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Pay vs Performance Disclosure
3 Months Ended 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table  
Pay Versus Performance
As required by Item 402(v) of SEC Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and the financial performance of the company. The calculation of the executive compensation actually paid includes adjustments from the Summary Compensation Table amounts related to equity awards and pensions.
Value of Initial Fixed
$100 Investment
Based on:
Year
Summary
Compensation
Table Total for
Current PEO
($)
(1)
Compensation
Actually Paid to
Current PEO
($)
(1)(2)(3)
Summary
Compensation
Table Total for
Former PEO
($)
(1)
Compensation
Actually Paid to
Former PEO
($)
(1)(2)(3)
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
(1)(4)
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
(1)(2)(3)(4)
Total
Shareholder
Return
S&P
Midcap
400 Index
Total
Shareholder
Return
Net
Income
($ in Millions)
Adjusted
Operating
Income
($ in Millions)
(5)
2023 10,436,160 14,748,480 N/A N/A 3,501,988 4,419,217 152.8 153.7 598.0 866.0
2022 6,360,245 1,836,895 N/A N/A 2,858,588 1,523,391 122.0 132.0 173.9 326.3
Transition
Period
1,526,390 2,203,496 N/A N/A 575,679 746,484 153.5 151.8 24.2 18.0
2021 6,013,750 9,239,663 7,072,442 9,232,599 2,370,075 3,618,792 139.0 140.6 508.9 559.9
2020 N/A N/A 8,106,122 7,740,048 1,976,577 1,241,564 98.5 97.8 321.5 496.5
(1)
Mr. Pfeifer served in the role of Chief Operating Officer during fiscal 2020 and is included in average compensation for Non-Principal Executive Officer (PEO) NEOs for that year. Mr. Jones and Mr. Pfeifer each served as our CEO for a portion of fiscal 2021, and the table above reflects compensation actually paid for the full fiscal year in which either served as CEO. Mr. Pfeifer is excluded from the average compensation for Non-PEO NEOs for fiscal 2021.
(2)
To calculate compensation actually paid from amounts in the Summary Compensation Table, we made the following adjustments in 2023:
Executive
Deduct: Grant Date
Fair Value of
Equity Awards
($)
Deduct: Change in
Pension Value
($)
Add: Change in Fair
Value of Equity
Awards
($)
Net Change from
Summary
Compensation Table
to Compensation
Actually Paid
($)
Current PEO (6,250,252) N/A 10,562,572 4,312,320
Average Non-PEO NEO (2,010,221) (15,163) 2,942,614 917,230
(3)
To determine the change in fair value of equity awards in compensation actually paid, we calculated the change in the fair value of each award type from the beginning of the fiscal year to the end of the fiscal year, or the vesting date if within the fiscal year. Awards granted during a given fiscal year are valued in the actual compensation paid at their fair value at the end of the fiscal year. Dividends paid/accrued are not included in actual compensation paid as they are reflected in the fair value of the awards. We computed fair value of these awards in accordance with FASB ASC Topic 718. We base the fair value of ROIC and sustainability performance share awards on the target number of unvested units outstanding, the share price and the probable outcome of each performance condition which varies from 0 to 200%. We base the fair value of RSU awards on the number of unvested units outstanding at the share price. We base the fair value of TSR on the target number of unvested units outstanding and the valuation of each award based on a Monte Carlo simulation, using the following assumptions:
Valuation Date
12/31/22
12/31/23
Grant Date
11/16/20
02/21/22
02/21/22
02/20/23
Assumptions:
Expected volatility — Oshkosh
33.16% 31.68% 30.70% 31.73%
Expected volatility — Peer Group
37.56% 35.19% 31.56% 35.73%
Average correlation
0.6654 0.6066 0.5519 0.6040
Risk-free interest rate
4.69% 4.36% 4.73% 4.19%
(4)
The following NEOs were included in fiscal 2020: Mr. John Bryant, Mr. Nerenhausen, Mr. Pack, Mr. Pfeifer, Mr. David Sagehorn, and Mr. Robert Sims. The following NEOs were included in fiscal 2021: Mr. Cortina, Mr. Johnson, Mr. Nerenhausen, and Mr. Pack. The following NEOs were included in the Transition Period: Mr. Cortina, Mr. Nerenhausen and Mr. Pack. The following NEOs were included in 2022: Mr. Cortina, Ms. Jayanthi Iyengar, Mr. Nerenhausen, and Mr. Pack. The following NEOs were included in 2023: Mr. Cortina, Mr. Johnson, Mr. Nerenhausen, Mr. Narang and Mr. Pack.
