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March 31, | September 30, | ||||||
2015 | 2014 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 28.6 | $ | 80.4 | |||
Costs and profits not billed | 20.1 | 21.3 | |||||
48.7 | 101.7 | ||||||
Other trade receivables | 902.2 | 848.9 | |||||
Finance receivables | 1.8 | 2.0 | |||||
Notes receivable | 28.0 | 25.6 | |||||
Other receivables | 53.5 | 34.0 | |||||
1,034.2 | 1,012.2 | ||||||
Less allowance for doubtful accounts | (21.2 | ) | (21.8 | ) | |||
$ | 1,013.0 | $ | 990.4 |
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Current receivables | $ | 993.8 | $ | 974.9 | |||
Long-term receivables | 19.2 | 15.5 | |||||
$ | 1,013.0 | $ | 990.4 |
Finance Receivables | Notes Receivable | ||||||||||||||
March 31, 2015 | September 30, 2014 | March 31, 2015 | September 30, 2014 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | — | $ | — | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | — | — | — | — | |||||||||||
Greater than 90 days | — | — | — | 2.2 | |||||||||||
Receivables on nonaccrual status | 1.3 | 1.3 | 18.6 | 18.3 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 0.5 | 0.7 | — | — | |||||||||||
Allowance for doubtful accounts | — | — | — | — | |||||||||||
Receivables subject to specific reserves | 1.3 | 1.3 | 28.0 | 25.6 | |||||||||||
Allowance for doubtful accounts | — | — | (12.1 | ) | (13.6 | ) |
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | — | $ | 13.1 | $ | 8.1 | $ | 21.2 | $ | 0.1 | $ | 11.0 | $ | 9.4 | $ | 20.5 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | — | 0.1 | 1.4 | 1.5 | 0.1 | 2.8 | 1.1 | 4.0 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.3 | ) | (0.3 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Foreign currency translation | — | (1.1 | ) | (0.1 | ) | (1.2 | ) | — | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 | $ | 0.2 | $ | 13.8 | $ | 10.0 | $ | 24.0 |
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | — | $ | 13.6 | $ | 8.2 | $ | 21.8 | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | — | 0.1 | 1.2 | 1.3 | 0.2 | 2.8 | 1.1 | 4.1 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.2 | ) | (0.2 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Foreign currency translation | — | (1.6 | ) | (0.1 | ) | (1.7 | ) | — | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 | $ | 0.2 | $ | 13.8 | $ | 10.0 | $ | 24.0 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Raw materials | $ | 528.2 | $ | 519.4 | |||
Partially finished products | 288.4 | 230.5 | |||||
Finished products | 498.6 | 336.4 | |||||
Inventories at FIFO cost | 1,315.2 | 1,086.3 | |||||
Less: | |||||||
Progress/performance-based payments on U.S. government contracts | (37.0 | ) | (42.5 | ) | |||
Excess of FIFO cost over LIFO cost | (81.7 | ) | (82.9 | ) | |||
$ | 1,196.5 | $ | 960.9 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Mezcladoras (Mexico) | $ | 10.8 | $ | 9.9 | |||
RiRent (The Netherlands) | 7.4 | 11.2 | |||||
$ | 18.2 | $ | 21.1 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Land and land improvements | $ | 57.5 | $ | 48.6 | |||
Buildings | 252.8 | 252.0 | |||||
Machinery and equipment | 645.7 | 624.8 | |||||
Equipment on operating lease to others | 44.4 | 41.0 | |||||
Construction in progress | 49.0 | 21.9 | |||||
1,049.4 | 988.3 | ||||||
Less accumulated depreciation | (604.5 | ) | (582.8 | ) | |||
$ | 444.9 | $ | 405.5 |
|
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2014 | $ | 898.2 | $ | 106.1 | $ | 21.2 | $ | 1,025.5 | |||||||
Foreign currency translation | (32.2 | ) | — | (0.3 | ) | (32.5 | ) | ||||||||
Net goodwill at March 31, 2015 | $ | 866.0 | $ | 106.1 | $ | 20.9 | $ | 993.0 |
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access equipment | $ | 1,798.1 | $ | (932.1 | ) | $ | 866.0 | $ | 1,830.3 | $ | (932.1 | ) | $ | 898.2 | |||||||||
Fire & emergency | 108.1 | (2.0 | ) | 106.1 | 108.1 | (2.0 | ) | 106.1 | |||||||||||||||
Commercial | 196.8 | (175.9 | ) | 20.9 | 197.1 | (175.9 | ) | 21.2 | |||||||||||||||
$ | 2,103.0 | $ | (1,110.0 | ) | $ | 993.0 | $ | 2,135.5 | $ | (1,110.0 | ) | $ | 1,025.5 |
March 31, 2015 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.8 | ) | $ | 29.6 | |||||
Non-compete | 10.5 | 56.4 | (56.3 | ) | 0.1 | ||||||||
Technology-related | 11.9 | 103.9 | (79.2 | ) | 24.7 | ||||||||
Customer relationships | 12.8 | 545.1 | (360.5 | ) | 184.6 | ||||||||
Other | 16.6 | 16.6 | (14.1 | ) | 2.5 | ||||||||
14.5 | 777.4 | (535.9 | ) | 241.5 | |||||||||
Non-amortizable trade names | 387.0 | — | 387.0 | ||||||||||
$ | 1,164.4 | $ | (535.9 | ) | $ | 628.5 |
September 30, 2014 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.1 | ) | $ | 30.3 | |||||
Non-compete | 10.5 | 56.4 | (56.2 | ) | 0.2 | ||||||||
Technology-related | 11.9 | 103.9 | (75.1 | ) | 28.8 | ||||||||
Customer relationships | 12.7 | 559.4 | (350.8 | ) | 208.6 | ||||||||
Other | 16.6 | 16.6 | (13.8 | ) | 2.8 | ||||||||
14.4 | 791.7 | (521.0 | ) | 270.7 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,178.9 | $ | (521.0 | ) | $ | 657.9 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Senior Secured Term Loan | $ | 385.0 | $ | 395.0 | |||
8½% Senior notes due March 2020 | — | 250.0 | |||||
5.375% Senior notes due March 2022 | 250.0 | 250.0 | |||||
5.375% Senior notes due March 2025 | 250.0 | — | |||||
885.0 | 895.0 | ||||||
Less current maturities | (20.0 | ) | (20.0 | ) | |||
$ | 865.0 | $ | 875.0 | ||||
Revolving Credit Facility | $ | 13.7 | $ | — | |||
Current maturities of long-term debt | 20.0 | 20.0 | |||||
$ | 33.7 | $ | 20.0 |
• | Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of 4.50 to 1.00. |
