OSHKOSH CORP, 10-Q filed on 1/27/2015
Quarterly Report
Document and Entity Information
3 Months Ended
Dec. 31, 2014
Jan. 20, 2015
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
OSHKOSH CORP 
 
Entity Central Index Key
0000775158 
 
Document Type
10-Q 
 
Document Period End Date
Dec. 31, 2014 
 
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)
 
78,140,407 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q1 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Income Statement [Abstract]
 
 
Net sales
$ 1,353.3 
$ 1,530.2 
Cost of sales
1,123.6 
1,275.1 
Gross income
229.7 
255.1 
Operating expenses:
 
 
Selling, general and administrative
150.5 
144.7 
Amortization of purchased intangibles
13.5 
13.9 
Total operating expenses
164.0 
158.6 
Operating income
65.7 
96.5 
Other income (expense):
 
 
Interest expense
(14.4)
(16.2)
Interest income
0.8 
0.5 
Miscellaneous, net
(1.3)
(1.7)
Income before income taxes and equity in earnings of unconsolidated affiliates
50.8 
79.1 
Provision for income taxes
16.2 
24.7 
Income before equity in earnings of unconsolidated affiliates
34.6 
54.4 
Equity in earnings of unconsolidated affiliates
0.1 
0.5 
Net income
$ 34.7 
$ 54.9 
Earnings per share attributable to common shareholders:
 
 
From continuing operations (in dollars per share)
$ 0.44 
$ 0.64 
Earnings per share attributable to common shareholders-diluted:
 
 
From continuing operations (in dollars per share)
$ 0.43 
$ 0.63 
Common Stock, Dividends, Per Share, Declared
$ 0.17 
$ 0.15 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Net income
$ 34.7 
$ 54.9 
Other comprehensive income (loss), net of tax:
 
 
Employee pension and postretirement benefits
(0.2)
0.2 
Currency translation adjustments
(22.9)
3.7 
Total other comprehensive income (loss), net of tax
(23.1)
3.9 
Comprehensive income
$ 11.6 
$ 58.8 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Sep. 30, 2014
Current assets:
 
 
Cash and cash equivalents
$ 111.0 
$ 313.8 
Receivables, net
799.5 
974.9 
Inventories, net
1,114.5 
960.9 
Deferred income taxes, net
66.8 
66.3 
Prepaid income taxes
24.4 
22.7 
Other current assets
43.7 
45.7 
Total current assets
2,159.9 
2,384.3 
Investment in unconsolidated affiliates
18.8 
21.1 
Property, plant and equipment, net
437.5 
405.5 
Goodwill
1,015.6 
1,025.5 
Purchased intangible assets, net
643.6 
657.9 
Other long-term assets
89.3 
92.4 
Total assets
4,364.7 
4,586.7 
Current liabilities:
 
 
Revolving credit facility and current maturities of long-term debt
20.0 
20.0 
Accounts payable
455.5 
586.7 
Customer advances
340.9 
310.1 
Payroll-related obligations
100.6 
147.2 
Accrued warranty
83.6 
91.2 
Other current liabilities
180.3 
156.4 
Total current liabilities
1,180.9 
1,311.6 
Long-term debt, less current maturities
870.0 
875.0 
Deferred income taxes, net
123.7 
125.0 
Other long-term liabilities
288.4 
290.1 
Commitments and contingencies
   
   
Shareholders' equity:
 
 
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding)
0 
0 
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,101,465 shares issued)
0.9 
0.9 
Additional paid-in capital
759.5 
758.0 
Retained earnings
1,861.4 
1,840.1 
Accumulated other comprehensive loss
(92.3)
(69.2)
Common Stock in treasury, at cost (13,968,319 and 12,256,103 shares, respectively)
(627.8)
(544.8)
Total shareholders’ equity
1,901.7 
1,985.0 
Total liabilities and shareholders' equity
$ 4,364.7 
$ 4,586.7 
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2014
Sep. 30, 2014
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
 
 
Preferred Stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred Stock, shares authorized
2,000,000 
2,000,000 
Preferred Stock, shares issued
0 
0 
Preferred Stock, shares outstanding
0 
0 
Common Stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common Stock, shares authorized
300,000,000 
300,000,000 
Common Stock, shares issued
92,101,465 
92,101,465 
Common Stock in treasury, shares
13,968,319 
12,256,103 
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, 2013
$ 2,107.8 
$ 0.9 
$ 725.6 
$ 1,581.5 
$ (14.6)
$ (185.6)
Changes in Equity
 
 
 
 
 
 
Net income
54.9 
 
 
54.9 
 
 
Employee pension and postretirement benefits, net of tax
0.2 
 
 
 
0.2 
 
Currency translation adjustments, net
3.7 
 
 
 
3.7 
 
Cash Dividends
(12.8)
 
 
(12.8)
 
 
Repurchases of common stock
(145.5)
 
 
 
 
(145.5)
Exercise of stock options
16.1 
 
(2.8)
 
 
18.9 
Stock-based compensation expense
4.9 
 
4.9 
 
 
 
Excess tax benefit from stock-based compensation
5.0 
 
5.0 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid
0 
 
(1.9)
 
 
1.9 
Payments Related to Tax Withholding for Share-based Compensation
(1.5)
 
 
 
 
(1.5)
Other
0 
 
0 
0 
 
0 
Balance at Dec. 31, 2013
2,032.8 
0.9 
730.8 
1,623.6 
(10.7)
(311.8)
Balance at Sep. 30, 2014
1,985.0 
0.9 
758.0 
1,840.1 
(69.2)
(544.8)
Changes in Equity
 
 
 
 
 
 
Net income
34.7 
 
 
34.7 
 
 
Employee pension and postretirement benefits, net of tax
(0.2)
 
 
 
(0.2)
 
Currency translation adjustments, net
(22.9)
 
 
 
(22.9)
 
Cash Dividends
(13.4)
 
 
(13.4)
 
 
Repurchases of common stock
(88.1)
 
 
 
 
(88.1)
Exercise of stock options
2.2 
 
(0.2)
 
 
2.4 
Stock-based compensation expense
5.0 
 
5.0 
 
 
 
Excess tax benefit from stock-based compensation
4.0 
 
4.0 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid
0 
 
(7.4)
 
 
7.4 
Payments Related to Tax Withholding for Share-based Compensation
(4.7)
 
 
 
 
(4.7)
Other
0.1 
 
0.1 
 
 
0 
Balance at Dec. 31, 2014
$ 1,901.7 
$ 0.9 
$ 759.5 
$ 1,861.4 
$ (92.3)
$ (627.8)
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
 
 
Employee pension and postretirement benefits, tax
$ (0.1)
$ 0.1 
Common Stock, Dividends, Per Share, Declared
$ 0.17 
$ 0.15 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Operating activities:
 
 
Net income
$ 34.7 
$ 54.9 
Depreciation and amortization
30.5 
30.8 
Stock-based compensation expense
5.0 
4.9 
Deferred income taxes
(0.2)
(2.8)
Proceeds from Equity Method Investment, Dividends or Distributions
2.8 
0 
Other non-cash adjustments
1.5 
(0.4)
Changes in operating assets and liabilities
(126.6)
(82.7)
Net cash provided (used) by operating activities
(52.3)
4.7 
Investing activities:
 
 
Additions to property, plant and equipment
(39.0)
(14.3)
Additions to equipment held for rental
(13.2)
(9.5)
Contribution to rabbi trust
0 
(1.9)
Proceeds from sale of equipment held for rental
2.6 
0.3 
Other investing activities
(0.6)
(0.3)
Net cash used by investing activities
(50.2)
(25.7)
Net Cash Provided by (Used in) Financing Activities [Abstract]
 
 
Repurchases of Common Stock
(88.1)
(145.5)
Repayment of long-term debt
(5.0)
(16.2)
Proceeds from exercise of stock options
2.2 
16.1 
Dividends paid
(13.4)
(12.8)
Excess tax benefit from stock-based compensation
4.0 
4.9 
Net cash used by financing activities
(100.3)
(153.5)
Effect of exchange rate changes on cash
0 
(0.3)
Decrease in cash and cash equivalents
(202.8)
(174.8)
Cash and cash equivalents at beginning of period
313.8 
733.5 
Cash and cash equivalents at end of period
111.0 
558.7 
Supplemental disclosures:
 
 
Cash paid for interest
4.5 
4.4 
Cash paid for income taxes
$ 10.2 
$ 9.9 
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 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, 2014. 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 2014 financial statements to conform to the fiscal 2015 presentation.
New Accounting Standards
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Standards

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

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

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

Receivables consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
U.S. government:
 
 
 
Amounts billed
$
57.8

 
$
80.4

Costs and profits not billed
16.5

 
21.3

 
74.3

 
101.7

Other trade receivables
699.4

 
848.9

Finance receivables
1.8

 
2.0

Notes receivable
21.8

 
25.6

Other receivables
37.6

 
34.0

 
834.9

 
1,012.2

Less allowance for doubtful accounts
(21.2
)
 
(21.8
)
 
$
813.7

 
$
990.4



Costs and profits not billed include undefinitized change orders on existing long-term contracts and “not-to-exceed” undefinitized contracts whereby the Company cannot invoice the customer the full price under the contract or contract change order until such contract or change order is definitized and agreed to with the customer following a review of costs under such a contract or change order, even though the contract deliverables may have been met. Definitization of a change order on an existing long-term contract or a sole source contract begins when the U.S. government customer undertakes a detailed review of the Company’s submitted costs and proposed margin related to the contract and concludes with a final change order. The Company recognizes revenue on undefinitized contracts to the extent that it can reasonably and reliably estimate the expected final contract price and when collectability is reasonably assured. To the extent that contract definitization results in changes to previously estimated or incurred costs or revenues, the Company records those adjustments as a change in estimate. During the three months ended December 31, 2013, the Company recorded revenue in the access equipment segment of $7.5 million related to changes in estimates on undefinitized contracts. The change increased net income by $4.7 million, or $0.05 per share, for the three months ended December 31, 2013.

Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Current receivables
$
799.5

 
$
974.9

Long-term receivables
14.2

 
15.5

 
$
813.7

 
$
990.4


Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
Finance Receivables
 
Notes Receivable
 
December 31, 2014
 
September 30, 2014
 
December 31, 2014
 
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

 
20.5

 
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

 
21.8

 
25.6

Allowance for doubtful accounts
—

 
—

 
(13.1
)
 
(13.6
)


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

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

Notes Receivable: Notes receivable include amounts related to refinancing of trade accounts and finance receivables. As of December 31, 2014, approximately 79% of the notes receivable balance outstanding was due from two parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. Notes receivable are written down if management determines that the specific borrower does not have the ability to repay the loan in full. Certain notes receivable are collateralized by a security interest in the underlying assets and/or other assets owned by the debtor. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers' financial obligations is not realized.

Quality of Finance and Notes Receivable: The Company does not accrue interest income on finance and notes receivable in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance and notes receivable are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. 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 December 31, 2014, restructured finance and notes receivables were $0.6 million and $17.6 million, respectively. Losses on troubled debt restructurings were not significant during the three months ended December 31, 2014 and 2013, respectively. The Company agreed to restructure a note receivable with a customer during the three months ended December 31, 2014. Under the terms of the restructured note, the maturity date was changed from June 30, 2017 to December 31, 2019. The restructured note requires the customer to make semi-annual payments of principal and interest with a balloon payment due at maturity, consistent with the previous note. At December 31, 2014, the outstanding balance of the restructured note, net of reserves, was $4.0 million.

Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
 
Three Months Ended December 31, 2014
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
—

 
$
13.6

 
$
8.2

 
$
21.8

Provision for doubtful accounts, net of recoveries
—

 
—

 
(0.2
)
 
(0.2
)
Charge-off of accounts
—

 
—

 
0.1

 
0.1

Foreign currency translation
—

 
(0.5
)
 
—

 
(0.5
)
Allowance for doubtful accounts at end of period
$
—

 
$
13.1

 
$
8.1

 
$
21.2

 
Three Months Ended December 31, 2013
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
—

 
$
11.0

 
$
9.4

 
$
20.4

Provision for doubtful accounts, net of recoveries
0.1

 
—

 
—

 
0.1

Charge-off of accounts
—

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
0.1

 
$
11.0

 
$
9.4

 
$
20.5




Inventories
Inventories
Inventories

Inventories consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
 
2014
 
2014
Raw materials
$
517.3

 
$
519.4

Partially finished products
260.7

 
230.5

Finished products
448.8

 
336.4

Inventories at FIFO cost
1,226.8

 
1,086.3

Less:
Progress/performance-based payments on U.S. government contracts
(31.0
)
 
(42.5
)
 
Excess of FIFO cost over LIFO cost
(81.3
)
 
(82.9
)
 
 
$
1,114.5

 
$
960.9



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):
 
December 31,
 
September 30,
 
2014
 
2014
Mezcladoras (Mexico)
$
10.9

 
$
9.9

RiRent (The Netherlands)
7.9

 
11.2

 
$
18.8

 
$
21.1


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 $4.5 million and $2.3 million during the three months ended December 31, 2014 and 2013, 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. For the three months ended December 31, 2014 and 2013, the Company recognized service fees of $0.3 million and $0.2 million, respectively.

