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Business Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Business Segment Information | 20. Business Segment Information The Company is organized into three 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. In July 2024, the Company moved the reporting responsibility for Pratt Miller from its Defense segment to the Chief Technology and Strategic Sourcing Officer to better utilize Pratt Miller’s expertise across the entire Oshkosh Corporation enterprise. Pratt Miller results are now reported within "Corporate and other". All information has been recast to conform to the new reporting segments. The Company’s reportable segments are as follows: Access: 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. JerrDan designs and manufactures towing and recovery equipment. Access customers include equipment rental companies, construction contractors, manufacturing companies, home improvement centers and towing companies. Vocational: This segment includes Pierce, Airport Products, Maxi-Metal, McNeilus, Oshkosh AeroTech, IMT and Oshkosh Commercial. Pierce, Airport Products and Maxi-Metal design and manufacture commercial and custom fire apparatus and emergency vehicles primarily for fire departments, airports and other governmental units. McNeilus designs and manufactures refuse collection vehicles and components. Oshkosh AeroTech designs and manufactures aviation ground support products and gate equipment and provides airport services to commercial airlines, airports, air-freight carriers, ground handling customers and militaries. IMT designs and manufactures field service vehicles and truck-mounted cranes for niche markets. Oshkosh Commercial designs and manufactures front-discharge concrete mixer vehicles and components. Defense: This segment consists of Oshkosh Defense which designs and manufactures tactical wheeled vehicles and supplies parts and services for the U.S. military and other militaries around the world, as well as delivery vehicles for the USPS. 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 and other” includes Pratt Miller, corporate office expenses, certain new product development costs, stock-based compensation, costs of certain business initiatives and shared services or operations benefiting multiple segments and results of insignificant operations. 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. Selected financial information relating to the Company’s reportable segments and product lines is as follows (in millions):
|  | Three Months Ended September 30, |
|  | 2024 |  |  | 2023 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 631.7 |  |  | $ | — |  |  | $ | 631.7 |  |  | $ | 654.3 |  |  | $ | — |  |  | $ | 654.3 |
Telehandlers |  |  | 445.0 |  |  |  | — |  |  |  | 445.0 |  |  |  | 393.8 |  |  |  | — |  |  |  | 393.8 |
Other |  |  | 286.6 |  |  |  | — |  |  |  | 286.6 |  |  |  | 270.1 |  |  |  | — |  |  |  | 270.1 |
Total Access |  |  | 1,363.3 |  |  |  | — |  |  |  | 1,363.3 |  |  |  | 1,318.2 |  |  |  | — |  |  |  | 1,318.2 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 339.7 |  |  |  | — |  |  |  | 339.7 |  |  |  | 299.5 |  |  |  | — |  |  |  | 299.5 |
Refuse collection |  |  | 168.1 |  |  |  | — |  |  |  | 168.1 |  |  |  | 149.2 |  |  |  | — |  |  |  | 149.2 |
Other |  |  | 306.2 |  |  |  | 0.2 |  |  |  | 306.4 |  |  |  | 243.5 |  |  |  | 0.4 |  |  |  | 243.9 |