• | Interest Coverage Ratio: A minimum interest coverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated EBITDA to the Company’s consolidated cash interest expense) as of the last day of any fiscal quarter of 2.50 to 1.00. |
• | Senior Secured Leverage Ratio: A maximum senior secured leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated secured indebtedness to the Company’s consolidated EBITDA) of 3.00 to 1.00. |
i. | 50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and |
ii. | 100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
|
Six Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Balance at beginning of period | $ | 91.2 | $ | 101.3 | |||
Warranty provisions | 19.5 | 20.1 | |||||
Settlements made | (24.5 | ) | (28.2 | ) | |||
Changes in liability for pre-existing warranties, net | (3.2 | ) | 0.9 | ||||
Foreign currency translation | (1.6 | ) | 0.2 | ||||
Balance at end of period | $ | 81.4 | $ | 94.3 |
|
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Balance at beginning of period | $ | 4.8 | $ | 4.4 | $ | 4.6 | $ | 4.3 | |||||||
Provision for new credit guarantees | 0.9 | 0.4 | 1.5 | 0.7 | |||||||||||
Settlements made | — | — | — | (0.1 | ) | ||||||||||
Changes for pre-existing guarantees, net | (0.5 | ) | — | (0.4 | ) | — | |||||||||
Amortization of previous guarantees | (0.9 | ) | (0.4 | ) | (1.3 | ) | (0.5 | ) | |||||||
Foreign currency translation | — | — | (0.1 | ) | — | ||||||||||
Balance at end of period | $ | 4.3 | $ | 4.4 | $ | 4.3 | $ | 4.4 |
|
March 31, 2015 | September 30, 2014 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | $ | 0.6 | $ | 0.5 | $ | 3.4 | $ | 0.4 |
Classification of Gains (Losses) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Foreign exchange contracts | Miscellaneous, net | $ | 5.4 | $ | (1.4 | ) | $ | 8.8 | $ | (0.9 | ) |
|
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. |
Level 3: | Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 22.9 | $ | — | $ | — | $ | 22.9 | |||||||
Foreign currency exchange derivatives (b) | — | 0.6 | — | 0.6 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | $ | — | $ | 0.5 | $ | — | $ | 0.5 |
(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 estimated using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in the Condensed Consolidated Statements of Income. |
(b) | Based on observable market transactions of forward currency prices. |
|
|
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 3.0 | $ | 2.8 | $ | 6.0 | $ | 5.6 | |||||||
Interest cost | 4.5 | 4.4 | 9.0 | 8.8 | |||||||||||
Expected return on plan assets | (4.5 | ) | (4.8 | ) | (9.1 | ) | (9.3 | ) | |||||||
Amortization of prior service cost | 0.4 | 0.6 | 0.8 | 1.0 | |||||||||||
Curtailment | — | 4.1 | — | 4.1 | |||||||||||
Amortization of net actuarial loss | 0.6 | 0.3 | 1.3 | 0.5 | |||||||||||
Net periodic benefit cost | $ | 4.0 | $ | 7.4 | $ | 8.0 | $ | 10.7 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | 0.9 | $ | 1.2 | |||||||
Interest cost | 0.4 | 0.5 | 0.8 | 1.0 | |||||||||||
Amortization of prior service cost | (0.3 | ) | (0.4 | ) | (0.5 | ) | (0.8 | ) | |||||||
Curtailment | — | — | (3.4 | ) | — | ||||||||||
Amortization of net actuarial loss | 0.1 | — | 0.1 | 0.1 | |||||||||||
Net periodic benefit cost (income) | $ | 0.7 | $ | 0.7 | $ | (2.1 | ) | $ | 1.5 |
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Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance at beginning of period | $ | (44.4 | ) | $ | (47.9 | ) | $ | (92.3 | ) | $ | (22.8 | ) | $ | 12.1 | $ | (10.7 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | (53.1 | ) | (53.1 | ) | — | 2.5 | 2.5 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | — | 0.5 | 0.3 | — | 0.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.5 | (53.1 | ) | (52.6 | ) | 0.3 | 2.5 | 2.8 | |||||||||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | (144.9 | ) | $ | (22.5 | ) | $ | 14.6 | $ | (7.9 | ) |
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | ||||||||||||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance at beginning of period | $ | (44.2 | ) | $ | (25.0 | ) | $ | (69.2 | ) | $ | (23.0 | ) | $ | 8.4 | $ | (14.6 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | (76.0 | ) | (76.0 | ) | — | 6.2 | 6.2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | — | 0.3 | 0.5 | — | 0.5 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.3 | (76.0 | ) | (75.7 | ) | 0.5 | 6.2 | 6.7 | |||||||||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | (144.9 | ) | $ | (22.5 | ) | $ | 14.6 | $ | (7.9 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||||||
Prior service costs | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.3 | ) | $ | (0.2 | ) | |||
Actuarial losses | (0.7 | ) | (0.3 | ) | (1.4 | ) | (0.6 | ) | |||||||
Curtailment | — | — | 1.2 | — | |||||||||||
Total before tax | (0.8 | ) | (0.5 | ) | (0.5 | ) | (0.8 | ) | |||||||
Tax benefit | 0.3 | 0.2 | 0.2 | 0.3 | |||||||||||
Net of tax | $ | (0.5 | ) | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.5 | ) |
|
|
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 432.5 | $ | — | $ | 432.5 | $ | 421.0 | $ | — | $ | 421.0 | |||||||||||
Telehandlers | 379.7 | — | 379.7 | 299.7 | — | 299.7 | |||||||||||||||||
Other | 169.6 | — | 169.6 | 145.3 | — | 145.3 | |||||||||||||||||
Total access equipment | 981.8 | — | 981.8 | 866.0 | — | 866.0 | |||||||||||||||||
Defense | 157.6 | 1.1 | 158.7 | 484.3 | 0.1 | 484.4 | |||||||||||||||||
Fire & emergency | 194.6 | 8.3 | 202.9 | 146.9 | 9.2 | 156.1 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 111.0 | — | 111.0 | 93.7 | — | 93.7 | |||||||||||||||||
Refuse collection | 76.7 | — | 76.7 | 60.6 | — | 60.6 | |||||||||||||||||
Other | 32.5 | 0.7 | 33.2 | 26.4 | 1.6 | 28.0 | |||||||||||||||||
