OSHKOSH CORP, 10-Q filed on 4/28/2016
Quarterly Report
Document and Entity Information
6 Months Ended
Mar. 31, 2016
Apr. 21, 2016
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
OSHKOSH CORP 
 
Entity Central Index Key
0000775158 
 
Document Type
10-Q 
 
Document Period End Date
Mar. 31, 2016 
 
Amendment Flag
false 
 
Current Fiscal Year End Date
--09-30 
 
Entity Current Reporting Status
Yes 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding (in shares)
 
73,366,717 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Income Statement [Abstract]
 
 
 
 
Net sales
$ 1,524.3 
$ 1,554.2 
$ 2,776.3 
$ 2,907.5 
Cost of sales
1,265.0 
1,278.4 
2,334.2 
2,402.0 
Gross income
259.3 
275.8 
442.1 
505.5 
Operating expenses:
 
 
 
 
Selling, general and administrative
154.7 
152.8 
294.0 
303.3 
Amortization of purchased intangibles
13.2 
13.3 
26.4 
26.8 
Total operating expenses
167.9 
166.1 
320.4 
330.1 
Operating income
91.4 
109.7 
121.7 
175.4 
Other income (expense):
 
 
 
 
Interest expense
(15.6)
(28.8)
(30.2)
(43.2)
Interest income
0.5 
0.6 
1.0 
1.4 
Miscellaneous, net
(1.0)
1.3 
(1.0)
Income before income taxes and equity in earnings of unconsolidated affiliates
75.3 
82.8 
91.5 
133.6 
Provision for income taxes
20.3 
29.5 
22.0 
45.7 
Income before equity in earnings of unconsolidated affiliates
55.0 
53.3 
69.5 
87.9 
Equity in earnings of unconsolidated affiliates
1.1 
1.3 
1.2 
1.4 
Net income
$ 56.1 
$ 54.6 
$ 70.7 
$ 89.3 
Earnings per share attributable to common shareholders:
 
 
 
 
Basic earnings per share (in dollars per share)
$ 0.77 
$ 0.70 
$ 0.96 
$ 1.14 
Diluted earnings per share (in dollars per share)
$ 0.76 
$ 0.69 
$ 0.95 
$ 1.12 
Cash dividends declared per share on Common Stock (in dollars per share)
$ 0.19 
$ 0.17 
$ 0.38 
$ 0.34 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Net income
$ 56.1 
$ 54.6 
$ 70.7 
$ 89.3 
Other comprehensive income (loss), net of tax:
 
 
 
 
Employee pension and postretirement benefits
0.4 
0.5 
0.9 
0.3 
Currency translation adjustments
18.9 
(53.1)
7.7 
(76.0)
Change in fair value of derivative instruments
(0.2)
Total other comprehensive income (loss), net of tax
19.1 
(52.6)
8.6 
(75.7)
Comprehensive income
$ 75.2 
$ 2.0 
$ 79.3 
$ 13.6 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Current assets:
 
 
Cash and cash equivalents
$ 38.4 
$ 42.9 
Receivables, net
1,046.0 
964.6 
Inventories, net
1,373.4 
1,301.7 
Deferred income taxes, net
54.5 
52.2 
Prepaid income taxes
23.9 
22.8 
Other current assets
54.0 
45.1 
Total current assets
2,590.2 
2,429.3 
Investment in unconsolidated affiliates
16.8 
16.2 
Property, plant and equipment, net
478.3 
475.8 
Goodwill
1,006.0 
1,001.1 
Purchased intangible assets, net
580.2 
606.7 
Other long-term assets
79.7 
83.9 
Total assets
4,751.2 
4,613.0 
Current liabilities:
 
 
Revolving credit facilities and current maturities of long-term debt
155.7 
83.5 
Accounts payable
597.7 
552.8 
Customer advances
525.9 
440.2 
Payroll-related obligations
123.6 
116.6 
Other current liabilities
241.6 
265.0 
Total current liabilities
1,644.5 
1,458.1 
Long-term debt, less current maturities
845.0 
855.0 
Deferred income taxes, net
88.6 
91.7 
Other long-term liabilities
298.7 
297.1 
Commitments and contingencies
   
   
Shareholders' equity:
 
 
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding)
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,101,465 shares issued)
0.9 
0.9 
Additional paid-in capital
779.5 
771.5 
Retained earnings
2,059.2 
2,016.5 
Accumulated other comprehensive loss
(135.8)
(144.4)
Common Stock in treasury, at cost (18,951,082 and 16,647,031 shares, respectively)
(829.4)
(733.4)
Total shareholders’ equity
1,874.4 
1,911.1 
Total liabilities and shareholders' equity
$ 4,751.2 
$ 4,613.0 
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2016
Sep. 30, 2015
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
Preferred Stock, shares outstanding
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
18,951,082 
16,647,031 
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury at Cost
Balance at Sep. 30, 2014
$ 1,985.0 
$ 0.9 
$ 758.0 
$ 1,840.1 
$ (69.2)
$ (544.8)
Changes in Equity
 
 
 
 
 
 
Net income
89.3 
 
 
89.3 
 
 
Employee pension and postretirement benefits, net of tax
0.3 
 
 
 
0.3 
 
Currency translation adjustments, net
(76.0)
 
 
 
(76.0)
 
Cash Dividends
(26.7)
 
 
(26.7)
 
 
Repurchases of Common Stock
(88.1)
 
 
 
 
(88.1)
Exercise of stock options
3.4 
 
(0.3)
 
 
3.7 
Stock-based compensation expense
11.4 
 
11.4 
 
 
 
Excess tax benefit from stock-based compensation
4.0 
 
4.0 
 
 
 
Payment of earned performance shares
 
(7.4)
 
 
7.4 
Shares tendered for taxes on stock-based compensation
(4.8)
 
 
 
 
(4.8)
Other
0.2 
 
(0.4)
 
 
0.6 
Balance at Mar. 31, 2015
1,898.0 
0.9 
765.3 
1,902.7 
(144.9)
(626.0)
Balance at Sep. 30, 2015
1,911.1 
0.9 
771.5 
2,016.5 
(144.4)
(733.4)
Changes in Equity
 
 
 
 
 
 
Net income
70.7 
 
 
70.7 
 
 
Employee pension and postretirement benefits, net of tax
0.9 
 
 
 
0.9 
 
Currency translation adjustments, net
7.7 
 
 
 
7.7 
 
Cash Dividends
(28.0)
 
 
(28.0)
 
 
Repurchases of Common Stock
(100.1)
 
 
 
 
(100.1)
Exercise of stock options
1.9 
 
(0.3)
 
 
2.2 
Stock-based compensation expense
11.4 
 
11.4 
 
 
 
Payment of earned performance shares
 
(2.6)
 
 
2.6 
Shares tendered for taxes on stock-based compensation
(1.5)
 
 
 
 
(1.5)
Other
0.3 
 
(0.5)
 
 
0.8 
Balance at Mar. 31, 2016
$ 1,874.4 
$ 0.9 
$ 779.5 
$ 2,059.2 
$ (135.8)
$ (829.4)
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
 
 
Employee pension and postretirement benefits, tax
$ 0.6 
$ 0.2 
Cash dividends declared per share on Common Stock (in dollars per share)
$ 0.38 
$ 0.34 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:
 
 
Net income
$ 70.7 
$ 89.3 
Depreciation and amortization
63.7 
64.0 
Stock-based compensation expense
11.4 
11.4 
Deferred income taxes
(7.0)
(4.7)
Foreign currency transaction losses
0.3 
10.7 
Gain on sale of assets
(6.3)
(5.0)
Other non-cash adjustments
(0.2)
12.8 
Changes in operating assets and liabilities
(38.1)
(249.2)
Net cash provided (used) by operating activities
94.5 
(70.7)
Investing activities:
 
 
Additions to property, plant and equipment
(40.3)
(69.8)
Additions to equipment held for rental
(22.7)
(15.5)
Proceeds from sale of equipment held for rental
26.1 
13.4 
Other investing activities
(1.0)
(1.5)
Net cash used by investing activities
(37.9)
(73.4)
Financing activities:
 
 
Net increase (decrease) in short-term debt
(21.3)
13.7 
Proceeds from issuance of debt (original maturities greater than three months)
273.5 
315.0 
Repayment of debt (original maturities greater than three months)
(190.0)
(325.0)
Repurchases of Common Stock
(100.1)
(88.1)
Dividends paid
(28.0)
(26.7)
Debt Issuance Costs
(15.4)
Proceeds from exercise of stock options
1.9 
3.4 
Excess tax benefit from stock-based compensation
0.9 
4.1 
Net cash used by financing activities
(63.1)
(119.0)
Effect of exchange rate changes on cash
2.0 
2.7 
Decrease in cash and cash equivalents
(4.5)
(260.4)
Cash and cash equivalents at beginning of period
42.9 
313.8 
Cash and cash equivalents at end of period
38.4 
53.4 
Supplemental disclosures:
 
 
Cash paid for interest
26.6 
27.0 
Cash paid for income taxes
$ 37.3 
$ 23.5 
Basis of Presentation
Basis of Presentation
Basis of Presentation

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation for the year ended September 30, 2015. The interim results are not necessarily indicative of results for the full year. “Oshkosh” refers to Oshkosh Corporation not including its subsidiaries and “the Company” refers to Oshkosh Corporation and its subsidiaries. Certain reclassifications have been made to the fiscal 2015 financial statements to conform to the fiscal 2016 presentation.
New Accounting Standards
New Accounting Pronouncements
New Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 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. ASU 2014-09, as amended by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations and ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, becomes effective for fiscal years and interim periods beginning after December 15, 2017, with adoption permitted one year earlier. The Company is currently evaluating the impact of ASU 2014-09 on the Company’s financial statements and has not yet determined its method of adoption.

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Topic 835-30), Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize debt issuance costs related to a debt liability as a direct deduction from the carrying amount of the debt liability in the balance sheet, thereby increasing the effective rate of interest, as opposed to a deferred cost. The Company will be required to adopt ASU 2015-03 as of October 1, 2016. The Company does not expect the adoption of ASU 2015-03 to have a material impact on the Company's financial statements.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. ASU 2015-11 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize inventory within the scope of the standard at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company will be required to adopt ASU 2015-11 as of October 1, 2017. The Company is currently evaluating the impact of ASU 2015-11 on the Company’s financial statements.

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. ASU 2015-17 is part of the FASB's initiative to reduce complexity of financial statements. The guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current and noncurrent amounts and requires an entity to classify all deferred tax liabilities and assets as noncurrent. The Company will be required to adopt ASU 2015-17 as of October 1, 2017. The Company does not expect the adoption of ASU 2015-17 to have a material impact on the Company's financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is expected to increase transparency and comparability among organizations. The standard requires lessees to reflect most leases on their balance sheet as lease liabilities with a corresponding right-of-use asset, while leaving presentation of lease expense in the statements of comprehensive income largely unchanged. The standard also eliminates the real-estate specific provisions that exist under current U.S. GAAP and modifies the classification criteria and accounting lessors must apply to sales-type and direct financing leases. The standard is effective for fiscal years and interim periods beginning after December 15, 2018 and early adoption is permitted. The Company is evaluating the impact of ASU 2016-02 on the Company's financial statements.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 is part of the FASB’s initiative to simplify accounting standards. The standard requires that all tax effects of share-based payments at settlement (or expiration) be recorded in the income statement at the time the tax effects arise. The standard also clarifies that cash flows resulting from share-based payments be reported as operating activities within the statement of cash flows, permits employers to withhold shares upon settlement of an award to satisfy an employee's tax liability up to the employee's maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award and permits entities to make an accounting policy election to estimate or use actual forfeitures when recognizing the expense of share-based compensation. The Company will be required to adopt ASU 2016-09 as of October 1, 2017. The Company is evaluating the impact of ASU 2016-09 on the Company's financial statements.
Receivables
Receivables
    Receivables

Receivables consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
U.S. government:
 
 
 
Amounts billed
$
38.6

 
$
63.1

Costs and profits not billed
34.0

 
66.8

 
72.6

 
129.9

Other trade receivables
941.8

 
782.3

Finance receivables
6.5

 
7.4

Notes receivable
33.0

 
29.6

Other receivables
35.4

 
57.7

 
1,089.3

 
1,006.9

Less allowance for doubtful accounts
(21.9
)
 
(20.3
)
 
$
1,067.4

 
$
986.6



Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Current receivables
$
1,046.0

 
$
964.6

Long-term receivables (included in Other long-term assets)
21.4

 
22.0

 
$
1,067.4

 
$
986.6


Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
Finance Receivables
 
Notes Receivable
 
March 31, 2016
 
September 30, 2015
 
March 31, 2016
 
September 30, 2015
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

 

 

 

 
 
 
 
 
 
 
 
Receivables on nonaccrual status
1.1

 
1.1

 
22.2

 
22.9

Receivables past due 90 days or more and still accruing

 

 

 

 
 
 
 
 
 
 
 
Receivables subject to general reserves
1.5

 
6.2

 

 

Allowance for doubtful accounts

 
(0.1
)
 

 

Receivables subject to specific reserves
5.0

 
1.2

 
33.0

 
29.6

Allowance for doubtful accounts
(0.4
)
 

 
(13.2
)
 
(12.7
)


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.

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. Finance receivables are written off if management determines that the specific borrower does not have the ability to repay the loan amounts due in full. 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 March 31, 2016, approximately 71% of the notes receivable balance outstanding was due from three parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. 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. 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 March 31, 2016, restructured finance and notes receivables were $0.4 million and $14.7 million, respectively. Losses on troubled debt restructurings were not significant during the three and six months ended March 31, 2016 and 2015, respectively.

Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
 
Finance
 
Notes
 
Trade and Other
 
Total
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
0.1

 
$
12.6

 
$
6.1

 
$
18.8

 
$

 
$
13.1

 
$
8.1

 
$
21.2

Provision for doubtful accounts, net of recoveries
0.3

 
0.1

 
2.3

 
2.7

 

 
0.1

 
1.4

 
1.5

Charge-off of accounts

 

 
(0.1
)
 
(0.1
)
 

 

 
(0.3
)
 
(0.3
)
Foreign currency translation

 
0.5

 

 
0.5

 

 
(1.1
)
 
(0.1
)
 
(1.2
)
Allowance for doubtful accounts at end of period
$
0.4

 
$
13.2

 
$
8.3

 
$
21.9

 
$

 
$
12.1

 
$
9.1

 
$
21.2


 
Six Months Ended March 31, 2016
 
Six Months Ended March 31, 2015
 
Finance
 
Notes
 
Trade and Other
 
Total
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
0.1

 
$
12.7

 
$
7.5

 
$
20.3

 
$

 
$
13.6

 
$
8.2

 
$
21.8

Provision for doubtful accounts, net of recoveries
0.3

 
0.3

 
1.2

 
1.8

 

 
0.1

 
1.2

 
1.3

Charge-off of accounts

 

 
(0.4
)
 
(0.4
)
 

 

 
(0.2
)
 
(0.2
)
Foreign currency translation

 
0.2

 

 
0.2

 

 
(1.6
)
 
(0.1
)
 
(1.7
)
Allowance for doubtful accounts at end of period
$
0.4

 
$
13.2

 
$
8.3

 
$
21.9

 
$

 
$
12.1

 
$
9.1

 
$
21.2



Inventories
Inventories
Inventories

Inventories consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Raw materials
$
576.5

 
$
532.1

Partially finished products
360.1

 
266.3

Finished products
539.4

 
594.4

Inventories at FIFO cost
1,476.0

 
1,392.8

Less: Progress/performance-based payments on U.S. government contracts
(23.2
)
 
(12.9
)
         Excess of FIFO cost over LIFO cost
(79.4
)
 
(78.2
)
 
$
1,373.4

 
$
1,301.7



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.
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):
 
March 31,
 
September 30,
 
2016
 
2015
Mezcladoras (Mexico)
$
11.6

 
$
10.6

RiRent (The Netherlands)
5.2

 
5.8

Other investments in unconsolidated affiliates

 
(0.2
)
 
$
16.8

 
$
16.2


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

The Company and an unaffiliated third party are joint venture partners in Mezcladoras Y Trailers de Mexico, S.A. de C.V. (“Mezcladoras”). Mezcladoras is a manufacturer and distributor of industrial and commercial machinery with primary operations in Mexico. The Company recognized sales to Mezcladoras of $2.0 million and $6.3 million during the six months ended March 31, 2016 and 2015, 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 $0.6 million for each of the six months ended March 31, 2016 and 2015.

The Company and an unaffiliated third party are joint venture partners in RiRent Europe BV (“RiRent”). RiRent maintains a fleet of access equipment for short-term lease to rental companies throughout most of Europe. The re-rental fleet provides rental companies with equipment to support requirements on short notice. RiRent does not provide services directly to end users. The Company and its joint venture partner are in the process of winding down RiRent. To the extent that RiRent has existing outstanding contracts, those contracts will continue to be maintained. The Company received dividends of €0.9 million ($1.0 million) and €2.3 million ($2.8 million) from RiRent during the six months ended March 31, 2016 and 2015, respectively.
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Land and land improvements
$
57.6

 
$
57.5

Buildings
279.1

 
274.8

Machinery and equipment
713.0

 
681.1

Equipment on operating lease to others
41.6

 
42.2

Construction in progress
30.5

 
38.1

 
1,121.8

 
1,093.7

Less accumulated depreciation
(643.5
)
 
(617.9
)
 
$
478.3

 
$
475.8



Depreciation expense was $18.7 million and $16.2 million for the three months ended March 31, 2016 and 2015, respectively. Depreciation expense was $35.8 million and $32.3 million for the six months ended March 31, 2016 and 2015, respectively. Capitalized interest was insignificant for all reported periods.

Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value and equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease at March 31, 2016 and September 30, 2015 was $33.8 million and $33.9 million, respectively.
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter of its fiscal year.

