News Details
Oshkosh Corporation Reports Fiscal 2020 Fourth Quarter and Full Year Results
Oct. 29, 2020
Strong Execution in the Midst of Global Pandemic
Announces 10 Percent Increase in Quarterly Cash Dividend to
Consolidated net sales in the fourth quarter of fiscal 2020 decreased 18.7 percent to
Consolidated operating income in the fourth quarter of fiscal 2020 decreased 37.3 percent to
Consolidated operating results for the fourth quarter of fiscal 2020 included pre-tax charges related to restructuring actions of
“As demonstrated by our solid performance in the fiscal fourth quarter,
“It’s clear that our rental company customers continued to limit their spending on new capital equipment, which impacted our sales again in the fourth quarter and causes uncertainty in our revenue outlook for our Access Equipment segment for fiscal 2021. However,
“I am confident in our team’s ability to navigate through these challenging market conditions and position
“While we are not providing a quantitative outlook for fiscal 2021 today, as the timing and magnitude of recovery in our access equipment and some commercial markets remain uncertain, we are staying close to our customers and will respond to opportunities that arise. We are confident in the long-term potential of our end markets and will continue to rely on our People First culture as we persevere through the current environment,” said Jones.
Factors affecting fourth quarter results for the Company’s business segments included:
Access Equipment - Access Equipment segment net sales in the fourth quarter of fiscal 2020 decreased 39.4 percent to
Access Equipment segment operating income in the fourth quarter of fiscal 2020 decreased 80.0 percent to
Access Equipment segment results for the fourth quarter of fiscal 2020 included pre-tax charges related to restructuring actions of
Defense - Defense segment net sales for the fourth quarter of fiscal 2020 increased 6.4 percent to
Defense segment operating income in the fourth quarter of fiscal 2020 increased 7.7 percent to
Defense segment results for the fourth quarter of fiscal 2020 included a pre-tax gain of
Fire & Emergency - Fire & Emergency segment net sales for the fourth quarter of fiscal 2020 decreased 8.1 percent to
Fire & Emergency segment operating income in the fourth quarter of fiscal 2020 increased 5.5 percent to
Fire & Emergency segment results for the fourth quarter of fiscal 2020 included pre-tax restructuring charges of
Commercial - Commercial segment net sales for the fourth quarter of fiscal 2020 decreased 6.3 percent to
Commercial segment operating income in the fourth quarter of fiscal 2020 increased 67.6 percent to
Commercial segment results for the fourth quarter of fiscal 2020 included the
Corporate - Corporate operating costs in the fourth quarter of fiscal 2020 decreased
Interest Expense Net of Interest Income - Interest expense net of interest income in the fourth quarter of fiscal 2020 decreased
