Oshkosh Corp Files 2023 Annual Report on Form 10-K
Ticker: OSK · Form: 10-K · Filed: Feb 29, 2024 · CIK: 775158
Sentiment: neutral
Topics: 10-K, Annual Report, Oshkosh Corp, SEC Filing, Financials
TL;DR
<b>Oshkosh Corporation has submitted its 2023 annual 10-K filing to the SEC.</b>
AI Summary
OSHKOSH CORP (OSK) filed a Annual Report (10-K) with the SEC on February 29, 2024. Oshkosh Corporation filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, a comprehensive report required by the SEC for public companies. The company's previous name was Oshkosh Truck Corp, with a name change effective July 3, 1992. Oshkosh Corporation is incorporated in Wisconsin. The company's primary business address is located at 1917 Four Wheel Drive, Oshkosh, WI 54902.
Why It Matters
For investors and stakeholders tracking OSHKOSH CORP, this filing contains several important signals. This 10-K filing provides a detailed overview of Oshkosh Corporation's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.
Risk Assessment
Risk Level: medium — OSHKOSH CORP shows moderate risk based on this filing. The filing is a standard annual report (10-K), which is routine for public companies and does not inherently indicate significant positive or negative developments beyond the disclosed financial and operational information.
Analyst Insight
Review the detailed financial statements and risk factors within the 10-K to understand Oshkosh Corporation's performance and outlook for the upcoming fiscal year.
Key Numbers
- 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
- 20240229 — Filing Date (FILED AS OF DATE)
- 390520270 — IRS Number (IRS NUMBER)
- 001-31371 — SEC File Number (SEC FILE NUMBER)
Key Players & Entities
- OSHKOSH CORP (company) — COMPANY CONFORMED NAME
- OSHKOSH TRUCK CORP (company) — FORMER COMPANY
- WI (location) — STATE OF INCORPORATION
- 19920703 (date) — DATE OF NAME CHANGE
- 1917 FOUR WHEEL DRIVE (address) — BUSINESS ADDRESS
- 920-502-3400 (phone) — BUSINESS PHONE
FAQ
When did OSHKOSH CORP file this 10-K?
OSHKOSH CORP filed this Annual Report (10-K) with the SEC on February 29, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by OSHKOSH CORP (OSK).
Where can I read the original 10-K filing from OSHKOSH CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by OSHKOSH CORP.
What are the key takeaways from OSHKOSH CORP's 10-K?
OSHKOSH CORP filed this 10-K on February 29, 2024. Key takeaways: Oshkosh Corporation filed its annual report for the fiscal year ended December 31, 2023.. The filing is a Form 10-K, a comprehensive report required by the SEC for public companies.. The company's previous name was Oshkosh Truck Corp, with a name change effective July 3, 1992..
Is OSHKOSH CORP a risky investment based on this filing?
Based on this 10-K, OSHKOSH CORP presents a moderate-risk profile. The filing is a standard annual report (10-K), which is routine for public companies and does not inherently indicate significant positive or negative developments beyond the disclosed financial and operational information.
What should investors do after reading OSHKOSH CORP's 10-K?
Review the detailed financial statements and risk factors within the 10-K to understand Oshkosh Corporation's performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.
How does OSHKOSH CORP compare to its industry peers?
Oshkosh Corporation operates within the motor vehicles and passenger car bodies industry (SIC 3711).
Are there regulatory concerns for OSHKOSH CORP?
The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial and operational disclosures to the SEC.
Industry Context
Oshkosh Corporation operates within the motor vehicles and passenger car bodies industry (SIC 3711).
Regulatory Implications
The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial and operational disclosures to the SEC.
What Investors Should Do
- Analyze the financial statements for revenue, net income, and other key performance indicators.
- Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
- Examine management's discussion and analysis (MD&A) for insights into business strategy and outlook.
Year-Over-Year Comparison
This is the initial filing provided for analysis; no prior filing data is available for comparison.
Filing Stats: 4,289 words · 17 min read · ~14 pages · Grade level 14.2 · Accepted 2024-02-29 13:14:16
Key Financial Figures
- $0.01 — ange on which registered Common Stock $0.01 par value OSK New York Stock Exchan
- $86.59 — ,161,180 (based on the closing price of $86.59 per share on the New York Stock Exchang
- $17.1 million — its snow removal apparatus business for $17.1 million. The Vocational segment includes the
- $803.6 million — John Bean Technologies Corporation for $803.6 million. AeroTech designs and manufactures airp
- $32.9 million — r discharge concrete mixer business for $32.9 million. 1 Competitive Strengths The foll
- $410.0 million — llar-branded telehandlers accounted for $410.0 million in sales in fiscal 2023. JLG also offer
- $6.7 billion — ar, fixed price JLTV contract valued at $6.7 billion for production and delivery of 16,901 v
- $0.98 b — cluding related aftermarket parts, were $0.98 billion, $1.41 billion and $1.63 billion
- $1.41 billion — aftermarket parts, were $0.98 billion, $1.41 billion and $1.63 billion in fiscal 2023 and 20
- $1.63 billion — , were $0.98 billion, $1.41 billion and $1.63 billion in fiscal 2023 and 2022 and 2021, respe
- $943 million — Defense a six-year contract worth up to $943 million to integrate the Medium Caliber Weapons
- $482 million — e (ICE) vehicles. The initial award for $482 million provided for engineering to finalize th
- $3.0 b — rder for 50,000 NGDVs, valued at nearly $3.0 billion, including 10,019 BEVs. The contr
Filing Documents
- osk-20231231.htm (10-K) — 6728KB
- osk-ex21.htm (EX-21) — 74KB
- osk-ex23.htm (EX-23) — 4KB
- osk-ex31_1.htm (EX-31.1) — 13KB
- osk-ex31_2.htm (EX-31.2) — 13KB
- osk-ex32_1.htm (EX-32.1) — 6KB
- osk-ex32_2.htm (EX-32.2) — 6KB
- osk-ex97.htm (EX-97) — 30KB
- img14332356_0.jpg (GRAPHIC) — 27KB
- 0000950170-24-022841.txt ( ) — 32708KB
- osk-20231231.xsd (EX-101.SCH) — 3123KB
- osk-20231231_htm.xml (XML) — 9118KB
BUSINESS
BUSINESS 1 ITEM 1A.
