OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
Maturities of lease liabilities at December 31, 2025 and minimum payments for leases having initial non-cancelable terms in excess of one year were as follows (in millions): Amounts due in: Operating leases Finance leases Total 2026 $ 47.8 $ 22.5 $ 70.3 2027 44.0 18.9 62.9 2028 41.2 14.3 55.5 2029 28.9 9.5 38.4 2030 21.9 4.1 26.0 Thereafter 51.2 10.2 61.4 Total lease payments 235.0 79.5 314.5 Less: imputed interest 29.2 8.2 37.4 Present value of lease liability $ 205.8 $ 71.3 $ 277.1 14. Investments in Unconsolidated Affiliates Equity method investments — Investments in equity securities where the Company’s ownership interest exceeds 20% and the Company does not have a controlling interest or where the ownership is less than 20% and for which the Company has significant influence are accounted for using the equity method. Investments in limited partnerships or limited liability companies that maintain separate ownership accounts are also accounted for using the equity method unless the Company's interest is so minor that it has virtually no influence over the investee's operating and financial policies. Investments in unconsolidated affiliates accounted for under the equity method consisted of the following (in millions): December 31, Ownership % 2025 2024 AutoTech Fund II, L.P. 7% $ 8.5 $ 7.8 AutoTech Fund III, L.P. 5% 5.8 3.3 BME Fire Trucks LLC 25% 1.1 1.8 Carnegie Foundry LLC 6% 4.5 4.5 Construction Robotics, LLC 9% 2.2 2.3 Eatron Technologies 3% 1.4 1.9 Forterra 1% — 2.4 Lixo SAS 11% 1.7 — Westly Capital Partners Fund IV, L.P. 3% 6.0 4.1 $ 31.2 $ 28.1 Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Losses of unconsolidated affiliates” in the Consolidated Statements of Income. Due to the timing and availability of information, earnings or losses from unconsolidated affiliates accounted for using the equity method are recorded on a three-month lag. In 2024, the Company recorded an impairment related to its investment in Forterra of $6.6 million. In 2025, following a financing transaction in which the Company did not participate, the Company determined it no longer had significant influence over the investee and changed the accounting method from the equity method to the cost method. During 2023, the Company sold its interest in a joint venture in Mexico which resulted in a charge of $7.8 million. Investments in equity securities — Investments in equity securities where the Company does not have a controlling interest or significant influence are recorded at fair value to the extent it is readily determinable. Investments in equity securities without a readily determinable fair value are recorded at cost and adjusted for any impairments and any observable price changes in orderly transactions for the identical or a similar investment of the same issuer should they occur. Gains or losses are reflected in “Miscellaneous, net” in the Consolidated Statements of Income.
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