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. The last sale of new equipment to RiRent by the Company was in October 2013. To the extent that RiRent has existing outstanding contracts, those contracts will continue to be maintained. The Company received a dividend of €2.25 million ($2.8 million) from RiRent during the three months ended December 31, 2014. Indebtedness of RiRent is secured by the underlying leases and assets of RiRent. All such RiRent indebtedness is non-recourse to the Company and its partner. Under RiRent’s €2.0 million bank credit facility, the partners of RiRent have committed that RiRent will maintain an overall equity to asset ratio of at least 30.0% (RiRent's equity to asset ratio was 72.4% as of December 31, 2014).
Property, Plant and Equipment
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Land and land improvements
$
57.5

 
$
48.6

Buildings
254.6

 
252.0

Machinery and equipment
629.8

 
624.8

Equipment on operating lease to others
51.8

 
41.0

Construction in progress
39.8

 
21.9

 
1,033.5

 
988.3

Less accumulated depreciation
(596.0
)
 
(582.8
)
 
$
437.5

 
$
405.5



Depreciation expense was $16.1 million and $15.7 million for the three months ended December 31, 2014 and 2013, 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 December 31, 2014 and September 30, 2014 was $42.0 million and $32.6 million, respectively.
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets

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

The following table presents changes in goodwill during the three months ended December 31, 2014 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2014
$
898.2

 
$
106.1

 
$
21.2

 
$
1,025.5

Foreign currency translation
(9.8
)
 
—

 
(0.1
)
 
(9.9
)
Net goodwill at December 31, 2014
$
888.4

 
$
106.1

 
$
21.1

 
$
1,015.6



The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
December 31, 2014
 
September 30, 2014
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,820.5

 
$
(932.1
)
 
$
888.4

 
$
1,830.3

 
$
(932.1
)
 
$
898.2

Fire & emergency
108.1

 
(2.0
)
 
106.1

 
108.1

 
(2.0
)
 
106.1

Commercial
197.0

 
(175.9
)
 
21.1

 
197.1

 
(175.9
)
 
21.2

 
$
2,125.6

 
$
(1,110.0
)
 
$
1,015.6

 
$
2,135.5

 
$
(1,110.0
)
 
$
1,025.5



Details of the Company’s total purchased intangible assets were as follows (in millions):
 
December 31, 2014
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(25.5
)
 
$
29.9

Non-compete
10.5
 
56.4

 
(56.2
)
 
0.2

Technology-related
11.9
 
103.9

 
(77.1
)
 
26.8

Customer relationships
12.8
 
555.2

 
(358.2
)
 
197.0

Other
16.6
 
16.6

 
(14.0
)
 
2.6

 
14.4
 
787.5

 
(531.0
)
 
256.5

Non-amortizable trade names
 
 
387.1

 
—

 
387.1

 
 
 
$
1,174.6

 
$
(531.0
)
 
$
643.6


 
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



The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2015 and the five years succeeding September 30, 2015 are as follows: 2015 (remaining nine months) - $40.0 million; 2016 - $53.1 million; 2017 - $45.8 million; 2018 - $38.1 million; 2019 - $36.7 million and 2020 - $10.9 million.
Credit Agreements
Credit Agreements
Credit Agreements

The Company was obligated under the following debt instruments (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Senior Secured Term Loan
$
390.0

 
$
395.0

8½% Senior notes due March 2020
250.0

 
250.0

5.375% Senior notes due March 2022
250.0

 
250.0

 
890.0

 
895.0

Less current maturities
(20.0
)
 
(20.0
)
 
$
870.0

 
$
875.0

 
 
 
 
Revolving Credit Facility
$
—

 
$
—

Current maturities of long-term debt
20.0

 
20.0

 
$
20.0

 
$
20.0



On March 21, 2014, the Company entered into an Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement replaced the Company's prior credit agreement that was to mature in October 2015. The Credit Agreement provides for (i) a revolving credit facility (“Revolving Credit Facility”) that matures in March 2019 with an initial maximum aggregate amount of availability of $600 million and (ii) a $400 million term loan (“Term Loan”) due in quarterly principal installments of $5.0 million with a balloon payment of $310.0 million due at maturity in March 2019. On January 22, 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 effective January 26, 2015. At December 31, 2014, outstanding letters of credit of $90.2 million reduced available capacity under the Revolving Credit Facility to $509.8 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 December 31, 2014, the interest spread on the Revolving Credit Facility and Term Loan was 150 basis points. The weighted-average interest rate on borrowings outstanding under the Term Loan at December 31, 2014 was 1.66%.

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 December 31, 2014.

Additionally, with certain exceptions, the Credit Agreement limits the ability of the Company to pay dividends and other distributions, including repurchases of shares of its Common Stock. However, so long as no event of default exists under the Credit Agreement or would result from such payment, the Company may pay dividends and other distributions after March 3, 2010 in an aggregate amount not exceeding the sum of:
i.
50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and
ii.
100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock.

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

The 2020 Senior Notes and the 2022 Senior Notes were issued pursuant to separate indentures (the “Indentures”) among the Company, the subsidiary guarantors named therein and a trustee. The Indentures contain customary affirmative and negative covenants. Certain of the Company’s subsidiaries jointly, severally, fully and unconditionally guarantee the Company’s obligations under the 2020 Senior Notes and 2022 Senior Notes. See Note 21 of the Notes to Condensed Consolidated Financial Statements for separate financial information of the subsidiary guarantors.

The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect market rate of the Company’s debt. At December 31, 2014, the fair value of the 2020 Senior Notes and the 2022 Senior Notes was estimated to be $262 million and $255 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.

Changes in the Company’s warranty liability were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Balance at beginning of period
$
91.2

 
$
101.3

Warranty provisions
6.7

 
10.8

Settlements made
(12.8
)
 
(14.6
)
Changes in liability for pre-existing warranties, net
(1.0
)
 
2.7

Foreign currency translation
(0.5
)
 
0.9

Balance at end of period
$
83.6

 
$
101.1



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

The Company is party to multiple agreements whereby at December 31, 2014 it guaranteed an aggregate of $461.1 million in indebtedness of customers. The Company estimated that its maximum loss exposure under these agreements at December 31, 2014 was $122.4 million. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then additional accruals may be required. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the customers will not deteriorate resulting in the customers' inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company's ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses.

Changes in the Company’s credit guarantee liability were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Balance at beginning of period
$
4.6

 
$
4.3

Provision for new credit guarantees
0.6

 
0.3

Settlements made
—

 
(0.1
)
Changes for pre-existing guarantees, net
0.1

 
—

Amortization of previous guarantees
(0.4
)
 
(0.1
)
Foreign currency translation
(0.1
)
 
—

Balance at end of period
$
4.8

 
$
4.4

Shareholders' Equity
Oshkosh Corporation Shareholders' Equity
Shareholders' Equity

On February 4, 2014, the Company's Board of Directors increased the Company's Common Stock repurchase authorization from the balance then remaining from prior authorizations of 1,787,199 shares to 10.0 million shares. Between February 4, 2014 and December 31, 2014, the Company repurchased 7,101,079 shares under this authorization at a cost of $338.6 million. As a result, the Company had 2,898,921 shares of Common Stock remaining under this repurchase authorization as of December 31, 2014. 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 December 31, 2014, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $0.7 million. Net gains or losses related to hedge ineffectiveness were insignificant for the three month period ended December 31, 2014. 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 Company has entered into forward foreign currency exchange contracts to create an economic hedge to manage foreign exchange risk exposure associated with non-functional currency denominated payables resulting from global sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. The fair value of foreign currency related derivatives is included in the Condensed Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At December 31, 2014, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $193.3 million in notional amounts, including $56.2 million in contracts to sell Euro, $41.4 million in contracts to buy Euro, $40.7 million in contracts to sell Australian dollars, $18.4 million in contracts to buy U.K. pound sterling, $15.1 million in contracts to buy Swedish Krona and sell Euro and $13.6 million in contracts to buy Euro and sell U.K pound sterling, with the remaining contracts covering a variety of foreign currencies.

Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Condensed Consolidated Balance Sheets were as follows (in millions):
 
December 31, 2014
 
September 30, 2014
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Not designated as hedging instruments:
 
 
 
 
 

 
 

Foreign exchange contracts
$
2.3

 
$
0.8

 
$
3.4

 
$
0.4



The pre-tax effects of derivative instruments on the Condensed Consolidated Statements of Income consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended 
 December 31,
 
 
2014
 
2013
Not designated as hedging instruments:
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
$
3.4

 
$
0.5

Fair Value Measurement
Fair Value Measurement
Fair Value Measurement

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

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

There were no transfers of assets between levels during the three months ended December 31, 2014.

As of December 31, 2014, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
22.8

 
$
—

 
$
—

 
$
22.8

Foreign currency exchange derivatives (b)
—

 
2.3

 
—

 
2.3

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$
—

 
$
0.8

 
$
—

 
$
0.8

_________________________
(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.
Stock-Based Compensation
Stock-Based Compensation
Stock-Based Compensation

In February 2009, the Company’s shareholders approved the 2009 Incentive Stock and Awards Plan. In January 2012, the Company's shareholders approved amendments to the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”) to add 6.0 million shares to the number of shares available for issuance under the plan. The 2009 Stock Plan replaced the 2004 Incentive Stock and Awards Plan, as amended (the “2004 Stock Plan”). While no new awards will be granted under the 2004 Stock Plan, awards previously made under the 2004 Stock Plan that were outstanding as of the initial approval date of the 2009 Stock Plan will remain outstanding and continue to be governed by the provisions of the 2004 Stock Plan. At December 31, 2014, the Company had reserved 6,985,864 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, included in the Condensed Consolidated Statements of Income for the three months ended December 31, 2014 and 2013 was $6.5 million ($4.1 million net of tax) and $5.9 million ($3.7 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 
 December 31,
 
2014
 
2013
Components of net periodic benefit cost
 
 
 
Service cost
$
3.0

 
$
2.8

Interest cost
4.5

 
4.4

Expected return on plan assets
(4.6
)
 
(4.5
)
Amortization of prior service cost
0.4

 
0.4

Amortization of net actuarial loss
0.7

 
0.2

Net periodic benefit cost
$
4.0

 
$
3.3



Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Components of net periodic benefit cost (income)
 
 
 
Service cost
$
0.4

 
$
0.6

Interest cost
0.4

 
0.5

Amortization of prior service cost
(0.2
)
 
(0.4
)
Curtailment
(3.4
)
 
—

Amortization of net actuarial loss
—

 
0.1

Net periodic benefit cost (income)
$
(2.8
)
 
$
0.8



In connection with staffing reductions in the defense segment as a result of declining sales to the U.S. Department of Defense, an other post-employment benefit curtailment gain of $3.4 million was recorded during the first three months of fiscal 2015.

The Company made contributions to fund benefit payments of $0.4 million and $0.5 million for the three months ended December 31, 2014 and 2013, respectively, under its other post-employment benefit plans. The Company estimates that it will make additional contributions of approximately $1.5 million under these other post-employment benefit plans prior to the end of fiscal 2015.
Income Taxes
Income Taxes
Income Taxes

The Company's effective income tax rate was 31.9% and 31.2% of pre-tax income for the three months ended December 31, 2014 and 2013, respectively. The effective income tax rate for the three months ended December 31, 2014 as compared to the statutory income tax rate was impacted by discrete items recorded in the period, including the reinstatement of the U.S. research and development credit (425 basis points favorable) and provision to return adjustments (235 basis points unfavorable). The effective income tax rate for the three months ended December 31, 2013 was favorably impacted by net discrete tax benefits related to provision to return adjustments (230 basis points).

The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $39.7 million and $32.8 million as of December 31, 2014 and September 30, 2014, respectively. As of December 31, 2014, net unrecognized tax benefits, excluding interest and penalties, of $22.6 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 three months ended December 31, 2014 and 2013, the Company recognized charges of $1.0 million and $0.8 million, respectively, related to interest and penalties. At December 31, 2014, the Company had accruals for the payment of interest and penalties of $18.2 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 $15.5 million because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the applicable statutes of limitations expire.

The Company files federal income tax returns as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2014
$
(44.2
)
 
$
(25.0
)
 
$
(69.2
)
Other comprehensive income (loss) before reclassifications
—

 
(22.9
)
 
(22.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
(0.2
)
 
—

 
(0.2
)
Net current period other comprehensive income (loss)
(0.2
)
 
(22.9
)
 
(23.1
)
Balance at December 31, 2014
$
(44.4
)
 
$
(47.9
)
 
$
(92.3
)

 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2013
$
(23.0
)
 
$
8.4

 
$
(14.6
)
Other comprehensive income (loss) before reclassifications
—

 
3.7

 
3.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.2

 
—

 
0.2

Net current period other comprehensive income (loss)
0.2

 
3.7

 
3.9

Balance at December 31, 2013
$
(22.8
)
 
$
12.1

 
$
(10.7
)


Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension 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 
 December 31,
 
2014
 
2013
Amortization of employee pension and postretirement benefits items
 
 
 
Prior service costs
$
(0.2
)
 
$
—

Actuarial losses
(0.7
)
 
(0.3
)
Curtailment
1.2

 
—

Total before tax
0.3

 
(0.3
)
Tax (provision) benefit
(0.1
)
 
0.1

Net of tax
$
0.2

 
$
(0.2
)
Earnings Per Share Earnings Per Share
Earnings Per Share [Text Block]
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 
 December 31,
 
2014
 
2013
Net income
$
34.7

 
$
54.9

Earnings allocated to participating securities
(0.1
)
 
(0.2
)
Earnings available to common shareholders
$
34.6

 
$
54.7

 
 
 
 
Basic Earnings Per Share:
 
 
 
Weighted-average common shares outstanding
78,849,340

 
85,312,326
 
 
 
 
Diluted Earnings Per Share:
 
 
 
Basic weighted-average common shares outstanding
78,849,340

 
85,312,326

Dilutive stock options and other equity-based compensation awards
1,105,166

 
1,607,395

Participating restricted stock
(109,310
)
 
(193,181
)
Diluted weighted-average common shares outstanding
79,845,196

 
86,726,540



Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Three Months Ended 
 December 31,
 
2014
 
2013
Stock options
1,167,791

 
638,200

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 December 31, 2014 and September 30, 2014, the estimated net liabilities for product and general liability claims totaled $39.1 million and $39.4 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 adverse effect on the Company’s financial condition, results of operations or cash flows.

Market Risks - The Company was contingently liable under bid, performance and specialty bonds totaling $338.8 million and open standby letters of credit issued by the Company’s banks in favor of third parties totaling $90.2 million at December 31, 2014.

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 adverse effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary due to, among other things, 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 benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment.

Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
Three Months Ended December 31,
 
2014
 
2013
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
277.3

 
$
—

 
$
277.3

 
$
316.5

 
$
—

 
$
316.5

Telehandlers
290.4

 
—

 
290.4

 
217.7

 
—

 
217.7

Other
149.0

 
—

 
149.0

 
134.4

 
—

 
134.4

Total access equipment
716.7

 
—

 
716.7

 
668.6

 
—

 
668.6

 
 
 
 
 
 
 
 
 
 
 
 
Defense
269.2

 
0.1

 
269.3

 
481.3

 
—

 
481.3

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
159.5

 
7.5

 
167.0

 
189.0

 
9.0

 
198.0

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
86.1

 
—

 
86.1

 
81.4

 
—

 
81.4

Refuse collection
89.6

 
—

 
89.6

 
80.8

 
—

 
80.8

Other
32.2

 
2.3

 
34.5

 
29.1

 
1.3

 
30.4

Total commercial
207.9

 
2.3

 
210.2

 
191.3

 
1.3

 
192.6

Intersegment eliminations
—

 
(9.9
)
 
(9.9
)
 
—

 
(10.3
)
 
(10.3
)
Consolidated sales
$
1,353.3

 
$
—

 
$
1,353.3

 
$
1,530.2

 
$
—

 
$
1,530.2


 
Three Months Ended 
 December 31,
 
2014
 
2013
Operating income (loss):
 

 
 

Access equipment
$
77.2

 
$
90.3

Defense
9.8

 
24.8

Fire & emergency
1.5

 
6.9

Commercial
12.4

 
10.2

Corporate
(35.3
)
 
(35.6
)
Intersegment eliminations
0.1

 
(0.1
)
Consolidated
65.7

 
96.5

Interest expense, net of interest income
(13.6
)
 
(15.7
)
Miscellaneous other expense
(1.3
)
 
(1.7
)
Income before income taxes and equity in earnings of unconsolidated affiliates
$
50.8

 
$
79.1

 
 
December 31,
 
September 30,
 
2014

2014
Identifiable assets:
 
 
 
Access equipment:
 
 
 
U.S.
$
2,134.4

 
$
1,937.0

Europe (a)
568.6

 
727.5

Rest of the World
227.6

 
251.4

Total access equipment
2,930.6

 
2,915.9

Defense - U.S.
 
 
 
U.S.
280.1

 
275.1

Rest of the World
1.3

 
—

Total defense
281.4

 
275.1

Fire & emergency - U.S.
468.4

 
527.0

Commercial:
 
 
 
U.S.
387.2

 
394.5

Rest of the World (a)
34.1

 
35.5

Total commercial
421.3

 
430.0

Corporate:
 
 
 
U.S. (b)
222.9

 
398.0

Rest of the World
40.1

 
40.7

Total corporate
263.0

 
438.7

Consolidated
$
4,364.7

 
$
4,586.7

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

The following table presents net sales by geographic region based on product shipment destination (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Net sales:
 
 
 
United States
$
1,081.7

 
$
1,147.0

Other North America
62.0

 
75.9

Europe, Africa and Middle East
104.4

 
159.6

Rest of the World
105.2

 
147.7

Consolidated
$
1,353.3

 
$
1,530.2

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

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

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

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

Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
—

 
$
1,158.4

 
$
214.8

 
$
(19.9
)
 
$
1,353.3

Cost of sales
—

 
966.8

 
177.0

 
(20.2
)
 
1,123.6

Gross income
—

 
191.6

 
37.8

 
0.3

 
229.7

Selling, general and administrative expenses
31.8

 
92.1

 
26.6

 
—

 
150.5

Amortization of purchased intangibles
—

 
9.8

 
3.7

 
—

 
13.5

Operating income (loss)
(31.8
)
 
89.7

 
7.5

 
0.3

 
65.7

Interest expense
(57.8
)
 
(12.8
)
 
(0.5
)
 
56.7

 
(14.4
)
Interest income
0.5

 
15.3

 
41.7

 
(56.7
)
 
0.8

Miscellaneous, net
8.2

 
(63.3
)
 
53.8

 
—

 
(1.3
)
Income (loss) before income taxes
(80.9
)
 
28.9

 
102.5

 
0.3

 
50.8

Provision for (benefit from) income taxes
(28.6
)
 
12.0

 
32.7

 
0.1

 
16.2

Income (loss) before equity in earnings of affiliates
(52.3
)
 
16.9

 
69.8

 
0.2

 
34.6

Equity in earnings of consolidated subsidiaries
87.0

 
35.8

 
12.5

 
(135.3
)
 
—

Equity in earnings of unconsolidated affiliates
—

 
—

 
0.1

 
—

 
0.1

Net income
34.7

 
52.7

 
82.4

 
(135.1
)
 
34.7

Other comprehensive income (loss), net of tax
(23.1
)
 
(2.7
)
 
(29.8
)
 
32.5

 
(23.1
)
Comprehensive income
$
11.6

 
$
50.0

 
$
52.6

 
$
(102.6
)
 
$
11.6



Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended December 31, 2013
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
—

 
$
1,342.1

 
$
207.9

 
$
(19.8
)
 
$
1,530.2

Cost of sales
0.5

 
1,133.4

 
161.0

 
(19.8
)
 
1,275.1

Gross income
(0.5
)
 
208.7

 
46.9

 
—

 
255.1

Selling, general and administrative expenses
31.9

 
85.6

 
27.2

 
—

 
144.7

Amortization of purchased intangibles
—

 
10.0

 
3.9

 
—

 
13.9

Operating income (loss)
(32.4
)
 
113.1

 
15.8

 
—

 
96.5

Interest expense
(60.4
)
 
(12.4
)
 
(0.9
)
 
57.5

 
(16.2
)
Interest income
0.8

 
14.6

 
42.6

 
(57.5
)
 
0.5

Miscellaneous, net
9.3

 
(29.1
)
 
18.1

 
—

 
(1.7
)
Income (loss) before income taxes
(82.7
)
 
86.2

 
75.6

 
—

 
79.1

Provision for (benefit from) income taxes
(25.5
)
 
27.9

 
22.3

 
—

 
24.7

Income (loss) before equity in earnings of affiliates
(57.2
)
 
58.3

 
53.3

 
—

 
54.4

Equity in earnings of consolidated subsidiaries
112.1

 
16.2

 
42.4

 
(170.7
)
 
—

Equity in earnings of unconsolidated affiliates
—

 
—

 
0.5

 
—

 
0.5

Net income
54.9

 
74.5

 
96.2

 
(170.7
)
 
54.9

Other comprehensive income (loss), net of tax
3.9

 
(1.7
)
 
5.4

 
(3.7
)
 
3.9

Comprehensive income
$
58.8

 
$
72.8

 
$
101.6

 
$
(174.4
)
 
$
58.8



Condensed Consolidating Balance Sheet
As of December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
87.5

 
$
3.2

 
$
20.3

 
$
—

 
$
111.0

Receivables, net
39.5

 
610.9

 
197.3

 
(48.2
)
 
799.5

Inventories, net
—

 
733.8

 
380.7

 
—

 
1,114.5

Other current assets
28.3

 
81.4

 
25.2

 
—

 
134.9

Total current assets
155.3

 
1,429.3

 
623.5

 
(48.2
)
 
2,159.9

Investment in and advances to consolidated subsidiaries
5,426.6

 
1,034.6

 
(331.0
)
 
(6,130.2
)
 
—

Intercompany receivables
32.5

 
945.7

 
4,217.7

 
(5,195.9
)
 
—

Intangible assets, net
—

 
1,016.8

 
642.4

 
—

 
1,659.2

Other long-term assets
112.6

 
222.1

 
210.9

 
—

 
545.6

Total assets
$
5,727.0

 
$
4,648.5

 
$
5,363.5

 
$
(11,374.3
)
 
$
4,364.7

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
10.2

 
$
367.2

 
$
126.1

 
$
(48.0
)
 
$
455.5

Customer advances
—

 
339.5

 
1.4

 
—

 
340.9

Other current liabilities
89.3

 
205.7

 
89.7

 
(0.2
)
 
384.5

Total current liabilities
99.5

 
912.4

 
217.2

 
(48.2
)
 
1,180.9

Long-term debt, less current maturities
870.0

 
—

 
—

 
—

 
870.0

Intercompany payables
2,771.4

 
2,392.0

 
32.5

 
(5,195.9
)
 
—

Other long-term liabilities
84.4

 
187.6

 
140.1

 
—

 
412.1

Shareholders' equity
1,901.7

 
1,156.5

 
4,973.7

 
(6,130.2
)
 
1,901.7

Total liabilities and shareholders' equity
$
5,727.0

 
$
4,648.5

 
$
5,363.5

 
$
(11,374.3
)
 
$
4,364.7


Condensed Consolidating Balance Sheet
As of September 30, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
281.8

 
$
4.7

 
$
27.3

 
$
—

 
$
313.8

Receivables, net
35.3

 
756.4

 
233.7

 
(50.5
)
 
974.9

Inventories, net
—

 
624.3

 
337.7

 
(1.1
)
 
960.9

Other current assets
32.2

 
78.0

 
24.1

 
0.4

 
134.7

Total current assets
349.3

 
1,463.4

 
622.8

 
(51.2
)
 
2,384.3

Investment in 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



Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(65.7
)
 
$
(23.5
)
 
$
36.9

 
$
—

 
$
(52.3
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(8.8
)
 
(5.9
)
 
(24.3
)
 
—

 
(39.0
)
Additions to equipment held for rental
—

 
—

 
(13.2
)
 
—

 
(13.2
)
Contribution to rabbi trust
—

 
—

 
—

 
—

 
—

Proceeds from sale of equipment held for rental
—

 
—

 
2.6

 
—

 
2.6

Intercompany investing
(15.0
)
 
6.5

 
(24.8
)
 
33.3

 
—

Other investing activities
(0.4
)
 
(0.7
)
 
0.5

 
—

 
(0.6
)
Net cash provided (used) by investing activities
(24.2
)
 
(0.1
)
 
(59.2
)
 
33.3

 
(50.2
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Repurchases of Common Stock
(88.1
)
 
—

 
—

 
—

 
(88.1
)
Repayment of long-term debt
(5.0
)
 
—

 
—

 
—

 
(5.0
)
Proceeds from exercise of stock options
2.2

 
—

 
—

 
—

 
2.2

Dividends paid
(13.4
)
 
—

 
—

 
—

 
(13.4
)
Excess tax benefit from stock-based compensation
4.0

 
—

 
—

 
—

 
4.0

Intercompany financing
(4.1
)
 
22.4

 
15.0

 
(33.3
)
 
—

Net cash provided (used) by financing activities
(104.4
)
 
22.4

 
15.0

 
(33.3
)
 
(100.3
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
(0.3
)
 
0.3

 
—

 
—

Increase (decrease) in cash and cash equivalents
(194.3
)
 
(1.5
)
 
(7.0
)
 
—

 
(202.8
)
Cash and cash equivalents at beginning of period
281.8

 
4.7

 
27.3

 
—

 
313.8

Cash and cash equivalents at end of period
$
87.5

 
$
3.2

 
$
20.3

 
$
—

 
$
111.0


Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2013
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(46.5
)
 
$
(19.8
)
 
$
71.0

 
$
—

 
$
4.7

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(5.2
)
 
(4.8
)
 
(4.3
)
 
—

 
(14.3
)
Additions to equipment held for rental
—

 
—

 
(9.5
)
 
—

 
(9.5
)
Contribution to rabbi trust
(1.9
)
 
—

 
—

 
—

 
(1.9
)
Proceeds from sale of equipment held for rental
—

 
—

 
0.3

 
—

 
0.3

Intercompany investing
(0.1
)
 
—

 
(62.3
)
 
62.4

 
—

Other investing activities
(0.3
)
 
—

 
—

 
—

 
(0.3
)
Net cash provided (used) by investing activities
(7.5
)
 
(4.8
)
 
(75.8
)
 
62.4

 
(25.7
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Repurchases of Common Stock
(145.5
)
 
—

 
—

 
—

 
(145.5
)
Repayment of long-term debt
(16.2
)
 
—

 
—

 
—

 
(16.2
)
Proceeds from exercise of stock options
16.1

 
—

 
—

 
—

 
16.1

Dividends paid
(12.8
)
 
—

 
—

 
—

 
(12.8
)
Excess tax benefit from stock-based compensation
4.9

 
—

 
—

 
—

 
4.9

Intercompany financing
35.5

 
26.8

 
0.1

 
(62.4
)
 
—

Net cash provided (used) by financing activities
(118.0
)
 
26.8

 
0.1

 
(62.4
)
 
(153.5
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
(0.1
)
 
(0.2
)
 
—

 
(0.3
)
Increase (decrease) in cash and cash equivalents
(172.0
)
 
2.1

 
(4.9
)
 
—

 
(174.8
)
Cash and cash equivalents at beginning of period
711.7

 
2.7

 
19.1

 
—

 
733.5

Cash and cash equivalents at end of period
$
539.7

 
$
4.8


$
14.2


$
—

 
$
558.7

Receivables (Tables)
Schedule of receivables 
Receivables consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
U.S. government:
 
 
 
Amounts billed
$
57.8

 
$
80.4

Costs and profits not billed
16.5

 
21.3

 
74.3

 
101.7

Other trade receivables
699.4

 
848.9

Finance receivables
1.8

 
2.0

Notes receivable
21.8

 
25.6

Other receivables
37.6

 
34.0

 
834.9

 
1,012.2

Less allowance for doubtful accounts
(21.2
)
 
(21.8
)
 
$
813.7

 
$
990.4

Classification of receivables in the Consolidated Balance Sheets 
Condensed Consolidated Balance Sheets consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Current receivables
$
799.5

 
$
974.9

Long-term receivables
14.2

 
15.5

 
$
813.7

 
$
990.4


Finance and notes receivable agin
Schedule of finance and notes receivable aging and accrual status 
Finance and notes receivable aging and accrual status consisted of the following (in millions):
 
