OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
The fair values of the Company’s financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3
Total
December 31, 2025 Assets: Rabbi trust (a)
$
11.0 $
— $
— $
11.0
Investments in equity securities (b) Foreign currency exchange derivatives (c) Liabilities: Foreign currency exchange derivatives (c)
7.0
—
— —
7.0 0.4
—
0.4
$
— $
0.6 $
— $
0.6
Level 1
Level 2
Level 3
Total
December 31, 2024 Assets: Rabbi trust (a)
$
13.6 $
— $
— $
13.6
Investments in equity securities (b) Foreign currency exchange derivatives (c) Liabilities: Foreign currency exchange derivatives (c)
5.2
—
— —
5.2 1.7
—
1.7
$
— $
1.0 $
— $
1.0
(a) Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan. The fair values of these investments are determined using a market approach. Investments include money market and mutual funds for which quoted prices in active markets are available. Rabbi trust assets are subject to claims of the Company's creditors. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Consolidated Statements of Income. (b) Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Consolidated Statements of Income. (c) Based on observable market transactions of forward currency prices. See Notes 6, 14 and 16 for fair value information related to pension assets, investments and debt. Items Measured at Fair Value on a Nonrecurring Basis — In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets (See Note 3 for fair value of assets acquired and liabilities assumed through acquisitions and Note 12 for impairment valuation analysis of intangible assets). The Company has determined that the fair value measurements related to each of these assets rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available. As such, the Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. 24. Business Segment Information The Chief Executive Officer is the Company's Chief Operating Decision Maker. The Chief Operating Decision Maker uses operating income to measure performance of the Company's segments, allocate resources and make operating decisions. Operating income is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Chief Operating Decision Maker regularly evaluates operating income compared to prior year and forecasted results. The Company’s reportable segments, which are organized on the basis of similar products, markets and operating factors, are as follows: Access: This segment consists of the JLG and Jerr-Dan brands. JLG designs and manufactures mobile aerial work platforms and telehandlers and low-level access solutions that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery vehicles. Access customers include equipment rental companies, construction contractors, home improvement centers and towing companies.
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