(5)
Adjusted Operating Income is the measure that has the largest impact on our annual cash incentive plan. Adjusted operating income for 2023 excludes restructuring-related charges ($4.4 million), costs related to the acquisition of AeroTech ($12.9 million), the loss on the divestiture of the rear mixture business ($13.3 million), the gain on the divestiture of the snow removal apparatus business ($8.0 million) and losses associated with AeroTech ($5.7 million). Adjusted operating income for 2022 excludes losses on the liquidation of foreign entities ($4.6 million), impairment charges ($7.7 million), earnings of Maxi-Metal ($0.5 million) and adds back a charge to account for inventories on a Last-In, First-Out (LIFO) basis ($57.9 million). Adjusted operating income for the Transition Period adds back a charge to account for inventories on a LIFO basis ($23.6 million). Adjusted operating income for fiscal 2021 excludes restructuring-related charges ($11.3 million), losses associated with Pratt Miller ($3.9 million) and adds back a charge to account for inventories on a LIFO basis ($47.4 million). Adjusted operating income for fiscal 2020 excludes restructuring-related charges ($22.4 million), a gain on the sale of a business ($3.1 million), insurance proceeds ($12.3 million) and a benefit to account for inventories on a LIFO basis ($3.9 million).
     
Company Selected Measure Name   Adjusted Operating Income      
Named Executive Officers, Footnote  
(1)
Mr. Pfeifer served in the role of Chief Operating Officer during fiscal 2020 and is included in average compensation for Non-Principal Executive Officer (PEO) NEOs for that year. Mr. Jones and Mr. Pfeifer each served as our CEO for a portion of fiscal 2021, and the table above reflects compensation actually paid for the full fiscal year in which either served as CEO. Mr. Pfeifer is excluded from the average compensation for Non-PEO NEOs for fiscal 2021.
(4)
The following NEOs were included in fiscal 2020: Mr. John Bryant, Mr. Nerenhausen, Mr. Pack, Mr. Pfeifer, Mr. David Sagehorn, and Mr. Robert Sims. The following NEOs were included in fiscal 2021: Mr. Cortina, Mr. Johnson, Mr. Nerenhausen, and Mr. Pack. The following NEOs were included in the Transition Period: Mr. Cortina, Mr. Nerenhausen and Mr. Pack. The following NEOs were included in 2022: Mr. Cortina, Ms. Jayanthi Iyengar, Mr. Nerenhausen, and Mr. Pack. The following NEOs were included in 2023: Mr. Cortina, Mr. Johnson, Mr. Nerenhausen, Mr. Narang and Mr. Pack.