Finance Receivables
 
Notes Receivable
 
December 31, 2014
 
September 30, 2014
 
December 31, 2014
 
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

 
20.5

 
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

 
21.8

 
25.6

Allowance for doubtful accounts
—

 
—

 
(13.1
)
 
(13.6
)
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] 
Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
 
Three Months Ended December 31, 2014
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
—

 
$
13.6

 
$
8.2

 
$
21.8

Provision for doubtful accounts, net of recoveries
—

 
—

 
(0.2
)
 
(0.2
)
Charge-off of accounts
—

 
—

 
0.1

 
0.1

Foreign currency translation
—

 
(0.5
)
 
—

 
(0.5
)
Allowance for doubtful accounts at end of period
$
—

 
$
13.1

 
$
8.1

 
$
21.2

 
Three Months Ended December 31, 2013
 
Finance
 
Notes
 
Trade and Other
 
Total
Allowance for doubtful accounts at beginning of period
$
—

 
$
11.0

 
$
9.4

 
$
20.4

Provision for doubtful accounts, net of recoveries
0.1

 
—

 
—

 
0.1

Charge-off of accounts
—

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
—

 
—

Allowance for doubtful accounts at end of period
$
0.1

 
$
11.0

 
$
9.4

 
$
20.5

Inventories (Tables)
Schedule of inventory
Inventories consisted of the following (in millions):
 
 
December 31,
 
September 30,
 
 
2014
 
2014
Raw materials
$
517.3

 
$
519.4

Partially finished products
260.7

 
230.5

Finished products
448.8

 
336.4

Inventories at FIFO cost
1,226.8

 
1,086.3

Less:
Progress/performance-based payments on U.S. government contracts
(31.0
)
 
(42.5
)
 
Excess of FIFO cost over LIFO cost
(81.3
)
 
(82.9
)
 
 
$
1,114.5

 
$
960.9

Investments in Unconsolidated Affiliates (Tables)
Schedule of equity method investments
Investments in unconsolidated affiliates are accounted for under the equity method and consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Mezcladoras (Mexico)
$
10.9

 
$
9.9

RiRent (The Netherlands)
7.9

 
11.2

 
$
18.8

 
$
21.1


Property, Plant and Equipment (Tables)
Schedule of property, plant and equipment
Property, plant and equipment consisted of the following (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Land and land improvements
$
57.5

 
$
48.6

Buildings
254.6

 
252.0

Machinery and equipment
629.8

 
624.8

Equipment on operating lease to others
51.8

 
41.0

Construction in progress
39.8

 
21.9

 
1,033.5

 
988.3

Less accumulated depreciation
(596.0
)
 
(582.8
)
 
$
437.5

 
$
405.5

Goodwill and Purchased Intangible Assets (Tables)
Schedule of changes in goodwill 
The following table presents changes in goodwill during the three months ended December 31, 2014 (in millions):
 
Access
Equipment
 
Fire &
Emergency
 
Commercial
 
Total
Net goodwill at September 30, 2014
$
898.2

 
$
106.1

 
$
21.2

 
$
1,025.5

Foreign currency translation
(9.8
)
 
—

 
(0.1
)
 
(9.9
)
Net goodwill at December 31, 2014
$
888.4

 
$
106.1

 
$
21.1

 
$
1,015.6

Schedule of company's goodwill allocated to the reportable segments 
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
 
December 31, 2014
 
September 30, 2014
 
Gross
 
Accumulated
Impairment
 
Net
 
Gross
 
Accumulated
Impairment
 
Net
Access equipment
$
1,820.5

 
$
(932.1
)
 
$
888.4

 
$
1,830.3

 
$
(932.1
)
 
$
898.2

Fire & emergency
108.1

 
(2.0
)
 
106.1

 
108.1

 
(2.0
)
 
106.1

Commercial
197.0

 
(175.9
)
 
21.1

 
197.1

 
(175.9
)
 
21.2

 
$
2,125.6

 
$
(1,110.0
)
 
$
1,015.6

 
$
2,135.5

 
$
(1,110.0
)
 
$
1,025.5

Schedule of purchased intangible assets 
Details of the Company’s total purchased intangible assets were as follows (in millions):
 
December 31, 2014
 
Weighted-
Average
Life
 
Gross
 
Accumulated
Amortization
 
Net
Amortizable intangible assets:
 
 
 
 
 
 
 
Distribution network
39.1
 
$
55.4

 
$
(25.5
)
 
$
29.9

Non-compete
10.5
 
56.4

 
(56.2
)
 
0.2

Technology-related
11.9
 
103.9

 
(77.1
)
 
26.8

Customer relationships
12.8
 
555.2

 
(358.2
)
 
197.0

Other
16.6
 
16.6

 
(14.0
)
 
2.6

 
14.4
 
787.5

 
(531.0
)
 
256.5

Non-amortizable trade names
 
 
387.1

 
—

 
387.1

 
 
 
$
1,174.6

 
$
(531.0
)
 
$
643.6


 
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

Credit Agreements (Tables)
Schedule of debt instruments
The Company was obligated under the following debt instruments (in millions):
 
December 31,
 
September 30,
 
2014
 
2014
Senior Secured Term Loan
$
390.0

 
$
395.0

8½% Senior notes due March 2020
250.0

 
250.0

5.375% Senior notes due March 2022
250.0

 
250.0

 
890.0

 
895.0

Less current maturities
(20.0
)
 
(20.0
)
 
$
870.0

 
$
875.0

 
 
 
 
Revolving Credit Facility
$
—

 
$
—

Current maturities of long-term debt
20.0

 
20.0

 
$
20.0

 
$
20.0

Warranties (Tables)
Schedule of changes in warranty liability
Changes in the Company’s warranty liability were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Balance at beginning of period
$
91.2

 
$
101.3

Warranty provisions
6.7

 
10.8

Settlements made
(12.8
)
 
(14.6
)
Changes in liability for pre-existing warranties, net
(1.0
)
 
2.7

Foreign currency translation
(0.5
)
 
0.9

Balance at end of period
$
83.6

 
$
101.1

Guarantee Arrangements (Tables)
Schedule of provision for losses on customer guarantees
Changes in the Company’s credit guarantee liability were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Balance at beginning of period
$
4.6

 
$
4.3

Provision for new credit guarantees
0.6

 
0.3

Settlements made
—

 
(0.1
)
Changes for pre-existing guarantees, net
0.1

 
—

Amortization of previous guarantees
(0.4
)
 
(0.1
)
Foreign currency translation
(0.1
)
 
—

Balance at end of period
$
4.8

 
$
4.4

Derivative Financial Instruments and Hedging Activities (Tables)
Schedule of fair values of all open derivative instruments 
Fair Market Value of Financial Instruments — The fair values of all open derivative instruments in the Condensed Consolidated Balance Sheets were as follows (in millions):
 
December 31, 2014
 
September 30, 2014
 
Other
Current
Assets
 
Other
Current
Liabilities
 
Other
Current
Assets
 
Other
Current
Liabilities
Not designated as hedging instruments:
 
 
 
 
 

 
 

Foreign exchange contracts
$
2.3

 
$
0.8

 
$
3.4

 
$
0.4

Schedule of pre-tax effects of derivative instruments 
The pre-tax effects of derivative instruments on the Condensed Consolidated Statements of Income consisted of the following (in millions):
 
Classification of
Gains (Losses)
 
Three Months Ended 
 December 31,
 
 
2014
 
2013
Not designated as hedging instruments:
 
 
 
 
 
Foreign exchange contracts
Miscellaneous, net
 
$
3.4

 
$
0.5

Fair Value Measurement (Tables)
Schedule of fair values of financial assets and liabilities
As of December 31, 2014, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
SERP plan assets (a)
$
22.8

 
$
—

 
$
—

 
$
22.8

Foreign currency exchange derivatives (b)
—

 
2.3

 
—

 
2.3

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange derivatives (b)
$
—

 
$
0.8

 
$
—

 
$
0.8

_________________________
(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.

Employee Benefit Plans (Tables)
Schedule of net periodic benefit cost
Components of net periodic pension benefit cost were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Components of net periodic benefit cost
 
 
 
Service cost
$
3.0

 
$
2.8

Interest cost
4.5

 
4.4

Expected return on plan assets
(4.6
)
 
(4.5
)
Amortization of prior service cost
0.4

 
0.4

Amortization of net actuarial loss
0.7

 
0.2

Net periodic benefit cost
$
4.0

 
$
3.3

Components of net periodic other post-employment benefit cost (income) were as follows (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Components of net periodic benefit cost (income)
 
 
 
Service cost
$
0.4

 
$
0.6

Interest cost
0.4

 
0.5

Amortization of prior service cost
(0.2
)
 
(0.4
)
Curtailment
(3.4
)
 
—

Amortization of net actuarial loss
—

 
0.1

Net periodic benefit cost (income)
$
(2.8
)
 
$
0.8

Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) 
Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2014
$
(44.2
)
 
$
(25.0
)
 
$
(69.2
)
Other comprehensive income (loss) before reclassifications
—

 
(22.9
)
 
(22.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
(0.2
)
 
—

 
(0.2
)
Net current period other comprehensive income (loss)
(0.2
)
 
(22.9
)
 
(23.1
)
Balance at December 31, 2014
$
(44.4
)
 
$
(47.9
)
 
$
(92.3
)

 
Employee Pension and Postretirement Benefits, Net of Tax
 
Cumulative Translation Adjustments
 
Accumulated Other Comprehensive Income (Loss)
Balance at September 30, 2013
$
(23.0
)
 
$
8.4

 
$
(14.6
)
Other comprehensive income (loss) before reclassifications
—

 
3.7

 
3.7

Amounts reclassified from accumulated other comprehensive income (loss)
0.2

 
—

 
0.2

Net current period other comprehensive income (loss)
0.2

 
3.7

 
3.9

Balance at December 31, 2013
$
(22.8
)
 
$
12.1

 
$
(10.7
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) 
Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension 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 
 December 31,
 
2014
 
2013
Amortization of employee pension and postretirement benefits items
 
 
 
Prior service costs
$
(0.2
)
 
$
—

Actuarial losses
(0.7
)
 
(0.3
)
Curtailment
1.2

 
—

Total before tax
0.3

 
(0.3
)
Tax (provision) benefit
(0.1
)
 
0.1

Net of tax
$
0.2

 
$
(0.2
)
Earnings Per Share Earnings Per Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] 
The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Net income
$
34.7

 
$
54.9

Earnings allocated to participating securities
(0.1
)
 
(0.2
)
Earnings available to common shareholders
$
34.6

 
$
54.7

 
 
 
 
Basic Earnings Per Share:
 
 
 
Weighted-average common shares outstanding
78,849,340

 
85,312,326
 
 
 
 
Diluted Earnings Per Share:
 
 
 
Basic weighted-average common shares outstanding
78,849,340

 
85,312,326

Dilutive stock options and other equity-based compensation awards
1,105,166

 
1,607,395

Participating restricted stock
(109,310
)
 
(193,181
)
Diluted weighted-average common shares outstanding
79,845,196

 
86,726,540

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] 
Shares not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
 
Three Months Ended 
 December 31,
 
2014
 
2013
Stock options
1,167,791

 
638,200

Business Segment Information (Tables)
Schedule of net sales by product lines and reportable segments 
Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
 
Three Months Ended December 31,
 
2014
 
2013
 
External
Customers
 
Inter-
segment
 
Net
Sales
 
External
Customers
 
Inter-
segment
 
Net
Sales
Access equipment
 
 
 
 
 
 
 
 
 
 
 
Aerial work platforms
$
277.3

 
$
—

 
$
277.3

 
$
316.5

 
$
—

 
$
316.5

Telehandlers
290.4

 
—

 
290.4

 
217.7

 
—

 
217.7

Other
149.0

 
—

 
149.0

 
134.4

 
—

 
134.4

Total access equipment
716.7

 
—

 
716.7

 
668.6

 
—

 
668.6

 
 
 
 
 
 
 
 
 
 
 
 
Defense
269.2

 
0.1

 
269.3

 
481.3

 
—

 
481.3

 
 
 
 
 
 
 
 
 
 
 
 
Fire & emergency
159.5

 
7.5

 
167.0

 
189.0

 
9.0

 
198.0

 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
Concrete placement
86.1

 
—

 
86.1

 
81.4

 
—

 
81.4

Refuse collection
89.6

 
—

 
89.6

 
80.8

 
—

 
80.8

Other
32.2

 
2.3

 
34.5

 
29.1

 
1.3

 
30.4

Total commercial
207.9

 
2.3

 
210.2

 
191.3

 
1.3

 
192.6

Intersegment eliminations
—

 
(9.9
)
 
(9.9
)
 
—

 
(10.3
)
 
(10.3
)
Consolidated sales
$
1,353.3

 
$
—

 
$
1,353.3

 
$
1,530.2

 
$
—

 
$
1,530.2


Schedule of income (loss) from continuing operations by product lines and reportable segments 
 
Three Months Ended 
 December 31,
 
2014
 
2013
Operating income (loss):
 

 
 

Access equipment
$
77.2

 
$
90.3

Defense
9.8

 
24.8

Fire & emergency
1.5

 
6.9

Commercial
12.4

 
10.2

Corporate
(35.3
)
 
(35.6
)
Intersegment eliminations
0.1

 
(0.1
)
Consolidated
65.7

 
96.5

Interest expense, net of interest income
(13.6
)
 
(15.7
)
Miscellaneous other expense
(1.3
)
 
(1.7
)
Income before income taxes and equity in earnings of unconsolidated affiliates
$
50.8

 
$
79.1

Schedule of identifiable assets by business segments and by geographical segments 
 
December 31,
 
September 30,
 
2014

2014
Identifiable assets:
 
 
 
Access equipment:
 
 
 
U.S.
$
2,134.4

 
$
1,937.0

Europe (a)
568.6

 
727.5

Rest of the World
227.6

 
251.4

Total access equipment
2,930.6

 
2,915.9

Defense - U.S.
 