The following table presents changes in goodwill during the six months ended March 31, 2016 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2015
$
874.2

 
$
106.1

 
$
20.8

 
$
1,001.1

Foreign currency translation
4.8

 

 
0.1

 
4.9

Net goodwill at March 31, 2016
$
879.0

 
$
106.1

 
$
20.9

 
$
1,006.0



The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
March 31, 2016
 
September 30, 2015
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,811.1

 
$
(932.1
)
 
$
879.0

 
$
1,806.3

 
$
(932.1
)
 
$
874.2

Fire & emergency
108.1

 
(2.0
)
 
106.1

 
108.1

 
(2.0
)
 
106.1

Commercial
196.8

 
(175.9
)
 
20.9

 
196.7

 
(175.9
)
 
20.8

 
$
2,116.0

 
$
(1,110.0
)
 
$
1,006.0

 
$
2,111.1

 
$
(1,110.0
)
 
$
1,001.1



Details of the Company’s total purchased intangible assets are as follows (in millions):
 
March 31, 2016
 
Weighted-
Average
Life (in years)
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(27.3
)
 
$
28.1

Non-compete
10.5
 
56.4

 
(56.4
)
 

Technology-related
11.9
 
104.8

 
(87.5
)
 
17.3

Customer relationships
12.8
 
552.0

 
(407.0
)
 
145.0

Other
16.4
 
16.5

 
(14.5
)
 
2.0

 
14.5
 
785.1

 
(592.7
)
 
192.4

Non-amortizable trade names
 
 
387.8

 

 
387.8

 
 
 
$
1,172.9

 
$
(592.7
)
 
$
580.2

 
September 30, 2015
 
Weighted-
Average
Life (in years)
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(26.6
)
 
$
28.8

Non-compete
10.5
 
56.4

 
(56.3
)
 
0.1

Technology-related
11.9
 
104.8

 
(83.3
)
 
21.5

Customer relationships
12.8
 
550.3

 
(384.0
)
 
166.3

Other
16.5
 
16.5

 
(14.3
)
 
2.2

 
14.5
 
783.4

 
(564.5
)
 
218.9

Non-amortizable trade names
 
 
387.8

 

 
387.8

 
 
 
$
1,171.2

 
$
(564.5
)
 
$
606.7



The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2016 and the five years succeeding September 30, 2016 are as follows: 2016 (remaining six months) - $26.2 million; 2017 - $45.8 million; 2018 - $38.3 million; 2019 - $36.9 million; 2020 - $11.0 million and 2021 - $5.3 million.
Credit Agreements
Credit Agreements
Credit Agreements

The Company was obligated under the following debt instruments (in millions):
 
 
March 31,
 
September 30,
 
 
2016
 
2015
Senior Secured Term Loan
 
$
365.0

 
$
375.0

5.375% Senior Notes due March 2022
 
250.0

 
250.0

5.375% Senior Notes due March 2025
 
250.0

 
250.0

 
 
865.0

 
875.0

Less current maturities
 
(20.0
)
 
(20.0
)
 
 
$
845.0

 
$
855.0

 
 
 
 
 
Revolving Credit Facility
 
$
132.2

 
$
63.5

Other short-term borrowings
 
3.5

 

Current maturities of long-term debt
 
20.0

 
20.0

 
 
$
155.7

 
$
83.5



In March 2014, the Company entered into an Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). 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. In January 2015, the Company entered into an agreement with lenders under the Credit Agreement that increased the Revolving Credit Facility to an aggregate maximum amount of $850 million. At March 31, 2016, borrowings under the Revolving Credit Facility of $132.2 million and outstanding letters of credit of $113.0 million reduced available capacity under the Revolving Credit Facility to $604.8 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 March 31, 2016, the interest spread on the Revolving Credit Facility and Term Loan was 150 basis points. The weighted-average interest rate on borrowings outstanding under both the Revolving Credit Facility and Term Loan at March 31, 2016 was 1.94%.

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 March 31, 2016.

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 February 2014, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2022 (the “2022 Senior Notes”). In March 2015, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2025 (the “2025 Senior Notes”). The proceeds of both notes were used to repay existing outstanding notes of the Company. The Company has the option to redeem the 2022 Senior Notes and the 2025 Senior Notes for a premium after March 1, 2017 and March 1, 2020, respectively.

The 2022 Senior Notes and the 2025 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 2022 Senior Notes and 2025 Senior Notes. See Note 21 of the Notes to Condensed Consolidated Financial Statements for separate financial information of the subsidiary guarantors.

In October 2015, the Company entered into a 63.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 22.8 million Chinese renminbi ($3.5 million) outstanding on the uncommitted line of credit at March 31, 2016. The uncommitted line of credit carries a variable interest rate that is set by the lender, which was 4.35% at March 31, 2016.

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 March 31, 2016, the fair value of the 2022 Senior Notes and the 2025 Senior Notes was estimated to be $254 million and $250 million, respectively, and the fair value of the Term Loan approximated book value. At September 30, 2015, the fair value of the 2022 Senior Notes and the 2025 Senior Notes was estimated to be $252 million and $249 million, respectively, and the fair value of the Term Loan approximated book value. See Note 13 of the Notes to Condensed 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. Accrued warranty is reported in "Other current liabilities" in the Condensed Consolidated Balance Sheets.

The Company offers a range of extended warranty options across its product lines. The premiums received for an extended warranty are generally deferred until after the expiration of the standard warranty period. The unearned premium is then recognized in income over the term of the extended warranty period in proportion to the costs that are expected to be incurred. Unamortized extended warranty premiums included in the following table totaled $29.5 million and $25.3 million at March 31, 2016 and 2015, respectively, and are included in the Condensed Consolidated Balance Sheets as “Other current liabilities” or “Other long-term liabilities”.

Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
 
Six Months Ended 
 March 31,
 
2016
 
2015
Balance at beginning of period
$
92.1

 
$
101.9

Warranty provisions
19.8

 
19.8

Settlements made
(27.1
)
 
(25.2
)
Changes in liability for pre-existing warranties, net
1.4

 
(3.5
)
Premiums received
7.4

 
5.8

Amortization of premiums received
(5.4
)
 
(4.5
)
Foreign currency translation
0.2

 
(2.5
)
Balance at end of period
$
88.4

 
$
91.8



Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company's historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material 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 March 31, 2016 it guaranteed an aggregate of $574.7 million in indebtedness of customers. The Company estimated that its maximum loss exposure under these contracts at March 31, 2016 was $121.3 million. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception 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 partiesinability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company's ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses.

Changes in the Company’s credit guarantee liability were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
$
5.8

 
$
4.8

 
$
5.6

 
$
4.6

Provision for new credit guarantees
1.5

 
0.9

 
2.3

 
1.5

Changes for pre-existing guarantees, net
0.3

 
(0.5
)
 
0.6

 
(0.4
)
Amortization of previous guarantees
(0.6
)
 
(0.9
)
 
(1.5
)
 
(1.3
)
Foreign currency translation

 

 

 
(0.1
)
Balance at end of period
$
7.0

 
$
4.3

 
$
7.0

 
$
4.3

Shareholders' Equity
Oshkosh Corporation Shareholders' Equity
Shareholders' Equity

On August 31, 2015, the Company's Board of Directors increased the Company's Common Stock repurchase authorization by 10,000,000 shares, increasing the repurchase authorization to 10,299,198 shares from the balance remaining from prior authorizations. Between August 31, 2015 and March 31, 2016, the Company repurchased 2,786,624 shares under this authorization at a cost of $112.0 million. As a result, the Company had 7,512,574 shares of Common Stock remaining under this repurchase authorization as of March 31, 2016. The Company is restricted by its Credit Agreement from repurchasing shares in certain situations. See Note 8 of the Notes to Condensed Consolidated Financial Statements for information regarding these restrictions.
Derivative Financial Instruments and Hedging Activities
Derivative Financial Instruments and Hedging Activities
Derivative Financial Instruments and Hedging Activities

The Company has used forward foreign currency exchange contracts (“derivatives”) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging. At March 31, 2016, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $5.9 million. Net gains or losses related to hedge ineffectiveness were insignificant for the six month periods ended March 31, 2016 and 2015. Ineffectiveness is included in “Miscellaneous, net” in the Condensed Consolidated Statements of Income along with mark-to-market adjustments on outstanding non-designated derivatives. The maximum length of time the Company is hedging its exposure to the variability in future cash flows is twelve months.

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. At March 31, 2016, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $92.2 million in notional amounts, including $61.0 million in contracts to sell Australian dollars, $10.3 million in contracts to sell euro, $8.0 million in contracts to buy U.K. pound sterling, $6.5 million in contracts to buy euro and sell Canadian dollars and $5.0 million in contracts to buy Swedish krona and sell euro, with the remaining contracts covering a variety of foreign currencies.

The Company has entered into interest rate contracts to create economic hedges to manage changes in interest rates on executory sales contracts that exposes the Company to interest rate risk based on changes in market interest rates. The Company has not designated these interest rate 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. At March 31, 2016, the U.S. dollar equivalent notional amount of these outstanding interest rate contracts totaled $19.9 million.

Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
 
March 31, 2016
 
September 30, 2015
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange contracts
$
0.2

 
$
0.1

 
$
0.4

 
$

 
 
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts
0.2

 
2.4

 
0.3

 
0.4

Interest rate contracts

 
0.7

 

 
0.7

 
$
0.4

 
$
3.2

 
$
0.7

 
$
1.1



The pre-tax effects of derivative instruments consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
 
2016
 
2015
 
2016
 
2015
Cash flow hedges:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
$
(0.1
)
 
$

 
$
(0.1
)
 
$

 
 
 
 
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
(4.5
)
 
5.4

 
(5.8
)
 
8.8

Interest rate contracts
Miscellaneous, net
 
(0.1
)
 

 
(0.2
)
 

 
 
 
$
(4.7
)

$
5.4


$
(6.1
)

$
8.8

Fair Value Measurement
Fair Value Measurement
Fair Value Measurement

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

The three levels are defined as follows:
Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
Level 3:
Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

There were no transfers of assets between levels during the three and six months ended March 31, 2016.

As of March 31, 2016 and September 30, 2015 the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
Level 1
 
Level 2
 
Level 3
 
Total
March 31, 2016
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
22.3

 
$

 
$

 
$
22.3

Foreign currency exchange derivatives (b)

 
0.4

 

 
0.4

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$

 
$
2.5

 
$

 
$
2.5

Interest rate contracts (c)


 
0.7

 

 
0.7


 
Level 1
 
Level 2
 
Level 3
 
Total
September 30, 2015
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
21.6

 
$

 
$

 
$
21.6

Foreign currency exchange derivatives (b)

 
0.7

 

 
0.7

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$

 
$
0.4

 
$

 
$
0.4

Interest rate contracts (c)


 
0.7

 

 
0.7

_________________________
(a) 
Represents investments in a rabbi trust for the Company's non-qualified supplemental executive retirement plans (“SERP”). The fair values of these investments are determined 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 Condensed Consolidated Statements of Income.
(b) 
Based on observable market transactions of forward currency prices.
(c) 
Based on observable market transactions of interest rate swap prices.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation

In February 2009, the Company’s shareholders approved the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock 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. On January 31, 2012, the Company's shareholders approved an amendment and restatement of the 2009 Stock Plan. At March 31, 2016, the Company had reserved 6,373,467 shares of Common Stock available for issuance under the 2009 Stock Plan to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2009 Stock Plan.

The Company recognizes stock-based 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, including cash-based liability awards, for the three and six months ended March 31, 2016 was $6.5 million ($4.1 million net of tax) and $12.5 million ($7.9 million net of tax), respectively. Total stock-based compensation expense, including cash-based liability awards, for the three and six months ended March 31, 2015 was $6.8 million ($4.3 million net of tax) and $13.3 million ($8.4 million net of tax), respectively.
Employee Benefit Plans
Employee Benefit Plans
Employee Benefit Plans

Components of net periodic pension benefit cost were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Components of net periodic benefit cost
 
 
 
 
 
 
 
Service cost
$
2.8

 
$
3.0

 
$
5.7

 
$
6.0

Interest cost
4.5

 
4.5

 
9.1

 
9.0

Expected return on plan assets
(4.5
)
 
(4.5
)
 
(9.0
)
 
(9.1
)
Amortization of prior service cost
0.5

 
0.4

 
0.9

 
0.8

Amortization of net actuarial loss
0.6

 
0.6

 
1.2

 
1.3

 
$
3.9

 
$
4.0

 
$
7.9

 
$
8.0



    
Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
Service cost
$
0.4

 
$
0.5

 
$
0.7

 
$
0.9

Interest cost
0.4

 
0.4

 
0.8

 
0.8

Amortization of prior service cost
(0.3
)
 
(0.3
)
 
(0.5
)
 
(0.5
)
Curtailment

 

 

 
(3.4
)
Amortization of net actuarial loss (gain)
(0.1
)
 
0.1

 
(0.1
)
 
0.1

 
$
0.4

 
$
0.7

 
$
0.9

 
$
(2.1
)


The Company made contributions to fund benefit payments under its other post-employment benefit plans of $1.0 million for each of the six months ended March 31, 2016 and 2015. The Company estimates that it will make additional contributions of approximately $1.0 million under these other post-employment benefit plans prior to the end of fiscal 2016.

The Company's pension plan investment strategy is based on an expectation that, over time, equity securities will provide higher returns than debt securities. The plans primarily minimize the risk of larger losses under this strategy 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. Beginning in fiscal 2016, the Company began to implement a liability driven investment strategy for those pension plans with frozen benefits. The objective of this strategy is to more closely align the pension plan assets with the pension plan liabilities in terms of how both respond to changes in interest rates. Plan assets will be allocated to two investment categories, including a category containing high quality fixed income securities and another category comprised of traditional securities and alternative asset classes. Assets are managed externally according to guidelines approved by the Company. Over time, the Company intends to reduce assets allocated to the return seeking category and correspondingly increase assets allocated to the high quality fixed income category to align more closely with the pension plan obligations.
Income Taxes
Income Taxes
Income Taxes

The Company recorded income tax expense of $20.3 million for the three months ended March 31, 2016, or 27.0% of pre-tax income, compared to $29.5 million, or 35.7% of pre-tax income for the three months ended March 31, 2015. Results for the three months ended March 31, 2016 were favorably impacted by $4.4 million of discrete tax benefits, including $3.5 million related to provision to return adjustments and $0.8 million related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses. Results for the three months ended March 31, 2015 were favorably impacted by $0.4 million of net discrete tax benefits related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses.

The Company recorded income tax expense of $22.0 million for the six months ended March 31, 2016, or 24.1% of pre-tax income, compared to $45.7 million, or 34.2% of pre-tax income for the six months ended March 31, 2015. Tax expense included net discrete tax benefits of $8.0 million and $1.1 million for the six months ended March 31, 2016 and 2015, respectively. Discrete tax benefits recorded in the six months ended March 31, 2016 included a $2.4 million benefit related to the reinstatement of the U.S. research and development tax credit in December 2015, a $3.5 million benefit related to provision to return adjustments, and a $2.0 million benefit related to reduction in reserves for uncertain tax benefits relating to interest adjustments and statutes of limitations lapses. Discrete tax benefits recorded in the six months ended March 31, 2015 included a $2.2 million benefit related to the reinstatement of the U.S. research and development tax credit in December 2014, a $0.4 million benefit related to reduction in reserves for uncertain tax benefits resulting from statutes of limitations lapses, and a $1.4 million charge related to provision to return adjustments.

The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $27.3 million and $27.0 million as of March 31, 2016 and September 30, 2015, respectively. As of March 31, 2016, net unrecognized tax benefits, excluding interest and penalties, of $18.0 million would affect the Company’s net income if recognized.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the six months ended March 31, 2016 and 2015, the Company recognized benefits of $1.4 million and charges of $1.5 million, respectively, related to interest and penalties. At March 31, 2016, the Company had accruals for the payment of interest and penalties of $9.6 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by approximately $1.9 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statutes of limitations close.

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.
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):

 
Three Months Ended March 31, 2016
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(45.9
)
 
$
(109.3
)
 
$
0.3

 
$
(154.9
)
Other comprehensive income (loss) before reclassifications

 
18.9

 
(0.2
)
 
18.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.4

 

 

 
0.4

Net current period other comprehensive income (loss)
0.4


18.9


(0.2
)
 
19.1

Balance at end of period
$
(45.5
)

$
(90.4
)

$
0.1


$
(135.8
)

 
Three Months Ended March 31, 2015
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(44.4
)
 
$
(47.9
)
 
$

 
$
(92.3
)
Other comprehensive income (loss) before reclassifications

 
(53.1
)
 

 
(53.1
)
Amounts reclassified from accumulated other comprehensive income (loss)
0.5

 

 

 
0.5

Net current period other comprehensive income (loss)
0.5

 
(53.1
)
 

 
(52.6
)
Balance at end of period
$
(43.9
)
 
$
(101.0
)
 
$

 
$
(144.9
)

 
Six Months Ended March 31, 2016
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(46.4
)
 
$
(98.1
)
 
$
0.1

 
$
(144.4
)
Other comprehensive income (loss) before reclassifications

 
7.7

 

 
7.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.9

 

 

 
0.9

Net current period other comprehensive income (loss)
0.9

 
7.7

 

 
8.6

Balance at end of period
$
(45.5
)
 
$
(90.4
)
 
$
0.1

 
$
(135.8
)


 
Six Months Ended March 31, 2015
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(44.2
)
 
$
(25.0
)
 
$

 
$
(69.2
)
Other comprehensive income (loss) before reclassifications

 
(76.0
)
 

 
(76.0
)
Amounts reclassified from accumulated other comprehensive income (loss)
0.3

 

 

 
0.3

Net current period other comprehensive income (loss)
0.3

 
(76.0
)
 

 
(75.7
)
Balance at end of period
$
(43.9
)
 
$
(101.0
)
 
$

 
$
(144.9
)


Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Amortization of employee pension and postretirement benefits items
 
 
 
 
 
 
 
Prior service costs
$
(0.2
)
 
$
(0.1
)
 
$
(0.4
)
 
$
(0.3
)
Actuarial losses
(0.5
)
 
(0.7
)
 
(1.1
)
 
(1.4
)
Curtailment

 

 

 
1.2

 
(0.7
)
 
(0.8
)
 
(1.5
)
 
(0.5
)
Tax benefit
0.3

 
0.3

 
0.6

 
0.2

 
$
(0.4
)
 
$
(0.5
)
 
$
(0.9
)
 
$
(0.3
)
Earnings Per Share Earnings Per Share
Earnings Per Share
Earnings 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):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Net income
$
56.1

 
$
54.6

 
$
70.7

 
$
89.3

Earnings allocated to participating securities

 
(0.1
)
 

 
(0.2
)
Earnings available to common shareholders
$
56.1

 
$
54.5

 
$
70.7

 
$
89.1

 
 
 
 
 
 
 
 
Basic Earnings Per Share:
 
 
 
 
 
 
 
Weighted-average common shares outstanding
73,118,295

 
78,007,479
 
73,593,439

 
78,433,035
 
 
 
 
 
 
 
 
Diluted Earnings Per Share:
 
 
 
 
 
 
 
Basic weighted-average common shares outstanding
73,118,295

 
78,007,479

 
73,593,439

 
78,433,035

Dilutive stock options and other equity-based compensation awards
743,045

 
1,102,424

 
766,421

 
1,103,796

Participating restricted stock

 
(115,163
)
 

 
(112,237
)
Diluted weighted-average common shares outstanding
73,861,340

 
78,994,740

 
74,359,860

 
79,424,594



Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Stock options
1,656,741

 
1,144,416

 
1,676,943

 
1,156,103

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. Accordingly, a reserve is maintained for the estimated costs of such claims. At March 31, 2016 and September 30, 2015, the estimated net liabilities for product and general liability claims totaled $38.3 million and $40.4 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 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 $556.6 million and $469.9 million at March 31, 2016 and September 30, 2015, respectively. Open standby letters of credit issued by the Company’s banks in favor of third parties totaled $113.0 million and $62.6 million at March 31, 2016 and September 30, 2015, respectively.

