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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 1-31371

Oshkosh Corporation

(Exact name of registrant as specified in its charter)

Wisconsin

 

39-0520270

(State or other jurisdiction
of incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

1917 Four Wheel Drive

Oshkosh, Wisconsin

 

54902

(Address of principal executive offices)

 

(Zip Code)

(920) 502-3400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange on which registered

Common Stock $0.01 par value

 

OSK

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes No

As of October 20, 2022, 65,393,798 shares of the registrant’s Common Stock were outstanding.

 


Table of Contents

 

OSHKOSH CORPORATION

FORM 10-Q INDEX

 

 

 

 

 

Page

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS (UNAUDITED)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

 

8

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

29

 

 

 

 

 

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

40

 

 

 

 

 

ITEM 4.

 

CONTROLS AND PROCEDURES

 

40

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

41

 

 

 

 

 

ITEM 1A.

 

RISK FACTORS

 

41

 

 

 

 

 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

41

 

 

 

 

 

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

41

 

 

 

 

 

ITEM 5.

 

OTHER INFORMATION

 

42

 

 

 

 

 

ITEM 6.

 

EXHIBITS

 

43

 

 

 

 

 

SIGNATURES

 

44

 

 


Table of Contents

 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts; unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

2,066.7

 

 

$

2,063.0

 

 

$

6,078.4

 

 

$

6,160.8

 

Cost of sales

 

 

1,788.0

 

 

 

1,784.5

 

 

 

5,358.3

 

 

 

5,182.6

 

Gross income

 

 

278.7

 

 

 

278.5

 

 

 

720.1

 

 

 

978.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

166.3

 

 

 

171.5

 

 

 

503.4

 

 

 

521.1

 

Amortization of purchased intangibles

 

 

3.0

 

 

 

2.8

 

 

 

8.6

 

 

 

8.3

 

Intangible asset impairment charge

 

 

2.1

 

 

 

 

 

 

2.1

 

 

 

 

Total operating expenses

 

 

171.4

 

 

 

174.3

 

 

 

514.1

 

 

 

529.4

 

Operating income

 

 

107.3

 

 

 

104.2

 

 

 

206.0

 

 

 

448.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(13.4

)

 

 

(12.2

)

 

 

(39.2

)

 

 

(36.2

)

Interest income

 

 

2.5

 

 

 

1.8

 

 

 

4.8

 

 

 

2.9

 

Miscellaneous, net

 

 

(6.8

)

 

 

(4.1

)

 

 

(20.8

)

 

 

(0.6

)

Income before income taxes and earnings (losses) of unconsolidated affiliates

 

 

89.6

 

 

 

89.7

 

 

 

150.8

 

 

 

414.9

 

Provision for income taxes

 

 

29.9

 

 

 

0.7

 

 

 

63.8

 

 

 

12.0

 

Income before earnings (losses) of unconsolidated affiliates

 

 

59.7

 

 

 

89.0

 

 

 

87.0

 

 

 

402.9

 

Equity in earnings (losses) of unconsolidated affiliates

 

 

(0.4

)

 

 

0.7

 

 

 

(2.9

)

 

 

0.3

 

Net income

 

$

59.3

 

 

$

89.7

 

 

$

84.1

 

 

$

403.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.91

 

 

$

1.31

 

 

$

1.28

 

 

$

5.88

 

Diluted

 

 

0.90

 

 

 

1.30

 

 

 

1.27

 

 

 

5.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share on Common Stock

 

$

0.37

 

 

$

0.33

 

 

$

1.11

 

 

$

0.99

 

 

The accompanying notes are an integral part of these financial statements

3


Table of Contents

 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions; unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

59.3

 

 

$

89.7

 

 

$

84.1

 

 

$

403.2

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Employee pension and postretirement benefits

 

 

0.4

 

 

 

58.2

 

 

 

1.2

 

 

 

60.5

 

Currency translation adjustments

 

 

(36.2

)

 

 

(15.7

)

 

 

(76.6

)

 

 

(28.0

)

Change in fair value of derivative instruments

 

 

5.8

 

 

 

1.3

 

 

 

11.0

 

 

 

2.0

 

Total other comprehensive income (loss), net of tax

 

 

(30.0

)

 

 

43.8

 

 

 

(64.4

)

 

 

34.5

 

Comprehensive income

 

$

29.3

 

 

$

133.5

 

 