 
 
U.S.
280.1

 
275.1

Rest of the World
1.3

 
—

Total defense
281.4

 
275.1

Fire & emergency - U.S.
468.4

 
527.0

Commercial:
 
 
 
U.S.
387.2

 
394.5

Rest of the World (a)
34.1

 
35.5

Total commercial
421.3

 
430.0

Corporate:
 
 
 
U.S. (b)
222.9

 
398.0

Rest of the World
40.1

 
40.7

Total corporate
263.0

 
438.7

Consolidated
$
4,364.7

 
$
4,586.7

_________________________
(a) 
Includes investments in unconsolidated affiliates.
(b) 
Primarily includes cash and short-term investments.
Schedule of net sales by geographical segments 
The following table presents net sales by geographic region based on product shipment destination (in millions):
 
Three Months Ended 
 December 31,
 
2014
 
2013
Net sales:
 
 
 
United States
$
1,081.7

 
$
1,147.0

Other North America
62.0

 
75.9

Europe, Africa and Middle East
104.4

 
159.6

Rest of the World
105.2

 
147.7

Consolidated
$
1,353.3

 
$
1,530.2

Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
Schedule of Condensed Consolidating Statements of Income and Comprehensive Income 
Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
—

 
$
1,158.4

 
$
214.8

 
$
(19.9
)
 
$
1,353.3

Cost of sales
—

 
966.8

 
177.0

 
(20.2
)
 
1,123.6

Gross income
—

 
191.6

 
37.8

 
0.3

 
229.7

Selling, general and administrative expenses
31.8

 
92.1

 
26.6

 
—

 
150.5

Amortization of purchased intangibles
—

 
9.8

 
3.7

 
—

 
13.5

Operating income (loss)
(31.8
)
 
89.7

 
7.5

 
0.3

 
65.7

Interest expense
(57.8
)
 
(12.8
)
 
(0.5
)
 
56.7

 
(14.4
)
Interest income
0.5

 
15.3

 
41.7

 
(56.7
)
 
0.8

Miscellaneous, net
8.2

 
(63.3
)
 
53.8

 
—

 
(1.3
)
Income (loss) before income taxes
(80.9
)
 
28.9

 
102.5

 
0.3

 
50.8

Provision for (benefit from) income taxes
(28.6
)
 
12.0

 
32.7

 
0.1

 
16.2

Income (loss) before equity in earnings of affiliates
(52.3
)
 
16.9

 
69.8

 
0.2

 
34.6

Equity in earnings of consolidated subsidiaries
87.0

 
35.8

 
12.5

 
(135.3
)
 
—

Equity in earnings of unconsolidated affiliates
—

 
—

 
0.1

 
—

 
0.1

Net income
34.7

 
52.7

 
82.4

 
(135.1
)
 
34.7

Other comprehensive income (loss), net of tax
(23.1
)
 
(2.7
)
 
(29.8
)
 
32.5

 
(23.1
)
Comprehensive income
$
11.6

 
$
50.0

 
$
52.6

 
$
(102.6
)
 
$
11.6



Condensed Consolidating Statement of Income and Comprehensive Income
For the Three Months Ended December 31, 2013
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales
$
—

 
$
1,342.1

 
$
207.9

 
$
(19.8
)
 
$
1,530.2

Cost of sales
0.5

 
1,133.4

 
161.0

 
(19.8
)
 
1,275.1

Gross income
(0.5
)
 
208.7

 
46.9

 
—

 
255.1

Selling, general and administrative expenses
31.9

 
85.6

 
27.2

 
—

 
144.7

Amortization of purchased intangibles
—

 
10.0

 
3.9

 
—

 
13.9

Operating income (loss)
(32.4
)
 
113.1

 
15.8

 
—

 
96.5

Interest expense
(60.4
)
 
(12.4
)
 
(0.9
)
 
57.5

 
(16.2
)
Interest income
0.8

 
14.6

 
42.6

 
(57.5
)
 
0.5

Miscellaneous, net
9.3

 
(29.1
)
 
18.1

 
—

 
(1.7
)
Income (loss) before income taxes
(82.7
)
 
86.2

 
75.6

 
—

 
79.1

Provision for (benefit from) income taxes
(25.5
)
 
27.9

 
22.3

 
—

 
24.7

Income (loss) before equity in earnings of affiliates
(57.2
)
 
58.3

 
53.3

 
—

 
54.4

Equity in earnings of consolidated subsidiaries
112.1

 
16.2

 
42.4

 
(170.7
)
 
—

Equity in earnings of unconsolidated affiliates
—

 
—

 
0.5

 
—

 
0.5

Net income
54.9

 
74.5

 
96.2

 
(170.7
)
 
54.9

Other comprehensive income (loss), net of tax
3.9

 
(1.7
)
 
5.4

 
(3.7
)
 
3.9

Comprehensive income
$
58.8

 
$
72.8

 
$
101.6

 
$
(174.4
)
 
$
58.8



Condensed Consolidating Balance Sheet 
Condensed Consolidating Balance Sheet
As of December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
87.5

 
$
3.2

 
$
20.3

 
$
—

 
$
111.0

Receivables, net
39.5

 
610.9

 
197.3

 
(48.2
)
 
799.5

Inventories, net
—

 
733.8

 
380.7

 
—

 
1,114.5

Other current assets
28.3

 
81.4

 
25.2

 
—

 
134.9

Total current assets
155.3

 
1,429.3

 
623.5

 
(48.2
)
 
2,159.9

Investment in and advances to consolidated subsidiaries
5,426.6

 
1,034.6

 
(331.0
)
 
(6,130.2
)
 
—

Intercompany receivables
32.5

 
945.7

 
4,217.7

 
(5,195.9
)
 
—

Intangible assets, net
—

 
1,016.8

 
642.4

 
—

 
1,659.2

Other long-term assets
112.6

 
222.1

 
210.9

 
—

 
545.6

Total assets
$
5,727.0

 
$
4,648.5

 
$
5,363.5

 
$
(11,374.3
)
 
$
4,364.7

 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
10.2

 
$
367.2

 
$
126.1

 
$
(48.0
)
 
$
455.5

Customer advances
—

 
339.5

 
1.4

 
—

 
340.9

Other current liabilities
89.3

 
205.7

 
89.7

 
(0.2
)
 
384.5

Total current liabilities
99.5

 
912.4

 
217.2

 
(48.2
)
 
1,180.9

Long-term debt, less current maturities
870.0

 
—

 
—

 
—

 
870.0

Intercompany payables
2,771.4

 
2,392.0

 
32.5

 
(5,195.9
)
 
—

Other long-term liabilities
84.4

 
187.6

 
140.1

 
—

 
412.1

Shareholders' equity
1,901.7

 
1,156.5

 
4,973.7

 
(6,130.2
)
 
1,901.7

Total liabilities and shareholders' equity
$
5,727.0

 
$
4,648.5

 
$
5,363.5

 
$
(11,374.3
)
 
$
4,364.7


Condensed Consolidating Balance Sheet
As of September 30, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
281.8

 
$
4.7

 
$
27.3

 
$
—

 
$
313.8

Receivables, net
35.3

 
756.4

 
233.7

 
(50.5
)
 
974.9

Inventories, net
—

 
624.3

 
337.7

 
(1.1
)
 
960.9

Other current assets
32.2

 
78.0

 
24.1

 
0.4

 
134.7

Total current assets
349.3

 
1,463.4

 
622.8

 
(51.2
)
 
2,384.3

Investment in 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

Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2014
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(65.7
)
 
$
(23.5
)
 
$
36.9

 
$
—

 
$
(52.3
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(8.8
)
 
(5.9
)
 
(24.3
)
 
—

 
(39.0
)
Additions to equipment held for rental
—

 
—

 
(13.2
)
 
—

 
(13.2
)
Contribution to rabbi trust
—

 
—

 
—

 
—

 
—

Proceeds from sale of equipment held for rental
—

 
—

 
2.6

 
—

 
2.6

Intercompany investing
(15.0
)
 
6.5

 
(24.8
)
 
33.3

 
—

Other investing activities
(0.4
)
 
(0.7
)
 
0.5

 
—

 
(0.6
)
Net cash provided (used) by investing activities
(24.2
)
 
(0.1
)
 
(59.2
)
 
33.3

 
(50.2
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Repurchases of Common Stock
(88.1
)
 
—

 
—

 
—

 
(88.1
)
Repayment of long-term debt
(5.0
)
 
—

 
—

 
—

 
(5.0
)
Proceeds from exercise of stock options
2.2

 
—

 
—

 
—

 
2.2

Dividends paid
(13.4
)
 
—

 
—

 
—

 
(13.4
)
Excess tax benefit from stock-based compensation
4.0

 
—

 
—

 
—

 
4.0

Intercompany financing
(4.1
)
 
22.4

 
15.0

 
(33.3
)
 
—

Net cash provided (used) by financing activities
(104.4
)
 
22.4

 
15.0

 
(33.3
)
 
(100.3
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
(0.3
)
 
0.3

 
—

 
—

Increase (decrease) in cash and cash equivalents
(194.3
)
 
(1.5
)
 
(7.0
)
 
—

 
(202.8
)
Cash and cash equivalents at beginning of period
281.8

 
4.7

 
27.3

 
—

 
313.8

Cash and cash equivalents at end of period
$
87.5

 
$
3.2

 
$
20.3

 
$
—

 
$
111.0


Condensed Consolidating Statement of Cash Flows
For the Three Months Ended December 31, 2013
 
Oshkosh
Corporation
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash provided (used) by operating activities
$
(46.5
)
 
$
(19.8
)
 
$
71.0

 
$
—

 
$
4.7

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(5.2
)
 
(4.8
)
 
(4.3
)
 
—

 
(14.3
)
Additions to equipment held for rental
—

 
—

 
(9.5
)
 
—

 
(9.5
)
Contribution to rabbi trust
(1.9
)
 
—

 
—

 
—

 
(1.9
)
Proceeds from sale of equipment held for rental
—

 
—

 
0.3

 
—

 
0.3

Intercompany investing
(0.1
)
 
—

 
(62.3
)
 
62.4

 
—

Other investing activities
(0.3
)
 
—

 
—

 
—

 
(0.3
)
Net cash provided (used) by investing activities
(7.5
)
 
(4.8
)
 
(75.8
)
 
62.4

 
(25.7
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Repurchases of Common Stock
(145.5
)
 
—

 
—

 
—

 
(145.5
)
Repayment of long-term debt
(16.2
)
 
—

 
—

 
—

 
(16.2
)
Proceeds from exercise of stock options
16.1

 
—

 
—

 
—

 
16.1

Dividends paid
(12.8
)
 
—

 
—

 
—

 
(12.8
)
Excess tax benefit from stock-based compensation
4.9

 
—

 
—

 
—

 
4.9

Intercompany financing
35.5

 
26.8

 
0.1

 
(62.4
)
 
—

Net cash provided (used) by financing activities
(118.0
)
 
26.8

 
0.1

 
(62.4
)
 
(153.5
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash
—

 
(0.1
)
 
(0.2
)
 
—

 
(0.3
)
Increase (decrease) in cash and cash equivalents
(172.0
)
 
2.1

 
(4.9
)
 
—

 
(174.8
)
Cash and cash equivalents at beginning of period
711.7

 
2.7

 
19.1

 
—

 
733.5

Cash and cash equivalents at end of period
$
539.7

 
$
4.8


$
14.2


$
—

 
$
558.7

Receivables (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2013
Undefinitization Contracts [Member]
Access Equipment
U.S. government:
 
 
 
 
 
Amounts billed
$ 57.8 
$ 80.4 
 
 
 
Costs and profits not billed
16.5 
21.3 
 
 
 
Contract receivables
74.3 
101.7 
 
 
 
Other trade receivables
699.4 
848.9 
 
 
 
Finance receivables
1.8 
2.0 
 
 
 
Notes receivable
21.8 
25.6 
 
 
 
Other receivables
37.6 
34.0 
 
 
 
834.9 
1,012.2 
 
 
 
Less allowance for doubtful accounts
(21.2)
(21.8)
(20.5)
(20.4)
 
813.7 
990.4 
 
 
 
Revenue from Undefinitized Contract
 
 
 
 
7.5 
Increase in net income due to increase in revenue from undefinitized contract
 
 
 
 
4.7 
Increase in earnings per share due to increase in revenue from undefinitized contract (in dollars per share)
 
 
 
 
$ 0.05 
Classification of receivables
 
 
 
 
 
Current receivables
799.5 
974.9 
 
 
 
Long-term receivables
$ 14.2 
$ 15.5 
 
 
 
Receivables (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2014
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
$ 21.8 
$ 20.4 
 
Provision for doubtful accounts, net of recoveries
(0.2)
0.1 
 
Charge-off of accounts
0.1 
0 
 
Allowance for Doubtful Accounts, Foreign Currency Translation
(0.5)
0 
 
Allowance for doubtful accounts at end of period
21.2 
20.5 
 
Finance receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0 
 
0 
Greater than 60 days and less than 90 days
0 
 
0 
Greater than 90 days
0 
 
0 
Receivables on nonaccrual status
1.3 
 
1.3 
Receivables past due 90 days or more and still accruing
0 
 
0 
Receivables subject to general reserves
0.5 
 
0.7 
Allowance for doubtful accounts
0 
 
0 
Financing Receivable, Individually Evaluated for Impairment
1.3 
 
1.3 
Allowance for doubtful accounts
0 
 
0 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
0 
0 
 
Provision for doubtful accounts, net of recoveries
0 
0.1 
 
Charge-off of accounts
0 
0 
 
Allowance for Doubtful Accounts, Foreign Currency Translation
0 
0 
 
Allowance for doubtful accounts at end of period
0 
0.1 
 
Notes receivables
 
 
 
Aging of receivables that are past due:
 
 
 
