
12.00% 
11.00% 
12.00% 
11.00% 
12.00% 
13.00% 
0.00% 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets - at fair value
 
 
 
$ 22.3 
 
$ 320.6 
$ 308.0 
$ 280.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 216.5 
$ 200.4 
$ 195.6 1
$ 179.6 1
$ 0 2
$ 0 2
$ 9.6 3
$ 4.8 3
$ 0 4
$ 0 4
$ 11.3 5
$ 16.0 5
$ 104.1 
$ 107.6 
$ 4.6 1
$ 3.7 1
$ 15.0 2
$ 17.6 2
$ 32.1 3
$ 35.8 3
$ 52.4 4
$ 50.5 4
$ 0 5
$ 0 5
$ 0 
$ 0 
$ 0 1
$ 0 1
$ 0 2
$ 0 2
$ 0 3
$ 0 3
$ 0 4
$ 0 4
$ 0 5
$ 0 5
$ 320.6 
$ 308.0 
$ 200.2 1
$ 183.3 1
$ 15.0 2
$ 17.6 2
$ 41.7 3
$ 40.6 3
$ 52.4 4
$ 50.5 4
$ 11.3 5
$ 16.0 5
 
$ 0 
$ 0 
$ 0 
 
 
Estimated future benefit payment under company sponsored plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
 
 
 
 
Multi-Employer Pension Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum Percent of Total Plan Contributions Contributed to Multi-employer Plan
5.00% 
5.00% 
5.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multiemployer plan period contributions
1.2 
1.1 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
401(k) plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage contribution by employees for defined contribution 401(k) plans, low end of range (as a percent)
2.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage contribution by employees for defined contribution 401(k) plans, high end of range (as a percent)
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employer contribution
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.00% 
6.00% 
Amounts expensed (income recognized) for matching and discretionary contributions
31.9 
28.3 
11.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Defined Benefit Plans, Liabilities
 
 
 
$ 1.7 
$ 1.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Pre-tax income (loss) from continuing operations
 
 
 
Domestic
$ 373.1 
$ 412.5 
$ 269.1 
Foreign
58.8 
32.5 
40.1 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
431.9 
445.0 
309.2 
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)
Provision for income taxes
125.0 
131.7 
65.2 
Allocated to Other Comprehensive Income (Loss)
 
 
 
Deferred federal, state and foreign
(12.4)
44.6 
18.7 
Effective Rate Reconciliation
 
 
 
U.S. federal tax rate
35.00% 
35.00% 
35.00% 
State income taxes, net
2.10% 
0.80% 
(0.60%)
Foreign taxes
(1.40%)
(0.30%)
2.20% 
Tax audit settlements
(2.30%)
0.30% 
(3.80%)
European tax incentive
0.00% 
(0.60%)
(1.60%)
Valuation allowance
(2.40%)
(0.70%)
(2.30%)
Domestic tax credits
(0.40%)
(1.30%)
(0.30%)
Manufacturing deduction
(2.20%)
(3.80%)
(3.40%)
Other, net
0.60% 
0.20% 
(4.10%)
Effective income tax rate
29.00% 
29.60% 
21.10% 
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 
0 
 
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 
 
Deferred Tax Liabilites, Net
(44.1)
(75.4)
 
Classification of deferred tax liability in consolidated balance sheets
 
 
 
Current net deferred tax asset
66.3 
67.6 
 
Deferred Tax Assets, Net, Noncurrent
14.6 
0 
 
Non-current net deferred tax liability
$ (125.0)
$ (143.0)
 
Income Taxes - Additional information regarding Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Income Tax Disclosure [Abstract]
 
 
 
Income Tax Expense (Benefit), Tax Research
 
$ 3.2 
 
Income Tax Expense (Benefit), Tax Credit, Research, Percentage of Pre-Tax Income
 
0.70% 
 
Deferred Tax Assets, Valuation Allowance
26.1 
52.1 
 
Discrete tax benefits
25.7 
 
44.8 
Income Tax Expense (Benefit), Discrete Items, Percentage of Pre-Tax Income
6.00% 
 
14.50% 
Deferred Tax Assets, Increase (Decrease) due to Capital Loss Carryforwards
1.5 
 
 
Deferred Tax Assets, Increase (Decrease) Due to Operating Loss and Capital Loss Carryforwards
7.8 
 
 
Deferred Tax Asset Valuation Allowance, Increase (Decrease) Due to Foriegn Net Operating Losses and Prior Income Tax Periods
4.3 
 
13.1 
Tax Credit Carryforward [Line Items]
 
 
 
Increase (decrease) in deferred tax valuation allowance
26.0 
 
 
State and Local Jurisdiction
 
 
 
Tax Credit Carryforward [Line Items]
 
 
 
Increase (decrease) in deferred tax valuation allowance
1.5 
 
 
Change in Deferred Tax Valuation Allowance, Unitilization of Net Operating Losses, Perentage of Pre-tax Income
0.40% 
 
 
Foreign Tax Authority [Member]
 
 
 
Income Tax Disclosure [Abstract]
 
 
 
Deferred Tax Assets, Increase (Decrease) Due to Operating Loss and Capital Loss Carryforwards
12.1 
 
 
Tax Credit Carryforward [Line Items]
 
 
 
Increase (decrease) in deferred tax valuation allowance
$ 2.8 
 
 
Change in Deferred Tax Assets Valuation Allowance, Percentage to Pre-tax Income
2.80% 
 
 
Income Taxes - Other Additional Disclosures (Details)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
USD ($)
Sep. 30, 2014
EUR (€)
Sep. 30, 2013
USD ($)
Sep. 30, 2013
EUR (€)
Sep. 30, 2012
USD ($)
Sep. 30, 2012
EUR (€)
Sep. 30, 2014
Foreign Country
USD ($)
Sep. 30, 2014
State Jurisdiction
USD ($)
Sep. 30, 2014
Capital Loss Carryforward [Member]
USD ($)
Sep. 30, 2013
Discontinued Operations [Member]
USD ($)
Operating loss carryforwards
 
 
 
 
 
 
 
 
 
 
Discrete tax benefits
$ 25.7 
 
 
 
$ 44.8 
 
 
 
 
 
Deferred Tax Assets, Increase (Decrease) Due to Operating Loss and Capital Loss Carryforwards
7.8 
 
 
 
 
 
12.1 
 
 
 
Change in Deferred Tax Assets Valuation Allowance, Percentage to Pre-tax Income
 
 
 
 
 
 
2.80% 
 
 
 
Deferred Tax Assets, Increase (Decrease) Due to Currency Translation and Other
3.3 
 
 
 
 
 
 
 
 
 
Income (expense) from European tax incentive
 
 
 
5.9 
 
11.5 
 
 
 
