OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
Changes in the Company’s deferred contract costs were as follows (in millions):
Year Ended December 31,
2025
2024
2023
Balance at beginning of period
$
842.6 $
710.7 $
415.8 305.7 (10.8)
Additions to deferred contract costs Amortization of deferred contract costs Impairment of deferred contract costs
16.0
136.1
(32.5)
(4.2)
(0.6)
—
—
Balance at end of period
$
825.5 $
842.6 $
710.7
Disaggregation of Revenue Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Year Ended December 31, 2025
Corporate and Other
Access
Vocational
Transport
Total
Point in time
$
4,416.2 $
2,812.8 $
67.0 $
19.2 $
7,315.2 3,107.1
Over time
78.2
914.1
2,029.7
85.1
$
4,494.4 $
3,726.9 $
2,096.7 $
104.3 $ 10,422.3
Year Ended December 31, 2024
Corporate and Other
Access
Vocational
Transport
Total
Point in time
$
5,097.8 $
2,459.4 $
16.6 $
(3.3) $
7,570.5 3,159.7
Over time
66.9
850.9
2,138.6
103.3
$
5,164.7 $
3,310.3 $
2,155.2 $
100.0 $ 10,730.2
Year Ended December 31, 2023
Corporate and Other
Access
Vocational
Transport
Total
Point in time
$
4,936.5 $
2,001.4 $
12.1 $
(8.4) $
6,941.6 2,716.3 9,657.9
Over time
53.5
576.7
1,989.3
96.8
$
4,990.0 $
2,578.1 $
2,001.4 $
88.4 $
See Note 24 for further disaggregated sales information. Contract Assets and Contract Liabilities
The timing of billing does not always match the timing of revenue recognition. In instances where the Company recognizes revenue prior to billing, the Company records a contract asset (i.e., unbilled receivables). The Company reduces contract assets when the Company has an unconditional right to payment. The Company establishes allowances for expected credit losses. The Company did not record any losses on unbilled receivables in 2025, 2024 or 2023. The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, except for its long ‑ term contracts in the Transport segment which typically allow for billing upon acceptance of the finished goods, payments received from customers in advance of performance, payments for rights to purchase future goods and extended warranties that are billed in advance of the warranty coverage period. Customer payment terms generally do not exceed one year. See Note 9 for additional information on the Company’s receivables balances.
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