Greater than 30 days and less than 60 days
0 
 
0 
Greater than 60 days and less than 90 days
0 
 
0 
Greater than 90 days
0 
 
2.2 
Receivables on nonaccrual status
20.5 
 
18.3 
Receivables past due 90 days or more and still accruing
0 
 
0 
Receivables subject to general reserves
0 
 
0 
Allowance for doubtful accounts
0 
 
0 
Financing Receivable, Individually Evaluated for Impairment
21.8 
 
25.6 
Allowance for doubtful accounts
(13.1)
 
(13.6)
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
13.6 
11.0 
 
Provision for doubtful accounts, net of recoveries
0 
0 
 
Charge-off of accounts
0 
0 
 
Allowance for Doubtful Accounts, Foreign Currency Translation
(0.5)
0 
 
Allowance for doubtful accounts at end of period
13.1 
11.0 
 
Trade and other receivables
 
 
 
Change in allowance for doubtful accounts
 
 
 
Allowance for doubtful accounts at beginning of period
8.2 
9.4 
 
Provision for doubtful accounts, net of recoveries
(0.2)
0 
 
Charge-off of accounts
0.1 
0 
 
Allowance for Doubtful Accounts, Foreign Currency Translation
0 
0 
 
Allowance for doubtful accounts at end of period
8.1 
9.4 
 
Restructured finance receivables
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Financing Receivable, Modifications, Recorded Investment
0.6 
 
 
Restructured notes receivables
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Financing Receivable, Modifications, Recorded Investment
17.6 
 
 
Change in allowance for doubtful accounts
 
 
 
Financing Receivable, Modifications, Post-Modification Recorded Investment
$ 4.0 
 
 
Receivables (Details 3) (Notes receivables, Credit Concentration)
3 Months Ended
Dec. 31, 2014
Party
Notes receivables |
Credit Concentration
 
Finance and notes receivables
 
Receivables due from third parties (as a percent)
79.00% 
Number of parties
2 
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Sep. 30, 2014
Inventory Disclosure [Abstract]
 
 
Raw materials
$ 517.3 
$ 519.4 
Partially finished products
260.7 
230.5 
Finished products
448.8 
336.4 
Inventories at FIFO cost
1,226.8 
1,086.3 
Progress/performance-based payments on U.S. government contracts
(31.0)
(42.5)
Excess of FIFO cost over LIFO cost
(81.3)
(82.9)
Inventory net
$ 1,114.5 
$ 960.9 
Investments in Unconsolidated Affiliates (Details)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Sep. 30, 2014
USD ($)
Dec. 31, 2014
RiRent (The Netherlands)
USD ($)
Dec. 31, 2014
RiRent (The Netherlands)
EUR (€)
Sep. 30, 2014
RiRent (The Netherlands)
USD ($)
Dec. 31, 2014
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Sep. 30, 2014
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Dec. 31, 2014
Product [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Dec. 31, 2013
Product [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Dec. 31, 2014
Service fees [Member]
Mezcladoras Y Trailers de Mexico, S.A. de C.V. Member [Member]
USD ($)
Dec. 31, 2013
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
$ 18.8 
 
$ 21.1 
$ 7.9 
 
$ 11.2 
$ 10.9 
$ 9.9 
 
 
 
 
Sales to equity investee
 
 
 
 
 
 
 
 
4.5 
2.3 
0.3 
0.2 
Proceeds from Equity Method Investment, Dividends or Distributions
2.80 
0 
 
2.80 
2.25 
 
 
 
 
 
 
 
Bank credit facility
 
 
 
 
€ 2.0 
 
 
 
 
 
 
 
Equity to asset ratio required to be maintained under bank credit facility (as a percent)
 
 
 
30.00% 
30.00% 
 
 
 
 
 
 
 
Overall equity to asset ratio (as a percent)
 
 
 
72.40% 
72.40% 
 
 
 
 
 
 
 
Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2014
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
$ 1,033.5 
 
$ 988.3 
Less accumulated depreciation
(596.0)
 
(582.8)
Property, plant and equipment, net
437.5 
 
405.5 
Depreciation expenses
16.1 
15.7 
 
Land and land improvements
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
57.5 
 
48.6 
Buildings
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
254.6 
 
252.0 
Machinery and equipment
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
629.8 
 
624.8 
Equipment on operating lease to others
 
 
 
Property, plant and equipment
 
 
 
Property, plant and equipment, gross
51.8 
 
41.0 
Equipment on operating lease, net
42.0 
 
32.6 
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
$ 39.8 
 
$ 21.9 
Goodwill and Purchased Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Changes in goodwill
 
Net goodwill at the beginning of the period
$ 1,025.5 
Foreign currency translation
(9.9)
Net goodwill at the end of the period
1,015.6 
Access Equipment
 
Changes in goodwill
 
Net goodwill at the beginning of the period
898.2 
Foreign currency translation
(9.8)
Net goodwill at the end of the period
888.4 
Fire and Emergency
 
Changes in goodwill
 
Net goodwill at the beginning of the period
106.1 
Foreign currency translation
0 
Net goodwill at the end of the period
106.1 
Commercial
 
Changes in goodwill
 
Net goodwill at the beginning of the period
21.2 
Foreign currency translation
(0.1)
Net goodwill at the end of the period
$ 21.1 
Goodwill and Purchased Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Sep. 30, 2014
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
$ 2,125.6 
$ 2,135.5 
Accumulated Impairment
(1,110.0)
(1,110.0)
Net
1,015.6 
1,025.5 
Access Equipment
 
 
Details of the Company's goodwill allocated to the reportable segments
 
 
Gross
1,820.5 
1,830.3 
Accumulated Impairment
(932.1)
(932.1)
Net
888.4 
898.2 
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
197.0 
197.1 
Accumulated Impairment
(175.9)
(175.9)
Net
$ 21.1 
$ 21.2 
Goodwill and Purchased Intangible Assets (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Purchased intangible assets
 
 
Weighted-Average Life (in years)
14 years 4 months 24 days 
14 years 4 months 24 days 
Gross
$ 787.5 
$ 791.7 
Accumulated Amortization
(531.0)
(521.0)
Net
256.5 
270.7 
Non-amortizable trade names
387.1 
387.2 
Intangible assets excluding goodwill, gross
1,174.6 
1,178.9 
Purchased intangible assets, net
643.6 
657.9 
Future amortization expense of purchased intangible assets for the five years succeeding fiscal year 2015
 
 
2015
40.0 
 
2016
53.1 
 
2017
45.8 
 
2018
38.1 
 
2019
36.7 
 
2020
10.9 
 
Distribution network
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
39 years 1 month 13 days 
39 years 1 month 6 days 
Gross
55.4 
55.4 
Accumulated Amortization
(25.5)
(25.1)
Net
29.9 
30.3 
Non-compete
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
10 years 6 months 13 days 
10 years 6 months 
Gross
56.4 
56.4 
Accumulated Amortization
(56.2)
(56.2)
Net
0.2 
0.2 
Technology-related
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
11 years 10 months 13 days 
11 years 10 months 13 days 
Gross
103.9 
103.9 
Accumulated Amortization
(77.1)
(75.1)
Net
26.8 
28.8 
Customer relationships
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
12 years 9 months 13 days 
12 years 8 months 12 days 
Gross
555.2 
559.4 
Accumulated Amortization
(358.2)
(350.8)
Net
197.0 
208.6 
Other
 
 
Purchased intangible assets
 
 
Weighted-Average Life (in years)
16 years 7 months 13 days 
16 years 7 months 13 days 
Gross
16.6 
16.6 
Accumulated Amortization
(14.0)
(13.8)
Net
$ 2.6 
$ 2.8 
Credit Agreements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 1 Months Ended 1 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2014
Credit agreement
denominator
Dec. 31, 2014
Credit agreement
Minimum
Dec. 31, 2014
Credit agreement
Maximum
Dec. 31, 2014
Revolving credit facility
Mar. 21, 2014
Revolving credit facility
Dec. 31, 2014
Senior Secured Term Loan
Sep. 30, 2014
Senior Secured Term Loan
Mar. 21, 2014
Senior Secured Term Loan
Dec. 31, 2014
Letter of credit
Mar. 31, 2014
Credit agreement - dollar-denominated loans
Dec. 31, 2014
Credit agreement - dollar-denominated loans
Federal Funds rate
Dec. 31, 2014
Credit agreement - dollar-denominated loans
LIBOR
Feb. 28, 2014
8.25 % Senior notes due March 2017
Mar. 31, 2010
8.25 % Senior notes due March 2017
Mar. 31, 2010
8.5 % Senior notes due March 2020
Dec. 31, 2014
8.5 % Senior notes due March 2020
Sep. 30, 2014
8.5 % Senior notes due March 2020
Feb. 28, 2014
5.375 % Senior notes due March 2022
Dec. 31, 2014
5.375 % Senior notes due March 2022
Sep. 30, 2014
5.375 % Senior notes due March 2022
Feb. 21, 2014
5.375 % Senior notes due March 2022
Jan. 22, 2015
Subsequent Event [Member]
Revolving credit facility
Long term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt
$ 890.0 
$ 895.0 
 
 
 
 
 
$ 390.0 
$ 395.0 
$ 400.0 
 
 
 
 
 
 
 
$ 250.0 
$ 250.0 
 
$ 250.0 
$ 250.0 
 
 
Less current maturities
(20.0)
(20.0)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long term debt net of current maturities
870.0 
875.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt
20.0 
20.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving line of credit and current maturities of long-term debt
20.0 
20.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate (as a percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8.25% 
8.50% 
 
8.50% 
 
 
5.375% 
5.375% 
 
Maximum borrowing capacity
 
 
 
 
 
 
600 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
850 
Quarterly principal installment, at commencement
 
 
 
 
 
 
 
5.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
250.0 
250.0 
 
 
250.0 
 
 
 
 
Payment due at maturity
 
 
 
 
 
 
 
310.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
 
 
 
 
 
 
 
 
 
 
90.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available borrowing capacity
 
 
 
 
 
509.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)
 
 
 
 
 
 
 
1.66% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Call Feature
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.04125 
 
 
 
 
 
 
 
 
 
Fair value of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 262 
 
 
$ 255 
 
 
 
Warranties (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Changes in warranty liability
 
 
Balance at beginning of period
$ 91.2 
$ 101.3 
Warranty provisions
6.7 
10.8 
Settlements made
(12.8)
(14.6)
Changes in liability for pre-existing warranties, net
(1.0)
2.7 
Foreign currency translation
(0.5)
0.9 
Balance at end of period
$ 83.6 
$ 101.1 
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
Dec. 31, 2014
Dec. 31, 2013
Indirect Guarantee Of Deferred Payment And Lease Payment Agreements Member
 
 
Guarantee Obligations
 
 
Guarantee obligations, maximum exposure
$ 461.1 
 
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements
122.4 
 
Changes in provision for loss on customer guarantees
 
 
Balance at beginning of period
4.6 
4.3 
Provision for new credit guarantees
0.6 
0.3 
Settlements made
0 
(0.1)
Changes for pre-existing guarantees, net
0.1 
0 
Amortization of previous guarantees
(0.4)
(0.1)
Guarantee Obligations Currency Translation Increase (Decrease)
(0.1)
0 
Balance at end of period
$ 4.8 
$ 4.4 
Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
11 Months Ended
Dec. 31, 2014
Feb. 5, 2014
Stockholders' Equity Note [Abstract]
 
 
Number of shares of common stock authorized for buyback (in shares)
 
10,000,000 
Treasury Stock, Shares, Acquired
7,101,079 
 
Treasury Stock Cumulative Value Acquired Cost Method
$ 338.6 
 
Remaining number of shares authorized to be repurchased (in shares)
2,898,921 
1,787,199 
Derivative Financial Instruments and Hedging Activities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Cash Flow Hedging [Member]
 
Open derivative instruments
 
Derivative, Notional Amount
$ 0.7 
Not designated as hedging instruments
 
Open derivative instruments
 
Derivative, Notional Amount
193.3 
Not designated as hedging instruments |
Buy Krona and sell Euro [Member]
 
Open derivative instruments
 
Derivative, Notional Amount
15.1 
Not designated as hedging instruments |
Sell UK Pounds Buy Euros Member
 
Open derivative instruments
 
Derivative, Notional Amount
13.6 
Sell |
Not designated as hedging instruments |
Sell Euros
 
Open derivative instruments
 
Derivative, Notional Amount
56.2 
Sell |
Not designated as hedging instruments |
Sell Australian dollars
 
Open derivative instruments
 
Derivative, Notional Amount
40.7 
Buy |
Not designated as hedging instruments |
Sell Euros
 
Open derivative instruments
 
Derivative, Notional Amount
41.4 
Buy |
Not designated as hedging instruments |
Buy United Kingdom, Pounds
 
Open derivative instruments
 
Derivative, Notional Amount
$ 18.4 
Derivative Financial Instruments and Hedging Activities (Details 2) (Not designated as hedging instruments, Foreign exchange contracts, USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Sep. 30, 2014
Other Current Assets
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative assets
$ 2.3 
$ 3.4 
Other Current Liabilities
 
 
Fair values of open derivative instruments
 
 
Fair value of derivative liabilities
$ 0.8 
$ 0.4 
Derivative Financial Instruments and Hedging Activities (Details 3) (Foreign exchange contracts, Miscellaneous, net, USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Foreign exchange contracts |
Miscellaneous, net
 
 
Pre-tax gains (losses) on derivative instruments
 
 
Not designated as hedges
$ 3.4 
$ 0.5 
Fair Value Measurement (Details) (Fair value measured on recurring basis, USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Assets:
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 22.8 
Foreign currency exchange derivatives
2.3 
Liabilities:
 
Foreign currency exchange derivatives
0.8 
Level 1
 
Assets:
 
Defined Benefit Plan, Fair Value of Plan Assets
22.8 1
Foreign currency exchange derivatives
0 
Liabilities:
 
Foreign currency exchange derivatives
0 
Level 2
 
Assets:
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
Foreign currency exchange derivatives
2.3 2
Liabilities:
 