 
European tax incentive expense (benefit)
 
 
2.6 
 
5.0 
 
 
 
 
 
European tax incentive
0.00% 
0.00% 
0.60% 
0.60% 
1.60% 
1.60% 
 
 
 
 
Cumulative deduction, European tax incentive
 
27.4 
 
 
 
 
 
 
 
 
Release of previously accrued amounts for uncertain tax positions upon income tax audit settlement
 
 
 
 
 
 
 
 
 
(6.1)
Net operating loss carryforwards
 
 
 
 
 
 
131.7 
119.0 
 
 
Foreign tax credit carryforwards expiration period, minimum (in years)
 
 
 
 
 
 
7 years 
 
 
 
Capital loss carryfoward
 
 
 
 
 
 
 
11.5 
10.3 
 
Deferred tax assets for net operating loss carryforwards
 
 
 
 
 
 
36.3 
6.3 
 
 
Deferred tax assets for capital loss carryforwards
3.7 
 
 
 
 
 
 
 
 
 
Deferred tax assets for state credit carryforwards
 
 
 
 
 
 
 
7.5 
 
 
Valuation allowance against deferred tax assets for net operating loss carryforwards
 
 
 
 
 
 
20.5 
1.9 
3.7 
 
Earnings resulting from income Taxes on undistributed earnings from foreign operations
180.7 
 
 
 
 
 
 
 
 
 
Gross unrecognized tax benefits, excluding income tax penalties and interest
32.8 
 
 
 
 
 
 
 
 
 
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income if recognized
20.9 
 
25.9 
 
 
 
 
 
 
 
Reconciliation of the beginning and ending amount of unrecognized tax benefits
 
 
 
 
 
 
 
 
 
 
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 
 
 
 
 
 
Interest and penalties
1.5 
 
2.0 
 
(0.8)
 
 
 
 
 
Accruals for payment of interest and penalties
16.8 
 
16.1 
 
 
 
 
 
 
 
Estimated reduction in unrecognized tax benefits due to tax audit resolutions during the next twelve months
13.9 
 
 
 
 
 
 
 
 
 
Income Tax Expense (Benefit), Discrete Items, Percentage of Pre-Tax Income
6.00% 
6.00% 
 
 
14.50% 
14.50% 
 
 
 
 
Deferred Tax Asset Valuation Allowance, Increase (Decrease) Due to Foriegn Net Operating Losses and Prior Income Tax Periods
4.3 
 
 
 
13.1 
 
 
 
 
 
Income Tax Expense (Benefit), Tax Research
 
 
3.2 
 
 
 
 
 
 
 
Income Tax Expense (Benefit), Tax Credit, Research, Percentage of Pre-Tax Income
 
 
0.70% 
0.70% 
 
 
 
 
 
 
Increase (decrease) in deferred tax valuation allowance
26.0 
 
 
 
 
 
2.8 
1.5 
 
 
Change in Deferred Tax Valuation Allowance, Unitilization of Net Operating Losses, Perentage of Pre-tax Income
 
 
 
 
 
 
 
0.40% 
 
 
Deferred Tax Assets, Valuation Allowance
26.1 
 
52.1 
 
 
 
 
 
 
 
Deferred Tax Assets, Increase (Decrease) due to Capital Loss Carryforwards
$ 1.5 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Beginning of Year
$ (14.6)
$ (101.4)
$ (122.6)
Other comprehensive income (loss) before reclassifications
(54.2)
82.4 
12.1 
Amounts reclassified from accumulated other comprehensive income (loss)
(0.4)
4.4 
9.1 
Net current period other comprehensive income (loss)
(54.6)
86.8 
21.2 
Accumulated Other Comprehensive Income (Loss), End of Year
(69.2)
(14.6)
(101.4)
Employee Pension and Postretirement Benefits, Net of Tax
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Beginning of Year
(23.0)
(99.6)
(130.7)
Other comprehensive income (loss) before reclassifications
(20.8)
72.2 
22.7 
Amounts reclassified from accumulated other comprehensive income (loss)
(0.4)
4.4 
8.4 
Net current period other comprehensive income (loss)
(21.2)
76.6 
31.1 
Accumulated Other Comprehensive Income (Loss), End of Year
(44.2)
(23.0)
(99.6)
Cumulative Translation Adjustments, Net of Tax
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Beginning of Year
8.4 
(1.8)
9.5 
Other comprehensive income (loss) before reclassifications
(33.4)
10.2 
(10.6)
Amounts reclassified from accumulated other comprehensive income (loss)
0 
0 
(0.7)
Net current period other comprehensive income (loss)
(33.4)
10.2 
(11.3)
Accumulated Other Comprehensive Income (Loss), End of Year
(25.0)
8.4 
(1.8)
Gains (Losses) on Derivatives, Net of Tax
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Accumulated Other Comprehensive Income (Loss), Beginning of Year
0 
0 
(1.4)
Other comprehensive income (loss) before reclassifications
0 
0 
0 
Amounts reclassified from accumulated other comprehensive income (loss)
0 
0 
1.4 
Net current period other comprehensive income (loss)
0 
0 
1.4 
Accumulated Other Comprehensive Income (Loss), End of Year
$ 0 
$ 0 
$ 0 
Accumulated Other Comprehensive Income (Loss) Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Amortization of employee pension and postretirement benefits items
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
$ 431.9 
$ 445.0 
$ 309.2 
Tax benefit (provision)
 
 
 
 
 
 
 
 
(125.0)
(131.7)
(65.2)
Net income
77.8 1
105.1 2
71.5 3
54.9 
36.3 4
148.7 
86.5 
46.5 5
309.3 
318.0 
231.9 
Employee Pension and Postretirement Benefits, Net of Tax |
Reclassification out of Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
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)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax
 
 
 
 
 
 
 
 
1.8 
0 
0 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
0.6 
(6.9)
(13.2)
Tax benefit (provision)
 
 
 
 
 
 
 
 
(0.2)
2.5 
4.8 
Net income
 
 
 
 
 
 
 
 
$ 0.4 
$ (4.4)
$ (8.4)
Earnings (Loss) Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Amount attributable to Oshkosh Corporation common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$ 77.8 1
$ 105.1 2
$ 71.5 3
$ 54.9 
$ 35.7 4
$ 148.4 
$ 85.9 
$ 46.3 5
$ 309.3 
$ 316.3 
$ 245.2 
Income (loss) from discontinued operations
0 1
0 2
0 3
0 
0.6 4
0.3 
0.6 
0.2 5
0 
1.7 
(14.4)
Net income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
309.3 
318.0 
230.8 
Earnings allocated to participating securities
(0.3)1
(0.4)2
(0.3)3
(0.2)
(0.2)4
(0.9)
(0.5)
(0.3)5
(1.2)
(2.0)
(0.6)
Earnings available to common shareholders
$ 77.5 1
$ 104.7 2
$ 71.2 3
$ 54.7 
$ 35.5 4
$ 147.5 
$ 85.4 
$ 46.0 5
$ 308.1 
$ 316.0 
$ 230.2 
Weighted-average common shares outstanding (in shares)
 
