OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense was: Year Ended December 31, 2025 2024 2023 Effective Rate Reconciliation: U.S. federal tax rate $ 176.8 21.0% $ 189.6 21.0% $ 167.5 21.0% State income taxes, net 24.5 2.9% 21.1 2.3% 20.5 2.6% Foreign tax effects 14.9 1.8% 12.3 1.4% 11.9 1.5% Effects of current-period tax law changes 3.6 0.4% — 0.0% — 0.0% Effects of cross-border tax laws (11.4) -1.4% (13.4) -1.5% (7.1) -0.9% Tax credits (7.0) -0.7% (8.5) -0.9% (7.6) -1.0% Changes in valuation allowances 1.2 0.1% 3.1 0.3% 3.7 0.5% Nontaxable or nondeductible items 4.9 0.6% 0.9 0.1% 3.8 0.5% Changes in unrecognized tax benefits (19.8) -2.4% 6.2 0.7% 1.4 0.2% Other adjustments 3.8 0.4% (1.3) -0.1% (4.1) -0.6% $ 191.5 22.7% $ 210.0 23.3% $ 190.0 23.8% In 2025, state taxes in California, Florida, Maryland, New Jersey, New York and Pennsylvania made up the majority of the state income tax. In 2024, state taxes in California, Florida, Georgia, Michigan, New York, Pennsylvania and Texas made up the majority of the state income tax. In 2023, state taxes in California, Colorado, Michigan, New Jersey, Pennsylvania and Wisconsin made up the majority of the state income tax. Cash paid for income taxes, net of refunds was as follows (in millions): Year Ended December 31, 2025 2024 2023 Federal $ 109.5 $ 320.8 $ 91.5 State 25.5 51.0 54.0 Foreign 24.9 26.7 16.2 Cash paid for income taxes, net of refunds $ 159.9 $ 398.5 $ 161.7 Cash paid for income taxes, net of refunds includes cash paid for the purchase of transferable tax credits of $10.2 million, $68.3 million and $6.8 million in 2025, 2024 and 2023, respectively. No state or foreign jurisdictions exceeded 5% of total income taxes paid, net of refunds.
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