Wisconsin | 39-0520270 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
P.O. Box 2566 Oshkosh, Wisconsin | 54903-2566 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o |
Page | ||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 1,984.4 | $ | 2,062.3 | $ | 3,734.2 | $ | 3,930.8 | |||||||
Cost of sales | 1,681.0 | 1,818.2 | 3,184.8 | 3,461.8 | |||||||||||
Gross income | 303.4 | 244.1 | 549.4 | 469.0 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 154.3 | 145.4 | 305.6 | 276.5 | |||||||||||
Amortization of purchased intangibles | 14.5 | 14.6 | 28.9 | 29.3 | |||||||||||
Total operating expenses | 168.8 | 160.0 | 334.5 | 305.8 | |||||||||||
Operating income | 134.6 | 84.1 | 214.9 | 163.2 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (16.4 | ) | (18.0 | ) | (32.8 | ) | (38.5 | ) | |||||||
Interest income | 1.7 | 0.6 | 4.2 | 1.2 | |||||||||||
Miscellaneous, net | 0.1 | 1.3 | 0.4 | (4.3 | ) | ||||||||||
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 120.0 | 68.0 | 186.7 | 121.6 | |||||||||||
Provision for income taxes | 34.8 | 24.4 | 55.8 | 36.8 | |||||||||||
Income from continuing operations before equity in earnings of unconsolidated affiliates | 85.2 | 43.6 | 130.9 | 84.8 | |||||||||||
Equity in earnings of unconsolidated affiliates | 0.7 | — | 1.3 | 0.7 | |||||||||||
Income from continuing operations, net of tax | 85.9 | 43.6 | 132.2 | 85.5 | |||||||||||
Income (loss) from discontinued operations, net of tax | 0.6 | (5.6 | ) | 0.8 | (8.2 | ) | |||||||||
Net income | 86.5 | 38.0 | 133.0 | 77.3 | |||||||||||
Net income attributable to noncontrolling interest | — | (0.7 | ) | — | (1.1 | ) | |||||||||
Net income attributable to Oshkosh Corporation | $ | 86.5 | $ | 37.3 | $ | 133.0 | $ | 76.2 | |||||||
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-basic: | |||||||||||||||
From continuing operations | $ | 0.98 | $ | 0.47 | $ | 1.48 | $ | 0.92 | |||||||
From discontinued operations | 0.01 | (0.06 | ) | 0.01 | (0.09 | ) | |||||||||
$ | 0.99 | $ | 0.41 | $ | 1.49 | $ | 0.83 | ||||||||
Earnings (loss) per share attributable to Oshkosh Corporation common shareholders-diluted: | |||||||||||||||
From continuing operations | $ | 0.96 | $ | 0.47 | $ | 1.46 | $ | 0.92 | |||||||
From discontinued operations | 0.01 | (0.06 | ) | 0.01 | (0.09 | ) | |||||||||
$ | 0.97 | $ | 0.41 | $ | 1.47 | $ | 0.83 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 86.5 | $ | 38.0 | $ | 133.0 | $ | 77.3 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in fair value of derivative instruments | — | — | — | 1.4 | |||||||||||
Employee pension and postretirement benefits | 1.0 | 1.5 | 2.0 | 3.0 | |||||||||||
Currency translation adjustments | (10.0 | ) | 11.8 | (1.4 | ) | 3.7 | |||||||||
Total other comprehensive income (loss), net of tax | (9.0 | ) | 13.3 | 0.6 | 8.1 | ||||||||||
Comprehensive income | 77.5 | 51.3 | 133.6 | 85.4 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | (0.7 | ) | — | (1.1 | ) | |||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 77.5 | $ | 50.6 | $ | 133.6 | $ | 84.3 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 452.3 | $ | 540.7 | |||
Receivables, net | 970.3 | 1,018.6 | |||||
Inventories, net | 1,060.7 | 937.5 | |||||
Deferred income taxes | 66.7 | 69.9 | |||||
Prepaid income taxes | 77.9 | 98.0 | |||||
Other current assets | 31.1 | 29.8 | |||||
Total current assets | 2,659.0 | 2,694.5 | |||||
Investment in unconsolidated affiliates | 20.1 | 18.8 | |||||
Property, plant and equipment, net | 357.2 | 369.9 | |||||
Goodwill | 1,033.2 | 1,033.8 | |||||
Purchased intangible assets, net | 750.2 | 775.4 | |||||
Other long-term assets | 54.9 | 55.4 | |||||
Total assets | $ | 4,874.6 | $ | 4,947.8 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facility and current maturities of long-term debt | $ | 32.5 | $ | — | |||
Accounts payable | 659.5 | 683.3 | |||||
Customer advances | 529.1 | 510.4 | |||||
Payroll-related obligations | 109.2 | 130.1 | |||||
Accrued warranty | 96.9 | 95.0 | |||||
Deferred revenue | 28.0 | 113.0 | |||||
Other current liabilities | 159.4 | 172.7 | |||||
Total current liabilities | 1,614.6 | 1,704.5 | |||||
Long-term debt, less current maturities | 922.5 | 955.0 | |||||
Deferred income taxes | 115.3 | 129.6 | |||||
Other long-term liabilities | 334.5 | 305.2 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding) | — | — | |||||
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,096,465 and 92,086,465 shares issued, respectively) | 0.9 | 0.9 | |||||
Additional paid-in capital | 711.6 | 703.5 | |||||
Retained earnings | 1,396.6 | 1,263.5 | |||||
Accumulated other comprehensive loss | (100.8 | ) | (101.4 | ) | |||
Common Stock in treasury, at cost (4,117,598 and 528,695 shares, respectively) | (120.6 | ) | (13.0 | ) | |||
Total shareholders’ equity | 1,887.7 | 1,853.5 | |||||
Total liabilities and shareholders' equity | $ | 4,874.6 | $ | 4,947.8 |
Oshkosh Corporation’s Shareholders | |||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury at Cost | Non- Controlling Interest | ||||||||||||||||||
Balance at September 30, 2011 | $ | 0.9 | $ | 685.6 | $ | 1,032.7 | $ | (122.6 | ) | $ | (0.1 | ) | $ | 0.1 | |||||||||
Net income | — | — | 76.2 | — | — | 1.1 | |||||||||||||||||
Change in fair value of derivative instruments, net of tax of $0.8 | — | — | — | 1.4 | — | — | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of $1.8 | — | — | — | 3.0 | — | — | |||||||||||||||||
Currency translation adjustments, net | — | — | — | 3.7 | — | — | |||||||||||||||||
Exercise of stock options | — | 2.2 | — | — | 0.7 | — | |||||||||||||||||
Stock-based compensation and award of nonvested shares | — | 6.6 | — | — | — | — | |||||||||||||||||
Other | — | 0.4 | — | — | (0.6 | ) | — | ||||||||||||||||
Balance at March 31, 2012 | $ | 0.9 | $ | 694.8 | $ | 1,108.9 | $ | (114.5 | ) | $ | — | $ | 1.2 | ||||||||||
Oshkosh Corporation’s Shareholders | |||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury at Cost | Non- Controlling Interest | ||||||||||||||||||
Balance at September 30, 2012 | $ | 0.9 | $ | 703.5 | $ | 1,263.5 | $ | (101.4 | ) | $ | (13.0 | ) | $ | — | |||||||||
Net income | — | — | 133.0 | — | — | — | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of $1.1 | — | — | — | 2.0 | — | — | |||||||||||||||||
Currency translation adjustments, net | — | — | — | (1.4 | ) | — | — | ||||||||||||||||
Repurchase of common stock | — | — | — | — | (125.1 | ) | — | ||||||||||||||||
Exercise of stock options | — | (1.1 | ) | — | — | 16.8 | — | ||||||||||||||||
Stock-based compensation and award of nonvested shares | — | 10.8 | — | — | — | — | |||||||||||||||||
Tax benefit related to stock-based compensation | — | (0.8 | ) | — | — | — | — | ||||||||||||||||
Other | — | (0.8 | ) | 0.1 | — | 0.7 | — | ||||||||||||||||
Balance at March 31, 2013 | $ | 0.9 | $ | 711.6 | $ | 1,396.6 | $ | (100.8 | ) | $ | (120.6 | ) | $ | — |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Operating activities: | |||||||
Net income | $ | 133.0 | $ | 77.3 | |||
Depreciation and amortization | 63.3 | 64.3 | |||||
Deferred income taxes | (13.8 | ) | (11.8 | ) | |||
Other non-cash adjustments | 4.1 | 4.4 | |||||
Changes in operating assets and liabilities | (142.2 | ) | (87.3 | ) | |||
Net cash provided by operating activities | 44.4 | 46.9 | |||||
Investing activities: | |||||||
Additions to property, plant and equipment | (15.4 | ) | (24.1 | ) | |||
Additions to equipment held for rental | (10.1 | ) | (3.1 | ) | |||
Proceeds from sale of property, plant and equipment | 0.1 | 6.1 | |||||
Proceeds from sale of equipment held for rental | 3.9 | 2.4 | |||||
Other investing activities | (3.4 | ) | (0.7 | ) | |||
Net cash used by investing activities | (24.9 | ) | (19.4 | ) | |||
Financing activities: | |||||||
Repayment of long-term debt | — | (72.5 | ) | ||||
Repurchases of common stock | (125.1 | ) | — | ||||
Proceeds from exercise of stock options | 15.7 | 2.9 | |||||
Other financing activities | 0.8 | (0.2 | ) | ||||
Net cash used by financing activities | (108.6 | ) | (69.8 | ) | |||
Effect of exchange rate changes on cash | 0.7 | 2.2 | |||||
Decrease in cash and cash equivalents | (88.4 | ) | (40.1 | ) | |||
Cash and cash equivalents at beginning of period | 540.7 | 428.5 | |||||
Cash and cash equivalents at end of period | $ | 452.3 | $ | 388.4 | |||
Supplemental disclosures: | |||||||
Cash paid for interest | $ | 30.2 | $ | 37.0 | |||
Cash paid for income taxes | 44.0 | 31.6 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 31 | March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 9.0 | $ | 13.0 | $ | 20.2 | $ | 23.1 | |||||||
Cost of sales | 7.9 | 17.7 | 18.8 | 30.2 | |||||||||||
Gross income (loss) | 1.1 | (4.7 | ) | 1.4 | (7.1 | ) | |||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | — | 3.3 | (0.2 | ) | 4.5 | ||||||||||
Amortization of purchased intangibles | — | 0.2 | — | 0.4 | |||||||||||
Total operating expenses | — | 3.5 | (0.2 | ) | 4.9 | ||||||||||
Operating income (loss) | 1.1 | (8.2 | ) | 1.6 | (12.0 | ) | |||||||||
Other income (expense) | (0.1 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||
Income (loss) before income taxes | 1.0 | (8.4 | ) | 1.2 | (12.3 | ) | |||||||||
Provision for (benefit from) income taxes | 0.4 | (2.8 | ) | 0.4 | (4.1 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | $ | 0.6 | $ | (5.6 | ) | $ | 0.8 | $ | (8.2 | ) |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 141.4 | $ | 99.2 | |||
Costs and profits not billed | 54.2 | 251.7 | |||||
195.6 | 350.9 | ||||||
Other trade receivables | 749.7 | 633.0 | |||||
Finance receivables | 5.5 | 5.2 | |||||
Notes receivable | 23.9 | 24.6 | |||||
Other receivables | 33.0 | 35.6 | |||||
1,007.7 | 1,049.3 | ||||||
Less allowance for doubtful accounts | (23.3 | ) | (18.0 | ) | |||
$ | 984.4 | $ | 1,031.3 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Current receivables | $ | 970.3 | $ | 1,018.6 | |||
Long-term receivables | 14.1 | 12.7 | |||||
$ | 984.4 | $ | 1,031.3 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Finance receivables | $ | 6.4 | $ | 6.0 | |||
Less unearned income | (0.9 | ) | (0.8 | ) | |||
Net finance receivables | 5.5 | 5.2 | |||||
Less allowance for doubtful accounts | (1.3 | ) | (1.4 | ) | |||
$ | 4.2 | $ | 3.8 |
Finance Receivables | Notes Receivables | ||||||||||||||
March 31, 2013 | September 30, 2012 | March 31, 2013 | September 30, 2012 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | 0.1 | $ | 0.1 | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | 0.1 | — | — | — | |||||||||||
Greater than 90 days | 1.5 | 1.3 | — | — | |||||||||||
Receivables on nonaccrual status | 3.1 | 3.4 | 18.9 | 19.0 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 0.4 | 1.5 | 1.6 | — | |||||||||||
Allowance for doubtful accounts | — | — | — | — | |||||||||||
Receivables subject to specific reserves | 5.1 | 3.7 | 22.3 | 24.6 | |||||||||||
Allowance for doubtful accounts | (1.3 | ) | (1.4 | ) | (11.0 | ) | (8.0 | ) |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | 1.5 | $ | 8.0 | $ | 9.0 | $ | 18.5 | $ | 3.7 | $ | 8.7 | $ | 8.7 | $ | 21.1 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | (0.2 | ) | 3.0 | 2.4 | 5.2 | (0.6 | ) | (0.2 | ) | 1.7 | 0.9 | ||||||||||||||||||||
Charge-off of accounts | — | — | (0.4 | ) | (0.4 | ) | — | — | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | 1.3 | $ | 11.0 | $ | 11.0 | $ | 23.3 | $ | 3.1 | $ | 8.5 | $ | 10.2 | $ | 21.8 |
Six Months Ended March 31, 2013 | Six Months Ended March 31, 2012 | ||||||||||||||||||||||||||||||
Finance | Notes | Trade and Other | Total | Finance | Notes | Trade and Other | Total | ||||||||||||||||||||||||
Allowance for doubtful accounts at beginning of period | $ | 1.4 | $ | 8.0 | $ | 8.6 | $ | 18.0 | $ | 11.5 | $ | 8.9 | $ | 9.1 | $ | 29.5 | |||||||||||||||
Provision for doubtful accounts, net of recoveries | (0.1 | ) | 3.0 | 2.8 | 5.7 | (3.1 | ) | (0.2 | ) | 2.3 | (1.0 | ) | |||||||||||||||||||
Charge-off of accounts | — | — | (0.4 | ) | (0.4 | ) | (5.3 | ) | (0.2 | ) | (1.2 | ) | (6.7 | ) | |||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Allowance for doubtful accounts at end of period | $ | 1.3 | $ | 11.0 | $ | 11.0 | $ | 23.3 | $ | 3.1 | $ | 8.5 | $ | 10.2 | $ | 21.8 |
March 31, | September 30, | |||||||
2013 | 2012 | |||||||
Raw materials | $ | 462.8 | $ | 558.0 | ||||
Partially finished products | 317.6 | 318.3 | ||||||
Finished products | 499.0 | 371.0 | ||||||
Inventories at FIFO cost | 1,279.4 | 1,247.3 | ||||||
Less: | Progress/performance-based payments on U.S. government contracts | (144.7 | ) | (238.0 | ) | |||
Excess of FIFO cost over LIFO cost | (74.0 | ) | (71.8 | ) | ||||
$ | 1,060.7 | $ | 937.5 |
March 31, | September 30, | |||||||
2013 | 2012 | |||||||
RiRent (The Netherlands) | $ | 10.9 | $ | 10.5 | ||||
Other | 9.2 | 8.3 | ||||||
$ | 20.1 | $ | 18.8 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Land and land improvements | $ | 46.1 | $ | 45.8 | |||
Buildings | 237.4 | 236.3 | |||||
Machinery and equipment | 560.5 | 550.6 | |||||
Equipment on operating lease to others | 20.9 | 23.8 | |||||
864.9 | 856.5 | ||||||
Less accumulated depreciation | (507.7 | ) | (486.6 | ) | |||
$ | 357.2 | $ | 369.9 |
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2012 | $ | 906.1 | $ | 106.1 | $ | 21.6 | $ | 1,033.8 | |||||||
Foreign currency translation | (0.5 | ) | — | (0.1 | ) | (0.6 | ) | ||||||||
Net goodwill at March 31, 2013 | $ | 905.6 | $ | 106.1 | $ | 21.5 | $ | 1,033.2 |
March 31, 2013 | September 30, 2012 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access equipment | $ | 1,837.7 | $ | (932.1 | ) | $ | 905.6 | $ | 1,838.2 | $ | (932.1 | ) | $ | 906.1 | |||||||||
Fire & emergency | 114.3 | (8.2 | ) | 106.1 | 114.3 | (8.2 | ) | 106.1 | |||||||||||||||
Commercial | 197.4 | (175.9 | ) | 21.5 | 197.5 | (175.9 | ) | 21.6 | |||||||||||||||
$ | 2,149.4 | $ | (1,116.2 | ) | $ | 1,033.2 | $ | 2,150.0 | $ | (1,116.2 | ) | $ | 1,033.8 |
March 31, 2013 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (22.9 | ) | $ | 32.5 | |||||
Non-compete | 10.5 | 56.3 | (56.0 | ) | 0.3 | ||||||||
Technology-related | 11.9 | 104.3 | (62.5 | ) | 41.8 | ||||||||
Customer relationships | 12.7 | 562.1 | (286.2 | ) | 275.9 | ||||||||
Other | 16.6 | 16.6 | (13.1 | ) | 3.5 | ||||||||
14.4 | 794.7 | (440.7 | ) | 354.0 | |||||||||
Non-amortizable trade names | 396.2 | — | 396.2 | ||||||||||
$ | 1,190.9 | $ | (440.7 | ) | $ | 750.2 |
September 30, 2012 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (22.2 | ) | $ | 33.2 | |||||
Non-compete | 10.5 | 56.9 | (55.5 | ) | 1.4 | ||||||||
Technology-related | 12.0 | 100.9 | (58.4 | ) | 42.5 | ||||||||
Customer relationships | 12.7 | 563.8 | (265.5 | ) | 298.3 | ||||||||
Other | 16.5 | 16.6 | (12.8 | ) | 3.8 | ||||||||
14.4 | 793.6 | (414.4 | ) | 379.2 | |||||||||
Non-amortizable trade names | 396.2 | — | 396.2 | ||||||||||
$ | 1,189.8 | $ | (414.4 | ) | $ | 775.4 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Senior Secured Term Loan | $ | 455.0 | $ | 455.0 | |||
8¼% Senior notes due March 2017 | 250.0 | 250.0 | |||||
8½% Senior notes due March 2020 | 250.0 | 250.0 | |||||
955.0 | 955.0 | ||||||
Less current maturities | (32.5 | ) | — | ||||
$ | 922.5 | $ | 955.0 | ||||
Revolving Credit Facility | $ | — | $ | — | |||
Current maturities of long-term debt | 32.5 | — | |||||
$ | 32.5 | $ | — |
• | 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 1.0. |
• | 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 1.0. |
• | 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 2.75 to 1.0. |
i. | $485 million; plus |
ii. | 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 April 1, 2012 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; plus |
iii. | 100% of the aggregate net proceeds received by the Company subsequent to March 31, 2012 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Balance at beginning of period | $ | 95.0 | $ | 75.0 | |||
Warranty provisions | 24.3 | 26.8 | |||||
Settlements made | (25.0 | ) | (24.2 | ) | |||
Changes in liability for pre-existing warranties, net | 3.6 | 2.6 | |||||
Foreign currency translation | (1.0 | ) | 0.7 | ||||
Balance at end of period | $ | 96.9 | $ | 80.9 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Balance at beginning of period | $ | 4.7 | $ | 4.7 | $ | 5.0 | $ | 6.5 | |||||||
Provision for new credit guarantees | 0.4 | 0.5 | 0.4 | 0.7 | |||||||||||
Settlements made | — | — | (0.1 | ) | (0.5 | ) | |||||||||
Changes for pre-existing guarantees, net | (0.2 | ) | (0.6 | ) | (0.3 | ) | (1.7 | ) | |||||||
Amortization of previous guarantees | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.5 | ) | |||||||
Foreign currency translation | — | 0.1 | — | 0.1 | |||||||||||
Balance at end of period | $ | 4.8 | $ | 4.6 | $ | 4.8 | $ | 4.6 |
March 31, 2013 | September 30, 2012 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | $ | 1.5 | $ | 0.4 | $ | 0.4 | $ | — |
Classification of Gains (Losses) | Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cash flow hedges: | |||||||||||||||||
Reclassified from other comprehensive income (effective portion): | |||||||||||||||||
