2018 Q3 Form 10-K Financial Statement

#000077515818000147 Filed on November 20, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2018
Revenue $2.057B $2.176B $7.706B
YoY Change 4.79% 6.82% 12.83%
Cost Of Revenue $1.682B $1.773B $6.350B
YoY Change 3.17% 7.45% 12.28%
Gross Profit $375.9M $403.7M $1.359B
YoY Change 15.13% 4.34% 15.06%
Gross Profit Margin 18.27% 18.55% 17.63%
Selling, General & Admin $164.6M $171.2M $664.3M
YoY Change -8.56% 4.45% -0.06%
% of Gross Profit 43.79% 42.41% 48.9%
Research & Development $99.30M
YoY Change 1.33%
% of Gross Profit 7.31%
Depreciation & Amortization $29.40M $20.00M $120.5M
YoY Change -10.91% -5.21% -7.52%
% of Gross Profit 7.82% 4.95% 8.87%
Operating Expenses $173.8M $180.5M $702.6M
YoY Change -9.05% 3.14% -1.11%
Operating Profit $201.9M $223.2M $656.0M
YoY Change 50.11% 5.33% 39.49%
Interest Expense -$10.40M -$23.50M -$58.70M
YoY Change -19.38% 100.85% 14.42%
% of Operating Profit -5.15% -10.53% -8.95%
Other Income/Expense, Net -$1.200M -$2.600M -$5.800M
YoY Change -83.56% -533.33% 41.46%
Pretax Income $189.8M $197.1M $514.9M
YoY Change 56.09% -0.76% 31.12%
Income Tax $40.30M $44.60M $123.8M
% Of Pretax Income 21.23% 22.63% 24.04%
Net Earnings $151.3M $153.4M $471.9M
YoY Change 61.82% 19.28% 65.23%
Net Earnings / Revenue 7.36% 7.05% 6.12%
Basic Earnings Per Share $2.08 $2.08 $6.38
Diluted Earnings Per Share $2.05 $2.05 $6.29
COMMON SHARES
Basic Shares Outstanding 73.10M shares 73.77M 74.00M
Diluted Shares Outstanding 74.66M 74.98M

Balance Sheet

Concept 2018 Q3 2018 Q2 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $454.6M $371.9M $454.6M
YoY Change 1.7% -0.35% 1.7%
Cash & Equivalents $454.6M $371.9M $454.6M
Short-Term Investments
Other Short-Term Assets $66.00M $79.80M $66.00M
YoY Change -25.09% -5.0% -25.09%
Inventory $1.228B $1.247B $1.228B
Prepaid Expenses
Receivables $1.522B $1.567B $1.522B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.270B $3.266B $3.270B
YoY Change 7.57% 7.07% 7.57%
LONG-TERM ASSETS
Property, Plant & Equipment $481.1M $453.0M $481.1M
YoY Change 2.38% 2.17% 2.38%
Goodwill $1.008B $1.010B
YoY Change -0.5% 0.31%
Intangibles $469.4M $476.5M
YoY Change -7.56% -8.15%
Long-Term Investments $12.90M
YoY Change -16.77%
Other Assets $65.90M $69.10M $47.00M
YoY Change -3.65% -6.24% 31.28%
Total Long-Term Assets $2.024B $2.008B $2.024B
YoY Change -1.69% -1.67% -1.69%
TOTAL ASSETS
Total Short-Term Assets $3.270B $3.266B $3.270B
Total Long-Term Assets $2.024B $2.008B $2.024B
Total Assets $5.294B $5.274B $5.294B
YoY Change 3.83% 3.56% 3.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $776.9M $751.7M $776.9M
YoY Change 19.34% 9.43% 19.34%
Accrued Expenses $192.5M $178.2M $192.5M
YoY Change 0.36% 6.71% 0.36%
Deferred Revenue $444.9M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $1.690B $1.737B $1.690B
YoY Change 0.42% -2.01% 0.42%
LONG-TERM LIABILITIES
Long-Term Debt $818.0M $817.8M $818.0M
YoY Change 1.25% 0.65% 1.25%
Other Long-Term Liabilities $272.6M $298.3M $272.6M
YoY Change -9.28% -9.03% -9.28%
Total Long-Term Liabilities $1.091B $1.116B $1.091B
YoY Change -1.61% -2.13% -1.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.690B $1.737B $1.690B
Total Long-Term Liabilities $1.091B $1.116B $1.091B
Total Liabilities $2.781B $2.854B $2.781B
YoY Change -0.39% -2.06% -0.39%
SHAREHOLDERS EQUITY
Retained Earnings $2.008B $2.667B
YoY Change -16.33% 14.85%
Common Stock $815.5M $812.3M
YoY Change 1.54% 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $203.1M $919.0M
YoY Change -73.64% 18.31%
Treasury Stock Shares $2.731M 18.69M shares
Shareholders Equity $2.514B $2.420B $2.514B
YoY Change
Total Liabilities & Shareholders Equity $5.294B $5.274B $5.294B
YoY Change 3.83% 3.56% 3.83%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2018
OPERATING ACTIVITIES
Net Income $151.3M $153.4M $471.9M
YoY Change 61.82% 19.28% 65.23%
Depreciation, Depletion And Amortization $29.40M $20.00M $120.5M
YoY Change -10.91% -5.21% -7.52%
Cash From Operating Activities $216.1M $176.3M $436.3M
YoY Change 76.26% -828.51% 77.0%
INVESTING ACTIVITIES
Capital Expenditures -$40.60M -$18.70M $95.30M
YoY Change -2.64% -1.06% 11.07%
Acquisitions
YoY Change
Other Investing Activities $5.500M $300.0K $1.800M
YoY Change -22.54% -98.64% -21.74%
Cash From Investing Activities -$35.10M -$18.40M -$90.40M
YoY Change 1.45% -693.55% 38.65%
FINANCING ACTIVITIES
Cash Dividend Paid $71.20M
YoY Change 13.38%
Common Stock Issuance & Retirement, Net $257.0M
YoY Change 5254.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.90M -77.60M -338.9M
YoY Change 714.29% 557.63% 656.47%
NET CHANGE
Cash From Operating Activities 216.1M 176.3M 436.3M
Cash From Investing Activities -35.10M -18.40M -90.40M
Cash From Financing Activities -96.90M -77.60M -338.9M
Net Change In Cash 84.10M 80.30M 7.600M
YoY Change 10.51% -344.07% -93.92%
FREE CASH FLOW
Cash From Operating Activities $216.1M $176.3M $436.3M
Capital Expenditures -$40.60M -$18.70M $95.30M
Free Cash Flow $256.7M $195.0M $341.0M
YoY Change 56.24% -3779.25% 112.2%

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CY2018 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
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8600000 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
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1700000 USD
CY2017 us-gaap Allowance For Loan And Lease Losses Foreign Currency Translation
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500000 USD
CY2018 us-gaap Allowance For Loan And Lease Losses Foreign Currency Translation
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3000000 USD
CY2018 us-gaap Amortization Of Financing Costs
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5600000 USD
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52500000 USD
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45800000 USD
CY2018 us-gaap Amortization Of Intangible Assets
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38300000 USD
CY2016 us-gaap Asset Impairment Charges
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26900000 USD
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CY2018 us-gaap Asset Impairment Charges
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CY2017Q3 us-gaap Assets
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CY2018Q3 us-gaap Assets
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CY2018Q3 us-gaap Assets Current
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CY2017Q3 us-gaap Assets Held In Trust Noncurrent