 
 
 
 
 
 
 
84,123,949 
87,726,891 
91,330,635 
Dilutive stock options and other equity-based compensation awards (in shares)
 
 
 
 
 
 
 
 
1,540,287 
1,466,730 
562,508 
Participating stock awards (in shares)
 
 
 
 
 
 
 
 
(206,601)
(240,073)
(84,186)
Diluted weighted-average common shares outstanding (in shares)
 
 
 
 
 
 
 
 
85,457,635 
88,953,548 
91,808,957 
Earnings (Loss) Per Share Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Stock Compensation Plan)
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Stock Compensation Plan
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
Stock options (in shares)
1,082,432 
1,295,450 
3,549,026 
Contingencies, Significant Estimates and Concentrations (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 6 Months Ended 18 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Apr. 13, 2013
Personal Injury Actions and Other
Sep. 30, 2014
Personal Injury Actions and Other
Sep. 30, 2013
Personal Injury Actions and Other
Sep. 30, 2014
Performance and specialty bonds
Sep. 30, 2014
Standby letters of credit
Jun. 30, 2014
Defense
Sep. 30, 2014
Defense
Loss contingencies
 
 
 
 
 
 
 
 
 
 
Reserve for loss contingencies
 
 
 
 
$ 39.4 
$ 45.6 
 
 
 
 
Maximum self-insurance available per claim
 
 
 
3.0 
5.0 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
306.9 
83.3 
 
 
Approximate percentage of workforce covered under collective bargaining agreements (as a percent)
13.00% 
 
 
 
 
 
 
 
 
 
Former Gain Contingency, Recognized in Current Period
 
 
 
 
 
 
 
 
 
4.6 
Reduction of Revenue - Contractual Obligations
 
 
 
 
 
 
 
 
(8.9)
(8.9)
Significant portion of revenue from DoD
 
 
 
 
 
 
 
 
 
 
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 
 
 
 
 
 
 
 
Percentage of maximum sales not accounted for by single customer (as a percent)
10.00% 
10.00% 
10.00% 
 
 
 
 
 
 
 
Business Segment Information (Details)
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Segment Reporting [Abstract]
 
 
 
Number of reportable segments of entity (in segments)
4 
 
 
Net sales |
Customer concentration |
Defense |
DoD
 
 
 
Business Segment Information
 
 
 
Percentage of sales accounted for by Department of Defense (as a percent)
91.20% 
86.80% 
90.80% 
Business Segment Information (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 1,667.7 1
$ 1,932.4 2
$ 1,677.9 3
$ 1,530.2 
$ 1,726.5 4
$ 2,204.4 
$ 1,984.4 
$ 1,749.8 5
$ 6,808.2 
$ 7,665.1 
$ 8,141.1 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
113.1 1
174.3 2
119.4 3
96.5 
65.2 4
225.6 
134.6 
80.3 5
503.3 
505.7 
387.7 
Interest expense net of interest income
 
 
 
 
 
 
 
 
(69.4)6
(54.6)6
(73.3)
Miscellaneous other income (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 
Impairment
 
 
 
 
9.0 
 
 
 
 
9.0 
 
Impairment of Long-Lived Assets Held-for-use
 
 
 
 
 
 
 
 
1.6 
0.5 
 
Unsolicited Tender Offer Costs
 
 
 
 
 
 
 
16.3 
 
16.3 
6.6 
Gains (Losses) on Extinguishment of Debt
 
 
 
 
 
 
 
 
10.9 
 
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
3.8 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
126.8 
126.8 
130.9 
Capital expenditures
 
 
 
 
 
 
 
 
124.9 
59.9 
64.3 
Depreciation and amortization related to discontinued operations
 
 
 
 
 
 
 
 
 
 
0.6 
Write-off of deferred financing fees due to early extinguishment of related debt
 
 
 
 
 
 
 
 
2.2 
 
2.3 
Nonaccrual past due
 
 
 
 
 
 
 
 
0.2 
9.9 
 
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
3,506.5 
3,120.7 
2,794.4 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
501.1 
379.6 7
229.2 
Impairment
 
 
 
 
 
 
 
 
 
9.0 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
74.6 
72.5 
71.5 
Capital expenditures
 
 
 
 
 
 
 
 
52.5 8
32.5 8
28.3 8
Access equipment |
Aerial work platforms
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,746.0 
1,483.9 
1,390.2 
Access equipment |
Telehandlers
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,157.2 
1,106.0 
892.3 
Access equipment |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
603.3 
530.8 
511.9 
Defense
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,724.2 
3,047.0 
3,947.5 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
76.4 9
224.9 
236.5 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
 
 
 
 
 
 
 
 
1.8 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
16.1 
18.9 
19.3 
Capital expenditures
 
 
 
 
 
 
 
 
7.8 
5.4 
16.0 
Fire & emergency
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
719.1 
751.0 
729.6 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
26.6 
23.8 
8.8 
Depreciation and amortization
 
 
 
 
 
 
 
 
12.2 
12.2 
13.5 10
Capital expenditures
 
 
 
 
 
 
 
 
5.5 
6.3 
7.3 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
858.4 
746.4 
669.6 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
53.9 
41.3 10
32.1 
Impairment of long lived assets
 
 
 
 
 
 
 
 
 
0.5 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
11.3 
13.9 
15.0 
Capital expenditures
 
 
 
 
 
 
 
 
20.4 8
6.9 8
4.8 8
Commercial |
Concrete placement
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
428.2 
349.5 
231.9 
Commercial |
Refuse collection
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
309.1 
295.1 
336.8 
Commercial |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
121.1 
101.8 
100.9 
Corporate (d)
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
(154.7)
(163.9)11
(119.1)11
Intersegment eliminations
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Operating income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
0 
0 
0.2 
Depreciation and amortization
 
 
 
 
 
 
 
 
12.6 12
9.3 
11.6 12
Capital expenditures
 
 
 
 
 
 
 