Interest rate contracts | Interest expense | $ | — | $ | — | $ | — | $ | (2.2 | ) | |||||||
Not designated as hedges: | |||||||||||||||||
Foreign exchange contracts | Miscellaneous, net | 2.1 | (4.0 | ) | 0.1 | (6.9 | ) | ||||||||||
$ | 2.1 | $ | (4.0 | ) | $ | 0.1 | $ | (9.1 | ) |
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities. |
Level 2: | Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. |
Level 3: | Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Foreign currency exchange derivatives (a) | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (a) | $ | — | $ | 0.4 | $ | — | $ | 0.4 |
(a) | Based on observable market transactions of forward currency prices. |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||||||||||||||
Cost of Sales | Selling, General and Administrative | Total | Cost of Sales | Selling, General and Administrative | Total | ||||||||||||||||||
Access equipment | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||
Defense | 0.5 | — | 0.5 | — | — | — | |||||||||||||||||
Fire & emergency | — | — | — | 0.2 | 0.2 | 0.4 | |||||||||||||||||
Commercial | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||
$ | 0.3 | $ | — | $ | 0.3 | $ | 0.2 | $ | 0.2 | $ | 0.4 |
Six Months Ended March 31, 2013 | Six Months Ended March 31, 2012 | ||||||||||||||||||||||
Cost of Sales | Selling, General and Administrative | Total | Cost of Sales | Selling, General and Administrative | Total | ||||||||||||||||||
Access equipment | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | |||||||
Defense | 0.5 | — | 0.5 | — | — | — | |||||||||||||||||
Fire & emergency | — | — | — | 0.2 | 0.3 | 0.5 | |||||||||||||||||
Commercial | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||
$ | 0.3 | $ | — | $ | 0.3 | $ | (0.3 | ) | $ | 0.3 | $ | — |
Employee Severance and Termination Benefits | |||
Balance at September 30, 2012 | $ | 1.9 | |
Restructuring provisions | 0.3 | ||
Utilized - cash | (0.1 | ) | |
Foreign currency translation | 0.1 | ||
Balance at March 31, 2013 | $ | 2.2 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 3.6 | $ | 5.5 | $ | 7.6 | $ | 11.1 | |||||||
Interest cost | 4.0 | 4.1 | 8.0 | 8.2 | |||||||||||
Expected return on plan assets | (4.1 | ) | (3.9 | ) | (8.3 | ) | (7.8 | ) | |||||||
Amortization of prior service cost | 0.4 | 0.6 | 0.9 | 1.2 | |||||||||||
Curtailment | 1.9 | — | 2.8 | — | |||||||||||
Amortization of net actuarial loss | 1.1 | 1.8 | 2.2 | 3.6 | |||||||||||
Net periodic benefit cost | $ | 6.9 | $ | 8.1 | $ | 13.2 | $ | 16.3 |
Three Months Ended | Six Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net periodic benefit cost | |||||||||||||||
Service cost | $ | 1.8 | $ | 1.8 | $ | 3.8 | $ | 3.6 | |||||||
Interest cost | 0.8 | 0.8 | 1.6 | 1.7 | |||||||||||
Amortization of prior service cost | (0.1 | ) | — | (0.2 | ) | — | |||||||||
Curtailment | (1.0 | ) | — | (1.0 | ) | — | |||||||||
Amortization of net actuarial loss | 0.3 | 0.3 | 0.6 | 0.6 | |||||||||||
Net periodic benefit cost | $ | 1.8 | $ | 2.9 | $ | 4.8 | $ | 5.9 |
Three Months Ended March 31, 2013 | Six Months Ended March 31, 2013 | ||||||||||||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance at beginning of period | $ | (98.6 | ) | $ | 6.8 | $ | (91.8 | ) | $ | (99.6 | ) | $ | (1.8 | ) | $ | (101.4 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | (10.0 | ) | (10.0 | ) | — | (1.4 | ) | (1.4 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.0 | — | 1.0 | 2.0 | — | 2.0 | |||||||||||||||||
Net current period other comprehensive income (loss) | 1.0 | (10.0 | ) | (9.0 | ) | 2.0 | (1.4 | ) | 0.6 | ||||||||||||||
Balance at end of period | $ | (97.6 | ) | $ | (3.2 | ) | $ | (100.8 | ) | $ | (97.6 | ) | $ | (3.2 | ) | $ | (100.8 | ) |
Details about Accumulated Other Comprehensive Income (Loss) Components | Three Months Ended March 31, 2013 | Six Months Ended March 31, 2013 | ||||||
Amortization of Employee Pension and Postretirement Benefits items | ||||||||
Prior service costs | $ | (0.4 | ) | $ | (0.9 | ) | ||
Actuarial losses | (1.1 | ) | (2.2 | ) | ||||
Total before tax | (1.5 | ) | (3.1 | ) | ||||
Tax benefit | 0.5 | 1.1 | ||||||
Net of tax | $ | (1.0 | ) | $ | (2.0 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income from continuing operations | $ | 85.9 | $ | 42.9 | $ | 132.2 | $ | 84.4 | |||||||
Less: net earnings allocated to participating securities | (0.5 | ) | (0.1 | ) | (0.8 | ) | (0.2 | ) | |||||||
Net income available to Oshkosh Corporation common shareholders | $ | 85.4 | $ | 42.8 | $ | 131.4 | $ | 84.2 | |||||||
Net income (loss) from discontinued operations | $ | 0.6 | $ | (5.6 | ) | $ | 0.8 | $ | (8.2 | ) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Basic weighted-average shares outstanding | 87,112,173 | 91,359,575 | 88,706,133 | 91,272,488 | |||||||
Effect of dilutive stock options and equity-based compensation awards | 1,454,176 | 583,987 | 1,315,578 | 557,472 | |||||||
Diluted weighted-average shares outstanding | 88,566,349 | 91,943,562 | 90,021,711 | 91,829,960 |
Three Months Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 379.3 | $ | — | $ | 379.3 | $ | 388.3 | $ | — | $ | 388.3 | |||||||||||
Telehandlers | 307.4 | — | 307.4 | 239.9 | — | 239.9 | |||||||||||||||||
Other | 130.7 | — | 130.7 | 131.2 | 1.0 | 132.2 | |||||||||||||||||
Total access equipment | 817.4 | — | 817.4 | 759.4 | 1.0 | 760.4 | |||||||||||||||||
Defense | 826.7 | 0.9 | 827.6 | 986.5 | 0.8 | 987.3 | |||||||||||||||||
Fire & emergency | 161.8 | 12.2 | 174.0 | 157.7 | 10.8 | 168.5 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 92.2 | — | 92.2 | 52.7 | — | 52.7 | |||||||||||||||||
Refuse collection | 61.3 | — | 61.3 | 79.7 | — | 79.7 | |||||||||||||||||
Other | 25.0 | 7.0 | 32.0 | 26.3 | 9.0 | 35.3 | |||||||||||||||||
Total commercial | 178.5 | 7.0 | 185.5 | 158.7 | 9.0 | 167.7 | |||||||||||||||||
Intersegment eliminations | — | (20.1 | ) | (20.1 | ) | — | (21.6 | ) | (21.6 | ) | |||||||||||||
Consolidated sales | $ | 1,984.4 | $ | — | $ | 1,984.4 | $ | 2,062.3 | $ | — | $ | 2,062.3 |
Six Months Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | ||||||||||||||||||
Access equipment | |||||||||||||||||||||||
Aerial work platforms | $ | 631.5 | $ | — | $ | 631.5 | $ | 633.6 | $ | — | $ | 633.6 | |||||||||||
Telehandlers | 514.3 | — | 514.3 | 382.6 | — | 382.6 | |||||||||||||||||
Other | 252.8 | 0.1 | 252.9 | 248.3 | 123.6 | 371.9 | |||||||||||||||||
Total access equipment | 1,398.6 | 0.1 | 1,398.7 | 1,264.5 | 123.6 | 1,388.1 | |||||||||||||||||
Defense | 1,654.5 | 1.8 | 1,656.3 | 2,036.7 | 1.6 | 2,038.3 | |||||||||||||||||
Fire & emergency | 333.2 | 22.9 | 356.1 | 305.9 | 15.5 | 321.4 | |||||||||||||||||
Commercial | |||||||||||||||||||||||
Concrete placement | 155.5 | — | 155.5 | 99.4 | — | 99.4 | |||||||||||||||||
Refuse collection | 142.1 | — | 142.1 | 175.0 | — | 175.0 | |||||||||||||||||
Other | 50.3 | 14.9 | 65.2 | 49.3 | 15.6 | 64.9 | |||||||||||||||||
Total commercial | 347.9 | 14.9 | 362.8 | 323.7 | 15.6 | 339.3 | |||||||||||||||||
Intersegment eliminations | — | (39.7 | ) | (39.7 | ) | — | (156.3 | ) | (156.3 | ) | |||||||||||||
Consolidated sales | $ | 3,734.2 | $ | — | $ | 3,734.2 | $ | 3,930.8 | $ | — | $ | 3,930.8 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||
Access equipment | $ | 95.0 | $ | 68.4 | $ | 143.9 | $ | 81.5 | |||||||
Defense | 67.0 | 41.9 | 127.9 | 134.3 | |||||||||||
Fire & emergency | 2.7 | (3.0 | ) | 8.1 | (9.3 | ) | |||||||||
Commercial | 7.6 | 3.9 | 15.6 | 10.8 | |||||||||||
Corporate | (37.9 | ) | (27.0 | ) | (80.6 | ) | (54.1 | ) | |||||||
Intersegment eliminations | 0.2 | (0.1 | ) | — | — | ||||||||||
Consolidated | 134.6 | 84.1 | 214.9 | 163.2 | |||||||||||
Interest expense net of interest income | (14.7 | ) | (17.4 | ) | (28.6 | ) | (37.3 | ) | |||||||
Miscellaneous other income (expense) | 0.1 | 1.3 | 0.4 | (4.3 | ) | ||||||||||
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | $ | 120.0 | $ | 68.0 | $ | 186.7 | $ | 121.6 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Identifiable assets: | |||||||
Access equipment: | |||||||
U.S. | $ | 1,816.2 | $ | 1,754.6 | |||
Europe (a) | 702.1 | 684.2 | |||||
Rest of World | 240.1 | 283.1 | |||||
Total access equipment | 2,758.4 | 2,721.9 | |||||
Defense - U.S. | 694.7 | 684.5 | |||||
Fire & emergency - U.S. | 536.5 | 534.0 | |||||
Commercial: | |||||||
U.S. | 316.2 | 304.5 | |||||
Rest of World (a) | 37.4 | 37.0 | |||||
Total commercial | 353.6 | 341.5 | |||||
Corporate: | |||||||
U.S. (b) | 524.4 | 658.1 | |||||
Rest of World | 7.0 | 7.8 | |||||
Total corporate | 531.4 | 665.9 | |||||
Consolidated | $ | 4,874.6 | $ | 4,947.8 |
(a) | Includes investments in unconsolidated affiliates. |
(b) | Primarily includes cash and short-term investments. |
Six Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Net sales: | |||||||
United States | $ | 3,016.2 | $ | 3,149.5 | |||
Other North America | 116.5 | 109.3 | |||||
Europe, Africa and Middle East | 366.7 | 421.2 | |||||
Rest of World | 234.8 | 250.8 | |||||
Consolidated | $ | 3,734.2 | $ | 3,930.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | 863.3 | $ | 908.0 | $ | 250.5 | $ | (37.4 | ) | $ | 1,984.4 | ||||||||
Cost of sales | 771.2 | 723.2 | 224.0 | (37.4 | ) | 1,681.0 | |||||||||||||
Gross income | 92.1 | 184.8 | 26.5 | — | 303.4 | ||||||||||||||
Selling, general and administrative expenses | 64.0 | 82.8 | 7.5 | — | 154.3 | ||||||||||||||
Amortization of purchased intangibles | — | 10.0 | 4.5 | — | 14.5 | ||||||||||||||
Operating income | 28.1 | 92.0 | 14.5 | — | 134.6 | ||||||||||||||
Interest expense | (50.7 | ) | (14.0 | ) | (0.8 | ) | 49.1 | (16.4 | ) | ||||||||||
Interest income | 0.6 | 9.1 | 41.1 | (49.1 | ) | 1.7 | |||||||||||||
Miscellaneous, net | 12.2 | (37.4 | ) | 25.3 | — | 0.1 | |||||||||||||
Income (loss) from continuing operations before income taxes | (9.8 | ) | 49.7 | 80.1 | — | 120.0 | |||||||||||||
Provision for (benefit from) income taxes | (3.0 | ) | 15.4 | 22.4 | — | 34.8 | |||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (6.8 | ) | 34.3 | 57.7 | — | 85.2 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 93.3 | 28.5 | 34.8 | (156.6 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | — | 0.7 | — | 0.7 | ||||||||||||||
Income from continuing operations | 86.5 | 62.8 | 93.2 | (156.6 | ) | 85.9 | |||||||||||||
Discontinued operations, net of tax | — | 0.6 | — | — | 0.6 | ||||||||||||||
Net income | 86.5 | 63.4 | 93.2 | (156.6 | ) | 86.5 | |||||||||||||
Net income attributable to the noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net income attributable to Oshkosh Corporation | $ | 86.5 | $ | 63.4 | $ | 93.2 | $ | (156.6 | ) | $ | 86.5 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | 1,016.0 | $ | 847.4 | $ | 249.6 | $ | (50.7 | ) | $ | 2,062.3 | ||||||||
Cost of sales | 944.7 | 698.5 | 225.0 | (50.0 | ) | 1,818.2 | |||||||||||||
Gross income | 71.3 | 148.9 | 24.6 | (0.7 | ) | 244.1 | |||||||||||||
Selling, general and administrative expenses | 56.3 | 45.0 | 44.1 | — | 145.4 | ||||||||||||||
Amortization of purchased intangibles | — | 10.0 | 4.6 | — | 14.6 | ||||||||||||||
Operating income | 15.0 | 93.9 | (24.1 | ) | (0.7 | ) | 84.1 | ||||||||||||
Interest expense | (45.8 | ) | (19.7 | ) | (1.2 | ) | 48.7 | (18.0 | ) | ||||||||||
Interest income | 0.6 | 7.6 | 41.1 | (48.7 | ) | 0.6 | |||||||||||||
Miscellaneous, net | 2.8 | (56.2 | ) | 54.7 | — | 1.3 | |||||||||||||
Income (loss) from continuing operations before income taxes | (27.4 | ) | 25.6 | 70.5 | (0.7 | ) | 68.0 | ||||||||||||
Provision for (benefit from) income taxes | (6.2 | ) | 7.4 | 23.5 | (0.3 | ) | 24.4 | ||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (21.2 | ) | 18.2 | 47.0 | (0.4 | ) | 43.6 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 58.7 | 28.5 | 20.2 | (107.4 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | (0.2 | ) | — | 0.2 | — | — | |||||||||||||
Income from continuing operations | 37.3 | 46.7 | 67.4 | (107.8 | ) | 43.6 | |||||||||||||
Discontinued operations, net of tax | — | (5.2 | ) | (0.4 | ) | — | (5.6 | ) | |||||||||||
Net income | 37.3 | 41.5 | 67.0 | (107.8 | ) | 38.0 | |||||||||||||
Net income attributable to the noncontrolling interest | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||
Net income attributable to Oshkosh Corporation | $ | 37.3 | $ | 41.5 | $ | 66.3 | $ | (107.8 | ) | $ | 37.3 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | 1,721.7 | $ | 1,639.5 | $ | 440.7 | $ | (67.7 | ) | $ | 3,734.2 | ||||||||
Cost of sales | 1,540.4 | 1,320.3 | 391.7 | (67.6 | ) | 3,184.8 | |||||||||||||
Gross income | 181.3 | 319.2 | 49.0 | (0.1 | ) | 549.4 | |||||||||||||
Selling, general and administrative expenses | 135.8 | 156.8 | 13.0 | — | 305.6 | ||||||||||||||
Amortization of purchased intangibles | 0.1 | 19.9 | 8.9 | — | 28.9 | ||||||||||||||
Operating income | 45.4 | 142.5 | 27.1 | (0.1 | ) | 214.9 | |||||||||||||
Interest expense | (101.5 | ) | (28.0 | ) | (1.9 | ) | 98.6 | (32.8 | ) | ||||||||||
Interest income | 1.2 | 19.1 | 82.5 | (98.6 | ) | 4.2 | |||||||||||||
Miscellaneous, net | 21.3 | (65.1 | ) | 44.2 | — | 0.4 | |||||||||||||
Income (loss) from continuing operations before income taxes | (33.6 | ) | 68.5 | 151.9 | (0.1 | ) | 186.7 | ||||||||||||
Provision for (benefit from) income taxes | (10.4 | ) | 21.3 | 44.9 | — | 55.8 | |||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (23.2 | ) | 47.2 | 107.0 | (0.1 | ) | 130.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 156.2 | 45.5 | 46.6 | (248.3 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | — | 1.3 | — | 1.3 | ||||||||||||||
Income from continuing operations | 133.0 | 92.7 | 154.9 | (248.4 | ) | 132.2 | |||||||||||||
Discontinued operations, net of tax | — | 0.8 | — | — | 0.8 | ||||||||||||||
Net income | 133.0 | 93.5 | 154.9 | (248.4 | ) | 133.0 | |||||||||||||
Net income attributable to the noncontrolling interest | — | — | — | — | — | ||||||||||||||
Net income attributable to Oshkosh Corporation | $ | 133.0 | $ | 93.5 | $ | 154.9 | $ | (248.4 | ) | $ | 133.0 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | 2,086.8 | $ | 1,582.1 | $ | 462.1 | $ | (200.2 | ) | $ | 3,930.8 | ||||||||
Cost of sales | 1,895.4 | 1,355.4 | 410.4 | (199.4 | ) | 3,461.8 | |||||||||||||
Gross income | 191.4 | 226.7 | 51.7 | (0.8 | ) | 469.0 | |||||||||||||
Selling, general and administrative expenses | 110.9 | 84.1 | 81.5 | — | 276.5 | ||||||||||||||
Amortization of purchased intangibles | 0.1 | 20.0 | 9.2 | — | 29.3 | ||||||||||||||
Operating income | 80.4 | 122.6 | (39.0 | ) | (0.8 | ) | 163.2 | ||||||||||||
Interest expense | (93.9 | ) | (39.1 | ) | (2.2 | ) | 96.7 | (38.5 | ) | ||||||||||
Interest income | 1.1 | 15.1 | 81.7 | (96.7 | ) | 1.2 | |||||||||||||
Miscellaneous, net | 4.9 | (91.2 | ) | 82.0 | — | (4.3 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | (7.5 | ) | 7.4 | 122.5 | (0.8 | ) | 121.6 | ||||||||||||
Provision for (benefit from) income taxes | (2.0 | ) | 1.5 | 37.6 | (0.3 | ) | 36.8 | ||||||||||||
Income (loss) from continuing operations before equity in earnings (losses) of affiliates | (5.5 | ) | 5.9 | 84.9 | (0.5 | ) | 84.8 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 81.9 | 48.9 | 13.7 | (144.5 | ) | — | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | (0.2 | ) | — | 0.9 | — | 0.7 | |||||||||||||
Income from continuing operations | 76.2 | 54.8 | 99.5 | (145.0 | ) | 85.5 | |||||||||||||
Discontinued operations, net of tax | — | (7.7 | ) | (0.5 | ) | — | (8.2 | ) | |||||||||||
Net income | 76.2 | 47.1 | 99.0 | (145.0 | ) | 77.3 | |||||||||||||
Net income attributable to the noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Net income attributable to Oshkosh Corporation | $ | 76.2 | $ | 47.1 | $ | 97.9 | $ | (145.0 | ) | $ | 76.2 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 86.5 | $ | 63.4 | $ | 93.2 | $ | (156.6 | ) | $ | 86.5 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Change in fair value of derivative instruments | — | — | — | — | — | ||||||||||||||
Employee pension and postretirement benefits | 1.0 | — | — | — | 1.0 | ||||||||||||||
Currency translation adjustments | (10.0 | ) | 0.1 | (10.1 | ) | 10.0 | (10.0 | ) | |||||||||||
Total other comprehensive income (loss), net of tax | (9.0 | ) | 0.1 | (10.1 | ) | 10.0 | (9.0 | ) | |||||||||||
Comprehensive income | 77.5 | 63.5 | 83.1 | (146.6 | ) | 77.5 | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 77.5 | $ | 63.5 | $ | 83.1 | $ | (146.6 | ) | $ | 77.5 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 37.3 | $ | 41.5 | $ | 67.0 | $ | (107.8 | ) | $ | 38.0 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Change in fair value of derivative instruments | — | — | — | — | — | ||||||||||||||
Employee pension and postretirement benefits | 1.5 | — | — | — | 1.5 | ||||||||||||||
Currency translation adjustments | 11.8 | 0.4 | 11.4 | (11.8 | ) | 11.8 | |||||||||||||
Total other comprehensive income (loss), net of tax | 13.3 | 0.4 | 11.4 | (11.8 | ) | 13.3 | |||||||||||||