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20600000 USD
CY2018Q3 us-gaap Assets Held In Trust Noncurrent
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20900000 USD
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42900000 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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321900000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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447000000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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279000000 USD
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125100000 USD
CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
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7600000 USD
CY2017Q3 us-gaap Commitments And Contingencies
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CY2017Q1 us-gaap Common Stock Dividends Per Share Declared
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0.01
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2017Q3 us-gaap Common Stock Shares Authorized
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300000000 shares
CY2018Q3 us-gaap Common Stock Shares Authorized
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300000000 shares
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CY2018Q3 us-gaap Common Stock Value
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185800000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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335600000 USD
CY2018 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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490100000 USD
CY2016 us-gaap Cost Of Revenue
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5223400000 USD
CY2017 us-gaap Cost Of Revenue
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CY2018 us-gaap Cost Of Revenue
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103600000 USD
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104900000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
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92000000 USD
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3200000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
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13500000 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
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22000000 USD
CY2016 us-gaap Current Income Tax Expense Benefit
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109400000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
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119400000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
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126900000 USD
CY2016 us-gaap Current State And Local Tax Expense Benefit
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2600000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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1000000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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12900000 USD
CY2017Q3 us-gaap Customer Advances Current
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513400000 USD
CY2018Q3 us-gaap Customer Advances Current
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444900000 USD
CY2017Q3 us-gaap Debt Current
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CY2018Q3 us-gaap Debt Current
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CY2018Q3 us-gaap Debt Instrument Carrying Amount
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825000000 USD
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-7100000 USD
CY2018Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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5400000 USD
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2000000 USD
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4200000 USD
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CY2017 us-gaap Deferred Income Tax Expense Benefit
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7800000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
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CY2018Q3 us-gaap Deferred Income Tax Liabilities
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CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
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222800000 USD
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12400000 USD
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1700000 USD
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31800000 USD
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22100000 USD
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17600000 USD
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12500000 USD
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154800000 USD
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89100000 USD
CY2017Q3 us-gaap Deferred Tax Liabilities Noncurrent
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3600000 USD
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2400000 USD
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52400000 USD
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CY2018 us-gaap Defined Benefit Plan Estimated Future Employer Contributions In Next Fiscal Year Description
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10
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1700000 USD
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35600000 USD
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4200000 USD
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37600000 USD
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42900000 USD
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128800000 USD
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130300000 USD
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120500000 USD
CY2016 us-gaap Derivative Gain Loss On Derivative Net
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3400000 USD
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55900000 USD
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62800000 USD
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71200000 USD
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2.94
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0.26
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1.72
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1.25