 
38.7 
8.8 
7.9 
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
6,808.2 
7,665.1 
8,141.1 
Operating Segments |
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
3,506.5 
3,120.8 
2,919.5 
Operating Segments |
Access equipment |
Aerial work platforms
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,746.0 
1,483.9 
1,390.2 
Operating Segments |
Access equipment |
Telehandlers
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,157.2 
1,106.0 
892.3 
Operating Segments |
Access equipment |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
603.3 
530.9 
637.0 
Operating Segments |
Defense
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,724.5 
3,049.7 
3,950.5 
Operating Segments |
Fire & emergency
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
756.5 
792.4 
768.6 
Operating Segments |
Commercial
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
865.9 
766.9 
697.0 
Operating Segments |
Commercial |
Concrete placement
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
428.2 
349.5 
231.9 
Operating Segments |
Commercial |
Refuse collection
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
309.1 
295.1 
336.8 
Operating Segments |
Commercial |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
128.6 
122.3 
128.3 
Operating Segments |
Intersegment eliminations
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
(45.2)
(64.7)
(194.5)
Intersegment eliminations
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment eliminations |
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0.1 
125.1 
Intersegment eliminations |
Access equipment |
Aerial work platforms
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment eliminations |
Access equipment |
Telehandlers
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment eliminations |
Access equipment |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0.1 
125.1 
Intersegment eliminations |
Defense
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0.3 
2.7 
3.0 
Intersegment eliminations |
Fire & emergency
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
37.4 
41.4 
39.0 
Intersegment eliminations |
Commercial
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
7.5 
20.5 
27.4 
Intersegment eliminations |
Commercial |
Concrete placement
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment eliminations |
Commercial |
Refuse collection
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment eliminations |
Commercial |
Other
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
7.5 
20.5 
27.4 
Intersegment eliminations |
Intersegment eliminations
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
$ (45.2)
$ (64.7)
$ (194.5)
Business Segment Information (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
$ 4,586.7 
 
 
 
$ 4,765.7 
 
 
 
$ 4,586.7 
$ 4,765.7 
$ 4,947.8 
Net sales
1,667.7 1
1,932.4 2
1,677.9 3
1,530.2 
1,726.5 4
2,204.4 
1,984.4 
1,749.8 5
6,808.2 
7,665.1 
8,141.1 
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
5,247.7 
6,034.5 
6,357.2 
Other North America
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
351.2 
235.2 
248.3 
Europe, Africa and Middle East
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
672.3 
898.7 
974.9 
Rest of the world
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
537.0 
496.7 
560.7 
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
2,915.9 
 
 
 
2,610.3 
 
 
 
2,915.9 
2,610.3 
2,721.9 
Net sales
 
 
 
 
 
 
 
 
3,506.5 
3,120.7 
2,794.4 
Access equipment |
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
1,937.0 
 
 
 
1,673.7 
 
 
 
1,937.0 
1,673.7 
1,754.6 
Access equipment |
Europe
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
727.5 6
 
 
 
709.0 6
 
 
 
727.5 6
709.0 6
684.2 6
Access equipment |
Rest of the world
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
251.4 
 
 
 
227.6 
 
 
 
251.4 
227.6 
283.1 
Defense
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,724.2 
3,047.0 
3,947.5 
Defense |
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
275.1 
 
 
 
370.4 
 
 
 
275.1 
370.4 
684.5 
Fire & emergency
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
719.1 
751.0 
729.6 
Fire & emergency |
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
527.0 
 
 
 
537.1 
 
 
 
527.0 
537.1 
534.0 
Commercial [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
430.0 
 
 
 
360.0 
 
 
 
430.0 
360.0 
341.5 
Net sales
 
 
 
 
 
 
 
 
858.4 
746.4 
669.6 
Commercial [Member] |
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
394.5 
 
 
 
327.4 
 
 
 
394.5 
327.4 
304.5 
Commercial [Member] |
Rest of the world
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
35.5 6
 
 
 
32.6 6
 
 
 
35.5 6
32.6 6
37.0 6
Corporate
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
438.7 
 
 
 
887.9 
 
 
 
438.7 
887.9 
665.9 
Corporate |
U.S.
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
398.0 7
 
 
 
878.0 7
 
 
 
398.0 7
878.0 7
658.1 7
Corporate |
Rest of the world
 
 
 
 
 
 
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
 
 
 
 
 
 
Identifiable assets
$ 40.7 
 
 
 
$ 9.9 
 
 
 
$ 40.7 
$ 9.9 
$ 7.8 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Condensed Consolidating Statements of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 1,667.7 1
$ 1,932.4 2
$ 1,677.9 3
$ 1,530.2 
$ 1,726.5 4
$ 2,204.4 
$ 1,984.4 
$ 1,749.8 5
$ 6,808.2 
$ 7,665.1 
$ 8,141.1 
Cost of sales
 
 
 
 
 
 
 
 
5,625.5 
6,473.3 
7,134.2 
Gross income
289.5 1
346.9 2
291.2 3
255.1 
256.9 4
385.5 
303.4 
246.0 5
1,182.7 
1,191.8 
1,006.9 
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
624.1 
620.5 
561.5 
Amortization of purchased intangibles
 
 
 
 
 
 
 
 
55.3 
56.6 
57.7 
Intangible asset impairment charge
 
 
 
 
 
 
 
 
0 
9.0 
0 
Operating income
113.1 1
174.3 2
119.4 3
96.5 
65.2 4
225.6 
134.6 
80.3 5
503.3 
505.7 
387.7 
Interest expense
 
 
 
 
 
 
 
 
(71.4)
(66.0)
(75.2)
Interest income
 
 
 
 
 
 
 
 
2.0 
11.4 
1.9 
Miscellaneous, net
 
 
 
 
 
 
 
 
(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 
Provision for (benefit from) income taxes
 
 
 
 
 
 
 
 
125.0 
131.7 
65.2 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
306.9 
313.3 
244.0 
Equity in earnings of consolidated subsidiaries
 
 
 
 
 
 
 
 
0 
0 
0 
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
2.4 
3.0 
2.3 
Income from continuing operations, net of tax
 
 
 
 
 
 
 
 
309.3 
316.3 
246.3 
Discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
1.7 
(14.4)
Net income
77.8 1
105.1 2
71.5 3
54.9 
36.3 4
148.7 
86.5 
46.5 5
309.3 
318.0 
231.9 
Oher comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
(54.6)
86.8 
21.2 
Comprehensive income
 
 
 
 
 
 
 
 
254.7 
404.8 
253.1 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
(1.1)
Comprehensive (income) loss attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
(1.1)
Comprehensive income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
254.7 
404.8 
252.0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
309.3 
318.0 
230.8 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
0 
0 
1.1 
Oshkosh Corporation
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
0 
0 
0 
Cost of sales
 
 
 
 
 
 
 
 
3.3 
3.2 
0.8 
Gross income
 
 
 
 
 
 
 
 
(3.3)
(3.2)
(0.8)
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
138.0 
148.3 
108.0 
Amortization of purchased intangibles
 
 
 
 
 
 
 
 
0 
0 
0 
Intangible asset impairment charge
 
 
 