Comprehensive income | 50.6 | 41.9 | 78.4 | (119.6 | ) | 51.3 | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 50.6 | $ | 41.9 | $ | 77.7 | $ | (119.6 | ) | $ | 50.6 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 133.0 | $ | 93.5 | $ | 154.9 | $ | (248.4 | ) | $ | 133.0 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Change in fair value of derivative instruments | — | — | — | — | — | ||||||||||||||
Employee pension and postretirement benefits | 2.0 | — | — | — | 2.0 | ||||||||||||||
Currency translation adjustments | (1.4 | ) | 0.1 | (1.5 | ) | 1.4 | (1.4 | ) | |||||||||||
Total other comprehensive income (loss), net of tax | 0.6 | 0.1 | (1.5 | ) | 1.4 | 0.6 | |||||||||||||
Comprehensive income | 133.6 | 93.6 | 153.4 | (247.0 | ) | 133.6 | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | — | — | — | ||||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 133.6 | $ | 93.6 | $ | 153.4 | $ | (247.0 | ) | $ | 133.6 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net income | $ | 76.2 | $ | 47.1 | $ | 99.0 | $ | (145.0 | ) | $ | 77.3 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Change in fair value of derivative instruments | 1.4 | — | — | — | 1.4 | ||||||||||||||
Employee pension and postretirement benefits | 3.0 | — | — | — | 3.0 | ||||||||||||||
Currency translation adjustments | 3.7 | 2.6 | 1.1 | (3.7 | ) | 3.7 | |||||||||||||
Total other comprehensive income (loss), net of tax | 8.1 | 2.6 | 1.1 | (3.7 | ) | 8.1 | |||||||||||||
Comprehensive income | 84.3 | 49.7 | 100.1 | (148.7 | ) | 85.4 | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||
Comprehensive income attributable to Oshkosh Corporation | $ | 84.3 | $ | 49.7 | $ | 99.0 | $ | (148.7 | ) | $ | 84.3 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 418.5 | $ | 9.9 | $ | 23.9 | $ | — | $ | 452.3 | |||||||||
Receivables, net | 322.0 | 513.6 | 173.9 | (39.2 | ) | 970.3 | |||||||||||||
Inventories, net | 395.8 | 424.4 | 241.9 | (1.4 | ) | 1,060.7 | |||||||||||||
Other current assets | 105.5 | 47.5 | 22.3 | 0.4 | 175.7 | ||||||||||||||
Total current assets | 1,241.8 | 995.4 | 462.0 | (40.2 | ) | 2,659.0 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 2,365.5 | (1,115.5 | ) | 3,407.9 | (4,657.9 | ) | — | ||||||||||||
Intangible assets, net | 2.3 | 1,090.7 | 690.4 | — | 1,783.4 | ||||||||||||||
Other long-term assets | 146.3 | 148.8 | 137.1 | — | 432.2 | ||||||||||||||
Total assets | $ | 3,755.9 | $ | 1,119.4 | $ | 4,697.4 | $ | (4,698.1 | ) | $ | 4,874.6 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 286.3 | $ | 301.3 | $ | 104.7 | $ | (32.8 | ) | $ | 659.5 | ||||||||
Customer advances | 329.2 | 196.8 | 3.1 | — | 529.1 | ||||||||||||||
Other current liabilities | 157.1 | 190.9 | 85.4 | (7.4 | ) | 426.0 | |||||||||||||
Total current liabilities | 772.6 | 689.0 | 193.2 | (40.2 | ) | 1,614.6 | |||||||||||||
Long-term debt, less current maturities | 922.5 | — | — | — | 922.5 | ||||||||||||||
Other long-term liabilities | 173.1 | 132.8 | 143.9 | — | 449.8 | ||||||||||||||
Shareholders' equity | 1,887.7 | 297.6 | 4,360.3 | (4,657.9 | ) | 1,887.7 | |||||||||||||
Total liabilities and shareholders' equity | $ | 3,755.9 | $ | 1,119.4 | $ | 4,697.4 | $ | (4,698.1 | ) | $ | 4,874.6 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 500.0 | $ | 5.5 | $ | 35.2 | $ | — | $ | 540.7 | |||||||||
Receivables, net | 388.0 | 487.5 | 177.3 | (34.2 | ) | 1,018.6 | |||||||||||||
Inventories, net | 284.3 | 415.7 | 239.3 | (1.8 | ) | 937.5 | |||||||||||||
Other current assets | 129.2 | 47.9 | 20.6 | — | 197.7 | ||||||||||||||
Total current assets | 1,301.5 | 956.6 | 472.4 | (36.0 | ) | 2,694.5 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 2,358.1 | (1,182.9 | ) | 3,235.8 | (4,411.0 | ) | — | ||||||||||||
Intangible assets, net | 2.5 | 1,110.4 | 696.3 | — | 1,809.2 | ||||||||||||||
Other long-term assets | 154.7 | 156.8 | 132.6 | — | 444.1 | ||||||||||||||
Total assets | $ | 3,816.8 | $ | 1,040.9 | $ | 4,537.1 | $ | (4,447.0 | ) | $ | 4,947.8 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 326.2 | $ | 288.9 | $ | 96.7 | $ | (28.5 | ) | $ | 683.3 | ||||||||
Customer advances | 315.4 | 190.5 | 4.5 | — | 510.4 | ||||||||||||||
Other current liabilities | 213.6 | 220.2 | 84.5 | (7.5 | ) | 510.8 | |||||||||||||
Total current liabilities | 855.2 | 699.6 | 185.7 | (36.0 | ) | 1,704.5 | |||||||||||||
Long-term debt, less current maturities | 955.0 | — | — | — | 955.0 | ||||||||||||||
Other long-term liabilities | 153.1 | 137.3 | 144.4 | — | 434.8 | ||||||||||||||
Shareholders' equity | 1,853.5 | 204.0 | 4,207.0 | (4,411.0 | ) | 1,853.5 | |||||||||||||
Total liabilities and shareholders' equity | $ | 3,816.8 | $ | 1,040.9 | $ | 4,537.1 | $ | (4,447.0 | ) | $ | 4,947.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (114.1 | ) | $ | 33.4 | $ | 125.1 | $ | — | $ | 44.4 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (5.7 | ) | (5.3 | ) | (4.4 | ) | — | (15.4 | ) | ||||||||||
Additions to equipment held for rental | — | — | (10.1 | ) | — | (10.1 | ) | ||||||||||||
Intercompany investing | 147.5 | (10.7 | ) | (122.0 | ) | (14.8 | ) | — | |||||||||||
Other investing activities | — | — | 0.6 | — | 0.6 | ||||||||||||||
Net cash provided (used) by investing activities | 141.8 | (16.0 | ) | (135.9 | ) | (14.8 | ) | (24.9 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayment of long-term debt | — | — | — | — | — | ||||||||||||||
Repurchase of common stock | (125.1 | ) | — | — | — | (125.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 15.7 | — | — | — | 15.7 | ||||||||||||||
Intercompany financing | (0.6 | ) | (13.0 | ) | (1.2 | ) | 14.8 | — | |||||||||||
Other financing activities | 0.8 | — | — | — | 0.8 | ||||||||||||||
Net cash provided (used) by financing activities | (109.2 | ) | (13.0 | ) | (1.2 | ) | 14.8 | (108.6 | ) | ||||||||||
Effect of exchange rate changes on cash | — | — | 0.7 | — | 0.7 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (81.5 | ) | 4.4 | (11.3 | ) | — | (88.4 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 500.0 | 5.5 | 35.2 | — | 540.7 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 418.5 | $ | 9.9 | $ | 23.9 | $ | — | $ | 452.3 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (40.1 | ) | $ | (16.7 | ) | $ | 103.7 | $ | — | $ | 46.9 | |||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (12.0 | ) | (7.7 | ) | (4.4 | ) | — | (24.1 | ) | ||||||||||
Additions to equipment held for rental | — | — | (3.1 | ) | — | (3.1 | ) | ||||||||||||
Intercompany investing | 81.2 | 28.7 | (96.9 | ) | (13.0 | ) | — | ||||||||||||
Other investing activities | 5.2 | 1.0 | 1.6 | — | 7.8 | ||||||||||||||
Net cash provided (used) by investing activities | 74.4 | 22.0 | (102.8 | ) | (13.0 | ) | (19.4 | ) | |||||||||||
Financing activities: | |||||||||||||||||||
Repayment of long-term debt | (72.5 | ) | — | — | — | (72.5 | ) | ||||||||||||
Repurchase of Common Stock | — | — | — | — | — | ||||||||||||||
Proceeds from exercise of stock options | 2.9 | — | — | — | 2.9 | ||||||||||||||
Intercompany financing | (0.6 | ) | (13.0 | ) | 0.6 | 13.0 | — | ||||||||||||
Other financing activities | (0.4 | ) | — | 0.2 | — | (0.2 | ) | ||||||||||||
Net cash provided (used) by financing activities | (70.6 | ) | (13.0 | ) | 0.8 | 13.0 | (69.8 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 0.8 | 1.4 | — | 2.2 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (36.3 | ) | (6.9 | ) | 3.1 | — | (40.1 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 376.3 | 13.5 | 38.7 | — | 428.5 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 340.0 | $ | 6.6 | $ | 41.8 | $ | — | $ | 388.4 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Second Quarter Fiscal | First Six Months Fiscal | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales: | |||||||||||||||
Access equipment | $ | 817.4 | $ | 760.4 | $ | 1,398.7 | $ | 1,388.1 | |||||||
Defense | 827.6 | 987.3 | 1,656.3 | 2,038.3 | |||||||||||
Fire & emergency | 174.0 | 168.5 | 356.1 | 321.4 | |||||||||||
Commercial | 185.5 | 167.7 | 362.8 | 339.3 | |||||||||||
Intersegment eliminations | (20.1 | ) | (21.6 | ) | (39.7 | ) | (156.3 | ) | |||||||
Consolidated | $ | 1,984.4 | $ | 2,062.3 | $ | 3,734.2 | $ | 3,930.8 |
Second Quarter Fiscal | First Six Months Fiscal | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating income (loss): | |||||||||||||||
Access equipment | $ | 95.0 | $ | 68.4 | $ | 143.9 | $ | 81.5 | |||||||
Defense | 67.0 | 41.9 | 127.9 | 134.3 | |||||||||||
Fire & emergency | 2.7 | (3.0 | ) | 8.1 | (9.3 | ) | |||||||||
Commercial | 7.6 | 3.9 | 15.6 | 10.8 | |||||||||||
Corporate | (37.9 | ) | (27.0 | ) | (80.6 | ) | (54.1 | ) | |||||||
Intersegment eliminations | 0.2 | (0.1 | ) | — | — | ||||||||||
Consolidated | $ | 134.6 | $ | 84.1 | $ | 214.9 | $ | 163.2 |
March 31, | September 30, | ||||||
2013 | 2012 | ||||||
Cash and cash equivalents | $ | 452.3 | $ | 540.7 | |||
Total debt | 955.0 | 955.0 | |||||
Shareholders’ equity | 1,887.7 | 1,853.5 | |||||
Total capitalization (debt plus equity) | 2,842.7 | 2,808.5 | |||||
Debt to total capitalization | 33.6 | % | 34.0 | % |
• | Leverage Ratio: A maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and certain other items (“EBITDA”)) as of the last day of any fiscal quarter of 4.50 to 1.0. |
• | 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 1.0. |
• | 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 2.75 to 1.0. |
(i) | $485.0 million; plus |
(ii) | 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 April 1, 2012 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; plus |
(iii) | 100% of the aggregate net proceeds received by the Company subsequent to March 31, 2012 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
Fiscal 2013 Expectations | |||||||
Low | High | ||||||
Corporate | |||||||
Non-GAAP operating expenses | $ | 140.0 | $ | 145.0 | |||
Tender offer and proxy contest costs | 16.3 | 16.3 | |||||
GAAP operating expenses | $ | 156.3 | $ | 161.3 | |||
Consolidated | |||||||
Non-GAAP earnings per share available to Oshkosh | |||||||
Corporation from continuing operations-diluted | $ | 2.90 | $ | 3.15 | |||
Tender offer and proxy contest costs, net of tax | (0.11 | ) | (0.11 | ) | |||
GAAP earnings per share available to Oshkosh | |||||||
Corporation from continuing operations-diluted | $ | 2.79 | $ | 3.04 |
• | Our business is susceptible to changes in the U.S. defense budget, which may reduce revenues that we expect from our defense business, especially in light of federal budget pressures in part caused by U.S. economic weakness, the withdrawal of U.S. troops from Iraq, the plans to withdraw U.S. troops from Afghanistan by December 2014, sequestration and the level of defense funding that will be allocated to the DoD's tactical wheeled vehicle strategy generally. |
• | The U.S. government may not appropriate funding that we expect for our U.S. government contracts, which may prevent us from realizing revenues under current contracts or receiving additional orders that we anticipate we will receive. |
• | Certain of our government contracts for the U.S. Army and U.S. Marines could be suspended or terminated, and all such contracts expire in the future and may not be replaced, which could reduce revenues that we expect under the contracts and negatively affect margins in our defense segment. |
• | The Weapon Systems Acquisition Reform Act requires competition for U.S. defense programs in certain circumstances. Competition for DoD programs that we currently have could result in the U.S. government awarding future contracts to another manufacturer or the U.S. government awarding the contracts to us at lower prices and operating margins than we experience under the current contracts. |
• | Defense truck contract awards that we receive may be subject to protests by competing bidders, which protests, if successful, could result in the DoD revoking part or all of any defense truck contract it awards to us and our inability to recover amounts we have expended in anticipation of initiating production under any such contract. |
• | Most of our government contracts are fixed-price contracts with price escalation factors included for those contracts that extend beyond one year. Our actual costs on any of these contracts may exceed our projected costs, which could result in profits lower than historically realized or than we anticipate or net losses under these contracts. |
• | We recognize revenue on certain undefinitized contracts with the DoD to the extent that we can reasonably and reliably estimate the expected final contract price and when collectability is reasonably assured. Undefinitized contracts are used when we and the DoD have not agreed upon all contract terms before we begin performance under the contracts. At March 31, 2013, we had recorded $89.8 million in revenue on contracts that remain undefinitized. To the extent that contract definitization results in changes or adjustments to previously recognized revenues or estimated or incurred costs, including charges from subcontractors, we record those adjustments as a change in estimate in the period of change. While we believe the definitization of contracts will not have a material adverse effect on our financial condition, actual results could vary from current estimates. |
• | We must spend significant sums on product development and testing, bid and proposal activities and pre-contract engineering, tooling and design activities in competitions to have the opportunity to be awarded these contracts. |
• | Competitions for the award of defense truck contracts are intense, and we cannot provide any assurance that we will be successful in the defense truck procurement competitions in which we participate. |
• | Our defense products undergo rigorous testing by the customer and are subject to highly technical requirements. Our products are inspected extensively by the DoD prior to acceptance to determine adherence to contractual technical and quality requirements. Any failure to pass these tests or to comply with these requirements could result in unanticipated |
• | As a U.S. government contractor, our U.S. government contracts and systems are subject to audit and review by the Defense Contract Audit Agency and the Defense Contract Management Agency. These agencies review our performance under our U.S. government contracts, our cost structure and our compliance with laws and regulations applicable to U.S. government contractors. Systems that are subject to review include, but are not limited to, our accounting systems, estimating systems, material management systems, earned value management systems, purchasing systems and government property systems. If an audit uncovers improper or illegal activities, then we may be subject to civil and criminal penalties and administrative sanctions that may include the termination of our U.S. government contracts, forfeiture of profits, suspension of payments, fines and, under certain circumstances, suspension or debarment from future U.S. government contracts for a period of time. Whether or not illegal activities are alleged, the U.S. government also has the ability to decrease or withhold certain payments when it deems systems subject to its review to be inadequate. These laws and regulations affect how we do business with our customers and, in some instances, impose added costs on our business. |
• | Our defense truck contracts are large in size and require significant personnel and production resources, and when such contracts end or significantly reduce their vehicle requirements, we must make adjustments to personnel and production resources. This was the case in October 2012 when we announced the layoff of 450 full time employees and 40 contractors effective January 2013 due to a reduction in production levels. This was also the case when we recently-announced plans to lay-off approximately 700 additional production employees and 200 salaried employees and contractors in June and July 2013. If we are unable to effectively reduce our cost structure commensurate with the completion of certain large defense contracts, our future earnings and cash flows would be adversely affected. In addition, if we are not able to utilize existing defense segment production equipment for alternative purposes, we could incur asset impairment charges as a result of the significant reduction in projected U.S. defense funding. |
• | We have historically received payments in advance of product deliveries, or performance-based payments (“PBP”), on a number of our U.S. government contracts. In the event that we are not able to meet contractual delivery requirements on these contracts, the U.S. government may discontinue providing PBPs. The U.S. government may also become less willing to offer PBPs or reduce the amount of PBPs on new contract awards, as was the case on our recently negotiated FHTV contract extension. If we stop receiving PBPs or receive PBPs at lower levels on future contract awards, it could have an adverse effect on our cash flows. |
• | In the event of component availability constraints, the U.S. government has the ability to unilaterally divert the supply of components used on multiple government programs to those programs rated most urgent (DX-rated programs). This could result in the U.S. government diverting the supply of component parts necessary for the production of vehicles under our U.S. defense contracts to other contractors. |