Foreign currency exchange derivatives
0.8 2
Level 3
 
Assets:
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
Foreign currency exchange derivatives
0 
Liabilities:
 
Foreign currency exchange derivatives
$ 0 
Stock-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Jan. 31, 2012
2009 Stock Plan
Stock Options [Member]
Dec. 31, 2014
2009 Stock Plan
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award
 
 
 
 
Number of additional shares authorized under the plan (in shares)
 
 
6,000,000 
 
Common stock reserved for issuance stock awards (in shares)
 
 
 
6,985,864 
Stock-based compensation expense
$ 6.5 
$ 5.9 
 
 
Stock-based compensation expense, net of tax
$ 4.1 
$ 3.7 
 
 
Employee Benefit Plans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Pension Plan, Defined Benefit [Member]
 
 
Components of net periodic benefit cost
 
 
Service cost
$ 3.0 
$ 2.8 
Interest cost
4.5 
4.4 
Expected return on plan assets
(4.6)
(4.5)
Amortization of prior service cost
0.4 
0.4 
Amortization of net actuarial loss
0.7 
0.2 
Net periodic benefit cost
4.0 
3.3 
Postretirement Medical Plans
 
 
Employee benefit plans
 
 
Defined benefit pension plans estimated future employer contributions in fiscal year
1.5 
 
Company contributions
0.4 
0.5 
Components of net periodic benefit cost
 
 
Service cost
0.4 
0.6 
Interest cost
0.4 
0.5 
Amortization of prior service cost
(0.2)
(0.4)
Curtailment
(3.4)
0 
Amortization of net actuarial loss
0 
0.1 
Net periodic benefit cost
$ (2.8)
$ 0.8 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2014
Income Tax Disclosure [Abstract]
 
 
 
Effective income tax rate
31.90% 
31.20% 
 
Effective income tax rate reconciliation, adjustment to reflect positions on previously filed tax returns, basis spread
2.35% 
 
 
Effective Income Tax Reconciliation Reinstatement of Research and Development Credits
4.25% 
 
 
Gross unrecognized tax benefits, excluding income tax penalties and interest
$ 39.7 
 
$ 32.8 
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income if recognized
22.6 
 
 
Interest and penalties
1.0 
0.8 
 
Accruals for payment of interest and penalties
18.2 
 
 
Estimated reduction in unrecognized tax benefits due to tax audit resolutions during the next twelve months
$ 15.5 
 
 
Income Tax Expense (Benefit), Discrete Items, Percentage of Pre-Tax Income
 
2.30% 
 
Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
Balance at beginning of period
$ (69.2)
$ (14.6)
Other comprehensive income (loss) before reclassifications
(22.9)
3.7 
Amounts reclassified from accumulated other comprehensive income (loss)
(0.2)
0.2 
Total other comprehensive income (loss), net of tax
(23.1)
3.9 
Balance at end of period
(92.3)
(10.7)
Employee Pension and Postretirement Benefits, Net of Tax [Member]
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
Balance at beginning of period
(44.2)
(23.0)
Other comprehensive income (loss) before reclassifications
0 
0 
Amounts reclassified from accumulated other comprehensive income (loss)
(0.2)
0.2 
Total other comprehensive income (loss), net of tax
(0.2)
0.2 
Balance at end of period
(44.4)
(22.8)
Cumulative Translation Adjustments [Member]
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
Balance at beginning of period
(25.0)
8.4 
Other comprehensive income (loss) before reclassifications
(22.9)
3.7 
Amounts reclassified from accumulated other comprehensive income (loss)
0 
0 
Total other comprehensive income (loss), net of tax
(22.9)
3.7 
Balance at end of period
$ (47.9)
$ 12.1 
Accumulated Other Comprehensive Income (Loss) (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
 
 
Income before income taxes and equity in earnings of unconsolidated affiliates
$ 50.8 
$ 79.1 
Tax benefit
(16.2)
(24.7)
Net income
34.7 
54.9 
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 
Actuarial losses
(0.7)
(0.3)
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax
1.2 
0 
Income before income taxes and equity in earnings of unconsolidated affiliates
0.3 
(0.3)
Tax benefit
(0.1)
0.1 
Net income
$ 0.2 
$ (0.2)
Earnings Per Share Earnings Per Share (Detail 1) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
Net income
$ 34.7 
$ 54.9 
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic
(0.1)
(0.2)
Earnings available to common shareholders
$ 34.6 
$ 54.7 
Basic weighted-average common shares outstanding
78,849,340 
85,312,326 
Dilutive stock options and other equity-based compensation awards
1,105,166 
1,607,395 
Participating restricted stock
(109,310)
(193,181)
Diluted weighted-average common shares outstanding
79,845,196 
86,726,540 
Earnings Per Share Earnings Per Share (Details 2)
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
Stock options
1,167,791 
638,200 
Contingencies, Significant Estimates and Concentrations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Personal Injury Actions and Other
 
 
Loss contingencies
 
 
Maximum self-insurance available per claim
$ 5.0 
 
Reserve for loss contingencies
39.1 
39.4 
Performance and specialty bonds
 
 
Loss contingencies
 
 
Commitments and contingencies
338.8 
 
Standby letters of credit
 
 
Loss contingencies
 
 
Commitments and contingencies
$ 90.2 
 
Business Segment Information (Details)
3 Months Ended
Dec. 31, 2014
segment
Segment Reporting [Abstract]
 
Number of reportable segments of entity (in segments)
4 
Business Segment Information (Details 2) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Net sales:
 
 
Net sales
$ 1,353.3 
$ 1,530.2 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
65.7 
96.5 
Interest expense net of interest income
(13.6)
(15.7)
Miscellaneous other income (expense)
(1.3)
(1.7)
Income before income taxes and equity in earnings of unconsolidated affiliates
50.8 
79.1 
Access Equipment
 
 
Net sales:
 
 
Net sales
716.7 
668.6 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
77.2 
90.3 
Access Equipment |
Aerial work platforms
 
 
Net sales:
 
 
Net sales
277.3 
316.5 
Access Equipment |
Telehandlers
 
 
Net sales:
 
 
Net sales
290.4 
217.7 
Access Equipment |
Other
 
 
Net sales:
 
 
Net sales
149.0 
134.4 
Defense
 
 
Net sales:
 
 
Net sales
269.2 
481.3 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
9.8 
24.8 
Fire and Emergency
 
 
Net sales:
 
 
Net sales
159.5 
189.0 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
1.5 
6.9 
Commercial
 
 
Net sales:
 
 
Net sales
207.9 
191.3 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
12.4 
10.2 
Commercial |
Concrete placement
 
 
Net sales:
 
 
Net sales
86.1 
81.4 
Commercial |
Refuse collection
 
 
Net sales:
 
 
Net sales
89.6 
80.8 
Commercial |
Other
 
 
Net sales:
 
 
Net sales
32.2 
29.1 
Corporate
 
 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
(35.3)
(35.6)
Intersegment Eliminations [Member]
 
 
Net sales:
 
 
Net sales
0 
0 
Operating income (loss) from continuing operations:
 
 
Operating Income (Loss)
0.1 
(0.1)
Operating Segments [Member]
 
 
Net sales:
 
 
Net sales
1,353.3 
1,530.2 
Operating Segments [Member] |
Access Equipment
 
 
Net sales:
 
 
Net sales
716.7 
668.6 
Operating Segments [Member] |
Access Equipment |
Aerial work platforms
 
 
Net sales:
 
 
Net sales
277.3 
316.5 
Operating Segments [Member] |
Access Equipment |
Telehandlers
 
 
Net sales:
 
 
Net sales
290.4 
217.7 
Operating Segments [Member] |
Access Equipment |
Other
 
 
Net sales:
 
 
Net sales
149.0 
134.4 
Operating Segments [Member] |
Defense
 
 
Net sales:
 
 
Net sales
269.3 
481.3 
Operating Segments [Member] |
Fire and Emergency
 
 
Net sales:
 
 
Net sales
167.0 
198.0 
Operating Segments [Member] |
Commercial
 
 
Net sales:
 
 
Net sales
210.2 
192.6 
Operating Segments [Member] |
Commercial |
Concrete placement
 
 
Net sales:
 
 
Net sales
86.1 
81.4 
Operating Segments [Member] |
Commercial |
Refuse collection
 
 
Net sales:
 
 
Net sales
89.6 
80.8 
Operating Segments [Member] |
Commercial |
Other
 
 
Net sales:
 
 
Net sales
34.5 
30.4 
Operating Segments [Member] |
Intersegment Eliminations [Member]
 
 
Net sales:
 
 
Net sales
(9.9)
(10.3)
Intersegment Eliminations [Member]
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Access Equipment
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Access Equipment |
Aerial work platforms
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Access Equipment |
Telehandlers
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Access Equipment |
Other
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Defense
 
 
Net sales:
 
 
Net sales
0.1 
0 
Intersegment Eliminations [Member] |
Fire and Emergency
 
 
Net sales:
 
 
Net sales
7.5 
9.0 
Intersegment Eliminations [Member] |
Commercial
 
 
Net sales:
 
 
Net sales
2.3 
1.3 
Intersegment Eliminations [Member] |
Commercial |
Concrete placement
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Commercial |
Refuse collection
 
 
Net sales:
 
 
Net sales
0 
0 
Intersegment Eliminations [Member] |
Commercial |
Other
 
 
Net sales:
 
 
Net sales
2.3 
1.3 
Intersegment Eliminations [Member] |
Intersegment Eliminations [Member]
 
 
Net sales:
 
 
Net sales
$ (9.9)
$ (10.3)
Business Segment Information (Details 3) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2014
Revenue and assets by geography
 
 
 
Identifiable assets
$ 4,364.7 
 
$ 4,586.7 
Net sales
1,353.3 
1,530.2 
 
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Net sales
1,081.7 
1,147.0 
 
Other North America
 
 
 
Revenue and assets by geography
 
 
 
Net sales
62.0 
75.9 
 
Europe, Africa and Middle East
 
 
 
Revenue and assets by geography
 
 
 
Net sales
104.4 
159.6 
 
Rest of World
 
 
 
Revenue and assets by geography
 
 
 
Net sales
105.2 
147.7 
 
Access Equipment
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
2,930.6 
 
2,915.9 
Net sales
716.7 
668.6 
 
Access Equipment |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
2,134.4 
 
1,937.0 
Access Equipment |
Europe
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
568.6 1
 
727.5 1
Access Equipment |
Rest of World
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
227.6 
 
251.4 
Defense
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
281.4 
 
275.1 
Net sales
269.2 
481.3 
 
Defense |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
280.1 
 
275.1 
Defense |
Rest of World
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
1.3 
 
0 
Fire and Emergency
 
 
 
Revenue and assets by geography
 
 
 
Net sales
159.5 
189.0 
 
Fire and Emergency |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
468.4 
 
527.0 
Commercial
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
421.3 
 
430.0 
Net sales
207.9 
191.3 
 
Commercial |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
387.2 
 
394.5 
Commercial |
Rest of World
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
34.1 1
 
35.5 1
Corporate
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
263.0 
 
438.7 
Corporate |
U.S.
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
222.9 2
 
398.0 2
Corporate |
Rest of World
 
 
 
Revenue and assets by geography
 
 
 
Identifiable assets
$ 40.1 
 
$ 40.7 
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Condensed Consolidating Statements of Income
 
 
Net sales
$ 1,353.3 
$ 1,530.2 
Cost of sales
1,123.6 
1,275.1 
Gross income
229.7 
255.1 
Selling, general and administrative expenses
150.5 
144.7 
Amortization of purchased intangibles
13.5 
13.9 
Operating income
65.7 
96.5 
Interest expense
(14.4)
(16.2)
Interest income
0.8 
0.5 
Miscellaneous, net
(1.3)
(1.7)
Income before income taxes and equity in earnings of unconsolidated affiliates
50.8 
79.1 
Provision for income taxes
16.2 
24.7 
Income before equity in earnings of unconsolidated affiliates
34.6 
54.4 
Equity in earnings of consolidated subsidiaries
0 
0 
Equity in earnings of unconsolidated affiliates
0.1 
0.5 
Net income
34.7 
54.9 
Net income
34.7 
54.9 
Other Comprehensive Income (Loss), Net of Tax
(23.1)
3.9 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
11.6 
58.8 
Oshkosh Corporation
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
0 
0 
Cost of sales
0 
0.5 
Gross income
0 
(0.5)
Selling, general and administrative expenses
31.8 
31.9 
Amortization of purchased intangibles
0 
0 
Operating income
(31.8)
(32.4)
Interest expense
(57.8)
(60.4)
Interest income
0.5 
0.8 
Miscellaneous, net
8.2 
9.3 
Income before income taxes and equity in earnings of unconsolidated affiliates
(80.9)
(82.7)
Provision for income taxes
(28.6)
(25.5)
Income before equity in earnings of unconsolidated affiliates
(52.3)
(57.2)
Equity in earnings of consolidated subsidiaries
87.0 
112.1 
Equity in earnings of unconsolidated affiliates
0 
0 
Net income
34.7 
54.9 
Other Comprehensive Income (Loss), Net of Tax
(23.1)
3.9 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
11.6 
58.8 
Guarantor Subsidiaries
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
1,158.4 
1,342.1 
Cost of sales
966.8 
1,133.4 
Gross income
191.6 
208.7 
Selling, general and administrative expenses
92.1 
85.6 
Amortization of purchased intangibles
9.8 
10.0 
Operating income
89.7 
113.1 
Interest expense
(12.8)
(12.4)
Interest income
15.3 
14.6 
Miscellaneous, net
(63.3)
(29.1)
Income before income taxes and equity in earnings of unconsolidated affiliates
28.9 
86.2 
Provision for income taxes
12.0 
27.9 
Income before equity in earnings of unconsolidated affiliates
16.9 
58.3 
Equity in earnings of consolidated subsidiaries
35.8 
16.2 
Equity in earnings of unconsolidated affiliates
0 
0 
Net income
52.7 
74.5 
Other Comprehensive Income (Loss), Net of Tax
(2.7)
(1.7)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
50.0 
72.8 
Non-Guarantor Subsidiaries
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
214.8 
207.9 
Cost of sales
177.0 
161.0 
Gross income
37.8 
46.9 
Selling, general and administrative expenses
26.6 
27.2 
Amortization of purchased intangibles
3.7 
3.9 
Operating income
7.5 
15.8 
Interest expense
(0.5)
(0.9)
Interest income
41.7 
42.6 
Miscellaneous, net
53.8 
18.1 
Income before income taxes and equity in earnings of unconsolidated affiliates
102.5 
75.6 
Provision for income taxes
32.7 
22.3 
Income before equity in earnings of unconsolidated affiliates
69.8 
53.3 
Equity in earnings of consolidated subsidiaries
12.5 
42.4 
Equity in earnings of unconsolidated affiliates
0.1 
0.5 
Net income
82.4 
96.2 
Other Comprehensive Income (Loss), Net of Tax
(29.8)
5.4 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
52.6 
101.6 
Eliminations
 