 
 
 
 
 
0 
0 
0 
Operating income
 
 
 
 
 
 
 
 
(141.3)
(151.5)
(108.8)
Interest expense
 
 
 
 
 
 
 
 
(246.3)
(217.9)
(197.4)
Interest income
 
 
 
 
 
 
 
 
3.0 
2.9 
2.3 
Miscellaneous, net
 
 
 
 
 
 
 
 
46.9 
44.5 
19.1 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
(337.7)
(322.0)
(284.8)
Provision for (benefit from) income taxes
 
 
 
 
 
 
 
 
(109.0)
(99.9)
(57.4)
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
(228.7)
(222.1)
(227.4)
Equity in earnings of consolidated subsidiaries
 
 
 
 
 
 
 
 
538.0 
540.1 
452.1 
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
0 
0 
0 
Income from continuing operations, net of tax
 
 
 
 
 
 
 
 
309.3 
318.0 
224.7 
Discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
6.1 
Net income
 
 
 
 
 
 
 
 
309.3 
318.0 
230.8 
Oher comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
(54.6)
86.8 
21.2 
Comprehensive income
 
 
 
 
 
 
 
 
254.7 
404.8 
252.0 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
0 
Comprehensive income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
 
 
252.0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
 
 
230.8 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
0 
Guarantor Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
5,838.2 
6,857.4 
7,344.6 
Cost of sales
 
 
 
 
 
 
 
 
4,898.9 
5,850.7 
6,474.8 
Gross income
 
 
 
 
 
 
 
 
939.3 
1,006.7 
869.8 
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
378.5 
407.1 
420.4 
Amortization of purchased intangibles
 
 
 
 
 
 
 
 
39.9 
40.0 
40.1 
Intangible asset impairment charge
 
 
 
 
 
 
 
 
0 
0 
0 
Operating income
 
 
 
 
 
 
 
 
520.9 
559.6 
409.3 
Interest expense
 
 
 
 
 
 
 
 
(49.4)
(55.2)
(74.7)
Interest income
 
 
 
 
 
 
 
 
60.3 
55.4 
28.1 
Miscellaneous, net
 
 
 
 
 
 
 
 
(184.6)
(147.3)
(102.6)
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
347.2 
412.5 
260.1 
Provision for (benefit from) income taxes
 
 
 
 
 
 
 
 
113.7 
130.4 
55.4 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
233.5 
282.1 
204.7 
Equity in earnings of consolidated subsidiaries
 
 
 
 
 
 
 
 
159.3 
125.7 
110.0 
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
0 
0 
(0.4)
Income from continuing operations, net of tax
 
 
 
 
 
 
 
 
392.8 
407.8 
314.3 
Discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
1.7 
(24.6)
Net income
 
 
 
 
 
 
 
 
392.8 
409.5 
289.7 
Oher comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
(22.2)
34.2 
8.4 
Comprehensive income
 
 
 
 
 
 
 
 
370.6 
443.7 
298.1 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
0 
Comprehensive income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
 
 
298.1 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
 
 
289.7 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
0 
Non-Guarantor Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
1,057.6 
923.7 
921.3 
Cost of sales
 
 
 
 
 
 
 
 
810.6 
735.6 
783.4 
Gross income
 
 
 
 
 
 
 
 
247.0 
188.1 
137.9 
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
107.6 
65.1 
33.1 
Amortization of purchased intangibles
 
 
 
 
 
 
 
 
15.4 
16.6 
17.6 
Intangible asset impairment charge
 
 
 
 
 
 
 
 
0 
9.0 
0 
Operating income
 
 
 
 
 
 
 
 
124.0 
97.4 
87.2 
Interest expense
 
 
 
 
 
 
 
 
(3.2)
(3.7)
(3.9)
Interest income
 
 
 
 
 
 
 
 
166.2 
163.9 
172.3 
Miscellaneous, net
 
 
 
 
 
 
 
 
135.7 
96.7 
78.3 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
422.7 
354.3 
333.9 
Provision for (benefit from) income taxes
 
 
 
 
 
 
 
 
120.4 
101.1 
67.2 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
302.3 
253.2 
266.7 
Equity in earnings of consolidated subsidiaries
 
 
 
 
 
 
 
 
188.3 
132.2 
32.1 
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
2.4 
3.0 
2.7 
Income from continuing operations, net of tax
 
 
 
 
 
 
 
 
493.0 
388.4 
301.5 
Discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
4.1 
Net income
 
 
 
 
 
 
 
 
493.0 
388.4 
305.6 
Oher comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
(29.8)
14.3 
(13.2)
Comprehensive income
 
 
 
 
 
 
 
 
463.2 
402.7 
292.4 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
(1.1)
Comprehensive income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
 
 
291.3 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
 
 
304.5 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
(1.1)
Eliminations
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
 
 
 
(87.6)
(116.0)
(124.8)
Cost of sales
 
 
 
 
 
 
 
 
(87.3)
(116.2)
(124.8)
Gross income
 
 
 
 
 
 
 
 
(0.3)
0.2 
0 
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
0 
0 
0 
Amortization of purchased intangibles
 
 
 
 
 
 
 
 
0 
0 
0 
Intangible asset impairment charge
 
 
 
 
 
 
 
 
0 
0 
0 
Operating income
 
 
 
 
 
 
 
 
(0.3)
0.2 
0 
Interest expense
 
 
 
 
 
 
 
 
227.5 
210.8 
200.8 
Interest income
 
 
 
 
 
 
 
 
(227.5)
(210.8)
(200.8)
Miscellaneous, net
 
 
 
 
 
 
 
 
0 
0 
0 
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
(0.3)
0.2 
0 
Provision for (benefit from) income taxes
 
 
 
 
 
 
 
 
(0.1)
0.1 
0 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
(0.2)
0.1 
0 
Equity in earnings of consolidated subsidiaries
 
 
 
 
 
 
 
 
(885.6)
(798.0)
(594.2)
Equity in earnings of unconsolidated affiliates
 
 
 
 
 
 
 
 
0 
0 
0 
Income from continuing operations, net of tax
 
 
 
 
 
 
 
 
(885.8)
(797.9)
(594.2)
Discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income
 
 
 
 
 
 
 
 
(885.8)
(797.9)
(594.2)
Oher comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
52.0 
(48.5)
4.8 
Comprehensive income
 
 
 
 
 
 
 
 
(833.8)
(846.4)
(589.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
0 
Comprehensive income attributable to Oshkosh Corporation
 
 
 
 
 
 
 
 
 
 
(589.4)
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
 
 
(594.2)
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
 
 
$ 0 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2010
Current assets:
 
 
 
 
 
