OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
(f) These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. (g) These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Changes in Level 3 plan assets were as follows (in millions): Year Ended December 31, 2025 2024 Fair value at beginning of year $ 0.4 $ 0.6 Net realized and unrealized losses (0.1) (0.2) Assets purchased 21.4 — Foreign currency translation 0.4 — Fair value at end of year $ 22.1 $ 0.4 The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
Post- Employment
Pension Benefits
Year Ending December 31,
Qualified
Non-Qualified
Benefits
2026 2027 2028 2029 2030
$
16.0 $
1.9 $
4.6 4.9 5.2 5.1 4.8
16.7 17.7 18.7 19.6
2.2 2.2 2.2 2.1
2031-2035 22.9 Multi-Employer Pension Plans — The Company participates in the Boilermaker-Blacksmith National Pension Trust (Employer Identification Number 48-6168020) and Eastern Atlantic States Carpenters Pension Fund (Employer Identification Number 23-1613018) multi-employer defined benefit pension plans related to certain collective bargaining employees. The Company’s contributions and pension benefits payable under these plans and the administration of the plans are determined by the terms of the related collective-bargaining agreements, which expire in May 2027 and November 2031, respectively. Multi-employer plans pose different risks to the Company than single-employer plans in the following respects: 1. The Company’s contributions to multi-employer plans may be used to provide benefits to all participating employees of the program, including employees of other employers. 2. In the event that another participating employer ceases contributions to a multi-employer plan, the Company may be responsible for any unfunded obligations along with the remaining participating employers. 3. If the Company chooses to withdraw from a multi-employer plan, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan at that time. 107.4 10.4 The plan-certified zone status (as defined by the Pension Protection Act of 2006) for the Boilermaker-Blacksmith National Pension Trust has been Red since January 2023. Accordingly, the plan has implemented a financial improvement plan. The zone status for the Eastern Atlantic States Carpenters Pension Fund was Green as of December 31, 2024. The Company’s contributions to either of the multi-employer plans did not exceed 5% of the total plan contributions. The Company made contributions to these plans of $3.1 million, $2.4 million and $1.6 million in 2025, 2024 and 2023, respectively.
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