Other Matters - The Company is subject to 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 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.

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.
Business Segment Information
Business Segment Information
Business Segment Information

The Company is organized into four reportable segments based on the internal organization used by management for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained.

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

Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
Three Months Ended March 31,
 
2016
 
2015
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
375.1

 
$

 
$
375.1

 
$
432.5

 
$

 
$
432.5

Telehandlers
214.7

 

 
214.7

 
379.7

 

 
379.7

Other
164.5

 

 
164.5

 
169.6

 

 
169.6

Total access equipment
754.3

 

 
754.3

 
981.8

 

 
981.8

 
 
 
 
 
 
 
 
 
 
 
 
Defense
296.8

 
0.2

 
297.0

 
157.6

 
1.1

 
158.7

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
237.2

 
3.2

 
240.4

 
194.6

 
8.3

 
202.9

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
111.3

 

 
111.3

 
111.0

 

 
111.0

Refuse collection
99.5

 

 
99.5

 
76.7

 

 
76.7

Other
25.2

 
0.7

 
25.9

 
32.5

 
0.7

 
33.2

Total commercial
236.0

 
0.7

 
236.7

 
220.2

 
0.7

 
220.9

Intersegment eliminations

 
(4.1
)
 
(4.1
)
 

 
(10.1
)
 
(10.1
)
 
$
1,524.3

 
$

 
$
1,524.3

 
$
1,554.2

 
$

 
$
1,554.2


 
Six Months Ended March 31,
 
2016
 
2015
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
617.1

 
$

 
$
617.1

 
$
709.8

 
$

 
$
709.8

Telehandlers
326.5

 

 
326.5

 
670.1

 

 
670.1

Other
340.5

 

 
340.5

 
318.6

 

 
318.6

Total access equipment
1,284.1

 

 
1,284.1

 
1,698.5

 

 
1,698.5

 
 
 
 
 
 
 
 
 
 
 
 
Defense
613.7

 
1.3

 
615.0

 
426.8

 
1.2

 
428.0

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
442.6

 
5.3

 
447.9

 
354.1

 
15.8

 
369.9

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
183.6

 

 
183.6

 
197.1

 

 
197.1

Refuse collection
198.5

 

 
198.5

 
166.3

 

 
166.3

Other
53.8

 
1.1

 
54.9

 
64.7

 
3.0

 
67.7

Total commercial
435.9

 
1.1

 
437.0

 
428.1

 
3.0

 
431.1

Intersegment eliminations

 
(7.7
)
 
(7.7
)
 

 
(20.0
)
 
(20.0
)
 
$
2,776.3

 
$

 
$
2,776.3

 
$
2,907.5

 
$

 
$
2,907.5



 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Operating income (loss):
 

 
 

 
 
 
 
Access equipment
$
75.7

 
$
136.9

 
$
96.1

 
$
214.1

Defense
27.8

 
(12.0
)
 
51.0

 
(2.2
)
Fire & emergency
14.9

 
9.0

 
25.0

 
10.5

Commercial
17.2

 
8.6

 
26.1

 
21.0

Corporate
(44.2
)
 
(32.8
)
 
(76.5
)
 
(68.1
)
Intersegment eliminations

 

 

 
0.1

 
91.4

 
109.7

 
121.7

 
175.4

Interest expense, net of interest income
(15.1
)
 
(28.2
)
 
(29.2
)
 
(41.8
)
Miscellaneous other income (expense)
(1.0
)
 
1.3

 
(1.0
)
 

Income before income taxes and equity in earnings of unconsolidated affiliates
$
75.3

 
$
82.8

 
$
91.5

 
$
133.6

 
 
March 31,
 
September 30,
 
2016

2015
Identifiable assets:
 
 
 
Access equipment:
 
 
 
U.S.
$
2,168.1

 
$
2,178.7

Europe (a)
546.1

 
531.4

Rest of the World
214.4

 
201.5

Total access equipment
2,928.6

 
2,911.6

Defense:
 
 
 
U.S.
571.5

 
424.5

Rest of the World
1.8

 
5.1

Total defense
573.3

 
429.6

Fire & emergency - U.S.
532.1

 
530.7

Commercial:
 
 
 
U.S.
404.8

 
395.1

Rest of the World (a)
40.9

 
41.1

Total commercial
445.7

 
436.2

Corporate:
 
 
 
U.S. (b)
206.7

 
218.6

Rest of the World (c)
64.8

 
86.3

Total corporate
271.5

 
304.9

 
$
4,751.2

 
$
4,613.0


_________________________
(a) 
Includes investments in unconsolidated affiliates.
(b) 
Primarily includes cash, short-term investments and capitalized costs related to a shared enterprise resource planning system.
(c) 
Includes cash and a corporate-led manufacturing facility that supports multiple operating segments.

The following table presents net sales by geographic region based on product shipment destination (in millions):
 
Six Months Ended March 31,
 
2016
 
2015
Net sales:
 
 
 
United States
$
2,070.4

 
$
2,321.0

Other North America
116.3

 
143.5

Europe, Africa and Middle East
388.1

 
229.6

Rest of the World
201.5

 
213.4

 
$
2,776.3

 
$
2,907.5

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 2022 Senior Notes and the 2025 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”).

Under the Indentures governing the 2022 Senior Notes and 2025 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 Indentures; (ii) if such Guarantor no longer guarantees certain other indebtedness of the Company; or (iii) the defeasance or satisfaction and discharge of the Indentures. 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 Three Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,284.0

 
$
269.4

 
$
(29.1
)
 
$
1,524.3

Cost of sales
0.4

 
1,071.0

 
222.8

 
(29.2
)
 
1,265.0

Gross income
(0.4
)
 
213.0

 
46.6

 
0.1

 
259.3

Selling, general and administrative expenses
35.0

 
96.9

 
22.8

 

 
154.7

Amortization of purchased intangibles

 
9.7

 
3.5

 

 
13.2

Operating income (loss)
(35.4
)
 
106.4

 
20.3

 
0.1

 
91.4

Interest expense
(70.4
)
 
(16.2
)
 
(0.4
)
 
71.4

 
(15.6
)
Interest income
0.4

 
23.1

 
48.4

 
(71.4
)
 
0.5

Miscellaneous, net
13.6

 
(50.5
)
 
35.9

 

 
(1.0
)
Income (loss) before income taxes
(91.8
)
 
62.8

 
104.2

 
0.1

 
75.3

Provision for (benefit from) income taxes
(34.1
)
 
18.8

 
35.6

 

 
20.3

Income (loss) before equity in earnings of affiliates
(57.7
)
 
44.0

 
68.6

 
0.1

 
55.0

Equity in earnings of consolidated subsidiaries
113.8

 
36.0

 
19.6

 
(169.4
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.1

 

 
1.1

Net income
56.1

 
80.0

 
89.3

 
(169.3
)
 
56.1

Other comprehensive income (loss), net of tax
19.1

 
0.7

 
18.0

 
(18.7
)
 
19.1

Comprehensive income
$
75.2

 
$
80.7

 
$
107.3

 
$
(188.0
)
 
$
75.2



Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,298.5

 
$
277.9

 
$
(22.2
)
 
$
1,554.2

Cost of sales
0.3

 
1,087.7

 
212.3

 
(21.9
)
 
1,278.4

Gross income
(0.3
)
 
210.8

 
65.6

 
(0.3
)
 
275.8

Selling, general and administrative expenses
28.1

 
99.3

 
25.4

 

 
152.8

Amortization of purchased intangibles

 
9.9

 
3.4

 

 
13.3

Operating income (loss)
(28.4
)
 
101.6

 
36.8

 
(0.3
)
 
109.7

Interest expense
(74.6
)
 
(13.1
)
 
(0.4
)
 
59.3

 
(28.8
)
Interest income
0.4

 
16.0

 
43.5

 
(59.3
)
 
0.6

Miscellaneous, net
10.0

 
(5.7
)
 
(3.0
)
 

 
1.3

Income (loss) before income taxes
(92.6
)
 
98.8

 
76.9

 
(0.3
)
 
82.8

Provision for (benefit from) income taxes
(29.0
)
 
32.0

 
26.6

 
(0.1
)
 
29.5

Income (loss) before equity in earnings of affiliates
(63.6
)
 
66.8

 
50.3

 
(0.2
)
 
53.3

Equity in earnings of consolidated subsidiaries
118.2

 
17.7

 
72.1

 
(208.0
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.3

 

 
1.3

Net income
54.6

 
84.5

 
123.7

 
(208.2
)
 
54.6

Other comprehensive income (loss), net of tax
(52.6
)
 
(1.5
)
 
(42.1
)
 
43.6

 
(52.6
)
Comprehensive income
$
2.0

 
$
83.0

 
$
81.6

 
$
(164.6
)
 
$
2.0



Condensed Consolidating Statement of Income and Comprehensive Income
For the Six Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
2,340.8

 
$
489.8

 
$
(54.3
)
 
$
2,776.3

Cost of sales
0.7

 
1,970.0

 
417.9

 
(54.4
)
 
2,334.2

Gross income
(0.7
)
 
370.8

 
71.9

 
0.1

 
442.1

Selling, general and administrative expenses
58.6

 
186.2

 
49.2

 

 
294.0

Amortization of purchased intangibles

 
19.5

 
6.9

 

 
26.4

Operating income (loss)
(59.3
)
 
165.1

 
15.8

 
0.1

 
121.7

Interest expense
(130.0
)
 
(30.9
)
 
(1.1
)
 
131.8

 
(30.2
)
Interest income
0.9

 
39.3

 
92.6

 
(131.8
)
 
1.0

Miscellaneous, net
28.5

 
(91.9
)
 
62.4

 

 
(1.0
)
Income (loss) before income taxes
(159.9
)
 
81.6

 
169.7

 
0.1

 
91.5

Provision for (benefit from) income taxes
(39.9
)
 
20.4

 
41.5

 

 
22.0

Income (loss) before equity in earnings of affiliates
(120.0
)
 
61.2

 
128.2

 
0.1

 
69.5

Equity in earnings of consolidated subsidiaries
191.0

 
54.1

 
13.2

 
(258.3
)
 

Equity in earnings of unconsolidated affiliates
(0.3
)
 

 
1.5

 

 
1.2

Net income
70.7

 
115.3

 
142.9

 
(258.2
)
 
70.7

Other comprehensive income (loss), net of tax
8.6

 
(2.2
)
 
9.9

 
(7.7
)
 
8.6

Comprehensive income
$
79.3

 
$
113.1

 
$
152.8

 
$
(265.9
)
 
$
79.3


Condensed Consolidating Statement of Income and Comprehensive Income
For the Six Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
2,456.9

 
$
492.7

 
$
(42.1
)
 
$
2,907.5

Cost of sales
0.3

 
2,054.5

 
389.3

 
(42.1
)
 
2,402.0

Gross income
(0.3
)
 
402.4

 
103.4

 

 
505.5

Selling, general and administrative expenses
59.9

 
191.4

 
52.0

 

 
303.3

Amortization of purchased intangibles

 
19.7

 
7.1

 

 
26.8

Operating income (loss)
(60.2
)
 
191.3

 
44.3

 

 
175.4

Interest expense
(132.4
)
 
(25.9
)
 
(0.9
)
 
116.0

 
(43.2
)
Interest income
0.9

 
31.3

 
85.2

 
(116.0
)
 
1.4

Miscellaneous, net
18.2

 
(69.0
)
 
50.8

 

 

Income (loss) before income taxes
(173.5
)
 
127.7

 
179.4

 

 
133.6

Provision for (benefit from) income taxes
(57.6
)
 
44.0

 
59.3

 

 
45.7

Income (loss) before equity in earnings of affiliates
(115.9
)
 
83.7

 
120.1

 

 
87.9

Equity in earnings of consolidated subsidiaries
205.2

 
53.5

 
84.6

 
(343.3
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.4

 

 
1.4

Net income
89.3

 
137.2

 
206.1

 
(343.3
)
 
89.3

Other comprehensive income (loss), net of tax
(75.7
)
 
(4.2
)
 
(71.9
)
 
76.1

 
(75.7
)
Comprehensive income
$
13.6

 
$
133.0

 
$
134.2

 
$
(267.2
)
 
$
13.6



Condensed Consolidating Balance Sheet
As of March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
5.8

 
$
4.8

 
$
27.8

 
$

 
$
38.4

Receivables, net
22.3

 
819.3

 
245.9

 
(41.5
)
 
1,046.0

Inventories, net

 
958.0

 
415.4

 

 
1,373.4

Other current assets
22.5

 
83.5

 
26.4

 

 
132.4

Total current assets
50.6

 
1,865.6

 
715.5

 
(41.5
)
 
2,590.2

Investment in and advances to consolidated subsidiaries
5,922.5

 
1,206.2

 
(183.1
)
 
(6,945.6
)
 

Intercompany receivables
47.9

 
1,051.8

 
4,442.1

 
(5,541.8
)
 

Intangible assets, net

 
966.6

 
619.6

 

 
1,586.2

Other long-term assets
120.8

 
219.3

 
234.7

 

 
574.8

Total assets
$
6,141.8

 
$
5,309.5

 
$
5,828.8

 
$
(12,528.9
)
 
$
4,751.2

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
12.4

 
$
485.2

 
$
141.4

 
$
(41.3
)
 
$
597.7

Customer advances

 
520.9

 
5.0

 

 
525.9

Other current liabilities
215.0

 
211.2

 
94.9

 
(0.2
)
 
520.9

Total current liabilities
227.4

 
1,217.3

 
241.3

 
(41.5
)
 
1,644.5

Long-term debt, less current maturities
845.0

 

 

 

 
845.0

Intercompany payables
3,134.4

 
2,359.5

 
47.9

 
(5,541.8
)
 

Other long-term liabilities
60.6

 
188.7

 
138.0

 

 
387.3

Shareholders' equity
1,874.4

 
1,544.0

 
5,401.6

 
(6,945.6
)
 
1,874.4

Total liabilities and shareholders' equity
$
6,141.8

 
$
5,309.5

 
$
5,828.8

 
$
(12,528.9
)
 
$
4,751.2


Condensed Consolidating Balance Sheet
As of September 30, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
14.8

 
$
6.3

 
$
21.8

 
$

 
$
42.9

Receivables, net
29.4

 
692.9

 
290.1

 
(47.8
)
 
964.6

Inventories, net

 
926.2

 
375.5

 

 
1,301.7

Other current assets
11.5

 
81.7

 
26.9

 

 
120.1

Total current assets
55.7

 
1,707.1

 
714.3

 
(47.8
)
 
2,429.3

Investment in and advances to consolidated subsidiaries
5,744.0

 
1,128.0

 
(192.4
)
 
(6,679.6
)
 

Intercompany receivables
47.2

 
998.7

 
4,331.3

 
(5,377.2
)
 

Intangible assets, net

 
984.4

 
623.4

 

 
1,607.8

Other long-term assets
117.3

 
228.9

 
229.7

 

 
575.9

Total assets
$
5,964.2

 
$
5,047.1

 
$
5,706.3

 
$
(12,104.6
)
 
$
4,613.0

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
16.3

 
$
415.3

 
$
168.7

 
$
(47.5
)
 
$
552.8

Customer advances

 
438.3

 
1.9

 

 
440.2

Other current liabilities
165.0

 
202.4

 
98.0

 
(0.3
)
 
465.1

Total current liabilities
181.3

 
1,056.0

 
268.6

 
(47.8
)
 
1,458.1

Long-term debt, less current maturities
855.0

 

 

 

 
855.0

Intercompany payables
2,957.5

 
2,372.5

 
47.2

 
(5,377.2
)
 

Other long-term liabilities
59.3

 
191.3

 
138.2

 

 
388.8

Shareholders' equity
1,911.1

 
1,427.3

 
5,252.3

 
(6,679.6
)
 
1,911.1

Total liabilities and shareholders' equity
$
5,964.2

 
$
5,047.1

 
$
5,706.3

 
$
(12,104.6
)
 
$
4,613.0



Condensed Consolidating Statement of Cash Flows
For the Six Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(125.8
)
 
$
99.3

 
$
121.0

 
$

 
$
94.5

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(12.7
)
 
(12.3
)
 
(15.3
)
 

 
(40.3
)
Additions to equipment held for rental

 

 
(22.7
)
 

 
(22.7
)
Proceeds from sale of equipment held for rental

 
0.6

 
25.5

 

 
26.1

Intercompany investing
(0.7
)
 
(76.4
)
 
(108.4
)
 
185.5

 

Other investing activities
(1.0
)
 

 

 

 
(1.0
)
Net cash provided (used) by investing activities
(14.4
)
 
(88.1
)
 
(120.9
)
 
185.5

 
(37.9
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Net decrease in short-term debt
(21.3
)
 

 

 

 
(21.3
)
Proceeds from issuance of debt (original maturities greater than three months)
270.0

 

 
3.5

 

 
273.5

Repayment of debt (original maturities greater than three months)
(190.0
)
 

 

 

 
(190.0
)
Repurchases of Common Stock
(100.1
)
 

 

 

 
(100.1
)
Dividends paid
(28.0
)
 

 

 

 
(28.0
)
Proceeds from exercise of stock options
1.9

 

 

 

 
1.9

Excess tax benefit from stock-based compensation
0.9

 

 

 

