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Basis of Presentation | 6 Months Ended
--- | ---
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | 1. Basis of Presentation In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. These Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Oshkosh Corporation for the year ended December 31, 2022. The interim results are not necessarily indicative of results for any other interim period or for fiscal 2023. Certain reclassifications have been made to the prior period financial statements to conform to the presentation as of and for the three and six months ended June 30, 2023. Effective January 31, 2023, the Company formed the Vocational segment by combining the historical Fire & Emergency and Commercial segment businesses. All information has been restated to conform to the new reporting segments. On March 1, 2023, the Company completed the sale of its rear discharge concrete mixer business for $32.9 million. As the sale price was below the carrying value of the business, a pre-tax loss of $13.3 million was recognized during the first quarter of fiscal 2023, which is included in selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Income. The rear discharge concrete mixer business, which was included in the Vocational segment, had sales of $54.2 million and $91.2 million for the three and six months ended June 30, 2022, respectively. On January 31, 2023, the Company acquired Hinowa S.p.A. (Hinowa), an Italian manufacture of compact crawler booms and tracked equipment, for €171.8 million ($186.8 million), net of cash acquired. Hinowa is part of the Access segment. The purchase price included $187.9 million in cash less a receivable of $1.1 million for certain post-closing working capital adjustments. The operating results of Hinowa have been included in the Company’s Condensed Consolidated Statements of Income from the date of acquisition. Hinowa had sales of $23.2 million for the three months ended June 30, 2023 and $37.8 million from the acquisition date to June 30, 2023. Pro-forma resu lts 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 $13.7 million |  | $ | 54.7 |
Property, plant and equipment |  |  | 15.5 |
Goodwill |  |  | 106.4 |
Purchased intangible assets |  |  | 84.7 |
Other long-term assets |  |  | 4.8 |
Total assets |  |  | 266.1 |
Liabilities Assumed: |  |  |
Current liabilities |  |  | 48.3 |
Deferred income taxes |  |  | 25.8 |
Long-term liabilities |  |  | 5.2 |
Total liabilities |  |  | 79.3 |
Net assets acquired |  | $ | 186.8 |
The valuation of intangible assets consists of $58.3 million of assets subject to amortization with an estimated eight-year average life and $26.4 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 $106.4 million recorded as goodwill, representing expected synergies, all of which was allocated to the Access segment. None of the goodwill is deductible for income tax purpo ses. The Company expensed $0.6 million of transaction costs related to the acquisition during the six months ended June 30, 2023.

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