Total Vocational |  |  | 814.0 |  |  |  | 0.2 |  |  |  | 814.2 |  |  |  | 692.2 |  |  |  | 0.4 |  |  |  | 692.6 |
Defense (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense |  |  | 507.4 |  |  |  | 0.6 |  |  |  | 508.0 |  |  |  | 474.0 |  |  |  | 0.6 |  |  |  | 474.6 |
Delivery vehicles |  |  | 32.4 |  |  |  | — |  |  |  | 32.4 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Defense |  |  | 539.8 |  |  |  | 0.6 |  |  |  | 540.4 |  |  |  | 474.0 |  |  |  | 0.6 |  |  |  | 474.6 |
Corporate and other (a) |  |  | 24.3 |  |  |  | (0.8 | ) |  |  | 23.5 |  |  |  | 25.5 |  |  |  | (1.0 | ) |  |  | 24.5 |
Consolidated |  | $ | 2,741.4 |  |  | $ | — |  |  | $ | 2,741.4 |  |  | $ | 2,509.9 |  |  | $ | — |  |  | $ | 2,509.9 |
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
|  | External Customers |  |  | Inter- segment |  |  | Net Sales |  |  | External Customers |  |  | Inter- segment |  |  | Net Sales |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerial work platforms |  | $ | 1,898.3 |  |  | $ | — |  |  | $ | 1,898.3 |  |  | $ | 1,921.2 |  |  | $ | — |  |  | $ | 1,921.2 |
Telehandlers |  |  | 1,247.0 |  |  |  | — |  |  |  | 1,247.0 |  |  |  | 1,126.0 |  |  |  | — |  |  |  | 1,126.0 |
Other |  |  | 862.4 |  |  |  | — |  |  |  | 862.4 |  |  |  | 792.5 |  |  |  | — |  |  |  | 792.5 |
Total Access |  |  | 4,007.7 |  |  |  | — |  |  |  | 4,007.7 |  |  |  | 3,839.7 |  |  |  | — |  |  |  | 3,839.7 |
Vocational |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fire apparatus |  |  | 1,021.4 |  |  |  | — |  |  |  | 1,021.4 |  |  |  | 884.4 |  |  |  | — |  |  |  | 884.4 |
Refuse collection |  |  | 492.3 |  |  |  | — |  |  |  | 492.3 |  |  |  | 449.0 |  |  |  | — |  |  |  | 449.0 |
Other |  |  | 915.1 |  |  |  | 0.9 |  |  |  | 916.0 |  |  |  | 507.9 |  |  |  | 1.5 |  |  |  | 509.4 |
Total Vocational |  |  | 2,428.8 |  |  |  | 0.9 |  |  |  | 2,429.7 |  |  |  | 1,841.3 |  |  |  | 1.5 |  |  |  | 1,842.8 |
Defense (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defense |  |  | 1,550.9 |  |  |  | 1.8 |  |  |  | 1,552.7 |  |  |  | 1,439.7 |  |  |  | 1.2 |  |  |  | 1,440.9 |
Delivery vehicles |  |  | 68.7 |  |  |  | — |  |  |  | 68.7 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Defense |  |  | 1,619.6 |  |  |  | 1.8 |  |  |  | 1,621.4 |  |  |  | 1,439.7 |  |  |  | 1.2 |  |  |  | 1,440.9 |
Corporate and other (a) |  |  | 76.0 |  |  |  | (2.7 | ) |  |  | 73.3 |  |  |  | 70.4 |  |  |  | (2.7 | ) |  |  | 67.7 |
Consolidated |  | $ | 8,132.1 |  |  | $ | — |  |  | $ | 8,132.1 |  |  | $ | 7,191.1 |  |  | $ | — |  |  | $ | 7,191.1 |
(a) Results have been reclassified to reflect the change in responsibility for Pratt Miller.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Access |  | $ | 207.9 |  |  | $ | 229.9 |  |  | $ | 662.5 |  |  | $ | 576.6 |
Vocational(a) |  |  | 99.6 |  |  |  | 52.5 |  |  |  | 286.2 |  |  |  | 141.1 |
Defense(b) (d) |  |  | 11.2 |  |  |  | 19.7 |  |  |  | 36.4 |  |  |  | 25.6 |
Corporate and other(c) (d) |  |  | (52.5 | ) |  |  | (45.6 | ) |  |  | (198.3 | ) |  |  | (121.1 | )
Consolidated |  |  | 266.2 |  |  |  | 256.5 |  |  |  | 786.8 |  |  |  | 622.2 |
Interest expense, net of interest income |  |  | (31.7 | ) |  |  | (17.7 | ) |  |  | (82.8 | ) |  |  | (33.0 | )
Miscellaneous income (expense), net |  |  | 3.6 |  |  |  | 2.6 |  |  |  | 0.1 |  |  |  | 13.2 |