$

19.7

 

 

$

437.7

 

 

The accompanying notes are an integral part of these financial statements

4


Table of Contents

 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share and per share amounts; unaudited)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

474.8

 

 

$

995.7

 

Receivables, net

 

 

1,072.6

 

 

 

973.4

 

Unbilled receivables, net

 

 

530.6

 

 

 

440.8

 

Inventories, net

 

 

1,669.7

 

 

 

1,382.7

 

Income taxes receivable

 

 

270.1

 

 

 

250.3

 

Other current assets

 

 

99.1

 

 

 

71.7

 

Total current assets

 

 

4,116.9

 

 

 

4,114.6

 

Property, plant and equipment, net

 

 

700.9

 

 

 

593.2

 

Goodwill

 

 

1,026.7

 

 

 

1,049.0

 

Purchased intangible assets, net

 

 

465.2

 

 

 

464.0

 

Deferred income taxes

 

 

99.7

 

 

 

111.5

 

Other long-term assets

 

 

555.0

 

 

 

389.5

 

Total assets

 

$

6,964.4

 

 

$

6,721.8

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Revolving credit facilities

 

$

9.4

 

 

$

 

Accounts payable

 

 

1,020.2

 

 

 

747.4

 

Customer advances

 

 

698.9

 

 

 

690.9

 

Payroll-related obligations

 

 

132.0

 

 

 

118.4

 

Income taxes payable

 

 

52.4

 

 

 

222.1

 

Other current liabilities

 

 

360.0

 

 

 

364.2

 

Total current liabilities

 

 

2,272.9

 

 

 

2,143.0

 

Long-term debt, less current maturities

 

 

594.8

 

 

 

819.0

 

Long-term customer advances

 

 

716.3

 

 

 

207.0

 

Other long-term liabilities

 

 

489.1

 

 

 

476.4

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred Stock ($0.01 par value; 2,000,000 shares authorized;
none issued and outstanding)

 

 

 

 

 

 

Common Stock ($0.01 par value; 300,000,000 shares authorized; 75,101,465 shares issued)

 

 

0.7

 

 

 

0.7

 

Additional paid-in capital

 

 

810.7

 

 

 

792.4

 

Retained earnings

 

 

3,121.5

 

 

 

3,110.6

 

Accumulated other comprehensive loss

 

 

(193.0

)

 

 

(128.6

)

Common Stock in treasury, at cost (9,722,127 and 8,289,347 shares, respectively)

 

 

(848.6

)

 

 

(698.7

)

Total shareholders’ equity

 

 

2,891.3

 

 

 

3,076.4

 

Total liabilities and shareholders’ equity

 

$

6,964.4

 

 

$

6,721.8

 

 

The accompanying notes are an integral part of these financial statements

5


Table of Contents

 

OSHKOSH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERSEQUITY

(Dollars in millions, except per share amounts; unaudited)

 

 

 

Three Months Ended September 30, 2022

 

 

 

Common
Stock

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Common
Stock in
Treasury
at Cost

 

 

Total

 

Balance at June 30, 2022

 

$

0.7

 

 

$

802.5

 

 

$

3,086.4

 

 

$

(163.0

)

 

$

(849.6

)

 

$

2,877.0

 

Net income

 

 

 

 

 

 

 

 

59.3

 

 

 

 

 

 

 

 

 

59.3

 

Employee pension and postretirement benefits, net of tax of $0.1

 

 

 

 

 

 

 

 

 

 

 

0.4

 

 

 

 

 

 

0.4

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

(36.2

)

 

 

 

 

 

(36.2

)

Gain on derivative instruments, net of tax

 

 

 

 

 

 

 

 

 

 

 

5.8

 

 

 

 

 

 

5.8

 

Cash dividends ($0.37 per share)

 

 

 

 

 

 

 

 

(24.2

)

 

 

 

 

 

 

 

 

(24.2

)

Exercise of stock options

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

0.6

 

 

 

0.5

 

Stock-based compensation expense

 

 

 

 

 

8.8

 

 

 

 

 

 

 

 

 

 

 

 

8.8

 

Other

 

 

 

 

 

(0.5

)

 

 

 

 

 

 

 

 

0.4

 

 

 

(0.1

)

Balance at September 30, 2022

 

$

0.7

 

 

$

810.7

 

 

$

3,121.5

 

 

$

(193.0

)

 

$

(848.6

)

 

$