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) |
Title of each class | Name of each exchange on which registered | |
Common Stock ($.01 par value) | New York Stock Exchange |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o |
Page | ||
• | Our business is susceptible to changes in the U.S. defense budget, which changes may reduce revenues that we expect from our defense business, especially in light of federal budget pressures, lower levels of U.S. ground troops deployed in foreign conflicts, including Iraq and Afghanistan, 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 budget for or appropriate funding that we expect for our U.S. government contracts, including funding we expect from the President’s 2017 budget request, which may prevent us from realizing revenues under current contracts or receiving additional orders that we anticipate we will receive. The DoD could also seek to reprogram certain funds originally planned for the purchase of vehicles manufactured by us under the current defense budget allocations. |
• | The funding of U.S. government programs is subject to an annual congressional budget authorization and appropriation process. In years when the U.S. government has not completed its budget process before the end of its fiscal year, government operations are typically funded pursuant to a “continuing resolution,” which allows federal government agencies to operate at spending levels approved in the previous budget cycle but does not authorize new spending initiatives. When the U.S. government operates under a continuing resolution, delays can occur in the procurement of the products, services and solutions that we provide and may result in new initiatives being delayed or canceled, or funds could be reprogrammed away from our programs to pay for higher priority operational needs. The U.S. government is currently operating under a continuing resolution budget that funds the federal government through December 9, 2016. In years when the U.S. government fails to complete its budget process or to provide for a continuing resolution, a federal government shutdown may result. This could in turn result in the delay or cancellation of key programs, which could have a negative effect on our cash flows and adversely affect our future results. In addition, payments to contractors for services performed during a federal government shutdown may be delayed, which would have a negative effect on our cash flows. |
• | Competitions for the award of defense tactical wheeled vehicle contracts are intense, and we cannot provide any assurance that we will be successful in the defense tactical wheeled vehicle procurement competitions in which we participate. |
• | Certain of our government contracts for the U.S. Army and U.S. Marine Corps could be delayed 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 Competition in Contracting Act requires competition for U.S. defense programs in most 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. In particular, the DoD has begun a process to recompete the FMTV program. The U.S. government issued requests for proposal from interested parties in October 2016 to produce FMTVs for a five year period starting approximately January 2020. The proposal submissions are due in January 2017, and we expect a new FMTV production contract award to the successful bidder in the second half of fiscal 2017. |
• | Defense tactical wheeled vehicles contract awards that we receive may be subject to protests or lawsuits by competing bidders, which protests or lawsuits, if successful, could result in the DoD revoking part or all of any defense tactical wheeled vehicles 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 contracts with the DoD are multi-year firm, fixed-price contracts. These contracts typically contain annual sales price increases. Under the JLTV contract, we bear the risk of material, labor and overhead cost escalation for the full eight years of the contract, which is 3 to 5 years longer than has been the case under our other defense contracts. We attempt to limit the risk related to raw material price fluctuations in the defense segment by obtaining firm pricing from suppliers at the time a contract is awarded. However, if these suppliers do not honor their contracts, then we could face margin pressure. Furthermore, if our actual costs on any of these contracts exceed our projected costs, it could result in profits lower than historically realized or than we anticipate or net losses under these contracts. |
• | We account for the JLTV contract utilizing the cost to cost method of percentage-of-completion accounting, which requires the use of estimates. This accounting requires judgment relative to assessing risks, estimating revenues and costs and making assumptions for delivery schedule and technical issues. Due to the size and nature of the JLTV contract, the estimation of total revenues and cost at completion is complicated and subject to many variables. We must make assumptions regarding the expected increases in wages and employee benefits, productivity and availability of labor, material costs and allocated fixed costs. Changes to model mix, production costs and rates, learning curve, supplier performance and/or certification issues can also impact these estimates. Any change in estimates relating to JLTV program costs may adversely affect future financial performance. Changes in underlying assumptions, circumstances or estimates could have a material adverse effect on our net sales, financial condition, profitability and/or cash flows. |
• | 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. |
• | 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. The recently awarded JLTV contract contains product testing requirements that are generally more extreme than our other DoD contracts. Any failure to pass these tests or to comply with these requirements could result in unanticipated retrofit and rework costs, vehicle design changes, delayed acceptance of vehicles, late or no payments under such contracts or cancellation of the contract to provide vehicles to the U.S. government. |
• | 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 improper or illegal activities, errors or system inadequacies come to the attention of the U.S. government, as a result of an audit or otherwise, then we may be subject to civil and criminal penalties, contract adjustments and/or agreements to upgrade existing systems as well as 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 and regardless of materiality, 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 many instances, impose added costs on our business. |
• | Our defense business may fluctuate significantly from time to time as a result of the start and completion of existing and new domestic and international contract awards that we may receive. Our defense tactical wheeled vehicle contracts are large in size and require significant personnel and production resources, and when our defense tactical wheeled vehicle customers allow such contracts to expire or significantly reduce their vehicle requirements under such contracts, we must make adjustments to personnel and production resources. The start and completion of existing and new contract awards that we may receive can cause our defense business to fluctuate significantly. Between June 2013 and December 2014, we had significant reductions to our production and office workforce within our defense segment. If we are unable to effectively ramp up our workforce, as we are currently doing to support sales of international M-ATVs and the JLTV program, our future earnings and cash flows would be adversely affected. |
• | We face uncertainty regarding timing of funding or payments on key large international defense tactical wheeled vehicle contracts, including contracts for M-ATVs. We have made commitments to purchase materials and components based on the expectation that we would receive timely funding or payments under those M-ATV contracts. If we do not receive timely funding or payments under those M-ATV contracts, disruptions may result to our manufacturing and delivery schedules, and correspondingly to our suppliers, that could cause us to record higher product costs and potentially charges for excess or obsolete inventory to the extent we build product and are unable to complete contracts or find alternate uses for the materials and components and cannot otherwise realize value for them. Uncertainty regarding timing of funding or payment could also cause us to delay shipment of products which could impact our ability to recognize revenue in fiscal 2017. |
• | We periodically experience difficulties with sourcing sufficient vehicle carcasses from the U.S. military to maintain our defense tactical wheeled vehicles remanufacturing schedule, which can create uncertainty and inefficiencies for this area of our business. |
• | Our inability to adopt the use of standard processes and tools to drive improve customer satisfaction; |
• | Our inability to expand our aftermarket parts and service availability; |
• | Our inability to improve our product quality; |
• | Our inability to improve margins through simplification actions; |
• | Our failure to realize product, process and overhead cost reduction targets; |
• | Our inability to design new products that meet our customers’ requirements and bring them to market; |
• | Higher costs than anticipated to launch new products or delays in new product launches; and |
• | Slow adoption of our products in emerging markets and/or our inability to successfully execute our emerging market growth strategy. |
• | Render us more vulnerable to general adverse economic and industry conditions in our highly cyclical markets or economies generally; |
• | Require us to dedicate a portion of our cash flow from operations to interest costs or required payments on debt, thereby reducing the availability of such cash flow to fund working capital, capital expenditures, research and development, share repurchases, dividends and other general corporate activities; |
• | Limit our ability to obtain additional financing in the future to fund growth working capital, capital expenditures, new product development expenses and other general corporate requirements; |
• | Make us vulnerable to increases in interest rates as our debt under our credit agreement is at variable rates; |
• | Limit our flexibility in planning for, or reacting to, changes in our business and the markets we serve; and |
• | Limit our ability to pursue strategic acquisitions that may become available in our markets or otherwise capitalize on business opportunities if we had additional borrowing capacity. |
Segment | Location (# of facilities) | Segment | Location (# of facilities) | |||
Access Equipment | McConnellsburg, Pennsylvania (3) | Fire & Emergency | Appleton, Wisconsin (3) | |||
Orrville, Ohio (1) | Bradenton, Florida (1) | |||||
Shippensburg, Pennsylvania (1) | Kewaunee, Wisconsin (1) | |||||
Greencastle, Pennsylvania (1) | Clearwater, Florida (1) (a) | |||||
Riverside, California (1) (a) | ||||||
Medias, Romania (1) (a) | Commercial | Dodge Center, Minnesota (1) | ||||
Tianjin, China (1) | Garner, Iowa (1) | |||||
Maasmechelen, Belgium (1) (a) | Blair, Nebraska (1) | |||||
Tonneins, France (1) (a) | Riceville, Iowa (1) | |||||
Port Macquarie, Australia (1) | Audubon, Iowa (1) | |||||
Wigston, United Kingdom (1) | London, Canada (1) (a) | |||||
Leicester, United Kingdom (1) (a) | ||||||
Defense | Oshkosh, Wisconsin (4) | Corporate | Leon, Mexico (1) |
Name | Age | Title | ||
Wilson R. Jones | 55 | President and Chief Executive Officer | ||
Ignacio A. Cortina | 45 | Executive Vice President, General Counsel and Secretary | ||
James W. Johnson | 51 | Executive Vice President and President, Fire & Emergency Segment | ||
Joseph H. Kimmitt | 66 | Executive Vice President, Government Operations and Industry Relations | ||
Frank R. Nerenhausen | 52 | Executive Vice President and President, Access Equipment Segment | ||
Mark M. Radue | 52 | Executive Vice President and Chief Strategy Officer | ||
David M. Sagehorn | 53 | Executive Vice President and Chief Financial Officer | ||
Robert H. Sims | 54 | Executive Vice President and Chief Human Resources Officer | ||
John J. Bryant | 58 | Senior Vice President and President, Defense Segment | ||
Marek W. May | 47 | Senior Vice President, Operations | ||
Robert S. Messina | 46 | Senior Vice President, Engineering and Technology | ||
Colleen R. Moynihan | 56 | Senior Vice President, Quality & Continuous Improvement | ||
Bradley M. Nelson | 47 | Senior Vice President and President, Commercial Segment |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Fiscal 2016 | Fiscal 2015 | ||||||||||||||
Quarter Ended | High | Low | High | Low | |||||||||||
September 30 | $ | 57.75 | $ | 45.19 | $ | 43.34 | $ | 32.56 | |||||||
June 30 | 49.71 | 38.47 | 55.69 | 42.36 | |||||||||||
March 31 | 41.54 | 29.59 | 49.40 | 38.64 | |||||||||||
December 31 | 44.13 | 35.08 | 49.50 | 39.72 |
September 30, | ||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Oshkosh Corporation | $ | 174.27 | $ | 311.18 | $ | 283.81 | $ | 237.06 | $ | 372.24 | ||||||||||
S&P MidCap 400 market index | 128.54 | 164.12 | 183.51 | 186.07 | 214.59 | |||||||||||||||
SIC Code 371 Index | 119.16 | 182.57 | 184.88 | 182.07 | 205.51 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
(In millions, except per share amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Net sales | $ | 6,279.2 | $ | 6,098.1 | $ | 6,808.2 | $ | 7,665.1 | $ | 8,141.1 | ||||||||||
Gross income | 1,055.8 | 1,039.2 | 1,182.7 | 1,191.8 | 1,006.9 | |||||||||||||||
Asset impairment charges | 26.9 | — | — | 9.0 | — | |||||||||||||||
Depreciation | 73.3 | 64.9 | 65.3 | 65.3 | 65.5 | |||||||||||||||
Amortization of purchased intangibles, deferred financing costs and stock-based compensation (1) | 74.2 | 81.0 | 86.5 | 85.9 | 83.2 | |||||||||||||||
Operating income (2) | 364.0 | 398.6 | 503.3 | 505.7 | 387.7 | |||||||||||||||
Income (loss) attributable to Oshkosh Corporation common shareholders: | ||||||||||||||||||||
From continuing operations | 216.4 | 229.0 | 308.1 | 314.3 | 244.6 | |||||||||||||||
From discontinued operations (3) | — | — | — | 1.7 | (14.4 | ) | ||||||||||||||
Net income | 216.4 | 229.0 | 308.1 | 316.0 | 230.2 | |||||||||||||||
Income (loss) attributable to Oshkosh Corporation common shareholders per share assuming dilution: | ||||||||||||||||||||
From continuing operations | $ | 2.91 | $ | 2.90 | $ | 3.61 | $ | 3.53 | $ | 2.67 | ||||||||||
From discontinued operations (3) | — | — | — | 0.02 | (0.16 | ) | ||||||||||||||
Net income | 2.91 | 2.90 | 3.61 | 3.55 | 2.51 | |||||||||||||||
Dividends per share | $ | 0.76 | $ | 0.68 | $ | 0.60 | $ | — | $ | — | ||||||||||
Balance Sheet Data (4): | ||||||||||||||||||||
Cash and cash equivalents | $ | 321.9 | $ | 42.9 | $ | 313.8 | $ | 733.5 | $ | 540.7 | ||||||||||
Total assets | 4,513.8 | 4,552.7 | 4,503.2 | 4,688.9 | 4,866.0 | |||||||||||||||
Net working capital | 1,049.9 | 919.0 | 1,006.4 | 1,105.1 | 920.1 | |||||||||||||||
Long-term debt (including current maturities) | 846.2 | 927.8 | 882.7 | 945.6 | 942.6 | |||||||||||||||
Shareholders’ equity | 1,976.5 | 1,911.1 | 1,985.0 | 2,107.8 | 1,853.5 | |||||||||||||||
Other Financial Data: | ||||||||||||||||||||
Expenditures for property, plant and equipment | $ | 92.5 | $ | 131.7 | $ | 92.2 | $ | 46.0 | $ | 55.9 | ||||||||||
Backlog | 3,537.9 | 2,607.4 | 1,891.0 | 2,838.0 | 4,046.2 | |||||||||||||||
Book value per share | $ | 26.74 | $ | 25.33 | $ | 24.86 | $ | 24.36 | $ | 20.24 |
(1) | Includes amortization of deferred financing costs of $3.0 million in fiscal 2016, $6.4 million in fiscal 2015, $6.2 million in fiscal 2014, $4.9 million in fiscal 2013 and $7.0 million in fiscal 2012. |
(2) | Includes costs incurred by the Company in connection with an unsolicited tender offer for the Company's Common Stock and a threatened proxy contest of $16.3 million in fiscal 2013 and costs incurred by the Company in connection with a proxy contest of $6.6 million in fiscal 2012. |
(3) | In fiscal 2013, the Company discontinued production of ambulances, which the Company sold under the Medtec brand name. In fiscal 2012, the Company completed the sale of its European mobile medical business, Oshkosh Specialty Vehicles (UK), Limited and AK Specialty Vehicles and its wholly-owned subsidiary, and discontinued production of U.S. mobile medical units. |
(4) | Historical balances have been recast to reflect the impact of Accounting Standards Updates 2015-03 and 2015-17, which were adopted by the Company in fiscal 2016, and which did not have a significant effect on the Company's financial position and results of operations. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales: | |||||||||||
Access equipment | $ | 3,012.4 | $ | 3,400.6 | $ | 3,506.5 | |||||
Defense | 1,351.1 | 939.8 | 1,724.5 | ||||||||
Fire & emergency | 953.3 | 815.1 | 756.5 | ||||||||
Commercial | 979.2 | 978.0 | 865.9 | ||||||||
Intersegment eliminations and other | (16.8 | ) | (35.4 | ) | (45.2 | ) | |||||
$ | 6,279.2 | $ | 6,098.1 | $ | 6,808.2 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales: | |||||||||||
United States | $ | 4,756.6 | $ | 4,789.3 | $ | 5,247.7 | |||||
Other North America | 219.5 | 302.8 | 351.2 | ||||||||
Europe, Africa and the Middle East | 905.5 | 564.4 | 672.3 | ||||||||
Rest of the world | 397.6 | 441.6 | 537.0 | ||||||||
$ | 6,279.2 | $ | 6,098.1 | $ | 6,808.2 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Cost of sales: | |||||||||||
Access equipment | $ | 2,435.4 | $ | 2,697.7 | $ | 2,706.5 | |||||
Defense | 1,147.7 | 862.7 | 1,566.4 | ||||||||
Fire & emergency | 816.0 | 703.9 | 666.3 | ||||||||
Commercial | 817.5 | 820.6 | 727.6 | ||||||||
Intersegment eliminations and other | 6.8 | (26.0 | ) | (41.3 | ) | ||||||
$ | 5,223.4 | $ | 5,058.9 | $ | 5,625.5 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Operating income (loss): | |||||||||||
Access equipment | $ | 263.4 | $ | 407.0 | $ | 501.1 | |||||
Defense | 122.5 | 9.2 | 76.4 | ||||||||
Fire & emergency | 67.0 | 43.8 | 26.6 | ||||||||
Commercial | 67.6 | 64.5 | 53.9 | ||||||||
Corporate | (156.5 | ) | (126.0 | ) | (154.7 | ) | |||||
Intersegment eliminations | — | 0.1 | — | ||||||||
$ | 364.0 | $ | 398.6 | $ | 503.3 |
September 30, | |||||||
2016 | 2015 | ||||||
Cash and cash equivalents | $ | 321.9 | $ | 42.9 | |||
Total debt | 846.2 | 927.8 | |||||
Total shareholders’ equity | 1,976.5 | 1,911.1 | |||||
Total capitalization (debt plus equity) | 2,822.7 | 2,838.9 | |||||
Debt to total capitalization | 30.0 | % | 32.7 | % |
• | 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 3.00 to 1.0. |
i. | 50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and |
ii. | 100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
Payments Due by Period | |||||||||||||||||||
Less Than | More Than | ||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | |||||||||||||||
Long-term debt (including interest)(1) | $ | 1,056.7 | $ | 54.0 | $ | 398.5 | $ | 53.8 | $ | 550.4 | |||||||||
Operating leases | 78.9 | 26.6 | 32.2 | 15.8 | 4.3 | ||||||||||||||
Purchase obligations(2) | 786.3 | 785.8 | 0.5 | — | — | ||||||||||||||
Other long-term liabilities: | |||||||||||||||||||
Uncertain tax positions(3) | — | — | — | — | — | ||||||||||||||
Other(4) | 599.8 | 30.5 | 74.5 | 50.8 | 444.0 | ||||||||||||||
$ | 2,521.7 | $ | 896.9 | $ | 505.7 | $ | 120.4 | $ | 998.7 |
(1) | Interest was calculated based upon the interest rate in effect on September 30, 2016. |
(2) | The Company utilizes blanket purchase orders to communicate expected annual requirements to many of its suppliers or contractors. Requirements under blanket purchase orders generally do not become “firm” until four weeks prior to the Company’s scheduled unit production. The purchase obligations amounts included above represent the values of commitments considered firm, plus the value of all outstanding subcontracts. |
(3) | Due to the uncertainty of the timing of settlement with taxing authorities, the Company is unable to make reasonably reliable estimates of the period of cash settlement of unrecognized tax benefits for the remaining uncertain tax liabilities. Therefore, $37.4 million of unrecognized tax benefits as of September 30, 2016 have been excluded from the Contractual Obligations table above. See Note 18 of the Notes to Consolidated Financial Statements for additional information regarding the Company’s unrecognized tax benefits as of September 30, 2016. |
(4) | Represents other long-term liabilities on the Company's Consolidated Balance Sheet, including the current portion of these liabilities. The projected timing of cash flows associated with these obligations is based on management's estimates, which are based largely on historical experience. This amount also includes all liabilities under the Company's pension and other postretirement benefit plans. See Note 17 of the Notes to Consolidated Financial Statements for information regarding these liabilities and the plan assets available to satisfy them. |
Amount of Commitment Expiration Per Period | |||||||||||||||||||
Less Than | More Than | ||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | |||||||||||||||
Customer financing guarantees to third parties | $ | 116.3 | $ | 26.0 | $ | 37.4 | $ | 30.8 | $ | 22.1 | |||||||||
Standby letters of credit | 110.8 | 63.4 | 47.2 | 0.2 | — | ||||||||||||||
$ | 227.1 | $ | 89.4 | $ | 84.6 | $ | 31.0 | $ | 22.1 |
Expected Maturity Date | |||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||
Variable rate ($US) | $ | 20.0 | $ | 20.0 | $ | 315.0 | $ | — | $ | — | $ | — | $ | 355.0 | $ | 355.0 | |||||||||||||||
Average interest rate | 2.4248 | % | 2.5648 | % | 2.6345 | % | — | % | — | % | — | % | 2.6187 | % | |||||||||||||||||
Fixed rate ($US) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 500.0 | $ | 500.0 | $ | 525.0 | |||||||||||||||
Average interest rate | 5.3750 | % | 5.3750 | % | 5.3750 | % | 5.3750 | % | 5.3750 | % | 5.3750 | % | 5.3750 | % |
Foreign Exchange Gain/(Loss) From: | ||||||||||||||||||
Notional Amount | Average Contractual Exchange Rate | Fair Value | 10% Appreciation of Sell Currency | 10% Depreciation of Sell Currency | ||||||||||||||
Sell AUD / Buy USD | $ | 42.6 | 0.7662 | $ | — | $ | 4.3 | $ | (4.3 | ) | ||||||||
Sell EUR / Buy SEK | 20.4 | 9.5144 | (0.3 | ) | 2.3 | (1.9 | ) | |||||||||||
Sell USD / Buy EUR | 14.2 | 1.1264 | — | (1.4 | ) | 1.4 | ||||||||||||
Sell CAD / Buy EUR | 12.8 | 1.4700 | — | (0.7 | ) | 0.7 | ||||||||||||
Sell EUR / Buy USD | 10.7 | 1.1263 | — | 1.1 | (1.1 | ) | ||||||||||||
Sell EUR / Buy CAD | 6.6 | 1.4726 | — | 0.1 | (0.1 | ) | ||||||||||||
Sell USD / Buy GBP | 3.2 | 1.3299 | (0.1 | ) | (0.3 | ) | 0.3 | |||||||||||
Sell CAN / Buy USD | 1.1 | 1.2545 | — | (0.1 | ) | 0.1 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales | $ | 6,279.2 | $ | 6,098.1 | $ | 6,808.2 | |||||
Cost of sales | 5,223.4 | 5,058.9 | 5,625.5 | ||||||||
Gross income | 1,055.8 | 1,039.2 | 1,182.7 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 612.4 | 587.4 | 624.1 | ||||||||
Amortization of purchased intangibles | 52.5 | 53.2 | 55.3 | ||||||||
Asset impairment charge | 26.9 | — | — | ||||||||
Total operating expenses | 691.8 | 640.6 | 679.4 | ||||||||
Operating income | 364.0 | 398.6 | 503.3 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (60.4 | ) | (70.1 | ) | (71.4 | ) | |||||
Interest income | 2.1 | 2.5 | 2.0 | ||||||||
Miscellaneous, net | 1.3 | (4.9 | ) | (2.0 | ) | ||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 307.0 | 326.1 | 431.9 | ||||||||
Provision for income taxes | 92.4 | 99.2 | 125.0 | ||||||||
Income before equity in earnings of unconsolidated affiliates | 214.6 | 226.9 | 306.9 | ||||||||
Equity in earnings of unconsolidated affiliates | 1.8 | 2.6 | 2.4 | ||||||||
Net income | $ | 216.4 | $ | 229.5 | $ | 309.3 | |||||
Earnings per share attributable to common shareholders: | |||||||||||
Basic | $ | 2.94 | $ | 2.94 | $ | 3.66 | |||||
Diluted | 2.91 | 2.90 | 3.61 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income | $ | 216.4 | $ | 229.5 | $ | 309.3 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Employee pension and postretirement benefits | (27.5 | ) | (2.2 | ) | (21.2 | ) | |||||
Currency translation adjustments | (3.0 | ) | (73.1 | ) | (33.4 | ) | |||||
Change in fair value of derivative instruments | (0.1 | ) | 0.1 | — | |||||||
Total other comprehensive income (loss), net of tax | (30.6 | ) | (75.2 | ) | (54.6 | ) | |||||
Comprehensive income | $ | 185.8 | $ | 154.3 | $ | 254.7 |
September 30, | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 321.9 | $ | 42.9 | |||
Receivables, net | 1,021.9 | 964.6 | |||||
Inventories, net | 979.8 | 1,301.7 | |||||
Other current assets | 93.9 | 67.9 | |||||
Total current assets | 2,417.5 | 2,377.1 | |||||
Property, plant and equipment, net | 452.1 | 475.8 | |||||
Goodwill | 1,003.5 | 1,001.1 | |||||
Purchased intangible assets, net | 553.5 | 606.7 | |||||
Other long-term assets | 87.2 | 92.0 | |||||
Total assets | $ | 4,513.8 | $ | 4,552.7 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities: | |||||||
Revolving credit facility and current maturities of long-term debt | $ | 20.0 | $ | 83.5 | |||
Accounts payable | 466.1 | 552.8 | |||||
Customer advances | 471.8 | 440.2 | |||||
Payroll-related obligations | 147.9 | 116.6 | |||||
Other current liabilities | 261.8 | 265.0 | |||||
Total current liabilities | 1,367.6 | 1,458.1 | |||||
Long-term debt, less current maturities | 826.2 | 844.3 | |||||
Deferred income taxes, net | 11.3 | 42.1 | |||||
Other long-term liabilities | 332.2 | 297.1 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Preferred Stock ($.01 par value; 2,000,000 shares authorized; none issued and outstanding) | — | — | |||||
Common Stock ($.01 par value; 300,000,000 shares authorized; 92,101,465 shares issued) | 0.9 | 0.9 | |||||
Additional paid-in capital | 782.3 | 771.5 | |||||
Retained earnings | 2,177.0 | 2,016.5 | |||||
Accumulated other comprehensive loss | (175.0 | ) | (144.4 | ) | |||
Common Stock in treasury, at cost (18,175,669 and 16,647,031 shares, respectively) | (808.7 | ) | (733.4 | ) | |||
Total shareholders’ equity | 1,976.5 | 1,911.1 | |||||
Total liabilities and shareholders' equity | $ | 4,513.8 | $ | 4,552.7 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury at Cost | Total | ||||||||||||||||||
Balance at September 30, 2013 | $ | 0.9 | $ | 725.6 | $ | 1,581.5 | $ | (14.6 | ) | $ | (185.6 | ) | $ | 2,107.8 | |||||||||
Net income | — | — | 309.3 | — | — | 309.3 | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of ($12.4) | — | — | — | (21.2 | ) | — | (21.2 | ) | |||||||||||||||
Currency translation adjustments | — | — | — | (33.4 | ) | — | (33.4 | ) | |||||||||||||||
Cash dividends ($0.60 per share) | — | — | (50.7 | ) | — | — | (50.7 | ) | |||||||||||||||
Repurchases of Common Stock | — | — | — | — | (403.3 | ) | (403.3 | ) | |||||||||||||||
Exercise of stock options | — | 6.2 | — | — | 44.7 | 50.9 | |||||||||||||||||
Stock-based compensation expense | — | 25.0 | — | — | — | 25.0 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | 6.4 | — | — | — | 6.4 | |||||||||||||||||
Payment of earned performance shares | — | (5.1 | ) | — | — | 5.1 | — | ||||||||||||||||
Shares tendered for taxes on stock-based compensation | — | — | — | — | (6.2 | ) | (6.2 | ) | |||||||||||||||
Other | — | (0.1 | ) | — | — | 0.5 | 0.4 | ||||||||||||||||
Balance at September 30, 2014 | 0.9 | 758.0 | 1,840.1 | (69.2 | ) | (544.8 | ) | 1,985.0 | |||||||||||||||
Net income | — | — | 229.5 | — | — | 229.5 | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of ($1.2) | — | — | — | (2.2 | ) | — | (2.2 | ) | |||||||||||||||
Currency translation adjustments | — | — | — | (73.1 | ) | — | (73.1 | ) | |||||||||||||||
Cash dividends ($0.68 per share) | — | — | (53.1 | ) | — | — | (53.1 | ) | |||||||||||||||
Repurchases of Common Stock | — | — | — | — | (200.4 | ) | (200.4 | ) | |||||||||||||||
Exercise of stock options | — | 0.3 | — | — | 8.3 | 8.6 | |||||||||||||||||
Stock-based compensation expense | — | 21.4 | — | — | — | 21.4 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | 3.8 | — | — | — | 3.8 | |||||||||||||||||
Payment of earned performance shares | — | (7.4 | ) | — | — | 7.4 | — | ||||||||||||||||
Shares tendered for taxes on stock-based compensation | — | — | — | — | (8.9 | ) | (8.9 | ) | |||||||||||||||
Derivative instruments | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||
Other | — | (4.6 | ) | — | — | 5.0 | 0.4 | ||||||||||||||||
Balance at September 30, 2015 | 0.9 | 771.5 | 2,016.5 | (144.4 | ) | (733.4 | ) | 1,911.1 | |||||||||||||||
Net income | — | — | 216.4 | — | — | 216.4 | |||||||||||||||||
Employee pension and postretirement benefits, net of tax of ($14.2) | — | — | — | (27.5 | ) | — | (27.5 | ) | |||||||||||||||
Currency translation adjustments | — | — | — | (3.0 | ) | — | (3.0 | ) | |||||||||||||||
Cash dividends ($0.76 per share) | — | — | (55.9 | ) | — | — | (55.9 | ) | |||||||||||||||
Repurchases of Common Stock | — | — | — | — | (100.1 | ) | (100.1 | ) | |||||||||||||||
Exercise of stock options | — | 0.5 | — | — | 21.2 | 21.7 | |||||||||||||||||
Stock-based compensation expense | — | 18.7 | — | — | — | 18.7 | |||||||||||||||||
Excess tax benefit from stock-based compensation | — | 1.1 | — | — | — | 1.1 | |||||||||||||||||
Payment of earned performance shares | — | (2.6 | ) | — | — | 2.6 | — | ||||||||||||||||
Shares tendered for taxes on stock-based compensation | — | — | — | — | (6.2 | ) | (6.2 | ) | |||||||||||||||
Derivative instruments | — | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||
Other | — | (6.9 | ) | — | — | 7.2 | 0.3 | ||||||||||||||||
Balance at September 30, 2016 | $ | 0.9 | $ | 782.3 | $ | 2,177.0 | $ | (175.0 | ) | $ | (808.7 | ) | $ | 1,976.5 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Operating activities: | |||||||||||
Net income | $ | 216.4 | $ | 229.5 | $ | 309.3 | |||||
Asset impairment charge | 26.9 | — | — | ||||||||
Depreciation and amortization | 128.8 | 124.5 | 126.8 | ||||||||
Stock-based compensation expense | 18.7 | 21.4 | 25.0 | ||||||||
Deferred income taxes | (17.0 | ) | (12.2 | ) | (19.8 | ) | |||||
Foreign currency transaction (gains) losses | (1.1 | ) | 10.4 | (2.3 | ) | ||||||
Gain on sale of assets | (19.1 | ) | (9.3 | ) | (3.5 | ) | |||||
Other non-cash adjustments | 0.3 | 14.1 | 7.8 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables, net | (39.6 | ) | (13.9 | ) | (195.6 | ) | |||||
Inventories, net | 327.2 | (378.8 | ) | (153.4 | ) | ||||||
Other current assets | (19.0 | ) | (1.7 | ) | (6.8 | ) | |||||
Accounts payable | (87.6 | ) | (28.7 | ) | 62.4 | ||||||
Customer advances | 31.6 | 130.1 | 15.8 | ||||||||
Payroll-related obligations | 25.0 | (37.2 | ) | (4.8 | ) | ||||||
Income taxes | (14.0 | ) | 17.6 | 74.3 | |||||||
Other current liabilities | 10.8 | (9.1 | ) | (89.8 | ) | ||||||
Other long-term assets and liabilities | (10.6 | ) | 25.8 | 25.0 | |||||||
Total changes in operating assets and liabilities | 223.8 | (295.9 | ) | (272.9 | ) | ||||||
Net cash provided by operating activities | 577.7 | 82.5 | 170.4 | ||||||||
Investing activities: | |||||||||||
Additions to property, plant and equipment | (92.5 | ) | (131.7 | ) | (92.2 | ) | |||||
Additions to equipment held for rental | (34.8 | ) | (26.3 | ) | (32.7 | ) | |||||
Acquisition of a business, net of cash acquired | — | (10.0 | ) | — | |||||||
Proceeds from sale of equipment held for rental | 40.2 | 26.8 | 12.8 | ||||||||
Other investing activities | (2.1 | ) | 1.1 | (2.7 | ) | ||||||
Net cash used by investing activities | (89.2 | ) | (140.1 | ) | (114.8 | ) | |||||
Financing activities: | |||||||||||
Repayments of debt (original maturities greater than three months) | (373.5 | ) | (365.0 | ) | (710.0 | ) | |||||
Proceeds from issuance of debt (original maturities greater than three months) | 323.5 | 375.0 | 650.0 | ||||||||
Net increase (decrease) in short-term debt | (33.5 | ) | 33.5 | — | |||||||
Repurchases of Common Stock | (100.1 | ) | (200.4 | ) | (403.3 | ) | |||||
Debt issuance costs | — | (15.5 | ) | (19.1 | ) | ||||||
Proceeds from exercise of stock options | 21.7 | 8.6 | 50.9 | ||||||||
Dividends paid | (55.9 | ) | (53.1 | ) | (50.7 | ) | |||||
Excess tax benefit from stock-based compensation | 2.0 | 4.0 | 6.2 | ||||||||
Net cash used by financing activities | (215.8 | ) | (212.9 | ) | (476.0 | ) | |||||
Effect of exchange rate changes on cash | 6.3 | (0.4 | ) | 0.7 | |||||||
Increase (decrease) in cash and cash equivalents | 279.0 | (270.9 | ) | (419.7 | ) | ||||||
Cash and cash equivalents at beginning of year | 42.9 | 313.8 | 733.5 | ||||||||
Cash and cash equivalents at end of year | $ | 321.9 | $ | 42.9 | $ | 313.8 | |||||
Supplemental disclosures: | |||||||||||
Cash paid for interest | $ | 54.7 | $ | 51.0 | $ | 56.0 | |||||
Cash paid for income taxes | 116.8 | 89.9 | 61.9 |
September 30, | |||||||
2016 | 2015 | ||||||
U.S. government: | |||||||
Amounts billed | $ | 49.0 | $ | 63.1 | |||
Cost and profits not billed | 55.3 | 66.8 | |||||
104.3 | 129.9 | ||||||
Other trade receivables | 881.8 | 782.3 | |||||
Finance receivables | 7.6 | 7.4 | |||||
Notes receivable | 36.1 | 29.6 | |||||
Other receivables | 38.6 | 57.7 | |||||
1,068.4 | 1,006.9 | ||||||
Less allowance for doubtful accounts | (21.2 | ) | (20.3 | ) | |||
$ | 1,047.2 | $ | 986.6 |
September 30, | |||||||
2016 | 2015 | ||||||
Current receivables | $ | 1,021.9 | $ | 964.6 | |||
Long-term receivables (included in “Other long-term assets”) | 25.3 | 22.0 | |||||
$ | 1,047.2 | $ | 986.6 |
September 30, | |||||||||||||||
Finance Receivables | Notes Receivables | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Aging of receivables that are past due: | |||||||||||||||
Greater than 30 days and less than 60 days | $ | — | $ | — | $ | — | $ | — | |||||||
Greater than 60 days and less than 90 days | — | — | — | — | |||||||||||
Greater than 90 days | 2.9 | — | — | — | |||||||||||
Receivables on nonaccrual status | 4.5 | 1.1 | 25.1 | 22.9 | |||||||||||
Receivables past due 90 days or more and still accruing | — | — | — | — | |||||||||||
Receivables subject to general reserves | 3.1 | 6.2 | — | — | |||||||||||
Allowance for doubtful accounts | (0.1 | ) | (0.1 | ) | — | — | |||||||||
Receivables subject to specific reserves | 4.5 | 1.2 | 36.1 | 29.6 | |||||||||||
Allowance for doubtful accounts | (0.9 | ) | — | (13.0 | ) | (12.7 | ) |
Fiscal Year Ended September 30, 2016 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | 0.1 | $ | 12.7 | $ | 7.5 | $ | 20.3 | |||||||
Provision for doubtful accounts, net of recoveries | 0.9 | 1.3 | 0.5 | 2.7 | |||||||||||
Charge-off of accounts | — | (1.0 | ) | (0.9 | ) | (1.9 | ) | ||||||||
Foreign currency translation | — | — | 0.1 | 0.1 | |||||||||||
Allowance for doubtful accounts at end of year | $ | 1.0 | $ | 13.0 | $ | 7.2 | $ | 21.2 |
Fiscal Year Ended September 30, 2015 | |||||||||||||||
Finance Receivables | Notes Receivable | Trade and Other Receivables | Total | ||||||||||||
Allowance for doubtful accounts at beginning of year | $ | — | $ | 13.6 | $ | 8.2 | $ | 21.8 | |||||||
Provision for doubtful accounts, net of recoveries | 0.1 | 0.3 | 1.6 | 2.0 | |||||||||||
Charge-off of accounts | — | — | (2.2 | ) | (2.2 | ) | |||||||||
Foreign currency translation | — | (1.2 | ) | (0.1 | ) | (1.3 | ) | ||||||||
Allowance for doubtful accounts at end of year | $ | 0.1 | $ | 12.7 | $ | 7.5 | $ | 20.3 |
September 30, | ||||||||
2016 | 2015 | |||||||
Raw materials | $ | 481.2 | $ | 532.1 | ||||
Partially finished products | 307.8 | 266.3 | ||||||
Finished products | 286.9 | 594.4 | ||||||
Inventories at FIFO cost | 1,075.9 | 1,392.8 | ||||||
Less: Progress/performance-based payments on U.S. government contracts | (17.8 | ) | (12.9 | ) | ||||
Excess of FIFO cost over LIFO cost | (78.3 | ) | (78.2 | ) | ||||
$ | 979.8 | $ | 1,301.7 |
September 30, | |||||||
2016 | 2015 | ||||||
Land and land improvements | $ | 56.8 | $ | 57.5 | |||
Buildings | 283.4 | 274.8 | |||||
Machinery and equipment | 597.3 | 549.2 | |||||
Software and related costs | 147.4 | 131.9 | |||||
Equipment on operating lease to others | 25.7 | 42.2 | |||||
Construction in progress | — | 38.1 | |||||
1,110.6 | 1,093.7 | ||||||
Less accumulated depreciation | (658.5 | ) | (617.9 | ) | |||
$ | 452.1 | $ | 475.8 |
Access Equipment | Fire & Emergency | Commercial | Total | ||||||||||||
Net goodwill at September 30, 2014 | $ | 898.2 | $ | 106.1 | $ | 21.2 | $ | 1,025.5 | |||||||
Foreign currency translation | (27.0 | ) | — | (0.4 | ) | (27.4 | ) | ||||||||
Other | 3.0 | — | — | 3.0 | |||||||||||
Net goodwill at September 30, 2015 | 874.2 | 106.1 | 20.8 | 1,001.1 | |||||||||||
Foreign currency translation | 2.4 | — | — | 2.4 | |||||||||||
Net goodwill at September 30, 2016 | $ | 876.6 | $ | 106.1 | $ | 20.8 | $ | 1,003.5 |
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||||
Gross | Accumulated Impairment | Net | Gross | Accumulated Impairment | Net | ||||||||||||||||||
Access Equipment | $ | 1,808.7 | $ | (932.1 | ) | $ | 876.6 | $ | 1,806.3 | $ | (932.1 | ) | $ | 874.2 | |||||||||
Fire & Emergency | 108.1 | (2.0 | ) | 106.1 | 108.1 | (2.0 | ) | 106.1 | |||||||||||||||
Commercial | 196.7 | (175.9 | ) | 20.8 | 196.7 | (175.9 | ) | 20.8 | |||||||||||||||
$ | 2,113.5 | $ | (1,110.0 | ) | $ | 1,003.5 | $ | 2,111.1 | $ | (1,110.0 | ) | $ | 1,001.1 |
September 30, 2016 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (28.0 | ) | $ | 27.4 | |||||
Non-compete | 10.5 | 56.4 | (56.4 | ) | — | ||||||||
Technology-related | 11.9 | 104.7 | (91.5 | ) | 13.2 | ||||||||
Customer relationships | 12.8 | 550.8 | (427.4 | ) | 123.4 | ||||||||
Other | 16.3 | 16.5 | (14.7 | ) | 1.8 | ||||||||
14.5 | 783.8 | (618.0 | ) | 165.8 | |||||||||
Non-amortizable trade names | 387.7 | — | 387.7 | ||||||||||
$ | 1,171.5 | $ | (618.0 | ) | $ | 553.5 |
September 30, 2015 | |||||||||||||
Weighted- Average Life | Gross | Accumulated Amortization | Net | ||||||||||
Amortizable intangible assets: | |||||||||||||
Distribution network | 39.1 | $ | 55.4 | $ | (26.6 | ) | $ | 28.8 | |||||
Non-compete | 10.5 | 56.4 | (56.3 | ) | 0.1 | ||||||||
Technology-related | 11.9 | 104.8 | (83.3 | ) | 21.5 | ||||||||
Customer relationships | 12.8 | 550.3 | (384.0 | ) | 166.3 | ||||||||
Other | 16.5 | 16.5 | (14.3 | ) | 2.2 | ||||||||
14.5 | 783.4 | (564.5 | ) | 218.9 | |||||||||
Non-amortizable trade names | 387.8 | — | 387.8 | ||||||||||
$ | 1,171.2 | $ | (564.5 | ) | $ | 606.7 |
September 30, | |||||||
2016 | 2015 | ||||||
Rabbi trust, less current portion | $ | 20.5 | $ | 21.4 | |||
Customer notes receivable | 30.8 | 25.6 | |||||
Deferred income taxes, net | 8.4 | 8.6 | |||||
Investments in unconsolidated affiliates | 14.9 | 16.2 | |||||
Other | 24.4 | 31.6 | |||||
99.0 | 103.4 | ||||||
Less allowance for doubtful notes receivable | (11.8 | ) | (11.4 | ) | |||
$ | 87.2 | $ | 92.0 |
September 30, 2016 | ||||||||||||
Principal | Debt Issuance Costs | Debt, Net | ||||||||||
Senior Secured Term Loan | $ | 355.0 | $ | (1.4 | ) | $ | 353.6 | |||||
5.375% Senior notes due March 2022 | 250.0 | (4.3 | ) | 245.7 | ||||||||
5.375% Senior notes due March 2025 | 250.0 | (3.1 | ) | 246.9 | ||||||||
$ | 855.0 | $ | (8.8 | ) | 846.2 | |||||||
Less current maturities | (20.0 | ) | ||||||||||
$ | 826.2 | |||||||||||
Revolving Credit Facility | $ | — | ||||||||||
Current maturities of long-term debt | 20.0 | |||||||||||
$ | 20.0 |
September 30, 2015 | |||||||||||||
Principal | Debt Issuance Costs | Debt, Net | |||||||||||
Senior Secured Term Loan | $ | 375.0 | $ | (2.1 | ) | $ | 372.9 | ||||||
5.375% Senior notes due March 2022 | 250.0 | (5.1 | ) | 244.9 | |||||||||
5.375% Senior notes due March 2025 | 250.0 | (3.5 | ) | 246.5 | |||||||||
$ | 875.0 | $ | (10.7 | ) | 864.3 | ||||||||
Less current maturities | (20.0 | ) | |||||||||||
$ | 844.3 | ||||||||||||
Revolving Credit Facility | $ | 63.5 | |||||||||||
Current maturities of long-term debt | 20.0 | ||||||||||||
$ | 83.5 |
• | 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 1.00. |
• | Interest Coverage Ratio: A minimum interest coverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated EBITDA to the Company’s consolidated cash interest expense) as of the last day of any fiscal quarter of 2.50 to 1.00. |
• | Senior Secured Leverage Ratio: A maximum senior secured leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated secured indebtedness to the Company’s consolidated EBITDA) of 3.00 to 1.00. |
i. | 50% of the consolidated net income of the Company and its subsidiaries (or if such consolidated net income is a deficit, minus 100% of such deficit), accrued on a cumulative basis during the period beginning on January 1, 2010 and ending on the last day of the fiscal quarter immediately preceding the date of the applicable proposed dividend or distribution; and |
ii. | 100% of the aggregate net proceeds received by the Company subsequent to March 3, 2010 either as a contribution to its common equity capital or from the issuance and sale of its Common Stock. |
Fiscal Year Ended September 30, | |||||||
2016 | 2015 | ||||||
Balance at beginning of year | $ | 92.1 | $ | 101.9 | |||
Warranty provisions | 45.9 | 44.6 | |||||
Settlements made | (52.5 | ) | (53.8 | ) | |||
Changes in liability for pre-existing warranties, net | 0.9 | (2.3 | ) | ||||
Premiums received | 14.8 | 13.0 | |||||
Amortization of premiums received | (11.3 | ) | (9.3 | ) | |||
Foreign currency translation | (0.3 | ) | (2.0 | ) | |||
Balance at end of year | $ | 89.6 | $ | 92.1 |
Fiscal Year Ended September 30, | |||||||
2016 | 2015 | ||||||
Balance at beginning of year | $ | 5.6 | $ | 4.6 | |||
Provision for new credit guarantees | 4.1 | 3.8 | |||||
Changes for pre-existing guarantees, net | 1.7 | (0.5 | ) | ||||
Amortization of previous guarantees | (3.0 | ) | (2.1 | ) | |||
Foreign currency translation | — | (0.2 | ) | ||||
Balance at end of year | $ | 8.4 | $ | 5.6 |
September 30, 2016 | September 30, 2015 | ||||||||||||||
Other Current Assets | Other Current Liabilities | Other Current Assets | Other Current Liabilities | ||||||||||||
Cash flow hedges: | |||||||||||||||
Foreign exchange contracts | $ | — | $ | — | $ | 0.4 | $ | — | |||||||
Not designated as hedging instruments: | |||||||||||||||
Foreign exchange contracts | 0.1 | 0.4 | 0.3 | 0.4 | |||||||||||
Interest rate contracts | — | 0.4 | — | 0.7 | |||||||||||
$ | 0.1 | $ | 0.8 | $ | 0.7 | $ | 1.1 |
Classification of Gains (Losses) | Fiscal Year Ended September 30, | ||||||||||||
2016 | 2015 | 2014 | |||||||||||
Cash flow hedges: | |||||||||||||
Foreign exchange contracts | Miscellaneous, net | $ | (0.2 | ) | $ | 0.1 | $ | — | |||||
Foreign exchange contracts | Cost of sales | — | 0.2 | — | |||||||||
Not designated as hedging instruments: | |||||||||||||
Foreign exchange contracts | Miscellaneous, net | (7.6 | ) | 12.7 | 3.3 | ||||||||
Interest rate contracts | Miscellaneous, net | (0.2 | ) | — | — | ||||||||
$ | (8.0 | ) | $ | 13.0 | $ | 3.3 |
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 | ||||||||||||
September 30, 2016: | |||||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 21.7 | $ | — | $ | — | $ | 21.7 | |||||||
Foreign currency exchange derivatives (b) | — | 0.1 | — | 0.1 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Interest rate contracts (c) | — | 0.4 | — | 0.4 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2015: | |||||||||||||||
Assets: | |||||||||||||||
SERP plan assets (a) | $ | 21.6 | $ | — | $ | — | $ | 21.6 | |||||||
Foreign currency exchange derivatives (b) | — | 0.7 | — | 0.7 | |||||||||||
Liabilities: | |||||||||||||||
Foreign currency exchange derivatives (b) | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Interest rate contracts (c) | — | 0.7 | — | 0.7 |
(a) | Represents investments in a rabbi trust for the Company's non-qualified SERP. The fair values of these investments are determined using a market approach. Investments include mutual funds for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Consolidated Statements of Income. |
(b) | Based on observable market transactions of forward currency prices. |
(c) | Based on observable market transactions of interest rate swap prices. |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Share Awards | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Equity compensation plans approved by security holders | 2,723,361 | $ | 39.55 | 2,596,828 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
2,723,361 | $ | 39.55 | 2,596,828 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Stock options | $ | 6.7 | $ | 6.0 | $ | 8.1 | |||||
Stock awards (shares and units) | 9.7 | 11.5 | 12.5 | ||||||||
Performance share awards | 2.3 | 3.9 | 4.4 | ||||||||
Cash-settled stock appreciation rights | 3.4 | (0.9 | ) | (0.9 | ) | ||||||
Cash-settled restricted stock awards | 0.9 | 0.9 | 3.1 | ||||||||
Total stock-based compensation cost | 23.0 | 21.4 | 27.2 | ||||||||
Income tax benefit recognized for stock-based compensation | (8.4 | ) | (7.9 | ) | (10.0 | ) | |||||
$ | 14.6 | $ | 13.5 | $ | 17.2 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | Options | Weighted- Average Exercise Price | |||||||||||||||
Outstanding, beginning of year | 2,369,872 | $ | 36.57 | 2,690,507 | $ | 36.20 | 3,747,094 | $ | 33.41 | |||||||||||
Granted | 567,550 | 41.52 | 6,725 | 44.92 | 505,800 | 46.98 | ||||||||||||||
Forfeited | (70,177 | ) | 44.31 | (25,215 | ) | 42.20 | (17,206 | ) | 37.25 | |||||||||||
Expired | (43,392 | ) | 49.19 | (24,866 | ) | 54.41 | — | — | ||||||||||||
Exercised | (718,924 | ) | 30.25 | (277,279 | ) | 31.05 | (1,545,181 | ) | 32.96 | |||||||||||
Outstanding, end of year | 2,104,929 | $ | 39.55 | 2,369,872 | $ | 36.57 | 2,690,507 | $ | 36.20 | |||||||||||
Exercisable, end of year | 1,473,761 | $ | 38.28 | 1,939,478 | $ | 34.25 | 1,819,535 | $ | 32.71 |
Outstanding | Exercisable | |||||||||||||||||||||||||||||||
Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||||||||||||
$ | 7.95 | - | $ | 19.24 | 241,735 | 2.0 | $ | 16.41 | $ | 9.6 | 241,735 | 2.0 | $ | 16.41 | $ | 9.6 | ||||||||||||||||
$ | 28.73 | - | $ | 38.46 | 403,669 | 2.3 | 29.47 | 10.7 | 403,669 | 2.3 | 29.47 | 10.7 | ||||||||||||||||||||
$ | 39.91 | - | $ | 54.63 | 1,459,525 | 4.6 | 46.17 | 14.3 | 828,357 | 3.6 | 48.95 | 5.8 | ||||||||||||||||||||
2,104,929 | 3.8 | $ | 39.55 | $ | 34.6 | 1,473,761 | 3.0 | $ | 38.28 | $ | 26.1 |
Fiscal Year Ended September 30, | |||||||||
Options Granted During | 2016 | 2015 | 2014 | ||||||
Assumptions: | |||||||||
Expected term (in years) | 5.1 | 5.1 | 5.1 | ||||||
Expected volatility | 40.40 | % | 42.08 | % | 43.23 | % | |||
Risk-free interest rate | 1.73 | % | 1.55 | % | 1.80 | % | |||
Expected dividend yield | 1.65 | % | 1.25 | % | 1.23 | % |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 273,992 | $ | 46.84 | 609,869 | $ | 41.70 | 609,871 | $ | 35.55 | |||||||||||
Granted | 323,800 | 40.33 | 37,725 | 44.50 | 305,900 | 47.72 | ||||||||||||||
Forfeited | (53,928 | ) | 45.71 | (17,606 | ) | 41.36 | (42,406 | ) | 37.22 | |||||||||||
Vested | (230,058 | ) | 43.28 | (355,996 | ) | 38.06 | (263,496 | ) | 35.17 | |||||||||||
End of year | 313,806 | $ | 42.93 | 273,992 | $ | 46.84 | 609,869 | $ | 41.70 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | |||||||||||||||
Beginning of year | 129,475 | $ | 54.94 | 257,475 | $ | 45.44 | 358,800 | $ | 36.90 | |||||||||||
Granted | 78,175 | 47.07 | — | — | 52,475 | 55.17 | ||||||||||||||
Forfeited | (31,326 | ) | 52.90 | — | — | (7,492 | ) | 40.00 | ||||||||||||
Performance adjustments | (27,874 | ) | 54.71 | (44,800 | ) | 35.84 | 146,134 | 28.23 | ||||||||||||
Vested | (44,900 | ) | 54.59 | (83,200 | ) | 35.84 | (292,442 | ) | 28.24 | |||||||||||
End of year | 103,550 | $ | 49.83 | 129,475 | $ | 54.94 | 257,475 | $ | 45.44 |
Fiscal Year Ended September 30, | ||||||
Total Shareholder Return Performance Shares Granted During | 2016 | 2014 | ||||
Assumptions: | ||||||
Expected term (in years) | 2.88 | 3.03 | ||||
Expected volatility | 33.28 | % | 39.75 | % | ||
Risk-free interest rate | 1.20 | % | 1.07 | % |
Cost of Sales | Operating Expenses | Total | ||||||||||
Access equipment | $ | 0.9 | $ | 26.9 | $ | 27.8 |
Employee Severance and Termination Benefits | Asset Impairment | Total | ||||||||||
Balance at September 30, 2015 | $ | — | $ | — | $ | — | ||||||
Restructuring provision | 0.9 | 26.9 | 27.8 | |||||||||
Utilized - cash | — | — | — | |||||||||
Utilized - noncash | — | (26.9 | ) | (26.9 | ) | |||||||
Balance as of September 30, 2016 | $ | 0.9 | $ | — | $ | 0.9 |
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Accumulated benefit obligation at September 30 | $ | 474.9 | $ | 410.3 | $ | 47.2 | $ | 37.5 | |||||||
Change in projected benefit obligation | |||||||||||||||
Benefit obligation at October 1 | $ | 414.9 | $ | 403.2 | $ | 37.5 | $ | 44.0 | |||||||
Service cost | 8.8 | 8.2 | 2.0 | 1.7 | |||||||||||
Interest cost | 18.3 | 18.1 | 1.5 | 1.7 | |||||||||||
Actuarial loss (gain) | 56.4 | (3.3 | ) | 8.3 | (5.5 | ) | |||||||||
Participant contributions | 0.2 | 0.2 | — | — | |||||||||||
Plan amendments | 1.1 | 1.1 | — | — | |||||||||||
Curtailments | — | — | — | (2.2 | ) | ||||||||||
Benefits paid | (13.2 | ) | (11.1 | ) | (2.1 | ) | (2.2 | ) | |||||||
Currency translation adjustments | (4.2 | ) | (1.5 | ) | — | — | |||||||||
Benefit obligation at September 30 | $ | 482.3 | $ | 414.9 | $ | 47.2 | $ | 37.5 |
Postretirement | |||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in plan assets | |||||||||||||||
Fair value of plan assets at October 1 | $ | 312.5 | $ | 320.6 | $ | — | $ | — | |||||||
Actual return on plan assets | 37.7 | 4.7 | — | — | |||||||||||
Company contributions | 3.1 | 2.7 | 2.1 | 2.2 | |||||||||||
Participant contributions | 0.2 | 0.2 | — | — | |||||||||||
Expenses paid | (2.2 | ) | (2.8 | ) | — | — | |||||||||
Benefits paid | (13.2 | ) | (11.1 | ) | (2.1 | ) | (2.2 | ) | |||||||
Currency translation adjustments | (4.1 | ) | (1.8 | ) | — | — | |||||||||
Fair value of plan assets at September 30 | $ | 334.0 | $ | 312.5 | $ | — | $ | — | |||||||
Funded status of plan - underfunded at September 30 | $ | (148.3 | ) | $ | (102.4 | ) | $ | (47.2 | ) | $ | (37.5 | ) | |||
Recognized in consolidated balance sheet at September 30 | |||||||||||||||
Prepaid benefit cost (long-term asset) | $ | — | $ | 3.9 | $ | — | $ | — | |||||||
Accrued benefit liability (current liability) | (2.0 | ) | (1.5 | ) | (1.5 | ) | (1.6 | ) | |||||||
Accrued benefit liability (long-term liability) | (146.3 | ) | (104.8 | ) | (45.7 | ) | (35.9 | ) | |||||||
$ | (148.3 | ) | $ | (102.4 | ) | $ | (47.2 | ) | $ | (37.5 | ) |
Recognized in accumulated other comprehensive income (loss) as of September 30 (net of taxes) | |||||||||||||||
Net actuarial (loss) gain | $ | (69.0 | ) | $ | (47.0 | ) | $ | (4.5 | ) | $ | 0.8 | ||||
Prior service (cost) benefit | (9.1 | ) | (9.5 | ) | 8.7 | 9.3 | |||||||||
$ | (78.1 | ) | $ | (56.5 | ) | $ | 4.2 | $ | 10.1 |
Weighted-average assumptions as of September 30 | |||||||||||
Discount rate | 3.70 | % | 4.45 | % | 3.47 | % | 4.08 | % | |||
Expected return on plan assets | 5.78 | % | 6.03 | % | n/a | n/a |
2016 | 2015 | ||||||
Projected benefit obligation | $ | 482.3 | $ | 391.6 | |||
Accumulated benefit obligation | 474.9 | 385.2 | |||||
Fair value of plan assets | 334.0 | 285.4 |
Postretirement | |||||||||||||||||||||||
Pension Benefits | Health and Other | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||
Service cost | $ | 8.8 | $ | 8.2 | $ | 8.1 | $ | 2.0 | $ | 1.7 | $ | 2.2 | |||||||||||
Interest cost | 18.3 | 18.1 | 17.7 | 1.5 | 1.7 | 2.0 | |||||||||||||||||
Expected return on plan assets | (17.4 | ) | (17.9 | ) | (19.8 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (benefit) | 1.8 | 1.7 | 2.0 | (0.9 | ) | (0.9 | ) | (1.6 | ) | ||||||||||||||
Curtailment/settlement | — | — | 8.2 | — | (3.4 | ) | (10.0 | ) | |||||||||||||||
Amortization of net actuarial loss (gain) | 2.3 | 2.6 | 0.6 | (0.1 | ) | 0.1 | 0.2 | ||||||||||||||||
Expenses paid | 2.2 | 2.8 | 3.2 | — | — | — | |||||||||||||||||
Net periodic benefit cost (income) | $ | 16.0 | $ | 15.5 | $ | 20.0 | $ | 2.5 | $ | (0.8 | ) | $ | (7.2 | ) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||||||||
Net actuarial loss (gain) | $ | 36.6 | $ | 10.0 | $ | 32.8 | $ | 8.3 | $ | (7.7 | ) | $ | (0.8 | ) | |||||||||
Prior service cost | 1.1 | 1.1 | 1.1 | — | — | — | |||||||||||||||||
Amortization of prior service benefit (cost) | (1.8 | ) | (1.7 | ) | (2.0 | ) | 0.9 | 0.9 | 1.6 | ||||||||||||||
Curtailment/settlement | — | — | (8.2 | ) | — | 3.4 | 10.0 | ||||||||||||||||
Amortization of net actuarial (loss) gain | (2.3 | ) | (2.6 | ) | (0.6 | ) | 0.1 | (0.1 | ) | (0.2 | ) | ||||||||||||
$ | 33.6 | $ | 6.8 | $ | 23.1 | $ | 9.3 | $ | (3.5 | ) | $ | 10.6 |
Weighted-average assumptions | |||||||||||||||||
Discount rate | 4.45 | % | 4.52 | % | 5.07 | % | 4.08 | % | 4.04 | % | 4.76 | % | |||||
Expected return on plan assets | 6.03 | % | 6.25 | % | 6.50 | % | n/a | n/a | n/a |
Target % | 2016 | |||
Asset Category | ||||
Fixed income | 30% - 40% | 36 | % | |
Large-cap equity | 25% - 35% | 33 | % | |
Mid-cap equity | 5% - 15% | 8 | % | |
Small-cap equity | 5% - 15% | 10 | % | |
Global equity | 5% - 15% | 11 | % | |
Other | 0% - 5% | 2 | % | |
100 | % |
Quoted Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2016: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 66.8 | $ | 5.4 | $ | — | $ | 72.2 | |||||||
International companies (b) | — | 11.5 | — | 11.5 | |||||||||||
Mutual funds (a) | 61.9 | — | — | 61.9 | |||||||||||
Government and agency bonds (c) | — | 5.3 | — | 5.3 | |||||||||||
Corporate bonds and notes (d) | — | 6.0 | — | 6.0 | |||||||||||
Money market funds (e) | 5.8 | — | — | 5.8 | |||||||||||
$ | 134.5 | $ | 28.2 | $ | — | 162.7 | |||||||||
Investments measured at net asset value (NAV) (f) | 171.3 | ||||||||||||||
$ | 334.0 |
Quoted Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
September 30, 2015: | |||||||||||||||
Common stocks | |||||||||||||||
U.S. companies (a) | $ | 97.5 | $ | 4.8 | $ | — | $ | 102.3 | |||||||
International companies (b) | — | 14.4 | — | 14.4 | |||||||||||
Mutual funds (a) | 90.6 | — | — | 90.6 | |||||||||||
Government and agency bonds (c) | 11.8 | 27.8 | — | 39.6 | |||||||||||
Corporate bonds and notes (d) | — | 46.4 | — | 46.4 | |||||||||||
Money market funds (e) | 19.2 | — | — | 19.2 | |||||||||||
$ | 219.1 | $ | 93.4 | $ | — | $ | 312.5 |
(a) | Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges. |
(b) | Valuation model looks at underlying security “best” price, exchange rate for underlying security's currency against the U.S. Dollar and ratio of underlying security to American depository receipt. |
(c) | These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(d) | These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. |
(e) | These investments largely consist of short-term investment funds and are valued using a market approach based on the quoted market prices of identical instruments. |
(f) | These investments consists of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each funds underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
Fair Value | Unfunded Commitments | Redemption Frequency (if Currently Eligible) | Redemption Notice Period(1) | |||||||||
Common collective trust | $ | 171.3 | $ | — | N/A | 15 days |
(1) | Represents the maximum redemption period. A portion of the investment does not have any redemption period restrictions. |
Postretirement Health and Other | ||||||||||||
Fiscal Year Ending | Pension Benefits | |||||||||||
September 30, | Qualified | Non-Qualified | ||||||||||
2017 | $ | 10.8 | $ | 2.0 | $ | 1.5 | ||||||
2018 | 12.1 | 1.9 | 1.8 | |||||||||
2019 | 13.6 | 1.9 | 2.1 | |||||||||
2020 | 15.0 | 1.9 | 2.5 | |||||||||
2021 | 16.5 | 1.9 | 2.7 | |||||||||
2022-2026 | 103.6 | 9.8 | 17.9 |
1. | The Company's contributions to the multi-employer plan may be used to provide benefits to all participating employees of the program, including employees of other employers. |
2. | In the event that another participating employer ceases contributions to the multi-employer plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers. |
3. | If the Company chooses to withdraw from the multi-employer plan, then the Company may be required to pay a withdrawal liability, based on the underfunded status of the plan at that time. |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Domestic | $ | 277.1 | $ | 316.4 | $ | 373.1 | |||||
Foreign | 29.9 | 9.7 | 58.8 | ||||||||
$ | 307.0 | $ | 326.1 | $ | 431.9 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Allocated to Income Before Equity in Earnings of Unconsolidated Affiliates | |||||||||||
Current: | |||||||||||
Federal | $ | 103.6 | $ | 108.8 | $ | 118.8 | |||||
Foreign | 3.2 | 1.5 | 14.7 | ||||||||
State | 2.6 | 1.1 | 11.3 | ||||||||
Total current | 109.4 | 111.4 | 144.8 | ||||||||
Deferred: | |||||||||||
Federal | (18.5 | ) | (10.8 | ) | (8.5 | ) | |||||
Foreign | 2.0 | (1.3 | ) | (10.5 | ) | ||||||
State | (0.5 | ) | (0.1 | ) | (0.8 | ) | |||||
Total deferred | (17.0 | ) | (12.2 | ) | (19.8 | ) | |||||
$ | 92.4 | $ | 99.2 | $ | 125.0 | ||||||
Allocated to Other Comprehensive Income (Loss) | |||||||||||
Deferred federal, state and foreign | $ | (14.2 | ) | $ | (1.2 | ) | $ | (12.4 | ) |
Fiscal Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Effective Rate Reconciliation | ||||||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes, net | 1.3 | 2.5 | 2.1 | |||||
Foreign taxes | (1.7 | ) | (2.4 | ) | (1.4 | ) | ||
Tax audit settlements | 0.1 | (2.6 | ) | (2.3 | ) | |||
Valuation allowance | (0.6 | ) | 0.4 | (2.4 | ) | |||
Domestic tax credits | (1.5 | ) | (1.3 | ) | (0.4 | ) | ||
Manufacturing deduction | (3.0 | ) | (2.8 | ) | (2.2 | ) | ||
Other, net | 0.5 | 1.6 | 0.6 | |||||
30.1 | % | 30.4 | % | 29.0 | % |
September 30, | |||||||
2016 | 2015 | ||||||
Deferred tax assets: | |||||||
Other long-term liabilities | $ | 109.9 | $ | 93.7 | |||
Losses and credits | 36.4 | 38.8 | |||||
Accrued warranty | 27.0 | 25.1 | |||||
Other current liabilities | 31.1 | 23.5 | |||||
Payroll-related obligations | 28.2 | 18.9 | |||||
Receivables | 6.3 | 6.1 | |||||
Other | (0.8 | ) | 0.4 | ||||
Gross deferred tax assets | 238.1 | 206.5 | |||||
Less valuation allowance | (8.6 | ) | (9.8 | ) | |||
Deferred tax assets, net | 229.5 | 196.7 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | 167.0 | 178.3 | |||||
Property, plant and equipment | 47.4 | 38.2 | |||||
Inventories | 15.5 | 9.0 | |||||
Other | 2.5 | 4.7 | |||||
Deferred tax liabilities | 232.4 | 230.2 | |||||
Deferred tax liabilities, net of deferred tax assets | $ | (2.9 | ) | $ | (33.5 | ) |
September 30, | |||||||
2016 | 2015 | ||||||
Long-term net deferred tax asset | $ | 8.4 | $ | 8.6 | |||
Long-term net deferred tax liability | (11.3 | ) | (42.1 | ) | |||
Net deferred tax liabilities | $ | (2.9 | ) | $ | (33.5 | ) |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at beginning of year | $ | 27.0 | $ | 33.5 | $ | 37.0 | |||||
Additions for tax positions related to current year | 7.6 | 4.6 | 7.0 | ||||||||
Additions for tax positions related to prior years | 8.4 | 2.1 | 5.2 | ||||||||
Reductions for tax positions related to prior years | (1.1 | ) | — | (2.6 | ) | ||||||
Settlements | (3.0 | ) | (8.6 | ) | (10.1 | ) | |||||
Lapse of statutes of limitations | (1.5 | ) | (4.5 | ) | (3.0 | ) | |||||
Foreign currency translation | — | (0.1 | ) | — | |||||||
Balance at end of year | $ | 37.4 | $ | 27.0 | $ | 33.5 |
Tax Jurisdiction | Open Tax Years | |
Australia | 2009 - 2016 | |
Belgium | 2013 - 2016 | |
Brazil | 2010 - 2016 | |
Canada | 2012 - 2016 | |
China | 2012 - 2016 | |
Romania | 2010 - 2016 | |
The Netherlands | 2011 - 2016 | |
United States (federal) | 2014 - 2016 | |
United States (state and local) | 2010 - 2016 |
Employee Pension and Postretirement Benefits, Net of Tax | Cumulative Translation Adjustments | Derivative Instruments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance at September 30, 2013 | $ | (23.0 | ) | $ | 8.4 | $ | — | $ | (14.6 | ) | |||||
Other comprehensive income (loss) before reclassifications | (20.8 | ) | (33.4 | ) | — | (54.2 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.4 | ) | — | — | (0.4 | ) | |||||||||
Net current period other comprehensive income (loss) | (21.2 | ) | (33.4 | ) | — | (54.6 | ) | ||||||||
Balance at September 30, 2014 | (44.2 | ) | (25.0 | ) | — | (69.2 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (3.7 | ) | (73.1 | ) | 0.3 | (76.5 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.5 | — | (0.2 | ) | 1.3 | ||||||||||
Net current period other comprehensive income (loss) | (2.2 | ) | (73.1 | ) | 0.1 | (75.2 | ) | ||||||||
Balance at September 30, 2015 | (46.4 | ) | (98.1 | ) | 0.1 | (144.4 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (29.5 | ) | (3.0 | ) | (0.2 | ) | (32.7 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2.0 | — | 0.1 | 2.1 | |||||||||||
Net current period other comprehensive income (loss) | (27.5 | ) | (3.0 | ) | (0.1 | ) | (30.6 | ) | |||||||
Balance at September 30, 2016 | $ | (73.9 | ) | $ | (101.1 | ) | $ | — | $ | (175.0 | ) |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||
Prior service costs | $ | (0.9 | ) | $ | (0.8 | ) | $ | (0.4 | ) | ||
Actuarial losses | (2.2 | ) | (2.7 | ) | (0.8 | ) | |||||
Curtailment/settlement | — | 1.2 | 1.8 | ||||||||
Total before tax | (3.1 | ) | (2.3 | ) | 0.6 | ||||||
Tax benefit (provision) | 1.1 | 0.8 | (0.2 | ) | |||||||
Net of tax | $ | (2.0 | ) | $ | (1.5 | ) | $ | 0.4 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income | $ | 216.4 | $ | 229.5 | $ | 309.3 | |||||
Earnings allocated to participating securities | — | (0.5 | ) | (1.2 | ) | ||||||
Earnings available to common shareholders | $ | 216.4 | $ | 229.0 | $ | 308.1 | |||||
Basic Earnings Per Share: | |||||||||||
Weighted-average common shares outstanding | 73,570,020 | 77,990,432 | 84,123,949 | ||||||||
Diluted Earnings Per Share: | |||||||||||
Basic weighted-average common shares outstanding | 73,570,020 | 77,990,432 | 84,123,949 | ||||||||
Dilutive stock options and other equity-based compensation awards | 862,898 | 1,101,303 | 1,540,287 | ||||||||
Participating restricted stock | — | (110,317 | ) | (206,601 | ) | ||||||
Diluted weighted-average common shares outstanding | 74,432,918 | 78,981,418 | 85,457,635 |
Fiscal Year Ended September 30, | ||||||||
2016 | 2015 | 2014 | ||||||
Stock options | 224,200 | 1,153,252 | 1,082,432 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
DoD | $ | 1,205.0 | $ | 922.1 | $ | 1,603.7 | |||||
Foreign military sales | 1.8 | 0.3 | 28.0 | ||||||||
Total DoD sales | $ | 1,206.8 | $ | 922.4 | $ | 1,631.7 |
Fiscal Year Ended September 30, | |||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | External Customers | Inter- segment | Net Sales | |||||||||||||||||||||||||||
Access equipment | |||||||||||||||||||||||||||||||||||
Aerial work platforms | $ | 1,539.5 | $ | — | $ | 1,539.5 | $ | 1,627.0 | $ | — | $ | 1,627.0 | $ | 1,746.0 | $ | — | $ | 1,746.0 | |||||||||||||||||
Telehandlers | 773.9 | — | 773.9 | 1,126.1 | — | 1,126.1 | 1,157.2 | — | 1,157.2 | ||||||||||||||||||||||||||
Other | 699.0 | — | 699.0 | 647.5 | — | 647.5 | 603.3 | — | 603.3 | ||||||||||||||||||||||||||
Total access equipment | 3,012.4 | — | 3,012.4 | 3,400.6 | — | 3,400.6 | 3,506.5 | — | 3,506.5 | ||||||||||||||||||||||||||
Defense | 1,349.3 | 1.8 | 1,351.1 | 931.8 | 8.0 | 939.8 | 1,724.2 | 0.3 | 1,724.5 | ||||||||||||||||||||||||||
Fire & emergency | 941.5 | 11.8 | 953.3 | 791.5 | 23.6 | 815.1 | 719.1 | 37.4 | 756.5 | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Concrete placement | 463.6 | — | 463.6 | 461.0 | — | 461.0 | 428.2 | — | 428.2 | ||||||||||||||||||||||||||
Refuse collection | 409.1 | — | 409.1 | 385.0 | — | 385.0 | 309.1 | — | 309.1 | ||||||||||||||||||||||||||
Other | 103.3 | 3.2 | 106.5 | 128.2 | 3.8 | 132.0 | 121.1 | 7.5 | 128.6 | ||||||||||||||||||||||||||
Total commercial | 976.0 | 3.2 | 979.2 | 974.2 | 3.8 | 978.0 | 858.4 | 7.5 | 865.9 | ||||||||||||||||||||||||||
Corporate and intersegment eliminations | — | (16.8 | ) | (16.8 | ) | — | (35.4 | ) | (35.4 | ) | — | (45.2 | ) | (45.2 | ) | ||||||||||||||||||||
Consolidated | $ | 6,279.2 | $ | — | $ | 6,279.2 | $ | 6,098.1 | $ | — | $ | 6,098.1 | $ | 6,808.2 | $ | — | $ | 6,808.2 |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Operating income (loss): | |||||||||||
Access equipment (a) | $ | 263.4 | $ | 407.0 | $ | 501.1 | |||||
Defense (b) | 122.5 | 9.2 | 76.4 | ||||||||
Fire & emergency | 67.0 | 43.8 | 26.6 | ||||||||
Commercial | 67.6 | 64.5 | 53.9 | ||||||||
Corporate | (156.5 | ) | (126.0 | ) | (154.7 | ) | |||||
Intersegment eliminations | — | 0.1 | — | ||||||||
Consolidated | 364.0 | 398.6 | 503.3 | ||||||||
Interest expense net of interest income (c) | (58.3 | ) | (67.6 | ) | (69.4 | ) | |||||
Miscellaneous other income (expense) | 1.3 | (4.9 | ) | (2.0 | ) | ||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ | 307.0 | $ | 326.1 | $ | 431.9 |
(a) | Fiscal 2016 results include a $26.9 million asset impairment charge and a $0.9 million workforce reduction charge. Fiscal 2015 results include a $2.5 million workforce reduction charge. |
(b) | Fiscal 2014 results include a long-lived asset impairment charge of $1.6 million and a $1.8 million net gain on pension and other post-employment benefit curtailment and settlement charges. |
(c) | Fiscal 2015 and 2014 results include $14.7 million and $10.9 million in debt extinguishment costs, respectively. |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Depreciation and amortization: | |||||||||||
Access equipment | $ | 77.0 | $ | 74.1 | $ | 74.6 | |||||
Defense | 11.1 | 12.2 | 16.1 | ||||||||
Fire & emergency | 9.7 | 10.3 | 12.2 | ||||||||
Commercial | 12.0 | 11.2 | 11.3 | ||||||||
Corporate (a) | 19.0 | 16.7 | 12.6 | ||||||||
Consolidated | $ | 128.8 | $ | 124.5 | $ | 126.8 | |||||
Capital expenditures: | |||||||||||
Access equipment (b) | $ | 52.5 | $ | 56.6 | $ | 52.5 | |||||
Defense | 22.2 | 2.2 | 7.8 | ||||||||
Fire & emergency | 7.2 | 4.7 | 5.5 | ||||||||
Commercial (b) | 10.0 | 11.5 | 20.4 | ||||||||
Corporate (c) | 35.4 | 83.0 | 38.7 | ||||||||
Consolidated | $ | 127.3 | $ | 158.0 | $ | 124.9 |
(a) | Includes $3.3 million and $2.2 million in fiscal 2015 and 2014, respectively, related to the write-off of deferred financing fees due to the early extinguishment of the related debt. |
(b) | Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental. |
(c) | Includes capital expenditures for an enterprise-wide information system and a corporate-led manufacturing facility that supports multiple operating segments. |
September 30, | |||||||
2016 | 2015 | ||||||
Identifiable assets: | |||||||
Access equipment: | |||||||
U.S. | $ | 1,856.0 | $ | 2,154.5 | |||
Europe (a) | 521.5 | 527.8 | |||||
Rest of the world | 193.7 | 201.5 | |||||
Total access equipment | 2,571.2 | 2,883.8 | |||||
Defense: | |||||||
U.S. | 522.2 | 411.2 | |||||
Rest of the world | 3.0 | 5.1 | |||||
Total defense | 525.2 | 416.3 | |||||
Fire & emergency - U.S. | 522.7 | 524.8 | |||||
Commercial: | |||||||
U.S. | 358.4 | 379.5 | |||||
Rest of the world (a) | 33.4 | 40.3 | |||||
Total commercial | 391.8 | 419.8 | |||||
Corporate: | |||||||
U.S. (b) | 408.3 | 221.7 | |||||
Rest of the world (c) | 94.6 | 86.3 | |||||
Total corporate | 502.9 | 308.0 | |||||
Consolidated | $ | 4,513.8 | $ | 4,552.7 |
(a) | Includes investments in unconsolidated affiliates. |
(b) | Primarily includes cash, short-term investments and capitalized costs related to shared enterprise information systems. |
(c) | Includes a corporate-led manufacturing facility that supports multiple operating segments. |
Fiscal Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net sales: | |||||||||||
United States | $ | 4,756.6 | $ | 4,789.3 | $ | 5,247.7 | |||||
Other North America | 219.5 | 302.8 | 351.2 | ||||||||
Europe, Africa and the Middle East | 905.5 | 564.4 | 672.3 | ||||||||
Rest of the world | 397.6 | 441.6 | 537.0 | ||||||||
Consolidated | $ | 6,279.2 | $ | 6,098.1 | $ | 6,808.2 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 5,289.7 | $ | 1,119.4 | $ | (129.9 | ) | $ | 6,279.2 | ||||||||
Cost of sales | 2.6 | 4,410.7 | 940.1 | (130.0 | ) | 5,223.4 | |||||||||||||
Gross income (loss) | (2.6 | ) | 879.0 | 179.3 | 0.1 | 1,055.8 | |||||||||||||
Selling, general and administrative expenses | 121.8 | 390.7 | 99.9 | — | 612.4 | ||||||||||||||
Amortization of purchased intangibles | — | 38.6 | 13.9 | — | 52.5 | ||||||||||||||
Asset impairment charge | — | 26.9 | — | — | 26.9 | ||||||||||||||
Operating income (loss) | (124.4 | ) | 422.8 | 65.5 | 0.1 | 364.0 | |||||||||||||
Interest expense | (277.6 | ) | (63.3 | ) | (2.1 | ) | 282.6 | (60.4 | ) | ||||||||||
Interest income | 1.7 | 89.5 | 193.5 | (282.6 | ) | 2.1 | |||||||||||||
Miscellaneous, net | 60.8 | (208.3 | ) | 148.8 | — | 1.3 | |||||||||||||
Income (loss) before income taxes | (339.5 | ) | 240.7 | 405.7 | 0.1 | 307.0 | |||||||||||||
Provision for (benefit from) income taxes | (108.8 | ) | 75.4 | 125.8 | — | 92.4 | |||||||||||||
Income (loss) before equity in earnings of affiliates | (230.7 | ) | 165.3 | 279.9 | 0.1 | 214.6 | |||||||||||||
Equity in earnings of consolidated subsidiaries | 447.4 | 101.5 | 77.9 | (626.8 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | (0.3 | ) | — | 2.1 | — | 1.8 | |||||||||||||
Net income | 216.4 | 266.8 | 359.9 | (626.7 | ) | 216.4 | |||||||||||||
Other comprehensive income (loss), net of tax | (30.6 | ) | (18.3 | ) | (6.2 | ) | 24.5 | (30.6 | ) | ||||||||||
Comprehensive income | $ | 185.8 | $ | 248.5 | $ | 353.7 | $ | (602.2 | ) | $ | 185.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 5,127.7 | $ | 1,050.6 | $ | (80.2 | ) | $ | 6,098.1 | ||||||||
Cost of sales | 0.4 | 4,321.7 | 816.7 | (79.9 | ) | 5,058.9 | |||||||||||||
Gross income (loss) | (0.4 | ) | 806.0 | 233.9 | (0.3 | ) | 1,039.2 | ||||||||||||
Selling, general and administrative expenses | 101.8 | 390.9 | 94.7 | — | 587.4 | ||||||||||||||
Amortization of purchased intangibles | — | 39.2 | 14.0 | — | 53.2 | ||||||||||||||
Operating income (loss) | (102.2 | ) | 375.9 | 125.2 | (0.3 | ) | 398.6 | ||||||||||||
Interest expense | (256.2 | ) | (53.8 | ) | (1.3 | ) | 241.2 | (70.1 | ) | ||||||||||
Interest income | 1.6 | 67.4 | 174.7 | (241.2 | ) | 2.5 | |||||||||||||
Miscellaneous, net | 25.7 | (129.9 | ) | 99.3 | — | (4.9 | ) | ||||||||||||
Income (loss) before income taxes | (331.1 | ) | 259.6 | 397.9 | (0.3 | ) | 326.1 | ||||||||||||
Provision for (benefit from) income taxes | (106.4 | ) | 83.4 | 122.3 | (0.1 | ) | 99.2 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (224.7 | ) | 176.2 | 275.6 | (0.2 | ) | 226.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 454.4 | 129.2 | 149.7 | (733.3 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | (0.2 | ) | — | 2.8 | — | 2.6 | |||||||||||||
Net income | 229.5 | 305.4 | 428.1 | (733.5 | ) | 229.5 | |||||||||||||
Other comprehensive income (loss), net of tax | (75.2 | ) | (4.3 | ) | (67.7 | ) | 72.0 | (75.2 | ) | ||||||||||
Comprehensive income | $ | 154.3 | $ | 301.1 | $ | 360.4 | $ | (661.5 | ) | $ | 154.3 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales | $ | — | $ | 5,838.2 | $ | 1,057.6 | $ | (87.6 | ) | $ | 6,808.2 | ||||||||
Cost of sales | 3.3 | 4,898.9 | 810.6 | (87.3 | ) | 5,625.5 | |||||||||||||
Gross income (loss) | (3.3 | ) | 939.3 | 247.0 | (0.3 | ) | 1,182.7 | ||||||||||||
Selling, general and administrative expenses | 138.0 | 378.5 | 107.6 | — | 624.1 | ||||||||||||||
Amortization of purchased intangibles | — | 39.9 | 15.4 | — | 55.3 | ||||||||||||||
Operating income (loss) | (141.3 | ) | 520.9 | 124.0 | (0.3 | ) | 503.3 | ||||||||||||
Interest expense | (246.3 | ) | (49.4 | ) | (3.2 | ) | 227.5 | (71.4 | ) | ||||||||||
Interest income | 3.0 | 60.3 | 166.2 | (227.5 | ) | 2.0 | |||||||||||||
Miscellaneous, net | 46.9 | (184.6 | ) | 135.7 | — | (2.0 | ) | ||||||||||||
Income (loss) before income taxes | (337.7 | ) | 347.2 | 422.7 | (0.3 | ) | 431.9 | ||||||||||||
Provision for (benefit from) income taxes | (109.0 | ) | 113.7 | 120.4 | (0.1 | ) | 125.0 | ||||||||||||
Income (loss) before equity in earnings of affiliates | (228.7 | ) | 233.5 | 302.3 | (0.2 | ) | 306.9 | ||||||||||||
Equity in earnings of consolidated subsidiaries | 538.0 | 159.3 | 188.3 | (885.6 | ) | — | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 2.4 | — | 2.4 | ||||||||||||||
Net income | 309.3 | 392.8 | 493.0 | (885.8 | ) | 309.3 | |||||||||||||
Other comprehensive income (loss), net of tax | (54.6 | ) | (22.2 | ) | (29.8 | ) | 52.0 | (54.6 | ) | ||||||||||
Comprehensive income | $ | 254.7 | $ | 370.6 | $ | 463.2 | $ | (833.8 | ) | $ | 254.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 285.4 | $ | 1.7 | $ | 34.8 | $ | — | $ | 321.9 | |||||||||
Receivables, net | 13.0 | 734.3 | 319.6 | (45.0 | ) | 1,021.9 | |||||||||||||
Inventories, net | — | 679.1 | 300.7 | — | 979.8 | ||||||||||||||
Other current assets | 28.0 | 58.5 | 7.4 | — | 93.9 | ||||||||||||||
Total current assets | 326.4 | 1,473.6 | 662.5 | (45.0 | ) | 2,417.5 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 6,148.2 | 1,253.6 | (120.0 | ) | (7,281.8 | ) | — | ||||||||||||
Intercompany receivables | 48.0 | 1,353.7 | 4,632.2 | (6,033.9 | ) | — | |||||||||||||
Intangible assets, net | — | 947.5 | 609.5 | — | 1,557.0 | ||||||||||||||
Other long-term assets | 87.3 | 232.7 | 219.3 | — | 539.3 | ||||||||||||||
Total assets | $ | 6,609.9 | $ | 5,261.1 | $ | 6,003.5 | $ | (13,360.7 | ) | $ | 4,513.8 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 13.3 | $ | 375.0 | $ | 122.6 | $ | (44.8 | ) | $ | 466.1 | ||||||||
Customer advances | — | 465.8 | 6.0 | — | 471.8 | ||||||||||||||
Other current liabilities | 85.5 | 246.5 | 97.9 | (0.2 | ) | 429.7 | |||||||||||||
Total current liabilities | 98.8 | 1,087.3 | 226.5 | (45.0 | ) | 1,367.6 | |||||||||||||
Long-term debt, less current maturities | 826.2 | — | — | — | 826.2 | ||||||||||||||
Intercompany payables | 3,639.4 | 2,346.5 | 48.0 | (6,033.9 | ) | — | |||||||||||||
Other long-term liabilities | 69.0 | 147.9 | 126.6 | — | 343.5 | ||||||||||||||
Total shareholders’ equity | 1,976.5 | 1,679.4 | 5,602.4 | (7,281.8 | ) | 1,976.5 | |||||||||||||
Total liabilities and shareholders' equity | $ | 6,609.9 | $ | 5,261.1 | $ | 6,003.5 | $ | (13,360.7 | ) | $ | 4,513.8 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 14.8 | $ | 6.3 | $ | 21.8 | $ | — | $ | 42.9 | |||||||||
Receivables, net | 29.4 | 692.9 | 290.1 | (47.8 | ) | 964.6 | |||||||||||||
Inventories, net | — | 926.2 | 375.5 | — | 1,301.7 | ||||||||||||||
Other current assets | 20.9 | 37.8 | 9.2 | — | 67.9 | ||||||||||||||
Total current assets | 65.1 | 1,663.2 | 696.6 | (47.8 | ) | 2,377.1 | |||||||||||||
Investment in and advances to consolidated subsidiaries | 5,744.0 | 1,128.0 | (192.4 | ) | (6,679.6 | ) | — | ||||||||||||
Intercompany receivables | 47.2 | 998.7 | 4,331.3 | (5,377.2 | ) | — | |||||||||||||
Intangible assets, net | — | 984.4 | 623.4 | — | 1,607.8 | ||||||||||||||
Other long-term assets | 106.6 | 228.9 | 232.3 | — | 567.8 | ||||||||||||||
Total assets | $ | 5,962.9 | $ | 5,003.2 | $ | 5,691.2 | $ | (12,104.6 | ) | $ | 4,552.7 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 16.3 | $ | 415.3 | $ | 168.7 | $ | (47.5 | ) | $ | 552.8 | ||||||||
Customer advances | — | 438.3 | 1.9 | — | 440.2 | ||||||||||||||
Other current liabilities | 165.0 | 202.4 | 98.0 | (0.3 | ) | 465.1 | |||||||||||||
Total current liabilities | 181.3 | 1,056.0 | 268.6 | (47.8 | ) | 1,458.1 | |||||||||||||
Long-term debt, less current maturities | 844.3 | — | — | — | 844.3 | ||||||||||||||
Intercompany payables | 2,957.5 | 2,372.5 | 47.2 | (5,377.2 | ) | — | |||||||||||||
Other long-term liabilities | 68.7 | 147.4 | 123.1 | — | 339.2 | ||||||||||||||
Total shareholders’ equity | 1,911.1 | 1,427.3 | 5,252.3 | (6,679.6 | ) | 1,911.1 | |||||||||||||
Total liabilities and shareholders' equity | $ | 5,962.9 | $ | 5,003.2 | $ | 5,691.2 | $ | (12,104.6 | ) | $ | 4,552.7 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (217.5 | ) | $ | 466.7 | $ | 328.5 | $ | — | $ | 577.7 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (22.4 | ) | (40.4 | ) | (29.7 | ) | — | (92.5 | ) | ||||||||||
Additions to equipment held for rental | — | — | (34.8 | ) | — | (34.8 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | 0.6 | 39.6 | — | 40.2 | ||||||||||||||
Intercompany investing | (0.7 | ) | (405.8 | ) | (297.2 | ) | 703.7 | — | |||||||||||
Other investing activities | (2.0 | ) | (0.1 | ) | — | — | (2.1 | ) | |||||||||||
Net cash provided (used) by investing activities | (25.1 | ) | (445.7 | ) | (322.1 | ) | 703.7 | (89.2 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayments of debt (original maturities greater than three months) | (370.0 | ) | — | (3.5 | ) | — | (373.5 | ) | |||||||||||
Proceeds from issuance of long-term debt (original maturities greater than three months) | 320.0 | — | 3.5 | — | 323.5 | ||||||||||||||
Net decrease in short term debt | (33.5 | ) | — | — | — | (33.5 | ) | ||||||||||||
Repurchases of Common Stock | (100.1 | ) | — | — | — | (100.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 21.7 | — | — | — | 21.7 | ||||||||||||||
Dividends paid | (55.9 | ) | — | — | — | (55.9 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 2.0 | — | — | — | 2.0 | ||||||||||||||
Intercompany financing | 729.0 | (26.0 | ) | 0.7 | (703.7 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | 513.2 | (26.0 | ) | 0.7 | (703.7 | ) | (215.8 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 0.4 | 5.9 | — | 6.3 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 270.6 | (4.6 | ) | 13.0 | — | 279.0 | |||||||||||||
Cash and cash equivalents at beginning of year | 14.8 | 6.3 | 21.8 | — | 42.9 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 285.4 | $ | 1.7 | $ | 34.8 | $ | — | $ | 321.9 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (178.8 | ) | $ | 58.5 | $ | 202.8 | $ | — | $ | 82.5 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (29.3 | ) | (27.9 | ) | (74.5 | ) | — | (131.7 | ) | ||||||||||
Additions to equipment held for rental | — | — | (26.3 | ) | — | (26.3 | ) | ||||||||||||
Acquisition of business, net of cash acquired | — | — | (10.0 | ) | — | (10.0 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | — | 26.8 | — | 26.8 | ||||||||||||||
Intercompany investing | (30.7 | ) | (2.8 | ) | (154.2 | ) | 187.7 | — | |||||||||||
Other investing activities | 0.7 | 0.9 | (0.5 | ) | — | 1.1 | |||||||||||||
Net cash provided (used) by investing activities | (59.3 | ) | (29.8 | ) | (238.7 | ) | 187.7 | (140.1 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayments of debt (original maturities greater than three months) | (365.0 | ) | — | — | — | (365.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt (original maturities greater than three months) | 375.0 | — | — | — | 375.0 | ||||||||||||||
Net increase in short term debt | 33.5 | — | — | — | 33.5 | ||||||||||||||
Repurchases of Common Stock | (200.4 | ) | — | — | — | (200.4 | ) | ||||||||||||
Debt issuance costs | (15.5 | ) | — | — | — | (15.5 | ) | ||||||||||||
Proceeds from exercise of stock options | 8.6 | — | — | — | 8.6 | ||||||||||||||
Dividends paid | (53.1 | ) | — | — | — | (53.1 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 4.0 | — | — | — | 4.0 | ||||||||||||||
Intercompany financing | 184.0 | (26.0 | ) | 29.7 | (187.7 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (28.9 | ) | (26.0 | ) | 29.7 | (187.7 | ) | (212.9 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (1.1 | ) | 0.7 | — | (0.4 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (267.0 | ) | 1.6 | (5.5 | ) | — | (270.9 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 281.8 | 4.7 | 27.3 | — | 313.8 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 14.8 | $ | 6.3 | $ | 21.8 | $ | — | $ | 42.9 |
Oshkosh Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash provided (used) by operating activities | $ | (98.6 | ) | $ | 73.2 | $ | 195.8 | $ | — | $ | 170.4 | ||||||||
Investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | (33.4 | ) | (27.4 | ) | (31.4 | ) | — | (92.2 | ) | ||||||||||
Additions to equipment held for rental | — | — | (32.7 | ) | — | (32.7 | ) | ||||||||||||
Proceeds from sale of equipment held for rental | — | — | 12.8 | — | 12.8 | ||||||||||||||
Intercompany investing | (16.2 | ) | (17.6 | ) | (153.6 | ) | 187.4 | — | |||||||||||
Other investing activities | (2.9 | ) | 0.1 | 0.1 | — | (2.7 | ) | ||||||||||||
Net cash provided (used) by investing activities | (52.5 | ) | (44.9 | ) | (204.8 | ) | 187.4 | (114.8 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Repayments of debt (original maturities greater than three months) | (710.0 | ) | — | — | — | (710.0 | ) | ||||||||||||
Proceeds from issuance of long-term debt (original maturities greater than three months) | 650.0 | — | — | — | 650.0 | ||||||||||||||
Repurchases of Common Stock | (403.3 | ) | — | — | — | (403.3 | ) | ||||||||||||
Debt issuance costs | (19.1 | ) | — | — | — | (19.1 | ) | ||||||||||||
Proceeds from exercise of stock options | 50.9 | — | — | — | 50.9 | ||||||||||||||
Dividends paid | (50.7 | ) | — | — | — | (50.7 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | 6.2 | — | — | — | 6.2 | ||||||||||||||
Intercompany financing | 197.2 | (26.0 | ) | 16.2 | (187.4 | ) | — | ||||||||||||
Net cash provided (used) by financing activities | (278.8 | ) | (26.0 | ) | 16.2 | (187.4 | ) | (476.0 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (0.3 | ) | 1.0 | — | 0.7 | |||||||||||||
Increase (decrease) in cash and cash equivalents | (429.9 | ) | 2.0 | 8.2 | — | (419.7 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 711.7 | 2.7 | 19.1 | — | 733.5 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 281.8 | $ | 4.7 | $ | 27.3 | $ | — | $ | 313.8 |
Fiscal Year Ended September 30, 2016 | |||||||||||||||
4th Quarter (a) | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||
Net sales | $ | 1,755.4 | $ | 1,747.5 | $ | 1,524.3 | $ | 1,252.0 | |||||||
Gross income | 299.1 | 314.6 | 259.3 | 182.8 | |||||||||||
Operating income | 95.5 | 146.8 | 91.4 | 30.3 | |||||||||||
Net income | 61.5 | 84.2 | 56.1 | 14.6 | |||||||||||
Net income available to common shareholders | $ | 61.5 | $ | 84.2 | $ | 56.1 | $ | 14.6 | |||||||
Earnings per share: | |||||||||||||||
Oshkosh Corporation common shareholders-basic | $ | 0.83 | $ | 1.15 | $ | 0.77 | $ | 0.20 | |||||||
Oshkosh Corporation common shareholders-diluted | $ | 0.82 | $ | 1.13 | $ | 0.76 | $ | 0.19 | |||||||
Common Stock per share dividends | $ | 0.19 | $ | 0.19 | $ | 0.19 | $ | 0.19 |
(a) | The fourth quarter of fiscal 2016 was impacted by a combined $27.8 million ($17.5 million after-tax) asset impairment and workforce reduction charge in the access equipment segment. |
Fiscal Year Ended September 30, 2015 | |||||||||||||||
4th Quarter (a) | 3rd Quarter | 2nd Quarter (b) | 1st Quarter (c) | ||||||||||||
Net sales | $ | 1,578.3 | $ | 1,612.3 | $ | 1,554.2 | $ | 1,353.3 | |||||||
Gross income | 249.7 | 284.0 | 275.8 | 229.7 | |||||||||||
Operating income | 86.6 | 136.6 | 109.7 | 65.7 | |||||||||||
Net income | 50.3 | 89.9 | 54.6 | 34.7 | |||||||||||
Net income | $ | 50.3 | $ | 89.9 | $ | 54.6 | $ | 34.7 | |||||||
Less: net earnings allocated to participating securities | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||
Net income available to common shareholders | $ | 50.2 | $ | 89.7 | $ | 54.5 | $ | 34.6 | |||||||
Earnings per share: | |||||||||||||||
Oshkosh Corporation common shareholders-basic | $ | 0.65 | $ | 1.15 | $ | 0.70 | $ | 0.44 | |||||||
Oshkosh Corporation common shareholders-diluted | $ | 0.64 | $ | 1.13 | $ | 0.69 | $ | 0.43 | |||||||
Common Stock per share dividends | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 |
(a) | The fourth quarter of fiscal 2015 was impacted by a combined $2.9 million ($2.4 million after-tax) workforce reduction charge in the access equipment segment and corporate. |
(b) | The second quarter of fiscal 2015 was impacted by a $14.7 million ($9.3 million after-tax) charge for debt extinguishment costs related to refinancing portions of the Company's long-term debt. |
(c) | The first quarter of fiscal 2015 was impacted by a $3.4 million ($2.1 million after-tax) pension curtailment benefit in connection with staffing reductions in the defense segment as a result of declining sales to the DoD (See Note 17 of the Notes to Consolidated Financial Statements). |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Share Awards(1) | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Equity compensation plans approved by security holders | 2,723,361 | $ | 39.55 | 2,596,828 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
2,723,361 | $ | 39.55 | 2,596,828 |
(1) | Represents options to purchase shares of the Company’s Common Stock granted under the Company’s 2004 Incentive Stock and Awards Plan, and 2009 Incentive Stock and Awards Plan, as amended and restated, all of which were approved by the Company’s shareholders. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
(a) 1. | Financial Statements: The following consolidated financial statements of the Company and the report of the Independent Registered Public Accounting Firm included in the Annual Report to Shareholders for the fiscal year ended September 30, 2016, are contained in Item 8: |
OSHKOSH CORPORATION | ||
November 22, 2016 | By | /s/ Wilson R. Jones |
Wilson R. Jones, President and Chief Executive Officer |
November 22, 2016 | By | /s/ Wilson R. Jones |
Wilson R. Jones, President and Chief Executive Officer and Director (Principal Executive Officer) | ||
November 22, 2016 | By | /s/ David M. Sagehorn |
David M. Sagehorn, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||
November 22, 2016 | By | /s/ Thomas J. Polnaszek |
Thomas J. Polnaszek, Senior Vice President Finance and Controller (Principal Accounting Officer) | ||
November 22, 2016 | By | /s/ Keith J. Allman |
Keith J. Allman, Director | ||
November 22, 2016 | By | /s/ Richard M. Donnelly |
Richard M. Donnelly, Chairman of the Board | ||
November 22, 2016 | By | /s/ Peter B. Hamilton |
Peter B. Hamilton, Director | ||
November 22, 2016 | By | /s/ Leslie F. Kenne |
Leslie F. Kenne, Director | ||
November 22, 2016 | By | /s/ Kimberley Metcalf-Kupres |
Kimberley Metcalf-Kupres, Director | ||
November 22, 2016 | By | /s/ Steven C. Mizell |
Steven C. Mizell, Director | ||
November 22, 2016 | By | /s/ Stephen D. Newlin |
Stephen D. Newlin, Director | ||
November 22, 2016 | By | /s/ Craig P. Omtvedt |
Craig P. Omtvedt, Director | ||
November 22, 2016 | By | /s/ Duncan J. Palmer |
Duncan J. Palmer, Director | ||
November 22, 2016 | By | /s/ John S. Shiely |
John S. Shiely, Director | ||
November 22, 2016 | By | /s/ Richard G. Sim |
Richard G. Sim, Director | ||
November 22, 2016 | By | /s/ William S. Wallace |
William S. Wallace, Director |
Fiscal Year | Balance at Beginning of Year | Additions Charged to Expense | Reductions* | Balance at End of Year | ||||||||||||
2014 | $ | 20.4 | $ | 3.1 | $ | (1.7 | ) | $ | 21.8 | |||||||
2015 | $ | 21.8 | $ | 2.0 | $ | (3.5 | ) | $ | 20.3 | |||||||
2016 | $ | 20.3 | $ | 2.7 | $ | (1.8 | ) | $ | 21.2 |
* | Represents amounts written off to the reserve, net of recoveries and foreign currency translation adjustments. |
3.1 | Articles of Incorporation of Oshkosh Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated June 30, 2014 (File No. 1-31371)). |
3.2 | By-Laws of Oshkosh Corporation, as amended effective September 13, 2016 (incorporated by reference to the Exhibit 3.1 to the Company’s Current Report on Form 8‑K dated September 13, 2016 (File No. 1-31371)). |
4.1 | Amended and Restated Credit Agreement, dated March 21, 2014, among Oshkosh Corporation, various subsidiaries of Oshkosh Corporation party thereto as borrowers and various lenders and agents party thereto (incorporated by reference to Exhibit 4.1 the Company’s Current Report on Form 8-K dated March 21, 2014 (File No. 1-31371)). |
4.2 | Assumption and Amendment Agreement, dated as of June 30, 2014, among Oshkosh Corporation, Oshkosh Corporation, Oshkosh Defense, LLC and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 4.1 the Company’s Current Report on Form 8-K dated June 30, 2014 (File No. 1-31371)). |
4.3 | Indenture, dated February 21, 2014, by and among Oshkosh Corporation, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated February 21, 2014 (File No. 1-31371)). |
4.4 | First Supplemental Indenture, dated as of June 30, 2014, among Oshkosh Corporation, Oshkosh Corporation, Oshkosh Defense, LLC and Wells Fargo Bank, National Association, as trustee (incorporated by reference to the Exhibit 4.3 to the Company’s Current Report on Form 8-K dated June 30, 2014 (File No. 1-31371)). |
4.5 | Lender Increase Agreement, dated January 22, 2015, among Oshkosh Corporation, various subsidiaries of Oshkosh Corporation party thereto and various lenders and agents party thereto (incorporated by reference to Exhibit 4.1 the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2014 (File No. 1-31371)). |
4.6 | Indenture, dated March 2, 2015, by and among Oshkosh Corporation, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, dated March 2, 2015 (File No. 1-31371)). |
10.1 | Oshkosh Corporation Executive Retirement Plan, amended and restated effective December 31, 2008 (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K for the year ended September 30, 2008 (File No. 1-31371)).* |
10.2 | Form of Key Executive Employment and Severance Agreement between Oshkosh Corporation and each of Joseph H. Kimmitt and David M. Sagehorn (each of the persons identified has signed this form or a form substantially similar) (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 1-31371)).* |
10.3 | Form of Key Executive Employment and Severance Agreement between Oshkosh Corporation and each of John J. Bryant, Ignacio A. Cortina, James W. Johnson, Marek W. May, Robert S. Messina, Bradley M. Nelson, Frank R. Nerenhausen and Robert H. Sims (each of the persons identified has signed this form or a form substantially similar) (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 1-31371)).* |
10.4 | Form of Key Executive Employment and Severance Agreement between Oshkosh Corporation and Mark M. Radue (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the year ended September 30, 2011 (File No. 1-31371)).* |
10.5 | Oshkosh Corporation 2004 Incentive Stock and Awards Plan, as amended through September 15, 2008 (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the year ended September 30, 2008 (File No. 1-31371)).* |
10.6 | Form of Oshkosh Corporation 2004 Incentive Stock and Awards Plan Stock Option Agreement for awards granted on and after September 19, 2005 (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2005 (File No. 1-31371)).* |
10.7 | Form of Oshkosh Corporation 2004 Incentive Stock and Awards Plan Non-Employee Director Stock Option Award Agreement, for awards granted on and after September 19, 2005 (incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2005 (File No. 1-31371)).* |
10.8 | Form of Oshkosh Corporation 2004 Incentive Stock and Awards Plan Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated September 14, 2004 (File No. 1-31371)).* |
10.9 | Form of Oshkosh Corporation 2004 Incentive Stock and Awards Plan Non-Employee Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, dated February 1, 2005 (File No. 1-31371)).* |
10.10 | Summary of Cash Compensation for Non-Employee Directors (incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the year ended September 30, 2012 (File No. 1-31371)).* |
10.11 | Confidentiality and Loyalty Agreement, dated March 20, 2007, between Oshkosh Corporation and Charles L. Szews (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, dated March 20, 2007 (File No. 1-31371)).* |
10.12 | Second Amended and Restated Employment Agreement, effective as of April 26, 2011, between Oshkosh Corporation and Charles L. Szews (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 1-31371)).* |
10.13 | Oshkosh Corporation Deferred Compensation Plan for Directors and Executive Officers (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (File No. 1-31371)).* |
10.14 | Oshkosh Corporation 2009 Incentive Stock and Awards Plan as Amended and Restated, as amended January 18, 2012 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 (File No. 1-31371)).* |
10.15 | Framework for Awards of Performance Shares based on Total Shareholder Return under the Oshkosh Corporation 2009 Incentive Stock and Awards Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8‑K, dated September 18, 2009 (File No. 1-31371)).* |
10.16 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Stock Option Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, dated September 18, 2009 (File No. 1-31371)).* |
10.17 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Stock Appreciation Rights Award Agreement for awards granted prior to September 19, 2011 (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, dated September 18, 2009 (File No. 1-31371)).* |
10.18 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Stock Appreciation Rights Award Agreement for awards granted on or after September 19, 2011 (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the year ended September 30, 2011 (File No. 1-31371)).* |
10.19 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Restricted Stock Award for awards granted prior to September 19, 2011 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2009 (File No. 1-31371)).* |
10.20 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Restricted Stock Award for awards granted on or after September 19, 2011 (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the year ended September 30, 2011 (File No. 1-31371)).* |
10.21 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Non-Employee Director Stock Option Award (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2009 (File No. 1-31371)).* |
10.22 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Restricted Stock Unit Award Agreement (Stock Settled on Retirement) (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K for the year ended September 30, 2013 (File No. 1-31371)).* |
10.23 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Restricted Stock Unit Award Agreement (Stock Settled on Vesting - Retirement) (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the year ended September 30, 2013 (File No. 1-31371)).* |
10.24 | Form of Oshkosh Corporation 2009 Incentive Stock and Awards Plan Restricted Stock Unit Award Agreement (Stock Settled on Vesting - General) (incorporated by reference to Exhibit 10.28 to the Company's Annual Report on Form 10-K for the year ended September 30, 2013 (File No. 1-31371)).* |
10.25 | Letter Agreement, dated October 24, 2012, between Oshkosh Corporation and Colleen R. Moynihan (incorporated by reference to Exhibit (e)(29) to the Company's Solicitation/Recommendation Statement on Schedule 14D-9, dated October 26, 2012) (File No. 1-31371)).* |
10.26 | Oshkosh Corporation KEESA Rabbi Trust Agreement, dated as of January 31, 2013, between Oshkosh Corporation and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 1-31371)).* |
10.27 | 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 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 1-31371)).* |
10.28 | Oshkosh Corporation Defined Contribution Executive Retirement Plan, as amended and restated effective June 1, 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 (File No. 1-31371)).* |
10.29 | Form of Severance Agreement between Oshkosh Corporation and Wilson R. Jones (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (File No. 1-31371)).* |
10.30 | Form of Key Executive Employment Agreement between Oshkosh Corporation and Wilson R. Jones (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (File No. 1-31371)).* |
10.31 | Framework for Awards of Performance Shares based on Return on Invested Capital under the Oshkosh Corporation 2009 Incentive Stock and Awards Plan.* |
11 | Computation of per share earnings (contained in Note 20 of “Notes to Consolidated Financial Statements” of the Company's Annual Report on Form 10-K for the year ended September 30, 2016). |
21 | Subsidiaries of Registrant. |
23 | Consent of Deloitte & Touche LLP. |
31.1 | Certification by the President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated November 22, 2016. |
31.2 | Certification by the Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act, dated November 22, 2016. |
32.1 | Written Statement of the President and Chief Executive Officer, pursuant to 18 U.S.C. ss. 1350, dated November 22, 2016. |
32.2 | Written Statement of the Executive Vice President and Chief Financial Officer, pursuant to 18 U.S.C. ss. 1350, dated November 22, 2016. |
101 | The following materials from Oshkosh Corporation's Annual Report on Form 10-K for the year ended September 30, 2016 are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income; (ii) the Consolidated Statements of Comprehensive Income; (iii) the Consolidated Balance Sheets; (iv) the Consolidated Statements of Shareholders' Equity; (v) the Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements. |
Name | State or Other Jurisdiction of Incorporation or Organization | |
Kewaunee Fabrications, L.L.C. | Wisconsin | |
McNeilus Companies, Inc. | Minnesota | |
Concrete Equipment Company, Inc. | Nebraska | |
Audubon Manufacturing Corporation | Iowa | |
JLG Maquinaria Mexico, S. de r.l. de C.U. | Mexico | |
Iowa Mold Tooling Co., Inc. | Delaware | |
JerrDan Corporation | Delaware | |
Iowa Contract Fabrications, Inc. | Iowa | |
McIntire Fabricators, Inc. | Iowa | |
McNeilus Financial Services, Inc. | Minnesota | |
Oshkosh/McNeilus Financial Services, Inc. | Minnesota | |
Oshkosh Equipment Finance, L.L.C. | Wisconsin | |
McNeilus Truck and Manufacturing, Inc. | Minnesota | |
McNeilus Financial, Inc. | Texas | |
Viking Truck & Equipment Sales (MI), Inc. | Michigan | |
Viking Truck & Equipment Sales (OH), Inc. | Ohio | |
JLG Industries, Inc. | Pennsylvania | |
Access Financial Solutions, Inc. | Maryland | |
Fulton International, Inc. | Delaware | |
GI Industries, Inc. | Delaware | |
TGC Industries, Inc. | Ohio | |
JLG Equipment Services, Inc. | Pennsylvania | |
JLG New Zealand Access Equipment and Service | New Zealand | |
JLG Industries Japan Co., Ltd. | Japan | |
JLG International LLC | Delaware | |
JLG Latino Americana Holdings 1 BV | Netherlands | |
JLG Manufacturing, LLC | Pennsylvania | |
JLG Properties Australia Pty Limited | Australia | |
JLG Industries Korea, Ltd. | South Korea | |
OSK Industries LLC | Wisconsin | |
JLG Equity Holdings C.V. | Netherlands | |
JLG EMEA Holdings C.V. | Netherlands | |
JLG Equipment Services Limited | Hong Kong | |
Oshkosh JLG (Tianjin) Equipment Technology Co. Limited | China | |
Oshkosh-JLG (Singapore) Technology Equipment Private Limited | Singapore | |
JLG EMEA B.V. | Netherlands | |
JLG Ground Support Europe BVBA | Belgium | |
JLG France SAS | France |
Name | State or Other Jurisdiction of Incorporation or Organization | |
JLG Industries GmbH | Germany | |
JLG Deutschland GmbH | Germany | |
JLG Industries (Italia) S.r.L | Italy | |
JLG Industries (United Kingdom) Limited | United Kingdom | |
JLG Manufacturing Europe BVBA | Belgium | |
JLG Sverige AB | Sweden | |
Oshkosh Rus, LLC | Russia | |
Platformas Elevadoras JLG Iberica S.L | Spain | |
JLG Manufacturing Central Europe S.R.L. | Romania | |
LMI Finance L.P. | Canada | |
Oshkosh Italy B.V. | Netherlands | |
Power Towers Limited | United Kingdom | |
Power Towers LLC | United Arab Emirates | |
Power Towers Deutschland GmbH | Germany | |
Power Towers Netherlands BV (Netherlands) | Netherlands | |
Oshkosh Europe B.V. | Netherlands | |
Oshkosh Equipment Manufacturing, S. de R.L. de C.V. | Mexico | |
JLG Latino Americana Holdings 2 B.V. Cooperatief U.A. | Netherlands | |
JLG Latino Americana Cooperatief U.A. | Netherlands | |
JLG Latino Americana Ltda. | Brazil | |
OSK Company LLC | Wisconsin | |
Premco Products Inc. | California | |
Fulton Industries, Inc. | Pennsylvania | |
JLG-MHD Indiana, Inc. | Indiana | |
JLG-MHD, Inc. | Pennsylvania | |
Oshkosh Airport Products, LLC | Wisconsin | |
Oshkosh Commercial Products, LLC | Wisconsin | |
Oshkosh Defense, LLC | Wisconsin | |
Oshkosh Defense Canada Incorporated | Canada | |
Oshkosh India Private Limited | India | |
Oshkosh Logistics Corporation | Wisconsin | |
Oshkosh Asia Holdings Limited | Mauritius | |
Oshkosh Commercial (Beijing) Co., Limited | China | |
Oshkosh Arabia FZE | Dubai | |
Pierce Manufacturing Inc. | Wisconsin | |
Oshkosh HD, LLC | Wisconsin | |
Oshkosh Unipower Limited | United Kingdom | |
Oshkosh (UK) Limited | United Kingdom |
/s/ Deloitte & Touche LLP |
Milwaukee, Wisconsin |
November 22, 2016 |
1. | I have reviewed this annual report on Form 10-K 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. |
November 22, 2016 | /s/ Wilson R. Jones |
Wilson R. Jones, President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K 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. |
November 22, 2016 | /s/ David M. Sagehorn |
David M. Sagehorn, Executive Vice President and Chief Financial Officer |
/s/ Wilson R. Jones | |
Wilson R. Jones | |
November 22, 2016 |
/s/ David M. Sagehorn | |
David M. Sagehorn | |
November 22, 2016 |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Nov. 15, 2016 |
Mar. 31, 2016 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OSHKOSH CORP | ||
Entity Central Index Key | 0000775158 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 74,465,359 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,989,656,153 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||||||||||||||
Net income | $ 61.5 | $ 84.2 | $ 56.1 | $ 14.6 | $ 50.3 | $ 89.9 | $ 54.6 | $ 34.7 | $ 216.4 | $ 229.5 | $ 309.3 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Employee pension and postretirement benefits | (27.5) | (2.2) | (21.2) | ||||||||||||||||||||
Currency translation adjustments | (3.0) | (73.1) | (33.4) | ||||||||||||||||||||
Change in fair value of derivative instruments | (0.1) | 0.1 | 0.0 | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (30.6) | (75.2) | (54.6) | ||||||||||||||||||||
Comprehensive income | $ 185.8 | $ 154.3 | $ 254.7 | ||||||||||||||||||||
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 92,101,465 | 92,101,465 |
Common Stock in treasury, shares | 18,175,669 | 16,647,031 |
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Statement of Stockholders' Equity [Abstract] | |||
Employee pension and postretirement benefits, tax | $ (14.2) | $ (1.2) | $ (12.4) |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.76 | $ 0.68 | $ 0.60 |
Nature of Operations |
12 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Oshkosh Corporation and its subsidiaries (the “Company”) are leading manufacturers of a wide variety of specialty vehicles and vehicle bodies for the Americas and global markets. “Oshkosh” refers to Oshkosh Corporation, not including its subsidiaries. The Company sells its products into four principal vehicle markets — access equipment, defense, fire & emergency and commercial. The access equipment business is conducted through its wholly-owned subsidiary, JLG Industries, Inc. and its wholly-owned subsidiaries (JLG) and JerrDan Corporation (JerrDan). JLG holds, along with an unaffiliated third-party, a 50% interest in a joint venture in The Netherlands, RiRent Europe, B.V. (RiRent). The Company's defense business is conducted principally through its wholly-owned subsidiary, Oshkosh Defense, LLC and its wholly-owned subsidiary (Oshkosh Defense). The Company’s fire & emergency business is principally conducted through its wholly-owned subsidiaries Pierce Manufacturing Inc. (Pierce), Oshkosh Airport Products, LLC (Airport Products) and Kewaunee Fabrications LLC (Kewaunee). The Company’s commercial business is principally conducted through its wholly-owned subsidiaries, McNeilus Companies, Inc. (McNeilus), Concrete Equipment Company, Inc. and its wholly-owned subsidiary (CON-E-CO), London Machinery Inc. and its wholly-owned subsidiary (London), Iowa Mold Tooling Co., Inc. (IMT) and Oshkosh Commercial Products, LLC (Oshkosh Commercial). McNeilus owns a 49% interest in Mezcladoras Trailers de Mexico, S.A. de C.V. (Mezcladoras), which manufactures and markets concrete mixers, concrete batch plants and refuse collection vehicles in Mexico. |
Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its 50% voting interest in RiRent and its 49% interest in Mezcladoras under the equity method. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition — The Company recognizes revenue on equipment and parts sales when contract terms are met, collectability is reasonably assured and a product is shipped or risk of ownership has been transferred to and accepted by the customer. Revenue from service agreements is recognized as earned, when services have been rendered. Appropriate provisions are made for discounts, returns and sales allowances. Sales are recorded net of amounts invoiced for taxes imposed on the customer such as excise or value-added taxes. Sales to the U.S. government of non-commercial products manufactured to the government’s specifications are recognized under the percentage-of-completion accounting using either the units-of-delivery method or cost-to-cost method to measure contract performance. Under the units-of-delivery method, the Company records sales as units are accepted by the U.S. Department of Defense (DoD) generally based on unit sales values stated in the respective contracts. Costs of sales are based on actual costs incurred to produce the units delivered under the contract. Under the cost-to-cost method, sales, including estimated margins, are recognized as contract costs are incurred. The measurement method selected is generally determined based on the nature of the contract. The Company includes amounts representing contract change orders, claims or other items in sales only when they can be reliably estimated and realization is probable. Bid and proposal costs are expensed as incurred. The Company has significant experience in contracting and producing vehicles for the defense industry, which has resulted in a history of making reasonable estimates of revenues and costs when measuring progress toward contract completion. The Company charges anticipated losses on contracts or programs in progress to earnings when identified. Approximately 19%, 13% and 20% of the Company’s revenues were recognized under the percentage-of-completion accounting method in fiscal 2016, 2015 and 2014, respectively. The Company invoices the government as the units are formally accepted. Deferred revenue arises from amounts received in advance of the culmination of the earnings process and is recognized as revenue in future periods when the applicable revenue recognition criteria have been met. Shipping and Handling Fees and Costs — Revenue received from shipping and handling fees is reflected in net sales. Shipping and handling fee revenue was not significant for any period presented. Shipping and handling costs are included in cost of sales. Warranty — Provisions for estimated warranty and other related costs are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. The Company recognizes the revenue from sales of extended warranties over the life of the contracts. Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the DoD), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense amounted to $103.1 million, $147.9 million and $142.0 million during fiscal 2016, 2015 and 2014, respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs. Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $21.6 million, $22.1 million and $20.4 million in fiscal 2016, 2015 and 2014, respectively. Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by Accounting Standards Codification (ASC) Topic 718, Compensation — Stock Compensation. Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument. See Note 15 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans. Debt Financing Costs — Debt issuance costs on term debt are amortized using the interest method over the term of the debt. Deferred financing costs on lines of credit are amortized on a straight-line basis over the term of the related lines of credit. Amortization expense was $3.0 million, $6.4 million (including $3.3 million of amortization related to early debt retirement) and $6.2 million (including $2.2 million of amortization related to early debt retirement) in fiscal 2016, 2015 and 2014, respectively. Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company evaluates uncertain income tax positions in a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. U.S. income taxes are provided on financial statement earnings of non-U.S. subsidiaries expected to be repatriated. The Company determines annually the amount of undistributed non-U.S. earnings to invest indefinitely in its non-U.S. operations. As a result of anticipated cash requirements in foreign subsidiaries, the Company currently believes that all earnings of non-U.S. subsidiaries will be reinvested indefinitely to finance foreign activities. Accordingly, no U.S. deferred income taxes have been provided for the repatriation of those earnings. Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, accounts payable and accrued liabilities approximated fair value as of September 30, 2016 and 2015. See Note 14 of the Notes to Consolidated Financial Statements for additional fair value information. Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2016 consisted principally of bank deposits and money market instruments. Receivables — Receivables consist of amounts billed and currently due from customers and unbilled costs and accrued profits related to revenues on long-term contracts with the U.S. government that have been recognized for accounting purposes but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for estimated losses is based on the Company’s historical experience, existing economic conditions and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered. Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements. The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution. Concentration of credit risk with respect to trade accounts and leases receivable is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade and lease receivables are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables. Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (LIFO) method for 81.6% of the Company’s inventories at September 30, 2016 and 79.7% of the Company's inventories at September 30, 2015. For the remaining inventories, cost has been determined using the first-in, first-out (FIFO) method. Performance-Based Payments — The Company’s contracts with the DoD to deliver heavy-payload tactical vehicles (Family of Heavy Tactical Vehicles and Logistic Vehicle System Replacement) and medium-payload tactical vehicles (Family of Medium Tactical Vehicles and Medium Tactical Vehicle Replacement), as well as certain other defense-related contracts, include requirements for “performance-based payments.” The performance-based payment provisions in the contracts require the DoD to pay the Company based on the completion of certain pre-determined events in connection with the production under these contracts. Performance-based payments received are first applied to reduce outstanding receivables for units accepted in accordance with contractual terms, with any remaining amount recorded as an offset to inventory to the extent of related inventory on hand. Amounts received in excess of receivables and inventories are included in liabilities as customer advances. Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets using accelerated and straight-line methods. The estimated useful lives range from ten to forty years for buildings and improvements, from four to twenty-five years for machinery and equipment and from three to ten years for software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets. Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test as of July 1 of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment that constitutes a business. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily (75%) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European construction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. Impairment of Long-Lived Assets — Property, plant and equipment and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the “relief from royalty” method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. Customer Advances — Customer advances include amounts received in advance of the completion of fire & emergency and commercial vehicles. Most of these advances bear interest at variable rates approximating the prime rate. Advances also include any performance-based payments received from the DoD in excess of the value of related inventory. Advances from the DoD are non-interest bearing. See the discussion above regarding performance-based payments. Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company's pension liability, other post-employment benefit liability, accrued warranty and accrued product liability that are not expected to be settled in the subsequent twelve month period. Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded net foreign currency transaction losses of $1.2 million, $4.5 million and $3.8 million in fiscal 2016, 2015 and 2014, respectively. Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged. Reclassifications — Certain reclassifications have been made to the fiscal 2015 and 2014 financial statements to conform to the fiscal 2016 presentation. “Prepaid income taxes,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other current assets.” “Investments in unconsolidated affiliates,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other long-term assets.” “Accrued warranty,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other current liabilities.” “Gain on sale of assets,” which was previously included in other non-cash adjustments within the Consolidated Statements of Cash Flows, is now reported as a separate line in the Consolidated Statements of Cash Flows. “Contributions to rabbi trust,” which was previously presented as a separate line in the Consolidated Statements of Cash Flows, is now reported in “Other investing activities.” Recent Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue. This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes all existing U.S GAAP guidance on revenue recognition and is expected to require the use of more judgment and result in additional disclosures.The FASB has issued several amendments to the original standard, which becomes effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted one year earlier. The Company is currently evaluating the impact of ASU 2014-09 on the Company’s financial statements and has not yet determined its method of adoption. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Topic 835-30), Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 is part of the FASB’s initiative to reduce complexity in accounting standards. The guidance requires an entity to recognize debt issuance costs related to debt as a direct deduction from the carrying amount of the debt in the balance sheet, thereby increasing the effective rate of interest, as opposed to a deferred cost. The Company adopted ASU 2015-03 as of September 30, 2016, and has retrospectively reclassified $10.7 million of debt issuance costs associated with the Company's long-term debt as of September 30, 2015 from “Other long-term assets” to “Long-term debt”. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to classify investments for which fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the fair value hierarchy. The amendment is expected to eliminate diversity in practice resulting from the way that investments measured at NAV are classified within the fair value hierarchy. The Company adopted ASU 2015-07 as of September 30, 2016 and has applied it on a retrospective basis. The adoption of ASU 2015-07 did not have a material impact on the Company's financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. ASU 2015-11 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize inventory within scope of the standard at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company will be required to adopt ASU 2015-11 as of October 1, 2017. The Company is currently evaluating the impact of ASU 2015-11 on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Topic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The guidance amends the accounting standard to allow the presentation of debt issuance costs associated with lines-of-credit as an asset and to allow subsequent amortization of the deferred issuance costs ratably over the term of the line-of-credit. The Company adopted ASU 2015-15 as of September 30, 2016. The adoption of ASU 2015-15 did not have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. ASU 2015-17 is part of the FASB's initiative to reduce complexity of financial statements. The guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current and noncurrent amounts and requires an entity to classify all deferred tax liabilities and assets as noncurrent. The Company adopted ASU 2015-17 as of September 30, 2016, and has retrospectively reclassified $52.2 million of current net deferred taxes to long-term net deferred taxes as of September 30, 2015. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is expected to increase transparency and comparability among organizations. The standard requires lessees to reflect most leases on their balance sheet as lease liabilities with a corresponding right-of-use asset, while leaving presentation of lease expense in the statement of income largely unchanged. The standard also eliminates the real-estate specific provisions that exist under current U.S. GAAP and modifies the classification criteria and accounting lessors must apply to sales-type and direct financing leases. The standard is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2016-02 on the Company's financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The standard requires that all tax effects of share-based payments at settlement (or expiration) be recorded in the income statement at the time the tax effects arise. The standard also clarifies that cash flows resulting from share-based payments be reported as operating activities within the statement of cash flows, permits employers to withhold shares upon settlement of an award to satisfy an employee's tax liability up to the employee's maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award and permits entities to make an accounting policy election to estimate or use actual forfeitures when recognizing the expense of share-based compensation. The Company will be required to adopt ASU 2016-09 as of October 1, 2017. The Company does not expect the adoption of ASU 2016-09 to have a material impact on the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectibility of the related financial asset.The Company will be required to adopt ASU 2016-13 as of October 1, 2020. The Company is currently evaluating the impact of ASU 2016-13 on the Company's financial statements. |
Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables Receivables consisted of the following (in millions):
Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions):
Finance and notes receivable accrual status consisted of the following (in millions):
Finance Receivables: Finance receivables represent sales-type leases resulting from the sale of the Company's products and the purchase of finance receivables from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value accrues to the Company at the end of the lease. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors these values for impairment on a periodic basis and reflects any resulting reductions in value in current earnings. Delinquency is the primary indicator of credit quality of finance receivables. The Company maintains a general allowance for finance receivables considered doubtful of future collection based upon historical experience. Additional allowances are established based upon the Company’s perception of the quality of the finance receivables, including the length of time the receivables are past due, past experience of collectability and underlying economic conditions. In circumstances where the Company believes collectability is no longer reasonably assured, a specific allowance is recorded to reduce the net recognized receivable to the amount reasonably expected to be collected. The terms of the finance agreements generally give the Company the ability to take possession of the underlying collateral. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers’ financial obligations is not realized. Notes Receivable: Notes receivable include amounts related to refinancing of trade accounts and finance receivables. As of September 30, 2016, approximately 87% of the notes receivable balance outstanding was due from four parties. The Company routinely evaluates the creditworthiness of its customers and establishes reserves where the Company believes collectability is no longer reasonably assured. Notes receivable are written down if management determines that the specific borrower does not have the ability to repay the loan in full. Certain notes receivable are collateralized by a security interest in the underlying assets and/or other assets owned by the debtor. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers' financial obligations is not realized. Quality of Finance and Notes Receivable: The Company does not accrue interest income on finance and notes receivable in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance and notes receivable are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. The Company determines past due or delinquency status based upon the due date of the receivable. Receivables subject to specific reserves also include loans that the Company has modified in troubled debt restructurings as a concession to customers experiencing financial difficulty. To minimize the economic loss, the Company may modify certain finance and notes receivable. Modifications generally consist of restructured payment terms and time frames in which no payments are required. At September 30, 2016, restructured finance receivables and notes receivables were $4.0 million and $13.0 million, respectively. Losses on troubled debt restructurings were not significant during fiscal 2016, 2015 or 2014, respectively. Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
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Inventories |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following (in millions):
Title to all inventories related to U.S. government contracts, which provide for progress or performance-based payments, vests with the U.S. government to the extent of unliquidated progress or performance-based payments. |
Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions):
Depreciation expense was $73.3 million, $64.9 million and $65.3 million in fiscal 2016, 2015 and 2014, respectively. The Company recognized a long-lived asset impairment charge of $26.9 million during fiscal 2016. Charges of $1.6 million related to the impairment of long-lived assets were included in depreciation expense in fiscal 2014. Capitalized interest was insignificant for all reported periods. Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value and equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years. Cost less accumulated depreciation for equipment on operating lease to others at September 30, 2016 and 2015 was $18.6 million and $33.9 million, respectively. |
Goodwill and Purchased Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Purchased Intangible Assets | Goodwill and Purchased Intangible Assets As of July 1, 2016, the Company performed its annual impairment review relative to goodwill and indefinite-lived intangible assets (principally non-amortizable trade names). The Company performed the valuation analysis with the assistance of a third-party valuation adviser. To derive the fair value of its reporting units, the Company utilized both the income and market approaches. For the annual impairment testing in the fourth quarter of fiscal 2016, the Company used a weighted-average cost of capital, depending on the reporting unit, of 11.0% to 12.0% (12.0% to 13.5% at July 1, 2015) and a terminal growth rate of 3.0% (2.0% to 3.0% at July 1, 2015). Under the market approach, the Company derived the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. As a corroborative source of information, the Company reconciles its estimated fair value to within a reasonable range of its market capitalization, which includes an assumed control premium (an adjustment reflecting an estimated fair value on a control basis), to verify the reasonableness of the fair value of its reporting units obtained through the aforementioned methods. The control premium is estimated based upon control premiums observed in comparable market transactions. To derive the fair value of its trade names, the Company utilized the “relief from royalty” approach. At July 1, 2016, approximately 90% of the Company’s recorded goodwill and indefinite-lived purchased intangibles were concentrated within the JLG reporting unit in the access equipment segment. The impairment model assumes that the U.S. economy and construction spending will improve over time. Assumptions utilized in the impairment analysis are highly judgmental. While the Company currently believes that an impairment of intangible assets at JLG is unlikely, events and conditions that could result in the impairment of intangibles at JLG include a sharp decline in economic conditions, significantly increased pricing pressure on JLG's margins or other factors leading to reductions in expected long-term sales or profitability at JLG. Based on the Company’s annual impairment review, the Company concluded that there was no impairment of goodwill. Changes in estimates or the application of alternative assumptions could have produced significantly different results. The following table presents changes in goodwill during fiscal 2016 and 2015 (in millions):
The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):
Details of the Company’s total purchased intangible assets were as follows (in millions):
When determining the value of customer relationships for purposes of allocating the purchase price of an acquisition, the Company looks at existing customer contracts of the acquired business to determine if they represent a reliable future source of income and hence, a valuable intangible asset for the Company. The Company determines the fair value of the customer relationships based on the estimated future benefits the Company expects from the acquired customer contracts. In performing its evaluation and estimation of the useful lives of customer relationships, the Company looks to the historical growth rate of revenue of the acquired company’s existing customers as well as the historical attrition rates. In connection with the valuation of intangible assets, a 40-year life was assigned to the value of the Pierce distribution network (net book value of $26.5 million at September 30, 2016). The Company believes Pierce maintains the largest North American fire apparatus distribution network. Pierce has exclusive contracts with each distributor related to the fire apparatus product offerings manufactured by Pierce. The useful life of the Pierce distribution network was based on a historical turnover analysis. Non-compete intangible asset lives are based on the terms of the applicable agreements. The estimated future amortization expense of purchased intangible assets for the five years succeeding September 30, 2016 are as follows: 2017 - $45.8 million; 2018 - $38.3 million; 2019 - $36.9 million; 2020 - $11.0 million and 2021 - $5.3 million. |
Other Long-Term Assets |
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Other Assets, Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure | Other Long-Term Assets Other long-term assets consisted of the following (in millions):
The rabbi trust (the “Trust”) holds investments to fund certain of the Company's obligations under its nonqualified supplemental executive retirement plan (SERP). Trust investments include money market and mutual funds. The Trust assets are subject to claims of the Company's creditors. |
Leases |
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Sep. 30, 2016 | |
Leases [Abstract] | |
Leases | Leases Certain administrative and production facilities and equipment are leased under long-term agreements. Most leases contain renewal options for varying periods, and certain leases include options to purchase the leased property during or at the end of the lease term. Leases generally require the Company to pay for insurance, taxes and maintenance of the property. Leased capital assets included in net property, plant and equipment were immaterial at September 30, 2016 and 2015. Other facilities and equipment are leased under arrangements that are accounted for as noncancelable operating leases. Total rental expense for property, plant and equipment under noncancelable operating leases was $45.0 million, $45.1 million and $44.8 million in fiscal 2016, 2015 and 2014, respectively. Future minimum lease payments due under operating leases at September 30, 2016 were as follows: 2017 - $26.6 million; 2018 - $19.5 million; 2019 - $12.7 million; 2020 - $9.0 million; 2021 - $6.8 million; and thereafter - $4.3 million. |
Credit Agreements |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreements | Credit Agreements The Company was obligated under the following debt instruments (in millions):
In March 2014, the Company entered into an Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for (i) a revolving credit facility (Revolving Credit Facility) that matures in March 2019 with an initial maximum aggregate amount of availability of $600 million and (ii) a $400 million term loan (Term Loan) due in quarterly principal installments of $5 million with a balloon payment of $310 million due at maturity in March 2019. In January 2015, the Company entered into an agreement with lenders under the Credit Agreement that increased the Revolving Credit Facility to an aggregate maximum amount of $850 million. At September 30, 2016, there was no outstanding balance under the Revolving Credit Facility. Outstanding letters of credit of $110.8 million reduced the available capacity under the Revolving Credit Facility to $739.2 million. The Company’s obligations under the Credit Agreement are guaranteed by certain of its domestic subsidiaries, and the Company will guarantee the obligations of certain of its subsidiaries under the Credit Agreement. Subject to certain exceptions, the Credit Agreement is collateralized by (i) a first-priority perfected lien and security interests in substantially all of the personal property of the Company, each material subsidiary of the Company and each subsidiary guarantor, (ii) mortgages upon certain real property of the Company and certain of its domestic subsidiaries and (iii) a pledge of the equity of each material subsidiary of the Company. Under the Credit Agreement, the Company must pay (i) an unused commitment fee ranging from 0.225% to 0.35% per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.625% to 2.00% per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest at a variable rate equal to (i) LIBOR plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) for dollar-denominated loans only, the base rate (which is the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% plus one-month LIBOR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At September 30, 2016, the interest spread on the Term Loan was 150 basis points. The weighted-average interest rate on borrowings outstanding under the Term Loan at September 30, 2016 was 2.03%. The Credit Agreement contains various restrictions and covenants, including requirements that the Company maintain certain financial ratios at prescribed levels and restrictions, subject to certain exceptions, on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional indebtedness, dispose of assets, consummate acquisitions and make investments in joint ventures and foreign subsidiaries. The Credit Agreement contains the following financial covenants:
With certain exceptions, the Company may elect to have the collateral pledged in connection with the Credit Agreement released during any period that the Company maintains an investment grade corporate family rating from either Standard & Poor’s Ratings Group or Moody’s Investor Service Inc. During any such period when the collateral has been released, the Company’s leverage ratio as of the last day of any fiscal quarter must not be greater than 3.75 to 1.00, and the Company would not be subject to any additional requirement to limit its senior secured leverage ratio. The Company was in compliance with the financial covenants contained in the Credit Agreement as of September 30, 2016. Additionally, with certain exceptions, the Credit Agreement limits the ability of the Company to pay dividends and other distributions, including repurchases of shares of its Common Stock. However, so long as no event of default exists under the Credit Agreement or would result from such payment, the Company may pay dividends and other distributions after March 3, 2010 in an aggregate amount not exceeding the sum of:
In February 2014, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2022 (the “2022 Senior Notes”). In March 2015, the Company issued $250.0 million of 5.375% unsecured senior notes due March 1, 2025 (the “2025 Senior Notes”). The net proceeds of both note issuances were used to repay existing outstanding notes of the Company. The Company has the option to redeem the 2022 Senior Notes and the 2025 Senior Notes for a premium after March 1, 2017 and March 1, 2020, respectively. In fiscal 2015, the Company recognized $14.7 million of expense associated with the 2025 Senior Notes transaction, comprised of call premium, third-party costs and $3.3 million of write-off of unamortized debt issuance costs. In fiscal 2014, the Company recognized $10.9 million of expense associated with the Credit Agreement and the 2022 Senior Notes transactions, comprised of call premium, third-party costs and $2.2 million of write-off of unamortized debt issuance costs. Expenses related to the transactions are included in interest expense. Additionally, $3.7 million and $10.4 million of debt issuance costs were recognized as a reduction of the carrying value of the related debt in connection with the transactions in fiscal 2015 and fiscal 2014, respectively. The 2022 Senior Notes and the 2025 Senior Notes were issued pursuant to separate indentures (the “Indentures”) among the Company, the subsidiary guarantors named therein and a trustee. The Indentures contain customary affirmative and negative covenants. Certain of the Company’s subsidiaries jointly, severally, fully and unconditionally guarantee the Company’s obligations under the 2022 Senior Notes and 2025 Senior Notes. See Note 23 of the Notes to Consolidated Financial Statements for separate financial information of the subsidiary guarantors. The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect market rate of the Company’s debt. At September 30, 2016, the fair value of the 2022 Senior Notes and the 2025 Senior Notes was estimated to be $262 million ($252 million at September 30, 2015) and $263 million ($249 million at September 30, 2015), respectively. The fair value of the Term Loan approximated book value at both September 30, 2016 and 2015. See Note 14 of the Notes to Consolidated Financial Statements for the definition of a Level 2 input. |
Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranties | Warranties The Company’s products generally carry explicit warranties that extend from six months to five years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Warranty costs recorded were $46.8 million, $42.3 million and $42.8 million in fiscal 2016, 2015 and 2014, respectively. Accrued warranty is reported in “Other current liabilities” in the Consolidated Balance Sheets. The Company offers a variety of extended warranty programs. The premiums received for an extended warranty are generally deferred until the expiration of the standard warranty period. The unearned premium is then recognized in income over the term of the extended warranty period in proportion to the costs that are expected to be incurred. Unamortized extended warranty premiums included in the following table totaled $30.4 million and $15.2 million at September 30, 2016 and 2015, respectively. Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company's historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company's consolidated financial condition, result of operations or cash flows. |
Guarantee Arrangements |
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Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee Arrangements | Guarantee Arrangements The Company is party to multiple agreements whereby at September 30, 2016 and 2015 it guaranteed an aggregate of $563.2 million and $606.3 million, respectively, in indebtedness of customers. The Company estimated that its maximum loss exposure under these contracts at September 30, 2016 and 2015 was $116.3 million and $120.4 million, respectively. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then additional accruals may be required. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties' inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company's ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Changes in the Company’s credit guarantee liability were as follows (in millions):
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Shareholders' Equity |
12 Months Ended |
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Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On August 31, 2015 the Company's Board of Directors increased the Company's Common Stock repurchase authorization by 10,000,000 shares, increasing the repurchase authorization to 10,299,198 from the balance remaining from prior authorizations. Between August 31, 2015 and September 30, 2016 the Company repurchased 2,786,624 shares under this authorization at a cost of $112.0 million. As a result, the Company had 7,512,574 shares of Common Stock remaining under this repurchase authorization as of September 30, 2016. Including shares repurchased under prior authorizations, the Company repurchased 2.5 million shares, 4.9 million shares and 8.3 million shares at a cost of $100.1 million, $200.4 million and $403.3 million during fiscal 2016, 2015 and 2014, respectively. The Company is restricted by its Credit Agreement from repurchasing shares in certain situations. See Note 9 of the Notes to Consolidated Financial Statements for information regarding these restrictions. |
Derivative Financial Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Company has used forward foreign currency exchange contracts (derivatives) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB ASC Topic 815, Derivatives and Hedging as follows: Fair Value Hedging Strategy - The Company enters into forward foreign exchange contracts to hedge certain firm commitments denominated in foreign currencies. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to international customers will be adversely affected by changes in the exchange rates. Cash Flow Hedging Strategy - To protect against the impact of movements in foreign exchange rates on forecasted purchases or sales transactions denominated in foreign currency, the Company has a foreign currency cash flow hedging program. The Company hedges portions of its forecasted transactions denominated in foreign currency with forward contracts. At September 30, 2016, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $1.1 million. Net gains or losses related to hedge ineffectiveness were insignificant for all periods. Ineffectiveness is included in “Miscellaneous, net” in the Consolidated Statements of Income along with mark-to-market adjustments on outstanding non-designated derivatives. The maximum length of time the Company is hedging its exposure to the variability in future cash flows is under twelve months. The Company has entered into forward foreign currency exchange contracts to create an economic hedge to manage foreign exchange risk exposure associated with non-functional currency denominated payables resulting from global sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. The fair value of foreign currency related derivatives is included in the Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At September 30, 2016, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $110.5 million in notional amounts covering a variety of foreign currency exposures. The Company has entered into interest rate contracts to create an economic hedge to manage changes in interest rates on an executory sales contract that exposes the Company to interest rate risk based on changes in market interest rates. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings. The fair value of the interest rate related derivatives is included in the Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At September 30, 2016, the U.S. dollar equivalent notional amount of these outstanding interest rate contracts totaled $6.7 million. Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
The pre-tax effects of derivative instruments consisted of the following (in millions):
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows:
There were no transfers of assets between levels during fiscal 2016 or 2015. The fair values of the Company’s financial assets and liabilities were as follows (in millions):
_________________________
See Notes 9 and 17 of the Notes to Consolidated Financial Statements for fair value information related to debt and pension assets. Items Measured at Fair Value on a Nonrecurring Basis — In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, (see Note 5 of the Notes to Consolidated Financial Statements for impairments of long-lived assets and Note 6 of the Notes to Consolidated Financial Statements for impairment valuation analysis of intangible assets). The Company has determined that the fair value measurements related to each of these assets rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available. As such, the Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation In February 2009, the Company’s shareholders approved the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”). The 2009 Stock Plan replaced the 2004 Incentive Stock and Awards Plan (as amended, the “2004 Stock Plan”). While no new awards will be granted under the 2004 Stock Plan, awards previously made under the 2004 Stock Plan that were outstanding as of the initial approval date of the 2009 Stock Plan will remain outstanding and continue to be governed by the provisions of the 2004 Stock Plan. Under the 2009 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights (SAR), performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (RSU) or other stock-based awards. The 2009 Stock Plan provides for the granting of options to purchase shares of the Company’s Common Stock at not less than the fair market value of such shares on the date of grant. Stock options granted under the 2009 Stock Plan generally become exercisable in equal installments over a 3-year period, beginning with the first anniversary of the date of grant of the option, unless a shorter or longer duration is established by the Human Resources Committee of the Board of Directors at the time of the option grant. Stock options terminate not more than seven years from the date of grant. The exercise price of stock options and the market value of restricted stock awards are determined based on the closing market price of the Company's Common Stock on the date of grant. Except to the extent vesting is accelerated upon early retirement and except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. The Company recognizes compensation expense over the requisite service period for vesting of an award, or to an employee's eligible retirement date, if earlier and applicable. At September 30, 2016, the Company had reserved 5,320,189 shares of Common Stock available for issuance under the 2009 Stock Plan to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2009 Stock Plan. Information related to the Company’s equity-based compensation plans in effect as of September 30, 2016 was as follows:
Total stock-based compensation expense (income) was as follows (in millions):
Total stock-based compensation expense in fiscal 2014 includes expenses related to stock-based awards to the Company's former Chief Executive Officer which, for awards of options and restricted stock units, were recorded as a charge to operating income immediately upon grant pursuant to the terms of his awards because he was retirement eligible on the grant date. There was no annual award of stock-based compensation in fiscal 2015 as the date for the annual awards was moved from September to November beginning with September 2015. Stock Options — A summary of the Company’s stock option activity is as follows:
Stock options outstanding and exercisable as of September 30, 2016 were as follows (in millions, except share and per share amounts):
The aggregate intrinsic values in the tables above represent the total pre-tax intrinsic value (difference between the Company’s closing stock price on the last trading day of fiscal 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2016. This amount changes based on the fair market value of the Company’s Common Stock. The total intrinsic value of options exercised for fiscal 2016, 2015 and 2014 was $12.6 million, $5.0 million and $32.4 million, respectively. Net cash proceeds from the exercise of stock options were $21.7 million, $8.6 million and $50.9 million for fiscal 2016, 2015 and 2014, respectively. The actual income tax benefit realized totaled $4.6 million, $1.8 million and $11.9 million for those same periods. As of September 30, 2016, the Company had $2.6 million of unrecognized compensation expense related to outstanding stock options, which will be recognized over a weighted-average period of 1.9 years. The Company uses the Black-Scholes valuation model to value stock options utilizing the following weighted-average assumptions:
The expected option term represents the period of time that the options granted are expected to be outstanding and was based on historical experience. The Company used its historical stock prices over the expected term as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on five-year U.S. Treasury rates in effect at the time of grant. The expected dividend yield was based on average actual yield on the ex-dividend date. The weighted-average per share grant date fair values for stock option grants during fiscal 2016, 2015 and 2014 were $13.44, $15.54 and $16.91, respectively. Stock Awards — A summary of the Company’s stock award activity is as follows:
The total fair value of shares vested during fiscal 2016, 2015 and 2014 was $10.7 million, $14.3 million and $12.5 million, respectively. The actual income tax benefit realized totaled $3.9 million, $5.3 million and $4.6 million for those same periods. As of September 30, 2016, the Company had $6.2 million of unrecognized compensation expense related to stock awards, which will be recognized over a weighted-average period of 2.0 years. Performance Share Awards — A summary of the Company’s performance share awards activity is as follows:
Performance share awards generally vest over a three year service period following the grant date. Performance shares vest under two separate measurement criteria. The first type vest only if the Company’s total shareholder return (TSR) over the three-year term of the awards compares favorably to that of a comparator group of companies. The second type vest only if the Company’s return on invested capital (ROIC) over the vesting period compares favorably to that of a comparator group of companies. Potential payouts range from zero to 200% of the target awards and changes from target amounts are reflected as performance adjustments. Actual payouts for TSR performance share awards vesting in the fiscal years ending September 30, 2016, 2015 and 2014 were 80%, 65% and 200% of target levels, respectively. Awards based on ROIC were not granted until fiscal 2016, therefore these awards will not fully vest until September 2018. In October 2016, 42,571 shares of Common Stock were issued from treasury for unpaid performance shares that vested in fiscal 2016. An income tax benefit is recognized in the year of Common Stock issuance. The Company realized an income tax benefit of $1.3 million, $4.1 million and $1.7 million in fiscal 2016, 2015 and 2014, respectively, related to the issuance of performance shares. As of September 30, 2016, the Company had $2.6 million of unrecognized compensation expense related to performance share awards, which will be recognized over a weighted-average period of 1.8 years. The grant date fair values of the TSR performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions:
The Company used its historical stock prices as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on U.S. Treasury rates in effect at the time of grant. The expected term was based on the vesting period. The weighted-average fair value used to record compensation expense for TSR performance share awards granted during fiscal 2016 and 2014 was $54.33 and $55.17 per award, respectively. There were no performance share awards granted in fiscal 2015, because of the change in annual grant date from September to November of the following fiscal year. ROIC performance shares are granted as target awards. A payout factor has been established ranging from zero to 200% of the target award based on the Company's actual performance compared to performance of a peer group over the vesting period. Compensation expense is recorded ratably over the vesting period based on the amount of award that is expected to be earned under the plan formula, adjusted each reporting period based on current information. Cash-Settled Stock Appreciation Rights — In fiscal 2016 and 2014, the Company granted employees 27,900 and 32,625 cash-settled SARs, respectively. There were no cash-settled SARs granted during fiscal 2015. Each SAR award represents the right to receive cash equal to the excess of the per share price of the Company’s Common Stock on the date that a participant exercises such right over the grant date price of the Company’s Common Stock. Compensation cost for SARs is remeasured at each reporting period based on the estimated fair value on the date of grant using the Black Scholes option-pricing model, utilizing assumptions similar to stock option awards and is recognized as an expense over the requisite service period. SARs are subsequently remeasured at each interim reporting period based on a revised Black Scholes value. The total value of SARs exercised during fiscal 2016, 2015 and 2014 was $1.2 million, $2.1 million and $3.6 million, respectively. As of September 30, 2016, the Company had $0.2 million of unrecognized compensation expense related to SAR awards, which will be recognized over a weighted-average period of 1.2 years. Cash-Settled Restricted Stock Units — In fiscal 2016 and 2014, the Company granted employees 13,700 and 17,750 cash-settled RSUs, respectively. There were no cash-settled RSUs granted during fiscal 2015. Each RSU award provides recipients the right to receive cash equal to the value of a share of the Company’s Common Stock at predetermined vesting dates. Compensation cost for RSUs is remeasured at each reporting period and is recognized as an expense over the requisite service period. The total value of RSUs vested during fiscal 2016, 2015 and 2014 was $0.6 million, $2.1 million and $5.8 million, respectively. As of September 30, 2016, the Company had $0.4 million of unrecognized compensation expense related to RSUs, which will be recognized over a weighted-average period of 1.2 years. |
Restructuring Restructuring (Notes) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring and Other Charges On September 21, 2016, the Company committed to transition its access equipment aftermarket parts distribution network to a third party logistics company. Concurrent with this decision, the Company’s access equipment segment committed to cease operations at its Orrville, Ohio parts distribution center by August 1, 2017. This initiative is intended to improve customer service levels, increase operational efficiency and allow the Company to reallocate resources to invest in future growth. With the Company’s announced intent to outsource its aftermarket parts distribution to a third party, the Company abandoned an information system which was developed to support aftermarket parts distribution and recognized a pre-tax impairment charge of $26.9 million in the fourth quarter of fiscal 2016. The Company expects to incur cash charges related to severance costs and other employment-related benefits of approximately $3.0 million related to this decision. Pre-tax restructuring charges for fiscal year ended September 30, 2016 were as follows (in millions):
Changes in the Company's restructuring reserves, included within “Other current liabilities” in the Consolidated Balance Sheets, were as follows (in millions):
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Employee Benefit Plans |
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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 for certain employees providing services to Oshkosh, Oshkosh Defense, Airport Products, Oshkosh Commercial and Pierce. The benefits provided are based primarily on average compensation, years of service and date of birth. Hourly plans are generally based on years of service and a benefit dollar multiplier. The Company periodically amends the plans, including changing the benefit dollar multipliers and other revisions. Effective December 31, 2012, salaried participants in the pension plans no longer receive credit, other than for vesting purposes, for eligible earnings. In December 2013, the Pierce pension plan was amended to close participation in the plan for new production employees. Effective October 1, 2016, the Oshkosh Defense hourly defined benefit pension plan is closed to new production employees, who will instead participate in an expanded Company-sponsored, defined contribution plan. In connection with staffing reductions in the defense segment as a result of declining sales to the DoD, the Company recorded pension curtailment losses of $6.8 million during fiscal 2014. During fiscal 2014, the Company amended the Oshkosh and Pierce pension plans to offer qualified terminated vested plan participants and/or their beneficiaries the option of an immediate lump sum distribution or monthly annuity during a limited window of time. A settlement charge of $1.4 million was recorded during fiscal 2014 based on the results of the offer. Supplemental Executive Retirement Plans — The Company maintains defined benefit SERPs for certain executive officers of the Company and its subsidiaries. Benefits are based upon the employees' earnings. In fiscal 2013, the Oshkosh SERP was amended to freeze benefits under the plan and the Company established the Trust to fund obligations under the Oshkosh SERP. As of September 30, 2016, the Trust held assets of $21.7 million. The Trust assets are subject to claims of the Company's creditors. The Trust assets are included in “Other current assets” and “Other long-term assets” in the Consolidated Balance Sheets. The Company recognized $1.8 million, $0.8 million and $1.7 million of expense for liabilities under the defined contribution SERP in fiscal 2016, 2015 and 2014, respectively. Postretirement Medical Plans — Oshkosh and certain of its subsidiaries sponsor multiple postretirement benefit plans for Oshkosh Defense, JLG, Pierce and Kewaunee hourly employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded. In connection with staffing reductions in the defense segment, the Company recorded post-employment curtailment gains of $3.4 million and $10.0 million during fiscal 2015 and 2014, respectively. Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans and postretirement benefit plans as of and for the fiscal years ended September 30, 2016 and 2015, were as follows (in millions):
Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following as of September 30 (in millions):
The components of net periodic benefit cost (income) for fiscal years ended September 30 were as follows (in millions):
Included in “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheet at September 30, 2016 are prior service costs of $1.8 million ($1.1 million net of tax) and unrecognized net actuarial losses of $4.1 million ($2.6 million net of tax) expected to be recognized in pension and supplemental employee retirement plan net periodic benefit costs during fiscal 2017. The assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligation for the Company was 6.5% in fiscal 2016, declining to 5.0% in fiscal 2022. If the health care cost trend rate was increased by 100 basis points, the accumulated postretirement benefit obligation at September 30, 2016 would increase by $11.4 million and the net periodic postretirement benefit cost for fiscal 2017 would increase by $1.3 million. A corresponding decrease of 100 basis points would decrease the accumulated postretirement benefit obligation at September 30, 2016 by $8.2 million and the net periodic postretirement benefit cost for fiscal 2017 would decrease by $0.9 million. The Company’s Board of Directors has appointed an Investment Committee (Committee), which consists of members of management, to manage the investment of the Company’s pension plan assets. The Committee has established and operates under an Investment Policy. The Committee determines the asset allocation and target ranges based upon periodic asset/liability studies and capital market projections. The Committee retains external investment managers to invest the assets and an adviser to monitor the performance of the investment managers. The Investment Policy prohibits certain investment transactions, such as commodity contracts, margin transactions, short selling and investments in Company securities, unless the Committee gives prior approval. The weighted-average of the Company’s pension plan asset allocations and target allocations at September 30, 2016 by asset category, were as follows:
The Company's pension plan investment strategy is based on an expectation that, over time, equity securities will provide higher returns than debt securities. The plans primarily minimize the risk of larger losses under this strategy through diversification of investments by asset class, by investing in different styles of investment management within the classes and using a number of different investment managers. Beginning in fiscal 2016, the Company began to implement a dynamic liability driven investment strategy for those pension plans with frozen benefits. The objective of this strategy is to more closely align the pension plan assets with its pension plan liabilities in terms of how both respond to changes in interest rates. Plan assets will be allocated to two investment categories, including a category containing high quality fixed income securities and another category comprised of traditional securities and alternative asset classes. Assets are managed externally according to guidelines approved by the Company. Over time, the Company intends to reduce assets allocated to the return seeking category and correspondingly increase assets allocated to the high quality fixed income category to align assets more closely with the pension plan obligations. The plans’ expected return on assets is based on management’s and the Committee’s expectations of long-term average rates of return to be achieved by the plans’ investments. These expectations are based on the plans’ historical returns and expected returns for the asset classes in which the plans are invested. The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):
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The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plans assets that calculate fair value based on NAV per share practical expedient as of September 30, 2016 (in millions):
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The Company’s policy is to fund the pension plans in amounts that comply with contribution limits imposed by law. The Company expects to make contributions of between $5.0 million to $10.0 million to its pension plans in fiscal 2017. The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
Multi-Employer Pension Plans — The Company participates in the Boilermaker-Blacksmith National Pension Trust (Employer Identification Number 48-6168020), a multi-employer defined benefit pension plan related to collective bargaining employees at the Company's Kewaunee facility. The Company's contributions and pension benefits payable under the plan and the administration of the plan are determined by the terms of the related collective-bargaining agreement, which expires on May 1, 2022. The multi-employer plan poses different risks to the Company than single-employer plans in the following respects:
As of December 31, 2015, the plan-certified zone status as defined by the Pension Protection Act of 2006 was Yellow and accordingly the plan has implemented a financial improvement plan or a rehabilitation plan. The Company's contributions to the multi-employer plan did not exceed 5% of the total plan contributions for the fiscal years 2016, 2015 or 2014. The Company made contributions to the plan of $1.2 million, $1.2 million and $1.2 million in fiscal 2016, 2015 and 2014, respectively. 401(k) and Defined Contribution Pension Replacement Plans — The Company has defined contribution 401(k) plans for substantially all domestic employees. The plans allow employees to defer 2% to 100% of their income on a pre-tax basis. Each employee who elects to participate is eligible to receive Company matching contributions, which are based on employee contributions to the plans, subject to certain limitations. The Company also contributes between 3% and 6% of an employee's base pay, depending on age. Amounts expensed for Company matching and discretionary contributions were $35.6 million, $33.4 million and $31.9 million in fiscal 2016, 2015 and 2014, respectively. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Pre-tax income was taxed in the following jurisdictions (in millions):
Significant components of the provision for income taxes were as follows (in millions):
The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:
During fiscal 2016, the Company recorded discrete tax benefits of $7.5 million (2.4% of pre-tax income), which included benefits related to the reinstatement of the U.S. research and development tax credit for periods prior to fiscal 2016, provision to return adjustments for federal, state, and foreign jurisdictions, and tax reserve releases due to expiration of statutes of limitations. During fiscal 2015, the Company recorded discrete tax benefits of $13.8 million (4.2% of pre-tax income), which included benefits related to the reinstatement of the U.S. research and development tax credit for periods prior to fiscal 2015 and settlement of audits and expiration of statutes of limitations. During fiscal 2014, the Company recorded discrete tax benefits of $25.7 million (6.0% of pre-tax income), which included settlement of audits, changes in filing positions taken in prior years, expiration of statutes of limitations and future realization of losses previously unbenefited. Deferred tax assets for net operating loss and tax credit carryforwards decreased $2.4 million in fiscal 2016 to $36.4 million at September 30, 2016. Changes included a $4.6 million reduction in net operating loss carryforwards due to the utilization of foreign ($3.8 million) and state ($0.8 million) net operating losses carried forward to fiscal 2016, a $2.8 million increase due to fiscal 2016 state operating losses, a $1.4 million decrease due to the fiscal year 2016 state unrecognized tax benefit addition offsetting a related state net operating loss carryforward deferred tax asset, a $0.7 million increase due to foreign tax credits benefited, a $0.4 million increase due to the creation of new state tax credits in fiscal 2016, and a $0.3 million decrease due to the utilization of federal capital loss carryforwards. The valuation allowance on deferred tax assets decreased $1.2 million in fiscal 2016 to $8.6 million at September 30, 2016. Changes included a $1.4 million decrease due to fiscal year 2016 state unrecognized tax benefit addition offsetting a related state net operating loss carryforward deferred tax asset, a $0.5 million increase due to fiscal 2016 state operating losses not benefited, and a $0.3 million decrease due to the utilization of federal capital loss carryforwards. Deferred income tax assets and liabilities were comprised of the following (in millions):
The net deferred tax liability is classified in the Consolidated Balance Sheets as follows (in millions):
As of September 30, 2016, the Company had $41.3 million of net operating loss carryforwards available to reduce future taxable income of certain foreign subsidiaries in countries which allow such losses to be carried forward anywhere from seven years to an unlimited period. In addition, the Company had $201.7 million of state net operating loss carryforwards, which are subject to expiration in 2017 to 2036, capital loss carryforwards of $9.7 million, which are subject to expiration from 2017 to 2018, state credit carryforwards of $11.3 million, which are subject to expiration in 2022 to 2031, and foreign tax credit carryforwards of $5.2 million which will expire in 2026 to 2027. Deferred tax assets for foreign net operating loss carryforwards, state net operating loss carryforwards, capital loss carryforwards, state credit carryforwards and foreign tax credit carryforwards were $10.6 million, $9.6 million, $3.6 million, $7.4 million and $5.2 million, respectively. Amounts are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax-planning strategies and projections of future taxable income. The Company maintains a valuation allowance against foreign deferred tax assets, state deferred tax assets and capital loss carryforwards of $0.4 million, $4.6 million and $3.6 million, respectively, as of September 30, 2016. The Company does not provide for U.S. income taxes on undistributed earnings of its foreign operations that are intended to be indefinitely reinvested. At September 30, 2016, these earnings amounted to $194.2 million. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable. A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions):
As of September 30, 2016, net unrecognized tax benefits of $19.0 million would affect the Company’s effective tax rate if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statements of Income. During the fiscal years ended September 30, 2016, 2015 and 2014, the Company recognized (income) expense of $(1.2) million, $(3.0) million and $1.5 million related to interest and penalties, respectively. At September 30, 2016 and 2015, the Company had accruals for the payment of interest and penalties of $10.0 million and $12.0 million, respectively. During the twelve month period following September 30, 2016, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by approximately $2.4 million, either because the Company’s tax positions are sustained on audit, because the Company agrees to their disallowance or the statute of limitations closes. The Company files federal income tax returns, as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities. During fiscal 2016, the U.S. Internal Revenue Service completed its audit of the Company for the taxable years ended September 30, 2012 and 2013. As of September 30, 2016, tax years open for examination under applicable statutes were as follows:
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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 17 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Prior to September 1, 2013, the Company granted awards of nonvested stock that contained a nonforfeitable right to dividends, if declared. In accordance with FASB ASC Topic 260, Earnings Per Share, these awards are considered to be participating securities and as a result, earnings per share is calculated using the two-class method. The two-class method is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Effective September 1, 2013, new grants of awards of nonvested stock do not contain a nonforfeitable right to dividends during the vesting period. As a result, an employee will forfeit the right to dividends accrued on unvested awards if such awards do not ultimately vest. As such, these awards are not treated as participating securities in the earnings per share calculation as the employees do not have equivalent dividend rights as common shareholders. The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
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Contingencies, Significant Estimates and Concentrations |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies, Significant Estimates and Concentrations | Contingencies, Significant Estimates and Concentrations Personal Injury Actions and Other — Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for future claims up to $5.0 million per claim. Accordingly, a reserve is maintained for the estimated costs of such claims. At September 30, 2016 and 2015, the estimated net liabilities for product and general liability claims totaled $38.3 million and $40.4 million, respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows. Market Risks — The Company was contingently liable under bid, performance and specialty bonds totaling $503.6 million and open standby letters of credit issued by the Company’s banks in favor of third parties totaling $110.8 million at September 30, 2016. Other Matters — The Company is subject to other environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation. At September 30, 2016, approximately 26% of the Company’s workforce was covered under collective bargaining agreements. The Company derived a significant portion of its revenue from the DoD, as follows (in millions):
No other customer represented more than 10% of sales for fiscal 2016, 2015 or 2014. Certain risks are inherent in doing business with the DoD, including technological changes and changes in levels of defense spending. All DoD contracts contain a provision that they may be terminated at any time at the convenience of the U.S. government. In such an event, the Company is entitled to recover allowable costs plus a reasonable profit earned to the date of termination. Because the Company is a relatively large defense contractor, the Company’s U.S. government contract operations are subject to extensive annual audit processes and to U.S. government investigations of business practices and cost classifications from which legal or administrative proceedings can result. Based on U.S. government procurement regulations, under certain circumstances the Company could be fined, as well as suspended or debarred from U.S. government contracting. During a suspension or debarment, the Company would also be prohibited from selling equipment or services to customers that depend on loans or financial commitments from the Export Import Bank, Overseas Private Investment Corporation and similar U.S. government agencies. The Company was one of several bidders on a large, multi-year military truck solicitation for the Canadian government. The Company's bid was not selected and the Company subsequently submitted a legal challenge of that conclusion. In May 2016 the Canadian International Trade Tribunal ruled in the Company's favor in connection with that challenge. At this time, the Company is unable to estimate the ultimate impact of this challenge and subsequent ruling in the Company's favor. Certain of the Company's sales in the defense segment are made pursuant to contracts with the U.S. government with pricing based on the costs as determined by the Company to produce products or perform services under the contracts. Cost-based pricing is determined under the Federal Acquisition Regulations (FAR). The FAR provide guidance on the types of costs that are allowable in establishing prices for goods and services under U.S. government contracts. Pension and other postretirement benefit costs are allocated to contracts as allowed costs based upon the U.S. Government Cost Accounting Standards (CAS). The CAS requirements for pension and other postretirement benefit costs differ from amounts recorded under generally accepted accounting principles in the United States of America. On December 31, 2012, the Oshkosh salaried defined benefit plan was frozen such that salaried employees would no longer accrue additional benefits under this plan. This resulted in a plan curtailment. Under CAS, when there is a plan curtailment of benefits, the contractor must determine the difference between the actuarial accrued liability and the market value of the assets. The difference represents an adjustment to previously-determined pension costs and the government shares in the difference, whether a credit or charge based on that portion of pension plan costs that related to CAS-covered contracts during the applicable time period. On March 7, 2014, the Company received notification from the U.S. government that the government concluded its review of the Company's proposed adjustment to previously-determined pension costs. The Company recorded revenue of $4.6 million in the defense segment in fiscal 2014 as a result of reaching an agreement with its U.S. government customer regarding this matter. Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers. The Company reduced fiscal 2014 net sales and operating income by $8.9 million as a result of reductions in other post-employment benefit eligible costs under historical cost-plus government contracts for periods prior to fiscal 2014. |
Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information The Company is organized into four reportable segments based on the internal organization used by management for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. The Company’s segments are as follows: Access Equipment: This segment consists of JLG and JerrDan. JLG manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, agricultural, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. Access equipment customers include equipment rental companies, construction contractors, manufacturing companies and home improvement centers. JerrDan manufactures and markets towing and recovery equipment in the U.S. and abroad. Defense: This segment consists of Oshkosh Defense. Oshkosh Defense manufactures tactical wheeled vehicles and supply parts and services for the U.S. military and for other militaries around the world. Sales to the DoD accounted for 86.1%, 91.9% and 91.2% of the segment’s sales for fiscal 2016, 2015 and 2014, respectively. Fire & Emergency: This segment includes Pierce, Airport Products and Kewaunee. These business units manufacture and market commercial and custom fire vehicles, simulators and emergency vehicles primarily for fire departments, airports and other governmental units, and broadcast vehicles for broadcasters and TV stations in the U.S. and abroad. Commercial: This segment includes McNeilus, CON-E-CO, London, IMT and Oshkosh Commercial. McNeilus, CON-E-CO, London and Oshkosh Commercial manufacture, market and distribute concrete mixers, portable concrete batch plants and vehicle and vehicle body components. McNeilus and London also manufacture, market and distribute refuse collection vehicles and components. IMT is a manufacturer of field service vehicles and truck-mounted cranes for niche markets. Sales are made primarily to commercial and municipal customers in the Americas. In accordance with FASB ASC Topic 280, Segment Reporting, for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, share-based compensation, costs of certain business initiatives and shared services benefiting multiple segments and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate or shared activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. The accounting policies of the reportable segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements. Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions):
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The following table presents net sales by geographic region based on product shipment destination (in millions):
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Separate Financial Information of Subsidiary Guarantors of Indebtedness |
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Separate Financial Information of Subsidiary Guarantors of Indebtedness Disclosure Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness | Separate Financial Information of Subsidiary Guarantors of Indebtedness The 2022 Senior Notes and the 2025 Senior Notes are jointly, severally, fully and unconditionally guaranteed on a senior unsecured basis by all of the Company’s 100% owned existing and future subsidiaries that from time to time guarantee obligations under the Credit Agreement, with certain exceptions (the “Guarantors”). Under the Indentures governing the 2022 Senior Notes and 2025 Senior Notes, a Guarantor’s guarantee of such Senior Notes will be automatically and unconditionally released and will terminate upon the following customary circumstances: (i) the sale of such Guarantor or substantially all of the assets of such Guarantor if such sale complies with the indenture; (ii) if such Guarantor no longer guarantees certain other indebtedness of the Company; or (iii) the defeasance or satisfaction and discharge of the indenture. The following condensed supplemental consolidating financial information reflects the summarized financial information of Oshkosh Corporation, the Guarantors on a combined basis and Oshkosh Corporation’s non-guarantor subsidiaries on a combined basis (in millions): Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2015
Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2014
Condensed Consolidating Balance Sheet As of September 30, 2016
Condensed Consolidating Balance Sheet As of September 30, 2015
Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2016
Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2015
Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2014
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Unaudited Quarterly Results |
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Unaudited Quarterly Results | Unaudited Quarterly Results (in millions, except per share amounts)
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | OSHKOSH CORPORATION VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts Years Ended September 30, 2016, 2015 and 2014 (In millions)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its 50% voting interest in RiRent and its 49% interest in Mezcladoras under the equity method. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition — The Company recognizes revenue on equipment and parts sales when contract terms are met, collectability is reasonably assured and a product is shipped or risk of ownership has been transferred to and accepted by the customer. Revenue from service agreements is recognized as earned, when services have been rendered. Appropriate provisions are made for discounts, returns and sales allowances. Sales are recorded net of amounts invoiced for taxes imposed on the customer such as excise or value-added taxes. Sales to the U.S. government of non-commercial products manufactured to the government’s specifications are recognized under the percentage-of-completion accounting using either the units-of-delivery method or cost-to-cost method to measure contract performance. Under the units-of-delivery method, the Company records sales as units are accepted by the U.S. Department of Defense (DoD) generally based on unit sales values stated in the respective contracts. Costs of sales are based on actual costs incurred to produce the units delivered under the contract. Under the cost-to-cost method, sales, including estimated margins, are recognized as contract costs are incurred. The measurement method selected is generally determined based on the nature of the contract. The Company includes amounts representing contract change orders, claims or other items in sales only when they can be reliably estimated and realization is probable. Bid and proposal costs are expensed as incurred. The Company has significant experience in contracting and producing vehicles for the defense industry, which has resulted in a history of making reasonable estimates of revenues and costs when measuring progress toward contract completion. The Company charges anticipated losses on contracts or programs in progress to earnings when identified. Approximately 19%, 13% and 20% of the Company’s revenues were recognized under the percentage-of-completion accounting method in fiscal 2016, 2015 and 2014, respectively. The Company invoices the government as the units are formally accepted. Deferred revenue arises from amounts received in advance of the culmination of the earnings process and is recognized as revenue in future periods when the applicable revenue recognition criteria have been met. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs — Revenue received from shipping and handling fees is reflected in net sales. Shipping and handling fee revenue was not significant for any period presented. Shipping and handling costs are included in cost of sales. |
Warranty | Warranty — Provisions for estimated warranty and other related costs are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. The Company recognizes the revenue from sales of extended warranties over the life of the contracts. |
Research and Development and Similar Costs | Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the DoD), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense amounted to $103.1 million, $147.9 million and $142.0 million during fiscal 2016, 2015 and 2014, respectively. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs. |
Advertising | Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $21.6 million, $22.1 million and $20.4 million in fiscal 2016, 2015 and 2014, respectively. |
Stock-based Compensation | Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by Accounting Standards Codification (ASC) Topic 718, Compensation — Stock Compensation. Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument. See Note 15 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans. |
Debt Financing Costs | Financing Costs — Debt issuance costs on term debt are amortized using the interest method over the term of the debt. Deferred financing costs on lines of credit are amortized on a straight-line basis over the term of the related lines of credit. Amortization expense was $3.0 million, $6.4 million (including $3.3 million of amortization related to early debt retirement) and $6.2 million (including $2.2 million of amortization related to early debt retirement) in fiscal 2016, 2015 and 2014, respectively. |
Income Taxes | Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company evaluates uncertain income tax positions in a two-step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50% of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50% likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold in the first step, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. U.S. income taxes are provided on financial statement earnings of non-U.S. subsidiaries expected to be repatriated. The Company determines annually the amount of undistributed non-U.S. earnings to invest indefinitely in its non-U.S. operations. As a result of anticipated cash requirements in foreign subsidiaries, the Company currently believes that all earnings of non-U.S. subsidiaries will be reinvested indefinitely to finance foreign activities. Accordingly, no U.S. deferred income taxes have been provided for the repatriation of those earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, accounts payable and accrued liabilities approximated fair value as of September 30, 2016 and 2015. See Note 14 of the Notes to Consolidated Financial Statements for additional fair value information. |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2016 consisted principally of bank deposits and money market instruments. |
Receivables | Receivables — Receivables consist of amounts billed and currently due from customers and unbilled costs and accrued profits related to revenues on long-term contracts with the U.S. government that have been recognized for accounting purposes but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for estimated losses is based on the Company’s historical experience, existing economic conditions and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered. |
Concentration of Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements. The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution. Concentration of credit risk with respect to trade accounts and leases receivable is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade and lease receivables are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables. |
Inventories | Inventories — Inventories are stated at the lower of cost or market. Cost has been determined using the last-in, first-out (LIFO) method for 81.6% of the Company’s inventories at September 30, 2016 and 79.7% of the Company's inventories at September 30, 2015. For the remaining inventories, cost has been determined using the first-in, first-out (FIFO) method. |
Performance-Based Payments | Performance-Based Payments — The Company’s contracts with the DoD to deliver heavy-payload tactical vehicles (Family of Heavy Tactical Vehicles and Logistic Vehicle System Replacement) and medium-payload tactical vehicles (Family of Medium Tactical Vehicles and Medium Tactical Vehicle Replacement), as well as certain other defense-related contracts, include requirements for “performance-based payments.” The performance-based payment provisions in the contracts require the DoD to pay the Company based on the completion of certain pre-determined events in connection with the production under these contracts. Performance-based payments received are first applied to reduce outstanding receivables for units accepted in accordance with contractual terms, with any remaining amount recorded as an offset to inventory to the extent of related inventory on hand. Amounts received in excess of receivables and inventories are included in liabilities as customer advances. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets using accelerated and straight-line methods. The estimated useful lives range from ten to forty years for buildings and improvements, from four to twenty-five years for machinery and equipment and from three to ten years for software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets. |
Goodwill | Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test as of July 1 of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment that constitutes a business. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily (75%) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European construction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — Property, plant and equipment and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the “relief from royalty” method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. |
Customer Advances | Customer Advances — Customer advances include amounts received in advance of the completion of fire & emergency and commercial vehicles. Most of these advances bear interest at variable rates approximating the prime rate. Advances also include any performance-based payments received from the DoD in excess of the value of related inventory. Advances from the DoD are non-interest bearing. See the discussion above regarding performance-based payments. |
Other Long-Term Liabilities | Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company's pension liability, other post-employment benefit liability, accrued warranty and accrued product liability that are not expected to be settled in the subsequent twelve month period. |
Foreign Currency Translation | Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive income (loss).” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded net foreign currency transaction losses of $1.2 million, $4.5 million and $3.8 million in fiscal 2016, 2015 and 2014, respectively. |
Derivative Financial Instruments | Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged. |
Reclassification | Reclassifications — Certain reclassifications have been made to the fiscal 2015 and 2014 financial statements to conform to the fiscal 2016 presentation. “Prepaid income taxes,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other current assets.” “Investments in unconsolidated affiliates,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other long-term assets.” “Accrued warranty,” which was previously presented as a separate line in the Consolidated Balance Sheets, is now reported in “Other current liabilities.” “Gain on sale of assets,” which was previously included in other non-cash adjustments within the Consolidated Statements of Cash Flows, is now reported as a separate line in the Consolidated Statements of Cash Flows. “Contributions to rabbi trust,” which was previously presented as a separate line in the Consolidated Statements of Cash Flows, is now reported in “Other investing activities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue. This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes all existing U.S GAAP guidance on revenue recognition and is expected to require the use of more judgment and result in additional disclosures.The FASB has issued several amendments to the original standard, which becomes effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted one year earlier. The Company is currently evaluating the impact of ASU 2014-09 on the Company’s financial statements and has not yet determined its method of adoption. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Topic 835-30), Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 is part of the FASB’s initiative to reduce complexity in accounting standards. The guidance requires an entity to recognize debt issuance costs related to debt as a direct deduction from the carrying amount of the debt in the balance sheet, thereby increasing the effective rate of interest, as opposed to a deferred cost. The Company adopted ASU 2015-03 as of September 30, 2016, and has retrospectively reclassified $10.7 million of debt issuance costs associated with the Company's long-term debt as of September 30, 2015 from “Other long-term assets” to “Long-term debt”. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to classify investments for which fair value is measured at net asset value (NAV) per share (or its equivalent) using the practical expedient in the fair value hierarchy. The amendment is expected to eliminate diversity in practice resulting from the way that investments measured at NAV are classified within the fair value hierarchy. The Company adopted ASU 2015-07 as of September 30, 2016 and has applied it on a retrospective basis. The adoption of ASU 2015-07 did not have a material impact on the Company's financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. ASU 2015-11 is part of the FASB’s initiative to simplify accounting standards. The guidance requires an entity to recognize inventory within scope of the standard at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company will be required to adopt ASU 2015-11 as of October 1, 2017. The Company is currently evaluating the impact of ASU 2015-11 on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Topic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. The guidance amends the accounting standard to allow the presentation of debt issuance costs associated with lines-of-credit as an asset and to allow subsequent amortization of the deferred issuance costs ratably over the term of the line-of-credit. The Company adopted ASU 2015-15 as of September 30, 2016. The adoption of ASU 2015-15 did not have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. ASU 2015-17 is part of the FASB's initiative to reduce complexity of financial statements. The guidance removes the requirement to separate and classify deferred income tax liabilities and assets into current and noncurrent amounts and requires an entity to classify all deferred tax liabilities and assets as noncurrent. The Company adopted ASU 2015-17 as of September 30, 2016, and has retrospectively reclassified $52.2 million of current net deferred taxes to long-term net deferred taxes as of September 30, 2015. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is expected to increase transparency and comparability among organizations. The standard requires lessees to reflect most leases on their balance sheet as lease liabilities with a corresponding right-of-use asset, while leaving presentation of lease expense in the statement of income largely unchanged. The standard also eliminates the real-estate specific provisions that exist under current U.S. GAAP and modifies the classification criteria and accounting lessors must apply to sales-type and direct financing leases. The standard is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2016-02 on the Company's financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The standard requires that all tax effects of share-based payments at settlement (or expiration) be recorded in the income statement at the time the tax effects arise. The standard also clarifies that cash flows resulting from share-based payments be reported as operating activities within the statement of cash flows, permits employers to withhold shares upon settlement of an award to satisfy an employee's tax liability up to the employee's maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award and permits entities to make an accounting policy election to estimate or use actual forfeitures when recognizing the expense of share-based compensation. The Company will be required to adopt ASU 2016-09 as of October 1, 2017. The Company does not expect the adoption of ASU 2016-09 to have a material impact on the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectibility of the related financial asset.The Company will be required to adopt ASU 2016-13 as of October 1, 2020. The Company is currently evaluating the impact of ASU 2016-13 on the Company's financial statements. |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables | Receivables consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of receivables in the Consolidated Balance Sheets | Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finance and notes receivable aging and accrual status | Finance and notes receivable accrual status consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for doubtful accounts | Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions):
|
Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventory | Inventories consisted of the following (in millions):
|
Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following (in millions):
|
Goodwill and Purchased Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in goodwill | The following table presents changes in goodwill during fiscal 2016 and 2015 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of purchased intangible assets | Details of the Company’s total purchased intangible assets were as follows (in millions):
|
Other Long-Term Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Noncurrent Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other long-term assets | Other long-term assets consisted of the following (in millions):
|
Credit Agreements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt instruments | The Company was obligated under the following debt instruments (in millions):
|
Warranties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in warranty liability | Changes in the Company’s warranty liability and unearned extended warranty premiums were as follows (in millions):
|
Guarantee Arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provision for losses on customer guarantees | Changes in the Company’s credit guarantee liability were as follows (in millions):
|
Derivative Financial Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of all open derivative instruments | Fair Market Value of Financial Instruments — The fair values of all open derivative instruments were as follows (in millions):
|
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Schedule of pre-tax effects of derivative instruments | The pre-tax effects of derivative instruments consisted of the following (in millions):
|
Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of financial assets and liabilities | The fair values of the Company’s financial assets and liabilities were as follows (in millions):
_________________________
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of equity-based compensation plans | Information related to the Company’s equity-based compensation plans in effect as of September 30, 2016 was as follows:
|
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Schedule of stock based compensation expense | Total stock-based compensation expense (income) was as follows (in millions):
|
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Schedule of stock option activity | Stock Options — A summary of the Company’s stock option activity is as follows:
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Schedule of outstanding stock options | Stock options outstanding and exercisable as of September 30, 2016 were as follows (in millions, except share and per share amounts):
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Schedule of weighted-average assumptions used to value options | The Company uses the Black-Scholes valuation model to value stock options utilizing the following weighted-average assumptions:
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Schedule of nonvested stock activity | Stock Awards — A summary of the Company’s stock award activity is as follows:
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Schedule of Novested Performance-based Units Activity | Performance Share Awards — A summary of the Company’s performance share awards activity is as follows:
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Schedule of weighted-average assumptions to estimate grant date fair values | The grant date fair values of the TSR performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions:
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | Pre-tax restructuring charges for fiscal year ended September 30, 2016 were as follows (in millions):
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Changes in the Company's restructuring reserves, included within “Other current liabilities” in the Consolidated Balance Sheets, were as follows (in millions):
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans and the amounts recognized in the balance sheet | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans and postretirement benefit plans as of and for the fiscal years ended September 30, 2016 and 2015, were as follows (in millions):
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
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Schedule of Weighted-average assumptions |
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Schedule of Benefit Obligations in Excess of Plan Fair Value | Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following as of September 30 (in millions):
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Schedule of net periodic benefit cost | The components of net periodic benefit cost (income) for fiscal years ended September 30 were as follows (in millions):
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Schedule of pension plan asset and target allocation | The weighted-average of the Company’s pension plan asset allocations and target allocations at September 30, 2016 by asset category, were as follows:
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Schedule of fair value of plan assets by major category and level within fair value hierarchy | The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):
_________________________
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Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plans assets that calculate fair value based on NAV per share practical expedient as of September 30, 2016 (in millions):
_________________________
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Schedule of estimated future benefit payments | The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of pre-tax income (loss) from continuing operations | Pre-tax income was taxed in the following jurisdictions (in millions):
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Schedule of components of provision for (benefit from) income taxes | Significant components of the provision for income taxes were as follows (in millions):
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Schedule of reconciliation of income tax computed at U.S. federal statutory tax rates to income tax expense | The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was:
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Components of deferred income tax assets and liabilities | Deferred income tax assets and liabilities were comprised of the following (in millions):
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Schedule of classification of deferred tax liability in consolidated balance sheets | The net deferred tax liability is classified in the Consolidated Balance Sheets as follows (in millions):
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Schedule of reconciliation of unrecognized tax benefits | A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions):
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Schedule of tax years open for examination under applicable statutes | As of September 30, 2016, tax years open for examination under applicable statutes were as follows:
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Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component were as follows (in millions):
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Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (refer to Note 17 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions):
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of income | The calculation of basic and diluted earnings per common share was as follows (in millions, except number of share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows:
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Contingencies, Significant Estimates and Concentrations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of significant portion of revenues from the Department of Defense | The Company derived a significant portion of its revenue from the DoD, as follows (in millions):
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Business Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Depreciation Amortization Capital Expenditure by Segment |
_________________________
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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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Separate Financial Information of Subsidiary Guarantors of Indebtedness (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Financial Information of Subsidiary Guarantors of Indebtedness Disclosure Abstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2016
Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2015
Condensed Consolidating Statement of Income and Comprehensive Income For the Year Ended September 30, 2014
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Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of September 30, 2016
Condensed Consolidating Balance Sheet As of September 30, 2015
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2016
Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2015
Condensed Consolidating Statement of Cash Flows For the Year Ended September 30, 2014
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Unaudited Quarterly Results (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of unaudited quarterly results | Unaudited Quarterly Results (in millions, except per share amounts)
_________________________
_________________________
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Nature of Operations (Details) |
12 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016
segment
|
|
Nature of operations | ||
Number of reportable segments of entity (in segments) | 4 | 4 |
Rirent Europe Bv Member | JLG Industries Inc And Its Wholly Owned Subsidiaries Member | ||
Nature of operations | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Mezcladoras Y Trailers De Mexico, S.A. De C.V. [Member] | McNeilus Truck and Manufacturing Inc And its Wholly Owned Subsidiaries Member [Member] | ||
Nature of operations | ||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% |
Receivables (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
---|---|---|---|
U.S. government: | |||
Amounts billed | $ 49.0 | $ 63.1 | |
Cost and profits not billed | 55.3 | 66.8 | |
Contract receivables | 104.3 | 129.9 | |
Other trade receivables | 881.8 | 782.3 | |
Finance receivables | 7.6 | 7.4 | |
Notes receivable | 36.1 | 29.6 | |
Other receivables | 38.6 | 57.7 | |
Receivables, gross | 1,068.4 | 1,006.9 | |
Less allowance for doubtful accounts | (21.2) | (20.3) | $ (21.8) |
Receivables, net | 1,047.2 | 986.6 | |
Classification of receivables | |||
Current receivables | 1,021.9 | 964.6 | |
Long-term receivables | 25.3 | 22.0 | |
Receivables, net | $ 1,047.2 | $ 986.6 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Inventories | ||
Raw materials | $ 481.2 | $ 532.1 |
Partially finished products | 307.8 | 266.3 |
Finished products | 286.9 | 594.4 |
Inventories at FIFO cost | 1,075.9 | 1,392.8 |
Less: Progress / performance-based payments on U.S. government contracts | (17.8) | (12.9) |
Less: Excess of FIFO cost over LIFO cost | (78.3) | (78.2) |
Inventories, net | $ 979.8 | $ 1,301.7 |
Other Long-Term Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Other Assets, Noncurrent Disclosure [Abstract] | ||
Rabbi trust, less current portion | $ 20.5 | $ 21.4 |
Customer notes receivable | 30.8 | 25.6 |
Deferred Tax Assets, Net, Noncurrent | 8.4 | 8.6 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 14.9 | 16.2 |
Other | 24.4 | 31.6 |
Other long-term assets, gross | 99.0 | 103.4 |
Less allowance for doubtful notes receivable | (11.8) | (11.4) |
Other long-term assets, net | $ 87.2 | $ 92.0 |
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Operating Leases | |||
Rental expense for property, plant and equipment | $ 45.0 | $ 45.1 | $ 44.8 |
Operating Leases, 2017 | 26.6 | ||
Operating Leases, 2018 | 19.5 | ||
Operating Leases, 2019 | 12.7 | ||
Operating Leases, 2020 | 9.0 | ||
Operating Leases, 2021 | 6.8 | ||
Operating Leases, Thereafter | $ 4.3 |
Warranties (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Product Warranties Disclosures [Abstract] | |||
Extended Product Warranty Accrual | $ 30.4 | $ 15.2 | |
Product warranty, minimum | 6 months | ||
Product warranty, maximum | 5 years | ||
Warranty costs | $ 46.8 | 42.3 | $ 42.8 |
Changes in warranty liability | |||
Balance at beginning of year | 92.1 | 101.9 | |
Warranty provisions | 45.9 | 44.6 | |
Settlements made | (52.5) | (53.8) | |
Change in liability for pre-existing warranties, net | 0.9 | (2.3) | |
Premiums Received | 14.8 | 13.0 | |
Amortization of premiums received | (11.3) | (9.3) | |
Foreign currency translation | (0.3) | (2.0) | |
Balance at end of year | $ 89.6 | $ 92.1 | $ 101.9 |
Guarantee Arrangements (Details) - Customer obligation guarantees - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Guarantee Obligations | ||
Guarantee obligations, maximum exposure | $ 563.2 | $ 606.3 |
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements | 116.3 | 120.4 |
Changes in provision for loss on customer guarantees | ||
Balance at beginning of year | 5.6 | 4.6 |
Provision for new credit guarantees | 4.1 | 3.8 |
Change for pre-existing guarantees, net | 1.7 | (0.5) |
Amortization of previous guarantees | (3.0) | (2.1) |
Foreign currency translation | 0.0 | (0.2) |
Balance at end of year | $ 8.4 | $ 5.6 |
Shareholders' Equity (Details) - USD ($) $ in Millions |
12 Months Ended | 13 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2016 |
Aug. 31, 2015 |
|
Stockholders' Equity Note [Abstract] | |||||
Number of shares of common stock authorized for buyback (in shares) | 10,000,000 | ||||
Remaining number of shares authorized to be repurchased (in shares) | 7,512,574 | 7,512,574 | 10,299,198 | ||
Shares repurchased under authorization (in shares) | 2,500,000.0 | 4,900,000.0 | 8,300,000.0 | 2,786,624 | |
Aggregate cost of common stock repurchased | $ 100.1 | $ 200.4 | $ 403.3 | $ 112.0 |
Derivative Financial Instruments and Hedging Activities (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Not designated as hedging instruments | |
Open derivative instruments | |
Derivative, Notional Amount | $ 110.5 |
Interest Rate Contract [Member] | Not designated as hedging instruments | |
Open derivative instruments | |
Derivative, Notional Amount | 6.7 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as hedging instrument | |
Open derivative instruments | |
Derivative, Notional Amount | $ 1.1 |
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Oct. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Common stock reserved for issuance stock awards (in shares) | 5,320,189 | ||||
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 2,723,361 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 39.55 | $ 39.55 | $ 39.55 | ||
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 2,596,828 | ||||
Stock-based compensation expense | $ 23.0 | $ 21.4 | $ 27.2 | ||
Income tax benefit recognized for stock-based compensation | (8.4) | (7.9) | (10.0) | ||
Stock-based compensation expense, net of tax | $ 14.6 | 13.5 | 17.2 | ||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | 39.55 | ||||
Options outstanding, end of year (in dollars per share) | $ 39.55 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | 39.55 | $ 39.55 | 39.55 | ||
Net cash proceeds from exercise of stock options | $ 21.7 | 8.6 | 50.9 | ||
Weighted-Average Per Share Fair Value | |||||
Income tax benefit realized | $ (92.4) | (99.2) | (125.0) | ||
Equity compensation plans approved by security holders Member | |||||
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 2,723,361 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | 39.55 | $ 39.55 | 39.55 | ||
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 2,596,828 | ||||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | 39.55 | ||||
Options outstanding, end of year (in dollars per share) | $ 39.55 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | 39.55 | $ 39.55 | 39.55 | ||
Equity Compensation Plans Not Approved By Security Holders Member | |||||
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 0 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | 0 | $ 0 | 0 | ||
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 0 | ||||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | 0 | ||||
Options outstanding, end of year (in dollars per share) | $ 0 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | 0 | $ 0 | $ 0 | ||
Performance Shares [Member] | |||||
Equity-based compensation plans | |||||
Stock-based compensation expense | $ 2.3 | $ 3.9 | 4.4 | ||
Stock Options Outstanding and Exercisable | |||||
Unrecognized compensation expense | $ 2.6 | ||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 1 year 9 months | ||||
Weighted-Average Per Share Fair Value | |||||
Nonvested, beginning of year (in dollars per share) | $ 0 | ||||
Nonvested, end of year (in dollars per share) | $ 0 | ||||
Income tax benefit realized | $ 1.3 | $ 4.1 | 1.7 | ||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 12.6 | $ 5.0 | $ 32.4 | ||
Tenure of award (in years) | 7 years | ||||
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 | ||||
Equity-based compensation plans | |||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 39.55 | $ 36.57 | $ 36.20 | $ 33.41 | $ 39.55 |
Stock-based compensation expense | $ 6.7 | $ 6.0 | $ 8.1 | ||
Options | |||||
Options outstanding, beginning of year (in shares) | 2,104,929 | 2,369,872 | 2,690,507 | 3,747,094 | |
Options granted (in shares) | 567,550 | 6,725 | 505,800 | ||
Options forfeited (in shares) | (70,177) | (25,215) | (17,206) | ||
Options expired (in shares) | (43,392) | (24,866) | 0 | ||
Options exercised (in shares) | (718,924) | (277,279) | (1,545,181) | ||
Options outstanding, end of year (in shares) | 2,104,929 | 2,369,872 | 2,690,507 | ||
Options exercisable, end of year (in shares) | 1,473,761 | 1,939,478 | 1,819,535 | ||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | $ 39.55 | $ 36.57 | $ 36.20 | $ 33.41 | |
Options granted (in dollars per share) | 41.52 | 44.92 | 46.98 | ||
Options forfeited (in dollars per share) | 44.31 | 42.20 | 37.25 | ||
Options expired (in dollars per share) | 49.19 | 54.41 | 0.00 | ||
Options exercised (in dollars per share) | 30.25 | 31.05 | 32.96 | ||
Options outstanding, end of year (in dollars per share) | 39.55 | 36.57 | 36.20 | ||
Options exercisable, end of year (in dollars per share) | $ 38.28 | $ 34.25 | $ 32.71 | ||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 2,104,929 | 2,369,872 | 2,690,507 | 3,747,094 | 2,104,929 |
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 3 years 9 months | ||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | $ 39.55 | $ 36.57 | $ 36.20 | $ 33.41 | $ 39.55 |
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 34.6 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 1,473,761 | 1,939,478 | 1,819,535 | 1,473,761 | |
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 3 years | ||||
Stock Option Awards Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 38.28 | $ 34.25 | $ 32.71 | $ 38.28 | |
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 26.1 | ||||
Net cash proceeds from exercise of stock options | $ 21.7 | $ 8.6 | $ 50.9 | ||
Actual income tax benefit realized from exercise of stock options | $ 4.6 | $ 1.8 | $ 11.9 | ||
Unrecognized compensation expense | $ 2.6 | ||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 1 year 11 months | ||||
Assumptions: | |||||
Expected term (in years) | 5 years 1 month | 5 years 1 month | 5 years 1 month | ||
Expected volatility (as a percent) | 40.40% | 42.08% | 43.23% | ||
Risk-free interest rate (as a percent) | 1.73% | 1.55% | 1.80% | ||
Expected dividend yield (as a percent) | 1.65% | 1.25% | 1.23% | ||
Weighted-average per share fair values for stock option granted (in dollars per share) | $ 13.44 | $ 15.54 | $ 16.91 | ||
Stock options | Price Range, $7.95 - $19.24 | |||||
Equity-based compensation plans | |||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 16.41 | $ 16.41 | $ 16.41 | ||
Options | |||||
Options outstanding, beginning of year (in shares) | 241,735 | ||||
Options outstanding, end of year (in shares) | 241,735 | ||||
Options exercisable, end of year (in shares) | 241,735 | ||||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | $ 16.41 | ||||
Options outstanding, end of year (in dollars per share) | $ 16.41 | ||||
Options exercisable, end of year (in dollars per share) | 16.41 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share) | 7.95 | ||||
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share) | $ 19.24 | ||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 241,735 | 241,735 | 241,735 | ||
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 2 years | ||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | $ 16.41 | $ 16.41 | $ 16.41 | ||
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 9.6 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 241,735 | 241,735 | |||
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 2 years | ||||
Stock Option Awards Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 16.41 | $ 16.41 | |||
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 9.6 | ||||
Stock options | Price Range, $28.73 - $38.46 | |||||
Equity-based compensation plans | |||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 29.47 | $ 29.47 | $ 29.47 | ||
Options | |||||
Options outstanding, beginning of year (in shares) | 403,669 | ||||
Options outstanding, end of year (in shares) | 403,669 | ||||
Options exercisable, end of year (in shares) | 403,669 | ||||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | $ 29.47 | ||||
Options outstanding, end of year (in dollars per share) | $ 29.47 | ||||
Options exercisable, end of year (in dollars per share) | 29.47 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share) | 28.73 | ||||
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share) | $ 38.46 | ||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 403,669 | 403,669 | 403,669 | ||
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 2 years 4 months | ||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | $ 29.47 | $ 29.47 | $ 29.47 | ||
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 10.7 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 403,669 | 403,669 | |||
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 2 years 4 months | ||||
Stock Option Awards Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 29.47 | $ 29.47 | |||
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 10.7 | ||||
Stock options | Price Range, $39.91 - $54.63 | |||||
Equity-based compensation plans | |||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 46.17 | $ 46.17 | $ 46.17 | ||
Options | |||||
Options outstanding, beginning of year (in shares) | 1,459,525 | ||||
Options outstanding, end of year (in shares) | 1,459,525 | ||||
Options exercisable, end of year (in shares) | 828,357 | ||||
Weighted-Average Exercise Price | |||||
Options outstanding, beginning of year (in dollars per share) | $ 46.17 | ||||
Options outstanding, end of year (in dollars per share) | $ 46.17 | ||||
Options exercisable, end of year (in dollars per share) | 48.95 | ||||
Stock Options Outstanding and Exercisable | |||||
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share) | 39.91 | ||||
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share) | $ 54.63 | ||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 1,459,525 | 1,459,525 | 1,459,525 | ||
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 4 years 7 months | ||||
Stock Option Awards Outstanding, Weighted-Average Exercise Price, (in dollars per share) | $ 46.17 | $ 46.17 | $ 46.17 | ||
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 14.3 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 828,357 | 828,357 | |||
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 3 years 7 months | ||||
Stock Option Awards Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 48.95 | $ 48.95 | |||
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 5.8 | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1.2 | $ 2.1 | $ 3.6 | ||
Equity-based compensation plans | |||||
Stock-based compensation expense | $ 3.4 | $ (0.9) | $ (0.9) | ||
Stock Options Outstanding and Exercisable | |||||
Unrecognized compensation expense | 0.2 | ||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 1 year 2 months | ||||
Stock Award Activity | |||||
Granted (in shares) | 27,900 | 0 | 32,625 | ||
Nonvested Stock Awards Member | |||||
Equity-based compensation plans | |||||
Stock-based compensation expense | $ 9.7 | $ 11.5 | $ 12.5 | ||
Income tax benefit recognized for stock-based compensation | $ (3.9) | (5.3) | (4.6) | ||
Stock Options Outstanding and Exercisable | |||||
Unrecognized compensation expense | 6.2 | ||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 2 years | ||||
Weighted-Average Per Share Fair Value | |||||
Fair value of shares vested | $ 10.7 | $ 14.3 | $ 12.5 | ||
Nonvested Equity Options [Member] | |||||
Stock Award Activity | |||||
Nonvested, beginning of year (in shares) | 313,806 | 273,992 | 609,869 | 609,871 | |
Granted (in shares) | 323,800 | 37,725 | 305,900 | ||
Forfeited (in shares) | (53,928) | (17,606) | (42,406) | ||
Vested (in shares) | (230,058) | (355,996) | (263,496) | ||
Nonvested, end of year (in shares) | 313,806 | 273,992 | 609,869 | ||
Weighted-Average Per Share Fair Value | |||||
Nonvested, beginning of year (in dollars per share) | $ 42.93 | $ 46.84 | $ 41.70 | $ 35.55 | |
Granted (in dollars per share) | 40.33 | 44.50 | 47.72 | ||
Forfeited (in dollars per share) | 45.71 | 41.36 | 37.22 | ||
Vested (in dollars per share) | 43.28 | 38.06 | 35.17 | ||
Nonvested, end of year (in dollars per share) | $ 42.93 | $ 46.84 | $ 41.70 | ||
Nonvested Performance Share Awards [Member] | |||||
Stock Award Activity | |||||
Nonvested, beginning of year (in shares) | 103,550 | 129,475 | 257,475 | 358,800 | |
Granted (in shares) | 78,175 | 0 | 52,475 | ||
Forfeited (in shares) | (31,326) | 0 | (7,492) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | (27,874) | (44,800) | 146,134 | ||
Vested (in shares) | (44,900) | (83,200) | (292,442) | ||
Nonvested, end of year (in shares) | 103,550 | 129,475 | 257,475 | ||
Weighted-Average Per Share Fair Value | |||||
Nonvested, beginning of year (in dollars per share) | $ 49.83 | $ 54.94 | $ 45.44 | $ 36.90 | |
Granted (in dollars per share) | 47.07 | 0.00 | 55.17 | ||
Forfeited (in dollars per share) | 52.90 | 0.00 | 40.00 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | 54.71 | 35.84 | 28.23 | ||
Vested (in dollars per share) | 54.59 | 35.84 | 28.24 | ||
Nonvested, end of year (in dollars per share) | $ 49.83 | $ 54.94 | $ 45.44 | ||
Period over which shareholder return compares favorably to that of a competitor group of companies for purposes of calculating executive performance shares earned (in years) | 3 years | ||||
Potential payouts, low end of range (as a percent) | 0.00% | ||||
Potential payouts, high end of range (as a percent) | 200.00% | ||||
Cash-based restricted stock awards | |||||
Equity-based compensation plans | |||||
Stock-based compensation expense | $ 0.9 | $ 0.9 | $ 3.1 | ||
Stock Options Outstanding and Exercisable | |||||
Unrecognized compensation expense | $ 0.4 | ||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 1 year 2 months | ||||
Stock Award Activity | |||||
Granted (in shares) | 13,700 | 17,750 | |||
Weighted-Average Per Share Fair Value | |||||
Fair value of shares vested | $ 0.6 | $ 2.1 | $ 5.8 | ||
Return on Invested Capital [Member] | Performance Shares [Member] | |||||
Weighted-Average Per Share Fair Value | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percent | 0.00% | 0.00% | 0.00% | ||
Total Shareholder Return [Member] | Performance Shares [Member] | |||||
Assumptions: | |||||
Expected term (in years) | 2 years 10 months 18 days | 3 years 10 days | |||
Expected volatility (as a percent) | 33.28% | 39.75% | |||
Risk-free interest rate (as a percent) | 1.20% | 1.07% | |||
Weighted-Average Per Share Fair Value | |||||
Nonvested, beginning of year (in dollars per share) | $ 54.33 | $ 55.17 | |||
Nonvested, end of year (in dollars per share) | $ 54.33 | $ 55.17 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 42,571 | ||||
Total Shareholder Return [Member] | Nonvested Performance Share Awards [Member] | |||||
Weighted-Average Per Share Fair Value | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percent | 80.00% | 65.00% | 200.00% |
Restructuring Restructuring (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 0.9 | $ 0.0 | $ 0.9 | $ 0.0 |
Restructuring Charges | 27.8 | 2.9 | 27.8 | |
Payments for Restructuring | 0.0 | |||
Restructuring Reserve, Settled without Cash | (26.9) | |||
Restructuring and Related Cost, Expected Cost | 3.0 | 3.0 | ||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0.9 | 0.0 | 0.9 | 0.0 |
Restructuring Charges | 0.9 | |||
Payments for Restructuring | 0.0 | |||
Restructuring Reserve, Settled without Cash | 0.0 | |||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 0.0 | $ 0.0 | 0.0 | 0.0 |
Restructuring Charges | 26.9 | |||
Payments for Restructuring | 0.0 | |||
Restructuring Reserve, Settled without Cash | (26.9) | |||
Access Equipment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 27.8 | $ 2.5 | ||
Access Equipment [Member] | Employee Severance [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.9 | |||
Access Equipment [Member] | Other Restructuring [Member] | Operating Expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 26.9 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Amounts included in accumulated other comprehensive income (loss) prior service costs and unrecognized net actuarial losses expected to be recognized in Pension and Supplemental Employee Retirement Plan | ||||
Prior service cost included in accumulated other comprehensive income (loss) | $ 1.8 | |||
Prior service cost included in accumulated other comprehensive income (loss), net of tax | 1.1 | |||
Unrecognized net actuarial losses included in accumulated other comprehensive income (loss) | 4.1 | |||
Unrecognized net actuarial losses included in accumulated other comprehensive income (loss), net of tax | 2.6 | |||
Pension Plan, Defined Benefit | ||||
Employee benefit plans | ||||
Accumulated benefit obligation | 474.9 | $ 410.3 | ||
Change in projected benefit obligation | ||||
Benefit obligation at the beginning of the period | $ 403.2 | 414.9 | 403.2 | |
Service cost | 8.8 | 8.2 | $ 8.1 | |
Interest cost | 18.3 | 18.1 | 17.7 | |
Actuarial loss (gain) | 56.4 | (3.3) | ||
Participant contributions | 0.2 | 0.2 | ||
Plan amendments | 1.1 | 1.1 | ||
Curtailments | 0.0 | 0.0 | ||
Benefits paid | (13.2) | (11.1) | ||
Currency translation adjustments | (4.2) | (1.5) | ||
Benefit obligation at the end of the period | 482.3 | 414.9 | 403.2 | |
Change in plan assets | ||||
Fair value of plan assets at the beginning of the period | 320.6 | 312.5 | 320.6 | |
Actual return on plan assets | 37.7 | 4.7 | ||
Company contributions | 3.1 | 2.7 | ||
Participant contributions | 0.2 | 0.2 | ||
Expenses paid | (2.2) | (2.8) | ||
Benefits paid | (13.2) | (11.1) | ||
Currency translation adjustments | (4.1) | (1.8) | ||
Fair value of plan assets at the end of the period | 334.0 | 312.5 | 320.6 | |
Funded status of plan - underfunded at September 30 | (148.3) | (102.4) | ||
Recognized in consolidated balance sheet at September 30 | ||||
Prepaid benefit cost (long-term asset) | 0.0 | 3.9 | ||
Accrued benefit liability (current liability) | (2.0) | (1.5) | ||
Accrued benefit liability (long-term liability) | (146.3) | (104.8) | ||
Total | (148.3) | (102.4) | ||
Recognized in accumulated other comprehensive income (loss) as of September 30 (net of taxes) | ||||
Net actuarial (loss) gain | (69.0) | (47.0) | ||
Prior service (cost) benefit | (9.1) | (9.5) | ||
Total | $ (78.1) | $ (56.5) | ||
Weighted-average assumptions as of September 30 | ||||
Discount rate (as a percent) | 3.70% | 4.45% | ||
Expected return on plan assets (as a percent) | 5.78% | 6.03% | ||
Accumulated benefit obligations in excess of plan assets | ||||
Projected benefit obligation | $ 482.3 | $ 391.6 | ||
Accumulated benefit obligation | 474.9 | 385.2 | ||
Fair value of plan assets | 334.0 | 285.4 | ||
Components of net periodic benefit cost | ||||
Service cost | 8.8 | 8.2 | 8.1 | |
Interest cost | 18.3 | 18.1 | 17.7 | |
Expected return on plan assets | (17.4) | (17.9) | (19.8) | |
Amortization of prior service cost (benefit) | 1.8 | 1.7 | 2.0 | |
Curtailment/settlement | 0.0 | 0.0 | 8.2 | |
Amortization of net actuarial loss (gain) | 2.3 | 2.6 | 0.6 | |
Expenses paid | 2.2 | 2.8 | 3.2 | |
Net periodic benefit cost (income) | 16.0 | 15.5 | 20.0 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||||
Net actuarial loss (gain) | 36.6 | 10.0 | 32.8 | |
Prior service cost | 1.1 | 1.1 | 1.1 | |
Amortization of prior service benefit (cost) | (1.8) | (1.7) | (2.0) | |
Curtailment/settlement | 0.0 | 0.0 | (8.2) | |
Amortization of net actuarial (loss) gain | (2.3) | (2.6) | (0.6) | |
Total | $ 33.6 | $ 6.8 | $ 23.1 | |
Weighted-average assumptions | ||||
Discount rate (as a percent) | 4.45% | 4.52% | 5.07% | |
Expected return on plan assets (as a percent) | 6.03% | 6.25% | 6.50% | |
United States Pension Plan of US Entity [Member] | ||||
Employee benefit plans | ||||
Curtailment/settlement | $ (6.8) | |||
Components of net periodic benefit cost | ||||
Curtailment/settlement | (1.4) | |||
Supplemental Executive Retirement Plans | ||||
Employee benefit plans | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 1.8 | $ 0.8 | 1.7 | |
Other Postretirement Benefit Plan [Member] | ||||
Employee benefit plans | ||||
Accumulated benefit obligation | 47.2 | 37.5 | ||
Change in projected benefit obligation | ||||
Benefit obligation at the beginning of the period | 44.0 | 37.5 | 44.0 | |
Service cost | 2.0 | 1.7 | 2.2 | |
Interest cost | 1.5 | 1.7 | 2.0 | |
Actuarial loss (gain) | 8.3 | (5.5) | ||
Participant contributions | 0.0 | 0.0 | ||
Plan amendments | 0.0 | 0.0 | ||
Curtailments | 0.0 | (2.2) | ||
Benefits paid | (2.1) | (2.2) | ||
Currency translation adjustments | 0.0 | 0.0 | ||
Benefit obligation at the end of the period | 47.2 | 37.5 | 44.0 | |
Change in plan assets | ||||
Fair value of plan assets at the beginning of the period | 0.0 | 0.0 | 0.0 | |
Actual return on plan assets | 0.0 | 0.0 | ||
Company contributions | 2.1 | 2.2 | ||
Participant contributions | 0.0 | 0.0 | ||
Expenses paid | 0.0 | 0.0 | ||
Benefits paid | (2.1) | (2.2) | ||
Currency translation adjustments | 0.0 | 0.0 | ||
Fair value of plan assets at the end of the period | 0.0 | 0.0 | 0.0 | |
Funded status of plan - underfunded at September 30 | (47.2) | (37.5) | ||
Recognized in consolidated balance sheet at September 30 | ||||
Prepaid benefit cost (long-term asset) | 0.0 | 0.0 | ||
Accrued benefit liability (current liability) | (1.5) | (1.6) | ||
Accrued benefit liability (long-term liability) | (45.7) | (35.9) | ||
Total | (47.2) | (37.5) | ||
Recognized in accumulated other comprehensive income (loss) as of September 30 (net of taxes) | ||||
Net actuarial (loss) gain | (4.5) | 0.8 | ||
Prior service (cost) benefit | 8.7 | 9.3 | ||
Total | $ 4.2 | $ 10.1 | ||
Weighted-average assumptions as of September 30 | ||||
Discount rate (as a percent) | 3.47% | 4.08% | ||
Components of net periodic benefit cost | ||||
Service cost | $ 2.0 | $ 1.7 | 2.2 | |
Interest cost | 1.5 | 1.7 | 2.0 | |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | |
Amortization of prior service cost (benefit) | (0.9) | (0.9) | (1.6) | |
Curtailment/settlement | $ (3.4) | 0.0 | (3.4) | (10.0) |
Amortization of net actuarial loss (gain) | (0.1) | 0.1 | 0.2 | |
Expenses paid | 0.0 | 0.0 | 0.0 | |
Net periodic benefit cost (income) | 2.5 | (0.8) | (7.2) | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||||
Net actuarial loss (gain) | 8.3 | (7.7) | (0.8) | |
Prior service cost | 0.0 | 0.0 | 0.0 | |
Amortization of prior service benefit (cost) | 0.9 | 0.9 | 1.6 | |
Curtailment/settlement | 0.0 | 3.4 | 10.0 | |
Amortization of net actuarial (loss) gain | 0.1 | (0.1) | (0.2) | |
Total | $ 9.3 | $ (3.5) | $ 10.6 | |
Weighted-average assumptions | ||||
Discount rate (as a percent) | 4.08% | 4.04% | 4.76% | |
Health care cost trend rate | ||||
Health care cost trend rate (as a percent) | 6.50% | |||
Assumed health care cost trend rate for next fiscal year (as a percent) | 5.00% | |||
Increase in accumulated postretirement benefit obligation with 100 basis points increase in health care cost trend rate | $ 11.4 | |||
Increase in net periodic postretirement benefit cost with 100 basis points increase in health care cost trend rate | 1.3 | |||
Decrease in accumulated postretirement benefit obligation with 100 basis points decrease in health care cost trend rate | 8.2 | |||
Decrease in net periodic postretirement benefit cost with 100 basis points decrease in health care cost trend rate | $ 0.9 |
Employee Benefit Plans - Costs (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
||||||||||||||||
Multi-Employer Pension Plans | ||||||||||||||||||
Maximum Percent of Total Plan Contributions Contributed to Multi-employer Plan | 5.00% | 5.00% | 5.00% | |||||||||||||||
Multiemployer plan period contributions | $ 1.2 | $ 1.2 | $ 1.2 | |||||||||||||||
401(k) plans | ||||||||||||||||||
Percentage contribution by employees for defined contribution 401(k) plans, low end of range (as a percent) | 2.00% | |||||||||||||||||
Percentage contribution by employees for defined contribution 401(k) plans, high end of range (as a percent) | 100.00% | |||||||||||||||||
Amounts expensed (income recognized) for matching and discretionary contributions | $ 35.6 | 33.4 | 31.9 | |||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0.0 | |||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | N/A | |||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | [1] | 15 days | ||||||||||||||||
Supplemental Executive Retirement Plans | ||||||||||||||||||
401(k) plans | ||||||||||||||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 1.8 | 0.8 | 1.7 | |||||||||||||||
Non-Qualified | ||||||||||||||||||
Estimated future benefit payment under company sponsored plans | ||||||||||||||||||
2017 | 2.0 | |||||||||||||||||
2018 | 1.9 | |||||||||||||||||
2019 | 1.9 | |||||||||||||||||
2020 | 1.9 | |||||||||||||||||
2021 | 1.9 | |||||||||||||||||
2022-2026 | 9.8 | |||||||||||||||||
Other Postretirement Benefit Plan [Member] | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | 0.0 | 0.0 | 0.0 | |||||||||||||||
Estimated future benefit payment under company sponsored plans | ||||||||||||||||||
2017 | 1.5 | |||||||||||||||||
2018 | 1.8 | |||||||||||||||||
2019 | 2.1 | |||||||||||||||||
2020 | 2.5 | |||||||||||||||||
2021 | 2.7 | |||||||||||||||||
2022-2026 | $ 17.9 | |||||||||||||||||
Pension Plan, Defined Benefit | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 100.00% | |||||||||||||||||
Total assets - at fair value | $ 334.0 | 312.5 | $ 320.6 | |||||||||||||||
Fair value of plan assets that are classified in the fair value hierarchy | 162.7 | |||||||||||||||||
Estimated future benefit payment under company sponsored plans | ||||||||||||||||||
2017 | 10.8 | |||||||||||||||||
2018 | 12.1 | |||||||||||||||||
2019 | 13.6 | |||||||||||||||||
2020 | 15.0 | |||||||||||||||||
2021 | 16.5 | |||||||||||||||||
2022-2026 | 103.6 | |||||||||||||||||
401(k) plans | ||||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | [2] | $ 171.3 | ||||||||||||||||
Pension Plan, Defined Benefit | Fixed Income Funds [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 30.00% | |||||||||||||||||
Target plan asset allocations, maximum | 40.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Other Investments [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 0.00% | |||||||||||||||||
Target plan asset allocations, maximum | 5.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Large-cap Equity Funds [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 25.00% | |||||||||||||||||
Target plan asset allocations, maximum | 35.00% | |||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 33.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Fixed income | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 36.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Other | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 2.00% | |||||||||||||||||
Pension Plan, Defined Benefit | U.S. companies (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | $ 72.2 | 102.3 | |||||||||||||||
Pension Plan, Defined Benefit | International companies (b) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [4] | 11.5 | 14.4 | |||||||||||||||
Pension Plan, Defined Benefit | Mutual Funds (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 61.9 | 90.6 | |||||||||||||||
Pension Plan, Defined Benefit | Government and agency bonds (c) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [5] | 5.3 | 39.6 | |||||||||||||||
Pension Plan, Defined Benefit | Corporate bonds and notes (d) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [6] | 6.0 | 46.4 | |||||||||||||||
Pension Plan, Defined Benefit | Money market funds (e) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [7] | $ 5.8 | 19.2 | |||||||||||||||
Pension Plan, Defined Benefit | Mid-cap equity funds [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 5.00% | |||||||||||||||||
Target plan asset allocations, maximum | 15.00% | |||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 8.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Small-cap equity funds [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 5.00% | |||||||||||||||||
Target plan asset allocations, maximum | 15.00% | |||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 10.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Global equity fund [Member] | ||||||||||||||||||
Plan assets, target allocation | ||||||||||||||||||
Target plan asset allocations, minimum | 5.00% | |||||||||||||||||
Target plan asset allocations, maximum | 15.00% | |||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets (as a percent) | 11.00% | |||||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | $ 134.5 | 219.1 | ||||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | U.S. companies (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 66.8 | 97.5 | |||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | International companies (b) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [4] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | Mutual Funds (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 61.9 | 90.6 | |||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | Government and agency bonds (c) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [5] | 0.0 | 11.8 | |||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | Corporate bonds and notes (d) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [6] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Quoted Prices for Identical Assets (Level 1) | Money market funds (e) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [7] | 5.8 | 19.2 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | 28.2 | 93.4 | ||||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | U.S. companies (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 5.4 | 4.8 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | International companies (b) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [4] | 11.5 | 14.4 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | Mutual Funds (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | Government and agency bonds (c) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [5] | 5.3 | 27.8 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | Corporate bonds and notes (d) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [6] | 6.0 | 46.4 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Other Observable Inputs (Level 2) | Money market funds (e) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [7] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | 0.0 | 0.0 | ||||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | U.S. companies (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | International companies (b) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [4] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | Mutual Funds (a) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [3] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | Government and agency bonds (c) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [5] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | Corporate bonds and notes (d) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [6] | 0.0 | 0.0 | |||||||||||||||
Pension Plan, Defined Benefit | Significant Unobservable Inputs (Level 3) | Money market funds (e) | ||||||||||||||||||
Plan assets, actual allocation | ||||||||||||||||||
Total assets - at fair value | [7] | $ 0.0 | $ 0.0 | |||||||||||||||
Minimum | ||||||||||||||||||
401(k) plans | ||||||||||||||||||
Employer contribution | 3.00% | |||||||||||||||||
Maximum | ||||||||||||||||||
401(k) plans | ||||||||||||||||||
Employer contribution | 6.00% | |||||||||||||||||
|
Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Pre-tax income (loss) from continuing operations | |||
Domestic | $ 277.1 | $ 316.4 | $ 373.1 |
Foreign | 29.9 | 9.7 | 58.8 |
Income before income taxes and equity in earnings of unconsolidated affiliates | 307.0 | 326.1 | 431.9 |
Current: | |||
Federal | 103.6 | 108.8 | 118.8 |
Foreign | 3.2 | 1.5 | 14.7 |
State | 2.6 | 1.1 | 11.3 |
Total current | 109.4 | 111.4 | 144.8 |
Deferred: | |||
Federal | (18.5) | (10.8) | (8.5) |
Foreign | 2.0 | (1.3) | (10.5) |
State | (0.5) | (0.1) | (0.8) |
Total deferred | (17.0) | (12.2) | (19.8) |
Provision for income taxes | 92.4 | 99.2 | 125.0 |
Allocated to Other Comprehensive Income (Loss) | |||
Deferred federal, state and foreign | $ (14.2) | $ (1.2) | $ (12.4) |
Effective Rate Reconciliation | |||
U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net | 1.30% | 2.50% | 2.10% |
Foreign taxes | (1.70%) | (2.40%) | (1.40%) |
Tax audit settlements | 0.10% | (2.60%) | (2.30%) |
Valuation allowance | (0.60%) | 0.40% | (2.40%) |
Domestic tax credits | (1.50%) | (1.30%) | (0.40%) |
Manufacturing deduction | (3.00%) | (2.80%) | (2.20%) |
Other, net | 0.50% | 1.60% | 0.60% |
Effective income tax rate | 30.10% | 30.40% | 29.00% |
Deferred tax assets: | |||
Other long-term liabilities | $ 109.9 | $ 93.7 | |
Losses and credits | 36.4 | 38.8 | |
Accrued warranty | 27.0 | 25.1 | |
Other current liabilities | 31.1 | 23.5 | |
Payroll-related obligations | 28.2 | 18.9 | |
Receivables | 6.3 | 6.1 | |
Other | (0.8) | 0.4 | |
Gross deferred tax assets | 238.1 | 206.5 | |
Less valuation allowance | (8.6) | (9.8) | |
Deferred tax assets | 229.5 | 196.7 | |
Deferred tax liabilities: | |||
Intangible assets | 167.0 | 178.3 | |
Property, plant and equipment | 47.4 | 38.2 | |
Inventories | 15.5 | 9.0 | |
Other | 2.5 | 4.7 | |
Deferred tax liabilities | 232.4 | 230.2 | |
Classification of deferred tax liability in consolidated balance sheets | |||
Deferred Tax Assets, Net, Noncurrent | 8.4 | 8.6 | |
Non-current net deferred tax liability | (11.3) | (42.1) | |
Deferred Tax Liabilites, Net | $ (2.9) | $ (33.5) |
Income Taxes - Additional information regarding Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $ 8.6 | $ 9.8 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1.2) | ||
Foreign Earnings Reinvested, Income taxes on Undistributed Earnings | 194.2 | ||
Change in net operating loss carryforwards | 4.6 | ||
Deferred Tax Assets, Increase (Decrease) Due to Operating Loss and Capital Loss Carryforwards | 2.4 | ||
Discrete tax benefits | $ 7.5 | $ 13.8 | $ 25.7 |
Income Tax Expense (Benefit), Discrete Items, Percentage of Pre-Tax Income | 2.40% | 4.20% | 6.00% |
Deferred Tax Assets, Net | $ 36.4 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 41.3 | ||
Tax Credit Carryforwards, Foreign Expiration Period, Minimum | 7 years | ||
Deferred Income Taxes and Tax Credits | $ 0.7 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 5.2 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 10.6 | ||
Operating Loss Carryforwards, Valuation Allowance | 0.4 | ||
Change in net operating loss carryforwards | 3.8 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 201.7 | ||
Unrecognized Tax Benefits, Period Increase (Decrease) | (1.4) | ||
Deferred Income Taxes and Tax Credits | 0.4 | ||
Tax Credit Carryforward, Amount | 11.3 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 7.4 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 9.6 | ||
Operating Loss Carryforwards, Valuation Allowance | 4.6 | ||
Change in net operating loss carryforwards | 0.8 | ||
Deferred Tax Assets, Increase (Decrease) Due to Operating Loss and Capital Loss Carryforwards | 2.8 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | 0.5 | ||
Deferred Tax Assets, Increase (Decrease) due to Capital Loss Carryforwards | (0.3) | ||
Capital Loss Carryforward [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Amount | 9.7 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 3.6 | ||
Operating Loss Carryforwards, Valuation Allowance | $ 3.6 |
Income Taxes - Other Additional Disclosures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Balance at beginning of year | $ 27.0 | $ 33.5 | $ 37.0 |
Additions for tax positions related to current year | 7.6 | 4.6 | 7.0 |
Additions for tax positions related to prior years | 8.4 | 2.1 | 5.2 |
Reductions for tax positions of prior years | (1.1) | 0.0 | (2.6) |
Settlements | (3.0) | (8.6) | (10.1) |
Lapse of statute of limitations | (1.5) | (4.5) | (3.0) |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | 0.0 | (0.1) | 0.0 |
Balance at end of year | 37.4 | 27.0 | 33.5 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2.4 | ||
Net unrecognized tax benefits, excluding interest and penalties that would affect the Company's net income if recognized | 19.0 | ||
Accruals for payment of interest and penalties | 10.0 | 12.0 | |
Interest and penalties | $ (1.2) | $ (3.0) | $ 1.5 |
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of Year | $ (144.4) | $ (69.2) | $ (14.6) |
Other comprehensive income (loss) before reclassifications | (32.7) | (76.5) | (54.2) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.1 | 1.3 | (0.4) |
Total other comprehensive income (loss), net of tax | (30.6) | (75.2) | (54.6) |
Accumulated Other Comprehensive Income (Loss), End of Year | (175.0) | (144.4) | (69.2) |
Employee Pension and Postretirement Benefits, Net of Tax | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of Year | (46.4) | (44.2) | (23.0) |
Other comprehensive income (loss) before reclassifications | (29.5) | (3.7) | (20.8) |
Amounts reclassified from accumulated other comprehensive income (loss) | 2.0 | 1.5 | (0.4) |
Total other comprehensive income (loss), net of tax | (27.5) | (2.2) | (21.2) |
Accumulated Other Comprehensive Income (Loss), End of Year | (73.9) | (46.4) | (44.2) |
Cumulative Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of Year | (98.1) | (25.0) | 8.4 |
Other comprehensive income (loss) before reclassifications | (3.0) | (73.1) | (33.4) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 | 0.0 |
Total other comprehensive income (loss), net of tax | (3.0) | (73.1) | (33.4) |
Accumulated Other Comprehensive Income (Loss), End of Year | (101.1) | (98.1) | (25.0) |
Derivatives Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning of Year | 0.1 | 0.0 | 0.0 |
Other comprehensive income (loss) before reclassifications | (0.2) | 0.3 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | (0.2) | 0.0 |
Total other comprehensive income (loss), net of tax | (0.1) | 0.1 | 0.0 |
Accumulated Other Comprehensive Income (Loss), End of Year | $ 0.0 | $ 0.1 | $ 0.0 |
Accumulated Other Comprehensive Income (Loss) Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | $ 307.0 | $ 326.1 | $ 431.9 | ||||||||||||||||||||
Tax benefit (provision) | (92.4) | (99.2) | (125.0) | ||||||||||||||||||||
Net income | $ 61.5 | $ 84.2 | $ 56.1 | $ 14.6 | $ 50.3 | $ 89.9 | $ 54.6 | $ 34.7 | 216.4 | 229.5 | 309.3 | ||||||||||||
Employee Pension and Postretirement Benefits, Net of Tax | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||
Amortization of employee pension and postretirement benefits items | |||||||||||||||||||||||
Amortization of prior service benefit (cost) | (0.9) | (0.8) | (0.4) | ||||||||||||||||||||
Actuarial losses | (2.2) | (2.7) | (0.8) | ||||||||||||||||||||
Curtailment/settlement | 0.0 | 1.2 | 1.8 | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | (3.1) | (2.3) | 0.6 | ||||||||||||||||||||
Tax benefit (provision) | 1.1 | 0.8 | (0.2) | ||||||||||||||||||||
Net income | $ (2.0) | $ (1.5) | $ 0.4 | ||||||||||||||||||||
|
Earnings Per Share (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||
Amount attributable to Oshkosh Corporation common shareholders: | |||||||||||||||||||||||
Net income | $ 61.5 | $ 84.2 | $ 56.1 | $ 14.6 | $ 50.3 | $ 89.9 | $ 54.6 | $ 34.7 | $ 216.4 | $ 229.5 | $ 309.3 | ||||||||||||
Earnings allocated to participating securities | (0.1) | (0.2) | (0.1) | (0.1) | 0.0 | (0.5) | (1.2) | ||||||||||||||||
Earnings available to common shareholders | $ 50.2 | $ 89.7 | $ 54.5 | $ 34.6 | $ 216.4 | $ 229.0 | $ 308.1 | ||||||||||||||||
Weighted-average common shares outstanding (in shares) | 73,570,020 | 77,990,432 | 84,123,949 | ||||||||||||||||||||
Dilutive stock options and other equity-based compensation awards (in shares) | 862,898 | 1,101,303 | 1,540,287 | ||||||||||||||||||||
Participating stock awards (in shares) | 0 | (110,317) | (206,601) | ||||||||||||||||||||
Diluted weighted-average common shares outstanding (in shares) | 74,432,918 | 78,981,418 | 85,457,635 | ||||||||||||||||||||
|
Earnings Per Share Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options (in shares) | 224,200 | 1,153,252 | 1,082,432 |
Contingencies, Significant Estimates and Concentrations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Loss contingencies | |||
Approximate percentage of workforce covered under collective bargaining agreements (as a percent) | 26.00% | ||
Significant portion of revenue from DoD | |||
DoD | $ 1,205.0 | $ 922.1 | $ 1,603.7 |
Foreign military sales | 1.8 | 0.3 | 28.0 |
Total DoD sales | $ 1,206.8 | $ 922.4 | $ 1,631.7 |
Percentage of maximum sales not accounted for by single customer (as a percent) | 10.00% | 10.00% | 10.00% |
Personal Injury Actions and Other | |||
Loss contingencies | |||
Reserve for loss contingencies | $ 38.3 | $ 40.4 | |
Maximum self-insurance available per claim | 5.0 | ||
Performance and specialty bonds | |||
Loss contingencies | |||
Commitments and contingencies | 503.6 | ||
Standby letters of credit | |||
Loss contingencies | |||
Commitments and contingencies | $ 110.8 | ||
Defense | |||
Loss contingencies | |||
Former Gain Contingency, Recognized in Current Period | $ 4.6 | ||
Reduction of Revenue - Contractual Obligations | $ 8.9 |
Business Segment Information (Details) - segment |
12 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Segment Reporting [Abstract] | ||||
Number of reportable segments of entity (in segments) | 4 | 4 | ||
Net sales | Customer concentration | Defense | DoD | ||||
Business Segment Information | ||||
Percentage of sales accounted for by Department of Defense (as a percent) | 86.10% | 91.90% | 91.20% |
Business Segment Information (Details 2) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||||||||||||
Restructuring Charges | $ 27.8 | $ 2.9 | $ 27.8 | ||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1,755.4 | [1] | $ 1,747.5 | $ 1,524.3 | $ 1,252.0 | 1,578.3 | [2] | $ 1,612.3 | $ 1,554.2 | $ 1,353.3 | 6,279.2 | $ 6,098.1 | $ 6,808.2 | ||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ 95.5 | [1] | $ 146.8 | $ 91.4 | $ 30.3 | $ 86.6 | [2] | $ 136.6 | $ 109.7 | $ 65.7 | 364.0 | 398.6 | 503.3 | ||||||||||||||||||||||||||
Interest expense net of interest income | (58.3) | (67.6) | [5] | (69.4) | [5] | ||||||||||||||||||||||||||||||||||
Miscellaneous other income (expense) | 1.3 | (4.9) | (2.0) | ||||||||||||||||||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 307.0 | 326.1 | 431.9 | ||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 26.9 | 1.6 | |||||||||||||||||||||||||||||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 14.7 | 10.9 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 128.8 | 124.5 | 126.8 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | 127.3 | 158.0 | 124.9 | ||||||||||||||||||||||||||||||||||||
Write-off of deferred financing fees due to early extinguishment of related debt | 3.3 | 2.2 | |||||||||||||||||||||||||||||||||||||
Access equipment | |||||||||||||||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||||||||||||
Restructuring Charges | 27.8 | 2.5 | |||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 3,012.4 | 3,400.6 | 3,506.5 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 263.4 | [6] | 407.0 | [6] | 501.1 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 77.0 | 74.1 | 74.6 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | [7] | 52.5 | 56.6 | 52.5 | |||||||||||||||||||||||||||||||||||
Access equipment | Aerial work platforms | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1,539.5 | 1,627.0 | 1,746.0 | ||||||||||||||||||||||||||||||||||||
Access equipment | Telehandlers | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 773.9 | 1,126.1 | 1,157.2 | ||||||||||||||||||||||||||||||||||||
Access equipment | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 699.0 | 647.5 | 603.3 | ||||||||||||||||||||||||||||||||||||
Defense | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1,349.3 | 931.8 | 1,724.2 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 122.5 | 9.2 | 76.4 | [8] | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 1.8 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11.1 | 12.2 | 16.1 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | 22.2 | 2.2 | 7.8 | ||||||||||||||||||||||||||||||||||||
Fire & emergency | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 941.5 | 791.5 | 719.1 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 67.0 | 43.8 | 26.6 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 9.7 | 10.3 | 12.2 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | 7.2 | 4.7 | 5.5 | ||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 976.0 | 974.2 | 858.4 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 67.6 | 64.5 | 53.9 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 12.0 | 11.2 | 11.3 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | [7] | 10.0 | 11.5 | 20.4 | |||||||||||||||||||||||||||||||||||
Commercial | Concrete placement | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 463.6 | 461.0 | 428.2 | ||||||||||||||||||||||||||||||||||||
Commercial | Refuse collection | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 409.1 | 385.0 | 309.1 | ||||||||||||||||||||||||||||||||||||
Commercial | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 103.3 | 128.2 | 121.1 | ||||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | (156.5) | (126.0) | (154.7) | [5] | |||||||||||||||||||||||||||||||||||
Intersegment eliminations | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 0.0 | 0.1 | 0.0 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 19.0 | 16.7 | [9] | 12.6 | [9] | ||||||||||||||||||||||||||||||||||
Capital expenditures | [10] | 35.4 | 83.0 | 38.7 | |||||||||||||||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 6,279.2 | 6,098.1 | 6,808.2 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Access equipment | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 3,012.4 | 3,400.6 | 3,506.5 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Access equipment | Aerial work platforms | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1,539.5 | 1,627.0 | 1,746.0 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Access equipment | Telehandlers | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 773.9 | 1,126.1 | 1,157.2 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Access equipment | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 699.0 | 647.5 | 603.3 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Defense | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1,351.1 | 939.8 | 1,724.5 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Fire & emergency | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 953.3 | 815.1 | 756.5 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Commercial | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 979.2 | 978.0 | 865.9 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Commercial | Concrete placement | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 463.6 | 461.0 | 428.2 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Commercial | Refuse collection | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 409.1 | 385.0 | 309.1 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Commercial | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 106.5 | 132.0 | 128.6 | ||||||||||||||||||||||||||||||||||||
Operating Segments | Intersegment eliminations | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | (16.8) | (35.4) | (45.2) | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Access equipment | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Access equipment | Aerial work platforms | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Access equipment | Telehandlers | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Access equipment | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Defense | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 1.8 | 8.0 | 0.3 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Fire & emergency | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 11.8 | 23.6 | 37.4 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Commercial | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 3.2 | 3.8 | 7.5 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Commercial | Concrete placement | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Commercial | Refuse collection | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Commercial | Other | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | 3.2 | 3.8 | 7.5 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | |||||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||||
Net sales | (16.8) | $ (35.4) | $ (45.2) | ||||||||||||||||||||||||||||||||||||
Other Restructuring [Member] | |||||||||||||||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||||||||||||
Restructuring Charges | 26.9 | ||||||||||||||||||||||||||||||||||||||
Employee Severance [Member] | |||||||||||||||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||||||||||||
Restructuring Charges | 0.9 | ||||||||||||||||||||||||||||||||||||||
Employee Severance [Member] | Cost of Sales [Member] | Access equipment | |||||||||||||||||||||||||||||||||||||||
Business Segment Information | |||||||||||||||||||||||||||||||||||||||
Restructuring Charges | $ 0.9 | ||||||||||||||||||||||||||||||||||||||
|
Business Segment Information (Details 3) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | $ 4,513.8 | $ 4,552.7 | $ 4,513.8 | $ 4,552.7 | ||||||||||||||||||||||||||
Net sales | 1,755.4 | [1] | $ 1,747.5 | $ 1,524.3 | $ 1,252.0 | 1,578.3 | [2] | $ 1,612.3 | $ 1,554.2 | $ 1,353.3 | 6,279.2 | 6,098.1 | $ 6,808.2 | |||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Net sales | 4,756.6 | 4,789.3 | 5,247.7 | |||||||||||||||||||||||||||
Other North America | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Net sales | 219.5 | 302.8 | 351.2 | |||||||||||||||||||||||||||
Europe, Africa and Middle East | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Net sales | 905.5 | 564.4 | 672.3 | |||||||||||||||||||||||||||
Rest of the world | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Net sales | 397.6 | 441.6 | 537.0 | |||||||||||||||||||||||||||
Access equipment | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 2,571.2 | 2,883.8 | 2,571.2 | 2,883.8 | ||||||||||||||||||||||||||
Net sales | 3,012.4 | 3,400.6 | 3,506.5 | |||||||||||||||||||||||||||
Access equipment | U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 1,856.0 | 2,154.5 | 1,856.0 | 2,154.5 | ||||||||||||||||||||||||||
Access equipment | Europe | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | [5] | 521.5 | 527.8 | 521.5 | 527.8 | |||||||||||||||||||||||||
Access equipment | Rest of the world | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 193.7 | 201.5 | 193.7 | 201.5 | ||||||||||||||||||||||||||
Defense | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 525.2 | 416.3 | 525.2 | 416.3 | ||||||||||||||||||||||||||
Net sales | 1,349.3 | 931.8 | 1,724.2 | |||||||||||||||||||||||||||
Defense | U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 522.2 | 411.2 | 522.2 | 411.2 | ||||||||||||||||||||||||||
Defense | Rest of the world | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 3.0 | 5.1 | 3.0 | 5.1 | ||||||||||||||||||||||||||
Fire & emergency | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Net sales | 941.5 | 791.5 | 719.1 | |||||||||||||||||||||||||||
Fire & emergency | U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 522.7 | 524.8 | 522.7 | 524.8 | ||||||||||||||||||||||||||
Commercial [Member] | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 391.8 | 419.8 | 391.8 | 419.8 | ||||||||||||||||||||||||||
Net sales | 976.0 | 974.2 | $ 858.4 | |||||||||||||||||||||||||||
Commercial [Member] | U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 358.4 | 379.5 | 358.4 | 379.5 | ||||||||||||||||||||||||||
Commercial [Member] | Rest of the world | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | [5] | 33.4 | 40.3 | 33.4 | 40.3 | |||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | 502.9 | 308.0 | 502.9 | 308.0 | ||||||||||||||||||||||||||
Corporate | U.S. | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | [6] | 408.3 | 221.7 | 408.3 | 221.7 | |||||||||||||||||||||||||
Corporate | Rest of the world | ||||||||||||||||||||||||||||||
Revenue and assets by geography | ||||||||||||||||||||||||||||||
Identifiable assets | [7] | $ 94.6 | $ 86.3 | $ 94.6 | $ 86.3 | |||||||||||||||||||||||||
|
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||
Net sales | $ 1,755.4 | $ 1,747.5 | $ 1,524.3 | $ 1,252.0 | $ 1,578.3 | $ 1,612.3 | $ 1,554.2 | $ 1,353.3 | $ 6,279.2 | $ 6,098.1 | $ 6,808.2 | ||||||||||||
Cost of sales | 5,223.4 | 5,058.9 | 5,625.5 | ||||||||||||||||||||
Gross income | 299.1 | 314.6 | 259.3 | 182.8 | 249.7 | 284.0 | 275.8 | 229.7 | 1,055.8 | 1,039.2 | 1,182.7 | ||||||||||||
Selling, general and administrative expenses | 612.4 | 587.4 | 624.1 | ||||||||||||||||||||
Amortization of purchased intangibles | 52.5 | 53.2 | 55.3 | ||||||||||||||||||||
Asset impairment charge | 26.9 | 0.0 | 0.0 | ||||||||||||||||||||
Operating income | 95.5 | 146.8 | 91.4 | 30.3 | 86.6 | 136.6 | 109.7 | 65.7 | 364.0 | 398.6 | 503.3 | ||||||||||||
Interest expense | (60.4) | (70.1) | (71.4) | ||||||||||||||||||||
Interest income | 2.1 | 2.5 | 2.0 | ||||||||||||||||||||
Miscellaneous, net | 1.3 | (4.9) | (2.0) | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 307.0 | 326.1 | 431.9 | ||||||||||||||||||||
Provision for (benefit from) income taxes | 92.4 | 99.2 | 125.0 | ||||||||||||||||||||
Income before equity in earnings of unconsolidated affiliates | 214.6 | 226.9 | 306.9 | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 1.8 | 2.6 | 2.4 | ||||||||||||||||||||
Net income | $ 61.5 | $ 84.2 | $ 56.1 | $ 14.6 | $ 50.3 | $ 89.9 | $ 54.6 | $ 34.7 | 216.4 | 229.5 | 309.3 | ||||||||||||
Total other comprehensive income (loss), net of tax | (30.6) | (75.2) | (54.6) | ||||||||||||||||||||
Comprehensive income | 185.8 | 154.3 | 254.7 | ||||||||||||||||||||
Oshkosh Corporation | |||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||
Net sales | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Cost of sales | 2.6 | 0.4 | 3.3 | ||||||||||||||||||||
Gross income | (2.6) | (0.4) | (3.3) | ||||||||||||||||||||
Selling, general and administrative expenses | 121.8 | 101.8 | 138.0 | ||||||||||||||||||||
Amortization of purchased intangibles | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Asset impairment charge | 0.0 | ||||||||||||||||||||||
Operating income | (124.4) | (102.2) | (141.3) | ||||||||||||||||||||
Interest expense | (277.6) | (256.2) | (246.3) | ||||||||||||||||||||
Interest income | 1.7 | 1.6 | 3.0 | ||||||||||||||||||||
Miscellaneous, net | 60.8 | 25.7 | 46.9 | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | (339.5) | (331.1) | (337.7) | ||||||||||||||||||||
Provision for (benefit from) income taxes | (108.8) | (106.4) | (109.0) | ||||||||||||||||||||
Income before equity in earnings of unconsolidated affiliates | (230.7) | (224.7) | (228.7) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 447.4 | 454.4 | 538.0 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | (0.3) | (0.2) | 0.0 | ||||||||||||||||||||
Net income | 216.4 | 229.5 | 309.3 | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (30.6) | (75.2) | (54.6) | ||||||||||||||||||||
Comprehensive income | 185.8 | 154.3 | 254.7 | ||||||||||||||||||||
Guarantor Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||
Net sales | 5,289.7 | 5,127.7 | 5,838.2 | ||||||||||||||||||||
Cost of sales | 4,410.7 | 4,321.7 | 4,898.9 | ||||||||||||||||||||
Gross income | 879.0 | 806.0 | 939.3 | ||||||||||||||||||||
Selling, general and administrative expenses | 390.7 | 390.9 | 378.5 | ||||||||||||||||||||
Amortization of purchased intangibles | 38.6 | 39.2 | 39.9 | ||||||||||||||||||||
Asset impairment charge | 26.9 | ||||||||||||||||||||||
Operating income | 422.8 | 375.9 | 520.9 | ||||||||||||||||||||
Interest expense | (63.3) | (53.8) | (49.4) | ||||||||||||||||||||
Interest income | 89.5 | 67.4 | 60.3 | ||||||||||||||||||||
Miscellaneous, net | (208.3) | (129.9) | (184.6) | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 240.7 | 259.6 | 347.2 | ||||||||||||||||||||
Provision for (benefit from) income taxes | 75.4 | 83.4 | 113.7 | ||||||||||||||||||||
Income before equity in earnings of unconsolidated affiliates | 165.3 | 176.2 | 233.5 | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 101.5 | 129.2 | 159.3 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Net income | 266.8 | 305.4 | 392.8 | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (18.3) | (4.3) | (22.2) | ||||||||||||||||||||
Comprehensive income | 248.5 | 301.1 | 370.6 | ||||||||||||||||||||
Non-Guarantor Subsidiaries | |||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||
Net sales | 1,119.4 | 1,050.6 | 1,057.6 | ||||||||||||||||||||
Cost of sales | 940.1 | 816.7 | 810.6 | ||||||||||||||||||||
Gross income | 179.3 | 233.9 | 247.0 | ||||||||||||||||||||
Selling, general and administrative expenses | 99.9 | 94.7 | 107.6 | ||||||||||||||||||||
Amortization of purchased intangibles | 13.9 | 14.0 | 15.4 | ||||||||||||||||||||
Asset impairment charge | 0.0 | ||||||||||||||||||||||
Operating income | 65.5 | 125.2 | 124.0 | ||||||||||||||||||||
Interest expense | (2.1) | (1.3) | (3.2) | ||||||||||||||||||||
Interest income | 193.5 | 174.7 | 166.2 | ||||||||||||||||||||
Miscellaneous, net | 148.8 | 99.3 | 135.7 | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 405.7 | 397.9 | 422.7 | ||||||||||||||||||||
Provision for (benefit from) income taxes | 125.8 | 122.3 | 120.4 | ||||||||||||||||||||
Income before equity in earnings of unconsolidated affiliates | 279.9 | 275.6 | 302.3 | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | 77.9 | 149.7 | 188.3 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 2.1 | 2.8 | 2.4 | ||||||||||||||||||||
Net income | 359.9 | 428.1 | 493.0 | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (6.2) | (67.7) | (29.8) | ||||||||||||||||||||
Comprehensive income | 353.7 | 360.4 | 463.2 | ||||||||||||||||||||
Eliminations | |||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||
Net sales | (129.9) | (80.2) | (87.6) | ||||||||||||||||||||
Cost of sales | (130.0) | (79.9) | (87.3) | ||||||||||||||||||||
Gross income | 0.1 | (0.3) | (0.3) | ||||||||||||||||||||
Selling, general and administrative expenses | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Amortization of purchased intangibles | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Asset impairment charge | 0.0 | ||||||||||||||||||||||
Operating income | 0.1 | (0.3) | (0.3) | ||||||||||||||||||||
Interest expense | 282.6 | 241.2 | 227.5 | ||||||||||||||||||||
Interest income | (282.6) | (241.2) | (227.5) | ||||||||||||||||||||
Miscellaneous, net | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 0.1 | (0.3) | (0.3) | ||||||||||||||||||||
Provision for (benefit from) income taxes | 0.0 | (0.1) | (0.1) | ||||||||||||||||||||
Income before equity in earnings of unconsolidated affiliates | 0.1 | (0.2) | (0.2) | ||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (626.8) | (733.3) | (885.6) | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
Net income | (626.7) | (733.5) | (885.8) | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 24.5 | 72.0 | 52.0 | ||||||||||||||||||||
Comprehensive income | $ (602.2) | $ (661.5) | $ (833.8) | ||||||||||||||||||||
|
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 2) - USD ($) $ in Millions |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2013 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 321.9 | $ 42.9 | $ 313.8 | $ 733.5 |
Receivables, net | 1,021.9 | 964.6 | ||
Inventories, net | 979.8 | 1,301.7 | ||
Other current assets | 93.9 | 67.9 | ||
Total current assets | 2,417.5 | 2,377.1 | ||
Investment in and advances to consolidated subsidiaries | 0.0 | 0.0 | ||
Intercompany receivables | 0.0 | 0.0 | ||
Intangible assets, net | 1,557.0 | 1,607.8 | ||
Other long-term assets | 539.3 | 567.8 | ||
Total assets | 4,513.8 | 4,552.7 | ||
Current liabilities: | ||||
Accounts payable | 466.1 | 552.8 | ||
Customer advances | 471.8 | 440.2 | ||
Other current liabilities | 429.7 | 465.1 | ||
Total current liabilities | 1,367.6 | 1,458.1 | ||
Long-term debt, less current maturities | 826.2 | 844.3 | ||
Intercompany payables | 0.0 | 0.0 | ||
Other long-term liabilities | 343.5 | 339.2 | ||
Shareholders' equity: | ||||
Total shareholders’ equity | 1,976.5 | 1,911.1 | ||
Total liabilities and shareholders' equity | 4,513.8 | 4,552.7 | ||
Oshkosh Corporation | ||||
Current assets: | ||||
Cash and cash equivalents | 285.4 | 14.8 | 281.8 | 711.7 |
Receivables, net | 13.0 | 29.4 | ||
Inventories, net | 0.0 | 0.0 | ||
Other current assets | 28.0 | 20.9 | ||
Total current assets | 326.4 | 65.1 | ||
Investment in and advances to consolidated subsidiaries | 6,148.2 | 5,744.0 | ||
Intercompany receivables | 48.0 | 47.2 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Other long-term assets | 87.3 | 106.6 | ||
Total assets | 6,609.9 | 5,962.9 | ||
Current liabilities: | ||||
Accounts payable | 13.3 | 16.3 | ||
Customer advances | 0.0 | 0.0 | ||
Other current liabilities | 85.5 | 165.0 | ||
Total current liabilities | 98.8 | 181.3 | ||
Long-term debt, less current maturities | 826.2 | 844.3 | ||
Intercompany payables | 3,639.4 | 2,957.5 | ||
Other long-term liabilities | 69.0 | 68.7 | ||
Shareholders' equity: | ||||
Total shareholders’ equity | 1,976.5 | 1,911.1 | ||
Total liabilities and shareholders' equity | 6,609.9 | 5,962.9 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 1.7 | 6.3 | 4.7 | 2.7 |
Receivables, net | 734.3 | 692.9 | ||
Inventories, net | 679.1 | 926.2 | ||
Other current assets | 58.5 | 37.8 | ||
Total current assets | 1,473.6 | 1,663.2 | ||
Investment in and advances to consolidated subsidiaries | 1,253.6 | 1,128.0 | ||
Intercompany receivables | 1,353.7 | 998.7 | ||
Intangible assets, net | 947.5 | 984.4 | ||
Other long-term assets | 232.7 | 228.9 | ||
Total assets | 5,261.1 | 5,003.2 | ||
Current liabilities: | ||||
Accounts payable | 375.0 | 415.3 | ||
Customer advances | 465.8 | 438.3 | ||
Other current liabilities | 246.5 | 202.4 | ||
Total current liabilities | 1,087.3 | 1,056.0 | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany payables | 2,346.5 | 2,372.5 | ||
Other long-term liabilities | 147.9 | 147.4 | ||
Shareholders' equity: | ||||
Total shareholders’ equity | 1,679.4 | 1,427.3 | ||
Total liabilities and shareholders' equity | 5,261.1 | 5,003.2 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 34.8 | 21.8 | 27.3 | 19.1 |
Receivables, net | 319.6 | 290.1 | ||
Inventories, net | 300.7 | 375.5 | ||
Other current assets | 7.4 | 9.2 | ||
Total current assets | 662.5 | 696.6 | ||
Investment in and advances to consolidated subsidiaries | (120.0) | (192.4) | ||
Intercompany receivables | 4,632.2 | 4,331.3 | ||
Intangible assets, net | 609.5 | 623.4 | ||
Other long-term assets | 219.3 | 232.3 | ||
Total assets | 6,003.5 | 5,691.2 | ||
Current liabilities: | ||||
Accounts payable | 122.6 | 168.7 | ||
Customer advances | 6.0 | 1.9 | ||
Other current liabilities | 97.9 | 98.0 | ||
Total current liabilities | 226.5 | 268.6 | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany payables | 48.0 | 47.2 | ||
Other long-term liabilities | 126.6 | 123.1 | ||
Shareholders' equity: | ||||
Total shareholders’ equity | 5,602.4 | 5,252.3 | ||
Total liabilities and shareholders' equity | 6,003.5 | 5,691.2 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0.0 | 0.0 | $ 0.0 | $ 0.0 |
Receivables, net | (45.0) | (47.8) | ||
Inventories, net | 0.0 | 0.0 | ||
Other current assets | 0.0 | 0.0 | ||
Total current assets | (45.0) | (47.8) | ||
Investment in and advances to consolidated subsidiaries | (7,281.8) | (6,679.6) | ||
Intercompany receivables | (6,033.9) | (5,377.2) | ||
Intangible assets, net | 0.0 | 0.0 | ||
Other long-term assets | 0.0 | 0.0 | ||
Total assets | (13,360.7) | (12,104.6) | ||
Current liabilities: | ||||
Accounts payable | (44.8) | (47.5) | ||
Customer advances | 0.0 | 0.0 | ||
Other current liabilities | (0.2) | (0.3) | ||
Total current liabilities | (45.0) | (47.8) | ||
Long-term debt, less current maturities | 0.0 | 0.0 | ||
Intercompany payables | (6,033.9) | (5,377.2) | ||
Other long-term liabilities | 0.0 | 0.0 | ||
Shareholders' equity: | ||||
Total shareholders’ equity | (7,281.8) | (6,679.6) | ||
Total liabilities and shareholders' equity | $ (13,360.7) | $ (12,104.6) |
Separate Financial Information of Subsidiary Guarantors of Indebtedness (Details 3) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by operating activities | $ 577.7 | $ 82.5 | $ 170.4 |
Investing activities: | |||
Additions to property, plant and equipment | (92.5) | (131.7) | (92.2) |
Additions to equipment held for rental | (34.8) | (26.3) | (32.7) |
Acquisition of a business, net of cash acquired | 0.0 | (10.0) | 0.0 |
Proceeds from sale of equipment held for rental | 40.2 | 26.8 | 12.8 |
Intercompany investing | 0.0 | 0.0 | 0.0 |
Other investing activities | (2.1) | 1.1 | (2.7) |
Net cash used by investing activities | (89.2) | (140.1) | (114.8) |
Financing activities: | |||
Repayment of debt (original maturities greater than three months) | (373.5) | (365.0) | (710.0) |
Proceeds from issuance of debt (original maturities greater than three months) | 323.5 | 375.0 | 650.0 |
Net increase (decrease) in short-term debt | (33.5) | 33.5 | 0.0 |
Repurchases of Common Stock | (100.1) | (200.4) | (403.3) |
Debt issuance costs | 0.0 | (15.5) | (19.1) |
Proceeds from exercise of stock options | 21.7 | 8.6 | 50.9 |
Dividends paid | (55.9) | (53.1) | (50.7) |
Excess tax benefit from stock-based compensation | 2.0 | 4.0 | 6.2 |
Intercompany financing | 0.0 | 0.0 | 0.0 |
Net cash used by financing activities | (215.8) | (212.9) | (476.0) |
Effect of exchange rate changes on cash | 6.3 | (0.4) | 0.7 |
Increase (decrease) in cash and cash equivalents | 279.0 | (270.9) | (419.7) |
Cash and cash equivalents at beginning of year | 42.9 | 313.8 | 733.5 |
Cash and cash equivalents at end of year | 321.9 | 42.9 | 313.8 |
Oshkosh Corporation | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by operating activities | (217.5) | (178.8) | (98.6) |
Investing activities: | |||
Additions to property, plant and equipment | (22.4) | (29.3) | (33.4) |
Additions to equipment held for rental | 0.0 | 0.0 | 0.0 |
Acquisition of a business, net of cash acquired | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.0 | 0.0 | 0.0 |
Intercompany investing | (0.7) | (30.7) | (16.2) |
Other investing activities | (2.0) | 0.7 | (2.9) |
Net cash used by investing activities | (25.1) | (59.3) | (52.5) |
Financing activities: | |||
Repayment of debt (original maturities greater than three months) | (370.0) | (365.0) | (710.0) |
Proceeds from issuance of debt (original maturities greater than three months) | 320.0 | 375.0 | 650.0 |
Net increase (decrease) in short-term debt | (33.5) | 33.5 | |
Repurchases of Common Stock | (100.1) | (200.4) | (403.3) |
Debt issuance costs | (15.5) | (19.1) | |
Proceeds from exercise of stock options | 21.7 | 8.6 | 50.9 |
Dividends paid | (55.9) | (53.1) | (50.7) |
Excess tax benefit from stock-based compensation | 2.0 | 4.0 | 6.2 |
Intercompany financing | 729.0 | 184.0 | 197.2 |
Net cash used by financing activities | 513.2 | (28.9) | (278.8) |
Effect of exchange rate changes on cash | 0.0 | 0.0 | 0.0 |
Increase (decrease) in cash and cash equivalents | 270.6 | (267.0) | (429.9) |
Cash and cash equivalents at beginning of year | 14.8 | 281.8 | 711.7 |
Cash and cash equivalents at end of year | 285.4 | 14.8 | 281.8 |
Guarantor Subsidiaries | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by operating activities | 466.7 | 58.5 | 73.2 |
Investing activities: | |||
Additions to property, plant and equipment | (40.4) | (27.9) | (27.4) |
Additions to equipment held for rental | 0.0 | 0.0 | 0.0 |
Acquisition of a business, net of cash acquired | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.6 | 0.0 | 0.0 |
Intercompany investing | (405.8) | (2.8) | (17.6) |
Other investing activities | (0.1) | 0.9 | 0.1 |
Net cash used by investing activities | (445.7) | (29.8) | (44.9) |
Financing activities: | |||
Repayment of debt (original maturities greater than three months) | 0.0 | 0.0 | 0.0 |
Proceeds from issuance of debt (original maturities greater than three months) | 0.0 | 0.0 | 0.0 |
Net increase (decrease) in short-term debt | 0.0 | 0.0 | |
Repurchases of Common Stock | 0.0 | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 | 0.0 |
Dividends paid | 0.0 | 0.0 | 0.0 |
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | 0.0 |
Intercompany financing | (26.0) | (26.0) | (26.0) |
Net cash used by financing activities | (26.0) | (26.0) | (26.0) |
Effect of exchange rate changes on cash | 0.4 | (1.1) | (0.3) |
Increase (decrease) in cash and cash equivalents | (4.6) | 1.6 | 2.0 |
Cash and cash equivalents at beginning of year | 6.3 | 4.7 | 2.7 |
Cash and cash equivalents at end of year | 1.7 | 6.3 | 4.7 |
Non-Guarantor Subsidiaries | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by operating activities | 328.5 | 202.8 | 195.8 |
Investing activities: | |||
Additions to property, plant and equipment | (29.7) | (74.5) | (31.4) |
Additions to equipment held for rental | (34.8) | (26.3) | (32.7) |
Acquisition of a business, net of cash acquired | (10.0) | ||
Proceeds from sale of equipment held for rental | 39.6 | 26.8 | 12.8 |
Intercompany investing | (297.2) | (154.2) | (153.6) |
Other investing activities | 0.0 | (0.5) | 0.1 |
Net cash used by investing activities | (322.1) | (238.7) | (204.8) |
Financing activities: | |||
Repayment of debt (original maturities greater than three months) | (3.5) | 0.0 | 0.0 |
Proceeds from issuance of debt (original maturities greater than three months) | 3.5 | 0.0 | 0.0 |
Net increase (decrease) in short-term debt | 0.0 | 0.0 | |
Repurchases of Common Stock | 0.0 | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 | 0.0 |
Dividends paid | 0.0 | 0.0 | 0.0 |
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | |
Intercompany financing | 0.7 | 29.7 | 16.2 |
Net cash used by financing activities | 0.7 | 29.7 | 16.2 |
Effect of exchange rate changes on cash | 5.9 | 0.7 | 1.0 |
Increase (decrease) in cash and cash equivalents | 13.0 | (5.5) | 8.2 |
Cash and cash equivalents at beginning of year | 21.8 | 27.3 | 19.1 |
Cash and cash equivalents at end of year | 34.8 | 21.8 | 27.3 |
Eliminations | |||
Condensed Consolidating Statement of Cash Flows | |||
Net cash provided by operating activities | 0.0 | 0.0 | 0.0 |
Investing activities: | |||
Additions to property, plant and equipment | 0.0 | 0.0 | 0.0 |
Additions to equipment held for rental | 0.0 | 0.0 | 0.0 |
Acquisition of a business, net of cash acquired | 0.0 | ||
Proceeds from sale of equipment held for rental | 0.0 | 0.0 | 0.0 |
Intercompany investing | 703.7 | 187.7 | 187.4 |
Other investing activities | 0.0 | 0.0 | 0.0 |
Net cash used by investing activities | 703.7 | 187.7 | 187.4 |
Financing activities: | |||
Repayment of debt (original maturities greater than three months) | 0.0 | 0.0 | 0.0 |
Proceeds from issuance of debt (original maturities greater than three months) | 0.0 | 0.0 | 0.0 |
Net increase (decrease) in short-term debt | 0.0 | 0.0 | |
Repurchases of Common Stock | 0.0 | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 | 0.0 |
Dividends paid | 0.0 | 0.0 | 0.0 |
Excess tax benefit from stock-based compensation | 0.0 | 0.0 | |
Intercompany financing | (703.7) | (187.7) | (187.4) |
Net cash used by financing activities | (703.7) | (187.7) | (187.4) |
Effect of exchange rate changes on cash | 0.0 | 0.0 | 0.0 |
Increase (decrease) in cash and cash equivalents | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at beginning of year | 0.0 | 0.0 | 0.0 |
Cash and cash equivalents at end of year | $ 0.0 | $ 0.0 | $ 0.0 |
Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
[2] | Jun. 30, 2015 |
Mar. 31, 2015 |
[3] | Dec. 31, 2014 |
[4] | Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||
Net sales | $ 1,755.4 | $ 1,747.5 | $ 1,524.3 | $ 1,252.0 | $ 1,578.3 | $ 1,612.3 | $ 1,554.2 | $ 1,353.3 | $ 6,279.2 | $ 6,098.1 | $ 6,808.2 | ||||||||||||
Gross income | 299.1 | 314.6 | 259.3 | 182.8 | 249.7 | 284.0 | 275.8 | 229.7 | 1,055.8 | 1,039.2 | 1,182.7 | ||||||||||||
Operating income | 95.5 | 146.8 | 91.4 | 30.3 | 86.6 | 136.6 | 109.7 | 65.7 | 364.0 | 398.6 | 503.3 | ||||||||||||
Net income | $ 61.5 | $ 84.2 | $ 56.1 | $ 14.6 | 50.3 | 89.9 | 54.6 | 34.7 | 216.4 | 229.5 | 309.3 | ||||||||||||
Earnings (loss) attributable to Oshkosh Corporation common shareholders | |||||||||||||||||||||||
Less: net earnings allocated to participating securities | (0.1) | (0.2) | (0.1) | (0.1) | 0.0 | (0.5) | (1.2) | ||||||||||||||||
Earnings available to common shareholders | $ 50.2 | $ 89.7 | $ 54.5 | $ 34.6 | $ 216.4 | $ 229.0 | $ 308.1 | ||||||||||||||||
Earnings per share attributable to common shareholders: | |||||||||||||||||||||||
Total earnings (loss) per share-basic (in dollars per share) | $ 0.83 | $ 1.15 | $ 0.77 | $ 0.20 | $ 0.65 | $ 1.15 | $ 0.70 | $ 0.44 | $ 2.94 | $ 2.94 | $ 3.66 | ||||||||||||
Earnings per share-diluted: | |||||||||||||||||||||||
Total earnings (loss) per share -diluted (in dollars per share) | 0.82 | 1.13 | 0.76 | 0.19 | 0.64 | 1.13 | 0.69 | 0.43 | $ 2.91 | $ 2.90 | $ 3.61 | ||||||||||||
Common Stock per share dividends (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | |||||||||||||||
|
Unaudited Quarterly Results Unaudited Quarterly Results 2 (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Interim Period, Costs Not Allocable [Line Items] | |||||||
Restructuring Charges | $ 27.8 | $ 2.9 | $ 27.8 | ||||
Restructuring charge, net of tax | $ 17.5 | $ 2.4 | |||||
Discrete tax benefits | 7.5 | $ 13.8 | $ 25.7 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 14.7 | 10.9 | |||||
Debt Related Commitment Fees and Debt Issuance Costs, net of tax | $ 9.3 | ||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments, net of tax | $ 2.1 | ||||||
Other Postretirement Benefit Plan [Member] | |||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 3.4 | $ 0.0 | $ 3.4 | $ 10.0 |
SCHEDULE II - VALUATION & QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||
Movement in Valuation Allowances and Reserves | |||||
Balance at Beginning of Year | $ 20.3 | $ 21.8 | $ 20.4 | ||
Additions Charged to Expense | 2.7 | 2.0 | 3.1 | ||
Reductions | [1] | (1.8) | (3.5) | (1.7) | |
Balance at End of Year | $ 21.2 | $ 20.3 | $ 21.8 | ||
|
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