CY2017 us-gaap Earnings Per Share Basic
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3.82
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0.75
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1.49
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2.08
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2.08
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6.38
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2.91
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0.26
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0.58
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1.69
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1.23
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3.77
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0.74
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1.47
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2.05
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2.05
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6.29
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6300000 USD
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600000 USD
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0.301
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0.309
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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0.208
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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0.35000000000000003
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.245
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.006
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.005
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.014
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0.000
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.051
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.030
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.028
CY2018 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.016
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.017
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.006
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.010
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.013
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.007
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.006
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.018
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.008
CY2016 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.000
CY2018 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.033
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.013
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.013
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.021
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.015
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.042
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.021
CY2017Q3 us-gaap Employee Related Liabilities Current
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191800000 USD
CY2018Q3 us-gaap Employee Related Liabilities Current
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192500000 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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8400000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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9600000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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5800000 USD
CY2017Q3 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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82800000 USD
CY2018Q3 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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96000000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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2000000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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0 USD
CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2017Q3 us-gaap Extended Product Warranty Accrual
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30800000 USD
CY2018Q3 us-gaap Extended Product Warranty Accrual
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30800000 USD
CY2017 us-gaap Extended Product Warranty Accrual Warranties Issued
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12400000 USD
CY2018 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
12700000 USD
CY2018Q2 us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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-7700000 USD
CY2017Q3 us-gaap Fifo Inventory Amount
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1312800000 USD
CY2018Q3 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
1323700000 USD
CY2017 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Investment Redemption Frequency
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareInvestmentRedemptionFrequency
N/A
CY2018 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Investment Redemption Frequency
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareInvestmentRedemptionFrequency
N/A
CY2017 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Investment Redemption Notice Period1
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareInvestmentRedemptionNoticePeriod1
P0Y0M15D
CY2018 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Investment Redemption Notice Period1
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareInvestmentRedemptionNoticePeriod1
P0Y0M15D
CY2017Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments
0 USD
CY2018Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
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36900000 USD
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3500000 USD
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4900000 USD
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5300000 USD
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277100000 USD
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29900000 USD
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307000000 USD
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411300000 USD
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594600000 USD
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31600000 USD
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41500000 USD
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31200000 USD