Provision for Income Taxes - The Company recorded income tax expense in the fourth quarter of fiscal 2020 of
Share Repurchases – Share repurchases during the first two quarters of fiscal 2020 benefited earnings per share in the fourth quarter of fiscal 2020 by
Full-Year Results
The Company reported net sales for fiscal 2020 of
Results for fiscal 2020 included after-tax charges related to restructuring actions of
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash dividend of
Conference Call
The Company will host a conference call at
Forward Looking Statements
This news release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall impact of the COVID-19 pandemic on the Company’s business, results of operations and financial condition; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities and others to address or otherwise mitigate the impact of the COVID-19 pandemic; the negative impacts of the COVID-19 pandemic on global economies and the Company’s customers, suppliers and employees; the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of
About
At
®, ™ All brand names referred to in this news release are trademarks of
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(In millions, except share and per share amounts; unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net sales |
|
$ |
1,784.2 |
|
|
$ |
2,195.7 |
|
|
$ |
6,856.8 |
|
|
$ |
8,382.0 |
|
Cost of sales |
|
|
1,503.3 |
|
|
|
1,798.4 |
|
|
|
5,736.5 |
|
|
|
6,864.6 |
|
Gross income |
|
|
280.9 |
|
|
|
397.3 |
|
|
|
1,120.3 |
|
|
|
1,517.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
152.2 |
|
|
|
185.0 |
|
|
|
620.6 |
|
|
|
683.5 |
|
Amortization of purchased intangibles |
|
|
1.3 |
|
|
|
9.2 |
|
|
|
11.0 |
|
|
|
36.9 |
|
Total operating expenses |
|
|
153.5 |
|
|
|
194.2 |
|
|
|
631.6 |
|
|
|
720.4 |
|
Operating income |
|
|
127.4 |
|
|
|
203.1 |
|
|
|
488.7 |
|
|
|
797.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(11.5 |
) |
|
|
(13.2 |
) |
|
|
(59.3 |
) |
|
|
(54.4 |
) |
Interest income |
|
|
3.9 |
|
|
|
1.0 |
|
|
|
7.5 |
|
|
|
6.8 |
|
Miscellaneous, net |
|
|
6.9 |
|
|
|
1.0 |
|
|
|
2.2 |
|
|
|
1.3 |
|
Income before income taxes and losses of unconsolidated affiliates |
|
|
126.7 |
|
|
|
191.9 |
|
|
|
439.1 |
|
|
|
750.7 |
|
Provision for income taxes |
|
|
25.8 |
|
|
|
41.7 |
|
|
|
112.8 |
|
|
|
171.3 |
|
Income before losses of unconsolidated affiliates |
|
|
100.9 |
|
|
|
150.2 |
|
|
|
326.3 |
|
|
|
579.4 |
|
Equity in losses of unconsolidated affiliates |
|
|
(0.9 |
) |
|
|
(0.2 |
) |
|
|
(1.8 |
) |
|
|
- |
|
Net income |
|
$ |
100.0 |
|
|
$ |
150.0 |
|
|
$ |
324.5 |
|
|
$ |
579.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.47 |
|
|
$ |
2.20 |
|
|
$ |
4.76 |
|
|
$ |
8.30 |
|
Diluted |
|
|
1.46 |
|
|
|
2.17 |
|
|
|
4.72 |
|
|
|
8.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
|