 
0.9

Intercompany financing
197.8

 
(13.0
)
 
0.7

 
(185.5
)
 

Net cash provided (used) by financing activities
131.2

 
(13.0
)
 
4.2

 
(185.5
)
 
(63.1
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash

 
0.3

 
1.7

 

 
2.0

Increase (decrease) in cash and cash equivalents
(9.0
)
 
(1.5
)
 
6.0

 

 
(4.5
)
Cash and cash equivalents at beginning of period
14.8

 
6.3

 
21.8

 

 
42.9

Cash and cash equivalents at end of period
$
5.8

 
$
4.8

 
$
27.8

 
$

 
$
38.4


Condensed Consolidating Statement of Cash Flows
For the Six Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(85.1
)
 
$
(20.6
)
 
$
35.0

 
$

 
$
(70.7
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(14.4
)
 
(11.9
)
 
(43.5
)
 

 
(69.8
)
Additions to equipment held for rental

 

 
(15.5
)
 

 
(15.5
)
Proceeds from sale of equipment held for rental

 

 
13.4

 

 
13.4

Intercompany investing
(19.0
)
 
13.0

 
(19.0
)
 
25.0

 

Other investing activities
(0.5
)
 
(0.7
)
 
(0.3
)
 

 
(1.5
)
Net cash provided (used) by investing activities
(33.9
)
 
0.4

 
(64.9
)
 
25.0

 
(73.4
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Net increase in short-term debt
13.7

 

 

 

 
13.7

Proceeds from issuance of debt (original maturities greater than three months)
315.0

 

 

 

 
315.0

Repayment of debt (original maturities greater than three months)

(325.0
)
 

 

 

 
(325.0
)
Repurchases of Common Stock
(88.1
)
 

 

 

 
(88.1
)
Dividends paid
(26.7
)
 

 

 

 
(26.7
)
Debt issuance cost
(15.4
)
 

 

 

 
(15.4
)
Proceeds from exercise of stock options
3.4

 

 

 

 
3.4

Excess tax benefit from stock-based compensation
4.1

 

 

 

 
4.1

Intercompany financing
(30.7
)
 
22.0

 
33.7

 
(25.0
)
 

Net cash provided (used) by financing activities
(149.7
)
 
22.0

 
33.7

 
(25.0
)
 
(119.0
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash

 
(0.8
)
 
3.5

 

 
2.7

Increase (decrease) in cash and cash equivalents
(268.7
)
 
1.0

 
7.3

 

 
(260.4
)
Cash and cash equivalents at beginning of period
281.8

 
4.7

 
27.3

 

 
313.8

Cash and cash equivalents at end of period
$
13.1

 
$
5.7


$
34.6


$

 
$
53.4

Receivables (Tables)
Receivables consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
U.S. government:
 
 
 
Amounts billed
$
38.6

 
$
63.1

Costs and profits not billed
34.0

 
66.8

 
72.6

 
129.9

Other trade receivables
941.8

 
782.3

Finance receivables
6.5

 
7.4

Notes receivable
33.0

 
29.6

Other receivables
35.4

 
57.7

 
1,089.3

 
1,006.9

Less allowance for doubtful accounts
(21.9
)
 
(20.3
)
 
$
1,067.4

 
$
986.6

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Current receivables
$
1,046.0

 
$
964.6

Long-term receivables (included in Other long-term assets)
21.4

 
22.0

 
$
1,067.4

 
$
986.6


Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
Finance Receivables
 
Notes Receivable
 
March 31, 2016
 
September 30, 2015
 
March 31, 2016
 
September 30, 2015
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

 

 

 

 
 
 
 
 
 
 
 
Receivables on nonaccrual status
1.1

 
1.1

 
22.2

 
22.9

Receivables past due 90 days or more and still accruing

 

 

 

 
 
 
 
 
 
 
 
Receivables subject to general reserves
1.5

 
6.2

 

 

Allowance for doubtful accounts

 
(0.1
)
 

 

Receivables subject to specific reserves
5.0

 
1.2

 
33.0

 
29.6

Allowance for doubtful accounts
(0.4
)
 

 
(13.2
)
 
(12.7
)
Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
 
Finance
 
Notes
 
Trade and Other
 
Total
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
0.1

 
$
12.6

 
$
6.1

 
$
18.8

 
$

 
$
13.1

 
$
8.1

 
$
21.2

Provision for doubtful accounts, net of recoveries
0.3

 
0.1

 
2.3

 
2.7

 

 
0.1

 
1.4

 
1.5

Charge-off of accounts

 

 
(0.1
)
 
(0.1
)
 

 

 
(0.3
)
 
(0.3
)
Foreign currency translation

 
0.5

 

 
0.5

 

 
(1.1
)
 
(0.1
)
 
(1.2
)
Allowance for doubtful accounts at end of period
$
0.4

 
$
13.2

 
$
8.3

 
$
21.9

 
$

 
$
12.1

 
$
9.1

 
$
21.2


 
Six Months Ended March 31, 2016
 
Six Months Ended March 31, 2015
 
Finance
 
Notes
 
Trade and Other
 
Total
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
0.1

 
$
12.7

 
$
7.5

 
$
20.3

 
$

 
$
13.6

 
$
8.2

 
$
21.8

Provision for doubtful accounts, net of recoveries
0.3

 
0.3

 
1.2

 
1.8

 

 
0.1

 
1.2

 
1.3

Charge-off of accounts

 

 
(0.4
)
 
(0.4
)
 

 

 
(0.2
)
 
(0.2
)
Foreign currency translation

 
0.2

 

 
0.2

 

 
(1.6
)
 
(0.1
)
 
(1.7
)
Allowance for doubtful accounts at end of period
$
0.4

 
$
13.2

 
$
8.3

 
$
21.9

 
$

 
$
12.1

 
$
9.1

 
$
21.2

Inventories (Tables)
Schedule of inventory
Inventories consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Raw materials
$
576.5

 
$
532.1

Partially finished products
360.1

 
266.3

Finished products
539.4

 
594.4

Inventories at FIFO cost
1,476.0

 
1,392.8

Less: Progress/performance-based payments on U.S. government contracts
(23.2
)
 
(12.9
)
         Excess of FIFO cost over LIFO cost
(79.4
)
 
(78.2
)
 
$
1,373.4

 
$
1,301.7

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):
 
March 31,
 
September 30,
 
2016
 
2015
Mezcladoras (Mexico)
$
11.6

 
$
10.6

RiRent (The Netherlands)
5.2

 
5.8

Other investments in unconsolidated affiliates

 
(0.2
)
 
$
16.8

 
$
16.2


Property, Plant and Equipment (Tables)
Schedule of property, plant and equipment
Property, plant and equipment consisted of the following (in millions):
 
March 31,
 
September 30,
 
2016
 
2015
Land and land improvements
$
57.6

 
$
57.5

Buildings
279.1

 
274.8

Machinery and equipment
713.0

 
681.1

Equipment on operating lease to others
41.6

 
42.2

Construction in progress
30.5

 
38.1

 
1,121.8

 
1,093.7

Less accumulated depreciation
(643.5
)
 
(617.9
)
 
$
478.3

 
$
475.8

Goodwill and Purchased Intangible Assets (Tables)
The following table presents changes in goodwill during the six months ended March 31, 2016 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2015
$
874.2

 
$
106.1

 
$
20.8

 
$
1,001.1

Foreign currency translation
4.8

 

 
0.1

 
4.9

Net goodwill at March 31, 2016
$
879.0

 
$
106.1

 
$
20.9

 
$
1,006.0

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
March 31, 2016
 
September 30, 2015
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,811.1

 
$
(932.1
)
 
$
879.0

 
$
1,806.3

 
$
(932.1
)
 
$
874.2

Fire & emergency
108.1

 
(2.0
)
 
106.1

 
108.1

 
(2.0
)
 
106.1

Commercial
196.8

 
(175.9
)
 
20.9

 
196.7

 
(175.9
)
 
20.8

 
$
2,116.0

 
$
(1,110.0
)
 
$
1,006.0

 
$
2,111.1

 
$
(1,110.0
)
 
$
1,001.1

Details of the Company’s total purchased intangible assets are as follows (in millions):
 
March 31, 2016
 
Weighted-
Average
Life (in years)
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(27.3
)
 
$
28.1

Non-compete
10.5
 
56.4

 
(56.4
)
 

Technology-related
11.9
 
104.8

 
(87.5
)
 
17.3

Customer relationships
12.8
 
552.0

 
(407.0
)
 
145.0

Other
16.4
 
16.5

 
(14.5
)
 
2.0

 
14.5
 
785.1

 
(592.7
)
 
192.4

Non-amortizable trade names
 
 
387.8

 

 
387.8

 
 
 
$
1,172.9

 
$
(592.7
)
 
$
580.2

 
September 30, 2015
 
Weighted-
Average
Life (in years)
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(26.6
)
 
$
28.8

Non-compete
10.5
 
56.4

 
(56.3
)
 
0.1

Technology-related
11.9
 
104.8

 
(83.3
)
 
21.5

Customer relationships
12.8
 
550.3

 
(384.0
)
 
166.3

Other
16.5
 
16.5

 
(14.3
)
 
2.2

 
14.5
 
783.4

 
(564.5
)
 
218.9

Non-amortizable trade names
 
 
387.8

 

 
387.8

 
 
 
$
1,171.2

 
$
(564.5
)
 
$
606.7

Credit Agreements (Tables)
Schedule of debt instruments
The Company was obligated under the following debt instruments (in millions):
 
 
March 31,
 
September 30,
 
 
2016
 
2015
Senior Secured Term Loan
 
$
365.0

 
$
375.0

5.375% Senior Notes due March 2022
 
250.0

 
250.0

5.375% Senior Notes due March 2025
 
250.0

 
250.0

 
 
865.0

 
875.0

Less current maturities
 
(20.0
)
 
(20.0
)
 
 
$
845.0

 
$
855.0

 
 
 
 
 
Revolving Credit Facility
 
$
132.2

 
$
63.5

Other short-term borrowings
 
3.5

 

Current maturities of long-term debt
 
20.0

 
20.0

 
 
$
155.7

 
$
83.5

Warranties (Tables)
Schedule of changes in warranty liability
Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
 
Six Months Ended 
 March 31,
 
2016
 
2015
Balance at beginning of period
$
92.1

 
$
101.9

Warranty provisions
19.8

 
19.8

Settlements made
(27.1
)
 
(25.2
)
Changes in liability for pre-existing warranties, net
1.4

 
(3.5
)
Premiums received
7.4

 
5.8

Amortization of premiums received
(5.4
)
 
(4.5
)
Foreign currency translation
0.2

 
(2.5
)
Balance at end of period
$
88.4

 
$
91.8

Guarantee Arrangements (Tables)
Schedule of provision for losses on customer guarantees

Changes in the Company’s credit guarantee liability were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Balance at beginning of period
$
5.8

 
$
4.8

 
$
5.6

 
$
4.6

Provision for new credit guarantees
1.5

 
0.9

 
2.3

 
1.5

Changes for pre-existing guarantees, net
0.3

 
(0.5
)
 
0.6

 
(0.4
)
Amortization of previous guarantees
(0.6
)
 
(0.9
)
 
(1.5
)
 
(1.3
)
Foreign currency translation

 

 

 
(0.1
)
Balance at end of period
$
7.0

 
$
4.3

 
$
7.0

 
$
4.3

Derivative Financial Instruments and Hedging Activities (Tables)
Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
 
March 31, 2016
 
September 30, 2015
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange contracts
$
0.2

 
$
0.1

 
$
0.4

 
$

 
 
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts
0.2

 
2.4

 
0.3

 
0.4

Interest rate contracts

 
0.7

 

 
0.7

 
$
0.4

 
$
3.2

 
$
0.7

 
$
1.1

The pre-tax effects of derivative instruments consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
 
2016
 
2015
 
2016
 
2015
Cash flow hedges:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
$
(0.1
)
 
$

 
$
(0.1
)
 
$

 
 
 
 
 
 
 
 
 
 
Not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
(4.5
)
 
5.4

 
(5.8
)
 
8.8

Interest rate contracts
Miscellaneous, net
 
(0.1
)
 

 
(0.2
)
 

 
 
 
$
(4.7
)

$
5.4


$
(6.1
)

$
8.8

Fair Value Measurement (Tables)
Schedule of fair values of financial assets and liabilities
As of March 31, 2016 and September 30, 2015 the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
Level 1
 
Level 2
 
Level 3
 
Total
March 31, 2016
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
22.3

 
$

 
$

 
$
22.3

Foreign currency exchange derivatives (b)

 
0.4

 

 
0.4

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$

 
$
2.5

 
$

 
$
2.5

Interest rate contracts (c)


 
0.7

 

 
0.7


 
Level 1
 
Level 2
 
Level 3
 
Total
September 30, 2015
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
21.6

 
$

 
$

 
$
21.6

Foreign currency exchange derivatives (b)

 
0.7

 

 
0.7

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$

 
$
0.4

 
$

 
$
0.4

Interest rate contracts (c)


 
0.7

 

 
0.7

_________________________
(a) 
Represents investments in a rabbi trust for the Company's non-qualified supplemental executive retirement plans (“SERP”). The fair values of these investments are determined 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 Condensed Consolidated Statements of Income.
(b) 
Based on observable market transactions of forward currency prices.
(c) 
Based on observable market transactions of interest rate swap prices.
Employee Benefit Plans (Tables)
Schedule of net periodic benefit cost
Components of net periodic pension benefit cost were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Components of net periodic benefit cost
 
 
 
 
 
 
 
Service cost
$
2.8

 
$
3.0

 
$
5.7

 
$
6.0

Interest cost
4.5

 
4.5

 
9.1

 
9.0

Expected return on plan assets
(4.5
)
 
(4.5
)
 
(9.0
)
 
(9.1
)
Amortization of prior service cost
0.5

 
0.4

 
0.9

 
0.8

Amortization of net actuarial loss
0.6

 
0.6

 
1.2

 
1.3

 
$
3.9

 
$
4.0

 
$
7.9

 
$
8.0



    
Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
Service cost
$
0.4

 
$
0.5

 
$
0.7

 
$
0.9

Interest cost
0.4

 
0.4

 
0.8

 
0.8

Amortization of prior service cost
(0.3
)
 
(0.3
)
 
(0.5
)
 
(0.5
)
Curtailment

 

 

 
(3.4
)
Amortization of net actuarial loss (gain)
(0.1
)
 
0.1

 
(0.1
)
 
0.1

 
$
0.4

 
$
0.7

 
$
0.9

 
$
(2.1
)
Accumulated Other Comprehensive Income (Loss) (Tables)
Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):

 
Three Months Ended March 31, 2016
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(45.9
)
 
$
(109.3
)
 
$
0.3

 
$
(154.9
)
Other comprehensive income (loss) before reclassifications

 
18.9

 
(0.2
)
 
18.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.4

 

 

 
0.4

Net current period other comprehensive income (loss)
0.4


18.9


(0.2
)
 
19.1

Balance at end of period
$
(45.5
)

$
(90.4
)

$
0.1


$
(135.8
)

 
Three Months Ended March 31, 2015
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(44.4
)
 
$
(47.9
)
 
$

 
$
(92.3
)
Other comprehensive income (loss) before reclassifications

 
(53.1
)
 

 
(53.1
)
Amounts reclassified from accumulated other comprehensive income (loss)
0.5

 

 

 
0.5

Net current period other comprehensive income (loss)
0.5

 
(53.1
)
 

 
(52.6
)
Balance at end of period
$
(43.9
)
 
$
(101.0
)
 
$

 
$
(144.9
)

 
Six Months Ended March 31, 2016
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(46.4
)
 
$
(98.1
)
 
$
0.1

 
$
(144.4
)
Other comprehensive income (loss) before reclassifications

 
7.7

 

 
7.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.9

 

 

 
0.9

Net current period other comprehensive income (loss)
0.9

 
7.7

 

 
8.6

Balance at end of period
$
(45.5
)
 
$
(90.4
)
 
$
0.1

 
$
(135.8
)


 
Six Months Ended March 31, 2015
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Gains (Losses) on Derivatives, Net of Tax
 
Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period
$
(44.2
)
 
$
(25.0
)
 
$

 
$
(69.2
)
Other comprehensive income (loss) before reclassifications

 
(76.0
)
 

 
(76.0
)
Amounts reclassified from accumulated other comprehensive income (loss)
0.3

 

 

 
0.3

Net current period other comprehensive income (loss)
0.3

 
(76.0
)
 

 
(75.7
)
Balance at end of period
$
(43.9
)
 
$
(101.0
)
 
$

 
$
(144.9
)
Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 15 of the Notes to Condensed Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Amortization of employee pension and postretirement benefits items
 
 
 
 
 
 
 
Prior service costs
$
(0.2
)
 
$
(0.1
)
 
$
(0.4
)
 
$
(0.3
)
Actuarial losses
(0.5
)
 
(0.7
)
 
(1.1
)
 
(1.4
)
Curtailment

 

 

 
1.2

 
(0.7
)
 
(0.8
)
 
(1.5
)
 
(0.5
)
Tax benefit
0.3

 
0.3

 
0.6

 
0.2

 
$
(0.4
)
 
$
(0.5
)
 
$
(0.9
)
 
$
(0.3
)
Earnings Per Share Earnings Per Share (Tables)
The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Net income
$
56.1

 
$
54.6

 
$
70.7

 
$
89.3

Earnings allocated to participating securities

 
(0.1
)
 

 
(0.2
)
Earnings available to common shareholders
$
56.1

 
$
54.5

 
$
70.7

 
$
89.1

 
 
 
 
 
 
 
 
Basic Earnings Per Share:
 
 
 
 
 
 
 
Weighted-average common shares outstanding
73,118,295

 
78,007,479
 
73,593,439

 
78,433,035
 
 
 
 
 
 
 
 
Diluted Earnings Per Share:
 
 
 
 
 
 
 
Basic weighted-average common shares outstanding
73,118,295

 
78,007,479

 
73,593,439

 
78,433,035

Dilutive stock options and other equity-based compensation awards
743,045

 
1,102,424

 
766,421

 
1,103,796

Participating restricted stock

 
(115,163
)
 

 
(112,237
)
Diluted weighted-average common shares outstanding
73,861,340

 
78,994,740

 
74,359,860

 
79,424,594

Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Stock options
1,656,741

 
1,144,416

 
1,676,943

 
1,156,103

Business Segment Information (Tables)
Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
Three Months Ended March 31,
 
