OSHKOSH CORPORATION NOTES OF CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2023
Corporate and Other
Total Segment
Access
Vocational
Transport
Consolidated
Net Sales
$ 4,990.0 $ 2,578.1 $ 2,001.4 $ 9,569.5 $
88.4 $ 9,657.9
Cost of sales (excluding R&D) Research and development
3,885.7
2,107.2
1,790.7
7,783.6
59.9 14.6 13.9
7,843.5
68.3
36.0
14.7
119.0
133.6
Gross income
1,036.0
434.9 109.8
196.0
1,666.9
1,680.8
Employee compensation Amortization of purchased intangibles Intangible asset impairment
158.5
63.9
332.2
155.9
488.1
8.6
18.8
— —
27.4
5.4
32.8
—
—
—
—
—
Other items (a)
130.1
120.8
44.4
295.3
27.0
322.3 837.6 (53.8)
Operating income (b)
$
738.8 $
185.5 $
87.7 $ 1,012.0 $ (174.4)
Interest expense, net of interest income
Miscellaneous, net (c)
13.8
Income before income taxes and losses of unconsolidated affiliates
$
797.6
(a) Includes outside services and consulting, software and information technology, travel, office expenses, depreciation, advertising, lease expense and other miscellaneous SG&A expenses. (b) Vocational results include a loss of $13.3 million on the sale of the rear-discharge mixer business, acquisition costs of $12.9 million related to the acquisition of AeroTech, $7.1 million of amortization of inventory fair value step-up and restructuring costs of $3.0 million. Transport results include a gain of $8.0 million on the sale of the snow removal apparatus business. (c) Includes a gain of $4.7 million on the settlement of a claim with the Company's pension advisor.
Year Ended December 31,
2025
2024
2023
Depreciation and amortization: Access
$
82.0 $
66.3 $
55.1 52.2 29.5 23.1
Vocational Transport
82.4 34.4 25.3
83.1 25.6 25.1
Corporate and Other
Consolidated
$
224.1 $
200.1 $
159.9
Capital expenditures (a) : Access
$
126.4 $
117.0 $
112.3
Vocational Transport
64.2 17.5
87.3 77.1
73.0
139.4
Corporate and Other
3.7
6.9
5.2
Consolidated
$
211.8 $
288.3 $
329.9
(a) Capital expenditures include the purchase of both property, plant and equipment and equipment held for rental.
92
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