68,131,260 |
|
|
|
68,196,577 |
|
|
|
68,149,324 |
|
|
|
69,819,980 |
|
Dilutive equity-based compensation awards |
|
|
626,925 |
|
|
|
800,670 |
|
|
|
638,405 |
|
|
|
738,255 |
|
Diluted weighted-average shares outstanding |
|
|
68,758,185 |
|
|
|
68,997,247 |
|
|
|
68,787,729 |
|
|
|
70,558,235 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In millions; unaudited) |
||||||||
|
|
|
|
|
||||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
582.9 |
|
|
$ |
448.4 |
|
Receivables, net |
|
|
857.6 |
|
|
|
1,082.3 |
|
Unbilled receivables |
|
|
483.6 |
|
|
|
549.5 |
|
Inventories, net |
|
|
1,505.4 |
|
|
|
1,249.2 |
|
Other current assets |
|
|
106.3 |
|
|
|
78.9 |
|
Total current assets |
|
|
3,535.8 |
|
|
|
3,408.3 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,397.0 |
|
|
|
1,360.9 |
|
Accumulated depreciation |
|
|
(831.1 |
) |
|
|
(787.3 |
) |
Property, plant and equipment, net |
|
|
565.9 |
|
|
|
573.6 |
|
|
|
|
1,009.5 |
|
|
|
995.7 |
|
Purchased intangible assets, net |
|
|
418.2 |
|
|
|
432.3 |
|
Other long-term assets |
|
|
286.5 |
|
|
|
156.4 |
|
Total assets |
|
$ |
5,815.9 |
|
|
$ |
5,566.3 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Revolving credit facilities and current maturities of long-term debt |
|
$ |
5.2 |
|
|
$ |
- |
|
Accounts payable |
|
|
577.8 |
|
|
|
795.5 |
|
Customer advances |
|
|
491.4 |
|
|
|
382.0 |
|
Payroll-related obligations |
|
|
150.8 |
|
|
|
183.6 |
|
Income taxes payable |
|
|
14.7 |
|
|
|
73.5 |
|
Other current liabilities |
|
|
345.2 |
|
|
|
307.3 |
|
Total current liabilities |
|
|
1,585.1 |
|
|
|
1,741.9 |
|
Long-term debt, less current maturities |
|
|
817.9 |
|
|
|
819.0 |
|
Other long-term liabilities |
|
|
562.2 |
|
|
|
405.6 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
2,850.7 |
|
|
|
2,599.8 |
|
Total liabilities and shareholders’ equity |
|
$ |
5,815.9 |
|
|
$ |
5,566.3 |
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In millions; unaudited) |
||||||||
|
|
Twelve Months Ended
|
||||||
|
|
2020 |
|
2019 |
||||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
324.5 |
|
|
$ |
579.4 |
|
Depreciation and amortization |
|
|
104.2 |
|
|
|
115.2 |
|
Stock-based compensation expense |
|
|
29.3 |
|
|
|
29.0 |
|
Deferred income taxes |
|
|
22.8 |
|
|
|
10.4 |
|
Gain on sale of assets |
|
|
(11.8 |
) |
|
|
(3.3 |
) |
Foreign currency transaction (gains) losses |
|
|
(0.6 |
) |
|
|
0.8 |
|
Loss on extinguishment of debt |
|
|
8.5 |
|
|
|
- |
|
Other non-cash adjustments |
|
|
(1.0 |
) |
|
|
0.3 |
|
Changes in operating assets and liabilities |
|
|
(148.6 |
) |
|
|
(163.5 |
) |
Net cash provided by operating activities |
|
|
327.3 |
|
|
|
568.3 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(112.3 |
) |
|
|
(147.6 |
) |
Additions to equipment held for rental |
|
|
(17.9 |
) |
|
|
(26.6 |
) |
Proceeds from sale of property, plant and equipment |
|
|
2.4 |
|
|
|
3.1 |
|
