Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Entity Registrant Name | Oshkosh Corporation | ||
Document Type | 10-K | ||
Trading Symbol | OSK | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 65,431,763 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000775158 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock $0.01 par value | ||
Entity File Number | 1-31371 | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-0520270 | ||
Entity Address, Address Line One | 1917 Four Wheel Drive | ||
Entity Address, City or Town | Oshkosh | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 54902 | ||
City Area Code | 920 | ||
Local Phone Number | 502-3400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 5,369,063,686 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Proxy Statement for the 2023 Annual Meeting of Shareholders (to be filed with the Commission under Regulation 14A within 120 days after the end of the registrant’s fiscal year and, upon such filing, to be incorporated by reference into Part III). | ||
Auditor Firm ID | 34 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Milwaukee, WI |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Income Statement [Abstract] | |||||
Net sales | $ 1,791.7 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |
Cost of sales | 1,596.4 | 7,227.6 | 6,469.1 | 5,740.4 | |
Gross income | 195.3 | 1,054.4 | 1,268.2 | 1,116.4 | |
Operating expenses: | |||||
Selling, general and administrative | 150.9 | 662.8 | 666.5 | 620.6 | |
Amortization of purchased intangibles | 2.8 | 11.6 | 9.6 | 11 | |
Intangible asset impairment | 7.7 | ||||
Total operating expenses | 153.7 | 682.1 | 676.1 | 631.6 | |
Operating income | 41.6 | 372.3 | 592.1 | 484.8 | |
Other income (expense): | |||||
Interest expense | (12.5) | (53.4) | (48.2) | (59.3) | |
Interest income | 0.7 | 9.5 | 3.5 | 7.5 | |
Miscellaneous, net | [1] | (5.6) | (52.8) | (2.1) | 2.2 |
Income before income taxes and earnings (losses) of unconsolidated affiliates | 24.2 | 275.6 | 545.3 | 435.2 | |
Provision for income taxes | 1.2 | 97.5 | 36.4 | 111.9 | |
Income before earnings (losses) of unconsolidated affiliates | 23 | 178.1 | 508.9 | 323.3 | |
Equity in earnings (losses) of unconsolidated affiliates | 1.2 | (4.2) | (1.8) | ||
Net income | $ 24.2 | $ 173.9 | $ 508.9 | $ 321.5 | |
Earnings per share: | |||||
Basic | $ 0.36 | $ 2.65 | $ 7.43 | $ 4.72 | |
Diluted | $ 0.36 | $ 2.63 | $ 7.35 | $ 4.67 | |
[1] Results for fiscal 2022 include a $ 33.6 million charge from the settlement of a frozen pension plan. Results for the year ended September 30, 2020 include a $ 6.2 million gain from insurance proceeds in excess of property loss in the Commercial segment. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24.2 | $ 173.9 | $ 508.9 | $ 321.5 |
Other comprehensive income (loss), net of tax: | ||||
Employee pension and postretirement benefits | 8.6 | 56.7 | 61.7 | (26.5) |
Currency translation adjustments | (6.9) | (26.4) | 3.8 | 30.4 |
Change in fair value of derivative instruments | 0.7 | 6 | 1.9 | (0.7) |
Total other comprehensive income (loss), net of tax | 2.4 | 36.3 | 67.4 | 3.2 |
Comprehensive income | $ 26.6 | $ 210.2 | $ 576.3 | $ 324.7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 805.9 | $ 995.7 | $ 1,375.8 |
Receivables, net | 1,162 | 973.4 | 1,017.3 |
Unbilled receivables, net | 586.3 | 440.8 | 421.1 |
Inventories, net | 1,865.6 | 1,550.4 | 1,411.5 |
Income taxes receivable | 21.6 | 250.3 | 278.1 |
Other current assets | 90.7 | 71.7 | 58.2 |
Total current assets | 4,532.1 | 4,282.3 | 4,562 |
Property, plant and equipment, net | 826.2 | 593.2 | 595.9 |
Goodwill | 1,042 | 1,049 | 1,052 |
Purchased intangible assets, net | 457 | 464 | 466.8 |
Deferred income taxes | 134.8 | 71.7 | 8.3 |
Other long-term assets | 736.9 | 389.5 | 350.7 |
Total assets | 7,729 | 6,849.7 | 7,035.7 |
Current liabilities: | |||
Revolving credit facilities | 9.7 | ||
Accounts payable | 1,129 | 747.4 | 860.4 |
Customer advances | 696.7 | 690.9 | 654.3 |
Payroll-related obligations | 119.5 | 118.4 | 215.1 |
Income taxes payable | 100.3 | 222.1 | 64.9 |
Other current liabilities | 373.4 | 364.2 | 357 |
Total current liabilities | 2,428.6 | 2,143 | 2,151.7 |
Long-term debt, less current maturities | 595 | 819 | 818.8 |
Long-term customer advances | 1,020.5 | 207 | 118.7 |
Other long-term liabilities | 499.2 | 476.4 | 588.8 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued) | 0.7 | 0.7 | 0.7 |
Additional paid-in capital | 806 | 792.4 | 804.6 |
Retained earnings | 3,315 | 3,238.5 | 3,239.2 |
Accumulated other comprehensive loss | (92.3) | (128.6) | (131) |
Common Stock in treasury, at cost (9,629,317 and 8,289,347 and 7,089,782 shares, respectively) | (843.7) | (698.7) | (555.8) |
Total shareholders’ equity | 3,185.7 | 3,204.3 | 3,357.7 |
Total liabilities and shareholders’ equity | $ 7,729 | $ 6,849.7 | $ 7,035.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract] | |||
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 75,101,465 | 75,101,465 | 75,101,465 |
Common Stock in treasury, shares | 9,629,317 | 8,289,347 | 7,089,782 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Common Stock | Common Stock Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Additional Paid-In Capital | Additional Paid-In Capital Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Common Stock in Treasury, at Cost | Common Stock in Treasury, at Cost Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] |
Balance at Sep. 30, 2019 | $ 2,599.8 | $ 76.7 | $ 2,676.5 | $ 0.7 | $ 0.7 | $ 808.5 | $ 808.5 | $ 2,505 | $ 76.7 | $ 2,581.7 | $ (201.6) | $ (201.6) | $ (512.8) | $ (512.8) |
Net income | 321.5 | 321.5 | ||||||||||||
Employee pension and postretirement benefits, net of tax | (26.5) | (26.5) | ||||||||||||
Currency translation adjustments | 30.4 | 30.4 | ||||||||||||
Gain (loss) on derivative instruments, net of tax | (0.7) | (0.7) | ||||||||||||
Cash dividends | (81.8) | (81.8) | ||||||||||||
Repurchases of Common Stock | (40.8) | (40.8) | ||||||||||||
Exercise of stock options | 26.1 | (11.6) | 37.7 | |||||||||||
Stock-based compensation expense | 29.3 | 29.3 | ||||||||||||
Payment of stock-based restricted and performance shares | (23) | 23 | ||||||||||||
Shares tendered for taxes on stock-based compensation | (10.7) | (10.7) | ||||||||||||
Other | 1.1 | (2.3) | 3.4 | |||||||||||
Balance at Sep. 30, 2020 | 2,924.4 | 0.7 | 800.9 | 2,821.4 | (198.4) | (500.2) | ||||||||
Net income | 508.9 | 508.9 | ||||||||||||
Employee pension and postretirement benefits, net of tax | 61.7 | 61.7 | ||||||||||||
Currency translation adjustments | 3.8 | 3.8 | ||||||||||||
Gain (loss) on derivative instruments, net of tax | 1.9 | 1.9 | ||||||||||||
Cash dividends | (90.4) | (90.4) | ||||||||||||
Repurchases of Common Stock | (107.8) | (107.8) | ||||||||||||
Exercise of stock options | 42.8 | 0.2 | 42.6 | |||||||||||
Stock-based compensation expense | 27.2 | 27.2 | ||||||||||||
Payment of stock-based restricted and performance shares | (23.3) | 23.3 | ||||||||||||
Shares tendered for taxes on stock-based compensation | (14.3) | (14.3) | ||||||||||||
Other | (0.5) | (0.4) | (0.7) | 0.6 | ||||||||||
Balance at Sep. 30, 2021 | 3,357.7 | 0.7 | 804.6 | 3,239.2 | (131) | (555.8) | ||||||||
Net income | 24.2 | 24.2 | ||||||||||||
Employee pension and postretirement benefits, net of tax | 8.6 | 8.6 | ||||||||||||
Currency translation adjustments | (6.9) | (6.9) | ||||||||||||
Gain (loss) on derivative instruments, net of tax | 0.7 | 0.7 | ||||||||||||
Cash dividends | (24.9) | (24.9) | ||||||||||||
Repurchases of Common Stock | (150) | (150) | ||||||||||||
Exercise of stock options | 2.7 | 0.1 | 2.6 | |||||||||||
Stock-based compensation expense | 4.2 | 4.2 | ||||||||||||
Payment of stock-based restricted and performance shares | (16.5) | 16.5 | ||||||||||||
Shares tendered for taxes on stock-based compensation | (12) | (12) | ||||||||||||
Balance at Dec. 31, 2021 | 3,204.3 | 0.7 | 792.4 | 3,238.5 | (128.6) | (698.7) | ||||||||
Net income | 173.9 | 173.9 | ||||||||||||
Employee pension and postretirement benefits, net of tax | 56.7 | 56.7 | ||||||||||||
Currency translation adjustments | (26.4) | (26.4) | ||||||||||||
Gain (loss) on derivative instruments, net of tax | 6 | 6 | ||||||||||||
Cash dividends | (97.3) | (97.3) | ||||||||||||
Repurchases of Common Stock | (155) | (155) | ||||||||||||
Exercise of stock options | 3.1 | (0.3) | 3.4 | |||||||||||
Stock-based compensation expense | 28.6 | 28.6 | ||||||||||||
Payment of stock-based restricted and performance shares | (14) | 14 | ||||||||||||
Shares tendered for taxes on stock-based compensation | (8.3) | (8.3) | ||||||||||||
Other | 0.1 | (0.7) | (0.1) | 0.9 | ||||||||||
Balance at Dec. 31, 2022 | $ 3,185.7 | $ 0.7 | $ 806 | $ 3,315 | $ (92.3) | $ (843.7) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Employee pension and postretirement benefits, tax | $ 2.6 | $ 17.3 | $ 19.4 | $ 8.6 |
Cash dividends declared per share on common stock (in dollars per share) | $ 0.37 | $ 1.48 | $ 1.32 | $ 1.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||||
Net income | $ 24.2 | $ 173.9 | $ 508.9 | $ 321.5 |
Depreciation and amortization | 27 | 107.6 | 104 | 104.2 |
Intangible asset impairment charge | 7.7 | |||
Stock-based incentive compensation | 4.2 | 28.6 | 27.2 | 29.3 |
Deferred income taxes | (179.5) | (53.5) | 99.8 | 21.5 |
Gain on sale of assets | (5.6) | (3.8) | (3.6) | (11.8) |
Unrealized loss on investments | (5.5) | (12.6) | (0.7) | |
Foreign currency transaction (gains) losses | (0.9) | 6.9 | (3.1) | (0.6) |
Other non-cash adjustments | 0.3 | 4.3 | 2.3 | 7.9 |
Changes in operating assets and liabilities: | ||||
Receivables, net | 45.5 | (200.4) | (128.3) | 266.7 |
Unbilled receivables, net | (19.7) | (146.3) | 62.8 | 65.8 |
Inventories, net | (139) | (330.8) | 199.3 | (242.8) |
Other current assets | (13.5) | (11.5) | 8.1 | (17.4) |
Accounts payable | (105.6) | 331.7 | 252.1 | (222.5) |
Customer advances | 124.9 | 819.3 | 281.3 | 112.3 |
Payroll-related obligations | (96.7) | 1.5 | 61.2 | (32.3) |
Income taxes payable | 190.6 | 71.8 | (156.7) | (52.1) |
Other current liabilities | 3.4 | 7.5 | 6.4 | (37.1) |
Other long-term assets and liabilities | (28.2) | (225.8) | (100.8) | 14.7 |
Total changes in operating assets and liabilities | (38.3) | 317 | 485.4 | (144.7) |
Net cash provided (used) by operating activities | (163.1) | 601.3 | 1,221.6 | 327.3 |
Investing activities: | ||||
Additions to property, plant and equipment | (39.4) | (269.5) | (104.4) | (112.3) |
Additions to equipment held for rental | (3.8) | (10.2) | (10.4) | (17.9) |
Acquisition of business, net of cash acquired | (19.7) | (110.6) | ||
Proceeds from sale of equipment held for rental | 14.9 | 13 | 16.3 | 38.8 |
Acquisition of equity securities | (1.2) | (17.4) | (41) | (2.9) |
Other investing activities | 0.8 | 3.4 | 4.5 | 16.7 |
Net cash used in investing activities | (28.7) | (300.4) | (245.6) | (77.6) |
Financing activities: | ||||
Proceeds from debt (original maturities greater than three months) | 10.4 | 303.9 | ||
Repayments of debt (original maturities greater than three months) | (225) | (5.2) | (300) | |
Debt issuance costs | (2.5) | (9.6) | ||
Repurchases of Common Stock | (150) | (155) | (107.8) | (40.8) |
Dividends paid | (24.9) | (97.3) | (90.4) | (81.8) |
Proceeds from exercise of stock options | 2.7 | 3.1 | 42.8 | 26.1 |
Acquisition of Common Stock for taxes on stock-based compensation | (12) | (8.3) | (14.3) | (10.7) |
Other financing activities | (2.1) | (10.4) | (5.5) | (2.6) |
Net cash used in financing activities | (186.3) | (485) | (180.4) | (115.5) |
Effect of exchange rate changes on cash and cash equivalents | (2) | (5.7) | (2.7) | 0.3 |
Increase (decrease) in cash and cash equivalents | (380.1) | (189.8) | 792.9 | 134.5 |
Cash and cash equivalents at beginning of period | 1,375.8 | 995.7 | 582.9 | 448.4 |
Cash and cash equivalents at end of period | 995.7 | 805.9 | 1,375.8 | 582.9 |
Supplemental disclosures: | ||||
Cash paid for interest | 12.2 | 49.6 | 45.2 | 55.9 |
Cash paid for income taxes | 2.7 | 257.3 | 153.9 | 157.2 |
Cash received from income tax refunds | 7.5 | 250.8 | 26.6 | |
Cash paid for operating lease liabilities | 12.2 | 49.8 | 51.4 | 55.8 |
Operating right-of-use assets obtained | $ 20.6 | $ 56 | $ 92.5 | $ 23.3 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Na t ure of Operations Oshkosh Corporation and its subsidiaries (the “Company”) is an industrial technology company and manufacturer that innovates purpose-built vehicles and equipment for the access, defense, fire & emergency, refuse collection and concrete placement markets. “Oshkosh” refers to Oshkosh Corporation, not including its subsidiaries. The Company is organized into four operating segments — Access Equipment, Defense, Fire & Emergency and Commercial. The Company’s Access Equipment segment is conducted through its wholly-owned subsidiary, JLG Industries, Inc. and its wholly-owned subsidiaries (JLG) and JerrDan Corporation (JerrDan). The Company’s Defense segment is conducted through its wholly-owned subsidiary, Oshkosh Defense, LLC (Oshkosh Defense) and its wholly-owned subsidiary, Pratt & Miller Engineering & Fabrication, LLC (Pratt Miller). The Company’s Fire & Emergency segment is principally conducted through its wholly-owned subsidiaries Pierce Manufacturing Inc. (Pierce), Oshkosh Airport Products, LLC (Airport Products), Kewaunee Fabrications, LLC (Kewaunee) and Maxi-Metal Inc. (Maxi-Metal). The Company’s Commercial segment is principally conducted through its wholly-owned subsidiaries, McNeilus Companies, Inc. (McNeilus), London Machinery Inc. and its wholly-owned subsidiary (London), Iowa Mold Tooling Co., Inc. (IMT) and Oshkosh Commercial Products, LLC (Oshkosh Commercial). In October 2021, the Company changed its fiscal year from a year beginning on October 1 and ending on September 30 to a year beginning on January 1 and ending on December 31. The Company’s current fiscal year runs from January 1, 2022 through December 31, 2022 (fiscal 2022). On June 13, 2022, the Company acquired all of the outstanding shares of Maxi-Metal, which specializes in the design and manufacture of fire apparatus and utility vehicles for the Canadian market, for 25.3 million Canadian dollars ($ 19.7 million U.S. dollars). The operating results of Maxi-Metal have been included in the Company’s Consolidated Statements of Income from the date of acquisition. Maxi-Metal had sales of $ 12.3 million from the acquisition date to December 31, 2022. Pro-forma results of operations have not been presented as the effect of the acquisition is not material to any periods presented. The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions): Assets Acquired: Current assets, excluding cash of $ 1.7 $ 7.5 Property, plant and equipment 1.6 Goodwill 7.4 Purchased intangible assets 7.2 Total assets 23.7 Liabilities Assumed: Current liabilities 2.0 Long-term liabilities 2.0 Total liabilities 4.0 Net assets acquired $ 19.7 Intangible assets associated with the purchase consisted of $ 4.3 million of assets subject to amortization with an estimated eight-year average life and $ 2.9 million of assets with an indefinite life. The purchase price, net of cash acquired, was allocated based on the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition with the excess purchase price of $ 7.4 million recorded as goodwill, representing expected synergies of the combined entity, all of which was allocated to the Fire & Emergency segment. None of the goodwill is deductible for income tax purposes. The Company expensed $ 0.4 million of transaction costs related to the acquisition during fiscal 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition — The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). Accordingly, revenue is recognized when control of the goods or services promised under a contract are transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for the goods or services. The Company has elected to apply the following practical expedients and accounting policy elections when determining revenue from contracts with customers and capitalization of related costs: • Shipping and handling costs incurred after control of the related product has transferred to the customer are considered costs to fulfill the related promise and are included in “Cost of sales” in the Consolidated Statements of Income when incurred or when the related product revenue is recognized, whichever is earlier. • Except for the Fire & Emergency segment, the Company has elected to not adjust revenue for the effects of a significant finance component when the timing difference between receipt of payment and recognition of revenue is less than one year. • Sales and similar taxes that are collected from customers are excluded from the transaction price. • The Company has elected to expense incremental costs to obtain a contract when the amortization period of the related asset is expected to be less than one year. • The Company has elected to not disclose unsatisfied performance obligations with an original contract duration of one year or less. See Note 3 of the Notes to Consolidated Financial Statements for information regarding the Company’s revenue recognition practices. Assurance Warranty — Provisions for estimated assurance warranties are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the U.S. Department of Defense (DoD)), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense totaled $ 113.4 million in fiscal 2022, $ 25.6 million for the three months ended December 31, 2021, $ 103.1 million for the year ended September 30, 2021 and $ 103.9 million for the year ended September 30, 2020. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs. Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $ 14.2 million in fiscal 2022, $ 3.5 million for the three months ended December 31, 2021, $ 17.7 million for the year ended September 30, 2021 and $ 16.0 million for the year ended September 30, 2020. Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by ASC Topic 718, Compensation — Stock Compensation . Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument, net of estimated forfeitures. See Note 4 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans. Debt Financing Costs — Debt issuance costs on term debt are amortized using the interest method over the term of the debt. Deferred financing costs on lines of credit are amortized on a straight-line basis over the term of the related lines of credit. Amortization expense was $ 1.6 million (including $ 0.1 million amortization related to early debt retirement) in fiscal 2022, $ 0.4 million for the three months ended December 31, 2021, $ 1.6 million for the year ended September 30, 2021 and $ 3.6 million (including $ 1.8 million of amortization related to early debt retirement) for the year ended September 30, 2020. Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company evaluates uncertain income tax positions in a two -step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50 % of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50 % likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, unbilled receivables, accounts payable and accrued liabilities approximated fair value as of December 31, 2022 , December 31, 2021 and September 30, 2021. See Notes 5, 13, 15, 21 and 22 of the Notes to Consolidated Financial Statements for additional fair value information. Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at December 31, 2022 consisted principally of bank deposits and money market instruments. Receivables — Receivables consist of amounts billed and currently due from customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for expected losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecast that affects the collectability of the related receivable and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered. Finance Receivables — Finance receivables represent sales-type leases resulting from the sale of the Company’s products and the purchase of finance receivables from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value accrues to the Company at the end of the lease. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors these values for impairment on a continuous basis and reflects any resulting reductions in value in current earnings. Delinquency is the primary indicator of credit quality of finance receivables. The Company maintains a general allowance for finance receivables considered doubtful of future collection based upon individual, and pools of receivables with similar risk characteristics, estimates of inherent losses. Additional allowances are established based upon the Company’s evaluation of the quality of the finance receivables, including the length of time the receivables are past due, past experience of collectability and underlying current and future economic conditions. In circumstances where the Company believes collectability is no longer reasonably assured, a specific allowance is recorded to reduce the net recognized receivable to the amount reasonably expected to be collected. The terms of the finance agreements generally give the Company the ability to take possession of the underlying collateral. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers’ financial obligations is not realized. The Company does not accrue interest income on finance receivables in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance receivables are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. The Company determines past due or delinquency status based upon the due date of the receivable. Unbilled Receivables — Unbilled receivables consist of unbilled costs and accrued profits related to revenues on contracts with customers that have been recognized for accounting purposes but not yet billed to customers. In the Company’s Defense segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones (e.g. acceptance of the vehicle) or at periodic intervals (e.g., biweekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in unbilled receivables. Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable, unbilled receivables and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements. The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution. Concentration of credit risk with respect to trade accounts and lease receivables is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade accounts receivable are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables. Inventories — Historically, more than 80 % of the Company ’ s inventories were accounted for under the last-in, first-out (LIFO) method of accounting. Effective October 1, 2022, the Company elected to adopt the first-in, first-out (FIFO) inventory valuation method for all inventories. FIFO was deemed a preferable method as it better aligns with the accounting practices of peers, it more accurately reflects the current value and physical flow of inventory and it harmonizes the accounting method for inventories across the Company. The change in accounting has been retrospectively applied to the consolidated financial statements. As of October 1, 2019, the change in inventory method increased inventory and retained earnings (net of tax) by $ 100.6 million and $ 76.6 million, respectively. Financial statements for the three months ended December 31, 2021, for the years ended September 30, 2021 and 2020 and at December 31, 2021 and September 30, 2021 have been recast. The impacts on the Company ’s previously issued Consolidated Financial Statements are presented in the following tables (in millions): Three Months Ended December 31, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 1,620.0 $ ( 23.6 ) $ 1,596.4 Gross income $ 171.7 $ 23.6 $ 195.3 Operating income $ 18.0 $ 23.6 $ 41.6 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 0.6 $ 23.6 $ 24.2 Provision for income taxes $ ( 4.4 ) $ 5.6 $ 1.2 Income before earnings (losses) of unconsolidated affiliates $ 5.0 $ 18.0 $ 23.0 Net income $ 6.2 $ 18.0 $ 24.2 Basic Earnings per share $ 0.09 $ 0.27 $ 0.36 Diluted Earnings per share $ 0.09 $ 0.27 $ 0.36 Year Ended September 30, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 6,516.5 $ ( 47.4 ) $ 6,469.1 Gross income $ 1,220.8 $ 47.4 $ 1,268.2 Operating income $ 544.7 $ 47.4 $ 592.1 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 497.9 $ 47.4 $ 545.3 Provision for income taxes $ 25.2 $ 11.2 $ 36.4 Income before earnings (losses) of unconsolidated affiliates $ 472.7 $ 36.2 $ 508.9 Net income $ 472.7 $ 36.2 $ 508.9 Basic Earnings per share $ 6.90 $ 0.53 $ 7.43 Diluted Earnings per share $ 6.83 $ 0.52 $ 7.35 Year Ended September 30, 2020 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 5,736.5 $ 3.9 $ 5,740.4 Gross income $ 1,120.3 $ ( 3.9 ) $ 1,116.4 Operating income $ 488.7 $ ( 3.9 ) $ 484.8 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 439.1 $ ( 3.9 ) $ 435.2 Provision for income taxes $ 112.8 $ ( 0.9 ) $ 111.9 Income before earnings (losses) of unconsolidated affiliates $ 326.3 $ ( 3.0 ) $ 323.3 Net income $ 324.5 $ ( 3.0 ) $ 321.5 Basic $ 4.76 $ ( 0.04 ) $ 4.72 Diluted $ 4.72 $ ( 0.05 ) $ 4.67 December 31, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,382.7 $ 167.7 $ 1,550.4 Total current assets $ 4,114.6 $ 167.7 $ 4,282.3 Long-term net deferred tax asset $ 111.5 $ ( 39.8 ) $ 71.7 Total assets $ 6,721.8 $ 127.9 $ 6,849.7 Retained earnings $ 3,110.6 $ 127.9 $ 3,238.5 Total shareholders’ equity $ 3,076.4 $ 127.9 $ 3,204.3 Total liabilities and shareholders’ equity $ 6,721.8 $ 127.9 $ 6,849.7 September 30, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,267.4 $ 144.1 $ 1,411.5 Total current assets $ 4,417.9 $ 144.1 $ 4,562.0 Total assets $ 6,891.6 $ 144.1 $ 7,035.7 Long-term net deferred tax liability $ 73.9 $ 34.2 $ 108.1 Retained earnings $ 3,129.3 $ 109.9 $ 3,239.2 Total shareholders’ equity $ 3,247.8 $ 109.9 $ 3,357.7 Total liabilities and shareholders’ equity $ 6,891.6 $ 144.1 $ 7,035.7 Three Months Ended December 31, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 6.2 $ 18.0 $ 24.2 Deferred income taxes $ ( 185.1 ) $ 5.6 $ ( 179.5 ) (Increase) decrease in inventories $ ( 115.4 ) $ ( 23.6 ) $ ( 139.0 ) Year Ended September 30, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 472.7 $ 36.2 $ 508.9 Deferred income taxes $ 88.6 $ 11.2 $ 99.8 (Increase) decrease in inventories $ 246.7 $ ( 47.4 ) $ 199.3 Year Ended September 30, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 324.5 $ ( 3.0 ) $ 321.5 Deferred income taxes $ 22.4 $ ( 0.9 ) $ 21.5 (Increase) decrease in inventories $ ( 246.7 ) $ 3.9 $ ( 242.8 ) The following tables compare amounts that would have been reported under the LIFO method with amounts reported under the FIFO method in the Consolidated Financial Statements for the year ended December 31, 2022 and as of December 31, 2022 (in millions): Year Ended December 31, 2022 Consolidated Statement of Income As Computed under LIFO Adjustments As Reported under FIFO Cost of sales $ 7,285.5 $ ( 57.9 ) $ 7,227.6 Gross income $ 996.5 $ 57.9 $ 1,054.4 Operating income $ 314.4 $ 57.9 $ 372.3 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 217.7 $ 57.9 $ 275.6 Provision for income taxes $ 83.7 $ 13.8 $ 97.5 Income before earnings (losses) of unconsolidated affiliates $ 134.0 $ 44.1 $ 178.1 Net income $ 129.8 $ 44.1 $ 173.9 Basic Earnings per share $ 1.98 $ 0.67 $ 2.65 Diluted Earnings per share $ 1.96 $ 0.67 $ 2.63 December 31, 2022 Consolidated Balance Sheet As Computed under LIFO Adjustments As Reported under FIFO Inventories, net $ 1,640.0 $ 225.6 $ 1,865.6 Total current assets $ 4,306.5 $ 225.6 $ 4,532.1 Long-term net deferred tax asset $ 164.3 $ ( 29.5 ) $ 134.8 Total assets $ 7,532.9 $ 196.1 $ 7,729.0 Income taxes payable $ 76.2 $ 24.1 $ 100.3 Retained earnings $ 3,143.0 $ 172.0 $ 3,315.0 Total shareholders’ equity $ 3,013.7 $ 172.0 $ 3,185.7 Total liabilities and shareholders’ equity $ 7,532.9 $ 196.1 $ 7,729.0 Year Ended December 31, 2022 Consolidated Statement of Cash Flows As Computed under LIFO Adjustments As Reported under FIFO Net income $ 129.8 $ 44.1 $ 173.9 Deferred income taxes $ ( 43.2 ) $ ( 10.3 ) $ ( 53.5 ) Increase (decrease) in income taxes payable $ 47.7 $ 24.1 $ 71.8 (Increase) decrease in inventories $ ( 272.9 ) $ ( 57.9 ) $ ( 330.8 ) Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation expense is recognized over the estimated useful lives of the respective assets using straight-line and accelerated methods. The estimated useful lives range from ten to forty years for buildings and improvements, from four to twenty-five years for machinery and equipment and from three to ten years for software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets. Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test at the beginning of the fourth quarter of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a loss is recognized for the difference between the fair value of the reporting unit and the carrying value of the reporting unit. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily ( 75 % ) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European co nstruction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. See Note 11 of the Notes to Consolidated Financial Statements for information regarding the Company’s annual impairment testing. Impairment of Long-Lived Assets — Property, plant and equipment, right-of-use (“ROU”) lease assets and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the “relief from royalty” method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a loss is recognized for the difference between the fair value of the trade name and the carrying value of the trade name. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. Customer Advances — Customer advances include amounts received in advance of the completion of vehicles. Advances wi th the Fire & Emergency segment bear interest at fixed rates determined at the time of the advance. Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company’s pension liability, other post-employment benefit liability, tax liability, accrued warranty, accrued product liability and lease liabilities that are not expected to be settled in the subsequent twelve-month period. Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive loss.” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded a net foreign currency transaction loss of $ 6.9 million in fiscal 2022, a net foreign currency transaction gain of $ 2.7 million for the year ended September 30, 2021 and a net foreign currency transaction loss of $ 2.7 million for the year ended September 30, 2020. Foreign currency transactions gains and losses for the three months ended December 31, 2021 netted to zero . Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are initially recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income each period. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged. Reclassifications — Certain reclassifications have been made to the prior period financial statements to conform with the fiscal 2022 present ation and improve comparability between periods. Deferred income taxes, which were previously presented in “Other long-term assets”, and Long-term customer advances, which were previously presented in “Other long-term liabilities”, are now presented as separate lines within the December 31, 2022 Consolidated Balance Sheet. Gain (loss) on derivative instruments, net of tax, which was previously presented in “Other”, is now presented as a separate line within the Consolidated Statements of Shareholders’ Equity. Debt extinguishment, which was presented as a separate line item within the Consolidated Statement of Cash Flows for the year ended September 30, 2020, is now presented within “Other non-cash adjustments”. Unrealized loss on investments, which was previously presented in “Other non-cash adjustments” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and the years ended September 30, 2021 and 2020, is now presented as a separate line. Foreign currency transaction (gains) losses, which were previously presented in “Other non-cash adjustments” within the Consolidated Statements of Cash Flows for the years ended September 30, 2021 and 2020, are now presented as separate lines. Acquisition of equity securities, which was previously presented in “Other investing activities” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 is now presented as a separate line. Acquisition of Common Stock for taxes on stock-based compensation, which was previously presented in “Repurchases of Common Stock” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and the years ended September 30, 2021 and 2020, is now presented as a separate line. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Sales And Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The Company recognizes revenue in accordance with ASC 606. Accordingly, revenue is recognized when control of the goods or services promised under a contract are transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as the Company performs under the contract) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for the goods or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. If collectability is not probable, the sale is deferred until collection becomes probable or payment is received. Contracts are reviewed to determine whether there is one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, the expected consideration (e.g., the transaction price) is allocated to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation, which is determinable based on observable standalone selling prices or is estimated using an expected cost plus a margin approach. Revenue is then recognized for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred. When the amount of consideration allocated to a performance obligation through this process differs from the invoiced amount, it results in a contract asset or liability. The identification of performance obligations within a contract requires significant judgment. The following is a description of the primary activities from which the Company generates revenue. Access Equipment, Fire & Emergency and Commercial segments revenue The Company derives revenue in the Access Equipment, Fire & Emergency and Commercial segments (non-defense segments) through the sale of machinery, vehicles and related aftermarket parts and services. Customers include distributors, equipment rental providers and end-users. Contracts with customers generally exist upon the approval of a quote and/or purchase order by the Company and customer. Each contract is also assessed at inception to determine whether it is necessary to combine the contract with other contracts. The Company’s non-defense segments offer various customer incentives within contracts, such as sales and marketing rebates, volume discounts and interest subsidies, some of which are variable and therefore must be estimated by the Company. Transaction prices may also be impacted by rights of return, primarily within the aftermarket parts business, which requires the Company to record a liability and asset representing its rights and obligations in the event a return occurs. The estimated return liability is based on historical experience rates. Revenue for performance obligations consisting of machinery, vehicle and aftermarket parts (together, “product”) is recognized when the customer obtains control of the product, which typically occurs at a point in time, based on the shipping terms within the contract. In the Commercial segment, refuse collection and concrete mixer products are sold on both Company owned chassis and customer owned chassis. When performing work on a customer owned chassis, revenue is recognized over time based on the cost-to-cost method, as the Company is enhancing a customer owned asset. All non-defense segments offer aftermarket services related to their respective products such as repair, refurbishment and maintenance (together, “services”). The Company generally recognizes revenue on service performance obligations over time using the method that results in the most faithful depiction of transfer of control to the customer. Non-defense segments also offer extended warranty coverage as an option on most products. The Company considers extended warranties to be service-type warranties and therefore a performance obligation. Service-type warranties differ from the Company’s standard, or assurance-type warranties, as they are generally separately priced and negotiated as part of the contract and/or provide additional coverage beyond what the customer or customer group that purchases the product would receive under an assurance-type warranty. The Company has concluded that its extended warranties are stand-ready obligations to perform and therefore recognizes revenue ratably over the coverage period. The Company also provides a standard warranty on its products and services at no additional cost to its customers in most instances. See Note 16 of the Notes to Consolidated Financial Statements for further discussion on product assurance warranties. Defense segment revenue The majority of the Company’s Defense segment sales are derived through long-term contracts with the U.S. government to design, develop, manufacture or modify defense and other specialty vehicles. These contracts, which also include those under the U.S. Government-sponsored Foreign Military Sales (FMS) program, accounted for approximately 95 % of Defense segment revenue in fiscal 2022. Contracts with Defense segment customers are generally fixed-price or cost-reimbursement type contracts. Under fixed-price contracts, the price paid to the Company is generally not adjusted to reflect the Company’s actual costs except for costs incurred as a result of contract modifications. Certain fixed-price contracts include an incentive component under which the price paid to the Company is subject to adjustment based on the actual costs incurred. Under cost-reimbursement contracts, the price paid to the Company is determined based on the allowable costs incurred to perform plus a fee. The fee component of cost-reimbursement contracts can be fixed based on negotiations at contract inception or can vary based on performance against target costs established at the time of contract inception. The Company also designs, develops, manufactures or modifies defense products for international customers through Direct Commercial Sale contracts. The Defense segment supports its products through the sale of aftermarket parts and services. Aftermarket contracts can range from long-term supply agreements to ad hoc purchase orders for replacement parts. The Company evaluates Defense segment contracts at inception to identify performance obligations. The goods and services in Defense segment contracts are typically not distinct from one another as they are generally customized and have complex inter-relationships and the Company is responsible for overall management of the contract. As a result, Defense segment contracts are typically accounted for as a single performance obligation. The Defense segment provides standard warranties for its products for periods that typically range from one to two years. These assurance-type warranties typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. See Note 16 of the Notes to Consolidated Financial Statements for further discussion on product assurance warranties. The Company determines the transaction price for each contract at inception based on the consideration that it expects to receive for the goods and services promised under the contract. This determination is made based on the Company’s current rights, excluding the impact of any subsequent contract modifications (including unexercised options) until they become legally enforceable. Contract modifications frequently occur within the Defense segment. The Company evaluates each modification to identify changes that impact price or scope of its contracts, which are then assessed to determine if the modification should be accounted for as an adjustment to an existing contract or as a separate contract. Contract modifications within the Defense segment are generally accounted for as a cumulative catch-up adjustment to existing contracts as they are not distinct from the goods and services within the existing contract. For Defense segment contracts that include a variable component in the sale price, the Company estimates variable consideration. Variable consideration is included within the contract’s transaction price to the extent it is probable that a significant reversal of revenue will not occur. The Company evaluates its estimates of variable consideration on an ongoing basis and any adjustments are accounted for as changes in estimates in the period identified. Common forms of variable consideration within Defense segment contracts include cost reimbursement contracts that contain incentives, customer reimbursement rights and regulatory or customer negotiated penalties tied to contract performance. The Company recognizes revenue on Defense segment contracts as performance obligations are satisfied and control of the underlying goods and services is transferred to the customer. In making this evaluation, the Defense segment considers contract terms, payment terms and whether there is an alternative future use for the good or service. Through this process the Company has concluded that substantially all of the Defense segment’s performance obligations, including a majority of performance obligations for aftermarket goods and services, transfer control to the customer over time. For U.S. government and FMS program contracts, this determination is supported by the inclusion of clauses within contracts that allow the customer to terminate a contract at its convenience. When the clause is present, the Company is entitled to compensation for the work performed through the date of notification at a price that reflects actual costs plus a reasonable margin in exchange for transferring its work in process to the customer. For contracts that do not contain termination for convenience provisions, the Company is generally able to support the over time transfer of control determination as a result of the customized nature of its goods and services, which create assets without an alternative use and contractual rights. The Defense segment utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified. There is significant judgment involved in estimating sales and costs within the Defense segment. Each contract is evaluated at contract inception to identify risks and estimate revenue and costs. In performing this evaluation, the Defense segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. These considerations are then factored into the Company’s estimated revenue and costs. Preliminary contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications (e.g., new orders) are received, the additional units are factored into the overall contract estimate of costs and transaction price. During fiscal 2022, the Company experienced significant inflation in its material, labor and overhead costs. As the contract prices are generally fixed, these increases caused significant unfavorable cumulative catch-up adjustments. Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Net sales $ ( 33.9 ) $ ( 0.1 ) $ 13.1 $ 31.2 Operating income ( 46.2 ) ( 7.7 ) 19.4 16.2 Net income ( 35.4 ) ( 5.9 ) 14.9 12.4 Diluted earnings per share $ ( 0.54 ) $ ( 0.09 ) $ 0.21 $ 0.18 The Defense segment incurs pre-production engineering, factory setup and other contract fulfillment costs related to products produced for its customers under long-term contracts. An asset is recognized for costs incurred to fulfill an existing contract or highly-probable anticipated contract if such costs generate or enhance resources that will be used in satisfying performance obligations in the future and the costs are expected to be recovered. Costs related to customer-owned tooling that will be used in production and for which the customer has provided a non-cancelable right to use the tooling to perform during the contract term are also recognized as an asset. Under the Next Generation Delivery Vehicles (NGDV) contract with the United States Postal Service (USPS), the Company has determined that it does not transfer control of any goods or services to the USPS until the construction of the production vehicles. Deferred contract related costs will be amortized over the anticipated production volume of the NGDV contract. Deferred contract fulfillment and customer-owned tooling costs are included in “Other long-term assets” within the Company’s Consolidated Balance Sheets. The Company periodically assesses its contract fulfillment and customer-owned tooling for impairment. The Company did not record any impairment losses on contract fulfillment or customer-owned tooling costs in fiscal 2022, the three months ended December 31, 2021, or the years ended September 30, 2021 and September 30, 2020. Deferred contract related costs, the majority of which are related to the NGDV contract, consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Costs for anticipated contracts $ 6.8 $ 4.9 $ 4.8 Engineering costs 256.1 60.0 42.3 Factory setup costs 16.4 4.1 2.2 Customer-owned tooling 136.5 4.2 1.3 Deferred contract related costs $ 415.8 $ 73.2 $ 50.6 Disaggregation of Revenue Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Year Ended December 31, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 3,923.4 $ 13.0 $ 1,086.8 $ 670.4 $ ( 7.1 ) $ 5,686.5 Over time 48.7 2,128.3 24.8 393.7 — 2,595.5 $ 3,972.1 $ 2,141.3 $ 1,111.6 $ 1,064.1 $ ( 7.1 ) $ 8,282.0 Three Months Ended December 31, 2021 (transition period) Access Defense Fire & Commercial Corporate and Total Point in time $ 818.8 $ 4.0 $ 214.7 $ 135.8 $ ( 2.7 ) $ 1,170.6 Over time 14.7 527.5 3.9 74.8 0.2 621.1 $ 833.5 $ 531.5 $ 218.6 $ 210.6 $ ( 2.5 ) $ 1,791.7 Year Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 3,006.9 $ 43.5 $ 1,205.9 $ 532.8 $ ( 25.1 ) $ 4,764.0 Over time 65.2 2,482.1 20.7 404.8 0.5 2,973.3 $ 3,072.1 $ 2,525.6 $ 1,226.6 $ 937.6 $ ( 24.6 ) $ 7,737.3 Year Ended September 30, 2020 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,437.5 $ 34.8 $ 1,085.1 $ 556.7 $ ( 36.0 ) $ 4,078.1 Over time 77.6 2,276.7 21.9 401.1 1.4 2,778.7 $ 2,515.1 $ 2,311.5 $ 1,107.0 $ 957.8 $ ( 34.6 ) $ 6,856.8 See Note 23 of the Notes to Consolidated Financial Statements for further disaggregated sales information. Contract Assets and Contract Liabilities In instances where the Company recognizes revenue prior to having an unconditional right to payment, the Company records a contract asset. The Company reduces contract assets when the Company has an unconditional right to payment. The Company periodically assesses its contract assets for impairment. Contract assets and liabilities are determined on a net basis for each contract. The Company did no t record any impairment losses on contract assets in fiscal 2022, the three months ended December 31, 2021, or the years ended September 30, 2021 and September 30, 2020. The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long-term contracts in the Defense segment which typically allow for billing upon acceptance of the finished goods, payments received from customers in advance of performance and extended warranties that are billed in advance of the warranty coverage period. Customer payment is usually received shortly after billing and payment terms generally do not exceed one year. See Note 8 of the Notes to Consolidated Financial Statements for additional information on the Company’s receivables balances. With the exception of the Fire & Emergency segment, the Company’s contracts typically do not contain a significant financing component. In the Fire & Emergency segment, customers earn interest on customer advances at a rate determined in a separate financing transaction between the Fire & Emergency segment and the customer at contract inception. Interest charges recorded in “Interest expense” in the Consolidated Statements of Income was $ 23.4 million in fiscal 2022, $ 4.6 million for the three months ended December 31, 2021, $ 17.2 million for the year ended September 30, 2021 and $ 15.6 million for the year ended September 30, 2020. The timing of billing does not always match the timing of revenue recognition. In instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue, the Company records a contract liability. The Company reduces contract liabilities when the Company transfers control of the promised goods and services. Contract liabilities consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Customer advances $ 696.7 $ 690.9 $ 654.3 Other current liabilities 77.4 81.9 82.0 Long-term customer advances 1,020.5 207.0 118.7 Other long-term liabilities 66.8 54.9 56.5 Total contract liabilities $ 1,861.4 $ 1,034.7 $ 911.5 Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Beginning liabilities recognized in revenue $ 436.9 $ 126.9 $ 521.7 $ 441.0 The Company offers a variety of service-type warranties, including optionally priced extended warranty programs. Outstanding balances related to service-type warranties are included within contract liabilities. Revenue related to service-type warranties is deferred until after the expiration of the standard warranty period. The revenue is then recognized in income over the term of the extended warranty period in proportion to the costs that are expected to be incurred. Changes in the Company’s service-type warranties were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 66.9 $ 65.8 $ 64.4 $ 68.2 Deferred revenue for new service warranties 31.5 6.4 26.2 23.6 Amortization of deferred revenue ( 21.7 ) ( 5.3 ) ( 25.0 ) ( 27.9 ) Foreign currency translation ( 0.6 ) — 0.2 0.5 Balance at end of period $ 76.1 $ 66.9 $ 65.8 $ 64.4 Classification of service-type warranties in the Consolidated Balance Sheets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Other current liabilities $ 26.8 $ 22.3 $ 21.8 Other long-term liabilities 49.3 44.6 44.0 $ 76.1 $ 66.9 $ 65.8 Remaining Performance Obligations As of December 31, 2022, the Company had unsatisfied performance obligations for contracts with an original duration greater than one year totaling $ 9.1 billion , of which $ 2.8 billion is expected to be satisfied and revenue recognized in fiscal 2023, $ 2.3 billion is expected to be satisfied and revenue recognized in fiscal 2024 and $ 4.0 billion is expected to be satisfied and revenue recognized beyond fiscal 2024. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 4. Stock-Based Compensation In February 2017, the Company’s shareholders approved the 2017 Incentive Stock and Awards Plan (the “2017 Stock Plan”). The 2017 Stock Plan replaced the 2009 Incentive Stock and Awards Plan (as amended, the “2009 Stock Plan”). While no new awards will be granted under the 2009 Stock Plan, awards previously made under that plan that were outstanding as of the approval date of the 2017 Stock Plan will remain outstanding and continue to be governed by the provisions of that plan. At December 31, 2022, the Company had reserved 3,454,322 shares of Common Stock available for issuance to provide for the exercise of outstanding stock options and the issuance of Common Stock under incentive compensation awards, including awards issued prior to the effective date of the 2017 Stock Plan. Under the 2017 Stock Plan, officers, directors, including non-employee directors, and employees of the Company may be granted stock options, stock appreciation rights (SAR), performance shares, performance units, shares of Common Stock, restricted stock, restricted stock units (RSU) or other stock-based awards. The 2017 Stock Plan provides for the granting of options to purchase shares of the Company’s Common Stock at not less than the fair market value of such shares on the date of grant. Stock options granted under the 2017 Stock Plan generally become exercisable in equal installments over a three-year period, beginning with the first anniversary of the date of grant of the option, unless a shorter or longer duration is established by the Human Resources Committee of the Board of Directors at the time of the option grant. Stock options terminate not more than ten years from the date of grant. The exercise price of stock options and the market value of restricted stock unit awards are determined based on the closing market price of the Company’s Common Stock on the date of grant. Except to the extent vesting is accelerated upon early retirement and except for performance shares and performance units, vesting is based solely on continued service as an employee of the Company. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award, or to an employee’s eligible retirement date, if earlier and applicable. Information related to the Company’s equity-based compensation plans in effect as of December 31, 2022 was as follows: Plan Category Number of Securities Weighted-Average Number of Equity compensation plans approved by security holders 956,284 $ 79.86 2,498,048 Equity compensation plans not approved by security holders — — — 956,284 $ 79.86 2,498,048 Total stock-based compensation expense was as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Stock options $ 0.3 $ 0.2 $ 1.8 $ 6.8 Stock awards (shares and units) 25.7 3.5 19.3 15.8 Performance share awards 2.6 0.5 6.1 6.7 Cash-settled stock appreciation rights ( 0.8 ) 0.3 1.1 0.2 Cash-settled restricted stock unit awards 0.9 0.4 1.5 0.7 Total stock-based compensation cost 28.7 4.9 29.8 30.2 Income tax benefit recognized for stock-based compensation ( 4.2 ) ( 0.8 ) ( 4.4 ) ( 3.6 ) Stock-based compensation cost, net of tax $ 24.5 $ 4.1 $ 25.4 $ 26.6 Stock Options — A summary of the Company’s stock option activity is as follows: Year Ended December 31, Three Months Ended December 31, (transition period) Year Ended September 30, 2022 2021 2021 2020 Options Weighted- Options Weighted- Options Weighted- Options Weighted- Outstanding, beginning of period 433,026 $ 78.37 471,676 $ 77.96 1,083,402 $ 74.38 1,328,390 $ 62.62 Granted — — — — — — 301,025 90.28 Forfeited ( 4,170 ) 90.28 ( 2,002 ) 85.04 ( 8,065 ) 81.40 ( 40,965 ) 79.00 Expired ( 4,583 ) 84.67 — — ( 3,999 ) 86.59 ( 5,869 ) 84.25 Exercised ( 47,504 ) 64.90 ( 36,648 ) 72.69 ( 599,662 ) 71.38 ( 499,179 ) 52.18 Outstanding, end of period 376,769 79.86 433,026 78.37 471,676 77.96 1,083,402 74.38 Exercisable, end of period 376,769 79.86 364,403 76.13 251,049 74.73 537,241 68.16 Stock options outstanding and exercisable as of December 31, 2022 were as follows (in millions, except share and per share amounts): Outstanding Exercisable Exercise Prices Options Weighted Average Weighted Aggregate Options Weighted Average Weighted Aggregate $ 60.01 - $ 80.00 153,431 4.7 66.29 3.4 153,431 4.7 66.29 3.4 $ 80.01 - $ 100.00 223,338 6.3 89.19 0.1 223,338 6.3 89.19 0.1 376,769 5.6 79.86 $ 3.5 376,769 5.6 79.86 $ 3.5 The aggregate intrinsic values in the tables above represent the total pre-tax intrinsic value (difference between the Company’s closing stock price on the last trading day of fiscal 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2022. This amount changes based on the fair market value of the Company’s Common Stock. The total intrinsic value of options exercised was $ 1.8 million in fiscal 2022, $ 1.5 million in the three months ended December 31, 2021, $ 22.6 million in the year ended September 30, 2021 and $ 18.5 million in the year ended September 30, 2020. The actual income tax benefit realized totaled $ 0.4 million in fiscal 2022, $ 0.3 million in the three months ended December 31, 2021, $ 3.5 million in the year ended September 30, 2021 and $ 4.3 million in the year ended September 30, 2020. As of December 31, 2022, no unrecognized compensation cost remains related to outstanding stock options. The following weighted-average assumptions were used in the Black-Scholes valuation model for stock options granted during the year ended September 30, 2020: Assumptions: Expected term (in years) 5.4 Expected volatility 34.10 % Risk-free interest rate 1.63 % Expected dividend yield 1.37 % The expected option term represents the period of time that the options granted are expected to be outstanding and was based on historical experience. The Company used its historical stock prices over the expected term as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on five-year U.S. Treasury rates in effect at the time of grant. The expected dividend yield was based on average actual yield on the ex-dividend date. The weighted-average per share grant date fair values for stock option grants during the year ended September 30, 2020 was $ 26.16 . Stock Awards — A summary of the Company’s stock award activity is as follows: Year Ended December 31, Three Months Ended December 31, (transition period) Year Ended September 30, 2022 2021 2021 2020 Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Nonvested, beginning of period 308,941 $ 90.10 394,888 $ 81.58 346,808 $ 79.44 411,510 $ 72.66 Granted 255,375 109.66 63,800 114.89 307,025 82.80 183,725 87.82 Forfeited ( 26,020 ) 97.24 ( 4,428 ) 86.08 ( 36,545 ) 78.81 ( 27,076 ) 80.57 Vested ( 174,635 ) 88.98 ( 145,319 ) 77.97 ( 222,400 ) 80.39 ( 221,351 ) 73.64 Nonvested, end of period 363,661 103.86 308,941 90.10 394,888 81.58 346,808 79.44 The total fair value of shares vested was $ 16.3 million during fiscal 2022, $ 16.5 million in the three months ended December 31, 2021, $ 21.0 million in the year ended September 30, 2021 and $ 18.6 million in the year ended September 30, 2020. The actual income tax benefit realized totaled $ 2.5 million in fiscal 2022, $ 3.1 million in the three months ended December 31, 2021, $ 2.0 million in the year ended September 30, 2021 and $ 3.1 million in the year ended September 30, 2020. As of December 31, 2022, total unrecognized compensation cost related to stock awards was $ 14.8 million , net of estimated forfeitures, which the Company expects to be recognized over a weighted-average period of 2.0 years. Performance Share Awards — A summary of the Company’s performance share awards activity is as follows. There was no activity related to performance share awards during the three months ended December 31, 2021: Year Ended December 31, Year Ended September 30, 2022 2021 2020 Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Nonvested, beginning of period 72,475 $ 93.62 110,450 $ 89.54 124,750 $ 84.10 Granted 57,250 126.60 86,550 86.09 55,325 109.09 Forfeited ( 3,748 ) 114.83 ( 52,099 ) 90.03 ( 16,615 ) 92.88 Performance adjustments 369 107.45 63,843 80.45 33,941 87.44 Vested ( 28,746 ) 103.47 ( 136,269 ) 80.73 ( 86,951 ) 92.73 Nonvested, end of period 97,600 108.20 72,475 93.62 110,450 89.54 Performance share awards generally vest over a three-year service period following the grant date. Performance shares vest under three separate sets of measurement criteria. The first type vest only if the Company’s total shareholder return (TSR) over the three-year term of the awards compares favorably to that of a comparator group of companies. The second type vest only if the Company’s return on invested capital (ROIC) over the vesting period compares favorably to that of a comparator group of companies. The third type vest only if the Company’s actual results for Diversity, Equity, and Inclusion and Environmental, Social and Governance (DEI/ESG) measures compare favorably to the targets set by the Company. Potential payouts range from zero to 200 % of the target awards and changes from target amounts are reflected as performance adjustments. Actual payouts for T SR performance share awards vesting in the years ended December 31, 2022, September 30, 2021 and September 30, 2020 were 83 % , 185 % and 111 % of target levels, respectively. Actual payout for the ROIC performance share award vesting in the years ended December 31, 2022, September 30, 2021 and September 30, 2020 were 122 % , 200 % , and 200 % of target levels, respectively. No actual payouts have occurred for the DEI/ESG awards as no awards have reached the end of the vesting period. In January 2023, 3,435 shares of Common Stock were issued from treasury for unpaid performance shares that vested during the year ended December 31, 2022. The total fair value of performance shares vested was $ 2.3 million in fiscal 2022, $ 15.4 million in the year ended September 30, 2021 and $ 6.9 million in the year ended September 30, 2020. The actual income tax benefit realized totaled $ 0.1 million in fiscal 2022, $ 0.5 million in the year ended September 30, 2021 and $ 0.2 million in the year ended September 30, 2020. As of December 31, 2022, the Company had $ 4.3 million of unrecognized compensation expense related to performance share awards, which will be recognized over a weighted-average period of 1.7 years. The grant date fair values of the TSR performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions: Year Ended Year Ended Total Shareholder Return Performance Shares Granted During 2022 2021 2020 Assumptions: Expected term (in years) 2.86 2.87 2.87 Expected volatility 38.52 % 40.33 % 31.16 % Risk-free interest rate 1.64 % 0.23 % 1.59 % The Company used its historical stock prices as the basis for the Company’s volatility assumption. The assumed risk-free interest rates were based on U.S. Treasury rates in effect at the time of grant. The expected term was based on the vesting period. The weighted-average fair value used to record compensation expense for TSR performance share awards granted during the years ended December 31, 2022, September 30, 2021 and September 30, 2020 was $ 146.99 , $ 94.86 and $ 137.74 per award, respectively. There were no TSR performance share awards granted during the three months ended December 31, 2021. The grant date fair value of the ROIC awards were determined based on the Company’s stock price at the time of the grant and the anticipated awards expected to vest. Compensation expense is recorded ratably over the vesting period based on the amount of award that is expected to be earned under the plan formula, adjusted each reporting period based on current information. The grant date fair value of the DEI/ESG awards were determined based on the Company’s stock price at the time of the grant and the anticipated awards expected to vest. Compensation expense is recorded ratably over the vesting period based on the amount of award that is expected to be earned under the plan formula, adjusted each reporting period based on current information. Cash-Settled Stock Appreciation Rights — In the year ended September 30, 2020, the Company granted employees 14,875 cash-settled SARs. Each SAR award represents the right to receive cash equal to the excess of the per share price of the Company’s Common Stock on the date that a participant exercises such right over the grant date price of the Company’s Common Stock. Compensation cost for SARs is remeasured at each reporting period based on the estimated fair value on the date of grant using the Black Scholes option-pricing model, utilizing assumptions similar to stock option awards and is recognized as an expense over the requisite service period. The total value of SARs exercised was $ 0.2 million in fiscal 2022, $ 0.1 million in the three months ended December 31, 2021, $ 0.5 million in the year ended September 30, 2021 and $ 0.7 million in the year ended September 30, 2020. Cash-Settled Restricted Stock Units — The Company granted employees 11,850 cash-settled RSUs in fiscal 2022, 2,450 cash-settled RSUs in the three months ended December 31, 2021, 14,550 cash-settled RSUs in the year ended September 30, 2021 and 7,925 cash-settled RSUs in the year ended September 30, 2020. Each RSU award provides recipients the right to receive cash equal to the value of a share of the Company’s Common Stock at predetermined vesting dates. Compensation cost for RSUs is remeasured at each reporting period and is recognized as an expense over the requisite service period. The total value of RSUs vested was $ 0.7 million in fiscal 2022, $ 1.1 million in the three months ended December 31, 2021, $ 0.7 million in the year ended September 30, 2021 and $ 0.8 million in the year ended September 30, 2020 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Employee Benefit Plans | 5. Employee Benefit Plans Defined Benefit Plans — Oshkosh and certain of its subsidiaries sponsor multiple defined benefit pension plans for certain employees providing services to Oshkosh, Oshkosh Defense, Airport Products, Oshkosh Commercial and Pierce. The benefits provided are based primarily on average compensation, years of service and date of birth. Hourly plans are generally based on years of service and a benefit dollar multiplier. The Company periodically amends the plans, including changing the benefit dollar multipliers and other revisions. In December 2012, salaried participants in the pension plans no longer receive credit, other than for vesting purposes, for eligible earnings. In December 2013, the Pierce pension plan was amended to close participation in the plan for new production employees. In October 2016, the Oshkosh Defense hourly defined benefit pension plan was closed to new production employees. On July 27, 2021, the Company’s Board of Directors approved a plan to terminate and settle the defined benefit plan related to salaried participants. In the fourth quarter of fiscal 2022, the Company transferred plan assets to an insurance company that will provide for and pay the remaining benefits to participants. The Company incurred a charge of $ 33.6 million associated with the settlement of this plan. The pre-tax balance in Accumulated Other Comprehensive Income associated with the plan, along with costs related to the settlement, were recorded as a component of “Miscellaneous, net ”, with the related income tax effects recorded in “Provision for income taxes”, in the Consolidated Statements of Income. Determination of defined benefit pension and postretirement plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits that employees earn while working, as well as the present value of those benefits. The Company uses the services of independent actuaries to assist with these calculations. The Company determines the discount rate used each year based on the rate of return currently available on a portfolio of high-quality fixed-income investments with a maturity that is consistent with the projected benefit payout period. The Company’s long-term rate of return on assets is based on consideration of historical and forward-looking returns and the current asset allocation strategy. The plans’ expected return on assets is based on the plans’ historical returns and expected returns for the asset classes in which the plans are invested. Supplemental Executive Retirement Plans (SERP) — The Company maintains defined benefit and defined contribution SERPs for certain executive officers of Oshkosh and its subsidiaries. In fiscal 2013, the Oshkosh defined benefit SERP was amended to freeze benefits under the plan and executive officers in the defined benefit SERP at that time became eligible for the new Oshkosh defined contribution SERP. At the same time, the Company established the Trust to fund obligations under the Oshkosh SERPs. As of December 31, 2022, the Trust held assets of $ 13.8 million . The Trust assets are subject to claims of the Company’s creditors. The Trust assets are included in “Other current assets” and “Other long-term assets” in the Consolidated Balance Sheets. The Company recognized income of $ 0.5 million in fiscal 2022, expense of $ 0.4 million in the three months ended December 31, 2021, expense of $ 2.6 million in the year ended September 30, 2021 and expense of $ 1.6 million in the year ended September 30, 2020, related to the Oshkosh defined contribution SERP. Postretirement Medical Plans — Oshkosh and certain of its subsidiaries sponsor multiple postretirement benefit plans for Oshkosh Defense, JLG, and Kewaunee hourly employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded. Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Accumulated benefit obligation at end of period $ 327.9 $ 602.3 $ 594.2 Change in projected benefit obligation Benefit obligation at beginning of period $ 611.8 $ 604.2 $ 613.6 Service cost 10.3 2.6 11.5 Interest cost 17.0 4.3 16.4 Actuarial loss (gain) ( 148.5 ) 5.1 ( 22.6 ) Settlement ( 135.4 ) — — Benefits paid ( 18.2 ) ( 4.6 ) ( 16.4 ) Currency translation adjustments ( 3.8 ) 0.2 1.7 Benefit obligation at end of period $ 333.2 $ 611.8 $ 604.2 Change in plan assets Fair value of plan assets at beginning of period $ 533.0 $ 515.9 $ 437.3 Actual return on plan assets ( 102.2 ) 23.5 71.3 Company contributions 28.6 0.5 25.2 Settlement ( 135.4 ) — — Expenses paid ( 2.9 ) ( 2.5 ) ( 2.9 ) Benefits paid ( 18.2 ) ( 4.6 ) ( 16.4 ) Currency translation adjustments ( 4.2 ) 0.2 1.4 Fair value of plan assets at end of period $ 298.7 $ 533.0 $ 515.9 Funded status of plan - at end of period $ ( 34.5 ) $ ( 78.8 ) $ ( 88.3 ) Recognized in consolidated balance sheet at end of period Prepaid benefit cost (long-term asset) $ 6.2 $ 2.9 $ 2.1 Accrued benefit liability (current liability) ( 2.0 ) ( 2.0 ) ( 2.0 ) Accrued benefit liability (long-term liability) ( 38.7 ) ( 79.7 ) ( 88.4 ) $ ( 34.5 ) $ ( 78.8 ) $ ( 88.3 ) Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) Net actuarial loss $ 27.8 $ ( 18.9 ) $ ( 29.0 ) Prior service (cost) benefit ( 9.6 ) ( 11.2 ) ( 11.6 ) $ 18.2 $ ( 30.1 ) $ ( 40.6 ) Weighted-average assumptions as of end of period Discount rate 5.09 % 2.83 % 2.91 % Expected return on plan assets 6.50 % 4.31 % 4.46 % Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Projected benefit obligation $ 316.0 $ 571.6 $ 565.7 Accumulated benefit obligation 310.8 562.0 555.7 Fair value of plan assets 275.4 489.9 475.4 Changes in benefit obligations and plan assets, as well as the funded status of the Company’s postretirement benefit plans were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Accumulated benefit obligation at end of period $ 44.6 $ 55.7 $ 53.3 Change in projected benefit obligation Benefit obligation at beginning of period $ 55.7 $ 53.3 $ 53.3 Service cost 2.2 0.5 2.2 Interest cost 1.4 0.3 1.2 Actuarial loss (gain) ( 12.0 ) 2.2 ( 1.1 ) Benefits paid ( 2.7 ) ( 0.6 ) ( 2.3 ) Benefit obligation at end of period $ 44.6 $ 55.7 $ 53.3 Change in plan assets Company contributions $ 2.7 $ 0.7 $ 2.3 Benefits paid ( 2.7 ) ( 0.7 ) ( 2.3 ) Fair value of plan assets at end of period $ — $ — $ — Funded status of plan - at end of period $ ( 44.6 ) $ ( 55.7 ) $ ( 53.3 ) Recognized in consolidated balance sheet at end of period Accrued benefit liability (current liability) $ ( 2.2 ) $ ( 2.6 ) $ ( 2.4 ) Accrued benefit liability (long-term liability) ( 42.4 ) ( 53.1 ) ( 50.9 ) $ ( 44.6 ) $ ( 55.7 ) $ ( 53.3 ) Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) Net actuarial loss $ 2.7 $ ( 6.7 ) $ ( 5.1 ) Prior service (cost) benefit 10.2 11.3 11.5 $ 12.9 $ 4.6 $ 6.4 Weighted-average assumptions as of end of period Discount rate 4.95 % 2.62 % 2.61 % Expected return on plan assets n/a n/a n/a The components of net periodic benefit cost were as follows (in millions): Pension Benefits Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Components of net periodic benefit cost Service cost $ 10.3 $ 2.6 $ 11.5 $ 10.1 Interest cost 17.0 4.3 16.4 17.1 Expected return on plan assets ( 20.6 ) ( 5.3 ) ( 19.8 ) ( 20.6 ) Amortization of prior service cost 2.2 0.6 2.3 1.6 Settlement 33.6 — — — Curtailment — — — 0.1 Amortization of net actuarial (gain ) loss 1.0 0.2 4.9 3.3 Expenses paid 3.0 2.5 3.0 4.0 Net periodic benefit cost $ 46.5 $ 4.9 $ 18.3 $ 15.6 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net actuarial (gain) loss $ ( 26.2 ) $ ( 13.0 ) $ ( 74.1 ) $ 29.4 Prior service cost — — — 9.8 Amortization of prior service cost ( 2.2 ) ( 0.6 ) ( 2.3 ) ( 1.6 ) Settlement ( 33.6 ) — — — Amortization of net actuarial gain (loss) ( 1.0 ) ( 0.2 ) ( 4.9 ) ( 3.3 ) $ ( 63.0 ) $ ( 13.8 ) $ ( 81.3 ) $ 34.3 Weighted-average assumptions Discount rate 2.83 % 2.91 % 2.71 % 3.17 % Expected return on plan assets 4.31 % 4.46 % 4.89 % 5.49 % Postretirement Health and Other Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Components of net periodic benefit cost Service cost $ 2.2 $ 0.5 $ 2.2 $ 3.5 Interest cost 1.4 0.4 1.2 1.6 Amortization of prior service cost ( 1.4 ) ( 0.4 ) ( 1.4 ) ( 0.9 ) Amortization of net actuarial ( gain ) loss 0.3 0.1 0.3 ( 0.2 ) Net periodic benefit cost $ 2.5 $ 0.6 $ 2.3 $ 4.0 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net actuarial (gain) loss $ ( 12.0 ) $ 2.2 $ ( 1.1 ) $ 5.5 Prior service cost — — — ( 6.5 ) Amortization of prior service cost 1.4 0.4 1.4 0.9 Amortization of net actuarial gain (loss) ( 0.3 ) ( 0.1 ) ( 0.3 ) 0.2 $ ( 10.9 ) $ 2.5 $ — $ 0.1 Weighted-average assumptions Discount rate 2.62 % 2.61 % 2.36 % 3.10 % Expected return on plan assets n/a n/a n/a n/a Components of net periodic benefit cost other than “Service cost” and “Expenses paid” are included in “Miscellaneous, net” in the Consolidated Statements of Income. Amounts expected to be recognized in pension and supplemental employee retirement plan net periodic benefit costs during fiscal 2023 included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheet at December 31, 2022 are prior service costs of $ 1.9 million ( $ 1.4 million net of tax) and unrecognized net actuarial losses of $ 2.4 million ( $ 1.8 million net of tax). The Company’s policy is to fund the pension plans in amounts that comply with contribution limits imposed by law. The Company does not expect to make contributions to its pension plans in fiscal 2023. The Company’s Board of Directors has appointed an Investment Committee (Committee), which consists of members of management, to manage the investment of the Company’s pension plan assets. The Committee has established and operates under an Investment Policy. The Committee determines the asset allocation and target ranges based upon periodic asset/liability studies and capital market projections. The Committee retains external investment managers to invest the assets and an adviser to monitor the performance of the investment managers. The Investment Policy prohibits certain investment transactions, such as commodity contracts, margin transactions, short selling and investments in Company securities, unless the Committee gives prior approval. The weighted-average of the Company’s pension plan asset allocations and target allocations at December 31, 2022 by asset category, were as follows: Target % Actual Asset Category Fixed income 40 % - 50 % 40 % Large-cap equity 25 % - 35 % 30 % Mid-cap equity 5 % - 15 % 15 % Small-cap equity 5 % - 15 % 12 % Global equity 0 % - 5 % 0 % Other 0 % - 5 % 3 % 100 % The Company’s pension plan investment strategy is based on an expectation that, over time, equity securities will provide higher returns than debt securities. The plans primarily minimize the risk of larger losses under this strategy through diversification of investments by asset class, by investing in different styles of investment management within the classes and using several investment managers. The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions): Quoted Prices for Identical Significant Significant Total December 31, 2022 Common stocks U.S. companies (a) $ 80.3 $ 0.1 $ — $ 80.4 International companies (b) — 5.5 — 5.5 Mutual funds (a) 82.9 — — 82.9 Government and agency bonds (c) — 15.4 — 15.4 Corporate bonds and notes (d) — 5.7 — 5.7 Money market funds (e) 8.5 — — 8.5 Other — — 0.5 0.5 $ 171.7 $ 26.7 $ 0.5 198.9 Investments measured at net asset value (NAV) (f) 99.8 $ 298.7 Quoted Prices for Identical Significant Significant Total December 31, 2021 Common stocks U.S. companies (a) $ 102.8 $ 8.2 $ — $ 111.0 International companies (b) — 14.8 — 14.8 Mutual funds (a) 105.6 — — 105.6 Government and agency bonds (c) — 14.3 — 14.3 Corporate bonds and notes (d) — 9.0 — 9.0 Money market funds (e) 22.8 — — 22.8 Other — — 0.9 0.9 $ 231.2 $ 46.3 $ 0.9 278.4 Investments measured at net asset value (NAV) (f) 254.6 $ 533.0 Quoted Prices for Identical Significant Significant Total September 30, 2021 Common stocks U.S. companies (a) $ 94.7 $ 7.6 $ — $ 102.3 International companies (b) — 13.9 — 13.9 Mutual funds (a) 100.4 — — 100.4 Government and agency bonds (c) — 12.7 — 12.7 Corporate bonds and notes (d) — 8.9 — 8.9 Money market funds (e) 24.5 — — 24.5 Other — — 0.9 0.9 $ 219.6 $ 43.1 $ 0.9 263.6 Investments measured at net asset value (NAV) (f) 252.3 $ 515.9 (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 consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s 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. The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plans assets that are in common collective trusts that calculate fair value based on NAV per share practical expedient (in millions): Fair Value Unfunded Redemption Frequency Redemption Notice (1) December 31, 2022 $ 99.8 $ — N/A 15 days December 31, 2021 $ 254.6 $ — N/A 15 days September 30, 2021 $ 252.3 $ — N/A 15 days (1) Represents the maximum redemption period. A portion of the investment does not have any redemption period restrictions. The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions): Pension Benefits Postretirement Health Year Ending December 31, Qualified Non-Qualified and Other 2023 $ 12.0 $ 2.0 $ 2.2 2024 13.2 2.0 2.8 2025 14.5 2.0 3.3 2026 15.9 2.0 4.0 2027 17.1 2.0 4.6 2028-2031 100.1 10.4 21.9 Multi-Employer Pension Plans — The Company participates in the Boilermaker-Blacksmith National Pension Trust (Employer Identification Number 48-6168020), a multi-employer defined benefit pension plan related to collective bargaining employees at the Company’s Kewaunee facility. The Company’s contributions and pension benefits payable under the plan and the administration of the plan are determined by the terms of the related collective-bargaining agreement, which expires on May 1, 2027. The multi-employer plan poses different risks to the Company than single-employer plans in the following respects: 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, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan at that time. As of November 2022, the plan-certified zone status as defined by the Pension Protection Act of 2006 was Yellow and accordingly the plan has implemented a financial improvement plan. The Company’s contributions to the multi-employer plan did not exceed 5 % of the total plan contributions. The Company made contributions to the plan of $ 1.2 million in fiscal 2022, $ 0.3 million in the three months ended December 31, 2021, $ 1.4 million in the year ended September 30, 2021 and $ 1.5 million in the year ended September 30, 2020. 