OSHKOSH CORP Leases Disclosure
13. Leases
The components of lease costs were as follows (in millions):
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Year Ended December 31, |
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2025 |
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|
2024 |
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|
2023 |
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Operating lease cost |
|
$ |
55.7 |
|
|
$ |
52.3 |
|
|
$ |
58.6 |
|
Finance lease cost - amortization |
|
|
22.6 |
|
|
|
20.1 |
|
|
|
13.8 |
|
Finance lease cost - interest |
|
|
3.6 |
|
|
|
2.9 |
|
|
|
1.4 |
|
Variable lease cost |
|
|
17.8 |
|
|
|
21.9 |
|
|
|
31.7 |
|
Short-term lease cost |
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|
16.4 |
|
|
|
13.5 |
|
|
|
11.1 |
|
Supplemental information related to leases was as follows (in millions, except term and rate amounts):
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|
|
|
December 31, 2025 |
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|
December 31, 2024 |
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Balance Sheet Classification |
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Operating leases |
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|
Finance leases |
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Total |
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Operating leases |
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Finance leases |
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Total |
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Lease right of use assets |
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|
$ |
196.0 |
|
|
$ |
70.6 |
|
|
$ |
266.6 |
|
|
$ |
200.1 |
|
|
$ |
57.2 |
|
|
$ |
257.3 |
|
|
Current lease liabilities |
|
|
|
39.3 |
|
|
|
19.6 |
|
|
|
58.9 |
|
|
|
40.5 |
|
|
|
16.2 |
|
|
|
56.7 |
|
|
Non-current lease liabilities |
|
|
|
166.5 |
|
|
|
51.7 |
|
|
|
218.2 |
|
|
|
167.1 |
|
|
|
42.7 |
|
|
|
209.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted average remaining lease term |
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|
|
6.1 years |
|
|
4.8 years |
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|
|
|
|
6.4 years |
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|
5.2 years |
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|
|
|
|
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|
|
|
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Weighted average discount rates |
|
|
|
|
4.3 |
% |
|
|
4.8 |
% |
|
|
|
|
|
4.1 |
% |
|
|
4.3 |
% |
|
|
|
||
The supplemental cash flow information related to leases is as follows (in millions):
|
|
Year Ended December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
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|||
Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
|
|
|
|
|
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|||
Cash paid for operating lease liabilities |
|
$ |
50.2 |
|
|
$ |
55.0 |
|
|
$ |
54.5 |
|
Cash paid for finance lease liabilities |
|
|
40.3 |
|
|
|
20.8 |
|
|
|
14.6 |
|
Right of use assets obtained in exchange for lease liabilities: |
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|
|
|
|
|
|
|
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|||
Operating leases |
|
$ |
39.6 |
|
|
$ |
38.2 |
|
|
$ |
45.2 |
|
Finance leases |
|
|
30.7 |
|
|
|
18.0 |
|
|
|
44.2 |
|
The table below presents the right-of-use asset balance for leases disaggregated by type of lease (in millions):
|
|
December 31, |
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|
|
2025 |
|
|
2024 |
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||
Operating leases: |
|
|
|
|
|
|
||
Real estate leases |
|
$ |
182.5 |
|
|
$ |
185.3 |
|
Equipment leases |
|
|
13.5 |
|
|
|
14.8 |
|
|
|
$ |
196.0 |
|
|
$ |
200.1 |
|
Finance leases: |
|
|
|
|
|
|
||
Real estate leases |
|
$ |
8.8 |
|
|
$ |
8.6 |
|
Equipment leases |
|
|
61.8 |
|
|
|
48.6 |
|
|
|
$ |
70.6 |
|
|
$ |
57.2 |
|
Maturities of lease liabilities at December 31, 2025 and minimum payments for leases having initial non-cancelable terms in excess of one year were as follows (in millions):
Amounts due in: |
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|
|
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Total |
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|||||
2026 |
|
$ |
47.8 |
|
|
$ |
22.5 |
|
|
$ |
70.3 |
|
2027 |
|
|
44.0 |
|
|
|
18.9 |
|
|
|
62.9 |
|
2028 |
|
|
41.2 |
|
|
|
14.3 |
|
|
|
55.5 |
|
2029 |
|
|
28.9 |
|
|
|
9.5 |
|
|
|
38.4 |
|
2030 |
|
|
21.9 |
|
|
|
4.1 |
|
|
|
26.0 |
|
Thereafter |
|
|
51.2 |
|
|
|
10.2 |
|
|
|
61.4 |
|
Total lease payments |
|
|
235.0 |
|
|
|
79.5 |
|
|
|
314.5 |
|
Less: imputed interest |
|
|
29.2 |
|
|
|
8.2 |
|
|
|
37.4 |
|
Present value of lease liability |
|
$ |
205.8 |
|
|
$ |
71.3 |
|
|
$ |
277.1 |
|
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.