Total commercial | 220.2 | 0.7 | 220.9 | 180.7 | 1.6 | 182.3 | |||||||||||||||||
Intersegment eliminations | — | (10.1 | ) | (10.1 | ) | — | (10.9 | ) | (10.9 | ) | |||||||||||||
Consolidated sales | $ | 1,554.2 | $ | — | $ | 1,554.2 | $ | 1,677.9 | $ | — | $ | 1,677.9 |
Six Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 709.8 | $ | — | $ | 709.8 | $ | 737.5 | $ | — | $ | 737.5 | |||||||||||
Telehandlers | 670.1 | — | 670.1 | 517.4 | — | 517.4 | |||||||||||||||||
Other | 318.6 | — | 318.6 | 279.7 | — | 279.7 | |||||||||||||||||
Total access equipment | 1,698.5 | — | 1,698.5 | 1,534.6 | — | 1,534.6 | |||||||||||||||||
Defense | 426.8 | 1.2 | 428.0 | 965.6 | 0.1 | 965.7 | |||||||||||||||||
Fire & emergency | 354.1 | 15.8 | 369.9 | 335.9 | 18.2 | 354.1 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 197.1 | — | 197.1 | 175.1 | — | 175.1 | |||||||||||||||||
Refuse collection | 166.3 | — | 166.3 | 141.4 | — | 141.4 | |||||||||||||||||
Other | 64.7 | 3.0 | 67.7 | 55.5 | 2.9 | 58.4 | |||||||||||||||||
Total commercial | 428.1 | 3.0 | 431.1 | 372.0 | 2.9 | 374.9 | |||||||||||||||||
Intersegment eliminations | — | (20.0 | ) | (20.0 | ) | — | (21.2 | ) | (21.2 | ) | |||||||||||||
Consolidated sales | $ | 2,907.5 | $ | — | $ | 2,907.5 | $ | 3,208.1 | $ | — | $ | 3,208.1 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating income (loss): | |||||||||||||||
Access equipment | $ | 136.9 | $ | 116.6 | $ | 214.1 | $ | 206.9 | |||||||
Defense | (12.0 | ) | 34.5 | (2.2 | ) | 59.3 | |||||||||
Fire & emergency | 9.0 | 1.0 | 10.5 | 7.9 | |||||||||||
Commercial | 8.6 | 5.4 | 21.0 | 15.6 | |||||||||||
Corporate | (32.8 | ) | (38.1 | ) | (68.1 | ) | (73.7 | ) | |||||||
Intersegment eliminations | — | — | 0.1 | (0.1 | ) | ||||||||||
Consolidated | 109.7 | 119.4 | 175.4 | 215.9 | |||||||||||
Interest expense, net of interest income | (28.2 | ) | (26.5 | ) | (41.8 | ) | (42.2 | ) | |||||||
Miscellaneous other income (expense) | 1.3 | 0.5 | — | (1.2 | ) | ||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ | 82.8 | $ | 93.4 | $ | 133.6 | $ | 172.5 |
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Identifiable assets: | |||||||
Access equipment: | |||||||
U.S. | $ | 2,299.4 | $ | 1,937.0 | |||
Europe (a) | 555.0 | 727.5 | |||||
Rest of the World | 213.2 | 251.4 | |||||
Total access equipment | 3,067.6 | 2,915.9 | |||||
Defense: | |||||||
U.S. | 291.9 | 275.1 | |||||
Rest of the World | 1.5 | — | |||||
Total defense | 293.4 | 275.1 | |||||
Fire & emergency - U.S. | 481.1 | 527.0 | |||||
Commercial: | |||||||
U.S. | 415.7 | 394.5 | |||||
Rest of the World (a) | 36.4 | 35.5 | |||||
Total commercial | 452.1 | 430.0 | |||||
Corporate: | |||||||
U.S. | 196.1 | 398.0 | |||||
Rest of the World | 65.6 | 40.7 | |||||
Total corporate | 261.7 | 438.7 | |||||
Consolidated | $ | 4,555.9 | $ | 4,586.7 |
(a) | Includes investments in unconsolidated affiliates. |
Six Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net sales: | |||||||
United States | $ | 2,321.0 | $ | 2,452.8 | |||
Other North America | 143.5 | 145.9 | |||||
Europe, Africa and Middle East | 229.6 | 332.7 | |||||
Rest of the World | 213.4 | 276.7 | |||||
Consolidated | $ | 2,907.5 | $ | 3,208.1 |
|
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 1,429.1 | $ | 269.5 | $ | (20.7 | ) | $ | 1,677.9 | ||||||||
Cost of sales | 0.7 | 1,190.4 | 216.0 | (20.4 | ) | 1,386.7 | |||||||||||||
Gross income | (0.7 | ) | 238.7 | 53.5 | (0.3 | ) | 291.2 | ||||||||||||
Selling, general and administrative expenses | 34.1 | 102.5 | 21.4 | — | 158.0 | ||||||||||||||
Amortization of purchased intangibles | — | 10.0 | 3.8 | — | 13.8 | ||||||||||||||
Operating income (loss) | (34.8 | ) | 126.2 | 28.3 | (0.3 | ) | 119.4 | ||||||||||||
Interest expense | (71.2 | ) | (12.1 | ) | (0.7 | ) | 57.0 | (27.0 | ) | ||||||||||
Interest income | 0.7 | 14.5 | 42.3 | (57.0 | ) | 0.5 | |||||||||||||
Miscellaneous, net | 12.7 | (41.4 | ) | 29.2 | — | 0.5 | |||||||||||||
Income (loss) before income taxes | (92.6 | ) | 87.2 | 99.1 | (0.3 | ) | 93.4 | ||||||||||||
Provision for (benefit from) income taxes | (37.2 | ) | 35.1 | 25.1 | (0.1 | ) | 22.9 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (55.4 | ) | 52.1 | 74.0 | (0.2 | ) | 70.5 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 126.9 | 35.1 | 36.9 | (198.9 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.0 | — | 1.0 | ||||||||||||||
Net income | 71.5 | 87.2 | 111.9 | (199.1 | ) | 71.5 | |||||||||||||
Other comprehensive income (loss), net of tax | 2.8 | 1.4 | 1.1 | (2.5 | ) | 2.8 | |||||||||||||
Comprehensive income | $ | 74.3 | $ | 88.6 | $ | 113.0 | $ | (201.6 | ) | $ | 74.3 |
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 2,771.2 | $ | 477.4 | $ | (40.5 | ) | $ | 3,208.1 | ||||||||
Cost of sales | 1.2 | 2,323.8 | 377.0 | (40.2 | ) | 2,661.8 | |||||||||||||
Gross income | (1.2 | ) | 447.4 | 100.4 | (0.3 | ) | 546.3 | ||||||||||||
Selling, general and administrative expenses | 66.0 | 188.1 | 48.6 | — | 302.7 | ||||||||||||||
Amortization of purchased intangibles | — | 20.0 | 7.7 | — | 27.7 | ||||||||||||||
Operating income (loss) | (67.2 | ) | 239.3 | 44.1 | (0.3 | ) | 215.9 | ||||||||||||
Interest expense | (131.6 | ) | (24.5 | ) | (1.6 | ) | 114.5 | (43.2 | ) | ||||||||||
Interest income | 1.5 | 29.1 | 84.9 | (114.5 | ) | 1.0 | |||||||||||||
Miscellaneous, net | 22.0 | (70.5 | ) | 47.3 | — | (1.2 | ) | ||||||||||||
Income (loss) before income taxes | (175.3 | ) | 173.4 | 174.7 | (0.3 | ) | 172.5 | ||||||||||||
Provision for (benefit from) income taxes | (62.7 | ) | 63.0 | 47.4 | (0.1 | ) | 47.6 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (112.6 | ) | 110.4 | 127.3 | (0.2 | ) | 124.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 239.0 | 51.3 | 79.3 | (369.6 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.5 | — | 1.5 | ||||||||||||||