Income before income taxes and losses of unconsolidated affiliates |  | $ | 238.1 |  |  | $ | 241.4 |  |  | $ | 704.1 |  |  | $ | 602.4 |
(a) Results for the nine months ended September 30, 2023 include a charge of $13.3 million on the sale of the rear-discharge mixer business. See Note 3 for additional details on the Company's divestitures. (b) Results for the three and nine months ended September 30, 2023 include a gain of $8.0 million on the sale of the snow removal apparatus business. See Note 3 for additional details on the Company's divestitures. (c) Results for the nine months ended September 30, 2024 include $51.6 million of intangible asset impairments. See Note 12 for additional details on the Company's goodwill and purchased intangible assets. (d) Results have been reclassified to reflect the change in responsibility for Pratt Miller. The following table presents net sales by geographic region based on product shipment destination (in millions):
|  | Three Months Ended September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Defense |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,130.3 |  |  | $ | 768.3 |  |  | $ | 495.9 |  |  | $ | 22.8 |  |  | $ | 2,417.3 |
Europe, Africa and Middle East |  |  | 138.2 |  |  |  | 20.8 |  |  |  | 44.3 |  |  |  | 0.7 |  |  |  | 204.0 |
Rest of the World |  |  | 94.8 |  |  |  | 25.1 |  |  |  | 0.2 |  |  |  | — |  |  |  | 120.1 |
Consolidated |  | $ | 1,363.3 |  |  | $ | 814.2 |  |  | $ | 540.4 |  |  | $ | 23.5 |  |  | $ | 2,741.4 |
|  | Three Months Ended September 30, 2023 |
|  | Access |  |  | Vocational |  |  | Defense (a) |  |  | Corporate and Other (a) |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 1,048.4 |  |  | $ | 663.5 |  |  | $ | 401.1 |  |  | $ | 24.5 |  |  | $ | 2,137.5 |
Europe, Africa and Middle East |  |  | 160.0 |  |  |  | 16.3 |  |  |  | 73.3 |  |  |  | — |  |  |  | 249.6 |
Rest of the World |  |  | 109.8 |  |  |  | 12.8 |  |  |  | 0.2 |  |  |  | — |  |  |  | 122.8 |
Consolidated |  | $ | 1,318.2 |  |  | $ | 692.6 |  |  | $ | 474.6 |  |  | $ | 24.5 |  |  | $ | 2,509.9 |
|  | Nine Months Ended September 30, 2024 |
|  | Access |  |  | Vocational |  |  | Defense |  |  | Corporate and Other |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,331.9 |  |  | $ | 2,334.3 |  |  | $ | 1,447.4 |  |  | $ | 69.6 |  |  | $ | 7,183.2 |
Europe, Africa and Middle East |  |  | 382.8 |  |  |  | 50.0 |  |  |  | 173.5 |  |  |  | 3.7 |  |  |  | 610.0 |
Rest of the World |  |  | 293.0 |  |  |  | 45.4 |  |  |  | 0.5 |  |  |  | — |  |  |  | 338.9 |
Consolidated |  | $ | 4,007.7 |  |  | $ | 2,429.7 |  |  | $ | 1,621.4 |  |  | $ | 73.3 |  |  | $ | 8,132.1 |
|  | Nine Months Ended September 30, 2023 |
|  | Access |  |  | Vocational |  |  | Defense (a) |  |  | Corporate and Other (a) |  |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 3,048.9 |  |  | $ | 1,795.9 |  |  | $ | 1,209.6 |  |  | $ | 67.6 |  |  | $ | 6,122.0 |
Europe, Africa and Middle East |  |  | 450.9 |  |  |  | 23.0 |  |  |  | 230.6 |  |  |  | 0.1 |  |  |  | 704.6 |
Rest of the World |  |  | 339.9 |  |  |  | 23.9 |  |  |  | 0.7 |  |  |  | — |  |  |  | 364.5 |
Consolidated |  | $ | 3,839.7 |  |  | $ | 1,842.8 |  |  | $ | 1,440.9 |  |  | $ | 67.7 |  |  | $ | 7,191.1 |
(a) Results have been reclassified to reflect the change in responsibility for Pratt Miller.

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