Proceeds from sale of equipment held for rental |
|
|
38.8 |
|
|
|
12.0 |
|
Other investing activities |
|
|
11.4 |
|
|
|
6.1 |
|
Net cash used by investing activities |
|
|
(77.6 |
) |
|
|
(153.0 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
303.9 |
|
|
|
- |
|
Repayments of debt |
|
|
(300.0 |
) |
|
|
- |
|
Debt issuance costs |
|
|
(9.6 |
) |
|
|
- |
|
Repurchases of Common Stock |
|
|
(51.5 |
) |
|
|
(357.4 |
) |
Dividends paid |
|
|
(81.8 |
) |
|
|
(75.5 |
) |
Proceeds from exercise of stock options |
|
|
26.1 |
|
|
|
11.3 |
|
Other financing activities |
|
|
(2.6 |
) |
|
|
- |
|
Net cash used by financing activities |
|
|
(115.5 |
) |
|
|
(421.6 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
0.3 |
|
|
|
0.1 |
|
Increase (decrease) in cash and cash equivalents |
|
|
134.5 |
|
|
|
(6.2 |
) |
Cash and cash equivalents at beginning of period |
|
|
448.4 |
|
|
|
454.6 |
|
Cash and cash equivalents at end of period |
|
$ |
582.9 |
|
|
$ |
448.4 |
|
|
||||||||||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||||||||||
(In millions; unaudited) |
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
301.0 |
|
|
$ |
- |
|
|
$ |
301.0 |
|
|
$ |
479.0 |
|
|
$ |
- |
|
|
$ |
479.0 |
|
Telehandlers |
|
|
133.9 |
|
|
|
- |
|
|
|
133.9 |
|
|
|
307.0 |
|
|
|
- |
|
|
|
307.0 |
|
Other |
|
|
180.0 |
|
|
|
1.3 |
|
|
|
181.3 |
|
|
|
230.5 |
|
|
|
- |
|
|
|
230.5 |
|
Total Access Equipment |
|
|
614.9 |
|
|
|
1.3 |
|
|
|
616.2 |
|
|
|
1,016.5 |
|
|
|
- |
|
|
|
1,016.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense |
|
|
606.1 |
|
|
|
0.5 |
|
|
|
606.6 |
|
|
|
569.7 |
|
|
|
0.5 |
|
|
|
570.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency |
|
|
316.0 |
|
|
|
2.4 |
|
|
|
318.4 |
|
|
|
342.7 |
|
|
|
3.7 |
|
|
|
346.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement |
|
|
116.6 |
|
|
|
- |
|
|
|
116.6 |
|
|
|
106.5 |
|
|
|
- |
|
|
|
106.5 |
|
Refuse collection |
|
|
106.9 |
|
|
|
- |
|
|
|
106.9 |
|
|
|
125.2 |
|
|
|
- |
|
|
|
125.2 |
|
Other |
|
|
23.8 |
|
|
|
1.9 |
|
|
|
25.7 |
|
|
|
34.1 |
|
|
|
0.2 |
|
|
|
34.3 |
|
Total Commercial |
|
|
247.3 |
|
|
|
1.9 |
|
|
|
249.2 |
|
|
|
265.8 |
|
|
|
0.2 |
|
|
|
266.0 |
|
Corporate and intersegment eliminations |
|
|
(0.1 |
) |
|
|
(6.1 |
) |
|
|
(6.2 |
) |
|
|
1.0 |
|
|
|
(4.4 |
) |
|
|
(3.4 |
) |
|
|
$ |
1,784.2 |
|
|
$ |
- |
|
|
$ |
1,784.2 |
|
|
$ |
2,195.7 |
|
|
$ |
- |
|
|
$ |
2,195.7 |
|
|
|
Twelve Months Ended |
||||||||||||||||||||||
|
|
2020 |
|
2019 |
||||||||||||||||||||
|
|
External Customers |
|
Inter- segment |
|
Net Sales |
|
External Customers |
|
Inter- segment |
|
Net Sales |
||||||||||||
Access Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial work platforms |
|
$ |
1,101.7 |
|
|
$ |
- |
|
|
$ |
1,101.7 |
|
|
$ |
1,944.4 |
|
|
$ |
- |
|
|
$ |
1,944.4 |
|
Telehandlers |
|
|
680.4 |
|
|
|
- |
|
|
|
680.4 |
|
|
|
1,254.9 |
|
|
|
- |
|
|
|
1,254.9 |
|
Other |
|
|
723.6 |
|
|