     
Adjustment To PEO Compensation, Footnote  
(2)
To calculate compensation actually paid from amounts in the Summary Compensation Table, we made the following adjustments in 2023:
Executive
Deduct: Grant Date
Fair Value of
Equity Awards
($)
Deduct: Change in
Pension Value
($)
Add: Change in Fair
Value of Equity
Awards
($)
Net Change from
Summary
Compensation Table
to Compensation
Actually Paid
($)
Current PEO (6,250,252) N/A 10,562,572 4,312,320
Average Non-PEO NEO (2,010,221) (15,163) 2,942,614 917,230
     
Non-PEO NEO Average Total Compensation Amount $ 575,679 $ 3,501,988 $ 2,858,588 $ 2,370,075 $ 1,976,577
Non-PEO NEO Average Compensation Actually Paid Amount 746,484 $ 4,419,217 1,523,391 3,618,792 1,241,564
Adjustment to Non-PEO NEO Compensation Footnote  
(2)
To calculate compensation actually paid from amounts in the Summary Compensation Table, we made the following adjustments in 2023:
Executive
Deduct: Grant Date
Fair Value of
Equity Awards
($)
Deduct: Change in
Pension Value
($)
Add: Change in Fair
Value of Equity
Awards
($)
Net Change from
Summary
Compensation Table
to Compensation
Actually Paid
($)
Current PEO (6,250,252) N/A 10,562,572 4,312,320
Average Non-PEO NEO (2,010,221) (15,163) 2,942,614 917,230
     
Compensation Actually Paid vs. Total Shareholder Return   [MISSING IMAGE: bc_tsrvspeer-pn.jpg]      
Compensation Actually Paid vs. Net Income   [MISSING IMAGE: bc_netincvsoprinc-pn.jpg]      
Compensation Actually Paid vs. Company Selected Measure   [MISSING IMAGE: bc_netincvsoprinc-pn.jpg]      
Total Shareholder Return Vs Peer Group   [MISSING IMAGE: bc_tsrvspeer-pn.jpg]      
Tabular List, Table  
The following tables list the most important financial measures used by the company to link executive compensation actually paid to NEOs during 2023. Company total shareholder return has significant influence on compensation actually paid, but it is not included in the list below because it is reflected in the table above.
Named Executive Officers
Most Important Financial Measure
Mr. Pfeifer, Mr. Pack and Mr. Cortina
Consolidated Operating Income
Consolidated Days Net Working Capital
Relative Total Shareholder Return
Relative Return on Invested Capital
Mr. Narang, Mr. Johnson and Mr. Nerenhausen
Consolidated Operating Income
Segment Operating Income
Segment Days Net Working Capital
Relative Total Shareholder Return
Relative Return on Invested Capital
     
Total Shareholder Return Amount 153.5 $ 152.8 122 139 98.5
Peer Group Total Shareholder Return Amount 151.8 153.7 132 140.6 97.8
Net Income (Loss) $ 24,200,000 $ 598,000,000 $ 173,900,000 $ 508,900,000 $ 321,500,000
Company Selected Measure Amount 18,000,000 866,000,000 326,300,000 559,900,000 496,500,000
PEO Name   Mr. Pfeifer      
Percentage Of Fair Value Of Share Based Compensation Award Performance Condition Minimum   0.00%      
Percentage Of Fair Value Of Share Based Compensation Award Performance Condition Maximum   200.00%      
Restructuring Charges   $ 4,400,000   $ 11,300,000 $ 22,400,000
Business Combination, Acquisition Related Costs   12,900,000      
Gain Loss On Sale Of Business Rear Discharge Mixer   13,300,000      
Gain Loss On Sale Of Snow Removal Apparatus Business   8,000,000      
Income (Loss) from Subsidiaries, Net of Tax   $ 5,700,000 $ 500,000 (3,900,000)  
Losses on Liquidation of Foreign Entities     (4,600,000)    
Asset Impairment Charges     7,700,000    
Increase (Decrease) in Inventories $ 23,600,000   $ (57,900,000) (47,400,000) 3,900,000
Gain (Loss) on Disposition of Business         3,100,000
Proceeds from Life Insurance Policy         12,300,000
Measure:: 1          
Pay vs Performance Disclosure          
Non-GAAP Measure Description  
(5)
Adjusted Operating Income is the measure that has the largest impact on our annual cash incentive plan. Adjusted operating income for 2023 excludes restructuring-related charges ($4.4 million), costs related to the acquisition of AeroTech ($12.9 million), the loss on the divestiture of the rear mixture business ($13.3 million), the gain on the divestiture of the snow removal apparatus business ($8.0 million) and losses associated with AeroTech ($5.7 million). Adjusted operating income for 2022 excludes losses on the liquidation of foreign entities ($4.6 million), impairment charges ($7.7 million), earnings of Maxi-Metal ($0.5 million) and adds back a charge to account for inventories on a Last-In, First-Out (LIFO) basis ($57.9 million). Adjusted operating income for the Transition Period adds back a charge to account for inventories on a LIFO basis ($23.6 million). Adjusted operating income for fiscal 2021 excludes restructuring-related charges ($11.3 million), losses associated with Pratt Miller ($3.9 million) and adds back a charge to account for inventories on a LIFO basis ($47.4 million). Adjusted operating income for fiscal 2020 excludes restructuring-related charges ($22.4 million), a gain on the sale of a business ($3.1 million), insurance proceeds ($12.3 million) and a benefit to account for inventories on a LIFO basis ($3.9 million).
