Build. Serve. Defend. Protect
Total Page:16
File Type:pdf, Size:1020Kb
BUILD. SERVE. DEFEND. PROTECT. 2017 ANNUAL REPORT 19171927193719471957196719771987199720072017 MAKING A DIFFERENCE IN PEOPLE’S LIVES 1950 Response Time Makes the Difference; the WT-2206 Snow Removal and the FOR 100 YEARS Cold War 1953 Stepping Up and Delivering the 1st ARFF for the U.S. Coast Guard 1954 Designed, Produced, Delivered: Oshkosh Manu factures Its 5,000th Truck 1955 1941 Model 50–50 and 45–55 Robust Start for Concrete Mixers Improve Kewaunee Company the Efficiency of 1950s Construction Sites 1945 U.S. Military Presents 1957 Oshkosh Motor Truck CON-E-CO Brings High Manufacturing with Quality Concrete Closer the “E” Award to Jobsites with Mobile Concrete Batch Plants 1946 1917 1928 1931 Auto Body Works Finds 1959 The Beginning: Two Power and Traction Rule as London Machinery Their Calling, Enters the Higher, Safer: The Snorkel Inventors Destined to the 500th Truck Rolls off Builds Its First Truck Fire Truck Market after Revolutionizes Aerial Make a Difference the Line Mounted Concrete Mixer World War II Firefighting 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 1960 1970 1981 1990 2000 2012 Ogilvie Elected Pierce Pierce Manufacturing HEMTT Becomes the Oshkosh Holds Strong Environmentally- JLG Launches SkyGuard: Manufacturing President; Makes More Space to Meet Backbone of U.S. Military as Leader in FHTV Conscious, JLG 60-foot The First and Only Sales Reach $1 million Growing Production Needs Logistical Operations Performance Electric Boom: Greatest Oper ator Protection System Reach in the Industry of Its Kind on the Market 1961 1972 1984 1991 Iowa Mold Tooling Co., More Sales, More Oshkosh Joins Forces McNeilus and IMT Set New 2002 2013 Inc. Breaks Industry Produc tion, More Jobs: with McNeilus to Build Benchmarks for Industries Oshkosh Gains Prestige Pierce Celebrates 100 Mold with Independent Oshkosh Truck Corporation the S-series Front with Listing on NYSE: OSK Years; 561 Turn Out for the Air Compressor Reaches 500 Employees Discharge Mixer 1994 First Pierce 9-11 Memorial There’s No End in Sight in 2002 Stair Climb 1967 1975 1985 Mid-1990s for Breaking Car and Driver Magazine Same Mission, Same McNeilus, IMT, Jerr-Dan Oshkosh Truck Corporation New Ground Calls the Striker 3000 2014 Inspiration, New Name – Bring New Improvements Begins Trading as Public “The Porsche 959 of CON-E-CO Makes a Oshkosh Truck Corporation to Time-Honored Company on NASDAQ 1995 Fire Trucks” Difference for the Jobsite Machines Firefighter Safety Comes with Self-Erecting 1968 1986 First with Design of 2003 Concrete Batch Plant MB-5 ARFF Vehicle Takes 1976 Remanufacturing Upgrades, Quantum Fire Truck Chassis JLG Acquires SkyTrak, the Heat to Keep Flight Oshkosh Wins U.S. Army Updates Make Crews Safer Broadens Its Portfolio 2015 Decks Safer HET Contract and Jobs More Efficient for 1998 with Material Handling Oshkosh Defense Wins Oshkosh Customers New Levels of Mobility, Capabilities $6.7 Billion JLTV 1969 1977 Safety and Ride: TAK-4® Production Contract John Grove Keeps Safety Superior Aerial Work Family of Independent 2006 Top of Mind in Founding JLG Platform Design Corners Suspension Systems Pierce Is the First to Add 2016 the Market as JLG Moves Frontal Airbags to Custom Taking Operators Higher, into Scotland 1999 Chassis Keeping Them Safer: JLG More than 200 Experts Builds the World’s Tallest 1979 Join the Oshkosh Family 2007 Articulating Boom Lift Oshkosh Gives Back to with Acquisition of Pierce Develops PUC: Employees with Scholar ship Kewaunee Fabrications What Hasn’t Been Done 2017 for Children Before, Makes Firefighting Oshkosh Corporation More Efficient, Safer Celebrates 100 Years of Making a Difference 2009 Oshkosh Defense Wins Prestigious M-ATV and FMTV Contracts 2009 McNeilus Makes an Impact with Cleaner Compressed Natural Gas Powered Vehicles 100 YEARS OF MAKING A DIFFERENCE Oshkosh Corporation is a different integrated global industrial and is a leading designer, manufacturer and marketer of a broad range of access equipment, specialty military, fire & emergency and commercial vehicles and vehicle bodies. Our products are valued worldwide by rental companies, defense forces, concrete placement and refuse businesses, fire & emergency departments and municipal and airport services, where high quality, superior performance, rugged reliability and long-term value are paramount. Our People First culture continues to transform the organization and empowers our team members to make a difference in the lives of our customers and in our communities. The top priorities of our team members are to serve and delight our customers as well as drive superior operating performance to benefit our shareholders. We do this through execution of our MOVE strategy and by leveraging our strengths and resources in engineering, manufacturing, purchasing and distribution across our four business segments. We were founded in 1917 and celebrated our 100th anniversary in 2017. Approximately 25% of our revenues came from outside the United States in fiscal 2017 and we have manufacturing operations in seven U.S. states and in Australia, Belgium, Canada, China, France, Mexico, Romania and the United Kingdom, as well as operations to support sales or deliver service in over 150 countries. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2017 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 (I.R.S. Employer of incorporation or organization) Identification No.) P.O. Box 2566 Oshkosh, Wisconsin 54903-2566 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (920) 235-9151 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock ($.01 par value) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No 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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 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 (Do not check if a smaller reporting company) 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 At March 31, 2017, the aggregate market value of the registrant’s Common Stock held by non-affiliates was $5,130,156,538 (based on the closing price of $68.59 per share on the New York Stock Exchange as of such date). As of November 14, 2017, 75,170,198 shares of the registrant’s Common Stock were outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Proxy Statement for the 2018 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). OSHKOSH CORPORATION FISCAL 2017 ANNUAL REPORT ON FORM 10-K TABLE OF CONTENTS Page PART 1 ITEM 1. BUSINESS 1 ITEM 1A. RISK FACTORS 15 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 2. PROPERTIES 24 ITEM 3. LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURES 25 EXECUTIVE OFFICERS OF THE REGISTRANT 25 PART II ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. SELECTED FINANCIAL DATA 29 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 50 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 104 ITEM 9A. CONTROLS AND PROCEDURES 104 ITEM 9B.