 
Condensed Consolidating Statements of Income
 
 
Net sales
(19.9)
(19.8)
Cost of sales
(20.2)
(19.8)
Gross income
0.3 
0 
Selling, general and administrative expenses
0 
0 
Amortization of purchased intangibles
0 
0 
Operating income
0.3 
0 
Interest expense
56.7 
57.5 
Interest income
(56.7)
(57.5)
Miscellaneous, net
0 
0 
Income before income taxes and equity in earnings of unconsolidated affiliates
0.3 
0 
Provision for income taxes
0.1 
0 
Income before equity in earnings of unconsolidated affiliates
0.2 
0 
Equity in earnings of consolidated subsidiaries
(135.3)
(170.7)
Equity in earnings of unconsolidated affiliates
0 
0 
Net income
(135.1)
(170.7)
Other Comprehensive Income (Loss), Net of Tax
32.5 
(3.7)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
$ (102.6)
$ (174.4)
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2013
Current assets:
 
 
 
 
Cash and cash equivalents
$ 111.0 
$ 313.8 
$ 558.7 
$ 733.5 
Receivables, net
799.5 
974.9 
 
 
Inventories, net
1,114.5 
960.9 
 
 
Other current assets
134.9 
134.7 
 
 
Total current assets
2,159.9 
2,384.3 
 
 
Investment in and advances to consolidated subsidiaries
0 
0 
 
 
Intercompany Receivables
0 
0 
 
 
Intangible assets, net
1,659.2 
1,683.4 
 
 
Other long-term assets
545.6 
519.0 
 
 
Total assets
4,364.7 
4,586.7 
 
 
Current liabilities:
 
 
 
 
Accounts payable
455.5 
586.7 
 
 
Customer advances
340.9 
310.1 
 
 
Other current liabilities
384.5 
414.8 
 
 
Total current liabilities
1,180.9 
1,311.6 
 
 
Long-term debt, less current maturities
870.0 
875.0 
 
 
Intercompany Payables
0 
0 
 
 
Other long-term liabilities
412.1 
415.1 
 
 
Shareholders' equity
1,901.7 
1,985.0 
 
 
Total liabilities and shareholders' equity
4,364.7 
4,586.7 
 
 
Oshkosh Corporation
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
87.5 
281.8 
539.7 
711.7 
Receivables, net
39.5 
35.3 
 
 
Inventories, net
0 
0 
 
 
Other current assets
28.3 
32.2 
 
 
Total current assets
155.3 
349.3 
 
 
Investment in and advances to consolidated subsidiaries
5,426.6 
5,375.8 
 
 
Intercompany Receivables
32.5 
46.2 
 
 
Intangible assets, net
0 
0 
 
 
Other long-term assets
112.6 
109.3 
 
 
Total assets
5,727.0 
5,880.6 
 
 
Current liabilities:
 
 
 
 
Accounts payable
10.2 
14.4 
 
 
Customer advances
0 
0 
 
 
Other current liabilities
89.3 
110.5 
 
 
Total current liabilities
99.5 
124.9 
 
 
Long-term debt, less current maturities
870.0 
875.0 
 
 
Intercompany Payables
2,771.4 
2,815.9 
 
 
Other long-term liabilities
84.4 
79.8 
 
 
Shareholders' equity
1,901.7 
1,985.0 
 
 
Total liabilities and shareholders' equity
5,727.0 
5,880.6 
 
 
Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
3.2 
4.7 
4.8 
2.7 
Receivables, net
610.9 
756.4 
 
 
Inventories, net
733.8 
624.3 
 
 
Other current assets
81.4 
78.0 
 
 
Total current assets
1,429.3 
1,463.4 
 
 
Investment in and advances to consolidated subsidiaries
1,034.6 
1,009.3 
 
 
Intercompany Receivables
945.7 
1,027.2 
 
 
Intangible assets, net
1,016.8 
1,028.3 
 
 
Other long-term assets
222.1 
224.1 
 
 
Total assets
4,648.5 
4,752.3 
 
 
Current liabilities:
 
 
 
 
Accounts payable
367.2 
485.1 
 
 
Customer advances
339.5 
308.1 
 
 
Other current liabilities
205.7 
210.6 
 
 
Total current liabilities
912.4 
1,003.8 
 
 
Long-term debt, less current maturities
0 
0 
 
 
Intercompany Payables
2,392.0 
2,398.5 
 
 
Other long-term liabilities
187.6 
190.0 
 
 
Shareholders' equity
1,156.5 
1,160.0 
 
 
Total liabilities and shareholders' equity
4,648.5 
4,752.3 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
20.3 
27.3 
14.2 
19.1 
Receivables, net
197.3 
233.7 
 
 
Inventories, net
380.7 
337.7 
 
 
Other current assets
25.2 
24.1 
 
 
Total current assets
623.5 
622.8 
 
 
Investment in and advances to consolidated subsidiaries
(331.0)
(337.1)
 
 
Intercompany Receivables
4,217.7 
4,187.2 
 
 
Intangible assets, net
642.4 
655.1 
 
 
Other long-term assets
210.9 
185.6 
 
 
Total assets
5,363.5 
5,313.6 
 
 
Current liabilities:
 
 
 
 
Accounts payable
126.1 
137.7 
 
 
Customer advances
1.4 
2.0 
 
 
Other current liabilities
89.7 
94.4 
 
 
Total current liabilities
217.2 
234.1 
 
 
Long-term debt, less current maturities
0 
0 
 
 
Intercompany Payables
32.5 
46.2 
 
 
Other long-term liabilities
140.1 
145.3 
 
 
Shareholders' equity
4,973.7 
4,888.0 
 
 
Total liabilities and shareholders' equity
5,363.5 
5,313.6 
 
 
Eliminations
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Receivables, net
(48.2)
(50.5)
 
 
Inventories, net
0 
(1.1)
 
 
Other current assets
0 
0.4 
 
 
Total current assets
(48.2)
(51.2)
 
 
Investment in and advances to consolidated subsidiaries
(6,130.2)
(6,048.0)
 
 
Intercompany Receivables
(5,195.9)
(5,260.6)
 
 
Intangible assets, net
0 
0 
 
 
Other long-term assets
0 
0 
 
 
Total assets
(11,374.3)
(11,359.8)
 
 
Current liabilities:
 
 
 
 
Accounts payable
(48.0)
(50.5)
 
 
Customer advances
0 
0 
 
 
Other current liabilities
(0.2)
(0.7)
 
 
Total current liabilities
(48.2)
(51.2)
 
 
Long-term debt, less current maturities
0 
0 
 
 
Intercompany Payables
(5,195.9)
(5,260.6)
 
 
Other long-term liabilities
0 
0 
 
 
Shareholders' equity
(6,130.2)
(6,048.0)
 
 
Total liabilities and shareholders' equity
$ (11,374.3)
$ (11,359.8)
 
 
Separate Financial Information of Subsidiary Guarantors of Indebtedness Details 3 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Sep. 30, 2014
Sep. 30, 2013
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
$ (52.3)
$ 4.7 
 
 
Additions to property, plant and equipment
(39.0)
(14.3)
 
 
Additions to equipment held for rental
(13.2)
(9.5)
 
 
Contribution to rabbi trust
0 
(1.9)
 
 
Proceeds from sale of equipment held for rental
2.6 
0.3 
 
 
Intercompany Investing
0 
0 
 
 
Other investing activities
(0.6)
(0.3)
 
 
Net Cash Provided by (Used in) Investing Activities
(50.2)
(25.7)
 
 
Repayment of long-term debt
(5.0)
(16.2)
 
 
Payments for Repurchase of Common Stock
(88.1)
(145.5)
 
 
Proceeds from exercise of stock options
2.2 
16.1 
 
 
Dividends paid
(13.4)
(12.8)
 
 
Excess tax benefit from stock-based compensation
4.0 
4.9 
 
 
Proceeds from Payments for Intercompany Financing
0 
0 
 
 
Net Cash Provided by (Used in) Financing Activities
(100.3)
(153.5)
 
 
Effect of exchange rate changes on cash
0 
(0.3)
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(202.8)
(174.8)
 
 
Cash and cash equivalents
111.0 
558.7 
313.8 
733.5 
Oshkosh Corporation
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
(65.7)
(46.5)
 
 
Additions to property, plant and equipment
(8.8)
(5.2)
 
 
Additions to equipment held for rental
0 
0 
 
 
Contribution to rabbi trust
0 
(1.9)
 
 
Proceeds from sale of equipment held for rental
0 
0 
 
 
Intercompany Investing
(15.0)
(0.1)
 
 
Other investing activities
(0.4)
(0.3)
 
 
Net Cash Provided by (Used in) Investing Activities
(24.2)
(7.5)
 
 
Repayment of long-term debt
(5.0)
(16.2)
 
 
Payments for Repurchase of Common Stock
(88.1)
(145.5)
 
 
Proceeds from exercise of stock options
2.2 
16.1 
 
 
Dividends paid
(13.4)
(12.8)
 
 
Excess tax benefit from stock-based compensation
4.0 
4.9 
 
 
Proceeds from Payments for Intercompany Financing
(4.1)
35.5 
 
 
Net Cash Provided by (Used in) Financing Activities
(104.4)
(118.0)
 
 
Effect of exchange rate changes on cash
0 
0 
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(194.3)
(172.0)
 
 
Cash and cash equivalents
87.5 
539.7 
281.8 
711.7 
Guarantor Subsidiaries
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
(23.5)
(19.8)
 
 
Additions to property, plant and equipment
(5.9)
(4.8)
 
 
Additions to equipment held for rental
0 
0 
 
 
Contribution to rabbi trust
0 
0 
 
 
Proceeds from sale of equipment held for rental
0 
0 
 
 
Intercompany Investing
6.5 
0 
 
 
Other investing activities
(0.7)
0 
 
 
Net Cash Provided by (Used in) Investing Activities
(0.1)
(4.8)
 
 
Repayment of long-term debt
0 
0 
 
 
Payments for Repurchase of Common Stock
0 
0 
 
 
Proceeds from exercise of stock options
0 
0 
 
 
Dividends paid
0 
0 
 
 
Excess tax benefit from stock-based compensation
0 
0 
 
 
Proceeds from Payments for Intercompany Financing
22.4 
26.8 
 
 
Net Cash Provided by (Used in) Financing Activities
22.4 
26.8 
 
 
Effect of exchange rate changes on cash
(0.3)
(0.1)
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(1.5)
2.1 
 
 
Cash and cash equivalents
3.2 
4.8 
4.7 
2.7 
Non-Guarantor Subsidiaries
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
36.9 
71.0 
 
 
Additions to property, plant and equipment
(24.3)
(4.3)
 
 
Additions to equipment held for rental
(13.2)
(9.5)
 
 
Contribution to rabbi trust
0 
0 
 
 
Proceeds from sale of equipment held for rental
2.6 
0.3 
 
 
Intercompany Investing
(24.8)
(62.3)
 
 
Other investing activities
0.5 
0 
 
 
Net Cash Provided by (Used in) Investing Activities
(59.2)
(75.8)
 
 
Repayment of long-term debt
0 
0 
 
 
Payments for Repurchase of Common Stock
0 
0 
 
 
Proceeds from exercise of stock options
0 
0 
 
 
Dividends paid
0 
0 
 
 
Excess tax benefit from stock-based compensation
0 
0 
 
 
Proceeds from Payments for Intercompany Financing
15.0 
0.1 
 
 
Net Cash Provided by (Used in) Financing Activities
15.0 
0.1 
 
 
Effect of exchange rate changes on cash
0.3 
(0.2)
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
(7.0)
(4.9)
 
 
Cash and cash equivalents
20.3 
14.2 
27.3 
19.1 
Eliminations
 
 
 
 
Condensed financial statements, captions
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
0 
0 
 
 
Additions to property, plant and equipment
0 
0 
 
 
Additions to equipment held for rental
0 
0 
 
 
Contribution to rabbi trust
0 
0 
 
 
Proceeds from sale of equipment held for rental
0 
0 
 
 
Intercompany Investing
33.3 
62.4 
 
 
Other investing activities
0 
0 
 
 
Net Cash Provided by (Used in) Investing Activities
33.3 
62.4 
 
 
Repayment of long-term debt
0 
0 
 
 
Payments for Repurchase of Common Stock
0 
0 
 
 
Proceeds from exercise of stock options
0 
0 
 
 
Dividends paid
0 
0 
 
 
Excess tax benefit from stock-based compensation
0 
0 
 
 
Proceeds from Payments for Intercompany Financing
(33.3)
(62.4)
 
 
Net Cash Provided by (Used in) Financing Activities
(33.3)
(62.4)
 
 
Effect of exchange rate changes on cash
0 
0 
 
 
Cash and Cash Equivalents, Period Increase (Decrease)
0 
0 
 
 
Cash and cash equivalents
$ 0 
$ 0 
$ 0 
$ 0