2016
 
2015
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
375.1

 
$

 
$
375.1

 
$
432.5

 
$

 
$
432.5

Telehandlers
214.7

 

 
214.7

 
379.7

 

 
379.7

Other
164.5

 

 
164.5

 
169.6

 

 
169.6

Total access equipment
754.3

 

 
754.3

 
981.8

 

 
981.8

 
 
 
 
 
 
 
 
 
 
 
 
Defense
296.8

 
0.2

 
297.0

 
157.6

 
1.1

 
158.7

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
237.2

 
3.2

 
240.4

 
194.6

 
8.3

 
202.9

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
111.3

 

 
111.3

 
111.0

 

 
111.0

Refuse collection
99.5

 

 
99.5

 
76.7

 

 
76.7

Other
25.2

 
0.7

 
25.9

 
32.5

 
0.7

 
33.2

Total commercial
236.0

 
0.7

 
236.7

 
220.2

 
0.7

 
220.9

Intersegment eliminations

 
(4.1
)
 
(4.1
)
 

 
(10.1
)
 
(10.1
)
 
$
1,524.3

 
$

 
$
1,524.3

 
$
1,554.2

 
$

 
$
1,554.2


 
Six Months Ended March 31,
 
2016
 
2015
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
617.1

 
$

 
$
617.1

 
$
709.8

 
$

 
$
709.8

Telehandlers
326.5

 

 
326.5

 
670.1

 

 
670.1

Other
340.5

 

 
340.5

 
318.6

 

 
318.6

Total access equipment
1,284.1

 

 
1,284.1

 
1,698.5

 

 
1,698.5

 
 
 
 
 
 
 
 
 
 
 
 
Defense
613.7

 
1.3

 
615.0

 
426.8

 
1.2

 
428.0

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
442.6

 
5.3

 
447.9

 
354.1

 
15.8

 
369.9

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
183.6

 

 
183.6

 
197.1

 

 
197.1

Refuse collection
198.5

 

 
198.5

 
166.3

 

 
166.3

Other
53.8

 
1.1

 
54.9

 
64.7

 
3.0

 
67.7

Total commercial
435.9

 
1.1

 
437.0

 
428.1

 
3.0

 
431.1

Intersegment eliminations

 
(7.7
)
 
(7.7
)
 

 
(20.0
)
 
(20.0
)
 
$
2,776.3

 
$

 
$
2,776.3

 
$
2,907.5

 
$

 
$
2,907.5

 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
Operating income (loss):
 

 
 

 
 
 
 
Access equipment
$
75.7

 
$
136.9

 
$
96.1

 
$
214.1

Defense
27.8

 
(12.0
)
 
51.0

 
(2.2
)
Fire & emergency
14.9

 
9.0

 
25.0

 
10.5

Commercial
17.2

 
8.6

 
26.1

 
21.0

Corporate
(44.2
)
 
(32.8
)
 
(76.5
)
 
(68.1
)
Intersegment eliminations

 

 

 
0.1

 
91.4

 
109.7

 
121.7

 
175.4

Interest expense, net of interest income
(15.1
)
 
(28.2
)
 
(29.2
)
 
(41.8
)
Miscellaneous other income (expense)
(1.0
)
 
1.3

 
(1.0
)
 

Income before income taxes and equity in earnings of unconsolidated affiliates
$
75.3

 
$
82.8

 
$
91.5

 
$
133.6

 
March 31,
 
September 30,
 
2016

2015
Identifiable assets:
 
 
 
Access equipment:
 
 
 
U.S.
$
2,168.1

 
$
2,178.7

Europe (a)
546.1

 
531.4

Rest of the World
214.4

 
201.5

Total access equipment
2,928.6

 
2,911.6

Defense:
 
 
 
U.S.
571.5

 
424.5

Rest of the World
1.8

 
5.1

Total defense
573.3

 
429.6

Fire & emergency - U.S.
532.1

 
530.7

Commercial:
 
 
 
U.S.
404.8

 
395.1

Rest of the World (a)
40.9

 
41.1

Total commercial
445.7

 
436.2

Corporate:
 
 
 
U.S. (b)
206.7

 
218.6

Rest of the World (c)
64.8

 
86.3

Total corporate
271.5

 
304.9

 
$
4,751.2

 
$
4,613.0

The following table presents net sales by geographic region based on product shipment destination (in millions):
 
Six Months Ended March 31,
 
2016
 
2015
Net sales:
 
 
 
United States
$
2,070.4

 
$
2,321.0

Other North America
116.3

 
143.5

Europe, Africa and Middle East
388.1

 
229.6

Rest of the World
201.5

 
213.4

 
$
2,776.3

 
$
2,907.5

Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,284.0

 
$
269.4

 
$
(29.1
)
 
$
1,524.3

Cost of sales
0.4

 
1,071.0

 
222.8

 
(29.2
)
 
1,265.0

Gross income
(0.4
)
 
213.0

 
46.6

 
0.1

 
259.3

Selling, general and administrative expenses
35.0

 
96.9

 
22.8

 

 
154.7

Amortization of purchased intangibles

 
9.7

 
3.5

 

 
13.2

Operating income (loss)
(35.4
)
 
106.4

 
20.3

 
0.1

 
91.4

Interest expense
(70.4
)
 
(16.2
)
 
(0.4
)
 
71.4

 
(15.6
)
Interest income
0.4

 
23.1

 
48.4

 
(71.4
)
 
0.5

Miscellaneous, net
13.6

 
(50.5
)
 
35.9

 

 
(1.0
)
Income (loss) before income taxes
(91.8
)
 
62.8

 
104.2

 
0.1

 
75.3

Provision for (benefit from) income taxes
(34.1
)
 
18.8

 
35.6

 

 
20.3

Income (loss) before equity in earnings of affiliates
(57.7
)
 
44.0

 
68.6

 
0.1

 
55.0

Equity in earnings of consolidated subsidiaries
113.8

 
36.0

 
19.6

 
(169.4
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.1

 

 
1.1

Net income
56.1

 
80.0

 
89.3

 
(169.3
)
 
56.1

Other comprehensive income (loss), net of tax
19.1

 
0.7

 
18.0

 
(18.7
)
 
19.1

Comprehensive income
$
75.2

 
$
80.7

 
$
107.3

 
$
(188.0
)
 
$
75.2



Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
1,298.5

 
$
277.9

 
$
(22.2
)
 
$
1,554.2

Cost of sales
0.3

 
1,087.7

 
212.3

 
(21.9
)
 
1,278.4

Gross income
(0.3
)
 
210.8

 
65.6

 
(0.3
)
 
275.8

Selling, general and administrative expenses
28.1

 
99.3

 
25.4

 

 
152.8

Amortization of purchased intangibles

 
9.9

 
3.4

 

 
13.3

Operating income (loss)
(28.4
)
 
101.6

 
36.8

 
(0.3
)
 
109.7

Interest expense
(74.6
)
 
(13.1
)
 
(0.4
)
 
59.3

 
(28.8
)
Interest income
0.4

 
16.0

 
43.5

 
(59.3
)
 
0.6

Miscellaneous, net
10.0

 
(5.7
)
 
(3.0
)
 

 
1.3

Income (loss) before income taxes
(92.6
)
 
98.8

 
76.9

 
(0.3
)
 
82.8

Provision for (benefit from) income taxes
(29.0
)
 
32.0

 
26.6

 
(0.1
)
 
29.5

Income (loss) before equity in earnings of affiliates
(63.6
)
 
66.8

 
50.3

 
(0.2
)
 
53.3

Equity in earnings of consolidated subsidiaries
118.2

 
17.7

 
72.1

 
(208.0
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.3

 

 
1.3

Net income
54.6

 
84.5

 
123.7

 
(208.2
)
 
54.6

Other comprehensive income (loss), net of tax
(52.6
)
 
(1.5
)
 
(42.1
)
 
43.6

 
(52.6
)
Comprehensive income
$
2.0

 
$
83.0

 
$
81.6

 
$
(164.6
)
 
$
2.0



Condensed Consolidating Statement of Income and Comprehensive Income
For the Six Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
2,340.8

 
$
489.8

 
$
(54.3
)
 
$
2,776.3

Cost of sales
0.7

 
1,970.0

 
417.9

 
(54.4
)
 
2,334.2

Gross income
(0.7
)
 
370.8

 
71.9

 
0.1

 
442.1

Selling, general and administrative expenses
58.6

 
186.2

 
49.2

 

 
294.0

Amortization of purchased intangibles

 
19.5

 
6.9

 

 
26.4

Operating income (loss)
(59.3
)
 
165.1

 
15.8

 
0.1

 
121.7

Interest expense
(130.0
)
 
(30.9
)
 
(1.1
)
 
131.8

 
(30.2
)
Interest income
0.9

 
39.3

 
92.6

 
(131.8
)
 
1.0

Miscellaneous, net
28.5

 
(91.9
)
 
62.4

 

 
(1.0
)
Income (loss) before income taxes
(159.9
)
 
81.6

 
169.7

 
0.1

 
91.5

Provision for (benefit from) income taxes
(39.9
)
 
20.4

 
41.5

 

 
22.0

Income (loss) before equity in earnings of affiliates
(120.0
)
 
61.2

 
128.2

 
0.1

 
69.5

Equity in earnings of consolidated subsidiaries
191.0

 
54.1

 
13.2

 
(258.3
)
 

Equity in earnings of unconsolidated affiliates
(0.3
)
 

 
1.5

 

 
1.2

Net income
70.7

 
115.3

 
142.9

 
(258.2
)
 
70.7

Other comprehensive income (loss), net of tax
8.6

 
(2.2
)
 
9.9

 
(7.7
)
 
8.6

Comprehensive income
$
79.3

 
$
113.1

 
$
152.8

 
$
(265.9
)
 
$
79.3


Condensed Consolidating Statement of Income and Comprehensive Income
For the Six Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$

 
$
2,456.9

 
$
492.7

 
$
(42.1
)
 
$
2,907.5

Cost of sales
0.3

 
2,054.5

 
389.3

 
(42.1
)
 
2,402.0

Gross income
(0.3
)
 
402.4

 
103.4

 

 
505.5

Selling, general and administrative expenses
59.9

 
191.4

 
52.0

 

 
303.3

Amortization of purchased intangibles

 
19.7

 
7.1

 

 
26.8

Operating income (loss)
(60.2
)
 
191.3

 
44.3

 

 
175.4

Interest expense
(132.4
)
 
(25.9
)
 
(0.9
)
 
116.0

 
(43.2
)
Interest income
0.9

 
31.3

 
85.2

 
(116.0
)
 
1.4

Miscellaneous, net
18.2

 
(69.0
)
 
50.8

 

 

Income (loss) before income taxes
(173.5
)
 
127.7

 
179.4

 

 
133.6

Provision for (benefit from) income taxes
(57.6
)
 
44.0

 
59.3

 

 
45.7

Income (loss) before equity in earnings of affiliates
(115.9
)
 
83.7

 
120.1

 

 
87.9

Equity in earnings of consolidated subsidiaries
205.2

 
53.5

 
84.6

 
(343.3
)
 

Equity in earnings of unconsolidated affiliates

 

 
1.4

 

 
1.4

Net income
89.3

 
137.2

 
206.1

 
(343.3
)
 
89.3

Other comprehensive income (loss), net of tax
(75.7
)
 
(4.2
)
 
(71.9
)
 
76.1

 
(75.7
)
Comprehensive income
$
13.6

 
$
133.0

 
$
134.2

 
$
(267.2
)
 
$
13.6

Condensed Consolidating Balance Sheet
As of March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
5.8

 
$
4.8

 
$
27.8

 
$

 
$
38.4

Receivables, net
22.3

 
819.3

 
245.9

 
(41.5
)
 
1,046.0

Inventories, net

 
958.0

 
415.4

 

 
1,373.4

Other current assets
22.5

 
83.5

 
26.4

 

 
132.4

Total current assets
50.6

 
1,865.6

 
715.5

 
(41.5
)
 
2,590.2

Investment in and advances to consolidated subsidiaries
5,922.5

 
1,206.2

 
(183.1
)
 
(6,945.6
)
 

Intercompany receivables
47.9

 
1,051.8

 
4,442.1

 
(5,541.8
)
 

Intangible assets, net

 
966.6

 
619.6

 

 
1,586.2

Other long-term assets
120.8

 
219.3

 
234.7

 

 
574.8

Total assets
$
6,141.8

 
$
5,309.5

 
$
5,828.8

 
$
(12,528.9
)
 
$
4,751.2

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
12.4

 
$
485.2

 
$
141.4

 
$
(41.3
)
 
$
597.7

Customer advances

 
520.9

 
5.0

 

 
525.9

Other current liabilities
215.0

 
211.2

 
94.9

 
(0.2
)
 
520.9

Total current liabilities
227.4

 
1,217.3

 
241.3

 
(41.5
)
 
1,644.5

Long-term debt, less current maturities
845.0

 

 

 

 
845.0

Intercompany payables
3,134.4

 
2,359.5

 
47.9

 
(5,541.8
)
 

Other long-term liabilities
60.6

 
188.7

 
138.0

 

 
387.3

Shareholders' equity
1,874.4

 
1,544.0

 
5,401.6

 
(6,945.6
)
 
1,874.4

Total liabilities and shareholders' equity
$
6,141.8

 
$
5,309.5

 
$
5,828.8

 
$
(12,528.9
)
 
$
4,751.2


Condensed Consolidating Balance Sheet
As of September 30, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
14.8

 
$
6.3

 
$
21.8

 
$

 
$
42.9

Receivables, net
29.4

 
692.9

 
290.1

 
(47.8
)
 
964.6

Inventories, net

 
926.2

 
375.5

 

 
1,301.7

Other current assets
11.5

 
81.7

 
26.9

 

 
120.1

Total current assets
55.7

 
1,707.1

 
714.3

 
(47.8
)
 
2,429.3

Investment in and advances to consolidated subsidiaries
5,744.0

 
1,128.0

 
(192.4
)
 
(6,679.6
)
 

Intercompany receivables
47.2

 
998.7

 
4,331.3

 
(5,377.2
)
 

Intangible assets, net

 
984.4

 
623.4

 

 
1,607.8

Other long-term assets
117.3

 
228.9

 
229.7

 

 
575.9

Total assets
$
5,964.2

 
$
5,047.1

 
$
5,706.3

 
$
(12,104.6
)
 
$
4,613.0

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
16.3

 
$
415.3

 
$
168.7

 
$
(47.5
)
 
$
552.8

Customer advances

 
438.3

 
1.9

 

 
440.2

Other current liabilities
165.0

 
202.4

 
98.0

 
(0.3
)
 
465.1

Total current liabilities
181.3

 
1,056.0

 
268.6

 
(47.8
)
 
1,458.1

Long-term debt, less current maturities
855.0

 

 

 

 
855.0

Intercompany payables
2,957.5

 
2,372.5

 
47.2

 
(5,377.2
)
 

Other long-term liabilities
59.3

 
191.3

 
138.2

 

 
388.8

Shareholders' equity
1,911.1

 
1,427.3

 
5,252.3

 
(6,679.6
)
 
1,911.1

Total liabilities and shareholders' equity
$
5,964.2

 
$
5,047.1

 
$
5,706.3

 
$
(12,104.6
)
 
$
4,613.0

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended March 31, 2016
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(125.8
)
 
$
99.3

 
$
121.0

 
$

 
$
94.5

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(12.7
)
 
(12.3
)
 
(15.3
)
 

 
(40.3
)
Additions to equipment held for rental

 

 
(22.7
)
 

 
(22.7
)
Proceeds from sale of equipment held for rental

 
0.6

 
25.5

 

 
26.1

Intercompany investing
(0.7
)
 
(76.4
)
 
(108.4
)
 
185.5

 

Other investing activities
(1.0
)
 

 

 

 
(1.0
)
Net cash provided (used) by investing activities
(14.4
)
 
(88.1
)
 
(120.9
)
 
185.5

 
(37.9
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Net decrease in short-term debt
(21.3
)
 

 

 

 
(21.3
)
Proceeds from issuance of debt (original maturities greater than three months)
270.0

 

 
3.5

 

 
273.5

Repayment of debt (original maturities greater than three months)
(190.0
)
 

 

 

 
(190.0
)
Repurchases of Common Stock
(100.1
)
 

 

 

 
(100.1
)
Dividends paid
(28.0
)
 

 

 

 
(28.0
)
Proceeds from exercise of stock options
1.9

 

 

 

 
1.9

Excess tax benefit from stock-based compensation
0.9

 

 

 

 
0.9

Intercompany financing
197.8

 
(13.0
)
 
0.7

 
(185.5
)
 

Net cash provided (used) by financing activities
131.2

 
(13.0
)
 
4.2

 
(185.5
)
 
(63.1
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash

 
0.3

 
1.7

 

 
2.0

Increase (decrease) in cash and cash equivalents
(9.0
)
 
(1.5
)
 
6.0

 

 
(4.5
)
Cash and cash equivalents at beginning of period
14.8

 
6.3

 
21.8

 

 
42.9

Cash and cash equivalents at end of period
$
5.8

 
$
4.8

 
$
27.8

 
$

 
$
38.4


Condensed Consolidating Statement of Cash Flows
For the Six Months Ended March 31, 2015
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(85.1
)
 
$
(20.6
)
 
$
35.0

 
$

 
$
(70.7
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(14.4
)
 
(11.9
)
 
(43.5
)
 

 
(69.8
)
Additions to equipment held for rental

 

 
(15.5
)
 

 
(15.5
)
Proceeds from sale of equipment held for rental

 

 
13.4

 

 
13.4

Intercompany investing
(19.0
)
 
13.0

 
(19.0
)
 
25.0

 

Other investing activities
(0.5
)
 
(0.7
)
 
(0.3
)
 

 
(1.5
)
Net cash provided (used) by investing activities
(33.9
)
 
0.4

 
(64.9
)
 
25.0

 
(73.4
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Net increase in short-term debt
13.7

 

 

 

 
13.7

Proceeds from issuance of debt (original maturities greater than three months)
315.0

 

 

 

 
315.0

Repayment of debt (original maturities greater than three months)

(325.0
)
 

 

 

 
(325.0
)
Repurchases of Common Stock
(88.1
)
 

 

 

 
(88.1
)
Dividends paid
(26.7
)
 

 

 

 
(26.7
)
Debt issuance cost
(15.4
)
 

 

 