• | We periodically experience difficulties with sourcing sufficient vehicle carcasses from the U.S. military to maintain our defense truck remanufacturing schedule, which can create uncertainty and inefficiencies for this area of our business. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||
January 1 - January 31 | — | $ | — | — | 6,749,928 | ||||||||
February 1 - February 28 | — | — | — | 6,749,928 | |||||||||
March 1 - March 31 | — | — | — | 6,749,928 | |||||||||
Total | — | — | — | 6,749,928 |
(1) | In July 1995, the Company authorized the repurchase of up to 6,000,000 shares of the Company's Common Stock. In July 2012, the Company's Board of Directors increased the repurchase authorization by 4,000,000 shares of Common Stock. On November 15, 2012, the Company's Board of Directors further increased the repurchase authorization from the then remaining 6,683,825 shares of Common Stock to 11,000,000 shares of Common Stock. As of March 31, 2013, the Company had repurchased 4,250,072 shares of Common Stock under this authorization. The Company can use this authorization at any time as there is no expiration date associated with the authorization. From time to time, the Company may enter into a Rule 10b5-1 trading plan for the purpose of repurchasing shares under this authorization. |
10.1 | Oshkosh Corporation KEESA Rabbi Trust Agreement, dated as of January 31, 2013, between Oshkosh Corporation and Wells Fargo Bank, National Association, as Trustee. |
10.2 | Oshkosh Corporation Supplemental Retirement Plans Rabbi Trust Agreement, dated as of January 31, 2013, between Oshkosh Corporation and Wells Fargo Bank, National Association, as Trustee. |
31.1 | Certification by the Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 30, 2013. |
31.2 | Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 30, 2013. |
32.1 | Written Statement of the Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated April 30, 2013. |
32.2 | Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated April 30, 2013. |
101 | The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
OSHKOSH CORPORATION | |||
April 30, 2013 | By | /S/ Charles L. Szews | |
Charles L. Szews, Chief Executive Officer | |||
April 30, 2013 | By | /S/ David M. Sagehorn | |
David M. Sagehorn, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||
April 30, 2013 | By | /S/ Thomas J. Polnaszek | |
Thomas J. Polnaszek, Senior Vice President Finance and Controller (Principal Accounting Officer) | |||
10.1 | Oshkosh Corporation KEESA Rabbi Trust Agreement, dated as of January 31, 2013, between Oshkosh Corporation and Wells Fargo Bank, National Association, as Trustee. |
10.2 | Oshkosh Corporation Supplemental Retirement Plans Rabbi Trust Agreement, dated as of January 31, 2013, between Oshkosh Corporation and Wells Fargo Bank, National Association, as Trustee. |
31.1 | Certification by the Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 30, 2013. |
31.2 | Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated April 30, 2013. |
32.1 | Written Statement of the Chief Executive Officer, pursuant to 18 U.S.C. §1350, dated April 30, 2013. |
32.2 | Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. §1350, dated April 30, 2013. |
101 | The following materials from Oshkosh Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
(a) | WHEREAS, the Company has entered into one or more employment or severance agreements with employees of the Company (the “Arrangements”), attached hereto as Attachment A; |
(b) | WHEREAS, the Company may incur liability under the terms of the Arrangements with respect to the individuals covered by the Arrangements (the “Participants and Beneficiaries”); |
(c) | WHEREAS, the Company hereby establishes a Trust (the “Trust”) and shall contribute to the Trust assets that shall be held therein, subject to the claims of the Company’s creditors if the Company is Insolvent, as herein defined, until paid to Participants and their Beneficiaries in such manner and at such times as specified in the Arrangements and in this Trust Agreement; and |
(d) | WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Arrangements as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). |
(a) | The Trust is intended to be a Grantor Trust, of which the Company is the Grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended (“Code”), and shall be construed accordingly. |
(b) | The Company shall be considered a Grantor for the purposes of the Trust. |
(c) | Except as specifically provided herein, the Trust hereby established is irrevocable. |
(d) | The Company hereby deposits with the Trustee in the Trust one-thousand dollars and zero cents ($1,000.00) (the “Initial Contribution”) which shall become the principal of the Trust to be held, administered and disposed of by the Trustee as provided in this Trust Agreement. |
(e) | The principal of the Trust and any earnings thereon shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and herein set forth. Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Arrangements and this Trust Agreement shall be unsecured contractual rights of Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the general creditors of the Company under federal and state law in the event the Company is Insolvent, as defined in Section 3(a). |
(f) | In addition to the Initial Contribution, the Company shall make such other contributions as shall from time to time be authorized by due corporate action. Any such contributions made by the Company may be in cash, by letter of credit or, prior to the date as of which a Change in Control occurs, in such property (including, without limitation, securities issued by the Company) as the Company may determine. Prior to a Change in Control, neither the Trustee nor any Participant or Beneficiary shall have any right to compel additional contributions. |
(g) | Upon a Change in Control, the Company shall, as soon as possible, but in no event later than three (3) business days thereafter, make a contribution to the Trust in an amount that is sufficient (taking into account the Trust assets, if any, resulting from prior contributions) to fund the Trust in an amount that is at least equal to one hundred percent (100%) of the Required Funding, the Dispute Expense Reserve and the Trust Expense Reserve. The “Required Funding” shall be equal to the amount necessary to pay the benefits to which Participants or their Beneficiaries would be entitled pursuant to the terms of the Arrangements, without any discount for present value, assuming all contingencies required for the payment thereunder had been met as of the date on which the Change in Control occurred. The “Dispute Expense Reserve” shall be equal to two hundred and fifty thousand dollars ($250,000), which shall be used solely to reimburse Participant or Beneficiary legal fees as approved under the Arrangements in the event of a dispute regarding the entitlement to a benefit under the Arrangements. The “Trust Expense Reserve” shall be equal to the lesser of: 1) the estimated trustee and record-keeper expenses and fees for one year or 2) seventy-five thousand dollars ($75,000), which reserve shall be used solely to pay the Trustee’s fees and expenses. Thereafter, as of each December 31, the Company shall recalculate the Required Funding (but based on the amount necessary to pay the benefits to which Participants or their Beneficiaries would be entitled pursuant to the terms of the Arrangements, without any discount for present value, assuming all contingencies required for payment thereunder had been met as of such December 31), the Dispute Expense Reserve and the Trust Expense Reserve, and if the assets of the Trust are less than the sum of the Required Funding, the Dispute Expense Reserve and the Trust Expense Reserve as so recalculated, then the Company shall make a contribution to the Trust as soon as administratively possible but no later than sixty(60) days after January 1 in an amount equal to no less than one hundred percent (100%) of the Required Funding, the Dispute Expense Reserve and the Trust Expense Reserve as so recalculated. |
(h) | Notwithstanding anything herein to the contrary, the Company shall not make any contributions to the Trust if such contributions would result in the Participants or Beneficiaries becoming subject to the tax imposed by Code section 409A. In addition, if the maintenance of assets in the Trust for the benefit of an “applicable covered employee” (as defined in Code section 409A(b)(3)(D)) would result in such individual becoming subject to an additional tax under Code section 409A, then the Trustee shall, promptly upon notification by the Company and receipt of a legal opinion from Company’s counsel that Code section 409A(b)(3)(A) applies, return the assets related to such individual to the Company. In either such event, promptly following the date that the Company may make contributions (if otherwise required) to the Trust without causing additional taxes to be due under Code section 409A, the Company will make such contributions and, if a return of assets to the Company was made, the Company shall redeposit such assets into the Trust. |
Section 2. | Payments to Participants and Their Beneficiaries |
(a) | Immediately after a Change in Control, the Company shall deliver to the Trustee a schedule of benefits due under the Arrangements (the “Payment Schedule”). The Payment Schedule will provide directions to the Trustee regarding the amounts so payable, and will set forth the form(s), the time of commencement and conclusion of benefits and payments (as provided for or available under the Arrangements), and the state and federal tax withholding guidelines. After a Change in Control, the Trustee shall pay benefits due in accordance with such Payment Schedule. After a Change in Control, the Company shall continue to make the determination of benefits due to Participants or their Beneficiaries and shall provide the Trustee with an updated Payment Schedule,; provided, however, that a Participant or (following the Participant’s death) their Beneficiaries may make application to the Trustee for an independent decision as to the amount or form of their benefits due under the Arrangements, and in such case, the Trustee shall make a determination in response to the application as soon as practicable but in no event later than ninety (90) days of receiving all necessary information and data to make a determination. If a determination is not completed within ninety (90) days, the Trustee shall notify the affected parties that a thirty (30) day extension is required to complete its independent decision. If in making any determination required or permitted to be made by the Trustee under this Section, the Trustee shall, in each such case, reach its own independent determination, in its absolute and sole discretion. In making its determination, the Trustee may consult with and make such inquiries of such persons, including the Participant or Beneficiary, the Company, legal counsel, actuaries or other persons, as the Trustee may reasonably deem necessary. Any reasonable costs incurred by the Trustee in arriving at its determination shall be reimbursed by the Company and, to the extent not paid by the Company within a reasonable time, shall be charged to the Trust (but not the Dispute Expense Reserve or Trust Expense Reserve). The Company waives any right to contest any amount paid over by the Trustee hereunder pursuant to a good faith determination made by the Trustee notwithstanding any claim by or on behalf of the Company (absent a manifest abuse of discretion by the Trustee) that such payments should not be made. |
(b) | After a Change in Control, to the extent contemplated by the terms of the Arrangement, a Participant or Beneficiary may seek reimbursement from the Company of any reasonable attorney’s fees and necessary costs incurred (collectively, “Legal Fees”) to settle a dispute or in connection with any legal or arbitration proceeding with respect to such individual’s Arrangement. If not paid by the Company by the deadline established under the Arrangement, then the Participant or Beneficiary may provide a written request to the Trustee for reimbursement of such Legal Fees from the Dispute Expense Reserve. The written request shall be accompanied by such documentation of the Legal Fees incurred as the Trustee may reasonably request. The Trustee shall reimburse the Participant or Beneficiary (or such other person as the Participant or Beneficiary may designate in writing) the amount of all properly substantiated Legal Fees from the Dispute Expense Reserve within thirty (30) days of receipt of the written request (and accompanying substantiation) and, to the extent there are not adequate assets in the Dispute Expense Reserve, from the remainder of the Trust. The Company waives any right to contest any amount paid over by the Trustee from the Dispute Expense Reserve hereunder pursuant to a good faith determination made by the Trustee notwithstanding any claim by or on behalf of the Company (absent a manifest abuse of discretion by the Trustee) that such payments should not be made. |
(c) | The Trustee agrees that it will not itself institute any action at law or at equity, whether in the nature of an accounting, interpleading action, request for a declaratory judgment or otherwise, requesting a court or administrative or quasi-judicial body to make the determination required to be made by the Trustee under this Section 2 in the place and stead of the Trustee. The Trustee may (and, if necessary or appropriate, shall), following a Change in Control, institute an action to collect a contribution due the Trust or in the event that the Trust should ever experience a shortfall in the amount of assets necessary to make payments pursuant to the terms of the Arrangements. |
(d) | The Trustee agrees to withhold and remit to the proper taxing authority all federal, state, local and foreign taxes required as directed by the Company pursuant to Section 2(a) to be withheld with respect to any payment or benefits payable under this Trust. |
Section 3. | Trustee Responsibility Regarding Payments |
(a) | The Trustee shall cease payment of benefits under the Arrangements if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. |
(b) | At all times during the continuance of this Trust, the principal and income of the Trust (including the Dispute Expense Reserve and the Trust Expense Reserve) shall be subject to claims of general creditors of the Company under federal and state law as set forth below. |
(c) | Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due under the terms of the Arrangements for the period of such discontinuance, less the aggregate amount of any payments made by the Company in lieu of the payments provided for hereunder during any such period of discontinuance, all in accordance with the Payment Schedule, which shall be modified by the Company as necessary to comply with the provisions of this paragraph (c). |
Section 4. | Payments When a Shortfall of Trust Assets Occurs |
(a) | If, following a Change in Control, there are not sufficient assets for the payment of current and expected future benefits pursuant to Section 2 or Section 3(c) and the Company does not otherwise make such payments within a reasonable time after demand from the Trustee, the Trustee shall allocate the Trust assets among the Participants or their Beneficiaries in the following order of priority: |
(1) | those Participants and their Beneficiaries who are in pay status under the Arrangements; and |
(2) | those Participants and their Beneficiaries who are not yet in pay status under the Arrangements. |
(b) | Within each category, assets shall be allocated pro-rata with respect to the total present value of benefits expected for each Participant or Beneficiary within the category, and payments with respect to each Participant or Beneficiary shall be made to the extent of the assets allocated to each Participant or Beneficiary. |
(c) | Upon receipt of a contribution from the Company necessary to make up for a shortfall in the payments due, the Trustee shall resume payments with respect to all the Participants and Beneficiaries then entitled thereto under the Arrangements. Following a Change in Control, the Trustee shall have the right and duty to compel a contribution to the Trust from the Company to make-up for any shortfall. |
(a) | Except as provided in Section 1(h), Section 3, Section 5(b), and Section 8(a), the Company shall have no right or power to direct the Trustee to return to the Company or to divert to persons other than Participants and their Beneficiaries any of the Trust assets before all payment of benefits have been made pursuant to the terms of the Arrangements. |