     
Grant Date 11/16/2020 [Member]          
Pay vs Performance Disclosure          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate     33.16%    
Peer Group Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate     37.56%    
Average Correlation per Share     0.6654    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate     4.69%    
Grant Date 02/21/2022 [Member]          
Pay vs Performance Disclosure          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate   30.70% 31.68%    
Peer Group Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate   31.56% 35.19%    
Average Correlation per Share   0.5519 0.6066    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate   4.73% 4.36%    
Grant Date 02/20/2023 [Member]          
Pay vs Performance Disclosure          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate   31.73%      
Peer Group Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate   35.73%      
Average Correlation per Share   0.604      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate   4.19%      
Mr. Pfeifer [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 1,526,390 $ 10,436,160 $ 6,360,245 6,013,750  
PEO Actually Paid Compensation Amount $ 2,203,496 $ 14,748,480 $ 1,836,895 9,239,663  
Mr. Jones [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount       7,072,442 8,106,122
PEO Actually Paid Compensation Amount       $ 9,232,599 $ 7,740,048
Mr. Pfeifer, Mr. Pack, Ms. Iyengar and Mr. Cortina [Member] | Measure:: 1          
Pay vs Performance Disclosure          
Name   Consolidated Operating Income      
Mr. Pfeifer, Mr. Pack, Ms. Iyengar and Mr. Cortina [Member] | Measure:: 2          
Pay vs Performance Disclosure          
Name   Consolidated Days Net Working Capital      
Mr. Pfeifer, Mr. Pack, Ms. Iyengar and Mr. Cortina [Member] | Measure:: 3          
Pay vs Performance Disclosure          
Name   Relative Total Shareholder Return      
Mr. Pfeifer, Mr. Pack, Ms. Iyengar and Mr. Cortina [Member] | Measure:: 4          
Pay vs Performance Disclosure          
Name   Relative Return on Invested Capital      
Mr. Nerenhausen [Member] | Measure:: 5          
Pay vs Performance Disclosure          
Name   Consolidated Operating Income      
Mr. Nerenhausen [Member] | Measure:: 6          
Pay vs Performance Disclosure          
Name   and Mr. Nerenhausen ​​ Consolidated Operating IncomeSegment Operating Income      
Mr. Nerenhausen [Member] | Measure:: 7          
Pay vs Performance Disclosure          
Name   IncomeSegment Operating IncomeSegment Days Net Working Capital      
Mr. Nerenhausen [Member] | Measure:: 8          
Pay vs Performance Disclosure          
Name   Relative Total Shareholder Return      
Mr. Nerenhausen [Member] | Measure:: 9          
Pay vs Performance Disclosure          
Name   Relative Return on Invested Capital      
PEO | Mr. Pfeifer [Member] | Net Adjustments For Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ 4,312,320      
Non-PEO NEO | Equity Awards Value In Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,010,221      
Non-PEO NEO | Equity Awards Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,942,614      
Non-PEO NEO | Net Adjustments For Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   917,230      
Non-PEO NEO | Pension Adjustments Pension Value In Summary Compensation Table [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   15,163      
PEO [Member] | Mr. Pfeifer [Member] | Equity Awards Value In Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   6,250,252      
PEO [Member] | Mr. Pfeifer [Member] | Equity Awards Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ 10,562,572