OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
claims of the Company’s creditors. The Company made contributions to the Oshkosh SERP of $0.6 million, $1.0 million and $0.4 million in 2025, 2024 and 2023, respectively. Post-employment Benefit Plans — Oshkosh and certain of its subsidiaries sponsor multiple post-employment benefit plans for Oshkosh Defense, JLG, and Kewaunee hourly employees, retirees and their spouses. The plans generally provide health benefits based on years of service and date of birth. These plans are unfunded. Determination of defined benefit pension and post-employment benefit plan obligations and their associated expenses requires the use of actuarial valuations to estimate the benefits that employees earn while working, as well as the present value of those benefits. The Company uses the services of independent actuaries to assist with these calculations. The Company determines the discount rate used each year based on the rate of return currently available on a portfolio of high- quality fixed-income investments with a maturity that is consistent with the projected benefit payout period. The Company’s long-term rate of return on assets is based on consideration of historical and forward-looking returns and the current asset allocation strategy. The plans’ expected returns on assets are based on the plans’ historical returns and expected returns for the asset classes in which the plans are invested. Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans were as follows (in millions): Year Ended December 31, 2025 2024 Accumulated benefit obligation at end of period $ 332.0 $ 322.1
Change in projected benefit obligation: Benefit obligation at beginning of period
$
325.0 $
350.4
Service cost Interest cost
5.1
6.2
17.9
16.8
Actuarial loss (gain)
1.3
(32.7) (15.3)
Benefits paid
(16.7)
Currency translation adjustments Benefit obligation at end of period
1.2
(0.4)
$
333.8 $
325.0
Change in plan assets: Fair value of plan assets at beginning of period
$
343.1 $
325.9
Actual return on plan assets Company contributions
33.4
31.4
3.4
2.0
Expenses paid Benefits paid
(1.2)
(0.6)
(16.7)
(15.3)
Currency translation adjustments
1.5
(0.3)
Fair value of plan assets at end of period Funded status of plans - at end of period
$ $
363.5 $ 29.7 $
343.1
18.1
December 31,
2025
2024
Recognized in consolidated balance sheet at end of period: Prepaid benefit cost (non-current asset)
$
57.4 $
46.4
Accrued benefit liability (current liability) Accrued benefit liability (non-current liability)
(1.9)
(2.0)
(25.8)
(26.3)
$
29.7 $
18.1
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