(b) | In the event that the Trustee in its sole and absolute discretion, after a Change in Control, determines that the Trust assets exceed one-hundred percent (100%) of the sum of the Required Funding, the Dispute Expense Reserve and the Trust Expense Reserve, the Trustee in its sole and absolute discretion, after a Change in Control, shall distribute to the Company such excess portion of Trust assets. |
(a) | Prior to a Change in Control, the Company shall have the right, subject to this Section, to direct the Trustee with respect to investments. |
a. | Notwithstanding anything in this Agreement to the contrary, the Trustee shall be indemnified and saved harmless by the Company from and against any and all personal liability to which the Trustee may be subjected by carrying out any directions of the Company, an investment manager or investment committee issued pursuant hereto or for failure to act in the absence of directions of the Company, an investment manager or investment committee including all expenses reasonably incurred in its defense in the event the Company fails to provide such defense; provided, however, the Trustee shall not be so indemnified if it participates knowingly in, or knowingly undertakes to conceal, an act or omission of the Company, an investment manager or investment committee, having actual knowledge that such act or omission is a breach of a fiduciary duty; provided further, however, that the Trustee shall not be deemed to have knowingly participated in or knowingly undertaken to conceal an act or omission of the Company, an investment manager or investment committee with knowledge that such act or omission was a breach of fiduciary duty by merely complying with directions of the Company, an investment manager or investment committee or for failure to act in the absence of directions of the Company, an investment manager or investment committee. The Trustee may rely upon any order, certificate, notice, direction or other documentary confirmation purporting to have been issued by the Company, investment manager or investment committee which the Trustee believes to be genuine and to have been issued by the Company, investment manager or investment committee, as applicable. The Trustee shall not be charged with knowledge of the termination of the appointment of any authorized representative of the Company, any investment manager or investment committee until it receives written notice thereof from the Company. |
b. | The Company, prior to a Change in Control, may direct the Trustee to invest in securities (including stock and the rights to acquire stock) or obligations issued by the Company. |
c. | All rights associated with respect to any investment held by the Trust, including but not limited to, exercising or voting of proxies, in person or by general or limited proxy, shall be in accordance with and as directed in writing by the Company or its authorized representative. |
(b) | Subsequent to a Change in Control, the Trustee shall have the following powers in investing and reinvesting the Fund in its sole discretion, provided however, that the Trustee shall exercise such authority with the intent of preserving capital: |
(c) | Following a Change in Control, the Trustee shall have the sole and absolute discretion in the management of the Fund and shall have all the powers set forth under Section 6(b). In investing the Trust assets, the Trustee shall consider: |
(2) | the need for matching of the Trust assets with the liabilities of the Arrangements; and |
(3) | the duty of the Trustee to act solely in the best interests of the Participants and their Beneficiaries. |
(d) | The Trustee shall have the right, in its sole discretion, to delegate its investment responsibility to an investment manager who may be an affiliate of the Trustee but, following a Change in Control, may not be an affiliate of the Company. In the event the Trustee shall exercise this right, the Trustee shall remain, at all times responsible for the acts of an investment manager. The Trustee shall have the right to purchase an insurance policy or an annuity to fund the benefits of the Arrangements, provided such purchase does not cause a Participant or Beneficiary to be considered in violation of section 409A of the Code. |
(e) | The Company shall have the right at any time, and from time to time, in its sole discretion, to substitute assets (other than securities issued by the Trustee or the Company) of equal fair market value for any asset held by the Trust. This right is exercisable by the Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity; provided, however, that, following a Change in Control, no such substitution shall be permitted unless the Trustee determines that the fair market values of the substituted assets are equal. |
(a) | To the extent that the Trustee is directed by the Company prior to a Change in Control to invest part or all of the Trust Fund in insurance contracts, the type and amount thereof shall be specified by the Company. The Trustee shall be under no duty to make inquiry as to the propriety of the type or amount so specified. |
(b) | Each insurance contract issued shall provide that the Trustee shall be the owner thereof with the power to exercise all rights, privileges, options and elections granted by or permitted under such contract or under the rules of the insurer. The exercise by the Trustee of any incidents of ownership under any contract shall, prior to a Change in Control, be subject to the direction of the Company. After a Change in Control, the Trustee shall have all such rights. |
(c) | The Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against an insurance policy held in the Trust Fund. |
(d) | No insurer shall be deemed to be a party to the Trust and an insurer’s obligations shall be measured and determined solely by the terms of contracts and other agreements executed by the insurer. |
(a) | Prior to a Change in Control, all income received by the Trust, net of expenses and taxes, may be returned to the Company or accumulated and reinvested within the Trust at the direction of the Company. |
(b) | Following a Change in Control, all income received by the Trust, net of expenses and taxes payable by the Trust, shall be accumulated and reinvested within the Trust as part of the Fund. |
(a) | The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Company which is contemplated by, and in conformity with, the terms of the Arrangements or this Trust and is given in writing by the Company. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute, subject, however to Section 2(d). |
(b) | The Company hereby indemnifies the Trustee against losses, liabilities, claims, costs and expenses in connection with the administration of the Trust, unless resulting from the gross negligence or willful misconduct of Trustee. To the extent the Company fails to make any payment on account of an indemnity provided in this paragraph 10(b), in a reasonably timely manner, the Trustee may obtain payment from the Trust. If the Trustee undertakes or defends any litigation arising in connection with this Trust or to protect a Participant’s or Beneficiary’s rights under the Arrangements, the Company agrees to indemnify the Trustee against the Trustee's costs, reasonable expenses and liabilities (including, without limitation, attorneys' fees and expenses) relating thereto and to be primarily liable for such payments. If the Company does not pay such costs, expenses and liabilities in a reasonably timely manner, the Trustee may obtain payment from the Fund. If the Trustee is found to have engaged in gross negligence or willful misconduct, then the Trustee shall promptly reimburse the Company, or the Trust if applicable, for any costs, expenses and liabilities that the Company or the Trust has paid on behalf of the Trustee with respect to such litigation. The provisions of this paragraph (b) shall not apply with respect to investment decisions directed by the Company, an investment manager or investment committee, which are governed solely by Section 6(a)(4). |
(c) | Prior to a Change in Control, the Trustee may consult with legal counsel (who may also be counsel for the Company generally) with respect to any of its duties or obligations hereunder. Following a Change in Control the Trustee shall select legal counsel that does not otherwise act as counsel to the Company or any of its affiliates and may consult with counsel or other persons with respect to its duties and with respect to the rights of Participants or their Beneficiaries under the Arrangements. |
(d) | The Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder and may rely on any determinations made by such agents and information provided to it by the Company. |
(e) | The Trustee shall have, without exclusion, all powers conferred on the Trustee by applicable law, unless expressly provided otherwise herein. |
(f) | Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Code. |
(a) | Prior to a Change in Control, the Trustee may resign at any time by written notice to the Company, which shall be effective sixty (60) days after receipt of such notice unless the Company and the Trustee agree otherwise. Following a Change in Control, the Trustee may resign only after the appointment of a successor Trustee. |
(b) | The Trustee may be removed by the Company on sixty days (60) days’ notice or upon shorter notice accepted by the Trustee. Notwithstanding the foregoing, after a Change in Control, the Trustee may only be removed by the Company with the consent of a Majority of the Participants. |
(c) | If the Trustee resigns within two years after a Change in Control, the Company, or if the Company fails to act within a reasonable period of time following such resignation, the Trustee, shall apply to a court of competent jurisdiction for the appointment of a successor Trustee which satisfies the requirements of Section 13 or for instructions. |
(d) | Upon the effective date of resignation or removal of the Trustee and appointment of a successor Trustee, as mutually agreed upon by the Company, the Trustee and the successor Trustee (although the Company’s agreement shall not be required if the successor Trustee is appointed by a court pursuant to paragraph (e) of this section), all assets of the Trust shall be transferred promptly to the successor Trustee. The transfer shall be effective on the date the resignation or removal of the Trustee becomes effective, unless the Company extends the time limit. |
(e) | If the Trustee resigns or is removed, a successor shall be appointed by the Company, in accordance with Section 13, by the effective date of resignation or removal under paragraph(s) (a) or (b) of this section. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. |
(a) | If the Trustee resigns or is removed in accordance with Section 12, the Company may appoint, subject to Section 12, any third party that is not an affiliate of the Company, such as a bank trust department or other party that may be granted corporate trustee powers under state law with a market capitalization exceeding $100,000,000, to replace the Trustee upon resignation or removal. The successor Trustee shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer. |
(b) | The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Section 9 and 10. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event related to the Trust or the Fund, or any condition existing with respect to the Trust or the Fund at the time it becomes successor Trustee. |
Section 14. | Amendment or Termination |
(a) | This Trust Agreement may be amended by a written instrument executed by the Trustee and the Company, except as otherwise provided in this Section 14. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Arrangements or shall make the Trust revocable. |
(b) | Following a Change in Control, except as provided in Section 14(c), the Trust shall not terminate until the date on which Participants and their Beneficiaries have received all of the benefits due to them under the terms and conditions of the Arrangements. |
(c) | Following a Change in Control, upon written approval of all Participants and Beneficiaries of deceased Participants who are or may become (assuming all contingencies are met) entitled to payment of benefits pursuant to the terms of the Arrangements, the Company may terminate this Trust prior to the time all benefit payments under the Arrangements have been made. All assets in the Trust at termination shall be returned to the Company. |
(d) | This Trust Agreement may not be amended by the Company following a Change in Control without the written consent of a Majority of the Participants, unless such amendment is required by law or is required to avoid a violation under Code section 409A. |
(a) | For purposes of this Trust, the following terms, when capitalized, shall be defined as set forth below: |
(2) | “Majority of Participants” shall mean seventy-five percent (75%) of the number of Participants (or Beneficiaries, in the case of a deceased Participant) who are or may become entitled to benefits under the Arrangement(s) listed on Attachment A of this Trust Agreement. |
(b) | An Authorized Signer of the Company shall have the specific authority to determine whether a Change in Control has transpired, and shall give the Trustee notice of a Change in Control. The Trustee shall be entitled to rely upon such notice, but if the Trustee receives notice of a Change in Control from another source, the Trustee shall make its own independent determination. Further, after such time as an Authorized Signer of the Company has advised the Trustee that a Change in Control has transpired, an Authorized Signer of the Company may not thereafter advise the Trustee that a Change in Control has not transpired. |
(a) | The existence of this Trust Agreement, information concerning a Change in Control and certain information relating to the Trust is "Confidential Information" pursuant to applicable federal and state law, and as such it shall be maintained by Trustee in confidence and not disclosed, used or duplicated, except as described in this section. If it is necessary for the Trustee to disclose Confidential Information to a third party in order to perform the Trustee's duties hereunder, the Trustee shall disclose only such Confidential Information as is necessary for such third party to perform its obligations to the Trustee and shall, before such disclosure is made, ensure that said third party understands and agrees to the confidentiality obligations set forth herein. The Trustee shall maintain an appropriate information security program and adequate administrative and physical safeguards to prevent the unauthorized disclosure, misuse, alteration or destruction of Confidential Information, and shall inform the Company as soon as possible of any security breach or other incident involving possible unauthorized disclosure of or access to Confidential Information. Confidential Information does not include information that is generally known or available to the public or that is not treated as confidential by the Company, provided, however, that this exception shall not apply to any publicly available information to the extent that the disclosure or sharing of the information by one or both parties is subject to any limitation, restriction, consent, or notification requirement under any applicable federal or state information privacy law or regulation. If the Trustee is required by law, according to the advice of competent counsel, to disclose Confidential Information, the Trustee may do so without breaching this section, but shall first, if feasible and legally permissible, provide the Company with prompt notice of such pending disclosure so that the Company may seek a protective order or other appropriate remedy or waive compliance with the provisions of this section. |
(a) | Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. |
(b) | The Company hereby represents and warrants that all of the Arrangements have been established, maintained and administered in accordance with all applicable laws, including without limitation, ERISA to the extent applicable. The Company hereby indemnifies and agrees to hold the Trustee harmless from all liabilities, including attorneys’ fees, relating to or arising out of the establishment, maintenance and administration of the Arrangements. To the extent the Company does not pay any of such liabilities in a reasonably timely manner, the Trustee may obtain payment from the Trust. |
(c) | Benefits payable to Participants and their Beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. Notwithstanding the foregoing, to the extent the Trustee determines that the law so requires, the Trustee shall comply with any wage garnishment that applies to payments as they become due hereunder. |
(d) | This Trust Agreement shall be governed by and construed in accordance with the laws of Wisconsin, without regard to conflict of law principles thereof. |
OSHKOSH CORPORATION | WELLS FARGO BANK, NATIONAL ASSOCIATION as TRUSTEE |
By: ___________________________________ | By: ___________________________________ |
Its: ___________________________________ | Its: ___________________________________ |