|
9.4 |
|
|
|
733.0 |
|
|
|
880.4 |
|
|
|
- |
|
|
|
880.4 |
|
Total Access Equipment |
|
|
2,505.7 |
|
|
|
9.4 |
|
|
|
2,515.1 |
|
|
|
4,079.7 |
|
|
|
- |
|
|
|
4,079.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense |
|
|
2,260.3 |
|
|
|
1.9 |
|
|
|
2,262.2 |
|
|
|
2,030.3 |
|
|
|
1.8 |
|
|
|
2,032.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency |
|
|
1,138.1 |
|
|
|
9.0 |
|
|
|
1,147.1 |
|
|
|
1,249.8 |
|
|
|
16.3 |
|
|
|
1,266.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete placement |
|
|
403.5 |
|
|
|
- |
|
|
|
403.5 |
|
|
|
439.9 |
|
|
|
- |
|
|
|
439.9 |
|
Refuse collection |
|
|
437.2 |
|
|
|
- |
|
|
|
437.2 |
|
|
|
451.9 |
|
|
|
- |
|
|
|
451.9 |
|
Other |
|
|
110.6 |
|
|
|
6.5 |
|
|
|
117.1 |
|
|
|
128.3 |
|
|
|
2.1 |
|
|
|
130.4 |
|
Total Commercial |
|
|
951.3 |
|
|
|
6.5 |
|
|
|
957.8 |
|
|
|
1,020.1 |
|
|
|
2.1 |
|
|
|
1,022.2 |
|
Corporate and intersegment eliminations |
|
|
1.4 |
|
|
|
(26.8 |
) |
|
|
(25.4 |
) |
|
|
2.1 |
|
|
|
(20.2 |
) |
|
|
(18.1 |
) |
|
|
$ |
6,856.8 |
|
|
$ |
- |
|
|
$ |
6,856.8 |
|
|
$ |
8,382.0 |
|
|
$ |
- |
|
|
$ |
8,382.0 |
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
25.3 |
|
|
$ |
126.5 |
|
|
$ |
198.6 |
|
|
$ |
502.6 |
|
Defense |
|
|
54.4 |
|
|
|
50.5 |
|
|
|
183.5 |
|
|
|
203.3 |
|
Fire & Emergency |
|
|
52.0 |
|
|
|
49.3 |
|
|
|
151.1 |
|
|
|
176.5 |
|
Commercial |
|
|
31.5 |
|
|
|
18.8 |
|
|
|
81.2 |
|
|
|
66.8 |
|
Corporate and intersegment eliminations |
|
|
(35.8 |
) |
|
|
(42.0 |
) |
|
|
(125.7 |
) |
|
|
(152.2 |
) |
|
|
$ |
127.4 |
|
|
$ |
203.1 |
|
|
$ |
488.7 |
|
|
$ |
797.0 |
|
|
|
|
||||||
|
|
2020 |
|
2019 |
||||
Period-end backlog: |
|
|
|
|
|
|
|
|
Access Equipment |
|
$ |
366.7 |
|
|
$ |
390.1 |
|
Defense |
|
|
2,809.9 |
|
|
|
2,487.8 |
|
Fire & Emergency |
|
|
1,117.8 |
|
|
|
970.1 |
|
Commercial |
|
|
283.1 |
|
|
|
296.7 |
|
|
|
$ |
4,577.5 |
|
|
$ |
4,144.7 |
|
Non-GAAP Financial Measures
The Company reports its financial results in accordance with generally accepted accounting principles in
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Access Equipment segment operating income (GAAP) |
|
$ |
25.3 |
|
|
$ |
126.5 |
|
|
$ |
198.6 |
|
|
$ |
502.6 |
|
Restructuring-related costs |
|
|
7.5 |
|
|
|
- |
|
|
|
15.1 |
|
|
|
- |
|
Adjusted Access Equipment segment operating income (non-GAAP) |
|
$ |
32.8 |
|
|
$ |
126.5 |
|
|
$ |
213.7 |
|
|
$ |
502.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense segment operating income (GAAP) |
|
$ |
54.4 |
|
|
$ |
50.5 |
|
|
$ |
183.5 |
|
|
$ |
203.3 |
|
Arbitration settlement |
|
|
(0.9 |
) |
|
|
- |
|
|
|
(0.9 |
) |
|
|
- |
|
Adjusted Defense segment operating income (non-GAAP) |
|
$ |
53.5 |
|
|
$ |
50.5 |
|
|
$ |
182.6 |
|
|
$ |
203.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fire & Emergency segment operating income (GAAP) |
|
$ |
52.0 |
|
|
$ |
49.3 |
|
|
$ |
151.1 |
|
|
$ |
176.5 |
|
Restructuring costs |