Cash and cash equivalents
$ 313.8 
$ 733.5 
$ 540.7 
$ 428.5 
$ 428.5 
Receivables, net
974.9 
794.3 
 
 
 
Inventories, net
960.9 
822.0 
 
 
 
Other current assets
134.7 
203.6 
 
 
 
Total current assets
2,384.3 
2,553.4 
 
 
 
Investment in and advances to consolidated subsidiaries
0 
0 
 
 
 
Intangible assets, net
1,683.4 
1,755.7 
 
 
 
Other long-term assets
519.0 
456.6 
 
 
 
Total assets
4,586.7 
4,765.7 
4,947.8 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
586.7 
531.7 
 
 
 
Customer advances
310.1 
294.4 
 
 
 
Other current liabilities
414.8 
554.6 
 
 
 
Total current liabilities
1,311.6 
1,380.7 
 
 
 
Long-term debt, less current maturities
875.0 
890.0 
 
 
 
Other long-term liabilities
415.1 
387.2 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Total shareholders’ equity
1,985.0 
2,107.8 
 
 
 
Total liabilities and shareholders' equity
4,586.7 
4,765.7 
 
 
 
Oshkosh Corporation
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
281.8 
711.7 
500.0 
 
376.3 
Receivables, net
35.3 
23.5 
 
 
 
Inventories, net
0 
0 
 
 
 
Other current assets
32.2 
112.4 
 
 
 
Total current assets
349.3 
847.6 
 
 
 
Investment in and advances to consolidated subsidiaries
5,375.8 
4,932.0 
 
 
 
Intangible assets, net
0 
0 
 
 
 
Other long-term assets
109.3 
82.3 
 
 
 
Total assets
5,880.6 
5,894.6 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
14.4 
16.5 
 
 
 
Customer advances
0 
0 
 
 
 
Other current liabilities
110.5 
139.6 
 
 
 
Total current liabilities
124.9 
156.1 
 
 
 
Long-term debt, less current maturities
875.0 
890.0 
 
 
 
Other long-term liabilities
79.8 
71.7 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Total shareholders’ equity
1,985.0 
2,107.8 
 
 
 
Total liabilities and shareholders' equity
5,880.6 
5,894.6 
 
 
 
Guarantor Subsidiaries
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
4.7 
2.7 
5.5 
 
13.5 
Receivables, net
756.4 
627.6 
 
 
 
Inventories, net
624.3 
586.6 
 
 
 
Other current assets
78.0 
70.4 
 
 
 
Total current assets
1,463.4 
1,287.3 
 
 
 
Investment in and advances to consolidated subsidiaries
1,009.3 
840.0 
 
 
 
Intangible assets, net
1,028.3 
1,069.8 
 
 
 
Other long-term assets
224.1 
239.4 
 
 
 
Total assets
4,752.3 
4,464.7 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
485.1 
454.4 
 
 
 
Customer advances
308.1 
291.1 
 
 
 
Other current liabilities
210.6 
321.9 
 
 
 
Total current liabilities
1,003.8 
1,067.4 
 
 
 
Long-term debt, less current maturities
0 
0 
 
 
 
Other long-term liabilities
190.0 
175.9 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Total shareholders’ equity
1,160.0 
796.9 
 
 
 
Total liabilities and shareholders' equity
4,752.3 
4,464.7 
 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
27.3 
19.1 
35.2 
 
38.7 
Receivables, net
233.7 
180.8 
 
 
 
Inventories, net
337.7 
236.5 
 
 
 
Other current assets
24.1 
20.5 
 
 
 
Total current assets
622.8 
456.9 
 
 
 
Investment in and advances to consolidated subsidiaries
(337.1)
(553.4)
 
 
 
Intangible assets, net
655.1 
685.9 
 
 
 
Other long-term assets
185.6 
134.9 
 
 
 
Total assets
5,313.6 
4,791.3 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
137.7 
90.9 
 
 
 
Customer advances
2.0 
3.3 
 
 
 
Other current liabilities
94.4 
101.4 
 
 
 
Total current liabilities
234.1 
195.6 
 
 
 
Long-term debt, less current maturities
0 
0 
 
 
 
Other long-term liabilities
145.3 
139.6 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Total shareholders’ equity
4,888.0 
4,421.7 
 
 
 
Total liabilities and shareholders' equity
5,313.6 
4,791.3 
 
 
 
Eliminations
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
0 
0 
0 
 
0 
Receivables, net
(50.5)
(37.6)
 
 
 
Inventories, net
(1.1)
(1.1)
 
 
 
Other current assets
0.4 
0.3 
 
 
 
Total current assets
(51.2)
(38.4)
 
 
 
Investment in and advances to consolidated subsidiaries
(6,048.0)
(5,218.6)
 
 
 
Intangible assets, net
0 
0 
 
 
 
Other long-term assets
0 
0 
 
 
 
Total assets
(11,359.8)
(10,384.9)
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
(50.5)
(30.1)
 
 
 
Customer advances
0 
0 
 
 
 
Other current liabilities
(0.7)
(8.3)
 
 
 
Total current liabilities
(51.2)
(38.4)
 
 
 
Long-term debt, less current maturities
0 
0 
 
 
 
Other long-term liabilities
0 
0 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Total shareholders’ equity
(6,048.0)
(5,218.6)
 
 
 
Total liabilities and shareholders' equity
$ (11,359.8)
$ (10,384.9)
 
 
 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 3) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2010
Condensed Consolidating Statement of Cash Flows
 
 
 
 
Net cash provided (used) by operating activities
$ 170.4 
$ 438.0 
$ 268.3 
 
Investing activities:
 
 
 
 
Additions to property, plant and equipment
(92.2)
(46.0)
(55.9)
 
Additions to equipment held for rental
(32.7)
(13.9)
(8.4)
 
Contribution into Trust
(1.9)
(19.4)
0 
 
Proceeds from sale of property, plant and equipment
0.1 
0.1 
7.6 
 
Proceeds from sale of equipment held for rental
12.8 
7.5 
3.7 
 
Proceeds from sale of equity method investments
0 
0 
8.7 
 
Intercompany investing
0 
0 
0 
 
Other investing activities
(0.9)
(3.1)
2.5 
 
Net cash used by investing activities
(114.8)
(74.8)
(41.8)
 
Financing activities:
 
 
 
 
Proceeds from Issuance of Debt
650.0 
0 
0 
 
Debt issuance costs
(19.1)
0 
(3.1)
 
Repurchases of Common Stock
(403.3)
(201.8)
(13.3)
 
Repayments of Long-term Debt
(710.0)
0 
(105.1)
 
Proceeds from exercise of stock options
50.9 
31.4 
3.6 
 
Payments of Dividends
(50.7)
0 
0 
 
Excess Tax Benefit from Share-based Compensation, Financing Activities
6.2 
0.4 
0.4 
 