ATTEST: | ATTEST: |
By: ___________________________________ | By: ___________________________________ |
Its: ___________________________________ | Its: ___________________________________ |
(a) | WHEREAS, the Company has established one or more nonqualified deferred compensation plans (the “Plans”), attached hereto as Attachment A; |
(b) | WHEREAS, the Company has incurred or expects to incur liability under the terms of the Plans with respect to the individuals covered by the Plans (the “Participants and Beneficiaries”); |
(c) | WHEREAS, the Company hereby establishes a Trust (the “Trust”) and shall contribute to the Trust assets that shall be held therein, subject to the claims of the Company’s creditors if the Company is Insolvent, as herein defined, until paid to Participants and their Beneficiaries in such manner and at such times as specified in the Plans and in this Trust Agreement; and |
(d) | WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plans as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). |
(a) | The Trust is intended to be a Grantor Trust, of which the Company is the Grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended (“Code”), and shall be construed accordingly. |
(b) | The Company shall be considered a Grantor for the purposes of the Trust. |
(c) | Except as specifically provided herein, the Trust hereby established is irrevocable. |
(d) | The Company hereby deposits with the Trustee in the Trust one-thousand dollars and zero cents ($1,000.00) (the “Initial Contribution”) which shall become the principal of the Trust to be held, administered and disposed of by the Trustee as provided in this Trust Agreement. |
(e) | The principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes herein set forth. Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plans and this Trust Agreement shall be unsecured contractual rights of Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the general creditors of the Company under federal and state law in the event the Company is Insolvent, as defined in Section 3(a). |
(f) | In addition to the Initial Contribution, the Company shall make such other contributions as shall from time to time be authorized by due corporate action. Any such contributions made by the Company may be in cash, by letter of credit or, prior to the date as of which a Change in Control occurs, in such property (including, without limitation, securities issued by the Company) as the Company may determine. Prior to a Change in Control, neither the Trustee nor any Participant or Beneficiary shall have any right to compel additional contributions. |
(g) | Upon a Change in Control, the Company shall, as soon as possible, but in no event later than three (3) business days thereafter, make a contribution to the Trust in an amount that is sufficient (taking into account the Trust assets, if any, resulting from prior contributions) to fund the Trust in an amount at least equal to one hundred percent (100%) of the Required Funding and the Expense Reserve. The “Required Funding” shall be equal to the amount necessary to pay the benefits to which Participants or their Beneficiaries would be entitled pursuant to the terms of the Plans, without any discount for present value, assuming all contingencies required for the payment thereunder had been met as of the date on which the Change in Control occurred. The “Expense Reserve” shall be equal to the lesser of: 1) the estimated trustee and record-keeper expenses and fees for one year or 2) seventy-five thousand dollars ($75,000), which reserve shall be used solely to pay the Trustee’s fees and expenses. |
(h) | Notwithstanding anything herein to the contrary, the Company shall not make any contributions to the Trust if such contributions would result in the Participants or Beneficiaries becoming subject to the tax imposed by Code section 409A. In addition, if the maintenance of assets in the Trust for the benefit of an “applicable covered employee” (as defined in Code section 409A(b)(3)(D)) would result in such individual becoming subject to an additional tax under Code section 409A, then the Trustee shall, promptly upon notification by the Company and receipt of a legal opinion from Company’s counsel that Code section 409A(b)(3)(A) applies, return the assets related to such individual to the Company. In either such event, promptly following the date that the Company may make contributions (if otherwise required) to the Trust without causing additional taxes to be due under Code section 409A, the Company will make such contributions and, if a return of assets to the Company was made, the Company shall redeposit such assets into the Trust. |
Section 2. | Payments to Participants and Their Beneficiaries |
(a) | Prior to a Change in Control, distributions from the Trust shall be made by the Trustee to Participants and Beneficiaries at the direction of the Company. Prior to a Change in Control, the entitlement of a Participant or his or her Beneficiaries to benefits under the Plans shall be determined by the Company under the Plans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plans. |
(b) | Prior to the time the first payment due hereunder is to be made, the Company shall deliver to the Trustee a schedule of benefits due under the Plans (the “Payment Schedule”). If the Company determines that only certain individuals will be paid from the Trust, then the Payment Schedule may be limited to only such individuals. The Payment Schedule will provide directions to the Trustee regarding the amounts so payable, set forth the form(s), the time of commencement and conclusion of payments (as provided for or available under the Plans), and the state and federal tax withholding guidelines. Immediately after a Change in Control, the Company shall deliver to the Trustee an updated Payment Schedule with respect to all Participants and Beneficiaries in the Plans. After a Change in Control, the Trustee shall pay benefits due in accordance with such Payment Schedule. After a Change in Control, the Company shall continue to make the determination of benefits due to Participants or their Beneficiaries and shall provide the Trustee with an updated Payment Schedule; provided, however, that a Participant or (following the Participant’s death) their Beneficiaries may make application to the Trustee for an independent decision as to the amount or form of their benefits due under the Plans, and in such case, the Trustee shall make a determination in response to the application as soon as practicable but in no event later than ninety (90) days. If a determination is not completed within ninety (90) days, the Trustee shall notify the affected parties that a thirty (30) day extension is required to complete its independent decision. In making any determination required or permitted to be made by the Trustee under this Section, the Trustee shall, in each such case, reach its own independent determination, in its absolute and sole discretion, as to the Participant’s or Beneficiary’s entitlement to a payment hereunder. In making its determination, the Trustee may consult with and make such inquiries of such persons, including the Participant or Beneficiary, the Company, legal counsel, actuaries or other persons, as the Trustee may reasonably deem necessary. Any reasonable costs incurred by the Trustee in arriving at its determination shall be reimbursed by the Company and, to the extent not paid by the Company within a reasonable time, shall be charged to the Trust (but not the Expense Reserve). The Company waives any right to contest any amount paid over by the Trustee hereunder pursuant to a good faith determination made by the Trustee notwithstanding any claim by or on behalf of the Company (absent a manifest abuse of discretion by the Trustee) that such payments should not be made. |
(b) | The Trustee agrees that it will not itself institute any action at law or at equity, whether in the nature of an accounting, interpleading action, request for a declaratory judgment or otherwise, requesting a court or administrative or quasi-judicial body to make the determination required to be made by the Trustee under this Section 2 in the place and stead of the Trustee. The Trustee may (and, if necessary or appropriate, following a Change in Control, shall) institute an action to collect a contribution due the Trust or in the event that the Trust should ever experience a shortfall in the amount of assets necessary to make payments pursuant to the terms of the Plans. |
(c) | The Trustee agrees that it shall be responsible to withhold and remit to the proper taxing authority all federal, state, local and foreign taxes required to be withheld with respect to any payment or benefits payable under this Trust. |
Section 3. | Trustee Responsibility Regarding Payments |
(a) | The Trustee shall cease payment of benefits under the Plans if the Company is Insolvent. The Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) the Company is unable to pay its debts as they become due, or (ii) the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. |
(b) | At all times during the continuance of this Trust, the principal and income of the Trust (including the Expense Reserve) shall be subject to claims of general creditors of the Company under federal and state law as set forth below. |
(c) | Provided that there are sufficient assets, if the Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due under the terms of the Plans for the period of such discontinuance, less the aggregate amount of any payments made by the Company in lieu of the payments provided for hereunder during any such period of discontinuance, all in accordance with the Payment Schedule, which shall be modified by the Company as necessary to comply with the provisions of this paragraph (c). |
Section 4. | Payments When a Shortfall of The Trust Assets Occurs |
(a) | If there are not sufficient assets for the payment of current and expected future benefits pursuant to Section 2 or Section 3(c) and the Company does not otherwise make such payments within a reasonable time after demand from the Trustee, the Trustee shall allocate the Trust assets among the Participants or their Beneficiaries in the following order of priority: |
(1) | those Participants and their Beneficiaries who are in pay status under the Plans; |
(2) | those Participants and their Beneficiaries who are vested under the Plans, but not yet in pay status under the Plans: and |
(3) | those Participants and their Beneficiaries who are not vested under the Plans. |
(b) | Within each category, assets shall be allocated pro-rata with respect to the total present value of benefits expected for each Participant or Beneficiary within the category, and payments with respect to each Participant or Beneficiary shall be made to the extent of the assets allocated to each Participant or Beneficiary. |
(c) | Upon receipt of a contribution from the Company necessary to make up for a shortfall in the payments due, the Trustee shall resume payments with respect to all the Participants and Beneficiaries then entitled thereto under the Plans. Following a Change in Control, the Trustee shall have the right and duty to compel a contribution to the Trust from the Company to make-up for any shortfall. |
(a) | Except as provided in Section 1(h), Section 3, Section 5(b), and Section 8(a), the Company shall have no right or power to direct the Trustee to return to the Company or to divert to persons other than Participants and their Beneficiaries any of the Trust assets before all payment of benefits have been made pursuant to the terms of the Plans. |
(b) | In the event that the Company, prior to a Change in Control, or the Trustee in its sole and absolute discretion, after a Change in Control, determines that the Trust assets exceed one-hundred percent (100%) of the anticipated benefit obligations that are to be paid under the Plans and the anticipated administrative expenses that the Trustee will incur under this Agreement, the Trustee, at the written direction of the Company, prior to a Change in Control, or the Trustee in its sole and absolute discretion, after a Change in Control, shall distribute to the Company such excess portion of Trust assets. |
(a) | Prior to a Change in Control, the Company shall have the right, subject to this Section, to direct the Trustee with respect to investments. |
a. | Notwithstanding anything in this Agreement to the contrary, the Trustee shall be indemnified and saved harmless by the Company from and against any and all personal liability to which the Trustee may be subjected by carrying out any directions of the Company, an investment manager or investment committee issued pursuant hereto or for failure to act in the absence of directions of the Company, an investment manager or investment committee including all expenses reasonably incurred in its defense in the event the Company fails to provide such defense; provided, however, the Trustee shall not be so indemnified if it participates knowingly in, or knowingly undertakes to conceal, an act or omission of the Company, an investment manager or investment committee, having actual knowledge that such act or omission is a breach of a fiduciary duty; provided further, however, that the Trustee shall not be deemed to have knowingly participated in or knowingly undertaken to conceal an act or omission of the Company, an investment manager or investment committee with knowledge that such act or omission was a breach of fiduciary duty by merely complying with directions of the Company, an investment manager or investment committee or for failure to act in the absence of directions of the Company, an investment manager or investment committee. The Trustee may rely upon any order, certificate, notice, direction or other documentary confirmation purporting to have been issued by the Company, investment manager or investment committee which the Trustee believes to be genuine and to have been issued by the Company, investment manager or investment committee, as applicable. The Trustee shall not be charged with knowledge of the termination of the appointment of any authorized representative of the Company, any investment manager or investment committee until it receives written notice thereof from the Company. |
b. | The Company, prior to a Change in Control, may direct the Trustee to invest in securities (including stock and the rights to acquire stock) or obligations issued by the Company. |
c. | All rights associated with respect to any investment held by the Trust, including but not limited to exercising or voting of proxies, in person or by general or limited proxy, shall be in accordance with and as directed in writing by the Company or its authorized representative. |
(b) | Subsequent to a Change in Control, the Trustee shall have the following powers in investing and reinvesting the Fund in its sole discretion, provided however, that the Trustee shall exercise such authority with the intent of preserving capital: |
(c) | Following a Change in Control, the Trustee shall have the sole and absolute discretion in the management of the Fund and shall have all the powers set forth under Section 6(b). In investing the Trust assets, the Trustee shall consider: |
(2) | the need for matching of the Trust assets with the liabilities of the Plans; and |
(3) | the duty of the Trustee to act solely in the best interests of the Participants and their Beneficiaries. |
(d) | The Trustee shall have the right, in its sole discretion, to delegate its investment responsibility to an investment manager who may be an affiliate of the Trustee but, following a Change in Control, may not be an affiliate of the Company. In the event the Trustee shall exercise this right, the Trustee shall remain, at all times responsible for the acts of an investment manager. The Trustee shall have the right to purchase an insurance policy or an annuity to fund the benefits of the Plans, provided such purchase does not cause a Participant or Beneficiary to be considered in violation of section 409A of the Code. |
(e) | The Company shall have the right at any time, and from time to time, in its sole discretion, to substitute assets (other than securities issued by the Trustee or the Company) of equal fair market value for any asset held by the Trust. This right is exercisable by the Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity; provided, however, that, following a Change in Control, no such substitution shall be permitted unless the Trustee determines that the fair market values of the substituted assets are equal. |
(a) | To the extent that the Trustee is directed by the Company prior to a Change in Control to invest part or all of the Trust Fund in insurance contracts, the type and amount thereof shall be specified by the Company. The Trustee shall be under no duty to make inquiry as to the propriety of the type or amount so specified. |