 
(15.4
)
Proceeds from exercise of stock options
3.4

 

 

 

 
3.4

Excess tax benefit from stock-based compensation
4.1

 

 

 

 
4.1

Intercompany financing
(30.7
)
 
22.0

 
33.7

 
(25.0
)
 

Net cash provided (used) by financing activities
(149.7
)
 
22.0

 
33.7

 
(25.0
)
 
(119.0
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash

 
(0.8
)
 
3.5

 

 
2.7

Increase (decrease) in cash and cash equivalents
(268.7
)
 
1.0

 
7.3

 

 
(260.4
)
Cash and cash equivalents at beginning of period
281.8

 
4.7

 
27.3

 

 
313.8

Cash and cash equivalents at end of period
$
13.1

 
$
5.7


$
34.6


$

 
$
53.4

Receivables (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
U.S. government:
 
 
 
 
 
 
Amounts billed
$ 38.6 
 
$ 63.1 
 
 
 
Costs and profits not billed
34.0 
 
66.8 
 
 
 
Contract receivables
72.6 
 
129.9 
 
 
 
Other trade receivables
941.8 
 
782.3 
 
 
 
Finance receivables
6.5 
 
7.4 
 
 
 
Notes receivable
33.0 
 
29.6 
 
 
 
Other receivables
35.4 
 
57.7 
 
 
 
1,089.3 
 
1,006.9 
 
 
 
Less allowance for doubtful accounts
(21.9)
(18.8)
(20.3)
(21.2)
(21.2)
(21.8)
1,067.4 
 
986.6 
 
 
 
Classification of receivables
 
 
 
 
 
 
Current receivables
1,046.0 
 
964.6 
 
 
 
Long-term receivables (included in Other long-term assets)
$ 21.4 
 
$ 22.0 
 
 
 
Receivables (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Change in allowance for doubtful accounts
 
 
 
 
 
Allowance for doubtful accounts at beginning of period
$ 18.8 
$ 21.2 
$ 20.3 
$ 21.8 
 
Provision for doubtful accounts, net of recoveries
2.7 
1.5 
1.8 
1.3 
 
Charge-off of accounts
(0.1)
(0.3)
(0.4)
(0.2)
 
Foreign currency translation
0.5 
(1.2)
0.2 
(1.7)
 
Allowance for doubtful accounts at end of period
21.9 
21.2 
21.9 
21.2 
 
Finance receivables
 
 
 
 
 
Receivable aging and accrual status
 
 
 
 
 
Receivables on nonaccrual status
1.1 
 
1.1 
 
1.1 
Receivables past due 90 days or more and still accruing
 
 
Receivables subject to general reserves
1.5 
 
1.5 
 
6.2 
Allowance for doubtful accounts
 
 
(0.1)
Receivables subject to specific reserves
5.0 
 
5.0 
 
1.2 
Allowance for doubtful accounts
(0.4)
 
(0.4)
 
Change in allowance for doubtful accounts
 
 
 
 
 
Allowance for doubtful accounts at beginning of period
0.1 
0.1 
 
Provision for doubtful accounts, net of recoveries
0.3 
0.3 
 
Charge-off of accounts
 
Foreign currency translation
 
Allowance for doubtful accounts at end of period
0.4 
0.4 
 
Finance receivables |
Financing Receivables, 30 to 59 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Finance receivables |
Financing Receivables, 60 to 89 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Finance receivables |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Notes receivables
 
 
 
 
 
Receivable aging and accrual status
 
 
 
 
 
Receivables on nonaccrual status
22.2 
 
22.2 
 
22.9 
Receivables past due 90 days or more and still accruing
 
 
Receivables subject to general reserves
 
 
Allowance for doubtful accounts
 
 
Receivables subject to specific reserves
33.0 
 
33.0 
 
29.6 
Allowance for doubtful accounts
(13.2)
 
(13.2)
 
(12.7)
Change in allowance for doubtful accounts
 
 
 
 
 
Allowance for doubtful accounts at beginning of period
12.6 
13.1 
12.7 
13.6 
 
Provision for doubtful accounts, net of recoveries
0.1 
0.1 
0.3 
0.1 
 
Charge-off of accounts
 
Foreign currency translation
0.5 
(1.1)
0.2 
(1.6)
 
Allowance for doubtful accounts at end of period
13.2 
12.1 
13.2 
12.1 
 
Notes receivables |
Financing Receivables, 30 to 59 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Notes receivables |
Financing Receivables, 60 to 89 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Notes receivables |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Recorded Investment, Past Due
 
 
Trade and other receivables
 
 
 
 
 
Change in allowance for doubtful accounts
 
 
 
 
 
Allowance for doubtful accounts at beginning of period
6.1 
8.1 
7.5 
8.2 
 
Provision for doubtful accounts, net of recoveries
2.3 
1.4 
1.2 
1.2 
 
Charge-off of accounts
(0.1)
(0.3)
(0.4)
(0.2)
 
Foreign currency translation
(0.1)
(0.1)
 
Allowance for doubtful accounts at end of period
8.3 
9.1 
8.3 
9.1 
 
Restructured finance receivables
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Modifications, Recorded Investment
0.4 
 
0.4 
 
 
Restructured Notes Receivable Member
 
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
Financing Receivable, Modifications, Recorded Investment
$ 14.7 
 
$ 14.7 
 
 
Receivables (Details 3) (Notes receivables, Credit Concentration)
6 Months Ended
Mar. 31, 2016
Party
Notes receivables |
Credit Concentration
 
Finance and notes receivables
 
Receivables due from third parties (as a percent)
71.00% 
Number of parties
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Inventory Disclosure [Abstract]
 
 
Raw materials
$ 576.5 
$ 532.1 
Partially finished products
360.1 
266.3 
Finished products
539.4 
594.4 
Inventories at FIFO cost
1,476.0 
1,392.8 
Less: Progress/performance-based payments on U.S. government contracts
(23.2)
(12.9)
Excess of FIFO cost over LIFO cost
(79.4)
(78.2)
Inventory net
$ 1,373.4 
$ 1,301.7 
Investments in Unconsolidated Affiliates (Details)
In Millions, unless otherwise specified
6 Months Ended 6 Months Ended
Mar. 31, 2016
USD ($)
Sep. 30, 2015
USD ($)
Mar. 31, 2016
RiRent (The Netherlands)
USD ($)
Mar. 31, 2016
RiRent (The Netherlands)
EUR (€)
Mar. 31, 2015
RiRent (The Netherlands)
USD ($)
Mar. 31, 2015
RiRent (The Netherlands)
EUR (€)
Sep. 30, 2015
RiRent (The Netherlands)
USD ($)
Mar. 31, 2016
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Sep. 30, 2015
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Mar. 31, 2016
Other equity method investments [Member]
USD ($)
Sep. 30, 2015
Other equity method investments [Member]
USD ($)
Mar. 31, 2016
Product [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Mar. 31, 2015
Product [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Mar. 31, 2016
Service fees [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Mar. 31, 2015
Service fees [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Investment in unconsolidated affiliates, Accounted under equity method
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in unconsolidated affiliates
$ 16.8 
$ 16.2 
$ 5.2 
 
 
 
$ 5.8 
$ 11.6 
$ 10.6 
$ 0 
$ (0.2)
 
 
 
 
Sales to equity investee
 
 
 
 
 
 
 
 
 
 
 
2.0 
6.3 
0.6 
0.6 
Proceeds from Equity Method Investment, Dividends or Distributions
 
 
$ 1.0 
€ 0.9 
$ 2.8 
€ 2.3 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
$ 1,121.8 
 
$ 1,121.8 
 
$ 1,093.7 
Less accumulated depreciation
(643.5)
 
(643.5)
 
(617.9)
Property, plant and equipment, net
478.3 
 
478.3 
 
475.8 
Depreciation expenses
18.7 
16.2 
35.8 
32.3 
 
Land and land improvements
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
57.6 
 
57.6 
 
57.5 
Buildings
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
279.1 
 
279.1 
 
274.8 
Machinery and equipment
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
713.0 
 
713.0 
 
681.1 
Equipment on operating lease to others
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
41.6 
 
41.6 
 
42.2 
Equipment on operating lease, net
33.8 
 
33.8 
 
33.9 
Equipment on operating lease to others |
Minimum
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Estimated useful life (in years)
 
 
5 years 
 
 
Equipment on operating lease to others |
Maximum
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Estimated useful life (in years)
 
 
10 years 
 
 
Construction in progress
 
 
 
 
 
Property, plant and equipment
 
 
 
 
 
Property, plant and equipment, gross
$ 30.5 
 
$ 30.5 
 
$ 38.1 
Goodwill and Purchased Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Mar. 31, 2016
Changes in goodwill
 
Net goodwill at the beginning of the period
$ 1,001.1 
Foreign currency translation
4.9 
Net goodwill at the end of the period
1,006.0 
Access Equipment
 
Changes in goodwill
 
Net goodwill at the beginning of the period
874.2 
Foreign currency translation
4.8 
Net goodwill at the end of the period
879.0 
Fire and Emergency
 
Changes in goodwill
 
Net goodwill at the beginning of the period
106.1 
Foreign currency translation
Net goodwill at the end of the period
106.1 
Commercial
 
Changes in goodwill
 
Net goodwill at the beginning of the period
20.8 
Foreign currency translation
0.1 
Net goodwill at the end of the period
$ 20.9 
Goodwill and Purchased Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
$ 2,116.0 
$ 2,111.1 
Accumulated Impairment
(1,110.0)
(1,110.0)
Net
1,006.0 
1,001.1 
Access Equipment
 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
1,811.1 
1,806.3 
Accumulated Impairment
(932.1)
(932.1)
Net
879.0 
874.2 
Fire and Emergency
 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
108.1 
108.1 
Accumulated Impairment
(2.0)
(2.0)
Net
106.1 
106.1 
Commercial
 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
196.8 
196.7 
Accumulated Impairment
(175.9)
(175.9)
Net
$ 20.9 
$ 20.8 
Goodwill and Purchased Intangible Assets (Details 3) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Mar. 31, 2016
Sep. 30, 2015
Purchased intangible assets
 
 
Weighted-Average Life (in years)
14 years 6 months 0 days 
14 years 6 months 
Gross
$ 785.1 
$ 783.4 
Accumulated Amortization
(592.7)
(564.5)
Net
192.4 
218.9 
Non-amortizable trade names
387.8 
387.8 
Intangible assets excluding goodwill, gross
1,172.9 
1,171.2 
Purchased intangible assets, net
580.2 
606.7 
Future amortization expense of purchased intangible assets for the five years succeeding fiscal year 2016
 
 
2016 (remaining six months)
26.2 
 
2017
45.8 
 
2018
38.3 
 
2019
36.9 
 
2020
11.0 
 
2021
5.3 
 
Distribution network
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
39 years 1 month 0 days 
39 years 1 month 
Gross
55.4 
55.4 
Accumulated Amortization
(27.3)
(26.6)
Net
28.1 
28.8 
Non-compete
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
10 years 6 months 0 days 
10 years 6 months 
Gross
56.4 
56.4 
Accumulated Amortization
(56.4)
(56.3)
Net
0.1 
Technology-related
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
11 years 11 months 0 days 
11 years 11 months 
Gross
104.8 
104.8 
Accumulated Amortization
(87.5)
(83.3)
Net
17.3 
21.5 
Customer relationships
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
12 years 10 months 0 days 
12 years 10 months 
Gross
552.0 
550.3 
Accumulated Amortization
(407.0)
(384.0)
Net
145.0 
166.3 
Other
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
16 years 5 months 0 days 
16 years 6 months 
Gross
16.5 
16.5 
Accumulated Amortization
(14.5)
(14.3)
Net
$ 2.0 
$ 2.2 
Credit Agreements (Details)
In Millions, unless otherwise specified
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 1 Months Ended 1 Months Ended
Mar. 31, 2016
CNY
Mar. 31, 2016
USD ($)
Sep. 30, 2015
USD ($)
Mar. 31, 2016
Credit agreement
Mar. 31, 2016
Credit agreement
Minimum
Mar. 31, 2016
Credit agreement
Maximum
Mar. 31, 2016
Revolving credit facility
USD ($)
Jan. 26, 2015
Revolving credit facility
USD ($)
Mar. 21, 2014
Revolving credit facility
USD ($)
Mar. 31, 2016
Senior Secured Term Loan
USD ($)
Sep. 30, 2015
Senior Secured Term Loan
USD ($)
Mar. 21, 2014
Senior Secured Term Loan
USD ($)
Mar. 31, 2016
Letter of credit
USD ($)
Mar. 31, 2016
Credit agreement - dollar-denominated loans
Mar. 31, 2016
Credit agreement - dollar-denominated loans
Federal Funds rate
Mar. 31, 2016
Credit agreement - dollar-denominated loans
LIBOR
Feb. 28, 2014
5.375 % Senior notes due March 2022
USD ($)
Mar. 31, 2016
5.375 % Senior notes due March 2022
USD ($)
Sep. 30, 2015
5.375 % Senior notes due March 2022
USD ($)
Mar. 31, 2015
5.375% Senior notes due March 2025 [Domain]
USD ($)
Mar. 31, 2016
5.375% Senior notes due March 2025 [Domain]
USD ($)
Sep. 30, 2015
5.375% Senior notes due March 2025 [Domain]
USD ($)
Mar. 31, 2016
Short-term Debt [Member]
Long term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt
 
$ 865.0 
$ 875.0 
 
 
 
 
 
 
$ 365.0 
$ 375.0 
$ 400.0 
 
 
 
 
 
$ 250.0 
$ 250.0 
 
$ 250.0 
$ 250.0 
 
Less current maturities
 
(20.0)
(20.0)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt net of current maturities
 
845.0 
855.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
132.2 
63.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Short-term Borrowings
22.8 
3.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
 
20.0 
20.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving line of credit and current maturities of long-term debt
 
155.7 
83.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate (as a percent)
 
 
 
 
 
 
1.94% 
 
 
 
 
 
 
 
 
 
 
5.375% 
5.375% 
 
5.375% 
5.375% 
4.35% 
Maximum borrowing capacity
 
 
 
 
 
 
 
850 
600 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarterly principal installment, at commencement
 
 
 
 
 
 
 
 
 
5.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
250.0 
 
 
250.0 
 
 
 
Payment due at maturity
 
 
 
 
 
 
 
 
 
310.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
 
 
 
 
 
 
 
 
 
 
 
 
113.0 
 
 
 
 
 
 
 
 
 
 
Available borrowing capacity
 
 
 
 
 
 
604.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Debt, Maximum Amount Outstanding During Period
63.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
 
 
 
base rate (which is the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin 
federal funds rate 
one-month LIBOR 
 
 
 
 
 
 
 
Senior Credit Agreement, Basis Spread on Variable Rate Debt
 
 
 
1.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest spread in basis points (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
1.00% 
 
 
 
 
 
 
 
Weighted-average interest rate (as a percent)
 
 
 
 
 
 
 
 
 
1.94% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum leverage ratio
 
 
 
4.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Leverage Ratio, Maximum Denominator
 
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum interest coverage ratio
 
 
 
2.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms Interest, Coverage Ratio, Minimum Denominator
 
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum senior secured leverage ratio
 
 
 
3.00 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Covenant Terms, Senior Secured, Leverage Ratio for Intermediate Period Maximum, Denominator
 
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividend payment restriction under credit agreement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of consolidated net income of the Company and its subsidiaries accrued on a cumulative basis during the period beginning on January 1, 2010 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 cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of aggregate net proceeds received by the Company subsequent to March 3, 2010 as a contribution to its common equity or from the issuance and sale of its Common Stock
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 254 
$ 252 
 
$ 250 
$ 249 
 
Warranties (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
Product Warranty Liability [Line Items]
 
 
 
 
 
 
Product Warranty Accrual
$ 88.4 
$ 91.8 
$ 88.4 
$ 91.8 
$ 92.1 
$ 101.9 
Changes in warranty liability
 
 
 
 
 
 
Warranty provisions
 
 
19.8 
19.8 
 
 
Settlements made
 
 
(27.1)
(25.2)
 
 
Changes in liability for pre-existing warranties, net
 
 
1.4 
(3.5)
 
 
Premiums received
 
 
7.4 
5.8 
 
 
Amortization of premiums received
 
 
(5.4)
(4.5)
 
 
Foreign currency translation
 
 
0.2 
(2.5)
 
 
Extended Product Warranty Accrual
$ 29.5 
 
$ 29.5 
 
$ 25.3 
 
Dilutive stock options and other equity-based compensation awards (in shares)
743,045 
1,102,424 
766,421 
1,103,796 
 
 
Minimum
 
 
 
 
 
 
Product Warranty Liability [Line Items]
 
 
 
 
 
 
Product warranty term
 
 
6 months 
 
 
 
Maximum
 
 
 
 
 
 
Product Warranty Liability [Line Items]
 
 
 
 
 
 
Product warranty term
 
 
5 years 
 
 
 
Guarantee Arrangements (Details) (Indirect Guarantee Of Deferred Payment And Lease Payment Agreements Member, USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Indirect Guarantee Of Deferred Payment And Lease Payment Agreements Member
 
 
 
 
Guarantee Obligations
 
 
 
 
Guarantee obligations, maximum exposure
$ 574.7 
 
$ 574.7 
 
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements
121.3 
 
121.3 
 
Changes in provision for loss on customer guarantees
 
 
 
 
Balance at beginning of period
5.8 
4.8 
5.6 
4.6 
Provision for new credit guarantees
1.5 
0.9 
2.3 
1.5 
Changes for pre-existing guarantees, net
0.3 
(0.5)
0.6 
(0.4)
Amortization of previous guarantees
(0.6)
(0.9)
(1.5)
(1.3)
Foreign currency translation
(0.1)
Balance at end of period
$ 7.0 
$ 4.3 
$ 7.0 
$ 4.3 
Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
7 Months Ended
Mar. 31, 2016
Aug. 31, 2015
Stockholders' Equity Note [Abstract]
 
 
Number of shares of common stock authorized for buyback (in shares)
 
10,000,000 
Treasury Stock, Shares, Acquired (in shares)
2,786,624 
 
Treasury Stock Cumulative Value Acquired Cost Method
$ 112.0 
 
Remaining number of shares authorized to be repurchased (in shares)
7,512,574 
10,299,198 
Derivative Financial Instruments and Hedging Activities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Foreign exchange contracts |
Designated as Hedging Instrument [Member]
 