Intercompany financing
0 
0 
0 
 
Net cash used by financing activities
(476.0)
(170.0)
(117.3)
 
Effect of exchange rate changes on cash
0.7 
(0.4)
3.0 
 
Increase (decrease) in cash and cash equivalents
(419.7)
192.8 
112.2 
 
Cash and cash equivalents at beginning of year
733.5 
540.7 
428.5 
428.5 
Cash and cash equivalents at end of year
313.8 
733.5 
540.7 
428.5 
Other financing activities
0 
0 
0.2 
 
Oshkosh Corporation
 
 
 
 
Condensed Consolidating Statement of Cash Flows
 
 
 
 
Net cash provided (used) by operating activities
(98.6)
(181.4)
(253.9)
 
Investing activities:
 
 
 
 
Additions to property, plant and equipment
(33.4)
(8.2)
(7.9)
 
Additions to equipment held for rental
0 
0 
0 
 
Contribution into Trust
(1.9)
(19.4)
 
 
Proceeds from sale of property, plant and equipment
0 
0 
0 
 
Proceeds from sale of equipment held for rental
0 
0 
0 
 
Intercompany investing
(16.2)
(2.2)
(0.8)
 
Other investing activities
(1.0)
0 
0 
 
Net cash used by investing activities
(52.5)
(29.8)
(8.7)
 
Financing activities:
 
 
 
 
Proceeds from Issuance of Debt
650.0 
 
 
 
Debt issuance costs
(19.1)
 
(3.1)
 
Repurchases of Common Stock
(403.3)
(201.8)
(13.3)
 
Repayments of Long-term Debt
(710.0)
 
(105.0)
 
Proceeds from exercise of stock options
50.9 
31.4 
3.6 
 
Payments of Dividends
(50.7)
 
 
 
Excess Tax Benefit from Share-based Compensation, Financing Activities
6.2 
0.4 
0.4 
 
Intercompany financing
197.2 
592.9 
503.7 
 
Net cash used by financing activities
(278.8)
422.9 
386.3 
 
Effect of exchange rate changes on cash
0 
0 
0 
 
Increase (decrease) in cash and cash equivalents
(429.9)
211.7 
123.7 
 
Cash and cash equivalents at beginning of year
711.7 
500.0 
 
376.3 
Cash and cash equivalents at end of year
281.8 
711.7 
500.0 
376.3 
Other financing activities
 
 
0 
 
Guarantor Subsidiaries
 
 
 
 
Condensed Consolidating Statement of Cash Flows
 
 
 
 
Net cash provided (used) by operating activities
73.2 
306.1 
232.7 
 
Investing activities:
 
 
 
 
Additions to property, plant and equipment
(27.4)
(26.0)
(39.3)
 
Additions to equipment held for rental
0 
0 
0 
 
Contribution into Trust
0 
0 
 
 
Proceeds from sale of property, plant and equipment
0.1 
0 
7.5 
 
Proceeds from sale of equipment held for rental
0 
0 
0.2 
 
Intercompany investing
(17.6)
(256.8)
(189.5)
 
Other investing activities
0 
0.3 
5.9 
 
Net cash used by investing activities
(44.9)
(282.5)
(215.2)
 
Financing activities:
 
 
 
 
Proceeds from Issuance of Debt
0 
 
 
 
Debt issuance costs
0 
 
 
 
Repurchases of Common Stock
0 
0 
0 
 
Repayments of Long-term Debt
0 
 
(0.1)
 
Proceeds from exercise of stock options
0 
0 
0 
 
Payments of Dividends
0 
 
 
 
Excess Tax Benefit from Share-based Compensation, Financing Activities
0 
0 
0 
 
Intercompany financing
(26.0)
(26.0)
(26.0)
 
Net cash used by financing activities
(26.0)
(26.0)
(26.1)
 
Effect of exchange rate changes on cash
(0.3)
(0.4)
0.6 
 
Increase (decrease) in cash and cash equivalents
2.0 
(2.8)
(8.0)
 
Cash and cash equivalents at beginning of year
2.7 
5.5 
 
13.5 
Cash and cash equivalents at end of year
4.7 
2.7 
5.5 
13.5 
Other financing activities
 
 
0 
 
Non-Guarantor Subsidiaries
 
 
 
 
Condensed Consolidating Statement of Cash Flows
 
 
 
 
Net cash provided (used) by operating activities
195.8 
313.3 
289.5 
 
Investing activities:
 
 
 
 
Additions to property, plant and equipment
(31.4)
(11.8)
(8.7)
 
Additions to equipment held for rental
(32.7)
(13.9)
(8.4)
 
Contribution into Trust
0 
0 
 
 
Proceeds from sale of property, plant and equipment
0 
0.1 
0.1 
 
Proceeds from sale of equipment held for rental
12.8 
7.5 
3.5 
 
Proceeds from sale of equity method investments
 
 
8.7 
 
Intercompany investing
(153.6)
(288.0)
(288.3)
 
Other investing activities
0.1 
(3.4)
(3.4)
 
Net cash used by investing activities
(204.8)
(309.5)
(296.5)
 
Financing activities:
 
 
 
 
Proceeds from Issuance of Debt
0 
 
 
 
Debt issuance costs
0 
 
 
 
Repurchases of Common Stock
0 
0 
 
 
Repayments of Long-term Debt
0 
 
0 
 
Proceeds from exercise of stock options
0 
0 
0 
 
Payments of Dividends
0 
 
 
 
Excess Tax Benefit from Share-based Compensation, Financing Activities
0 
0 
0 
 
Intercompany financing
16.2 
(19.9)
0.9 
 
Net cash used by financing activities
16.2 
(19.9)
1.1 
 
Effect of exchange rate changes on cash
1.0 
0 
2.4 
 
Increase (decrease) in cash and cash equivalents
8.2 
(16.1)
(3.5)
 
Cash and cash equivalents at beginning of year
19.1 
35.2 
 
38.7 
Cash and cash equivalents at end of year
27.3 
19.1 
35.2 
38.7 
Other financing activities
 
 
0.2 
 
Eliminations
 
 
 
 
Condensed Consolidating Statement of Cash Flows
 
 
 
 
Net cash provided (used) by operating activities
0 
0 
0 
 
Investing activities:
 
 
 
 
Additions to property, plant and equipment
0 
0 
0 
 
Additions to equipment held for rental
0 
0 
0 
 
Contribution into Trust
0 
0 
 
 
Proceeds from sale of property, plant and equipment
0 
0 
0 
 
Proceeds from sale of equipment held for rental
0 
0 
0 
 
Intercompany investing
187.4 
547.0 
478.6 
 
Other investing activities
0 
0 
0 
 
Net cash used by investing activities
187.4 
547.0 
478.6 
 
Financing activities:
 