(b) | Each insurance contract issued shall provide that the Trustee shall be the owner thereof with the power to exercise all rights, privileges, options and elections granted by or permitted under such contract or under the rules of the insurer. The exercise by the Trustee of any incidents of ownership under any contract shall, prior to a Change in Control, be subject to the direction of the Company. After a Change in Control, the Trustee shall have all such rights. |
(c) | The Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against an insurance policy held in the Trust Fund. |
(d) | No insurer shall be deemed to be a party to the Trust and an insurer’s obligations shall be measured and determined solely by the terms of contracts and other agreements executed by the insurer. |
(a) | Prior to a Change in Control, all income received by the Trust, net of expenses and taxes, may be returned to the Company or accumulated and reinvested within the Trust at the direction of the Company. |
(b) | Following a Change in Control, all income received by the Trust, net of expenses and taxes payable by the Trust, shall be accumulated and reinvested within the Trust as part of the Fund. |
(a) | The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, provided, however, that the Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Company which is contemplated by, and in conformity with, the terms of the Plans or this Trust and is given in writing by the Company. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute, subject, however to Section 2(d). |
(b) | The Company hereby indemnifies the Trustee against losses, liabilities, claims, costs and expenses in connection with the administration of the Trust, unless resulting from the gross negligence or willful misconduct of Trustee. To the extent the Company fails to make any payment on account of an indemnity provided in this paragraph 10(b), in a reasonably timely manner, the Trustee may obtain payment from the Trust. If the Trustee undertakes or defends any litigation arising in connection with this Trust or to protect a Participant’s or Beneficiary’s rights under the Plans, the Company agrees to indemnify the Trustee against the Trustee's costs, reasonable expenses and liabilities (including, without limitation, attorneys' fees and expenses) relating thereto and to be primarily liable for such payments. If the Company does not pay such costs, expenses and liabilities in a reasonably timely manner, the Trustee may obtain payment from the Fund. If the Trustee is found to have engaged in gross negligence or willful misconduct, then the Trustee shall promptly reimburse the Company, or the Trust if applicable, for any costs, expenses and liabilities that the Company or the Trust has paid on behalf of the Trustee with respect to such litigation. The provisions of this paragraph (b) shall not apply with respect to investment decisions directed by the Company, an investment manager or investment committee, which are governed solely by Section 6(a)(4). |
(c) | Prior to a Change in Control, the Trustee may consult with legal counsel (who may also be counsel for the Company generally) with respect to any of its duties or obligations hereunder. Following a Change in Control the Trustee shall select legal counsel that does not otherwise act as counsel to the Company or any of its affiliates and may consult with counsel or other persons with respect to its duties and with respect to the rights of Participants or their Beneficiaries under the Plans. |
(d) | The Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder and may rely on any determinations made by such agents and information provided to it by the Company. |
(e) | The Trustee shall have, without exclusion, all powers conferred on the Trustee by applicable law, unless expressly provided otherwise herein. |
(f) | Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Code. |
(a) | Prior to a Change in Control, the Trustee may resign at any time by written notice to the Company, which shall be effective sixty (60) days after receipt of such notice unless the Company and the Trustee agree otherwise. Following a Change in Control, the Trustee may resign only after the appointment of a successor Trustee. |
(b) | The Trustee may be removed by the Company on sixty days (60) days’ notice or upon shorter notice accepted by the Trustee. Notwithstanding the foregoing, after a Change in Control the Trustee may only be removed by the Company with the consent of a Majority of the Participants. |
(c) | If the Trustee resigns within two years after a Change in Control, the Company, or if the Company fails to act within a reasonable period of time following such resignation, the Trustee, shall apply to a court of competent jurisdiction for the appointment of a successor Trustee which satisfies the requirements of Section 13 or for instructions. |
(d) | Upon the effective date of resignation or removal of the Trustee and appointment of a successor Trustee, as mutually agreed upon by the Company, the Trustee and the successor trustee (although the Company’s agreement shall not be required if the successor Trustee is appointed by a court pursuant to paragraph (e) of this section), all assets of the Trust shall be transferred promptly to the successor Trustee. The transfer shall be completed effective on the date the resignation or removal of the Trustee becomes effective, unless the Company extends the time limit. |
(e) | If the Trustee resigns or is removed, a successor shall be appointed by the Company, in accordance with Section 13, by the effective date of resignation or removal under paragraph(s) (a) or (b) of this section. If no such appointment has been made, the Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of the Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. |
(a) | If the Trustee resigns or is removed in accordance with Section 12, the Company may appoint, subject to Section 12, any third party that is not an affiliate of the Company, such as a bank trust department or other party that may be granted corporate trustee powers under state law with a market capitalization exceeding $100,000,000, to replace the Trustee upon resignation or removal. The successor Trustee shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer. |
(b) | The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Section 9 and 10. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event related to the Trust or the Fund, or any condition existing with respect to the Trust or the Fund at the time it becomes successor Trustee. |
Section 14. | Amendment or Termination |
(a) | This Trust Agreement may be amended by a written instrument executed by the Trustee and the Company, except as otherwise provided in this Section 14. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plans or shall make the Trust revocable. |
(b) | Following a Change in Control, except as provided in Section 14(c), the Trust shall not terminate until the date on which Participants and their Beneficiaries have received all of the benefits due to them under the terms and conditions of the Plans. |
(c) | Following a Change in Control, upon written approval of all Participants and Beneficiaries of deceased Participants who are or may become (assuming all contingencies are met) entitled to payment of benefits pursuant to the terms of the Plans, the Company may terminate this Trust prior to the time all benefit payments under the Plans have been made. All assets in the Trust at termination shall be returned to the Company. |
(d) | This Trust Agreement may not be amended by the Company following a Change in Control without the written consent of a Majority of the Participants, unless such amendment is required by law or is required to avoid a violation under Code section 409A. |
(a) | For purposes of this Trust, the following terms, when capitalized, shall be defined as set forth below: |
(2) | “Majority of Participants” shall mean seventy-five percent (75%) of the number of Participants (or Beneficiaries, in the case of a deceased Participant) who are covered by the Plans listed on Attachment A of this Trust Agreement. |
(b) | An Authorized Signer shall have the specific authority to determine whether a Change in Control has transpired, and shall give the Trustee notice of a Change in Control. The Trustee shall be entitled to rely upon such notice, but if the Trustee receives notice of a Change in Control from another source, the Trustee shall make its own independent determination. Further, after such time as an Authorized Signer of the Company has advised the Trustee that a Change in Control has transpired, an Authorized Signer of the Company may not thereafter advise the Trustee that a Change in Control has not transpired. |
(a) | The existence of this Trust Agreement, information concerning a Change in Control and certain information relating to the Trust is "Confidential Information" pursuant to applicable federal and state law, and as such it shall be maintained by Trustee in confidence and not disclosed, used or duplicated, except as described in this section. If it is necessary for the Trustee to disclose Confidential Information to a third party in order to perform the Trustee's duties hereunder, the Trustee shall disclose only such Confidential Information as is necessary for such third party to perform its obligations to the Trustee and shall, before such disclosure is made, ensure that said third party understands and agrees to the confidentiality obligations set forth herein. The Trustee shall maintain an appropriate information security program and adequate administrative and physical safeguards to prevent the unauthorized disclosure, misuse, alteration or destruction of Confidential Information, and shall inform the Company as soon as possible of any security breach or other incident involving possible unauthorized disclosure of or access to Confidential Information. Confidential Information does not include information that is generally known or available to the public or that is not treated as confidential by the Company, provided, however, that this exception shall not apply to any publicly available information to the extent that the disclosure or sharing of the information by one or both parties is subject to any limitation, restriction, consent, or notification requirement under any applicable federal or state information privacy law or regulation. If the Trustee is required by law, according to the advice of competent counsel, to disclose Confidential Information, the Trustee may do so without breaching this section, but shall first, if feasible and legally permissible, provide the Company with prompt notice of such pending disclosure so that the Company may seek a protective order or other appropriate remedy or waive compliance with the provisions of this section. |
(a) | Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. |
(b) | The Company hereby represents and warrants that all of the Plans have been established, maintained and administered in accordance with all applicable laws, including without limitation, ERISA to the extent applicable. The Company hereby indemnifies and agrees to hold the Trustee harmless from all liabilities, including attorneys’ fees, relating to or arising out of the establishment, maintenance and administration of the Plans. To the extent the Company does not pay any of such liabilities in a reasonably timely manner, the Trustee may obtain payment from the Trust. |
(c) | Benefits payable to Participants and their Beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. Notwithstanding the foregoing, to the extent the Trustee determines that the law so requires, the Trustee shall comply with any wage garnishment that applies to payments as they become due hereunder. |
(d) | This Trust Agreement shall be governed by and construed in accordance with the laws of Wisconsin, without regard to conflict of law principles thereof. |
OSHKOSH CORPORATION | WELLS FARGO BANK, NATIONAL ASSOCIATION as TRUSTEE |
By: ___________________________________ | By: ___________________________________ |
Its: ___________________________________ | Its: ___________________________________ |
ATTEST: | ATTEST: |
By: ___________________________________ | By: ___________________________________ |
Its: ___________________________________ | Its: ___________________________________ |
1. | Oshkosh Corporation Executive Retirement Plan |
2. | Oshkosh Corporation Defined Contribution Executive Retirement Plan |
1. | I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
April 30, 2013 | /S/ Charles L. Szews |
Charles L. Szews, Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Oshkosh Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
April 30, 2013 | /S/ David M. Sagehorn |
David M. Sagehorn, Executive Vice President and Chief Financial Officer |
/S/ Charles L. Szews | |
Charles L. Szews | |
April 30, 2013 |
/S/ David M. Sagehorn | |
David M. Sagehorn | |
April 30, 2013 |
Warranties (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in warranty liability | Changes in the Company’s warranty liability were as follows (in millions):
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Investments in Unconsolidated Affiliates (Details)
In Millions, unless otherwise specified |
6 Months Ended | 6 Months Ended | |||||||
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Mar. 31, 2013
USD ($)
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Sep. 30, 2012
USD ($)
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Mar. 31, 2013
RiRent (The Netherlands)
USD ($)
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Mar. 31, 2012
RiRent (The Netherlands)
USD ($)
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Mar. 31, 2013
RiRent (The Netherlands)
EUR (€)
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Sep. 30, 2012
RiRent (The Netherlands)
USD ($)
|
Mar. 31, 2013
RiRent (The Netherlands)
Equipment
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Mar. 31, 2013
Other
USD ($)
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Sep. 30, 2012
Other
USD ($)
|
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Investment in unconsolidated affiliates, Accounted under equity method | |||||||||
Investment in unconsolidated affiliates | $ 20.1 | $ 18.8 | $ 10.9 | $ 10.5 | $ 9.2 | $ 8.3 | |||
Sales to equity investee | 0.2 | 1.7 | |||||||
Estimated useful life (in years) | 5 years | ||||||||
Bank credit facility | € 15.0 | ||||||||
Equity to asset ratio required to be maintained under bank credit facility (as a percent) | 30.00% | ||||||||
Overall equity to asset ratio (as a percent) | 71.20% |
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Separate Financial Information of Subsidiary Guarantors of Indebtedness Disclosure Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | . 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 For the Three Months Ended March 31, 2013
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2012
Condensed Consolidating Statement of Income For the Six Months Ended March 31, 2013
Condensed Consolidating Statement of Income For the Six Months Ended March 31, 2012
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Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2013
Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2012
Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended March 31, 2013
Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended March 31, 2012
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Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of March 31, 2013
Condensed Consolidating Balance Sheet As of September 30, 2012
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2013
Condensed Consolidating Statement of Cash Flows For the Six Months Ended March 31, 2012
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Earnings (Loss) Per Share (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of income attributable to common shareholders | Net income (loss) attributable to Oshkosh Corporation common shareholders was as follows (in millions):
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Schedule of computation of basic and diluted weighted-average shares used in the denominator of per share calculations | Basic and diluted weighted-average shares used in the denominator of the per share calculations was as follows:
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Receivables (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables | Receivables consisted of the following (in millions):
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Classification of receivables in the Consolidated Balance Sheets | Classification of receivables in the Condensed Consolidated Balance Sheets consisted of the following (in millions):
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Schedule of finance receivables | Finance receivables consisted of the following (in millions):
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Schedule of finance and notes receivable aging and accrual status | Finance and notes receivable aging and accrual status consisted of the following (in millions):
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Schedule of changes in the allowance for doubtful accounts | Changes in the Company’s allowance for doubtful accounts were as follows (in millions):
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Goodwill and Purchased Intangible Assets (Details 2) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
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Sep. 30, 2012
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Details of the Company's goodwill allocated to the reportable segments | ||
Gross | $ 2,149.4 | $ 2,150.0 |
Accumulated Impairment | (1,116.2) | (1,116.2) |
Net | 1,033.2 | 1,033.8 |
Access Equipment
|
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Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 1,837.7 | 1,838.2 |
Accumulated Impairment | (932.1) | (932.1) |
Net | 905.6 | 906.1 |
Fire and Emergency
|
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Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 114.3 | 114.3 |
Accumulated Impairment | (8.2) | (8.2) |
Net | 106.1 | 106.1 |
Commercial
|
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Details of the Company's goodwill allocated to the reportable segments | ||
Gross | 197.4 | 197.5 |
Accumulated Impairment | (175.9) | (175.9) |
Net | $ 21.5 | $ 21.6 |
Business Segment Information (Details 2) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Net sales: | ||||
External Customers | $ 1,984.4 | $ 2,062.3 | $ 3,734.2 | $ 3,930.8 |
Inter-segment | 0 | 0 | 0 | 0 |
Net sales | 1,984.4 | 2,062.3 | 3,734.2 | 3,930.8 |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | 134.6 | 84.1 | 214.9 | 163.2 |
Interest expense net of interest income | (14.7) | (17.4) | (28.6) | (37.3) |
Miscellaneous other income (expense) | 0.1 | 1.3 | 0.4 | (4.3) |
Income from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 120.0 | 68.0 | 186.7 | 121.6 |
Access Equipment
|
||||
Net sales: | ||||
External Customers | 817.4 | 759.4 | 1,398.6 | 1,264.5 |
Inter-segment | 0 | 1.0 | 0.1 | 123.6 |
Net sales | 817.4 | 760.4 | 1,398.7 | 1,388.1 |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | 95.0 | 68.4 | 143.9 | 81.5 |
Access Equipment | Aerial work platforms
|
||||
Net sales: | ||||
External Customers | 379.3 | 388.3 | 631.5 | 633.6 |
Inter-segment | 0 | 0 | 0 | 0 |
Net sales | 379.3 | 388.3 | 631.5 | 633.6 |
Access Equipment | Telehandlers
|
||||
Net sales: | ||||
External Customers | 307.4 | 239.9 | 514.3 | 382.6 |
Inter-segment | 0 | 0 | 0 | 0 |
Net sales | 307.4 | 239.9 | 514.3 | 382.6 |
Access Equipment | Other
|
||||
Net sales: | ||||
External Customers | 130.7 | 131.2 | 252.8 | 248.3 |
Inter-segment | 0 | 1.0 | 0.1 | 123.6 |
Net sales | 130.7 | 132.2 | 252.9 | 371.9 |
Defense
|
||||
Net sales: | ||||
External Customers | 826.7 | 986.5 | 1,654.5 | 2,036.7 |
Inter-segment | 0.9 | 0.8 | 1.8 | 1.6 |
Net sales | 827.6 | 987.3 | 1,656.3 | 2,038.3 |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | 67.0 | 41.9 | 127.9 | 134.3 |
Fire and Emergency
|
||||
Net sales: | ||||
External Customers | 161.8 | 157.7 | 333.2 | 305.9 |
Inter-segment | 12.2 | 10.8 | 22.9 | 15.5 |
Net sales | 174.0 | 168.5 | 356.1 | 321.4 |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | 2.7 | (3.0) | 8.1 | (9.3) |
Commercial
|
||||
Net sales: | ||||
External Customers | 178.5 | 158.7 | 347.9 | 323.7 |
Inter-segment | 7.0 | 9.0 | 14.9 | 15.6 |
Net sales | 185.5 | 167.7 | 362.8 | 339.3 |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | 7.6 | 3.9 | 15.6 | 10.8 |
Commercial | Concrete placement
|
||||
Net sales: | ||||
External Customers | 92.2 | 52.7 | 155.5 | 99.4 |
Inter-segment | 0 | 0 | 0 | 0 |
Net sales | 92.2 | 52.7 | 155.5 | 99.4 |
Commercial | Refuse collection
|
||||
Net sales: | ||||
External Customers | 61.3 | 79.7 | 142.1 | 175.0 |
Inter-segment | 0 | 0 | 0 | 0 |
Net sales | 61.3 | 79.7 | 142.1 | 175.0 |
Commercial | Other
|
||||
Net sales: | ||||
External Customers | 25.0 | 26.3 | 50.3 | 49.3 |
Inter-segment | 7.0 | 9.0 | 14.9 | 15.6 |
Net sales | 32.0 | 35.3 | 65.2 | 64.9 |
Corporate
|
||||
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | (37.9) | (27.0) | (80.6) | (54.1) |
Intersegment eliminations
|
||||
Net sales: | ||||
External Customers | 0 | 0 | 0 | 0 |
Inter-segment | (20.1) | (21.6) | (39.7) | (156.3) |
Net sales | (20.1) | (21.6) | (39.7) | (156.3) |
Operating income (loss) from continuing operations: | ||||
Operating income (loss) | $ 0.2 | $ (0.1) | $ 0 | $ 0 |
Business Segment Information (Details 3) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Sep. 30, 2012
|
||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | $ 4,874.6 | $ 4,874.6 | $ 4,947.8 | |||||||||
Net sales | 1,984.4 | 2,062.3 | 3,734.2 | 3,930.8 | ||||||||
U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 3,016.2 | 3,149.5 | ||||||||||
Other North America
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 116.5 | 109.3 | ||||||||||
Europe, Africa and Middle East
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 366.7 | 421.2 | ||||||||||
Rest of World
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 234.8 | 250.8 | ||||||||||
Access Equipment
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 2,758.4 | 2,758.4 | 2,721.9 | |||||||||
Net sales | 817.4 | 760.4 | 1,398.7 | 1,388.1 | ||||||||
Access Equipment | U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 1,816.2 | 1,816.2 | 1,754.6 | |||||||||
Access Equipment | Europe
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 702.1 | [1] | 702.1 | [1] | 684.2 | [1] | ||||||
Access Equipment | Rest of World
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 240.1 | 240.1 | 283.1 | |||||||||
Defense
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 827.6 | 987.3 | 1,656.3 | 2,038.3 | ||||||||
Defense | U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 694.7 | 694.7 | 684.5 | |||||||||
Fire and Emergency
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Net sales | 174.0 | 168.5 | 356.1 | 321.4 | ||||||||
Fire and Emergency | U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 536.5 | 536.5 | 534.0 | |||||||||
Commercial
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 353.6 | 353.6 | 341.5 | |||||||||
Net sales | 185.5 | 167.7 | 362.8 | 339.3 | ||||||||
Commercial | U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 316.2 | 316.2 | 304.5 | |||||||||
Commercial | Rest of World
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 37.4 | [1] | 37.4 | [1] | 37.0 | [1] | ||||||
Corporate
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 531.4 | 531.4 | 665.9 | |||||||||
Corporate | U.S.
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | 524.4 | [2] | 524.4 | [2] | 658.1 | [2] | ||||||
Corporate | Rest of World
|
||||||||||||
Revenue and assets by geography | ||||||||||||
Identifiable assets | $ 7.0 | $ 7.0 | $ 7.8 | |||||||||
|
Employee Benefit Plans
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plans - Oshkosh and certain of its subsidiaries sponsor multiple defined benefit pension plans covering certain Oshkosh and Pierce Manufacturing Inc. ("Pierce") employees. The benefits provided are based primarily on average compensation, years of service and date of birth. Hourly plans are generally based on years of service and a benefit dollar multiplier. The Company periodically amends the plans, including changing the benefit dollar multipliers and other revisions. In September 2012, the Company amended its Oshkosh and Pierce defined benefit plans, freezing benefit accruals for Oshkosh and Pierce salaried employees effective December 31, 2012. The amendment provided that salaried participants in the Oshkosh and Pierce pension plans would not receive credit, other than for vesting purposes, for eligible earnings paid for any month of service worked after the effective date. All accrued benefits under the plans as of the effective date remained intact, and service credits for vesting and retirement eligibility continued in accordance with the terms of the plans. As a result of the formal decision to freeze the plans benefit accruals, net periodic benefit costs decreased significantly in fiscal 2013. The pension benefit is expected to be offset by additional employer contributions to the Company's defined contribution plan which began in January 2013. Postretirement Medical Plans - Oshkosh and certain of its subsidiaries sponsor multiple postretirement benefit plans covering Oshkosh, JLG Industries, Inc. and Kewaunee Fabrications, LLC hourly and salaried active employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded. In September 2012, the Oshkosh plan was amended to eliminate postretirement benefits coverage for salaried employees retiring at age 55 or older effective December 31, 2012, except for existing eligible employees who are at least age 55 with at least five years of service by December 31, 2012 who elect to retire on or before December 31, 2013. Components of net periodic pension benefit cost were as follows (in millions):
In connection with staffing reductions in the defense segment as a result of declining sales to the U.S. Department of Defense ("DoD"), pension curtailment charges of $1.9 million and $2.8 million were recorded for the three and six months ended March 31, 2013. The Company expects to contribute between $10.0 million and $15.0 million to its pension plans in fiscal 2013 compared to $35.8 million in fiscal 2012. Components of net periodic other post-employment benefit cost were as follows (in millions):
In connection with staffing reductions in the defense segment, an other post-employment curtailment benefit of $1.0 million was recorded for the three and six months ended March 31, 2013. The Company made contributions to fund benefit payments of $0.8 million and $0.7 million for the six months ended March 31, 2013 and 2012, respectively, under its other post-employment benefit plans. The Company estimates that it will make additional contributions of approximately $0.8 million under these other post-employment benefit plans prior to the end of fiscal 2013. 401(k) Plans - The Company has defined contribution 401(k) plans covering substantially all domestic employees. Amounts expensed for Company matching and discretionary contributions were $8.1 million and $4.6 million for the three months ended March 31, 2013 and 2012, respectively. Amounts expensed for Company matching and discretionary contributions were $13.4 million and $9.5 million for the six months ended March 31, 2013 and 2012, respectively. The increase in defined contribution costs during fiscal 2013 was generally a result of Company contributions beginning in January 2013 to the defined benefit replacement plan. |
Receivables (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
|
U.S. government: | ||||||||
Amount billed | $ 141.4 | $ 141.4 | $ 99.2 | |||||
Cost and profits not billed | 54.2 | 54.2 | 251.7 | |||||
Contract receivables | 195.6 | 195.6 | 350.9 | |||||
Other trade receivables | 749.7 | 749.7 | 633.0 | |||||
Finance receivables | 5.5 | 5.5 | 5.2 | |||||
Notes receivable | 23.9 | 23.9 | 24.6 | |||||
Other receivables | 33.0 | 33.0 | 35.6 | |||||
Receivables, gross | 1,007.7 | 1,007.7 | 1,049.3 | |||||
Less allowance for doubtful accounts | (23.3) | (21.8) | (23.3) | (21.8) | (18.5) | (18.0) | (21.1) | (29.5) |
Receivables, net | 984.4 | 984.4 | 1,031.3 | |||||
Revenue from undefinitized contract | 89.8 | |||||||
Income (expense) | 120.0 | 68.0 | 186.7 | 121.6 | ||||
Increase in net income due to increase in revenue from undefinitized contract | 2.1 | (1.8) | ||||||
Increase in net income per share due to increase in revenue from undefinitized contract (in dollars per share) | $ 0.02 | $ (0.02) | ||||||
Classification of receivables | ||||||||
Current receivables | 970.3 | 970.3 | 1,018.6 | |||||
Long-term receivables | 14.1 | 14.1 | 12.7 | |||||
Receivables, net | 984.4 | 984.4 | 1,031.3 | |||||
Undefinitization Contracts | Defense
|
||||||||
U.S. government: | ||||||||
Income (expense) | $ 3.3 | $ (2.8) |
Fair Value Measurement (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of financial assets and liabilities | As of March 31, 2013, the fair values of the Company’s financial assets and liabilities were as follows (in millions):
_________________________
|
Business Segment Information (Details)
|
6 Months Ended |
---|---|
Mar. 31, 2013
segment
|
|
Segment Reporting [Abstract] | |
Number of reportable segments of entity (in segments) | 4 |
Goodwill and Purchased Intangible Assets (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in goodwill | The following table presents changes in goodwill during the six months ended March 31, 2013 (in millions):
|
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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):
|
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Schedule of purchased intangible assets | Details of the Company’s total purchased intangible assets were as follows (in millions):
|
Receivables (Details 3) (Notes receivables, Credit Concentration)
|
3 Months Ended |
---|---|
Mar. 31, 2013
Party
|
|
Notes receivables | Credit Concentration
|
|
Finance and notes receivables | |
Receivables due from third parties (as a percent) | 93.00% |
Number of parties | 2 |
Stock-Based Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|---|---|---|
Feb. 28, 2009
Plan
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
Jan. 31, 2012
2009 Stock Plan
Stock Options [Member]
|
Mar. 31, 2013
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 | ||||||
Number of outstanding plans as of approval date of the 2009 Stock Plan (in plans) | 2 | ||||||
Period over which awards are exercisable in equal installments, beginning with the first anniversary of the date of grant of awards (in years) | 3 years | ||||||
Tenure of award (in years) | 7 years | ||||||
Common stock reserved for issuance stock awards (in shares) | 9,944,976 | ||||||
Stock-based compensation expense | $ 12.3 | $ 5.8 | $ 18.7 | $ 10.2 | |||
Stock-based compensation expense, net of tax | $ 7.8 | $ 3.7 | $ 11.9 | $ 6.5 |
Guarantee Arrangements (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Customer obligation guarantees
|
||||
Guarantee Obligations | ||||
Guarantee obligations, maximum exposure | $ 365.7 | $ 365.7 | ||
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements | 89.2 | 89.2 | ||
Changes in provision for loss on customer guarantees | ||||
Balance at beginning of period | 4.7 | 4.7 | 5.0 | 6.5 |
Provision for new credit guarantees | 0.4 | 0.5 | 0.4 | 0.7 |
Settlements made | 0 | 0 | (0.1) | (0.5) |
Changes for pre-existing guarantees, net | (0.2) | (0.6) | (0.3) | (1.7) |
Amortization of previous guarantees | (0.1) | (0.1) | (0.2) | (0.5) |
Foreign currency translation | 0 | 0.1 | 0 | 0.1 |
Balance at end of period | 4.8 | 4.6 | 4.8 | 4.6 |
Loss pool agreements
|
||||
Guarantee Obligations | ||||
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements | $ 128.0 | $ 128.0 |
Business Segment Information (Tables)
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Mar. 31, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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Schedule of income (loss) from continuing operations by product lines and reportable segments |
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Schedule of identifiable assets by business segments and by geographical segments |
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Schedule of net sales by geographical segments | The following table presents net sales by geographic region based on product shipment destination (in millions):
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Basis of Presentation
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6 Months Ended |
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Mar. 31, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 (“SEC”). These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in Oshkosh Corporation and its subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended September 30, 2012. "Oshkosh" refers to Oshkosh Corporation, not including its subsidiaries. The interim results are not necessarily indicative of results for the full year. |
Oshkosh Corporation Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | ||||
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Oct. 25, 2012
rights
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Mar. 31, 2013
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Nov. 15, 2012
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Sep. 30, 2012
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Jul. 31, 2012
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Jul. 31, 1995
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Stockholders' Equity Note [Abstract] | ||||||
Stock purchase right, number of rights per share of common stock | 1 | |||||
Number of shares of common stock authorized for buyback (in shares) | 11,000,000 | 4,000,000 | 6,000,000 | |||
Remaining number of shares authorized to be repurchased (in shares) | 6,749,928 | 6,683,825 | ||||
Repurchase of common stock (in shares) | 4,250,072 | |||||
Repurchase of common stock | $ 125.1 |