Net income | 126.4 | 161.7 | 208.1 | (369.8 | ) | 126.4 | |||||||||||||
Other comprehensive income (loss), net of tax | 6.7 | (0.3 | ) | 6.5 | (6.2 | ) | 6.7 | ||||||||||||
Comprehensive income | $ | 133.1 | $ | 161.4 | $ | 214.6 | $ | (376.0 | ) | $ | 133.1 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 5.7 | $ | 34.6 | $ | — | $ | 53.4 | |||||||||
Receivables, net | 31.2 | 762.2 | 246.2 | (45.8 | ) | 993.8 | |||||||||||||
Inventories, net | — | 795.8 | 400.7 | — | 1,196.5 | ||||||||||||||
Other current assets | 25.5 | 80.4 | 26.8 | — | 132.7 | ||||||||||||||
Total current assets | 69.8 | 1,644.1 | 708.3 | (45.8 | ) | 2,376.4 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,491.2 | 1,052.3 | (258.2 | ) | (6,285.3 | ) | — | ||||||||||||
Intercompany receivables | 36.5 | 928.6 | 4,204.5 | (5,169.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,005.5 | 616.0 | — | 1,621.5 | ||||||||||||||
Other long-term assets | 116.3 | 225.3 | 216.4 | — | 558.0 | ||||||||||||||
Total assets | $ | 5,713.8 | $ | 4,855.8 | $ | 5,487.0 | $ | (11,500.7 | ) | $ | 4,555.9 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 12.4 | $ | 487.6 | $ | 147.0 | $ | (45.2 | ) | $ | 601.8 | ||||||||
Customer advances | — | 339.8 | 2.7 | — | 342.5 | ||||||||||||||
Other current liabilities | 111.6 | 213.9 | 112.5 | (0.6 | ) | 437.4 | |||||||||||||
Total current liabilities | 124.0 | 1,041.3 | 262.2 | (45.8 | ) | 1,381.7 | |||||||||||||
Long-term debt, less current maturities | 865.0 | — | — | — | 865.0 | ||||||||||||||
Intercompany payables | 2,743.8 | 2,385.5 | 40.3 | (5,169.6 | ) | — | |||||||||||||
Other long-term liabilities | 83.0 | 189.6 | 138.6 | — | 411.2 | ||||||||||||||
Shareholders' equity | 1,898.0 | 1,239.4 | 5,045.9 | (6,285.3 | ) | 1,898.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,713.8 | $ | 4,855.8 | $ | 5,487.0 | $ | (11,500.7 | ) | $ | 4,555.9 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 | |||||||||
Receivables, net | 35.3 | 756.4 | 233.7 | (50.5 | ) | 974.9 | |||||||||||||
Inventories, net | — | 624.3 | 337.7 | (1.1 | ) | 960.9 | |||||||||||||
Other current assets | 32.2 | 78.0 | 24.1 | 0.4 | 134.7 | ||||||||||||||
Total current assets | 349.3 | 1,463.4 | 622.8 | (51.2 | ) | 2,384.3 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,375.8 | 1,009.3 | (337.1 | ) | (6,048.0 | ) | — | ||||||||||||
Intercompany receivables | 46.2 | 1,027.2 | 4,187.2 | (5,260.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,028.3 | 655.1 | — | 1,683.4 | ||||||||||||||
Other long-term assets | 109.3 | 224.1 | 185.6 | — | 519.0 | ||||||||||||||
Total assets | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 14.4 | $ | 485.1 | $ | 137.7 | $ | (50.5 | ) | $ | 586.7 | ||||||||
Customer advances | — | 308.1 | 2.0 | — | 310.1 | ||||||||||||||
Other current liabilities | 110.5 | 210.6 | 94.4 | (0.7 | ) | 414.8 | |||||||||||||
Total current liabilities | 124.9 | 1,003.8 | 234.1 | (51.2 | ) | 1,311.6 | |||||||||||||
Long-term debt, less current maturities | 875.0 | — | — | — | 875.0 | ||||||||||||||
Intercompany payables | 2,815.9 | 2,398.5 | 46.2 | (5,260.6 | ) | — | |||||||||||||
Other long-term liabilities | 79.8 | 190.0 | 145.3 | — | 415.1 | ||||||||||||||
Shareholders' equity | 1,985.0 | 1,160.0 | 4,888.0 | (6,048.0 | ) | 1,985.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
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: | |||||||||||||||||||
Repayment of long-term debt | (260.0 | ) | — | — | — | (260.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 250.0 | — | — | — | 250.0 | ||||||||||||||
Proceeds under revolving credit facility | 13.7 | — | — | — | 13.7 | ||||||||||||||
Repurchases of Common Stock | (88.1 | ) | — | — | — | (88.1 | ) | ||||||||||||
Debt issuance costs | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||
Proceeds from exercise of stock options | 3.4 | — | — | — | 3.4 | ||||||||||||||
Dividends paid | (26.7 | ) | — | — | — | (26.7 | ) | ||||||||||||
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (43.0 | ) | $ | (88.0 | ) | $ | 76.7 | $ | — | $ | (54.3 | ) | ||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (16.0 | ) | (13.2 | ) | (7.2 | ) | — | (36.4 | ) | ||||||||||
Additions to equipment held for rental | — | — | (11.0 | ) | — | (11.0 | ) | ||||||||||||
Contribution to rabbi trust | (1.9 | ) | — | — | — | (1.9 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | — | 2.7 | — | 2.7 | ||||||||||||||
Intercompany investing | (0.1 | ) | — | (57.7 | ) | 57.8 | — | ||||||||||||
Other investing activities | (0.5 | ) | — | 0.1 | — | (0.4 | ) | ||||||||||||
Net cash provided (used) by investing activities | (18.5 | ) | (13.2 | ) | (73.1 | ) | 57.8 | (47.0 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayment of long-term debt | (705.0 | ) | — | — | — | (705.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 650.0 | — | — | — | 650.0 | ||||||||||||||
Repurchases of Common Stock | (152.8 | ) | — | — | — | (152.8 | ) | ||||||||||||
Debt issuance costs | (18.8 | ) | — | — | — | (18.8 | ) | ||||||||||||
Proceeds from exercise of stock options | 33.6 | — | — | — | 33.6 | ||||||||||||||
Dividends paid | (25.4 | ) | — | — | — | (25.4 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 6.5 | — | — | — | 6.5 | ||||||||||||||
Intercompany financing | (46.3 | ) | 104.0 | 0.1 | (57.8 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (258.2 | ) | 104.0 | 0.1 | (57.8 | ) | (211.9 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (0.1 | ) | (0.2 | ) | — | (0.3 | ) | |||||||||||
