OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
the U.S. dollar equivalent of these outstanding forward foreign exchange contracts totaled $147.5 million in notional amounts covering a variety of foreign currency exposures. The fair values of all open derivative instruments were as follows (in millions): December 31, 2025 December 31, 2024 Other Current Assets Other Current Liabilities Other Current Assets Other Current Liabilities Cash flow hedges: Foreign exchange contracts $ — $ 0.2 $ 0.9 $ 0.2
Not designated as hedging instruments: Foreign exchange contracts
0.4
0.4
0.8
0.8 1.0
$
0.4 $
0.6 $
1.7 $
The pre-tax effects of derivative instruments consisted of the following (in millions): Classification of
Year Ended December 31,
Gains (Losses)
2025
2024
2023
Cash flow hedges: Foreign exchange contracts Foreign exchange contracts
Net Sales
$
— $
— $
9.6 2.3
Cost of sales
1.1
(0.5)
Not designated as hedging instruments: Foreign exchange contracts
Miscellaneous, net
7.4
0.9
2.7
$
8.5 $
0.4 $
14.6
23. Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
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