 
 
 
Proceeds from Issuance of Debt
0 
 
 
 
Debt issuance costs
0 
 
 
 
Repurchases of Common Stock
 
0 
 
 
Repayments of Long-term Debt
0 
 
0 
 
Proceeds from exercise of stock options
0 
0 
0 
 
Payments of Dividends
0 
 
 
 
Excess Tax Benefit from Share-based Compensation, Financing Activities
0 
0 
0 
 
Intercompany financing
(187.4)
(547.0)
(478.6)
 
Net cash used by financing activities
(187.4)
(547.0)
(478.6)
 
Effect of exchange rate changes on cash
0 
0 
0 
 
Increase (decrease) in cash and cash equivalents
0 
0 
0 
 
Cash and cash equivalents at beginning of year
0 
0 
 
0 
Cash and cash equivalents at end of year
0 
0 
0 
0 
Other financing activities
 
 
$ 0 
 
Unaudited Quarterly Results (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 1,667.7 1
$ 1,932.4 2
$ 1,677.9 3
$ 1,530.2 
$ 1,726.5 4
$ 2,204.4 
$ 1,984.4 
$ 1,749.8 5
$ 6,808.2 
$ 7,665.1 
$ 8,141.1 
Gross income
289.5 1
346.9 2
291.2 3
255.1 
256.9 4
385.5 
303.4 
246.0 5
1,182.7 
1,191.8 
1,006.9 
Operating income
113.1 1
174.3 2
119.4 3
96.5 
65.2 4
225.6 
134.6 
80.3 5
503.3 
505.7 
387.7 
Net income
77.8 1
105.1 2
71.5 3
54.9 
36.3 4
148.7 
86.5 
46.5 5
309.3 
318.0 
231.9 
Earnings (loss) attributable to Oshkosh Corporation common shareholders
 
 
 
 
 
 
 
 
 
 
 
Less: net earnings allocated to participating securities
(0.3)1
(0.4)2
(0.3)3
(0.2)
(0.2)4
(0.9)
(0.5)
(0.3)5
(1.2)
(2.0)
(0.6)
Earnings available to common shareholders
77.5 1
104.7 2
71.2 3
54.7 
35.5 4
147.5 
85.4 
46.0 5
308.1 
316.0 
230.2 
Net income from continuing operations
77.8 1
105.1 2
71.5 3
54.9 
35.7 4
148.4 
85.9 
46.3 5
309.3 
316.3 
245.2 
Income (loss) from discontinued operations
$ 0 1
$ 0 2
$ 0 3
$ 0 
$ 0.6 4
$ 0.3 
$ 0.6 
$ 0.2 5
$ 0 
$ 1.7 
$ (14.4)
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic:
 
 
 
 
 
 
 
 
 
 
 
From continuing operations (in dollars per share)
$ 0.94 1
$ 1.24 2
$ 0.84 3
$ 0.64 
$ 0.41 4
$ 1.69 
$ 0.98 
$ 0.51 5
$ 3.66 
$ 3.58 
$ 2.68 
From discontinued operations (in dollars per share)
$ 0.00 1
$ 0.00 2
$ 0.00 3
$ 0.00 
$ 0.01 4
$ 0.00 
$ 0.01 
$ 0.00 5
$ 0.00 
$ 0.02 
$ (0.16)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic (in dollars per share)
$ 0.94 1
$ 1.24 2
$ 0.84 3
$ 0.64 
$ 0.42 4
$ 1.69 
$ 0.99 
$ 0.51 5
$ 3.66 
$ 3.60 
$ 2.52 
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted:
 
 
 
 
 
 
 
 
 
 
 
From continuing operations (in dollars per share)
$ 0.93 1
$ 1.22 2
$ 0.83 3
$ 0.63 
$ 0.40 4
$ 1.67 
$ 0.96 
$ 0.51 5
$ 3.61 
$ 3.53 
$ 2.67 
From discontinued operations (in dollars per share)
$ 0.00 1
$ 0.00 2
$ 0.00 3
$ 0.00 
$ 0.01 4
$ 0.00 
$ 0.01 
$ 0.00 5
$ 0.00 
$ 0.02 
$ (0.16)
Total earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted (in dollars per share)
$ 0.93 1
$ 1.22 2
$ 0.83 3
$ 0.63 
$ 0.41 4
$ 1.67 
$ 0.97 
$ 0.51 5
$ 3.61 
$ 3.55 
$ 2.51 
Common Stock per share dividends (in dollars per share)
$ 0.15 1
$ 0.15 2
$ 0.15 3
$ 0.15 
$ 0 4
$ 0 
$ 0 
$ 0 5
 
 
 
Unaudited Quarterly Results Unaudited Quarterly Results 2 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2013
Sep. 30, 2012
Jun. 30, 2014
Defense
Sep. 30, 2013
Defense
Sep. 30, 2014
Defense
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
$ 3.8 
 
 
 
 
 
 
 
 
$ 1.8 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments
 
9.7 
4.1 
 
 
 
 
 
 
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments, net of tax
 
6.2 
2.6 
 
 
 
 
 
 
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments, net of tax
2.4 
 
 
 
 
 
 
 
 
 
Total DoD sales
 
 
 
 
 
 
 
8.9 
 
8.9 
Reduction of Revenue - Contractual Obligations, Net of Tax
 
 
 
 
 
 
 
(5.6)
 
 
Impairment
 
 
 
9.0 
 
9.0 
 
 
 
 
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill), Net of Tax
 
 
 
5.5 
 
 
 
 
 
 
Contract Extension, Expense Incurred
 
 
 
 
 
 
 
 
3.8 
 
Contract Extension, Expense Incurred, Net of Tax
 
 
 
 
 
 
 
 
2.4 
 
Contract Extension Period
 
 
 
5 years 
 
5 years 
 
 
 
 
Unsolicited Tender Offer Costs
 
 
 
 
16.3 
16.3 
6.6 
 
 
 
Unsolicited Tender Offer Costs, Net of Tax
 
 
 
 
$ 10.4 
 
 
 
 
 
SCHEDULE II - VALUATION & QUALIFYING ACCOUNTS (Details) (Allowance for Doubtful Accounts, USD $)
In Millions, unless otherwise specified
12 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Allowance for Doubtful Accounts
 
 
 
Movement in Valuation Allowances and Reserves
 
 
 
Balance at Beginning of Year
$ 20.4 
$ 18.0 
$ 29.5 
Additions Charged to Expense
3.1 
3.8 
(2.3)
Reductions
(1.7)1
(1.4)1
(9.2)1
Balance at End of Year
$ 21.8 
$ 20.4 
$ 18.0