Increase (decrease) in cash and cash equivalents | (319.7 | ) | 2.7 | 3.5 | — | (313.5 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 711.7 | 2.7 | 19.1 | — | 733.5 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 392.0 | $ | 5.4 | $ | 22.6 | $ | — | $ | 420.0 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 28.6 | $ | 80.4 | |||
Costs and profits not billed | 20.1 | 21.3 | |||||
48.7 | 101.7 | ||||||
Other trade receivables | 902.2 | 848.9 | |||||
Finance receivables | 1.8 | 2.0 | |||||
Notes receivable | 28.0 | 25.6 | |||||
Other receivables | 53.5 | 34.0 | |||||
1,034.2 | 1,012.2 | ||||||
Less allowance for doubtful accounts | (21.2 | ) | (21.8 | ) | |||
$ | 1,013.0 | $ | 990.4 |
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Current receivables | $ | 993.8 | $ | 974.9 | |||
Long-term receivables | 19.2 | 15.5 | |||||
$ | 1,013.0 | $ | 990.4 |
Finance Receivables | Notes Receivable | ||||||||||||||
March 31, 2015 | September 30, 2014 | March 31, 2015 | September 30, 2014 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | — | $ | — | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | — | — | — | — | |||||||||||
Greater than 90 days | — | — | — | 2.2 | |||||||||||
Receivables on nonaccrual status | 1.3 | 1.3 | 18.6 | 18.3 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 0.5 | 0.7 | — | — | |||||||||||
Allowance for doubtful accounts | — | — | — | — | |||||||||||
Receivables subject to specific reserves | 1.3 | 1.3 | 28.0 | 25.6 | |||||||||||
Allowance for doubtful accounts | — | — | (12.1 | ) | (13.6 | ) |
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | — | $ | 13.1 | $ | 8.1 | $ | 21.2 | $ | 0.1 | $ | 11.0 | $ | 9.4 | $ | 20.5 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | — | 0.1 | 1.4 | 1.5 | 0.1 | 2.8 | 1.1 | 4.0 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.3 | ) | (0.3 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Foreign currency translation | — | (1.1 | ) | (0.1 | ) | (1.2 | ) | — | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 | $ | 0.2 | $ | 13.8 | $ | 10.0 | $ | 24.0 |
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | — | $ | 13.6 | $ | 8.2 | $ | 21.8 | $ | — | $ | 11.0 | $ | 9.4 | $ | 20.4 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | — | 0.1 | 1.2 | 1.3 | 0.2 | 2.8 | 1.1 | 4.1 | |||||||||||||||||||||||
Charge-off of accounts | — | — | (0.2 | ) | (0.2 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||||||||
Foreign currency translation | — | (1.6 | ) | (0.1 | ) | (1.7 | ) | — | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | — | $ | 12.1 | $ | 9.1 | $ | 21.2 | $ | 0.2 | $ | 13.8 | $ | 10.0 | $ | 24.0 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Raw materials | $ | 528.2 | $ | 519.4 | |||
Partially finished products | 288.4 | 230.5 | |||||
Finished products | 498.6 | 336.4 | |||||
Inventories at FIFO cost | 1,315.2 | 1,086.3 | |||||
Less: | |||||||
Progress/performance-based payments on U.S. government contracts | (37.0 | ) | (42.5 | ) | |||
Excess of FIFO cost over LIFO cost | (81.7 | ) | (82.9 | ) | |||
$ | 1,196.5 | $ | 960.9 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Mezcladoras (Mexico) | $ | 10.8 | $ | 9.9 | |||
RiRent (The Netherlands) | 7.4 | 11.2 | |||||
$ | 18.2 | $ | 21.1 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Land and land improvements | $ | 57.5 | $ | 48.6 | |||
Buildings | 252.8 | 252.0 | |||||
Machinery and equipment | 645.7 | 624.8 | |||||
Equipment on operating lease to others | 44.4 | 41.0 | |||||
Construction in progress | 49.0 | 21.9 | |||||
1,049.4 | 988.3 | ||||||
Less accumulated depreciation | (604.5 | ) | (582.8 | ) | |||
$ | 444.9 | $ | 405.5 |
|
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2014 | $ | 898.2 | $ | 106.1 | $ | 21.2 | $ | 1,025.5 | |||||||
Foreign currency translation | (32.2 | ) | — | (0.3 | ) | (32.5 | ) | ||||||||
Net goodwill at March 31, 2015 | $ | 866.0 | $ | 106.1 | $ | 20.9 | $ | 993.0 |
March 31, 2015 | September 30, 2014 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access equipment | $ | 1,798.1 | $ | (932.1 | ) | $ | 866.0 | $ | 1,830.3 | $ | (932.1 | ) | $ | 898.2 | |||||||||
Fire & emergency | 108.1 | (2.0 | ) | 106.1 | 108.1 | (2.0 | ) | 106.1 | |||||||||||||||
Commercial | 196.8 | (175.9 | ) | 20.9 | 197.1 | (175.9 | ) | 21.2 | |||||||||||||||
$ | 2,103.0 | $ | (1,110.0 | ) | $ | 993.0 | $ | 2,135.5 | $ | (1,110.0 | ) | $ | 1,025.5 |
March 31, 2015 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.8 | ) | $ | 29.6 | |||||
Non-compete | 10.5 | 56.4 | (56.3 | ) | 0.1 | ||||||||
Technology-related | 11.9 | 103.9 | (79.2 | ) | 24.7 | ||||||||
Customer relationships | 12.8 | 545.1 | (360.5 | ) | 184.6 | ||||||||
Other | 16.6 | 16.6 | (14.1 | ) | 2.5 | ||||||||
14.5 | 777.4 | (535.9 | ) | 241.5 | |||||||||
Non-amortizable trade names | 387.0 | — | 387.0 | ||||||||||
$ | 1,164.4 | $ | (535.9 | ) | $ | 628.5 |
September 30, 2014 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (25.1 | ) | $ | 30.3 | |||||
Non-compete | 10.5 | 56.4 | (56.2 | ) | 0.2 | ||||||||
Technology-related | 11.9 | 103.9 | (75.1 | ) | 28.8 | ||||||||
Customer relationships | 12.7 | 559.4 | (350.8 | ) | 208.6 | ||||||||
Other | 16.6 | 16.6 | (13.8 | ) | 2.8 | ||||||||
14.4 | 791.7 | (521.0 | ) | 270.7 | |||||||||
Non-amortizable trade names | 387.2 | — | 387.2 | ||||||||||
$ | 1,178.9 | $ | (521.0 | ) | $ | 657.9 |
|
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Senior Secured Term Loan | $ | 385.0 | $ | 395.0 | |||
8½% Senior notes due March 2020 | — | 250.0 | |||||
5.375% Senior notes due March 2022 | 250.0 | 250.0 | |||||
5.375% Senior notes due March 2025 | 250.0 | — | |||||
885.0 | 895.0 | ||||||
Less current maturities | (20.0 | ) | (20.0 | ) | |||
$ | 865.0 | $ | 875.0 | ||||
Revolving Credit Facility | $ | 13.7 | $ | — | |||