|
|
0.3 |
|
|
|
- |
|
|
|
1.4 |
|
|
|
- |
|
Adjusted Fire & Emergency segment operating income (non-GAAP) |
|
$ |
52.3 |
|
|
$ |
49.3 |
|
|
$ |
152.5 |
|
|
$ |
176.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial segment operating income (GAAP) |
|
$ |
31.5 |
|
|
$ |
18.8 |
|
|
$ |
81.2 |
|
|
$ |
66.8 |
|
Restructuring-related costs |
|
|
4.1 |
|
|
|
- |
|
|
|
5.6 |
|
|
|
- |
|
Proceeds from business interruption insurance |
|
|
(12.3 |
) |
|
|
- |
|
|
|
(12.3 |
) |
|
|
- |
|
Gain on sale of a business |
|
|
(3.1 |
) |
|
|
- |
|
|
|
(3.1 |
) |
|
|
- |
|
Adjusted Commercial segment operating income (non-GAAP) |
|
$ |
20.2 |
|
|
$ |
18.8 |
|
|
$ |
71.4 |
|
|
$ |
66.8 |
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Corporate operating income (GAAP) |
|
$ |
(35.8 |
) |
|
$ |
(42.0 |
) |
|
$ |
(125.7 |
) |
|
$ |
(152.2 |
) |
Restructuring costs |
|
|
1.1 |
|
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
Adjusted corporate operating income (non-GAAP) |
|
$ |
(34.7 |
) |
|
$ |
(42.0 |
) |
|
$ |
(124.6 |
) |
|
$ |
(152.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income (GAAP) |
|
$ |
127.4 |
|
|
$ |
203.1 |
|
|
$ |
488.7 |
|
|
$ |
797.0 |
|
Restructuring-related costs |
|
|
13.0 |
|
|
|
- |
|
|
|
23.2 |
|
|
|
- |
|
Arbitration settlement |
|
|
(0.9 |
) |
|
|
- |
|
|
|
(0.9 |
) |
|
|
- |
|
Proceeds from business interruption insurance |
|
|
(12.3 |
) |
|
|
- |
|
|
|
(12.3 |
) |
|
|
- |
|
Gain on sale of a business |
|
|
(3.1 |
) |
|
|
- |
|
|
|
(3.1 |
) |
|
|
- |
|
Adjusted consolidated operating income (non-GAAP) |
|
$ |
124.1 |
|
|
$ |
203.1 |
|
|
$ |
495.6 |
|
|
$ |
797.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense net of interest income (GAAP) |
|
$ |
(7.6 |
) |
|
$ |
(12.2 |
) |
|
$ |
(51.8 |
) |
|
$ |
(47.6 |
) |
Debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
8.5 |
|
|
|
- |
|
Arbitration settlement interest income |
|
|
(3.3 |
) |
|
|
|
|
|
|
(3.3 |
) |
|
|
|
|
Adjusted interest expense net of interest income (non-GAAP) |
|
$ |
(10.9 |
) |
|
$ |
(12.2 |
) |
|
$ |
(46.6 |
) |
|
$ |
(47.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous income/(expense) (GAAP) |
|
$ |
6.9 |
|
|
$ |
1.0 |
|
|
$ |
2.2 |
|
|
$ |
1.3 |
|
Proceeds from business interruption insurance |
|
|
(6.2 |
) |
|
|
- |
|
|
|
(6.2 |
) |
|
|
- |
|
Adjusted miscellaneous income/(expense) (non-GAAP) |
|
$ |
0.7 |
|
|
$ |
1.0 |
|
|
$ |
(4.0 |
) |
|
$ |
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes (GAAP) |
|
$ |
126.7 |
|
|
$ |
191.9 |
|
|
$ |
439.1 |
|
|
$ |
750.7 |
|
Restructuring-related costs |
|
|
13.0 |
|
|
|
- |
|
|
|
23.2 |
|
|
|
- |
|
Arbitration settlement |
|
|
(4.2 |
) |
|
|
- |
|
|
|
(4.2 |
) |
|
|
- |
|
Proceeds from business interruption insurance |
|
|
(18.5 |
) |
|
|
- |
|
|
|
(18.5 |
) |
|
|
- |
|
Gain on sale of a business |
|
|
(3.1 |
) |
|
|
- |
|
|
|
(3.1 |
) |
|
|
- |
|
Debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
8.5 |
|
|
|
- |
|
Adjusted income before taxes (non-GAAP) |
|
$ |
113.9 |
|
|
$ |
191.9 |
|
|
$ |
445.0 |
|
|
$ |
750.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes (GAAP) |
|
$ |
25.8 |
|
|
$ |
41.7 |
|
|
$ |
112.8 |
|
|
$ |
171.3 |
|
Income tax benefit of restructuring-related costs |
|
|
3.5 |
|
|
|
- |
|
|
|
5.3 |
|
|
|
- |
|
Income tax expense on arbitration settlement |
|
|
(1.0 |
) |
|
|
- |
|
|
|
(1.0 |
) |
|
|
- |
|
Income tax expense on insurance proceeds |
|
|
(4.3 |
) |
|
|
- |
|
|
|
(4.3 |
) |
|
|
- |
|
Income tax expense on sale of a business |
|
|
(0.3 |
) |
|
|
- |
|
|
|
(0.3 |
) |
|
|
- |
|
Income tax benefit of debt extinguishment costs |
|
|
- |
|
|
|
- |
|
|
|
2.0 |
|
|
|
- |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
(11.4 |
) |
|
|
- |
|
Repatriation tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7.0 |
) |
Adjusted provision for income taxes (non-GAAP) |
|
$ |
23.7 |
|
|
$ |
41.7 |
|
|
$ |
103.1 |
|
|
$ |
164.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
100.0 |
|
|
$ |
150.0 |
|
|
$ |
324.5 |
|
|
$ |
579.4 |
|
Restructuring-related costs, net of tax |
|
|
9.5 |
|
|
|
- |
|
|
|
17.9 |
|
|
|
- |
|
Arbitration settlement, net of tax |
|
|
(3.2 |
) |
|
|
- |
|
|
|
(3.2 |
) |
|
|
- |
|
Insurance proceeds, net of tax |
|
|
(14.2 |
) |
|
|
- |
|
|
|
(14.2 |
) |
|
|
- |
|
Gain on sale of a business, net of tax |
|
|
(2.8 |
) |
|
|
- |
|
|
|
(2.8 |
) |
|
|
- |
|
Debt extinguishment costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
6.5 |
|
|
|
- |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
11.4 |
|
|
|
- |
|
Repatriation tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7.0 |
|
Adjusted net income (non-GAAP) |
$ |
89.3 |
$ |
150.0 |
$ |
340.1 |
$ |
586.4 |
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Earnings per share-diluted (GAAP) |
|
$ |
1.46 |
|
|
$ |
2.17 |
|
|
$ |
4.72 |
|
|
$ |
8.21 |
|
Restructuring-related costs, net of tax |
|
|
0.14 |
|
|
|
- |
|
|
|
0.26 |
|
|
|
- |
|
Arbitration settlement, net of tax |
|
|
(0.05 |
) |
|
|
- |
|
|
|
(0.05 |
) |
|
|
- |
|
Insurance proceeds, net of tax |
|
|
(0.21 |
) |
|
|
- |
|
|
|
(0.21 |
) |
|
|
- |
|
Gain on sale of a business, net of tax |
|
|
(0.04 |
) |
|
|
- |
|
|
|
(0.04 |
) |
|
|
- |
|
Debt extinguishment costs, net of tax |
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
|
|
- |
|
Revaluation of net deferred tax liabilities |
|
|
- |
|
|
|
- |
|
|
|
0.16 |
|
|
|
- |
|
Repatriation tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.10 |
|
Adjusted earnings per share-diluted (non-GAAP) |
|
$ |
1.30 |
|
|
$ |
2.17 |
|
|
$ |
4.94 |
|
|
$ |
8.31 |
|
1 This news release refers to GAAP (
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005377/en/
Financial:
Senior Vice President, Investor Relations
920.502.3266
Media:
Senior Vice President, Chief Marketing Officer
920.502.3670
Source: