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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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. |
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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 | % |
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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 | |||||||||
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). |
|
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. |
|
|
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 |
|
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 | 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 |
|
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 | |||||||||
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). |
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