RISK FACTORS
RISK FACTORS 14 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. CYBERSECURITY 23 ITEM 2.
PROPERTIES
PROPERTIES 24 ITEM 3.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 25 ITEM 4. MINE SAFETY DISCLOSURES 25 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 25 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. RESERVED 28 ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 41 ITEM 8.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS 43 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 99 ITEM 9A.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 99 ITEM 9B. OTHER INFORMATION 100 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 100 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 101 ITEM 11.
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 101 ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 102 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 102 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 102 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE 103 ITEM 16 FORM 10-K SUMMARY 106
SIGNATURES
SIGNATURES 107 As used herein, the "Company," "we," "us" and "our" refers to Oshkosh Corporation and its consolidated subsidiaries. "Oshkosh" refers to Oshkosh Corporation, not including JLG Industries, Inc. and its wholly-owned subsidiaries (JLG), Hinowa S.p.A (Hinowa) and JerrDan LLC (JerrDan), Oshkosh Defense, LLC (Oshkosh Defense) and its wholly-owned subsidiaries, Pratt & Miller Engineering & Fabrications, LLC (Pratt Miller), Pierce Manufacturing Inc. (Pierce), JBT AeroTech and its wholly-owned subsidiaries (AeroTech), Maxi-Metal, Inc. (Maxi-Metal), McNeilus Companies, Inc. (McNeilus) and its wholly-owned subsidiaries, Kewaunee Fabrications, LLC (Kewaunee), Oshkosh Commercial Products, LLC (Oshkosh Commercial) and Iowa Mold Tooling Co., Inc. (IMT) or any other subsidiaries. The "Oshkosh," "JLG," "Oshkosh Defense," "Pierce," "McNeilus," "Jerr-Dan," "Frontline," "IMT," "Pratt Miller," "Maxi-Metal," "Command Zone," "TAK-4," "PUC," "Hercules," "Husky," "Ascendant," "SkyTrak," "DaVinci" and "Volterra" trademarks and related logos are trademarks or registered trademarks of the Company. All other product and service names referenced in this document are the trademarks or registered trademarks of their respective owners. All references herein to earnings per share refer to earnings per share assuming dilution, unless noted otherwise. For ease of understanding, the Company refers to types of purpose-built vehicles and equipment for particular applications as "markets." When the Company refers to "market" positions, these comments are based on information available to the Company concerning units sold by those companies currently manufacturing the same types of purpose-built vehicles and equipment as the Company and are therefore only estimates. Unless otherwise noted, these market positions are based on sales in the United States of America. There can be no assurance that the Company will maintain such market positions in the future. Cautionary Statement Abo
BUSINESS
ITEM 1. BUSINESS In October 2021, the Company changed its fiscal year end from September 30 to December 31. Accordingly, the Company reported a transition quarter that ran from October 1, 2021 through December 31, 2021. Fiscal 2021 relates to the year ended September 30, 2021. Fiscal 2022 and fiscal 2023 relate to the years ended December 31, 2022 and December 31, 2023, respectively. Effective January 31, 2023, the Company formed the Vocational segment by combining the historical Fire & Emergency segment and Commercial segment businesses. All information has been recast to conform to the new reporting segments. The Company Oshkosh Corporation is an innovative industrial company focused on the design, development and manufacture of purpose-built vehicles and equipment that enhance safety, maximize productivity, lower total cost of ownership and simplify fleet management to support those who perform some of the most difficult jobs in the world. Each of our products and technologies is focused on customer-centric innovation, from the four-wheel drive system that the Company patented in 1917 to the latest advances in electrification, autonomy, active safety and intelligent and connected products. The Company maintains 12 industry-leading brands across three reportable segments: Access, Defense, and Vocational, which comprised 51%, 22%, and 27% respectively, of the Company's consolidated net sales in fiscal 2023. Oshkosh's leading brands include a wide range of purpose-built vehicles and equipment to serve a diverse set of end markets. This allows Oshkosh to leverage innovations and efficiencies across the enterprise, including technology, supply chain, materials integration and manufacturing processes. The Company generated approximately 19%, 25%, and 33% of its net sales for fiscal 2023, 2022 and 2021, respectively, from the U.S. government, a substantial majority of which were under multi-year contracts and programs in the defense vehicle market. See Note 24