Open derivative instruments
 
Derivative, Notional Amount
$ 5.9 
Foreign exchange contracts |
Not designated as hedging instruments
 
Open derivative instruments
 
Derivative, Notional Amount
92.2 
Foreign exchange contracts |
Sell |
Not designated as hedging instruments |
Sell Euros
 
Open derivative instruments
 
Derivative, Notional Amount
10.3 
Foreign exchange contracts |
Sell |
Not designated as hedging instruments |
Sell Australian dollars
 
Open derivative instruments
 
Derivative, Notional Amount
61.0 
Foreign exchange contracts |
Buy |
Not designated as hedging instruments |
Buy Swedish Krona and sell euro [Member]
 
Open derivative instruments
 
Derivative, Notional Amount
5.0 
Foreign exchange contracts |
Buy |
Not designated as hedging instruments |
Buy United Kingdom, Pounds
 
Open derivative instruments
 
Derivative, Notional Amount
8.0 
Foreign exchange contracts |
Buy |
Not designated as hedging instruments |
Buy Euro and Sell Canadian Dollars
 
Open derivative instruments
 
Derivative, Notional Amount
6.5 
Interest rate contracts |
Not designated as hedging instruments
 
Open derivative instruments
 
Derivative, Notional Amount
$ 19.9 
Derivative Financial Instruments and Hedging Activities (Details 2) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
$ 0.4 
$ 0.7 
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
3.2 
1.1 
Designated as Hedging Instrument [Member] |
Foreign exchange contracts |
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
0.2 
0.4 
Designated as Hedging Instrument [Member] |
Foreign exchange contracts |
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
0.1 
Not designated as hedging instruments |
Foreign exchange contracts |
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
0.2 
0.3 
Not designated as hedging instruments |
Foreign exchange contracts |
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
2.4 
0.4 
Not designated as hedging instruments |
Interest rate contracts |
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
Not designated as hedging instruments |
Interest rate contracts |
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
$ 0.7 
$ 0.7 
Derivative Financial Instruments and Hedging Activities (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Pre-tax gains (losses) on derivative instruments
 
 
 
 
Derivative, Gain (Loss) on Derivative, Net
$ (4.7)
$ 5.4 
$ (6.1)
$ 8.8 
Designated as Hedging Instrument [Member] |
Foreign exchange contracts |
Miscellaneous, net
 
 
 
 
Pre-tax gains (losses) on derivative instruments
 
 
 
 
Derivative, Gain (Loss) on Derivative, Net
(0.1)
(0.1)
Not designated as hedging instruments |
Foreign exchange contracts |
Miscellaneous, net
 
 
 
 
Pre-tax gains (losses) on derivative instruments
 
 
 
 
Not designated as hedges
(4.5)
5.4 
(5.8)
8.8 
Not designated as hedging instruments |
Interest rate contracts |
Miscellaneous, net
 
 
 
 
Pre-tax gains (losses) on derivative instruments
 
 
 
 
Not designated as hedges
$ (0.1)
$ 0 
$ (0.2)
$ 0 
Fair Value Measurement (Details) (Fair value measured on recurring basis, USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Assets:
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 22.3 
$ 21.6 
Foreign currency exchange derivatives
0.4 
0.7 
Liabilities:
 
 
Foreign currency exchange derivatives
2.5 
0.4 
Interest Rate Derivative Liabilities, at Fair Value
0.7 
0.7 
Level 1
 
 
Assets:
 
 
Defined Benefit Plan, Fair Value of Plan Assets
22.3 1
21.6 1
Foreign currency exchange derivatives
Liabilities:
 
 
Foreign currency exchange derivatives
Interest Rate Derivative Liabilities, at Fair Value
Level 2
 
 
Assets:
 
 
Defined Benefit Plan, Fair Value of Plan Assets
Foreign currency exchange derivatives
0.4 2
0.7 2
Liabilities:
 
 
Foreign currency exchange derivatives
2.5 2
0.4 2
Interest Rate Derivative Liabilities, at Fair Value
0.7 3
0.7 3
Level 3
 
 
Assets:
 
 
Defined Benefit Plan, Fair Value of Plan Assets
Foreign currency exchange derivatives
Liabilities:
 
 
Foreign currency exchange derivatives
Interest Rate Derivative Liabilities, at Fair Value
$ 0 
$ 0 
Stock-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
Stock-based compensation expense
$ 6.5 
$ 6.8 
$ 12.5 
$ 13.3 
Stock-based compensation expense, net of tax
$ 4.1 
$ 4.3 
$ 7.9 
$ 8.4 
2009 Stock Plan |
Stock Options [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
Common stock reserved for issuance stock awards (in shares)
6,373,467 
 
6,373,467 
 
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Pension Plan, Defined Benefit [Member]
 
 
 
 
Components of net periodic benefit cost (income)
 
 
 
 
Service cost
$ 2.8 
$ 3.0 
$ 5.7 
$ 6.0 
Interest cost
4.5 
4.5 
9.1 
9.0 
Expected return on plan assets
(4.5)
(4.5)
(9.0)
(9.1)
Amortization of prior service cost
0.5 
0.4 
0.9 
0.8 
Amortization of net actuarial loss (gain)
0.6 
0.6 
1.2 
1.3 
Net periodic benefit cost (income)
3.9 
4.0 
7.9 
8.0 
Postretirement Medical Plans
 
 
 
 
Employee benefit plans
 
 
 
 
Defined benefit pension plans estimated future employer contributions in fiscal year
 
 
1.0 
 
Company contributions
 
 
1.0 
1.0 
Components of net periodic benefit cost (income)
 
 
 
 
Service cost
0.4 
0.5 
0.7 
0.9 
Interest cost
0.4 
0.4 
0.8 
0.8 
Amortization of prior service cost
(0.3)
(0.3)
(0.5)
(0.5)
Curtailment
(3.4)
Amortization of net actuarial loss (gain)
(0.1)
0.1 
(0.1)
0.1 
Net periodic benefit cost (income)
$ 0.4 
$ 0.7 
$ 0.9 
$ (2.1)
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Income Tax Disclosure [Abstract]
 
 
 
 
 
Provision for income taxes
$ 20.3 
$ 29.5 
$ 22.0 
$ 45.7 
 
Effective income tax rate (as a percent)
27.00% 
35.70% 
24.10% 
34.20% 
 
Income Tax Expense (Benefit), Tax Credit, Discrete Items
4.4 
0.4 
8.0 
1.1 
 
Effective Income Tax Rate Reconciliation, Deduction, Amount
 
 
2.4 
2.2 
 
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount
3.5 
 
3.5 
1.4 
 
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations
0.8 
0.4 
2.0 
0.4 
 
Gross unrecognized tax benefits, excluding income tax penalties and interest
27.3 
 
27.3 
 
27.0 
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income if recognized
18.0 
 
18.0 
 
 
Interest and penalties
 
 
1.4 
1.5 
 
Accruals for payment of interest and penalties
9.6 
 
9.6 
 
 
Estimated reduction in unrecognized tax benefits due to tax audit resolutions during the next twelve months
$ 1.9 
 
$ 1.9 
 
 
Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Balance at beginning of period
$ (154.9)
$ (92.3)
$ (144.4)
$ (69.2)
Other comprehensive income (loss) before reclassifications
18.7 
(53.1)
7.7 
(76.0)
Amounts reclassified from accumulated other comprehensive income (loss)
0.4 
0.5 
0.9 
0.3 
Total other comprehensive income (loss), net of tax
19.1 
(52.6)
8.6 
(75.7)
Balance at end of period
(135.8)
(144.9)
(135.8)
(144.9)
Employee Pension and Postretirement Benefits, Net of Tax [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Balance at beginning of period
(45.9)
(44.4)
(46.4)
(44.2)
Other comprehensive income (loss) before reclassifications
Amounts reclassified from accumulated other comprehensive income (loss)
0.4 
0.5 
0.9 
0.3 
Total other comprehensive income (loss), net of tax
0.4 
0.5 
0.9 
0.3 
Balance at end of period
(45.5)
(43.9)
(45.5)
(43.9)
Cumulative Translation Adjustments [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Balance at beginning of period
(109.3)
(47.9)
(98.1)
(25.0)
Other comprehensive income (loss) before reclassifications
18.9 
(53.1)
7.7 
(76.0)
Amounts reclassified from accumulated other comprehensive income (loss)
Total other comprehensive income (loss), net of tax
18.9 
(53.1)
7.7 
(76.0)
Balance at end of period
(90.4)
(101.0)
(90.4)
(101.0)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
Balance at beginning of period
0.3 
0.1 
Other comprehensive income (loss) before reclassifications
(0.2)
Amounts reclassified from accumulated other comprehensive income (loss)
Total other comprehensive income (loss), net of tax
(0.2)
Balance at end of period
$ 0.1 
$ 0 
$ 0.1 
$ 0 
Accumulated Other Comprehensive Income (Loss) (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Income before income taxes and equity in earnings of unconsolidated affiliates
$ 75.3 
$ 82.8 
$ 91.5 
$ 133.6 
Tax benefit
(20.3)
(29.5)
(22.0)
(45.7)
Net income
56.1 
54.6 
70.7 
89.3 
Employee Pension and Postretirement Benefits, Net of Tax [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
 
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
Prior service costs
(0.2)
(0.1)
(0.4)
(0.3)
Actuarial losses
(0.5)
(0.7)
(1.1)
(1.4)
Curtailment
1.2 
Income before income taxes and equity in earnings of unconsolidated affiliates
(0.7)
(0.8)
(1.5)
(0.5)
Tax benefit
0.3 
0.3 
0.6 
0.2 
Net income
$ (0.4)
$ (0.5)
$ (0.9)
$ (0.3)
Earnings Per Share Earnings Per Share (Detail 1) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
Net income
$ 56.1 
$ 54.6 
$ 70.7 
$ 89.3 
Earnings allocated to participating securities
(0.1)
(0.2)
Earnings available to common shareholders
$ 56.1 
$ 54.5 
$ 70.7 
$ 89.1 
Basic weighted-average common shares outstanding (in shares)
73,118,295 
78,007,479 
73,593,439 
78,433,035 
Dilutive stock options and other equity-based compensation awards (in shares)
743,045 
1,102,424 
766,421 
1,103,796 
Participating restricted stock (in shares)
(115,163)
(112,237)
Diluted weighted-average common shares outstanding (in shares)
73,861,340 
78,994,740 
74,359,860 
79,424,594 
Earnings Per Share Earnings Per Share (Details 2)
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
 
Stock options
1,656,741 
1,144,416 
1,676,943 
1,156,103 
Contingencies, Significant Estimates and Concentrations (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Mar. 31, 2016
Sep. 30, 2015
Personal Injury Actions and Other
 
 
Loss contingencies
 
 
Maximum self-insurance available per claim
$ 5.0 
 
Reserve for loss contingencies
38.3 
40.4 
Performance and specialty bonds
 
 
Loss contingencies
 
 
Commitments and contingencies
556.6 
469.9 
Standby letters of credit
 
 
Loss contingencies
 
 
Commitments and contingencies
$ 113.0 
$ 62.6 
Business Segment Information (Details)
6 Months Ended
Mar. 31, 2016
segment
Segment Reporting [Abstract]
 
Number of reportable segments of entity (in segments)
Business Segment Information (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Net sales:
 
 
 
 
Net sales
$ 1,524.3 
$ 1,554.2 
$ 2,776.3 
$ 2,907.5 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
91.4 
109.7 
121.7 
175.4 
Interest expense net of interest income
(15.1)
(28.2)
(29.2)
(41.8)
Miscellaneous other income (expense)
(1.0)
1.3 
(1.0)
Income before income taxes and equity in earnings of unconsolidated affiliates
75.3 
82.8 
91.5 
133.6 
Access Equipment
 
 
 
 
Net sales:
 
 
 
 
Net sales
754.3 
981.8 
1,284.1 
1,698.5 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
75.7 
136.9 
96.1 
214.1 
Access Equipment |
Aerial work platforms
 
 
 
 
Net sales:
 
 
 
 
Net sales
375.1 
432.5 
617.1 
709.8 
Access Equipment |
Telehandlers
 
 
 
 
Net sales:
 
 
 
 
Net sales
214.7 
379.7 
326.5 
670.1 
Access Equipment |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
164.5 
169.6 
340.5 
318.6 
Defense
 
 
 
 
Net sales:
 
 
 
 
Net sales
296.8 
157.6 
613.7 
426.8 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
27.8 
(12.0)
51.0 
(2.2)
Fire and Emergency
 
 
 
 
Net sales:
 
 
 
 
Net sales
237.2 
194.6 
442.6 
354.1 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
14.9 
9.0 
25.0 
10.5 
Commercial
 
 
 
 
Net sales:
 
 
 
 
Net sales
236.0 
220.2 
435.9 
428.1 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
17.2 
8.6 
26.1 
21.0 
Commercial |
Concrete placement
 
 
 
 
Net sales:
 
 
 
 
Net sales
111.3 
111.0 
183.6 
197.1 
Commercial |
Refuse collection
 
 
 
 
Net sales:
 
 
 
 
Net sales
99.5 
76.7 
198.5 
166.3 
Commercial |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
25.2 
32.5 
53.8 
64.7 
Corporate
 
 
 
 
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
(44.2)
(32.8)
(76.5)
(68.1)
Intersegment Eliminations [Member]
 
 
 
 
Net sales:
 
 
 
 
Net sales
Operating income (loss) from continuing operations:
 
 
 
 
Operating Income (Loss)
0.1 
Operating Segments [Member]
 
 
 
 
Net sales:
 
 
 
 
Net sales
1,524.3 
1,554.2 
2,776.3 
2,907.5 
Operating Segments [Member] |
Access Equipment
 
 
 
 
Net sales:
 
 
 
 
Net sales
754.3 
981.8 
1,284.1 
1,698.5 
Operating Segments [Member] |
Access Equipment |
Aerial work platforms
 
 
 
 
Net sales:
 
 
 
 
Net sales
375.1 
432.5 
617.1 
709.8 
Operating Segments [Member] |
Access Equipment |
Telehandlers
 
 
 
 
Net sales:
 
 
 
 
Net sales
214.7 
379.7 
326.5 
670.1 
Operating Segments [Member] |
Access Equipment |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
164.5 
169.6 
340.5 
318.6 
Operating Segments [Member] |
Defense
 
 
 
 
Net sales:
 
 
 
 
Net sales
297.0 
158.7 
615.0 
428.0 
Operating Segments [Member] |
Fire and Emergency
 
 
 
 
Net sales:
 
 
 
 
Net sales
240.4 
202.9 
447.9 
369.9 
Operating Segments [Member] |
Commercial
 
 
 
 
Net sales:
 
 
 
 
Net sales
236.7 
220.9 
437.0 
431.1 
Operating Segments [Member] |
Commercial |
Concrete placement
 
 
 
 
Net sales:
 
 
 
 
Net sales
111.3 
111.0 
183.6 
197.1 
Operating Segments [Member] |
Commercial |
Refuse collection
 
 
 
 
Net sales:
 
 
 
 
Net sales
99.5 
76.7 
198.5 
166.3 
Operating Segments [Member] |
Commercial |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
25.9 
33.2 
54.9 
67.7 
Operating Segments [Member] |
Intersegment Eliminations [Member]
 
 
 
 
Net sales:
 
 
 
 
Net sales
(4.1)
(10.1)
(7.7)
(20.0)
Intersegment Eliminations [Member]
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Access Equipment
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Access Equipment |
Aerial work platforms
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Access Equipment |
Telehandlers
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Access Equipment |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Defense
 
 
 
 
Net sales:
 
 
 
 
Net sales
0.2 
1.1 
1.3 
1.2 
Intersegment Eliminations [Member] |
Fire and Emergency
 
 
 
 
Net sales:
 
 
 
 
Net sales
3.2 
8.3 
5.3 
15.8 
Intersegment Eliminations [Member] |
Commercial
 
 
 
 
Net sales:
 
 
 
 
Net sales
0.7 
0.7 
1.1 
3.0 
Intersegment Eliminations [Member] |
Commercial |
Concrete placement
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Commercial |
Refuse collection
 
 
 
 
Net sales:
 
 
 
 
Net sales
Intersegment Eliminations [Member] |
Commercial |
Other
 
 
 
 
Net sales:
 
 
 
 
Net sales
0.7 
0.7 
1.1 
3.0 
Intersegment Eliminations [Member] |
Intersegment Eliminations [Member]
 
 
 
 
Net sales:
 
 
 
 
Net sales
$ (4.1)
$ (10.1)
$ (7.7)
$ (20.0)
Business Segment Information (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
$ 4,751.2 
 
$ 4,751.2 
 
$ 4,613.0 
Net sales
1,524.3 
1,554.2 
2,776.3 
2,907.5 
 
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Net sales
 
 
2,070.4 
2,321.0 
 
Other North America
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Net sales
 
 
116.3 
143.5 
 
Europe, Africa and Middle East
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Net sales
 
 
388.1 
229.6 
 
Rest of World
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Net sales
 
 
201.5 
213.4 
 
Access Equipment
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
2,928.6 
 
2,928.6 
 
2,911.6 
Net sales
754.3 
981.8 
1,284.1 
1,698.5 
 
Access Equipment |
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
2,168.1 
 
2,168.1 
 
2,178.7 
Access Equipment |
Europe
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
546.1 1
 
546.1 1
 
531.4 1
Access Equipment |
Rest of World
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
214.4 
 
214.4 
 
201.5 
Defense
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
573.3 
 
573.3 
 
429.6 
Net sales
296.8 
157.6 
613.7 
426.8 
 
Defense |
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
571.5 
 
571.5 
 
424.5 
Defense |
Rest of World
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
1.8 
 
1.8 
 
5.1 
Fire and Emergency
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Net sales
237.2 
194.6 
442.6 
354.1 
 
Fire and Emergency |
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
532.1 
 
532.1 
 
530.7 
Commercial
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
445.7 
 
445.7 
 
436.2 
Net sales
236.0 
220.2 
435.9 
428.1 
 
Commercial |
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
404.8 
 
404.8 
 
395.1 
Commercial |
Rest of World
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
40.9 1
 
40.9 1
 
41.1 1
Corporate
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
271.5 
 
271.5 
 
304.9 
Corporate |
U.S.
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
206.7 2
 
206.7 2
 
218.6 2
Corporate |
Rest of World
 
 
 
 
 
Revenue and assets by geography
 
 
 
 
 
Identifiable assets
$ 64.8 3
 
$ 64.8 3
 
$ 86.3 3
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Condensed Consolidating Statements of Income
 
 
 
 
Net sales
$ 1,524.3 
$ 1,554.2 
$ 2,776.3 
$ 2,907.5 
Cost of sales
1,265.0 
1,278.4 
2,334.2 
2,402.0 
Gross income
259.3 
275.8 
442.1 
505.5 
Selling, general and administrative
154.7 
152.8 
294.0 
303.3 
Amortization of purchased intangibles
13.2 
13.3 
26.4 
26.8 
Operating income
91.4 
109.7 
121.7 
175.4 
Interest expense
(15.6)
(28.8)
(30.2)
(43.2)
Interest income
0.5 
0.6 
1.0 
1.4 
Miscellaneous, net
(1.0)
1.3 
(1.0)
Income before income taxes and equity in earnings of unconsolidated affiliates
75.3 
82.8 
91.5 
133.6 
Provision for income taxes
20.3 
29.5 
22.0 
45.7 
Income before equity in earnings of unconsolidated affiliates
55.0 
53.3 
69.5 
87.9 
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries
Equity in earnings of unconsolidated affiliates
1.1 
1.3 
1.2 
1.4 
Net income
56.1 
54.6 
70.7 
89.3 
Net income
56.1 
54.6 
70.7 
89.3 
Other Comprehensive Income (Loss), Net of Tax
19.1 
(52.6)
8.6 
(75.7)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
75.2 
2.0 
79.3 
13.6 
Oshkosh Corporation
 
 
 
 
Condensed Consolidating Statements of Income
 
 
 
 
Net sales
Cost of sales
0.4 
0.3 
0.7 
0.3 
Gross income
(0.4)
(0.3)
(0.7)
(0.3)
Selling, general and administrative
35.0 
28.1 
58.6 
59.9 
Amortization of purchased intangibles
Operating income
(35.4)
(28.4)
(59.3)
(60.2)
Interest expense
(70.4)
(74.6)
(130.0)
(132.4)
Interest income
0.4 
0.4 
0.9 
0.9 
Miscellaneous, net
13.6 
10.0 
28.5 
18.2 
Income before income taxes and equity in earnings of unconsolidated affiliates
(91.8)
(92.6)
(159.9)
(173.5)
Provision for income taxes
(34.1)
(29.0)
(39.9)
(57.6)
Income before equity in earnings of unconsolidated affiliates
(57.7)
(63.6)
(120.0)
(115.9)
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries
113.8 
118.2 
191.0 
205.2 
Equity in earnings of unconsolidated affiliates
(0.3)
Net income
56.1 
54.6 
70.7 
89.3 
Other Comprehensive Income (Loss), Net of Tax
19.1 
(52.6)
8.6 
(75.7)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
75.2 
2.0 
79.3 
13.6 
Guarantor Subsidiaries
 
 
 
 
Condensed Consolidating Statements of Income
 
 
 
 
Net sales
1,284.0 
1,298.5 
2,340.8 
2,456.9 
Cost of sales
1,071.0 
1,087.7 
1,970.0 
2,054.5 
Gross income
213.0 
210.8 
370.8 
402.4 
Selling, general and administrative
96.9 
99.3 
186.2 
191.4 
Amortization of purchased intangibles
9.7 
9.9 
19.5 
19.7 
Operating income
106.4 
101.6 
165.1 
191.3 
Interest expense
(16.2)
(13.1)
(30.9)
(25.9)
Interest income
23.1 
16.0 
39.3 
31.3 
Miscellaneous, net
(50.5)
(5.7)
(91.9)
(69.0)
Income before income taxes and equity in earnings of unconsolidated affiliates
62.8 
98.8 
81.6 
127.7 
Provision for income taxes
18.8 
32.0 
20.4 
44.0 
Income before equity in earnings of unconsolidated affiliates
44.0 
66.8 
61.2 
83.7 
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries
36.0 
17.7 
54.1 
53.5 
Equity in earnings of unconsolidated affiliates
Net income
80.0 
84.5 
115.3 
137.2 
Other Comprehensive Income (Loss), Net of Tax
0.7 
(1.5)
(2.2)
(4.2)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
80.7 
83.0 
113.1 
133.0 
Non-Guarantor Subsidiaries
 
 
 
 
Condensed Consolidating Statements of Income
 
 
 
 
Net sales
269.4 
277.9 
489.8 
492.7 
Cost of sales
222.8 
212.3 
417.9 
389.3 
Gross income
46.6 
65.6 
71.9 
103.4 
Selling, general and administrative
22.8 
25.4 
49.2 
52.0 
Amortization of purchased intangibles
3.5 
3.4 
6.9 
7.1 
Operating income
20.3 
36.8 
15.8 
44.3 
Interest expense
(0.4)
(0.4)
(1.1)
(0.9)
Interest income
48.4 
43.5 
92.6 
85.2 
Miscellaneous, net
35.9 
(3.0)
62.4 
50.8 
Income before income taxes and equity in earnings of unconsolidated affiliates
104.2 
76.9 
169.7 
179.4 
Provision for income taxes
35.6 
26.6 
41.5 
59.3 
Income before equity in earnings of unconsolidated affiliates
68.6 
50.3 
128.2 
120.1 
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries
19.6 
72.1 
13.2 
84.6 
Equity in earnings of unconsolidated affiliates
1.1 
1.3 
1.5 
1.4 
Net income
89.3 
123.7 
142.9 
206.1 
Other Comprehensive Income (Loss), Net of Tax
18.0 
(42.1)
9.9 
(71.9)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
107.3 
81.6 
152.8 
134.2 
Eliminations
 
 
 
 
Condensed Consolidating Statements of Income
 
 
 
 
Net sales
(29.1)
(22.2)
(54.3)
(42.1)
Cost of sales
(29.2)
(21.9)
(54.4)
(42.1)
Gross income
0.1 
(0.3)
0.1 
Selling, general and administrative
Amortization of purchased intangibles
Operating income
0.1 
(0.3)
0.1 
Interest expense
71.4 
59.3 
131.8 
116.0 
Interest income
(71.4)
(59.3)
(131.8)
(116.0)
Miscellaneous, net
Income before income taxes and equity in earnings of unconsolidated affiliates
0.1 
(0.3)
0.1 
Provision for income taxes
(0.1)
Income before equity in earnings of unconsolidated affiliates
0.1 
(0.2)
0.1 
Income (Loss) from Equity Method Investments of Consolidated Subsidiaries
(169.4)
(208.0)
(258.3)
(343.3)
Equity in earnings of unconsolidated affiliates
Net income
(169.3)
(208.2)
(258.2)
(343.3)
Other Comprehensive Income (Loss), Net of Tax
(18.7)
43.6 
(7.7)
76.1 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
$ (188.0)
$ (164.6)
$ (265.9)
$ (267.2)
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Current assets:
 
 
 
 
Cash and cash equivalents
$ 38.4 
$ 42.9 
$ 53.4 
$ 313.8 
Receivables, net
1,046.0 
964.6 
 
 
Inventories, net
1,373.4 
1,301.7 
 
 
Other current assets
132.4 
120.1 
 
 
Total current assets
2,590.2 
2,429.3 
 
 
Investment in and advances to consolidated subsidiaries
 
 
Intercompany Receivables
 
 
Intangible assets, net
1,586.2 
1,607.8 
 
 
Other long-term assets
574.8 
575.9 
 
 
Total assets
4,751.2 
4,613.0 
 
 
Current liabilities:
 
 
 
 
Accounts payable
597.7 
552.8 
 
 
Customer advances
525.9 
440.2 
 
 
Other current liabilities
520.9 
465.1 
 
 
Total current liabilities
1,644.5 
1,458.1 
 
 
Long-term debt, less current maturities
845.0 
855.0 
 
 
Intercompany Payables
 
 
Other long-term liabilities
387.3 
388.8 
 
 
Shareholders' equity
1,874.4 
1,911.1 
 
 
Total liabilities and shareholders' equity
4,751.2 
4,613.0 
 
 
Oshkosh Corporation
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
5.8 
14.8 
13.1 
281.8 
Receivables, net
22.3 
29.4 
 
 
Inventories, net
 
 
Other current assets
22.5 
11.5 
 
 
Total current assets
50.6 
55.7 
 
 
Investment in and advances to consolidated subsidiaries
5,922.5 
5,744.0 
 
 
Intercompany Receivables
47.9 
47.2 
 
 
Intangible assets, net
 
 
Other long-term assets
120.8 
117.3 
 
 
Total assets
6,141.8 
5,964.2 
 
 
Current liabilities:
 
 
 
 
Accounts payable
12.4 
16.3 
 
 
Customer advances
 
 
Other current liabilities
215.0 
165.0 
 
 
Total current liabilities
227.4 
181.3 
 
 
Long-term debt, less current maturities
845.0 
855.0 
 
 
Intercompany Payables
3,134.4 
2,957.5 
 
 
Other long-term liabilities
60.6 
59.3 
 
 
Shareholders' equity
1,874.4 
1,911.1 
 
 
Total liabilities and shareholders' equity
6,141.8 
5,964.2 
 
 
Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
4.8 
6.3 
5.7 
4.7 
Receivables, net
819.3 
692.9 
 
 
Inventories, net
958.0 
926.2 
 
 
Other current assets
83.5 
81.7 
 
 
Total current assets
1,865.6 
1,707.1 
 
 
Investment in and advances to consolidated subsidiaries
1,206.2 
1,128.0 
 
 
Intercompany Receivables
1,051.8 
998.7 
 
 
Intangible assets, net
966.6 
984.4 
 
 
Other long-term assets
219.3 
228.9 
 
 
Total assets
5,309.5 
5,047.1 
 
 
Current liabilities:
 
 
 
 
Accounts payable
485.2 
415.3 
 
 
Customer advances
520.9 
438.3 
 
 
Other current liabilities
211.2 
202.4 
 
 
Total current liabilities
1,217.3 
1,056.0 
 
 
Long-term debt, less current maturities
 
 
Intercompany Payables
2,359.5 
2,372.5 
 
 
Other long-term liabilities
188.7 
191.3 
 
 
Shareholders' equity
1,544.0 
1,427.3 
 
 
Total liabilities and shareholders' equity
5,309.5 
5,047.1 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
27.8 
21.8 
34.6 
27.3 
Receivables, net
245.9 
290.1 
 
 
Inventories, net
415.4 
375.5 
 
 
Other current assets
26.4 
26.9 
 
 
Total current assets
715.5 
714.3 
 
 
Investment in and advances to consolidated subsidiaries
(183.1)
(192.4)
 
 
Intercompany Receivables
4,442.1 
4,331.3 
 
 
Intangible assets, net
619.6 
623.4 
 
 
Other long-term assets
234.7 
229.7 
 
 
Total assets
5,828.8 
5,706.3 
 
 
Current liabilities:
 
 
 
 
Accounts payable
141.4 
168.7 
 
 
Customer advances
5.0 
1.9 
 
 
Other current liabilities
94.9 
98.0 
 
 
Total current liabilities
241.3 
268.6 
 
 
Long-term debt, less current maturities
 
 
Intercompany Payables
47.9 
47.2 
 
 
Other long-term liabilities
138.0 
138.2 
 
 
Shareholders' equity
5,401.6 
5,252.3 
 
 
Total liabilities and shareholders' equity
5,828.8 
5,706.3 
 
 
Eliminations
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
Receivables, net
(41.5)
(47.8)
 
 
Inventories, net
 
 
Other current assets
 
 
Total current assets
(41.5)
(47.8)
 
 
Investment in and advances to consolidated subsidiaries
(6,945.6)
(6,679.6)
 
 
Intercompany Receivables
(5,541.8)
(5,377.2)
 
 
Intangible assets, net
 
 
Other long-term assets
 
 
Total assets
(12,528.9)
(12,104.6)
 
 
Current liabilities:
 
 
 
 
Accounts payable
(41.3)
(47.5)
 
 
Customer advances
 
 
Other current liabilities
(0.2)
(0.3)
 
 
Total current liabilities
(41.5)
(47.8)
 
 
Long-term debt, less current maturities
 
 
Intercompany Payables
(5,541.8)
(5,377.2)
 
 
Other long-term liabilities
 
 
Shareholders' equity
(6,945.6)
(6,679.6)
 
 
Total liabilities and shareholders' equity
$ (12,528.9)
$ (12,104.6)
 
 
Separate Financial Information of Subsidiary Guarantors of Indebtedness Details 3 (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$ 94.5 
$ (70.7)
 
 
Additions to property, plant and equipment
(40.3)
(69.8)
 
 
Additions to equipment held for rental
(22.7)
(15.5)
 
 
Proceeds from sale of equipment held for rental
26.1 
13.4 
 
 
Intercompany Investing
 
 
Other investing activities
(1.0)
(1.5)
 
 
Net Cash Provided by (Used in) Investing Activities
(37.9)
(73.4)
 
 
Net increase (decrease) in short-term debt
(21.3)
13.7 
 
 
Proceeds from issuance of debt (original maturities greater than three months)
273.5 
315.0 
 
 
Repayment of debt (original maturities greater than three months)
(190.0)
(325.0)
 
 
Repurchases of Common Stock
(100.1)
(88.1)
 
 
Dividends paid
(28.0)
(26.7)
 
 
Debt Issuance Costs
(15.4)
 
 
Proceeds from exercise of stock options
1.9 
3.4 
 
 
Excess tax benefit from stock-based compensation
0.9 
4.1 
 
 
Intercompany Financing
 
 
Net Cash Provided by (Used in) Financing Activities
(63.1)
(119.0)
 
 
Effect of exchange rate changes on cash
2.0 
2.7 
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(4.5)
(260.4)
 
 
Cash and cash equivalents
38.4 
53.4 
42.9 
313.8 
Oshkosh Corporation
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
(125.8)
(85.1)
 
 
Additions to property, plant and equipment
(12.7)
(14.4)
 
 
Additions to equipment held for rental
 
 
Proceeds from sale of equipment held for rental
 
 
Intercompany Investing
(0.7)
(19.0)
 
 
Other investing activities
(1.0)
(0.5)
 
 
Net Cash Provided by (Used in) Investing Activities
(14.4)
(33.9)
 
 
Net increase (decrease) in short-term debt
(21.3)
13.7 
 
 
Proceeds from issuance of debt (original maturities greater than three months)
270.0 
315.0 
 
 
Repayment of debt (original maturities greater than three months)
(190.0)
(325.0)
 
 
Repurchases of Common Stock
(100.1)
(88.1)
 
 
Dividends paid
(28.0)
(26.7)
 
 
Debt Issuance Costs
 
(15.4)
 
 
Proceeds from exercise of stock options
1.9 
3.4 
 
 
Excess tax benefit from stock-based compensation
0.9 
4.1 
 
 
Intercompany Financing
197.8 
(30.7)
 
 
Net Cash Provided by (Used in) Financing Activities
131.2 
(149.7)
 
 
Effect of exchange rate changes on cash
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(9.0)
(268.7)
 
 
Cash and cash equivalents
5.8 
13.1 
14.8 
281.8 
Guarantor Subsidiaries
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
99.3 
(20.6)
 
 
Additions to property, plant and equipment
(12.3)
(11.9)
 
 
Additions to equipment held for rental
 
 
Proceeds from sale of equipment held for rental
0.6 
 
 
Intercompany Investing
(76.4)
13.0 
 
 
Other investing activities
(0.7)
 
 
Net Cash Provided by (Used in) Investing Activities
(88.1)
0.4 
 
 
Net increase (decrease) in short-term debt
 
 
Proceeds from issuance of debt (original maturities greater than three months)
 
 
Repayment of debt (original maturities greater than three months)
 
 
Repurchases of Common Stock
 
 
Dividends paid
 
 
Debt Issuance Costs
 
 
 
Proceeds from exercise of stock options
 
 
Excess tax benefit from stock-based compensation
 
 
Intercompany Financing
(13.0)
22.0 
 
 
Net Cash Provided by (Used in) Financing Activities
(13.0)
22.0 
 
 
Effect of exchange rate changes on cash
0.3 
(0.8)
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(1.5)
1.0 
 
 
Cash and cash equivalents
4.8 
5.7 
6.3 
4.7 
Non-Guarantor Subsidiaries
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
121.0 
35.0 
 
 
Additions to property, plant and equipment
(15.3)
(43.5)
 
 
Additions to equipment held for rental
(22.7)
(15.5)
 
 
Proceeds from sale of equipment held for rental
25.5 
13.4 
 
 
Intercompany Investing
(108.4)
(19.0)
 
 
Other investing activities
(0.3)
 
 
Net Cash Provided by (Used in) Investing Activities
(120.9)
(64.9)
 
 
Net increase (decrease) in short-term debt
 
 
Proceeds from issuance of debt (original maturities greater than three months)
3.5 
 
 
Repayment of debt (original maturities greater than three months)
 
 
Repurchases of Common Stock
 
 
Dividends paid
 
 
Debt Issuance Costs
 
 
 
Proceeds from exercise of stock options
 
 
Excess tax benefit from stock-based compensation
 
 
Intercompany Financing
0.7 
33.7 
 
 
Net Cash Provided by (Used in) Financing Activities
4.2 
33.7 
 
 
Effect of exchange rate changes on cash
1.7 
3.5 
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
6.0 
7.3 
 
 
Cash and cash equivalents
27.8 
34.6 
21.8 
27.3 
Eliminations
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
 
 
Additions to property, plant and equipment
 
 
Additions to equipment held for rental
 
 
Proceeds from sale of equipment held for rental
 
 
Intercompany Investing
185.5 
25.0 
 
 
Other investing activities
 
 
Net Cash Provided by (Used in) Investing Activities
185.5 
25.0 
 
 
Net increase (decrease) in short-term debt
 
 
Proceeds from issuance of debt (original maturities greater than three months)
 
 
Repayment of debt (original maturities greater than three months)
 
 
Repurchases of Common Stock
 
 
Dividends paid
 
 
Debt Issuance Costs
 
 
 
Proceeds from exercise of stock options
 
 
Excess tax benefit from stock-based compensation
 
 
Intercompany Financing
(185.5)
(25.0)
 
 
Net Cash Provided by (Used in) Financing Activities
(185.5)
(25.0)
 
 
Effect of exchange rate changes on cash
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
 
 
Cash and cash equivalents
$ 0 
$ 0 
$ 0 
$ 0