Current maturities of long-term debt | 20.0 | 20.0 | |||||
$ | 33.7 | $ | 20.0 |
|
Six Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Balance at beginning of period | $ | 91.2 | $ | 101.3 | |||
Warranty provisions | 19.5 | 20.1 | |||||
Settlements made | (24.5 | ) | (28.2 | ) | |||
Changes in liability for pre-existing warranties, net | (3.2 | ) | 0.9 | ||||
Foreign currency translation | (1.6 | ) | 0.2 | ||||
Balance at end of period | $ | 81.4 | $ | 94.3 |
|
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Balance at beginning of period | $ | 4.8 | $ | 4.4 | $ | 4.6 | $ | 4.3 | |||||||
Provision for new credit guarantees | 0.9 | 0.4 | 1.5 | 0.7 | |||||||||||
Settlements made | — | — | — | (0.1 | ) | ||||||||||
Changes for pre-existing guarantees, net | (0.5 | ) | — | (0.4 | ) | — | |||||||||
Amortization of previous guarantees | (0.9 | ) | (0.4 | ) | (1.3 | ) | (0.5 | ) | |||||||
Foreign currency translation | — | — | (0.1 | ) | — | ||||||||||
Balance at end of period | $ | 4.3 | $ | 4.4 | $ | 4.3 | $ | 4.4 |
|
March 31, 2015 | September 30, 2014 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | $ | 0.6 | $ | 0.5 | $ | 3.4 | $ | 0.4 |
Classification of Gains (Losses) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||
Foreign exchange contracts | Miscellaneous, net | $ | 5.4 | $ | (1.4 | ) | $ | 8.8 | $ | (0.9 | ) |
|
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 22.9 | $ | — | $ | — | $ | 22.9 | |||||||
Foreign currency exchange derivatives (b) | — | 0.6 | — | 0.6 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | $ | — | $ | 0.5 | $ | — | $ | 0.5 |
(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 estimated using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in the Condensed Consolidated Statements of Income. |
(b) | Based on observable market transactions of forward currency prices. |
|
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | 0.9 | $ | 1.2 | |||||||
Interest cost | 0.4 | 0.5 | 0.8 | 1.0 | |||||||||||
Amortization of prior service cost | (0.3 | ) | (0.4 | ) | (0.5 | ) | (0.8 | ) | |||||||
Curtailment | — | — | (3.4 | ) | — | ||||||||||
Amortization of net actuarial loss | 0.1 | — | 0.1 | 0.1 | |||||||||||
Net periodic benefit cost (income) | $ | 0.7 | $ | 0.7 | $ | (2.1 | ) | $ | 1.5 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 3.0 | $ | 2.8 | $ | 6.0 | $ | 5.6 | |||||||
Interest cost | 4.5 | 4.4 | 9.0 | 8.8 | |||||||||||
Expected return on plan assets | (4.5 | ) | (4.8 | ) | (9.1 | ) | (9.3 | ) | |||||||
Amortization of prior service cost | 0.4 | 0.6 | 0.8 | 1.0 | |||||||||||
Curtailment | — | 4.1 | — | 4.1 | |||||||||||
Amortization of net actuarial loss | 0.6 | 0.3 | 1.3 | 0.5 | |||||||||||
Net periodic benefit cost | $ | 4.0 | $ | 7.4 | $ | 8.0 | $ | 10.7 |
|
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance at beginning of period | $ | (44.4 | ) | $ | (47.9 | ) | $ | (92.3 | ) | $ | (22.8 | ) | $ | 12.1 | $ | (10.7 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | (53.1 | ) | (53.1 | ) | — | 2.5 | 2.5 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.5 | — | 0.5 | 0.3 | — | 0.3 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.5 | (53.1 | ) | (52.6 | ) | 0.3 | 2.5 | 2.8 | |||||||||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | (144.9 | ) | $ | (22.5 | ) | $ | 14.6 | $ | (7.9 | ) |
Six Months Ended March 31, 2015 | Six Months Ended March 31, 2014 | ||||||||||||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance at beginning of period | $ | (44.2 | ) | $ | (25.0 | ) | $ | (69.2 | ) | $ | (23.0 | ) | $ | 8.4 | $ | (14.6 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | (76.0 | ) | (76.0 | ) | — | 6.2 | 6.2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.3 | — | 0.3 | 0.5 | — | 0.5 | |||||||||||||||||
Net current period other comprehensive income (loss) | 0.3 | (76.0 | ) | (75.7 | ) | 0.5 | 6.2 | 6.7 | |||||||||||||||
Balance at end of period | $ | (43.9 | ) | $ | (101.0 | ) | $ | (144.9 | ) | $ | (22.5 | ) | $ | 14.6 | $ | (7.9 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||||||
Prior service costs | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.3 | ) | $ | (0.2 | ) | |||
Actuarial losses | (0.7 | ) | (0.3 | ) | (1.4 | ) | (0.6 | ) | |||||||
Curtailment | — | — | 1.2 | — | |||||||||||
Total before tax | (0.8 | ) | (0.5 | ) | (0.5 | ) | (0.8 | ) | |||||||
Tax benefit | 0.3 | 0.2 | 0.2 | 0.3 | |||||||||||
Net of tax | $ | (0.5 | ) | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.5 | ) |
|
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 432.5 | $ | — | $ | 432.5 | $ | 421.0 | $ | — | $ | 421.0 | |||||||||||
Telehandlers | 379.7 | — | 379.7 | 299.7 | — | 299.7 | |||||||||||||||||
Other | 169.6 | — | 169.6 | 145.3 | — | 145.3 | |||||||||||||||||
Total access equipment | 981.8 | — | 981.8 | 866.0 | — | 866.0 | |||||||||||||||||
Defense | 157.6 | 1.1 | 158.7 | 484.3 | 0.1 | 484.4 | |||||||||||||||||
Fire & emergency | 194.6 | 8.3 | 202.9 | 146.9 | 9.2 | 156.1 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 111.0 | — | 111.0 | 93.7 | — | 93.7 | |||||||||||||||||
Refuse collection | 76.7 | — | 76.7 | 60.6 | — | 60.6 | |||||||||||||||||
Other | 32.5 | 0.7 | 33.2 | 26.4 | 1.6 | 28.0 | |||||||||||||||||
Total commercial | 220.2 | 0.7 | 220.9 | 180.7 | 1.6 | 182.3 | |||||||||||||||||
Intersegment eliminations | — | (10.1 | ) | (10.1 | ) | — | (10.9 | ) | (10.9 | ) | |||||||||||||
Consolidated sales | $ | 1,554.2 | $ | — | $ | 1,554.2 | $ | 1,677.9 | $ | — | $ | 1,677.9 |
Six Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 709.8 | $ | — | $ | 709.8 | $ | 737.5 | $ | — | $ | 737.5 | |||||||||||
Telehandlers | 670.1 | — | 670.1 | 517.4 | — | 517.4 | |||||||||||||||||