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43500000 USD
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1700000 USD
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202300000 USD
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38600000 USD
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12900000 USD
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1200000 USD
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1300000 USD
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22500000 USD
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46000000 USD
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50000000 USD
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18200000 USD
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27500000 USD
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3200000 USD
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300000 USD
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100000 USD
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2300000 USD
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48600000 USD
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2200000 USD
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2300000 USD
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1800000 USD
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106300000 USD
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4800000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
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257000000 USD
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13000000 USD
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27100000 USD
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0 USD
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0 USD
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12900000 USD
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55900000 USD
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62800000 USD
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71200000 USD
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34800000 USD
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27400000 USD
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4800000 USD
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127300000 USD
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113200000 USD
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100100000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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92500000 USD
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85800000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Treasury Stock Shares Acquired
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1200000 USD
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400000 USD
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3700000 USD
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1200000 USD
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4200000 USD
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8400000 USD
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5400000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2018 us-gaap Advertising Cost Policy Expensed Advertising Cost
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Advertising</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Advertising costs are included in selling, general and administrative expense and are expensed as incurred. These expenses totaled </font><font style="font-family:inherit;font-size:10pt;">$21.1&#160;million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$23.0&#160;million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$21.6&#160;million</font><font style="font-family:inherit;font-size:10pt;"> in fiscal&#160;</font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2018 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Operations</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Oshkosh Corporation and its subsidiaries (the &#8220;Company&#8221;) are leading designers and manufacturers of a wide variety of specialty vehicles and vehicle bodies for the Americas and global markets. &#8220;Oshkosh&#8221; refers to Oshkosh Corporation, not including its subsidiaries. The Company sells its products into </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> principal vehicle markets &#8212; access equipment, defense, fire&#160;&amp; emergency and commercial. The access equipment business is conducted through its wholly-owned subsidiary, JLG Industries,&#160;Inc. and its wholly-owned subsidiaries (JLG) and JerrDan Corporation (JerrDan). The Company&#8217;s defense business is conducted principally through its wholly-owned subsidiary, Oshkosh Defense, LLC and its wholly-owned subsidiary (Oshkosh Defense). The Company&#8217;s fire&#160;&amp; emergency business is principally conducted through its wholly-owned subsidiaries Pierce Manufacturing Inc. (Pierce), Oshkosh Airport Products, LLC (Airport Products) and Kewaunee Fabrications, LLC (Kewaunee). The Company&#8217;s commercial business is principally conducted through its wholly-owned subsidiaries, McNeilus Companies,&#160;Inc. (McNeilus), Concrete Equipment Company,&#160;Inc. and its wholly-owned subsidiary (CON-E-CO), London Machinery Inc. and its wholly-owned subsidiary (London),&#160;Iowa Mold Tooling Co.,&#160;Inc. (IMT) and Oshkosh Commercial Products, LLC (Oshkosh Commercial).</font></div></div>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Certain reclassifications have been made to the fiscal 2017 and 2016 financial statements to conform with the fiscal 2018 presentation. &#8220;Derivative instruments,&#8221; which was previously reported as a separate line item within the Consolidated Statements of Shareholders&#8217; Equity, is now reported in &#8220;Other.&#8221; &#8220;Payment of stock-based restricted shares,&#8221; which was previously included in &#8220;Other&#8221; in the Consolidated Statements of Shareholders&#8217; Equity, is now reported in &#8220;Payment of stock-based restricted and performance shares.&#8221; &#8220;Proceeds from sale of property, plant and equipment,&#8221; which was previously included in &#8220;Other investing activities&#8221; in the Consolidated Statements of Cash Flows, is now reported as a separate line item.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8212; The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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