401(k) and Defined Contribution Pension Replacement Plans — The Company has defined contribution 401(k) plans for substantially all domestic employees. The plans allow employees to defer 2 % to 100 % of their income on a pre-tax basis. Each employee who elects to participate is eligible to receive Company matching contributions, which are based on employee contributions to the plans, subject to certain limitations. For pension replacement plans, the Company contributes between 2 % and 6 % of an employee’s base pay, depending on age. Amounts expensed for Company matching and discretionary contributions were $ 50.2 million in fiscal 2022, $ 11.8 million in the three months ended December 31, 2021, $ 45.5 million in the year ended September 30, 2021 and $ 39.5 million in the year ended September 30, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Pre-tax income was taxed in the following jurisdictions (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Domestic $ 243.1 $ 16.8 $ 489.0 $ 425.8 Foreign 32.5 7.4 56.3 9.4 $ 275.6 $ 24.2 $ 545.3 $ 435.2 Significant components of the provision for income taxes were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Allocated to Income Before Losses of Unconsolidated Affiliates Current: Federal $ 98.1 $ 168.3 $ ( 94.7 ) $ 70.1 Foreign 42.0 1.0 8.5 8.2 State 10.9 11.4 22.8 12.1 Total current 151.0 180.7 ( 63.4 ) 90.4 Deferred: Federal ( 53.3 ) ( 166.4 ) 119.3 13.4 Foreign ( 1.4 ) ( 0.5 ) ( 5.6 ) 9.7 State 1.2 ( 12.6 ) ( 13.9 ) ( 1.6 ) Total deferred ( 53.5 ) ( 179.5 ) 99.8 21.5 $ 97.5 $ 1.2 $ 36.4 $ 111.9 Allocated to Other Comprehensive Income (Loss) Deferred federal, state and foreign $ ( 19.2 ) $ ( 2.8 ) $ ( 20.0 ) $ 8.8 The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Effective Rate Reconciliation U.S. federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net 3.9 % 2.7 % 2.2 % 2.8 % Foreign taxes 13.7 % 5.0 % 1.6 % 0.8 % Tax audit settlements 0.1 % — % - 0.9 % — % Valuation allowance - 0.1 % 3.0 % - 1.2 % 3.3 % Domestic tax credits - 3.0 % - 15.8 % - 2.3 % - 3.2 % Foreign-derived intangible income deduction - 0.9 % - 8.9 % — % - 0.4 % Global intangible low-taxed income, net 0.6 % - 1.6 % 0.2 % — % Share-based compensation 0.3 % - 5.2 % — % — % CARES Act net operating loss carryback - 0.9 % — % - 13.8 % — % Other, net 0.7 % 4.8 % - 0.1 % 1.4 % 35.4 % 5.0 % 6.7 % 25.7 % Foreign taxes in fiscal 2022 reflected a charge of $ 31.3 million as the Company revised its interpretation of certain foreign anti-hybrid tax legislation based upon comments from the corresponding taxing authorities, of which $ 3.5 million related to the three months ended December 31, 2021 and $ 14.6 million related to the year ended September 30, 2021. Under U.S. Internal Revenue Service (IRS) procedures, a taxpayer can change automatic tax accounting methods without explicit prior IRS consent, but they are generally required to maintain the new tax accounting method for five years. In 2019, acknowledging that taxpayers may require multiple tax accounting method changes associated with the implementation of the Tax Cuts and Jobs Act of 2017 (Tax Reform Act), the IRS waived the five-year “eligibility rule” for certain tax accounting method changes for the first three years ending on or after November 20, 2018. Citing a need to help companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) allows a taxpayer to carryback net operating losses generated in years beginning after December 31, 2017 and before January 1, 2021 for five years. During the year ended September 30, 2021 , the Company implemented a plan to make certain tax accounting method changes and change the timing of certain deductible payments. The plan generated a net operating loss of approximately $ 800 million for the year ended September 30, 2021 . The Company was able to carryback the net operating loss to prior tax years with higher federal statutory rates. The Company’s effective tax rate for the year ended September 30, 2021 reflected a discrete tax benefit of $ 75.3 million related to this plan. Certain tax positions taken to implement the plan are highly complex and subject to judgmental estimates. The Company recorded a liability for unrecognized tax benefits of $ 13.6 million reflecting the uncertainty of those tax positions, of which $ 3.7 million impacted the Company’s provision for income taxes. The Company recorded interest income related to federal income tax refunds of $ 3.0 million in fiscal 2022 and $ 1.6 million in the year ended September 30, 2021. The Company did no t recognize any interest income related to federal income tax refunds in the three months ended December 31, 2021. The Company recorded net discrete tax charges of $ 18.9 million in fiscal 2022, which included the discrete tax charge of $ 18.1 million related to anti-hybrid taxes. During the three months ended December 31, 2021, the Company recorded a net discrete benefit of $ 1.9 million, primarily related to excess tax deductions from share-based compensation. During the year ended September 30, 2021, the Company recorded net discrete tax benefits of $ 96.0 million, which included the discrete tax benefit of $ 75.3 million as a result of the net operating losses (NOL) carrybacks and a discrete benefit of $ 11.7 million related to the release of a valuation allowance against certain foreign net deferred tax assets in Europe. During the year ended September 30, 2020, the Company recorded net discrete tax charges of $ 8.0 million, which included a valuation allowance against certain foreign net deferred tax assets in Europe of $ 11.4 million, offset in part by benefits related to excess tax deductions from share-based compensation. Deferred income tax assets and liabilities were comprised of the following (in millions): December 31, September 30, 2022 2021 2021 Deferred tax assets: Other long-term liabilities $ 41.3 $ 50.3 $ 57.3 Research & Development 84.5 — — Losses and credits 44.5 44.0 61.5 Accrued warranty 13.4 15.5 16.3 Other current liabilities 21.6 21.8 24.5 Customer advances 75.3 140.6 — Payroll-related obligations 13.1 14.8 26.2 Other 15.8 9.3 8.9 Gross deferred tax assets 309.5 296.3 194.7 Less valuation allowance ( 6.2 ) ( 6.7 ) ( 6.2 ) Deferred tax assets, net 303.3 289.6 188.5 Deferred tax liabilities: Intangible assets ( 55.6 ) ( 52.8 ) ( 51.6 ) Property, plant and equipment ( 30.9 ) ( 94.1 ) ( 143.9 ) Inventories ( 35.0 ) ( 59.3 ) ( 52.2 ) Other ( 47.0 ) ( 11.7 ) ( 40.6 ) Deferred tax liabilities ( 168.5 ) ( 217.9 ) ( 288.3 ) Net deferred tax asset (liability) $ 134.8 $ 71.7 $ ( 99.8 ) The net deferred tax asset is classified in the Consolidated Balance Sheets as follows (in millions): December 31, September 30, 2022 2021 2021 Long-term net deferred tax asset $ 134.8 $ 71.7 $ 8.3 Long-term net deferred tax liability — — ( 108.1 ) Net deferred tax asset (liability) $ 134.8 $ 71.7 $ ( 99.8 ) Pursuant to the U.S. Tax Cuts and Jobs Act enacted in December 2017, the Company is required to capitalize and amortize research and experimental expenditures beginning in fiscal 2022. As of December 31, 2022, the Company had $ 30.9 million of net operating loss carryforwards available to reduce future taxable income of certain foreign subsidiaries in countries which allow such losses to be carried forward anywhere from five years to an unlimited period. In addition, the Company had $ 218.7 million of state net operating loss carryforwards, which can be carried forward anywhere from five years to an unlimited period and state credit carryforwards of $ 32.3 million , which are subject to expiration in 2027 to 2036 . Deferred tax assets for foreign net operating loss carryforwards, state net operating loss carryforwards, state tax credit carryforwards and foreign tax credit carryforwards were $ 7.7 million , $ 8.2 million , $ 20.8 million and $ 7.8 million , respectively, as of December 31, 2022 . Amounts are reviewed for recoverability based on historical taxable income, the expected reversals of existing temporary differences, tax-planning strategies and projections of future taxable income. The Company maintains a valuation allowance against domestic deferred tax assets of $ 3.2 million, state tax credit carryforwards of $ 0.2 million and foreign tax credit deferred tax assets of $ 2.8 million as of December 31, 2022. At December 31, 2022, the Company had undistributed earnings of $ 429.1 million from its investment in non-U.S. subsidiaries. The Company has not recognized deferred tax liabilities for temporary differences related to the Company’s foreign operations as the Company considers that its undistributed earnings are intended to be indefinitely reinvested. Should the Company’s undistributed earnings from its investment in non-U.S. subsidiaries be distributed in the future in the form of dividends or otherwise, the Com pany may be subject to foreign and domestic income taxes and withholding taxes estimated at $ 25.5 million, including the impact of the regulations discussed below. On August 21, 2020, the U.S. Treasury Department and the IRS released final regulations related to the Tax Reform Act (the “final tax regulations”) and the foreign dividends received deduction and global intangible low-taxed income. The final tax regulations contained language that modified certain provisions of the Tax Reform Act and previously issued guidance and are effective retroactively to the Company’s 2018 tax year and purport to cause certain intercompany transactions the Company engaged in during 2018 to produce U.S. taxable income upon a subsequent distribution from a controlled foreign corporation. The Company has analyzed the tax regulations and concluded that the U.S. Treasury Department exceeded regulatory authority and that the temporary tax regulations are contrary to the congressional intent of the underlying statute. The Company believes it has strong arguments in favor of its position and that it has met the more likely than not recognition threshold that its position will be sustained. The Company intends to vigorously defend its position, however, due to the uncertainty involved in challenging the validity of regulations as well as a potential litigation process, there can be no assurances that the temporary tax regulations will be invalidated, modified or that a court of law will rule in favor of the Company. An unfavorable resolution of this issue would result in $ 18.4 million of tax liability if the Company were to distribute the earnings to the United States, which is included in the $ 25.5 million disclosed withholding tax above. A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 41.5 $ 46.0 $ 79.8 $ 97.3 Additions for tax positions related to current year 50.2 0.5 15.8 46.2 Additions for tax positions related to prior years 20.9 — 0.6 1.4 Reductions for tax positions related to prior years ( 10.0 ) ( 5.0 ) ( 46.0 ) ( 61.8 ) Settlements — — — ( 1.3 ) Foreign currency translation ( 1.9 ) — — — Lapse of statutes of limitations ( 1.9 ) — ( 4.2 ) ( 2.0 ) Balance at end of period $ 98.8 $ 41.5 $ 46.0 $ 79.8 As of December 31, 2022, net unrecognized tax benefits of $ 54.4 million would affect the Company’s effective tax rate if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statements of Income. The Company recognized expense related to interest and penalties of $ 3.1 million in fiscal 2022, $ 0.1 million in the three months ended December 31, 2021, $ 0.7 million in the year ended September 30, 2021 and $ 1.3 million in the year ended September 30, 2020. The Company had accruals for the payment of interest and penalties of $ 4.7 million at December 31, 2022, $ 3.6 million at December 31, 2021 and $ 6.4 million September 30, 2021. During fiscal 2023, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce unrecognized tax benefits by $ 4.6 million , either because the Company’s tax positions are sustained on audit, because the Company agrees to their disallowance or the statute of limitations closes. The Company files federal income tax returns, as well as multiple state, local and non-U.S. jurisdiction tax returns. The Company is regularly audited by federal, state and foreign tax authorities. As of December 31, 2022, tax years open for examination under applicable statutes were as follows: Tax Jurisdiction Open Tax Years Australia 2018 - 2022 Belgium 2019 - 2022 Brazil 2018 - 2022 Canada 2018 - 2022 China 2017 - 2022 Mexico 2018 - 2022 Netherlands 2017 - 2022 United Kingdom 2020 - 2022 Other Non-U.S. Countries 2016 - 2022 United States (federal general) 2016 - 2022 United States (state and local) 2007 - 2022 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Sh are The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Basic weighted-average common shares outstanding 65,699,693 67,351,145 68,482,363 68,149,324 Dilutive stock options and other equity-based compensation awards 435,125 585,332 726,388 638,405 Diluted weighted-average common shares outstanding 66,134,818 67,936,477 69,208,751 68,787,729 Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Shares for stock-based compensation 152,698 — 121,274 581,634 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Receivables | 8. Receivables Receivables consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Trade receivables - U.S. government $ 135.3 $ 140.7 $ 133.5 Trade receivables - other 979.5 797.5 849.2 Finance receivables 7.3 8.0 6.4 Other receivables 53.3 40.0 39.3 1,175.4 986.2 1,028.4 Less allowance for doubtful accounts ( 6.7 ) ( 4.2 ) ( 3.6 ) $ 1,168.7 $ 982.0 $ 1,024.8 Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Current receivables $ 1,162.0 $ 973.4 $ 1,017.3 Long-term receivables 6.7 8.6 7.5 $ 1,168.7 $ 982.0 $ 1,024.8 Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions): Year Ended December 31, 2022 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 0.5 $ 3.7 $ 4.2 Provision for doubtful accounts, net of recoveries ( 0.3 ) 3.3 3.0 Charge-off of accounts ( 0.1 ) ( 0.4 ) ( 0.5 ) Allowance for doubtful accounts at end of period $ 0.1 $ 6.6 $ 6.7 Three Months Ended December 31, 2021 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 0.6 $ 3.0 $ 3.6 Provision for doubtful accounts, net of recoveries ( 0.1 ) 0.7 0.6 Charge-off of accounts — — — Allowance for doubtful accounts at end of period $ 0.5 $ 3.7 $ 4.2 Year Ended September 30, 2021 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 2.7 $ 6.9 $ 9.6 Provision for doubtful accounts, net of recoveries ( 2.1 ) ( 3.4 ) ( 5.5 ) Charge-off of accounts — ( 0.5 ) ( 0.5 ) Allowance for doubtful accounts at end of period $ 0.6 $ 3.0 $ 3.6 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 9. Inventories Inventories consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Raw materials $ 1,140.6 $ 982.0 $ 871.2 Partially finished products 383.1 329.8 276.2 Finished products 341.9 238.6 264.1 $ 1,865.6 $ 1,550.4 $ 1,411.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 10. Property, Plant and Equipment Property, plant and equipment consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Land and land improvements $ 74.9 $ 72.0 $ 71.4 Buildings 441.6 410.9 407.3 Machinery and equipment 841.9 740.9 729.5 Software and related costs 201.5 201.3 203.0 Equipment on operating lease to others 10.2 9.9 18.8 Construction in progress 234.3 45.3 37.1 1,804.4 1,480.3 1,467.1 Less accumulated depreciation ( 978.2 ) ( 887.1 ) ( 871.2 ) $ 826.2 $ 593.2 $ 595.9 Depreciation expense was $ 84.7 million in fiscal 2022, $ 21.7 million in the three months ended December 31, 2021, $ 87.5 million (including $ 3.6 million of accelerated depreciation related to restructuring actions) in the year ended September 30, 2021, and $ 89.1 million (including $ 6.9 million of accelerated depreciation related to restructuring actions) in the year ended September 30, 2020. Capitalized interest was insignificant for all reported periods. Equipment on operating lease to others represents the cost of equipment shipped to customers for whom the Company has guaranteed the residual value and equipment on short-term leases. These transactions are accounted for as operating leases with the related assets capitalized and depreciated over their estimated economic lives of five to ten years . Cost less accumulated depreciation for equipment on operating lease to others was $ 9.3 million at December 31 2022, $ 8.9 million at December 31, 2021 and $ 15.4 million at September 30, 2021 . |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | 11. Goodwill and Purchased Intangible Assets Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test at the beginning of the fourth quarter of each fiscal year. In September 2022, the Company identified a triggering event that indicated a potential impairment of goodwill within one of its reporting units in the Commercial segment. The Company’s impairment test confirmed that the fair value of the reporting unit was below its carrying value. As a result, the Company recorded a $ 2.1 million goodwill impairment charge in the third quarter of fiscal 2022. As of October 1, 2022, the Company performed its annual impairment review relative to goodwill and indefinite-lived intangible assets (principally non-amortizable trade names). To derive the fair value of its reporting units, the Company utilized both the income and market approaches. For the annual impairment testing, the Company used a weighted-average cost of capital, depending on the reporting unit, of 11.5 % to 13.0 % ( 8.5 % to 13.0 % at July 1, 2021) and a terminal growth rate of 3.0 % ( 3.0 % at July 1, 2021 ). Under the market approach, the Company derived the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. As a corroborative source of information, the Company reconciles its estimated fair value to within a reasonable range of its market capitalization, which includes an assumed control premium (an adjustment reflecting an estimated fair value on a control basis), to verify the reasonableness of the fair value of its reporting units obtained through the aforementioned methods. The control premium is estimated based upon control premiums observed in comparable market transactions. To derive the fair value of its trade names, the Company utilized the “relief from royalty” approach. Based on the Company’s annual impairment review, the Company concluded that there was no impairment of goodwill and there was a $ 5.6 million trade name impairment within the Defense segment. Changes in estimates or the application of alternative assumptions could have produced significantly different results. At December 31, 2022, approximately 86 % of the Company’s recorded goodwill and indefinite-lived purchased intangibles were concentrated within the JLG reporting unit in the Access Equipment segment. Assumptions utilized in the impairment analysis are highly judgmental. While the Company currently believes that an impairment of intangible assets at JLG is unlikely, events and conditions that could result in the impairment of intangibles at JLG include a sharp prolonged decline in economic conditions, significantly increased pricing pressure on JLG’s margins or other factors leading to reductions in expected long-term sales or profitability at JLG. The following table presents changes in goodwill (in millions): Access Defense Fire & Commercial Total Net goodwill at September 30, 2020 $ 882.6 $ — $ 106.1 $ 20.8 $ 1,009.5 Foreign currency translation ( 2.0 ) — — 0.1 ( 1.9 ) Acquisition — 44.4 — — 44.4 Net goodwill at September 30, 2021 880.6 44.4 106.1 20.9 1,052.0 Foreign currency translation ( 3.0 ) — — — ( 3.0 ) Net goodwill at December 31, 2021 877.6 44.4 106.1 20.9 1,049.0 Foreign currency translation ( 11.8 ) — ( 0.3 ) ( 0.2 ) ( 12.3 ) Acquisition — — 7.4 — 7.4 Impairment — — — ( 2.1 ) ( 2.1 ) Net goodwill at December 31, 2022 $ 865.8 $ 44.4 $ 113.2 $ 18.6 $ 1,042.0 The Company acquired Maxi-Metal on June 13, 2022. See Note 1 of the Consolidated Financial Statements for additional information. The following tables present details of the Company’s goodwill allocated to the reportable segments (in millions): December 31, 2022 Gross Accumulated Net Access Equipment $ 1,797.9 $ ( 932.1 ) $ 865.8 Defense 44.4 — 44.4 Fire & Emergency 115.2 ( 2.0 ) 113.2 Commercial 188.3 ( 169.7 ) 18.6 $ 2,145.8 $ ( 1,103.8 ) $ 1,042.0 December 31, 2021 Gross Accumulated Net Access Equipment $ 1,809.7 $ ( 932.1 ) $ 877.6 Defense 44.4 — 44.4 Fire & Emergency 108.1 ( 2.0 ) 106.1 Commercial 188.5 ( 167.6 ) 20.9 $ 2,150.7 $ ( 1,101.7 ) $ 1,049.0 September 30, 2021 Gross Accumulated Net Access Equipment $ 1,812.7 $ ( 932.1 ) $ 880.6 Defense 44.4 — 44.4 Fire & Emergency 108.1 ( 2.0 ) 106.1 Commercial 188.5 ( 167.6 ) 20.9 $ 2,153.7 $ ( 1,101.7 ) $ 1,052.0 Details of the Company’s total purchased intangible assets were as follows (in millions): December 31, 2022 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.3 $ ( 37.0 ) $ 18.3 Technology-related 12.0 108.3 ( 104.4 ) 3.9 Customer relationships 12.6 576.6 ( 557.3 ) 19.3 Other 10.9 50.2 ( 22.1 ) 28.1 14.2 790.4 ( 720.8 ) 69.6 Non-amortizable trade names 387.4 — 387.4 $ 1,177.8 $ ( 720.8 ) $ 457.0 On March 1, 2022, the Company acquired two patents with a combined value of $ 3.7 million. The technology-related intangible asset is subject to amortization with an estimated life of 14.3 years. December 31, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.4 $ ( 35.6 ) $ 19.8 Technology-related 11.9 104.7 ( 104.0 ) 0.7 Customer relationships 12.6 572.6 ( 551.3 ) 21.3 Other 12.1 23.6 ( 18.5 ) 5.1 14.4 756.3 ( 709.4 ) 46.9 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 709.4 ) $ 464.0 September 30, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.1 $ 55.4 $ ( 35.1 ) $ 20.3 Technology-related 11.9 104.7 ( 103.9 ) 0.8 Customer relationships 12.6 572.6 ( 550.0 ) 22.6 Other 12.1 23.6 ( 17.6 ) 6.0 14.4 756.3 ( 706.6 ) 49.7 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 706.6 ) $ 466.8 When determining the value of customer relationships for purposes of allocating the purchase price of an acquisition, the Company looks at existing customer contracts of the acquired business to determine if they represent a reliable future source of income and hence, a valuable intangible asset for the Company. The Company determines the fair value of the customer relationships based on the estimated future benefits the Company expects from the acquired customer contracts. In performing its evaluation and estimation of the useful lives of customer relationships, the Company looks to the historical growth rate of revenue of the acquired company’s existing customers as well as the historical attrition rates. In connection with the valuation of intangible assets, a 40 -year life was assigned to the value of the Pierce distribution network (net book value of $ 18.2 million at December 31, 2022). The Company believes Pierce maintains the largest North American fire apparatus distribution network. Pierce has exclusive contracts with each distributor related to the fire apparatus product offerings manufactured by Pierce. The useful life of the Pierce distribution network was based on a historical turnover analysis. Non-compete intangible asset lives are based on the terms of the applicable agreements. The estimated future amortization expense of purchased intangible assets for the five years succeeding December 31, 2022 are as follows: 2023 - $ 8.9 million ; 2024 - $ 7.7 million ; 2025 - $ 7.6 million ; 2026 - $ 7.6 million and 2027 - $ 7.6 million . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 12. Leases The Company leases certain real estate, information technology equipment, warehouse equipment, vehicles and other equipment almost exclusively through operating leases. The Company determines whether an arrangement contains a lease at inception. A lease liability and corresponding right of use ROU asset are recognized for qualifying leased assets based on the present value of fixed and certain index-based lease payments at lease commencement. Variable payments, which are generally determined based on the usage rate of the underlying asset, are excluded from the present value of lease payments and are recognized in the period in which the payment is made. To determine the present value of lease payments, the Company uses the stated interest rate in the lease, when available, or more commonly a secured incremental borrowing rate that reflects risk, term and economic environment in which the lease is denominated. The incremental borrowing rate is determined using a portfolio approach based on the current rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company has elected not to separate payments for lease components from payments for non-lease components in contracts that contain both components. Lease agreements may include options to extend or terminate the lease. Those options that are r easonably certain of exercise at lease commencement have been included in the term of the lease used to recognize the right of use assets and lease liabilities. The lease terms of the Company’s real estate and equipment leases extend up to 29 years and 18 years, respectively. The Company has elected not to recognize ROU assets or lease liabilities for leases with a term of twelve months or less. Expense is recognized on a straight-line basis over the lease term for operating leases. The components of lease costs were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Operating lease cost $ 54.0 $ 13.9 $ 53.3 $ 57.4 Variable lease cost 31.9 7.1 34.0 46.1 Short-term lease cost 11.1 2.5 9.5 8.4 Supplemental information related to leases was as follows (in millions): December 31, 2022 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 28.0 $ 209.2 $ 237.2 Current lease liabilities Other current liabilities 9.9 44.6 54.5 Long-term lease liabilities Other long-term liabilities 18.7 174.7 193.4 Weighted average remaining lease term 4.0 years 7.9 years Weighted average discount rates 2.5 % 3.4 % December 31, 2021 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 29.6 $ 204.5 $ 234.1 Current lease liabilities Other current liabilities 9.0 42.1 51.1 Long-term lease liabilities Other long-term liabilities 21.1 169.1 190.2 Weighted average remaining lease term 3.6 years 7.6 years Weighted average discount rates 1.8 % 2.8 % September 30, 2021 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 22.2 $ 194.7 $ 216.9 Current lease liabilities Other current liabilities 6.9 39.3 46.2 Long-term lease liabilities Other long-term liabilities 15.6 160.8 176.4 Weighted average remaining lease term 3.5 years 8 years Weighted average discount rates 1.9 % 2.9 % The table below presents the right of use asset balance for operating leases disaggregated by segment and type of lease (in millions): December 31, 2022 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 77.2 $ 45.7 $ 10.0 $ 52.9 $ 9.6 $ 195.4 Equipment leases 3.6 1.1 1.1 1.5 6.5 13.8 $ 80.8 $ 46.8 $ 11.1 $ 54.4 $ 16.1 $ 209.2 December 31, 2021 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 92.4 $ 52.6 $ 12.2 $ 16.9 $ 11.6 $ 185.7 Equipment leases 4.5 1.8 1.5 2.2 8.8 18.8 $ 96.9 $ 54.4 $ 13.7 $ 19.1 $ 20.4 $ 204.5 September 30, 2021 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 84.3 $ 55.6 $ 6.2 $ 15.9 $ 12.2 $ 174.2 Equipment leases 5.5 2.0 1.7 2.5 8.8 20.5 $ 89.8 $ 57.6 $ 7.9 $ 18.4 $ 21.0 $ 194.7 Maturities of operating lease liabilities at December 31, 2022 and minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year were as follows (in millions): Amounts due in 2023 $ 53.4 2024 32.3 2025 28.4 2026 22.8 2027 22.3 Thereafter 96.7 Total lease payments 255.9 Less: imputed interest ( 36.6 ) Present value of lease liability $ 219.3 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | 13. Investments in Unconsolidated Affiliates Equity method investments — Investments in equity securities where the Company’s ownership interest exceeds 20 % and the Company does not have a controlling interest or where the ownership is less than 20 % and for which the Company has a significant influence are accounted for by the equity method. Investments in unconsolidated affiliates accounted for under the equity method consisted of the following (in millions): December 31, September 30, Ownership % 2022 2021 2021 Mezcladores Trailers de Mexico, S.A. de C.V. 49 % $ 8.3 $ 8.3 $ 8.3 BME Fire Trucks LLC 25 % 3.9 5.1 5.1 Construction Robotics, LLC 9 % 2.4 2.6 2.9 AutoTech Fund III, L.P. 9 % 0.8 — — AutoTech Fund II, L.P. 7 % 8.7 8.6 6.5 Carnegie Foundry LLC 6 % 4.8 4.9 5.0 Westly Capital Partners Fund IV, L.P. 5 % 2.8 1.4 1.1 Robotic Research LLC 2 % 11.2 — — $ 42.9 $ 30.9 $ 28.9 Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Equity in earnings (losses) of unconsolidated affiliates” in the Consolidated Statements of Income. Due to the timing and availability of information, earnings or losses from unconsolidated affiliates accounted for using the equity method are recorded on a three-month lag. The Company and an unaffiliated third party are joint venture partners in Mezcladores Trailers de Mexico, S.A. de C.V. (Mezcladoras). Mezcladoras is a manufacturer and distributor of industrial and commercial machinery with primary operations in Mexico. The Company recognized sales to Mezcladoras of $ 3.0 million in fiscal 2022, $ 0.4 million in the three months ended December 31, 2021, $ 3.4 million in the year ended September 30, 2021 and $ 3.3 million in the year ended September 30, 2020. The Company recognizes income on sales to Mezcladoras at the time of shipment in proportion to the outside third-party interest in Mezcladoras and recognizes the remaining income upon the joint venture’ s sale of inventory to an unaffiliated customer. The Company earns a service fee for certain operational support services provided to Mezcladoras. The Company recognized service fees of $ 0.9 million in fiscal 2022, $ 0.3 million in the three months ended December 31, 2021, $ 0.8 million in the year ended September 30, 2021 and $ 1.1 million in the year ended September 30, 2020. The Company holds an equity interest in BME Fire Trucks LLC (Boise Mobile). Boise Mobile is a manufacturer and distributor of custom fire apparatus specializing in challenging environments, such as wildfires. There were no material transactions between the Company and Boise Mobile in the year ended December 31, 2022, the three months ended December 31, 2021, or the year ended September 30, 2021. Investments in equity securities — Investments in equity securities where the Company does not have a controlling interest or significant influence are recorded at fair value to the extent it is readily determinable. Investments in equity securities without a readily determinable fair value are recorded at cost and adjusted for any impairments and any observable price changes in orderly transactions for the identical or a similar investment of the same issuer should they occur. Gains or losses are reflected in “Miscellaneous, net” in the Consolidated Statements of Income. Investments in unconsolidated affiliates not accounted for under the equity method with a readily determinable fair value consisted of the following (in millions): Cost Basis Unrealized Gain (Loss) Fair Value December 31, 2022 $ 25.0 $ ( 21.2 ) $ 3.8 December 31, 2021 $ 25.0 $ ( 10.8 ) $ 14.2 September 30, 2021 $ 25.0 $ ( 4.4 ) $ 20.6 Investments in unconsolidated affiliates not accounted for under the equity method without a readily determinable fair value consisted of the following (in millions): Cost Basis Accumulated Carrying Value December 31, 2022 $ 4.2 $ ( 0.2 ) $ 4.0 December 31, 2021 $ 1.7 $ — $ 1.7 September 30, 2021 $ 1.7 $ — $ 1.7 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Long-Term Assets | 14. Other Long-Term Assets Other long-term assets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Lease right of use asset (See Note 12 of Notes to $ 237.2 $ 234.1 $ 216.9 Investments in affiliates (See Note 13 of Notes to 50.7 46.8 51.2 Deferred contract costs (See Note 3 of Notes to 415.8 73.2 50.6 Rabbi trust, less current portion 12.4 15.8 15.4 Customer finance receivables 3.5 3.4 2.4 Other 17.4 16.3 14.3 737.0 389.6 350.8 Less allowance for doubtful receivables ( 0.1 ) ( 0.1 ) ( 0.1 ) $ 736.9 $ 389.5 $ 350.7 The rabbi trust (the “Trust”) holds investments to fund certain of the Company’s obligations under its nonqualified SERP. Trust investments include money market and mutual funds. The Trust assets are subject to claims of the Company’s creditors. |
Credit Agreements
Credit Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Credit Agreements | 15. Credit Agreements The Company was obligated under the following debt instruments (in millions): December 31, 2022 Principal Debt Issuance Costs Debt, Net 4.600 % Senior notes due May 2028 $ 300.0 $ ( 2.1 ) $ 297.9 3.100 % Senior notes due March 2030 300.0 ( 2.9 ) 297.1 $ 600.0 $ ( 5.0 ) $ 595.0 Other short-term debt $ 9.7 December 31, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.5 ) 297.5 3.100 % Senior notes due March 2030 300.0 ( 3.3 ) 296.7 $ 825.0 $ ( 6.0 ) $ 819.0 Other short-term debt $ — September 30, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.6 ) 297.4 3.100 % Senior notes due March 2030 300.0 ( 3.4 ) 296.6 $ 825.0 $ ( 6.2 ) $ 818.8 Other short-term debt $ — On March 23, 2022, the Company entered into a Third Amended and Restated Credit Agreement with various lenders (the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Credit Facility”) that matures in March 2027 with an initial maximum aggregate amount of availability of $ 1.1 billion. Debt issuance costs of $ 2.5 million were capitalized related to the Credit Agreement. In March 2022, the Company repaid a $ 225.0 million senior term loan that existed under the Second Amended and Resta ted Credit Agreement. At December 31, 2022, outstanding letters of credit of $ 15.8 million reduced available capacity under the Revolving Credit Facility to $ 1.08 billion . Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080 % to 0.225 % per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.4375 % to 1.500 % per annum of the maximum amount available to be drawn for each letter of credit issued and outstanding under the Credit Agreement. Borrowings under the Credit Agreement bear interest for dollar-denominated loans at a variable rate equal to (i) Term SOFR (the forward-looking secured overnight financing rate) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied, or (ii) the base rate (which is the highest of (x) Bank of America, N.A.’s prime rate, (y) the federal funds rate plus 0.50 % or (z) the sum of 1.00 % plus one-month Term SOFR) plus a specified margin, which may be adjusted upward or downward depending on whether certain criteria are satisfied. At December 31, 2022, the interest spread on the Revolving Credit Facility was 112.5 basis points. The Credit Agreement contains various restrictions and covenants, including a requirement that the Company maintain a leverage ratio at certain levels, subject to certain exceptions, restrictions on the ability of the Company and certain of its subsidiaries to consolidate or merge, create liens, incur additional subsidiary indebtedness and consummate acquisitions and a restriction on the disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole. The Credit Agreement requires the Company to maintain a maximum leverage ratio (defined as, with certain adjustments, the ratio of the Company’s consolidated indebtedness to the Company’s consolidated net income for the previous four quarters before interest, taxes, depreciation, amortization, non-cash charges and certain other items (EBITDA)) as of the last day of any fiscal quarter of 3.75 to 1.00, subject to the Company’s right to temporarily increase the maximum leverage ratio to 4.25 to 1.00 in connection with certain material acquisitions. The Company was in compliance with the financial covenant contained in the Credit Agreement as of December 31, 2022. In March 2022, the Company entered into a 100.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 12.6 million Chinese renminbi ( $ 1.8 million ) outstanding on the uncommitted line of credit as of December 31, 2022. The line of credit carries a variable interest rate that is set by the lender, which was 3.6 % at December 31, 2022. In September 2019, the Company entered into a 220.0 million Chinese renminbi uncommitted line of credit to provide short-term finance support to operations in China. There was 54.0 million Chinese renminbi ( $ 7.8 million ) outstanding on the uncommitted line of credit as of December 31, 2022. The line of credit carries a variable interest rate that is set by the lender, which was 4.15 % at December 31, 2022. In May 2018, the Company issued $ 300.0 million of 4.600 % unsecured senior notes due May 15, 2028 (the “2028 Senior Notes”). In February 2020, the Company issued $ 300.0 million of 3.100 % unsecured senior notes due March 1, 2030 (the “2030 Senior Notes”). The 2028 Senior Notes and the 2030 Senior Notes were issued pursuant to an indenture (the “Indenture”) between the Company and a trustee. The Indenture contains customary affirmative and negative covenants. The Company has the option to redeem the 2028 and 2030 Senior Notes at any time for a premium. The fair value of the long-term debt is estimated based upon Level 2 inputs to reflect the market rate of the Company’s debt. At December 31, 2022, the fair value of the 2028 Senior Notes and the 2030 Senior Notes was estimated to be $ 285 million ($ 338 million at December 31, 2021 and $ 344 million at September 30, 2021) and $ 254 million ($ 313 million at December 31, 2021 and $ 317 million at September 30, 2021), respectively. The fair value of the Term Loan approximated its book value at December 31, 2021 and September 30, 2021. See Note 22 of the Notes to Consolidated Financial Statements for the definition of a Level 2 input. |
Warranties
Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Warranties | 16. Warranties The Company’s products generally carry explicit warranties that extend from six months to five years , based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s end products may include manufacturers’ warranties. These manufacturers’ warranties are generally passed on to the end customer of the Company’s products, and the customer would generally deal directly with the component manufacturer. Warranty costs were $ 50.8 million in fiscal 2022, $ 11.3 million in the three months ended December 31, 2021, $ 66.3 million in the year ended September 30, 2021 and $ 57.9 million in the year ended September 30, 2020. Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters in excess of amounts accrued; however, the Company does not expect that any such amounts, while not determinable, would have a material effect on the Company’s consolidated financial condition, results of operations or cash flows. Changes in the Company’s assurance-type warranty liability were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 65.7 $ 69.0 $ 67.4 $ 65.1 Warranty provisions 49.3 10.8 50.1 43.1 Settlements made ( 57.7 ) ( 14.6 ) ( 65.0 ) ( 55.9 ) Changes in liability for pre-existing warranties, net 1.5 0.5 16.2 14.8 Foreign currency translation ( 0.2 ) — — 0.3 Acquisition 0.2 — 0.3 — Balance at end of period $ 58.8 $ 65.7 $ 69.0 $ 67.4 Additional warranty costs on the Joint Light Tactical Vehicle (JLTV) program within the Defense segment resulted in changes in the liability for pre-existing warranties of $ 16.9 million in the year ended September 30, 2021 and $ 12.3 million in the year ended September 30, 2020. The liabilities associated with service-type warranties are disclosed in Note 3 of the Notes to Consolidated Financial Statements. |
Guarantee Arrangements
Guarantee Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Guarantee Arrangements | 17. Guarantee Arrangements Customers of the Company, from time to time, may fund purchases of the Company’s equipment through third-party finance companies. In certain instances, the Company may be requested to provide support for these arrangements through credit or residual value guarantees, by which the Company agrees to make payments to the finance companies in certain circumstances as further described below. Credit Guarantees: The Company is party to multiple agreements whereby at December 31, 2022 the Company guaranteed an aggregate of $ 731.1 million in indebtedness of customers. The Company estimated that its maximum loss exposure under these contracts at December 31, 2022 was $ 121.6 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. If the financial condition of the customers were to deteriorate and result in their inability to make payments, then loss provisions in excess of amounts provided for at inception may be required. Given the Company’s position as original equipment manufacturer and its knowledge of end markets, the Company, when called upon to fulfill a guarantee, generally has been able to liquidate the financed equipment at a minimal loss, if any, to the Company. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third parties’ inability to meet their obligations. In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Residual Value Guarantees: The Company is party to multiple agreements whereby at December 31, 2022 the Company guaranteed to support an aggregate of $ 122.1 million of customer equipment value. The Company estimated that its maximum loss exposure under these contracts at December 31, 2022 was $ 12.8 million . Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. Under the terms of these agreements, the Company guarantees that a piece of equipment will have a minimum residual value at a future date. If the counterparty is not able to recover the agreed upon residual value through sale, or alternative disposition, the Company is responsible for a portion of the shortfall. The Company is generally able to mitigate a portion of the risk associated with these guarantees by staggering the maturity terms of the guarantees, diversification of the portfolio and leveraging knowledge gained through the Company’s own experience in the used equipment markets. There can be no assurance the Company’s historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees may be affected by economic conditions in used equipment markets at the time of loss. During periods of economic weakness, residual values generally decline and can contribute to higher exposure to losses. Changes in the Company’s stand ready obligation (non-contingent) to perform under guarantees were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 12.1 $ 14.1 $ 15.5 $ 15.8 Adoption of ASC 326 — — ( 0.6 ) — Provision for new credit guarantees 3.0 0.4 2.4 4.9 Changes for pre-existing guarantees, net ( 1.5 ) 0.3 ( 0.5 ) ( 0.5 ) Amortization of previous guarantees ( 1.2 ) ( 2.7 ) ( 2.8 ) ( 5.0 ) Foreign currency translation ( 0.2 ) — 0.1 0.3 Balance at end of period $ 12.2 $ 12.1 $ 14.1 $ 15.5 Upon the adoption of Financial Accounting Standards Board (FASB) ASC 326, Financial Instruments – Credit Losses , the contingent portion of the guarantee liabilities that relates to current expected credit losses is recognized separately and is recorded within “Other current liabilities” and “Other long-term liabilities” in the Company’s Consolidated Balance Sheets. Changes in the Company’s off-balance sheet credit loss exposure (contingent) related to its guarantees were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Balance at beginning of period $ 4.0 $ 7.3 $ — Adoption of ASC 326 — — 7.1 Provision for new credit guarantees 1.6 0.1 2.1 Changes in allowance for pre-existing guarantees, net 1.0 ( 3.4 ) ( 2.0 ) Foreign currency translation ( 0.3 ) — 0.1 Balance at end of period $ 6.3 $ 4.0 $ 7.3 |
Contingencies, Significant Esti
Contingencies, Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Significant Estimates and Concentrations | 18. Contingencies, Significant Estimates and Concentrations Personal Injury Actions and Other — Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generally self-insured for future claims up to $ 5.0 million per claim. Accordingly, a reserve is maintained for the estimated costs of such claims. Estimated net liabilities for product and general liability claims totaled $ 41.2 million at December 31, 2022, $ 45.1 million at December 31, 2021 and $ 49.5 million at September 30, 2021. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Company’s financial condition, results of operations or cash flows. Market Risks — The Company was contingently liable under bid, performance and specialty bonds totaling $ 2.04 billion at December 31, 2022, $ 1.24 billion at December 31, 2021 and $ 1.13 billion at September 30, 2021. Open standby letters of credit issued by the Company’s banks in favor of third parties totaled $ 18.8 million at December 31, 2022, $ 22.1 million at December 31, 2021 and $ 22.3 million at September 30, 2021. Other Matters — The Company is subject to other environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings that arise in the ordinary course of business. Although the final results of all such matters and claims cannot be predicted with certainty, management believes that the ultimate resolution of all such matters and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows. Actual results could vary, among other things, due to the uncertainties involved in litigation. At December 31, 2022, approximately 19 % of the Company’s workforce was covered under collective bargaining agreements. The Company derived a significant portion of its revenue from the DoD, as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 DoD $ 1,995.8 $ 521.2 $ 2,395.1 $ 2,300.4 Foreign military sales 76.2 0.5 139.2 71.2 Total DoD sales $ 2,072.0 $ 521.7 $ 2,534.3 $ 2,371.6 No other customer represented more than 10% of sales. Certain risks are inherent in doing business with the DoD, including technological changes and changes in levels of defense spending. All DoD contracts contain a provision that they may be terminated at any time at the convenience of the U.S. government. In such an event, the Company is entitled to recover allowable costs plus a reasonable profit earned to the date of termination. Major contracts for military systems are performed over extended periods of time and are subject to changes in scope of work and delivery schedules. Pricing negotiations on changes and settlement of claims often extend over prolonged periods of time. The Company’s ultimate profitability on such contracts may depend on the eventual outcome of an equitable settlement of contractual issues with the Company’s customers. Because the Company is a relatively large defense contractor, the Company’s U.S. government contract operations are subject to extensive annual audit processes and to U.S. government investigations of business practices and cost classifications from which legal or administrative proceedings can result. Based on U.S. government procurement regulations, under certain circumstances the Company could be fined, as well as suspended or debarred from U.S. government contracting. During a suspension or debarment, the Company would also be prohibited from selling equipment or services to customers that depend on loans or financial commitments from the Export-Import Bank, Overseas Private Investment Corporation and similar U.S. government agencies. The Company recognized an $ 18.5 million gain during the year ended September 30, 2020 upon receipt of proceeds for a claim under its property and business interruption insurance. The claim was primarily for property damage and lost profits due to a weather-related roof collapse that occurred at one of the Commercial segment’s facilities in February 2019. The gain was recognized as a reduction of cost of sales ($ 10.8 million), a reduction of selling, general and administrative expense ($ 1.5 million) and miscellaneous income ($ 6.2 million). |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 19. Shareholders’ Equity In May 2019, the Company’s Board of Directors approved a Common Stock repurchase authorization for which there was remaining authority to repurchase 4,109,419 shares of Common Stock as of May 3, 2 022. On May 3, 2022, the Board of Directors increased the Common Stock repurchase authorization by 7,890,581 shares to 12,000,000 shares as of that date. As of December 31, 2022, the Company had remaining authority to repurchase 11,550,677 shares of Common Stock. Repurchases of Common Stock were as follows (in millions, except share amounts): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Shares of Common Stock repurchased 1,508,467 1,362,831 927,934 550,853 Cost of shares of Common Stock repurchased $ 155.0 $ 150.0 $ 107.8 $ 40.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows (in millions): Employee Pension and Cumulative Derivative Instruments, Accumulated Other Balance at September 30, 2019 $ ( 69.4 ) $ ( 132.5 ) $ 0.3 $ ( 201.6 ) Other comprehensive income (loss) before reclassifications ( 29.3 ) 30.4 ( 0.5 ) 0.6 Amounts reclassified from accumulated other comprehensive income (loss) 2.8 — ( 0.2 ) 2.6 Net current period other comprehensive income (loss) ( 26.5 ) 30.4 ( 0.7 ) 3.2 Balance at September 30, 2020 ( 95.9 ) ( 102.1 ) ( 0.4 ) ( 198.4 ) Other comprehensive income (loss) before reclassifications 57.1 3.8 1.5 62.4 Amounts reclassified from accumulated other comprehensive income (loss) 4.6 — 0.4 5.0 Net current period other comprehensive income (loss) 61.7 3.8 1.9 67.4 Balance at September 30, 2021 ( 34.2 ) ( 98.3 ) 1.5 ( 131.0 ) Other comprehensive income (loss) before reclassifications 8.2 ( 6.9 ) 0.9 2.2 Amounts reclassified from accumulated other comprehensive income (loss) 0.4 — ( 0.2 ) 0.2 Net current period other comprehensive income (loss) 8.6 ( 6.9 ) 0.7 2.4 Balance at December 31, 2021 ( 25.6 ) ( 105.2 ) 2.2 ( 128.6 ) Other comprehensive income (loss) before reclassifications 29.3 ( 31.0 ) 6.2 4.5 Amounts reclassified from accumulated other comprehensive income (loss) 27.4 4.6 ( 0.2 ) 31.8 Net current period other comprehensive income (loss) 56.7 ( 26.4 ) 6.0 36.3 Balance at December 31, 2022 $ 31.1 $ ( 131.6 ) $ 8.2 $ ( 92.3 ) Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 5 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions): Classification of Year Ended Three Months Ended (transition period) Year Ended income (expense) 2022 2021 2021 2020 Amortization of employee pension and postretirement benefits items Prior service costs Miscellaneous, net $ 0.8 $ 0.2 $ 0.9 $ 0.7 Settlement Miscellaneous, net 33.6 — — — Actuarial (gains) losses Miscellaneous, net 1.3 0.3 5.2 3.1 Total before tax 35.7 0.5 6.1 3.8 Tax benefit ( 8.3 ) ( 0.1 ) ( 1.5 ) ( 1.0 ) Net of tax $ 27.4 $ 0.4 $ 4.6 $ 2.8 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | 21. Derivative Financial Instruments and Hedging Activities The Company uses forward foreign currency exchange contracts (derivatives) to reduce the exchange rate risk of specific foreign currency denominated transactions. These derivatives typically require the exchange of a foreign currency for U.S. dollars at a fixed rate at a future date. At times, the Company has designated these hedges as either cash flow hedges or fair value hedges under FASB ASC Topic 815, Derivatives and Hedging , as follows: Fair Value Hedging Strategy: The Company enters into forward foreign exchange contracts to hedge firm commitments denominated in foreign currencies. The purpose of the Company’s foreign currency hedging activities is to protect the Company from risk that the eventual U.S. dollar-equivalent cash flows from the sale of products to international customers will be adversely affected by changes in exchange rates. Cash Flow Hedging Strategy: To protect against the impact of movements in foreign exchange rates on forecasted purchases or sales transactions denominated in foreign currency, the Company has a foreign currency cash flow hedging program. The Company hedges portions of its forecasted transactions denominated in foreign currency with forward contracts. At December 31, 2022, the total notional U.S. dollar equivalent of outstanding forward foreign exchange contracts designated as hedges in accordance with ASC Topic 815 was $ 137.4 million . Net gains or losses related to these contracts are recorded within the same line item in the Consolidated Statements of Income impacted by the hedged item. The maximum length of time the Company is hedging its exposure to the variability in future cash flows is two years. The Company enters into forward foreign currency exchange contracts to create economic hedges to manage foreign exchange risk exposure associated with non-functional currency denominated receivables and payables resulting from global sales and sourcing activities. The Company has not designated these derivative contracts as hedge transactions under FASB ASC Topic 815, and accordingly, the mark-to-market impact of these derivatives is recorded each period in current earnings within “Miscellaneous, net” in the Consolidated Statements of Income. The fair value of foreign currency related derivatives is included in the Consolidated Balance Sheets in “Other current assets” and “Other current liabilities.” At December 31, 2022, the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $ 111.0 million in notional amounts covering a variety of foreign currency exposures. The fair values of all open derivative instruments were as follows (in millions): December 31, 2022 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 11.1 $ — $ 0.3 $ — Not designated as hedging instruments: Foreign exchange contracts 1.5 0.1 1.3 — $ 12.6 $ 0.1 $ 1.6 $ — December 31, 2021 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 0.2 $ 2.7 $ — $ — Not designated as hedging instruments: Foreign exchange contracts 0.3 0.4 0.6 0.3 $ 0.5 $ 3.1 $ 0.6 $ 0.3 September 30, 2021 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 0.5 $ 1.8 $ — $ — Not designated as hedging instruments: Foreign exchange contracts 0.2 0.1 1.5 0.2 $ 0.7 $ 1.9 $ 1.5 $ 0.2 The pre-tax effects of derivative instruments consisted of the following (in millions): Classification of Year Ended Three Months Ended (transition period) Year Ended Gains (Losses) 2022 2021 2021 2020 Cash flow hedges: Foreign exchange contracts Cost of sales $ 1.4 $ 0.3 $ ( 0.7 ) $ 0.6 Not designated as hedging instruments: Foreign exchange contracts Miscellaneous , net 0.9 ( 0.1 ) 0.2 1.7 $ 2.3 $ 0.2 $ ( 0.5 ) $ 2.3 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 22. Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The fair values of the Company’s financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3 Total December 31, 2022 Assets: SERP plan assets (a) $ 13.8 $ — $ — $ 13.8 Investment in equity securities (b) 3.8 — — 3.8 Foreign currency exchange derivatives (c) — 12.7 — 12.7 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.6 $ — $ 1.6 Level 1 Level 2 Level 3 Total December 31, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 14.2 — — 14.2 Foreign currency exchange derivatives (c) — 3.6 — 3.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 0.9 $ — $ 0.9 Level 1 Level 2 Level 3 Total September 30, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 20.6 — — 20.6 Foreign currency exchange derivatives (c) — 2.6 — 2.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.7 $ — $ 1.7 (a) Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (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) Represents investments in equity securities 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. (c) Based on observable market transactions of forward currency prices. See Notes 5, 13 and 15 of the Notes to Consolidated Financial Statements for fair value information related to pension assets, investments and debt. Items Measured at Fair Value on a Nonrecurring Basis — In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets (See Note 1 of Notes to Consolidated Financial Statements fair value of assets acquired and liabilities assumed through acquisition, Note 10 of the Notes to Consolidated Financial Statements for impairments of long-lived assets, Note 11 of the Notes to Consolidated Financial Statements for impairment valuation analysis of intangible assets and Note 12 of the Notes to Consolidated Financial Statements for impairments of right of use assets). The Company has determined that the fair value measurements related to each of these assets rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available. As such, the Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | 23. Business Segment Information The Company is organized into four reportable segments based on the internal organization used by the Chief Executive Officer for making operating decisions and measuring performance and based on the similarity of customers served, common management, common use of facilities and economic results attained. The Company’s segments are as follows: Access Equipment : This segment consists of JLG and JerrDan. JLG designs and manufactures aerial work platforms and telehandlers that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. Access Equipment customers include equipment rental companies, construction contractors, manufacturing companies and home improvement centers. JerrDan designs, manufactures and markets towing and recovery equipment in the U.S. and abroad. Defense : This segment consists of Oshkosh Defense, Pratt Miller and snow removal vehicles for military and civilian airports. These business units design and manufacture tactical wheeled vehicles and supply parts and services for the U.S. military and for other militaries around the world, as well as offer engineering and product development services primarily to customers in the motorsports and multiple ground vehicle markets. Sales to the DoD accounted for 95 % of the segment’s sales in fiscal 2022, 93 % of the segment’s sales in the three months ended December 31, 2021, 95 % of the segment’s sales in the year ended September 30, 2021 and 96 % of the segment’s sales in the year ended September 30, 2020. Fire & Emergency : This segment includes Pierce, Airport Products, Maxi-Metal and Kewaunee. These business units design, manufacture and market commercial and custom fire vehicles, simulators and emergency vehicles primarily for fire departments, airports and other governmental units, and broadcast vehicles for broadcasters and TV stations in the U.S. and abroad. Commercial : This segment includes McNeilus, London, IMT and Oshkosh Commercial. McNeilus and London design, manufacture, market and distribute refuse collection vehicles and components. McNeilus, London and Oshkosh Commercial also design, manufacture, market and distribute concrete mixer vehicles and components. IMT is a designer and manufacturer of field service vehicles and truck-mounted cranes for niche markets. Sales are made primarily to commercial and municipal customers in the Americas. In accordance with FASB ASC Topic 280, Segment Reporting , for purposes of business segment performance measurement, the Company does not allocate to individual business segments costs or items that are of a non-operating nature or organizational or functional expenses of a corporate nature. The caption “Corporate” includes corporate office expenses, share-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments, and results of insignificant operations. Identifiable assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment, and certain other assets pertaining to corporate activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing, which is intended to be reflective of the contribution made by the supplying business segment. The accounting policies of the reportable segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements. Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions): Year Ended December 31, 2022 Three Months Ended December 31, 2021 (transition period) External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,949.0 $ — $ 1,949.0 $ 415.3 $ — $ 415.3 Telehandlers 1,174.8 — 1,174.8 210.6 — 210.6 Other 848.1 0.2 848.3 207.4 0.2 207.6 Total Access Equipment 3,971.9 0.2 3,972.1 833.3 0.2 833.5 Defense 2,139.9 1.4 2,141.3 531.1 0.4 531.5 Fire & Emergency 1,108.2 3.4 1,111.6 217.0 1.6 218.6 Commercial Refuse collection 536.4 — 536.4 98.2 — 98.2 Concrete mixers 419.2 — 419.2 88.8 — 88.8 Other 106.2 2.3 108.5 23.2 0.4 23.6 Total Commercial 1,061.8 2.3 1,064.1 210.2 0.4 210.6 Corporate and intersegment eliminations 0.2 ( 7.3 ) ( 7.1 ) 0.1 ( 2.6 ) ( 2.5 ) Consolidated $ 8,282.0 $ — $ 8,282.0 $ 1,791.7 $ — $ 1,791.7 Year Ended September 30, 2021 2020 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,471.4 $ — $ 1,471.4 $ 1,101.7 $ — $ 1,101.7 Telehandlers 769.4 — 769.4 680.4 — 680.4 Other 826.5 4.8 831.3 723.6 9.4 733.0 Total Access Equipment 3,067.3 4.8 3,072.1 2,505.7 9.4 2,515.1 Defense 2,524.1 1.5 2,525.6 2,300.4 11.1 2,311.5 Fire & Emergency 1,211.6 15.0 1,226.6 1,098.0 9.0 1,107.0 Commercial Refuse collection 465.9 — 465.9 437.2 — 437.2 Concrete mixers 364.8 — 364.8 403.5 — 403.5 Other 102.9 4.0 106.9 110.6 6.5 117.1 Total Commercial 933.6 4.0 937.6 951.3 6.5 957.8 Corporate and intersegment eliminations 0.7 ( 25.3 ) ( 24.6 ) 1.4 ( 36.0 ) ( 34.6 ) Consolidated $ 7,737.3 $ — $ 7,737.3 $ 6,856.8 $ — $ 6,856.8 Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Operating income (loss): Access Equipment (a) $ 313.2 $ 38.2 $ 278.2 $ 198.2 Defense (b) 46.2 16.0 200.7 186.2 Fire & Emergency 94.9 15.9 178.9 147.1 Commercial (c) 59.5 2.4 81.7 79.0 Corporate ( 141.5 ) ( 30.9 ) ( 147.4 ) ( 125.7 ) Consolidated 372.3 41.6 592.1 484.8 Interest expense, net of interest income (d) ( 43.9 ) ( 11.8 ) ( 44.7 ) ( 51.8 ) Miscellaneous other (expense) income (e) ( 52.8 ) ( 5.6 ) ( 2.1 ) 2.2 Income before income taxes and losses of unconsolidated affiliates $ 275.6 $ 24.2 $ 545.3 $ 435.2 (a) Results for fiscal 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities and $ 2.2 million of restructuring costs. Results for the year ended September 30, 2021 include $ 3.1 million of restructuring costs and $ 7.4 million operating expenses related to restructuring plans. Results for the year ended September 30, 2020 include $ 10.4 million of restructuring costs and $ 4.7 million operating expenses related to restructuring plans. (b) Results for fiscal 2022 include a $ 5.6 million intan gible asset impairment charge. (c) Results for fiscal 2022 include a $ 2.1 million intangible asset impairment charge. Results for the year ended September 30, 2020 include $ 1.5 million of restructuring costs, $ 4.1 million of accelerated depreciation related to restructuring actions, a gain of $ 12.3 million arising from a business interruption insurance recovery and a gain on the sale of a business of $ 3.1 million. (d) Results for the year ended September 30, 2020 include $ 8.5 million in debt extinguishment costs and $ 3.3 million of interest income from an arbitration settlement in the Defense segment. (e) Results for fiscal 2022 include a $ 33.6 million charge from the settlement of a frozen pension plan. Results for the year ended September 30, 2020 include a $ 6.2 million gain from insurance proceeds in excess of property loss in the Commercial segment. Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Depreciation and amortization: Access Equipment (a) $ 37.4 $ 9.1 $ 37.9 $ 42.1 Defense 29.9 7.9 27.8 20.1 Fire & Emergency 11.5 2.7 10.0 10.0 Commercial (b) 13.8 3.2 13.1 17.1 Corporate 15.0 4.1 15.2 14.9 Consolidated $ 107.6 $ 27.0 $ 104.0 $ 104.2 Capital expenditures: Access Equipment (c) $ 65.7 $ 17.2 $ 55.8 $ 56.5 Defense 168.2 12.1 23.8 32.4 Fire & Emergency 30.8 6.5 8.1 6.7 Commercial 11.4 6.4 21.3 18.9 Corporate 3.6 1.0 5.8 15.7 Consolidated $ 279.7 $ 43.2 $ 114.8 $ 130.2 (a) Includes $ 3.6 million and $ 2.8 million of accelerated depreciation associated with restructuring actions in the years ended September 30, 2021 and 2020, respectively. (b) Includes $ 4.1 million of accelerated depreciation associated with restructuring actions in the year ended September 30, 2020. (c) Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental. December 31, September 30, 2022 2021 2021 Identifiable assets: Access Equipment: U.S. $ 2,493.0 $ 2,348.8 $ 2,234.0 Europe, Africa and Middle East 562.2 460.3 470.9 Rest of the world 428.4 383.0 371.4 Total Access Equipment 3,483.6 3,192.1 3,076.3 Defense: U.S. 2,060.0 1,259.0 1,189.0 Rest of the world 6.9 7.2 7.2 Total Defense 2,066.9 1,266.2 1,196.2 Fire & Emergency - U.S. U.S. 586.7 532.7 558.7 Rest of the World 25.5 — — Total Fire & Emergency 612.2 532.7 558.7 Commercial: U.S. 476.7 415.0 418.9 Rest of the world 39.1 45.1 54.8 Total Commercial 515.8 460.1 473.7 Corporate - U.S. (a) 1,050.5 1,398.6 1,730.8 Consolidated $ 7,729.0 $ 6,849.7 $ 7,035.7 (a) Primarily includes cash and short-term investments and the Company’s global headquarters. The following tables present net sales by geographic region based on product shipment destination (in millions): Year Ended December 31, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 3,298.9 $ 2,047.5 $ 1,075.6 $ 1,053.3 $ ( 7.1 ) $ 7,468.2 Europe, Africa and Middle East 353.0 92.7 7.4 2.1 — 455.2 Rest of the World 320.2 1.1 28.6 8.7 — 358.6 Consolidated $ 3,972.1 $ 2,141.3 $ 1,111.6 $ 1,064.1 $ ( 7.1 ) $ 8,282.0 Three Months Ended December 31, 2021 (transition period) Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 671.6 $ 523.4 $ 211.9 $ 206.9 $ ( 2.5 ) $ 1,611.3 Europe, Africa and Middle East 86.1 8.0 4.1 0.8 — 99.0 Rest of the World 75.8 0.1 2.6 2.9 — 81.4 Consolidated $ 833.5 $ 531.5 $ 218.6 $ 210.6 $ ( 2.5 ) $ 1,791.7 Year Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 2,358.9 $ 2,337.8 $ 1,147.4 $ 929.0 $ ( 24.6 ) $ 6,748.5 Europe, Africa and Middle East 273.4 183.2 46.7 1.5 — 504.8 Rest of the World 439.8 4.6 32.5 7.1 — 484.0 Consolidated $ 3,072.1 $ 2,525.6 $ 1,226.6 $ 937.6 $ ( 24.6 ) $ 7,737.3 Year Ended September 30, 2020 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 1,881.6 $ 2,200.4 $ 1,029.3 $ 947.0 $ ( 34.6 ) $ 6,023.7 Europe, Africa and Middle East 275.3 107.0 29.8 1.6 — 413.7 Rest of the World 358.2 4.1 47.9 9.2 — 419.4 Consolidated $ 2,515.1 $ 2,311.5 $ 1,107.0 $ 957.8 $ ( 34.6 ) $ 6,856.8 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results | 24. Unaudited Quarterly Results (in millions, except per share amounts) Effective October 1, 2022, the Company selected to adopt the FIFO inventory valuation methodology for all inventories where it had previously valued certain inventories on the LIFO basis. Accordingly, amounts previously reported for all quarters for the year ended September 30, 2021, and the first, second and third quarters of fiscal 2022 have been recast from what was previously reported in the Company’s Quarterly Reports on Form 10-Q. Year Ended December 31, 2022 4th Quarter (a) 3rd Quarter (b) 2nd Quarter 1st Quarter (c) Net sales $ 2,203.6 $ 2,066.7 $ 2,066.0 $ 1,945.7 Gross income 315.0 288.6 247.0 203.8 Operating income 147.0 117.2 76.3 31.8 Net income 75.1 66.9 32.1 ( 0.2 ) Earnings per share: Basic $ 1.15 $ 1.02 $ 0.49 $ — Diluted $ 1.14 $ 1.02 $ 0.49 $ — Common stock dividends per share $ 0.37 $ 0.37 $ 0.37 $ 0.37 (a) The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. (b) The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. (c) The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. Year Ended September 30, 2021 4th Quarter (a) 3rd Quarter (b) 2nd Quarter (c) 1st Quarter (d) Net sales $ 2,063.0 $ 2,208.8 $ 1,889.0 $ 1,576.5 Gross income 308.7 394.1 319.6 245.8 Operating income 134.4 213.3 145.3 99.1 Net income 112.9 221.0 103.0 72.0 Earnings per share: Basic $ 1.65 $ 3.21 $ 1.50 $ 1.06 Diluted $ 1.63 $ 3.18 $ 1.49 $ 1.05 Common stock dividends per share $ 0.33 $ 0.33 $ 0.33 $ 0.33 (a) The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. (b) The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. (c) The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. (d) The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events As a result of the change in operating structure, the Company combined its Fire & Emergency segment and Commercial segment into a new segment effective January 31, 2023. The new segment, the Vocational segment, will focus on designing, developing and manufacturing purpose-built vocational vehicles. By combining these segments, the Company expects to drive enhanced efficiencies while better leveraging its scale in technology development at an accelerated pace. On January 31 , 2023, the Company announced the planned sale of the rear discharge concrete mixer business of its Vocational segment. The estimated sale price is expected to be below the carrying value of the business, resulting in a loss between $ 10.0 million and $ 15.0 million that will be recognized by the Company when all held for sale criteria are met. The transaction is expected to close in the first quarter of fiscal 2023. On January 31, 2023, the Company acquired Hinowa S.p.A. (Hinowa), which specializes in manufacturing equipment for working at heights and moving earth, such as aerial platforms, mini dumpers and tracked lift trucks, as well as undercarriages, for 186 million Euro. Hinowa will be part of the Access Equipment segment. The Company’s preliminary evaluation of the fair value for certain significant assets and liabilities, including goodwill and intangibles, is not complete. The Company will provide a preliminary purchase price allocation with its fiscal 2023 first quarter Quarterly Report on Form 10-Q. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation — The consolidated financial statements include the accounts of Oshkosh and all of its majority-owned or controlled subsidiaries and are prepared in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition — The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). Accordingly, revenue is recognized when control of the goods or services promised under a contract are transferred to the customer in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for the goods or services. The Company has elected to apply the following practical expedients and accounting policy elections when determining revenue from contracts with customers and capitalization of related costs: • Shipping and handling costs incurred after control of the related product has transferred to the customer are considered costs to fulfill the related promise and are included in “Cost of sales” in the Consolidated Statements of Income when incurred or when the related product revenue is recognized, whichever is earlier. • Except for the Fire & Emergency segment, the Company has elected to not adjust revenue for the effects of a significant finance component when the timing difference between receipt of payment and recognition of revenue is less than one year. • Sales and similar taxes that are collected from customers are excluded from the transaction price. • The Company has elected to expense incremental costs to obtain a contract when the amortization period of the related asset is expected to be less than one year. • The Company has elected to not disclose unsatisfied performance obligations with an original contract duration of one year or less. See Note 3 of the Notes to Consolidated Financial Statements for information regarding the Company’s revenue recognition practices. |
Assurance Warranty | Assurance Warranty — Provisions for estimated assurance warranties are recorded in cost of sales at the time of sale and are periodically adjusted to reflect actual experience. The amount of warranty liability accrued reflects management’s best estimate of the expected future cost of honoring Company obligations under the warranty plans. Historically, the cost of fulfilling the Company’s warranty obligations has principally involved replacement parts, labor and sometimes travel for any field retrofit campaigns. The Company’s estimates are based on historical experience, the extent of pre-production testing, the number of units involved and the extent of features/components included in product models. Also, each quarter, the Company reviews actual warranty claims experience to determine if there are systemic defects that would require a field campaign. |
Research and Development and Similar Costs | Research and Development and Similar Costs — Except for customer sponsored research and development costs incurred pursuant to contracts (generally with the U.S. Department of Defense (DoD)), research and development costs are expensed as incurred and included in cost of sales. Research and development costs charged to expense totaled $ 113.4 million in fiscal 2022, $ 25.6 million for the three months ended December 31, 2021, $ 103.1 million for the year ended September 30, 2021 and $ 103.9 million for the year ended September 30, 2020. Customer sponsored research and development costs incurred pursuant to contracts are accounted for as contract costs. |
Advertising | Advertising — Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled $ 14.2 million in fiscal 2022, $ 3.5 million for the three months ended December 31, 2021, $ 17.7 million for the year ended September 30, 2021 and $ 16.0 million for the year ended September 30, 2020. |
Stock-based Compensation | Stock-Based Compensation — The Company recognizes stock-based compensation using the fair value provisions prescribed by ASC Topic 718, Compensation — Stock Compensation . Accordingly, compensation costs for awards of stock-based compensation settled in shares are determined based on the fair value of the share-based instrument at the time of grant and are recognized as expense over the vesting period of the share-based instrument, net of estimated forfeitures. See Note 4 of the Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans. |
Debt Financing Costs | Debt Financing Costs — Debt issuance costs on term debt are amortized using the interest method over the term of the debt. Deferred financing costs on lines of credit are amortized on a straight-line basis over the term of the related lines of credit. Amortization expense was $ 1.6 million (including $ 0.1 million amortization related to early debt retirement) in fiscal 2022, $ 0.4 million for the three months ended December 31, 2021, $ 1.6 million for the year ended September 30, 2021 and $ 3.6 million (including $ 1.8 million of amortization related to early debt retirement) for the year ended September 30, 2020. |
Income Taxes | Income Taxes — Deferred income taxes are provided to recognize temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company evaluates uncertain income tax positions in a two -step process. The first step is recognition, where the Company evaluates whether an individual tax position has a likelihood of greater than 50 % of being sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation processes. For tax positions that are currently estimated to have a less than 50 % likelihood of being sustained, zero tax benefit is recorded. For tax positions that have met the recognition threshold, the Company performs the second step of measuring the benefit to be recorded. The actual benefits ultimately realized may differ from the Company’s estimates. In future periods, changes in facts and circumstances and new information may require the Company to change the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — Based on Company estimates, the carrying amounts of cash equivalents, receivables, unbilled receivables, accounts payable and accrued liabilities approximated fair value as of December 31, 2022 , December 31, 2021 and September 30, 2021. See Notes 5, 13, 15, 21 and 22 of the Notes to Consolidated Financial Statements for additional fair value information. |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at December 31, 2022 consisted principally of bank deposits and money market instruments. |
Receivables | Receivables — Receivables consist of amounts billed and currently due from customers. The Company extends credit to customers in the normal course of business and maintains an allowance for estimated losses resulting from the inability or unwillingness of customers to make required payments. The accrual for expected losses is based on an estimate of the losses inherent in amounts billed, pools of receivables with similar risk characteristics, existing and future economic conditions, reasonable and supportable forecast that affects the collectability of the related receivable and any specific customer collection issues the Company has identified. Account balances are charged against the allowance when the Company determines it is probable the receivable will not be recovered. Finance Receivables — Finance receivables represent sales-type leases resulting from the sale of the Company’s products and the purchase of finance receivables from lenders pursuant to customer defaults under program agreements with finance companies. Finance receivables originated by the Company generally include a residual value component. Residual values are determined based on the expectation that the underlying equipment will have a minimum fair market value at the end of the lease term. This residual value accrues to the Company at the end of the lease. The Company uses its experience and knowledge as an original equipment manufacturer and participant in end markets for the related products along with third-party studies to estimate residual values. The Company monitors these values for impairment on a continuous basis and reflects any resulting reductions in value in current earnings. Delinquency is the primary indicator of credit quality of finance receivables. The Company maintains a general allowance for finance receivables considered doubtful of future collection based upon individual, and pools of receivables with similar risk characteristics, estimates of inherent losses. Additional allowances are established based upon the Company’s evaluation of the quality of the finance receivables, including the length of time the receivables are past due, past experience of collectability and underlying current and future economic conditions. In circumstances where the Company believes collectability is no longer reasonably assured, a specific allowance is recorded to reduce the net recognized receivable to the amount reasonably expected to be collected. The terms of the finance agreements generally give the Company the ability to take possession of the underlying collateral. The Company may incur losses in excess of recorded allowances if the financial condition of its customers were to deteriorate or the full amount of any anticipated proceeds from the sale of the collateral supporting its customers’ financial obligations is not realized. The Company does not accrue interest income on finance receivables in circumstances where the Company believes collectability is no longer reasonably assured. Any cash payments received on nonaccrual finance receivables are applied first to the principal balances. The Company does not resume accrual of interest income until the customer has shown that it is capable of meeting its financial obligations by making timely payments over a sustained period of time. The Company determines past due or delinquency status based upon the due date of the receivable. |
Unbilled Receivables | Unbilled Receivables — Unbilled receivables consist of unbilled costs and accrued profits related to revenues on contracts with customers that have been recognized for accounting purposes but not yet billed to customers. In the Company’s Defense segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones (e.g. acceptance of the vehicle) or at periodic intervals (e.g., biweekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in unbilled receivables. |
Concentration of Credit Risk | Concentration of Credit Risk — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash equivalents, trade accounts receivable, unbilled receivables and guarantees of certain customers’ obligations under deferred payment contracts and lease purchase agreements. The Company maintains cash and cash equivalents, and other financial instruments, with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution. Concentration of credit risk with respect to trade accounts and lease receivables is limited due to the large number of customers and their dispersion across many geographic areas. However, a significant amount of trade accounts receivable are with the U.S. government, with rental companies globally, with companies in the ready-mix concrete industry, with municipalities and with several large waste haulers in the United States. The Company continues to monitor credit risk associated with its trade receivables. |
Inventories | Inventories — Historically, more than 80 % of the Company ’ s inventories were accounted for under the last-in, first-out (LIFO) method of accounting. Effective October 1, 2022, the Company elected to adopt the first-in, first-out (FIFO) inventory valuation method for all inventories. FIFO was deemed a preferable method as it better aligns with the accounting practices of peers, it more accurately reflects the current value and physical flow of inventory and it harmonizes the accounting method for inventories across the Company. The change in accounting has been retrospectively applied to the consolidated financial statements. As of October 1, 2019, the change in inventory method increased inventory and retained earnings (net of tax) by $ 100.6 million and $ 76.6 million, respectively. Financial statements for the three months ended December 31, 2021, for the years ended September 30, 2021 and 2020 and at December 31, 2021 and September 30, 2021 have been recast. The impacts on the Company ’s previously issued Consolidated Financial Statements are presented in the following tables (in millions): Three Months Ended December 31, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 1,620.0 $ ( 23.6 ) $ 1,596.4 Gross income $ 171.7 $ 23.6 $ 195.3 Operating income $ 18.0 $ 23.6 $ 41.6 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 0.6 $ 23.6 $ 24.2 Provision for income taxes $ ( 4.4 ) $ 5.6 $ 1.2 Income before earnings (losses) of unconsolidated affiliates $ 5.0 $ 18.0 $ 23.0 Net income $ 6.2 $ 18.0 $ 24.2 Basic Earnings per share $ 0.09 $ 0.27 $ 0.36 Diluted Earnings per share $ 0.09 $ 0.27 $ 0.36 Year Ended September 30, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 6,516.5 $ ( 47.4 ) $ 6,469.1 Gross income $ 1,220.8 $ 47.4 $ 1,268.2 Operating income $ 544.7 $ 47.4 $ 592.1 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 497.9 $ 47.4 $ 545.3 Provision for income taxes $ 25.2 $ 11.2 $ 36.4 Income before earnings (losses) of unconsolidated affiliates $ 472.7 $ 36.2 $ 508.9 Net income $ 472.7 $ 36.2 $ 508.9 Basic Earnings per share $ 6.90 $ 0.53 $ 7.43 Diluted Earnings per share $ 6.83 $ 0.52 $ 7.35 Year Ended September 30, 2020 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 5,736.5 $ 3.9 $ 5,740.4 Gross income $ 1,120.3 $ ( 3.9 ) $ 1,116.4 Operating income $ 488.7 $ ( 3.9 ) $ 484.8 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 439.1 $ ( 3.9 ) $ 435.2 Provision for income taxes $ 112.8 $ ( 0.9 ) $ 111.9 Income before earnings (losses) of unconsolidated affiliates $ 326.3 $ ( 3.0 ) $ 323.3 Net income $ 324.5 $ ( 3.0 ) $ 321.5 Basic $ 4.76 $ ( 0.04 ) $ 4.72 Diluted $ 4.72 $ ( 0.05 ) $ 4.67 December 31, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,382.7 $ 167.7 $ 1,550.4 Total current assets $ 4,114.6 $ 167.7 $ 4,282.3 Long-term net deferred tax asset $ 111.5 $ ( 39.8 ) $ 71.7 Total assets $ 6,721.8 $ 127.9 $ 6,849.7 Retained earnings $ 3,110.6 $ 127.9 $ 3,238.5 Total shareholders’ equity $ 3,076.4 $ 127.9 $ 3,204.3 Total liabilities and shareholders’ equity $ 6,721.8 $ 127.9 $ 6,849.7 September 30, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,267.4 $ 144.1 $ 1,411.5 Total current assets $ 4,417.9 $ 144.1 $ 4,562.0 Total assets $ 6,891.6 $ 144.1 $ 7,035.7 Long-term net deferred tax liability $ 73.9 $ 34.2 $ 108.1 Retained earnings $ 3,129.3 $ 109.9 $ 3,239.2 Total shareholders’ equity $ 3,247.8 $ 109.9 $ 3,357.7 Total liabilities and shareholders’ equity $ 6,891.6 $ 144.1 $ 7,035.7 Three Months Ended December 31, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 6.2 $ 18.0 $ 24.2 Deferred income taxes $ ( 185.1 ) $ 5.6 $ ( 179.5 ) (Increase) decrease in inventories $ ( 115.4 ) $ ( 23.6 ) $ ( 139.0 ) Year Ended September 30, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 472.7 $ 36.2 $ 508.9 Deferred income taxes $ 88.6 $ 11.2 $ 99.8 (Increase) decrease in inventories $ 246.7 $ ( 47.4 ) $ 199.3 Year Ended September 30, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 324.5 $ ( 3.0 ) $ 321.5 Deferred income taxes $ 22.4 $ ( 0.9 ) $ 21.5 (Increase) decrease in inventories $ ( 246.7 ) $ 3.9 $ ( 242.8 ) The following tables compare amounts that would have been reported under the LIFO method with amounts reported under the FIFO method in the Consolidated Financial Statements for the year ended December 31, 2022 and as of December 31, 2022 (in millions): Year Ended December 31, 2022 Consolidated Statement of Income As Computed under LIFO Adjustments As Reported under FIFO Cost of sales $ 7,285.5 $ ( 57.9 ) $ 7,227.6 Gross income $ 996.5 $ 57.9 $ 1,054.4 Operating income $ 314.4 $ 57.9 $ 372.3 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 217.7 $ 57.9 $ 275.6 Provision for income taxes $ 83.7 $ 13.8 $ 97.5 Income before earnings (losses) of unconsolidated affiliates $ 134.0 $ 44.1 $ 178.1 Net income $ 129.8 $ 44.1 $ 173.9 Basic Earnings per share $ 1.98 $ 0.67 $ 2.65 Diluted Earnings per share $ 1.96 $ 0.67 $ 2.63 December 31, 2022 Consolidated Balance Sheet As Computed under LIFO Adjustments As Reported under FIFO Inventories, net $ 1,640.0 $ 225.6 $ 1,865.6 Total current assets $ 4,306.5 $ 225.6 $ 4,532.1 Long-term net deferred tax asset $ 164.3 $ ( 29.5 ) $ 134.8 Total assets $ 7,532.9 $ 196.1 $ 7,729.0 Income taxes payable $ 76.2 $ 24.1 $ 100.3 Retained earnings $ 3,143.0 $ 172.0 $ 3,315.0 Total shareholders’ equity $ 3,013.7 $ 172.0 $ 3,185.7 Total liabilities and shareholders’ equity $ 7,532.9 $ 196.1 $ 7,729.0 Year Ended December 31, 2022 Consolidated Statement of Cash Flows As Computed under LIFO Adjustments As Reported under FIFO Net income $ 129.8 $ 44.1 $ 173.9 Deferred income taxes $ ( 43.2 ) $ ( 10.3 ) $ ( 53.5 ) Increase (decrease) in income taxes payable $ 47.7 $ 24.1 $ 71.8 (Increase) decrease in inventories $ ( 272.9 ) $ ( 57.9 ) $ ( 330.8 ) |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment are recorded at cost. Depreciation expense is recognized over the estimated useful lives of the respective assets using straight-line and accelerated methods. The estimated useful lives range from ten to forty years for buildings and improvements, from four to twenty-five years for machinery and equipment and from three to ten years for software and related costs. The Company capitalizes interest on borrowings during the active construction period of major capital projects. All capitalized interest has been added to the cost of the underlying assets and is amortized over the useful lives of the assets. |
Goodwill | Goodwill — Goodwill reflects the cost of an acquisition in excess of the aggregate fair value assigned to identifiable net assets acquired. Goodwill is not amortized; however, it is assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test at the beginning of the fourth quarter of each fiscal year. The Company evaluates the recoverability of goodwill by estimating the fair value of the businesses to which the goodwill relates. Estimated cash flows and related goodwill are grouped at the reporting unit level. A reporting unit is an operating segment or, under certain circumstances, a component of an operating segment. When the fair value of the reporting unit is less than the carrying value of the reporting unit, a loss is recognized for the difference between the fair value of the reporting unit and the carrying value of the reporting unit. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of a reporting unit’s goodwill over the implied fair value of that goodwill. In evaluating the recoverability of goodwill, it is necessary to estimate the fair value of the reporting units. The Company evaluates the recoverability of goodwill utilizing the income approach and the market approach. The Company weighted the income approach more heavily ( 75 % ) as the Company believes the income approach more accurately considers long-term fluctuations in the U.S. and European co nstruction markets than the market approach. Under the income approach, the Company determines fair value based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. Estimated future cash flows are based on the Company’s internal projection models, industry projections and other assumptions deemed reasonable by management. Rates used to discount estimated cash flows correspond to the Company’s cost of capital, adjusted for risk where appropriate, and are dependent upon interest rates at a point in time. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Under the market approach, the Company derives the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future. See Note 11 of the Notes to Consolidated Financial Statements for information regarding the Company’s annual impairment testing. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — Property, plant and equipment, right-of-use (“ROU”) lease assets and amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Non-amortizable trade names are assessed for impairment at least annually and as triggering events or “indicators of potential impairment” occur. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company evaluates the potential impairment by estimating the fair value of the non-amortizing intangible assets using the “relief from royalty” method. When the fair value of the non-amortizable trade name is less than the carrying value of the trade name, a loss is recognized for the difference between the fair value of the trade name and the carrying value of the trade name. Impairment losses, limited to the carrying value of the non-amortizable trade name, represent the excess of the carrying amount over the implied fair value of that non-amortizable trade name. |
Customer Advances | Customer Advances — Customer advances include amounts received in advance of the completion of vehicles. Advances wi th the Fire & Emergency segment bear interest at fixed rates determined at the time of the advance. |
Other Long-Term Liabilities | Other Long-Term Liabilities — Other long-term liabilities are comprised principally of the portions of the Company’s pension liability, other post-employment benefit liability, tax liability, accrued warranty, accrued product liability and lease liabilities that are not expected to be settled in the subsequent twelve-month period. |
Foreign Currency Translation | Foreign Currency Translation — All balance sheet accounts have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Income statement amounts have been translated using the average exchange rate during the period in which the transactions occurred. Resulting translation adjustments are included in “Accumulated other comprehensive loss.” Foreign currency transaction gains or losses are included in “Miscellaneous, net” in the Consolidated Statements of Income. The Company recorded a net foreign currency transaction loss of $ 6.9 million in fiscal 2022, a net foreign currency transaction gain of $ 2.7 million for the year ended September 30, 2021 and a net foreign currency transaction loss of $ 2.7 million for the year ended September 30, 2020. Foreign currency transactions gains and losses for the three months ended December 31, 2021 netted to zero . |
Derivative Financial Instruments | Derivative Financial Instruments — The Company recognizes all derivative financial instruments, such as foreign exchange contracts, in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. Changes in the fair value of derivative financial instruments are either recognized periodically in income or in equity as a component of comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting, and if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income along with the portions of the changes in the fair values of the hedged items that relate to the hedged risks. Changes in fair values of derivatives accounted for as cash flow hedges, to the extent they are effective as hedges, are initially recorded in other comprehensive income, net of deferred income taxes. Changes in fair value of derivatives not qualifying as hedges are reported in income each period. Cash flows from derivatives that are accounted for as cash flow or fair value hedges are included in the Consolidated Statements of Cash Flows in the same category as the item being hedged. |
Reclassifications | Reclassifications — Certain reclassifications have been made to the prior period financial statements to conform with the fiscal 2022 present ation and improve comparability between periods. Deferred income taxes, which were previously presented in “Other long-term assets”, and Long-term customer advances, which were previously presented in “Other long-term liabilities”, are now presented as separate lines within the December 31, 2022 Consolidated Balance Sheet. Gain (loss) on derivative instruments, net of tax, which was previously presented in “Other”, is now presented as a separate line within the Consolidated Statements of Shareholders’ Equity. Debt extinguishment, which was presented as a separate line item within the Consolidated Statement of Cash Flows for the year ended September 30, 2020, is now presented within “Other non-cash adjustments”. Unrealized loss on investments, which was previously presented in “Other non-cash adjustments” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and the years ended September 30, 2021 and 2020, is now presented as a separate line. Foreign currency transaction (gains) losses, which were previously presented in “Other non-cash adjustments” within the Consolidated Statements of Cash Flows for the years ended September 30, 2021 and 2020, are now presented as separate lines. Acquisition of equity securities, which was previously presented in “Other investing activities” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 is now presented as a separate line. Acquisition of Common Stock for taxes on stock-based compensation, which was previously presented in “Repurchases of Common Stock” within the Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and the years ended September 30, 2021 and 2020, is now presented as a separate line. |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of acquisition (in millions): Assets Acquired: Current assets, excluding cash of $ 1.7 $ 7.5 Property, plant and equipment 1.6 Goodwill 7.4 Purchased intangible assets 7.2 Total assets 23.7 Liabilities Assumed: Current liabilities 2.0 Long-term liabilities 2.0 Total liabilities 4.0 Net assets acquired $ 19.7 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of the Impacts on Previously Issued Consolidated Financial Statements | The impacts on the Company ’s previously issued Consolidated Financial Statements are presented in the following tables (in millions): Three Months Ended December 31, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 1,620.0 $ ( 23.6 ) $ 1,596.4 Gross income $ 171.7 $ 23.6 $ 195.3 Operating income $ 18.0 $ 23.6 $ 41.6 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 0.6 $ 23.6 $ 24.2 Provision for income taxes $ ( 4.4 ) $ 5.6 $ 1.2 Income before earnings (losses) of unconsolidated affiliates $ 5.0 $ 18.0 $ 23.0 Net income $ 6.2 $ 18.0 $ 24.2 Basic Earnings per share $ 0.09 $ 0.27 $ 0.36 Diluted Earnings per share $ 0.09 $ 0.27 $ 0.36 Year Ended September 30, 2021 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 6,516.5 $ ( 47.4 ) $ 6,469.1 Gross income $ 1,220.8 $ 47.4 $ 1,268.2 Operating income $ 544.7 $ 47.4 $ 592.1 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 497.9 $ 47.4 $ 545.3 Provision for income taxes $ 25.2 $ 11.2 $ 36.4 Income before earnings (losses) of unconsolidated affiliates $ 472.7 $ 36.2 $ 508.9 Net income $ 472.7 $ 36.2 $ 508.9 Basic Earnings per share $ 6.90 $ 0.53 $ 7.43 Diluted Earnings per share $ 6.83 $ 0.52 $ 7.35 Year Ended September 30, 2020 Consolidated Statement of Income As Previously Reported Adjustments As Revised Cost of sales $ 5,736.5 $ 3.9 $ 5,740.4 Gross income $ 1,120.3 $ ( 3.9 ) $ 1,116.4 Operating income $ 488.7 $ ( 3.9 ) $ 484.8 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 439.1 $ ( 3.9 ) $ 435.2 Provision for income taxes $ 112.8 $ ( 0.9 ) $ 111.9 Income before earnings (losses) of unconsolidated affiliates $ 326.3 $ ( 3.0 ) $ 323.3 Net income $ 324.5 $ ( 3.0 ) $ 321.5 Basic $ 4.76 $ ( 0.04 ) $ 4.72 Diluted $ 4.72 $ ( 0.05 ) $ 4.67 December 31, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,382.7 $ 167.7 $ 1,550.4 Total current assets $ 4,114.6 $ 167.7 $ 4,282.3 Long-term net deferred tax asset $ 111.5 $ ( 39.8 ) $ 71.7 Total assets $ 6,721.8 $ 127.9 $ 6,849.7 Retained earnings $ 3,110.6 $ 127.9 $ 3,238.5 Total shareholders’ equity $ 3,076.4 $ 127.9 $ 3,204.3 Total liabilities and shareholders’ equity $ 6,721.8 $ 127.9 $ 6,849.7 September 30, 2021 Consolidated Balance Sheet As Previously Reported Adjustments As Revised Inventories, net $ 1,267.4 $ 144.1 $ 1,411.5 Total current assets $ 4,417.9 $ 144.1 $ 4,562.0 Total assets $ 6,891.6 $ 144.1 $ 7,035.7 Long-term net deferred tax liability $ 73.9 $ 34.2 $ 108.1 Retained earnings $ 3,129.3 $ 109.9 $ 3,239.2 Total shareholders’ equity $ 3,247.8 $ 109.9 $ 3,357.7 Total liabilities and shareholders’ equity $ 6,891.6 $ 144.1 $ 7,035.7 Three Months Ended December 31, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 6.2 $ 18.0 $ 24.2 Deferred income taxes $ ( 185.1 ) $ 5.6 $ ( 179.5 ) (Increase) decrease in inventories $ ( 115.4 ) $ ( 23.6 ) $ ( 139.0 ) Year Ended September 30, 2021 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 472.7 $ 36.2 $ 508.9 Deferred income taxes $ 88.6 $ 11.2 $ 99.8 (Increase) decrease in inventories $ 246.7 $ ( 47.4 ) $ 199.3 Year Ended September 30, 2020 Consolidated Statement of Cash Flows As Previously Reported Adjustments As Revised Net income $ 324.5 $ ( 3.0 ) $ 321.5 Deferred income taxes $ 22.4 $ ( 0.9 ) $ 21.5 (Increase) decrease in inventories $ ( 246.7 ) $ 3.9 $ ( 242.8 ) The following tables compare amounts that would have been reported under the LIFO method with amounts reported under the FIFO method in the Consolidated Financial Statements for the year ended December 31, 2022 and as of December 31, 2022 (in millions): Year Ended December 31, 2022 Consolidated Statement of Income As Computed under LIFO Adjustments As Reported under FIFO Cost of sales $ 7,285.5 $ ( 57.9 ) $ 7,227.6 Gross income $ 996.5 $ 57.9 $ 1,054.4 Operating income $ 314.4 $ 57.9 $ 372.3 Income before income taxes and earnings (losses) of unconsolidated affiliates $ 217.7 $ 57.9 $ 275.6 Provision for income taxes $ 83.7 $ 13.8 $ 97.5 Income before earnings (losses) of unconsolidated affiliates $ 134.0 $ 44.1 $ 178.1 Net income $ 129.8 $ 44.1 $ 173.9 Basic Earnings per share $ 1.98 $ 0.67 $ 2.65 Diluted Earnings per share $ 1.96 $ 0.67 $ 2.63 December 31, 2022 Consolidated Balance Sheet As Computed under LIFO Adjustments As Reported under FIFO Inventories, net $ 1,640.0 $ 225.6 $ 1,865.6 Total current assets $ 4,306.5 $ 225.6 $ 4,532.1 Long-term net deferred tax asset $ 164.3 $ ( 29.5 ) $ 134.8 Total assets $ 7,532.9 $ 196.1 $ 7,729.0 Income taxes payable $ 76.2 $ 24.1 $ 100.3 Retained earnings $ 3,143.0 $ 172.0 $ 3,315.0 Total shareholders’ equity $ 3,013.7 $ 172.0 $ 3,185.7 Total liabilities and shareholders’ equity $ 7,532.9 $ 196.1 $ 7,729.0 Year Ended December 31, 2022 Consolidated Statement of Cash Flows As Computed under LIFO Adjustments As Reported under FIFO Net income $ 129.8 $ 44.1 $ 173.9 Deferred income taxes $ ( 43.2 ) $ ( 10.3 ) $ ( 53.5 ) Increase (decrease) in income taxes payable $ 47.7 $ 24.1 $ 71.8 (Increase) decrease in inventories $ ( 272.9 ) $ ( 57.9 ) $ ( 330.8 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sales And Revenue Recognition [Abstract] | |
Schedule of Impact Due to Contract Adjustments | Contract adjustments impacted the Company’s results as follows (in millions, except per share amounts): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Net sales $ ( 33.9 ) $ ( 0.1 ) $ 13.1 $ 31.2 Operating income ( 46.2 ) ( 7.7 ) 19.4 16.2 Net income ( 35.4 ) ( 5.9 ) 14.9 12.4 Diluted earnings per share $ ( 0.54 ) $ ( 0.09 ) $ 0.21 $ 0.18 |
Schedule of Deferred Contract Related Costs | Deferred contract related costs, the majority of which are related to the NGDV contract, consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Costs for anticipated contracts $ 6.8 $ 4.9 $ 4.8 Engineering costs 256.1 60.0 42.3 Factory setup costs 16.4 4.1 2.2 Customer-owned tooling 136.5 4.2 1.3 Deferred contract related costs $ 415.8 $ 73.2 $ 50.6 |
Disaggregation of Revenue | Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Year Ended December 31, 2022 Access Defense Fire & Commercial Corporate and Total Point in time $ 3,923.4 $ 13.0 $ 1,086.8 $ 670.4 $ ( 7.1 ) $ 5,686.5 Over time 48.7 2,128.3 24.8 393.7 — 2,595.5 $ 3,972.1 $ 2,141.3 $ 1,111.6 $ 1,064.1 $ ( 7.1 ) $ 8,282.0 Three Months Ended December 31, 2021 (transition period) Access Defense Fire & Commercial Corporate and Total Point in time $ 818.8 $ 4.0 $ 214.7 $ 135.8 $ ( 2.7 ) $ 1,170.6 Over time 14.7 527.5 3.9 74.8 0.2 621.1 $ 833.5 $ 531.5 $ 218.6 $ 210.6 $ ( 2.5 ) $ 1,791.7 Year Ended September 30, 2021 Access Defense Fire & Commercial Corporate and Total Point in time $ 3,006.9 $ 43.5 $ 1,205.9 $ 532.8 $ ( 25.1 ) $ 4,764.0 Over time 65.2 2,482.1 20.7 404.8 0.5 2,973.3 $ 3,072.1 $ 2,525.6 $ 1,226.6 $ 937.6 $ ( 24.6 ) $ 7,737.3 Year Ended September 30, 2020 Access Defense Fire & Commercial Corporate and Total Point in time $ 2,437.5 $ 34.8 $ 1,085.1 $ 556.7 $ ( 36.0 ) $ 4,078.1 Over time 77.6 2,276.7 21.9 401.1 1.4 2,778.7 $ 2,515.1 $ 2,311.5 $ 1,107.0 $ 957.8 $ ( 34.6 ) $ 6,856.8 |
Schedule of Contract Liabilities and Revenue Recognized | Contract liabilities consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Customer advances $ 696.7 $ 690.9 $ 654.3 Other current liabilities 77.4 81.9 82.0 Long-term customer advances 1,020.5 207.0 118.7 Other long-term liabilities 66.8 54.9 56.5 Total contract liabilities $ 1,861.4 $ 1,034.7 $ 911.5 Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Beginning liabilities recognized in revenue $ 436.9 $ 126.9 $ 521.7 $ 441.0 |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 66.9 $ 65.8 $ 64.4 $ 68.2 Deferred revenue for new service warranties 31.5 6.4 26.2 23.6 Amortization of deferred revenue ( 21.7 ) ( 5.3 ) ( 25.0 ) ( 27.9 ) Foreign currency translation ( 0.6 ) — 0.2 0.5 Balance at end of period $ 76.1 $ 66.9 $ 65.8 $ 64.4 Changes in the Company’s assurance-type warranty liability were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 65.7 $ 69.0 $ 67.4 $ 65.1 Warranty provisions 49.3 10.8 50.1 43.1 Settlements made ( 57.7 ) ( 14.6 ) ( 65.0 ) ( 55.9 ) Changes in liability for pre-existing warranties, net 1.5 0.5 16.2 14.8 Foreign currency translation ( 0.2 ) — — 0.3 Acquisition 0.2 — 0.3 — Balance at end of period $ 58.8 $ 65.7 $ 69.0 $ 67.4 |
Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets | Classification of service-type warranties in the Consolidated Balance Sheets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Other current liabilities $ 26.8 $ 22.3 $ 21.8 Other long-term liabilities 49.3 44.6 44.0 $ 76.1 $ 66.9 $ 65.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Equity-Based Compensation Plans | Information related to the Company’s equity-based compensation plans in effect as of December 31, 2022 was as follows: Plan Category Number of Securities Weighted-Average Number of Equity compensation plans approved by security holders 956,284 $ 79.86 2,498,048 Equity compensation plans not approved by security holders — — — 956,284 $ 79.86 2,498,048 |
Schedule of Stock Based Compensation Expense | Total stock-based compensation expense was as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Stock options $ 0.3 $ 0.2 $ 1.8 $ 6.8 Stock awards (shares and units) 25.7 3.5 19.3 15.8 Performance share awards 2.6 0.5 6.1 6.7 Cash-settled stock appreciation rights ( 0.8 ) 0.3 1.1 0.2 Cash-settled restricted stock unit awards 0.9 0.4 1.5 0.7 Total stock-based compensation cost 28.7 4.9 29.8 30.2 Income tax benefit recognized for stock-based compensation ( 4.2 ) ( 0.8 ) ( 4.4 ) ( 3.6 ) Stock-based compensation cost, net of tax $ 24.5 $ 4.1 $ 25.4 $ 26.6 |
Schedule of Stock Option Activity | Stock Options — A summary of the Company’s stock option activity is as follows: Year Ended December 31, Three Months Ended December 31, (transition period) Year Ended September 30, 2022 2021 2021 2020 Options Weighted- Options Weighted- Options Weighted- Options Weighted- Outstanding, beginning of period 433,026 $ 78.37 471,676 $ 77.96 1,083,402 $ 74.38 1,328,390 $ 62.62 Granted — — — — — — 301,025 90.28 Forfeited ( 4,170 ) 90.28 ( 2,002 ) 85.04 ( 8,065 ) 81.40 ( 40,965 ) 79.00 Expired ( 4,583 ) 84.67 — — ( 3,999 ) 86.59 ( 5,869 ) 84.25 Exercised ( 47,504 ) 64.90 ( 36,648 ) 72.69 ( 599,662 ) 71.38 ( 499,179 ) 52.18 Outstanding, end of period 376,769 79.86 433,026 78.37 471,676 77.96 1,083,402 74.38 Exercisable, end of period 376,769 79.86 364,403 76.13 251,049 74.73 537,241 68.16 |
Schedule of Outstanding Stock Options | Stock options outstanding and exercisable as of December 31, 2022 were as follows (in millions, except share and per share amounts): Outstanding Exercisable Exercise Prices Options Weighted Average Weighted Aggregate Options Weighted Average Weighted Aggregate $ 60.01 - $ 80.00 153,431 4.7 66.29 3.4 153,431 4.7 66.29 3.4 $ 80.01 - $ 100.00 223,338 6.3 89.19 0.1 223,338 6.3 89.19 0.1 376,769 5.6 79.86 $ 3.5 376,769 5.6 79.86 $ 3.5 |
Schedule of Weighted-Average Assumptions Used to Value Options Granted | The following weighted-average assumptions were used in the Black-Scholes valuation model for stock options granted during the year ended September 30, 2020: Assumptions: Expected term (in years) 5.4 Expected volatility 34.10 % Risk-free interest rate 1.63 % Expected dividend yield 1.37 % |
Schedule of Nonvested Stock Activity | Stock Awards — A summary of the Company’s stock award activity is as follows: Year Ended December 31, Three Months Ended December 31, (transition period) Year Ended September 30, 2022 2021 2021 2020 Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Nonvested, beginning of period 308,941 $ 90.10 394,888 $ 81.58 346,808 $ 79.44 411,510 $ 72.66 Granted 255,375 109.66 63,800 114.89 307,025 82.80 183,725 87.82 Forfeited ( 26,020 ) 97.24 ( 4,428 ) 86.08 ( 36,545 ) 78.81 ( 27,076 ) 80.57 Vested ( 174,635 ) 88.98 ( 145,319 ) 77.97 ( 222,400 ) 80.39 ( 221,351 ) 73.64 Nonvested, end of period 363,661 103.86 308,941 90.10 394,888 81.58 346,808 79.44 |
Schedule of Nonvested Performance-Based Units Activity | Performance Share Awards — A summary of the Company’s performance share awards activity is as follows. There was no activity related to performance share awards during the three months ended December 31, 2021: Year Ended December 31, Year Ended September 30, 2022 2021 2020 Number of Shares Weighted- Number of Shares Weighted- Number of Shares Weighted- Nonvested, beginning of period 72,475 $ 93.62 110,450 $ 89.54 124,750 $ 84.10 Granted 57,250 126.60 86,550 86.09 55,325 109.09 Forfeited ( 3,748 ) 114.83 ( 52,099 ) 90.03 ( 16,615 ) 92.88 Performance adjustments 369 107.45 63,843 80.45 33,941 87.44 Vested ( 28,746 ) 103.47 ( 136,269 ) 80.73 ( 86,951 ) 92.73 Nonvested, end of period 97,600 108.20 72,475 93.62 110,450 89.54 |
Schedule of Weighted-Average Assumptions to Estimate Grant Date Fair Values | The grant date fair values of the TSR performance share awards were estimated using a Monte Carlo simulation model utilizing the following weighted-average assumptions: Year Ended Year Ended Total Shareholder Return Performance Shares Granted During 2022 2021 2020 Assumptions: Expected term (in years) 2.86 2.87 2.87 Expected volatility 38.52 % 40.33 % 31.16 % Risk-free interest rate 1.64 % 0.23 % 1.59 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans and the amounts recognized in the balance sheet | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Accumulated benefit obligation at end of period $ 327.9 $ 602.3 $ 594.2 Change in projected benefit obligation Benefit obligation at beginning of period $ 611.8 $ 604.2 $ 613.6 Service cost 10.3 2.6 11.5 Interest cost 17.0 4.3 16.4 Actuarial loss (gain) ( 148.5 ) 5.1 ( 22.6 ) Settlement ( 135.4 ) — — Benefits paid ( 18.2 ) ( 4.6 ) ( 16.4 ) Currency translation adjustments ( 3.8 ) 0.2 1.7 Benefit obligation at end of period $ 333.2 $ 611.8 $ 604.2 Change in plan assets Fair value of plan assets at beginning of period $ 533.0 $ 515.9 $ 437.3 Actual return on plan assets ( 102.2 ) 23.5 71.3 Company contributions 28.6 0.5 25.2 Settlement ( 135.4 ) — — Expenses paid ( 2.9 ) ( 2.5 ) ( 2.9 ) Benefits paid ( 18.2 ) ( 4.6 ) ( 16.4 ) Currency translation adjustments ( 4.2 ) 0.2 1.4 Fair value of plan assets at end of period $ 298.7 $ 533.0 $ 515.9 Funded status of plan - at end of period $ ( 34.5 ) $ ( 78.8 ) $ ( 88.3 ) Recognized in consolidated balance sheet at end of period Prepaid benefit cost (long-term asset) $ 6.2 $ 2.9 $ 2.1 Accrued benefit liability (current liability) ( 2.0 ) ( 2.0 ) ( 2.0 ) Accrued benefit liability (long-term liability) ( 38.7 ) ( 79.7 ) ( 88.4 ) $ ( 34.5 ) $ ( 78.8 ) $ ( 88.3 ) Changes in benefit obligations and plan assets, as well as the funded status of the Company’s postretirement benefit plans were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Accumulated benefit obligation at end of period $ 44.6 $ 55.7 $ 53.3 Change in projected benefit obligation Benefit obligation at beginning of period $ 55.7 $ 53.3 $ 53.3 Service cost 2.2 0.5 2.2 Interest cost 1.4 0.3 1.2 Actuarial loss (gain) ( 12.0 ) 2.2 ( 1.1 ) Benefits paid ( 2.7 ) ( 0.6 ) ( 2.3 ) Benefit obligation at end of period $ 44.6 $ 55.7 $ 53.3 Change in plan assets Company contributions $ 2.7 $ 0.7 $ 2.3 Benefits paid ( 2.7 ) ( 0.7 ) ( 2.3 ) Fair value of plan assets at end of period $ — $ — $ — Funded status of plan - at end of period $ ( 44.6 ) $ ( 55.7 ) $ ( 53.3 ) Recognized in consolidated balance sheet at end of period Accrued benefit liability (current liability) $ ( 2.2 ) $ ( 2.6 ) $ ( 2.4 ) Accrued benefit liability (long-term liability) ( 42.4 ) ( 53.1 ) ( 50.9 ) $ ( 44.6 ) $ ( 55.7 ) $ ( 53.3 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) Net actuarial loss $ 27.8 $ ( 18.9 ) $ ( 29.0 ) Prior service (cost) benefit ( 9.6 ) ( 11.2 ) ( 11.6 ) $ 18.2 $ ( 30.1 ) $ ( 40.6 ) Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) Net actuarial loss $ 2.7 $ ( 6.7 ) $ ( 5.1 ) Prior service (cost) benefit 10.2 11.3 11.5 $ 12.9 $ 4.6 $ 6.4 |
Schedule of Weighted-average assumptions | Weighted-average assumptions as of end of period Discount rate 5.09 % 2.83 % 2.91 % Expected return on plan assets 6.50 % 4.31 % 4.46 % Weighted-average assumptions as of end of period Discount rate 4.95 % 2.62 % 2.61 % Expected return on plan assets n/a n/a n/a |
Schedule of Benefit Obligations in Excess of Plan Fair Value | Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Projected benefit obligation $ 316.0 $ 571.6 $ 565.7 Accumulated benefit obligation 310.8 562.0 555.7 Fair value of plan assets 275.4 489.9 475.4 |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows (in millions): Pension Benefits Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Components of net periodic benefit cost Service cost $ 10.3 $ 2.6 $ 11.5 $ 10.1 Interest cost 17.0 4.3 16.4 17.1 Expected return on plan assets ( 20.6 ) ( 5.3 ) ( 19.8 ) ( 20.6 ) Amortization of prior service cost 2.2 0.6 2.3 1.6 Settlement 33.6 — — — Curtailment — — — 0.1 Amortization of net actuarial (gain ) loss 1.0 0.2 4.9 3.3 Expenses paid 3.0 2.5 3.0 4.0 Net periodic benefit cost $ 46.5 $ 4.9 $ 18.3 $ 15.6 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net actuarial (gain) loss $ ( 26.2 ) $ ( 13.0 ) $ ( 74.1 ) $ 29.4 Prior service cost — — — 9.8 Amortization of prior service cost ( 2.2 ) ( 0.6 ) ( 2.3 ) ( 1.6 ) Settlement ( 33.6 ) — — — Amortization of net actuarial gain (loss) ( 1.0 ) ( 0.2 ) ( 4.9 ) ( 3.3 ) $ ( 63.0 ) $ ( 13.8 ) $ ( 81.3 ) $ 34.3 Weighted-average assumptions Discount rate 2.83 % 2.91 % 2.71 % 3.17 % Expected return on plan assets 4.31 % 4.46 % 4.89 % 5.49 % Postretirement Health and Other Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Components of net periodic benefit cost Service cost $ 2.2 $ 0.5 $ 2.2 $ 3.5 Interest cost 1.4 0.4 1.2 1.6 Amortization of prior service cost ( 1.4 ) ( 0.4 ) ( 1.4 ) ( 0.9 ) Amortization of net actuarial ( gain ) loss 0.3 0.1 0.3 ( 0.2 ) Net periodic benefit cost $ 2.5 $ 0.6 $ 2.3 $ 4.0 Other changes in plan assets and benefit obligations recognized in other comprehensive income Net actuarial (gain) loss $ ( 12.0 ) $ 2.2 $ ( 1.1 ) $ 5.5 Prior service cost — — — ( 6.5 ) Amortization of prior service cost 1.4 0.4 1.4 0.9 Amortization of net actuarial gain (loss) ( 0.3 ) ( 0.1 ) ( 0.3 ) 0.2 $ ( 10.9 ) $ 2.5 $ — $ 0.1 Weighted-average assumptions Discount rate 2.62 % 2.61 % 2.36 % 3.10 % Expected return on plan assets n/a n/a n/a n/a |
Schedule of Pension Plan Asset and Target Allocation | The weighted-average of the Company’s pension plan asset allocations and target allocations at December 31, 2022 by asset category, were as follows: Target % Actual Asset Category Fixed income 40 % - 50 % 40 % Large-cap equity 25 % - 35 % 30 % Mid-cap equity 5 % - 15 % 15 % Small-cap equity 5 % - 15 % 12 % Global equity 0 % - 5 % 0 % Other 0 % - 5 % 3 % 100 % |
Schedule of fair value of plan assets by major category and level within fair value hierarchy | The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions): Quoted Prices for Identical Significant Significant Total December 31, 2022 Common stocks U.S. companies (a) $ 80.3 $ 0.1 $ — $ 80.4 International companies (b) — 5.5 — 5.5 Mutual funds (a) 82.9 — — 82.9 Government and agency bonds (c) — 15.4 — 15.4 Corporate bonds and notes (d) — 5.7 — 5.7 Money market funds (e) 8.5 — — 8.5 Other — — 0.5 0.5 $ 171.7 $ 26.7 $ 0.5 198.9 Investments measured at net asset value (NAV) (f) 99.8 $ 298.7 Quoted Prices for Identical Significant Significant Total December 31, 2021 Common stocks U.S. companies (a) $ 102.8 $ 8.2 $ — $ 111.0 International companies (b) — 14.8 — 14.8 Mutual funds (a) 105.6 — — 105.6 Government and agency bonds (c) — 14.3 — 14.3 Corporate bonds and notes (d) — 9.0 — 9.0 Money market funds (e) 22.8 — — 22.8 Other — — 0.9 0.9 $ 231.2 $ 46.3 $ 0.9 278.4 Investments measured at net asset value (NAV) (f) 254.6 $ 533.0 Quoted Prices for Identical Significant Significant Total September 30, 2021 Common stocks U.S. companies (a) $ 94.7 $ 7.6 $ — $ 102.3 International companies (b) — 13.9 — 13.9 Mutual funds (a) 100.4 — — 100.4 Government and agency bonds (c) — 12.7 — 12.7 Corporate bonds and notes (d) — 8.9 — 8.9 Money market funds (e) 24.5 — — 24.5 Other — — 0.9 0.9 $ 219.6 $ 43.1 $ 0.9 263.6 Investments measured at net asset value (NAV) (f) 252.3 $ 515.9 (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 consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s 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, Investments, Entities that Calculate Net Asset Value Per Share | The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plans assets that are in common collective trusts that calculate fair value based on NAV per share practical expedient (in millions): Fair Value Unfunded Redemption Frequency Redemption Notice (1) December 31, 2022 $ 99.8 $ — N/A 15 days December 31, 2021 $ 254.6 $ — N/A 15 days September 30, 2021 $ 252.3 $ — N/A 15 days (1) Represents the maximum redemption period. A portion of the investment does not have any redemption period restrictions. |
Schedule of estimated future benefit payments | The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions): Pension Benefits Postretirement Health Year Ending December 31, Qualified Non-Qualified and Other 2023 $ 12.0 $ 2.0 $ 2.2 2024 13.2 2.0 2.8 2025 14.5 2.0 3.3 2026 15.9 2.0 4.0 2027 17.1 2.0 4.6 2028-2031 100.1 10.4 21.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Pre-tax Income (Loss) from Continuing Operations | Pre-tax income was taxed in the following jurisdictions (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Domestic $ 243.1 $ 16.8 $ 489.0 $ 425.8 Foreign 32.5 7.4 56.3 9.4 $ 275.6 $ 24.2 $ 545.3 $ 435.2 |
Schedule of Components of Provision for (Benefit from) Income Taxes | Significant components of the provision for income taxes were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Allocated to Income Before Losses of Unconsolidated Affiliates Current: Federal $ 98.1 $ 168.3 $ ( 94.7 ) $ 70.1 Foreign 42.0 1.0 8.5 8.2 State 10.9 11.4 22.8 12.1 Total current 151.0 180.7 ( 63.4 ) 90.4 Deferred: Federal ( 53.3 ) ( 166.4 ) 119.3 13.4 Foreign ( 1.4 ) ( 0.5 ) ( 5.6 ) 9.7 State 1.2 ( 12.6 ) ( 13.9 ) ( 1.6 ) Total deferred ( 53.5 ) ( 179.5 ) 99.8 21.5 $ 97.5 $ 1.2 $ 36.4 $ 111.9 Allocated to Other Comprehensive Income (Loss) Deferred federal, state and foreign $ ( 19.2 ) $ ( 2.8 ) $ ( 20.0 ) $ 8.8 |
Schedule of Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rates to Income Tax Expense | The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Effective Rate Reconciliation U.S. federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % State income taxes, net 3.9 % 2.7 % 2.2 % 2.8 % Foreign taxes 13.7 % 5.0 % 1.6 % 0.8 % Tax audit settlements 0.1 % — % - 0.9 % — % Valuation allowance - 0.1 % 3.0 % - 1.2 % 3.3 % Domestic tax credits - 3.0 % - 15.8 % - 2.3 % - 3.2 % Foreign-derived intangible income deduction - 0.9 % - 8.9 % — % - 0.4 % Global intangible low-taxed income, net 0.6 % - 1.6 % 0.2 % — % Share-based compensation 0.3 % - 5.2 % — % — % CARES Act net operating loss carryback - 0.9 % — % - 13.8 % — % Other, net 0.7 % 4.8 % - 0.1 % 1.4 % 35.4 % 5.0 % 6.7 % 25.7 % |
Components of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities were comprised of the following (in millions): December 31, September 30, 2022 2021 2021 Deferred tax assets: Other long-term liabilities $ 41.3 $ 50.3 $ 57.3 Research & Development 84.5 — — Losses and credits 44.5 44.0 61.5 Accrued warranty 13.4 15.5 16.3 Other current liabilities 21.6 21.8 24.5 Customer advances 75.3 140.6 — Payroll-related obligations 13.1 14.8 26.2 Other 15.8 9.3 8.9 Gross deferred tax assets 309.5 296.3 194.7 Less valuation allowance ( 6.2 ) ( 6.7 ) ( 6.2 ) Deferred tax assets, net 303.3 289.6 188.5 Deferred tax liabilities: Intangible assets ( 55.6 ) ( 52.8 ) ( 51.6 ) Property, plant and equipment ( 30.9 ) ( 94.1 ) ( 143.9 ) Inventories ( 35.0 ) ( 59.3 ) ( 52.2 ) Other ( 47.0 ) ( 11.7 ) ( 40.6 ) Deferred tax liabilities ( 168.5 ) ( 217.9 ) ( 288.3 ) Net deferred tax asset (liability) $ 134.8 $ 71.7 $ ( 99.8 ) |
Schedule of Classification of Deferred Tax Asset in Consolidated Balance Sheets | The net deferred tax asset is classified in the Consolidated Balance Sheets as follows (in millions): December 31, September 30, 2022 2021 2021 Long-term net deferred tax asset $ 134.8 $ 71.7 $ 8.3 Long-term net deferred tax liability — — ( 108.1 ) Net deferred tax asset (liability) $ 134.8 $ 71.7 $ ( 99.8 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of gross unrecognized tax benefits, excluding interest and penalties, was as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 41.5 $ 46.0 $ 79.8 $ 97.3 Additions for tax positions related to current year 50.2 0.5 15.8 46.2 Additions for tax positions related to prior years 20.9 — 0.6 1.4 Reductions for tax positions related to prior years ( 10.0 ) ( 5.0 ) ( 46.0 ) ( 61.8 ) Settlements — — — ( 1.3 ) Foreign currency translation ( 1.9 ) — — — Lapse of statutes of limitations ( 1.9 ) — ( 4.2 ) ( 2.0 ) Balance at end of period $ 98.8 $ 41.5 $ 46.0 $ 79.8 |
Schedule of Tax Years Open for Examination Under Applicable Statutes | As of December 31, 2022, tax years open for examination under applicable statutes were as follows: Tax Jurisdiction Open Tax Years Australia 2018 - 2022 Belgium 2019 - 2022 Brazil 2018 - 2022 Canada 2018 - 2022 China 2017 - 2022 Mexico 2018 - 2022 Netherlands 2017 - 2022 United Kingdom 2020 - 2022 Other Non-U.S. Countries 2016 - 2022 United States (federal general) 2016 - 2022 United States (state and local) 2007 - 2022 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding was as follows: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Basic weighted-average common shares outstanding 65,699,693 67,351,145 68,482,363 68,149,324 Dilutive stock options and other equity-based compensation awards 435,125 585,332 726,388 638,405 Diluted weighted-average common shares outstanding 66,134,818 67,936,477 69,208,751 68,787,729 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Options not included in the computation of diluted earnings per share attributable to common shareholders because they would have been anti-dilutive were as follows: Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Shares for stock-based compensation 152,698 — 121,274 581,634 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | Receivables consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Trade receivables - U.S. government $ 135.3 $ 140.7 $ 133.5 Trade receivables - other 979.5 797.5 849.2 Finance receivables 7.3 8.0 6.4 Other receivables 53.3 40.0 39.3 1,175.4 986.2 1,028.4 Less allowance for doubtful accounts ( 6.7 ) ( 4.2 ) ( 3.6 ) $ 1,168.7 $ 982.0 $ 1,024.8 |
Classification of Receivables in the Consolidated Balance Sheets | Classification of receivables in the Consolidated Balance Sheets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Current receivables $ 1,162.0 $ 973.4 $ 1,017.3 Long-term receivables 6.7 8.6 7.5 $ 1,168.7 $ 982.0 $ 1,024.8 |
Schedule of Allowance for Doubtful Accounts | Changes in the Company’s allowance for doubtful accounts by type of receivable were as follows (in millions): Year Ended December 31, 2022 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 0.5 $ 3.7 $ 4.2 Provision for doubtful accounts, net of recoveries ( 0.3 ) 3.3 3.0 Charge-off of accounts ( 0.1 ) ( 0.4 ) ( 0.5 ) Allowance for doubtful accounts at end of period $ 0.1 $ 6.6 $ 6.7 Three Months Ended December 31, 2021 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 0.6 $ 3.0 $ 3.6 Provision for doubtful accounts, net of recoveries ( 0.1 ) 0.7 0.6 Charge-off of accounts — — — Allowance for doubtful accounts at end of period $ 0.5 $ 3.7 $ 4.2 Year Ended September 30, 2021 Finance Trade and Total Allowance for doubtful accounts at beginning of period $ 2.7 $ 6.9 $ 9.6 Provision for doubtful accounts, net of recoveries ( 2.1 ) ( 3.4 ) ( 5.5 ) Charge-off of accounts — ( 0.5 ) ( 0.5 ) Allowance for doubtful accounts at end of period $ 0.6 $ 3.0 $ 3.6 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Raw materials $ 1,140.6 $ 982.0 $ 871.2 Partially finished products 383.1 329.8 276.2 Finished products 341.9 238.6 264.1 $ 1,865.6 $ 1,550.4 $ 1,411.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Land and land improvements $ 74.9 $ 72.0 $ 71.4 Buildings 441.6 410.9 407.3 Machinery and equipment 841.9 740.9 729.5 Software and related costs 201.5 201.3 203.0 Equipment on operating lease to others 10.2 9.9 18.8 Construction in progress 234.3 45.3 37.1 1,804.4 1,480.3 1,467.1 Less accumulated depreciation ( 978.2 ) ( 887.1 ) ( 871.2 ) $ 826.2 $ 593.2 $ 595.9 |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The following table presents changes in goodwill (in millions): Access Defense Fire & Commercial Total Net goodwill at September 30, 2020 $ 882.6 $ — $ 106.1 $ 20.8 $ 1,009.5 Foreign currency translation ( 2.0 ) — — 0.1 ( 1.9 ) Acquisition — 44.4 — — 44.4 Net goodwill at September 30, 2021 880.6 44.4 106.1 20.9 1,052.0 Foreign currency translation ( 3.0 ) — — — ( 3.0 ) Net goodwill at December 31, 2021 877.6 44.4 106.1 20.9 1,049.0 Foreign currency translation ( 11.8 ) — ( 0.3 ) ( 0.2 ) ( 12.3 ) Acquisition — — 7.4 — 7.4 Impairment — — — ( 2.1 ) ( 2.1 ) Net goodwill at December 31, 2022 $ 865.8 $ 44.4 $ 113.2 $ 18.6 $ 1,042.0 |
Schedule of Company's Goodwill Allocated to the Reportable Segments | The following tables present details of the Company’s goodwill allocated to the reportable segments (in millions): December 31, 2022 Gross Accumulated Net Access Equipment $ 1,797.9 $ ( 932.1 ) $ 865.8 Defense 44.4 — 44.4 Fire & Emergency 115.2 ( 2.0 ) 113.2 Commercial 188.3 ( 169.7 ) 18.6 $ 2,145.8 $ ( 1,103.8 ) $ 1,042.0 December 31, 2021 Gross Accumulated Net Access Equipment $ 1,809.7 $ ( 932.1 ) $ 877.6 Defense 44.4 — 44.4 Fire & Emergency 108.1 ( 2.0 ) 106.1 Commercial 188.5 ( 167.6 ) 20.9 $ 2,150.7 $ ( 1,101.7 ) $ 1,049.0 September 30, 2021 Gross Accumulated Net Access Equipment $ 1,812.7 $ ( 932.1 ) $ 880.6 Defense 44.4 — 44.4 Fire & Emergency 108.1 ( 2.0 ) 106.1 Commercial 188.5 ( 167.6 ) 20.9 $ 2,153.7 $ ( 1,101.7 ) $ 1,052.0 |
Schedule of Purchased Intangible Assets | Details of the Company’s total purchased intangible assets were as follows (in millions): December 31, 2022 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.3 $ ( 37.0 ) $ 18.3 Technology-related 12.0 108.3 ( 104.4 ) 3.9 Customer relationships 12.6 576.6 ( 557.3 ) 19.3 Other 10.9 50.2 ( 22.1 ) 28.1 14.2 790.4 ( 720.8 ) 69.6 Non-amortizable trade names 387.4 — 387.4 $ 1,177.8 $ ( 720.8 ) $ 457.0 December 31, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.2 $ 55.4 $ ( 35.6 ) $ 19.8 Technology-related 11.9 104.7 ( 104.0 ) 0.7 Customer relationships 12.6 572.6 ( 551.3 ) 21.3 Other 12.1 23.6 ( 18.5 ) 5.1 14.4 756.3 ( 709.4 ) 46.9 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 709.4 ) $ 464.0 September 30, 2021 Weighted- Gross Accumulated Net Amortizable intangible assets: Distribution network 39.1 $ 55.4 $ ( 35.1 ) $ 20.3 Technology-related 11.9 104.7 ( 103.9 ) 0.8 Customer relationships 12.6 572.6 ( 550.0 ) 22.6 Other 12.1 23.6 ( 17.6 ) 6.0 14.4 756.3 ( 706.6 ) 49.7 Non-amortizable trade names 417.1 — 417.1 $ 1,173.4 $ ( 706.6 ) $ 466.8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Costs | The components of lease costs were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Operating lease cost $ 54.0 $ 13.9 $ 53.3 $ 57.4 Variable lease cost 31.9 7.1 34.0 46.1 Short-term lease cost 11.1 2.5 9.5 8.4 |
Summary of Supplemental Information Related to Leases | Supplemental information related to leases was as follows (in millions): December 31, 2022 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 28.0 $ 209.2 $ 237.2 Current lease liabilities Other current liabilities 9.9 44.6 54.5 Long-term lease liabilities Other long-term liabilities 18.7 174.7 193.4 Weighted average remaining lease term 4.0 years 7.9 years Weighted average discount rates 2.5 % 3.4 % December 31, 2021 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 29.6 $ 204.5 $ 234.1 Current lease liabilities Other current liabilities 9.0 42.1 51.1 Long-term lease liabilities Other long-term liabilities 21.1 169.1 190.2 Weighted average remaining lease term 3.6 years 7.6 years Weighted average discount rates 1.8 % 2.8 % September 30, 2021 Balance Sheet Classification Finance leases Operating leases Total Lease right of use assets Other long-term assets $ 22.2 $ 194.7 $ 216.9 Current lease liabilities Other current liabilities 6.9 39.3 46.2 Long-term lease liabilities Other long-term liabilities 15.6 160.8 176.4 Weighted average remaining lease term 3.5 years 8 years Weighted average discount rates 1.9 % 2.9 % |
Summary Right of Use Assets Balance for Operating Leases by Segment | The table below presents the right of use asset balance for operating leases disaggregated by segment and type of lease (in millions): December 31, 2022 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 77.2 $ 45.7 $ 10.0 $ 52.9 $ 9.6 $ 195.4 Equipment leases 3.6 1.1 1.1 1.5 6.5 13.8 $ 80.8 $ 46.8 $ 11.1 $ 54.4 $ 16.1 $ 209.2 December 31, 2021 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 92.4 $ 52.6 $ 12.2 $ 16.9 $ 11.6 $ 185.7 Equipment leases 4.5 1.8 1.5 2.2 8.8 18.8 $ 96.9 $ 54.4 $ 13.7 $ 19.1 $ 20.4 $ 204.5 September 30, 2021 Access Equipment Defense Fire & Commercial Corporate and Total Real estate leases $ 84.3 $ 55.6 $ 6.2 $ 15.9 $ 12.2 $ 174.2 Equipment leases 5.5 2.0 1.7 2.5 8.8 20.5 $ 89.8 $ 57.6 $ 7.9 $ 18.4 $ 21.0 $ 194.7 |
Schedule of Maturities and Minimum Payments of Operating Lease Liabilities | Maturities of operating lease liabilities at December 31, 2022 and minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year were as follows (in millions): Amounts due in 2023 $ 53.4 2024 32.3 2025 28.4 2026 22.8 2027 22.3 Thereafter 96.7 Total lease payments 255.9 Less: imputed interest ( 36.6 ) Present value of lease liability $ 219.3 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Affiliates Accounted for Under Equity Method | Investments in unconsolidated affiliates accounted for under the equity method consisted of the following (in millions): December 31, September 30, Ownership % 2022 2021 2021 Mezcladores Trailers de Mexico, S.A. de C.V. 49 % $ 8.3 $ 8.3 $ 8.3 BME Fire Trucks LLC 25 % 3.9 5.1 5.1 Construction Robotics, LLC 9 % 2.4 2.6 2.9 AutoTech Fund III, L.P. 9 % 0.8 — — AutoTech Fund II, L.P. 7 % 8.7 8.6 6.5 Carnegie Foundry LLC 6 % 4.8 4.9 5.0 Westly Capital Partners Fund IV, L.P. 5 % 2.8 1.4 1.1 Robotic Research LLC 2 % 11.2 — — $ 42.9 $ 30.9 $ 28.9 |
Summary of Investments in Unconsolidated Affiliates Not Accounted for Under Equity Method Without a Readily Determinable Fair Value | Investments in unconsolidated affiliates not accounted for under the equity method with a readily determinable fair value consisted of the following (in millions): Cost Basis Unrealized Gain (Loss) Fair Value December 31, 2022 $ 25.0 $ ( 21.2 ) $ 3.8 December 31, 2021 $ 25.0 $ ( 10.8 ) $ 14.2 September 30, 2021 $ 25.0 $ ( 4.4 ) $ 20.6 Investments in unconsolidated affiliates not accounted for under the equity method without a readily determinable fair value consisted of the following (in millions): Cost Basis Accumulated Carrying Value December 31, 2022 $ 4.2 $ ( 0.2 ) $ 4.0 December 31, 2021 $ 1.7 $ — $ 1.7 September 30, 2021 $ 1.7 $ — $ 1.7 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of other long-term assets | Other long-term assets consisted of the following (in millions): December 31, September 30, 2022 2021 2021 Lease right of use asset (See Note 12 of Notes to $ 237.2 $ 234.1 $ 216.9 Investments in affiliates (See Note 13 of Notes to 50.7 46.8 51.2 Deferred contract costs (See Note 3 of Notes to 415.8 73.2 50.6 Rabbi trust, less current portion 12.4 15.8 15.4 Customer finance receivables 3.5 3.4 2.4 Other 17.4 16.3 14.3 737.0 389.6 350.8 Less allowance for doubtful receivables ( 0.1 ) ( 0.1 ) ( 0.1 ) $ 736.9 $ 389.5 $ 350.7 |
Credit Agreements (Tables)
Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | The Company was obligated under the following debt instruments (in millions): December 31, 2022 Principal Debt Issuance Costs Debt, Net 4.600 % Senior notes due May 2028 $ 300.0 $ ( 2.1 ) $ 297.9 3.100 % Senior notes due March 2030 300.0 ( 2.9 ) 297.1 $ 600.0 $ ( 5.0 ) $ 595.0 Other short-term debt $ 9.7 December 31, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.5 ) 297.5 3.100 % Senior notes due March 2030 300.0 ( 3.3 ) 296.7 $ 825.0 $ ( 6.0 ) $ 819.0 Other short-term debt $ — September 30, 2021 Principal Debt Issuance Costs Debt, Net Senior Term Loan $ 225.0 $ ( 0.2 ) $ 224.8 4.600 % Senior notes due May 2028 300.0 ( 2.6 ) 297.4 3.100 % Senior notes due March 2030 300.0 ( 3.4 ) 296.6 $ 825.0 $ ( 6.2 ) $ 818.8 Other short-term debt $ — |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums | Changes in the Company’s service-type warranties were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 66.9 $ 65.8 $ 64.4 $ 68.2 Deferred revenue for new service warranties 31.5 6.4 26.2 23.6 Amortization of deferred revenue ( 21.7 ) ( 5.3 ) ( 25.0 ) ( 27.9 ) Foreign currency translation ( 0.6 ) — 0.2 0.5 Balance at end of period $ 76.1 $ 66.9 $ 65.8 $ 64.4 Changes in the Company’s assurance-type warranty liability were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 65.7 $ 69.0 $ 67.4 $ 65.1 Warranty provisions 49.3 10.8 50.1 43.1 Settlements made ( 57.7 ) ( 14.6 ) ( 65.0 ) ( 55.9 ) Changes in liability for pre-existing warranties, net 1.5 0.5 16.2 14.8 Foreign currency translation ( 0.2 ) — — 0.3 Acquisition 0.2 — 0.3 — Balance at end of period $ 58.8 $ 65.7 $ 69.0 $ 67.4 |
Guarantee Arrangements (Tables)
Guarantee Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-Contingent Portion | |
Guarantor Obligations [Line Items] | |
Schedule of Provision for Losses on Customer Guarantees | Changes in the Company’s stand ready obligation (non-contingent) to perform under guarantees were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Balance at beginning of period $ 12.1 $ 14.1 $ 15.5 $ 15.8 Adoption of ASC 326 — — ( 0.6 ) — Provision for new credit guarantees 3.0 0.4 2.4 4.9 Changes for pre-existing guarantees, net ( 1.5 ) 0.3 ( 0.5 ) ( 0.5 ) Amortization of previous guarantees ( 1.2 ) ( 2.7 ) ( 2.8 ) ( 5.0 ) Foreign currency translation ( 0.2 ) — 0.1 0.3 Balance at end of period $ 12.2 $ 12.1 $ 14.1 $ 15.5 |
Contingent Portion | |
Guarantor Obligations [Line Items] | |
Schedule of Provision for Losses on Customer Guarantees | Changes in the Company’s off-balance sheet credit loss exposure (contingent) related to its guarantees were as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 Balance at beginning of period $ 4.0 $ 7.3 $ — Adoption of ASC 326 — — 7.1 Provision for new credit guarantees 1.6 0.1 2.1 Changes in allowance for pre-existing guarantees, net 1.0 ( 3.4 ) ( 2.0 ) Foreign currency translation ( 0.3 ) — 0.1 Balance at end of period $ 6.3 $ 4.0 $ 7.3 |
Contingencies, Significant Es_2
Contingencies, Significant Estimates and Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of significant portion of revenues from the Department of Defense | The Company derived a significant portion of its revenue from the DoD, as follows (in millions): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 DoD $ 1,995.8 $ 521.2 $ 2,395.1 $ 2,300.4 Foreign military sales 76.2 0.5 139.2 71.2 Total DoD sales $ 2,072.0 $ 521.7 $ 2,534.3 $ 2,371.6 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Class of Stock Disclosures [Abstract] | |
Summary of Repurchases of Common Stock | Repurchases of Common Stock were as follows (in millions, except share amounts): Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Shares of Common Stock repurchased 1,508,467 1,362,831 927,934 550,853 Cost of shares of Common Stock repurchased $ 155.0 $ 150.0 $ 107.8 $ 40.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in accumulated other comprehensive income (loss) by component were as follows (in millions): Employee Pension and Cumulative Derivative Instruments, Accumulated Other Balance at September 30, 2019 $ ( 69.4 ) $ ( 132.5 ) $ 0.3 $ ( 201.6 ) Other comprehensive income (loss) before reclassifications ( 29.3 ) 30.4 ( 0.5 ) 0.6 Amounts reclassified from accumulated other comprehensive income (loss) 2.8 — ( 0.2 ) 2.6 Net current period other comprehensive income (loss) ( 26.5 ) 30.4 ( 0.7 ) 3.2 Balance at September 30, 2020 ( 95.9 ) ( 102.1 ) ( 0.4 ) ( 198.4 ) Other comprehensive income (loss) before reclassifications 57.1 3.8 1.5 62.4 Amounts reclassified from accumulated other comprehensive income (loss) 4.6 — 0.4 5.0 Net current period other comprehensive income (loss) 61.7 3.8 1.9 67.4 Balance at September 30, 2021 ( 34.2 ) ( 98.3 ) 1.5 ( 131.0 ) Other comprehensive income (loss) before reclassifications 8.2 ( 6.9 ) 0.9 2.2 Amounts reclassified from accumulated other comprehensive income (loss) 0.4 — ( 0.2 ) 0.2 Net current period other comprehensive income (loss) 8.6 ( 6.9 ) 0.7 2.4 Balance at December 31, 2021 ( 25.6 ) ( 105.2 ) 2.2 ( 128.6 ) Other comprehensive income (loss) before reclassifications 29.3 ( 31.0 ) 6.2 4.5 Amounts reclassified from accumulated other comprehensive income (loss) 27.4 4.6 ( 0.2 ) 31.8 Net current period other comprehensive income (loss) 56.7 ( 26.4 ) 6.0 36.3 Balance at December 31, 2022 $ 31.1 $ ( 131.6 ) $ 8.2 $ ( 92.3 ) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Included in the Computation of Net Periodic Pension and Postretirement Benefit Cost | Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 5 of the Notes to Consolidated Financial Statements for additional details regarding employee benefit plans) were as follows (in millions): Classification of Year Ended Three Months Ended (transition period) Year Ended income (expense) 2022 2021 2021 2020 Amortization of employee pension and postretirement benefits items Prior service costs Miscellaneous, net $ 0.8 $ 0.2 $ 0.9 $ 0.7 Settlement Miscellaneous, net 33.6 — — — Actuarial (gains) losses Miscellaneous, net 1.3 0.3 5.2 3.1 Total before tax 35.7 0.5 6.1 3.8 Tax benefit ( 8.3 ) ( 0.1 ) ( 1.5 ) ( 1.0 ) Net of tax $ 27.4 $ 0.4 $ 4.6 $ 2.8 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of All Open Derivative Instruments | The fair values of all open derivative instruments were as follows (in millions): December 31, 2022 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 11.1 $ — $ 0.3 $ — Not designated as hedging instruments: Foreign exchange contracts 1.5 0.1 1.3 — $ 12.6 $ 0.1 $ 1.6 $ — December 31, 2021 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 0.2 $ 2.7 $ — $ — Not designated as hedging instruments: Foreign exchange contracts 0.3 0.4 0.6 0.3 $ 0.5 $ 3.1 $ 0.6 $ 0.3 September 30, 2021 Other Other Long Other Current Liabilities Other Long Cash flow hedges: Foreign exchange contracts $ 0.5 $ 1.8 $ — $ — Not designated as hedging instruments: Foreign exchange contracts 0.2 0.1 1.5 0.2 $ 0.7 $ 1.9 $ 1.5 $ 0.2 |
Schedule of Pre-tax Effects of Derivative Instruments | The pre-tax effects of derivative instruments consisted of the following (in millions): Classification of Year Ended Three Months Ended (transition period) Year Ended Gains (Losses) 2022 2021 2021 2020 Cash flow hedges: Foreign exchange contracts Cost of sales $ 1.4 $ 0.3 $ ( 0.7 ) $ 0.6 Not designated as hedging instruments: Foreign exchange contracts Miscellaneous , net 0.9 ( 0.1 ) 0.2 1.7 $ 2.3 $ 0.2 $ ( 0.5 ) $ 2.3 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities | The fair values of the Company’s financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3 Total December 31, 2022 Assets: SERP plan assets (a) $ 13.8 $ — $ — $ 13.8 Investment in equity securities (b) 3.8 — — 3.8 Foreign currency exchange derivatives (c) — 12.7 — 12.7 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.6 $ — $ 1.6 Level 1 Level 2 Level 3 Total December 31, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 14.2 — — 14.2 Foreign currency exchange derivatives (c) — 3.6 — 3.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 0.9 $ — $ 0.9 Level 1 Level 2 Level 3 Total September 30, 2021 Assets: SERP plan assets (a) $ 21.3 $ — $ — $ 21.3 Investment in equity securities (b) 20.6 — — 20.6 Foreign currency exchange derivatives (c) — 2.6 — 2.6 Liabilities: Foreign currency exchange derivatives (c) $ — $ 1.7 $ — $ 1.7 (a) Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (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) Represents investments in equity securities 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. (c) Based on observable market transactions of forward currency prices. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Product Lines and Reportable Segments | Selected financial information concerning the Company’s reportable segments and product lines is as follows (in millions): Year Ended December 31, 2022 Three Months Ended December 31, 2021 (transition period) External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,949.0 $ — $ 1,949.0 $ 415.3 $ — $ 415.3 Telehandlers 1,174.8 — 1,174.8 210.6 — 210.6 Other 848.1 0.2 848.3 207.4 0.2 207.6 Total Access Equipment 3,971.9 0.2 3,972.1 833.3 0.2 833.5 Defense 2,139.9 1.4 2,141.3 531.1 0.4 531.5 Fire & Emergency 1,108.2 3.4 1,111.6 217.0 1.6 218.6 Commercial Refuse collection 536.4 — 536.4 98.2 — 98.2 Concrete mixers 419.2 — 419.2 88.8 — 88.8 Other 106.2 2.3 108.5 23.2 0.4 23.6 Total Commercial 1,061.8 2.3 1,064.1 210.2 0.4 210.6 Corporate and intersegment eliminations 0.2 ( 7.3 ) ( 7.1 ) 0.1 ( 2.6 ) ( 2.5 ) Consolidated $ 8,282.0 $ — $ 8,282.0 $ 1,791.7 $ — $ 1,791.7 Year Ended September 30, 2021 2020 External Inter- Net External Inter- Net Net sales: Access Equipment Aerial work platforms $ 1,471.4 $ — $ 1,471.4 $ 1,101.7 $ — $ 1,101.7 Telehandlers 769.4 — 769.4 680.4 — 680.4 Other 826.5 4.8 831.3 723.6 9.4 733.0 Total Access Equipment 3,067.3 4.8 3,072.1 2,505.7 9.4 2,515.1 Defense 2,524.1 1.5 2,525.6 2,300.4 11.1 2,311.5 Fire & Emergency 1,211.6 15.0 1,226.6 1,098.0 9.0 1,107.0 Commercial Refuse collection 465.9 — 465.9 437.2 — 437.2 Concrete mixers 364.8 — 364.8 403.5 — 403.5 Other 102.9 4.0 106.9 110.6 6.5 117.1 Total Commercial 933.6 4.0 937.6 951.3 6.5 957.8 Corporate and intersegment eliminations 0.7 ( 25.3 ) ( 24.6 ) 1.4 ( 36.0 ) ( 34.6 ) Consolidated $ 7,737.3 $ — $ 7,737.3 $ 6,856.8 $ — $ 6,856.8 |
Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments | Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Operating income (loss): Access Equipment (a) $ 313.2 $ 38.2 $ 278.2 $ 198.2 Defense (b) 46.2 16.0 200.7 186.2 Fire & Emergency 94.9 15.9 178.9 147.1 Commercial (c) 59.5 2.4 81.7 79.0 Corporate ( 141.5 ) ( 30.9 ) ( 147.4 ) ( 125.7 ) Consolidated 372.3 41.6 592.1 484.8 Interest expense, net of interest income (d) ( 43.9 ) ( 11.8 ) ( 44.7 ) ( 51.8 ) Miscellaneous other (expense) income (e) ( 52.8 ) ( 5.6 ) ( 2.1 ) 2.2 Income before income taxes and losses of unconsolidated affiliates $ 275.6 $ 24.2 $ 545.3 $ 435.2 (a) Results for fiscal 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities and $ 2.2 million of restructuring costs. Results for the year ended September 30, 2021 include $ 3.1 million of restructuring costs and $ 7.4 million operating expenses related to restructuring plans. Results for the year ended September 30, 2020 include $ 10.4 million of restructuring costs and $ 4.7 million operating expenses related to restructuring plans. (b) Results for fiscal 2022 include a $ 5.6 million intan gible asset impairment charge. (c) Results for fiscal 2022 include a $ 2.1 million intangible asset impairment charge. Results for the year ended September 30, 2020 include $ 1.5 million of restructuring costs, $ 4.1 million of accelerated depreciation related to restructuring actions, a gain of $ 12.3 million arising from a business interruption insurance recovery and a gain on the sale of a business of $ 3.1 million. (d) Results for the year ended September 30, 2020 include $ 8.5 million in debt extinguishment costs and $ 3.3 million of interest income from an arbitration settlement in the Defense segment. (e) Results for fiscal 2022 include a $ 33.6 million charge from the settlement of a frozen pension plan. Results for the year ended September 30, 2020 include a $ 6.2 million gain from insurance proceeds in excess of property loss in the Commercial segment. |
Schedule of Depreciation, Amortization and Capital Expenditure by Segment | Year Ended Three Months Ended (transition period) Year Ended 2022 2021 2021 2020 Depreciation and amortization: Access Equipment (a) $ 37.4 $ 9.1 $ 37.9 $ 42.1 Defense 29.9 7.9 27.8 20.1 Fire & Emergency 11.5 2.7 10.0 10.0 Commercial (b) 13.8 3.2 13.1 17.1 Corporate 15.0 4.1 15.2 14.9 Consolidated $ 107.6 $ 27.0 $ 104.0 $ 104.2 Capital expenditures: Access Equipment (c) $ 65.7 $ 17.2 $ 55.8 $ 56.5 Defense 168.2 12.1 23.8 32.4 Fire & Emergency 30.8 6.5 8.1 6.7 Commercial 11.4 6.4 21.3 18.9 Corporate 3.6 1.0 5.8 15.7 Consolidated $ 279.7 $ 43.2 $ 114.8 $ 130.2 (a) Includes $ 3.6 million and $ 2.8 million of accelerated depreciation associated with restructuring actions in the years ended September 30, 2021 and 2020, respectively. (b) Includes $ 4.1 million of accelerated depreciation associated with restructuring actions in the year ended September 30, 2020. (c) Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental. |
Schedule of Identifiable Assets by Business Segments and by Geographical Areas | December 31, September 30, 2022 2021 2021 Identifiable assets: Access Equipment: U.S. $ 2,493.0 $ 2,348.8 $ 2,234.0 Europe, Africa and Middle East 562.2 460.3 470.9 Rest of the world 428.4 383.0 371.4 Total Access Equipment 3,483.6 3,192.1 3,076.3 Defense: U.S. 2,060.0 1,259.0 1,189.0 Rest of the world 6.9 7.2 7.2 Total Defense 2,066.9 1,266.2 1,196.2 Fire & Emergency - U.S. U.S. 586.7 532.7 558.7 Rest of the World 25.5 — — Total Fire & Emergency 612.2 532.7 558.7 Commercial: U.S. 476.7 415.0 418.9 Rest of the world 39.1 45.1 54.8 Total Commercial 515.8 460.1 473.7 Corporate - U.S. (a) 1,050.5 1,398.6 1,730.8 Consolidated $ 7,729.0 $ 6,849.7 $ 7,035.7 (a) Primarily includes cash and short-term investments and the Company’s global headquarters. |
Schedule of Net Sales by Geographical Areas | The following tables present net sales by geographic region based on product shipment destination (in millions): Year Ended December 31, 2022 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 3,298.9 $ 2,047.5 $ 1,075.6 $ 1,053.3 $ ( 7.1 ) $ 7,468.2 Europe, Africa and Middle East 353.0 92.7 7.4 2.1 — 455.2 Rest of the World 320.2 1.1 28.6 8.7 — 358.6 Consolidated $ 3,972.1 $ 2,141.3 $ 1,111.6 $ 1,064.1 $ ( 7.1 ) $ 8,282.0 Three Months Ended December 31, 2021 (transition period) Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 671.6 $ 523.4 $ 211.9 $ 206.9 $ ( 2.5 ) $ 1,611.3 Europe, Africa and Middle East 86.1 8.0 4.1 0.8 — 99.0 Rest of the World 75.8 0.1 2.6 2.9 — 81.4 Consolidated $ 833.5 $ 531.5 $ 218.6 $ 210.6 $ ( 2.5 ) $ 1,791.7 Year Ended September 30, 2021 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 2,358.9 $ 2,337.8 $ 1,147.4 $ 929.0 $ ( 24.6 ) $ 6,748.5 Europe, Africa and Middle East 273.4 183.2 46.7 1.5 — 504.8 Rest of the World 439.8 4.6 32.5 7.1 — 484.0 Consolidated $ 3,072.1 $ 2,525.6 $ 1,226.6 $ 937.6 $ ( 24.6 ) $ 7,737.3 Year Ended September 30, 2020 Access Defense Fire & Commercial Eliminations Total Net sales: North America $ 1,881.6 $ 2,200.4 $ 1,029.3 $ 947.0 $ ( 34.6 ) $ 6,023.7 Europe, Africa and Middle East 275.3 107.0 29.8 1.6 — 413.7 Rest of the World 358.2 4.1 47.9 9.2 — 419.4 Consolidated $ 2,515.1 $ 2,311.5 $ 1,107.0 $ 957.8 $ ( 34.6 ) $ 6,856.8 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Results | Year Ended December 31, 2022 4th Quarter (a) 3rd Quarter (b) 2nd Quarter 1st Quarter (c) Net sales $ 2,203.6 $ 2,066.7 $ 2,066.0 $ 1,945.7 Gross income 315.0 288.6 247.0 203.8 Operating income 147.0 117.2 76.3 31.8 Net income 75.1 66.9 32.1 ( 0.2 ) Earnings per share: Basic $ 1.15 $ 1.02 $ 0.49 $ — Diluted $ 1.14 $ 1.02 $ 0.49 $ — Common stock dividends per share $ 0.37 $ 0.37 $ 0.37 $ 0.37 (a) The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. (b) The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. (c) The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. Year Ended September 30, 2021 4th Quarter (a) 3rd Quarter (b) 2nd Quarter (c) 1st Quarter (d) Net sales $ 2,063.0 $ 2,208.8 $ 1,889.0 $ 1,576.5 Gross income 308.7 394.1 319.6 245.8 Operating income 134.4 213.3 145.3 99.1 Net income 112.9 221.0 103.0 72.0 Earnings per share: Basic $ 1.65 $ 3.21 $ 1.50 $ 1.06 Diluted $ 1.63 $ 3.18 $ 1.49 $ 1.05 Common stock dividends per share $ 0.33 $ 0.33 $ 0.33 $ 0.33 (a) The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. (b) The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. (c) The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. (d) The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) $ in Millions, $ in Millions | 7 Months Ended | 12 Months Ended | |||||
Jun. 13, 2022 USD ($) | Jun. 13, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Number of reportable segments of entity (in segments) | Segment | 4 | ||||||
Valuation of intangible assets | $ 457 | $ 457 | $ 464 | $ 466.8 | |||
Valuation of intangible assets with indefinite life | 387.4 | 387.4 | 417.1 | 417.1 | |||
Goodwill | 1,042 | 1,042 | $ 1,049 | $ 1,052 | $ 1,009.5 | ||
Maxi-Metal | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Purchase price | $ 19.7 | $ 25.3 | |||||
Sales of acquiree | 12.3 | ||||||
Valuation of intangible assets | 4.3 | 4.3 | |||||
Valuation of intangible assets with indefinite life | 2.9 | 2.9 | |||||
Goodwill | $ 7.4 | $ 7.4 | 7.4 | ||||
Transaction costs related to acquisition | $ 0.4 |
Nature of Operations - Summary
Nature of Operations - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 13, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Assets Acquired: | |||||
Goodwill | $ 1,042 | $ 1,049 | $ 1,052 | $ 1,009.5 | |
Maxi-Metal | |||||
Assets Acquired: | |||||
Current assets, excluding cash of $1.7 | $ 7.5 | ||||
Property, plant and equipment | 1.6 | ||||
Goodwill | $ 7.4 | 7.4 | |||
Purchased intangible assets | 7.2 | ||||
Total assets | 23.7 | ||||
Liabilities Assumed: | |||||
Current liabilities | 2 | ||||
Long-term liabilities | 2 | ||||
Total liabilities | 4 | ||||
Net assets acquired | $ 19.7 |
Nature of Operations - Summar_2
Nature of Operations - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Millions | Jun. 13, 2022 USD ($) |
Maxi-Metal | |
Business Acquisition [Line Items] | |
Current assets, cash | $ 1.7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2019 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Step | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Accounting Policies [Abstract] | |||||
Research and development costs charged to expense | $ 25,600,000 | $ 113,400,000 | $ 103,100,000 | $ 103,900,000 | |
Advertising cost | 3,500,000 | 14,200,000 | 17,700,000 | 16,000,000 | |
Amortization of Debt Issuance Costs | 400,000 | 1,600,000 | 1,600,000 | 3,600,000 | |
Write off of Deferred Debt Issuance Cost | $ 100,000 | 1,800,000 | |||
Number of steps to evaluate uncertain income tax positions (in steps) | Step | 2 | ||||
Minimum percentage likelihood of tax benefit being realized (as a percent) | 50% | ||||
Maximum percentage likelihood of tax benefit being realized (as a percent) | 50% | ||||
Amount of tax benefit realized for tax positions currently estimated to have a less than likelihood percentage of being sustained | $ 0 | ||||
Maximum remaining maturity period at time of purchase of liquid investments classified as cash equivalents (in months) | 3 months | ||||
Inventory valued using LIFO method (as a percent) | 80% | ||||
Change in inventory | $ 100,600,000 | 139,000,000 | $ 330,800,000 | (199,300,000) | $ 242,800,000 |
Increase in retained earnings (net of tax) | $ 76,600,000 | $ 3,238,500,000 | $ 3,315,000,000 | $ 3,239,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of importance to income approach used for evaluation of recoverability of goodwill (as a percent) | 75% | |||
Net foreign currency transaction gains (losses) related to continuing operations | $ 0 | $ (6.9) | $ 2.7 | $ (2.7) |
Minimum | Buildings and Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 10 years | |||
Minimum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 4 years | |||
Minimum | Software and Related Costs | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 3 years | |||
Maximum | Buildings and Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 40 years | |||
Maximum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 25 years | |||
Maximum | Software and Related Costs | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of the Impacts on Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 01, 2019 | Dec. 31, 2022 | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | $ 1,596.4 | $ 7,227.6 | $ 6,469.1 | $ 5,740.4 | ||||||||||||||||
Gross income | $ 315 | [1] | $ 288.6 | $ 247 | $ 203.8 | 195.3 | $ 308.7 | [4] | $ 394.1 | $ 319.6 | $ 245.8 | 1,054.4 | 1,268.2 | 1,116.4 | ||||||
Operating income | 147 | [1] | 117.2 | 76.3 | 31.8 | 41.6 | 134.4 | [4] | 213.3 | 145.3 | 99.1 | 372.3 | 592.1 | 484.8 | ||||||
Income before income taxes and losses of unconsolidated affiliates | 24.2 | 275.6 | 545.3 | 435.2 | ||||||||||||||||
Provision for income taxes | 1.2 | 97.5 | 36.4 | 111.9 | ||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 23 | 178.1 | 508.9 | 323.3 | ||||||||||||||||
Net income | 75.1 | [1] | $ 66.9 | $ 32.1 | $ (0.2) | $ 24.2 | 112.9 | [4] | $ 221 | $ 103 | $ 72 | $ 173.9 | $ 508.9 | $ 321.5 | ||||||
Basic Earnings per share | $ 0.36 | $ 2.65 | $ 7.43 | $ 4.72 | ||||||||||||||||
Diluted Earnings per share | $ 0.36 | $ 2.63 | $ 7.35 | $ 4.67 | ||||||||||||||||
Inventories, net | 1,865.6 | $ 1,550.4 | 1,411.5 | $ 1,865.6 | $ 1,411.5 | |||||||||||||||
Total current assets | 4,532.1 | 4,282.3 | 4,562 | 4,532.1 | 4,562 | |||||||||||||||
Long-term net deferred tax asset | 134.8 | 71.7 | 8.3 | 134.8 | 8.3 | |||||||||||||||
Total assets | 7,729 | 6,849.7 | 7,035.7 | 7,729 | 7,035.7 | |||||||||||||||
Income taxes payable | 100.3 | 222.1 | 64.9 | 100.3 | 64.9 | |||||||||||||||
Retained earnings | $ 76.6 | 3,315 | 3,238.5 | 3,239.2 | 3,315 | 3,239.2 | ||||||||||||||
Total shareholders' equity | 3,185.7 | 3,204.3 | 3,357.7 | 3,185.7 | 3,357.7 | |||||||||||||||
Total liabilities and shareholders' equity | 7,729 | 6,849.7 | 7,035.7 | 7,729 | 7,035.7 | |||||||||||||||
Deferred income taxes | (179.5) | (53.5) | 99.8 | $ 21.5 | ||||||||||||||||
Increase (decrease) in income taxes payable | 190.6 | 71.8 | (156.7) | (52.1) | ||||||||||||||||
(Increase) decrease in inventories | $ 100.6 | 139 | 330.8 | (199.3) | 242.8 | |||||||||||||||
Other Long Term Liabilities | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Long-term net deferred tax liability | 108.1 | 108.1 | ||||||||||||||||||
As Computed under LIFO | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | 7,285.5 | |||||||||||||||||||
Gross income | 996.5 | |||||||||||||||||||
Operating income | 314.4 | |||||||||||||||||||
Income before income taxes and losses of unconsolidated affiliates | 217.7 | |||||||||||||||||||
Provision for income taxes | 83.7 | |||||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 134 | |||||||||||||||||||
Net income | $ 129.8 | |||||||||||||||||||
Basic Earnings per share | $ 1.98 | |||||||||||||||||||
Diluted Earnings per share | $ 1.96 | |||||||||||||||||||
Inventories, net | 1,640 | $ 1,640 | ||||||||||||||||||
Total current assets | 4,306.5 | 4,306.5 | ||||||||||||||||||
Long-term net deferred tax asset | 164.3 | 164.3 | ||||||||||||||||||
Total assets | 7,532.9 | 7,532.9 | ||||||||||||||||||
Income taxes payable | 76.2 | 76.2 | ||||||||||||||||||
Retained earnings | 3,143 | 3,143 | ||||||||||||||||||
Total shareholders' equity | 3,013.7 | 3,013.7 | ||||||||||||||||||
Total liabilities and shareholders' equity | 7,532.9 | 7,532.9 | ||||||||||||||||||
Deferred income taxes | (43.2) | |||||||||||||||||||
Increase (decrease) in income taxes payable | 47.7 | |||||||||||||||||||
(Increase) decrease in inventories | (272.9) | |||||||||||||||||||
Adjustments | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | (57.9) | |||||||||||||||||||
Gross income | 57.9 | |||||||||||||||||||
Operating income | 57.9 | |||||||||||||||||||
Income before income taxes and losses of unconsolidated affiliates | 57.9 | |||||||||||||||||||
Provision for income taxes | 13.8 | |||||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 44.1 | |||||||||||||||||||
Net income | $ 44.1 | |||||||||||||||||||
Basic Earnings per share | $ 0.67 | |||||||||||||||||||
Diluted Earnings per share | $ 0.67 | |||||||||||||||||||
Inventories, net | 225.6 | $ 225.6 | ||||||||||||||||||
Total current assets | 225.6 | 225.6 | ||||||||||||||||||
Long-term net deferred tax asset | (29.5) | (29.5) | ||||||||||||||||||
Total assets | 196.1 | 196.1 | ||||||||||||||||||
Income taxes payable | 24.1 | 24.1 | ||||||||||||||||||
Retained earnings | 172 | 172 | ||||||||||||||||||
Total shareholders' equity | 172 | 172 | ||||||||||||||||||
Total liabilities and shareholders' equity | 196.1 | 196.1 | ||||||||||||||||||
Deferred income taxes | (10.3) | |||||||||||||||||||
Increase (decrease) in income taxes payable | 24.1 | |||||||||||||||||||
(Increase) decrease in inventories | (57.9) | |||||||||||||||||||
As Reported under FIFO | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | 7,227.6 | |||||||||||||||||||
Gross income | 1,054.4 | |||||||||||||||||||
Operating income | 372.3 | |||||||||||||||||||
Income before income taxes and losses of unconsolidated affiliates | 275.6 | |||||||||||||||||||
Provision for income taxes | 97.5 | |||||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 178.1 | |||||||||||||||||||
Net income | $ 173.9 | |||||||||||||||||||
Basic Earnings per share | $ 2.65 | |||||||||||||||||||
Diluted Earnings per share | $ 2.63 | |||||||||||||||||||
Inventories, net | 1,865.6 | $ 1,865.6 | ||||||||||||||||||
Total current assets | 4,532.1 | 4,532.1 | ||||||||||||||||||
Long-term net deferred tax asset | 134.8 | 134.8 | ||||||||||||||||||
Total assets | 7,729 | 7,729 | ||||||||||||||||||
Income taxes payable | 100.3 | 100.3 | ||||||||||||||||||
Retained earnings | 3,315 | 3,315 | ||||||||||||||||||
Total shareholders' equity | 3,185.7 | 3,185.7 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ 7,729 | 7,729 | ||||||||||||||||||
Deferred income taxes | (53.5) | |||||||||||||||||||
Increase (decrease) in income taxes payable | 71.8 | |||||||||||||||||||
(Increase) decrease in inventories | $ (330.8) | |||||||||||||||||||
As Previously Reported | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | 1,620 | 6,516.5 | 5,736.5 | |||||||||||||||||
Gross income | 171.7 | 1,220.8 | 1,120.3 | |||||||||||||||||
Operating income | 18 | 544.7 | 488.7 | |||||||||||||||||
Income before income taxes and losses of unconsolidated affiliates | 0.6 | 497.9 | 439.1 | |||||||||||||||||
Provision for income taxes | (4.4) | 25.2 | 112.8 | |||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 5 | 472.7 | 326.3 | |||||||||||||||||
Net income | $ 6.2 | $ 472.7 | $ 324.5 | |||||||||||||||||
Basic Earnings per share | $ 0.09 | $ 6.90 | $ 4.76 | |||||||||||||||||
Diluted Earnings per share | $ 0.09 | $ 6.83 | $ 4.72 | |||||||||||||||||
Inventories, net | $ 1,382.7 | 1,267.4 | $ 1,267.4 | |||||||||||||||||
Total current assets | 4,114.6 | 4,417.9 | 4,417.9 | |||||||||||||||||
Long-term net deferred tax asset | 111.5 | |||||||||||||||||||
Total assets | 6,721.8 | 6,891.6 | 6,891.6 | |||||||||||||||||
Retained earnings | 3,110.6 | 3,129.3 | 3,129.3 | |||||||||||||||||
Total shareholders' equity | 3,076.4 | 3,247.8 | 3,247.8 | |||||||||||||||||
Total liabilities and shareholders' equity | 6,721.8 | 6,891.6 | 6,891.6 | |||||||||||||||||
Deferred income taxes | (185.1) | 88.6 | $ 22.4 | |||||||||||||||||
(Increase) decrease in inventories | 115.4 | (246.7) | 246.7 | |||||||||||||||||
As Previously Reported | Other Long Term Liabilities | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Long-term net deferred tax liability | 73.9 | 73.9 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost of sales | (23.6) | (47.4) | 3.9 | |||||||||||||||||
Gross income | 23.6 | 47.4 | (3.9) | |||||||||||||||||
Operating income | 23.6 | 47.4 | (3.9) | |||||||||||||||||
Income before income taxes and losses of unconsolidated affiliates | 23.6 | 47.4 | (3.9) | |||||||||||||||||
Provision for income taxes | 5.6 | 11.2 | (0.9) | |||||||||||||||||
Income before earnings (losses) of unconsolidated affiliates | 18 | 36.2 | (3) | |||||||||||||||||
Net income | $ 18 | $ 36.2 | $ (3) | |||||||||||||||||
Basic Earnings per share | $ 0.27 | $ 0.53 | $ (0.04) | |||||||||||||||||
Diluted Earnings per share | $ 0.27 | $ 0.52 | $ (0.05) | |||||||||||||||||
Inventories, net | $ 167.7 | 144.1 | $ 144.1 | |||||||||||||||||
Total current assets | 167.7 | 144.1 | 144.1 | |||||||||||||||||
Long-term net deferred tax asset | (39.8) | |||||||||||||||||||
Total assets | 127.9 | 144.1 | 144.1 | |||||||||||||||||
Retained earnings | 127.9 | 109.9 | 109.9 | |||||||||||||||||
Total shareholders' equity | 127.9 | 109.9 | 109.9 | |||||||||||||||||
Total liabilities and shareholders' equity | 127.9 | 144.1 | 144.1 | |||||||||||||||||
Deferred income taxes | 5.6 | 11.2 | $ (0.9) | |||||||||||||||||
(Increase) decrease in inventories | $ 23.6 | 47.4 | $ (3.9) | |||||||||||||||||
Adjustments | Other Long Term Liabilities | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Long-term net deferred tax liability | $ 34.2 | $ 34.2 | ||||||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fire & Emergency | ||||
Disaggregation Of Revenue [Line Items] | ||||
Impairment losses on contract assets | $ 0 | $ 0 | $ 0 | $ 0 |
Interest charges on customer advances | $ 4,600,000 | $ 23,400,000 | $ 17,200,000 | $ 15,600,000 |
Customer Concentration Risk | Sales Revenue, Net | Defense | DoD | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 93% | 95% | 95% | 96% |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Impact Due to Contract Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Abstract] | ||||
Net sales | $ (0.1) | $ (33.9) | $ 13.1 | $ 31.2 |
Operating income | (7.7) | (46.2) | 19.4 | 16.2 |
Net income | $ (5.9) | $ (35.4) | $ 14.9 | $ 12.4 |
Diluted earnings per share | $ (0.09) | $ (0.54) | $ 0.21 | $ 0.18 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Deferred Contract Related Costs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Costs for Anticipated Contracts | |||
Capitalized Contract Cost [Line Items] | |||
Deferred contract related costs | $ 6.8 | $ 4.9 | $ 4.8 |
Engineering Costs | |||
Capitalized Contract Cost [Line Items] | |||
Deferred contract related costs | 256.1 | 60 | 42.3 |
Factory Setup Costs | |||
Capitalized Contract Cost [Line Items] | |||
Deferred contract related costs | 16.4 | 4.1 | 2.2 |
Customer-owned Tooling | |||
Capitalized Contract Cost [Line Items] | |||
Deferred contract related costs | 136.5 | 4.2 | 1.3 |
Deferred contract related costs | |||
Capitalized Contract Cost [Line Items] | |||
Deferred contract related costs | $ 415.8 | $ 73.2 | $ 50.6 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | $ 2,203.6 | $ 2,066.7 | $ 2,066 | $ 1,945.7 | $ 1,791.7 | $ 2,063 | $ 2,208.8 | $ 1,889 | $ 1,576.5 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |||||||
Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 1,791.7 | 8,282 | 7,737.3 | 6,856.8 | |||||||||||||||
Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | (2.5) | (7.1) | (24.6) | (34.6) | |||||||||||||||
Transferred at Point in Time | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 1,170.6 | 5,686.5 | 4,764 | 4,078.1 | |||||||||||||||
Transferred at Point in Time | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | (2.7) | (7.1) | (25.1) | (36) | |||||||||||||||
Transferred over Time | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 621.1 | 2,595.5 | 2,973.3 | 2,778.7 | |||||||||||||||
Transferred over Time | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 0.2 | 0.5 | 1.4 | ||||||||||||||||
Access Equipment | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 833.3 | 3,971.9 | 3,067.3 | 2,505.7 | |||||||||||||||
Access Equipment | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 833.5 | 3,972.1 | 3,072.1 | 2,515.1 | |||||||||||||||
Access Equipment | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 0.2 | 0.2 | 4.8 | 9.4 | |||||||||||||||
Access Equipment | Transferred at Point in Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 818.8 | 3,923.4 | 3,006.9 | 2,437.5 | |||||||||||||||
Access Equipment | Transferred over Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 14.7 | 48.7 | 65.2 | 77.6 | |||||||||||||||
Defense | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 531.1 | 2,139.9 | 2,524.1 | 2,300.4 | |||||||||||||||
Defense | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 531.5 | 2,141.3 | 2,525.6 | 2,311.5 | |||||||||||||||
Defense | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 0.4 | 1.4 | 1.5 | 11.1 | |||||||||||||||
Defense | Transferred at Point in Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 4 | 13 | 43.5 | 34.8 | |||||||||||||||
Defense | Transferred over Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 527.5 | 2,128.3 | 2,482.1 | 2,276.7 | |||||||||||||||
Fire & Emergency | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 217 | 1,108.2 | 1,211.6 | 1,098 | |||||||||||||||
Fire & Emergency | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 218.6 | 1,111.6 | 1,226.6 | 1,107 | |||||||||||||||
Fire & Emergency | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 1.6 | 3.4 | 15 | 9 | |||||||||||||||
Fire & Emergency | Transferred at Point in Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 214.7 | 1,086.8 | 1,205.9 | 1,085.1 | |||||||||||||||
Fire & Emergency | Transferred over Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 3.9 | 24.8 | 20.7 | 21.9 | |||||||||||||||
Commercial | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 210.2 | 1,061.8 | 933.6 | 951.3 | |||||||||||||||
Commercial | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 210.6 | 1,064.1 | 937.6 | 957.8 | |||||||||||||||
Commercial | Intersegment Eliminations | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 0.4 | 2.3 | 4 | 6.5 | |||||||||||||||
Commercial | Transferred at Point in Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 135.8 | 670.4 | 532.8 | 556.7 | |||||||||||||||
Commercial | Transferred over Time | Operating Segments | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | $ 74.8 | $ 393.7 | $ 404.8 | $ 401.1 | |||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Revenue Recognition - Schedul_3
Revenue Recognition - Schedule of Contract Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Contract with Customer, Liability [Abstract] | |||
Customer advances | $ 696.7 | $ 690.9 | $ 654.3 |
Other current liabilities | 77.4 | 81.9 | 82 |
Long-term customer advances | 1,020.5 | 207 | 118.7 |
Other long-term liabilities | 66.8 | 54.9 | 56.5 |
Total contract liabilities | $ 1,861.4 | $ 1,034.7 | $ 911.5 |
Revenue Recognition - Schedul_4
Revenue Recognition - Schedule of Contract Liabilities Recognized in Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Contract with Customer, Liability [Abstract] | ||||
Beginning liabilities recognized in revenue | $ 126.9 | $ 436.9 | $ 521.7 | $ 441 |
Revenue Recognition - Schedul_5
Revenue Recognition - Schedule of Changes in Warranty Liability and Unearned Extended Warranty Premiums (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Abstract] | ||||
Balance at beginning of period | $ 65.8 | $ 66.9 | $ 64.4 | $ 68.2 |
Deferred revenue for new service-type warranties | 6.4 | 31.5 | 26.2 | 23.6 |
Amortization of deferred revenue | (5.3) | (21.7) | (25) | (27.9) |
Foreign currency translation | (0.6) | 0.2 | 0.5 | |
Balance at end of period | $ 66.9 | $ 76.1 | $ 65.8 | $ 64.4 |
Revenue Recognition - Schedul_6
Revenue Recognition - Schedule of Classification of Service-type Warranties in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Extended Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||||
Service-type warranties, other current liabilities | $ 26.8 | $ 22.3 | $ 21.8 | ||
Service-type warranties, other long-term liabilities | 49.3 | 44.6 | 44 | ||
Service-type warranties | $ 76.1 | $ 66.9 | $ 65.8 | $ 64.4 | $ 68.2 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details 1) $ in Billions | Dec. 31, 2022 USD ($) |
Disaggregation of Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 9.1 |
Transaction price allocated to performance obligations to be satisfied during fiscal 2023 | 2.8 |
Transaction price allocated to performance obligations to be satisfied during fiscal 2024 | 2.3 |
Transaction price allocated to performance obligations to be satisfied beyond fiscal 2024 | $ 4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Common stock reserved for issuance stock awards (in shares) | 3,454,322 | |||||
Income tax benefit recognized for stock-based compensation | $ 800,000 | $ 4,200,000 | $ 4,400,000 | $ 3,600,000 | ||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Tenure of award (in years) | 3 years | |||||
Share-based compensation arrangement by share-based payment award, vesting period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,500,000 | $ 1,800,000 | 22,600,000 | 18,500,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 300,000 | 400,000 | 3,500,000 | $ 4,300,000 | ||
Weighted-average per share fair values for stock option granted (in dollars per share) | $ 26.16 | |||||
Nonvested Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Unrecognized compensation expense | $ 14,800,000 | |||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 2 years | |||||
Fair value of shares vested | 16,500,000 | $ 16,300,000 | 21,000,000 | $ 18,600,000 | ||
Income tax benefit recognized for stock-based compensation | $ (3,100,000) | $ (2,500,000) | $ (2,000,000) | $ (3,100,000) | ||
Weighted-average fair value, nonvested performance shares | $ 90.10 | $ 103.86 | $ 81.58 | $ 79.44 | $ 72.66 | |
Granted (in shares) | 63,800 | 255,375 | 307,025 | 183,725 | ||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based compensation arrangement by share-based payment award, vesting period | 3 years | |||||
Unrecognized compensation expense | $ 4,300,000 | |||||
Weighted-average period for unrecognized compensation expense to be recognized (in years) | 1 year 8 months 12 days | |||||
Share-based compensation arrangement by share-based payment award, vesting description | Performance share awards generally vest over a three-year service period following the grant date. Performance shares vest under three separate sets of measurement criteria. The first type vest only if the Company’s total shareholder return (TSR) over the three-year term of the awards compares favorably to that of a comparator group of companies. The second type vest only if the Company’s return on invested capital (ROIC) over the vesting period compares favorably to that of a comparator group of companies. | |||||
Performance Shares [Member] | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 3,435 | |||||
Performance Shares [Member] | Shareholder Return [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Weighted-average fair value, nonvested performance shares | $ 146.99 | $ 94.86 | $ 137.74 | |||
Granted (in shares) | 0 | |||||
Nonvested Performance Share Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Fair value of shares vested | $ 2,300,000 | $ 15,400,000 | $ 6,900,000 | |||
Income tax benefit recognized for stock-based compensation | $ (100,000) | $ (500,000) | $ (200,000) | |||
Period over which shareholder return compares favorably to that of a competitor group of companies for purposes of calculating executive performance shares earned (in years) | 3 years | |||||
Potential payouts, low end of range (as a percent) | 0% | |||||
Potential payouts, high end of range (as a percent) | 200% | |||||
Weighted-average fair value, nonvested performance shares | $ 93.62 | $ 108.20 | $ 93.62 | $ 89.54 | $ 84.10 | |
Granted (in shares) | 57,250 | 86,550 | 55,325 | |||
Nonvested Performance Share Awards [Member] | Shareholder Return [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percent | 83% | 185% | 111% | |||
Nonvested Performance Share Awards [Member] | Return on Invested Capital [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percent | 122% | 200% | 200% | |||
Stock Appreciation Rights (SARs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100,000 | $ 200,000 | $ 500,000 | $ 700,000 | ||
Granted (in shares) | 14,875 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Fair value of shares vested | $ 1,100,000 | $ 700,000 | $ 700,000 | $ 800,000 | ||
Granted (in shares) | 2,450 | 11,850 | 14,550 | 7,925 | ||
DEI/ESG Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Actual Payout | $ 0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Equity-Based Compensation Plans (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 956,284 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 79.86 | $ 78.37 | $ 77.96 | $ 74.38 | $ 62.62 |
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 2,498,048 | ||||
Equity compensation plans approved by security holders [Member] | |||||
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 956,284 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 79.86 | ||||
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 2,498,048 | ||||
Equity Compensation Plans Not Approved By Security Holders [Member] | |||||
Equity-based compensation plans | |||||
Number of Securities to be Issued Upon Exercise of Outstanding Options or Vesting of Performance Share Awards (in shares) | 0 | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 0 | ||||
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (in shares) | 0 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity-based compensation plans | ||||
Stock-based compensation expense | $ 4.9 | $ 28.7 | $ 29.8 | $ 30.2 |
Income tax benefit recognized for stock-based compensation | (0.8) | (4.2) | (4.4) | (3.6) |
Stock-based compensation cost, net of tax | 4.1 | 24.5 | 25.4 | 26.6 |
Stock options | ||||
Equity-based compensation plans | ||||
Stock-based compensation expense | 0.2 | 0.3 | 1.8 | 6.8 |
Nonvested Stock Awards [Member] | ||||
Equity-based compensation plans | ||||
Stock-based compensation expense | 3.5 | 25.7 | 19.3 | 15.8 |
Income tax benefit recognized for stock-based compensation | 3.1 | 2.5 | 2 | 3.1 |
Performance Shares [Member] | ||||
Equity-based compensation plans | ||||
Stock-based compensation expense | 0.5 | 2.6 | 6.1 | 6.7 |
Stock Appreciation Rights (SARs) | ||||
Equity-based compensation plans | ||||
Stock-based compensation expense | 0.3 | (0.8) | 1.1 | 0.2 |
Restricted Stock Units (RSUs) | ||||
Equity-based compensation plans | ||||
Stock-based compensation expense | $ 0.4 | $ 0.9 | $ 1.5 | $ 0.7 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Options | ||||
Options outstanding, beginning of period (in shares) | 471,676 | 433,026 | 1,083,402 | 1,328,390 |
Options granted (in shares) | 301,025 | |||
Options forfeited (in shares) | (2,002) | (4,170) | (8,065) | (40,965) |
Options expired (in shares) | (4,583) | (3,999) | (5,869) | |
Options exercised (in shares) | (36,648) | (47,504) | (599,662) | (499,179) |
Options outstanding, end of period (in shares) | 433,026 | 376,769 | 471,676 | 1,083,402 |
Options exercisable, end of period (in shares) | 364,403 | 376,769 | 251,049 | 537,241 |
Weighted-Average Exercise Price | ||||
Options outstanding, beginning of period (in dollars per share) | $ 77.96 | $ 78.37 | $ 74.38 | $ 62.62 |
Options granted (in dollars per share) | 90.28 | |||
Options forfeited (in dollars per share) | 85.04 | 90.28 | 81.40 | 79 |
Options expired (in dollars per share) | 84.67 | 86.59 | 84.25 | |
Options exercised (in dollars per share) | 72.69 | 64.90 | 71.38 | 52.18 |
Options outstanding, end of period (in dollars per share) | 78.37 | 79.86 | 77.96 | 74.38 |
Options exercisable, end of period (in dollars per share) | $ 76.13 | $ 79.86 | $ 74.73 | $ 68.16 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 376,769 | 433,026 | 471,676 | 1,083,402 | 1,328,390 |
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 5 years 7 months 6 days | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 79.86 | $ 78.37 | $ 77.96 | $ 74.38 | $ 62.62 |
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 3.5 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 376,769 | 364,403 | 251,049 | 537,241 | |
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 5 years 7 months 6 days | ||||
Options exercisable, end of period (in dollars per share) | $ 79.86 | $ 76.13 | $ 74.73 | $ 68.16 | |
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 3.5 | ||||
Price Range, $60.01 - $80.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share) | $ 60.01 | ||||
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share) | $ 80 | ||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 153,431 | ||||
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 4 years 8 months 12 days | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 66.29 | ||||
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 3.4 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 153,431 | ||||
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 4 years 8 months 12 days | ||||
Options exercisable, end of period (in dollars per share) | $ 66.29 | ||||
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 3.4 | ||||
Price Range, $80.01 - $100.00 | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock Option Awards Outstanding, Exercise Prices, Low End of Range (in dollars per share) | $ 80.01 | ||||
Stock Option Awards Outstanding, Exercise Prices, High End of Range (in dollars per share) | $ 100 | ||||
Stock Option Awards Outstanding, Number Outstanding (in shares) | 223,338 | ||||
Stock Option Awards Outstanding, Weighted-Average Remaining Contractual Life, (in years) | 6 years 3 months 18 days | ||||
Weighted-Average Exercise Price of Outstanding Options (in dollars per share) | $ 89.19 | ||||
Stock Option Awards Outstanding, Aggregate Intrinsic Value | $ 0.1 | ||||
Stock Option Awards Exercisable, Number Exercisable (in shares) | 223,338 | ||||
Stock Option Awards Exercisable, Weighted-Average Remaining Contractual Life (in years) | 6 years 3 months 18 days | ||||
Options exercisable, end of period (in dollars per share) | $ 89.19 | ||||
Stock Option Awards Exercisable, Aggregate Intrinsic Value | $ 0.1 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used to Value Options Granted (Details) - Stock options | 12 Months Ended |
Sep. 30, 2020 | |
Assumptions: | |
Expected term (in years) | 5 years 4 months 24 days |
Expected volatility (as a percent) | 34.10% |
Risk-free interest rate (as a percent) | 1.63% |
Expected dividend yield (as a percent) | 1.37% |
Stock-Based Compensation - Sc_6
Stock-Based Compensation - Schedule of Nonvested Stock Activity (Details) - Nonvested Stock Awards [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Shares | ||||
Nonvested, beginning of period (in shares) | 394,888 | 308,941 | 346,808 | 411,510 |
Granted (in shares) | 63,800 | 255,375 | 307,025 | 183,725 |
Forfeited (in shares) | (4,428) | (26,020) | (36,545) | (27,076) |
Vested (in shares) | (145,319) | (174,635) | (222,400) | (221,351) |
Nonvested, end of period (in shares) | 308,941 | 363,661 | 394,888 | 346,808 |
Weighted-Average Per Share Fair Value | ||||
Nonvested, beginning of period (in dollars per share) | $ 81.58 | $ 90.10 | $ 79.44 | $ 72.66 |
Granted (in dollars per share) | 114.89 | 109.66 | 82.80 | 87.82 |
Forfeited (in dollars per share) | 86.08 | 97.24 | 78.81 | 80.57 |
Vested (in dollars per share) | 77.97 | 88.98 | 80.39 | 73.64 |
Nonvested, end of period (in dollars per share) | $ 90.10 | $ 103.86 | $ 81.58 | $ 79.44 |
Stock-Based Compensation - Sc_7
Stock-Based Compensation - Schedule of Nonvested Performance-Based Units Activity (Details) - Nonvested Performance Share Awards [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Shares | ||||
Nonvested, beginning of period (in shares) | 72,475 | 72,475 | 110,450 | 124,750 |
Granted (in shares) | 57,250 | 86,550 | 55,325 | |
Forfeited (in shares) | (3,748) | (52,099) | (16,615) | |
Performance adjustments (in shares) | 369 | 63,843 | 33,941 | |
Vested (in shares) | (28,746) | (136,269) | (86,951) | |
Nonvested, end of period (in shares) | 72,475 | 97,600 | 72,475 | 110,450 |
Weighted-Average Per Share Fair Value | ||||
Nonvested, beginning of period (in dollars per share) | $ 93.62 | $ 93.62 | $ 89.54 | $ 84.10 |
Granted (in dollars per share) | 126.60 | 86.09 | 109.09 | |
Forfeited (in dollars per share) | 114.83 | 90.03 | 92.88 | |
Performance adjustments (in dollars per share) | 107.45 | 80.45 | 87.44 | |
Vested (in dollars per share) | 103.47 | 80.73 | 92.73 | |
Nonvested, end of period (in dollars per share) | $ 93.62 | $ 108.20 | $ 93.62 | $ 89.54 |
Stock-Based Compensation - Sc_8
Stock-Based Compensation - Schedule of Weighted-Average Assumptions to Estimate Grant Date Fair Values (Details) - Shareholder Return [Member] - Performance Shares [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Assumptions: | |||
Expected term (in years) | 2 years 10 months 9 days | 2 years 10 months 13 days | 2 years 10 months 13 days |
Expected volatility (as a percent) | 38.52% | 40.33% | 31.16% |
Risk-free interest rate (as a percent) | 1.64% | 0.23% | 1.59% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost included in accumulated other comprehensive loss | $ 1.9 | $ 1.9 | |||
Prior service cost included in accumulated other comprehensive loss, net of tax | 1.4 | 1.4 | |||
Unrecognized net actuarial losses included in accumulated other comprehensive loss | 2.4 | 2.4 | |||
Unrecognized net actuarial losses included in accumulated other comprehensive loss, net of tax | 1.8 | $ 1.8 | |||
Settlement charge of defined benefit plan related to salaried participants | 33.6 | ||||
Multi-Employer Pension Plans | |||||
Maximum Percent of Total Plan Contributions Contributed to Multi-employer Plan | 5% | ||||
Multiemployer plan period contributions | 0.3 | $ 1.2 | $ 1.4 | $ 1.5 | |
401(k) plans | |||||
Amounts expensed (income recognized) for matching and discretionary contributions | $ 11.8 | 50.2 | 45.5 | 39.5 | |
Supplemental Executive Retirement Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Trust held assets | $ 13.8 | 13.8 | |||
Defined contribution SERP expense | $ 0.4 | $ 2.6 | $ 1.6 | ||
Defined contribution SERP income | $ 0.5 | ||||
Minimum | |||||
401(k) plans | |||||
Percentage contribution by employees for defined contribution 401(k) plans, low end of range (as a percent) | 2% | ||||
Employer contribution | 2% | ||||
Maximum | |||||
401(k) plans | |||||
Percentage contribution by employees for defined contribution 401(k) plans, low end of range (as a percent) | 100% | ||||
Employer contribution | 6% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Changes in The Benefit Obligations and Plan Assets, The Funded Status of The Plans and The Amounts Recognized in The Balance Sheet (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in plan assets | ||||||
Settlement | $ (33.6) | |||||
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated benefit obligation | 327.9 | $ 602.3 | $ 327.9 | $ 594.2 | ||
Change in projected benefit obligation | ||||||
Benefit obligation at the beginning of the period | $ 604.2 | 604.2 | 611.8 | 613.6 | ||
Service cost | 2.6 | 10.3 | 11.5 | |||
Interest cost | 4.3 | 17 | 16.4 | |||
Actuarial loss (gain) | 5.1 | (148.5) | (22.6) | |||
Settlement | (135.4) | |||||
Benefits paid | (4.6) | (18.2) | (16.4) | |||
Currency translation adjustments | 0.2 | (3.8) | 1.7 | |||
Benefit obligation at the end of the period | 333.2 | 611.8 | 333.2 | 604.2 | $ 613.6 | |
Change in plan assets | ||||||
Fair value of plan assets at the beginning of the period | 515.9 | 515.9 | 533 | 437.3 | ||
Actual return on plan assets | 23.5 | (102.2) | 71.3 | |||
Company contributions | 0.5 | 28.6 | 25.2 | |||
Settlement | (135.4) | |||||
Expenses paid | (2.5) | (2.9) | (2.9) | |||
Benefits paid | (4.6) | (18.2) | (16.4) | |||
Currency translation adjustments | 0.2 | (4.2) | 1.4 | |||
Fair value of plan assets at the end of the period | 298.7 | 533 | 298.7 | 515.9 | 437.3 | |
Funded status of plan - at end of period | (34.5) | (78.8) | (34.5) | (88.3) | ||
Recognized in consolidated balance sheet at end of period | ||||||
Prepaid benefit cost (long-term asset) | 6.2 | 2.9 | 6.2 | 2.1 | ||
Accrued benefit liability (current liability) | (2) | (2) | (2) | (2) | ||
Accrued benefit liability (long-term liability) | (38.7) | (79.7) | (38.7) | (88.4) | ||
Total | (34.5) | (78.8) | (34.5) | (88.3) | ||
Postretirement Health and Other | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated benefit obligation | 44.6 | 55.7 | 44.6 | 53.3 | ||
Change in projected benefit obligation | ||||||
Benefit obligation at the beginning of the period | 53.3 | 53.3 | 55.7 | 53.3 | ||
Service cost | 0.5 | 0.5 | 2.2 | 2.2 | 3.5 | |
Interest cost | 0.3 | 0.4 | 1.4 | 1.2 | 1.6 | |
Actuarial loss (gain) | 2.2 | (12) | (1.1) | |||
Benefits paid | $ (0.6) | (2.7) | (2.3) | |||
Benefit obligation at the end of the period | 44.6 | 55.7 | 44.6 | 53.3 | $ 53.3 | |
Change in plan assets | ||||||
Company contributions | 0.7 | 2.7 | 2.3 | |||
Benefits paid | (0.7) | (2.7) | (2.3) | |||
Funded status of plan - at end of period | (44.6) | (55.7) | (44.6) | (53.3) | ||
Recognized in consolidated balance sheet at end of period | ||||||
Accrued benefit liability (current liability) | (2.2) | (2.6) | (2.2) | (2.4) | ||
Accrued benefit liability (long-term liability) | (42.4) | (53.1) | (42.4) | (50.9) | ||
Total | $ (44.6) | $ (55.7) | $ (44.6) | $ (53.3) |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Pension Plan | |||
Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) | |||
Net actuarial loss | $ 27.8 | $ (18.9) | $ (29) |
Prior service (cost) benefit | (9.6) | (11.2) | (11.6) |
Total | 18.2 | (30.1) | (40.6) |
Postretirement Health and Other | |||
Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) | |||
Net actuarial loss | 2.7 | (6.7) | (5.1) |
Prior service (cost) benefit | 10.2 | 11.3 | 11.5 |
Total | $ 12.9 | $ 4.6 | $ 6.4 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Weighted Average Assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Pension Plan | |||
Weighted-average assumptions as of end of period | |||
Discount rate | 5.09% | 2.91% | 2.83% |
Expected return on plan assets | 6.50% | 4.46% | 4.31% |
Postretirement Health and Other | |||
Weighted-average assumptions as of end of period | |||
Discount rate | 4.95% | 2.62% | 2.61% |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Benefit Obligations in Excess of Plan Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | $ 316 | $ 571.6 | $ 565.7 |
Accumulated benefit obligation | 310.8 | 562 | 555.7 |
Fair value of plan assets | $ 275.4 | $ 489.9 | $ 475.4 |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan | |||||
Components of net periodic benefit cost | |||||
Service cost | $ 2.6 | $ 10.3 | $ 11.5 | ||
Interest cost | 4.3 | 17 | 16.4 | ||
Settlement | (135.4) | ||||
Pension Benefits | |||||
Components of net periodic benefit cost | |||||
Service cost | 2.6 | 10.3 | 11.5 | $ 10.1 | |
Interest cost | $ 4.3 | $ 17 | $ 16.4 | $ 17.1 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax |
Expected return on plan assets | $ (5.3) | $ (20.6) | $ (19.8) | $ (20.6) | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Amortization of prior service cost | $ 0.6 | $ 2.2 | $ 2.3 | $ 1.6 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax |
Settlement | $ 33.6 | ||||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | ||||
Curtailment | $ 0.1 | ||||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Amortization of net actuarial (gain) loss | $ 0.2 | $ 1 | $ 4.9 | $ 3.3 | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Expenses paid | $ 2.5 | $ 3 | $ 3 | $ 4 | |
Net periodic benefit cost | 4.9 | 46.5 | 18.3 | 15.6 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||
Net actuarial (gain) loss | (13) | (26.2) | (74.1) | 29.4 | |
Prior service cost | 9.8 | ||||
Amortization of prior service cost | (0.6) | (2.2) | (2.3) | (1.6) | |
Settlement | (33.6) | ||||
Amortization of net actuarial gain (loss) | (0.2) | (1) | (4.9) | (3.3) | |
Total | $ (13.8) | $ (63) | $ (81.3) | $ 34.3 | |
Weighted-average assumptions | |||||
Discount rate | 2.91% | 2.83% | 2.71% | 3.17% | |
Expected return on plan assets | 4.46% | 4.31% | 4.89% | 5.49% | |
Postretirement Health and Other | |||||
Components of net periodic benefit cost | |||||
Service cost | $ 0.5 | $ 0.5 | $ 2.2 | $ 2.2 | $ 3.5 |
Interest cost | $ 0.3 | $ 0.4 | $ 1.4 | $ 1.2 | $ 1.6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Amortization of prior service cost | $ (0.4) | $ (1.4) | $ (1.4) | $ (0.9) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Amortization of net actuarial (gain) loss | $ 0.1 | $ 0.3 | $ 0.3 | $ (0.2) | |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | |
Net periodic benefit cost | $ 0.6 | $ 2.5 | $ 2.3 | $ 4 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||
Net actuarial (gain) loss | 2.2 | (12) | (1.1) | 5.5 | |
Prior service cost | (6.5) | ||||
Amortization of prior service cost | 0.4 | 1.4 | 1.4 | 0.9 | |
Amortization of net actuarial gain (loss) | (0.1) | (0.3) | $ (0.3) | 0.2 | |
Total | $ 2.5 | $ (10.9) | $ 0.1 | ||
Weighted-average assumptions | |||||
Discount rate | 2.61% | 2.62% | 2.36% | 3.10% |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Pension Plan Asset and Target Allocation (Details) - Pension Plan | Dec. 31, 2022 |
Asset Category | |
Total assets (as a percent) | 100% |
Fixed income | |
Asset Category | |
Total assets (as a percent) | 40% |
Large-cap Equity | |
Asset Category | |
Total assets (as a percent) | 30% |
Mid-cap Equity | |
Asset Category | |
Total assets (as a percent) | 15% |
Small-cap Equity | |
Asset Category | |
Total assets (as a percent) | 12% |
Global Equity | |
Asset Category | |
Total assets (as a percent) | 0% |
Other | |
Asset Category | |
Total assets (as a percent) | 3% |
Minimum | Fixed income | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 40% |
Minimum | Large-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 25% |
Minimum | Mid-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% |
Minimum | Small-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% |
Minimum | Global Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0% |
Minimum | Other | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0% |
Maximum | Fixed income | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 50% |
Maximum | Large-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 35% |
Maximum | Mid-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 15% |
Maximum | Small-cap Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 15% |
Maximum | Global Equity | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% |
Maximum | Other | |
Asset Category | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 5% |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Fair Value of Plan Assets by Major Category and Level Within Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Level 1 | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | $ 171.7 | $ 231.2 | $ 219.6 | ||
Level 1 | U.S. companies | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [1] | 80.3 | 102.8 | 94.7 | |
Level 1 | Mutual Funds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [1] | 82.9 | 105.6 | 100.4 | |
Level 1 | Money market funds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [2] | 8.5 | 22.8 | 24.5 | |
Level 2 | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | 26.7 | 46.3 | 43.1 | ||
Level 2 | U.S. companies | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [1] | 0.1 | 8.2 | 7.6 | |
Level 2 | International companies | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [3] | 5.5 | 14.8 | 13.9 | |
Level 2 | Government and agency bonds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [4] | 15.4 | 14.3 | 12.7 | |
Level 2 | Corporate bonds and notes | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [5] | 5.7 | 9 | 8.9 | |
Level 3 | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | 0.5 | 0.9 | 0.9 | ||
Level 3 | Other | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | 0.5 | 0.9 | 0.9 | ||
Fair Value, Inputs, Level 1, 2 and 3 | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | 198.9 | 278.4 | 263.6 | ||
Fair Value, Inputs, Level 1, 2 and 3 | U.S. companies | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [1] | 80.4 | 111 | 102.3 | |
Fair Value, Inputs, Level 1, 2 and 3 | International companies | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [3] | 5.5 | 14.8 | 13.9 | |
Fair Value, Inputs, Level 1, 2 and 3 | Mutual Funds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [1] | 82.9 | 105.6 | 100.4 | |
Fair Value, Inputs, Level 1, 2 and 3 | Government and agency bonds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [4] | 15.4 | 14.3 | 12.7 | |
Fair Value, Inputs, Level 1, 2 and 3 | Corporate bonds and notes | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [5] | 5.7 | 9 | 8.9 | |
Fair Value, Inputs, Level 1, 2 and 3 | Money market funds | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [2] | 8.5 | 22.8 | 24.5 | |
Fair Value, Inputs, Level 1, 2 and 3 | Other | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | 0.5 | 0.9 | 0.9 | ||
Fair Value Measured at Net Asset Value Per Share | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | [6] | 99.8 | 254.6 | 252.3 | |
Pension Plan | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total assets - at fair value | $ 298.7 | $ 533 | $ 515.9 | $ 437.3 | |
[1] Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges. 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. 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. 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. 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. These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s 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. |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value, Investments, Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||||
Fair Value | $ 252.3 | $ 99.8 | $ 254.6 | |
Redemption Notice Period | [1] | 15 days | 15 days | 15 days |
[1] Represents the maximum redemption period. A portion of the investment does not have any redemption period restrictions. |
Employee Benefit Plans - Sche_8
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan | Qualified | |
Estimated future benefit payment under company sponsored plans | |
2023 | $ 12 |
2024 | 13.2 |
2025 | 14.5 |
2026 | 15.9 |
2027 | 17.1 |
2028-2031 | 100.1 |
Pension Plan | Non-Qualified | |
Estimated future benefit payment under company sponsored plans | |
2023 | 2 |
2024 | 2 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
2028-2031 | 10.4 |
Postretirement Health and Other | |
Estimated future benefit payment under company sponsored plans | |
2023 | 2.2 |
2024 | 2.8 |
2025 | 3.3 |
2026 | 4 |
2027 | 4.6 |
2028-2031 | $ 21.9 |
Income Taxes - Schedule of Pre-
Income Taxes - Schedule of Pre-tax Income (Loss) from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pre-tax income (loss) from continuing operations | ||||
Domestic | $ 16.8 | $ 243.1 | $ 489 | $ 425.8 |
Foreign | 7.4 | 32.5 | 56.3 | 9.4 |
Income before income taxes and earnings (losses) of unconsolidated affiliates | $ 24.2 | $ 275.6 | $ 545.3 | $ 435.2 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current: | ||||
Federal | $ 168.3 | $ 98.1 | $ (94.7) | $ 70.1 |
Foreign | 1 | 42 | 8.5 | 8.2 |
State | 11.4 | 10.9 | 22.8 | 12.1 |
Total current | 180.7 | 151 | (63.4) | 90.4 |
Deferred: | ||||
Federal | (166.4) | (53.3) | 119.3 | 13.4 |
Foreign | (0.5) | (1.4) | (5.6) | 9.7 |
State | (12.6) | 1.2 | (13.9) | (1.6) |
Total deferred | (179.5) | (53.5) | 99.8 | 21.5 |
Provision for income taxes | 1.2 | 97.5 | 36.4 | 111.9 |
Allocated to Other Comprehensive Income (Loss) | ||||
Deferred federal, state and foreign | $ (2.8) | $ (19.2) | $ (20) | $ 8.8 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Computed at U.S. Federal Statutory Tax Rates to Income Tax Expense (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Rate Reconciliation | ||||
U.S. federal tax rate | 21% | 21% | 21% | 21% |
State income taxes, net | 2.70% | 3.90% | 2.20% | 2.80% |
Foreign taxes | 5% | 13.70% | 1.60% | 0.80% |
Tax audit settlements | 0.10% | (0.90%) | 0% | |
Valuation allowance | 3% | (0.10%) | (1.20%) | 3.30% |
Domestic tax credits | (15.80%) | (3.00%) | (2.30%) | (3.20%) |
Foreign-derived intangible income deduction | (8.90%) | (0.90%) | 0% | (0.40%) |
Global intangible low-taxed income, net | (1.60%) | 0.60% | 0.20% | |
Share-based compensation | (5.20%) | 0.30% | ||
CARES Act net operating loss carryback | (0.90%) | (13.80%) | 0% | |
Other, net | 4.80% | 0.70% | (0.10%) | 1.40% |
Effective income tax rate | 5% | 35.40% | 6.70% | 25.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2023 | |
Income Tax Disclosure [Line Items] | |||||
Charge related to foreign taxes | $ 3,500,000 | $ 31,300,000 | $ 14,600,000 | ||
Discrete tax benefit related to tax plan | 75,300,000 | ||||
Liability for unrecognized tax benefits uncertainty of tax position | 13,600,000 | ||||
Liability for unrecognized tax benefits uncertainty of tax position, provision for income taxes | 3,700,000 | ||||
Income tax expense (benefits), tax credit, discrete items | (1,900,000) | 18,900,000 | (96,000,000) | $ 8,000,000 | |
Discrete tax charge related to anti-hybrid taxes | 18,100,000 | ||||
Valuation allowance on foreign net deferred tax assets benefits (expense) | 11,700,000 | ||||
Deferred tax assets, valuation allowance | 6,700,000 | 6,200,000 | 6,200,000 | ||
Undistributed earnings in non-U.S. subsidiaries | 429,100,000 | ||||
Domestic income taxes and withholding taxes | 25,500,000 | ||||
Foreign and domestic income taxes and withholding taxes | 25,500,000 | ||||
Potential tax liability | 18,400,000 | ||||
Net unrecognized tax benefits, excluding interest and penalties that would affect the company's net income if recognized | 54,400,000 | ||||
Interest and penalties | 100,000 | 3,100,000 | 700,000 | 1,300,000 | |
Accruals for payment of interest and penalties | 3,600,000 | 4,700,000 | 6,400,000 | ||
Interest income related to federal income tax refunds | $ 0 | 3,000,000 | 1,600,000 | ||
Scenario Forecast | |||||
Income Tax Disclosure [Line Items] | |||||
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $ 4,600,000 | ||||
Foreign Tax Authority | |||||
Income Tax Disclosure [Line Items] | |||||
Valuation allowance on foreign net deferred tax assets benefits (expense) | $ 11,400,000 | ||||
Operating loss carryforwards | $ 30,900,000 | ||||
Tax credit carryforwards, foreign expiration period, minimum | 5 years | ||||
Deferred tax assets, operating loss carryforwards | $ 7,700,000 | ||||
Deferred tax assets, tax credit carryforwards | 7,800,000 | ||||
Deferred tax assets, foreign tax credit | 2,800,000 | ||||
State and Local Jurisdiction | |||||
Income Tax Disclosure [Line Items] | |||||
Operating loss carryforwards | $ 218,700,000 | ||||
Tax credit carryforwards, state expiration period, minimum | 5 years | ||||
Tax credit carryforward, amount | $ 32,300,000 | ||||
Tax credit carryforwards, expiration year start | 2027 | ||||
Tax credit carryforwards, expiration year end | 2036 | ||||
Deferred tax assets, operating loss carryforwards | $ 8,200,000 | ||||
Deferred tax assets, tax credit carryforwards | 20,800,000 | ||||
Deferred tax asset, state tax credit carryforwards | 200,000 | ||||
Domestic Tax Authority | |||||
Income Tax Disclosure [Line Items] | |||||
Deferred tax assets, valuation allowance | $ 3,200,000 | ||||
2021 Tax Accounting Method Changes Plan | |||||
Income Tax Disclosure [Line Items] | |||||
Net Operating loss | $ 800,000,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Deferred tax assets: | |||
Other long-term liabilities | $ 41.3 | $ 50.3 | $ 57.3 |
Research & Development | 84.5 | ||
Losses and credits | 44.5 | 44 | 61.5 |
Accrued warranty | 13.4 | 15.5 | 16.3 |
Other current liabilities | 21.6 | 21.8 | 24.5 |
Customer advances | 75.3 | 140.6 | |
Payroll-related obligations | 13.1 | 14.8 | 26.2 |
Other | 15.8 | 9.3 | 8.9 |
Gross deferred tax assets | 309.5 | 296.3 | 194.7 |
Less valuation allowance | (6.2) | (6.7) | (6.2) |
Deferred tax assets, net | 303.3 | 289.6 | 188.5 |
Deferred tax liabilities: | |||
Intangible assets | (55.6) | (52.8) | (51.6) |
Property, plant and equipment | (30.9) | (94.1) | (143.9) |
Inventories | (35) | (59.3) | (52.2) |
Other | (47) | (11.7) | (40.6) |
Deferred tax liabilities | (168.5) | (217.9) | (288.3) |
Net deferred tax liabilities | $ (99.8) | ||
Net deferred tax assets | $ 134.8 | $ 71.7 |
Income Taxes - Schedule of Clas
Income Taxes - Schedule of Classification of Deferred Tax Asset in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Income Tax Disclosure [Abstract] | |||
Long-term net deferred tax asset | $ 134.8 | $ 71.7 | $ 8.3 |
Long-term net deferred tax liability | (108.1) | ||
Net deferred tax assets | $ 134.8 | $ 71.7 | |
Net deferred tax liabilities | $ (99.8) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ||||
Balance at beginning of period | $ 46 | $ 41.5 | $ 79.8 | $ 97.3 |
Additions for tax positions related to current year | 0.5 | 50.2 | 15.8 | 46.2 |
Additions for tax positions related to prior years | 20.9 | 0.6 | 1.4 | |
Reductions for tax positions related to prior years | (5) | (10) | (46) | (61.8) |
Settlements | (1.3) | |||
Foreign currency translation | (1.9) | |||
Lapse of statutes of limitations | (1.9) | (4.2) | (2) | |
Balance at end of period | $ 41.5 | $ 98.8 | $ 46 | $ 79.8 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Years Open for Examination Under Applicable Statutes (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Earliest Tax Year | Australia | |
Income Tax Examination [Line Items] | |
Open tax year | 2018 |
Earliest Tax Year | Belgium | |
Income Tax Examination [Line Items] | |
Open tax year | 2019 |
Earliest Tax Year | Brazil | |
Income Tax Examination [Line Items] | |
Open tax year | 2018 |
Earliest Tax Year | Canada | |
Income Tax Examination [Line Items] | |
Open tax year | 2018 |
Earliest Tax Year | China | |
Income Tax Examination [Line Items] | |
Open tax year | 2017 |
Earliest Tax Year | Mexico | |
Income Tax Examination [Line Items] | |
Open tax year | 2018 |
Earliest Tax Year | Netherlands | |
Income Tax Examination [Line Items] | |
Open tax year | 2017 |
Earliest Tax Year | United Kingdom | |
Income Tax Examination [Line Items] | |
Open tax year | 2020 |
Earliest Tax Year | Other Non-U.S. Countries | |
Income Tax Examination [Line Items] | |
Open tax year | 2016 |
Earliest Tax Year | United States | Federal | General | |
Income Tax Examination [Line Items] | |
Open tax year | 2016 |
Earliest Tax Year | United States | State and Local Jurisdiction | |
Income Tax Examination [Line Items] | |
Open tax year | 2007 |
Latest Tax Year | Australia | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Belgium | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Brazil | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Canada | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | China | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Mexico | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Netherlands | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | United Kingdom | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | Other Non-U.S. Countries | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | United States | Federal | General | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Latest Tax Year | United States | State and Local Jurisdiction | |
Income Tax Examination [Line Items] | |
Open tax year | 2022 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted-Average Common Shares Outstanding | ||||
Basic weighted-average common shares outstanding | 67,351,145 | 65,699,693 | 68,482,363 | 68,149,324 |
Dilutive stock options and other equity-based compensation awards | 585,332 | 435,125 | 726,388 | 638,405 |
Diluted weighted-average common shares outstanding | 67,936,477 | 66,134,818 | 69,208,751 | 68,787,729 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Shares for stock-based compensation | 152,698 | 121,274 | 581,634 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Receivables [Abstract] | ||||
Trade receivables - U.S. government | $ 135.3 | $ 140.7 | $ 133.5 | |
Trade receivables - other | 979.5 | 797.5 | 849.2 | |
Finance receivables | 7.3 | 8 | 6.4 | |
Other receivables | 53.3 | 40 | 39.3 | |
Receivables, gross | 1,175.4 | 986.2 | 1,028.4 | |
Less allowance for doubtful accounts | (6.7) | (4.2) | (3.6) | $ (9.6) |
Receivables, net | $ 1,168.7 | $ 982 | $ 1,024.8 |
Receivables - Schedule of Class
Receivables - Schedule of Classification of Receivables in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Classification of receivables | |||
Current receivables | $ 1,162 | $ 973.4 | $ 1,017.3 |
Long-term receivables | 6.7 | 8.6 | 7.5 |
Receivables, net | $ 1,168.7 | $ 982 | $ 1,024.8 |
Receivables - Schedule of Allow
Receivables - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Allowance for doubtful accounts at beginning of period | $ 3.6 | $ 4.2 | $ 9.6 |
Provision for doubtful accounts, net of recoveries | 0.6 | 3 | (5.5) |
Charge-off of accounts | (0.5) | (0.5) | |
Allowance for doubtful accounts at end of period | 4.2 | 6.7 | 3.6 |
Finance Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Allowance for doubtful accounts at beginning of period | 0.6 | 0.5 | 2.7 |
Provision for doubtful accounts, net of recoveries | (0.1) | (0.3) | 2.1 |
Charge-off of accounts | (0.1) | ||
Allowance for doubtful accounts at end of period | 0.5 | 0.1 | 0.6 |
Trade and Other Receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Allowance for doubtful accounts at beginning of period | 3 | 3.7 | 6.9 |
Provision for doubtful accounts, net of recoveries | 0.7 | (3.3) | (3.4) |
Charge-off of accounts | (0.4) | (0.5) | |
Allowance for doubtful accounts at end of period | $ 3.7 | $ 6.6 | $ 3 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 1,140.6 | $ 982 | $ 871.2 |
Partially finished products | 383.1 | 329.8 | 276.2 |
Finished products | 341.9 | 238.6 | 264.1 |
Inventory net | $ 1,865.6 | $ 1,550.4 | $ 1,411.5 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,804.4 | $ 1,480.3 | $ 1,467.1 |
Less accumulated depreciation | (978.2) | (887.1) | (871.2) |
Property, plant and equipment, net | 826.2 | 593.2 | 595.9 |
Land and Land Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 74.9 | 72 | 71.4 |
Buildings | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 441.6 | 410.9 | 407.3 |
Machinery and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 841.9 | 740.9 | 729.5 |
Software and Related Costs | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 201.5 | 201.3 | 203 |
Equipment on Operating Lease to Others | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 10.2 | 9.9 | 18.8 |
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 234.3 | $ 45.3 | $ 37.1 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation expenses | $ 21.7 | $ 84.7 | $ 87.5 | $ 89.1 |
Accelerated depreciation | 3.6 | $ 6.9 | ||
Equipment on Operating Lease to Others | ||||
Property Plant And Equipment [Line Items] | ||||
Equipment on operating lease, net | $ 8.9 | $ 9.3 | $ 15.4 | |
Equipment on Operating Lease to Others | Minimum | ||||
Property Plant And Equipment [Line Items] | ||||
Estimated useful life (in years) | 5 years | |||
Equipment on Operating Lease to Others | Maximum | ||||
Property Plant And Equipment [Line Items] | ||||
Estimated useful life (in years) | 10 years |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||||
Oct. 01, 2022 USD ($) | Mar. 01, 2022 USD ($) Patent | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jul. 01, 2021 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||||||
Minimum weighted-average cost of capital (as a percent) | 11.50% | 8.50% | |||||
Maximum weighted-average cost of capital (as a percent) | 13% | 13% | |||||
Terminal growth rate (as a percent) | 3% | 3% | |||||
Goodwill impairment charge | $ 0 | $ 2,100,000 | $ 2,100,000 | ||||
Impairment of indefinite-lived intangible assets | $ 5,600,000 | ||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Intangible asset impairment charge | ||||||
Weighted- Average Life (in years) | 14 years 2 months 12 days | 14 years 4 months 24 days | 14 years 4 months 24 days | ||||
Net | $ 69,600,000 | $ 46,900,000 | $ 49,700,000 | ||||
2023 | 8,900,000 | ||||||
2024 | 7,700,000 | ||||||
2025 | 7,600,000 | ||||||
2026 | 7,600,000 | ||||||
2027 | $ 7,600,000 | ||||||
Distribution network | |||||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||||
Weighted- Average Life (in years) | 39 years 2 months 12 days | 39 years 2 months 12 days | 39 years 1 month 6 days | ||||
Net | $ 18,300,000 | $ 19,800,000 | $ 20,300,000 | ||||
Patents | |||||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||||
Weighted- Average Life (in years) | 14 years 3 months 18 days | ||||||
Number of patents acquired | Patent | 2 | ||||||
Value of patents acquired | $ 3,700,000 | ||||||
JLG Industries Inc And Its Wholly Owned Subsidiaries | |||||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||||
Percentage of recorded goodwill and purchased intangibles concentrated within the JLG reporting unit in the access equipment segment (as a percent) | 86% | ||||||
Pierce | Distribution network | |||||||
Acquired Finite Lived Intangible Assets [Line Items] | |||||||
Weighted- Average Life (in years) | 40 years | ||||||
Net | $ 18,200,000 |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | |
Changes in goodwill | |||||
Net goodwill at the beginning of the period | $ 1,052,000,000 | $ 1,049,000,000 | $ 1,009,500,000 | ||
Foreign currency translation | (3,000,000) | (12,300,000) | (1,900,000) | ||
Acquisition | 7,400,000 | 44,400,000 | |||
Impairment | $ 0 | $ 2,100,000 | 2,100,000 | ||
Net goodwill at the end of the period | 1,049,000,000 | 1,042,000,000 | 1,052,000,000 | ||
Access Equipment | |||||
Changes in goodwill | |||||
Net goodwill at the beginning of the period | 880,600,000 | 877,600,000 | 882,600,000 | ||
Foreign currency translation | (3,000,000) | (11,800,000) | (2,000,000) | ||
Net goodwill at the end of the period | 877,600,000 | 865,800,000 | 880,600,000 | ||
Defense | |||||
Changes in goodwill | |||||
Net goodwill at the beginning of the period | 44,400,000 | 44,400,000 | |||
Acquisition | 44,400,000 | ||||
Net goodwill at the end of the period | 44,400,000 | 44,400,000 | 44,400,000 | ||
Fire & Emergency | |||||
Changes in goodwill | |||||
Net goodwill at the beginning of the period | 106,100,000 | 106,100,000 | 106,100,000 | ||
Foreign currency translation | (300,000) | ||||
Acquisition | 7,400,000 | ||||
Net goodwill at the end of the period | 106,100,000 | 113,200,000 | 106,100,000 | ||
Commercial | |||||
Changes in goodwill | |||||
Net goodwill at the beginning of the period | 20,900,000 | 20,900,000 | 20,800,000 | ||
Foreign currency translation | (200,000) | 100,000 | |||
Impairment | (2,100,000) | ||||
Net goodwill at the end of the period | $ 20,900,000 | $ 18,600,000 | $ 20,900,000 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets - Goodwill Allocated to Reportable Segments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Goodwill [Line Items] | ||||
Gross | $ 2,145.8 | $ 2,150.7 | $ 2,153.7 | |
Accumulated Impairment | (1,103.8) | (1,101.7) | (1,101.7) | |
Net | 1,042 | 1,049 | 1,052 | $ 1,009.5 |
Access Equipment | ||||
Goodwill [Line Items] | ||||
Gross | 1,797.9 | 1,809.7 | 1,812.7 | |
Accumulated Impairment | (932.1) | (932.1) | (932.1) | |
Net | 865.8 | 877.6 | 880.6 | 882.6 |
Defense | ||||
Goodwill [Line Items] | ||||
Gross | 44.4 | 44.4 | 44.4 | |
Net | 44.4 | 44.4 | 44.4 | |
Fire & Emergency | ||||
Goodwill [Line Items] | ||||
Gross | 115.2 | 108.1 | 108.1 | |
Accumulated Impairment | (2) | (2) | (2) | |
Net | 113.2 | 106.1 | 106.1 | 106.1 |
Commercial | ||||
Goodwill [Line Items] | ||||
Gross | 188.3 | 188.5 | 188.5 | |
Accumulated Impairment | (169.7) | (167.6) | (167.6) | |
Net | $ 18.6 | $ 20.9 | $ 20.9 | $ 20.8 |
Goodwill and Purchased Intang_6
Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 14 years 2 months 12 days | 14 years 4 months 24 days | 14 years 4 months 24 days |
Gross | $ 790.4 | $ 756.3 | $ 756.3 |
Accumulated Amortization | (720.8) | (709.4) | (706.6) |
Net | 69.6 | 46.9 | 49.7 |
Non-amortizable trade names | 387.4 | 417.1 | 417.1 |
Intangible assets excluding goodwill, gross | 1,177.8 | 1,173.4 | 1,173.4 |
Purchased intangible assets, net | $ 457 | $ 464 | $ 466.8 |
Distribution network | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 39 years 2 months 12 days | 39 years 2 months 12 days | 39 years 1 month 6 days |
Gross | $ 55.3 | $ 55.4 | $ 55.4 |
Accumulated Amortization | (37) | (35.6) | (35.1) |
Net | $ 18.3 | $ 19.8 | $ 20.3 |
Technology-related | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 12 years | 11 years 10 months 24 days | 11 years 10 months 24 days |
Gross | $ 108.3 | $ 104.7 | $ 104.7 |
Accumulated Amortization | (104.4) | (104) | (103.9) |
Net | $ 3.9 | $ 0.7 | $ 0.8 |
Customer relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 12 years 7 months 6 days | 12 years 7 months 6 days | 12 years 7 months 6 days |
Gross | $ 576.6 | $ 572.6 | $ 572.6 |
Accumulated Amortization | (557.3) | (551.3) | (550) |
Net | $ 19.3 | $ 21.3 | $ 22.6 |
Other | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Weighted- Average Life (in years) | 10 years 10 months 24 days | 12 years 1 month 6 days | 12 years 1 month 6 days |
Gross | $ 50.2 | $ 23.6 | $ 23.6 |
Accumulated Amortization | (22.1) | (18.5) | (17.6) |
Net | $ 28.1 | $ 5.1 | $ 6 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | |
Operating Lease, existence of option to extend | true |
Real Estate Leases | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease, term of leases | 29 years |
Equipment Leases | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease, term of leases | 18 years |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 13.9 | $ 54 | $ 53.3 | $ 57.4 |
Variable lease cost | 7.1 | 31.9 | 34 | 46.1 |
Short-term lease cost | $ 2.5 | $ 11.1 | $ 9.5 | $ 8.4 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Assets and Liabilities, Lessee [Abstract] | |||
Finance leases, right of use assets | $ 28 | $ 29.6 | $ 22.2 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Finance leases, current lease liabilities | $ 9.9 | $ 9 | $ 6.9 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | Other current liabilities |
Finance leases, long-term lease liabilities | $ 18.7 | $ 21.1 | $ 15.6 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]] | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
Finance leases, weighted average remaining lease term | 4 years | 3 years 7 months 6 days | 3 years 6 months |
Finance leases, weighted average discount rates | 2.50% | 1.80% | 1.90% |
Operating leases, right of use assets | $ 209.2 | $ 204.5 | $ 194.7 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating leases, current lease liabilities | $ 44.6 | $ 42.1 | $ 39.3 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | Other current liabilities |
Operating leases, long-term lease liabilities | $ 174.7 | $ 169.1 | $ 160.8 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
Operating leases, weighted average remaining lease term | 7 years 10 months 24 days | 7 years 7 months 6 days | 8 years |
Operating leases, weighted average discount rates | 3.40% | 2.80% | 2.90% |
Lease right of use assets, total | $ 237.2 | $ 234.1 | $ 216.9 |
Current lease liabilities, total | 54.5 | 51.1 | 46.2 |
Long-term lease liabilities, total | $ 193.4 | $ 190.2 | $ 176.4 |
Leases - Right of Use Asset Bal
Leases - Right of Use Asset Balance for Operating Leases Disaggregated by Segment and Type of Lease (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Lessee Lease Description [Line Items] | |||
Right of use asset balance | $ 209.2 | $ 204.5 | $ 194.7 |
Operating Segments | Access Equipment | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 80.8 | 96.9 | 89.8 |
Operating Segments | Defense | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 46.8 | 54.4 | 57.6 |
Operating Segments | Fire & Emergency | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 11.1 | 13.7 | 7.9 |
Operating Segments | Commercial | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 54.4 | 19.1 | 18.4 |
Corporate and Intersegment Eliminations | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 16.1 | 20.4 | 21 |
Real Estate Leases | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 195.4 | 185.7 | 174.2 |
Real Estate Leases | Operating Segments | Access Equipment | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 77.2 | 92.4 | 84.3 |
Real Estate Leases | Operating Segments | Defense | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 45.7 | 52.6 | 55.6 |
Real Estate Leases | Operating Segments | Fire & Emergency | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 10 | 12.2 | 6.2 |
Real Estate Leases | Operating Segments | Commercial | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 52.9 | 16.9 | 15.9 |
Real Estate Leases | Corporate and Intersegment Eliminations | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 9.6 | 11.6 | 12.2 |
Equipment Leases | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 13.8 | 18.8 | 20.5 |
Equipment Leases | Operating Segments | Access Equipment | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 3.6 | 4.5 | 5.5 |
Equipment Leases | Operating Segments | Defense | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 1.1 | 1.8 | 2 |
Equipment Leases | Operating Segments | Fire & Emergency | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 1.1 | 1.5 | 1.7 |
Equipment Leases | Operating Segments | Commercial | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | 1.5 | 2.2 | 2.5 |
Equipment Leases | Corporate and Intersegment Eliminations | |||
Lessee Lease Description [Line Items] | |||
Right of use asset balance | $ 6.5 | $ 8.8 | $ 8.8 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities and Minimum Payments for Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |||
2023 | $ 53.4 | ||
2024 | 32.3 | ||
2025 | 28.4 | ||
2026 | 22.3 | ||
2027 | 22.8 | ||
Thereafter | 96.7 | ||
Total lease payments | 255.9 | ||
Less: imputed interest | (36.6) | ||
Present value of lease liability | $ 219.3 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Mezcladores Trailers De Mexico S A De C V | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 49% | |||
Equity method investment amount sale | $ 0.4 | $ 3 | $ 3.4 | $ 3.3 |
Equity method investments service fees | $ 0.3 | $ 0.9 | $ 0.8 | $ 1.1 |
Investments in Equity Securities | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 20% | |||
Maximum | Investments in Equity Securities | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment ownership percentage | 20% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Summary of Investments in Unconsolidated Affiliates Accounted for Under Equity Method (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment | $ 42.9 | $ 30.9 | $ 28.9 |
Mezcladores Trailers De Mexico S A De C V | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 49% | ||
Equity method investment | $ 8.3 | 8.3 | 8.3 |
BME Fire Trucks LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 25% | ||
Equity method investment | $ 3.9 | 5.1 | 5.1 |
Construction Robotics, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 9% | ||
Equity method investment | $ 2.4 | 2.6 | 2.9 |
AutoTech Fund III, L.P. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 9% | ||
Equity method investment | $ 0.8 | ||
AutoTech Fund II, L.P. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 7% | ||
Equity method investment | $ 8.7 | 8.6 | 6.5 |
Carnegie Foundry LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 6% | ||
Equity method investment | $ 4.8 | 4.9 | 5 |
Westly Capital Partners Fund IV, L.P. | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 5% | ||
Equity method investment | $ 2.8 | $ 1.4 | $ 1.1 |
Robotic Research LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 2% | ||
Equity method investment | $ 11.2 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Summary of Investments in Unconsolidated Affiliates Not Accounted for Under Equity Method Without a Readily Determinable Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Equity Investments With Readily Determinable Fair Value | |||
Schedule Of Equity Method Investments [Line Items] | |||
Cost Basis | $ 25 | $ 25 | $ 25 |
Unrealized Gain (Loss) | (21.2) | (10.8) | (4.4) |
Fair Value | 3.8 | 14.2 | 20.6 |
Equity Investments Without Readily Determinable Fair Value | |||
Schedule Of Equity Method Investments [Line Items] | |||
Cost Basis | 4.2 | 1.7 | 1.7 |
Accumulated Impairment and Adjustments | (0.2) | ||
Carrying Value | $ 4 | $ 1.7 | $ 1.7 |
Other Long-Term Assets (Details
Other Long-Term Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Lease right of use asset (See Note 12 of Notes to Consolidated Financial Statements) | $ 237.2 | $ 234.1 | $ 216.9 |
Investments in affiliates (See Note 13 of Notes to Consolidated Financial Statements) | 50.7 | 46.8 | 51.2 |
Deferred contract costs (See Note 3 of Notes to Consolidated Financial Statements) | 415.8 | 73.2 | 50.6 |
Rabbi trust, less current portion | 12.4 | 15.8 | 15.4 |
Customer finance receivables | 3.5 | 3.4 | 2.4 |
Other | 17.4 | 16.3 | 14.3 |
Other long-term assets, gross | 737 | 389.6 | 350.8 |
Less allowance for doubtful receivables | (0.1) | (0.1) | (0.1) |
Other long-term assets, net | $ 736.9 | $ 389.5 | $ 350.7 |
Credit Agreements - Schedule of
Credit Agreements - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | |||
Principal | $ 600 | $ 825 | $ 825 |
Debt Issuance Costs, Net | (5) | (6) | (6.2) |
Debt, Net | 595 | 819 | 818.8 |
Other short-term debt | 9.7 | ||
Senior Term Loan | |||
Debt Instrument [Line Items] | |||
Principal | 225 | 225 | |
Debt Issuance Costs, Net | (0.2) | (0.2) | |
Debt, Net | 224.8 | 224.8 | |
4.600% Senior Notes due May 2028 | |||
Debt Instrument [Line Items] | |||
Principal | 300 | 300 | 300 |
Debt Issuance Costs, Net | (2.1) | (2.5) | (2.6) |
Debt, Net | 297.9 | 297.5 | 297.4 |
3.100% Senior Notes due March 2030 | |||
Debt Instrument [Line Items] | |||
Principal | 300 | 300 | 300 |
Debt Issuance Costs, Net | (2.9) | (3.3) | (3.4) |
Debt, Net | $ 297.1 | $ 296.7 | $ 296.6 |
Credit Agreements - Schedule _2
Credit Agreements - Schedule of Debt Instruments (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Feb. 29, 2020 | May 31, 2018 | |
4.600% Senior Notes due May 2028 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate, stated percentage | 4.60% | 4.60% | 4.60% | 4.60% | |
Maturity month and year | 2028-05 | 2028-05 | 2028-05 | ||
3.100% Senior Notes due March 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate, stated percentage | 3.10% | 3.10% | 3.10% | 3.10% | |
Maturity month and year | 2030-03 | 2030-03 | 2030-03 |
Credit Agreements - Additional
Credit Agreements - Additional Information (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 23, 2022 USD ($) | Mar. 31, 2022 USD ($) | Feb. 29, 2020 USD ($) | May 31, 2018 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Repayment of debt | $ 225 | $ 5.2 | $ 300 | ||||||
Debt, net | $ 819 | 595 | 818.8 | ||||||
Letters of credit outstanding | $ 15.8 | ||||||||
Maximum leverage ratio | 0.0375 | ||||||||
Long term debt | |||||||||
Debt issuance costs capitalized | $ 0.1 | $ 1.8 | |||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100 | ||||||||
Maturity month and year | 2027-03 | ||||||||
Available borrowing capacity | $ 1,080 | ||||||||
Long term debt | |||||||||
Debt issuance costs capitalized | $ 2.5 | ||||||||
Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Letter of credit fees percentage on available borrowing capacity, low end of range (as a percent) | 0.4375% | 0.4375% | |||||||
Letter of credit fees percentage on available borrowing capacity, high end of range (as a percent) | 1.50% | 1.50% | |||||||
Senior Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-Term Debt | $ 225 | ||||||||
Debt, net | $ 224.8 | $ 224.8 | |||||||
Senior Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest spread in basis points (as a percent) | 1.125% | 1.125% | |||||||
Minimum interest coverage ratio | 0.0425 | ||||||||
Senior Credit Agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility, unused commitment fee rate (as a percent) | 0.08% | 0.08% | |||||||
Senior Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility, unused commitment fee rate (as a percent) | 0.225% | 0.225% | |||||||
Senior Credit Agreement | Federal Funds Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest spread in basis points (as a percent) | 0.50% | 0.50% | |||||||
Senior Credit Agreement | Term SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest spread in basis points (as a percent) | 1% | 1% | |||||||
4.600% Senior Notes due May 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity month and year | 2028-05 | 2028-05 | 2028-05 | 2028-05 | |||||
Debt, net | $ 297.5 | $ 297.9 | $ 297.4 | ||||||
Long term debt | |||||||||
Debt issued | $ 300 | ||||||||
Debt instrument interest rate, stated percentage | 4.60% | 4.60% | 4.60% | 4.60% | |||||
Maturity date | May 15, 2028 | ||||||||
Debt instruments | |||||||||
Debt instrument, fair value | $ 338 | $ 285 | $ 344 | ||||||
3.100% Senior Notes due March 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity month and year | 2030-03 | 2030-03 | 2030-03 | 2030-03 | |||||
Debt, net | $ 296.7 | $ 297.1 | $ 296.6 | ||||||
Long term debt | |||||||||
Debt issued | $ 300 | ||||||||
Debt instrument interest rate, stated percentage | 3.10% | 3.10% | 3.10% | 3.10% | |||||
Maturity date | Mar. 01, 2030 | ||||||||
Debt instruments | |||||||||
Debt instrument, fair value | $ 313 | $ 254 | $ 317 | ||||||
100.0 Million Chinese Renminbi Uncommitted Line of Credit | Uncommitted Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Available borrowing capacity | 100 | ||||||||
Short term debt | |||||||||
Line of credit outstanding | $ 1.8 | ¥ 12.6 | |||||||
Line of credit variable interest rate | 3.60% | ||||||||
220.0 Million Chinese Renminbi Uncommitted Line of Credit | Uncommitted Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Available borrowing capacity | $ 220 | ||||||||
Short term debt | |||||||||
Line of credit outstanding | $ 7.8 | ¥ 54 | |||||||
Line of credit variable interest rate | 4.15% |
Warranties - Additional Informa
Warranties - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Warranty Liability [Line Items] | ||||
Warranty costs | $ 11.3 | $ 50.8 | $ 66.3 | $ 57.9 |
Changes in liability for pre-existing warranties, net | $ 0.5 | $ 1.5 | 16.2 | 14.8 |
Defense Segment | ||||
Product Warranty Liability [Line Items] | ||||
Changes in liability for pre-existing warranties, net | $ 16.9 | $ 12.3 | ||
Minimum | ||||
Product Warranty Liability [Line Items] | ||||
Product warranty term | 6 months | |||
Maximum | ||||
Product Warranty Liability [Line Items] | ||||
Product warranty term | 5 years |
Warranties - Schedule of Change
Warranties - Schedule of Changes in Assurance-type Warranty Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Product Warranties Disclosures [Abstract] | ||||
Balance at beginning of period | $ 69 | $ 65.7 | $ 67.4 | $ 65.1 |
Warranty provisions | 10.8 | 49.3 | 50.1 | 43.1 |
Settlements made | (14.6) | (57.7) | (65) | (55.9) |
Changes in liability for pre-existing warranties, net | 0.5 | 1.5 | 16.2 | 14.8 |
Foreign currency translation | (0.2) | 0.3 | ||
Acquisition | 0.2 | 0.3 | ||
Balance at end of period | $ 65.7 | $ 58.8 | $ 69 | $ 67.4 |
Guarantee Arrangements - Additi
Guarantee Arrangements - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Indirect Guarantee of Deferred Payment and Lease Payment Agreements | |
Guarantee Obligations [Line Items] | |
Aggregate indebtedness to customers under credit guarantees | $ 731.1 |
Estimated maximum loss exposure under contracts | 121.6 |
Residual Value Guarantee | |
Guarantee Obligations [Line Items] | |
Estimated maximum loss exposure under contracts | 12.8 |
Customer equipment value including a residual value guarantee | $ 122.1 |
Guarantee Arrangements - Schedu
Guarantee Arrangements - Schedule of Provision for Losses on Customer Guarantees (Details1) - Indirect Guarantee of Deferred Payment and Lease Payment Agreements - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Non-Contingent Portion | ||||
Guarantee Obligations [Line Items] | ||||
Balance at beginning of period | $ 14.1 | $ 12.1 | $ 15.5 | $ 15.8 |
Adoption of ASC 326 | (0.6) | |||
Provision for new credit guarantees | 0.4 | 3 | 2.4 | 4.9 |
Changes for pre-existing guarantees, net | 0.3 | (1.5) | (0.5) | (0.5) |
Amortization of previous guarantees | (2.7) | (1.2) | (2.8) | (5) |
Foreign currency translation | (0.2) | 0.1 | 0.3 | |
Balance at end of period | 12.1 | 12.2 | 14.1 | $ 15.5 |
Contingent Portion | ||||
Guarantee Obligations [Line Items] | ||||
Balance at beginning of period | 7.3 | 4 | ||
Adoption of ASC 326 | 7.1 | |||
Provision for new credit guarantees | 0.1 | 1.6 | 2.1 | |
Changes for pre-existing guarantees, net | (3.4) | 1 | (2) | |
Foreign currency translation | (0.3) | 0.1 | ||
Balance at end of period | $ 4 | $ 6.3 | $ 7.3 |
Contingencies, Significant Es_3
Contingencies, Significant Estimates and Concentrations - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Loss Contingencies [Line Items] | |||||
Approximate percentage of workforce covered under collective bargaining agreements (as a percent) | 19% | ||||
Miscellaneous, net | [1] | $ (5,600,000) | $ (52,800,000) | $ (2,100,000) | $ 2,200,000 |
Commercial | |||||
Loss Contingencies [Line Items] | |||||
Gain on Business Interruption Insurance Recovery | 12,300,000 | ||||
Personal Injury Actions and Other | |||||
Loss Contingencies [Line Items] | |||||
Maximum self-insurance available per claim | 5,000,000 | ||||
Reserve for loss contingencies | 45,100,000 | 41,200,000 | 49,500,000 | ||
Property and Business Interruption Insurance | Commercial | |||||
Loss Contingencies [Line Items] | |||||
Gain on Business Interruption Insurance Recovery | 18,500,000 | ||||
Reduction of cost of sales | 10,800,000 | ||||
Reduction of selling, general and administrative expense | 1,500,000 | ||||
Miscellaneous, net | $ 6,200,000 | ||||
Performance and Specialty Bonds | |||||
Loss Contingencies [Line Items] | |||||
Commitments and contingencies | 1,240,000,000 | 2,040,000,000 | 1,130,000,000 | ||
Standby Letters of Credit | |||||
Loss Contingencies [Line Items] | |||||
Commitments and contingencies | $ 22,100,000 | $ 18,800,000 | $ 22,300,000 | ||
[1] Results for fiscal 2022 include a $ 33.6 million charge from the settlement of a frozen pension plan. Results for the year ended September 30, 2020 include a $ 6.2 million gain from insurance proceeds in excess of property loss in the Commercial segment. |
Contingencies, Significant Es_4
Contingencies, Significant Estimates and Concentrations - Schedule of Significant Portion of Revenues from the Department of Defense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | $ 2,203.6 | $ 2,066.7 | $ 2,066 | $ 1,945.7 | $ 1,791.7 | $ 2,063 | $ 2,208.8 | $ 1,889 | $ 1,576.5 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |||||||
DoD | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 521.2 | 1,995.8 | 2,395.1 | 2,300.4 | |||||||||||||||
Foreign Military | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | 0.5 | 76.2 | 139.2 | 71.2 | |||||||||||||||
Total DoD Sales | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Net sales | $ 521.7 | $ 2,072 | $ 2,534.3 | $ 2,371.6 | |||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Details) - shares | Dec. 31, 2022 | May 03, 2022 | May 03, 2019 |
Stockholders' Equity Note [Abstract] | |||
Number of shares of common stock authorized for buyback (in shares) | 7,890,581 | ||
Remaining number of shares authorized to be repurchased (in shares) | 11,550,677 | 4,109,419 | |
Increased number of shares of common stock authorized for buyback | 12,000,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Repurchases of Common Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock Disclosures [Abstract] | ||||
Shares of Common Stock repurchased | 1,362,831 | 1,508,467 | 927,934 | 550,853 |
Cost of shares of Common Stock repurchased | $ 150 | $ 155 | $ 107.8 | $ 40.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | $ 3,357.7 | $ 3,204.3 | ||
Total other comprehensive income (loss), net of tax | 2.4 | 36.3 | $ 67.4 | $ 3.2 |
Balance at end of year | 3,204.3 | 3,185.7 | 3,357.7 | |
Employee Pension and Postretirement Benefits, Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (34.2) | (25.6) | (95.9) | (69.4) |
Other comprehensive income (loss) before reclassifications | 8.2 | 29.3 | 57.1 | (29.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | 27.4 | 4.6 | 2.8 |
Total other comprehensive income (loss), net of tax | 8.6 | 56.7 | 61.7 | (26.5) |
Balance at end of year | (25.6) | 31.1 | (34.2) | (95.9) |
Cumulative Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (98.3) | (105.2) | (102.1) | (132.5) |
Other comprehensive income (loss) before reclassifications | (6.9) | (31) | 3.8 | 30.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 4.6 | |||
Total other comprehensive income (loss), net of tax | (6.9) | (26.4) | 3.8 | 30.4 |
Balance at end of year | (105.2) | (131.6) | (98.3) | (102.1) |
Derivative Instruments, Net of Tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | 1.5 | 2.2 | (0.4) | 0.3 |
Other comprehensive income (loss) before reclassifications | 0.9 | 6.2 | 1.5 | (0.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.2) | (0.2) | 0.4 | (0.2) |
Total other comprehensive income (loss), net of tax | 0.7 | 6 | 1.9 | (0.7) |
Balance at end of year | 2.2 | 8.2 | 1.5 | (0.4) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of year | (131) | (128.6) | (198.4) | (201.6) |
Other comprehensive income (loss) before reclassifications | 2.2 | 4.5 | 62.4 | 0.6 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | 31.8 | 5 | 2.6 |
Total other comprehensive income (loss), net of tax | 2.4 | 36.3 | 67.4 | 3.2 |
Balance at end of year | $ (128.6) | $ (92.3) | $ (131) | $ (198.4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Included in Computation of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Prior Service Costs | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | $ 0.2 | $ 0.8 | $ 0.9 | $ 0.7 |
Settlement | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 33.6 | |||
Actuarial (Gains) Losses | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 0.3 | 1.3 | 5.2 | 3.1 |
Employee Pension and Postretirement Benefits, Net of Tax | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 0.5 | 35.7 | 6.1 | 3.8 |
Tax benefit | (0.1) | (8.3) | (1.5) | (1) |
Net of tax | $ 0.4 | $ 27.4 | $ 4.6 | $ 2.8 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) - Foreign Exchange Contract | Dec. 31, 2022 USD ($) |
Not Designated as Hedging Instruments | |
Open derivative instruments | |
Derivative, Notional Amount | $ 111,000,000 |
Cash Flow Hedging | Designated as Hedging Instrument | |
Open derivative instruments | |
Derivative, Notional Amount | $ 137,400,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Values of All Open Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Other Current Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | $ 12.6 | $ 0.5 | $ 0.7 |
Other Long -term Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | 0.1 | 3.1 | 1.9 |
Other Current Liabilities | |||
Fair values of open derivative instruments | |||
Fair value of derivative liabilities | 1.6 | 0.6 | 1.5 |
Other Long Term Liabilities | |||
Fair values of open derivative instruments | |||
Fair value of derivative liabilities | 0.3 | 0.2 | |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Liabilities | |||
Fair values of open derivative instruments | |||
Fair value of derivative liabilities | 0.3 | ||
Not Designated as Hedging Instruments | Foreign Exchange Contract | Other Current Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | 1.5 | 0.3 | 0.2 |
Not Designated as Hedging Instruments | Foreign Exchange Contract | Other Long -term Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | 0.1 | 0.4 | 0.1 |
Not Designated as Hedging Instruments | Foreign Exchange Contract | Other Current Liabilities | |||
Fair values of open derivative instruments | |||
Fair value of derivative liabilities | 1.3 | 0.6 | 1.5 |
Not Designated as Hedging Instruments | Foreign Exchange Contract | Other Long Term Liabilities | |||
Fair values of open derivative instruments | |||
Fair value of derivative liabilities | 0.3 | 0.2 | |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | $ 11.1 | 0.2 | 0.5 |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contract | Other Long -term Assets | |||
Fair values of open derivative instruments | |||
Fair value of derivative assets | $ 2.7 | $ 1.8 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities - Schedule of Pre-tax Effects of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pre-tax gains (losses) on derivative instruments | ||||
Total pre-tax effects of derivative instruments | $ 0.2 | $ 2.3 | $ (0.5) | $ 2.3 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract | ||||
Pre-tax gains (losses) on derivative instruments | ||||
Reclassified from other comprehensive income (effective portion) | $ 0.3 | $ 1.4 | $ (0.7) | $ 0.6 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Not Designated as Hedging Instruments | Foreign Exchange Contract | Miscellaneous, Net | ||||
Pre-tax gains (losses) on derivative instruments | ||||
Not designated as hedges | $ (0.1) | $ 0.9 | $ 0.2 | $ 1.7 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Assets: | ||||
Investment in equity securities | [1] | $ 3.8 | $ 14.2 | $ 20.6 |
Foreign currency exchange derivatives | [2] | 12.7 | 3.6 | 2.6 |
Liabilities: | ||||
Foreign currency exchange derivatives | [2] | 1.6 | 0.9 | 1.7 |
SERP Plan [Member] | ||||
Assets: | ||||
SERP plan assets | [3] | 13.8 | 21.3 | 21.3 |
Level 1 | ||||
Assets: | ||||
SERP plan assets | 171.7 | 231.2 | 219.6 | |
Investment in equity securities | [1] | 3.8 | 14.2 | 20.6 |
Level 1 | SERP Plan [Member] | ||||
Assets: | ||||
SERP plan assets | [3] | 13.8 | 21.3 | 21.3 |
Level 2 | ||||
Assets: | ||||
SERP plan assets | 26.7 | 46.3 | 43.1 | |
Foreign currency exchange derivatives | [2] | 12.7 | 3.6 | 2.6 |
Liabilities: | ||||
Foreign currency exchange derivatives | [2] | 1.6 | 0.9 | 1.7 |
Level 3 | ||||
Assets: | ||||
SERP plan assets | $ 0.5 | $ 0.9 | $ 0.9 | |
[1] Represents investments in equity securities 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. Based on observable market transactions of forward currency prices. Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan (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. |
Business Segment Information -
Business Segment Information - Additional Information (Details) - Segment | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments of entity (in segments) | 4 | |||
Sales Revenue, Net | Customer Concentration Risk | Defense | DoD | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of sales accounted for by Department of Defense (as a percent) | 93% | 95% | 95% | 96% |
Business Segment Information _2
Business Segment Information - Schedule of Net Sales by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | $ 2,203.6 | $ 2,066.7 | $ 2,066 | $ 1,945.7 | $ 1,791.7 | $ 2,063 | $ 2,208.8 | $ 1,889 | $ 1,576.5 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |||||||
Access Equipment | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 833.3 | 3,971.9 | 3,067.3 | 2,505.7 | |||||||||||||||
Access Equipment | Aerial Work Platforms | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 415.3 | 1,949 | 1,471.4 | 1,101.7 | |||||||||||||||
Access Equipment | Telehandlers | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 210.6 | 1,174.8 | 769.4 | 680.4 | |||||||||||||||
Access Equipment | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 207.4 | 848.1 | 826.5 | 723.6 | |||||||||||||||
Defense | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 531.1 | 2,139.9 | 2,524.1 | 2,300.4 | |||||||||||||||
Fire & Emergency | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 217 | 1,108.2 | 1,211.6 | 1,098 | |||||||||||||||
Commercial | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 210.2 | 1,061.8 | 933.6 | 951.3 | |||||||||||||||
Commercial | Refuse Collection | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 98.2 | 536.4 | 465.9 | 437.2 | |||||||||||||||
Commercial | Concrete | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 88.8 | 419.2 | 364.8 | 403.5 | |||||||||||||||
Commercial | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 23.2 | 106.2 | 102.9 | 110.6 | |||||||||||||||
Corporate and Intersegment Eliminations | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.1 | 0.2 | 0.7 | 1.4 | |||||||||||||||
Operating Segments | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 1,791.7 | 8,282 | 7,737.3 | 6,856.8 | |||||||||||||||
Operating Segments | Access Equipment | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 833.5 | 3,972.1 | 3,072.1 | 2,515.1 | |||||||||||||||
Operating Segments | Access Equipment | Aerial Work Platforms | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 415.3 | 1,949 | 1,471.4 | 1,101.7 | |||||||||||||||
Operating Segments | Access Equipment | Telehandlers | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 210.6 | 1,174.8 | 769.4 | 680.4 | |||||||||||||||
Operating Segments | Access Equipment | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 207.6 | 848.3 | 831.3 | 733 | |||||||||||||||
Operating Segments | Defense | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 531.5 | 2,141.3 | 2,525.6 | 2,311.5 | |||||||||||||||
Operating Segments | Fire & Emergency | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 218.6 | 1,111.6 | 1,226.6 | 1,107 | |||||||||||||||
Operating Segments | Commercial | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 210.6 | 1,064.1 | 937.6 | 957.8 | |||||||||||||||
Operating Segments | Commercial | Refuse Collection | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 98.2 | 536.4 | 465.9 | 437.2 | |||||||||||||||
Operating Segments | Commercial | Concrete | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 88.8 | 419.2 | 364.8 | 403.5 | |||||||||||||||
Operating Segments | Commercial | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 23.6 | 108.5 | 106.9 | 117.1 | |||||||||||||||
Operating Segments | Corporate and Intersegment Eliminations | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | (2.5) | (7.1) | (24.6) | (34.6) | |||||||||||||||
Intersegment Eliminations | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | (2.5) | (7.1) | (24.6) | (34.6) | |||||||||||||||
Intersegment Eliminations | Access Equipment | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.2 | 0.2 | 4.8 | 9.4 | |||||||||||||||
Intersegment Eliminations | Access Equipment | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.2 | 0.2 | 4.8 | 9.4 | |||||||||||||||
Intersegment Eliminations | Defense | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.4 | 1.4 | 1.5 | 11.1 | |||||||||||||||
Intersegment Eliminations | Fire & Emergency | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 1.6 | 3.4 | 15 | 9 | |||||||||||||||
Intersegment Eliminations | Commercial | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.4 | 2.3 | 4 | 6.5 | |||||||||||||||
Intersegment Eliminations | Commercial | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | 0.4 | 2.3 | 4 | 6.5 | |||||||||||||||
Intersegment Eliminations | Corporate and Intersegment Eliminations | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenues | $ (2.6) | $ (7.3) | $ (25.3) | $ (36) | |||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Business Segment Information _3
Business Segment Information - Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | $ 147 | $ 117.2 | $ 76.3 | $ 31.8 | $ 41.6 | $ 134.4 | $ 213.3 | $ 145.3 | $ 99.1 | $ 372.3 | $ 592.1 | $ 484.8 | ||||||||
Interest expense, net of interest income | [8] | (11.8) | (43.9) | (44.7) | (51.8) | |||||||||||||||
Miscellaneous other (expense) income | [9] | (5.6) | (52.8) | (2.1) | 2.2 | |||||||||||||||
Income before income taxes and earnings (losses) of unconsolidated affiliates | 24.2 | 275.6 | 545.3 | 435.2 | ||||||||||||||||
Operating Segments | Access Equipment | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | [10] | 38.2 | 313.2 | 278.2 | 198.2 | |||||||||||||||
Operating Segments | Defense | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | [11] | 16 | 46.2 | 200.7 | 186.2 | |||||||||||||||
Operating Segments | Fire & Emergency | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | 15.9 | 94.9 | 178.9 | 147.1 | ||||||||||||||||
Operating Segments | Commercial | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | [12] | 2.4 | 59.5 | 81.7 | 79 | |||||||||||||||
Corporate, Non-segment | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Operating income (loss) | $ (30.9) | $ (141.5) | $ (147.4) | $ (125.7) | ||||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. Results for the year ended September 30, 2020 include $ 8.5 million in debt extinguishment costs and $ 3.3 million of interest income from an arbitration settlement in the Defense segment. Results for fiscal 2022 include a $ 33.6 million charge from the settlement of a frozen pension plan. Results for the year ended September 30, 2020 include a $ 6.2 million gain from insurance proceeds in excess of property loss in the Commercial segment. Results for fiscal 2022 include expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities and $ 2.2 million of restructuring costs. Results for the year ended September 30, 2021 include $ 3.1 million of restructuring costs and $ 7.4 million operating expenses related to restructuring plans. Results for the year ended September 30, 2020 include $ 10.4 million of restructuring costs and $ 4.7 million operating expenses related to restructuring plans. Results for fiscal 2022 include a $ 5.6 million intan gible asset impairment charge. Results for fiscal 2022 include a $ 2.1 million intangible asset impairment charge. Results for the year ended September 30, 2020 include $ 1.5 million of restructuring costs, $ 4.1 million of accelerated depreciation related to restructuring actions, a gain of $ 12.3 million arising from a business interruption insurance recovery and a gain on the sale of a business of $ 3.1 million. |
Business Segment Information _4
Business Segment Information - Schedule of Income (Loss) from Continuing Operations by Product Lines and Reportable Segments (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Oct. 01, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||||||
Impairment of indefinite-lived intangible assets | $ 5.6 | ||||||||
Intangible asset impairment charge | $ 7.7 | ||||||||
Accelerated depreciation related to restructuring | $ 3.6 | $ 6.9 | |||||||
Pension plan settlement charge | 33.6 | ||||||||
Gain from insurance proceeds | 6.2 | ||||||||
Interest Expense | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain (loss) on extinguishment of debt | (8.5) | ||||||||
Interest Income | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Interest income from arbitration settlement | 3.3 | ||||||||
Access Equipment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Expense to eliminate cumulative translation adjustments upon liquidation of foreign entities | $ 4.6 | 4.6 | |||||||
Restructuring provision | $ 1.3 | $ 2.2 | $ 8 | 2.2 | 3.1 | 10.4 | |||
Accelerated depreciation related to restructuring | 3.6 | 2.8 | |||||||
Access Equipment | Operating Expenses | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring provision | $ 7.4 | 4.7 | |||||||
Defense | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring provision | $ 5.6 | ||||||||
Impairment of indefinite-lived intangible assets | 5.6 | ||||||||
Intangible asset impairment charge | $ 4.3 | ||||||||
Commercial | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Restructuring provision | 1.5 | ||||||||
Impairment of indefinite-lived intangible assets | $ 2.1 | ||||||||
Intangible asset impairment charge | $ 2.1 | ||||||||
Accelerated depreciation related to restructuring | 4.1 | ||||||||
Gain on Business Interruption Insurance Recovery | $ 12.3 | ||||||||
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||||||||
Gain (Loss) on Disposition of Business | $ 3.1 |
Business Segment Information _5
Business Segment Information - Schedule of Depreciation, Amortization and Capital Expenditure by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | $ 27 | $ 107.6 | $ 104 | $ 104.2 | |||
Capital expenditures | 43.2 | 279.7 | 114.8 | 130.2 | |||
Operating Segments | Access Equipment | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | [1] | 9.1 | 37.4 | 37.9 | 42.1 | ||
Capital expenditures | [2] | 17.2 | 65.7 | 55.8 | 56.5 | ||
Operating Segments | Defense | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | 7.9 | 29.9 | 27.8 | 20.1 | |||
Capital expenditures | 12.1 | 168.2 | 23.8 | 32.4 | |||
Operating Segments | Fire & Emergency | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | 2.7 | 11.5 | 10 | 10 | |||
Capital expenditures | 6.5 | 30.8 | 8.1 | 6.7 | |||
Operating Segments | Commercial | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | [3] | 3.2 | 13.8 | 13.1 | 17.1 | ||
Capital expenditures | 6.4 | 11.4 | 21.3 | [2] | 18.9 | [2] | |
Corporate, Non-segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | 4.1 | 15 | 15.2 | 14.9 | |||
Capital expenditures | $ 1 | $ 3.6 | $ 5.8 | $ 15.7 | |||
[1] Includes $ 3.6 million and $ 2.8 million of accelerated depreciation associated with restructuring actions in the years ended September 30, 2021 and 2020, respectively. Capital expenditures include both the purchase of property, plant and equipment and equipment held for rental. Includes $ 4.1 million of accelerated depreciation associated with restructuring actions in the year ended September 30, 2020. |
Business Segment Information _6
Business Segment Information - Schedule of Depreciation, Amortization and Capital Expenditure by Segment (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Accelerated depreciation related to restructuring | $ 3.6 | $ 6.9 |
Access Equipment | ||
Segment Reporting Information [Line Items] | ||
Accelerated depreciation related to restructuring | $ 3.6 | 2.8 |
Commercial | ||
Segment Reporting Information [Line Items] | ||
Accelerated depreciation related to restructuring | $ 4.1 |
Business Segment Information _7
Business Segment Information - Schedule of Identifiable Assets by Business Segments and by Geographical Segments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Assets | ||||
Assets | $ 7,729 | $ 6,849.7 | $ 7,035.7 | |
Operating Segments | ||||
Assets | ||||
Assets | 7,729 | 6,849.7 | 7,035.7 | |
Operating Segments | Access Equipment | ||||
Assets | ||||
Assets | 3,483.6 | 3,192.1 | 3,076.3 | |
Operating Segments | Access Equipment | Europe, Africa and Middle East | ||||
Assets | ||||
Assets | 562.2 | 460.3 | 470.9 | |
Operating Segments | Access Equipment | Rest of the World | ||||
Assets | ||||
Assets | 428.4 | 383 | 371.4 | |
Operating Segments | Access Equipment | United States | ||||
Assets | ||||
Assets | 2,493 | 2,348.8 | 2,234 | |
Operating Segments | Defense | ||||
Assets | ||||
Assets | 2,066.9 | 1,266.2 | 1,196.2 | |
Operating Segments | Defense | Rest of the World | ||||
Assets | ||||
Assets | 6.9 | 7.2 | 7.2 | |
Operating Segments | Defense | United States | ||||
Assets | ||||
Assets | 2,060 | 1,259 | 1,189 | |
Operating Segments | Fire & Emergency | ||||
Assets | ||||
Assets | 612.2 | 532.7 | 558.7 | |
Operating Segments | Fire & Emergency | Rest of the World | ||||
Assets | ||||
Assets | 25.5 | |||
Operating Segments | Fire & Emergency | United States | ||||
Assets | ||||
Assets | 586.7 | 532.7 | 558.7 | |
Operating Segments | Commercial | ||||
Assets | ||||
Assets | 515.8 | 460.1 | 473.7 | |
Operating Segments | Commercial | Rest of the World | ||||
Assets | ||||
Assets | 39.1 | 45.1 | 54.8 | |
Operating Segments | Commercial | United States | ||||
Assets | ||||
Assets | 476.7 | 415 | 418.9 | |
Corporate, Non-segment | United States | ||||
Assets | ||||
Assets | [1] | $ 1,050.5 | $ 1,398.6 | $ 1,730.8 |
[1] Primarily includes cash and short-term investments and the Company’s global headquarters. |
Business Segment Information _8
Business Segment Information - Schedule of Net Sales by Geographical Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | $ 2,203.6 | $ 2,066.7 | $ 2,066 | $ 1,945.7 | $ 1,791.7 | $ 2,063 | $ 2,208.8 | $ 1,889 | $ 1,576.5 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |||||||
North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 1,611.3 | 7,468.2 | 6,748.5 | 6,023.7 | |||||||||||||||
Europe, Africa and Middle East | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 99 | 455.2 | 504.8 | 413.7 | |||||||||||||||
Rest of the World | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 81.4 | 358.6 | 484 | 419.4 | |||||||||||||||
Operating Segments | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 1,791.7 | 8,282 | 7,737.3 | 6,856.8 | |||||||||||||||
Intersegment Eliminations | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | (2.5) | (7.1) | (24.6) | (34.6) | |||||||||||||||
Intersegment Eliminations | North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | (2.5) | (7.1) | (24.6) | (34.6) | |||||||||||||||
Access Equipment | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 833.3 | 3,971.9 | 3,067.3 | 2,505.7 | |||||||||||||||
Access Equipment | Operating Segments | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 833.5 | 3,972.1 | 3,072.1 | 2,515.1 | |||||||||||||||
Access Equipment | Operating Segments | North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 671.6 | 3,298.9 | 2,358.9 | 1,881.6 | |||||||||||||||
Access Equipment | Operating Segments | Europe, Africa and Middle East | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 86.1 | 353 | 273.4 | 275.3 | |||||||||||||||
Access Equipment | Operating Segments | Rest of the World | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 75.8 | 320.2 | 439.8 | 358.2 | |||||||||||||||
Access Equipment | Intersegment Eliminations | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 0.2 | 0.2 | 4.8 | 9.4 | |||||||||||||||
Defense | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 531.1 | 2,139.9 | 2,524.1 | 2,300.4 | |||||||||||||||
Defense | Operating Segments | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 531.5 | 2,141.3 | 2,525.6 | 2,311.5 | |||||||||||||||
Defense | Operating Segments | North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 523.4 | 2,047.5 | 2,337.8 | 2,200.4 | |||||||||||||||
Defense | Operating Segments | Europe, Africa and Middle East | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 8 | 92.7 | 183.2 | 107 | |||||||||||||||
Defense | Operating Segments | Rest of the World | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 0.1 | 1.1 | 4.6 | 4.1 | |||||||||||||||
Defense | Intersegment Eliminations | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 0.4 | 1.4 | 1.5 | 11.1 | |||||||||||||||
Fire & Emergency | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 217 | 1,108.2 | 1,211.6 | 1,098 | |||||||||||||||
Fire & Emergency | Operating Segments | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 218.6 | 1,111.6 | 1,226.6 | 1,107 | |||||||||||||||
Fire & Emergency | Operating Segments | North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 211.9 | 1,075.6 | 1,147.4 | 1,029.3 | |||||||||||||||
Fire & Emergency | Operating Segments | Europe, Africa and Middle East | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 4.1 | 7.4 | 46.7 | 29.8 | |||||||||||||||
Fire & Emergency | Operating Segments | Rest of the World | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 2.6 | 28.6 | 32.5 | 47.9 | |||||||||||||||
Fire & Emergency | Intersegment Eliminations | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 1.6 | 3.4 | 15 | 9 | |||||||||||||||
Commercial | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 210.2 | 1,061.8 | 933.6 | 951.3 | |||||||||||||||
Commercial | Operating Segments | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 210.6 | 1,064.1 | 937.6 | 957.8 | |||||||||||||||
Commercial | Operating Segments | North America | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 206.9 | 1,053.3 | 929 | 947 | |||||||||||||||
Commercial | Operating Segments | Europe, Africa and Middle East | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 0.8 | 2.1 | 1.5 | 1.6 | |||||||||||||||
Commercial | Operating Segments | Rest of the World | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | 2.9 | 8.7 | 7.1 | 9.2 | |||||||||||||||
Commercial | Intersegment Eliminations | |||||||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||||||
Revenues | $ 0.4 | $ 2.3 | $ 4 | $ 6.5 | |||||||||||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Unaudited Quarterly Results - S
Unaudited Quarterly Results - Schedule of Unaudited Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [2] | Jun. 30, 2022 | Mar. 31, 2022 | [3] | Dec. 31, 2021 | Sep. 30, 2021 | [4] | Jun. 30, 2021 | [5] | Mar. 31, 2021 | [6] | Dec. 31, 2020 | [7] | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Net sales | $ 2,203.6 | $ 2,066.7 | $ 2,066 | $ 1,945.7 | $ 1,791.7 | $ 2,063 | $ 2,208.8 | $ 1,889 | $ 1,576.5 | $ 8,282 | $ 7,737.3 | $ 6,856.8 | |||||||
Gross income | 315 | 288.6 | 247 | 203.8 | 195.3 | 308.7 | 394.1 | 319.6 | 245.8 | 1,054.4 | 1,268.2 | 1,116.4 | |||||||
Operating income | 147 | 117.2 | 76.3 | 31.8 | 41.6 | 134.4 | 213.3 | 145.3 | 99.1 | 372.3 | 592.1 | 484.8 | |||||||
Net income | $ 75.1 | $ 66.9 | $ 32.1 | $ (0.2) | $ 24.2 | $ 112.9 | $ 221 | $ 103 | $ 72 | $ 173.9 | $ 508.9 | $ 321.5 | |||||||
Earnings per share: | |||||||||||||||||||
Basic | $ 1.15 | $ 1.02 | $ 0.49 | $ 1.65 | $ 3.21 | $ 1.50 | $ 1.06 | ||||||||||||
Diluted | 1.14 | 1.02 | 0.49 | 1.63 | 3.18 | 1.49 | 1.05 | ||||||||||||
Common Stock per share dividends | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 1.48 | $ 1.32 | $ 1.20 | |||||||
[1] The fourth quarter of fiscal 2022 was impacted by a $ 5.6 million ($ 4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $ 33.6 million ($ 25.7 million after-tax) pension settlement charge. The third quarter of fiscal 2022 was impacted by expense of $ 4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $ 2.1 million intangible asset impairment charge in the Commercial segment. The first quarter of fiscal 2022 was impacted by tax expense of $ 18.1 million for anti-hybrid tax on prior period income. The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $ 11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $ 5.4 million for net operating loss carrybacks. The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $ 69.9 million for net operating loss carrybacks and $ 1.3 million ($ 1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. The second quarter of the year ended September 30, 2021 was impacted by $ 2.2 million ($ 2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. The first quarter of the year ended September 30, 2021 was impacted by $ 8.0 million ($ 7.8 million after-tax) of restructuring-related costs in the Access Equipment segment. |
Unaudited Quarterly Results -_2
Unaudited Quarterly Results - Schedule of Unaudited Quarterly Results (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Pension settlement charge | $ 33.6 | |||||||||
Restructuring charge, net of tax | 25.7 | |||||||||
Intangible asset impairment charge | $ 7.7 | |||||||||
Income tax expense (benefit) related to taxes on income in prior periods | $ 18.1 | |||||||||
Tax benefit for revaluation of deferred tax liabilities | $ 11.7 | |||||||||
Tax benefit for net operating loss carrybacks | $ 5.4 | $ 69.9 | ||||||||
Valuation allowance on foreign net deferred tax assets benefits (expense) | $ 11.7 | |||||||||
Defense | ||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Restructuring charges | 5.6 | |||||||||
Intangible asset impairment charge | $ 4.3 | |||||||||
Access Equipment | ||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Restructuring charges | 1.3 | $ 2.2 | $ 8 | 2.2 | $ 3.1 | $ 10.4 | ||||
Restructuring charge, net of tax | $ 1.4 | $ 2.5 | $ 7.8 | |||||||
Expense to eliminate cumulative translation adjustments upon liquidation of foreign entities | $ 4.6 | $ 4.6 | ||||||||
Commercial | ||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Restructuring charges | $ 1.5 | |||||||||
Intangible asset impairment charge | $ 2.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Jan. 31, 2023 - Subsequent Event € in Millions, $ in Millions | USD ($) | EUR (€) |
Hinowa S.p.A. | ||
Subsequent Event [Line Items] | ||
Consideration paid in Euro | € | € 186 | |
Vocational Segment | Maximum | ||
Subsequent Event [Line Items] | ||
Loss on sale of business | $ 15 | |
Vocational Segment | Minimum | ||
Subsequent Event [Line Items] | ||
Loss on sale of business | $ 10 |