Other | 318.6 | — | 318.6 | 279.7 | — | 279.7 | |||||||||||||||||
Total access equipment | 1,698.5 | — | 1,698.5 | 1,534.6 | — | 1,534.6 | |||||||||||||||||
Defense | 426.8 | 1.2 | 428.0 | 965.6 | 0.1 | 965.7 | |||||||||||||||||
Fire & emergency | 354.1 | 15.8 | 369.9 | 335.9 | 18.2 | 354.1 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 197.1 | — | 197.1 | 175.1 | — | 175.1 | |||||||||||||||||
Refuse collection | 166.3 | — | 166.3 | 141.4 | — | 141.4 | |||||||||||||||||
Other | 64.7 | 3.0 | 67.7 | 55.5 | 2.9 | 58.4 | |||||||||||||||||
Total commercial | 428.1 | 3.0 | 431.1 | 372.0 | 2.9 | 374.9 | |||||||||||||||||
Intersegment eliminations | — | (20.0 | ) | (20.0 | ) | — | (21.2 | ) | (21.2 | ) | |||||||||||||
Consolidated sales | $ | 2,907.5 | $ | — | $ | 2,907.5 | $ | 3,208.1 | $ | — | $ | 3,208.1 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating income (loss): | |||||||||||||||
Access equipment | $ | 136.9 | $ | 116.6 | $ | 214.1 | $ | 206.9 | |||||||
Defense | (12.0 | ) | 34.5 | (2.2 | ) | 59.3 | |||||||||
Fire & emergency | 9.0 | 1.0 | 10.5 | 7.9 | |||||||||||
Commercial | 8.6 | 5.4 | 21.0 | 15.6 | |||||||||||
Corporate | (32.8 | ) | (38.1 | ) | (68.1 | ) | (73.7 | ) | |||||||
Intersegment eliminations | — | — | 0.1 | (0.1 | ) | ||||||||||
Consolidated | 109.7 | 119.4 | 175.4 | 215.9 | |||||||||||
Interest expense, net of interest income | (28.2 | ) | (26.5 | ) | (41.8 | ) | (42.2 | ) | |||||||
Miscellaneous other income (expense) | 1.3 | 0.5 | — | (1.2 | ) | ||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ | 82.8 | $ | 93.4 | $ | 133.6 | $ | 172.5 |
March 31, | September 30, | ||||||
2015 | 2014 | ||||||
Identifiable assets: | |||||||
Access equipment: | |||||||
U.S. | $ | 2,299.4 | $ | 1,937.0 | |||
Europe (a) | 555.0 | 727.5 | |||||
Rest of the World | 213.2 | 251.4 | |||||
Total access equipment | 3,067.6 | 2,915.9 | |||||
Defense: | |||||||
U.S. | 291.9 | 275.1 | |||||
Rest of the World | 1.5 | — | |||||
Total defense | 293.4 | 275.1 | |||||
Fire & emergency - U.S. | 481.1 | 527.0 | |||||
Commercial: | |||||||
U.S. | 415.7 | 394.5 | |||||
Rest of the World (a) | 36.4 | 35.5 | |||||
Total commercial | 452.1 | 430.0 | |||||
Corporate: | |||||||
U.S. | 196.1 | 398.0 | |||||
Rest of the World | 65.6 | 40.7 | |||||
Total corporate | 261.7 | 438.7 | |||||
Consolidated | $ | 4,555.9 | $ | 4,586.7 |
(a) | Includes investments in unconsolidated affiliates. |
Six Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Net sales: | |||||||
United States | $ | 2,321.0 | $ | 2,452.8 | |||
Other North America | 143.5 | 145.9 | |||||
Europe, Africa and Middle East | 229.6 | 332.7 | |||||
Rest of the World | 213.4 | 276.7 | |||||
Consolidated | $ | 2,907.5 | $ | 3,208.1 |
|
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 1,429.1 | $ | 269.5 | $ | (20.7 | ) | $ | 1,677.9 | ||||||||
Cost of sales | 0.7 | 1,190.4 | 216.0 | (20.4 | ) | 1,386.7 | |||||||||||||
Gross income | (0.7 | ) | 238.7 | 53.5 | (0.3 | ) | 291.2 | ||||||||||||
Selling, general and administrative expenses | 34.1 | 102.5 | 21.4 | — | 158.0 | ||||||||||||||
Amortization of purchased intangibles | — | 10.0 | 3.8 | — | 13.8 | ||||||||||||||
Operating income (loss) | (34.8 | ) | 126.2 | 28.3 | (0.3 | ) | 119.4 | ||||||||||||
Interest expense | (71.2 | ) | (12.1 | ) | (0.7 | ) | 57.0 | (27.0 | ) | ||||||||||
Interest income | 0.7 | 14.5 | 42.3 | (57.0 | ) | 0.5 | |||||||||||||
Miscellaneous, net | 12.7 | (41.4 | ) | 29.2 | — | 0.5 | |||||||||||||
Income (loss) before income taxes | (92.6 | ) | 87.2 | 99.1 | (0.3 | ) | 93.4 | ||||||||||||
Provision for (benefit from) income taxes | (37.2 | ) | 35.1 | 25.1 | (0.1 | ) | 22.9 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (55.4 | ) | 52.1 | 74.0 | (0.2 | ) | 70.5 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 126.9 | 35.1 | 36.9 | (198.9 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.0 | — | 1.0 | ||||||||||||||
Net income | 71.5 | 87.2 | 111.9 | (199.1 | ) | 71.5 | |||||||||||||
Other comprehensive income (loss), net of tax | 2.8 | 1.4 | 1.1 | (2.5 | ) | 2.8 | |||||||||||||
Comprehensive income | $ | 74.3 | $ | 88.6 | $ | 113.0 | $ | (201.6 | ) | $ | 74.3 |
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 2,771.2 | $ | 477.4 | $ | (40.5 | ) | $ | 3,208.1 | ||||||||
Cost of sales | 1.2 | 2,323.8 | 377.0 | (40.2 | ) | 2,661.8 | |||||||||||||
Gross income | (1.2 | ) | 447.4 | 100.4 | (0.3 | ) | 546.3 | ||||||||||||
Selling, general and administrative expenses | 66.0 | 188.1 | 48.6 | — | 302.7 | ||||||||||||||
Amortization of purchased intangibles | — | 20.0 | 7.7 | — | 27.7 | ||||||||||||||
Operating income (loss) | (67.2 | ) | 239.3 | 44.1 | (0.3 | ) | 215.9 | ||||||||||||
Interest expense | (131.6 | ) | (24.5 | ) | (1.6 | ) | 114.5 | (43.2 | ) | ||||||||||
Interest income | 1.5 | 29.1 | 84.9 | (114.5 | ) | 1.0 | |||||||||||||
Miscellaneous, net | 22.0 | (70.5 | ) | 47.3 | — | (1.2 | ) | ||||||||||||
Income (loss) before income taxes | (175.3 | ) | 173.4 | 174.7 | (0.3 | ) | 172.5 | ||||||||||||
Provision for (benefit from) income taxes | (62.7 | ) | 63.0 | 47.4 | (0.1 | ) | 47.6 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (112.6 | ) | 110.4 | 127.3 | (0.2 | ) | 124.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 239.0 | 51.3 | 79.3 | (369.6 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 1.5 | — | 1.5 | ||||||||||||||
Net income | 126.4 | 161.7 | 208.1 | (369.8 | ) | 126.4 | |||||||||||||
Other comprehensive income (loss), net of tax | 6.7 | (0.3 | ) | 6.5 | (6.2 | ) | 6.7 | ||||||||||||
Comprehensive income | $ | 133.1 | $ | 161.4 | $ | 214.6 | $ | (376.0 | ) | $ | 133.1 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 13.1 | $ | 5.7 | $ | 34.6 | $ | — | $ | 53.4 | |||||||||
Receivables, net | 31.2 | 762.2 | 246.2 | (45.8 | ) | 993.8 | |||||||||||||
Inventories, net | — | 795.8 | 400.7 | — | 1,196.5 | ||||||||||||||
Other current assets | 25.5 | 80.4 | 26.8 | — | 132.7 | ||||||||||||||
Total current assets | 69.8 | 1,644.1 | 708.3 | (45.8 | ) | 2,376.4 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,491.2 | 1,052.3 | (258.2 | ) | (6,285.3 | ) | — | ||||||||||||
Intercompany receivables | 36.5 | 928.6 | 4,204.5 | (5,169.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,005.5 | 616.0 | — | 1,621.5 | ||||||||||||||
Other long-term assets | 116.3 | 225.3 | 216.4 | — | 558.0 | ||||||||||||||
Total assets | $ | 5,713.8 | $ | 4,855.8 | $ | 5,487.0 | $ | (11,500.7 | ) | $ | 4,555.9 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 12.4 | $ | 487.6 | $ | 147.0 | $ | (45.2 | ) | $ | 601.8 | ||||||||
Customer advances | — | 339.8 | 2.7 | — | 342.5 | ||||||||||||||
Other current liabilities | 111.6 | 213.9 | 112.5 | (0.6 | ) | 437.4 | |||||||||||||
Total current liabilities | 124.0 | 1,041.3 | 262.2 | (45.8 | ) | 1,381.7 | |||||||||||||
Long-term debt, less current maturities | 865.0 | — | — | — | 865.0 | ||||||||||||||
Intercompany payables | 2,743.8 | 2,385.5 | 40.3 | (5,169.6 | ) | — | |||||||||||||
Other long-term liabilities | 83.0 | 189.6 | 138.6 | — | 411.2 | ||||||||||||||
Shareholders' equity | 1,898.0 | 1,239.4 | 5,045.9 | (6,285.3 | ) | 1,898.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,713.8 | $ | 4,855.8 | $ | 5,487.0 | $ | (11,500.7 | ) | $ | 4,555.9 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 | |||||||||
Receivables, net | 35.3 | 756.4 | 233.7 | (50.5 | ) | 974.9 | |||||||||||||
Inventories, net | — | 624.3 | 337.7 | (1.1 | ) | 960.9 | |||||||||||||
Other current assets | 32.2 | 78.0 | 24.1 | 0.4 | 134.7 | ||||||||||||||
Total current assets | 349.3 | 1,463.4 | 622.8 | (51.2 | ) | 2,384.3 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,375.8 | 1,009.3 | (337.1 | ) | (6,048.0 | ) | — | ||||||||||||
Intercompany receivables | 46.2 | 1,027.2 | 4,187.2 | (5,260.6 | ) | — | |||||||||||||
Intangible assets, net | — | 1,028.3 | 655.1 | — | 1,683.4 | ||||||||||||||
Other long-term assets | 109.3 | 224.1 | 185.6 | — | 519.0 | ||||||||||||||
Total assets | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 14.4 | $ | 485.1 | $ | 137.7 | $ | (50.5 | ) | $ | 586.7 | ||||||||
Customer advances | — | 308.1 | 2.0 | — | 310.1 | ||||||||||||||
Other current liabilities | 110.5 | 210.6 | 94.4 | (0.7 | ) | 414.8 | |||||||||||||
Total current liabilities | 124.9 | 1,003.8 | 234.1 | (51.2 | ) | 1,311.6 | |||||||||||||
Long-term debt, less current maturities | 875.0 | — | — | — | 875.0 | ||||||||||||||
Intercompany payables | 2,815.9 | 2,398.5 | 46.2 | (5,260.6 | ) | — | |||||||||||||
Other long-term liabilities | 79.8 | 190.0 | 145.3 | — | 415.1 | ||||||||||||||
Shareholders' equity | 1,985.0 | 1,160.0 | 4,888.0 | (6,048.0 | ) | 1,985.0 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,880.6 | $ | 4,752.3 | $ | 5,313.6 | $ | (11,359.8 | ) | $ | 4,586.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
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: | |||||||||||||||||||
Repayment of long-term debt | (260.0 | ) | — | — | — | (260.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 250.0 | — | — | — | 250.0 | ||||||||||||||
Proceeds under revolving credit facility | 13.7 | — | — | — | 13.7 | ||||||||||||||
Repurchases of Common Stock | (88.1 | ) | — | — | — | (88.1 | ) | ||||||||||||
Debt issuance costs | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||
Proceeds from exercise of stock options | 3.4 | — | — | — | 3.4 | ||||||||||||||
Dividends paid | (26.7 | ) | — | — | — | (26.7 | ) | ||||||||||||
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 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (43.0 | ) | $ | (88.0 | ) | $ | 76.7 | $ | — | $ | (54.3 | ) | ||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (16.0 | ) | (13.2 | ) | (7.2 | ) | — | (36.4 | ) | ||||||||||
Additions to equipment held for rental | — | — | (11.0 | ) | — | (11.0 | ) | ||||||||||||
Contribution to rabbi trust | (1.9 | ) | — | — | — | (1.9 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | — | 2.7 | — | 2.7 | ||||||||||||||
Intercompany investing | (0.1 | ) | — | (57.7 | ) | 57.8 | — | ||||||||||||
Other investing activities | (0.5 | ) | — | 0.1 | — | (0.4 | ) | ||||||||||||
Net cash provided (used) by investing activities | (18.5 | ) | (13.2 | ) | (73.1 | ) | 57.8 | (47.0 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayment of long-term debt | (705.0 | ) | — | — | — | (705.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt | 650.0 | — | — | — | 650.0 | ||||||||||||||
Repurchases of Common Stock | (152.8 | ) | — | — | — | (152.8 | ) | ||||||||||||
Debt issuance costs | (18.8 | ) | — | — | — | (18.8 | ) | ||||||||||||
Proceeds from exercise of stock options | 33.6 | — | — | — | 33.6 | ||||||||||||||
Dividends paid | (25.4 | ) | — | — | — | (25.4 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 6.5 | — | — | — | 6.5 | ||||||||||||||
Intercompany financing | (46.3 | ) | 104.0 | 0.1 | (57.8 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (258.2 | ) | 104.0 | 0.1 | (57.8 | ) | (211.9 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (0.1 | ) | (0.2 | ) | — | (0.3 | ) | |||||||||||
Increase (decrease) in cash and cash equivalents | (319.7 | ) | 2.7 | 3.5 | — | (313.5 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 711.7 | 2.7 | 19.1 | — | 733.5 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 392.0 | $ | 5.4 | $ | 22.6 | $ | — | $ | 420.0 |
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